Q3 2023 System1 Inc Earnings Call
Thank you for standing by and welcome to the third quarter 2023 conference call and webcast for system one.
Thank you for standing by and welcome to the third quarter of 2023 conference call on Webcast for System One. Joining me today to discuss System One's business and financial results are a co-founder and CEO , Michael Blend, and a chief financial officer to the Vesh Kadambi. But recording of this conference call will be available on our Investor Relations website shortly after this call is ended.
Joining me today to discuss system ones business and financial results are co founder and CEO Microblade, and our Chief financial officer to divest could all be a recording of this conference call will be available on our Investor Relations website. Shortly after this call has ended.
I'd like to take this opportunity to remind you that during the call we will be making forward looking statements. This includes statements relating to the operating performance of our business, future financial results and guidance, strategy, long-term growth, and overall future plus.
I'd like to take this opportunity to remind you that during the call we will be making forward looking statements. This includes statements relating to the operating performance of our business future financial results and guidance strategy long term growth and overall future prospects.
We may also make statements regarding regulatory or compliance matters.
We may also make statements regarding regulatory or compliance matters. These statements are subject to known and unknown risks and uncertainties that could cause our actual results to differ materially from those projected or implied during this call.
These statements are subject to known and unknown risks and uncertainties that could cause our actual results to differ materially from those projected or implied during this call. In particular, those described in our risk factors, including our registration statement, a form S1 filed on April 13, 2022, and our form 10K for the fiscal year 2022 filed on June 6, 2023, and then our form 10K for the third quarter of 2023, filed on November 9.
In particular those described in our risk factors.
In our registration statement on form S. One filed on April 13, 2022, and our Form 10-K for the fiscal year 2022 filed on June six 2023 and in our Form 10-Q for the third quarter of 2023 filed on November nine 2023, as well as the current uncertainty and unpredictability in our business the <unk>.
2023 as well as the current uncertainty and unpredictability in our business the markets in the global economy generally
It gets in the global economy generally.
You should not rely on forward looking statements as predictions of future events.
You should not rely on forward looking statements as predictions of future events. All forward looking statements that we make on this call are based on assumptions and beliefs as the date hereof and system. One disclaims any obligation to update any forward looking statements, except as required by law or.
All Ford looking statements that we make on this call are based on assumptions and beliefs as the date hereof and to someone just plans any obligation to update any Ford looking statements except as required by law.
Our discussion today will include non-GAAP financial measures, including adjusted EBITDA. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results historical performance and future estimates provided during this call exclude results from total security.
Yes.
Information regarding our non-GAAP financial results, including a reconciliation of our historical GAAP to non-GAAP results may be found on our Investor Relations website I would now like to turn the conference call over to system <unk> co founder and Chief Executive Officer, Michael Ward.
Michael Ward: Thanks, Kyle and good afternoon, everyone and thanks for joining us on our Q3 system one earnings call.
Michael Ward: Our biggest news by far is our recently announced sale of our total security subscription business.
Michael Ward: The transaction was valued at approximately $340 million, including $240 million in cash.
Michael Ward: As part of this transaction approximately 25% of our total outstanding shares were transferred back to the company.
Michael Ward: We completed this deal for two primary reasons.
Michael Ward: First we are confident system, one will be more successful focus exclusively on our advertising business.
Michael Ward: While there have been headwinds and digital marketing over the last year.
Michael Ward: We believe the overall market has been stabilizing in the back half of 2023, and we have continued confidence in our ramped biopharm and our team.
Michael Ward: Our advertising business is positioned for nice growth in 2024, and this deal helps us better execute against our vision.
Michael Ward: For the second reason the total security transaction improved our balance sheet and capital structure overall.
Michael Ward: The cash provides immediate and long term financial flexibility and will support our continued investment in our advertising platform.
Additionally, with a reduced share count.
Michael Ward: As our advertising business charge scaling again, the benefits from that growth are going to be spread across a much smaller shareholder base.
Michael Ward: Operationally, we don't expect any disruption to our advertising business.
Michael Ward: Result of this transaction.
Michael Ward: The subscription business is primarily a standalone business is easily separable from our technology stack and is located in a separate office in the U K.
Michael Ward: We wish the best of luck to this total security team and new owners.
Now, let's talk about third quarter performance.
