Q1 2024 Gaia Inc Earnings Call
Operator: Good afternoon, and welcome to Gaia's first quarter 2024 earnings conference call. At this time, all participants are listening only.
Good afternoon, and welcome to guys first quarter 'twenty 'twenty four earnings conference call. At this time, all participants are in a listen only mode.
Operator: Joining us today from Gaia are Jirka Rysavy, Executive Chairman, James Colquhoun, CEO, and Ned Preston, CFO. After each speaker's presentation, there will be a question and answer session. Before we begin, Gaia's management team would like to remind everyone that management's prepared remarks contain forward-looking statements, and management may make additional forward-looking statements in response to your questions, including but not limited to statements of expectations, future events, or future financial performance. These statements do not guarantee future performance, and, therefore, undue reliance should not be placed upon them. Although we believe these expectations are reasonable, Gaia's management undertakes no obligation to revise any statements to reflect changes that occur after this call. However, actual events or results could differ materially.
Operator: These statements are based on current expectations of the company's management and involve inherent risks and uncertainties, including those identified in the risk factors section of Gaia's latest annual report on Form 10-K filed with the SEC. All non-GAAP financial measures referenced in today's call are reconciled in the company's earnings press release to the most directly comparable GAAP measure. This call also contains time-sensitive information that is accurate only as of the time and date of this broadcast, May 6, 2024.
Operator: Finally, I would like to remind everyone that this conference call is being webcast, and a recording will be made available for replay on Gaia's Industrial Relations website at ir.gaia.com. I will now turn the call over to Gaia Executive Chairman Yurka Hizirvi. Please go ahead.
Joining us today from Guy our aircraft lessor be executive Chairman, James Calhoun, CEO and Ned Preston CFO. After the speaker's presentation there'll be a question and answer session.
Before we begin guy, whose management team would like to remind everyone that management's prepared remarks contain forward looking statements and management may make additional forward looking statements in response to your questions, including but not limited to statements of expectations future events or future financial performance. These statements do not guarantee future performance.
And therefore undue reliance should not be placed upon them. Although we believe these expectations are reasonable Guy Oz management undertakes no obligation to revise any statements to reflect changes that occur after this call.
Actual events or results could differ materially. This these statements are based on current expectations of the company's management and involve inherent risks and uncertainties, including those identified in the risk factors section of guys latest annual report on Form 10-K filed with us and see all.
All non-GAAP financial measures referenced in today's call are reconciled in the company's earnings press release to the most directly comparable GAAP measure. This call also contains time sensitive information that is accurate only as of the time and date of this broadcast may six 2024.
Finally, I would like to remind everyone that this conference call is being webcast and a recording will be made available for replay on Guy. This industrial relations website at IR Dot Guy a dotcom.
Yucca: Now I'll turn the call over to Guy Executive Chairman, Yucca, which Jamie. Please go ahead.
Jirka Rysavy: Good afternoon, everyone. We continue to build on our increasing momentum, and our revenue for the fourth quarter grew 11% to $21.7 million, which is a good step towards our increasing revenue growth target for the year. The member count during the first quarter grew to 839,000 from 766,000 and sequentially an additional 33,000 Ned members, which is one of the highest Ned member growth for the quarter. The annualized gross profit of an employee in the first quarter grew to $680,000 from $610,000 in the first quarter of last year.
Yucca: Good afternoon, everyone.
Yucca:
Yucca: We continue to build on our increasing momentum in our revenue for fourth quarter grew 11% to $21 7 million she's a good step towards how increasing revenue growth targets for the year.
Speaker Change: The member count during the first quarter grew to 839000 from 766000. It didn't sequentially. Additional 33000 members, which is one of the highest net member growth for the quarter.
Speaker Change: The annualized gross profit for employees in the first quarter grew to 680000 from 610000 in the first quarter of last year.
