Good day, and thank you for standing by, and welcome to the Agora Incorporated Second Quarter 2021 Financial Results. At this time, all participants are on a listen-only mode. After the speakers' presentation, there will be a question and answer session.
To ask a question during the session, you need to press star one on your telephone. Please be advised that today's conference is being recorded, and I'd like to hand the conference over to you first speaker today, Ms. Fionna Chen. Thank you. Please go ahead.
Thank you, operator. Good morning, everyone, and thank you for joining us for Agora Second Quarter 2021 Earnings Conference Call. Our earnings results press release, SEC filings, and a replay of today's call can be found on our IR website at investor.agora.io. Joining me today are Tony Zhao, Founder, Chairman, and CEO, Jingbo Wang, CFO.
Reconciliations between our GAAP and non-GAAP results can be found in our earnings press release. During this call, we will make forward-looking statements about our future financial performance and other future events and trends. These statements are only predictions that are based on what we believe today, and the actual results may differ materially.
These forward-looking statements are subject to risks, uncertainties, assumptions, and other factors that could affect our financial results and performance of our business, and which we discuss in detail in our filings with the SEC, including today's earnings press release and the risk factors and other information contained in the final prospectus relating to our initial public offering.
Agora remains in no obligation to update any forward-looking statements we may make on today's call. With that, let me turn it over to Tony.
Thanks, Fionna. Welcome everyone to our earnings call. Time flies. Agora has been a public company for one year now. Before walking through our Q2 performance and highlights, please let me spend a few moments looking back on Agora's accomplishments over the last year.
We have reached the milestone of powering 50 billion minutes of video and audio engagements each month, and we have expanded our product portfolio to include interactive whiteboard, instant messaging, flexible classroom, and many others.
More importantly, together with developers on our platform, we are changing the way people work, study, and how they play and live their lives. Let's start with work. According to a study from Gartner, 82% of the business leaders plan to let employees continue to work remotely at least some of the time, while 47 plan to allow employees to do so permanently.
This means more enterprise must embrace technologies that enable employees to stay productive from anywhere, anytime. In the past year, virtual office, collaboration tools, and virtual events are among the most rapidly growing use cases on our platform.
How we play has also evolved. We're seeing a strong convergence of video games and live streaming, where the virtual world and real world are combined to create even more immersive experiences. Movies and TV shows are no longer restricted to the living room. You're just as likely to watch a program with your friends across the country as with your family in the living room.
Developers are using Agora from the most casual applications to the most highly regulated and mission-critical use cases. Today, our technology is used by doctors and licensed therapeutics to provide patients instant access to professional healthcare services.
With Agora's HIPAA compliant and low latency network, patients and doctors can talk about any sensitive topics anywhere, anytime. We are extremely proud that our customers continue to put their trust and confidence in Agora.
Now let's shift to our Q2 performance. I'm pleased to report that our revenue for the second quarter was $42 million, up 25% year-over-year. At the end of June, we had more than 330,000 registered apps on our platform. Our number of active customers reached 2,400, adding 65% year-over-year.
Let's take a moment now to discuss the recent regulations in China that will impact K-12 academic tutoring service. This new policy requires such services in China to be nonprofit and not be provided on weekends or public holidays, among other things.
We anticipate the new regulation will have a negative impact on our revenue from the China K-12 tutoring sector in the near term. It does not, however, change our long-term vision or business fundamentals. K-12 academic tutoring is just one of the many use cases of our technology. In fact, online education is here to stay and will grow in the long term.
Our commitment to the global education industry remains unchanged. Agora is dedicated to continue to provide technology that enables online learning and make quality education more accessible. To manage the short-term implication, we will be making some adjustments.
In China, we will shift our resource previously focused on K-12 academic tutoring towards the public school education system and non-traditional academics such as music, art, computer programming, and adult education.
We will also continue to strengthen our go-to-market efforts in the U.S., European, and Asia Pacific, where we are seeing tremendous growth, momentum, and more diversity in demand. I want to highlight our advancements on product technology and use cases in Q2. In this quarter, we launched Agora App Builder, which allows developers to create their own video chat and streaming apps with customizable functionalities and UI without any coding required.
Since launch, we have seen very strong adoption from both developers and creators with no technical background. Their positive feedback motivates us to make continued efforts in the low-code and no-code direction to make it even easier for creators to connect with audience, engage with customers, and drive more business outcomes.
