Q2 2019 Earnings Call

Ladies and gentlemen, please standby today's conference scheduled to begin momentarily.

Until that time your lunch will again be placed on hold thank you for your patience.

Good morning, My name is Tom and I will be your conference operator today.

At this time I would like to welcome everyone to the EPA worldwide written reports second quarter earnings call.

All lines have been placed on mute to prevent any background noise.

After the speakers remarks, there will be a question and answer session.

If you would like to ask a question. During this time simply press Star then the number one on your telephone keypad. If you would like to withdraw your question press the pound key.

In order to allow the host to answer as many questions as possible, we ask that each participant only ask one question and one follow up question.

Thank you I would now like to turn the conference over to John Crafts. Sir. Please go ahead.

Thanks, Tom Good morning, everybody today's call like all of our events is subject to both safe Harbor and forward looking statements.

You can find the full text of both statements on the first and final pages of our presentation today.

A copy of which is available on our website as well as with the FCC.

On this morning's call is still heasley, our CEO and Scott Behrens our CFO .

Before we get no I'd like to let everybody know that he's yeah, we'll be attending.

The 2019 Wells Fargo Technology Services Forum in Newport, Rhode Island on August 13.

As well as the Craig Hallum Fin Tech Innovators conference in New York City on September four as well as the D.A. Davidson 18th Annual Technology Conference also in New York on September four with that I'd like to turn the call over to Phil.

Thank you John .

And thank you everyone for joining todays call.

I'm pleased to report that Q2 was a strong quarter.

Operator, <unk> as the digital transformation of payments accelerates rapidly around the globe AC eyes vision of any payment every possibility is resonating with the market.

Our solutions continue to drive customer innovation and success and as a result, we grow our business organically across our two pianos for customer segments and six solution areas in the first quarter as part of they see high speed paid further propelled our results bring notable improvements in profitability and scale Tracy I on demand platform business I'm going to spend the next few minutes, providing additional commentary on the quarter and we'll share a sample of the Q2 wins that demonstrate they see eye's momentum across the key bank intermediary merchant and corporate customer segments. I will then turn the call over to Scott to cover the details of our Q2 financial results.

I'll start with our AC eye on demand business. This quarter is see eye on demand grew revenues and profitabilities year over year, driven in particular by the increased demand for secure and reliable E Commerce and digital Bill payment solutions, among merchant and corporate customers in Q2 AC eye on demand achieved 8% revenue growth year over year before the contribution from speed pay.

In early May we completed the acquisition of speed pay bringing together the industrys market, leading U.S. bill payment portfolios.

The acquisition brought immediate scale to our platform and that's accelerated.

See I on demands path to achieve our rule of Fortys profitability target.

Hey Sea ice on demand net adjusted EBITDA margin improved to 18%.

From a minus 5% in Q2 last year I'm extremely pleased by the progress we have achieved integrating speed pay and up bill payments businesses. During the first 90 days.

Our teams are already working.

Successfully as part of the one Sci family, bringing the best of both organizations together in a way that multiplies our power we've accelerated our plans to deliver unified bill payment platform capable of supporting billions of transactions.

In the case of Sci and speed pay one in one really does equal three.

In Q2, we continued to advance our bill payment portfolio and market leadership with the launch of two new capabilities, Sci disbursements services, and a new wallet mobile wallet payment and notification capability.

For both Apple and Google pay.

Capabilities. We also did a developing real time recurring digital subscription payment capabilities to meet the conversion needs merchant corporate and fillers.

Momentum continues with strong customer wins expansions and renewals in our corporate segment for Biller solutions, including the state of Georgia.

A long term Sci bill pay customer expanded its relationship with the Guy bring on additional state counties utilizing web tag renewals.

The California State government long term.

Hi, Bill pay customer signed to renewals consolidate term extensions from multiple state departments municipalities and agencies doing base Nickels College selected.

Hey, guys Bill payment solution to improve its students bill pay experience and.

Kw specialty insurance, a leading full service insurance companies select today Psi to provide its customers a fast and efficient digital bill pay experience kw will utilized.

New disbursements services, which allows businesses to send money to consumers bank account in real time using their debit card.

With an AC eye on demand we also.

Continue to see strong momentum for our E Commerce and omni channel platform solutions earlier in the quarter, We announced an alliance with JCP International to launch its JCB web based service, which is powered by our up e-commerce payment solution.

