Magnite Inc. Q1 2023 Earnings Call

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Thank you operator, and good afternoon, everyone. Welcome to magnates first quarter 2023 earnings Conference call. As a reminder, this call is being recorded joining me on the call today are Michael Barrett CEO and David day, our CFO .

I'd like to point out that we have posted financial highlight slides on our Investor Relations website to accompany today's presentation before we get started I will remind you that our prepared remarks and answers to questions will include information that might be considered to be forward looking statements, including but not limited to statements concerning our anticipated financial performance and strategic objectives, including the potential impacts of macroeconomic factor.

<unk> on our business. These statements are not guarantees of future performance. They reflect our current views with respect to future events and are based on assumptions and estimates and subject to known and unknown risks uncertainties and other factors that may cause our actual results performance or achievements to be materially different from expectations or results projected or implied by forward looking statements.

A discussion of these and other risks uncertainties and assumptions is set forth in the company's periodic reports filed with the SEC, including our first quarter 2023 quarterly report on Form 10-Q, and our 2022 annual report on Form 10-K, we undertake no obligation to update forward looking statements or relevant risks are.

Our commentary today will include non-GAAP financial measures, including revenue ex Tac or less traffic acquisition costs.

Adjusted EBITDA and non-GAAP income per share reconciliations between GAAP and non-GAAP metrics for our reported results can be found in our earnings press release and in our financial highlights deck that is posted on our Investor Relations website at times in response to your questions. We may offer incremental metrics to provide greater insights into the dynamics of our business. Please be advised that this additional.

Maybe onetime in nature, and we may or may not provide an update on the future of these metrics I encourage you to visit our Investor Relations website to access our press release financial highlights deck periodic as you see reports on the webcast replay of today's call to learn more about that I will now turn the call over to Michael. Please go ahead.

Thank you Nick Q1 was a standout quarter for magnate revenue ex Tac grew 8% see TV revenue ex Tac grew 10% adjusted EBITDA came in at $23 million and we posted an adjusted EBIT margin of 20% all exceeding our guidance for the quarter.

We continue to demonstrate the value of a differentiated strategic sales side partner in the AD Tech ecosystem.

Our growth and outperformance relative to walled gardens and numerous peers. In Q1 is further evidence that our strategy is working and there is a big opportunity for a leading sell side platform to serve the open internet.

It is most evident in CTV.

We're having an AD server is becoming critical to long term success given that so much inventory still transacting directly.

CTV publishers require a fully integrated offering that matches my maximizes yield across their portfolio of programmatic and direct inventory providing tremendous performance advantages.

At an increasing pace, we are seeing undifferentiated ssp's struggle as they are unable to serve customers in new formats or geographies with the depth of tools and solutions that customers demand.

This has resulted in market share gains for Magna and.

And we believe there are significant opportunities for market share gain in the future.

Yeah.

As we look forward our growth expectations for 2023 have improved from our last update and we expect this strength to continue throughout the year, David will provide greater detail on our financial results and future outlook in his prepared remarks.

Our C. TV results were propelled by strong performance in our spring serve AD server business and by our managed service business, where we saw good traction with new and existing partners.

We've had success this quarter with our lead partners in CTV that include LG Vizio Group M Disney Fox and Roku, who recently announced changes to their go to market strategy.

Our momentum with these partners is very visible with our active participation in the Upfronts and new friends that have recently kicked off where programmatic continues to play a bigger role, especially as it relates to direct deals.

And then you see TV partner front.

Brian Tim T V. One of the leading video on demand platforms in Europe recently adapted the spring serve tile solution. As a reminder, this proprietary AD unit provides publishers with the flexibility to showcase custom AD creative within the streaming interface and any size in a wide variety.

City of formats.

Bracketing joins vizio and others, who are now leveraging tiles to create incremental revenue opportunities and enhanced the advertising experience and effectiveness within their platforms.

Moving onto TV plus.

We continue to build momentum with our initiatives in this business D V plus revenue ex Tac grew 7% year over year, showing further improvement in share gains.

We have seen broad based improvement this quarter across many of the leading DSP partners, who work with.

As I have mentioned in the past TV plus growth is a result of many incremental wins and improving the fill rates between our publishers and DSP and.

And we look forward to continued strength as we drive further improvements in the quarters to come.

We had a very busy quarter from a platform perspective.

