Good day, and welcome to Voyager Digital fiscal year first quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. After the prepared remarks, we will conduct a question-and-answer session. In order to ask a question or make a comment, please press the star key followed by the number one on your touch-tone phone at any time. Questions will be taken in the order they are received. At this time, I'd like to turn the call over to Michael Legg, Chief Communications Officer at Voyager. Please go ahead, sir.
Thank you, operator. I'd like to welcome everyone to Voyager Digital Ltd.'s earnings call. Today, we will be discussing our first fiscal year 2022 first quarter, which we announced prior to the market open this morning. With me on the call are Steve Ehrlich, our Chief Executive Officer, and Evan Psaropoulos, our Chief Financial Officer. I would like to take a moment to direct investors to the investor relations section of our website at investvoyager.com, where we post our investor presentation and upcoming event schedule. Before we get started, I want to remind everyone that all figures discussed on today's call are in U.S. dollars, and certain statements discussed on this call are based on information as of today, November sixteenth, and may contain forward-looking statements which are subject to risks and uncertainties.
Given our limited operating history, market volatility, and unprecedented industry growth, trends could materially deviate from today's levels. Actual results could differ materially from our forward-looking statements if any of our key assumptions discussed in today's earnings press release and the comments made during this conference call or in our latest reports and SEDAR filings, each of which can be found on our website, www.investvoyager.com, or under our profile at www.sedar.com, are incorrect. The company has made assumptions that no significant events occur outside of the company's normal course of business and that current trends in adoption of crypto assets continue. Listeners are cautioned that assets under management, revenues, and trading volumes fluctuate and may increase and decrease from time to time, and that such fluctuations are beyond the company's control. We do not undertake any duty to update any forward-looking statements except where required by law.
Today's release also includes references to non-IFRS financial measures. You should refer to the information contained in the disclosures found in today's release, including definitional information and reconciliations of historical non-IFRS measures to comparable IFRS financial measures. This call will touch on some guidance provided in our earnings press release issued today. I would encourage each of you to review the forward-looking statement, risk factor disclosure, and similar disclosure in today's press release. With that, let me turn the call over to Steve Ehrlich, Voyager's Co-Founder and CEO.
Thank you, Mike, and welcome everyone. What an exciting time for Voyager. Wow. I mean, we recently announced we reached a major milestone with the addition of 1 million funded accounts, and we now have over 2.7 million verified users on the platform. I'm also very happy to add that we have nearly $7 billion of customer assets under management. The acceleration of our growth is happening in calendar year 2021, as we started on January 1 with only 43,000 funded accounts and $240 million of customer assets under management. When we raised significant capital early in the year, we committed, among other important objectives, to use our capital to grow our accounts.
I am happy to say that we achieved this objective and will continue to achieve this objective and believe we are now a major player in the crypto ecosystem. While the quarter ending June thirtieth experienced extraordinary growth, in late June, we started facing slower market volumes across the industry. Recent earnings reports by other public companies in the industry evidenced our predicted slowdown. Based on our view that market volumes would return after Labor Day, we invested heavily in customer acquisition through our loyalty and rewards program. As we saw some competitors take a step back from marketing, we seized the opportunity to invest in the future and grow our accounts. Recognizing that our business is volume dependent, we took the strategic decision to invest heavily, not only in marketing, but improvements to our system architecture, the addition of new coins and product diversification.
This has resulted in a return to profitability in the current quarter as volumes have jumped significantly. In addition to providing our accounts with the superior combination of rewards and interest to satisfy customer demand, growth in staffing and accretive acquisitions continue to fuel our amazing growth. We entered into a number of sports-related marketing transactions in NASCAR and the NBA through our very successful integrated partnership arrangement with Mark Cuban's Dallas Mavericks. We are looking to expand into new markets that will continue to fuel our growth. We took an important step towards that, expansion into Europe with the Coinify acquisition over the summer. It is our belief that targeted customer acquisition and the best industry experience possible to fuel account growth are the most important metrics for Voyager going forward.
We intend to be an industry leader, and investing in the future is key as our strategy is bearing fruit. This industry is highly competitive and only the biggest and best capitalized are likely to survive. Well, raising strategic alliances and market expansion initiatives are critical to our future success as we are in this for the long term. We intend to be one of the few participants in the top tier as the crypto industry emerges from its infancy. As a result of our strategic decisions and aggressive spending, the first fiscal quarter ending September 30 resulted in a loss for the quarter. However, I'm extremely excited to say that our strategy is paying off as Voyager is achieving record revenue to date in the current quarter ending December 31, and is on track to significantly exceed our revenues for the quarter ending December 31.
