Q3 2024 Gambling.com Group Ltd Earnings Call
Ladies and gentlemen, please standby at the gambling Dotcom conference will start shortly we thank you for your patience. Please standby the gangway Dotcom conference will begin shortly.
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Speaker Change: Greetings and welcome to the gambling Dot Com group's third quarter 2024 earnings conference call. At this time all participants are in a listen only mode. A brief question and answer session will follow the formal presentation should anyone require operator assistance. During the conference. Please press star zero on your telephone keypad.
Speaker Change: As a reminder, this conference is being recorded.
Speaker Change: Now my pleasure to introduce your host Peter Mcauliffe's head of Investor Relations. Thank you you may begin.
Hello, everyone and welcome to gambling Dotcom groups third quarter 2024 results call Peter Mccarthy Senior VP of Investor Relations and capital markets I'm joined by Charles Gillespie, Jetblue Dot Com group's cofounder and Chief Executive Officer, and Mark <unk> Chief Financial Officer.
This call is being webcast slides to the Investor Relations section of our website at gambling Dot com.
Speaker Change: Slash corporate forward slash investors and a downloadable version of the presentation is available there as well.
Speaker Change: Webcast replay will be available on the website. After the conclusion of this call you may also contact investor relation support by email and investors at G. D C group Dot com.
Speaker Change: I would like to remind you that the information contained in.
Speaker Change: In this conference call includes including any financial and related guidance to be provided consist of forward looking statements as defined by the securities laws. These statements are based on information currently available to us and involve risks and uncertainties that could cause actual future results performance and business prospects and opportunities to differ mature.
We're really from those expressed in or implied by these statements.
Important factors that could cause such differences are discussed in the risk factors section of gambling Dot com group's filings with the Securities and Exchange Commission.
Good looking statements speak only as of the state as of the date. The statements are made and the company assumes no obligation to update forward looking statements to reflect actual results.
Speaker Change: Changes in assumptions or changes in other factors affecting forward looking information except to the extent required by applicable securities laws.
Speaker Change: During the call. There will also be a discussion of non <unk> financial measures a description of these non <unk> measures is included in the press release issued earlier this morning, and reconciliations of these non <unk> financial measures to their most directly comparable <unk> measures are included in the appendix to the presentation.
Speaker Change: And press release, both of which are available in the investors tab of our website.
Charles: I'll now turn the call over to Charles.
Charles: Okay.
Charles: Good morning, Thank you for joining our call you Havent got congregate delivered stronger than expected performance across all of our operating regions, leading to record third quarter revenue of $32 1 million and record adjusted EBITDA of $12 6 million representing year over year growth of 37% and 100.
8% respectively.
Charles: Accompanying diversified market exposure.
Charles: Full casino first allocation of capital.
Charles: At this stage for this performance and our first rate team's relentless focus on execution drove these results.
Charles: Our global portfolio of websites has never been better at driving high intent traffic to our online operator customer base.
Charles: I get any revenue continued its strong growth trajectory across all our operating regions, while North America overall held flat year over year, despite challenging comparisons so the third corner in 2023.
Charles: Free cash flow reached a new record of $14 2 million.
Thank you Sir.
Charles: The third quarter results underscore gambled on top of its strong global position within the online gambling ecosystem.
We remain beneficiaries of the long term trend towards Digitization and entertainment and advertising.
Charles: While these macro level tailwind help everyone in our sector.
Charles: Leadership technology and people Oh, My God, Oh, great, which set us apart from our peers and have resulted in yet another quarter of best in class performance I want to remind investors of our proven ability to use our assets technology and process to organically grow.
Charles: And profitability and gain market share with industry, leading capital efficiency.
Charles: Successful ramps in European markets like Italy exemplifies this approach and we are confident we will continue to win with this playbook on both sides of the Atlantic and North America, New Jersey, and Pennsylvania are perfect. Examples of markets, where we have gained substantial market share despite not being present at launch.
Speaker Change: A showcase brands like Gammon got Tommy Bookies that Tom showed their strength in the quarter.
Speaker Change: We are confident that casinos dotcom will continue its steady March forward and help us gain additional market share with another premier brands, putting even more distance between us and our competitors.
Speaker Change: For the better part of 20 years, our core strategy has consistently prioritize the following in this order number one organic growth and I gaming across regulated markets number two.