Michael Ward: System, one delivered $88 million of revenue and $37 million of gross profit adjusted EBITDA was $8 1 million, which is up 33% quarter over quarter.
Michael Ward: The adjusted EBITDA growth was a result of lower operating expenses impacted by cost cutting measures we have taken throughout the year.
Michael Ward: The operating expense savings offset a sequential decrease in gross profit.
Michael Ward: We continue to face some headwinds in our owned and operated business.
Michael Ward: Which is impacting our ability to profitably deploy advertising spend.
Owned and operated revenue was $66 million down 14% from Q2, driven by a 15% sequential decline in advertising spend.
Michael Ward: We generated over $900 million sessions up more than $100 million versus Q3.
Michael Ward: With a spread of over $2.05 per session.
Michael Ward: Our network advertising business generated $22 million of revenue and gross profit of $15 million up 3% quarter over quarter.
The network business continues to benefit from ramp platform upgrades made this year that have positioned us very well in the marketplace.
We signed 90, new partners in Q3 with 40 of those going live within the quarter.
Over the last 12 months, we have signed 275, new partners, including five of the top 10 highest grossing partners currently on our platform.
Michael Ward: As we continue to add new partners and expand revenue from our existing base, we expect the network advertising business to deliver solid growth and be a key part of our strategic plan going forward.
Michael Ward: Now along with the sale of total security our business highlights in the quarter include new partnerships for search monetization with the kosha.
Michael Ward: Which is one of the largest independent search engines.
Michael Ward: We also signed a confidential agreement to monetize search for a large browser company, which we anticipate will be a nice contributor in 2024.
Michael Ward: On the product side, we announced key feature of improvements in our road warrior driving direction Hap and coupons. Following launch its partner network, whereby we will be providing our promo code technology to third parties.
Michael Ward: We also continue integrating AI throughout our ramp platform and business processes.
Michael Ward: As I mentioned on our last earnings call AI is enabling us to scale, our advertising campaigns at a pace we haven't seen before.
Michael Ward: And it feels like we're just scratching the surface with our uses of AI.
Michael Ward: Looking back at the last 12 months 2023 definitely was a challenging year for system wide.
Michael Ward: We dealt with an uncertain advertising market, we had liquidity challenges related to our high debt burden.
Michael Ward: And we spent several months evaluating the sale of our subscription business.
In response to these challenges I think we made the right decisions to set up our company for long term success.
Michael Ward: We narrowed our business focus to our core competency in advertising.
Michael Ward: We made substantial reductions to our operating expenses.
Michael Ward: Continue to invest in our ramp platform and the total security sale brought in a large injection of cash to our balance sheet.
Michael Ward: Looking forward to 2024 and beyond I belief system. One is a rejuvenated company set up to return to solid growth.
Michael Ward: Excellent technology strong relationships with our network and advertising partners and we are solidly profitable and most importantly.
We have a focused and highly motivated team all moving in the same direction.
Michael Ward: That said, while we are optimistic about 2024, I don't have a crystal ball about what the overall economic environment is going to look like in.
Michael Ward: And after a very rocky 2023, I don't want to promise performance that we are confident we can meet or exceed.
Michael Ward: I encourage our shareholders to look at system. One is a long term investment and judge our success at on an annual basis I know thats, what we do.
Michael Ward: What I can tell you is that except for the last 18 month blip. Your system. One team has a long history of producing results that are generated great returns for our shareholders.
Michael Ward: And as I would like to state every quarter management is highly aligned with you we.
Michael Ward: Put it in our own capital this year to provide the company with extra liquidity and we currently own almost 40% of system. One after the retirement of the 29 million shares.
Michael Ward: As a leaner and hyper focused advertising business, we are ready for the next chapter of system wide.
Speaker Change: I'll now hand things off the treaty to discuss the quarterly results in more detail as well as provide Q4 guidance take it away treaty.
Treaty: Thanks, Michael Thank you everyone for joining us today I wanted to start by echoing Michael's comments on the total security transaction.
Treaty: The transaction sets us up both for greater success now and in the future.
Treaty: We received $240 million of gross cash in the deal and since the close of the deal on November 30, we have used a portion of that cash to repay all of our unsecured and related party debts and I've also pay down the entire balance of our $50 million secured revolver, 100% of which remains available to us if needed.
Treaty: In addition to ensuring that our liquidity and working capital needs are addressed the primary use of the remaining cash will be to Delever. The company and the most effective way possible and we will and are exploring all available options to do so.
