Q1 2025 Angel Oak Mortgage REIT Inc Earnings Call
Good day and welcome to the Angel Oak mortgage read first quarter 2025 earnings conference call.
After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two.
Please note, this event has been recorded.
Speaker Change: I would now like to turn the conference over to Mr. KC Kelleher. Please go ahead.
Good morning.
Speaker Change: As a reminder, remarks made on today's conference call may include forward-looking statements.
Speaker Change: Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those discussed today We do not undertake any obligation to update our forward-looking statements in light of new information or future events
Speaker Change: For a more detailed discussion of the factors that may affect the company's results, please refer to our earnings release for this quarter and to our most recent SEC pylings.
Speaker Change: During this call, we will be discussing certain non-GAAP financial measures. More information about these non-GAAP financial measures and reconciliation to the most directly comparable GAAP financial measures are contained in our earnings release and the SEC filings.
Speaker Change: This morning's conference call is hosted by Angel Oak Morty Treats Chief Executive Officer, Sreeni Prabhu, and Chief Financial Officer, Brandon Filson [inaudible]
Speaker Change: Management will make some prepared comments after which we will open up the call to your questions.
Brandon Filson: Additionally, we recommend reviewing our earning supplement posted on our website www.angelocreate.com Now, I'll turn the call over to Sreeni
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Sreeniwas Prabhu: Thank you, KC, and thank you all for joining us today.
Sreeniwas Prabhu: Our performance in the full score of 2025 was highlighted by continued net interest margin growth.
driven by a creative newly-originated loan purchases.
Sreeniwas Prabhu: Maintained operating extent savings and valuation tailwinds that buoyant book value growth compared to the end of 2024.
Sreeniwas Prabhu: Cash flow and dividend coverage continue to expand as a result of our discipline and value-driven operating model which enables us to grow the earnings power of the portfolio even in periods of sustained market volatility.
Sreeniwas Prabhu: Our priority is to drive long-term earnings accretion to a focused operational strategy while appropriately managing risk.
Sreeniwas Prabhu: while we did not execute a securization in the post-corder [inaudible]
Sreeniwas Prabhu: We were the sole participant in the AOMT 2025-4, the causation, which we closed shortly after and has provided us with capital to continue to purchase new loans.
Sreeniwas Prabhu: and reduce some reports that associated with our retained bond portfolio.
Sreeniwas Prabhu: Both of which should drive incremental net interest income in the coming quarters [inaudible]
Despite uncertainty surrounding international trade and tariff activity beginning [inaudible]
Sreeniwas Prabhu: The end of the first quarter, the foundation of our business model continues to be supported and we expect to continue the owning road trajectory established over the course of the past year and a half.
Sreeniwas Prabhu: Interest rates have declined meaningfully from the end of 2024, though the positive impact has likely been at least partially offset by previously mentioned international trade uncertainty, which is one interest rate spread.
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Speaker Change: Morty's rates have been stable as we continue to see a non-QM loan originations in the mid-to-high
Sreeniwas Prabhu: Overall, segregation markets have been resilient with the deep pool of market participants willing to participate in the market.
Sreeniwas Prabhu: That being said, there have been some variation in execution levels in terms of stress, depending on the timing with data points and or trade announcements.
Sreeniwas Prabhu: We have ample opportunities for us to recycle capital and continue growing our target assets portfolio.
Sreeniwas Prabhu: Our Capital Deployment Strategy will remain adaptive and flexible, aligning with evolving market dynamics in order to maximize expected shareholder returns.
Sreeniwas Prabhu: With regards to chapel raises, we will remain flexible and will continue to evaluate opportunities from perspective of earnings and value accretion over near and long term, as reflected by our creative senior unsecured noticeances last year.
Sreeniwas Prabhu: As we move forward, our focus remains on executing inline with our earnings generating model and delivering positive outcomes for shareholders, but positioning our balance sheet to be active by our high-quality non-cure loans.
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Thank you, Sreeni
Sreeniwas Prabhu: First quarter operating results were in line with the expectations continued our established earnings growth trend as we saw 18 percent net interest income growth versus the first quarter of 2024 .
Sreeniwas Prabhu: and over 2% net interest income growth compared to the 4th quarter of 2024 [inaudible]
Operating expenses, excluding securitization cost, stock compensation expense
Sreeniwas Prabhu: The 1.1 million are 29% lower than in the first quarter of 2024
Sreeniwas Prabhu: and represent a $300,000 decrease compared to the fourth quarter of 2024. As Shreeni mentioned, valuations were a tailwind during the first quarter as rights came down relative to the end of 2024.
