Q3 2022 Agile Therapeutics Inc Earnings Call
Yeah.
The conference will begin shortly to raise your hand.
Good afternoon, and welcome to the agile Therapeutics third quarter 2022 financial results Conference call. Please note that today's event is being recorded I would now like to turn the conference over to Matt <unk> head of Investor Relations.
Hello, everyone and welcome to today's conference call to discuss our third quarter 2022 financial results and corporate update before.
Before we start will you remind you that today's call will include forward looking statements based on our current expectations, including statements concerning our financial outlook and partners and prospects for the future our outlook for the fourth quarter of 2022 management's expectations for our future financial and operational performance, including our expectations regarding the market growth of 12.
And our operating expenses, our business strategy, our partnership with access and its ability to promote growth our product supply agreement with <unk> ability to educate patients about twyla are connected television campaign and its ability to promote growth in our assessment of the combined hormonal contraceptive market generally among other statements regarding our plans.
Our prospects and expectations.
Such statements represent our judgment as of today are not promises or guarantees and may involve risks and uncertainties that may cause actual results to differ from the results discussed in the forward looking statements.
Please refer to our filings with the SEC, which are available through the industrial issues section of our website for information concerning risk factors that may affect the company. We undertake no obligation to update forward looking statements, except as required by law.
The information on today's call is not intended for promotional purposes and not sufficient for prescribing decisions.
Joining me on todays call ill ask Tomorrow, I, just therapeutics, Chairman and Chief Executive Officer, and Amy Walsh, Chief Commercial officer. Following our prepared remarks, we'll open the call to your questions I'll now turn the call over to al.
Thank you very much Matt and thank you all for joining us.
Part of it.
Okay.
Youre correct.
Okay.
Good morning.
Okay.
Sure.
Okay.
Share with you how the financial results for the third quarter 2022 exceeded even our expectations.
I'll provide detail on the growth metrics that have us excited and then Amy Welsh our recently appointed Chief Commercial officer, who will provide insight into why we achieved significant growth in the third quarter and how we intend to deliver more positive results in the fourth quarter.
2022 and beyond.
The third quarter is the quarter, we had anticipated at the potential breakout quarter for the company and the brand and we believe we're starting to see that breakout.
Let's review the metrics, we are tracking and those we believe are most critical in helping us achieve our goals of growing <unk> and generating positive cash flow.
I will start with reviewing our net revenue for the third quarter, which is $3 million.
This is an increase of 43%.
Quarter of 2020 to.
The largest quarter over quarter increase our company has achieved since launch.
Compared to the third quarter of 2021, net revenue increased $1 $7 million or 131%. Our net revenue reflects improvements in the following key areas.
Borrower demand for the third quarter as reported by Symphony were 28450 cycle up.
Up 35% increase from the second quarter of 2022.
Compared to the third quarter of 2021, our total demand for <unk> grew by 18706 total cycles.
192%.
Carla factory sale for the third quarter as reported by our wholesalers.
33282 total cycle up.
54% increase from the second quarter of 2022.
Compared to the third quarter of 2021, our factory sales for Korlym grew by 22632 total cycle.
212%.
You may notice a difference in the growth of our demand cycles.
Versus our factory sales.
We believe this is the result of the fact that not all the prescription demand in the non retail channel is reported into third parties like Symphony health or <unk>.
The demand numbers, we receive from our wholesalers do include the sales for the non retail channel and therefore, we believe a factory sales more closely represent the total demand for <unk> across all the channels.
Operating expenses now as you can see from the accompanying slide.
Quarter this quarter, we're providing comparisons against the third quarter non-GAAP operating expenses.
We had a one time non cash charge associated with the transfer of our equipment, the Korean and the third quarter and we believe excluding this charge represents a more useful comparison of the results from the operations in the periods discussed.
With prior periods did not include a similar charge.
GAAP operating expenses or Opex.
Were $23 million in the third quarter of 2022, non-GAAP operating expenses for the third quarter, which exclude the one time only non cash $11 $1 million associated with the transfer of equipment to corium were $9 2 million.
non-GAAP Opex.
The third quarter of 2022 represents a 19% decrease from the $11 3 million reported in the second quarter of 2022.
Compared to the third quarter of 2021, non-GAAP opex decreased by $5 2 million or 36%.
Additionally, compare it to the FERC nine months of 2021, we reduced non-GAAP opex by $10 million or 22%.
