Q4 2023 PropertyGuru Group Ltd Earnings Call
Okay. It looks like we're ready to go.
So thank you for standing by everyone and welcome to the property Girl group fourth quarter and full year 2023 earnings conference call.
Currently all participants are in a listen only mode. As a reminder, today's program will be recorded if any one of Jack's. Please disconnect now let me introduce Mr. Nat Otis Vice President of Investor Relations. Mr. <unk>. Please go ahead.
Good morning, and good evening welcome to property Girl group fourth quarter and full year 2023 earnings conference call on the call today are Hardie Krishnan, CEO and managing director and Joe Dish CFO before we get started a few reminders. Firstly our results are available in the earnings release that can be found in the investors section of our website.
Secondly, today's webcast is being recorded for replay along with a transcript will be also be available in the investors section of our website thirdly, we will be making forward looking statements, including but not limited to statements regarding our future results and expectations for the business. These statements are neither promises nor guarantees.
And involve risks and uncertainties that may cause actual results to vary materially. Please refer to our earnings release and SEC filings for more information regarding risk factors forward looking statements are based on current expectations and the company is not obliged to update them, except as required by law.
Firstly this call will also contain non <unk> financial measures for a reconciliation of non <unk> financial measures to the most directly comparable ifr S metric. Please see our earnings press release Lastly, all dollar references are in Singapore dollars, unless otherwise stated with that let me turn the call over to Hari.
Thank you for joining us today for our fourth quarter and full year 2023 earnings conference call.
2023, it was a year in which property grew demonstrated strength and agility with double digit revenue growth and double digit adjusted EBITDA margin, while navigating a challenging and unpredictable macroeconomic environment.
These results underscore our strong execution and ability to focus investments against the backdrop of varying market conditions, especially in Malaysia and Vietnam.
We remain confident in our ability to be the trusted adviser for our residential customers as they strive to achieve their homeownership goals and help our business customers unlock their true potential using property there was data and technology solutions.
Despite uneven market recoveries across the globe Southeast Asia remains a dynamic region poised to expand and prosper with its property markets benefiting from growing middle classes, increasing urbanization and significant public and private investment and infrastructure.
And Singapore property market activity eased in 2023, as governmental cooling measures higher interest rates and tight supply impacted buying cycles, creating greater competition between agents and translating into increased demand for our products.
With inflation inject supply is beginning to return to the market with close to 100000 public and private units expected to be added between 2023 and 2025.
Construction related GDP was up almost 8% in 2023, which bodes well for the health of the property sector going forward.
While overall GDP growth moderated in 2023 and improvement is expected in 2024.
I would also like to highlight trends like interest in properties in the outskirts of Singapore neon newly constructed mass rapid transit or Mit's stations and the continuing demand for sustainable property development.
As a result, Singapore continues to be a strong market for property group as we enter 2020 for demonstrating the value add of our products, even when transaction volumes decline.
In Malaysia housing affordability was a key issue in 2023 as higher interest rates a reduction in the value of the ringgit and blow wage inflation weighed on consumer sentiment.
Our consumer sentiment survey noted that 87% of respondents found price to be a deterrent to buying a home.
With 50% of them planning on renting instead.
Malaysia is GDP is expected to increase marginally in 2024 with the government, making significant or rather specific budget allocations for affordable housing projects housing credits for low income borrowers and incentives for developers to revive abandoned projects.
Longer term infrastructure spending should provide a solid boost to the market. The hugely important rapid transit system, our rts connecting the southern Malaysian state of Jihad, but Singapore is two thirds complete.
This has already resulted in an encouraging increase in housing demand on the Malaysian site and will result in increased demand in Singapore as well in.
Insights from our proprietary data and intelligence tool data sense confirmed this trend as a top residential projects in Malaysia based on demand are currently located in Jihad.
As we enter 2024, we see encouraging trends in Malaysia that could help bolster our business as the market regains momentum.
2023 was a challenging year for Vietnam.
Operating market activity was down substantially due to reduced credit availability and negative consumer sentiment while the overall economy took a step back with 2023 GDP growth of 5% versus 8% in 2022 weeks.
We continue to take a cautious approach in Vietnam and believe the market trajectory could improve in the second half of 2024 and in 2025 as economic output or tons and supply chains reopen.
