Q1 2023 Intapp Inc Earnings Call
The conference will begin shortly to raise your hand during Q&A you can dial star one one.
[music].
Okay.
Good day, and thank you for standing by welcome to <unk> fiscal first quarter 2023 webcast.
At this time all participants are in a listen only mode. After.
After the speaker's presentation, there will be a question and answer session.
Can I ask a question during the session really depressed star one one on your telephone.
Please be advised that today's conference is being recorded.
I would now like to hand, the conference over to your Speaker today, David Trone Senior Vice President Investor Relations. Please go ahead.
Yeah.
Thank you welcome to <unk> first quarter 2023 financial results.
On the call with me today are John Hall, Chairman and CEO .
As Steve Robertson Chief Financial Officer.
During the course of this conference call. We may make forward looking statements regarding trends strategies and the anticipated performance of our business, including guidance provided for our fiscal second quarter and full year 2023.
These forward looking statements are based on management's current views and expectations.
Certain assumptions made as of today's date.
And are subject to various risks and uncertainties.
Including those described in our SEC filings and other publicly available documents.
That are difficult to predict and could cause actual results to differ materially from those expressed or implied by such forward looking statements.
<unk> disclaims any obligation to update or revise any forward looking statements, except as required by law.
Further on today's call. We will also discuss certain non-GAAP metrics that we believe aid in the understanding of our financial results.
A reconciliation to comparable GAAP metrics can be found in today's earnings release, which is available on our website and as an exhibit to the form 8-K.
As with the SEC prior to this call.
With that I'll hand, the conversation over to John .
Thank you David.
Good afternoon, everyone. Thank.
Thank you for joining us.
I am pleased to share that we ended our fiscal first quarter with strong results at our target markets showed continuing strong demand for digital transformation and.
And we saw ongoing growth and the adoption of our cloud platform.
For those who aren't familiar with our story.
<unk> provides professional and financial services firms with a purpose built industry cloud platform.
It is highly differentiated from traditional CRM and ERP systems.
Our solutions are designed specifically.
With a unique business models of this largely underserved market.
With our established and trusted brand.
Specialized product strategy.
Deep understanding of these firms needs.
<unk> is well positioned to lead cloud transformation for the global Dealmaking and advisory industry.
Which represents a global Tam of $24 billion.
Our Q1 results continues to validate our strategy.
And our first quarter.
Our cloud IRR grew 41% to $176 million.
Cloud now represents 62% of our total IRR of $284 million.
Which is up 24% year over year.
We arent SaaS and support revenue of $56 $8 million.
Up 31% year over year.
And total revenue of $79 5 million.
Up 28% year over year.
And we ended the quarter, serving more than 20 150 premier firms across our target verticals.
Okay.
To innovation in our products.
Our results are reflective of the continuous enhancement and expansion of our industry cloud capabilities to meet the specific needs of our target firms.
In previous quarters, you have heard us emphasize our applied AI.
This quarter, we have expanded its use to solve additional compliance challenges specific to the industries we serve.
Our new vendor terms feature.
<unk>, so on a broad set of risk and compliance clients.
Eliminates the burden of manually entering and tracking vendor agreements via a spreadsheet.
Process that is prone to errors.
As you will recall, we use an automated approach leveraging applied AI since scan support and categorize documents for client and now vendor terms.
It is a great example of applied AI, not only eliminating manual tasks.
In this case, reducing the time to import and ingest data by more than half.
But also adding value in the form of proactive risk mitigation and enhanced client experience.
In fact, we recently had one of the largest law firms in the world share with us that by using our risk solution to support their client intake process.
Cut the time spent clearing conflicts by 70%.
Allowing them to onboard new clients faster and deliver a better overall client service.
We also continue to expand our capabilities aligned with our Microsoft strategic partnership.
As an example, this quarter, we released intact client collaboration.
Which enables firms to securely share documents with Eric clients.
Microsoft teams, while supporting the unique compliance needs and workflows of our target verticals.
With each new purpose built enhancement of our collaborations solution, we build on both the value we provide our clients through our industry cloud.
And the value they derive from the Microsoft tools Theyre professionals rely on every day.
Our approach is paying off.
This quarter one of the top law firms in Ireland made the choice to migrate from its legacy on premises document management system to the tap industry cloud.