On the technology front, we recently announced Agora Silver, our proprietary audio codec using artificial intelligence to optimize quality of experience under poor network conditions.
Compared with traditional audio codecs, Agora Silver achieves superior quality at extremely low bit rates. Even compared with leading AI-based audio codecs such as Google Lyra. Agora Silver enjoys lower computational complexity and more robust noise suppression.
With Agora Silver, we will be able to offer developers and end users an immersive experience under challenging network conditions. It is the perfect example of our commitment to cutting-edge innovation at Agora.
We also made solid progress on enabling innovative new use cases using our technology. We partnered with Migu, a leading music and digital content platform, to develop a one-stop solution for online karaoke.
The solution included both the technology enabling people to sing songs together remotely and usage-based copyright solution for the soundtrack. We believe social singing will become a key feature in many social apps, just like live streaming did in the past few years.
In gaming, we teamed up with HP to power real-time engagement for HP OMEN gaming PCs. Our voice, video, messaging, and interactive live streaming capabilities are pre-installed on all OMEN PCs, which allow gamers to engage during gameplay and turns game into watch parties, enabling players and viewers to share the excitement.
We also worked with a leading e-commerce platform in Southeast Asia to introduce interactive shopping to their vast user base. In the app, the merchandise is demonstrated by a host through live streaming. The audience can place orders and interact with the host through real-time video or voice chat.
Sales conversions have increased significantly as a result of the interactive experience. Now, I want to talk about our developer community. Just about this time last year, we announced our new global startup program designed to support all early-stage startups, no matter where they are and who they are.
Now we have over 200 startups from six continents and 24 countries participating in our program, and we have seen so many innovative ideas that will profoundly change our lifestyle. As our developer base continue to grow rapidly globally, we have been working on our own internal diversity and inclusion programs.
I'm proud to see that our employees now support 24 different languages. I also want to take this opportunity to invite you to join me at RTE2021, the annual real-time engagement industry event hosted by Agora. We will showcase exciting announcements, feature many amazing industry leaders and unique RTE innovations that are changing our lifestyles all over the world.
The U.S. time zone live event will be on September 1st and 2nd, and the China time zone event will be on October 22nd and 23rd, followed by October 24th, as well as the programmer festival. I look forward to seeing you there.
Lastly, I would like to thank our developers, customers, and partners for their trust in us. I also want to say thank you to all Agorans for their hard work and dedication to our customers' success. We will continue to invest in enabling meaningful human connections and creating more real-time engagement possibilities. Now let me turn things over to Jingbo, who will reveal our financial results.
Thank you, Tony. Hello, everyone. Let me start by first reviewing financial results for Q2, and then I will discuss our outlook for the full year. Total revenues grew 25% year-over-year and 5% quarter-over-quarter to $42.3 million in the second quarter of 2021. Number of active customers reached more than 2,400, excluding those for Easemob, up 65% year-over-year.
The growth in revenue and active customer was mainly driven by continued adoption of our technology by developers and the emergence and growth of new use cases. We reached more than 330,000 registered apps at the end of June, excluding those for Easemob, adding over 10,000 per month in the quarter. Additionally, Easemob contributed over $3 million to our top line.
As we mentioned in previous earnings calls, in order to help investors better understand our organic growth, excluding the impact from one-off events such as the complete lockdown in China in the first half of 2020 due to COVID-19, we calculated adjusted total revenues for these periods. When comparing to adjusted total revenues in Q2 last year, our total revenues grew 57% year-over-year in this quarter.
Our trailing 12 months constant currency dollar-based net expansion rate is 110%, excluding Easemob. If we use adjusted total revenues, the adjusted expansion rate would be 140%. Moving on to cost and expenses.
For my following comments, I will focus on non-GAAP results, which exclude share-based compensation expense, acquisition-related expenses, amortization expense of acquired intangible assets, and income tax related to acquired intangible assets.
Non-GAAP gross margin for the second quarter was 61.5%, which was 5.3% lower than Q2 last year and 3.1% higher than Q1 this year. The quarter-over-quarter increase was mainly driven by technical optimizations and advancement we have been implementing since the beginning of this year.