Strong organization trends also continue in the country as housing New city dwellers continues to be a priority for the government.
Reduced borrowing rates due to four interest rate cuts in 2023 and continued infrastructure investment should also help facilitate demand.
Lastly supply in the key cities of Hanoi, and Ho Chi Minh City is also expected to improve in 2024.
Vietnam remains one of our key marketplaces, given its market dynamics and tremendous potential we continue to actively restructure our operations and revise our sales strategy in preparation for market activity to return.
I would like to now update you on the progress within our group.
Our internal focus remains the same we will continue to innovate automate and leverage technology as we create value for our customers and help them make confident property decisions.
Our confidence is based on our early adoption of generative AI and machine learning into the foundational competence of property gross product strategy and operations.
For instance, a third of our Singapore listings in the fourth quarter of 2023 used listing description generator.
Where we leverage generative AI to help our agents improve the quality content and style of their listings.
We also launched listing price assistant in Singapore in the fourth quarter.
Using machine learning this assistant heads agent agents with an appropriate price for each property. The response has been promising for 17% of listings create in the quarter utilizing this tool.
This solution increases data accuracy, and consumer trust in our marketplace and greatly assists our agent customers too.
In the third quarter, we launched lead management to support agents by empowering them with insights on the quality of our need such as demand index areas and property type.
Adoption in Singapore has been a success.
By the end of the fourth quarter over 90% of active agents had used it at least once and 75% were repeat users.
In the fourth quarter, we introduced lead management, and Malaysia, where we're already seeing good traction with 67% of agents on property grew Malaysia, and 55% of agents on a property actively using the product.
We continue to invest in our data and software solutions business leveraging data to build powerful analytical tools that help users identify valuable opportunities and make smarter investment decisions.
In December 'twenty, two 'twenty three reintroduced the mall intelligence module in data sets with commercial launch in Singapore in early 2024.
This module will help agents retailers mall owners and investors make informed decisions with regards to their assets or new leases.
Module uses a proprietary supply demand and pricing insights, coupled with mobility and payments data from our partners.
It provides footfall dwell time retention rate and spend data to better understand demographic and consumer trends and the relevant areas.
In Malaysia, we are providing access to selected data sense modules for our agents, who can now benefit from critical transaction pricing analytics as well as upgrade to explore insights from our proprietary first party supply and demand data.
In Vietnam, and Thailand, we have launched demand analytics broke our datasets module that helps developers investors and agencies use market research feasibility studies and other data to assist in the decision making process.
Our fintech business in Singapore continues to grow with over $6 billion worth of home loans, having been brokered through year end.
An excellent sign off the growing trust and confidence that because customers have placed in property group as they look to secure home financing.
With learnings from Singapore, we're now looking to serve the Malaysian market and have launched a home loan eligibility tool in the fourth quarter of 2023.
The tool solves a key pain point by giving consumers and instant assessment of loan eligibility based on their debt servicing ratio, thereby reducing the likelihood of loan rejection.
Lastly earlier this week, we undertook a strategic re architected of our organization to optimize our size and structure to reflect the market opportunity in 2024 and beyond.
This decision impacted approximately 5% of our rules across offices as we focus the team on strategy is central to our future growth.
Our employees, who were impacted I would like to thank you for your contributions to property group and wish you the best in your future careers.
As we enter 2024, and our third year of being a public company I would like to say how proud I am of what our gurus of accomplished under challenging conditions.
Going forward, we will continue to future proof our business through focused investments to best leverage the dynamism of southeast Asia and its property markets as we power communities to live work and thrive in tomorrow cities.
I will now hand, the call over to Joe to walk you to walk you through our financials.
Thanks Hari.
2023 was a solid year for proper degree as we delivered double digit revenue growth and double digit adjusted EBITA margin despite macro headwinds in two of our core markets.
For the full year 2023 revenue was up 11% to $150 million and adjusted EBITDA was $19 million, reflecting a 13% margin.
These results were especially impressive given challenging conditions in Vietnam, and Malaysia, Excluding Vietnam revenue was up 19% in 2023.
In addition, incremental adjusted EBITDA in the year outpaced incremental revenue.
Also of note, we had positive net cash flow for the full year.
I would like to highlight the success of our cost control actions and operating leverage in 2023.
We had significant margin expansion in Singapore, Malaysia, and other Asia and corporate expenses as a percentage of total revenue decreased from 39% in 2022% to 37% in 2023.