Jirka Rysavy: Free cash flow improved 1.6 million to 1 million from the loss of 0.6 million in first quarter 23. And this is on top of the 8.4 million improvement we delivered last year, and James will now speak more about advances in business. Go ahead. Thank you, Jirka.
Speaker Change: Free cash flow improved $1 6 million to $1 million from the loss of <unk> 6 million in first quarter 'twenty three and this is an attempt to $8 4 million improvement we delivered last year.
Speaker Change: And James will speak more about the advances of business go ahead. Thank you Erica and good afternoon, everyone. We have continued our trend of executing on cash flow positive growth with improvements in marketing efficiency.
Jirka Rysavy: Thank you, Jirka, and good afternoon everyone. We have continued our trend of executing on cash flow positive growth with improvements in marketing efficiency. At Gaia, we believe in the power of education and transformational media to change the world. And to do that, we provide specialized content to a growing yet underserved member base. Our content covers a collection of niches we define as conscious media, with categories ranging from transformation, spiritual growth, ancient history, and metaphysics, to yoga and meditation and healing and alternative therapies, helping guide our members on their conscious life journey.
James Colquhoun: We believe in the power of education, and transformational media to change the world and to do that we provide specialized content to a growing yet underserved member base our.
Our content covers a collection of niche as we defined as conscious media with categories ranging from transformation spiritual growth ancient history, and metaphysics, G yoga and meditation and healing and alternative therapies, helping guide our mandates on their conscious last journey in.
Jirka Rysavy: In March, we held our premier transformation event, Immersion, live at our headquarters in Boulder, Colorado, to a sold-out in-person audience. During the two-day event, we achieved 52,000 unique live stream attendees, the highest number in the history of the company.
James Colquhoun: In March we held our premiere transformation event immersion life at our headquarters in Boulder, Colorado to a sold out in person audience.
James Colquhoun: During the two day event, we achieved 52000 unique live streamed attendees the highest number in the history of the company.
James Colquhoun: Additionally, we announced the rebranding of our Premium Membership tier from Events Plus to Gaia Plus and achieved the highest one-month increase in new sign-ups since the launch of our Premium tier in October 2019. This represents a move towards deepening our connection with our member base, offering a richer, transformative experience with immersive workshops and events available live and on demand, and solidifying our focus on supporting the conscious life cycle of our members while driving incremental increases in ARPU on an annualized basis.
James Colquhoun: Additionally, we announced the rebrand of our premium membership tier from events plus two guy a plus and achieved the highest one month increase in new sign ups since the launch of our premiums here in October 2019.
James Colquhoun: This represents a move towards deepening our connection with our member base offering of Richard transformative experience, but the mercy of workshops and events available live and on demand.
James Colquhoun: And solidifying our focus on supporting the conscious lifecycle of our members while driving incremental increases in op two on an annualized basis.
James Colquhoun: This focus on our premium tier and our direct-to-paid annual membership marketing campaigns resulted in a $2 million increase in deferred revenue compared to Q4 of 2023. During the first quarter, we also continued the implementation of our rollout of AI inside the Gaia product experience, launching an AI-powered recommendation engine. This engine is trained on our exclusive categorical metadata and transcripts, and this recommendation engine helps our members find content specific to their own content journey based on their viewing history and habits.
James Colquhoun: This focus on our premium tier and our direct to paid annual membership marketing campaigns resulted in a 2 million dollar increase in deferred revenue compared to Q4 of 2023.
James Colquhoun: During the first quarter. We also continued the implementation of our rollout of AI inside the Guy a product experience launching an AI powered recommendation engine.
James Colquhoun: This engine is trained on our exclusive categorical metadata and transcripts and this recommendation engine helps our members find content specific to their own content journey based on their viewing history and habits.
James Colquhoun: Looking forward, our focus continues to be on driving cash flow positive growth, leveraging AI to help improve the product experience for our members, and solidifying our brand as the key player in the conscious media and transformational space, while still delivering increases in APU as we focus further on the rollout and scaling of our premium tier and marketplace initiatives. I'll now pass it over to Ned to share more on the finances.