In February we officially launched magnate streaming.

Magnate streaming is there a next generation C TV and OTT platform.

That merges the best features functionality and technology for magnate antibiotics.

Customer feedback so far has been very positive migrations to date have gone very well and we expect to have all migrations completed shortly after the end of Q2 as planned.

On the product front, we also announced the launch of clear line in early April .

Your line is a self service solution that provides agencies direct access to buy premium video inventory across all magnate publishers and is AD server agnostic.

Clear line significantly increase the spend going towards working media.

It easier for sellers and agencies to securely share data and.

It helps magnate publishers generate more revenue and develop new sources of unique demand.

This product capture CTV AD dollars that are traditionally been transacted outside the programmatic channel through direct deals and therefore represents an incremental opportunity to bring additional ad spend into the ecosystem.

In addition to our agency launch partners.

We received positive feedback from publishers as well, who see this as a potential alternative to drive additional revenue.

Clear line has been portrayed by some in the press as an alternative to DSP is this couldn't be further from the truth.

Asps will remain the primary method for agencies to access premium video inventory on our platforms.

<unk> represents a programmatic market expansion for publishers agencies and DSP.

We are excited to share more details on clear lines traction in the coming quarters.

Also on the technology front, we announced that springs here will be joining the Amazon publisher services or Aps AD server certification program for streaming TV.

Working with Aps through this certification program is a significant opportunity for our spring serve publishers as it will add Amazon DSP demand to their existing monetization solutions.

This is a big shift from the browser world in display and online video when they buy side would typically perform this work through third party cookies.

More to come on this in the quarters ahead.

Before I turn it over to David to cover the financials I'd like to mention the promotion of David bonus Sarah to the role of magnates New CTO.

It's been pretty busy as you can see from the platform and partner developments I just covered.

<unk> joined the company in 2021, when we acquired spring serve which he helped cofound in scale to a leader in video AD, serving with an impressive global client list.

Prior to his appointment as our CTO, David was serving as a member of our office of the CTO as well as leading our spring served in CTV platform engineering efforts.

Is it a phenomenal leader and technologist and we're thrilled to have someone with David unique experiencing capabilities lead our global technology organization organization.

Welcome David.

With that I'll turn the call over to David day for more details on the financials David.

Thanks, Michael.

Q1 finished with strong momentum as Michael mentioned revenue ex Tac adjusted EBITDA and adjusted EBITDA margin all exceeded our guidance for the quarter.

Total revenue for Q1 was $130 million.

Revenue ex Tac was $116 million up 8% from Q1 of 2022.

CTV revenue ex Tac was $46 million up from $42 million or 10% from last year D V plus revenue ex Tac was $70 billion, an increase of 7% compared to Q1 last year.

Tumor categories, such as technology, retail and health and fitness made more modest improvements.

Our revenue ex Tac mix for Q1, it was 40% CTV, 40% mobile and 20% desktop.

From a geographic perspective, we saw good international growth that was roughly double the growth rate of the U S.

Total operating expenses, which includes cost of revenue for the first quarter increased to $231 million compared to $158 million in the same period, a year ago with the increase primarily driven by $53 million of noncash accelerated amortization, resulting from our platform.

Consolidation.

Adjusted EBITDA operating expense was $93 million and within our guidance range. This was an increase of less than 1% sequentially from Q4, we would typically see a bigger increase seasonally but the impact was offset by a RIF actions.

The increase from $78 million in Q1 of last year resulted from increased platform and personnel expenses, along with return to office travel and event related cost.

Net loss was $99 million for the quarter compared to net loss for the first quarter of 2000 $20 million to $45 million, which includes the previously mentioned $53 million of accelerated amortization expense.

Adjusted EBITDA was $23 million versus $29 million for the same period last year and adjusted EBITDA margin was 20% now.

We calculate our adjusted EBITDA margin as a percentage of revenue ex Tac.

GAAP loss per basic and diluted share was <unk> 73 for the first quarter of 2023.

Impaired to a loss of 34 cents for the first quarter in 2022.

non-GAAP earnings per share in the first quarter of 2023 was four cents compared to eight reported last year.

The 53 million of accelerated amortization expense had a negative impact on GAAP loss per share of 39 cents and a negative impact on non-GAAP earnings per share of nine cents in Q1.