In the end, we were able to exceed our adjusted EBITDA outlook for the full year 2023, and the form at the midpoint of our updated full year revenue outlook.
Revenue in the fourth quarter was up 4% from the prior year quarter and adjusted EBITDA was $9 million for 22% margin. This was also the second quarter in a row of positive net income.
Our results in 2023 demonstrate <unk> unwavering commitment to profitable growth, even as we navigate margin even as we navigate market uncertainty.
We continue to actively balance profitability and investments as we future proof our platform, while expanding adjusted EBITDA.
Now for more details on our marketplace businesses.
And Singapore revenue was $23 million in the fourth quarter up 23% from the prior quarter and our adjusted EBITDA increased to $17 million for 75% margin.
Creasing product adoption by our agents and active cost management helped us to deliver another strong quarter.
Our agent base grew AUM to over 16400 agents with a renewal rate of 81% for the full year 2023.
In 2023, our annual average revenue per agent or ARPA was almost $5000 up 22% from 2022.
This consistent growth in ARPA reflects our ability to help our agents establish strong profiles and differentiate themselves through technology innovation and data.
In Malaysia revenue was $8 million roughly flat with the fourth quarter of 2022, while our adjusted EBITDA increased to $4 million for 48% margin.
Similar to last quarter, the Malaysian ringgit depreciated in comparison to the Singapore dollar on a local currency basis, Malaysian revenue was up 5% in the quarter and 16% for the full year 2023.
Given overall macro market challenges, we continue to focus on expense management and structural optimization and preparation for Malaysia property market to regain its momentum.
Vietnam continues to be a challenge as the government works to re stabilize the property market following anti corruption and credit accessibility issues, which evolved into consumer credit concerns in 2023.
As a result revenue was $5 million in the quarter down 22% from the fourth quarter of 2022.
The number of listings was down 26% in the quarter to $1 2 million and the average revenue per listing or a L. P. L was up 3% from the fourth quarter of 2022.
Adjusted EBITDA was $1 million in the quarter for an adjusted EBITDA margin of 13%.
I would like to acknowledge our cost management actions in Vietnam, where we improved our adjusted EBITDA margin. Despite a significant drop in revenue.
On the balance sheet, we ended the quarter with 306 million in cash and net cash flow positive for the full year 2023.
I would like to reiterate that despite challenging market conditions, particularly root delivered double digit revenue growth and double digit adjusted EBITDA margin for the full year 2023, a result that we're all proud of.
In 2024, we will continue to operate to a selective hiring and focused investments mantra understanding the importance of the innovation and automation play and our ability to provide our customers with market leading technology for their property decisions.
We are introducing our full year 2024 outlook this quarter.
For revenue in 2020 full we project between 165 and $180 million as we can serve the factor in a slow trajectory for recovery in Vietnam and ongoing macro uncertainty in Malaysia.
For adjusted EBITDA, We project between 22 and $26 million in 2024.
Going forward, we're moving to a more sustainable level of profitability powered by the future proofing of our core business model and targeted investments to deliver long term growth.
I would like to thank all our gurus for their relentless hard work as we strengthen and transform our company and thank our customers for their continued support.
I will now turn the call over for questions operator, we're ready for our first question.
So thank you Joe we will take your questions now please use the raise hand function. If you want to ask a question and then we'll call on each of you to do that.
To facilitate the Q&A I will a new U and then please state your name and the firm that you are aware and then go ahead and ask the question.
Our first question is going to come from Nick Jones, So Nick.
Go ahead.
Yeah.
Thanks for the questions Nick Jones citizens JMP.
Regarding the kind of workforce reduction of about 5% of the rolls should we expect that to kind of be the corresponding cost reduction in operating expenses of around kind of 5% or is there kind of a finer point youre able to put on that.
Yeah look we're probably not.
Not in a position to sort of do a direct comparative.
I think the.
It will definitely contribute to some saying, though there's obviously.
Cost savings wise.
People costs are about circa 50% of our costs and that's made up not only of.
Direct employment costs, but out of across the search would be training et cetera. So I wouldn't say that that saving is directly linear but it definitely represents a significant saving into next year.
And I think you know.
