Good morning, and thank you for waiting. Welcome to Viveo's earnings conference call to announce the results of quarter three 2022, and the first nine months of 2022. Today we have here with us Mr. Leonardo Byrro, CEO, André Pacheco, VP for Strategy and New Business, Guilherme Goulart, CFO, Flávia Carvalho, IRO and M&A Director, Thiago Liska, Diagnostics and Vaccines Director, Vilson Schvartzman, Commercial VP for Distribution and Logistic Operations, and Renan Hervelha, Commercial Director. We inform that this event is being recorded, and all participants will be in a listen-only mode during Viveo's presentation. Right after which, we will open the floor for questions, and at that point, further instructions will be given. Should any of you need any assistance during the conference call, please press star zero to reach the operator.
This conference call is also being broadcast online via webcast and may be accessed at ri.viveo.com.br, where the corresponding slide presentation is also available. Feel free to flip through the slides during the company's presentation. The replay will be available right after the call. Participants may also send their questions through the website, and these questions will be answered during or after the conference call by the investors relations team. Before proceeding, let me mention that any forward-looking statements that may be made during this conference call relative to Viveo's business prospects, projections, operating and financial targets, are based on beliefs and premises of the company's management, as well as on information currently available to Viveo.
These forward-looking statements are not a guarantee of performance. They involve risks, uncertainties, and premises, since they refer to future events and therefore depend on circumstances that may or may not occur. Investors and analysts should understand that general conditions, industry conditions, and other operating factors may affect the future results of Viveo and may lead to results that differ materially from those expressed in said forward-looking statements. I would like to turn the conference over to Mr. Leonardo Byrro, CEO, to start his presentation. Mr. Byrro, you may proceed.
Good morning, everyone. Thank you for participating in our quarter three earnings conference call. Let me start with the financial highlights of the quarter on slide number three with some important messages. The first one is that we reached record-breaking net revenue of nearly BRL 2.3 billion in quarter three 2022, a 57% increase versus quarter three last year, and a very important organic growth of approximately 12%. Another important highlight is our gross profit.
Our company operates based on our gross profit on this variable, and we reached BRL 370 million in quarter three, practically 73% increase year-over-year with a margin of 16.3%. We also had organic growth of practically 20% in our gross profit, as we are going to hear later in this presentation. Either organically or with all the acquisitions that we are integrating, we are seeing important growth year-over-year. We also had record-breaking EBITDA of nearly BRL 189 million, up 59% year-over-year, and evolution of our margin. We reached 8.3% this quarter, and we had evolution both in our consolidated margin, even with the entry of Profarma Specialty, which has a slightly lower margin, and also an important growth of our organic EBITDA margin year-over-year, as I am going to explain later.
So both organically and in the consolidated numbers, we see an evolution, which is something that we have been pursuing quarter after quarter, the evolution of our EBITDA margin. Our adjusted net profit was BRL 61.8 million in the quarter, a 17.6% decrease year-over-year. This was very much driven by our financial expenses and the increase of the financial cost of the company. Despite all our efforts to reduce the spread and to reduce the cost of our debt, this still weighs a lot in our results. But we still have in the accumulated of the nine first months of the years, an increase of 7.2% versus the first nine months last year. Another important point is the evolution of our cash cycle. In our last call, we talked about our effort to improve our cash cycle after COVID and after some excess stock periods.
We had an important evolution in our inventory in the quarter, and we were able to reduce our inventory by two days quarter-over-quarter, reaching 48 days in quarter three. We will continue this effort to improve our cycle during quarter four this year, and we expect to reach the end of the year closer to the lower 40 days. We will continue this positive trajectory for improving our cash cycle. Finally, Last but not least, with all the pressure from a more difficult cycle, the market is still a little harsh with some factors that have not gone back to normality. We saw an ROIC over 21% when we look at the results of quarter three.
If we consider that our main achievement was to grow during this quarter and to grow focused on profitability and gaining market share, as you are going to hear during this presentation. When we combine these three points, these were our priorities and will continue to be priorities in quarter four this year. On the next chart, some highlights of the quarter. Just a recap of all of our achievements. We had the closing of the acquisition of our handling companies, Famap. We have two months of Famap in our quarter three results. We have one month of Life, which is a company from Rio Grande do Sul, and we still do not have the results from Pro Infusion, which we closed between September and October, so the results will start being consolidated in quarter four.
