Q3 2024 DHI Group Inc Earnings Call
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Speaker Change: Thank you operator, good afternoon, and welcome to <unk> 'twenty 'twenty four third quarter earnings Conference call with me on today's call are deal, which is C. O R. Zhang Li and CFO rainy Levy.
Before I turn the call over to art I'd like to cover a few quick items. This afternoon <unk> issued a press release announcing its 2024 third quarter financial results press release is available on the company's website at DHL Group, Inc. Dot Com. This call is being broadcast live over the Internet for all interested parties and the webcast will be archived.
Speaker Change: Naved on the Investor Relations page of the company's website.
I wanted to remind everyone that during today's call management will make forward looking statements that involve risks and uncertainties.
Speaker Change: Please note that except for historical information statements on today's call may constitute forward looking statements within the meaning.
Speaker Change: Of the federal Securities laws. These forward looking statements reflect management's current views concerning future events and financial performance and are subject to risks and uncertainties.
Speaker Change: It was all may differ materially from the outcomes contained in any forward looking statements factors that could cause these forward looking statements to differ from actual results.
Include the risks and uncertainties in the company's periodic reports on Form 10-K, and 10-Q and the filings with the Securities and Exchange Commission.
Speaker Change: H I undertakes no obligation to update or revise any forward looking statements lastly, during today's call management will be referring to specific financial measures, including adjusted EBITDA adjusted.
Speaker Change: Adjusted EBITDA margin and non-GAAP earnings per share that are not prepared in accordance with U S. GAAP.
Speaker Change: Sure.
Speaker Change: Installations, albeit not theirs to the most directly comparable GAAP measures are available in our earnings release, a copy of which you can find on our website at DHL Group, Inc. Dot com in the Investor Relations section.
Speaker Change: I'll now turn the conference call over to Us there.
Speaker Change: Please.
Us: Thank you Chad.
Us: Thank you Todd good afternoon, everyone and welcome to our 2024 third quarter earnings Conference call. We appreciate your time today as we discuss our financial performance for the quarter and provide an update on our outlook.
Us: To begin let's address the current state of the Tech labor market, which serves as a key growth indicator for our business.
Us: We're starting to see encouraging trends that point to a positive trajectory protect labor demand.
Us: One standout signal is the steady increase in new tech job postings.
Us: According to comp over 610000, new tech job posting postings were created in third quarter of 2024, marking a 3% increase year over year, our first positive year over year growth in this key metric in over a year.
Us: In September there were 225000, new tech job postings, marking a 22% increase from the previous year.
Us: The recently released October data shows. The addition of 223000, new tech jobs, representing a 34% year over year increase these.
Us: These numbers are encouraging and I believe highlight that a broader recovery is starting to take place across our industry.
Us: Other positive signs are emerging as well such as the decrease in the tech unemployment rate, which currently stands at two 6% at the end of October.
Us: These positive signals along with the findings from staffing industry analysts, which recently released its fall forecast predicting 5% growth for the tech staffing sector next year.
Us: This forecast is based on extensive interviews with staffing and recruiting firms and reflects our collective confidence in improved performance for 2025.
Us: Global professional services firm our G. P. Also recently released research highlighting that U S companies workforce strategy decisions are being influenced by labor market challenges rising digital transformation spend and the fed's recent interest rate cut.
Us: Over half, 51% of financial decision makers surveyed expect their company to increase investments by the end of 2024, while 81%.
Us: Anticipate investment growth by mid 2025.
These findings are based on a survey of over 200 senior executives influencing finance decisions at organizations with $500 $500 million or more in annual revenue.
Us: Another strong demand signal comes from white cast, which tracks new Tech recruiter job postings.
Us: From early this year to September posting surged over 100%, albeit from a small base.
Us: Carving more tech recruiters suggests a future uptick in the demand for tech professionals.
Us: As businesses ramp up their investment in technology initiatives, such as AI platforms like clearance jobs and dice will be essential tools for employers seeking top tech talent from our database up $8 8 million technology professionals.
Us: We continue to hear success stories from our clients like dish network, whose talent acquisition supervisor said she considers diced a secret goldmine of candidates that are not on other sourcing platforms.
Us: Or bank of New York Mellon's Global head of sourcing who has said that dice continues to be a leading solution for us to get in front of the right talent.
Us: It's a two sided marketplace. The candidate experience is equally important to our success in.
