Q2 2024 Zoomcar Holdings Inc Earnings Call
Operator: We will wait for another two minutes.
Neither VP number two minutes to begin.
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Okay.
Bhavishree: Ladies and gentlemen, thank you for joining us today. My name is Bhavishree, and I'm the Head of Brand and Investor Relations at Sumcar. And I shall be coordinating today's session.
Speaker Change: Ladies and gentlemen, thank you for joining US today. My name is Harvey sheet, and then behavior private Investor relations. Thanks for the question and I shall be coordinating today's session Lincoln.
Bhavishree: Welcome to ZoomCar's second quarter 2024 earnings results. During this presentation, we will make forward-looking statements concerning upcoming events and our expectations regarding the company's business and financial performance. Each time we do, we will try to identify these statements with words such as expect, believe, anticipate or other words that identify potential events. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those stated in the forward-looking statements.
Speaker Change: Welcome to <unk> second quarter Three's rainfall on each of ethical.
Speaker Change: During this presentation, we have made forward looking statements concerning upcoming events and our expectations regarding the company's business and financial performance each.
Speaker Change: Each time, we do we will try to identify these statements, which words such as expect believe anticipate or other words that identify potential events.
Speaker Change: These forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those stated in the forward looking statements. Please consider the forward looking statements. Indeed in the earnings press release issued on November 14 trains rainfall and seated joined this conference call as well as the risk factors.
Bhavishree: Please consider the forward-looking statements contained in the Earnings Press release issued on November 14, 2024 and stated during this conference call, as well as the risk factors and uncertainties described in our annual and quarterly filings with the Securities and Exchange Commission. During our presentation, we may discuss or disclose non-GAP measures. These non-GAAP measures are not intended to replace the presentation of a financial result in accordance with the U.S. GAAP. The presentation of non-GAAP information is intended instead to provide additional information to investors to facilitate the comparison of past and present results. Any forward-looking statements we make today are based on assumptions which we believe to be reasonable as of today.
And Unfortunately these described in our annual and quarterly filings with the Securities and Exchange Commission join.
Speaker Change: Joining a presentation really discussed or disclosed non-GAAP measures.
Speaker Change: These non-GAAP measures are not intended to replace the presentation of our financial results in accordance with the U S. GAAP. The presentation of non-GAAP information is intended and state to provide additional information to investors to facilitate the comparison of past enters into with us.
Speaker Change: Any forward looking statements. We make today are based on assumptions, which we believe to be reasonable as of today. We ended ignore obligations to update these statements as a result of future events IV now handle water heaters finished July to move forward with is gone.
Bhavishree: We undertake no obligation to update these statements as a result of future events.
Bhavishree: I will now hand over to Hiroshi Nishijima to move forward with this call. Thank you, Bhagashree.
Hiroshi: Thank you Mike Ashish My name is Hiroshi interim CEO today, we have Sachin Gupta intense vehicle CECI same general counsel and Michelle genome engineering.
Hiroshi Nishijima: My name is Hiroshi, Interim CEO. Today, we have Sachin Gupta, Interim CFO, Shachi Singh, General Counsel, and Vishal, Head of Engineering.
Hiroshi Nishijima: Introducing myself, I have 25 years experience in the automotive industry, of which 10 years I spent as a management consultant in the global consulting firms like Boston Consulting Group, and another 10 years managing P&L of mobility marketplace business in Asia. Today, I shall take you through Zoomcar's strategy, and Sachin, our CFO, will later explain the summary of the quarterly metrics, both operational and financial. Let me begin with the key highlights of the quarter ending September 30th, 2020. We are happy to announce that we achieved record contribution profit of 1.21 million dollars, which is a significant improvement from the loss of 0.12 million dollars in the same quarter last year.
Hiroshi: Introducing myself I have 25 years' experience in the automotive industry of which 10 years I've spent as a management consultant in the global consulting firms like Boston Consulting group and another 10 years, managing P&L of morbidity marketplace business in Asia.
Hiroshi: Today I failed to take you through zoom God's strategy and searching our CFO will later explain the summary of the quarterly metrics, both operational and financial.
Hiroshi: Let me begin with the key highlights of the quarter ending September 32024.
We are happy to announce that we achieved record contribution profit of one point to two 1 billion, which is a significant improvement from the loss of their 0.1 2 million dollar in the same quarter last year, we have improved.