With all the handling companies, we have become the largest player in the southern hemisphere in handling, with nearly BRL 450 million in revenue and BRL 90 million in EBITDA. We still have Nutrifica, which is also part of the same platform in the Midwest of the country, and we will have the closing in late November, early December. We also announced the acquisition of Neve during this quarter together with Nutrifica, and this will be an operation that will only be completed in 2023. Neve and Nutrifica together will add about BRL 122 million in revenue and BRL 22 million of EBITDA to our platform next year. The third point is the completion of the acquisition of PHD, which was between October and November. This will now be also incorporated into our results starting November 2022.
This reinforces our strategy to grow our presence in high value-added materials. Another very important growth lever and another very important strategic avenue for us. This is another important highlight. This quarter, we grew about 25% organically our sales of high value-added materials. Showing that these new platforms that are joining us now, PHD, Neve, Tecno4, and others, are helping us improve our performance in high value-added materials. On chart number 5, this was another great achievement of our more than 6,500 employees. For the first time, we were recognized as one of the 26 highlight companies in Brazil in the Valor Econômico's annual Valor 1000 Awards. In addition to all economic indicators this year, for the first time, they also incorporated ESG indicators, which also contributed to us being awarded. This was a milestone for the company. We were really happy.
We celebrated together, and this is the result of what we have been doing in terms of transforming our different segments. This makes us even more confident that we are on the right track and doing the right things to build a brilliant future. On slide number six, here we talk about our synergies. You must remember that we gave some guidance on our synergy of up to BRL 111 million in EBITDA between 2022 and 2024, with a target of BRL 12 million for 2022. Now in quarter three, we reached this target. We even exceeded it a little bit, and we already see BRL 13 million of synergies captured in quarter three, BRL 8 million in expenses, BRL 1 million in costs, and the rest we had already captured in previous quarters.
We will continue to execute our execution strategy, incorporating all the M&As that we completed and capturing these synergies. For 2023, we have about BRL 63 million or BRL 64 million that we expect to capture. We had already shared this number with you, and we are still confident that we will get there. Some important subsequent events on chart number seven. First, we have our sixth issue of debentures in the amount of BRL 400 million with CDI + 1.60% in a term of six years. Quarter after quarter, we have been seeing an important effort to extend our short-term debt and reinforce our working capital and our cash. We had one at CDI + 1.90%, and when we look at the closing of 2021, we had CDI + 2.19%. We have an important change here in our terms.
Moody's assigned us the rating AA.br to the sixth issue of debentures. The completion of the acquisition of PHD will help us further accelerate the sales of high value-added materials. Now, regarding our sustainability agenda, just to highlight one of our main initiatives. First, we got our anti-bribery system certification, which is very important in this compliance and governance policy of the company. Very few companies have this certification in Brazil, and this makes us really proud. Also we had some other actions aiming to reduce greenhouse gas emissions. We are really analyzing our operations, and we are identifying many opportunities, not just to reduce and improve emissions, but also to generate financial return to us. The biomass thermal fluid heater will reduce by 3,000 tons per year our emissions, or 24,000 trees per year.
We also installed a biomass-powered boiler at our largest plant in Blumenau, which will also contribute to reducing our emissions. Finally, we have a new technology that actually does not exist in Brazil, and we are incorporating it into our adhesives industrial plant using a technology called hot melt. This technology will reduce the use of solvents in our product through a much more natural and sustainable technology in the long term. We have our Cuidar Mais program with health plan and a medical assistance plan to all our employees, and we also have volunteer programs, donation programs. This is a relevant agenda for us, and more and more this is becoming part of our everyday work, and it is led by the team. We have a very high engagement of our employees in the leadership of each of these initiatives.
Now I'm going to give you more details on our results. We are now on chart 10. Let's start with the net revenue. For hospitals and clinics, this is our largest channel. It grew 55% year-over-year and 11.3% organic growth. The main highlight here is that for the first time, we had the PFS results totally incorporated. We started this in the half of quarter two this year. The second one is the sale of hospital materials.