There are new approach using tap with Microsoft teams and Sharepoint as their document repository and collaborations system enhanced by our collaboration and content offering which tailors, the Microsoft solutions to meet the unique needs of the law firm.
By implementing our solution with firm accomplished several objectives of their larger digital transformation strategy.
Ensuring secure collaboration in the cloud integrating key functions and data and maximizing the value of their existing Microsoft investment.
Okay, Let's turn to talk about a few notable client wins.
In the past quarter, we added new logos.
Expanded via cross selling upsell of existing accounts gains.
Gains traction within new markets and grew our global footprint.
One new logo, we welcomed in tap last quarter is the asset management arm of one of the largest investment banks in the world.
They replaced a horizontal CRM with our deal cloud platform for CRM and deal and pipeline management capabilities that align with their specific business needs.
We are excited to work closely with this client to improve the experience of their professionals and aid in growing the firm's returns.
As we deliver more value.
We expect to up sell and grow our subscription with this large institution, making it an excellent example of our ability to win important large deals today, while laying the foundation for future cross sell and up sell opportunities.
As we shared during our IPO one of the pillars of our growth strategy is to expand more deeply in the consulting industry, which has been often overlooked by traditional software providers.
I am proud to share that another new logo. This quarter, it's one of the top strategy consulting firms.
They chose our platform to streamline the conflicts clearing process and their M&A practice and essential part of new business acceptance.
They chose <unk> for our offerings ease of configure ability and integration with our proven industry expertise and consultative approach.
This win gives us great confidence that our solutions meet the complex compliance needs of this specialized industry.
We also continued to expand through cross sell and upsell of existing accounts, which is another key driver of our strong net revenue retention.
One Upsell example is a large global financial advisory and asset management firm, which initially implemented deal cloud across several advisory teams in 2021 as a replacement for a large leading CRM.
Which lapsed the required deal pipeline management functionality.
The initial deployment proved so valuable in helping to manage relationships and execute deals.
This quarter the firm expanded deal cloud licenses across their entire financial advisory group, which numbers in the thousands of users.
Turning to our cross sell example in the legal industry.
Global commercial law firm and longtime <unk> client better price expanded their use of our solution in Q1.
Earlier this year the firm embarked on an initiative to modernize their growth strategies.
And in doing so exposed a critical gap in the capabilities of the legacy CRM.
They chose our purpose built cloud offerings to enhance one to one client relationship management.
To support strategic growth by uncovering white space and cross selling opportunities.
And to foster better collaboration across the firm.
Finally, our international client base continues to grow.
Notably in Asia Pacific, where we continued to invest in building our business.
Last quarter, we expanded our relationship with one of the largest dedicated Pan Asian private equity funds.
They joined the growing number of firms in the region, who have selected our deal cloud solution and they're managing director shared with us that they have been impressed by deal clubs flexibility.
And the ability to be custom tailored for their processes and workflows.
As they put it we see the technology is helping to drive our investment strategy.
Turning to partnerships.
We continue to expand the partner ecosystem connected to our industry cloud by adding several new third party data sources last quarter.
In the professional and financial services industry access to embedded market data, coupled with our clients' own experiential data is key to generating the best possible information that is used to fuel decision making in growth.
We signed a new partnership with <unk>.
Which enhances our relationship intelligence capabilities across industries by letting our clients access <unk> database of more than $1 5 million executives and board members directly within <unk> solutions.
We are now providing even more automatically updated corporate leadership data expanding the reach of our client's executive networks and helping our professional users to discover new business, giving them a competitive advantage and a dynamic business environment.
Embedding the <unk> data using applied AI insurers it stays up to date across our platform and its driving real value for our clients.
Over the past few quarters. We've also been talking to you about our focus on serving the unique needs of real estate investors.
As we continue to advance this initiative this quarter, we partnered with Cherry to bring its real estate property level data and market intelligence, such as asset ownership building information and zoning tax and mortgage data directly into deal cloud.
Providing contextual real estate information alongside deal management capabilities creates a holistic view of current and prospective investments and vastly improves.
Identification of target assets for real estate investors, leading to better decision, making for the acquisition and disposition of properties.
In conclusion, we are proud of our strong start to fiscal 'twenty, three which builds on the momentum and excellent performance of our prior fiscal year.
Our revenue model is highly predictable and.