Sreeniwas Prabhu: The valuation increase was primarily observed in the love underlying our 2021-2022 on-bound sheet
Sreeniwas Prabhu: As of today, we expect that our book value is approximately flat compared to the end of the first quarter as decreases in base rates work to offset slight widening of spreads.
Sreeniwas Prabhu: For the first quarter of 2025, we had dappnet income of $20.5 million or 87 cents per diluted
Sreeniwas Prabhu: Distributable earnings for the first quarter were $4.1 million or 17 cents per diluted common share. The driver of the difference between gap net income and distributed earnings is a removal of unrealized gains primarily on our securitized and unsecuritized loan portfolios.
Sreeniwas Prabhu: In the first quarter, we had $18.7 million of unrealized gains on our securities and residential loan portfolios [inaudible]
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Sreeniwas Prabhu: Interest income for the first quarter was $32.9 million and net interest income was $10.1 million marking a 30% improvement in interest income.
Sreeniwas Prabhu: and an 18% improvement in net interest income compared to the first quarter of 2024.
Sreeniwas Prabhu: Compared to the 4th quarter of 2024, interest income increased by 3%, and it is just income increased by over 2%, we expect interest income to continue to grow as we purchase accretive loans, employees down portfolio management.
and leverage effectively Angel Oak's Securitization Platform.
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
KC Kelleher: Our $259 million loan purchases this quarter carry a weighted average coupon of 7.67%, weighted average loaned value ratio of 70%, a weighted average FICO score of 751%.
KC Kelleher: The weighted average coupon of our residential hold loan portfolio as at the end of the quarter was 7.55% representing an increase of 44 basis points since the first quarter of 2024.
KC Kelleher: including loan purchases and securitization activity subsequent to the end of the quarter. Our weighted average coupon is approximately 7.6%.
KC Kelleher: Current loan production and locks continue to be in the mid to high 7% range.
I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry.
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
KC Kelleher: Following the 4th quarter of 2024 in which we completed two securitizations, we did not execute a securitization in the first quarter. However, shortly after quarter end, we completed the AOMT
KC Kelleher: 2025-4 Securitization as a sole contributor, contributing $284.3 million in loans.
KC Kelleher: The weighted average coupon of AOT 2025-4 was 7.5% with a weighted average LTP of 70.9% and a weighted average credit score of 752.
KC Kelleher: The deal paid down $242.4 million of warehouse debt and at least $24.7 million of cash.
KC Kelleher: which was used to purchase new loans and reduce outstanding repurchase debt on a retained bond portfolio to reduce financing risk and costs.
KC Kelleher: Weighted average funding cost of approximately 4.3%. We expect that following the AOT 2025-4 securitization. The weighted average coupon rate of our loans and securitization trust
KC Kelleher: The Securization Market Range Actives, and we plan to continue to access it via our methodical
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Operating expenses for the first quarter were $3,000,000 [inaudible]
KC Kelleher: excluding non-cash stock compensation expenses, securitization costs, first-quarter operating expenses were $2.8 million. This represents a 29% decrease compared to the first state metric in the first quarter of 2024.
KC Kelleher: At a 10% decrease compared to the same metric in the fourth quarter of 2024. Going forward, we expect to maintain similar operating expense levels
KC Kelleher: Looking at our balance sheet as of the end of the quarter, we have $38.7 million of cash. Our recourse to that equity ratio was 2.3 times.
KC Kelleher: Subsequent to the end of the quarter, the execution of AOT 2025-4, drove our recourse debt equity ratio down to approximately 1.3 times.
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
KC Kelleher: Get book value increased 5.2% to $10.70 as of March 31, 2025, from $10.17 as of December 31, 2024. Economic book value, which fair values all non-recourse for securitization obligations.
KC Kelleher: was $13.41 per share as of March 31, 2025, up 2.4% from $13.10 per share as of December 31, 2024.
KC Kelleher: The increased in book value was driven primarily by the aforementioned unrealized gains are Securitized and Unsecuritized Portfolio, supported by Portfolio Earnings Growth.
