Q3 2025 Regional Management Corp Earnings Call

Speaker #4: Good afternoon , ladies and gentlemen , and welcome to the Regional Management . Third quarter , 2020 Earnings Call . All participants will be in .

Speaker #4: Listen only mode . A question and answer session will follow the formal presentation . If anyone should require operator assistance during the conference , please key in star and then zero on your telephone keypad .

Speaker #4: Please note that this event is being recorded. I will now hand you over to Garrett Edson of ICR. Please go ahead.

Speaker #5: Thank you and good afternoon . By now everyone should have access to our earnings announcement . Supplemental presentation , which were released prior to this call and may be found on our website at Regional Management .

Speaker #5: Com before we begin our formal remarks , I will direct you to page two of our supplemental presentation , which contains important disclosures concerning forward looking statements in the use of non-GAAP financial measures .

Speaker #5: Part of our discussion today may include forward looking statements , which are based on management's current expectations , estimates and projections about the company's future financial performance and business prospects .

Speaker #5: These forward looking statements speak only as of today and are subject to various assumptions , risks and and other factors that are difficult to predict and that could cause actual results to differ materially from those expressed or implied in the forward looking statements .

Speaker #5: These statements are not guarantees of future performance , and therefore you should not place undue reliance upon them . We refer all of you to our press release , presentation and recent filings with the SEC for a more detailed discussion of our forward looking statements and the risks and uncertainties that could impact our future operating results and financial condition .

Speaker #5: Also , our discussion today may include references to certain non-GAAP measures . A reconciliation of these measures to the most comparable GAAP measures can be found within our earnings announcement or earnings presentation , and posted on our website at Regional Management .

Speaker #5: Com . I would now like to introduce Rob Beck , president and CEO of Regional Management Corp . Thanks .

Speaker #6: Garrett , and welcome to our third quarter 2020 earnings call . I'm joined today by Harpreet Rana , our chief financial and administrative officer .

Speaker #6: On this call , we'll cover our third quarter results , provide an update on our portfolio growth strategies and credit performance , and share our expectations for the remainder of the year .

Speaker #6: As you may have noticed , we also announced by pending retirement today , I'll provide a few words on that . Towards the end of the call .

Speaker #6: Building off last quarter's strong numbers and momentum , we again posted excellent financial and operating results in the third quarter . We delivered net income of $14.4 million and diluted earnings per share of $1 .

Speaker #6: $0.42 , an improvement of 87% year over year . We grew our portfolio by 93 million sequentially , pushing our ending net receivables past 2 billion in the quarter .

Speaker #6: A new milestone for regional . Our portfolio generated 165 million of total revenue , a record high , while our operating expense ratio dipped to 12.8% .

Speaker #6: Also an all time best . The team continues to manage all line items of the income statement and balance sheet very well , as we focus on driving growth , improving our operating effectiveness , and generating capital that we can reinvest in our expansion and return to our shareholders through dividends and stock repurchases .

Speaker #6: We continue to monitor economic conditions and believe consumers in our target segment remain healthy , stable consumer health , and expanded geographic presence .

Speaker #6: And our improved data and analytic capabilities have enabled us to responsibly grow our portfolio , while at the same time improving our credit performance .

Speaker #6: Our total originations in the third quarter reached another record high , up 23% from the prior year period . Year over year . Our portfolio grew by 233 million , or 13% , keeping us on track to meet our targeted portfolio growth rate of at least 10% in 2025 .

Speaker #6: Notably , we exceeded our receivable growth expectations by roughly 35 million in the quarter as we took advantage of strong demand for our auto secured product and a larger addressable market from new branch growth .

Speaker #6: While maintaining a tight credit box . The additional 35 million of growth required us to recognize incremental provision expense in the quarter of approximately 3.6 million , or 2.7 million , after tax .

Speaker #6: Despite the additional provision expense , our net income was roughly in line with our guidance thanks to effective management of all our other line items .

Speaker #6: We also continue to experience improvements in our portfolio , credit quality and performance . Thanks to our credit tightening actions and returns on our data and analytic investments .

Speaker #6: At quarter end , our 30 plus day delinquency rate was 7% . An increase of ten basis points year over year . But a 30 basis point improvement after adjusting for the impact in the prior year of special borrow assistance programs associated with Hurricane activity .

Speaker #6: Our net credit loss rate of 10.2% improved 170 basis points sequentially , and 40 basis points year over year due to credit tightening , effective portfolio management and product mix .