Treaty: Including accretive M&A.
Treaty: Outside of the cash proceeds the buyers are assuming approximately $67 million of intercompany debt owed by system under total security.
Treaty: The transaction also included a waiver of $60 million of potential earn out payments due to the total security management team.
Treaty: And the transfer of approximately $29 1 million shares of system ones class a common stock back to the company, which was then subsequently retired.
Treaty: Those shares transfer to system, one represented approximately 25% of the company's shares outstanding.
Speaker Change: In addition to the reasons, Michael mentioned earlier around focusing on the advertising business and simplifying the overall business. The liquidity provided by the transaction affords us the opportunity to continue to make investments into the core business and our ramp platform.
We will continue to be focused on investments that benefit both the owned and operated and the network advertising businesses, while continuing to maintain our historical disciplined and measured approach to investment and capital allocation decisions.
Speaker Change: Before moving on to a discussion of our Q3 results and guidance I wanted to remind you that I'll be speaking to results with respect to the remaining business only excluding results from total security.
Speaker Change: Now onto Q3 results.
Speaker Change: Q3 revenue was $88 million as compared to $177 million last year, a 44% decrease year over year the.
Speaker Change: The year over year decrease was driven by the owned and operated advertising business, which was down 54% while network advertising revenue was up 63%.
Speaker Change: Adjusted gross profit was $37 million.
Down 18% year over year.
Revenue less advertising spend for the owned and operated advertising segment declined 36% to $24 million.
Speaker Change: Network revenue less agency fees was at 49% to $15 3 million versus $10 $3 million last year.
Speaker Change: Continuing a trend that we've been seeing throughout the year, both cost per session Cps and revenue per session Rps were down sequentially.
Speaker Change: In Q3, Rps is down <unk> <unk> sequentially to seven recession, while Ccs was down a penny to <unk> versus seven last quarter or.
Speaker Change: Our spread between revenue per session and cost recession was a little under three.
Speaker Change: On the network advertising business Rps remained flat at <unk> <unk> per session.
Operating expenses net of add backs for $29 1 million down 3% year over year, which reflects the impact from cost reductions. We have made throughout the year. As a reminder, while we have been making changes throughout the year. The most significant of the cost cutting measures. We undertook occurred in early September.
Speaker Change: Q4 will be the first period in which we see a full quarter of those reductions.
Speaker Change: In the quarter.
Speaker Change: Adjusted EBITDA was $8 1 million versus $15 $8 million last year down 49% year over year, and representing a 22% margin on gross profit.
Speaker Change: Now onto Q4 guidance.
We expect to see a continuation of the Rps and Cps trends, we have seen all year with Rps and Cps, either flat or declining in tandem and ramp maintaining our spread around <unk> on a per session basis.
Speaker Change: We expect our network advertising business to continue to deliver significant year over year growth in Q4 with gross profit up approximately 29% versus last year.
Speaker Change: We are estimating Q4 revenue to come in between $93 million and $96 million, representing a 33% year over year decline at the midpoint.
Speaker Change: We are estimating gross profit to come in between $35 million and $37 million, representing a 16% decline year over year at the midpoint.
Speaker Change: We are estimating adjusted EBITDA to come in between $7 5 million and $9 5 million.
Speaker Change: Our EBITDA guidance reflects a 5% sequential growth at the midpoint.
Speaker Change: They're over quarter as well as the fourth consecutive quarter of EBITDA growth for the business.
Speaker Change: With respect to liquidity as of today, we have approximately $140 million of cash at $370 million of debt under our secured term loan.
Speaker Change: While our recent financial performance has been negatively impacted by market conditions, we continue to feel bullish about the future.
Speaker Change: And the future opportunities that come along with it.
Speaker Change: With the recent investments we have made in the platform cost saving measures taken this year and those to come in the future primarily on the Opex areas, specifically G&A as a result of our smaller footprint footprint from the total security disposition as well as the overall financial flexibility created from the total security transaction. We believe we are set up for success.
Speaker Change: Yes.
Speaker Change: Thank you for joining us today.
Speaker Change: Thank you Judy we're not going to open the line for some questions. The first question comes from Dan <unk> with benchmark Dan.
Dan: Great. Thanks, Michael <unk> good to see you guys again nice day for you guys to be honest.
Speaker Change: <unk>.
