Mynaric AG 2022 Earnings Call
Good day, and thank you for standing by welcome to the <unk> preliminary full year 2022 results conference call.
At this time all participants are in a listen only mode.
The speaker's presentation, there will be a question and answer session to ask a question during that session you will need to press star one one on your phone you will then hear an automated message advising go ahead is raised to withdraw your question. Please press star one one again, please be advised that today's conference is being recorded.
And I would now like to handle conference over to your speaker today at the Tom <unk>, Vice President of Investor Relations. Sir. Please go ahead.
Thank you operator, welcome everyone to generics preliminary full year 2022 results conference call.
Prior to this call we released our preliminary full year 2022 results, which are available for download on the Investor Relations section of <unk> Dot com.
Before we begin todays formal presentation and remarks, I must remind you that this presentation and oral statements regarding the subject to this presentation include forward looking statements within the meaning of the private Securities Litigation Reform Act of 1095 as amended all statements other than statements of historical or current facts contained in this presentation.
Our forward looking statements.
These forward looking statements involve known and unknown risks uncertainties and assumptions that are difficult to predict or are beyond our control and actual results may differ materially from those expected or implied as forward looking statements. The forward looking statements included in this presentation are made only as of the day hereof, neither we nor any other person undertakes any <unk>.
Obligation to update any forward looking statement to reflect events or circumstances. After the date of this presentation or otherwise.
This presentation may include certain financial measures not presented in accordance with IRS such financial measures are not measures of financial performance in accordance with IRS and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should be considered in isolation or as an alternative to loss for the period or other measures of profitability.
Liquidity or performance under IRS.
We have not completed preparation of our financial statements for the year ended December 31, 2022, the information presented here in its preliminary in nature and are subject to change, including as a result of any normal adjustments, resulting from completion of procedures in relation to the financial statements for the financial year 2022, there can be no assurance that the final results for these periods will not differ from these.
Preliminary results and any such differences could be material financial results for the financial year 2022 will be included in our annual report on form 20-F to be filed with the Securities Exchange Commission.
With that out of the way we have a great agenda for you today. After some brief opening remarks, we will provide an update on our operations discuss our preliminary full year 2022 financial results and provide a bit more color on our outlook for 2023. Following the formal presentation. We will take questions from analysts. We anticipate this call will last no more than one hour.
On the call today are <unk> co Ceos blends alcon and looked at that visit ragu and minority CFO Stefan burnt bumpy along with that it is my pleasure to turn the call over to Bob for his opening remarks.
Thank you Tom.
<unk> reported solid preliminary results for 2022, as we prepare for significantly higher production levels. Later this year next year and thereafter.
Our order momentum and follow up new opportunities remains strong we can say it has possibly even accelerated some constellation operators, both commercial and government have moved past the design and development stage and are actively selecting suppliers to formally launched our constellation over the coming years.
We reported another strong increase in order backlog in terms of optical communications terminal from 36 at the end of 2021 to 256 at the end of 2022 and 348 as of today.
Additionally, our caution from customer contracts increased significantly from $3 9 million euros in 2021 to $18 3 million Euro in 2022.
Already in 2023 as of today cash in from customer contracts that have already exceeded the previous year's amount with $18 8 million euros.
We also remained disciplined in our investment strategy to support the future growth of the business and our pipeline of opportunities remains the highest in our history.
Over the past two years, we invested significantly into preparing the company for serial production and as such the company does not need to make substantial investments in capability and capacity to meet our near term delivery commitments.
We are now focused on continuing to improve our.
Operational excellence and the improvements we have implemented over the past year and our product design have allowed us to now have the machine capacity in place in order to profile, our medium term goal producing 2000 terminals per year.
I'm extremely proud of our team's success in putting in place the capability serving the wider constellation community.
A reminder to many of you on the call who may not be familiar with my neck.
Our vision is to eliminate the barriers of connectivity to ensure the unrestricted flow of information and close the digital divide.
We are not only us based company or an aerospace company. We are a critical communications systems company with products about produced at scale to serve many end markets, including government and commercial customers.
