Q4 2024 Yatra Online Inc Earnings Call
Coordination of call today during the presentation you can watch the to ask questions about price and star followed by one on your telephone keypad any future would you mind. Please press star followed by June.
Speaker Change: I will now hand, you over to your host.
Speaker Change: Money home rush it to begin please go ahead.
Carla: Thank you Carla.
Speaker Change: Good morning, everyone welcome to our fiscal fourth quarter and FY 'twenty four.
Carla: Actual results for the period ended March 30, <unk> 2024.
Speaker Change: Pleased to be joined on the call today by our co founder.
Speaker Change: <unk> and group CFO real hospital.
Speaker Change: Following discussion including responses to your questions.
Speaker Change: Flex management views as of today May 31, 2024, we don't take any obligation to update or revise the information.
Speaker Change: Yes.
Speaker Change: Before we begin our formal remarks.
Speaker Change: Let me remind you that certain statements made on today's call.
Speaker Change: May constitute forward looking statements.
Speaker Change: Which are based on management's current expectations and beliefs.
Speaker Change: And are subject to several risks and uncertainties that could cause actual results to differ materially.
Speaker Change: But a description of these risks please refer to our filings with the SEC.
Speaker Change: In our press release filed earlier this morning on the IR section of our website.
With that let me turn the call over to drew.
Drew: Please go ahead.
Thank you Denise and good morning, everyone and thank you for joining us for our fourth quarter and fiscal 'twenty Peggy boarding school and we are pleased to report a solid 'twenty 'twenty brokerage clear with that.
Speaker Change: <unk> reported revenue of INR.
Drew: Our $4 2 billion up 11% year over year with air passenger volumes up 34% nearly double the industry growth is a pretty close to 30%.
Speaker Change: Okay.
Speaker Change: Before we largely met or exceeded all of our analysts expectations.
Speaker Change: On a quarterly basis gross bookings expanded 12% year over year in the fourth quarter of fiscal technical driven by a 13, 5% growth in air gross bookings.
Speaker Change: This growth was fueled by a robust rebound in international travel.
Speaker Change: Additionally, our adjusted EBITDA margins expanded by approximately 6% sequentially reaching.
Speaker Change: Reaching a 110 million approximately USD, one 3 million from.
Speaker Change: From INR $44 5 million in the previous quarter.
Speaker Change: This was on account of optimization of customer inducement garten, the BDC business and recovery in the corporate travel business.
Speaker Change: Overall from a domestic air passenger perspective, the quarter was soft due to supply side constraints with the largest airlines in India, having taken out capacity for engines.
Speaker Change: Related issues, we expect supply side constraints to start improving in the second half of the unexpected.
Speaker Change: And we expect between 100 to 150 incremental aircrafts being in operation by the same quarter of fiscal 'twenty five.
Speaker Change: For the quarter ended March 31st 2020, both visa.
Speaker Change: We reported revenues of INR 1.07 billion, which is approximately USD $12 9 million down 10% year over year.
Speaker Change: And divested revenue of INR 179 billion.
Speaker Change: Similarly, USD $21 2 million.
Six 6% year over year, largely due to the impact of catch up income in the same quarter last year coming out of Covid.
Speaker Change: Approximately INR $190 million, excluding the benefit.
Speaker Change: And comparing on a like for like basis revenue was up six 4% year over year and adapted that new route three 5% year over year.
Speaker Change: Our strategy to balance our consumer and corporate business, while focusing our efforts on the most profitable corporate business is resulting in a more favorable mix for us during.
Speaker Change: During the fiscal year 'twenty plentiful, we signed 83, new corporate customers, which translate into annual billing potential of INR $5 4 billion.
Speaker Change: In the March quarter alone, we signed 25, new corporate clients.
Speaker Change: During the year, we landed numerous deals with large.
Speaker Change: And the industry, leading companies like a radical and during this reporting quarter just to review a few examples we won two large MNC customers signed up a large private sector bank, a large pharma company and one of India's largest manufacturing conglomerates.
Speaker Change: Consistent women high customer retention delights concrete evidence of our team's relentless pursuit to expand our corporate share anchor right. So with excellence.
Speaker Change: We continue to work on expanding our software and services to further expand our total addressable market and better serve our existing and future clients to that end earlier. This week, we announced the launch of bulk of our expense management solution.
Speaker Change: Outside of the expense management solution stands out whether its utilization of cutting edge technologies, including Virginia large language models for their seat analysis.