Reconciliations to non-GAAP income and non-GAAP earnings per share are included with our Q1 results press release.

We expect to recognize additional accelerated amortization expense of $53 million in Q2 and $8 million in Q3 this year.

There were 135 million weighted average basic and diluted shares outstanding for the first quarter of 2023.

Fully diluted weighted average shares utilized for non-GAAP earnings per share were $144 million for the first quarter.

Capital expenditures, including both purchases of property and equipment and capitalized internal use software development costs were $10 million for the quarter.

Operating cash flow, which we define as adjusted EBITDA less capex was $14 million for the quarter.

Our net interest expense for the quarter was $8 million.

During the first quarter, we purchased and retired approximately $50 million in face value of our convertible notes using approximately $41 million in cash, resulting in a discount of approximately 19%.

We have $34 million remaining under our current program for the repurchase of common shares and our convertible debt.

Cash balance at the end of Q1 was 237 million the reduction from year end is based on use of cash for the repurchase of our convertible notes typical seasonality and timing of receivable payments around quarter end.

Our net leverage ratio was approximately 2.5 X at the end of Q1 down from 3.1 X year over year, we expect the ratio to be meaningfully below two acts at year end.

We are excited about our business and ability to generate strong cash flow, while providing the flexibility to reduce debt and maintain a healthy cash position.

We continue to expect to generate significant free cash in 2023, especially in our seasonally strong second half.

And we will continue to a valley to evaluate the best use of our cash as it relates to debt reduction and share repurchases.

I will now share our expectations for the second quarter and thoughts for the year. Our guidance is based on recent growth trends, although we have been somewhat measured due to the continued uncertainty in the macro environment for.

For the second quarter, we expect revenue ex Tac to be in the range of $132 million to $136 million.

Revenue ex Tac attributable to see T V to be in the range of $56 million to $58 million.

We expect adjusted EBITDA operating expenses to increase slightly from Q1 to between 94 and $96 million.

Which implies adjusted EBITDA margin of approximately 29% for Q2 at the midpoint.

For 2023, we expect our revenue ex Tac growth rate for the full year to be in the high single digits, assuming current course and speed.

We expect that adjusted EBITDA Opex will be lower in the second half of the year compared to the first half as we complete our CTV platform migration and remain focused on managing costs across the business.

We anticipate full year, adjusted EBITDA will be comparable or better than 2022 and that adjusted EBITDA margins will show meaningful improvement in the second half of 2023.

Full capex expectation is unchanged and we expect $40 million or less in 2023.

And lastly, we continue to expect full year free cash flow to exceed $100 million.

Q1 performance gives us a great start to 2023, and our differentiated market position as the leading independent sell side advertising company puts us in a great place to accelerate growth and expand margins as the market improves.

With that let's open up the line for Q&A, yes.

Yes. Thank you at this time, we will begin the question and answer session.

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At this time, we will pause momentarily to assemble the roster.

And the first question comes from Laura Martin with Needham.

Hi, there great beat and raise quarter you guys congratulations.

Thanks, Lucas with Us upfront week as upfront week is next week I'd like to drill down a little bit unclear lines. One is I know that Groupon was your launch partner do you expect other partners and clear line.

Announced imminently and two what's your business model, how do you make money from the clear Aligner product. That's my first question.

Yeah, Hey, Laura it's Michael.

Yeah, Great question. So yeah, we're looking forward to a friends as we said in the script.

Programmatic is playing a bigger and bigger role and therefore magneti as well.

You're right about crude ban I do anticipate further announcements regarding client adoption of clear line.

Timing to be determined but.

But yes the marketplace.

Has reacted really positively and again to be clear this is.

Great for the industry, because you were talking about.

Being up those linear dollars that have been clogs largely because of.

The inability to transfer on the fee structure that is currently in place in programmatic. So we think it's a super exciting as it relates to the fee structure for clear line.

Where we're quite.

SaaS all about it.

We would.

Charge advertiser percentage of media, a CPM based fee SaaS kind of base fee. So those conversations are ongoing and we're quite flexible as it relates to what the model looks like.

Terrific and then on my second question is about the two service I thought your point about answered, but what's really interesting you said that you'd have it sounds like a majority of adoption of that combines new platform by the end of the second quarter is it your feeling that as we're modeling the back half therefore, we get to close down one of the two part.