Speaker Change: Organic growth in sports betting across regulated markets, which also offer I gaming.
Speaker Change: And number three highly targeted acquisition opportunities, where we can gain scale new market expertise or technology.
Speaker Change: The singular and quite significant exception.
Speaker Change: U S sports betting.
Speaker Change: In a powerhouse display of our ability to execute and drive market share in the most congested and strategic market in the world. We grew our U S sports betting business from a few million to over $60 million in just a few years.
Speaker Change: We did not however, lose sight of our core priorities and now that growth in North America has temporarily slowed our assets outside the U S have taken back that gets hot and keeps you need to drive us forward.
Speaker Change: Our growth target of achieving $100 million and adjusted EBITDA remains unchanged.
Speaker Change: Drivers, which will help us achieve this next milestone in our continued market share growth further regulation that both I gaming and online sports betting in the U S. Such as the recently approved ballot measure in Missouri for sports betting as well as in other key international markets.
Speaker Change: Continued international expansion in both our existing and new markets and ultimately targeted M&A that broadens our footprint in the online gambling ecosystem I'm confident that with the right accretive M&A transactions, we may even be able to achieve that target earlier than our initial expectations.
Speaker Change: Our confidence in our near and long term outlook is highlighted by the brisk pace of share repurchases activity. We've undertaken over the last two years as we repurchased over 8% of our outstanding shares during that time.
Speaker Change: Reflecting our strong year to date performance, we raised guidance with the midpoint of our updated range, indicating revenue growth of 16% and adjusted EBITDA growth of 29% our balance sheet and casually position us to continue repurchasing shares and pursuing accretive M&A.
Elliot: Let me turn the call over to Elliot.
Speaker Change: <unk> third quarter financial highlights and details on our revised full year outlook.
Elliot: Yeah.
Charles: Thank you Charles.
Speaker Change: Revenue of $32 1 million and it wasn't a third quarter bucket, that's being delivered over 116000 M. D C 's customers up 35% year over year.
Speaker Change: The 37% year over year revenue increase was driven by growth in gaming across all regions.
Speaker Change: Revenue in the U K and Ireland right, it's 43% on the Europe was up 192% and the rest of the World increased 19, 9% driven by our core brands.
Speaker Change: That's from our obsession nightclub free bets, let's call them really good assets.
Speaker Change: North America continued to show resiliency of ton was flat against challenging Comparables.
Speaker Change: Gross profit increased 43% year over year or just over 9 million.
Speaker Change: 234 million.
Speaker Change: Our cost of sales was $1 7 million down 21% year over year as a result of lower partnership revenue that was slightly ahead of our expectations for the quarter.
Speaker Change: Gross margin increased to 95% from 91% in last years third quarter.
Speaker Change: Total operating expenses increased 25% to 28 million, reflecting increased head count across sales technology and G&A.
Speaker Change: Increased amortization expenses related to the free investor call acquisition.
Speaker Change: Operating expenses were slightly below our expectations for the quarter at Samsung Cyrusone needs.
Speaker Change: Fourth quarter.
Speaker Change: Adjusted EBITDA increased 109% year over year to an all time record $12 6 million compared to $6 1 million a year ago.
Speaker Change: Third quarter, adjusted EBITDA margin was 39% up from 26% a year ago.
Adjusted net income for the quarter of 2024.
Speaker Change: Rose, 65% to $8 9 million from $5 4 million and to hear all that period, while adjusted diluted net income per share increased 79% to 25 cents from 14th Pushout or third quarter of 2023.
Free cash flow was also a quarterly record of $14 2 million compared to one 6 million the third quarter of last year as a result, but in one sense growth in adjusted EBITDA and significant positive working capital movements due to timing differences.
During the third quarter, we repurchased one 2 million shares at an average price of 935 for Shire and subsequent to the quarter, we repurchase that's out there 486000 shares at an average price of $9 18 per share.
Speaker Change: Since the implementation of our share repurchase program in November 2022, we have repurchased three 3 million shares at an average price.
Just about $9, representing more than 8% of the total outstanding shares.
Speaker Change: Today, our board authorized an additional 10 million for future shackled purchase activities.
Speaker Change: As of September 30, we had total cash of $15 7 million $8 2 million quarter on quarter increase.
