Q2 2023 Organogenesis Holdings Inc Earnings Call
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Please standby welcome ladies and gentlemen to the second quarter of fiscal year 2023 earnings Conference call for Organogenesis Holdings, Inc. At this time, all participants have been placed in listen only mode.
Note that this conference call is being recorded and that the recording will be available on the company's website for replay shortly.
Before we begin I would like to remind everyone that our remarks today may contain forward looking statements that are based on the current expectations of management and involve inherent risks and uncertainties that could cause actual results to differ materially from those indicated including the risks and uncertainties described in the company's filings with the Securities and Exchange Commission, including item.
One a risk factors of the company's most recent annual report and it subsequently filed quarterly reports.
You are cautioned not to place undue reliance upon any forward looking statements, which speak only as of the date made although it may voluntarily do so from time to time the company undertakes no commitment to update or revise the forward looking statements, whether as a result of new information future events or otherwise except as required by applicable.
These laws.
This call will also include references to contain financial measures that are not calculated in accordance with generally accepted accounting principles or GAAP.
We generally refer to those as non-GAAP financial measures reconciliations of those non-GAAP financial measures to the most comparable measures calculated and presented in accordance with GAAP are available in the earnings press release in the Investor Relations portion of our website.
I would now like to turn the call over to Mr. Gary I'll kill Hany, SR, Organogenesis Holdings, President and Chief Executive Officer, Sir. Please go ahead.
Thank you operator, and welcome everyone to again, a Genesis holdings second quarter of fiscal year 2023 earnings Conference call.
I'm joined on the call today by Dave Francisco, Our Chief Financial Officer.
Let me start with a brief agenda of what we will cover during our prepared remarks.
I'll begin with an overview of our second quarter revenue results and an update on our key operating developments in recent months.
Dave will then provide you with an in depth review of our second quarter financial results, our balance sheet and financial condition at quarter end.
I will then discuss our initial thoughts on the recent local coverage determinations or LCD.
The related uncertainty regarding our 2023 revenue and profitability outlook and the steps we have taken to address the reclassification of our products that will be impacted if these lcd's remain unchanged.
So effective in September .
Then we will open up the call for your questions.
Beginning with our revenue for.
For the second quarter.
We reported net revenue of $117 $3 million for the second quarter, which came in above the high end of the range of the guidance that we provided on our first quarter earnings call driven by sales of our advanced wound care products at the high end of our expectations and the sales of our surgical and sports medicine products exceeding the high end of our.
<unk> in Q2.
Second quarter total net revenue decreased 3% year over year, which was driven by a 3% decrease in the sales of our advanced wound care products and a 5% decrease in sales of our surgical and sports medicine products.
Advanced wound care product sales were driven by better than expected demand for our non pure applied products in the second quarter with sales of our well established highly differentiated pure play brand being right in line with our expectations for the period.
Importantly, our advanced wound care product sales results exceeded our expectations in the hospital outpatient setting and were in line with our expectations in the physician office in Q2.
As expected, we leveraged our diversified portfolio and leadership position in wound care centers and physician offices across the U S to increase the number of accounts served in both the hospital outpatient setting in the physician office setting.
Additionally, we delivered mid single single digit growth in units sold year over year in Q2, driven by double digit growth in the hospital outpatient setting.
We are proud of the team's execution in Q2 and believe we are navigating the dynamic marketplace effectively.
And as discussed we expect that a transitory impact on our growth in sales of advanced wound care products in 2023, driven primarily by the impact of key products in the physician office setting working through the nationwide launches and recently published Asps.
And to date, we are pleased that these national launches have performed better than expected. This gives us further confidence that we have the right strategy to maximize our competitive position as a leader in advanced wound care market and remain well positioned in the coming years.
Turning to an update on our operational progress in recent months.
We continue to focus on and invest in expanding manufacturing capacity overall for our product portfolio and pipeline.
And specifically for developing manufacturing capability for our demographic transit products that were previously manufactured in California.
By way of reminder, we are working with development firms to assess building additional manufacturing space at our Massachusetts headquarters and in parallel are looking for alternatives for existing manufacturing space within the region as.
As previously communicated we expect to have a definitive plan by the end of the third quarter.
Our ongoing phase III clinical trial of renew for the treatment of knee osteoarthritis continues to progress as planned.