Also the growth of the public sector, which is also growing above the company's average with our financial discipline of execution, and the growth of specialty pharmacy delivery, which was also something new that started after the acquisition of PFS in Cirúrgica Mafra, and we grew 13% in our organic base year-over-year, particularly in skin cosmetics, which is a large category that is growing greatly, and we see a lot of opportunities for the next quarters in terms of development. We also really focused on growing with profitability. The main highlight here, when you look at the IQVIA growth and the market growth, it is 1/3 of our total growth in this channel. We are growing well above the average of the market, and we are prioritizing profitability. The second highlight here is laboratories.
Here, we had organic growth of 13.7% and total growth of practically 67% due to the three acquisitions that we had made. The acquisitions of reagent platforms that we incorporated to the results this year. The main achievement here is going back to growing organically in this channel. We had two different quarters, particularly due to the COVID-related products. Now when we remove these effects, we no longer have to explain the ex-COVID. We start comparing apples to apples, and we have important growth in this channel. Third, retail. In retail, we had total growth of 37% year-over-year. This was driven by the FW acquisition, which was not included last year in quarter three for wipes, and a 9.8% organic growth year-over-year, which is also a reason for celebration. This is a channel where we're trying to recompose our margins.
We had a major price increase in quarter three, which always leads to some difficulty bringing volume because the macro scenario is not so favorable and the price increased. Still, we saw positive growth and important transfer of prices to recompose our margins. Looking forward, we will recover our volumes. An important highlight for Viveo and FW, which are companies that joined us business units more recently. They grew practically 20% in the quarter, which shows that we are being able to accelerate the growth of the companies after they joined Viveo's ecosystem. In services, we have a very positive dynamics. We had an expressive growth of nearly 4x year-over-year. This is very much driven by acquisitions and organic growth of practically 20%. This is where we see the highest transformational potential for Viveo in the future.
We are very excited with this early phase of our entry in the handling and infusion market. As I said, Pro Infusion is joining right now. Nutrifica is joining right now. We are at the start of this journey, and we are very confident that in 2023, we will have an important year in handling and also patient support because we also consolidated Azimute Med in the start of quarter two. It joined our patient support program platform. We see a strategic value in patient support, not just for the pharma industry, but also for health plans next year. We have continued to be very excited with our services agenda. Next slide. I already talked about our gross profit. We reached BRL 370 million in the quarter. Nearly BRL 1 billion in the first nine months of 2021. Very important highlight for our organic growth, which was nearly 20%.
There was margin improvement in hospitals and clinics, accelerated growth in the services channel, which has the highest gross margin of the company's channels. We still had a negative impact of BRL 6.7 million of negative impact on our gross profit this quarter relative to the sales of excess gloves. This is also because of COVID. We are now reducing this, but we still have some work to do in quarter 4. We will be working to zero our stocks of COVID products in quarter 4 because we do not want to take on any of these excess stocks to 2023. This had an impact on our results for quarter 3. Next chart, our adjusted EBITDA was nearly BRL 189 million, with organic growth of about 20%. Also our gross profit and an adjusted margin of 8.3%, which is 0.1 percentage point higher year-over-year.
When we look at our organic margin, it is practically 1 percentage point, 1% above quarter three last year. We exclude the effect of the Profarma Specialty acquisition, which we know can pull our margins down somehow. We have a growth of 8.3% in the mix of all the businesses where we are working. Non-recurring expenses, we gave you a lot of information about this already, but these are the main ones that we are adjusting in our EBITDA. We will continue our efforts to grow our business at higher levels to see the evolution of our EBITDA margin quarter after quarter, which is what we have been doing since the start of 2021. On chart number 13, we have our adjusted net income with practically BRL 62 million in the quarter. There was a non-recurring effect here, which helped our net income for the quarter.
But we were able to improve our results versus the previous quarter, and we are now undergoing this effort of reducing the cost of our debts to improve our net income. We have an incorporation agenda that will be rolled out starting in the start of next year so that we can capture the benefits in our balance and also help our net income results. We also have our effort to generate cash and improve our operational cycle, which will continue to be a priority so that we can evolve our adjusted net income. Because in the first nine months of the year, we grew 7.2% year-over-year, despite the effect of our financial expenses. On slide 14, we see the evolution of our cash cycle. I also mentioned this.