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
KC Kelleher: We ended the quarter with residential loans at a value of $439.5 million financed with $360.5 million
$1.7 billion of residential mortgage loans and securitization trust
KC Kelleher: and $419 million of RMBS, including $20.8 million of investments in co-mingled securitization entities, which are included in other assets on our balance sheet. We finished the quarter with undrawn loan financing capacity of approximately $690 million.
KC Kelleher: Now looking at credit, we ended the quarter with a total portfolio weighted average percentage of loans
KC Kelleher: 90 plus days delinquent at 2.79% inclusive of our residential loan, securitized loan and R&BS portfolios, an increase of 35 basis points from the first quarter of 2024.
KC Kelleher: As we stated previously, we expect this type of nominal increase as we return to normalize historical credit performance levels.
KC Kelleher: The AOMT Securitization Shelf has an exceptional credit performance history and its provenance ability to execute and chop the markets
KC Kelleher: We've laid a strong foundation by making an potential effort to move up in credit for our loan originations and purchases over the past couple of years.
KC Kelleher: which provides us with a confidence that we'll continue to deliver amid potential periods of volatility.
KC Kelleher: Thus, as credit performance normalizes, we expect our credit to outperform relative to peers.
KC Kelleher: Additionally, we expect that our portfolio-wide low-LTV diligent underwriting standards and inherent credit selection to mitigate losses throughout a credit cycle if credit becomes an issue.
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
KC Kelleher: Three month pre-pay speed for our RNBS and Securitized Loan Portfolios were 6.6% in the quarter.
Speaker Change: Reflecting a decrease compared to the end of 2024. As bar and rates remain steady, we do not expect
Speaker Change: on the 2021-2023 securitizations. If rates do fall, increasing prepayment speeds, are securitized lump and R&BS portfolios awaited towards loans that are well below current rates.
Reducing or eliminating a homeowner's incentive to refinance this
Speaker Change: as non-QM has historically prepaid approximately 25-30 CPR.
Lastly, we do have the ability to use capital of capital.
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Speaker Change: Finally, the company is declared a 32 cent per share common dividend which will be paid on May 30th, 2025, to comment shareholders of record as of May 22nd, 2025.
Speaker Change: Thank you Brandon, additionally, and as many of you know, we were pleased to have recently announced a strategic partnership between Brookfield Asset Management and Angel Oak companies.
Speaker Change: We are excited for the new growth and innovation opportunities that this partnership can provide across the Angel Oak platform.
Speaker Change: We do not expect any material changes to the day-to-day management of AOMR as a result of this transaction.
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Speaker Change: I would like to thank the entire Angel Oak team for their hard work towards building what we believe is the best non-cure of loan origination purchase and segregation platform.
Speaker Change: by focusing on diligent credit selection, consistent securization execution, and value-driven decision making.
Speaker Change: We look forward to continue to build long term value for shareholders in the coming quarters and years. With that, we'll open up the call to questions. Operator.
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Thank you.
We will now begin the question and answer session.
Speaker Change: To ask a question, you may press star then one on your telephone keypad If you're using a speaker phone, 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
Speaker Change: At this time, we will pause momentarily to assemble a roster to assemble a roster.
David Hagen, David Katsikas
I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry.
I'm sorry. I'm sorry. I'm sorry. I'm sorry.
Doe Harter: The first question comes from Doh Harter, with UBS, please go ahead
Thanks and good morning.
Doe Harter: I'm hoping you could talk a little bit about the securitization you did in April , kind of what the execution of that looked like in the volatility and how that impacted returns on that versus some of the more recent deals you did.
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Yeah, hey, good morning, Doug [inaudible]
Doe Harter: We issued that securitization out right into some of the volatility. We still got good execution because if you look back, I think we were before, treasured rates were a bit higher than where we issued. We did have to widen out the spread on the AAA.
Doe Harter: You know, Securitization Yeal, that one is probably now like a 13 to 17.
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Doe Harter: up a little higher than maybe we were purchasing over the last quarter so more like high sevens recently in terms of locks.
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Thank you.
Speaker Change: The next question comes from Randy Binner with B-Reilly FBR, please go ahead
Randy Binner: Hey, good morning, thanks. Yeah, I had a couple, so I guess
picking up on the comments about prepayment speeds in the comments.
and the securitizations. [inaudible]
Thank you. It was a pleasure. Thank you.
Speaker Change: I feel like on a headline basis, would mortgage rates have to be like 5% before that's an issue? I'm kind of looking for a less technical explanation, but is that the margin you have versus where mortgage rates travel closer to 7% today is?