Before I turn it over to Mr. Bob I want to welcome him to our earnings call as my partner and because CEO role, which he assumed in January he has a very.
Every season, the corporate executive and I Couldnt ask for a better partner to work with.
Minor shifts into its next phase of growth now.
Now, let me turn it over to Mr. Fox. So he can discuss our strategy that supports minor revision as well as provide an update on our operations and product development activities most of them.
Thank you for your kind words, and I'm excited to be part of routine.
My next strategy for realizing the vision of eliminating barriers of connectivity is focused on making what has previously been market of one off highly tailored solutions into a scalable berkeleian production market. So serial production the high reliability simplicity, greater affordability and increased standardization of our <unk>.
Alex for both government and commercial markets, our products enable our customers to deploy solutions.
I think the communications challenges they face in space in air analyses and on the ground since joining <unk> in August of last year My focus has been.
Three main areas.
Right.
She is process improvement and streamlining our product.
The process, let me give you a bit more detail on each one of these three areas and how I believe they set us up for success over the both near and long term.
As you May have recently read from one of our key customers lots of comfort they announced that they are SBA satellite design feature one color mark through the terminals has surpassed the vigorous critical design review process with that critical step behind us the minor team has evolved.
As they are working diligently preparing for the foreseeable production shipments with key customers, including Northrop Grumman starting in the second half of this year.
Made great strides to ensure we are ready to handle this key milestone in the company and the industry development by already building <unk> production verify our assumptions about Pac times involved in different manufacturing and assembly steps, ensuring that our data systems are ready for the demand load requirements of complex aerospace systems.
Production documentation. In addition, the company has secured the supply chain to support the current and any additional near term orders.
As we continue to prepare for silver production at scale.
Many process improvements over the near term while key process improvement.
<unk> lots of production capability was the in sourcing of our telescope production.
The telescope is one of the most critical components or Mark III totals.
These were previously outsource a process that took weeks and sometimes months to get enough qualified components to build to.
To complete a build.
By insourcing, the production and focusing on process improvement, we were able to reduce this process forward.
From weeks to minutes. This has freed up additional resources and allows us to meet our.
Our medium term 2000 production targets based on the installed physical capability.
As we mature as a local content marketing into serial production with leveraging the technology into.
Future product development the focus on our product development engineering team is utilize the fundamental building blocks.
Such as using carbon components. The communications optical had kind of control assembly those software with an eye towards raising these building blocks to accelerate development of future generations of bulk Condor and the Hawk terminals. This.
This should also improve our manufacturer ability of these next generation products as well as removing potential barriers such as civil source critical components, which in the past and negatively impacted our industry's ability to manufacture at scale.
In summary, I can tell you that we are well prepared for the opportunity ahead and I believe we have the right team with the right products to capitalize on this exciting opportunity in front of us.
With that let me turn it over to Stephane to walk you through our results in more detail Stephane.
Thank you most of them, let's turn to our preliminary results for the full year 2022.
Let's turn to.
Key business metrics, we introduced at the analyst day in April of last year that we believe will.
Continue to be best demonstrates the momentum we are seeing at the business.
Sure.
From customer contract. This is a key forward looking predictor of revenue metrics.
Just only receive a few.
Contractual milestone there is a temperature typically between when cash.
From customer contracts and when the shipments are made this is there is depending on the contract terms.
As a reminder, these are contractual payments received from certain milestones are met.
Really delivery and acceptance has not been reached.
In essence this is.
<unk> revenue cash receipts, and we believe a very significant indicator of the future revenue of the company.
As Colin referenced before.
Customer contracts.
$18 3 million Europe in 2022, compared to $3 9 million euros in 2021 year to date, our cash in from customer contract is 18 8 million.
Which is already more than we report this quarter for all of the last year, demonstrating our execution for our customers second.
Optical communications terminal backlog.
At year end was 256 units up from 40 units at the end of 2021.
As of today, and our terminal backlog 348.
As a reminder, our current permanent backlog is heavily weighted towards government funded contracts, including program with the FDA.