And therefore that cost savings in the back half of the year.

Yes, Matt This is David Laura that's correct. So we will have a.

Decreased costs from fully shutting down.

The legacy on Prem platform, it'll be offset those costs will be offset slightly slightly as the the new magnate streaming platform uses more cloud costs will it be some offset there, but net net it will decrease costs in Q3 and Q4.

Great. Thanks, very much guys I appreciate it.

See you next week.

Thank you and our next question comes from Shyam Patel with Susquehanna.

Hey, guys great job on the on the results I had a couple of questions.

Michael I know you have talked about this in the script, but can you just talk a little bit more about.

You know how you are feeling about you know the CTD ER.

Business right now obviously you had a great you had a great quarter.

But how are you just thinking about the CTG business for the balance of this year and and kind of growth and how our new initiatives like clear line mirror layer into that.

And then second question you know, we're hearing a lot about a.

Walled gardens potentially opening up.

How how big of a tailwind do you think that'll be for you guys and is this something that you think would impact the business in the near term or is it more kind of an intermediate to long term a kind of business impact from wall gardens opening up thank you.

Yeah.

Great questions I think CTV growth again, it was kind of a victim.

The macro environment and you look at the linear companies that reported this week all had a really tough quarter.

You look at Youtube number.

You know you can kind of tease out Roku is number from their platform number and it's all been kind of add some pretty decent headwinds and although we showed.

Low double digit growth I think that we.

We anticipate.

The business to continue to grow.

Perhaps at that range, perhaps a little more a little less but we're not in normal times and so I think that we're still kind of facing that.

Macro challenge Upfronts will be very interesting to see on the strategy between buyer and seller and how much gets committed how much does in some of that could be a boon for CTV from a spot perspective, but more and more CTV is being included into the bigger picture of the features.

Upfront model, so so I think that we.

We remain bullish long term on CTV I, just think we got to kind of muscle through the next couple of quarters from a macro standpoint.

And then as it relates to walled gardens, I mean, I think we're seeing some benefits immediately when certain platforms that we had kind of not been able to access are now opening up and we're able to pipe demand into it. So those are all good guys. I think generally speaking the scene of the demise of the world.

<unk> is going to play itself out over time, so I think it's a longer term a good guy for us.

But I think undoubtedly folks are seeing that are creating a lot of hurdles and effort for buyers to plug into your platform of premium video Ah is a lot more challenging than trying to create like a search walled garden right searches.

Napoli with Google, It's really hard to run the table on premium video is a monopoly and I think more and more folks.

<unk> seen that in order to take full advantage and maximum monetization you're going to have to open up and allow the whole ecosystem to be a part of it.

Great. Thank you guys.

Thank you and the next tranche of concentration cryo with Craig Hallum.

Great. Thank you guys nice quarter.

Michael you talked a few different times about programmatic, taking a more prominent role in the Upfronts I was wondering if you can talk more about that in a Y O Y. The roll is expanding this year and where you see the benefits to mcknight.

Well I think it's a combination of a couple of things, Jason I think that publishers and buyers getting more comfortable with programmatic in.

Our high value inventory like CTV.

Desire of buyers.

Really wanting to use data overlaid our buys from a targeting standpoint.

And publishers being more acquiescent, given the environment that we're in and how powerful those agency dollars have become overnight given the kind of macro a dampening of spend.

And lastly, I think the efficacy of it folks are seeing.

Well it can work do you look at someone like a Disney company. That's proclaim that by 2025, I don't want to over 50% of all their inventory sold programmatically.

You don't have to look much further than the success that Hulu has had doing that to understand that there's a really nice way you can thread the needle between direct sales the traditional direct sales in upfront.

To overlaying that with programmatic combined with that.

And then just between clear line and open path.

I think we've seen Oh, they're solution hit the market in this kind of end to end type of offering.

Maybe what's the view of all these different solutions over the next several years I think over the long term how do you expect all of this stuff to play out.

Yeah.

That it's easier to comment upon our product than it is others.

With clear line news as stated goal in mind and that was you know our top publishers came to us and our tap.

C partners came to us and said Hey, if we're really ever going to unlock those dollars that are being sold directly.

And those dollars that are in the linear world that want to move into programmatic, but can't stomach. The take rates that are normally associated with a programmatic buy can we just move them forward at a lower.