The efficacy phase of the trial was completed in July and we continue to expect to achieve the last patient last visit milestone and complete the trial by the end of the year.
We've also made progress with respect to the second phase III study for renewable.
Have received FDA approval for the protocol and to proceed with the second phase III trial.
This will be a 474 subject trial with a design similar to the first phase III trial major startup activities are well underway with our current contract research organization and other study operations vendors and we remain on track for first patient enrollment by the end of the third quarter.
We received positive response from the FDA in a type B meeting regarding questions. We asked relating to the CMC aspects of the renewable products, including confirmation of the testing approach and the manufacturing of renewed.
As previously discussed we expect to have a subsequent discussion with FDA regarding the clinical data requirements for the BLA and we intend to propose the current phase III trial combined with the published 200 patient RCT as valid scientific evidence and sufficient for our BLA approval.
As a reminder, our plan is based on our belief that moving forward with a second trial as soon as we hear from the FDA will enable us to leverage the major operational advantages of continuing with the current active investigators.
This essentially gives us more options in our regulatory strategy.
Lastly, I'd like to share a few thoughts on the proposed physician fee schedule for calendar year 2024 that was published in July .
We are pleased that the centers for Medicaid and Medicare services has acknowledged the concerns raised by stakeholders in the town Hall meetings in January of 2023 and is seeking additional input from stakeholders before making any changes to the payment policies for skin substitute.
As we have urged on many occasions CMS should pay for all skin substitutes using the ASP methodology.
Manufacturers are already required to provide asps pricing information.
And as the office of the Inspector General made clear and its March 2023 report transitioning all skin substitute to ASP pricing has the potential to substantially reduced <unk> expenditures.
We also believe that transitioning skin substitutes to ASP based payments would improve patient access enable physicians to prescribe treatment options based on the individual needs of the patient and provide the best outcomes for patients and the healthcare system.
With that let me turn the call over to Dave.
Thank you Gary I'll begin with a review of our second quarter financial results.
Unless otherwise specified all growth rates referenced during my prepared remarks are on a year over year basis.
Net revenue for the second quarter was $117 3 million down 3%.
Our advanced wound care net revenue for the second quarter was $110 1 million down 3% and net revenue from surgical <unk> sports medicine products for the second quarter was $7 2 million down 5%.
Gross profit for the second quarter was $91 million or approximately 77, 6% of net revenue compared to 78% last year. The change in gross margin was driven primarily by lower sales volume compared to the prior year period.
Operating expenses for the second quarter were $81 3 million compared to $82 8 million last year, a decrease of $1 6 million 2%.
The decrease in operating expenses in the second quarter was driven by a $2 3 million or 3% decrease in selling general and administrative expenses offset partially by a <unk> 7 million or 7% increase in research and development costs compared to the prior year period.
Second quarter GAAP operating expenses included a modest reversal of non operating items, consisting of employee severance and benefits as well as other exit costs associated with certain restructuring activities.
Compared to <unk> 6 million of restructuring related charges in the prior year.
Excluding restructuring items and noncash intangible amortization of $1 $2 million in both periods non-GAAP operating expenses for the second quarter decreased <unk> $8 million or 1% year over year, driven by strong cost management pursuant to our strategy to prioritize investments in areas that enhance our foundation for future growth <unk>.
<unk> higher clinical study related spending in support of our renew studies.
Note, we have a detailed reconciliation of these non operating in noncash items in today's earnings press release.
Operating income for the second quarter was $9 7 million compared to $11 $9 million last year, a decrease of $2 2 million.
Total other expenses net for the second quarter were 0.6 billion compared to <unk> $8 million last year, a decrease of <unk> 2 million.
Net income for the second quarter was $5 3 million compared to $8 7 million last year, a decrease of $3 4 million.
Adjusted net income in the second quarter was $6 1 million compared to $11 3 million last year, a decrease of $5 2 million and as a reminder, adjusted net income is just trying to as GAAP net income adjusted to exclude the effect of amortization restructuring charges GPO settlement fees, and resulting income taxes on these items.
Adjusted EBITDA for the second quarter was $15 4 million or 13, 1% of net revenue compared to $18 6 million or 15, 3% of net revenue last year. We provided a full reconciliation of our adjusted EBITDA results in our earnings press release.
