Q4 2022 Mitek Systems Inc Earnings Call
[music].
Okay.
Okay.
[music].
Good afternoon, and welcome to the Mitek Systems' fiscal 2022 fourth quarter and full year earnings conference call. All participants will be in listen only mode should you need assistance. Please signal a conference specialist by pressing the star key followed by zero.
After todays presentation, there will be an opportunity to ask questions to ask a question you May Press Star then one on your telephone keypad to withdraw your question. Please press Star then two.
Please note this event is being recorded.
I'd now like to turn the conference over to Todd currently of M. K R. Investor Relations. Please go ahead.
Thank you operator, good afternoon, and welcome to <unk> fourth quarter and full year fiscal 2022 earnings conference call with me on today's call are Mitek, So Max correct, Yeah, and interim CFO Guatemala.
Now I'll turn the call over to Maxim flawed I'd like to cover a few quick items.
This afternoon Mitek issued a press release.
Quarter.
Actual results.
It is available on the company's website at <unk> Dot Com. This call is being broadcast live over the Internet for all interested auditing separate webcast will be archived on me.
Page of the company's website.
I want to remind everyone that on today's call management will discuss certain factors that are likely.
For the business going forward any factors discussed today that are not.
Historical facts, particularly comments.
Ill turn prospects market opportunities should be considered forward looking statements.
These forward looking statements may include comments about the company.
<unk>.
Uh huh.
These statements are subject to a number of risks and uncertainties, which cause actual results to differ materially.
All of our listeners to review our assets.
These filings, including our most recent.
Okay.
Sure.
Our statements on this call with me today June 29.
Great.
Company undertakes no obligation to update or revise publicly any of the forward looking statements contained herein, whether as a result, Europe provision future events changes in expectations or otherwise. Additionally throughout this call we'll be discussing certain non-GAAP financial measures today's earnings release and related current report on.
Form 8-K describe the differences between our non-GAAP reporting and presents.
The reconciliation between the two periods reported in the release, but that's the truth.
All over to <unk> CEO .
All right.
Hey, Todd Good afternoon, everyone. Thank you for joining us today.
I'm very excited to finally report our full year fiscal 2022 results.
The lifting of BDO has enhanced our financial controls and governance.
Temporarily impacted our filing and periodic physical report.
We're now a stronger business.
Fiscal 2022 was another record year for Mitek record revenue record earnings and strong cash flow from operations.
Innovation also continued during that time.
We launched Mitek integrated identity platform My VIP I.
Eli.
Faith, plus an enhanced check intelligence within the checkbook defender Ark.
We were also awarded recognizing our commitment biometric.
This ongoing momentum reinforces our optimism about our long term prospects and our ability to further penetrate our large target addressable markets.
Quickly looking at the numbers for fiscal 2022.
Recorded record revenue of $143 9 billion.
Representing growth of 20% year over year.
We also generated record non-GAAP net income of $40 million or 87 cents per diluted share up 17% year over year as well as strong cash flow from operations of $26 million.
We accomplished a lot in fiscal 2020 beyond just our record revenue and earnings performance, we providing exceptional customer value from our world, leading banks Fintech marketplaces as they move more of their businesses online in a secure and trusted way.
Hi Tech continues to distinguish itself as a critical component in the fight against fraud and during the year, we expanded the breadth of our product offerings and the markets we serve.
With that now let me touch on our two lines of business and their performance during the fiscal year.
Our deposits line of business continues to grow in fiscal 2022 with revenue growth of 14% year over year.
Mobile check deposit is used by over 7500 financial institutions and continues to gain traction with consumers due to its convenience and ease of use.
Adoption of our checkpoint defender product also increased losses associated with Chuck Bryan started to skyrocket check.
Check breakfast vendor helps banks identify and defend against fraudulent activity significantly reducing fraud losses and our most recent innovation check like this enhances the detection of forgeries synthetics checks.
Several new checkpoint defender customers during fiscal 2022, and we believe it will be a growth driver for our deposits business for years to come.
Before we move on to our identity business I'd like to provide a quick update on USAA litigation situation.
While my Tech is not a party any of the USAA lawsuits, we continue to pursue our declaratory judgment action against USAA to prove that our products do not infringe before auto capture.
In the U S. A lawsuit as we look to provide support to our banking clients.