Speaker Change: Yeah, I would think there would be, you know, we kind of have a very barb-build, securitized loan portfolio. We've got the five and a half percent under portfolio, that was.
Speaker Change: You know, the post IPO and then through kind of 2023 vintage 24 or 25 those are seven and a half plus percent coupon you know the earlier deals that are in the fives.
Speaker Change: We're 200 basis points that moves away on mortgage rates to where you'll probably see some speeds close.
You know, click up.
Speaker Change: And I'd say that the current coupon, yeah, you probably a hundred basis points [inaudible] I'd say I'd say I'd say
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Speaker Change: Levels, so we still have a bit of room for speeds to increase and still have good results.
Speaker Change: And then I did another one, I think this is for Sreeni, just some commentary about the securitization market being good, but maybe variation in execution and
Speaker Change: You know, conditions, I guess, when there's like off days for the market, just, just wondering if I heard that correctly. I mean, it makes sense intuitively, but that, that effect you kind of just doing one.
You know, large and good deal, you know, looking back.
I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry.
Speaker Change: Yeah, I mean across the year you always have these bouts of volatility. So you look for two things. One is the Christoph execution and in the second one is absolute illiquidity. And what we saw even with a lot of the terrible issues and volatility in the equity markets and the bond markets.
Speaker Change: There was no illiquidity, so that's number one, right? We could at least do our secretion, so it was not like, hey, we cannot get anything done in the liquidity
Speaker Change: and what we have to do is we have to be consistent in terms of execution, it's all risk management, right? So
Speaker Change: The question at that point we have is, do we widen out the spreads?
Speaker Change: to see where execution happens or do we take the secursion back? And what we have talked to the investment community, investment community consistently is
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Speaker Change: There was a lot of pain probably for the first two weeks of April , but what I would tell you is that not just us but even our peers, the
Yeah, that's perfect. Appreciate it.
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Speaker Change: The next question comes from Matthew Erdner, with Jones Trading, Pizquil Ben.
Matthew Edner: Hey, good morning, guys. Thanks for taking the question. Could you talk a little bit about loan purchases, post-securetization, you know, and if you've seen any difference in the market there? And then kind of as a follow-up to that, you mentioned.
Speaker Change: playing up a little bit more in credit. Are you guys paying a little more for expanded credit there? Just kind of want to get your thoughts on post-securitational infertility. Thanks.
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Speaker Change: Yeah, so yeah, in a securitization, right, we're freed up $24 million a capital, which we'll use, we did earmark some of that to reduce some repurchase debt outstanding, but we'll have enough capital to really go through.
Speaker Change: Another call at a hundred million, hundred fifty million dollars in long purchases over the next couple quarters and then I think you'll be able to see us at that point do some co mingled
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Speaker Change: Well, over seven, but under eight is kind of what we're seeing in almost a day-to-day basis of no matter what the volatility or reduction volatility is.
Thank you.
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry
Speaker Change: Thank you. The next question comes from Eric Hagen with BDIG, please go ahead.
Eric Hagen: Hey, thanks. Good morning. I just fallen up here a little bit. I mean, with the macro being a little bit more sensitive, I mean, how do you expect valuations in the secondary market to differ going forward for the bank statement loans versus the investor in a DSCR loans? And are you guys? [inaudible]
Eric Hagen: Do you have an appetite for one versus the other? Maybe a little bit more right now. Thank you guys.
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Speaker Change: Yeah, I mean, good question. I mean, you know, I think one part of the question is also, you know, the credit on the boroughs as we enter a new environment. Obviously, what we have seen is other parts of consumer credit ex-housing has we can considerably over the last probably nine to 12 months.
Speaker Change: We are not seeing that generally in the rest of the day, but we are seeing some shoots in that.
At the way I would answer that is,
Speaker Change: You know, if you look at it from a pure, we don't suspective, you know...
Speaker Change: DSCR loans obviously do better just because of previous penalties in there but they're also aligned to rental income, aligned to more investment purposes etc. which is bank statement loan so.
Speaker Change: Right now, I think we'll keep the current mix, we don't plan to increase anything or decrease anything but we have more scrutiny probably around the ACR loans
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Michael
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
That's really helpful detail. Thank you.