Sorry, significantly exceed our revenues for the quarter ending June 30. In addition, we have returned to profitability. I would like to turn to some of our initiatives going forward. Voyager is a product-focused company with a vision to be the primary digital asset financial platform for retail crypto investors. Today, we are taking another step in that journey as we are launching our pre-registration of the Voyager debit card. What is unique about the crypto-backed Voyager debit card is that you can hold your funds in the USDC stablecoin and easily pay your bills using the USDC in your account. We believe the phased rollout of this product in the March 2022 quarter, beginning in January, will develop deeper relationships with our customers and also increase the conversion of the 2.7 million verified users who have yet to become funded accounts.
We have seen that already begun today with the sign-ups. This follows our recent announcement that the popular Voyager Token has increased utility as it is now integrated into the Coinify payment system, allowing holders the ability to use the token for payments with over 30,000 global merchants. Our goal is to significantly increase the number of merchants and offer token holders discounts on purchases if they use the Voyager Token for payments. In our last call, we discussed the addition of staking rewards as an additional product feature. As you can see in the September financial statements, we started to institute our staking program in September, and we'll keep adding more coins over the next few months. The addition of staking revenue provides a solid base on top of our transactional revenue. We anticipate continuing to grow the yield and staking revenue.
We think that staking is an effective account acquisition tool and also drives significant stickiness and retention on the platform. Another measuring stick of the success of our strategy is that we delivered significant funded account growth during the September quarter, while our public company competitors reporting a decrease in funded accounts for the quarter. Thus, we believe we are actively gaining market share. Despite the increased market share, our valuation multiple is roughly half of those same competitors. On the geographic expansion, we are working toward launching in Europe and are awaiting exemptive relief from the Ontario Securities Commission to enable us to launch in Canada. In addition, we continue to work with the New York State Department of Financial Services toward our goal of receiving a New York BitLicense. It would be remiss of me not to discuss customer service and the significant improvements we have made this year.
We have grown our staff, added an AI-based help function on the app through an AI-based chatbot, and are working diligently on bringing AI efficiencies to route customer questions expeditiously and adding live chat and phone as part of our service offering. We are working towards being the best-in-class service for customers, for crypto customers. Now that we have achieved our TSX listing, Voyager has engaged counsel to start the process to seek a listing on Nasdaq during 2022. The timing is obviously subject to regulatory and exchange approvals. Lastly, the investments we made in 2021 continue to pay off as we have driven a significant uptick in App Store rankings. The increased rankings help drive the record revenues we are seeing.
To put in context, if we wanna look at our results on a calendar year basis for calendar 2021, we will exceed over $360 million of revenue for the calendar year 2021. With that, I'll turn it over to Evan to review our financial performance before we take your Q&A. Evan?
Thank you, Steve, and thank you all for joining us today. As a reminder, all figures discussed on today's call are in U.S. dollars under IFRS. Today, I will be speaking to three topics. First, a look at our performance in the first quarter of 2022, including the financial statement presentation of Coinify revenues, as well as our loyalty rewards program, both of which are new to the first quarter. Second, a look at our lending and staking strategies beginning in the month of September. Third, some select highlights from our current December quarter. Before getting into Q1 performance ending September 30, I would like to walk through the impact of the Coinify acquisition and the loyalty rewards program on the presentation of revenue in our financial statements.
For our first quarter financials, we are now reporting five distinct revenue line items: transaction revenue, merchant services, fees from crypto-asset loans, staking revenue, and other revenue. Merchant services, which is new to this quarter, is a result of the Coinify acquisition. Coinify processes payments on behalf of its customers and collects a fee for this service. The accounting treatment for this service requires the revenue presentation for the gross amount of the transaction. Also new to the quarter is other revenue, which is primarily related to our loyalty rewards program and is recognized when the value of the tokens from the VGX growth pool are utilized. Moving on to our Q1 performance, our trading business is largely driven by volumes. For both the company and across the industry, volumes were down approximately 40% in the September quarter compared to the June quarter.