Along with our efforts there have been some positive developments in the matters related to the USAA.
Patent trial and appeal board.
<unk> has in the last six months invalidate invalidated by the USAA patents.
They have been relying on to sue various financial institutions.
Two of which are related to our cash.
We expect the pizza to invalidate more USA in the coming months as they continue their review of additional USA.
Including one additional USAA related to water.
We also intend to continuous theme vigorously prosecute arcade as mitek.
All of these core technology, we believe our products do not infringe on any USAA.
Switching to identity I'd like to take this opportunity to highlight the tremendous market opportunity that lives within this sector as the world becomes increasingly interconnected and digital the need for robust identity verification solutions has never been more.
Financial crimes are becoming more sophisticated causing significant risks individuals and organizations alike.
Rapid rise of digital transformation is freaky man for seamless and secure online experiences.
Hi Tech is at the forefront of addressing these challenges by per.
Body AI biometric identity verification solutions.
Not only mitigate risks, but also enable smooth and trustworthy interactions throughout the customer lifecycle.
With the acquisition of <unk> in 2022, and the subsequent full integration of those platform technologies with our leading biometrics and existing computer vision solutions.
We are strategically positioned to capture a substantial share of this expanding market and create significant value for our shareholders.
In 2022, we launched my texts verify identity platform My V I E.
<unk> is our leading growth product this fully integrated identity platform Leverages, our E biometrics Casher computer vision and data intelligence and presented to the customer in a low code implementation model.
Already adopted by leading banks I V. I T has expanded our addressable markets and delivered improved unit economics.
Shortly following the close of fiscal 2022, we launched my past the industry's first multi multimodal biometric solution for continuous like entity.
With the onslaught of machine driven attacks.
And based biometrics used together with built in wireless checks becomes the strongest and most proceeds to authenticate somebody's identity onboard.
I couldn't be prouder of the team's vigilance getting this product to market and I'm eager to see it implemented as quickly as possible from those who have already purchased it.
During the past quarter I had the privilege of attending our annual European customer sauce.
Where I had the opportunity to engage directly with our valued customers.
And incredibly insightful experience as I heard firsthand about the value of our company is creating and the ongoing battle against digital identity fraud.
From large multinational banks government associated screening agencies, our customers use our identity verification solutions to enable effortless and steep experiences where there are.
But they're new and returning customers consumers.
Their testimonials serve as evidence of our commitment bang fraudulent activity and providing innovative solutions that address the evolving needs of the market.
We are proud of the positive impact, we are making and we remain dedicated to advancing our technology and delivering even greater value to our customers in the fight against the July Saturday brought it.
Fiscal 2022, our identity business grew 31% year over year.
Product achievements and customer wins in fiscal 2020 to reaffirm our leadership position and I would like to thank <unk>.
My team worldwide for their unique contributions to our success together, we will continue delivering significant value to our customers.
Before closing. Please note we are planning an investor day event or later in the calendar year.
This will be an opportunity for interested parties to attend to dedicated event alert or our long term strategy with specific detail on the next chapter of the Apis.
Business and the significant growth opportunity for our identity products.
Now I'll turn the call over to Claude to discuss the financial results in more detail.
Following watch remarks, we will open the call to questions. One. Please go ahead.
Thanks, Matt and thank you everyone for joining us today this afternoon.
I will start with Q4 revenue and operating results.
For fiscal 2022.
$38 8 million of revenue, a 17% increase year over year.
Software and hardware revenue was $19 8 million up.
11% year over year.
The increase in software and hardware revenues is primarily due to the growing contribution of I E R&D and <unk>.
We had another strong quarter and continued mobile deposit reorders.
We are pleased with the continued progress.
Yes.
As we've noted previously IV R&D revenue is transactional in nature and as RFID I need your business. However, since it's offered on Prem we've put that balance sheet to the software line for accounting purposes.
Services and other revenues Jenkins from National fast have any maintenance and professional services revenue was 19, one or 22% year over year.
Notably our transactional SaaS revenue increased 31% Joe.
Just like $4 million.
But I mean, just close the transaction faster.
Last time, he was increased mobile verify volumes as well as the patients who need fast.
Uh huh.
Well Q4, 'twenty two deposit revenue.
Presenting over $22 6 million driven by mobile deposit Reorders.