We also do intend to keep investing so there's not really a question of a cost cutting exercise per se, but it's more looking at our cost base working out what's reasonable and then investing in the right places. So we are still hiring for critical roles and hiring for growth.
More about re basing and I think you'll see many other businesses performing in a similar action this year.
Got it and then are you listed off a bunch of really interesting solutions. So there's listing description generator there listening price associated lead management law intelligence module.
So the demand analytics solutions a lot of these are getting incubated in.
And Singapore.
How should we think about what it takes to get these rolled out into all of your markets does this really.
Are you waiting to see maybe some of the economic situations improve in Vietnam, and Malaysia before you kind of get more aggressive or I guess just walk through what it takes to take a lot of these really interesting solutions to get these kind of rolled out more broadly.
Yeah no. Thanks for the question.
Well first of all I'd say, we're really excited that a lot of these products that we have been incubating for awhile in house are now coming out to the market customers are adopting them in a big way in many cases, we start out in Singapore.
As I mentioned in my remarks, many of them are we've already introduced into Malaysia, as well and so.
Some cases, we've taken slightly specialized versions of these products if you like into Vietnam on pilot. So I would say actually we are pushing the product into these markets well ahead of market recovery because what we're finding is as our customers are coming back online and are there as the market gradually begin to open they are expecting to see these kind of products.
And the rest of the agents, who are sort of participating in the market and trying to you know.
I'll make a living are very happy to use these products and get more efficient and get more intelligence and such so I think you can expect to see us roll. These out I think the fact that we have a single code base as I've mentioned on previous calls allows us to be Super quick about this so it's more as you correctly point out our estimation or is the market ready for it or not so lead management, we brought it out in Singapore for us.
Had it for a full quarter or so we'll make sure. It looked good in our biggest market and then we rolled it out in Malaysia and already are seeing adoption on both our platforms of Malaysia. So I think you will you can expect to see US do this more and more for that.
Our data center products like mall intelligence actually Malaysia is perhaps our most important market. It's I mean, we have a lot of adoption of products over there.
Do you see utilization of that particular module in Singapore, as well, but I think there you will see it happen sort of concurrently in both and in some instances actually start out in Malaysia for us before it comes across the border to Singapore. So I think we'll be selective about this thing where the goal is absolutely to get these products into as many customers hands as possible.
Great and maybe one more if I can sneak one more in here.
No.
Malaysia continues to be more challenged could you elaborate on kind of which one is worse and then given kind of the different countries are in different kind of political landscapes.
Is there a kind of a historical point in time or a way we could think about what the timeline to kind of a normalized recovery would be I mean would you expect by 26.
Thanks economy semi normal do some of these countries take lager to normalize I guess, just any color on how you and the team are thinking about recovery or normalization, maybe and if you've done any kind of historical work that you could kind of point us to to help us understand maybe what it could look like.
I'll be honest I think one thing is because these are developing economies. The past is a very poor indicator of the future. So, but having said that what we do look for is tangible actions and not just words. So you know I mentioned I think each market at.
In sequence in Malaysia, if you look at the launch of that Rts.
Bridge, which is going to connect the southern state of Jihad with Singapore, That's actually the fact that it's reached two thirds completion is a tangible real thing goes onwards, as a real actions immediately easy consumer demand spiking in your heart as well as in Singapore. So that's the real the.
At the same thing when you look at it in Vietnam and are roughly 200000 people moved towards human city in 2023 alone right. So we've had north of 100000 people move into that city from the villages and towns over the last four or five years pretty consistently our other than Covid of course, and I think when you see that happen combined with a foreign interest rate cut.
They're building an infrastructure a significant infrastructure project. We are working on this year is the very first Metro line and what you mean city.
That one gets greenlit youre already begin to see you know when it comes to.
Commercial data coming out of out of that country Youre seeing demand in the CBD as well as the new CBD in Ho Chi Minh City. They are two cbd's youre seeing demand.
Asking prices go up which indicates that enterprises are going in jobs are being created so we think job creation and you're seeing organization. Those are great indicators of essentially a large population moving in there and theyre going to have to find the homes I think in Vietnam.
I do believe it it'll be the second half of this year, but having learned our lessons from last year, we are taking a more conservative approach to forecasting it with.
With Malaysia, I think youre going to see and I sort of touched upon it briefly but we actually think there's going be a little bit of a pivot from home buying to renting which is not dissimilar to some other markets, where affordability becomes a bit of an issue.