Speaker Change: In a recent survey by technical program manager engaged on the dice platform told us I receive more calls from recruiters on positions aligned with my skill set than any other online job search site.
Speaker Change: Reinforcing trust and value for candidates continues to be a strategic priority for both of our brands.
Speaker Change: Our ability to efficiently match employers with top candidates using our proprietary skills mapping algorithm is a key differentiator and in July Forbes magazine named Dice, the top website for key job seekers.
Speaker Change: We were also featured last month in Newsweek magazine, where we were once again named one of the most loved workplaces. This year coming in at number 49 in the overall standings.
Speaker Change: Now, let me dig a bit more into our performance during the third quarter and what we see ahead for the remainder of 2024.
Speaker Change: In the third quarter total revenue declined 6% year over year.
Speaker Change: <unk> jobs saw an increase of 6% while dice saw a decrease of 12%.
Speaker Change: Excluding transactional revenue our total recurring revenue declined 4% year over year.
Speaker Change: Looking at our bookings performance, our total bookings were down 7% year over year in the third quarter matching what we saw in the second quarter.
Speaker Change: Jobs bookings for the third quarter increased 4% year over year, which is still below its historical trend line.
Clinton shops continued year over year revenue growth in the third quarter, though at a slightly slower pace than the last quarter due to delays in government contract awards.
Speaker Change: There continues to be growing pressure for increased military funding, which we believe will ultimately result in more government projects. This in turn will fuel demand for tech professionals with clearances, where C. J is the dominant marketplace with over 1.8 million cleared tech professionals.
Speaker Change: During the quarter C. J secured several new customers, including Equinix, Annapolis, Microsystems, and accrete Dot AI.
Speaker Change: With over 10000 employers have cleared tech professionals and over 100 government agencies also need of cleared tech professionals D. J has a significant growth opportunity ahead of it.
Speaker Change: Looking at Dices business performance its revenue was lower year over year due to lower new business bookings and renewals over the past several quarters as well as lower transactional revenue.
Speaker Change: Bookings for the third quarter declined 15% year over year due to constrained budget continued budget constraints.
Speaker Change: In both employers and staffing firms never.
Speaker Change: Nevertheless, dice secured several notable customers this quarter, including Blue origin <unk>.
For new farms and D. R Horton.
Speaker Change: On the new business front, we continue to focus on recession resistant sectors like aerospace business.
Speaker Change: <unk> health care financial services and education.
Speaker Change: In terms of renewals C J and dice revenue renewal rates were 91% and 74% respectively.
Speaker Change: And our retention rates for C J, and dice were 109% and 96% respectively. During.
Speaker Change: During the quarter, we saw a couple of larger staffing customers renew at lower usage levels, given the weak demand environment, which impacted our dice renewal rate. However, our revenue renewal rate for our commercial accounts actually improved to 85%.
Speaker Change: As we approach the end of the year, we are actively engaging with clients to gather insights on their 'twenty twenty-five hiring budgets with approximately 55% of all subscription contract revenue up for renewal in the fourth and first quarter.
Speaker Change: On the bottom line during the third quarter, we delivered a 24% adjusted EBITDA margin down slightly from 25% a year ago and our operating cash flow was $5 5 million compared to $5 6 million last year.
Speaker Change: Year to date, we reduced total operating costs by 8% year over year and continued to optimize our technology and marketing spend.
Speaker Change: Now, let me quickly touch on what we're doing to drive increased adoption of our two brands.
Speaker Change: For clearance shops, we are currently working on a product called verify the charges a fee to individual members to ascertain the government security status.
Speaker Change: For dice are all jobs initiative continues to drive job posting growth candidate engagement and applications in the third quarter dice averaged $1 7 million monthly job applications up 70% year over year further solidifying guys as the leading tech career Mark.
Speaker Change: Place.
Providing our clients with more actively engage candidate is one of our primary value propositions.
Speaker Change: We are also expanding our account based marketing efforts for dice with a new tool that we launched this quarter to help analyze visitors to the site and identify high potential leads this will allow us to both further fine tune, our marketing spend and expand we production.
Speaker Change: Our comprehensive subscription packages, which include unlimited job postings company pages and job boost continued to gain traction in the third quarter, 99% of all new business deals were signed and these packages and 11% of renewed customer accounts converted to the comprehensive suite.
Speaker Change: Shouldnt package with an average retention rate of 113%.