Hiroshi Nishijima: We have improved customer experience as our top priority and it helped increase guest repeat bookings and host retention. Therefore, we could optimize marketing spend, cash incentives, and cash discounts. As we have a robust contribution margin, our focus in the reminder of the fiscal year is to grow the number of Although our bookings increased year on year, we saw a dip in revenue. This is because we have much more short-duration bookings which generated slightly lower revenue. We understand the importance of growing revenue, however at this time we are prioritizing booking growth over immediate revenue growth. We believe that focusing on increased bookings even at the smaller transaction values such as shorter duration bookings will ultimately add more value by building a larger base of repeat guests in the near future.
Hiroshi: Group's customer experience at our top priority and a healthy increase guest repeat bookings and host retention. Therefore, we could optimize marketing spend cash incentives and cash discounts.
Hiroshi: As we have a robust contribution margin of a focus in the reminder of the fiscal year is to grow the number of bookings.
Hiroshi: Though our bookings increased year on year, we saw a dip in revenue.
Hiroshi: This is because we had much more shorter duration bookings, which generated slightly lower revenue we understand the importance of growing revenue. However at this time, we are prioritizing booking growth over immediate revenue growth, we believe that focusing on increased bookings even in this.
Hiroshi: Smaller transaction values, such as show deterioration bookings will altimetry add more value by building a larger base of repeat guests in the near future.
Hiroshi Nishijima: Last but not the least, I would like to highlight that we raised $9.15 million on 5th of November and are in the process of raising more funds.
Hiroshi: Last but not the least.
Hiroshi: I would like to highlight that we raised 9.15 million dollar on <unk> of November and are in the process of raising more funds.
Sachin Gupta: I will now hand over to Sachin Gopal. Hello, everyone. I'm Sachin Gupta, Interim CFO of ZoomCar, and I'll now take you through the operational and financial results of the second quarter ending September 30, 2024. We continue to strengthen our operations during the second quarter of the fiscal year, and this is reflected through the improvement in the number of measures presented here. The number presented here are for the quarter ended September 30, 2024, and compared to the quarter ended September 30, 2023, unless otherwise mentioned. Number of bookings increased by 7% to 105,000 during the three months ended September 30, 2024.
Speaker Change: I will now hand over to his searching Buda.
Buda: Hello, everyone.
Speaker Change: I am putting rooftop interim CFO zoom cotton and as non take you through the operational and financial results of the second quarter ending September 32024.
Speaker Change: We continued to strengthen our operations during the second quarter of the fiscal year and this is reflected through the improvement in the number of measures presented to the.
Speaker Change: The number presented go off for the quarter ended September 30th 2020 book and comes back as the quarter ended September <unk> 2023, unless otherwise mentioned.
Speaker Change: Number of bookings increased by 7% 205000 during the three months ended September coffee to covenant credit pool.
Sachin Gupta: While the gross booking value declined slightly by nine percent, you will notice that we are taking active measures to improve our customer experience, which is reflected in the fact that our active cards with 4.5 plus rated out of five went up by six percent compared to the quarter ended June 30, 2024. And our average guest trip rating also improved significantly from 4.16 for the quarter ended March 31, 2024 to 4.63 in the current quarter ended September 30, 2024. Moving on to the financial measures, our revenue declined by 16% during the quarter ended September 30, 2024 as compared to the quarter ended September 30, 2023.
Speaker Change: While the gross booking value declined slightly by 90% you will notice that we are seeking active measures to improve our customer experience, which is reflected in the fact that our active cards, but for one five months reduced out of clients went up by 6% compared to the quarter ended.
June 30th 2024, and on average get tripped breathing once were improved significantly from 4116 for the quarter ended March 31, 2024 to four point think tree in the coming quarters ended September compared to 2024.
Speaker Change: Moving on to the financial measures our revenue declined by 16% during the quarter ended September <unk> 2024, as compared to the quarter ended September 30 of 2020 degree Holywell I would like to emphasize on Hiroshima boring back that strong.
Sachin Gupta: However, I would like to emphasize on Hiroshi's point that with strong contribution margin at present, we are focusing on the number of bookings rather than revenue by increasing more and more short duration bookings. All of our remaining financial measures showed significant improvement during the current fiscal quarter ended September 30, 2024, as compared to the same period in the previous fiscal year. Loss from operations declined by 63 percent. Net loss attributable to the shareholders also reduced by 73 percent. be achieved a record contribution profit of 1.21 million dollars or 54 percent of the revenue as compared to a contribution loss of five percent in the comparable period last year.