James Colquhoun: Looking forward our focus continues to be on driving cash flow positive growth leveraging AI to help improve the product experience for our members.
James Colquhoun: And solidifying our brand as a key player in the conscious media and transformational space.
James Colquhoun: While still delivering increases in op, who as we focus further on the rollout and scaling of that premium tier and marketplace initiatives.
James Colquhoun: I'll now pass it over to Ned to share more on the financials.
Ned Preston: Thank you James.
Ned Preston: Turning now to our financial results for the first quarter ended March 31st, 2024. Revenues for the first quarter grew $2.1 million or 11% to $21.7 million from $19.6 million in the prior year-ago period. This also marked our third sequential period of year-over-year top-line growth. Member count increased 10% to 839,000 as of March 31, 2024, up from 806,000 members as of December 31, 2023.
Ned Preston: Turning now to our financial results for the first quarter ended March 31, 2020 for revenues for the first quarter grew $2 1 million or 11% to $21 7 million from $19 6 million in the prior year ago period.
Ned Preston: This also marked our third sequential period of year over year topline growth.
Ned Preston: Member Count increased 10% to 830 839000 as of March 31, 2024 up from 806000 members as of December 31, 2023, the sequential gross represented more than two times, what we saw in Q4 of 2023.
Ned Preston: The sequential growth represented more than two times what we saw in Q4 of 2023. Gross profit in the first quarter increased to $18.5 million, up from $16.9 million in the year-ago quarter. The net loss improved to negative one million, or negative five cents per share, from 1.3 million, or negative six cents per share, in the year-ago quarter. Operating cash flows for the first quarter were at $5.9 million, which was a $5.2 million improvement from the year-ago quarter and comes on the heels of closing 2023 with a full year increase of $4.2 million.
Ned Preston: Gross profit in the first quarter increased to $18 5 million up from $16 9 million in the year ago quarter.
Ned Preston: Net loss improved to negative.
Ned Preston: 1 million or negative <unk> <unk> per share.
Ned Preston: From $1 3 million or negative six cents per share in the year ago quarter.
Ned Preston: Operating cash flows for the first quarter were at $5 9 million, which was a $5 2 million improvement from the year ago quarter and comes on the heels of closing 2023, but the full year increase of $4 2 million.
Ned Preston: Free cash flow improved to $1 million from a loss of $0.6 million in the year-ago period, representing a $1.6 million improvement and comes after the company generated $8.4 million in full-year free cash flow improvement during 2023, which represents a $10 million improvement over the past five quarters. The first quarter of 2024 was our fourth consecutive quarter of positive free cash flow. As of March 31st, 2024, our cash balance was $8.6 million with an unused $10 million line of credit.
Ned Preston: Free cash flow improved to $1 million from a loss of <unk> 6 million in the year ago period, representing a $1 6 million improvement and comes after the company generated $8 4 million in full year free cash flow improvement during 2023, which represents a $10 million improvement over the past five quarters.
Ned Preston: <unk>.
Ned Preston: The first quarter of 2024 was our fourth consecutive quarter of positive free cash flow.
Ned Preston: As of March 31, 2024, our cash balance was $8 6 million with an unused $10 million line of credit.
Jirka Rysavy: We recently announced pricing updates for new members in our Euro and GBP markets. By the end of our second quarter, we plan to implement similar pricing adjustments for new members in our remaining markets. That completes my summary. I'd now like to turn the call back over to Jirka for his closing comments.
Ned Preston: We recently announced pricing updates for new members and are a euro and great British pound markets by the end of our second quarter, we plan to implement similar pricing adjustments for new members in our remaining markets.
Speaker Change: That completes my summary, I'd now like to turn the call back over to <unk> for his closing comments.
Speaker Change: Yeah for so far this summer if you kind of expect increasing annual revenue grows. This continued growth of our pool, increasing gross profit for his pay employee and obviously continued generation of positive free cash flow and this is for our remarks prepared remarks, so I'd like to open up.