We continue to see strong and steady pipeline of opportunities spanning both <unk> and hawk products as well as across government and commercial opportunities.
Let's look at a few other figures.
Revenue was $4 4 million euros in 2022, and was driven by terminal shipments to multiple customer as well as service revenue our current contractual committed optical communications terminal backlog.
Merrily consisting.
Consisting of condo marks three products, mostly foresees kettle shipment in the second half of 2023 and throughout 2024.
Cost of materials increased by more than 35% compared to a year ago. As we continue to ramp up our production ahead of major delivery milestones over the next six to 18 months, including in this increase was a $5 6 million write down for <unk>.
Covenants related Brian generation condo product.
Our drive to product excellence through rigorous testing involves assembling many units for <unk>.
Tunnel.
The production of these units has contributed to the increased cost of materials.
Personnel cost increased 60% compared to the year ago level as we continue to add talent and capabilities to our team part of the increase is related to higher stock compensation costs, which increased by 4 million to $6 million.
Year over year.
Currently our total head count similar to what we reported at the half year at just over 300 employees.
Looking ahead, we are taking a disciplined approach to adding head count and other operating expenses.
We feel comfortable with the overall investment in engineering, and we expect to add to our operation head count to support our higher level of production.
We believe the growth rate in personal expenses over the near term should decelerate.
More moderate level.
Overall, the company reported an operating loss of $7 $73 8 million euros.
The operating loss for 2022 was higher than 2021.
For a number of reasons, including the previously mentioned higher personnel costs.
We increased head count and incurred higher stock compensation expenses.
We incurred higher insurance.
Legal and consulting fees.
Eight 5 million Europe related to our dual listing an extra ordinary right off of 9 million, including $7 5 million euros related component inventory for our condo Mark one mark to terminal as.
As well as an additional $1 5 million write off of own work capitalized.
Now, let's turn to a few.
Key balance sheet figures and discuss our current credit agreement and capital rates.
Our cash balance at the end of 2021 with more than $10 million compared to $48 million in 2021.
This does not include the approximately $11 million debt.
That were in transit at the year end for cash in from customer contracts.
Our cash balance today.
$63 9 million euros inclusive.
A recent debt and equity raise net of prepayment of our previous line of credit along with fees expenses incurred at the top of the capital raise.
We remain market, leading mode and be breakeven company.
Our cash balance to decrease from todays level through year end before stabilizing in 2024.
Our recent capital raise we believe we have a strong balance sheet and we are very well positioned to capitalize on the opportunities ahead of us.
Inventories were $13 3 million up from $8 4 million Europe at the end of last year as.
As we continue to invest in component inventory ahead of the expected ramp in determinant production in the second half of the year.
Also took a charge of $1 9 million Europe against existing inventory of <unk>.
Mark one and mark to conduct terminals, reflecting our expectation of decreased demand for this product.
Property plant and equipment at the year end 2022 was $22 3 million euros.
Approximately 16 7 billion.
Year end 2021.
We invested $10 2 million euros in property plant and equipment in 2022 as compared to $7 6 million in 2021.
Earlier this week, we announced our new funding that in total brought approximately 80 million euros.
To my marriage.
We are thrilled to welcome mandates.
By an affiliate of a U S based global investment manager.
Our new credit provider, new shareholder from America <unk>.
Transaction provides us with the long term capital, we need to support our future growth.
We used a portion of the <unk>.
Funding to repay our existing line of credit and intend to use the rest to support our business plan.
The summary.
The new credit agreement were provided to you earlier this week.
Agreement Guatemalans.
I want to highlight just a few key points here before I turn to the guidance for 2023.
First we undertook an extensive and exhaustive process using highly.
Experienced outside advisors looking at a number of options to provide us with the capital needed to support our business plan.
The agreement provides.
With the capital and the flexibility to fund our growth objectives.
Near to midterm.
With the reduced dilution for existing shareholders.
<unk> was one of the objectives.
Second the credit agreement is a multi year agreement.
Great interest given the stage, we are as a company with no restriction on early repayment.
Natalie so additional.
Keith.
Funding provided.