In the fourth quarter of 2022, we expect quarterly opex to be in the range of 10, five to $11 5 million.
Our stated plan has been to effectively manage expenses, while continually growing <unk> sales in demand and this is the third consecutive quarter, we have increased toilet sales.
Demand, while simultaneously decreasing the company's opex, excluding the noncash onetime charge incurred this quarter.
You could see on the accompanying slide.
Which compare year to date results for 2022 compared to the first nine months of 2021.
We believe that these trends we are seeing health that we have a credible business plan in place that is performing.
We're excited to share these encouraging numbers with you today, but we're not done.
We are working and have been working to identify and implement strategies and exploit opportunities that will continue to further the growth.
I'll now turn it over to my colleague gaming the primary architect of this plan to discuss how we are able to sell more products, while maintaining a lower burn and why do we believe we can continue to trend into the fourth quarter of 2002 and into 'twenty three over to you Amy.
Thank you al and Hello to all of you joining us today.
You heard from Al we are excited about the third quarter performance, but we're not surprised our strategic business plan quite simply is working.
An important contributor to the third quarter growth was a partnership with the factors.
This drove volume in the non retail channel.
In the second quarter of 2020 to 1404 non retail cycles the trailer for purchase.
That number surged, 361% in the third quarter to 6479 non retail cycles.
Again, we are not surprised by this.
Is the product of the efforts being made by <unk> to penetrate the planned Parenthood network.
In the third quarter, we began to see conversion of planned Parenthood accounts in California, which drove significant sales and growth for the quarter and we believe this represents a sustainable customer base for future periods.
Not only did we see a significant increase in the growth in volume of non retail channel.
Our retail channel growth performance was in line with our expectation as well.
And the second quarter of 2020 to 19679 retail cycles, where defense.
And then the third quarter of 2022 that number grew 12% to 21971.
Our targeted digital media efforts remain focused on the five states with the strongest pro reimbursement and as we've said in the past by focusing on these five states.
It is estimated that we can reach 45% of U S. Women between the ages of 18 to 24.
In the future, we expect the retail channel to continue to grow.
And let me explain why because it's important that I provide insight into why we are confident that the business plan, we can deliver additional upside for us.
In the fourth quarter of 2022 and into 2023.
Let's start with what drives growth.
<unk> business.
First our direct.
Thank you.
Okay.
Thank you very much.
Okay.
Thank you Pablo.
At this time.
Yes.
Thank you.
We plan to run the TV commercial through the end of the year and company believes that we can raise awareness trial and adoption and we believe it did during its initial one that launched in April of 2022.
Also telehealth last quarter, we announced our collaboration with female Tele medicine leader in Iraq that.
That is expected to make tool an available option for <unk> patients.
The full launch of this collaboration is planned to occur in the fourth quarter and we expect to see the impact of direct from our retail channel in 2023.
As a reminder, interaction is the leader in female focused digital healthcare amongst our target audience and offers patient access to telehealth platform and expert medical providers that are prescribed contraception to more than 1 million patients.
Combining <unk> with no active broad reach we believe this initiative will help further engage patients and increase awareness of and access to Carla. Additionally.
Additionally on the rack.
The rollout of shared initiatives that will start with us, adding a reference tenure reps in the CTV commercial and several of our target state that says Carla is now available on <unk>.
The rest is also planning to raise awareness to its large contraception placement network through its own marketing efforts. This is another example of how we are constantly challenging ourselves and our partners to be as efficient as possible with our dollars, while still making every effort to grow the brand.
And finally, a factor while we saw 361% non retail growth in the third quarter of 2022.
We believe we can continue the momentum from both new and returning orders in the fourth quarter of 2022.
There is even more upside to the non retail channel based on the effects of this customer network, which includes planned Parenthood and student health centers and we plan on capturing that additionally.
Additionally, we believe it will start to see what we call the spillover effect.
This means that as physicians, who work at planned Parenthood and gain more clinical experience with <unk>. We believe when they go back to their individual and group practices there'll be more confident prescribing <unk> in those settings.
Before I hand, the call back over to Al I want to reiterate that we are confident in our business plan because it's producing results as demonstrated throughout 2022, and we believe there is even more upside on the table for the future now back to you.
Thank you Amy.
Like to take a moment to provide you some additional context on our financial results for the third quarter before opening it up for Q&A.