But you know obviously, we have a marketplace of support renting as well. So I think that's something we're tracking very closely.
Great. Thanks, Jerry Thanks, Joe.
Yeah.
Oh.
Okay.
Uh huh.
Our next question is can be Nelson Cheung.
Nelson go ahead.
Okay.
Hi, Harry Joe Thanks for taking my question.
Regarding your revenue guide guidance range of 165.
So what do you think the which one is the biggest downside risk that may drive the full year, we saw towards the low end of that range that you cant observed so far.
Yes.
Okay.
Yeah, So I think.
In terms of the specific numbers I think Vietnam is a bit of the wildcard for US next year, and that's really driving the driving the sort of I guess, a slightly larger range than we might have done otherwise it's.
Salaries point.
We believe that recovery is going to start in the in the second half but.
But we've been relatively conservative in our approach.
But I would say, obviously you know a worsening of that situation, however, very unlikely that would be.
Which would obviously you know negatively impact.
The results for next year that that's probably the.
The biggest aspect you know I think on the Malaysian side, we are definitely seeing positive signs and that's probably a pretty sort of a less of a wildcard and more generally we see good stability coming from the Singapore market, which is the largest part of our revenue.
Where was he transaction volumes are a little off but that's driving some strong competition between the agents and adoption of some of the productivity some of the newer products that we've been delivering sort of recently.
Thank you and would you like to share more about your investment strategy going into 2024. For example, you mentioned, we will continue to invest in generative AI and also automation truth, so would that translate into.
In transplant into Capex, I'll pass, especially the I T and benefit expenses. Thank you.
So maybe I'll start off and I'll have Joe add on to that but I think we will be investing significantly into internal automation process automation.
So that as well as driving automation for our customers through some of the products I just mentioned the generative adjuvant brought us machine learning based products. So I think the fact that we were an early adopter of machine learning and generative yeah. It's already been a couple of years that we've been using these products.
Our engineering teams have been using co pilot now for for a while.
We are already seeing some of the benefits of that.
There's a greater comfort and our employees and being able to use these products. We do have specific projects identified internally as well to drive greater automation and various things.
And I think you will see us continue to invest in that space.
Some of it would be at the Opex some of it it would be on the Capex, but maybe Joe can elaborate further but you can expect to see us share more as we have a tangible projects due to share with you.
I think the American you'll see a you'll see capex tick up moderately into next year, you know to Howard's point, we unashamedly invest in technology in a way.
We're here to build an incredible business that has a very long future.
So we're investing to create the best products and service our customers and so we can grow.
Strongly we are also investing in data and Fintech continue to invest in those which we see as a.
Great potential for the future as well so I think so.
Investment on many fronts.
But that's really securing our future and our desire to keep growing the business on the top line for a significant period still to come.
Thank you and then last question for me is regarding capital allocation and also a shareholder return Oh C. Its strategy just wondering because we are generating positive net cash flow. This year. So whenever if there's any plane on a potential share shareholder return packages like share buybacks, etc.
Yeah.
Well I mean for us that's not something we are actively considered to date.
We were obviously raised.
The the money when we listed with the purpose of pursuing an M&A strategy. We do believe that we operate in some of the most exciting markets.
On Earth and they were very excited about the opportunities that all of that.
Obviously, taking us some time to find the right opportunities to invest in it we're.
We are quite cautious.
It's been sort of pursuing.
You know things along the slides of data and Fintech.
And obviously, we also made an investment in send help huh.
As well, but we're also looking sort of more widely and outside of our core box as well for exciting opportunities. So I think for now we are pursuing our M&A strategy.
We'll obviously closely monitor the market and reappraise as time goes on.
Yeah, that's very helpful. I'll go back to Cripple Creek to the group. Thank you.
Okay.
Great. Thanks Nelson.
Second so as a reminder, anyone if you have a question you just do the raise hand function.
The next question is can be fun Janssen benchmark on.
You can go ahead.
Hi, Gary and Joe Thanks for taking my question a few quick ones here first I wanted to just follow up on Europe.
I think Larry mentioned batch and thank them for continuing to do well in Europe.
We didn't achieve move that show machine.
Malaysian market I guess, how should we think about your <unk> target.
Okay.
In the next couple of years.
Specific I would say.
Loans held for sale or.