Turning to the balance sheet as of June 32023, the company had $89 5 million in cash and cash equivalents and restricted cash and $69 million of debt obligations compared to $103 million three in cash cash equivalents and restricted cash of $70 8 million of debt obligations as of December 31, two.
22, we also have up to $125 million of available borrowings on our revolving credit facility as of June 32023.
With that I'll turn the call back over to Gary for some closing remarks Gary.
Thanks, Dave and before we open up the call to your questions I want to share. Some initial thoughts on recent developments in the area of Medicare reimbursement and coverage.
On August 3rd local coverage determinations, or Lcd's were published by three Medicare administrative contractors the.
The LCD is address skin substitute grafts cellular <unk> tissue based products or <unk> for the treatment of diabetic foot ulcers and venous leg ulcers in the Medicare population, specifically the LCD is required that a covert product VA skin substitute and be legally marketed.
More than 130 products have been identified as not covered in these max jurisdictions, including five of organogenesis commercially produced products.
Our PMA approved products Apolo graph and Dermagraph remain on the list of covered products.
We believe that the five commercialized products that were listed as not covered were improperly excluded from the list of covered products and we are engaging with all relevant parties to move these products to the coverage status in advance of the effective date of these lcd's switches September 17th 2023.
The recently published local coverage determinations from the Nova toss first coast services and CGS to limit coverage for treatment of diabetic foot ulcers and venous leg ulcers to include only apograph endemic graph presents a significant amount of uncertainty regarding the revenue outlook for these products in these <unk>.
Regions further uncertainty remains as it relates to potential impact on demand for our products when used for the treatment of <unk> <unk> <unk> wounds.
As such we are withdrawing the fiscal year 2023 guidance previously provided on may 10th.
'twenty three we believe that the five products that were listed as not covered were improperly excluded and we are engaging with all relevant parties in advance of the effective date of these lcd's.
We intend to provide further information at the appropriate time in the future.
With that I'll turn the call over to the operator to open up the call for questions.
Thank you, Sir if you'd like to ask a question. Please signal by pressing star one one on your telephone keypad, if you're using a speaker phone. Please make sure. Your mute function is turned off to allow your signal to reach our equipment. We do ask that you limit yourself to one question and one follow up.
I would like to ask additional questions. We invite you to add yourself through the queue again by pressing star one one and our first question will come from.
Ryan Zimmerman.
Of BT I G.
Ryan Your line is open.
Okay.
You hear me okay.
Yes, we can Ryan alright.
Alright, great.
So Gary.
Let's start with the LCD is I think youre going to have to give investors more color.
What's going on here given the withdrawn guidance.
And what I when I first wanted to know is why do you believe they were improperly excluded what can you.
Share with everyone to suggest that they were and properly excluded.
And then the second question is part of this and there's going to be a few here but.
You are withdrawing the guidance.
I recognize there is uncertainty but.
Unique to help people understand what is the payer mix.
Of your revenue base, how much exposure do you have to Medicare how much exposure do you have the three Max and if we can start to break that down I think we can at least kind of exercise.
The full risk.
From.
From this.
This change.
Sure let.
Let me start.
Ryan and then Dave can jump in so the reason why we believe that we were improperly excluded is theres two requirements primarily in the draft.
Guidance as well as in the final guidance.
Is one is that your products are a skins.
And we clearly.
Have all of the evidence and it provided all of the information Thats regarding.
Regarding skin substitutes. So we clearly are.
Our products our skin substitutes.
And we believe we meet the definition.
Easily as it relates to skin substitutes I mean that is what our products are not as high.
How they perform.
<unk> provide a scaffold for healing theyre not removed they stimulate the wound for healing through cell migration and growth so that hurdle.
Which wasn't identify necessarily in the pre or the draft ruling at all as a requirement it was not.
It's one that kind of showed up in the final draft, which is a procedural problem, but we'll talk a little bit about the procedural problems. Later second is that your products are legally.
Marketed that you have FTE you meet the FDA requirements to be on the market and clearly all of our products meet the FDA requirements to be legally marketing. So we are a skin substitute that's a hurdle that we feel very strongly we could overcome and we are legally marketed obviously all of our products illegally marketed so.
This is an era, it's clearly an error in our opinion and that we will take any and all action to move these products onto the covered lives.
Number one engage directly with the Max to inform them of the Arris.