And we serve a remarkably durable end markets with a broad Tam.
We see continued opportunity both to add new clients and to serve the large demand to expand our purpose built industry cloud platform within our existing client base.
As a result, we have significant growth opportunity.
We are leading the way in cloud adoption and modernization across all the industries we serve.
Finally, I'd like to thank our clients partners investors board and our employees, whose teamwork and dedication have kicked off such a strong start to the fiscal year.
You all very much.
Okay, Steve over to you.
Thanks, John and thanks, everyone for joining us today.
As John noted, we had a strong quarter with our cloud air are up 41% year over year, and our total <unk> up 24% year over year.
Before I go through our financials I'd like to quickly review a few fundamentals of revenue recognized in our financial model check as a reminder.
Cloud <unk> is recognized SaaS revenue ratably, following a new sale or renewal.
On premises <unk> is recognized in two parts, 50% is subscription license revenue recognized upfront at the time of the sale of renewal and 50% as support revenue recognized Ratably and included in our SaaS and support revenue line.
Because it is recognized Ratably SaaS and support revenue is more predictable quarter to quarter, while subscription license revenue can vary based on the timing of revenue recognition.
Okay moving to our numbers Q1 was another strong quarter for <unk> as follows.
Ias and support revenue was $56 8 million up 31% year over year, reflecting both new sales to new clients and Upsells and cross sells to existing clients. It impacts purpose built cloud solutions.
Total revenue was $79 5 million up 28% year over year, driven primarily by continued strong sales of our cloud solution as well as by solid growth in professional services revenue.
Subscription license revenue was $12 2 million compared to $10 6 million in the prior year period, primarily reflecting several clients resumption of annual renewals after a period of multi year contract terms.
Professional services revenue was $10 5 million as compared to $8 1 million in the prior year period, reflecting software implementations consistent with growth in our new sales.
Overall, we continue to execute our land and expand model ending the quarter with more than 2150 clients 522 of which had <unk> of more than $100000 up from 446 in the prior year period.
In addition, we up sold and cross sold our existing clients.
That our trailing 12 months net revenue retention rate was above our expected range of 110% to 114% for the fifth quarter in a row.
Before discussing gross margins expenses and profitability. Please note that I'll be discussing non-GAAP results going forward as a reminder, our GAAP financial results along with a reconciliation between GAAP and non-GAAP results can be found in our earnings press release and supplemental financial tables.
First quarter results were as follows total non-GAAP gross margin was 71, 3% as compared to 68, 4% in the prior year period, primarily reflecting the increase in our services gross margin and an organizational realignment of a portion of our client success team from cost of sales to sales and marketing.
non-GAAP operating expenses were $54 9 million.
And $11 $5 million increase year over year, as we continued to invest in sales marketing and product development to support our growth.
non-GAAP sales and marketing expense was $24 1 million, a $6 2 million increase year over year as a function of increased head count and related sales commissions to capture new business and our growing markets along with the previously mentioned the organizational realignment.
non-GAAP R&D expense was $17 5 million or $4 9 million, an increase year over year as we increased head count and made investments in our product roadmap.
non-GAAP G&A expense was $13 3 million.
Zero point $4 million increase year over year, reflecting year over year comparisons, which are now both on a public company basis.
non-GAAP operating profit was $1 8 million as compared to our first quarter fiscal 'twenty two non-GAAP operating loss of <unk> $9 million, reflecting some initial profitability as we begin to get leverage from the business.
non-GAAP net income per share was <unk> <unk> in the first quarter of fiscal 'twenty, three as compared to a loss of <unk> <unk> in the first quarter of fiscal 'twenty, two primarily reflecting our operating profitability for the quarter.
Turning to the balance sheet. We ended the first quarter was $43 million in cash and cash equivalents, a decrease of $10 5 million as compared to the end of the first quarter of fiscal 'twenty, two primarily reflecting the last rep store contingent consideration payments.
Now turning to guidance.
For the second quarter of fiscal 'twenty, three we expect SaaS and support revenue of between 59% and $60 million and.
In total revenue in the range of $80 million to $81 million.
We expect a non-GAAP operating loss in the range of.
Half to $1 5 million.
And the non-GAAP net loss per share in the range of <unk> <unk> to <unk>.
Using a basic share count weighted for the quarter of approximately 63 million common shares outstanding.