The JCB web based service makes it easier and faster for acquirers to connect the JCB network to accept transactions for more than 130 million JCB card members.

Other key milestones wins and renewals from the merchant segment.

In quarter to include one of the largest office supply retailers in the United States, which selected up merchant payments to manage its payments infrastructure orange pay a leading touch base PSP with merchant customers across Europe , and China selected up merchant payments to processes online payments.

To pay a leading global fin tech selected.

Merchant payments as it expands its merchant acquiring business and works to control online payment fraud and reduce charge backs.

Hi, PS the leading qualified service provider in China, as well as a central hub for visa and Mastercard Cross border transactions selected merchant payments Rps is working to become Chinas, leading provider cross border transactions for visa and Mastercard.

One of the largest mobile network operators in the UK and the long term.

Hi customers use utilizing up ecommerce payment solution for online fraud prevention.

Shifting now to our on premise business. The PCI on premise PML had a strong quarter growing revenue in EBITDA year over year, driven by digital transformation open banking and new real time payment regulations demand for real time payment capabilities, particularly grew significantly up 40% from quarter. Two 2018, showcasing our customer momentum AC I was recognized as the best real time payments solution provider at the Oval payment Innovation Awards. In addition, we announced that being BMO.

Financial group is leveraging our up real time payment solutions to accelerate new products to market, such as well as business to consumer.

Payments.

Real time payments continue to take hold across the globe. This week's news from the federal reserve and announcing plans to build a real time payment network in the us validates the growing opportunity.

AC I already supports the two current us real time networks as Ellen the clearing house.

And as also powering real time payments around the world in Australia.

For Thailand, Malaysia, Europe , and the Middle East, we've now extended our real time payment reach to India. In Q2, we made a strategic investment in Mumbai based mine Gate solutions, India's leading digital payments solution provider as well as market leader in processing unified payment interface or you pie.

Real these are real time transactions, 70% of you guys transactions are currently routed through mine gate customer banks by 2023 industry accurate experts predict that there will be more than 60 billion you pi transactions annually counting more than 50% of Indias digital payment transaction as part of this investment.

In mine gate will deliver a joint real time payment solutions that will combine AC I've proven universal payments processing software with mine gates digital overlay services. This will build on a strong heritage and precedents in India's payments ecosystem aided the country's 10 largest banks currently utilize a size up solutions to process, 60% of Indias digital payment transactions. In addition, with our global reach we plan to bring mine gates capabilities to a number of international markets. In addition to India.

In June I had the honor of hosted in a payments form with India's leading.

Bank executives in Mumbai.

I am very excited by the innovation occurring in the country, which is on a path.

On the path to outpace other regions and transfer its economy with digital payments.

Key AC eye on premises wins expansions or renewals across our bank and intermediates segments include state Bank of India, The largest bank in India and the long term may see I customer, which utilizes up retail payments and payments risk management to meet its card and non card based transaction processing and fraud monitoring requirements Wells Fargo, one of the world's largest banks long term customer is utilizing.

Universal online bank or for a CH payments cardtronics, the world's largest ATM, operator and long term.

Customers utilizing up retail payments as it expands into markets and segments fashion, a long term AC customer in Ethiopia is utilizing up retail payments and payments risk management as it expands its leadership position within the country.

Currency select which enables our partners in 21 countries to perform dynamic currency conversion and multi currency processing selected up retail payments to refinance existing acquiring business functions and to improve its operational effectiveness.

Our to jostle, a leading Indonesian base interbank network selected up retail payments to quickly introduce new payment channels and payment types to its customers.

Then read the largest processor in Uruguay selected up retail payments to consolidate many of its payment systems into a single innovative platform dollar bank, a leading regional bank based in northeastern United States and long term ace customer renewed with Universal online banker and will upgrade our platform solution to offer RIV damped user experience and deliver seamless desktop and mobile to its business customers.

Before I hand, it off to Scott I want to highlight congratulate some exceptional organizations that are driving innovation and payments last month, we hosted our annual AC I exchange customer event and celebrated the best of the best and payments we presented.

Innovation Awards to AMC in New Zealand, Zealands largest financial services group of ONT, and leading online lending platform for customers and Jane.

Dutch multinational banking and financial services Corporation pain that the national payment network and central infrastructure provider for Malaysia, and Universal Studios, the theme Park and entertainment powerhouse.