Speaker Change: Unlike traditional OCR technology, this ensures more accurate and comprehensive extent, attracting significantly reducing errors and saving time.
Speaker Change: It also features an integrated jackpot based on January <unk> models.
Speaker Change: The expense management solution is designed to grow with our clients offering scalability and flexibility as their businesses evolve.
Speaker Change: We now have the opportunity to cross sell this solution to our already well established corporate and SME customer base.
Speaker Change: Now let me provide you with some more details on our fourth quarter.
Speaker Change: Travel volumes in VIP sector continued to remain soft in Q4. However, we are pleased to announce that volumes in the corporate segment overall for US are now back to pre COVID-19 levels.
Speaker Change: It effects us office offset by customer wins earlier in the year.
Speaker Change: We are increasingly optimistic with our ability to grow our corporate business and new customer wins and the potential cross selling new products such as expense management in the future.
Speaker Change: In the current quarter Incidentally, we've also begun to see recovery in most of all IP services customers.
Speaker Change: As you may recall.
Speaker Change: You also had initiated a share buyback program in the U S authorizing a repurchase of up to $5 million of a NASDAQ listed <unk> shares. We are pleased to announce that under this program, we have repurchased 318 million shares.
Please enter your passcode, followed by the hash or pound key.
Welcome.
Speaker Change: Ultimate $35 million and the repurchase of Sweden completed going forward, we continue to evaluate strategic corporate actions based on our dedication to maximize shareholder value.
<unk> is not solid six law 9238 is not valid.
In terms of recent initiatives I would like to take the time to highlight some of the most strategic initiatives, which we've undertaken.
Speaker Change: Welcome to the Conference Center. Please enter your passcode, followed by the hash or pound key.
Speaker Change: And our position in the market.
Speaker Change: Welcome to the Conference Center, please enter your password.
Speaker Change: And enhance our technology solutions.
In the recent months, we have launched a new UI and improved our domestic flight search platform. This enhancement is designed to provide a more seamless and intuitive booking experience to our customers.
Speaker Change: Even greater engagement and satisfaction one of the key features of this new life is its focus on upselling ancillary products, which offer additional value and convenience to travelers.
Speaker Change: These products include premium seats travel insurance.
Speaker Change: Baggage allowance and the ability to offset the carbon footprint.
Speaker Change: By integrating these offerings more prominently into the booking process.
Speaker Change: Aim to not only enhance the overall travel exceedance, but also increase our revenue streams.
Speaker Change: And you're right. It's not just about adding new features which also include significant improvements in functionality and design the user friendly layout faster loading times and enhanced search capabilities make the booking process smoother and more efficient.
Speaker Change: <unk> also incorporated personalized recommendations based on customer preferences and booking history further enhancing the user experience.
Speaker Change: Additionally, on the corporate side, we've launched a guest house becomes backbone for our corporate customers.
Speaker Change: This service is designed to provide some things that the leaders in comfortable accommodation options for their employees.
Speaker Change: And by offering guest houses with the right customers the option of being able to optimize the lodging space.
Speaker Change: To further touch upon the capabilities of the expense management solution that puts that I mentioned earlier.
Speaker Change: The expense management solution includes multilevel approval process seamless integration with the ERP systems advanced analytics powered by our dashboards and deep insights will come to you and to the extent analysis. The expense management is a large and highly profitable segment.
Speaker Change: Product capabilities make it a product that is suitable not just for the Indian market, but for international markets exactly.
Speaker Change: Innovations based on customer preferences, and booking history further enhancing the user experience.
Speaker Change: Our initial response from customers has been very encouraging.
Speaker Change: Additionally, on the corporate side, we launched our guest house booking platform for our corporate customers. This new service is designed to provide companies with convenient and comfortable accommodation options for their employees.
Solution allows us to further deepen our relationship with our customers.
Speaker Change: Also provides us with an opportunity to differentiate our offerings from our competitors by effectively offering a bundle solution.
And by offering guest houses with the right customers the option of being able to optimize the lodging space.
Speaker Change: We recently.
Speaker Change: Also brought on board a senior executive.
Speaker Change: It was.
To further touch upon the capabilities of the expense management solution that works.
Speaker Change: The CEO of one of the large corporate travel management companies in the country.
Speaker Change: As I mentioned earlier.
Speaker Change: This gentleman has joined US as Chief business Officer for New business development. He will be responsible for building and further enhancing the mid market and SME copter chocolate proposition and developing new products, such as visa consolidation and car rentals for business travelers.