Identity revenue increased 34% year over year to $15 2 million doesn't fly fishing or you just tax revenues and strong contribution from Andy R&D and growth in our mobile verify product line.
You delivered software and hardware gross margins up 98% for the quarter.
Gross margin on services and other revenue was 74% for the core and total gross margin for the quarter, but 87% compared to 90%.
Last year.
Total GAAP operating expenses, excluding cost of revenue were $35 8 million compared to $29 3 million Q4 of last year.
This increase was due you see bathtubs to grow any business any additional costs associated with acquisitions.
E R&D asleep.
And the marketing expenses for the quarter of about $10 million compared to $8 4 million yoga.
<unk> expenses were $8 3 million compared with $8 2 million last year, and G&A expenses were 8 million compared to six 1 million.
GAAP net loss for the quarter was 300000 or a loss of <unk> 10 per share.
Our diluted share count was $45 3 million compared to $46 2 million a year ago.
Now turning to our non-GAAP results.
non-GAAP net income for Q4 was 9 million or.
<unk> 20 per share a decrease of 11% year over year as a result of additional head count and other expenses from the acquisition of <unk>.
We believe non-GAAP net income provides a useful measure of the company's operating profitability and cash flow by excluding amortization and acquisition related cost stock compensation.
One time or nonrecurring litigation expenses amortization of debt discount and issuance costs.
Suffering and related tax impact of those items.
A reconciliation of GAAP to non-GAAP presentation is provided in our press release issued earlier today.
Now looking at results for the full year fiscal 'twenty two.
Revenue was a record $143 9 million, an increase of 20% year over year on strong growth in the deposit business that grew 14% and the close of our identity product lines.
31% of our so funny one.
Software and hardware revenue was $72 9 million up 21% for the prior year due primarily to the growth in mobile deposit and our checks a lot depend on bottom line as well as London, I E R&D and <unk>.
As a result, our gross margin decreased 200 basis points from 96% in fiscal 'twenty, 1% to 98% in fiscal 'twenty two.
Services and other revenue was 71 million for fiscal 'twenty, two an increase of 19% over $59 7 million in fiscal 'twenty one.
This increase is.
Primarily just broken transactional SaaS revenue, which increased 25% to 50 point you think notice.
Gross margin on services and other revenue of 74% for the year compared to 80% of a comparable period in fiscal 'twenty one.
Well I'll go.
Their fiscal 'twenty two deposits revenue increased 14% to 85.8 million driven primarily by <unk>.
Mobile deposit and checkpoints dependent product lines.
I think he verification revenue increased 31% to $58 1 billion driven by 25% growth in transactional revenue SaaS revenue.
Inclusion of additional SaaS revenue from acquisition of Hurley.
Yeah.
Total GAAP operating expenses for fiscal 'twenty, two we're $132 6 million.
24% compared to total operating expenses up $106.
5 million in fiscal 'twenty one.
The increase is due to the additional investments made throughout the year to fuel that growth and the identity business and additional costs associated with the acquisition of IV iron and the inclusion of additional headcount and expenses from the acquisition fleet.
GAAP net income for fiscal 'twenty, $2 3 million or seven cents per share compared to GAAP net income of 8 million or 18, that's for sure for fiscal 'twenty one.
non-GAAP net income increased 16% for the year. It was $39 6 million or 87, a share compared to non-GAAP net income of $34 2 million or 76 cents per share there's still plenty of work.
Again, please refer to the reconciliation of GAAP to non-GAAP presentation in our press.
Fully diluted share count for fiscal 'twenty was $45 8 million for both GAAP and non-GAAP , yes.
Now turning to the balance sheet.
Generally the $10 3 million cash flow from operations during the quarter and $26 4 million for the full year, bringing our total cash and investments too.
1 billion at the September 30 of 2022.
As noted recently, we continued to generate meaningful cash flow from operations, our cash and investments at the end of March 31, 2020 increased by $13 5 million $14 five.
Moving onto guidance, we are reiterating our fiscal 2023 guidance you provided there.
We expect revenue for the fiscal year ending September 32023.
The range of 150 to 165 million, an increase of approximately 14% year over year at the midpoint of our guidance range.
In addition, mitek expects its full year 2023, non-GAAP operating margins to be in the range of 29, 5% to 35%.
In closing we are pleased with our results.
Rapid revenue for fiscal 2022.