Speaker Change: So so Michael luck, we're smaller leaner and meaner, we're back to our roots here after the after the transaction and a couple of things I wanted to drill down on so first I would just ask you number one obviously we've had this shift in focus recently network versus <unk> right. Obviously network has been growing.
Speaker Change: Rapidly.
You did mention in your prepared remarks, some of the features and improvements were seen with road warrior and coupon follow and I would think the ladder with the explosion of retail media probably has a long runway. So maybe you can just to start with help us think through.
Speaker Change: How we should kind of see the expected.
Speaker Change: Balance of focus going forward now that you're back to your roots here number one.
Speaker Change: And then within that like.
Speaker Change: Scaling back up how aggressive do you think you need to be in sort of reinvigorating either of the base <unk> our network platforms.
Speaker Change: Post software.
Speaker Change: Yes, yes, thanks, Dan Thanks for the question So network versus OE No first of all networks growing really well as I mentioned, our new ramp product, which we released last this year earlier this year has been.
Speaker Change: Really well regarded in the marketplace. So we expect our network partners to continue piling on keep scaling with us So we're feeling pretty good about that.
Speaker Change: No is really where we're hoping to get a lot more scale out of next year.
Speaker Change: Any rough year for us in 2023 kind of starting in late 2022.
Speaker Change: Pretty optimistic about the ability to scale <unk> next year.
Speaker Change: Primarily.
Speaker Change: Few things really.
Speaker Change: The first one being and this is just kind of more subjective than anything the focus of the company now 2023 was pretty difficult year overall for system one.
Speaker Change: Digital marketing on a macro level was pretty choppy.
We had a lot of focus on completing our total security transactional last few months and.
Speaker Change: So I think the focus of the company.
Speaker Change: On <unk> is there, but more specifically our.
Speaker Change: Our ramp platform when.
Speaker Change: When we started incorporating AI into it.
Speaker Change: We're starting to see some really interesting things in our ability to scale and in terms of the ability of potential ability to put advertising dollars to work.
Specifically I've kind of talk about what AI is starting to enable us to do.
Speaker Change: When you when you look at our platform and the way that we operate we are a bit different than most advertisers out there in market. So if you're looking at advertiser like a geico for American Express they've got a pretty straightforward way of advertising their product they've got a few different creative that might makes sense for people looking for credit cards.
Speaker Change: In the case of American Express Who's got a few different channels that they operate in.
Speaker Change: Typically there'll be heavy on SCM and search engines, maybe on Facebook.
Speaker Change: And then maybe a little bit on the native networks.
Speaker Change: We're pretty different system, one and that we advertise across hundreds of different verticals. So it will be in everything from <unk>.
Speaker Change: Health care and in health care, we might be in 50 different verticals and healthcare will be in auto travel finance really everything you can speak of and when you combine those hundreds of different verticals with all the different marketing channels. We're in everything from native advertising onto bohlen outbreak to Facebook to take talk to Google to wherever.
Speaker Change: You can spin spend money profitably.
Speaker Change: B and thousands of different campaigns at once and so that makes us somewhat unique advertiser in the marketplace.
Speaker Change: And with AI is allowing us to do is really automate those campaigns and what I mean by that is when you think about where the advertising campaign is composed.
Speaker Change: It'll be a lot of different images, so images designed to appeal to consumers it might be a call to action. So.
Speaker Change: Get a discount on this or.
Speaker Change: We've got great deals on this or whatever that might be when you when youre sticking to a consumer it may be a video.
Speaker Change: And it's a lot of different kinds of creative and it's actually somewhat difficult when you get across hundreds and thousands of campaigns to keep up with those creative and automate new creatives.
Speaker Change: AI is starting to allow us to do is roll those out.
Speaker Change: And literally press a button with some editorial oversight and iterate on creatives over and over again and Thats on the front end and then the backend were enabled to automate our bidding processes. So as to create a campaign is working or not working we're scaling up our advertising by up or down to adjust for how much we're making up that cash.
Speaker Change: Pain, and so as I'm looking at 2024, I think as we've we've done a pretty good job over the last couple quarters and specifically the last quarter integrating the new capabilities of AI into the platform as Im looking forward to 2024, but then it gives me a pretty good amount of comfort in our ability to scale <unk>.
Speaker Change: Is are the new capabilities that we're rolling on to that.
Speaker Change: Got it that's super helpful.