Despite an industry-wide decline in volume, we continued strong momentum across our key metrics, including adding 382,000 verified users and 195,000 funded accounts. We also averaged approximately $9 million of net deposits per day and increased our AUM from $2.7 billion - $4.3 billion at quarter end. Currently, our AUM has reached nearly $7 billion. Total revenue from the quarter was $81.5 million, which includes $15.9 million of Coinify revenues, as well as approximately $41.6 million of transaction revenue and a combined $21.3 million from lending and staking. For our trading business, we continue to deliver a strong average spread of approximately 110 basis points, with alternative coins accounting for nearly 85% of spread revenue.
It is important to note that in earlier announcements, we posted revenue expectations of $63 million-$67 million for the quarter, which does not account for new revenue streams, the gross-up of merchant services. After expenses, we recorded a $28.3 million operating loss for the quarter. As Steve mentioned, we took a long-term view and continued to invest in our marketing efforts and loyalty rewards program despite the lower trading volumes for the quarter. The majority of this loss is related to building the loyalty rewards program. I would like to now come back to revenue from lending and staking activities. As I mentioned in our fourth quarter earnings call, we engaged new high-quality borrowers and started to see the benefit of these new lending relationships in the month of September.
As of June thirtieth, we had loaned approximately 15% of our total AUM, and by the end of September, we had increased this to approximately 30%. We also have previously discussed our strategy of staking more assets in generating staking rewards. As of September thirtieth, 2021, we had committed 21% of our AUM to staking protocols across nine different coins. While these new strategies were not in place for the entire quarter, we continue to believe the company is on track to achieve a minimum of $50 million of combined lending and staking quarterly revenues on a go-forward basis beginning in Q2, subject to price levels of the coins. This is incremental to our other revenue sources, including transactional revenue.
To touch on the current December quarter briefly, we have already mentioned that we are on pace to set a record for revenues significantly passing the June quarter. October was a record month. Industry volumes for October were about 30% higher than the industry average for the September quarter, and volumes have continued to stay strong in November. Our October results are outpacing the increase in industry average, which is a strong testament to our investment and the commitment in the loyalty rewards program, as well as our dedicated focus on marketing and partnerships, which has led to an acceleration in funded accounts. This concludes our prepared remarks. With that, I will now turn it over to our operator, who will open the line for questions.
We'll take our first question from Mark Palmer with BTIG.
Yes, gentlemen, thanks very much for taking my questions. With regard to the increased expenditures that we saw during the September quarter, how should we think about the extent to which those expenditures have been curtailed in the current quarter? Are we looking at normalization back to June quarter levels or something other than that?
Yeah, thanks. Thanks, Mark. Thanks for joining us today. This is Steve. Look, we know we went back to more normalization. The loyalty and rewards program was a really important decision that we made as a management team when we saw the volumes decrease because we saw what other competitors, public and non, were doing with their rewards programs and, you know, making significant changes which significantly affected customer balances and the amount that they can earn, and we decided to make that investment. We also saw a lack of quality borrowers and some changes on some of the partners we work with and made some changes on that front too. Now, September, we've made all these changes. We're staking more coins. We have higher quality borrowers.
Our rewards program is not nearly. It's a fraction of the investment we have to make that we did in the September quarter. So we're in a much different spot by adding the staking and much higher quality borrowers as well.
Thank you. You know, with regard to the transition to staking, as we just said, it was about 21% of AUM and 9 coins as of September 30th. How should we think about that percentage moving up over time? You know, what is the goal with regard to that percentage and the number of coins that would be part of the staking program?
Yeah. You know, our goal is every coin we have on our platform, that there's an ability to earn staking rewards by obviously staking it on the nodes. You know, our goal is to get every single one of them to be revenue generating and therefore wealth creation for customers. That takes a lot for us to do, and we'll add a few more during the December quarter, and we'll continue to add more in 2022, because part of that is finding the right custodians to make sure we securely hold the customer assets as well. We're expanding those relationships with custodians.
You're gonna see us increase those quarter-over-quarter, continue to increase those, again, with the goal of every coin we have on the platform, if there's an ability to stake it, we will stake it over the next 12 months.
Very good. Thanks very much.
Thank you.
We'll go next to Chris Allen with Compass Point.
Good morning, guys. Thanks for taking the question. Just to follow up on that, you noted that the rewards expense is a fraction of the investments that you had to make previously. Is this because the rewards expense line is going down, or is it because you're just seeing increased contribution from the staking and the lending side?