Speaker Change: Total fun. So we made a second payment of 10 million to actually meet up with the acquisition of fleet that still to come as a result, we have now drilling down a total of 25 million about 50 million credit facility.
Speaker Change: This morning, we raised our guidance for 2020 for rescue T $125 million $227 million with a midpoint, representing 16% year over year.
Speaker Change: Great.
Speaker Change: The midpoint of our new higher adjusted EBITDA range of $46 5 million to $48 5 million represents 29% year over year gross.
Speaker Change: While we expect you know when we get revenue growth.
Speaker Change: Im very strong adjusted EBITDA growth overall in Q4, we have discussed previously we have another two quarters of challenging comps in North America specific gains ahead of us.
Speaker Change: Last years fourth quarter included a substantial contribution from media partnerships that really accelerated in the period and that was the major launch of ESPN best in 17 States in Q4 of last year.
Speaker Change: In addition, Kentucky launched sports betting in late September 2023.
Speaker Change: For the full year comparison.
Speaker Change: You also need to consider that three new states launched in 2023, and this year because of U K North Carolina, taking.
Speaker Change: Taking all of those factors into consideration.
Speaker Change: We expect full year, North America revenue will be down compared to 2023 that will outperform our ton of muscle after the Google policy changes in May.
Speaker Change: As Charles highlighted heading into 'twenty five we expect their assumption on North American market growth further market share gains and strong momentum as we exit 2025.
Speaker Change: Finally, our fourth quarter guidance does not include contributions from any new acquisitions or any new market launches.
Speaker Change: We now expect full year cost of sales of seven and a half million.
Speaker Change: Of which $5 4 million was incurred from the first nine months up to here.
And our guidance assumes an average euro to U S.
Speaker Change: The exchange rate of one.
Point C 065 for the fourth quarter 2024.
Speaker Change: I'll now turn the call over for questions operator.
Speaker Change: Thank you.
Speaker Change: We'll now be conducting a question and answer session. If he would like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate your line is another question. Kim you May Press Star two if you 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.
Speaker Change: No ma'am please poll for questions.
Speaker Change: The first question is from Ryan <unk> from Craig Hallum Capital Group. Please go ahead.
Speaker Change: Charles L. A is a good date and very impressive results I want to start with the strong gaming growth in the U K and Europe.
You mentioned some of the organic initiatives new countries are how much of that is the organic business versus free bets and then on the free bets integration curious what you guys are seeing because I I believe it was basically a no growth business. When you bought it I'm just how you feel about that integration and the path forward, there and I have a follow up.
Speaker Change: Thanks Ryan.
Speaker Change: On an island was a very strong about half of the growth there was organic.
Speaker Change: So in the quarter.
Speaker Change: We had.
Speaker Change: About 40 odd percent and growth in that market and roughly half was organic.
Speaker Change: If we got the acquisition has been fantastic, we push our team to get it fully integrated in six months and they did it so it's done and it's L. A.
Speaker Change: Running on that.
Speaker Change: Our technical platforms, and scatter AD tech and all our people all over it.
Speaker Change: That acquisition in particular, you know we had there's kind of two sides. There's the the legacy revenue share from all the players that have been referred for the better part of 20 years.
Speaker Change: So media.
Speaker Change: And then there's the actual new players.
Speaker Change: The M. D. C is that these assets produce on a month to month basis.
Speaker Change: The legacy retro was very healthy when you Andy season, when we bought the business were.
Speaker Change: Below their potential.
Speaker Change: And now that it's on our stack of tools those kpis.
Speaker Change: Quite substantially increased but it's from a from a low base. So it's not it's not for that.
Mary: Having an enormous immediate impacts, but it's it's Mary.
Mary: Very much headed in the right direction and it's very encouraging for what we can achieve with this acquisition or any other acquisition where it needs.
Mary: So there's just all.
Utilizing all the tricks in the book to run these businesses as best as they can be operated.
Charles: Thanks Charles.
Speaker Change: For my follow up I normally wouldn't want to deviate the conversation away from your own strong execution results here, but there's a lot of noise in the market. A couple of your peers are having significant challenges and workforce reductions et cetera.
Speaker Change: Are you able to we've done our own compare and contrast between you guys and them, which would show as favorably for you across all of those but.