We believe they've made will also preparing a legal memo that we'll be sending to CMS, explaining the arris and all of the process issues and procedural violations that we believed.
Took place in implementing this this policy. So we feel very good and we are optimistic that our efforts will resolve these coverage issues based on the strength of our arguments that our products clearly meet the characteristics of a skin substitute and that we are legally on the market.
Dave do you want to comment about yes, sure Ryan. So obviously it was a really difficult decision for us to to suspend the guidance here.
Particularly with as you've seen a strong H one it was good in Q1, good in Q2, and we had good momentum in the business and frankly before last Thursday expected to reaffirm our full year guidance today. So unfortunately, what's happened as Gary mentioned the final LCD is really introduced.
A high level of uncertainty around the update we're confident in our ability to to address this but the timing of that is unclear so that impact of revenue and profitability is.
It is unclear at this point so that's why we took out guidance as far as kind of.
Framing it up.
Not going to disclose how much revenue we do in those back but there is a subset of that revenue, that's particularly related to <unk> values and our estimate in that arena is about for the first half of 2023 was about $35 million to $40 million.
So I hope that helps.
That was just to be clear that $35 million to $40 million is what you did.
<unk> and <unk> of the five products that are impacted are across their global revenue not constrained to those Max I, just I wanted to be crystal clear here, Dave So that people understand and they can kind of frame this up so.
So those are the products that are impacted in those max related to <unk> and <unk>.
Okay. So thats the first half so conceivably.
$70 million to $80 million.
<unk> is coming out over the next four quarters in a worst case scenario environment.
That's correct in a worst case scenario, although as Gary pointed out we have a very strong argument against that so I mean.
So I mean, if if if.
If you think about it.
And if I could just.
So Apple graph is obviously still approved.
So apple graph in these markets. If you think about the other restrictions of the LCD, which is for application.
So apple graph as a result of this.
Assuming the four application stand in my opinion is significantly more value than it ever has in these LCD. If you only have four applications to solve this wound Apple graph is the best product in wound care, the only product with the PMA approval for <unk> and if you look at the two pit.
It'll studies that we have the average number of units per patient was three six if you look at we have a 14000 patients.
Retrospective study for all wounds. The average is two five so if a clinician is looking at <unk> and has to solve it with four I would argue that apograph should be the first product. They consider in all of these masks. The other thing that you need to consider as well as <unk>.
Apply is also used above the knee and.
And these Max we still have.
Pure <unk> sales above the knee as well as V as critical access hospital so.
The number of Dave gave you clearly is the correct number but going forward there are other mitigating factors that.
We would be pushing pretty hard.
In a worst case scenario.
Okay I wanted to just unclear, yes, yes, im sorry, just to be clear because I know you really wanted some clarity on that but the 35% 40, you multiply that by two that's for 24, if it's the worst case scenario and this doesn't get resolved obviously, it's only four months in the cap is the way we talked about that.
Right. That's a good point and Youll have some obviously some you'll lap it by September of next year, but.
That's helpful.
Couple of follow ups here and I'm going to keep rolling just because I think people want to understand this clearly.
What is your ability your confidence Gary to swap out some of those sales of affinity.
And purify to Apple grass and demographic I mean, given that you did.
So spend marketing manufacturing excuse me of Dermagraph like how much.
If we're again trying to.
Size of risk how much can you get back through substitution of your existing products.
These dynamics hold.
So we're still working through that I'll, let Dave comment if he has any more any more color, but obviously shifting our share of voice shifting our focus to apolo graph in pure apply above the knee would be a major area of reallocation of time and resources. So we're going through that process now.
I can't give you an exact number and Dave and <unk> have any more color, but we clearly expect both.
Above the knee sales of pure apply in Apograph sales to go up.
Yes.
As Gary mentioned I mean, we just don't Miss out on Thursday morning. So we're still working through some of this stuff, but clearly as Gerry mentioned theres. Other macs that are covering our products above the knee and these existing Max that we're talking about and then to Gary's point about apograph being the first choice, we really have a fair amount of capacity opportunity here within our existing facilities, probably north of 30%.
Sent to increase that capacity without any with minimal capex requirements. So.
To the extent that that demand starts to flow and from.
Swap out perspective, we certainly have the opportunity to capture that demand I think also as I mentioned, just redeploying resources in different places as we've talked about before that share of voice is important to us given the strength of our commercial team.