Speaker #6: We're observing particularly strong credit performance in our newer vintages and in our portfolio of loans . With an April of 36% or less , including our auto secured portfolio for our portfolio loans .

Speaker #6: With April's capped at 36% , our 30 plus day delinquency rate was 6.2% , and our NCL rate was 8.9% in the third quarter , a 60 basis points improvement year over year and 130 basis points improvement from the third quarter of 2023 .

Speaker #6: We also continue to closely manage expenses in the quarter . Our operating expense ratio of 12.8% improved 110 basis points year over year , despite continued investment in innovation and growth , including 16 new branches opened since the third quarter of last year .

Speaker #6: Our year over year total revenue growth outpaced our expense growth by 12 times . We'll continue to invest in initiatives that will drive long term returns while practicing sound expense discipline .

Speaker #6: In the third quarter , we had capital generation of 26 million , bringing total capital generation year to date to 53 million through the third quarter of this year .

Speaker #6: We returned an aggregate of 26 million in capital to shareholders via stock repurchases of 17 million and dividends of 9 million . Our book value per share reached $37.94 a quarter end in some .

Speaker #6: We're very pleased with our third quarter results , and I continue to be impressed with our team's execution . We have very positive momentum and a growing , healthy portfolio , and we remain well positioned to deliver strong results .

Speaker #6: Looking ahead , we'll continue to execute on our growth strategies and improving our operating effectiveness . We expect to open five new branches before year end in Louisiana and California , and another 5 to 10 new branches in the first half of 2026 .

Speaker #6: We also plan to enter 1 to 2 new states in 2026 . Our new branches are performing well , growing rapidly and generating positive monthly net income at around month 14 and positive Pre-provision net income at around month three .

Speaker #6: We continue to view new branch openings as excellent investments and will continue to open new branches in new and existing markets . With the pace of openings dependent on economic conditions .

Speaker #6: Our strategy of growth and our higher quality auto secured and higher margin small loan portfolios also continues to be very effective . Growth in our auto secured portfolio , in particular , is outpacing the growth of our broader portfolio .

Speaker #6: Auto secured loans grew by 80 million , or 41% year over year to 13.4% of the portfolio at quarter end . Our auto secured book has very strong margins , and the best credit performance of any segment of our portfolio .

Speaker #6: With a 30 plus day delinquency rate of only 1.8% . Meanwhile , growth of our higher margin small loan portfolios support our returns and customer graduation strategy on the expense front , we remain good stewards of shareholder capital while investing in ways that will improve our operating efficiency and credit performance .

Speaker #6: We continue to implement improvements in technology and advanced data and analytics , such as our new front end branch origination platform , customer lifetime value analytic framework for direct mail marketing , and machine learning .

Speaker #6: Branch underwriting model . Ultimately , these investments will improve our customer experience and team member efficiency allow us to make better credit and marketing decisions , enhance our ability to monitor results , and enable us to optimize profitably .

Speaker #6: We expect that our team's efforts to grow our portfolio , increase our operational efficiency , and improve our credit performance will drive increases in net income and shareholder value over time .

Speaker #6: For 2025 , we're now forecasting full year net income of 43.5 million . The midpoint of our prior guide of 42 million to 45 million , where we land will be driven by macroeconomic conditions .

Speaker #6: And our fourth quarter portfolio growth , which directly impacts our provisioning for credit losses and bottom line results . Ultimately , our portfolio growth rate in the fourth quarter will depend on the health of the consumers , informed by our credit metrics and macroeconomic conditions , including the status of the government shutdown .

Speaker #6: Finally , our board of directors approved an increase in our stock repurchase program from $30 million to 60 million , of which 36 million remained available as of the end of October .

Speaker #6: We have a very healthy balance sheet with significant funding for continued execution of our long term growth strategy and the return of excess capital to shareholders .

Speaker #6: The larger authorization will enable us to continue to be opportunistic in repurchasing our common stock as we grow our business . I'll now turn the call over to harp , who will provide more detail on our results .

Speaker #7: Thank you . Rob and hello everyone . I'll now take you through our third quarter results in more detail and provide you with an outlook for the fourth quarter .

Speaker #7: On page four of the Supplemental presentation , we provide our third quarter financial highlights demonstrating significant improvements across key financial metrics . Our net income of $14.4 million and diluted EPs of $1 .