Speaker Change: The expense management solution includes multilevel approval process seamless integration with the ERP system advanced analytics powered by our dashboards and deep insights will come to you and to the extent analysis. The expense management is a large and highly profitable segment and our product.
Speaker Change: It will help diversify.
Speaker Change: All financial revenue streams.
Speaker Change: <unk> make it a product that is suitable not just for the Indian market, but for international marketplace.
Speaker Change: He brings with him a wealth of knowledge and experience and the capabilities that could be fundamental to help accelerate our president.
The initial response from customers has been very encouraging and the solution allows us to further deepen our relationship with our customers.
Speaker Change: The mid market salaried management space.
In addition, we have also built out a team that is focused on the highly profitable my excitement and the initial traction on that is very encouraging and while.
Speaker Change: This also provides us with an opportunity to differentiate our offerings from our competitors by effectively offering a bundled solution.
Speaker Change: These additions have led to an increase in salary costs in the quarter under discussion and we expect the benefit of these.
Speaker Change: We recently.
Speaker Change: Also brought on board a senior executive.
It was tied.
Speaker Change: Prior to this the CEO of one of the large corporate travel management companies in the country.
Speaker Change: To start accruing in the near term itself.
Speaker Change: Now looking at the broader economic landscape.
Speaker Change: The sentiment has joined US as Chief business Officer for New business development. He will be responsible for building and for that I'm, saying that the mid market and SME corporate travel proposition.
As for the reserve Bank of India.
Speaker Change: Despite subdued global economic activity and multiple headwinds.
Speaker Change: Being real economy expanded impressively with real GDP growth accelerated to seven 6% in fiscal year 'twenty before down 7% in the previous year. This was the third successive year of 7% or higher.
Speaker Change: In developing new products, such as visa consolidation and car rentals for business travelers.
Speaker Change: This will help diversify.
Speaker Change: All financial revenue streams.
Speaker Change: He brings with him a wealth of knowledge and experience and the capabilities that could be fundamental to help accelerate our president.
Speaker Change: The idea of sort of highlighted the next research reports that the easing of supply chain pressure.
Speaker Change: And the mid market salaried management space.
Speaker Change: In addition, we have also built out a team that is focused on the highly profitable my excitement and the initial traction on that is very encouraging while these.
Speaker Change: This softening in the core inflation and the early indications of an above normal southwest longitude, although well for the inflation outlook of 'twenty four 'twenty five.
Speaker Change: These additions have led to an increase in salary costs in the quarter under discussion and we expect the benefit of these.
Speaker Change: The domestic economy is expected to continue growing at an accelerated pace as the government invested heavily into public infrastructure.
To start accruing in the near term itself.
Speaker Change: Yeah, India is ambitious goal to be a fight with an economy by 2025 has there been planned investments.
Speaker Change: Now looking at the data in good economic landscape.
Speaker Change: As for the reserve Bank of India.
Speaker Change: One four trillion.
Speaker Change: Despite subdued global economic activity and multiple headwinds.
Speaker Change: And the national infrastructure pipeline.
Speaker Change: The Indian economy expanded impressively with real GDP growth accelerated to seven 6% in fiscal year 'twenty before from 7% in the previous year. This was the third successive year of 7% or higher.
Speaker Change: This unparalleled growth in infrastructure injection bodes well for our industry.
Speaker Change: These investments are translating.
Speaker Change: Sure.
Speaker Change: To summarize.
We continue to expect to benefit from the accelerating growth in our corporate travel and consumer business as we work through the beat it leave any major customers and build up the value of our guide.
Speaker Change: The idea of sort of highlighted in its research reports and the easing of supply chain pressure broad based softening in the quarter inflation and the early indications of an above normal southwest long soon although wealth or the inflation outlook of 'twenty four 'twenty five.
Speaker Change: We have seen improving supply and margins and continue to expect further improvement in the quarters ahead. This should help meaningfully contribute to our operating performance going forward.
Speaker Change: The domestic economy is expected to continue growing at an accelerated rate as the government invest heavily into public infrastructure.
Speaker Change: With that let me hand, it over to Ron to walk you through the details of the financial performance.
Speaker Change: Yeah, India is ambitious goal to be a quieter than economy by 2025 has it been planned investments.
Ron: Thank you.
Speaker Change: Good morning to everybody.
Ron: On the market view on numbers for the quarter.
Speaker Change: One four trillion.