For the full year fiscal 'twenty, three we expect SaaS and support revenue between 241, five and $245 5 million and total revenue in the range of $332 million to $336 million.
We also expect our non-GAAP FY 'twenty three operating results to be in the range of a $1 billion loss to a $3 million of profit.
And a non-GAAP net loss per share in the range of three to.
<unk>.
Using a basic share count weighted for fiscal year 'twenty three of approximately 64 million common shares outstanding.
With that John and I look forward to taking your questions.
As a reminder, if you'd like to ask a question at this time. Please press star one one on your telephone.
Our first question comes from the line of Koji Ikeda with Bank of America. Your line is now open.
Yeah, Hey, guys. Thanks for taking the questions very very nice quarter.
Wanted to guys ask you kind of a question here on the guidance I mean, you guys are guiding to the full year you raised raised the revenue raised to SaaS raise the operating income I mean, what's giving you the confidence out there in the end markets Thats, giving you the ability of the ratio forecast.
Okay.
Well Koji look.
Business is as good continues to be good and as we've said I think previously we feel like we're certainly watching the recession telco signs, but we're not seeing them in our business and.
We just think this is this is where we are in this business. So we're pretty comfortable with it.
Got it thanks, Steve and then just looking at the operating income guidance, you guys a guidance of negative 1% to $3 million positive here in fiscal 'twenty three so it feels like we're on the cusp of an inflection point positive here just trying to think that through once it does presumably become positive is it sustainable.
There anything to call out that could cause some ebb and flows between positive and negative operating income kind of for the foreseeable future.
Yes, no I think we're starting to see some initial.
Leverage from the business as we grow and we're certainly operating.
Better and better as we get our feet under us as a public company the back half of the year will be stronger than the front half and I think we go from there. So we're feeling feeling reasonably good about that okay.
Got it thanks, guys. Thanks for taking my questions.
Okay.
Our next question comes from the line of Kevin Mcveigh with Credit Suisse. Your line is now open.
Great. Thanks, so much and let me add my congratulations as well.
You beat.
The net revenue retention.
Consecutive quarters now.
At what point do you think.
What it may be pumped that range up or is it just kind of leaving yourselves. Some room for puts and takes just because obviously really really tremendous outcome there.
Yes, that's a fair.
Question Kevin.
We do talk about that in.
We've decided to stick with our range, but yes, we just wanted to see the trend lines for a while to make sure. This is how it's going but clearly our upsell and cross sell motions are strong and continue to be so so duly noted I think perhaps going forward. We can we can do something a little different there.
That part of the business remains very solid for us.
Just a great outcome and then as you enter more and more of these partnerships are they driving just kind of because obviously that if you look at the percentage of your client.
Larger it's like 25% versus 24, historically is that would help drive and some of the larger clients or is that still in the initial phases and we will see more of that in 'twenty three 'twenty four again.
Just the Spooling affected these partnerships that you've been entering I guess.
Is the question.
Yes, thanks, Kevin So yes.
On the one hand, the partnerships with Microsoft and KPMG are still early.
We just announced some quarter or two ago.
So we think there's a lot of opportunity for those to develop but we've been very pleased but some early results where they have had an impact on our ability to win deals and larger deals.
A larger services engagement to help people take full advantage of the platform.
Some of the larger institutions.
So we're quite optimistic about how this is going to go.
Great Congrats again.
Our next question comes from the line of Parker Lane with Stifel. Your line is now open.
Hi, this is massive kicker for Parker congratulations on the quarter and thanks for taking my questions.
With the roll of deal cloud and other risk partnership with <unk>. The real estate vertical how is traction progressed in that vertical over the past quarter and how long might it take to gain a similar market position in real estate as you have in other verticals.
Yeah.
Thanks Matthew.
So deal cloud is doing well and the real estate vertical is an important one for us as we mentioned on our previous call. We were led into that market by our clients are multi strategy investing clients, who had originally used us for the private equity group inside their organization and asked US if we could also support their real estate.
Great groups. So we felt had a whole set of capabilities to extend deal cloud to be able to support them in the real estate investment area and the Cherry partnership we're very excited about because it's another example of bringing purpose specific third party data into the platform that will help the investors.
Initially in the multi strategy firms to make better and better investment decisions on the real estate opportunities, but they are looking at but as we've done that we're able to expand.