We are proud to be fueling their innovation honored by our customers ongoing trust and partnership if customers like these that are making any payment every possibility happened around the globe and accelerating the digital global economy condiment.

In closing I want to reiterate that AC is well positioned for continued growth in 2019 and beyond with strong new bookings pipeline and the strategic acquisition of speed today. It is poised to capitalize even more quickly on the growing number of payment tracks transactions occurring around the world. Each day, we are on track financially for the year were reiterating our guidance for 2019, I will now turn it over to Scott to provide additional financial details. Thank you.

Okay, Thanks, Phil and good morning, everyone.

I first plan to go through the highlights of the second quarter, and then provide our outlook for the second half and full year.

We'll then open the line for questions.

I'll be starting my comments on slide six.

Key takeaways from the quarter, most notably in the quarter, we closed on our acquisition of speed pay and our integration efforts are on track.

Our reported results for the quarter include the contribution to speed paper mate nine to June Thirtyth.

The results for speed pay came in as expected contributing revenue in EBITDA up 49 million and 12 million respectively.

Speed pay also contributed to our growth in backlog, adding 311 million to our 12 month backlog and 1.5 billion to our 60 month backlog.

So for the rest of my comments here I'll be discussing our results on an organic constant currency basis. So excluding the contribution of speedway.

Starting with bookings.

Total bookings were 301 million up 57% versus Q2 last year and new bookings were 129 million up 4% from Q2 last year.

We ended the quarter with 12 month backlog of $1.1 billion up $16 million during the quarter and 60 month backlog of $5.7 billion up $29 million during the quarter.

Q2 revenue grew 8% over last year and came in above our guidance and expectations.

And most notably recurring revenue now represents 75% of total revenue.

Our solid revenue growth contributed to strong EBITDA growth, which was up 41% over last year.

Turning next to our two operating segments, our on demand business sorry.

Saw revenue growth of 9% over Q2 last year and continues to show solid margin improvement.

Delivering net adjusted EBITDA margins of 7% in Q2, this year compared with negative 5% in Q2 last year.

And combined with speed pay margins are on demand segment delivered 18% net EBITDA margins for the quarter.

So as we've been saying for some time now.

Margin improvement will come with scale as we grow into the infrastructure that we built out over the last few years.

On on premise segment grew 6% and delivered adjusted EBITDA margins of 46% versus 45% last year.

Adjusted operating free cash flow was 16 million up from 13 million in Q2 last year.

We ended Q2 with a 139 million in cash down from 176 million at the end of Q1.

During the quarter, we used our cash and free cash flow to pay transaction and financing fees as well as onetime integration expenses related to the close of speed pay.

And to pay down our debt.

We ended the quarter with 1.4 billion in debt and a pro forma net debt to EBITDA ratio of approximately 3.7 times.

And lastly, here, we have 176 million remaining on our share repurchase authorization.

One other note here before turning to our outlook, we don't spend a lot of time discussing items below EBITDA, but this quarter, we did recognize a sizable tax benefit.

The addition of speed pays us based income has allowed us to reassess our ability to utilize certain foreign tax credits that we had previously reserved so modeling in our projected us earnings from Spi pay we now expect to be able to utilize those tax credits before they expire. So we recognize the tax benefit in the quarter of $18 million.

Ultimately this will be realized by lower cash taxes in the future as we apply those credits to future us earnings.

And it's important to note that this benefit is in addition to.

The previously disclosed tax benefit that we'll realize threethirty eight each 10 election.

For the acquisition of speed.

Turning next to slide seven with our guidance, we remain on track for delivering our financial guidance for the year. As a reminder, we expect 2019 total revenue to be in a range of 1.315 to 1.345 billion and adjusted EBITDA to be in a range of 360 to 380 million, which excludes between 30 and 35 million onetime transaction and integration related expenses.

We continue to expect new bookings growth to be in the upper single to low double digits.

Operating free cash flow is expected to be in a range of 190 to 200 million.

And we're also reiterating our 2020 EBITDA outlook was which is expected to be in a range of 425 to 445 million.

And finally, we expect to generate between 335 and $345 million revenue in the third quarter.

And note that this range does not include the impact of carryover deals from Q4 2018, we still expect those most likely timing of these deals in Q3, and we believe we're very close to completion on those however, these deals are not included in our Q3 forecast and we'd be upside to this guidance range.