Turning to the credit agreement added more liquidity to our balance sheet in the near term and fund needed working capital requirements to support the needs of our customers now let me walk you through our guidance 2023.
Okay.
We released our guidance for the key performance indicator for 2023.
<unk> released on Tuesday, and I want to reiterate what we disclosed.
We expect the cash in from customer contract to increase significantly for the full year 2023.
Specifically in the first half of the year our cash.
<unk> has been in.
We'll continue to be based on milestone payments and customer deposits.
In the second half of this year, we expect kitchen from customer contracts.
To be more balanced in terms of deposits and milestone payments relative to delivery.
Related receipts in comparison to prior periods are customer milestone payments will be continue with received from permanent shipments.
No.
See our shipments start to ramp from customer contracts will be more.
Much more closely correlated.
So shipments growing cohort.
As noted earlier, we have had a great start to the year in terms of cash and from customer contracts with year to date cash in already above last year's full year level and see a strong pipeline of tests.
Based on <unk>.
Secured artist and potential opportunities.
Through year end.
We expect continued growth in optical communications terminal backlog, but at the end of this year as we expect our year end 2023 uptake of communications permanent backlog to increase significantly compared to 2022 level.
As a reminder, the backlog is net of shipments and.
And we have a substantial ramp in shipments protected for the second half of the year.
<unk>.
Year end backlog, we will be fine tuned.
Our ability to capitalize on a number of opportunities.
Close by year end, and our term remains well positioned to capture these opportunities.
Opportunities across both the government and commercial sector as well as spending all our product lines.
As a reminder, we define a significant increase.
Our year over year increase.
30% or more.
With that operator would you please provide instructions for the question and answer session.
Operator, yes.
Yes. Thank you.
As a reminder to ask a question. Please press star one one on your phone and wait for your name to be announced.
Your question. Please press star one one again standby as we compile the Q&A roster.
One moment please for our first question.
Our first question will come from Greg Konrad of Jefferies. Your line is open.
Good morning, good afternoon, sorry about that.
Okay.
Okay.
Start.
Sorry.
At this point and you mentioned a substantial ramp in production in the second half of the year, how much is kind of locked in at this point versus the potential to book and ship still in this year and any way to kind of level set expectations around shipments for 2023.
Just for us to reiterate the question to make sure that you understood. It right. Your question is around how much is locked in this year for shipments to the customers versus our current backlog. So how much of it you have to ship.
I would say.
Don't want to give out any numbers, we haven't given to the market yet, but I would say that's our shipment concentrate right now in our backlog are quite.
Quite a bit between the two years 2023, and 24 almost equally less let's leave it at that to show how many units youll be shipping this year and that was rebuilt to build our backlog and then add on top.
Does that math is pretty easy to do so I appreciate that.
And then you mentioned some acceleration in constellation operators, reaching kind of the design stage are getting past. The design stage is there any way to levels that maybe the near term opportunity set or are how many terminals youre in active discussion.
Absolutely I think I think our orders from our customers are.
Coming towards my narcotic, often preceded by customers reaching out to.
<unk> two system houses that build the bigger system, such as salt life.
Network system as routing architectures and whatnot.
Look at the current market movements by constellation operators on both sides of the Atlantic Youll see that there have been recent movements in acquiring launches and satellites by some big players and we exactly expect those people to come out and do the optical communications our decision next.
We expect people, who have collected that satellite launches or at least a.
<unk> made a significant filings to come out in the next half year or so and do their optical comms decision.
And then maybe just last one for me I mean, a lot of the conversation is more on the satellite side I mean.
What are you seeing in terms of divergence between Condor and Hawk and kind of any update on discussions around hawken.
When we could see maybe some more substantial orders for that system.
Of course, I think the two.
Markets are quite a bit different so it's a satellite side of course, we see these larger projects that are quite intertwined and these large block quarters. Because there is a quite a tax time to be kept when launched and constellation between the FERC and the last one being launched to build up that network in the sky.
And the Aero market or other mobility maritime ground based markets, we see a different approach as one can deploy almost want to say at leisure.