The highlight here is our inventory that we brought from 67- 62 days, and we will keep working to improve this in quarter four this year. Our cycle closed at 48, which is still higher than what we saw in quarter two or quarter three last year. But we are striving to improve this and be closer to the lower 40s by the end of the year with a relevant reduction and still maintaining our ROIC over 20% in quarter three this year. So we will continue our efforts with inventory and also with receivables, which has also been a priority for us, and we expect to see some evolutions in quarter four this year.
Companies in debtness, we closed the month of September at about BRL 3 billion in gross debt with BRL 1.4 billion in cash and a net debt of BRL 1.5 billion, which places us in a pro forma leverage of 2.03 x our net debt EBITDA ratio, with an average cost of CDI + 1.91%, and a payment term or maturation term of about five years. So we were able to extend the term of our debts. There is this good leverage that makes us confident that we will be able to focus on cash generation next year to reduce this leverage. Always pursuing our optimum point, which is 1.5 x. But this also gives us space to continue evaluating with a lot of discipline and very selectively other positive movements of M&As that can come up next year.
Totally focusing on integrating the acquisitions and capturing synergies, but we are still analyzing other opportunities in our pipeline. I stop here. This is the end of my presentation, and we are now available to answer your questions. Thank you.
Ladies and gentlemen, we will now open the floor for questions. To ask a question, please press star one. To remove yourself from the line, please press star two. Please wait while we poll for questions. The first question is from Fred Mendes, Bank of America. Mr. Mendes, you may proceed.
Good morning, everyone. Thank you for the call. I have two questions. You already touched on this, but we want to know more about this trend. We see that the inventory levels at hospitals and clinics is high. So do you see any changes in this trend looking forward?
What are you planning to do with your remaining stock, considering that the hospitals and clinics have a lower demand now? What is your strategy and market vision here? My second question, you are talking about a lot of M&As, 19 M&As since 2021. We see that they are all doing well. The company is doing really well with its M&As. We know that integrating new acquisitions is not that easy. Can you give us a more qualitative view if this is going better than expected, in line with the expected, and if the information that is coming from all these companies is coming to you ready for you to start implementing in your integrations? Thank you.
Thank you, Fred, for your presence and for your question. I will start with your second question about the M&As, and then I will talk about the inventory. There is no doubt that there is a lot going on at the same time. That is why our priority is to integrate these businesses and capture these synergies, and we are very confident that we will be able to do that. There is an important point about the way we go about our integrations, which is the operating management of the business. We integrate the operating management of these businesses since day one after the closing of the M&A.
What I call operating management is that the reporting structures are plugged to Viveo's structure on day one. Finance reports to finance, legal reports to legal, IT. There is no duplicate reporting, there is no confusion about who is making the decision, who is leading. This gives us the capacity to quickly take on the new business and start managing it.
What we are going to start focusing on starting 2023, which is something that we did not do so much in the past years, is the part of integrating processes. The more structural processes of these companies, and also systems and simplification of the company IDs, the company names. This is something we have not done so far. We have an agenda for next year, starting quarter one next year, which will allow us not only to simplify the operational part for our team in their everyday work, because today they have to manage multiple systems and multiple company IDs. We will have a societal unification, so many of these CNPJs or our corporate IDs, we have to manage them. We will also simplify the systems, which will allow us to capture that difference from our balance.
This is something that is in our roadmap, in our integration process, but all the companies, in terms of their operating management, we already have full control over them on day one. It is not something that we are yet to do. That is why we are already advancing in our synergies and in everything else that we are doing. There is a long way ahead, but we are very confident in our capacity to execute. Regarding the stocks, I will separate into two parts.
The stocks that we have in-house, we still have excess stock in-house. We will strive to zero these excess stocks by the end of this year. This is more concentrated on PPE, anesthetics, and some COVID products. We have about six days in-house of excess stocks, but this is more dependent on us. There is a demand for that. It is not that there is no demand.
There is demand. We are at a slightly different price point than it was in the past. But we need to make this stock turn, and there will be an impact on our results like we already saw in quarter three. We will have a slightly lower impact on quarter four, but we will be finishing that stock over time. And looking forward with our customers, we still see some excess inventory of many of these items. Everybody is trying to reduce this inventory over time, and our expectation is that by the end of this year or the start of next year, the inventory should be normalized. We are not seeing that much imports of products, what was actually flooding the market with these products. So in quarter four, these stocks will normalize, and this will give us a higher selling capacity starting quarter one next year.