Speaker Change: Looking ahead, while tech job postings are beginning to improve we continue to expect a slow and steady recovery with bookings likely not to return to growth until next year.
Speaker Change: For the fourth quarter, we projected year over year decline in bookings of 8% to 10% and a decline in revenue of 7% to 8%.
Speaker Change: We anticipate that lower interest rates and increased AI related hiring will provide a tailwind for tech hiring demand next year in line with SRA a forecast.
Speaker Change: Our focus remains on enhancing our products and our go to market strategy.
Speaker Change: To be well positioned for this expected increase in demand. We are also focused on delivering strong profits for our shareholders and continue to target a 24% adjusted EBITDA margin for the full year.
Speaker Change: Finally, I'd like to comment on our announcement this afternoon that rainy Levy, our chief financial officer will be moving onto an exciting new opportunity with a company that she has previously worked with.
Speaker Change: He will be leaving at the end of this week and wallet sad for US this year ago, we're happy for her and her well deserved role she's stepping into raimi has been the most exceptional CFO I've had the pleasure of working with and she leaves behind a finance and accounting team that she has significantly enhanced in terms of process accountability and <unk>.
Speaker Change: Culture over the past year.
Speaker Change: Following her departure, our current vice President of Finance and controller, Greg Skippers will step in as interim CFO.
Speaker Change: Greg brings over 10 years of experience with BHI group and has a demonstrated strong finance expertise in areas of central for our CFO, including strategic financial planning rigorous financial oversight and sound decision, making.
As shown exceptional leadership and managing budgets optimizing operational efficiencies and upholding the highest standards of financial integrity.
Speaker Change: Greg's analytical acumen attention to detail and commitment to transparency will make him an excellent fit for this role I am confident in his skills and expertise as he takes on this new role.
Speaker Change: Amy we will certainly Miss you, but are thrilled for this next chapter in your career.
Speaker Change: With that I'll hand, the call over to Amy to walk you through our financials and then we'll open up the floor for questions Randy.
Amy: Thank you art and good afternoon, everyone.
Amy: Jumping right in let me take you through our financial results for the quarter we.
Amy: We reported total revenue of $35 $3 million, which was down 6% on a year over year basis and down 2% from the prior quarter.
Amy: Total bookings for the quarter were $28 $9 million down 7% year over year.
As art mentioned, our total recurring revenue was down 4% in the third quarter.
Amy: Clearing fabs revenue was $13 $4 million up 6% year over year and up 1% sequentially.
Amy: Bookings for C, J or $12.6 million up 4% year over year.
Amy: We ended the third quarter with 1982 C. J recruitment package customers, which was down 4% on a year over year basis and 1% sequentially.
Amy: This slight reduction is attributable to churn with smaller customers, whereas the number of CJ account.
Amy: Being greater than $15000 annual recurring revenue has increased and is that 40% versus prior year.
Our average annual revenue per CJ recruitment package customer was up 16% year over year and up 2% sequentially to $24762.
During the quarter over 90% of C. J revenue is recurring and comes from annual or multiyear contracts.
Amy: For the quarter at CJS revenue renewal rate was 91% and C. J's retention rate was strong at 109%.
Amy: The outstanding retention rate demonstrates the continued value CJ deliveries and the recruitment of cleared professionals.
Amy: Dice revenue was $21 $9 million, which was down 12% year over year and 3% sequentially.
Amy: Bookings were $16 $3 million down 15% year over year.
Amy: We ended the quarter with 4868 dice recruitment package customers, which is down 3% from last quarter and down 15% year over year.
Amy: This reduction is attributable to chairing with smaller customers spending less than $10000 per year.
Amy: Our average annual revenue per dice recruitment package customer was flat sequentially and up 5% year over year to $16330.
Amy: During the quarter over 90% of dice revenue is recurring and came from annual or multiyear contracts.
Amy: For the quarter, our dice revenue renewal rate was 74% down from 78% a year ago, and our dice retention rate was 96% down from 99% in the year ago quarter.
Amy: Turning to operating expenses third quarter operating expenses were down 2% to $34.7 million.
Amy: When compared to $35 $2 million in the year ago quarter, reflecting cost savings associated with the restructuring initiatives in 2023 and 2024.
Amy: Partially offset by the restructuring charge in the current quarter.
Amy: We continue to focus on our operational efficiency.