Speaker #7: 42 were once again supported by solid portfolio revenue growth . A healthy credit profile expense discipline and a strong balance sheet for the fourth quarter , we're projecting net income of roughly 12 million .

Speaker #7: Turning to pages five and six , we had record originations of 522 million in the third quarter , up 23% year over year .

Speaker #7: Loan volume was driven by continued strong performance from our digital channel , auto secured product and the 16 de novo branches . We've opened over the past 12 months .

Speaker #7: Our total portfolio crossed the $2 billion milestone in the quarter and stood at a record 2.1 billion at the end of the third quarter , while our ending net receivables per branch reached $5.9 million on average .

Speaker #7: We continue to believe that economic markers remain solid and that our customers tend to be resilient and adaptable . These conditions , along with the increases in our addressable market through geographic expansion , have allowed us to grow our portfolio while maintaining a tight credit box .

Speaker #7: Looking ahead to the fourth quarter , we anticipate that our ending net receivables will increase by roughly 60 million to $70 million sequentially , and that our average net receivables will be up by roughly $80 million sequentially .

Speaker #7: Turning to page seven , total revenue grew to a record $165 million in the third quarter , up 13% year over year . Our total revenue yield and interest in fee yield moved up 20 and 30 basis points sequentially to 33.1% and 29.7% , respectively , in line with seasonal patterns .

Speaker #7: In the fourth quarter , we expect total revenue yield of 32.2% , a 90 basis point sequential decrease due to seasonality and product mix .

Speaker #7: Moving to page eight , our portfolio continues to perform well . Our 30 plus day delinquency rate as of quarter end was 7% .

Speaker #7: A 30 basis point improvement year over year . After adjusting for the prior year hurricane impact . Our third quarter net credit loss rate of 10.2% improved 170 basis points sequentially and 40 basis points year over year due to credit tightening .

Speaker #7: Effective portfolio management and product mix . In the fourth quarter , we expect our delinquency rate to rise gradually , consistent with seasonal patterns .

Speaker #7: We anticipate that our net credit losses will be approximately $57 million in the fourth quarter . The rate will be sequentially higher due to seasonality , and it will be roughly in line to the fourth quarter of last year .

Speaker #7: Turning to page nine . We increased our allowance for credit losses in the quarter by $9.2 million to support portfolio growth consistent with our outlook , our allowance for credit losses rate remained steady at 10.3% .

Speaker #7: Looking to the fourth quarter , subject to economic conditions and portfolio performance , we expect our reserve rate to remain at 10.3% , flipping to page ten , we continue to closely manage our spending while still investing in our growth capabilities and strategic initiatives .

Speaker #7: Our annualized operating expense ratio was 12.8% in the third quarter . Another all time best and an improvement of 110 basis points from the prior year period .

Speaker #7: In the third quarter , our revenue growth outpaced our expense growth by 12 times . In the fourth quarter , we expect a expenses to be roughly $65 million .

Speaker #7: Turning to pages 11 and 12 , our interest expense for the third quarter was 22 million , or 4.4% of average net receivables on an annualized basis .

Speaker #7: Our cost of funds increased year over year as lower fixed rate debt has matured , and we funded our growth with higher fixed and variable rate debt .

Speaker #7: Even with the increased cost of funds , we're pleased with the way that we've managed or interest expense over the past few years .

Speaker #7: As of the end of the third quarter , 76% of our debt was fixed rate with a weighted average coupon of 4.6% . In October , we closed a $253 million asset backed securitization transaction at a weighted average coupon of 4.8% , a 50 basis point improvement from our deal earlier this year .

Speaker #7: This transaction , once again demonstrates the strength of our ABS platform following the closing of the October securitization . Fixed rate debt represented 89% of total debt , with a weighted average coupon of 4.7% and a weighted average revolving duration of 1.2 years .

Speaker #7: In the fourth quarter , we expect interest expense to be approximately $23 million , or 4.4% of average net receivables . Moving forward , we'll continue to maintain a strong balance sheet with ample liquidity and borrowing capacity , diversified and staggered funding sources , and a sensible interest rate management strategy .

Speaker #7: Aside from investing in our growth and strategic initiatives , we continue to allocate excess capital toward dividend and share repurchase programs . Our Board of directors declared a dividend of $0.30 per common share for the fourth quarter , and pursuant to our buyback program , we repurchased approximately 154,000 shares of our common stock in the third quarter at a weighted average price of $32.56 per share .