Speaker Change: <unk> margin at present, we are focusing on the number of bookings rather than revenue.
Speaker Change: By increasing more and more short duration bookings.
Speaker Change: All refinery leading financial measures showed significant improvement during the current fiscal quarter ended September 32024.
As compared to the 6 billion in the previous fiscal year.
Speaker Change: Loss from operations declined by 63% net loss attributable to the shareholders also reduced by 73%.
Speaker Change: B achieved a record contribution profit of one point to $1 billion.
Speaker Change: All 54% of the revenue as compared to a contribution loss of 5% in the compatible meter last piano.
Sachin Gupta: This is our fourth straight quarter of increasing and positive contribution margins. Our adjusted EBITDA loss also declined by 62% to $1.47 million compared to $3.87 million during the previous comparable period. what we have presented two non-GAAP measures here, contribution margin and adjusted EBITDA, which we believe are important and supplemental to the GAAP measures. This slide provides a reconciliation of the non-GAAP measures to the GAAP numbers reported in the recently filed 10-Q.
Speaker Change: This is a broad street.
Speaker Change: Quarter of increasing and positive contribution margin on an adjusted EBITDA loss also declined by 62% to one point for $7 million compared to $3.87 million during the previous comparable period.
Speaker Change: What we have presence we have presented non-GAAP measures he.
Contribution margin and adjusted EBITDA, which we believe are important in supplemental to the GAAP measures.
Speaker Change: This slide provides a reconciliation of the non-GAAP measures to the GAAP numbers reported in the recent refi has been cute. These reconciliations are also part of the 10-Q filed with Securities and Exchange Commission yesterday on coatings of November 2024, and are also part of the basically made earlier in the day.
Sachin Gupta: These reconciliations are also part of the 10-Q filed with Securities and Exchange Commission yesterday on 13th of November 2024 and are also part of the press release made earlier in the day today.
Hiroshi Nishijima: I will now request Hiroshi to present Zoomcar's business strategy. Thank you Sachin. My presentation covers two things. One is the foundation of Zumcar's business and the other one is the key initiatives which have improved the operational and financial metrics and are going to be important in the near term. As a marketplace, we have hosts who supply vehicles and guests who book these vehicles from hosts for personal use. So what are the problems ZoomGuide is solving for hosts and guests? for the host. There are two problem statements that Zooka is looking to solve. One is that vehicle ownership is still expensive in India, so I as a host would like to cover the costs associated with such vehicle ownership.
Devine Ivy.
Speaker Change: I will now request Hitoshi, who presented zoom cards business strategy.
Hitoshi: Thank you Sachin Mike.
Hitoshi: My presentation covers two things one is the foundation of zoom Gus business and the other one is the key initiatives, which have improved the operational and financial metrics and they're going to be important in the near term future.
Speaker Change: As a marketplace, we have hosts who supply vehicles and guests to book these vehicles from posts for personal use so what other programs to guide solving for hosts and guests.
Hitoshi: For the host.
Hitoshi: There are two programs statements that zoom guide looking to sell over one in that vehicle ownership is still expensive, even India sold I as a host would like to cover the cost associated with such vehicle ownership.
Hiroshi Nishijima: Two is that it provides the host an opportunity to make side income from unutilized vehicles which would have otherwise been sitting idle. For example, a host has a full-time job, monthly income is $1,000, by listing a compact SUV in ZoomCar, he or she can earn $150 to $200 net of loan repayment per month. This is a good side income. Many hosts consider adding another vehicle to increase their side income. Another example is a host positions ZoomCar as main income source. He or she gets financing and lists 15 cars, for example, and even some hosts list more than 50 cars.
Hitoshi: Two is that it provides the host an opportunity to make site income from Unutilized vehicles, which would have otherwise been sitting idle.
For example, a host of who that job monthly income is 1000 dollar by lifting our compact SUV in zumba he or she can on <unk> hundred 50 to 200 dharna net of loan repayment bummer.
Hitoshi: This is a good fighting them many hosts consider adding another vehicle to increase their site income.
Hitoshi: Another example is our host positions zyuganov as main income source, he or she get financing and leased 15 got for example, and even some hosts lift more than 50 gun.