Speaker Change: I kind of want to dig a little bit deeper into that Michael like next year is a year of.
Speaker Change: Pretty big upheaval right, we'll see if we will ever does actually get rid of the cookie maybe probably.
Speaker Change: But.
And as you also as you know Michael having done this for a long time that publishers are always like.
If it Ain't broke don't fix it so we'll see how many guys are scrambling when the changes actually happened so but for you like as you look at the marketplace.
Speaker Change: You guys don't do any CTV, because the pricing has been kind of out of whack or the return hasnt been there it would be interesting when Amazon comes on now and we get more inventory in the market. It sounds like there's some downward pressure there, but what are you kind of like what are you seeing by channel and from your sort of data ingestion set right like how confident do you feel.
Speaker Change: That youll be able to maintain spreads throughout the year, whatever disruption, which disruptions usually good for you guys, but whatever disruption could occur in the marketplace.
I mean, its spread is relatively straightforward for us to maintain because remember we can adjust pricing on the buy side to accommodate what we're making on the sell side. So it's much more of our ability to put more marketing spend to us.
Speaker Change: Maintaining that spread so we're feeling pretty good about what the market's looking like right now.
Speaker Change: We got a lot of questions because we're we're in market at scale on both the buy and sell side about what the digital marketing.
Speaker Change: It looks like now I can tell you Q4 is looking okay.
Speaker Change: It's not looking like last year's Q4, where the bottom kind of dropped out in November and December.
Speaker Change: It's not looking like <unk>.
Speaker Change: Pickle year, where you would see.
Speaker Change: A huge.
Speaker Change: A huge amount of scale.
But it is looking okay. So as we're kind of looking forward to next year.
Speaker Change: We're anticipating a return to normalcy in the market, we're not anticipating a big downturn.
Speaker Change: And digital advertising market in terms of where we're expecting to see scale.
Speaker Change: We're starting to see you mentioned CTV, we're not as you mentioned, we're not in CTV right now, but where we are starting to see.
Speaker Change: Quite some nice pockets of opportunity is video related.
Speaker Change: Particularly like we're seeing Tictoc open up for us.
Speaker Change: More scale than we've seen in the past.
Speaker Change: We expect that is going to translate pretty directly over into reals and Youtube as well so for our <unk>.
Speaker Change: Our outlook on the market is where we haven't seen big scale in the past is on the video side.
Speaker Change: But we are starting to get traction there and I would expect that's going to be a pretty big pocket of opportunity for us in a pretty big pocket of growth in 'twenty four.
Speaker Change: And maybe we can just talk a little bit about some of the <unk> initiatives right. I mean, you mentioned road Warrior you mentioned the opening up of coupon follow to <unk>, which I love right I mean, it feels like pretty easy to just kind of dumping their API it and go or whatever however, you guys want to connect so I guess from your perspective.
Speaker Change:
Speaker Change: How should we think about like what other properties, where you have other initiatives or opportunities that we should be anticipating and I'm not asking necessarily for specific because you don't want to give you a playbook out but just how should we be thinking about that and are there any categories or verticals, where you guys feel you have maybe a competitive advantage, where you come out with new products.
Speaker Change: Or feature tool that can really drive accelerated growth and Ono.
Yes, yes, we do so again thanks for the question so similar to what we do with our network partners.
Speaker Change: Leveraging ramp we do feel like we've got some specific products out there that are.
Speaker Change: Market, leading that we would like to build more partnerships.
Speaker Change: Partnerships with coupon follow is one that I mentioned briefly and give you a little bit more detail on that so with coupon follow we've got.
Speaker Change: Think of it as a promo code database, which is which is hard to put together. This is a promo codes related to a lot of different e-commerce companies out there.
And then we've also got what we simply product.
Speaker Change: <unk>, which is a product that kind of in an automated way will enter promo codes into into your shopping cart as you're shopping and so those those two products are both ones that we're looking to take to market and provide white label solutions for third parties and we have signed deals and are getting those to market.
Start pages another one.
Speaker Change: As I mentioned and start page, we've got one of the leading private search engines in the world.
Speaker Change: And millions of happy customers that use it every single day and it turns out theres a lot of people a lot of other companies, who want to be able to offer start page their consumers. So we're going out there market and offering of start page and partnership opportunities there as well so.