So that is why when you look at the IQVIA numbers and market numbers, they are lower than those of the previous year, even for private. There is a high effect of public, but also in private. So we know there is a lot of inventory in this chain still, but by the end of the year, this should be normalized. Thank you.
Thank you. Very clear. Thank you.
The next question is from Gustavo Miele, Goldman Sachs. Mr. Miele, go ahead and ask your question.
Good morning, Leo. Good morning to the other directors. I have two questions, two quick questions, actually. I want to know a little more about your strategy to grow your services channel looking into 2023, particularly focusing on Healthlog. What is your growth avenue here? Do you plan to prospect new customers that focus more on these services, BU of the company?
Or do you want to offer services to your current customers in other BUs that the company has today? So this was really striking that you are still seeing a lot of growth here, but your customer base is small. So I want to know more about your strategy, your growth strategy for next year. And my second question is about this temporary permission that Anvisa granted for imports of some products with no registration, such as immunoglobulin, dipyrone. You mentioned this last quarter. So I want to know how the company is following up this discussion. I think that in quarter four, there will still be a relevant volume of these drugs being distributed in the market. Are you benefiting from this? What was the impact of that this quarter? And how do you see the situation in the market? Thank you.
Hello, Miele. How are you? Thank you for your presence and for your question. Regarding the services channel growth, we are very excited with the potential of these three workfronts, not just Healthlog, but also our patient support program and everything related with handling and infusion. Healthlog and handling and infusion, I think the growth is on the same customer base that we already have when we focus on hospitals. So there is some A part of this is clinics, oncology, where we also have important services. But the strategy here will be to take the customer base that we have, which is a very broad base of customers that we provide products to, and we will focus on these services. So one thing feeds the other here. If you have a positive distribution base, this will open the doors to offer services.
When you start offering services, this will bring to us the capacity to look at other categories, either materials or drugs that we are not supplying currently to this customer. We can take this information and manage our business with them and help them see other opportunities to buy from us. You will hear a lot about same customer growth. We will be able to offer a great part of our ecosystem to the same customer. Distribution, handling, patient support, Far.me, and some others, infusion programs. It is a mix of focusing on hospitals, particularly private hospitals, and our penetration of these services. This will be the agenda for 2023. Regarding Anvisa and the imports, André Pacheco will answer that question.
Hello, Gustavo. Good morning. Regarding the Anvisa's RDC, a lot of industries came to us to ask for help in this process for importing and selling these products. During this period, with all our capillarity and our commercial and regulatory structure, we were able to enable many of these actions with different manufacturers. Focusing particularly on quarter two and quarter three, actually quarter one and quarter two, we saw a good level of sales of these products, particularly immunoglobulin.
We know that there is still a relatively high inventory of these products in the market, although they have already stopped the permission for imports, the exceptional permission. We will see those products being sold, particularly now in quarter four and the start of quarter one next year. Then we should see the market normalizing after quarter two next year. I believe we will no longer see any influence of these products in the market. We see that the supply of many of these items is already normalized, so we do not think we will see an effect for a long time. We do not see any possibility of this action extending to beyond the quarter for this year.
Thank you, André Pacheco, for your answer. Thank you, Gustavo Miele, for the question.
The next question is from Ian Seskin, BTG Pactual. Ian, you can ask your question now.
Good morning, Leo. Good morning, everybody. I have two questions. My first question is very straight to the point. I want to know what is the size today of your public contracts in hospitals and clinics, which is a channel where I know you have been gaining some share, gaining space. The second question, Fred Mendes asked about this, but it is slightly different. We know that you still have a large integration pipeline, but how do you see your M&A pipeline looking forward? Do you consider transformational M&As in this pipeline? What is the segment that you are focusing and seeing the most opportunities for these inorganic movements in the future?
Hello, Ian. Thank you. Thank you for attending, and thank you for your question. Regarding the public sector, we have an important growth agenda with ROIC and profitability and with good governance. This is a market of more than BRL 20 billion when you look at its potential. Today, we have a total contract in our pipeline of about BRL 1.2 billion. Today, our average conversion is about 23%-25%. This is our historic conversion of what actually becomes consumption. Because when you win a bid for one year, there is a potential consumption there.