The year-over-year decrease was mainly due to the continuous growth in new international markets that we're expanding into, where infrastructure costs are higher. non-GAAP R&D expenses were $20.8 million in Q2, up 113% year-over-year, as we continue to hire talented employees and strengthen our R&D team, as well as the consolidation of Easemob's R&D team.
Non-GAAP R&D expenses were 49.2% of total revenues in the quarter, compared to 28.8% in Q2 last year. Our strategy is to focus on long-term growth opportunities and innovation instead of maximizing short-term profitability.
We have been investing significant resources in our R&D capabilities in order to further strengthen our technology leadership, provide a more diverse product portfolio, and empower emerging use cases around the world. Non-GAAP sales and marketing expenses were $9.3 million in Q2, up 72% year-over-year, mainly attributable to team expansion and increased advertising and event expenses.
The marketing expenses represented 22% of total revenues in the quarter, compared to 16% in Q2 last year. Non-GAAP G&A expenses was $5.6 million in Q2, up 140% year-over-year, mainly due to team expansion and professional service fees. G&A expense represented 13.3% of total revenues in the quarter, compared to 6.9% in Q2 last year.
Non-GAAP operating loss was $9.4 million, translating to a 22.3% non-GAAP operating loss margin for the quarter, compared to an operating loss margin of 13.9% in Q1 this year, and an operating income margin of 17.4% in Q2 last year. Turning to cash. Operating cash flow was negative $8.3 million in Q2, compared to positive $7.5 million last year. Free cash flow was negative $11.5 million, compared to positive $3.6 million last year.
Moving on to balance sheet. We ended Q2 with $827 million in cash equivalents, and short-term investments, compared to $877 million at the end of Q1. The net cash outflow in the quarter was mainly due to negative operating cash flow, capital expenditure, and consideration paid for Easemob acquisition and long-term investments. Now turning to guidance. COVID-19 is still an unprecedented variable to our business model, where historical experience may not apply.
Our guidance on full-year revenues reflect various assumptions that are subject to change based on the uncertainties related to the impact of the COVID-19 pandemic. In addition, as Tony mentioned earlier, we expect that the new regulation on K-12 academic tutoring sector will have a negative impact on our revenue in the near term.
With that, for the full year 2021, we have adjusted our previous guidance and now expect total revenues for the full year to be in the range of $159 million-$161 million. In closing, we are proud of the strong performance in Q2 and continue to be confident about the long-term prospect of our business. We'll continue to implement our technical optimization to further reduce infrastructure cost, invest in innovation and R&D capability, and support our developers and customers around the world.
Thank you to the entire Agora team and everyone attending the call today, and hope you're healthy and safe. Operator, let's open it up for questions.
Thank you. We'll now begin the question and answer session. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press the pound or hash key.
Once again, it is star one and wait for your name to be announced. Thank you. We have multiple questions in queue. Our first telephone question is on the line of Yang Liu from Morgan Stanley. Please ask the question, Yang.
Thanks for the opportunity to ask questions. Two questions from my side. The first one is about the overseas revenue. Can you mention the share, what is the contribution in second quarter from the overseas market? What is the growth driver in the overseas market, especially which are the key regions that contribute growth, and what is the key use cases that drive the volume growth? That's the first question.
The second one is on the gross margin. We see a pretty good QoQ gross margin turnaround. I guess Jingbo mentioned several times that the optimization on the infrastructure side contribute to that. Could you please share about the future outlook, and is this trend sustainable going into the second half, especially given part of the K-12 related revenue will be gone due to the regulation issue? If this infrastructure level optimization can continue to help on the margin. Thank you.
Sure. I'll take the first part of the first question. Revenue from U.S. and rest of world market in the quarter contributed about 27% of the total revenues. That's similar to the ratio in Q1. However, I want to highlight that in this quarter, we fully consolidated the results from Easemob, and where the revenue is 100% in China. If we exclude Easemob, the actual ratio of revenue from U.S. and rest of the world actually continue to increase and Tony can talk about the revenue drivers.
Right. We are actually on, you know as always, very excited about the opportunity from U.S. and the rest of world market. I think two to three years ago, dating was by then our largest use case by revenue in U.S. and rest of the world market. Today, we have many more use cases, many of which emerged in the past 18 months. We have a much more balanced revenue mix now.