So that concludes my prepared remarks, operator, we're ready to open the line to questions at this time.

Thank you.

At this time I would like to remind everyone.

You asked a question.

Please press Star then the number one on your telephone keypad.

Again, Thats star one on your telephone keypad.

We ask that each participant only ask one question and one follow up question. Thank you.

And we'll pause for just a moment.

Our first question comes from the line of George Sutton from Craig from Craig Hallum. Your line is open.

Thank you nice results guys. So I wondered if you could give us an update on the large M&A related deals that had pushed from prior quarters and seem to be big opportunities for you did any of those close in the quarter.

Yeah, George it's gone down as I mentioned in terms of our Q3 guidance range or they did not close in Q2.

In the Q3 guidance range that we put out there does not have them included.

But we are in.

What I call late stages on those and and so if those close here in Q3.

Which we continue to expect them to they would be upside to what we guided to.

Super.

Relative to your on demand margins, which improved very nicely do you view that as an inflection that we have achieved and and is that now going forward just to kind of be a continued area of margin expansion.

Well the short answer is yes, I mean, I think the inflection really started even if you go back to last year, where we flipped.

Positive in terms of EBITDA margins for the first time.

And were continuing.

Even on an organic basis to show the power and scale up that the business, meaning just layering on the organic revenue alone, which was driving margin expansion.

The addition of incremental speed pay EBITDA on top of that.

Is allowing us kind of a step up in our trajectory and our path towards the.

Our rule of 40 targets for HD. So, yes, I think we had that inflection point last year. It's it's more noticeable this year with the the layer on of speed.

Got you great results. Thanks, guys.

It's George.

Our next question comes from the line of David Eller from Wells Fargo. Your line is open.

Hey, good morning, Phil I think in the script you talked about maybe accelerating some of SPP integration plans.

So could you talk about any changes on that plan on any milestones or timeline you have planned for.

But we can be looking to.

In terms of bringing the businesses together.

Well, we have been working on a multiyear project too.

Build a state of the art backend system.

Western Union had.

Embarked on a front end.

They close nexgen system so.

As as we've really gotten under the covers and looked at it in great detail. We found that there's there's more leverage coming from the synergy then.

We originally thought and where where were going ahead on a.

On some additional add such as subscription Nonsubscription building and we've already implemented the.

The educational the portal and whatnot, so we're feeling confident that.

We're feeling confident that it's still going to be a year and a half two years before we start seeing.

A major improvements it's going to be three years before three plus years before we're totally done but.

We see the.

We see our results.

Improving.

We're getting more critical mass not less critical mass, it's a big it's a big project, but it's going to be a one of a kind platform once its done.

Great and then Scott back to the speed pay I was kind of in a little trouble.

Reconcile on the organic versus reported numbers. So was was speed pay dilutive to the on demand segment in Q2 am I calculating that right. So like what what was the.

Yes, the organic change in EBITDA.

Yeah, so the organic change in the if you're looking at specifically the A.O.D. segment went from a negative 5% EBITDA margin last year to a plus 7% EBITDA margin. This year, then you layer on the speed pay.

EBIT Don against fee paid delivered for this for the stub period is less than two months they delivered.

$49 million of revenue and $12 million EBITDA.

That drove the EBITDA margin up to 18% so.

Both on an organic basis as well as with EBITDA. They are both accretive.

Yes, Okay got it all right that's super helpful that clears that up and then.

You know last question for me on the.

You talked about some of the tax effects that are more beneficial after the close.

What could that look like on an annual basis I know previously you talked about cash taxes. This year of 40 million so what what towards shorter production would you expect.

Either for this year are going forward.

Well a lot of the cash taxes that we're paying right now are.

In our international operations.

Historically, we've had.

Quite a lot of mental wells that have made our us federal cash tax.

Pretty low and that's going to continue that's going to continue for.

Two reasons one of the 330 at each 10 election on the acquisition of speed pay is going to give us a.

Substantial tax deduction of almost probably 700 million.

Now that stretches out over time, but that will be a deduction against taxable earnings going forward and.

And will impact us a cash taxes, but also the point I made on the foreign tax credits, we had reserved this 18 million.

Because we felt that they wouldn't be able to be utilized before they expire and by adding in the projections that speed paid gives us and it's predominantly us earnings.