Hiroshi Nishijima: and they hire people to clean up and manage the fleet. Zoomcar enables entrepreneurs to start car-sharing business as main income. Moving to the guest side, there are two problem states. First one, as buying vehicles is still expensive in India, as a guest, I don't have vehicles in my household. However, I would like to travel to tourist destinations in the upcoming Christmas holiday with my friends or family. I got a car from Zoomcar and had a great memorable holiday. The second example is that. quite similar to other countries, people travel from one city to another and need access to cars during the journey.
Hitoshi: And they hire people to clean Nap and made manage noted fleet.
Hitoshi: <unk> enables enter printers to start car sharing business as main income cells.
Moving to the gas side there.
Hitoshi: There are two programs statements.
Speaker Change: Just one as buying vehicles is still expensive in India as a guest I don't have vehicles in my household however, I would make the troubled to tourist destinations in the upcoming Christmas coordinating with my friends all funded.
Speaker Change: I got a call from Luca and had a great memorable holiday.
Speaker Change: The second example is that.
Speaker Change: It's quite similar to other countries people, who traveled from one city to another and need access to cod joining the team.
Hiroshi Nishijima: I am personally very attached to these programs. I am a car guy. I believe my blood is made from petrol. I know owning a vehicle is aspirational, specifically in India. I know driving a vehicle gives us emotional feelings. I am strongly excited and feel emotional that I help Indian people solve those problems by improving access to mobility. So, how big is the scale of those problems? India has 1.44 billion population of which the majority is working age. Only 1 in 10 households are able to own vehicles, as it is still expensive. A most popular car model costs around four times of GDP per capita.
Speaker Change: I am personally very attached to these programs.
Mackay Guide: I Am Mackay Guide I believe my glad is made from petrol I know owning a vehicle is aspirational specifically in India I know driving a vehicle gives us emotional feelings I am strongly excited and feel emotional that I help Indian people sold those programs by improving access to them.
Speaker Change: Mobility.
Speaker Change: So.
Speaker Change: How big is the scale of those programs.
Speaker Change: India has 1.44 billion population of which the majority is working age.
Speaker Change: Only one in 10 households are able to the own beagle.
Speaker Change: As it is still expensive.
Speaker Change: Our most popular Cameltoe coast around four times of GDP per capita.
Hiroshi Nishijima: So accessibility to mobility needs to be significantly improved. The good thing is digital penetration is quite high. More than 1 billion mobile phones are connected to the internet. Many people use digital wallets to buy coconuts, bananas on the street. We believe India is a great market for car sharing with digital platforms in terms of size of the market, necessity to improve access to mobility, and penetration of digital change.
Speaker Change: So accessibility to mobility needs to be significantly improved the good thing is digital penetration is quite high and more than 1 billion mobile phones are connected to the internet. Many people use digital wallets Dubai Copa Lan Ananas on the street.
Speaker Change: We believe there is a great market forecasts sharing with digital platform in terms of size of the market, Mississippi to improve access to mobility and penetration of digital transactions.
Hiroshi Nishijima: Now, let's talk about Zoomcar. We have 143 employees. The majority is engineering, design, and product related. over 10 million guests, 25 cars, 90% brand awareness among car sharing and rental car users. And we are active in 99 cities with just only 143 employees because our platform is fully digitalized and relying on less labor-intensive operations. This is the summary of our focus for the last six months and the near-term future. We will cover one by one in the following.
Speaker Change: Now, let's talk about Zika.
Speaker Change: We have 143 employees, the majorities engineering design and product related.
Over 10 million guests twenty-five God, 90% brand awareness among car sharing and rental value them and we are active in 19 of entities are with just on the 143 employees because our platform is truly digitalized and rely ingalls less labor intensive operation.
Speaker Change: Yeah.
Speaker Change: This is a summary of our focus for the last six months and then near term future. We will cover one by one in the following slide.
Hiroshi Nishijima: Quality is our top priority. In the last six months, we have focused on improving quality and resulted in improvement of guest trip rating. At the end of each trip, guests rate the experience and average was 4.2 out of five in April and improved to 4.7 in June and maintained at 4.6 in September. 80% of our guests rate the booking experience and the significant majority is five. And when the guest makes a search of vehicles, we show available vehicles smartly. If your preference is quality, high rating vehicles are shown on top. If the average rating of a vehicle is high, the host gets more.
Speaker Change: Quality is our top priority in the last six months, we have focused on improving quality and resulted in improvement of guests triple rating at the end of each trip get rate that experienced an average was four points two out of five.