Jirka Rysavy: Yeah, so for the summary, we kind of expect increasing annual revenue growth, this continued growth of ARPU, increasing gross profit per employee, and obviously, continued generation of positive free cash flow. And this is for our prepared remarks, so I'd like to open the call for the question. Operator, please.
Speaker Change: Call for the question operator please.
Speaker Change: Okay.
Operator: Thank you. At this time, we'll open the line for questions from the company's publishing analysts. The company requests that each participant limit their comments to one question and a follow-up. If you would like to ask a question, please press star 1 on your telephone. A confirmation tone will indicate that your question is in the question queue. You may press star 2 if you would like to remove your question from the queue.
Speaker Change: Thank you at this time well open the line for questions from the company's publishing the company requests that each participant limit their comments to one question and a follow up.
Speaker Change: If you would like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate that your line is in the question queue. You May press star two if he would like to remove your question from the queue for participants using speaker equipment. It may be necessary to pick up your handset before pressing the star keys.
Operator: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star 2. One moment, please, while we poll for questions. Our first question comes from Mark Argento on Lake Street. Please proceed with your question.
Speaker Change: One moment, please while we poll for questions.
Speaker Change: Our first question comes from Mark Argento with Lake Street. Please proceed with your question.
Mark Argento: Hey guys, good afternoon. I just wanted to dig in a little bit on the pricing. Looks like you took pricing or started taking pricing. Can you talk about a little more specifically kind of what type of pricing you are taking from a price point or percentage perspective? And then, you know, how quickly what percentage of the overall Install Basis Subscribers would be impacted and in what market?
Mark Argento: Hey, guys. Good afternoon, I, just wanted to dig in a little bit.
Pricing looks like you took pricing started taking pricing you talked about a little more specifically China.
What type of pricing that you've taken from Oh.
Mark Argento: Price point, a percentage perspective and Oh.
How quickly what what percentage of your overall install base of subscribers would be impacted and then what markets.
James Colquhoun: Hi Mark, it's James here. Thanks for your question. So essentially, with the Euro and GBP, we've increased about circa 20% on our monthly and annual subscription rates. Generally speaking, the industry has increased 30-40% over the last 2-3 years, and we have not had a price increase for some time now. So we're one of the last to increase prices, and we started with that market. By the end of this current quarter, we'll be increasing prices across the remaining currencies that we offer by a similar amount.
Mark Argento: Hi, Mark it's James here. Thanks for your question, so essentially with Euro and GBP, we've increased about circa 20% on a monthly and annual subscription rate.
James: Generally speaking the industry has increased 30% to 40% over the last two to three years and we have not had a price increase for some time now.
James: So we're one of the last to increase and we started with that market.
James: By the end of this current quarter will be increasing prices across our the remaining currencies that we offer to a similar amount.
James Colquhoun: But for our direct members, this will only be for new members. So we typically grandfather our existing members on existing prices, and that helps us with retaining that member base because if they leave and come back, they will get the new price. So that's our strategy so far, and that will help us to continue to drive increases in ARPU as we progress throughout the year.
James: But for a direct members this will only be for new members.
James: So we typically grandfather Alexander members are on the existing price isn't that helps us with our retaining that member base.
James: Because if they leave and come back they would get the new price. So that's L. A strategy say fine and that will help us to continue to drive increases in auto as we progress throughout the year.
Yeah.
James Colquhoun: That's helpful. And then, you know, maybe can you talk a little bit more about, you know, what percentage are you typically signing up for a year in advance?
Speaker Change: Okay. That's helpful and then.
Speaker Change: Maybe could you talk a little bit more about.
Speaker Change: What percentage are you typically sign up for a year in advance.
unknown: versus Mark Lamont
Speaker Change: Most of the bonds.