It's the latter. It's we found quality borrowers that we're comfortable with. We've always said that from day one, that we will never lend customers coins out if we're uncomfortable with who the borrower is. We found higher quality borrowers that we're very comfortable with, at the same time increasing all the staking. You'll see the staking revenue increase. The rewards program hasn't changed. We feel it's very important for us to build customer acquisition, retention, and engagement through our loyalty rewards program, and we're gonna continue to do that, but you'll see the revenue side increase.
Understood. Just following up on the lending side, the borrowers. We saw some of the stated rates come down for two specific borrowers. Was this part of a renegotiation, increasing their capacity there? Like, I'm just kinda wondering what drove that.
You know, market conditions is part of it, capacity and again, I think some of it is the quality and who we wanna work with. Our whole goal all the time is where's the best place to put customer assets that we feel comfortable with? Sometimes you have to give up a little bit of the rate to engage some of those. But we're seeing an uptick in all that now coming back too. As we've grown, there are more and more quality borrowers that wanna borrow from us.
Understood. Last one from me. Client acquisition costs, I know I think in the June quarter, they were running around $20-$25 up to $50 this quarter. I mean, $50 was kind of the run rate you guys had talked to. Where do they currently stand, and how's the outlook there?
Hi, Chris, this is Evan here. Thanks for the question. Currently for the Q1, September 30, customer acquisition costs came in around $80 an account. I think I mentioned in the last earnings call. You know, we're seeing a more competitive environment in marketing. Our costs will continue to increase even from that $80. I expect to see a continued rise going forward a little bit there. So Chris, we're getting a payback on that in about three months right now. That's our goal was to always have this payback less than four.
You have seen us, you know, make some investments in October like we did with Mark Cuban and the Dallas Mavs, where it's a little bit more branding as well, but we saw tremendous feedback from some of those as well. I think 80 is what we landed for September. We'll see a slight uptick going forward, but our payback is getting greater too. You know, meaning our payback period is staying less than four months because our revenue is increasing. We're seeing very active customers, more yield, more staking rewards that we're able to do for the top line as well. We're getting, you know, staying with our same payback.
Got it. Thanks, guys. Get back in the queue.
Thanks.
We'll go next to George Sutton with Craig-Hallum.
Thank you. Steve, I wondered if you could just address what I would define as the low-hanging fruit, and that is really increasing the engagement in that you have 1 million funded accounts and 2.7 million registered. But what kind of programs are you focusing on to really increase that level of engagement and get a higher percentage funded?
You know, thanks for the call and thanks for jumping on today. One is the debit card we just announced today. As just - as we were, you know, on this call, I'm getting the numbers of how many people are already pre-registering. We had over 1,000 pre-regs for just the debit card. That's another way we're gonna engage. We have more products coming, more staking rewards when we have more coins at stake. You know, we're finding the niche, and we do a lot of testing and we do a lot of industry research with that 1.7 million that aren't funded yet to find out some of their needs and what they're looking for. And we tailor our project, you know, projects and products to trying to engage more of those as well.
So we're looking at multiple things. Again, the debit card was very big here. We're seeing that engagement already. We'll have all these other products that are coming down the pike, and we'll do some programs with them. We will start converting. You could see our numbers on conversion exceed many others in the fintech industry. Where we are, give or take, you know, a 40% is quite large. And but our goal is to increase that. It's low-hanging fruit, as you said.
Evan, I think you may have buried the lead. Did you say $7 billion in AUM at your current level? Is that what I heard?
We're just shy of $7 billion AUM.
All right. That would have been my headline, but, congratulations.
Thanks.
We'll go next, Adhir Kadve with Eight Capital.
Good morning, guys. Thanks for taking my questions. Of course, I know the biggest part of your investments are in marketing, but maybe can you talk to us about, you know, where you're investing in other parts of the business? I know you kind of mentioned that, you know, you're making platform enhancements, but maybe you can dive into that a little bit more. Outside of marketing, where the investments are going.
Yeah. Thanks, Adhir , and thanks for taking the time this morning. You know, two major areas we're making major investments. One is just keep building our technology development staff, and we're continuing to hire in that. You know, you can see the number of employees have grown from June to September, and we're accelerating that as well to bring more development so we can bring more products to market. You know, the tech dev and the security related to our system, we're making major investments, and then we'll continue to do that. The other side is the customer service. I mean, we've increased our customer service. We've seen people really praise us for our time and response time on customer service. We're building out more AI related to customer service and our live chat and phone service.