Okay and last one for me and I'll hop back in queue.
These proposals came out in late 2022.
Not mistaking.
So the question is kind of to what extent do you have an idea that this was potentially coming.
What drove the decision for them.
Published now you can kind of just give us some context around kind of how this came about it seems as if.
<unk> costs were caught off guard.
Sure.
So you are correct the draft rules came out.
Over a year ago, and then they amended it.
So we responded.
To the draft proposal, so and that draft proposal they were looking for FDA compliance that.
That you are.
Legally marketed that you have FDA approval or clearance for the products that you have.
Pure apply our five 10-K product.
Obviously have a 500 10-K, it's been cleared we provided that information that product historically was called Florida, Derm and we thought there was some confusion around what 500 10-K. So we provided all of that information and felt very comfortable with pure apply and again regarding the other products we provided the FDA.
<unk> and guidance from the website.
Which were the requirements for the 360 ones and we met all of those requirements. So we provided the information pure play it looked like a pure ore to us and.
I think it perhaps may have been but.
We felt very comfortable that what we provided as well as the comments that we submitted in may of 'twenty, two and in November and the town Hall meetings that every one of.
The Max that we felt.
Pretty comfortable that it really wasn't going to be an issue for us and now we find out that well not being we're not a skin substitute in their mind and they somehow misinterpreted the data and brought skin substitute requirements into the discussion. So I believe for the first time.
Okay, I'm going to hop back.
Yes.
Thank you Ryan.
You're welcome.
As a reminder.
<unk> to ask a question. Please press star one one on your Touchtone telephone again.
Please press star one one for any questions and one moment for our next question.
Our next question will be coming from drew Ranieri of Morgan Stanley . Your line is open.
Hey, David Thanks for taking the questions.
Maybe just a couple more.
Maybe just a couple more following on on Ryan's line of questioning there but.
You kind of touched on the the revenue implications.
Sure.
<unk> the risk.
You see can you maybe hit on the profitability impact here I know it's.
There are a lot of moving pieces here.
Could you just kind of help us think about that side of the equation as well.
Yes, absolutely I mean, it's one of the reasons why again.
This lack of clarity on the revenue and also the profit so.
From a gross margin standpoint that will be predicated on the amount of volume and the mix shift that will happen within the business and again, we kind of identified this again last Thursday morning. So some challenges from that standpoint, I'd say on the cost side, though we continue as always we'll be prudent in any investments that we make in particularly with the current revenue headwinds.
So we're looking at all of those components, there and obviously as we've done in the past we will do everything in our power to.
Preserve profit as we go forward.
Yeah.
Got it and with the September 17th deadline.
Under a kind of like the worst case scenario.
It kind of fully takes effect.
Hi.
What options do you have looking ahead to maybe change the rule over time or.
How how permanent could this be.
Would it just be a year and you can revisit or just any kind of timeframe around around that.
Okay.
I'll start so there really is no specific timeframe.
You can request through CMS, which we will.
For for the LCD to be rescinded you could also request.
Through CMS to have perhaps the articles changed theres been precedent for that as well to my understanding.
You also can address it directly with the LCD.
And then once issued once it becomes effective you can ask for reconsideration after that 45 day period.
To reconsider the entire LCD, but at anytime you can request.
A change.
In the LCD article or go to CMS. If you believe there was actually an issue and how it was implemented.
No specific timelines on how they have when they have to respond though drew.
So that's always a bit of a challenge, but you do have the opportunity to go both to CMS.
And to the LCD to try to get a rectification of of a mistake or are in error.
Got it okay.
Just to shift gears a bit.
Gary you touched on PFS coming out with the proposal.
And it doesn't seem like there really is going to be a meaningful change this year, obviously, but.
Hi.
Into this LCD event.
Can you maybe just talk about like what expectations you were seeing in the business now that the.
The PFS rule was a little bit more benign than many kind of expected I guess I'm just trying to get a sense of like the you.
You have this event on the LCD side, but just help us maybe better understand to what youre seeing on the underlying business and maybe what your expectations were around there. Thanks for taking the questions.
Sure.
And I'll, let Dave jump in but clearly as Dave mentioned the trends in the business with strong first quarter with strong second quarter was strong we beat the high end of our guidance.
We're ready to reconfirm guidance.
And then obviously we had this issue.