Speaker Change: Are you able to give some thoughts I guess on the differences between your business and the peers, specifically Beth Cohen and Katina I think that'd be helpful for the market here.
Speaker Change: Yeah.
Speaker Change: To be clear, we raised guidance. This morning, and there are other affiliate companies out there, which are also performing well.
Speaker Change: There are no sector specific headwinds.
Speaker Change: Gambling affiliate business globally is alive and well.
Speaker Change: But that said.
Speaker Change: Certain players who has had its high concentration on either specific product market cohorts or specific traffic channels.
Speaker Change: Which had been disrupted have had some recent challenges.
Speaker Change:
Speaker Change: There has been absolutely no disruption to the tried and true organic search strategy that we know and operate so well and while there have been some headwinds in the North American sports market.
Speaker Change: Were fully expected by us.
Speaker Change: Our investments over the past few years were made to ensure that we had gross drivers and I gaming and outside of North America in 2024.
Speaker Change: But you know I think the biggest difference between us and somebody appears as well.
Speaker Change: We are an organic growth strategy.
Speaker Change: Achieved a timescale.
Speaker Change: Very substantially fewer acquisitions.
Speaker Change: Parents, who our competition, who have operating at something closer to a rollout strategy.
Speaker Change: We have a strong heart and soul of this business built up around our core technology platforms and brands and M&A any M&A. We do is bolted onto that core insuring them as vision and a firm hands going forward.
Charles: Thanks Charles.
Speaker Change: Done.
Speaker Change: Yeah.
Speaker Change: Yeah.
Speaker Change: The next question is from Barry Jonas from <unk> Securities. Please go ahead.
Hey, guys I'm curious in the context of some of the noise in the marketplace. How you would characterize the M&A pipeline you guys today, maybe contrasting between both domestic and international.
Speaker Change: We are as busy as we've ever been on the M&A fronts lots of interesting stuff out there that there's there's kind of fewer people buying these affiliate assets than there's been in a long time. So I think it's a little bit of a buyer's market.
Speaker Change: We've tried to.
Make the point.
Speaker Change: Throughout this year that we're looking at more than just affiliates stuff.
Speaker Change: Another another free desktop how long would be great, but you fill your businesses in a really fantastic place yeah, we're starting to think a little more broadly about what else we could sell two out.
Speaker Change: Do you see users on our websites or a bunch of your customers and you know when you widened the aperture in terms of of what we might consider there's a hole.
Speaker Change: It was much larger.
Speaker Change: Hum.
Speaker Change: Scope of things that could make sense for us.
Speaker Change: Great and then just as a follow up you know we've been hearing a lot recently about Oh sweepstakes that as well as predictive market not sure to what extent you work with either but wanted to get your thoughts on both of them coming our affiliate perspective.
Speaker Change: Yeah, I think the engagement and popularity of these suites casino products. It really highlights the enormous consumer demand for casino style games in United States.
Speaker Change: And with.
Speaker Change: It was a bit of luck it will be a catalyst to spur additional states the legislated.
Speaker Change: Hum.
Speaker Change: It was everything was really picky.
Speaker Change: But we do work with certain sweeps casinos when they can satisfy our K likelihood legal requirements and we only do it in markets, where they just alone.
Speaker Change: Great and any thoughts on those are predictive of markets that were just a focus with the election.
Speaker Change: Yeah, I mean, there's I.
Speaker Change: They have a bright future.
Speaker Change: It's not something we're not working with any of them directly at the moment, but.
Speaker Change: I've certainly been banging the drum internally about developing those relationships I think we will.
Speaker Change: Great. Thank you so much guys congrats on a nice quarter.
Speaker Change: Yeah.
Speaker Change: The next question is from David Katz from Jefferies. Please go ahead.
Hi, good morning, Congrats everyone.
Thanks for taking my question.
Speaker Change: I do think it's appropriate I always discuss this offline, but to just revisit your business outgrow.
Speaker Change: The context of a rapidly growing U S sports market, albeit volatile and perhaps a slower growing high gaming market.
Speaker Change: Talk us through how you how your business kind of grow and whether you know it continues to outgrow what we're seeing in North America and exactly how that works I think it would help thanks.
David Katz: Hey, David.
Speaker Change: You know I gaming in North America is doing just fine and we've had some real you know we've had some.
Speaker Change: Extremely healthy market share gains in North American gaming business. This year, you know sports is it does have some headwinds it is.