We're going to be able to utilize those foreign tax credits before they expire. So thats that was the benefit that I mentioned in my in my scripted comments, but yes. It will be a number of years before we are really paying anything of significance in terms of us cash tax.

Great. Thanks for taking the questions.

Sure.

Again to ask a question. Please press Star then the number one on your telephone keypad. Our next question comes from the line of Peter Heckmann from Davidson. Your line is open.

Good morning, gentlemen, thanks for taking the questions.

It seems as though there have been several deals in billing as well as b to b payments over the last let's say 46 months.

Have any of those deals in your view changed some of the competitive dynamics or do you continue to feel that the combination of a CIA and speed pay.

Has that had had the formula to be a long term leader in the bill pay space.

Well a lot of the acquisitions that have been made or.

There's been some very big horizontal acquisitions, and they know they've largely been either between customers of ours.

And customers of ours or customers of ours and you know.

Competitive near competitors of ours and that doesn't really that that really make hey, hey, certainly doesn't make an immediate change.

A lot of the pressures that they are dealing with have to do with real time payments and alternate payment methods that you really need a broader array than front ending traditional association.

All kinds of kinds of payments there have been some other more innovative payments that have taken place that also recognizing the growth of non traditional and certainly immediate payments and whatnot and.

I would say that.

Some of those are competitive.

In that they are going to go after opportunities that we're going to go after but.

Our growth of 40%.

You're getting.

We haven't even gotten into the point, where the real growth rates of immediate payments are hitting right. So.

There is a lot of room, and I think you're going to see a lot of activity in that.

In that category and I worry less about the horizontal mergers that take place than other people who were rethinking reshaping.

The good news is that we did the center we sit at the apex.

Of where this changes taking place we we don't have the scale to compete against some of those guys, but we certainly have the current share in the current capabilities.

To affect the fact the chain. So we feel really you know.

Yeah.

Now, while we feel really comfortable in terms of our position, but we have immense respect for the size players that are that are entering the space.

Got it got it Okay and then just on you mentioned a little add on I think at Wells Fargo for Universal online bank or some of the functionality, but as regards that product within commercial or corporate digital banking.

Do you feel like we're past some of the attrition that we had seen from the from the legacy platform and do you think within the next year or so we should see your digital banking on a net basis contributing to growth rates.

Yeah, I think you should now one thing that you know we were we did not broadcast but being it's now completely behind US. We can tell you is we never had any intention of staying in the consumer online business and we have now had tried it.

Through not renewing right.

You know we've now have tried it 100% of that right. So so we've we've eliminated that category from our.

From our repertory products so its attrition.

We can't get any more attrition there because we're out of that.

Business and.

And we really need.

So.

That was the plan that was the planned exit that was not an unplanned exit and by all accounts.

By all accounts are our other product is a very very high quality.

It is a very high quality product I think you saw today that dollar there was a couple of those two or three guys that are that are long term customers that are going from older technology to newer the newer technology. The new platform. We're not also we're also not a supporter on on premise except from a.

Product.

Oh and product standpoint, like we will supply a CH capability, the bank of America or or Wells Fargo. Whoever we will not give them a generic online banking.

System, because that's that's key to their branding and everything else what we do as we offer platforms for though the those size banks that want high quality corporate interface or we provide functionalities to the big players that need need our payments skills that versus our digital skill set and in terms of the offering. So yeah. We've we've kind of across the Rubicon in terms of.

Working our way out of.

Of acquired assets that we didn't want to continue.

Great. That's helpful. Thanks much.

Our next question comes from the line of Brett Huff from Stephens incorporated your line is open.

Good morning, So Scott and John Congrats on a nice quarter.

Right.

Follow up question on speed pay I'm, not sure for Phil or Scott, but my understanding is it speed they had it trended a little bit bigger in terms of customers for the bill pay solution.

And wondering how the initial visits are going with some of those big customers I suspect that speed pay.

Probably wasn't as well didnt have as many resources its former home as it does now in terms of resources and focus so wondering.

If bringing more of that to bear in speaking with those customers. You know is there likely renewals were there any customers. We are worried about we feel better about renewing in the future et cetera.

We've put an extensive amount of energy into.

You know.

Making it clear that this is a this is a clear and important to heavily and that's the focus of ours and whatnot and we've had some very good conversations.