Brings some doubt into the last quarter. So the business has been strong account additions have been strong or national launches.
Our products that are.
Become published which is part of our strategy have exceeded our expectations, we don't see as much in the in the way of.
Staffing issues, we're starting to see some improvement in staffing and sensus.
In both the office as well as the outpatient setting.
So good trends for the business.
Sure.
Yeah, I mean, I think you hit them, all Gary but I absolutely agree I think the first half was really strong for us it was definitely in excess of our expectations on the top line again to Gary's point, good account growth as well, which is the backbone of the demand profile for the business and good flow through on the performance as well. So we've been very pleased as Gary mentioned too.
The national launches that we were concerned about through that transition period has been.
A lot stronger than we had anticipated. So we had a lot of momentum coming out of Q2 and as Gerry mentioned I think I mentioned earlier, we were very.
Bullish on.
Reaffirming the guidance as we go forward and this obviously event occurred on Thursday. So.
I lied I have one more question or one more one more topic I apologize and thank you for that but maybe just on the surgical business surgical and sports med and with a competitor kind of being.
And recall right now can you maybe talk about some of the trends you are seeing in that business and maybe what your expectations are.
To maybe capture incremental share and just on renew.
Sorry to pile on here.
But just to make sure I heard you correctly.
The last visit milestone Youre still expecting year end 2023 for the trial.
Can you remind us what youre thinking in terms of data readout for that or any publication strategy around renewable for the for the first phase III. Thanks for taking my questions.
Yes, so drew ill start on the surgical and it did exceed our expectations in the quarter. So.
Good performance there I think.
Obviously with some opportunity there with that recall, we're still in.
Kind of a rebuild mode as we lost some of the products and bone fusion.
Back in the mid point of 21, and so therefore, we really don't have the significant infrastructure yet to take advantage of it.
<unk> in the marketplace like that so we continue to look for opportunities I think it opens doors, but didn't get a lot of traction in Q2, but again better than what our expectations were in the period.
Yes regarding the.
Renew trial, so last patient last visit at the end of the year.
We're rolling into the second trial. So we don't have any anything this year as it relates to readout or an efficacy readout.
There is designed.
Designed in the current trial, an efficacy read out I believe in the first half of next year.
And then once that information is available we will disclose anything thats.
Well in any way on blind the study, but that could be helpful to investors.
Okay.
Got it thank you.
Sure. Thanks, Jeremy.
One moment for our next question.
Yeah.
And our next question is a follow up from Ryan Zimmerman of <unk>. Your line is open Ryan.
I'm back I, just I just couldn't get enough. So I just wanted to follow up on the prior questions and if I'm doing the math right Dave.
Got it.
As an impact of four months.
And if youre running at $35 million to $40 million.
For the first half of the year.
Simple math would suggest it's something like a $25 million impact in the last four months of the year.
One is that the right way to think about what this headwind could be.
It is Ryan the only thing I'd mentioned is it's obviously, there's a little bit of seasonality between the first half in the second half. So yes, it might be a little bit north of that but outside of that that's the way to think about it.
I mean, the other thing to just from a market perspective, there's a lot of misinformation and a lot of noise in the market already regarding the change and that's creating some confusion and whenever there's confusion and you've heard us talk about this often whenever there's a reimbursement change or even perhaps a threat of a change.
Market reacts and things start to slow down a little bit. So there's always that one component that we try to assess when we come up with these numbers, but that's just to.
To be fair, that's also an issue.
And then.
And then the second question is just the products that are excluded are exclusively for <unk>. So.
Looking at.
These proposals are seemingly it gets finalized else it is.
You are still selling pure apply in those given Max.
Anything above the knee and just kind of what's the is there any exposure in your mind for those cases.
Or is that clearly not in the scope of these results. It is.
It's our understanding and I think it's most folks understanding that it's only <unk> and deal you. There's been no nothing in these lcd's either in draft or in final form that have indicated other than that in my opinion.
Yeah.
Okay.
Okay.
Very helpful. Thank you.
Sure.
Yes.
In closing.
In our opinion was clearly an error.
And we are aggressively going after every avenue to get this rectified and.
And we will update you when appropriate.
Anything changes so thank.
Very much.
Thank you again, we're showing no remaining questions. This does conclude today's conference. Thank you for your participation.
Thank you.
Yeah.
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