Speaker #7: Finally , I'll note that we provide a summary of our fourth quarter 2025 guidance on page 14 of our earnings supplement . That concludes my remarks .

Speaker #7: I'll now turn the call back over to Rob .

Speaker #6: Thanks , harp . In summary , we're proud of our third quarter results . Our team executed very well , delivering strong net income and new milestone in ending net receivables and an all time best on our originations , revenue and operating expense ratio lines .

Speaker #6: We continue to grow the company responsibly while increasing shareholder value . Before I close things out , I'll say a few words about my retirement .

Speaker #6: After careful consideration, I decided now is the right time to retire and spend more time with my family. Following a diligent search, our Board of Directors identified Lomba to succeed me as President and Chief Executive Officer of Regional.

Speaker #6: Lockyer brings to regional nearly 30 years of leadership experience in consumer lending and financial services . With extensive expertise in consumer credit , digital and technology platform development , brand sales and service analytics and product management .

Speaker #6: We're excited to welcome Lockyer to regional as we believe he is the ideal fit to continue our current growth strategy and lead Regional Management forward .

Speaker #6: It's been my distinct pleasure to lead such an outstanding team over the past five and a half years . I want to thank everyone at regional for their unwavering commitment and efforts .

Speaker #6: I'm proud of what we've accomplished as we've navigated through some of the most challenging environments we've experienced in decades , while nearly doubling our net finance receivables and expanding our footprint across the country to eight new states over the same time period .

Speaker #6: We invested heavily to transform our technology platforms and data analytic capabilities , positioning the business for future growth with regional well positioned for its next stage of expansion .

Speaker #6: And my confidence that we will lead the team to even greater success . I look forward to beginning my next chapter . I'll now open up the call for questions .

Speaker #6: Operator , could you please open the line ?

Speaker #4: Thank you sir . Ladies and gentlemen , we will now be conducting the question and answer session . Please note that for participants making use of speaker equipment , it may be necessary to pick up your handset before pressing the star keys .

Speaker #4: If you would like to ask a question , please key in star and then one and a telephone keypad . A confirmation tone will indicate that your line is in the question queue .

Speaker #4: You may key in star and then two to leave the question queue . After this question comes from John Hecht of Jefferies , please go ahead .

Speaker #8: I'm . Afternoon , guys . First of all , Rob , congratulations and hope to keep in touch . And best of luck in your next journey .

Speaker #8: And look forward to working with you as well . So my questions are . You had a pretty good acceleration in same store sales at as you know , as your digital volume picks up to .

Speaker #8: I'm wondering at the store level , maybe can you tell us what's going on ? Is it increased new customer account ? Is it graduating borrowers to larger loans ?

Speaker #8: That's driving that maybe just a little bit of a breakdown.

Speaker #6: Well thanks John .

Speaker #9: Appreciate the nice words . The . Yeah the same store sales have really increased nicely . We're you know , we we underwrite our digital loans through the branches and we're seeing , you know , really strong momentum coming through digital as well as look our our you know , traditional renewal customers that come through existing customers as well as our live check program .

Speaker #9: So you know we're seeing no surprise . We're seeing good demand . And we're able to , you know , be choosy on the customers .

Speaker #9: We we pick with with a tight credit box . So , you know , we feel good about where we're at .

Speaker #10: And just to add to that , John , so you know , we've had exceptional growth in in terms of the auto secured the branches are really sort of tracking to auto secured .

Speaker #10: Digital volumes are also up . And as you know , those are booked through the branches . So between those two items you're seeing strong performance in our branches year over year .

Speaker #8: Okay . And then I guess , you know , anything to think about as we transition toward 26 in terms of , you know , focusing on product mix , is it , you know , are we thinking similar mix this year to next year or is there something that , you know would be guiding a change ?

Speaker #10: So , John , how I would think about it is , you know , in terms of our mix , we're always very , very nimble , given the economic environment that we face .

Speaker #10: We talked about our growth in auto secured . That is a nascent product for us . So I would expect to see that continue to grow .

Speaker #10: You can take a look at our mix in terms of our large loans and our small loans . And you know , we will continue to grow the large loans , particularly driven by auto secured .

Speaker #10: But we always remain nimble in terms of our state expansion , new borrowers and growing small loans in those new states .