In April and improved to 247 in June and maintained at 4.6 in September.
Speaker Change: 80% of them against rate the booking expedience and that significant maturity is five stars.
Speaker Change: And when against makes the search of vehicles, we show available vehicles smartly.
Speaker Change: If your preference is quote a D high rating vehicles as shown on on dock. If the average rating of a vehicle is high the host gets more bookings.
Hiroshi Nishijima: If the average rating goes down below a certain threshold, we don't show such vehicles to guests. So hosts are highly incentivized to provide great customer experience, and this has improved the quality. Also, we have expanded the capacity of our customer experience team and added more channels so that guests and hosts can easily reach us for support. Because of the improved customer experience, we could reduce marketing spend, cash discounts, and cash incentives. This is the key behind the profitability improvement.
Speaker Change: If the average weighting goes down below a certain threshold, we don't show such because two guests soul hosta highly incentivize us to provide great customer experiences and this has improved accordingly.
Speaker Change: So we have expanded the capacity of our customer experience team and added more channels. So that guests and hosts can easily reach us closer bond.
Speaker Change: Because of the improved customer experience, we could reduce marketing spend cash discounts in cash incentives. This is the key behind the profitability improvement.
Hiroshi Nishijima: Now let's talk about supply. For any marketplace business like e-commerce, ride hailing, supply is the most important growth driver, especially when the scale is in the growing phase. Zoomcar is the largest car sharing marketplace in India, but yet has only 25,000 cars, which can only serve a fraction of people who need access to mobility. So our focus is growing supplies, which is host.
Speaker Change: Now, let's talk about supply.
Speaker Change: For any marketplace business like E Komatsu ride hailing.
Speaker Change: <unk> is the most important growth driver, especially when the scale, even a growing phase zynga is the largest got sharing marketplace in India, but yet has only 25000 cod, which can only serve a fraction of people who need access to mobility.
Speaker Change: So our focus is growing supply just hosts.
Hiroshi Nishijima: Let me share two examples of our key initiatives. First one, on the left-hand side, Zuzumka Fulfillment Center. It was first launched in Chennai, one of the largest cities in India, in August 2020. Usually, hosts need to manage vehicle cleaning, host booking, chat and calls with guests, delivering vehicles, and handing over keys to guests. Although our app makes management of car sharing experience for hosts quite easy, some hosts feel they don't have enough bandwidth to handle those. Such hosts can now place vehicles in our fulfillment centers and service operators provide operations on behalf of hosts. ZoomCar provides standardized operating procedures to the operators, which had been established by ZoomCar in the last 12 weeks.
Speaker Change: Let me share two examples of our key initiatives first one on the lectern tightened Zoom Gustafson Center. It was first launched in Chennai, one of the largest cities in India in August 2024.
Speaker Change: Usually hosts needs to manage vehicle cleaning post booking chat and coal is a bit guests delivering vehicles and hanging over keys to guests.
Speaker Change: Although our App makes management of cross sharing experience will host quite easy I'm host field. They don't have enough bandwidth to handle those tasks.
Speaker Change: Such hosts can now place vehicles in our fulfillment centers and savvy operators provide operations on behalf of hosts Zilkha provides standardized operating procedures to the operators, which had been established by some guy in the last 12 years.
Hiroshi Nishijima: Zoomcar was founded as an asset-heavy rental car company in 2012 and continued the rental car operations until we fully migrated to marketplace in 2022. During the 10-year period, we had established standardized operation procedures to ensure great customer experience. By using Zoomcar's proprietary knowledge, hosts are now able to list their vehicles and earn side income with a hassle-free experience in fulfillment. The second example on the right hand side is almost all of our hosts are now individuals who expect side income or micro-entrepreneurs. In order to gain scale, we are now in the late stage of discussions with a couple of large fleet operators who will provide hundreds or more vehicles.
Speaker Change: Zoom Com was founded as a method heavy rental the company in 2012 and continued the rental car operations until we fully migrated to marketplace. In 2022 during that 10 year period, we had established standardized operation procedures to ensure a great customer experience by using zoom guards proprietary.
Speaker Change: <unk> knowledge hosts are now able to list their vehicles and onsite income with the hustle free experience in fulfillment center.
Speaker Change: The second examples on the right hand side is a whole month, though our host now individuals who expect site income or micro entrepreneurs.