Our fast-growing use cases can be roughly grouped under three themes. The first one is what we call future of work. Obviously, the pandemic has permanently changed how people work, collaborate, and study. We now have several large virtual event customers that hold all kinds of events, from trade shows to celebrity gym class, through our platform.
I'm more happy to see that they enjoy the benefit of our QoE advantage brought by our services. Recently, there's also a leading collaborative design platform brought our voice chat feature to its users so that they can have a live discussion while working on design projects.
We are working with also some virtual office platforms such as Loop and VirBELA to define how distributed teams will work together in the future. We recently also powered a global education giant, not those that originate from China market, to teach foreign languages to adults and children around the world.
The list goes on and on. I think that the future of work is definitely not just one size fits all video conferencing. With Agora, we can have video, voice, and all the workflow tools deeply integrated, creating a more immersive and effective remote working experience.
The second theme is future of media. In the past decade, we have all witnessed the transformation from TV and radio stations to Netflix and podcast. I think the next phase of evolvement of media is real-time interactivity. Audio live cast, for example, has created a brand new and more engaging experience compared with traditional podcast.
We now have several large customers who are working with us to either launch a standalone live cast app or introduce live cast to their existing apps. Another important direction is interactive TV. Currently, we are designing with several interactive TV provider to bring audience interactivity to game shows similar to Who Wants to Be a Millionaire? Here, the audience can answer questions in real-time on their mobile phone and even have the chance of jumping on stage to participate in the show itself.
We're also working with sports betting companies to offer real-time betting alongside video live streaming of the match. Here, the key to make sure the video latency is both very low and uniform across all users, so that they all have a fair chance at winning the bets.
The third theme is future of play. We see a clear trend of convergence of game and live streaming. More and more games are adding live streaming functions so that players can interact and share their game experience with others.
On the other hand, live streaming platforms are adding gaming features to live streaming sessions to boost interactivity between the host and the audience. In fact, I think the convergence of game and live streaming is an important step towards creating a new metaverse. Our technology is perfectly positioned to help developers make this happen. In short, I think you can see our future growth through those three lens.
There's a question about our cost margin, right?
In terms of cost margin, yes. This is sequential improvement in GP margin would mainly reflect our efforts in optimizing the technical architecture and also bandwidth utilization rates. This is a continuous effort, so we do believe we will be able to make additional savings in the future gradually. However, there are several factors at play.
You mentioned the education policy change. It's true that the change will likely reduce traffic coming from this sector, especially during weekend and summer and winter vacations. Typically, this type of reduction in traffic from one sector would cause pressure on the GP margin because it will reduce bandwidth utilization rate.
In this case, it's actually a little more complex. If the education traffic is more concentrated during weekdays and other traffic, like social and gaming, is more concentrated on weekends, actually, the utilization rate might potentially even improve. If we take all these factors into consideration, we actually expect that we are working to ensure that we can have a relatively stable GP margin in the next few quarters.
Thank you.
Once again, it is star one. Our next telephone question is from Emerson Chan from BofA Securities. Please ask your question, Emerson.
Hi, thank you, management. I have three questions. Firstly, for our new guidance, what revenue assumption we have built in on both academics and non-academic tutorials in second half? How much revenue impact on education we have already seen in second quarter?
Secondly, just want to get some color on the growth rate for non-education vertical in China in second quarter. What were the key growth drivers behind? As we may see tight regulation on media content, do we think our non-education sector in China will slow down in the future?
My last question is regarding our active customer, where we see net adds slow down QoQ in second quarter. Just to wonder what are the key reasons behind whether it was due to the education regulation, non-education vertical or anything else? Thank you.
Sure. I guess the first two questions are kind of related. Maybe I will start by sharing more information on the education situation. In Q2, K-12 academic tutoring contributed about 25% of total revenues. The actual revenue we saw in Q2 was already below our initial estimate before the policy since the education companies already started to cut their advertising spending and their school expansion and student sign-ups.
There was already some impact in Q2. However, we expected to see further impact in Q3 because some local governments have already started to enforce the new policy in August. We expect the most impact will be seen in Q4, as that's the time, I guess, most local governments will really enforce all the policies.
By end of Q4, I guess we will see the new norm and what people might see as a new base, a new clean base. At this point, it's really hard to estimate what that new base will be given uncertainties around the interpretation and enforcement of the policy.