Speaker #8: Okay . Very helpful . Yeah , I guess that's those are my primary questions . I'll get back in the queue .

Speaker #9: Great . Thanks , John .

Speaker #4: Ladies and gentlemen , just a further reminder . If you'd like to ask a question , please . Key in star and then one to place yourself in the question queue our next question comes from Carl Joseph of Stephens .

Speaker #4: Please go ahead .

Speaker #11: Yeah . Good evening . Thanks for taking my questions . Kind of piggybacking on John's questions . Yeah . Just wanted to get some color for obviously you had really good growth the , the large loan side and loan growth slowed on the on the smaller loans .

Speaker #11: You know , any you talked about the auto loans kind of driving that . But you know we've heard a lot about you know the higher end consumers doing better than the lower end consumer .

Speaker #11: Is any of that kind of flowing through your origination trends .

Speaker #10: So we're not seeing anything in our data just yet . Kyle . But we always continue to look at our data and make adjustments around the margin in terms of our auto growth .

Speaker #10: We are definitely booking loans that meet our credit box and meet our risk return hurdles . So we're feeling pretty good about the growth that we've we've seen there .

Speaker #10: So so far , you know , we haven't seen anything in our data , but we remain mindful about the uncertainty that folks are feeling .

Speaker #10: We know that there's still , you know , over 7 million jobs open to customers in in our segment , we also know that , you know , although inflation is high , you know , it is where it was expected to be .

Speaker #10: And we know that our customers are resilient . So we continue to look at the uncertainty and make sure that we're making decisions based upon that .

Speaker #10: But right now we're not seeing anything in our data that we can't control . For by just making some changes around the margin .

Speaker #11: Got it . And then I think you I think you mentioned this , but in terms of the yield decline , just a function of seasonality and loan mix shift , is that right ?

Speaker #10: That is right . And when you're looking at . Sorry go ahead .

Speaker #11: Yeah I was going to say for the fourth quarter guidance versus the third quarter number .

Speaker #10: For the fourth . Yeah . For the fourth quarter . So you know , you're going to see a seasonal decline . You have to remember that in third quarter last year that we did have the hurricane impact .

Speaker #10: So you got to normalize for that . But other than that it is a seasonal decline . And then also with the mix shift to the larger loans , you're going to see yields decline because of that .

Speaker #10: Just because the larger loans , although that they have a great risk return , you know , margin , you will see lower yields with the larger loans .

Speaker #11: Got it . Very helpful . Thanks for taking my questions .

Speaker #10: You're welcome .

Speaker #12: Kyle .

Speaker #4: Up next question comes from Vincent Caintic of Btig . Please go ahead .

Speaker #5: Hey . Good afternoon .

Speaker #13: Thanks for taking my questions . And , Rob , it's been a pleasure working with you with all this time . So congratulations .

Speaker #13: Well deserved . So first question on the so actually wanting to touch back again on the level of growth and the outperformance versus your third quarter guidance .

Speaker #13: So I guess credit seems to have been okay . So that wasn't the driver . Just wondering if there was something else . Like was it less competition or something else .

Speaker #13: It was just a , you know , significant and nice beat . So just wondering what you saw in the quarter that surprised you that that drove that outperformance .

Speaker #13: Thank you .

Speaker #10: So , Vincent , it's hard . So when we give guidance right . We were looking out at the same uncertainty that we're looking out at going into , you know , into the fourth quarter .

Speaker #10: So we guided based upon what we thought we were going to see , what we found was demand continued to be strong . And then we had to match that demand against our risk box .

Speaker #10: And as you know , we've talked about in the prepared remarks , our risk box continues to be conservative , right ? In terms of it's been haven't really loosened .

Speaker #10: So we were able to actually meet that demand with our current risk box . We always put on good quality loans . And we had an opportunity to do that in the third quarter .

Speaker #10: So that's what we did . Looking out into fourth quarter in terms of our guidance . Again , we're looking at the uncertainty .

Speaker #10: We want to make sure that we're putting on good loans . And if there is an opportunity to grow faster because we're able to meet demand within our risk box and our return hurdles , we will do so .

Speaker #10: Keep in mind that if we do grow faster than what we've guided to, that, of course, will have a Cecil impact.

Speaker #10: And it will affect , you know , the guidance that we've given for net income in the fourth quarter and therefore our full year guidance .

Speaker #10: But that will , of course , you know , impact net income to the positive in 2026 . So that if we're able to put on good growth in the fourth quarter , we will take that opportunity to do .