James Colquhoun: So beginning at the end of last year, we ran some test marketing campaigns where we were incentivizing the annual membership option. On a normal, everyday basis, we would convert about 60-40, 60% annual, 40% monthly. However, we've seen campaigns... Oh sorry, I made a mistake there, 60% monthly, 40% annual. However, we've seen campaigns where we see 70, 80, and even 90% on smaller paid campaigns where people are converting directly to annual. And so as we lean more into these direct-to-paid campaigns with some sort of bonus or incentivization on the annual membership, it is encouraging more people to sign up and lock in that annual membership in advance. And this is why we've seen, you know, the $2 million increase in the deferred revenue line in Q1 in comparison to Q4 because more of the member base has taken that option on the direct side.
Speaker Change: So [noise].
Speaker Change: Beginning at the end of last year, we ran some test marketing campaigns, where we were incentivising the annual membership option.
Speaker Change: Typically on a normal everyday basis, we would convert about 60 40, 60% annual 40% monthly however, we've seen campaigns.
Speaker Change: Alright.
Speaker Change: I made a mistake there is 60% monthly 40% annual however, we've seen campaigns, where we see 70, 80%, even 90% on a small a paid campaigns where people are converting directly to annual and so as we lean more into these direct to paid campaigns with some sort of bonus or incentive ization.
On the annual membership it is encouraging more people to sign up and locked that annual membership in advance and this is why we've seen.
Speaker Change: The $2 million increase in the deferred revenue line in.
Speaker Change: In Q1 in comparison to Q4, because more of their member base has taken that option on the direct side.
Speaker Change: Yeah.
Operator: All right, that's super helpful. I'll hop back in the queue. Thanks, guys.
Speaker Change: Okay.
Speaker Change: Super helpful. I'll hop back in the queue. Thanks, guys.
Speaker Change: Thanks, a lot.
Speaker Change: Yeah.
Thierry Joseph Wuilloud: Our next question comes from Thierry Wuilloud with Water Tower Research. Please proceed with your question.
Speaker Change: Our next question comes from Terry well with water Tower Research. Please proceed with your question.
Speaker Change: Okay.
Thierry Joseph Wuilloud: Yes, good afternoon, guys. My first question would be about the premium service on Gaia Plus. You mentioned the largest increase on a monthly basis since you rebranded. Is it just the branding, or are there specific other steps you took to achieve that?
Terry: Yes. Good afternoon, guys. The first question would be on the.
Terry: On the premium service when you you mentioned.
Terry: The largest increase on a monthly basis.
Terry: Since you we branded is it just the blending of all the specific steps.
Terry: Steps you took to to.
Terry: To achieve that.
James Colquhoun: Hi Thierry, James here again. I feel like this has been something that we have just put a renewed focus on. We used this Immersion Conference event as an opportunity to explain the rebranding, and we repositioned the product a little bit from a marketing perspective. And during the month of March, like I mentioned, we saw the biggest increase for a month since we launched, and we grew about 15% of the membership based on that premium tier in that month alone.
Speaker Change: Hi, Terry James Here again, I feel like this hasn't been something that we have just put a renewed focus on we used this immersion conference event as an opportunity to explain the rebranding.
James Colquhoun: And we repositioned the product a little bit from a marketing perspective.
James Colquhoun: And during the month of March like I mentioned, we you know we saw the biggest increase for a month since we launched and we grew about 15%.
James Colquhoun: On the membership based on that premium tier in that month alone. So we're happy with the results and this is a part of our refocus on this premium tier as we grow throughout the year and I think it's an enormous value add for our members an opportunity to grow out of it.
James Colquhoun: So we're happy with the results and this is part of a refocus on this premium tier as we grow throughout the year, and I think it's an enormous value add for our members, an opportunity to grow up.
James Colquhoun: Okay, does that mean you're going to have more such events on an ongoing basis, or are you still looking at three or four a year?
Speaker Change: Okay does it mean, you're going to have more such events on a on an ongoing basis. So you still.
Speaker Change: Looking at three or four yeah.