And therefore, we have more of a push market from the <unk> side, our view rather than a pull market.
We are engaged with multiple customers out there and they are the modus operandi very often is an early shipment to the customer for them to do that integration has their hands on trials certain amount of technical education of their team and then.
Very often we talk about larger orders than off over multiple years, but they have a different type of indicator versus of course that big giant order coming in from a from a.
Accomplishing customer.
Thats, what youre seeing today on the market I think that that will continue for a while.
And very often these early orders. This trial orders are I want to say comp competition sensitive.
For these customers who are doing that early adoption. So we don't communicate them as openly out there and we can't really give guidance around what the customers thinking around that order, but very often they are there is some really large undertakings in there Mike.
Thank you.
Thank you.
And one moment please for our next question.
Our next question will come from Scott.
Doug.
Of credit Suisse. Your line is open.
Hey, good afternoon, Stefan I think you said that the cash balance would stabilize in 2024.
Are you, saying you expect to be free cash flow breakeven by 'twenty, four or otherwise how do I interpret that stabilization commentary yes.
So.
I would say, we expect the end of 2020 to be cash flow neutral at that.
Okay.
Got it Okay and then the credit agreement can you say, what the annual cash interest cost is on that.
So.
The interest rate.
I think we published it.
10 basis points above the suffer and so you kind of color can calculated under 75 million in Europe .
Our installer loan per year.
Got it Okay, and then more forlorn or mostafa.
I guess, just kind of more of a market opportunity question seems like you've had some momentum with Hawk I think kind of originally when you guys came out something like Contura is going to be the bigger opportunity, but curious kind of looking forward for the next three years, which of those market opportunities looks back on the air based market or the space market. Thank you.
I would.
I'm talking about the market opportunity I think we still see condor preceding hawk for a year or two at least on.
It is an opportunity that is being pushed forward by U S government and commercial constellation's alike <unk> comment.
A fantastic job and now we also see the European government adopting this technology for dark constellation and really trailblazing toward the commercial calculations as well.
See that trend continuing.
At least for two years, but hawk in itself has the opportunity of course to immediately offshore positive Condor Condor opportunity because there is no delay in acquisition from the decision making to the purchasing to the deployment. There is no waiting around for a launch opportunity order satellites being built it can be it can.
Materialize, a lot quicker, but I think that is still <unk>.
Two years or so away.
Okay, and I'd be remiss, if I didn't ask I think maybe kind of gets the credit question, Greg asked but just any kind of revenue guidance or bookmark you can give us you know always to low end in terms of this year.
To think about revenue.
So I keep it at that significant increase at least 30%.
Regarding to the question they are starting out from Allianz stuff.
Yeah.
I'm coming to the second part of my answer.
Question was more about the shipments and the current order the terminal backlog as Bill had mentioned before their shipments will be split mainly 2023 2024. So then you can recalculate about approximately revenue I think our ESP outcome the market is quite small.
Bob.
Well I think formulated I think combining the front end with our projection of up even split I think one can walk into a quick calculation there.
Okay Fair enough. Thanks, guys I appreciate it.
Thank you.
Thank you.
One moment.
Okay.
Hi.
Again to ask a question. Please press star one on your phone and wait for your name to be announced to withdraw your question. Please.
Star one again.
One moment for our next question.
One moment please.
Okay.
Our next question will come from Zephyr <unk> Pareto Securities. Your line is open.
Yes, gentlemen, thank.
So having been a few questions from my side. The first one is on your financing.
Yes.
Proceeds of $75 million.
I think it's a bit more than originally expected and what is the reason for this and do you need more than originally planned for the production ramp up.
If I look into your cash in numbers that looks quite strong. So the question is do you have.
While capital need.
So also it will be interesting to know for which period this financing sufficient.
So thank you for the question. So first of all it's not the only $75 million additional capital.
Increase.
Close to 10%, which at 12.2 million euros.
At.
So, saying that a portion of that was used to repay the existing loan and for sure.
Actually there were also.
Eight to 10 feet and expenditures.
And then net.
Six Sigma.