Speaker #12: So .

Speaker #9: Yeah . And Vincent , great working with you as well . The only thing I would add to our commentary is obviously the government shutdown is still going underway .

Speaker #9: We've taken steps to reduce our direct mail in geographies that have concentration of government employees . We're also got , you know , a tighter risk box around those government employees in terms of verification of income and the like and how much we will renew with them until we get a better lens on when the shutdown might end .

Speaker #9: And so , you know , I think we're being appropriately cautious going into the fourth quarter , given , you know , what's happening in D.C.

Speaker #9: .

Speaker #13: Okay , great . Thank you . And that actually sort of touches on my next question , which is that marketing expense was pretty efficient this quarter .

Speaker #13: Even with you beating your loan outlook , expenses , marketing expenses were down 800,000 quarter over quarter . So I'm just wondering if that's a sustainable efficiency with your marketing or I guess , what's that pulled back in direct mail to government employees ?

Speaker #13: Or if you could maybe talk about that in more detail . Thank you .

Speaker #10: That really has to do with our new model that we've spoken about in the past . Vincent . So our new models are very efficient and we're able to make use of them .

Speaker #10: And we can do a number of things with them . Right ? We could either mail more with less marketing dollars , or we could remain at the same marketing dollars .

Speaker #10: And have higher volumes . And we're also able to adjust for risk . So what we did in the quarter , given where demand was , we were able to spend money and be more efficient while choosing , you know , the right customers to meet our risk box .

Speaker #10: So that's really what you see there in terms of the marketing spend . You know , you again , given our growth in the fourth quarter , you will hopefully see the same in the fourth quarter in terms of those models working for us .

Speaker #10: So we're hoping that that is sustainable in the future with those new .

Speaker #12: Models .

Speaker #9: Yeah . And Vince , we talked about this , the direct mail customer lifetime value . It gives us the the ability to see the profitability curves across all line items projected out for a couple of years for the life each mailing .

Speaker #9: And we can actually turn on and off risk segment states , whatever to optimize our spend or to optimize revenue or to optimize growth or to optimize losses , or to optimize profitability .

Speaker #9: While months out . So the power of these models and , you know , they get refreshed for for the current environment , the power of these models is is something that , you know , a lot of investment went into .

Speaker #9: And it's starting to pay .

Speaker #12: Off .

Speaker #13: Okay , great . Very helpful . Thank you .

Speaker #4: Ladies and gentlemen , with no further questions in the question queue , I will now hand back over to Robert Beck for closing remarks .

Speaker #9: Yes . Thank thanks . Operator . And thanks , everyone for joining . I want to first thank our investors who have supported the team and I , over the last five and a half years .

Speaker #9: We're proud of what we have been able to accomplish in transforming the business during , you know , as I said , a very difficult time with Covid and the period of high inflation , you know , since since I started in my role , we've had total shareholder return of over 230% .

Speaker #9: We returned 178 million of capital to shareholders in the form of dividends and buybacks . And we increased our capital book value by more than $13 per share .

Speaker #9: And most importantly , remain profitable through the cycle . Now , I've gotten to know Lakhbir , and I am confident that he will continue to build upon our momentum to grow our franchise .

Speaker #9: And of course , I will be available to assist with the transition through June of next year . I also want to thank the board for their support over the last five and a half years .

Speaker #9: And last but not least , I want to thank the entire regional team . We've been together from the start of my time at regional and they are an incredible group , and I think the best in the industry .

Speaker #9: Everything that has been accomplished is due to their unwavering dedication and hard work in support of our customers , and I will miss them greatly .

Speaker #9: Access to capital is essential for every person to build a productive life and regional provides this to subprime customers that need it the most .

Speaker #9: Something of which we are all very proud .

Speaker #12: Of .

Speaker #9: And lastly , any CEO that is operated since Covid will tell you it has been a demanding journey , but also a rewarding .

Speaker #12: One .

Speaker #9: As my family knows and harp , I put everything I had into regional 24 by .

Speaker #12: Seven .

Speaker #9: And it's now time to focus on my family , my health and the next chapter of my .

Speaker #12: Life .

Speaker #9: And I wish you all the very .

Speaker #12: Best .

Speaker #4: Thank you sir . Ladies and gentlemen , that concludes this event . Thank you for attending . And he may now disconnect your lines .