Speaker Change: Following up on the comments around re-securetization, should we think of that as being mostly connected to interest rates, you know potentially it's falling? And in the event that you guys are able to re-secure ties
Speaker Change: How long should we expect those loans to maybe sit on a warehouse line of funding before you're able to turn them around in this period of age and are you guys seeing any relief on the warehouse funding costs?
You know, relative to benchmarks like so far and stuff. Thank you.
I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry.
Speaker Change: Yeah, so the re-securetization we got, we almost say, have two different components, right? We have the pre-IPO securetizations which...
Speaker Change: You know, honestly, the securitization market in those loans look pretty similar to today, but that's been outstanding now for those securitization been outstanding for almost six years, so they're massively delivered. Thank you very much.
Speaker Change: So, any re-securitization of those will be a re-leveraging play to free up capital
We do not intend, if we secure times, to...
Speaker Change: Take the loans back for a meaningful period of time. We really would like to execute a media call and re-secure it as Asian. So we wouldn't, you know.
Speaker Change: Take our fixed funding costs, convert it back to variable and then have the market risk through that time. So if we did it we would do an instant, you know, effectively a same day, you know, resecuretization or sale of some of the loans, underlying the securetizations. Thank you.
Speaker Change: But funding cost, you know, because I think today's funding cost, you know, we're not quite at a point where we look at the funding cost through really any of our deals. It's similar to the old stuff.
Speaker Change: Post IPO is very cheap and then the new things are coming in. Our new Securitization, the funding cost was very similar to where it was back in 2019.
Speaker Change: And then on the warehouse funding side, we are seeing a lot of our warehouse lenders begin to work with us to cut.
Sprats, you know, we've gone from things a little bit earlier, you know, we had facilities at like 210 over with a 20 basis point.
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Speaker Change: which provides a little bit more tailwind on the returns as well. I expect it to as long as the market stays kind of stable here and we keep executing that we'll be able to negotiate a little tighter spreads in the coming periods as well.
I'm sorry. I'm sorry. I'm sorry. I'm sorry.
Speaker Change: in detail from you guys this morning. I appreciate it. Thank you.
Yep.
I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry
Speaker Change: Thank you. The next question comes from Don Fandetti with Wells Fargo. Please go ahead
Don Fanditi: Mike, can you talk a bit about the competitive landscape for NONQM currently and then how you're thinking about it long-term if the GSE footprint shrinks?
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Yeah, very good question.
Saucy as Rates went up in 22.
Don Fanditi: A few things happen, I'll talk about the supply and the demand [inaudible]
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Don Fanditi: six seven agency loans that are not doing one or two agency loans and so they are more proactive in non-QM.
and so the supply of that is gone.
Don Fanditi: on the by side you have tremendous demand from insurance companies so the market has definitely become
Don Fanditi: Anticently, more commoditized and these are the markets where
Don Fanditi: You know, don't expect Angel Oak from the original nation or from the reach side to try to capture market share. You know, we've just gone up in quality and stood there. Thank you.
Don Fanditi: But it's a relationship with the brokers that we've been doing business. I mean, if you think about it
Don Fanditi: All the people that have come in and out of the market over the last eight plus years.
Don Fanditi: So our relationship with the brokers allows us to get what we want to get relative to the competitive landscape that it is so
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
The agency guys doing more agency loans. There's a lot of seven, seven and a half, eight percent coupons sitting out in the agency market. They'll have to be refinanced.
Speaker Change: and so those guys will refocus back on the agency business, lose focus on the non-cumin business.
Don Fanditi: and that's when our business model then becomes even more active so
Don Fanditi: Today we are happy, a market is getting more commoditized, no doubt about it, everybody knows it but you know this is when you when you stay true to credit but from a relationship perspective a core relationships what we have developed in the mortgage company over the last you know
Don Fanditi: Almost ten years now, is playing out the way we wanted it to play out [inaudible]
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Great, thank you.
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Speaker Change: Thank you. This concludes a question and answer session. I would like to turn the conference back over to Mr. Brandon Filson for any closing remarks.
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry.
Speaker Change: Thank you everyone for your time and interest in Angel Oak Mortars Read. We look forward to connecting with you again next quarter in the meantime. If you have any questions, please feel free to reach out to us and have a great day.
I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry.
Sreeniwas Prabhu, KC Kelleher, Brandon Filson
Speaker Change: The conference has now concluded. Thank you for attending to this presentation. You may now
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