That is record non-GAAP net income.
I look forward to continuing to deliver industry, leading fraud prevention identity services to our global customers.
Operator that concludes our prepared remarks, please open the line for questions.
We will now excuse me, we will now begin the question and answer session.
To ask a question you May press Star then one on your telephone keypad. If you were using a speakerphone. Please pick up your handset before pressing the keys to withdraw your question. Please press Star then two.
At this time, we will pause momentarily to assemble our roster.
Our first question is from Mike Grondahl with Northland Securities. Please go ahead.
Hey, guys in Booth mobile check in.
And mobile I B could you talk a little bit about transaction activity.
And trends and pricing just trying to get a feel for volume and price trends in both areas.
So for the periods that we're talking about here FY 'twenty, two and both mobile deposit as well as mobile verify.
Hum.
Transaction volumes increase.
And you can see increased transaction volumes from existing customers and then the addition of new customers for the.
The identity verification.
And for mobile check deposit are yes for sure.
Mobile check deposits. Similarly, although as you know Chad that are like.
That business can be a little lumpy.
When customers reorder when those orders actually hit rebuilt a tank I think in the case of.
Mobile deposit we know that we've continuously.
Yeah trying to push you know it takes price and be able to push price increases we've been methodical about that.
It's no surprise.
Our partners customers push back on that pretty hard, but we've been able to do it consistently.
And that has set US continue you'll see that reflected in addition to the adoption of <unk>.
Mobile banking and increased usage of mobile check deposit.
But the other side of that which is increasing our pricing.
Got it and then.
Are you breaking out the number of banks you have signed up for check fraud, diff'rent defender or the revenue in the fourth quarter of 'twenty two.
No, we're not and you probably won't see us do that for a while.
And you were asleep increase the number of customers, but it's coming off a very small base.
We're watching some customers adopt and jump straight into the network and you used the online offerings. Some are starting with a small on premise implementation.
To get their arms wrapped around it.
But I think you know.
We'll talk about it when we dropped the accused as well we continue to see just a big big interest in that product pipelines are strong.
We do testing with customers a pretty elaborate testing with customers and we've got a number of those underway.
I think as we've talked before Mike just as you check.
Check fraud has exploded in the course of the last 18 months. So this is a very big topic for retail banks.
Yeah.
Sure Yeah no.
And we're just you know we're trying to track it so the number of banks or revenue I guess it will keep bugging you.
Hum.
Lastly, what should our expectations be for the timing on the 10-K.
And then December and March.
Yes, Mike So I think.
These are preliminary numbers now.
It will follow it up with a 10-K what the next.
10 days.
About a week or just think that we need to make sure that we get everything.
Now that's why we felt comfortable releasing that number is down today.
In terms of the Q and that process will continue once the K is filed and we feel that as we are you know.
A few weeks I can't be more precise than that at this point Oh. This week not enough months, well followed it up and the idea for us.
Vacation is.
It has to start becoming current on our filings.
She'll it off of that in its entirety, including Q3. So that's that's the expectation right now I can't be more precise on that on the quarterly numbers.
But we are looking forward to getting back on a regular schedule.
Sounds good sounds good thanks, guys.
You got it Mike.
The next question is from Jake ROE Bears with William Blair. Please go ahead.
Hey, Thanks for taking my questions Mac could you just talk about how the macro is impacting each of your business units more specifically from your comments. It seems like Audi verification may be impacted a little bit more than mobile deposit, but would love to hear kind of the puts and takes that you're seeing in each business as it relates to the macro.
Yeah, but I don't think.
In our in the timeline that we're talking about here FY 'twenty two in September any quarter you know.
There's probably not a lot to talk about from a macro impact I'm a little bit on the identity. You know we had we had a very relative to our competitors and the idea is basically a very little exposure to them.
You know crypto and it was at June of 2022 July and then kind of a crypto winter that follows from there we had a handful of crypto customers, who watch them retrace pretty hard.
But nothing more you know kind of pointing out.
Then when we get into the Qs.
What has changed and.
In some regards we just talked about checkpoint defender and all the things that are happening with check fraud, I think that's been a positive.
Our deposit systems on the identity business, if you're a interest sensitive businesses like a mortgage refinancing or E locks and things like that.
Seem to see we seem to see tough on those businesses so more to come as we drop those skus so Jay.