Speaker Change: The national infrastructure pipeline.
Speaker Change: Small should we be really fun.
Speaker Change: Followed by the full year fiscal performance.
Speaker Change: We delivered a strong quarter with 10% year on year groups non smoking.
Speaker Change: This unparalleled growth in infrastructure.
Speaker Change: Injection bodes well for our industry.
Speaker Change: <unk> 19 from nine 6 billion, which is about USD 202.
Speaker Change: Investments are translating.
Speaker Change: 49 million.
Speaker Change: On any gross bookings grew by 45%.
Speaker Change: Mike Hogan and pocketing stores bookings grew one 5% on my mind.
Speaker Change: Enrollment milestone for the company.
Speaker Change: One 6 billion INR.
Speaker Change: It was roughly $18 8 million.
Mike Hogan: Our adjusted margins for the air ticketing business.
Mike Hogan: Seven 2%.
Speaker Change: Finally, hooting and package margins, 41%.
Speaker Change: Moving to expenses.
Speaker Change: Our marketing teams promotion expenses, including consumer promo.
Speaker Change: As a percentage of total gross bookings.
Speaker Change: At least 100 bips.
Speaker Change: Okay.
Speaker Change: It's like pushing and colorful 24 versus quarter 423.
Speaker Change: Hello, operator.
Speaker Change: Our personal expenses, excluding the share based payments.
Speaker Change: Hello.
Speaker Change: Increased spend 19% right away as we continue to build out each for mid market.
Speaker Change: I think that we have lost connection with the speaker.
Speaker Change: Please stand by while we get connected.
Speaker Change: And other business functions.
Speaker Change: [music].
Speaker Change: Other costs have remained range bound compared to just beautiful.
Speaker Change: For the.
Speaker Change: Cisco.
Speaker Change: 2024.
Speaker Change: We reported revenue of final $4 2 billion, which is roughly USD $51 million.
Speaker Change: Reflecting 11% growth.
Speaker Change: The pooling effect, where people need to be.
On a full year basis, our gross bookings I mean, you spent 14%.
Speaker Change: INR 76 billion, which is up.
Speaker Change: About USD 911 and more frequently.
Speaker Change: Moving onto adjusted margin for the full year was $5 9 billion.
Speaker Change: About 5% compared to a cycling through.
Speaker Change: Overall adjusted margins.
Speaker Change: On a percentage basis for air business was 7% for the footprint.
Speaker Change: For hotel and package business was put in place.
Speaker Change: Adjusted EBITDA was INR, three beautiful 1 million, which was a few years to $2 7 billion in FY 'twenty.
Speaker Change: Compared to INR, shorten and $42 million you know frankly.
Speaker Change: Lastly, as of 31st March will be pretty cool.
Speaker Change: If you look at in cash and cash equivalents framework for fiber physical ctrip to $4 million.
On our books.
Speaker Change: Our gross or it.
Speaker Change: It was down to INR 600 entities, which is roughly USD seven four children begin.
Uh huh.
Speaker Change: Because that's pretty fast flash will be plentiful.
Speaker Change: But this will conclude our prepared remarks, I'd like to 100 or back to the moderator for computer.
Speaker Change: Thank you.
Speaker Change: Thank you if you like to ask a question. Please press star followed by one on your telephone keypad.
Speaker Change: And if you change your mind, Please press star followed by chance.
Speaker Change: When you're trying to ask your question. Please ensure your devices it locally.
Speaker Change: Our first question comes from Scott Buck from H C Wainwright.
Speaker Change: Yeah.
Scott Buck: Hi, Good morning, everyone. Thank you for taking my question, Steve I wanted to ask about the expense management to announcement earlier in the week I'm curious are you currently are.
Speaker Change: Yes.
Speaker Change: Okay. Thank you.
Scott Buck: <unk> actively selling the product into the.
Speaker Change: We have the.
Speaker Change: Speaker back in the room know please you can thank you Dan.
Speaker Change: The corporate space and two what kind of kind of sales and marketing.
Thank you thank.
Speaker Change: Thank you.
Steve: Bush should we expect them in the quarters to come as you as you completely rule that out.
This is <unk>.
Speaker Change: We continue to expect to benefit from the accelerating growth in our corporate Calvin income dealer business as you read through the beat at me when major customers and build up the value of our guidance.
Speaker Change: Good morning, Scott. So Scott this is a product that they recently launched in the market.
Steve: Donna.