For the quarter, we had income tax expense of $95000 on a loss before taxes of $105000 our tax rate for the quarter differed from the statutory rate.
Amy: Due to tax expense and the vesting of share based compensation awards.
We recorded a net loss of $200000 or zero cents per diluted share for the third quarter.
Amy: For the prior year quarter, we reported net income of $1 million or two cents per diluted share.
Amy: Our non-GAAP earnings per share was five cents per diluted share for the current quarter compared to six cents per diluted share a year ago.
Amy: Diluted shares outstanding for the quarter were $44 19 million compared to $44 3 million in the prior year quarter.
Amy: Adjusted EBITDA for the third quarter decreased 8% to $8 $6 million a margin of 24%.
Amy: Compared to $9 $4 million or a margin of 25% in the same quarter last year.
Amy: Operating cash flow for the third quarter was $5 5 million compared to $5 $6 million in the prior year period.
Amy: Our capitalized development costs in the third quarter were $3 $1 million compared to $4 million in the third quarter of last year a decline of $900000.
Amy: Capitalized development costs for the company are primarily related to costs incurred from building new products and features on our platform.
We expect our capex for the year to be between 14 and $15 million versus $23 million in the prior year.
Amy: From a liquidity perspective at the end of the quarter, we had $2.1 million in cash and total debt of $32 million under our $100 million revolver.
Amy: Total debt decreased $3 million during the quarter and $8 million year over year.
Amy: We finished the quarter under one times leverage.
Amy: Deferred revenue at the end of the quarter was $46 $9 million down 4% from the third quarter of last year.
Amy: Our total committed contract backlog at the end of the quarter. It was $103 $5 million, which was down 5% from the end of the third quarter last year roughly.
Amy: Roughly 80% of the backlog is considered short term and will be recognized as revenue in the next 12 months.
Amy: During the quarter, we did not purchase shares under our share buyback program and shares purchase related to the vesting of share based awards were minimal.
Amy: Moving onto guidance, many employers continue to be very budget conscious during this uncertain economic environment. As a result, we do not expect our total bookings to return to growth until next year.
We expect our fourth quarter bookings to be down 8% to 10% year over year, and we expect our revenue for the fourth quarter to be down 7% to 8% year over year.
Amy: From a profitability perspective, we continue to target an adjusted EBITDA margin of 24% for the full year.
Amy: We remain focused on driving long term sustainable revenue growth and are well positioned from a customer acquisition perspective, once tech hiring returns to more normal levels.
Amy: To wrap up while the current economic environment is still impacting our growth we expect companies across all industries will increase it will increase their investment in technology initiatives.
Amy: Companies look to implement generative AI into their business model, which we believe will drive increased demand for our products and services.
Amy: Demand for technologists will follow.
Amy: In the meantime, we are focused on improving our industry, leading offerings and our go to market execution. So we are ready to capitalize on the acceleration of tech hiring.
And with that let me turn the call back to arch.
arch: Thank you Amy I'd like to thank all of our employees again for their hard work. This past quarter. It is a pleasure to be part of such a great team with that we're happy to answer your questions.
Amy: Yeah.
Speaker Change: We will now begin the question and answer session.
Speaker Change: To ask a question you May Press Star then one on your Touchtone phone.
Speaker Change: If you are using a speakerphone please pick up your handset before pressing the keys.
If at any time. Your question has been addressed and you would like to withdraw your question. Please press Star then two.
At this time, we will pause momentarily to assemble our roster.
Speaker Change: The first question today comes from Zach Cummings with B Riley. Please go ahead.
Zach Cummings: Hi, Good afternoon art and Randy Thanks for taking my question and Remy and Raimi a best of luck in your next opportunity was it was a pleasure working with you.
Zach Cummings: Just starting off it.
Zach Cummings: In terms of just renewals with with some of your major staffing clients can you talk about the dynamic with kind of the.
Zach Cummings: It's a downtick in the rate that you got in the renewed contract and do you view that.
Zach Cummings: Sort of a risk and you go through this key renewal season over the next couple of quarters.
Speaker Change: Well I think there's always a risk Zach and that is an excellent question.
Speaker Change: And comforted by the fact that the majority of our churn.
Speaker Change: Is still in that category of small business staffing firms.
Speaker Change: But however, if a couple even larger staffing firms decide to diminish their usage of our platform. It does materially changed the revenue renewal rate figure.