Our cost of product revenues totaled $1 4 million, which consists of direct and indirect costs relating to manufacturers Orla sold during the third quarter of 2022 compare.
$2 7 million in the third quarter of 2021.
Decrease reflects the fact that we had no inventory obsolescence reserve charges in the current period, which we had in the third quarter of 2021.
Also as a result of the onetime noncash $11 $1 million charge associated with equipment transfer up to corium, we saw a $340000 decrease in Cogs related to depreciation expense and moving forward. This will be a reduction of.
Approximately $500000 per quarter.
In our Cogs.
In the third quarter 2022, non retail sales primarily associated with the effects of this partnership significantly accelerated.
As a reminder, non retail channels experienced higher gross to net discounting compared to the retail channel and the overall gross to net discounts increased as a percentage of gross revenue in the third quarter to an average of 52%.
44% in the second quarter of 2022, which was in line with our expectations.
Gross to net discounts for the third quarter of 2021 average approximately 30%.
We ended the third quarter of 2022 with $6 $1 million cash on hand, and in addition to the $775 million at the market or ATM arrangement. We will continue to evaluate all available options to finance the company and continue to explore opportunities.
That could potentially accelerate our timeline to generating cash flow positive.
Including <unk>.
Exploring business development opportunities.
We closed out the third quarter of 2022 with a net loss of $19 $7 million.
Or <unk> 53.
<unk> per share compared to a net loss of $16 8 million or $7 20 per share for a comparable period in 2021, the onetime non cash $11 $1 million charge associated with the transfer of the equipment to corium in the third quarter is.
As reflected in the net loss for the third quarter of 2022.
We believe our results for the quarter demonstrate that we are making good progress on achieving our goals of establishing agile in the contraceptive market by growing score alone.
Moving closer to generating positive cash flow.
I would now like to give our covering analysts the opportunity to ask questions. Operator, you may now open the line for Q&A.
Ladies and gentlemen, if you have a question or a comment at this time. Please press star one on your Touchtone telephone, we will pause for a moment, while we compile our Q&A roster.
Our first question comes from Orin Loopnet with HC Wainwright Your line is open.
Thanks, I have a few questions. Thanks, congrats on a pretty impressive revenue jumped this quarter.
Really like to focus first on this non retail channel, which is clearly the.
The upside surprise this quarter.
You talked about growing going forward first of all just near term I understand it's maybe a lumpier business showed just to clarify should we expect that to be at least as big in fourth quarter or could that dip before growing again with reorders in early 2023 and can you just put in context that volume you saw this quarter.
Versus the overall opportunity in the non retail channel as you see it regarding the taxes network size and where that is likely to be taken up then I follow ups. Thanks.
So great so.
So I think your question is what can you expect in the fourth quarter in the non retail and trying to dimensionalize going forward how big the channel is thank you for your questions. So I'll turn it over to Amy lunches, how you feel about the fourth quarter non retail yeah. Thanks for the question on we expect to continue to grow well will it be at the same I think this quarter with.
Saw a little over 50% growth I think that we should be around there.
We are confident that from the accounts that we've won.
We're able to show the growth in third quarter now that theyre going to continue to normalize we will see that in the fourth quarter and we expect to see some new accounts as well. So I think that this is sort of a new story for us and you're going to see that this should be consistent growth.
We don't expect it to backslide.
Yes, when we first set up an account we get the benefit of kind of I don't know.
A couple of weeks' worth of inventory, if not March but really not much and then we see some pretty consistent growth. So I think amy's right I mean, we see it as kind of a new floor as we add new accounts on it to grow.
We don't see it as we sit here today regressing in any way or going backwards.
We're going to keep growing.
The other one I know you had a couple.
I've got plenty, but just with regards to that is that opportunity.
Can you just put into context, we know how many prescriptions at least eight <unk> captures which is not clearly is not including.
Much if any of the non retail channel, but how big do you characterize that opportunity overall, whether it's in dollars or total cycles.
How big is planned Parenthood.
<unk> per year for patches contraceptive overall nationwide, but do you see in that channel.
Yes, So let me maybe I'll take a bit of a.
Chance to kind of walk through kind of what we're expanding demand in non what happens when an account buys off of this this is not peculiar to agile for a tour of all of this is just kind of industry.
So if somebody buys a drug like <unk>.