Our Tam and our Sam to serve the specific real estate.
Investing firms and all of the folks who work in the advisory businesses that surround the real estate asset class. We've had some very good wins to your question. This quarter. We're excited about how it's going both in the multi strategy firms and in real estate specific investors and advisors. So we've been.
And some of the other markets for several years now we're just getting started in real estate, but we are.
Quite excited about the pace that we're picking up there. So we're going to continue to work on it and I think it's going to be a continuous part of our story.
Okay. Good to hear and then secondly, when you are talking to on premise customers over the past quarter have you heard me, saying anything at all about the macroeconomic landscape may change them to cause the timing of their past. The migration are we not really been hearing that at all.
We do talk to all of our clients, obviously, we have not seen.
In effect from the discuss potential recession on our business generally.
We have not seen an effect on the on premises clients, who are looking to move to the cloud.
Orientation of our market generally has become very much.
Our cloud first and we're excited about the fact that a larger and larger number of our on premises clients are both taking on our cloud platform and working with us on their migration plan.
Got it thank you very much.
Our next question comes from the line of Alex Sklar with Raymond James Your line is now open.
Great. Thanks, Steve I wanted to ask on sales capacity, how do you think about that at the start of the year in order to kind of maintain that level of growth I know you've done a lot of ramping last year. Obviously, the macro is kind of a wildcard, but curious how you're thinking about sales and marketing investments broadly.
Well, we're still investing.
Forward in sales and marketing.
At the same time that we are getting some leverage from the investments we've been making new sales quota folks get some seasoning in time and they can be more productive but were seeing a pretty good opportunity here. So we're not we're continuing to stay ahead of the curve. If you will a lot on putting people in the field.
And the related <unk>.
Support and marketing efforts.
To capture the market as we see evolving in front of US here. So that's what we're doing at the moment.
Okay, Great and then John you've had really consistent logo growth since kind of the <unk>.
IPO timing the NR tracking above your range is that at all a focus of you kind of pivoting back into the installed base given the macro or it's just the pipeline in terms of new logo opportunities to spend there.
Thanks.
Thanks, Alex B.
General trend is that we are winning a solid number of new logos each quarter.
And then those become.
A larger part of a larger installed base that we can sell back into.
We don't tend to land with a full deployment, we tend to have a land and expand.
Strategy with these firms.
And as we mentioned in the IPO, just with our top 100 clients if they bought everything that we make.
There is a 1 billion dollar there are opportunity there so it's quite a fast.
Space for us to sell into we're excited about the growth of our existing clients. So that we can grow the company that way, but we also have a great opportunity and winning new logos, because it's a big market for us to sell into that's generally been underserved.
By the alternatives out there over the years, so it's a mix of both.
Okay, great. Thank you.
Our next question comes from the line of Terry Tillman with Truest. Your line is now open.
Oh, great. Thank you.
Hello, everyone. This is Conor pasteurella on for Terry Thanks for taking my questions. I. Just wanted to start quickly you talked about the importance of AI functionalities I'm just curious how the traction has been since the launch of the relationship intelligence capability and how that's been resonating amongst the different client types lease there and then I had a follow up.
Thanks Connor.
We didn't mention relationship intelligence, specifically in the prepared remarks, we've talked about it a few times over the past few quarters. It is doing very well, we're winning a lot of business on the basis of the applied AI.
Relationship intelligence capabilities, we're helping the investors and the advisors in the firms that we serve to understand the collective knowledge and relationships of all of their partners and all of the folks who work in the organization so that when they're going out to try to win new business land and <unk> deal.
It's not them as an individual but really the whole firm that is helping go to market and make the best possible case for that and the relationship intelligence system is all about helping arm each individual in the firm with the full power of <unk>.
The organization's knowledge base, so that they can make the best possible case to win the deal or for when the clients.
There's a lot of wins this quarter that have come from that capability. We think it's leading in the market and a lot of positive feedback from our clients who are deploying it. It's still early days. We've just started talking about at the last few quarters. So I think theres a lot of room to run, but it's an exciting <unk>.
<unk> of our offering today.
Perfect. Thanks for the color and then maybe just one more so last year. So next year important acquisitions to boost the technology capability with perhaps towards downstream I'm. Just curious if you can give us maybe a sense on how those acquisitions have been performing on or maybe if there's any anything we can tie to revenue as well that'd be really helpful. I appreciate it guys.