But in the end of the day, what happens is that the agencies will place orders that are much lower than the total potential of that contract. So we continue with this agenda, particularly for the federal government and also some state governments, and this should be about 30%. But what we are seeing is that in the past two y ears, the public spending dropped a lot when you exclude the spending with vaccines and COVID tests. So our expectation is to see a recovery of healthcare-related public spending next year, which should bring our conversion rates to higher levels, and this will automatically become sales to us because we already won those bids. Now, regarding our M&A pipeline, we continue to look for opportunities. We have always had a lot of discipline and very selective in the operations that we carried out.
Of course, with the capital cost scenario that we have today and with the international scenario that we have today, we continue to be very selective, but we still have very good opportunities in our pipeline. We are advancing some of those negotiations. So we're not just concentrating on one or two. We see opportunities for services. We see opportunities for the laboratories and vaccines channel. We see opportunities in retail and distribution as well. So we continue to have a good pipeline for M&As, a full pipeline for M&As. And at the right time, when we are confident that our focus on execution and our focus on capturing synergies is going really well, we will, of course, resume our M&A agenda.
Thank you, Leo.
The next question is from Vinicius Figueiredo, Itaú BBA. Mr. Figueiredo, go ahead and ask your question.
Good morning. Thank you for taking my question. I would like to explore some points, starting with the inflation scenario. Earlier this year, we had a high inflationary pressure, and you had to make price readjustments very frequently to be able to accommodate the inflation rates. So my first question is how much this has normalized overall? And for retail, my second point about retail, you had good organic growth in retail, but actually a little lower than your consolidated in this quarter. And you talked about the effect of some specific materials that were related with COVID.
If we could exclude or isolate this effect, could you say that this growth is closer to normal levels or more similar to the other units of the company? And also about your synergies. You estimated synergies to be captured still this year, and by September, you exceeded the target. So what I want to know from you is how you're seeing this. Are you just anticipating the synergy capture schedule, or did you find any additional synergies to those that you had estimated? So these are my three questions. Thank you.
Thank you, Vinicius, for your presence and your question. Let's start with inflation rate. We are still seeing a lot of inflationary pressure. We actually had a price increase in quarter three, and the highest price increase was in retail, which is where we have the broadest presence of our manufactured products. This price transfer reached 10%, which is still very high to recompose our margins. Most of our raw materials now are no longer increasing, so this is a positive scenario. Maybe it's the start of a tipping point and prices will start dropping, but we haven't seen this drop yet.
We are still a few percentage points behind the optimum margin that we would like to have, and we will keep striving to reach that. If necessary, we will make other readjustments. We are still under pressure. For retail, as you said, retail grew 10%. We have an accumulated growth when you exclude the COVID effect, which is what you talked about, of about 14.5% in this BU. When we exclude all these effects, the growth is very much in line with what we were expecting and desiring. We don't expect any other effects for quarter four of COVID-related products. These were mainly gloves, tests, and masks, which had made a difference in this channel, but we won't see this effect in quarter four this year. We expect now to have a more normalized growth possibility for this channel looking forward.
With respect to the synergies, it was an anticipation. We can't say that we found additional synergies that we hadn't mapped before. Our annualized earn rate is today BRL 18 million, but these BRL 18 million are contained in the BRL 111 million that we disclosed in the beginning. What we are doing is accelerating. This is something that we want to do. We want to be bolder in the acceleration of the capture of some of these synergies to capture them earlier than we had set out to do. But there's nothing additional to what we had mapped out in the beginning.
Thank you. Excellent. Thank you, Leo. Have a great day.
Thank you.
Ladies and gentlemen, to send your questions, please press star one. To remove yourself from the queue, star two. Please wait while we poll for questions. Please wait while we poll for questions. Since we have no more questions, we are now closing the question and answer session. Now I would like to hand the conference over back to Mr. Leonardo Byrro for his final remarks. Mr. Byrro, you may proceed.
Well, again, thank you all for attending our earnings conference call, and I would like to reinforce that we will continue with the same priorities in quarter three . Double-digit organic growth of our business, seeking profitability, and market share gain. These pillars will be crucial for the closing of 2022, which we expect to be very positive, and to enter 2023 with full focus on capturing our synergies and growing the new businesses that join Viveo. The team and I are 100% available should you need us, should you have any questions. Thank you very much and have a great weekend.
Viveo's earnings conference call is now over. Thank you all for attending. Have a great day, and thank you for using Chorus Call.