We're in the process of building out as well. So, those are the two other areas we feel very important because it all leads back to customer experience. Our whole job is to bring the best crypto customer experience to consumers. And that's what we're building on, and that comes through product, through marketing, and through service. That's our commitment, and we're gonna continue, you know, playing down that lane because that's the most important thing for us.
That's helpful. Actually, just on maybe security and operational related stuff. You know, some of your competitors have had some mishaps when it comes to that kind of, you know, security related issues. Do you find that, you know, on days that we see those types of headlines that, you know, you guys see a little bit of a spike given that, you know, you guys are focusing on security and that's a major focus for you guys?
Look, I think there are a lot of reasons we're getting spikes in, you know, our accounts and the continued growth. You know, I don't like to focus on what others do. I like to focus on what we do. We focus on the customer. That's why we're a retail-oriented business, where a lot of the other guys are both retail and institutional, and it mixes. The messages get mixed, the market gets mixed, who they really want to service gets mixed. We focus on what we do, which is building, you know, top-notch system that's easy for customers to use and easy for them to create wealth. That's it. We're not, you know, we don't go outside that world. We're not looking to be the best institutional broker. We stay in our lane.
We're darn good at it, and we're excited about continuing to do that. If we can get customers just doing that, which is what our focus is, we're gonna continue down that path.
Completely agree on that. Thanks a lot, guys. Appreciate the time.
Thanks.
Our next question comes from Kevin Dede with H.C. Wainwright.
Good morning, Steve, Evan. Thanks for having me.
Hey, Kevin.
Could you talk a little bit about the spread and adding new coins to the platform and your trends there? I think, I mean, granted, the last call wasn't that long ago, but it looks like you're stable around 60. I'm wondering if you might give us some insight on where you're going with that.
We're now at I think 67 coins. I think 68's coming out in the very near future. We're gonna continue to add coins. Adding coins is a process, and it's not just a technology process, it's a legal process with all the analysis that we go through and the tech analysis we go through. We wanna bring quality projects to the platform that we believe pass you know our legal analysis. We're gonna continue to add. You'll see us you know as we keep scaling the system, we're adding more and more coins. You're gonna keep seeing us add more coins over the next six weeks.
Okay. Steve, in that evaluation process, are you considering the staking side of them as well?
There's a lot of factors that go into it. Staking is obviously one. Who's the custodian, where we're gonna custody the coins is another one, and obviously the legal side. Yeah, there's a lot of factors that go into deciding which coins, we want on the platform. The last, obviously, is liquidity. There's got to be enough global liquidity for us to make sure that we can offer really good quality execution to our consumers.
Just the spread. Do you sort of see that staying stable? How should we think about it?
We've seen it. You know, it's the question everybody asks every quarter is where's the spread revenue and the spread basis points. We don't see that changing anytime soon.
Okay. Can we talk a little bit about the merchant revenue associated with Coinify? I mean, I know you've talked about more merchants clamoring to get attached, and obviously, you're trying to get them attached. How do you see that trajectory?
Yeah. We've seen an uptick in that business in the quarter as well already in the current quarter. You know, that revenue gets generated through direct to merchants who are embedding the widget from Coinify into their wallets or into their system or the PSPs. We're in the process of hiring a U.S.-based salesperson for that merchant system to really increase you know, our recognition here and get into more PSPs. Those take time, right? That's more of a longer-term sale. We see a steady increase of people using some coins from their wallets. We'll see a steady increase in that business. I think the real big bang for that's gonna come in the next six to 12 months when we get into more PSPs.
Okay. How are you trying to build awareness within your customer base?
Built for the retail or for you're talking about the payment systems?
Yeah. For your retail users, right? For the people on the platform. It's not necessarily clearly evident that there's all this added functionality to debit card and payments and such. I was just wondering how you were gonna try to transmit that message.
Yeah, we do a lot of engagement with the consumers, either some through the app, some through other marketing techniques like email and notifications. We have a pretty sophisticated system that recognizes who is using what products at this point in time and what engagement we should send to them, and we're gonna continue to build upon that. We use data very heavily. It's why we've invested in, you know, platforms in the back end to analyze the data and a team to analyze the data so we can make the right decisions for consumers to send them the right products.