Speaker Change: I do think that over the last year, you've seen the revenue renewable renewal on count improve.
Speaker Change: Sequentially kind of consistent with that idea that we'd been shaking the trees for so long of these smaller staffing firms that at some point.
Speaker Change: Shaken them off but I still think that it's valid to say, we're concerned about the renewals, especially as we go into Q4 and Q1 are the large majority of our renewal base for book you can call. It actually takes place in December and January because most of these larger customers have always.
Speaker Change: Asked for their contract to lineup with the calendar year.
Speaker Change: Again, we're concerned about it but it feels like we're kind of just bumping along the bottom until there is a strong steady increase in technology demand that everybody can kind of fundamentally take advantage of but we do believe the S. I a forecast is a positive signal for us, but we're not necessarily counting on it in terms of any.
Speaker Change: Guidance or forecast, but remi I'll also ask if you have any additional thoughts on that.
Speaker Change: Yeah.
Speaker Change: I think ratings on mute, but we'll let her reset.
Speaker Change: Okay. Thanks, sorry.
Speaker Change: I don't have anything to add but exactly wanted to say likewise, it's been a pleasure working together.
Speaker Change: Awesome, Thanks, Rami and just my follow up question art.
Speaker Change: Really geared towards you.
Speaker Change: Your confidence in returning to bookings growth at some point next year.
Speaker Change: Obviously.
Speaker Change: Incrementally positive signals are that the overall environment and staffing industry potentially returning to growth. So just curious of what what's driving the confidence that we're getting back to kind of towards the bottom here and then returning to growth on the booking side next year.
Speaker Change: Well, it's kind of interesting when you'd be pointed out some data points that we feel fundamentally showed that the trend is going in the right direction. I would also take a step back and say the bigger picture is that the tech industry fundamentally has grown at 3% to 4% for your meaning the tech workforce itself pretty much.
Speaker Change: For the last 25 years with the exception of 2001, which was the dot com implosion 2008, which was the great recession.
Speaker Change: And also 2020, which is COVID-19 so for us to see this kind of a condition of kind of.
Speaker Change: <unk> underperformance in the tech workforce is unusual I think that we do need to see two things.
Speaker Change: Fundamentally.
Speaker Change: <unk>, so that they drive our demand. The first is growth initiatives and I think that there are going to be more growth initiatives. There's a lot of talk about growth initiatives growth initiatives definitely require people. The other thing that propels our business is voluntary attrition.
Speaker Change: And over the last year and a half most technology workers have been reluctant to move.
Speaker Change: They view the economy with suspicion and so nevertheless, what we're picking up from a lot of tech recruiters, including some of our own inside of the HR group is that there is this almost dam ready to break kind of concept that is ready to play out so I feel like there was a law.
Speaker Change: Lot of reasons for optimism for 2025.
Understood well, thanks for taking my questions and best of luck with the rest of the quarter.
Speaker Change: Thanks, so much really appreciate it.
Speaker Change: The next question comes from Kevin Liu with K, Lou and company. Please go ahead.
Speaker Change: Hi, Kevin.
Speaker Change: Just got a quick question on kind of Q4 here in terms of the bookings expectation, maybe if you'd give us.
Speaker Change: Some commentary on the early trends you've seen in terms of renewal activity. This quarter outside of staffing. However, when you are going with your typical enterprise customer base.
Speaker Change: And how do you expect that to kind of flow into the new year. Since Q1 is also a pretty big deal.
Got it.
Yeah.
Speaker Change: Hi, Kevin This is Ronnie yeah looking forward to Q4.
Speaker Change: We expect Q4 to look very similar to what we saw in Q3.
Speaker Change: For both dice and C J.
Speaker Change: We are seeing as art mentioned, some green shoots and but we were conservative I would say with our Q4 outlook.
Speaker Change: Think now that the fed is signaling and has has made two rate reductions and we're also seeing.
Speaker Change: But the election in the rearview mirror and it remains to be seen when we're going to start seeing the booking.
Speaker Change: Bookings activity up chicken.
Speaker Change: What we'll see but the way that we've projected Q4 is fairly in line with Q3.
Speaker Change: Got it appreciate the color there and as we think to the new year and kind of the prospects for renewed.
Speaker Change: The new bookings growth here.