Speaker Change: We have seen improving supply and margins and continue to expect further improvement in the quarters ahead. This should help meaningfully contribute to our operating performance going forward.
Speaker Change: To me that this with orders for the last month or so.
Speaker Change: Before taking it out to market now and the initial response is very encouraging and we've had some discussions with a large existing customer than midsize existing customers, whose sean.
Speaker Change: With that let me hand, it over Google wanted to walk you through the details of the financial performance.
Speaker Change: Interest in the product and the solution that it all goes to that so we don't see foresee a big portion in terms of cross selling to our existing customer base and then in parallel we will.
Luke: Thank you Luke.
Speaker Change: Good morning, everybody.
I'll give you our numbers for the quarter ended punctual small should will be will be full.
Speaker Change: Followed by the full year fiscal 2014.
Speaker Change: As you go into the new pitches offer this as a bundled solution with a new customer base that they are reaching out to so for US. This is a.
Speaker Change: We delivered a strong quarter with 10% on your groups and Ross Wilkin.
Speaker Change: INR 19, Formosa 2 billion, which is about equal to 249 million.
Speaker Change: I feel a very large opportunity that they're just beginning to tap into and over the course of the next few quarters and years. We expect this will evolve into a very meaningful revenue stream for the company.
Speaker Change: On any gross bookings grew by 45%.
Speaker Change: Sure.
Speaker Change: Randy Hogan and packages towards bookings, Google Facebook, Although my language.
Speaker Change: Overall gross margin for the quarter was $1 6 billion INR, which is.
Speaker Change: Great. That's very helpful. And this is another nice quarter of corporate client signings I'm curious when the comps start to get more difficult.
Speaker Change: Roughly $18 8 million USD.
Speaker Change: Our adjusted margins for the air ticketing business.
Speaker Change: And in terms of who you can sign I mean, you've got it you guys have made some meaningful headway on the share side. So just curious how much runway you have left before things start to get more challenging now.
Speaker Change: Seven two portion.
Speaker Change: I would be hoping and package margins.
Speaker Change: One person.
Speaker Change: Moving to expenses.
Speaker Change: So I feel you still have a lot of runway in this in terms of number of customers.
Speaker Change: Our marketing and sales promotion expenses, including consumer promo.
Speaker Change: Looking at an initial market size of about 13000 large corporations in which we are just at about 850. So we feel there's a lot of runway still left in the market before we can start facing any slowdown.
Speaker Change: As a percentage cost of total gross bookings.
Speaker Change: <unk> 400 bps.
Speaker Change: HIV patients and colorful clinical versus quarter 443.
Speaker Change: Our personal expenses, excluding the share based payments.
Speaker Change: Kris there might be pushing via what I.
Speaker Change: Perfect. That's really helpful color and then just the last thing from me I wanted to clarify.
Speaker Change: As we continue to be low teens for a big market and other business expansions.
Speaker Change: The pricing headwinds it sounds like you expect them to ease in the second half of the year. That's the second half of calendar 2024 right.
Speaker Change: Other costs have remained unchanged compared to the beautiful quarter.
Speaker Change: Half of your fiscal 2025.
Speaker Change: For the.
Speaker Change: Yeah, so it looks like in.
On your system.
Speaker Change: 2024.
Speaker Change: The feedback we have from the airlines is that we should start seeing some of the capacity come back in the month of July August.
Speaker Change: We reported revenue of final $4 2 billion, which is roughly USD $51 million.
Speaker Change: Reflecting 11% growth in the short term deposit, which will reflect what we believe.
Speaker Change: I'm from there and then gradually capacity coming back before getting back to the old scheme.
Speaker Change: On a full year basis, our gross booking valeant piece went through the program.
Speaker Change: John said molecule can be 25.
Speaker Change: So I'm, hoping that number would be the capacity will continue to come back in line with the plans they see airlines, where they're trying to.
Speaker Change: To INR 76 billion, which is asking about USD 911 and.
Speaker Change: More quickly.
Speaker Change: Overall, the adjusted margin for the full year was $5 9 billion.
Speaker Change: Okay perfect. That's helpful. I appreciate the added color guys. Thank you very much.
Speaker Change: Buy side question frankly.
Scott Buck: Sure. Thank you Scott.
Speaker Change: Overall adjusted margins.
Speaker Change: On a percentage basis for the AD business was 7% for the full protocol.
Scott Buck: As a reminder to ask a question. Please press star followed by one on your telephone keypad.
Speaker Change: And packaged businesses protein cost.