One of the big three wholesalers.
That the big three wholesalers provide that data our <unk> symphony, it's just that simple.
Parenthood and the institutions a lot of times they'll buy from smaller regional wholesalers, they've chosen not to sell that data and in fact, our turn that data over about Cuba and symphony.
So what's happened is orange, depending on where they buy it from some stuff, but they'd turnover data us and we could say, okay, what flowed through and Thats why we can say with confidence our demand.
Just to point out what Amy was saying in this quarter that was basically one big account for California that had multiple planned parenthood sites. So that's why we're so bullish on kind of Theres a lot more coming.
Unlike <unk>, our Symphony, where you could look at the defined market. We can't either we can go back to wholesalers and saying how much business flows through there and we still think.
We still think there's a lot of upside arent.
And.
So as we land new accounts, we think theyre going to continue to grow so that was really on the backs of one we call them a bigger talent supplemented by a number of smaller ones around the country.
We're starting to get business. Besides planned parenthood from some state and county.
Organizations around the country. So if access is really delivering us a lot of volume from different sources.
So we're pretty bullish on that so just to give an idea we're nowhere close to peaking up its potential of this market at all.
There's a lot more growth ahead of us.
And you did mention and I appreciate it.
Incremental gross to net.
Evolution as you grow in that channel, assuming you do grow a lot more in the non retail channel.
Should we assume first of all of that gross to net is at least stable if slower than your.
Most of that is that number of predictable that pricing stable or is that potentially evolve over time as you grow into more planned parenthood or institutional channels.
Yes.
Jason <unk>, our Chief Accounting Officer is here, so I'll take a shot at it will correct me if I'm wrong, but this is the quarter that really bet. The effects that became much bigger part of our mix. If you will we signaled we knew that was happening so.
As a percent of our business, we don't see it in bath materially different in upcoming couple of quarters. They will we'll lose a couple more points.
But this was the big quarter, if you will and kind of.
Adjusting us.
I think it's kind of suddenly as we as our commercial business starts kicking in and becoming more important again I think we grow out of it again in the 23 is that fair Jason Yeah, I think that's all right.
So it's maybe a couple more points.
In the short term and then John I think we kind of head is flattening out and then I think we grow and as our commercial business continues to grow and some of the good things Amy is working on in the commercial side as the commercial becomes more of a part of our mix we grow out of it but.
But we're not ashamed of it by the way so I don't want to make it sound like we're not happy I mean, we're always like more profitability or more margin, but we still think this is a solid deliverance. So what we gave you this quarter.
Sure of course.
And on the Corium transfer and I know you had already projected that noncash charge a months ago and we saw it this quarter and I guess, there is a corresponding improvement in reported Cogs, which if I understood correctly. It was just a reduction in depreciation expense that youre booking are there any other benefits going forward with rig.
<unk> to the relationship with corium in terms of maybe actual cash economics or gross margins for this business or other cash.
Minimum cash payments.
Generally our terms going forward that could benefit you.
Yes, a couple a couple of things the answer is yes, or not walk you through it and Thats the kind of adjacent again I'll see if we can rescue me if I if I go too far my skis.
One that equipment was purchased well before we went public. This was funded when both companies were private so the equipment was sitting on our books and the cash went out the door for.
10 years.
So because of with our equipment, we depreciate. It so yes, youre right, we will pick up some noncash flow through the margin.
So it all runs through Cogs, but from a practical perspective, we had to carry insurance one that we had to pay maintenance costs, where that software upgrades.
With our equipment so.
We pick up a few bucks, there honestly, which is great, but I think the biggest thing for investors is that.
Our agreement with Corium predated are launched by a longtime included Covid and we got a left as we all know.
Brands weren't taken off as fast so we traded in the fact that asset.
For minimums.
We've got a couple of years to grow into this business and based on what we just did in this quarter.
It looks like we're heading there right. So we bought ours. So we gave a noncash transfer of the equipment, we save a few bucks cash or maintenance cost paper and a little bit here in Aero and insurance.
A little bit through the marginal noncash, but the bigger picture gives us breathing room in Cogs for a couple of critical years in nvme keeps going.
Back to where we started which is great.
I think that's fair I appreciate it and just lastly, just so I can understand where do you stand on that at the moment.
I think if I looked at your press release, maybe could you, possibly pay down more than I even.