Customer penetration we are looking for just wanted to understand where are you moving additional and what's the potential.
The impact to our P&L.
Yeah, maybe I'll start again and Joe can add on.
As I shared I think fintech or the fact that we've now brokered over $6 billion worth of home loans here in Singapore is a significant milestone we continue to grow our market share in that space are working very closely with banks and getting more and more so a really strong positive feedback from consumers.
And so that's really good we have launched in Malaysia with a home loan eligibility tool to start with and we've already started a couple of pilots with some.
Some banks in that market, we will definitely expand significantly in Malaysia in through this year in 2024, so I'll share more.
On future calls.
The focus right now is these two markets we are in conversations in Vietnam, but that product is not launch there what is the right structure for that market et cetera, things, we are assessing but.
But for now the focus for that business is very much in terms of increasing its market share here in Singapore.
And penetration and therefore, driving more profitability out of that business and then obviously, establishing a presence in Malaysia, which is going to be sort of mission one for 2024.
Yeah.
Understood.
Second question is medium are they more follow up on your guidance I'm Julia Dave mentioned that.
This factor is Fedex and shatkin conditional oh in lung.
Asia I just wanted to engineers in your guidance are we looking at another potential down quarter down here.
Our international Parks, I, suppose militia or potentially in the world.
Yeah, we don't provide guidance on each individual market.
I think if you look sort of numerically in order to get that level of growth you're going to need to see a much better performance better performance from.
Vietnam.
This year, so I think just from the pure numbers that sort of failure implicit.
But.
Relatively moderate improvement in the second half and yeah. No I mean, you know prior to a project COVID-19 and prior to these challenges the business was in Vietnam is growing very strong it's a fantastic brand.
As we've said a number of occasions, it's one of our most exciting markets.
It's got a large population who are becoming increasingly a.
Sort of I guess financially able and taken that in order to finance transactions and with a real interest in property and property ownership and also an incredibly digital market as well he really like to use services that we provide so I think we still expect to see some growth in summary.
But we're also very excited about the future in Vietnam, when the market picks up again and gets back into a strong growth profile.
Understood.
Lastly, all year Jan Bertsch.
It seems like your BD.
Third infringe John AI ecosystem.
I just wonder like some longer term pushback can structurally do you see that as a more incremental bad news driver so basically more.
Improving it's touching all of Marshall <unk> <unk>.
Or you can see as I don't like it.
Real driver.
Data side as a meaningful I think that those source and in addition, <unk> any thoughts on the cost saving along the way.
Yeah, I think it's a great question I think the way we look at generally is a couple of ways I think one obviously, it's a fantastic driver of efficiency. So both internally we use copilot as I may have mentioned in the in within the engineering team we've been using it for a long time, but in addition to that we are using it even for internal workforce productivity tools.
Across the entire organization, we are beginning to experiment with that throughout we're also beginning to.
But when we look externally to your point on incremental revenue and such I think our first goal there is to solve real customer problems, which potentially we can solve some new ones are more creative fashions. For example, I talked with our pricing tool a pricing accuracy just improve the quality of the marketplace I Wouldnt really look.
That is an incremental revenue driver, but it definitely improves the health.
And so it's a hygiene factor if you like and it's much harder to do in a market that for example, the U S where everything standardize and data is a commoditized. Your data is not there are no. MLS is we are essentially a de facto MLS developed creating listings directly on us and so making sure that is as accurate as possible really increases trust. The other thing I'd say is when you look.
Generative AI solutions that are now we're now begin to experiment with some even within data centers.
It's really about driving engagement and our products can we get our agents are REIT or investors value was to use our products more because they are more attractive than perhaps a more fun to work with and they're able they enable productivity improvements for our customers. So I think for now we're not.
Looking at specific ways to generate money off of it directly but we are finding it as both an efficiency driver and better engagement in our customer facing tools.
It's clear thank you.
Yeah.
Okay.
Any other questions Oh here.
Right and.
Any other questions do the raise and I'll wait a couple of seconds to see.
If we don't have any then we will conclude the call.
So it looks like we're a it looks like we're done with questions. So I'll turn the call magnitude of Hari for any closing remarks.
Thank you we look forward to sharing our continued progress with you next quarter until then thank you all for joining us today Goodbye.
So the conference calls and thanks for attending you may now disconnect.