Cost of service and you know as you know a clear line has been a product that we've been kind of dog sitting ourselves over the past year.

With our managed services team.

Been using that as they're kind of buying tool to process are.

Direct sold business. So we have a lot of experience with it its been really successful we have a agency that has that been going on at that has had great success. It has been singing its praises. So I think it will accomplish that goal when I talked about market expansion in a minute and that is I don't believe that.

That is the best use of programmatic longer term just translating a directional deal to workflows through the pipes I think we all believe in a world where theres date overlaid on it we believe in a world in our Biddable world, whether it's invite only auction or open auction and I think those dollars well once they get acclimated into the program.

Attic ecosystem will expand into that and that prevents the bigger opportunity for monetization to publishers and DSP participation because there is and as we.

We said until we're blue in the face we build in a DSP here. What we're doing is building an on ramp to allow those dollars that are direct sold to be able to get into the ecosystem and then once in there we see them flourishing and and going in a more programmatic are kind of auction Orient.

<unk> World.

Yeah.

Alright, I always appreciate the thoughts thank you Michael.

Thanks, Tom.

Thank you next question comes from Nick <unk> with Stephens.

Yeah, Hey, guys just unclear line just delving deeper here.

How would you describe the difference between an agency buying CTV AD inventory directly as they do now from publishers versus buying unclear line, obviously I see the benefit of wanting to buy unclear line versus a D.

S. P. Because you can avoid some of the higher take rates, but just trying to better understand you know.

Why they.

They need to make that shift from buying directly from publishers and instead utilize clear line, obviously low take rates I think both cases, but you know what's the what's the real benefit of driving those that AD spend from direct into the clear line channel.

Yes, Nick it's a great question and I think some of it just goes to the heart of it.

That go into every bell and whistle about it but the real heart of it is this ability to overly data to it right. If you buy direct from a publisher Youre basically buying audience segments that had been defined by the publisher and whether its day part or whatever the case might be you know, it's just a very traditional way of <unk>.

And if you buy two clear line, you're starting to get those programmatic capabilities of data targeting Ah Ah audience segmentation that involves advertiser data and publisher data mixed in to create unique segments to purchase so I think you're starting to get a level of data overlay.

And targeting debt arent available to you. If you were just to place an AD insertion with a AD server.

Okay. So that that makes sense, but then so I understand those benefits, but then I guess the next question is then how would you compare the clear line.

Offering with potential targets, just targeting specific audiences, maybe providing some measurable feedback versus what the DSP is office offer right because now you're talking if you're going to switch to clear line.

Obviously, you get a lower take rate, but just how would you compare what a D. S. P offers from a targeting measurable feedback opportunity versus what clear line offers.

Yeah, another great question and again, each DSP slightly different but.

Listen I would say that there.

Theres a comparable value proposition when you were talking about just translating what is kind of a straight up a.

Kind of audience by.

That you would normally do.

Direct.

To what clear line can do versus what a DSP, we could do at that level.

But you know, we're dsp's shiny and excel is when it starts to come to a.

Finding audiences across.

A wider array of inventory and in our Biddable format right and.

And so we're just really talking about.

Training wheels, probably isn't the right way, but it's the lowest form of programmatic right. It's mostly workflow with some data versus what a DSP would provide which as you know a robust full fledged offering across the spectrum of ways that you can buy a purchase programmatically.

Got it and then and then for publishers obviously the draw for clear line is just hey, why why not open myself up to yet another source of demand and I would assume there's limited hurdles in getting a publisher setup with clear line.

Got it awesome. Thanks, guys appreciate it.

Thanks, Ed.

Thank you and our next question comes from Matt Swanson with RBC capital markets.

Yeah. Thanks for taking my questions. Congratulations on the quarter I guess it would be the first thing.

If we look back on to mid February to the strong results now it might be hard to parse it out, but I mean, how much of it was the macro performing better than expected versus you know your company specific execution, obviously, it kind of takes a bit of both to deliver results like this.

Yeah, Matt I think if you look across the.

All the folks that have printed this week and last week I think you're certainly seeing a market share acceleration for magnate.

And listen we benefited from a freshening.

AD spend environments like everyone like E U.

When we talked about.

You know the end of Q4 going into Q1 last year at the end of December and beginning of January were quite dismal painting, a pretty bleak picture for 2023, and then you're starting to see things pick up in February and in March and I and continuing and so so I think that we.