And then you had previously guided to where does that stand and what obligations you have remaining.
Yes.
Looking forward to today that were leveraged free and now we've appreciate our partnership with our friends at perceptive.
We paid off $17 million originally kind of in a bolus.
The proceeds we raised off our ATM and then we go pro rata, we pay a monthly charge. So I believe we're up to $72 6 million or so for about $2 6 million or and so we're kind of working off on a monthly basis.
So we we have a goal to be leveraged free.
We think it's important but I think clearer on that much leverage off our stock I think it was money well spent just gives us a lot more flexibility in.
What we're doing so yes were slightly better than Q, but on the margins, we're just making a small payment per month.
Alright, I appreciate it all good luck and look forward to the Washington scripts I guess.
Let us know if there's a big retail bolus. So we're not seeing and I can give you going forward.
We'll try our ultra.
One of them before our next question.
Our next question comes from <unk> with Maxim Group. Your line is open.
Hey, Thanks for taking my question and congrats on the quarter.
Hugh.
Now youre, starting to see larger and larger non retail orders and faxes and whose planned parent accounts are becoming more used to <unk> have you seen or secured any form of re occurring or like subscription type orders from these accounting, where you like ship X number of units every month every quarter or something like that.
Yes.
Great question, Yes weekly.
This is the gift that keeps giving every week I mean, it's fantastic.
Its something that <unk> mentioned and to your colleague Orange.
We did buy a couple of weeks when beginning from us after our wholesalers they kind of work it down a little bit and then we get repeat orders on a weekly basis, it's a nice business model, which actually helps us from a kind of a.
Planning and cash flow point of view.
Bit of an annuity for US is on these big accounts some of the smaller ones don't quite like that but the big the big fish come in like that.
Weekly weekly.
Great and on that point.
We now know wholesalers don't really carry much inventory, but do these accounts on carry.
Some inventory or I guess like larger amounts of inventory than general wholesalers.
On a relative basis I guess.
I'll take a shot and then I'll turn over to Amy I think they are on it just in volumes just about they don't care much tougher no I would agree.
Great.
I think that they are.
Bringing the order then this I'm speaking more not.
For the larger loans, we're seeing weekly so theyre moving it.
Theyre moving at but some of these accounts are 38 locations nine locations 15 locations. So it's moving pretty fast they don't hold a lot.
No we don't.
I think now as at any one point there is I don't know I'll speculate that.
Got that.
Maybe just a couple of weeks maybe at the most.
I think on the whole channel.
Jason I think he believes maximum.
Maximum a month.
Looking at very little bit of an inventory exposure at all.
Got it turns we like that.
So you guys have commented on the plant earned penetration in California could you sort of give more color on that like how many of the target.
Plant Orange County, California have you reached or I guess like how much is there left to reach.
I think I'll take a shot at I mean, I think from what you showed me.
Top five play impairments in the country for them in California, I believe we've got one ordering at a pretty good clip and we got we think when we get through the rest of the fall pretty quickly that's nationwide. Thus fourth for the five are sitting in California.
It's just remarkable how big the spot and I think thats the reason, besides California being our biggest state.
They seem to be organized by affiliates. So in other words database group purchase number the affiliates by from one buyer if the effects. So another smaller claim parents on the east coast. They buy one at a time from US is that fair you got it.
Got it.
Yes, it does it does not.
Non retail channels.
What kind of feedback have you been getting from prescribers onto our land how has that been look any different than any feedback you got from like retail or a private practice physicians.
Okay.
This has been stellar but yes, I was going to say, it's not different at all it's been very very positive in fact, one of our.
But the larger account that we've been talking about what other people from that specific plan Perron head has been so happy withdrawal that she has been talking to a lot of her colleagues throughout the state and the local state and.
And trying to champion the brand because she's just been seven crash. So that's been very very good and I talked a little bit about.
Strategic spillover effect that we're seeing it's.
It's early days, but non retail is a bridge for us and what we need to be able to do is see that is spilling over into the retail and we're starting to see that that's happening as well so thats obese sort of donating our generously given your time until local planned Parenthood. We're also seeing in California that is lifting our growth in the state overall.
Sure.
We drove over 10 miles circles around these places and saying.
As our market share in those circles going up faster than those outside the circles.
Very early days is yes. So these positions take that lovely feeling back consider personal clinics.
So.
Thats, what we think going.