Speaker Change: It was down year on year, but you know, there's there's still growth inside North America for us.
Speaker Change: We've got one more challenging comps in Q1 of next year.
Speaker Change: In North America, and then we expect to see the business in North America, returning to growth for the rest of the year double digit growth and that's before any new state launches or additional gaming products added to existing states. So.
Speaker Change: Yeah, you got to really kind of drilling to the products I understand that.
Speaker Change: The drivers in the North American market.
Speaker Change: Understood and if we could just briefly just touch on Brazil since it's been such a topical you know market at all.
Speaker Change: Across the market, but what is your Minnesota entry thoughts and strategy around that.
Speaker Change: I do think it's worth double clicking there too thanks.
Yeah. It certainly has been there's been no shortage of headlines about Brazil.
Speaker Change: It's not it's not a market where we do very much at the moment, we have any Brazilian version of yellow dot com, it's more of a kind of probe into the market just to see kind of what comes back plus a bit of data and see what kind of engagement, we get but it's not it's not a meaningful part of our business at all.
Speaker Change: Hmm.
Speaker Change: There has been.
Speaker Change: A lot of focus on the regulation in Brazil, and it's important to understand.
Speaker Change: How much these markets change when they regularly before regulation nobody's paying tax so it's an incredible moneymaking opportunity.
Speaker Change: There's also no formal regulation then all of a sudden there is tax and there's quite a few taxes in Brazil.
Speaker Change: And in the player values come down and regulators obviously.
Speaker Change: [noise] imposed unreasonable policies on the market and everything starts to change and it and it is a disruptive time, if you had a large existing business in the market before.
Speaker Change: Right.
Speaker Change: Yeah in contrast to the U S where.
Speaker Change: There is no business before it regulates because it's particularly a black and white situation you know virtually all of these international markets. It's a shade of gray to white, not black and white.
Speaker Change:
Speaker Change: So from our perspective, it's still really interesting, but it's it's.
We've looked at a few things out there, but we don't have high conviction at the moment and we need to see where everything settles and then there was a headline just this morning about.
Speaker Change: The attorney General in Brazil, attacking the regulation so.
Speaker Change: As and when there is actual true full launch regulation in Brazil, I think that'll give us the confidence to.
Speaker Change: Assess how aggressive we want to be but at this point, where we're on the sidelines watching closely.
Speaker Change: Perfect well done thank.
Speaker Change: Thank you very much.
Speaker Change: The next question is from Chad Beynon from Macquarie. Please go ahead.
Speaker Change: Right.
Speaker Change: Hey, Good morning. This is Aaron on for Chad. Thanks for taking our question in Mexico This quarter.
Speaker Change: So as you noted, Missouri recently voted to legalize sports betting.
Speaker Change: Can you just talk about your expectations for that state in the context of what should be a favorable tax rate and also how you're thinking about any new state regulation in 2025. Thanks.
Speaker Change: Sure.
Speaker Change: So I mean is there any lesson supercenter the U S population, it's not to be a massive you say launch, but it'll obviously be helpful.
Speaker Change: It is a very attractive.
Sports betting regime, you know multiple operators reasonable taxes. So that's helpful. We have media partnership assets in Missouri, which will be very relevant and useful here. So you know on all of them no doubt it'll be up maybe another successful new state launch for us.
Speaker Change: Beyond misery and we've got our eyes on Minnesota, It looks like the momentum is building.
Speaker Change: It may be.
Speaker Change: Might finally have a proposal from the.
Speaker Change: It drives to get onboard for the legislation and get something done which would be great and then in terms of sports betting.
Speaker Change: Texas is the big one next year and that was all sorts of.
Speaker Change:
Speaker Change: Yeah.
Speaker Change: Speculating on what's going to happen the lieutenant Governor has been a big blocker on this and it sounds like.
Speaker Change: He may lead to join the Trump administration, but then the next question is who's going to replace and cause it to someone who is actually more favorable or was it.
Speaker Change: Someone that's gonna block in the same way that he did.
Speaker Change: Could happen there, but yeah. That's that's obviously going to be a big focus for the whole industry.
Speaker Change: Apart from that New York I gaming definitely has a chance.
Speaker Change: There was some momentum in <unk>.