Speaker Change: In order to gain scale. We are now in the large late stage of discussion with a couple of large fleet operators, who will provide hundreds of all model vehicles I hope we can announce the pilot results fairly soon.
Hiroshi Nishijima: I hope we can announce the pilot results very soon.
Hiroshi Nishijima: talking about our vision to grow our business. Currently, Zoomcar is focusing on serving consumer and SMB guests in India. We believe there is a huge market for corporate guest segment in India. Also, if we are successful in India, we believe we can be successful in other emerging countries too. So, in summary, we have improved the customer experience and profitability in the last six months, and we will continue to improve the access for mobility to India's consumer sector. and our vision is to improve this access for the corporate customer segment in India and solve the same problems in other environments.
Speaker Change: Talking about our vision to grow our business currency zoom by focusing on serving consumer N. S. M. B guests in India. We believe there is a huge market for corporate gift segment in India also if we have success.
Speaker Change: So in India, We believe we can be successful in other emerging countries too.
Speaker Change: So in summary, we have improved the customer experience and profitability in the last six months.
And we will continue to improve the access for mobility to India's consumer segment.
And our vision is to improve this accessed for the corporate customer segment in India and solve the same problems in other emerging countries.
Hiroshi Nishijima: Now we are moving on to Q&A. Thank you for submitting your questions prior to the session today. There are three questions which came from multiple people. So we would like to address those questions. First, what is the key growth driver? To emphasize my earlier points, for any marketplace business, like e-commerce, like hailing, supply is the most important growth driver, especially when the scale is in the growth. Zoomcar is the largest car-sharing marketplace in India, but yet we only have 25,000 cars, which can only serve a fraction of people who need access to mobility. So our focus, well still, is growing supply, which is our hope.
Speaker Change: Now we are moving on to Q&A.
Speaker Change: Thank you for submitting your questions prior to the session today.
Speaker Change: There are three questions, which came from multiple people. So all we would like to address those questions.
Speaker Change: First off what is a key growth driver.
Speaker Change: To emphasize my audio points for any marketplace businesses like E Commerce right hailing supplies. The most important growth driver, especially with our scale, even broad phase zoom guys. A lot of discussion on market place in India, but yet we only have 25000 cars, which can only serve a fraction.
Speaker Change: The people who need access to mobility, so of our forecast, we'll still it is growing supply which is our host.
Hiroshi Nishijima: So that's the first.
So that's the first mission going to the second question.
Hiroshi Nishijima: going to the second Second question is, how much cash is sufficient to sustain the operation? A valid question. We are working currently to raise up to $30 million, including the $9.15 million already raised in the month of November 2024, which we believe will help us sustain the operation in the near future.
Nevada Krishnan: Second question is how much cash is sufficient to sustain the operation Nevada Krishnan.
Nevada Krishnan: We are working currently to read up to $30 million, including the $9.15 million already read in the month of November 2020 foot, which we believe will help us sustain the operation in the near future.
Hiroshi Nishijima: The last question that we received was what does Zoomcar do to manage tech? What we are doing is we are actively in discussion with our lenders and partners to restructure the current debt on the books to enable us to either settle these in a longer tenure of up to 24 months or reduce payout of up to half the outstanding amount if paid in short term. This, we believe, will enable us to invest more on the growth of the economy.
Nevada Krishnan: The last question that we received was what does some cards to go manage that.
Nevada Krishnan: What we're doing is we are actively discussion in discussions with our lenders and partners to restructures of putting debt on the books enable us to either sell these in a longer stay neurocognitive critical months on reduced beyond of up to half. The outstanding amount is paid in sharp gum is we believe.
Nevada Krishnan: Will enable us to invest more on the growth of the business.
Hiroshi Nishijima: This now concludes Zunkar's second quarter 2024 earnings conference call. For more information, please refer to our second quarter 2024 earnings press release from November 14th, or visit our investor relations website for the full earnings report. You can also email us on investorsatzunkar.com for any further queries. Thank you for your participation.
Nevada Krishnan: This now conclude <unk> second quarter 2024 on a conference call for more information. He is desperate to our second quarter 2024 earnings press release from November 14th or visit our Investor Relations website for the fleet earnings report you can also email us on investor that sometimes.
Nevada Krishnan: Dot com for any further patients.
Speaker Change: Thank you for your participation you may now disconnect.
Operator: You may now disconnect. Goodbye.
Speaker Change: Goodbye.