Speaker Change: On our map quest side of the business, we've got nice mapping product and we do offer up mapping API to <unk>.
Speaker Change: Third parties, where we developed a pretty decent business in their offering up mapping of third parties as well so any product we have in our in our portfolio, where we can go to market on a partnership basis, we're going to do that so youll keep seeing more of that in 'twenty four.
Speaker Change: Cool and if I can just squeeze one more in I know you've gone on a little bit, but I don't want for you to feel left out here. So.
Speaker Change: You've got the in flight you got the injection of capital or cash I guess, you say from the sale you've taken some cost actions I just wanted to get a sense from you like where we think or how we should be thinking about just broader leverage in both on the margin side in 2020 for like.
How much is an element of scale how much is element of cost how much is an element of.
Speaker Change: Investment right and then I'm sure you are.
Speaker Change: Very aware of where your debt is trading treaty. So to the extent that we should think about open market, if its available or or other forms of debt reduction that would also be accretive to shareholders. Just curious on your thought process of putting the capital you have to use.
Speaker Change: Yeah. Thanks, Thanks for the question Dan.
Speaker Change: As I mentioned in the prepared remarks, we did take a slug of the capital that we brought in from the total transaction, a total security disposition and pay down some of our kind of related party unsecured debt. Some of the shorter term financing that we did earlier this year.
Also pay down the revolver to create flexibility for us.
Speaker Change: From a capital perspective.
Speaker Change: And again the main intention of that data is going to be to Delever. The company from a leverage components. So if you look at kind of the midpoint of guidance that we provided.
Speaker Change: Pro forma for some of the expense reductions that we took earlier this year.
It would put leverage above six times, which is not where we would look to be as a company I think we said before we'd like to get down closer to three.
Speaker Change: And I think given some of the uncertainty in the AD markets.
Speaker Change: Michael mentioned, even with a clear path of execution I think getting to that target level of leverage is probably late 'twenty for early 'twenty five.
Speaker Change: And so as a result of that again, we're going to take kind of.
Speaker Change: Take a holistic look at how to deleverage the company with what's available to US. It includes kind of potentially M&A, if it's accretive but I think most importantly for US was to have the data essentially give ourselves the breathing room from a liquidity perspective.
Speaker Change: I guess, our financial covenants et cetera, just put ourselves in a place where we can really focus on operating the business and executing against our core initiatives.
Speaker Change: And <unk> given that statement I can back into the math because leverage calculation kind of give some other.
Speaker Change: Pieces of the puzzle shall we say, but just in terms of scaling the actual business from a margin EBITDA margin and cash flow perspective, just thinking about kind of the components of scale re scaling the O&M business versus cost initiatives, assuming the underlying macro is stable it doesn't change.
Speaker Change: Yes, I think Thats right and I think it's fair to we would expect to see some see some growth in gross profit.
Speaker Change: And the way our model works that gross profit growth should almost dollar for dollar go down to EBITDA and.
Speaker Change: And we would expect to for the most part be able to keep opex kind of where it is in terms of the implied guidance in Q4.
Speaker Change: Through next year I think there is still potentially some savings to go get just maybe around services and just your infrastructure given we're a little bit smaller now with the disposition of total security.
Speaker Change: But in terms of organizationally, our footprint, how we're structured to go after the initiatives.
Speaker Change: And the opportunities that ramp gives us access to you I think we're in a good place right now with the current with the current team, yes, we feel like the team we've got in place.
Speaker Change: After we did a fair amount of restructuring in 'twenty three.
Speaker Change: Slimmed down the team would feel like we can scale the business back up with Cigna.
Significant head count increase.
Speaker Change: Perfect sorry from an advertising because it's been so long guys I wanted to get all of that out there. So it's been great to see you guys.
Speaker Change: Good to see it and thanks for the question, it's good to see you.
Speaker Change: Thank you there are no further questions. So we're going to turn it back to Michael <unk> for closing remarks.
Speaker Change: Okay.
Speaker Change: Well, thanks, everybody for joining us.
Speaker Change: <unk> been a little bit of time since we were able to hop on the call with all of you look forward to seeing you were going to start hitting the conference circuit again.
Speaker Change: Now that our transactions behind us. So if you can make any of the conferences, we're going to be I would like to meet you in person.
But until the next time happy holidays, everybody. Thank you thanks, everyone.
Speaker Change: [music].
Speaker Change: Okay.
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No.
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