Okay helpful. And then just wanted to touch on general base. It seems to me like there there could be some secular tailwind around AI and how that could impact our fraud and identity universe, but would love to get your thoughts on that and then how you complain to integrate the technology into your core platform.
Sure and you know how much ink has been spilled on on G&A I am I want to be you know.
I want to be mindful that I don't know that I have a lot of ads were generally is clearly going to be transformative in auto.
Because we see it through two lenses. The first day as you know we're be able to do using.
Using this technology I mean, we've got very long and robust history with machine learning and AI. So that's built on top of you know a very deep base of of that knowledge and experience are our engineers scientists have so our ability to use that fee and model building model testing and that's already underway.
It seems we're seeing it alright any themes around documents obviously the faces of voices. So in that regard I think there's some very interesting things for us to increase pace velocity.
And new ideas that can be tested.
Much more cheaply or much more quickly.
That's for US internally things that then result in customer facing offerings I think that's the bigger challenge just generally not just for banks, but for anybody out there right.
These same tools can be used as weapons and we anticipate we're already seeing them you know the.
Deep space with the kind of things that can happen with voices basis every other image and video all the stuff that we're seeing every day you know that can be applied towards trying to create identity fraud with banks with other finance financial institutions and so on.
I think it just puts a bigger focus and more meaning on having the right defenses and partnering with the right with the right organization like market.
Yeah, Yeah, I agree very very helpful. In that an interesting opportunity as we move forward and then if I could just sneak one more in him understand you've been working a lot with your consultants and auditors, but what is your dialogue with the NASDAQ looked like throughout the process and what type of feedback.
They've been providing you on regaining compliance just over the past few weeks since we passed over that June 12 timeline.
Sure well you know, obviously nasdaq's the market.
A market that we sit on the S. P C. As the regulator and you don't be inherent with the FCC as a requirement for the night.
And that's that has a very rigorous structured process under which you know where we're currently are.
Working I think we're working in a very positive and constructive way with them, but related right. So we brought in advisors as you mentioned at this point.
We have high confidence based on the performance of our business. We are cash flow positive or cash the bank continued to grow there. There are no allegations of misconduct here. We have we have high confidence that we will regain that.
Finally status ultimately the the NASDAQ as the harvest are the ultimate arbiter of that.
They're working hard towards it every day.
Very helpful. Thank you thanks for taking my question.
The next question is from Stephanie more with Jefferies. Please go ahead.
Hi, good afternoon. Thanks for the update I wanted to touch on your target for your I D segment, and the target to turn a profit in the in 2020 for the second half of 'twenty 'twenty four could you maybe talk a little bit about you know what you need to see.
For that target to be achieved.
What needs to happen maybe for that to happen earlier or on the flip side, you know what could delay even actually achieving this target would be helpful. Thanks.
Sure well. Thanks for the question does that mean for those who maybe are a little newer to the story you know we've been working.
Got it very profitable.
And.
Want to get our identity business to add to that as well we've seen it that by the end of fiscal 'twenty 'twenty four we'd like to be able to get to breakeven with that business with the identity business looked at in isolation and we believe we're on path, but still the current are the current intent here the things that could make that happen sooner as you know.
But the top line growth happening faster.
The things that could you know maybe it takes longer as if we you know.
We didn't get the topline that we're currently forecasting that we're guiding to here in the current guidance.
Yeah, when I when I kind of think about as we waived those markers down and as we work to operate the business booked in our budgeting and then David a discipline them living in those budgets.
Probably the biggest thing as you know the world has changed pretty considerably in the course of the last five quarters relative to just uncertainty in the macroeconomic circumstance. So I think that's probably the biggest unknown or biggest question Mark.
Great No that's very helpful and appreciate it and I know that the last time, we spoke a couple of weeks ago. I think you touched a little bit about maybe listen I D business, a slight shift in strategy, where you're offering our customers more of us.
And that platform kind of managing their entire lifecycle.
Could you talk a little bit.
I'm just here because I think that's a it's a really interesting point you know if you could kind of speak to any you know cross sell opportunities do you think this opens up our pricing or why this is you know you've kind of come to terms that this isn't the incremental kind of rate strategy, you know versus maybe what you were originally thinking about either moving inside this space and are lumpy.
They're kind of the opportunity there. Thanks.