Speaker Change: Does that impact you know how you want to manage margins as we go into 'twenty five on any sense for your willingness to invest ahead of the curve to drive that we need to or do you need to see some kind of changed trend on the booking side before we started up the marketing expense again.
Speaker Change: Yeah, I would say from my perspective, we're we.
Speaker Change: We intend to be cautious and we would need to see that actual bookings demand take place before we made significant incremental investments in for example sales resources.
Speaker Change: So I think right now were poised to take advantage of that upswing with the capacity that we have in the sales team itself.
Speaker Change: There is the opportunity also to essentially spend more on marketing qualified leads again, we would want to see evidence that that trend is in fact in place that we can really count on.
Speaker Change: So that we can maintain our margins.
Speaker Change: Yeah.
Speaker Change: Great I really appreciate you taking the questions and good luck in the New York.
Speaker Change: Thanks, so much Kevin.
Speaker Change: The next question comes from Max Mccanless with Lake Street. Please go ahead.
Speaker Change: Hey, guys. Thanks for taking my question and I just wanted to go back to the Q4 bookings guide here.
Speaker Change: If we look at that and I think you mentioned, that's going to be similar to Q3, but in terms of segment breakdown.
Speaker Change: Breakdown I mean does this.
Speaker Change: I'm interpreting is this like expecting a further degradation in the in the dice segment. When we look at this 8% to 10% contraction year over year for bookings.
Speaker Change: Or am I thinking about that wrong.
Speaker Change: Yeah, I would say again, it's very similar so we break our business into thinking about renewal rates and then thinking about new business and our expectations for Q4 are similar to what we saw in Q3.
Speaker Change: For dice specifically.
Speaker Change: We do have a handful of large multiyear customers, who initiated their contracts and in the 2021 2022 time frame.
Speaker Change: And there.
Renewing at slightly lower level as they've evaluated their need with this tech hiring environment. So it's not churn necessarily it is slight contraction and this is a healthy reset and we expect positive growth is the tech hiring continues to grow in the next year.
Speaker Change: And top ups as you recall, we've historically talked about pop ups and in previous strong environments, and we anticipate that happening with those accounts over time.
Speaker Change: Okay.
Speaker Change: Okay, and then and we look out into 2025 and this in your comments on how we expect bookings growth I mean is that like a second half 'twenty five like.
Speaker Change: Clearance jobs continues to stay positive, but then starts to creep up towards that positive maybe breakeven 1% growth in the second half of 2025 is that how we should think about it or can you kind of break that down a little bit for me.
Speaker Change: Yeah.
Speaker Change: Yeah, we will in in upcoming quarters.
Speaker Change: Provide more clear guidance on 2025, but I think that the way youre thinking about is a reasonable.
Speaker Change: Perspective, and that we expect continued growth in DJ and we expect incremental improvements with ice.
Speaker Change: Yeah.
Speaker Change: Okay, and then I guess, just kind of a well.
Speaker Change: From a 30000 foot question here I mean, just kind of given the bookings trend and where we're going into 2025, I mean is there anything out in the market that we can go after maybe in terms of buying maybe on the M&A side and maybe vertical specific or maybe platform is there is there anything out in the market that you guys had been.
Speaker Change: Looking at the potential M&A target or kind of what are your thoughts there.
Speaker Change: Sure I mean, I'd have to say that we.
Speaker Change: We really haven't.
Speaker Change: <unk> thought about acquisitions for quite some time thinking that we would fundamentally make sure that we are getting the maximum performance out of our current platforms, both C J and dice.
Speaker Change: I don't foresee any particular acquisition opportunity on the horizon that would take us away from that strategy quite frankly.
Speaker Change: I do think that ironically, a lot of the opportunities in the private markets are actually.
Speaker Change: Higher multiples and wouldn't necessarily make sense for us right now.
Speaker Change: Alrighty, Thanks for taking my questions.
Speaker Change: Yeah.
Speaker Change: Thank you very much I appreciate it.
Speaker Change: Yeah.
Speaker Change: This concludes our question and answer session I would like to turn the conference back over to art Daly for any closing remarks.
art Daly: Thank you operator, and thank you all for joining us today as always if you have any questions about our company or would like to speak with the management team. Please reach out to Todd Curly yet M. K R and he will help arrange a meeting for US. Thanks, everyone for your interest in DHA group and have yourself a great day.
Speaker Change: Yeah.
Speaker Change: The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
Speaker Change: Okay.
Speaker Change: [music].