Speaker Change: 'twenty early 'twenty 'twenty four about this that's a 2025 and what could be the year for New York again, and but it's New York. It comes with that eye watering tax which for sports betting is debilitating but for I gaming.
Speaker Change: It is very frustrating but.
Speaker Change: Less debilitating.
Speaker Change: Yeah, there there might be a an okay market in New York for a Yankee even with a very.
Speaker Change: Hi.
Tax rate.
Great. Thanks, I appreciate the color on that.
Speaker Change: As a quick follow up can you just discuss some.
Speaker Change: Performance trends in some of your newer markets like recently, Romania.
Speaker Change: And also any market launches outside of the U S that we should be mindful of coming up ex Brazil.
Speaker Change: Sure Yeah.
Speaker Change: In Europe, we've had we've had some nice growth in Italy.
Speaker Change: The Netherlands, all the German speaking areas.
Speaker Change: Recent Romania is still quite new for us.
Speaker Change: Those have a very clear path to growth.
Speaker Change: In the Americans were starting to think about things like Colombia, Peru.
We have Oh boy Sarcenet Heiko a website for.
Speaker Change: Mexico and that's that's.
Speaker Change: Put it in the right direction. So yeah, yeah, we will be entering more and more markets in 2025.
Speaker Change: Markets, we haven't been in previously and we will be.
Speaker Change: Hitting our stride in end markets that we entered this year.
Okay, great. Thanks, Charles Nice quarter.
Speaker Change: The next question is from Jeff Van <unk> from Stifel. Please go ahead.
Speaker Change: Good morning, Zadon Young's on for Jeff. Thanks for taking my question.
Speaker Change: Can you just update us on how youre seeing Google enforcement on tighter media partner restriction trends.
Speaker Change: Looking at the cost of sales guidance raised about $1 million. So was that more a function of uncertainty and guidance back in Q2 or have you seen changes in overall enforcement by Google. Thanks.
Speaker Change: Yeah.
Speaker Change: Yeah, I think the dust has settled on the Google policy change from a you know we took a quite quite a conservative view at that time lower guidance.
Speaker Change: And it hasn't been as bad as feared.
Speaker Change: Yeah with all with everything in the world of organic search it ebbs and flows it's not.
Speaker Change: Yeah. Every every week rankings are a little bit different.
Speaker Change: Sometimes a lot different.
Speaker Change: These assets still have had good value and we've seen.
Speaker Change: Some events on what the media partnership assets here in November so yeah. It remains an important part of the business, but it's not going to be.
When you look back to Q4 of last year when it was absolutely flying.
Speaker Change: As a proportion of our overall revenue it certainly peaks and we're not expecting to see anything like that again.
Great. Thank you and we've seen some recent traction for our casino legislation in France. So could you provide some thoughts on the potential opportunity there.
Speaker Change: Yeah, you know I live in Monaco so.
Speaker Change: I am sitting.
Speaker Change: Sitting here instead of watching the whole thing unfold. Unfortunately.
Speaker Change: The land based casinos.
Speaker Change: Didn't like what they saw all thought it was a threat to their business made a big yes think about it and that's not happening this year. So unfortunately, it's it's all nice, but you know I think France is as well.
Speaker Change: One of if not the only EU country that doesn't have legs.
Speaker Change: Our regulated again.
Speaker Change: Maybe there's two okay.
Some of them.
Speaker Change:
Speaker Change: It will come it will come next year I don't know, but you know it's it's it's a it's a good example to bring up here you know we haven't as I laid out in my prepared remarks, we do not target markets, which are sports bending moment fantasy sports betting on it.
Speaker Change: We have we don't target things, we've never done anything in for it.
Speaker Change: If they had I didn't mean it gets super interesting all of a sudden.
Speaker Change: The unit economics are very attractive and there's a lot of money to be made and will be in there on day one.
Speaker Change: And of course, the exception to that is yes, but that's it.
<unk> investment in the future of I gaming in the United States.
Speaker Change: So you know we Havent, we havent lost any money in France, we shouldn't be kind of a key thing.
Speaker Change: Great. Thank you for the color.
Speaker Change: This concludes the question and answer session I would like to touch on their floor back over to Charles can this be for closing comments.
Speaker Change: Thanks, everybody for joining us we look forward to updating you on our full year results in March.
Speaker Change: This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.
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