Speaker Change: Adjusted EBITDA was <unk> 4 million, which was actually a USD two 7 billion in FY 'twenty.
Speaker Change: As we currently have no further questions I'll hand back over achieve many haven't heard Johnny or final remarks.
Speaker Change: Compared to INR, Jordan $32 million liquidity.
Yeah. Thank you Carla.
Speaker Change: Lastly, as of 31st March will be plentiful.
Speaker Change: Just wanted to thank everyone for joining the call today as always management is available for follow ups.
Speaker Change: We were getting cash and cash equivalents of $12 5 billion, which is about <unk> future performance.
Speaker Change: Feel free to reach out for the same.
Speaker Change: On our books.
Speaker Change: Thank you.
Speaker Change: Our grasp it.
Speaker Change: It was down <unk> should come within 38 billion, which is roughly USD seven four children begin.
Thank you for joining and that concludes today's call have a nice day you may now disconnect your lines.
Speaker Change: It looks pretty first flash will be critical.
Speaker Change: With this we conclude our prepared remarks, I'd like to 100 or back to the moderator program. Thank you.
Speaker Change: Thank you if you'd like to ask a question. Please press star followed by one on your telephone keypad.
Speaker Change: And if you change your mind, Please press star followed by Chi.
Speaker Change: Winter Frank ask your question. Please ensure your device is on mute locally.
Our first question comes from Scott Buck from H C Wainwright.
Speaker Change: Okay.
Scott Christian Buck: Hi, Good morning, everyone. Thank you for taking my question, Steve I wanted to ask about the expense management tool announcement earlier in the week I am curious are you currently.
Scott Christian Buck: Actively selling the product into.
Scott Christian Buck: The corporate space and two what kind of kind of sales and marketing push should we expect.
And in the quarters to come as you as you completely rule that out.
Scott: Good morning, Scott. So Scott this is a product that they recently launched in the market.
Speaker Change: We don't know.
Speaker Change: <unk> data with orders for the last month or so before taking it out the market now and the initial response is very encouraging and we've had some discussions with our large existing customer the midsize existing customers who've.
Speaker Change: Sean.
Speaker Change: Interest in the product and the solution that it all goes to that so we don't see firstly, a big push in terms of cross selling to our existing customer base and then <unk> as you go into the new pitches offer this as a bundled solution with them.
Speaker Change: New customer base that they are reaching out to.
Speaker Change: For us this is a.
Speaker Change: Yes.
Speaker Change: I feel a very large opportunity that we're just beginning to tap into and over the course of the next tier.
Speaker Change: The quarters and years, we expect basically the London drove a meaningful revenue stream for the company.
Speaker Change: Great. That's very helpful. And this was another nice quarter of corporate client signings I'm curious when the comps start to get more difficult.
Speaker Change: In terms of who you can sign I mean, you've got it you guys have made some meaningful headway on the share side. So just curious how much runway you have left before things start to get more challenging now.
So I didn't do you still have a lot of runway in this in terms of number of customers. We are looking at an initial market size of about 13000 large corporations in which we are just at about 850. So we feel there's a lot of runway still left in the market before we can start taking any slowdown.
Speaker Change: Perfect. That's really helpful color and then just the last thing from me I wanted to clarify.
Speaker Change: The pricing headwinds it sounds like you expect them to ease in the second half of the year. That's the second half of calendar 2024 right.
Speaker Change: Half of your fiscal 2025.
Speaker Change: Yes in the second <unk> the feedback we have from the airlines is that we should start seeing some of the capacity come back in the month of July August.
Speaker Change: Our interim data on men gradually capacity coming back, but we're getting back to the scheme.
Speaker Change: James had molecule <unk> 95.
Speaker Change: So I'm, hoping that number would be the capacity will continue to come back in line with the plans they C&I and weather claims.
Speaker Change: Okay perfect. That's helpful. I appreciate the added color guys. Thank you very much.
Scott: Sure. Thank you Scott.
Speaker Change: As a reminder to ask a question. Please press star followed by one on your telephone keypad.
Speaker Change: As we currently have no further questions I will hand back over to change many of her Johnny or final remarks.
Carla: Thank you Carla.
Speaker Change: Just wanted to thank you everyone for joining the call today as always management is available for follow ups.
Speaker Change: Feel free to reach out for the savings.
Speaker Change: Thank you.
Speaker Change: Thank you for joining this concludes today's call have a nice day you may now disconnect your lines.
[music] connect your lines.