James Colquhoun: This year we will be, I would say, closer to 6 to 8 in total, which is a slight increase from the previous year, and we'll continue to test that and scale it out as we learn more about growing that membership base. To be honest, a lot of the viewership for the content does come on demand, so people watch it after it's produced, so whether we hold more or not, I think marketing is still important for us to lean into. We have an incredible legacy amount of content in that premium tier, as it is already.
Speaker Change: This year, we will be I would say closer to six to eight in total which is an increase slightly from the previous year and we will continue to test into that and scale. It out as as we as we learn more about growing that membership base.
Speaker Change: To be honest a lot of the viewership on the content does come on demand that people watch it. After it's produced so whether we hold more or not I think the marketing is still important for us to lean into it we have an incredible legacy amount of content in that premiums here as it is already.
Thierry Joseph Wuilloud: Okay, and then maybe just one follow up on marketing. You mentioned lower costs of marketing. Is that it? Is it just that the media rates have come down, or is it that you're able to target your marketing efforts better? I think that the
Speaker Change: Okay, and then maybe just one follow up on the marketing you mentioned lower cost of marketing is it.
Speaker Change: Is it just that the media rates have come down or is it that youre able to target better.
Speaker Change: Our marketing efforts.
James Colquhoun: I think that targeting is something we've improved upon; also, improving our marketing process and testing into new campaigns and new market segments has to help to improve efficiency. And you know, we started this. You know, in the middle of Q3 of last year, and we were starting to get some more runway on the lessons and the learnings from that testing in Q4. And we went from, you know, 8,000 net ads to 16,000 net ads, and now, you know, more than double that in Q1. So I feel like it's just a combination of learning more and leaning into the campaigns that are performing the best.
I think that the targeting is something we've improved upon also improving our marketing process and testing into new campaigns into new market segments has to help to improve efficiency.
And we started this.
Speaker Change: At the Middle of Q3 of last year, and we were starting to get some more runway on the lessons and our learnings from that testing in Q4, and we went from 8000 net adds to 16000 net adds and now I'm more than double that in Q1, So I feel like it's.
Speaker Change: The combination of learning more and leaning into the campaigns that are performing the best.
Speaker Change: Great. Thank you guys.
Operator: At this time, this concludes our question and answer session. I'd now like to turn the call back over to Mr. Rysavy for his closing remarks.
At this time. This concludes our question and answer session I would now like to turn the call back over to Mr. Li Citi for his closing remarks.
Jirka Rysavy: Thank you everyone for joining us, and we look forward to speaking with you when we report our second quarter, which should be in early August. Thank you very much.
Li Citi: Thank you everyone for joining can we look forward to speak with you when we report our second quarter, which should be in early August. Thank you very much.
Operator: Thank you for joining us today for Gaia's first quarter 2024 earnings conference call. You may now disconnect.
Speaker Change: Thank you for joining us today for <unk> first quarter 2024 earnings Conference call you may now disconnect.
unknown: Jirka Rysavy, Thierry Wuilloud, Unknown Executive, Ned Preston, James Colquhoun, Gaia Inc Jirka Rysavy, Thierry Wuilloud, Unknown Executive, Ned Preston, James Colquhoun, Gaia Inc Jirka Rysavy, Thierry Wuilloud, Unknown Executive, Ned Preston, James Colquhoun, Gaia Inc, Jirka Rysavy, Thierry Wuilloud, Unknown Executive, Ned Preston, James Colquhoun, Gaia Inc Jirka Rysavy, Thierry Wuilloud, Unknown Executive, Ned Preston, James Colquhoun, Gaia Inc Jirka Rysavy, Thierry Wuilloud, Unknown Executive, Ned Preston, James Colquhoun, Gaia Inc Jirka Rysavy, Thierry Wuilloud, Unknown Executive, Ned Preston, James Colquhoun, Gaia Inc Jirka Rysavy, Thierry Wuilloud, Unknown Executive, Ned Preston, James Colquhoun, Gaia Inc, Jirka Rysavy, Thierry Wuilloud, Unknown Executive, Ned Preston, James Colquhoun, Gaia Inc Jirka Rysavy, Thierry Wuilloud, Unknown Executive, Ned Preston, James Colquhoun, Gaia Inc Jirka Rysavy, Thierry Wuilloud, Unknown Executive, Ned Preston, James Colquhoun, Gaia Inc Jirka Rysavy, Thierry Wuilloud, Unknown Executive, Ned Preston, James Colquhoun, Gaia Inc
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Speaker Change: Mhm.