When we give the guidance, we try to make a balanced estimate. Obviously, there are a lot of uncertainties involved. Ex: K-12 education in China, we do not expect a slowdown. Actually, we see quite a few exciting opportunities. For example, Tony mentioned the social singing on karaoke. We actually are working with several customers adding this feature into their apps.
We do believe, just like live streaming, like worldwide, is going to be both an opportunity for standalone apps and also an opportunity to become a by default or standard feature in many, many social apps. In China, I think the broader theme is the penetration of mobile internet is already very high. There's not much room for user growth.
However, the penetration of real-time engagement within apps still has a lot of room to grow. For example, a user might spend 60 minutes on Momo per day, but most of the minutes are used for one-way content consumption, and only one or two minutes are used for user interaction through video or voice. Here, this penetration is really driven by new ways of interaction. Social singing is one way, and there are other possibilities like the convergence of game and live streaming.
We do not expect any slowdown for the other sectors. On the active customers, actually, we think the growth in this quarter is still pretty healthy. I think we added about 120 active customers quarter-on-quarter.
Because we define active customers based on LTM, last 12 months, you might see a sharper growth rate several quarters back earlier, and that's because that's during the peak of the pandemic. Obviously, there were more emergency use cases, emergency sign-ups. I actually do think the recent closing active customers is still pretty healthy.
Thank you.
Our next telephone question comes from the line of Vincent Yu from Needham & Company. Please ask your question, Vincent.
Thank you, management. I have two questions also quite about regulation. The first one is in terms of live streaming. We do see there's discussions on potential more regulations on live streaming side. What's our view towards that? Yes. What's the worst scenario we think it could be?
The second question is actually also about education. In the policy, it says the government's encouraging public school to provide platform or free classes online to interact with the students. Do we think we can take some upshare on that front? Thank you.
Okay. On the live streaming side, we are actually not aware of new regulations coming out on live streaming. In fact, the regulatory environment in China has been very strict for social and live streaming apps for quite some time, from I think a few years ago. Which is actually a good thing, as it makes the whole industry healthier.
If you are actually talking about some activities or voice on gaming, there might be some regulation on gaming for primary school students, some public discussions. We don't expect this to have a significant impact on our revenue. We don't have a big base on that. Another question around the, you have a second part of the question?
Yeah. The second part question is about on the regulation part that you mentioned, encourage the local schools.
Yeah.
Public schools to provide online classes to students for free. I just think, could we gain some government contracts from that part, or we don't see it yet?
Yes. That's the direction to go. Actually, not just us, but a lot of education institutions or companies are also looking at those directions, as I think we mentioned briefly, including public education, adult education, and some non-academic tutoring services like music and art, and even going overseas market for some Chinese education companies are all the directions they're trying to go.
I might want to mention that it's, as said, nonprofit education, not necessarily free education. There's many such practice in the industry in the past already. We will definitely participate in those trends, and we are working actively with several partners, many partners on such experiments as well.
Okay. Thank you.
Our next telephone question is from Bing Duan from Nomura. Please ask your question, Bing.
Hi. Thank you, management, for letting me ask questions. I also have two questions. First, about the net dollar retention rate. This quarter, it has been moderated to around 110%. Could you elaborate more on the reasons behind that, and how do you see the trend in the next few quarters?
The second question is about you talk about some new emerging use cases. For example, the e-shopping live streaming use cases cooperated with e-commerce company in Southeast Asia. I just wonder, how do you see the trend of the volume and the revenue growth in the future in this client or in a broader sense for the e-commerce sector in overseas market? Thank you.
Sure. In terms of the expansion rate, we define expansion rate based on the LTM. We look at the active customers in the previous LTM, 24 months ago to 13 months ago. We focus on the same cohort of customers, compare their revenue from that period with their revenue in most recent 12 months.
If you think about this calculation for this quarter, the most recent 12 months would be July last year to June this year, and the previous 12 months would be July 2019 to June 2020. The 24 months to 13 months period would include the peak of the pandemic in China during total lockdown, where the revenue base was abnormally high, included a lot of the one-off revenue contribution. Most recent 12 months is actually more normal, clean base.
That's why a direct comparison would lead to a low expansion rate. We actually don't think the expansion rate is very meaningful, and that's why we also provided the adjusted expansion rate, where we remove the one-off revenue from the previous 24 months to 13 months period. If we remove that, the expansion rate would be 140%, which is more meaningful.