Certainly benefited from that but I think we punched above our weight and if you look at other People's performance ours excelled so kudos to the team for doing things that others aren't in taking share.

And then both for the quarter, but then also for the Q2 guide adjusted EBITDA was really strong relative to some of the headwinds we had talked about with the platforms coming together.

Is that just kind of a product of the topline outperformance and then obviously, it's the structure you have to be able to drop that down to the bottom line.

Or was there anything else like maybe more efficiencies than you expected from combining the platforms.

Yeah, Matt It's David I'll take that yeah, that's exactly right. It's it's a topline over performance are dropping through to the bottom line.

Yeah.

Alright I appreciate it.

Yeah afternoon, guys. Thanks for taking the questions. So just at face value.

Rolled out clear line.

It seems like Theyre going after similar markets, maybe just compare and contrast, those you touched on it a lot or earlier in the Q&A, but I'll ask it a little more directly.

I'm sorry, again, so the question was.

The difference between them.

Thanks, Eric contrast, yeah bearing interest.

Acme, Yeah, I mean, it's it's kind of hard to a contrast to what.

Product that isn't in the market yet.

As has been up and operating for over a year, but that said my understanding from the call and from reading about is that day.

They're quite excited about the opportunity in CTV like we are but I would caution that.

No matter, how great your buyer interface might be or the tools are the bells and whistles are you need to have access to that CTV supply. So if you're talking about transitioning linear dollars that are used to buying broadcast and used to buying high quality inventory to the programmatic world well, you're going to want to buy that same inventory.

And so you better have access to that supply and I think we feel really really good about our differentiated position there that we have access to that supply. It's sitting on the platform folks know what's as those that player that has that supply on the platform and so I think it's a very different conversation that we will have with bi.

What is it that might make you more inclined to turn that repurchases back to the comment.

Yeah, we think.

That yeah, given our overall debt quantum it's just prudent to continue to reduce that that that overall level of debt, we have a target to.

Our future long term a component of our capital structure and so are the converts in.

In particular have a due date is still a ways off in early 2006, but we think its prudent to.

Reduce that tranche of our debt that has the earliest due date and so our focus is there. It was also a significant discount to face value. So we're able to purchase that at a 19% discount and so yeah.

Yeah.

Guaranteed accretion there and so we took the sure bet on that.

Alright, Thanks, I'll turn it over.

Thanks, Tim.

Yeah.

Uh huh.

Please go ahead Mr <unk>.

Lines open.

I think the question freshwater here, what's the difference between Caroline.

S T V.

Hi, Yeah, Hi, Weird and we hit that a couple of questions ago, and it's quite difficult to answer that question given the fact that they just announced it yesterday and.

It's kind of not even in market, yet where ours has been up and gone for every year. So you know.

Ultimately.

We feel like in order to move those dollars over that are being transacted directly particularly in CTV. The.

The difference maker will be access to supply and we feel.

Feel very good about our position there in terms of access to the premium CTV inventory that these buyers who want to.

Purchase.

Thank you is there anything you can share on that and demand trend quarter.

Quarter to date.

Alright, I didn't could you say that again I couldn't quite understand that.

Is there anything you can share on them at the mansion.

Nothing that we haven't talked about in the script.

Okay.

Hello.

Thank you. This concludes our question and answer session I would like to turn the Florida, Michael Barrett for any closing comments.

Thanks, so much Keith.

Yeah.

Bear with me.

So I'd like to thank our great magnate team for putting up another strong quarter and working hard behind the scenes to deliver we have a great opportunity ahead of us to continue to gain share advanced the AD supported CTV market in its transition from linear and accelerate our growth when the market begins to recover we look to reward shareholders.

Support us along this journey.

We look forward to speaking with many of you at our upcoming Investor events signal Holster post Q1 virtual investor meetings Tomorrow.

We will be attending the Needham conference in New York on May 17.

Reilly Conference in Beverly Hills on May 25th the Craig Hallum Conference in Minneapolis on May 31st and the Evercore Conference in New York also on May 31.

We will also be participating in meetings with Sig in Boston on June 5th.

And in Chicago with Stephens and June six have a great evening. Thank you.

Thank you. The conference is now everyone else has left the call.

Thank you for today's presentation you may now disconnect.

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