Significant for the company, but we will use this for Florida.
Ramp up that production fulfill our contract and this gives US also a headroom if there may be some delays or some other.
It's coming up so we have enough headroom.
Thanks.
12 to 24 months.
If I may add Stefan comments here.
He is absolutely right the headroom inviting an important month because also this year is a defining moment for many constellations and their supply chain did we want to be well.
Well armed with.
With a good balance sheet to be able to materialize on these opportunities at hand, and they are coming back. This year I believe and this really gives us the headroom to do so and it also gives our customers a certain amount of I wanted to say our peace of mind that they are working with a stable company.
And they are they have no concerns about ordering these really large orders from us I think it is overall multiple tools combined it <unk> really ultra does very well.
Okay understood very clear.
Cash in of $98 million you mentioned.
How many units of this corresponds to an.
If I'm right.
Units will be also your shipments.
Tim future right.
For clarity.
Referencing to the cash in by customer this year.
Yes, no no year to date $80 8 million.
This year.
Yes, so that's it.
Mostly related to prepayments and when we achieved milestones with the customer. So the majority of the shipment will be in the second half of the year, but still beginning of this year, we shipped some engineering models already but with.
With the cash it's not 100% related to shipments it's more prepayment long lead items.
Got it.
Okay and can you give us an idea about the.
Size of units total volume.
While shipments ahead.
Based on this carefully.
Absolutely. So how about I would say is of course, our backlog is from firm contracted order. So read every unit out of our backlog we are in some.
Some contracts and each one of those contracts are built around the around the milestone payments and <unk>.
Prompt payment so I would say when you are talking about.
The payments the cash in from.
From customers. This year, we're talking about prepayments against our complete current.
Current backlog so knowing the backlog what it is today you can kind of calculate what that is but I think it allows us to cash efficiently operate all of our contracts without going into a negative for two months.
Supply chain ahead on our purchases.
Okay, Okay fine.
And finally.
A question regarding <unk>.
Constellation in Europe .
It's clear that this is progressing well in.
In Europe , and we know from from <unk>.
Previous announcement that the EU wants to involve also start stop start ups in this program.
Where do you see your opportunities here do you think that.
Yes.
Youre related business.
The optical terminal will be divided between multiple suppliers will be interesting to have your thoughts on this iris square program.
Absolutely I think <unk> definitely Europe picking up.
Really bold approach to air on building up our constellation.
Their own hard soft golf needs as well as service needs for debt governmental customer.
As you have said.
European Commission has taking a hard stance that they want to startup enrolment, we really want to see that materialize I think that is very important for the space industry of Europe . So the European Commission has realized that as well and as written that in as a criteria and what we see is that optical comm plays a very big role.
And that constellation.
Other elements like quantum key distribution also which are a big part of a compilation and its use of optical communications and I can also remind you that we have recently announced that we are working in multiple programs with the German government on the quantum key distribution topic all of that combined.
Also in addition to the fact that we are one of the very few viable optical communications businesses in Europe .
Countries of the European Union, and I wanted to say leading role already on this side on the U S side of the Atlantic and governmental program. I think we are very well situated to make use of this accomplishment for providing terminal I'd say at least and the percentages of the start.
Involvement if not more.
Okay sounds good. Thank you very much thanks Philip.
Thanks, Dan.
Thank you.
Okay.
And pardon me.
It looks like there may be a follow up one moment.
We're getting a follow up from Dave Russo.
Burrito Securities.
Your line is open.
No. There's no follow up question from my side should be a mistake sorry.
Ellen.
Thank you Sir.
Thank you.
There are no questions in the queue at this time, so I will turn the call back to Mr. Tom Dinges.
Thank you operator.
For further information about our upcoming engagements with the investment community.
Please visit the Investor Relations section of mine, Eric Dot Com.
Thank you, everyone, who joined US today and we thank you for your interest in mind, Eric will speak with all of you again, when we release half year 2023 financial results Goodbye for now.
Thank you. Thank you.
This concludes today's conference call. Thank you all for participating you may now disconnect and have a pleasant day.
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