All right. At what point do you think you might consider running your own nodes in staking?
Great question. We haven't decided that yet. We think that, you know, we're continue to move fast using guys like Blockdaemon and Figment and others is very valuable to us 'cause it lets us move faster rather than building from scratch. It's something on our plate. We'll look at it when the time's right. To bring more value to customers on a quicker basis, we're using the third parties.
Okay. Thanks, gentlemen. Much appreciated.
Thanks, Kevin.
We'll go next to Joe Gomes with Noble Capital.
Good morning.
Morning, Joe.
I was wondering, maybe give us a little update and a little more color here on the Dallas Mavericks promotion. Obviously, it looks like it was a huge success. You know, you can give us some little details on kind of the numbers there. Are you seeing any long tail on that, or is it, you know, once the promotion ended, it kinda just dried right up?
No, it's. We haven't disclosed the actual numbers, but it was a huge incredible success. I can't underestimate it and understate it actually. Huge in capital success. And the s uccess has had a real long tail. So it's been something that has cultivated our increase in App Store rankings, our increase in customer engagement, our increase in customer and investor sentiment, and it's all been really positive, and there's a long tail. We haven't seen really much of a slowdown. Obviously, there are some from the initial bang, but we're seeing consistent account growth and a lot of customers talking about the Mavs. We're not done. It wasn't a one and done. That's why we signed a five-year integrated partnership with them. We have a lot of other things we're working on with them.
I feel I have the best CMO in the crypto business, you know, with the experience that Pam does in building companies from scratch from our time at E*TRADE. We've seen this before, and we know exactly how to keep this long tail going, and we're gonna continue to press, you know, press our foot on the gas on this.
Do you wanna give us any insight as to maybe some of the ones you've got coming down the pike?
Oh, come on. I like surprises, so no. Unfortunately, I gotta keep some of that close to the vest. When we have some more announcements, you guys will be the first to know.
Okay. One last one here, kind of bigger picture. You know, obviously a lot of good news coming out here. Looks like, you know, a significant amount of positive momentum. As you sit back, you know, Steve, kinda what's your one or two of your biggest issues or concerns, you know, for the business as we go forward here?
You know, I don't really have a concern. I know what we're creating, I know how we're growing. I see, you know, obviously the numbers every day and the number of new accounts every day. I just wanna bring more product to the market quicker, 'cause we have such a great product, industry-leading product. The engagement we get with customers 10 times a day on the app. We have an industry-leading product. The only thing that concerns me is how fast can I get more products to the market. You know, debit card's here now, and the pre-reg, so that's coming. What else can I bring to the market that truly helps customers create wealth and engage with Voyager?
We'll be looking forward to that. Thanks, Steve.
Thanks, Joe.
We'll take the next question from Chris Sakai, Singular Research.
Hi, good morning.
Hey, Chris.
I've got a question on expansion into Europe, you know, are your plans still on there? You know, how are things going with that?
Yeah. We're working on our timeline to get there. As we've stated for a while, that is one of our goals. It'll be in 2022 as stated previously. Working hard with the Coinify team, that was a very important acquisition for us because of some of the things that they bring to the table, the payment rails, the KYC, the AML already set in Europe. And couple that with our license in France, we're working hard to get there.
Okay. Great. Well, thanks. I guess talking with the previous caller, how do you really measure success with, say, your Dallas Mavericks campaign?
It's been, you know, the measure of success is engagement with customers, retention of customers, and acquisition of customers. The three things that matter most to us are those three things, engagement, retention, acquisition. We've acquired a huge amount of customers, we're retaining our customers, and we're engaging with our customers. We have all the data that we're looking at on that front. To us, huge incremental success.
Okay. All right. Great. Well, thanks.
Thanks, Chris.
This does conclude the Q&A portion of today's call. I will now turn the call over to Stephen for any additional or closing remarks.
I just wanna say, you know, thank you, everyone, for attending this call. Appreciate the interest in Voyager. We're really excited about where our business is and the quarter we're in the middle of, and look forward to our next earnings call, give or take, around February 15. Everyone else, have a great holiday season. Appreciate you again all being here, and look forward to speaking to you all soon. Thank you very much.
This does conclude today's program. Thank you for your participation. You may disconnect at any time.