Yes.
Yeah.
Thank you so we.
Rep store on about a year and a half ago just before the IPO in may.
May and June .
2021, so we've been with that one longer.
<unk> integrated the technology, we've integrated the team who brought a lot of the clients that they had into the platform today and we're still moving through that there's a lot of success with new deployments and new sales based on those capabilities I mentioned one of the names.
<unk>.
In the prepared remarks for the large firm in Ireland with is actually adopted our collaborations and content solution to help manage documents for the firm and between the Permian clients very successfully.
It is.
Expansion as well as our Microsoft partnership because we have a close.
Just to go to market relationship we have a close technology relationship to really help firms make the most of their teams and office 365 environment with our entire system. So we're quite enthusiastic about how thats going and what the opportunities are in front of us.
On Bill stream. Its earlier, we've had some good success with some new clients as we brought those folks on we're going to continue to.
Work on that and the integration of that program as we are.
So through the rest of this fiscal year, but good signs and some good wins in the early days.
Great. Thank you.
Our next question comes from the line of Brian Schwartz with Oppenheimer. Your line is now open.
Yes, hi, thanks for taking my questions. This afternoon.
John just wanted to follow up on what you are saying in terms of deal cycles and lead generation on the new logo front, clearly youre doing an excellent job increasing the monetization activity in the install base, but.
Can you share with us what you are saying maybe more of the top of the funnel announced leads are flowing through on the new logo front.
Thanks, Brian . This is an interesting topic you all have asked this question as we've gone through this we've been watching carefully we are not seeing.
A lengthening of the mills.
We're also seeing improvement in funnel uptake I think that the brand is really starting to travel through word of mouth is that great online response to a lot of the more recent online campaigns that we've been doing we've been winning not just in our.
Traditional geographic markets, but in new markets Asia Pacific is doing well a lot of progress in Europe , a lot of it's our marketing program a lot of it is just the word of mouth from successful clients more and more successful clients bring some success there and I think these firms are looking carefully at how they can use this time to become more competitive.
In the markets.
And I think we're benefiting because theyre looking at our platform and our company is a good partner for them to become more competitive themselves. So we're going to continue to moderate carefully obviously, but so far it's going well.
Thanks, John and then a quick follow up I had for Steve is just trying to understand with the revenue guidance and maybe some of the results. If there was any currency impact or headwinds to.
So the new targets that you initiate that today.
<unk>.
Yes, there is a little bit certainly we have 30% of our business is international although about 10% a third of that kind of 30 is the dollar denominated. So it's really 20% when you talk about foreign exchange and of course.
The impact of that kind of roll through steadily as we sell and renew so.
Modest sort of.
Impacts for Q1, and really modest for the year and they're baked in we have we.
And our own modeling and re forecast work to consider swings there that seem possible are reasonable.
So we're guiding having factored that in.
Thank you.
Yep.
Okay.
That concludes today's question and answer session I would like to turn the call back to John Hall for closing remarks.
Okay. Thank you all for spending some time with US we appreciate you're working with the company and we'll look forward to our.
Next call. Thanks for all your time.
Looking at US, we'll talk to you soon.
This concludes today's conference call. Thank you for participating.
May now disconnect.
The conference will begin shortly to raise your hand during Q&A you can dial star one one.
[music].
Okay.
Sure.
Yes.
Sure.
Okay.
Okay.
Okay.
Okay.
[music].
Yes.
[music].
Okay.
[music].
Yes.
[music].
Yes.
Sure.
[music].
Okay.
Okay.
[music].
Sure.
Sure.
Okay.
Yes.
[music].
Okay.
Okay.
Sure.
Yes.
[music].
Yes.
Yes.
Okay.
Uh huh.
Yes.
Okay.
Yes.
[music].
Yes.
Thanks.
Okay.
Yes.
Sure.
Okay.
Okay.
<unk>.
Yes.
Yes.
Yes.
Okay.
Yes.
[music].
Yes.
Yes.
[music].
Okay.
Okay.
Okay.
Okay.
[music].
Yes.
Okay.
Okay.
[music].
Yes.
Okay.
Thank you.
Okay.
[music].
Yes.
Okay.
Okay.
Okay.
Okay.
Yes.
Okay.
Okay.