You know anytime you go through something like this you you find out five or 15 things that you can do to make your customer.

Happy that.

Not they weren't being well treated this actually the speed pay but the people that oversaw the accounts really did a fantastic job. They didnt have our resources in the category, but they really did a fantastic job, but we actually had hired as good of consultants as you can get to manage the interface with the customers during the entire quiet period and whatnot. So we were able to get off of that running and really reshape.

Reshape our.

Our roadmap in terms of addressing the needs of.

Some of these customers and you know.

We have some very large customers yes.

A lot of those large customers are more conglomerate oriented. So they are both large customers, but there is something we're very used to dealing with in terms of our big customers around the world. So there's both the.

There is the corporate relationship plus there is the more localized.

Business relationship that has to take place I think the team the speed paid team. The one AC the now one AC I came I think they've done a really good job in terms that the cross sell no wallet Tron, we don't talk a lot about wallet tron and whatnot, but the applicability of a wallet and alternate and.

As real time payments work their way into bill pay.

Although our customers are smart, they're big they're big intelligent companies. They see the benefit in terms of of not necessarily more of the same business, but more different ways of making real time payments.

Making their their customer payments take place the they real time or alternative or.

Or just an easier.

An easier process and.

The the educational portal is a good example of that because it's really addressing ways for our customer to better engage with their customer which is actually the students students families. So we're looking at a lot of things across the board that way and having very good conversations.

Thanks, and my follow up is on.

The faster payments evolution things seem to be heating up both via M&A by the big two networks. Some partnerships they've started to strike et cetera.

And then a recent announcement of a big European purchase.

All right does that I'm sure that that makes faster payments higher in everybody's mind, which is I think is a positive for everybody in the market, probably including you, but does that how does that change the on the ground trying to win deals either at the country switch level.

Or at the helping banks connect to the country switch level you know how does it how does it kind of feet on the ground change the competitive dynamic if at all.

Well I would I'd get these guys you know I have nothing I think you know my history I certainly understand these guys.

Awfully well I have immense respect for them and what not right now what it's doing is is that they are increasing the current and therefore the speed of the stream you know think about this as a river. We're paddling like Mad you know everyone as everyone is saying own now anything but immediate payments and there. We're really we're kind of really kind of paddling uphill suddenly the big guys come in and say well Gee you know.

We think it makes sense well step number one is that is going to accelerate our boat down the downstream now that being said we understand that.

Yes. These guys are 70 times, our size or whatever the you know so you know we're playing with what we're playing with Giants in terms of that so I wouldn't get cocky right and I wouldn't get into a pricing war with one of these you know with one of these guys is I can't win right, but right now there's plenty of space and and quite honestly I think we have Oh, we were.

From a connectivity standpoint, we're in fantastic shape, we have got the right. We've got the right connectivity to the right banks and whatnot, we have been giving the banks. The technology right. You know in terms of renewing we've been giving them the old and the new technology. This is a perfect use case for the new technology, you heard things I am talking about demo in some of these other places that we're talking about how the how they're utilizing and whatnot that that's good that's a win behind our back but it's also an increase in the a and the current where where we don't have you know where we don't have the strength and we don't play is in the ability to actually move the money in the cutting out the just the pure scale that these other guys. So we have to respect where we never were a big scale player and we don't we can't suddenly get cocky and think we are a big scale player I think mine gate is a perfect example, where we had two thirds of the debit.

The immediate payments by.

By investing and partnering with mine gate, so those kinds of moves in also.

If the big guys come in and they accelerate immediate payments.

That's for the foreseeable short term that's three five years, that's good for us right.

Longer term where are we gonna.

There are 300 billion or $400 billion in market size and.

Were $4 billion in market size, we got to respect we got our respect.

Well, we actually are right.

Not bad so.

I mean, you got to be sober, but it's a nice situation.

That we're in and.

We've been investing for decades for this moment to happen and.

We you and I have had a lot of conversations over the years about whether it was even going to happen right. So the fact that it's happening I think is fantastic.

Different different kinds of opportunities and different kinds of risks come with it.

Great I appreciate the detail as always.

And this concludes our question and answer session I would now like to turn the conference over to our presenters for any further comments.

Well thanks, everybody for your time, we look forward to catching up in the coming weeks have a good day.

And this concludes today's conference call. Thank you for your participation have a great day and you may now disconnect.