Going forward Thats, what we think the retail is going to kick in.
There's spillover effects ads directly into our retail channel, which is arent asking about growth from that which has a different margin, which is great. So this is where one and one equals three for us.
The synergy between sort of.
While we've talked about them as being too different channels, we think they overlap and they kind of play off each other.
Alright.
Noah has.
Has the non retail channel or the prescribers in the non retail channel.
Easier or more difficult.
Prescribed me script I know you guys go on quite a bit of color has gone quite a bit of pushback over time as our process like any more difficult or easier in these non retail channels.
Shockingly easy.
Remember this is when you put a woman goes the planned Parenthood, there's three basic things.
There are a lot of times, our cash paying or they get the drug very very cheap prices underwritten by planned Parenthood. So there's no friction there.
The bulk of those scripts another phenomenon Medicare or.
Medicaid scripts that flow through there and we are on a preferred position as you remember in California, and then into a much much much less their commercial plans being bigger on through commercial plans and we've got pretty good coverage in California, That's why Amy's put so much effort in California. So to answer your question, we get no virtually no friction none that I'm aware about it.
At all versus.
In the retail channel, where we have insurance companies and Pbms intervening theres nothing like that there, but that's why we love this channel because it just once they make a decision to take our drug <unk> is one of their preferred drugs with newness fly a fly to us which is great no friction.
That's great.
Question.
Please go ahead.
Just one last question on the <unk> partnership. So you commented that youre going to advertise neurotic available neuro seniors CCTV campaigns, but as <unk> also planning their own initiative to promote.
Availability of Carla and if they are one of the initiatives start.
Yes. They are fast answer is yes, we're doing it on our CTV ads and Theyre doing the mix data you'll have some digital promotion going on banner ads Facebook marketplace vehicle.
And then also they have.
Customer relationship program, that's pretty impressive for their existing customers and so they're going to make sure that their existing customer basis educated about <unk>.
And then we offer everything from our co pay card coupon in just awareness.
They are so so yeah, and what we like about it is in our sort of helping each other putting any kind of exchange of expenses.
More ideas than more.
The more they are able to do I think I've said this to already.
That's $1 million of our patients that they have right there that we have a captive audience.
So yes. It is true co promote where we're helping each other through marketing efforts on both sides.
Is that what Amy has done is to people are trying to help each other right. So there's no money changing hands and I'm, giving you X amount of dollars of advertising and they said we will give you at Y amount in return for it.
And.
One and one equals they get a new customer, we get new customers and vice versa. So we think it's a pretty cool idea in it.
Just to emphasize it is just getting started so really we expect us to be benefiting later in the year and then into 'twenty three but it's a really cooperative relationship we like these folks a lot.
It's not often you get a chance to work with somebody if they are customers or your customers, it's sweet almost 90% overlap with them something like that over 1 million patients that.
That are kind of up for grabs in contraception for us.
Alright that definitely answers my question.
Thanks for taking my questions and once again congrats on the quarter.
Okay. Thanks, Thank you I appreciate it.
And im not showing any further questions at this time I would like to turn the call back over to al for any closing remarks.
Yes, well thanks for the questions from northern Orange.
You can feel our excitement and this has been a breakout quarter. We've been expecting really we started given some previews of this early in the quarter, but quite frankly, it's better than we expected. So we ended the quarter with.
Really great growth, we delivered 43% of net revenue, but we still work with it we still going to keep growing into some of the spirit of some of the questions. I mean this is by no means.
And it's really the beginning of an acceleration we see in our business, we want more growth in the fourth quarter and good.
Good launching off point for 2023.
<unk>.
The number one objective for the company continues to be we want to generate positive cash flow for avnet business, we're exploring different ways to do that both organically in our business model as you've heard Amy described but also looking at business development and saying can we add another product or any other offering in our bag to leverage our cost even more.
We come to work to control what we can control we can control the demands we can control the factory sales and we can manage our opex. So that's the one two threes that were focused on and everything else in the external environment, we try to be mindful of it but at this point, we control what we can do and what we can do best is to execute on our business plan at Amy's.
It out for us. So we're excited about this quarter, we're looking forward to next quarter and giving even more hopefully more good news as we continue to grow this business. So thank you all for joining us Tonight.
Ladies and gentlemen, this does conclude today's presentation. You may now disconnect and have a wonderful day.
Okay.
Okay.
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