We do expect if we go into next quarter, if we follow the same calculation, the unadjusted expansion rate will remain at a lower level, and the adjusted expansion rate will be more meaningful. On the second question on e-commerce, actually, what we talk about is kind of interactive e-commerce, but live streaming commerce is already quite prevalent in China. The trend really started about one year ago, one year and a half ago.
Outside China, it's less prevalent, but we do think it's definitely going to be the future direction. We are working with several customers, but as many things, it takes time for user behavior, user habit to change and evolve. That will take time. And also, the other opportunity there is right now, with several customers, they use our technology for the interactive part when the audience want to jump on stage and interact with the host.
They still use traditional CDN technology for the live streaming part. The whole live streaming broadcast to hundreds of users, that part is still through CDN. Now what we are trying to do is we want to persuade customers to use our technology for the entire experience. For the interactive part and also the audience part. We have seen some early success there.
If that can become the new standard, their revenue potential is much more significant, because obviously there are more audience than host, and then the participating audience. That's kind of the opportunity we are seeing in the future.
Thank you very much.
Once again, it is star one. Our next telephone question is from John Wang from Macquarie. Please ask your question, John.
Hi. Thank you, management, for giving me a chance to ask questions. Firstly, we have seen Chinese government is becoming more and more stringent on data securities. What would we expect as the worst scenarios, and do we have any contingency plans for that?
Secondly, also on the DBNER. Can you give us more colors on the DBNER in the next couple of quarters? Any colors on differences between the China and non-China clients and on different vertical clients? Thanks.
Okay. About the regulation from China government, I think a lot of the policy or regulation seems to be rolling out all of a sudden. If you look into the direction, have certain trace back to their long-term discussions around how they're going to manage those areas of services. It's not just about education. It could be also housing and medical services.
I think a lot of those, is still at the direction of trying to create a healthier economic environment overall. It's not really against any new technology, you know kind of being leveraged to create a more accessible or a better services in all industries, where we are actually in that direction. For example, on education side, on one side, the commercial academic tutoring service is right now being heavily regulated.
But before that, you can see even on government policy side, they are promoting the so-called free class initiative, where it's trying to leverage online education technologies or tools to make sure the good teacher or good elite teachers' contents can be shared across the country.
We think overall, the regulation would not heavily just reduce or limit our future growth. Near term, it will impact which customer or which kind of use case would be more healthier for our growth.
On data security, actually, we don't think that will have a significant impact on us. Actually, we have been very careful when it comes to user data. We have always had a policy we call minimal data collection. We intentionally do not try to collect any more data than the absolutely necessary. When we work with a customer, we work with an app.
When the app asks us to connect to all its users, actually, the users are anonymous. We don't know who they are. All we see is their IP address, which is required for us to make the connection, and nothing else. We don't collect data, and we have spent a lot of time and resources working with the consultants to enhance our overall data security and privacy practice. In fact, we are fully GDPR compliant.
We have many other certifications if you look at our website, which is necessary for us to operate in Europe and U.S. If you compare us with many other companies in China, we are probably the most advanced in terms of data security and data protection. Actually, if anything, I think that's going to be a good thing for us as we are already very advanced and compliant.
On DBNER, as I mentioned, actually, we think if we do not adjust the one-off revenue spike in Q1 and Q2 last year, in the next few quarters, you'll continue to see a relatively low level of DBNER, and that's really caused by that spike. If you just remove that one-off revenue contribution, you will see more meaningful numbers.
We have always guided something around 130% as kind of the normal DBNER for this business. In terms of China versus U.S. versus world and verticals, obviously in the past 18 months, the U.S. versus world business has been particularly strong, so the numbers there would look stronger.
Great. Thanks.
Once again, it is star one. As there is no further questions at this time. I would like to hand the call back to the speakers for closing remarks. Please go ahead.
Thank you, operator, and thank you everyone for attending this meeting today. Again, our presentation, the copy of presentation and also our the remarks of this call will be uploaded on our IR website, so please feel free if you need that, and feel free to contact us if you have any further questions. Thank you all.
Thank you.
Thank you.
Thank you all. You may all disconnect. Have a great day. Goodbye.
Bye.