Speaker Change: Mhm.
Speaker Change: [music].
Speaker Change: Hum.
Speaker Change: [music].
Speaker Change: Mhm mhm.
Speaker Change: Uh-huh.
Speaker Change: [music].
Mhm.
Speaker Change: Oh.
Speaker Change: Hum.
Speaker Change: Hum.
Speaker Change: Oh.
Speaker Change: Mhm.
Speaker Change: [music].
Speaker Change: Hum.
Speaker Change: Hum.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change:
Speaker Change: Hum.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Yeah.
Speaker Change: Uh huh.
Speaker Change: Hum.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Yeah.
Speaker Change: Hum.
Okay.
Speaker Change: Yeah.
Yes.
Hum.
Speaker Change: Hum.
Speaker Change: Hum.
Hum.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Oh, Oh Oh.
Speaker Change: Uh huh.
Speaker Change: [music].
Speaker Change: Hum.
Speaker Change:
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Uh huh.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Hum.
Speaker Change: [music].
Speaker Change: Hum.
Mhm.
Speaker Change: [music].
Speaker Change: Hum.
Speaker Change: [music].
Speaker Change: Hum.
Speaker Change: Hum.
Speaker Change: Hum.
[music].
Speaker Change: Mhm.
Speaker Change: [music].
Speaker Change: Hum.
Speaker Change: Oh.
[music].
Hum.
Speaker Change: Hum.
Speaker Change: Yes.
Speaker Change: Yeah.
Speaker Change: [music].
Speaker Change: Uh huh.
Okay.
Speaker Change: Yes.
Speaker Change: Yeah.
Speaker Change: Yeah.
[music].
Speaker Change: Yeah.
Speaker Change: Oh.
Speaker Change: Okay.
Yeah.
[music].
Speaker Change: Okay.
Speaker Change: Yeah.
Speaker Change:
Speaker Change: Yes.
Speaker Change: [music].
Speaker Change: Yeah.
Speaker Change: [music].
Speaker Change: Mhm.
Speaker Change: [music] Oh.
Speaker Change: Uh huh.
Speaker Change: [music].
Speaker Change: Hum.
[music].
Hum.
Speaker Change: Hum.
Speaker Change: [music].
Hum.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Hum.
Speaker Change: Okay.
Speaker Change: Hum.
Speaker Change: [music].
Speaker Change: Hum.
Speaker Change: [music].
Speaker Change: Mhm.
Speaker Change: [music].
Speaker Change: Hum.
Speaker Change: Oh.
Speaker Change: [music].
Hum.
Speaker Change: Hum.
Speaker Change: Yeah.
Speaker Change: Yeah.
Speaker Change: Hum.
Speaker Change: Hum.
Speaker Change: Yeah.
Speaker Change: Yeah.
Speaker Change: Yeah.
Speaker Change: [music].
Speaker Change: Yeah.
[music].
Speaker Change: Okay.
Speaker Change: Yeah.
Speaker Change:
Speaker Change: [music].
Speaker Change: Hmm.
Speaker Change: Hum.
Speaker Change: [music].
Speaker Change: Oh, Oh Oh.
Speaker Change: Uh huh.
Speaker Change: [music].
Speaker Change: Hum.
Speaker Change: [music].
Speaker Change: Hum.
Speaker Change: Hum.
Speaker Change: [music].
Okay.
Speaker Change: Uh huh.
Speaker Change: [music].