Oh sure thing well and I think this is you know this is not some sudden.
Change or anything like that I mean, we've been working towards this for the better part of three years, which is the underpinning of the acquisition of IV R&D from a world leading biometrics capability at Midas and then.
Really the foundational associated who you acquisition is capturing a P.
Platform in India.
To manage no code low code platform for orchestrating multiple signals not just for Onboarding, new customers no particular accounts, but those in life. The lifecycle use cases persistent identity or knowing your customer and be able to do with the money laundering checks.
Well after somebody signs up for a new account or a.
New card or something so that's been the strategy here going back three years, I think we've been able to fine tune it as we go.
That's where the market is that's where the market's going and I think we're very fortunate to have captured incredible capabilities talent and the teams that go with that and you'll see us continue to leverage that and continue to evolve that strategy. So it is.
Beyond it.
Not just beyond identity, but identity and fraud and you're starting to see you got the first the first signals that we're getting as a result of our deposits business and being able to intersect our deposits business attract private vendor as a broad signal with our identity business.
Great really appreciate the time, that's all for me. Thank you.
Thanks, Stephanie.
Again, if you have a question. Please press Star then one the next question is from Allen Klee with Maxim Group. Please go ahead.
Good afternoon can.
Can you.
Give us some color on how you think about the relative growth rates of the deposits versus the identity business in fiscal 'twenty three.
Sure thing Alan we're probably not going to break the guidance down by by line of business, but I'm I'm happy to give you a sense of it.
We've expected that and I think we're on record.
Been a while since we've talked to the retrofits for on record relative to the deposits with checkpoint defender and many of the big things that have been introduced and we see that business as being a high single digit low double digit growth business. Obviously, we just talked about fiscal year 'twenty, two and 14% rote so very much on the high end of that range.
But I think we stand behind that we anticipate that both with the traditional check business will slowly modulate relative to its growth will continue to grow just maybe it won't grow as fast as it is 'twenty, one 'twenty two and that'll be offset by the continued uptake of checkpoint defender bottom. So that's on the deposit.
On the identity side.
We definitely see the market right.
For identity being a little different not just for us, but it's just the market itself being it looks different today than it was a year year and a half ago, but the idea that we can deliver.
Teens growth in that faces in FY2023 I think that's a that's a good number maybe you could range have in your mind.
Okay.
Thank you and when we look at operating expenses.
How do you think about.
To the extent that you're trying to position.
That you've already spent for some future growth or do you think that just continues to kind of grow kind of in track with revenues.
Yeah.
Without getting into very specific to maybe what has something to add here, but you know as we get bigger.
With scale, we should be able to increase our leverage we've done a lot to integrate.
Both the IV R&D and Oh, who you are.
Teams products systems, so starting to get some of the some of the synergies and starting to see that kind of make its way through the P&L.
As we continue to grow the business, we expect that we're gonna be able to take more and more to the bottom line to be able to expand operating margins.
And I've just to kind of add a little bit I think you'd see that in our guidance for F. 2023 nights are operating non-GAAP operating margin guidance is is 29, 5% to 35 and not in the high end it is higher than where we ended 2022 at a and we're still.
And obviously.
Growing them growing the business of consolidating.
Going through them.
The consolidation of the media business and the synergies that will come from that so they'll they'll have to be quite it ended but despite all of that where we're projecting a slightly higher non-GAAP operating margin for ad placements.
Thank you. Our last question is do you think when once you've caught up on your financials.
Might be able to.
Sure.
Accusing case on the same day that you report your earnings.
At this point I want to set that expectation I think we will do that is sequentially.
And that's you know that's just the way the audit their process of Barclays.
Please that.
All that work for our fiscal 2022, and then they'll move to 'twenty to 'twenty three so that's sequentially as I said earlier on the call.
Talking about a week 10 days so the Kay and then weeks after that for the kids love It auditors shouldn't work and complete them then we'll release those and with the expectations that we get back to a normal cadence.
Yeah, starting in Q3 and thereafter.
Okay. Thank you very much.
Thanks Alastair.
This concludes our question and answer session I would like to turn the conference back over to Todd currently for any closing remarks.
Thank you operator, and thank you everyone for joining US today, we look forward to updating you again next quarter our call has concluded.
Okay.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
Mhm.
Yeah.
Yeah.
[music].
Okay.