Okay.
Sure.
Sure.
Yes.
Okay.
Hum.
Okay.
Thanks.
Okay.
Okay.
Yes.
Yes.
Okay.
Okay.
Yes.
[music].
Yes.
[music].
Yes.
Yes.
[music].
Okay.
Yes.
[music].
Okay.
Okay.
Okay.
Sure.
Okay.
Yes.
[music].
Okay.
Sure.
Okay.
[music].
Yes.
Okay.
Yes.
Yes.
Okay.
Yes.
[music].
Okay.
Okay.
Yes.
Thank you.
Okay.
Yes.
Okay.
Yes.
Yes.
Okay.
Okay.
[music].
Okay.
Okay.
Okay.
Okay.
Yes.
Yes.
Sure.
Yes.
[music].
Thank you.
Okay.
[music].
Okay.
Yes.
Yes.
Yes.
Okay.
Okay.
Yes.
Okay.
Yes.
[music].
Okay.
Yes.
Okay.
Okay.
Sure.
Yes.
Okay.
Okay.
[music].
Okay.
<unk>.
Yes.
Sure.
Yes.
Okay.
Thanks.
Okay.
Great.
Okay.
Sure.
Yes.
Okay.
Okay.
Okay.
Okay.
Yes.
Yes.
Yes.
Okay.
[music].
Okay.
Okay.
[music].
Okay.
Okay.
Okay.
Okay.
Yes.
Okay.
[music].
Okay.
Thanks.
Thanks.
Yes.
Yes.
Yes.
Okay.
Okay.
Okay.
Okay.
Thanks.
Okay.
Thank you.
Yes.
Okay.
Okay.
Okay.
Sure.
Yes.
Yes.
Yes.
Okay.
Okay.
Yes.
Okay.
Okay.
Okay.
Thanks.
Sure.
Okay.
Okay.
Yes.
Okay.
Okay.
Okay.
Yes.
Yes.
Sure.
Yes.
Okay.
Thanks.
Sure.
<unk>.
[music].
Yes.
Okay.
Understood.
Sure.
Okay.
[music].
Yes.
Okay.
Okay.
Yes.
Okay.
Sure.
Yes.
Thank you.
Yes.
Okay.
Great.
Thank you.
Okay.
Yes.
Okay.
Sure.
Okay.
Okay.
No.
Sure.
Thank you.
Sure.
Okay.
Thank you.
Yes.
Thanks.
Okay.
Thank you.
Okay.
[music].
Yes.
Okay.
Okay.
Okay.
Sure.
Okay.
Yes.
Okay.
Okay.
Thanks.
Yes.
Thanks.
Yes.
Sure.
Okay.
Okay.
Okay.
Yes.
Okay.
Okay.
Yes.
Okay.
Okay.
Yes.
Okay.
Yes.
Yes.
Yes.
[music].
Yes.
Okay.
Yes.
Okay.
Sure.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Yes.
[music].
Okay.
Yes.
Okay.
Yes.
Okay.
Thank you.
Okay.
Okay.
Yes.
Okay.
Yes.
Okay.
Okay.
Yes.
Yes.
Thanks.
Yes.
Okay.
Thank you.
Okay.
Thank you.
Right.
Yes.
Hum.
Okay.
Sure.
Sure.
Okay.
Okay.
Yes.
Okay.
Okay.
Sure.
Yes.
Okay.
Okay.
Okay.
Okay.
Okay.
Yes.
Okay.
Thank you.
Okay.
Okay.
Okay.
Thanks.
Okay.
[music].
Thanks.
Sure.
Sure.
Yes.
Okay.
Okay.
Yes.
Okay.
[music].
Sure.
Okay.
Okay.
Okay.
Okay.
Sure.
Great.
Yeah.
Okay.
Yes.
Yes.
Okay.
Okay.
Sure.
Yes.
[music].
Yes.
Yes.
Yes.
Okay.
Okay.
Okay.
Okay.
Sure.
Okay.
Thanks.
Okay.
Yes.
Thanks.
Yes.
Thanks.
[music].
Yes.
Okay.
Okay.
Yes.
Yes.
Okay.
Okay.
Yes.
Okay.
Yes.
Yes.
Okay.
Sure.
[music].
<unk>.
[music].
Okay.
Okay.
[music].
Yeah.
Yes.