Welcome to Tremor International Second Quarter and H1 20 21 Conference Call. At this time, all participants are in a listen only mode with a question and answer session to follow at the end of the presentation. This conference call is being recorded and a replay of today's call will be made available on the Investor Relations section of Tremor's website and will remain posted there for the next 30 days. I will now hand the call over to Todd Fromer, Principal and President at KCSA for introductions and reading of the Safe Harbor statement. Please go ahead.
Thank you, operator. Good morning, everyone, and welcome to Tremor International's 2nd Quarter and First Half 2021 Results Conference Call. With us on today's call are Ofer Druker, Schlumber's Chief Executive Officer and Sagine Niere, Chief Financial Officer, this morning, we issued a press release, which you can access on our website at investors. Tremorinternational.com. During today's conference call, we may make forward looking statements.
All statements other than statements of historical fact and could be deemed as forward looking. We advise caution in reliance on forward looking statements. These statements include, without limitation, Projections about our future financial results and future business and statements concerning the expected development, performance and market share or competitive performance relating to products or services. All forward looking statements are based on information available to us as of the date of this call. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those implied by these forward looking statements, including unexpected changes in our business.
More detailed information about these risk factors and additional risk factors are Are set forth in our filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled Risk Factors in our registration statement on Form F-one. Tremor does not intend to update or alter its forward looking statements, whether as a result of new information, Future events or otherwise, except as required by law. Additionally, the company's press release and management statements during this conference call We will include discussions of certain measures and financial information in IFRS and non IFRS terms. We refer you to the company's press release for additional details, including definitions of non IFRS items and reconciliations of IFRS to At this time, it is my pleasure to introduce Ofer Druker, CEO of Tremor International. Ofer, please go ahead.
Thank you, Todd, and welcome to everyone for joining today's earnings webcast. As this is our 1st major communications Existing on the NASDAQ on June 22, before reviewing the highlights of our Q2 and first half of twenty twenty one results, I would like to talk briefly about who we are, the market in which we operate and how we have positioned the business for future growth. Afterwards, our Chief Financial Officer, Saghi Niri, will review the highlights of our Q2 financial results. Following that, we'll be able to take your questions. Before getting into the details, Tremor delivered amazing Q2 results That when combined with Q1 represent great progress and testament to the success of our strategy driven by our end to end platform, which is focused on video, data and connected TV.
For the 3 months that ended June 30, 2021, We generated contribution ex TAC of US74 $1,000,000 compared to US28.5 million dollars In Q2 2020, a 160% growth and adjusted EBITDA of $37,000,000 Compared to $1,200,000 in Q2 2020, 29 times growth. And for the 6 months That ended in June 30, 2021, we generated contribution ex TAC of US137 $1,000,000 Compared to $61,000,000 in H1 2020, 125% growth And adjusted EBITDA of US65 $1,000,000 compared to US1.8 dollars during the same period last year, 35 times growth. Our CTV revenue grew 2 80% in Q2 2021 versus Q2 2020 and grew 249% in H1 2021 compared to H1 2020. Central to this performance is the strength of our end to end technology and business platform. Later in this presentation, I will also touch upon the progress we achieved in the CTV, which is also key performance to our driver for Tremont.
We also achieved a 46% EBITDA margin in Q2 2021 on a reported revenue basis and a 51% margin on net revenue, which is higher than the median of the direct peers. Finally, 92% of our net revenues in Q2 2021 was generated in the U. S, highlighting Tremor's strength in our most important market, but also showing the upside potential we have to expand Our global footprint. I am proud to say that Tremor is recognized by the industry as the leading video and connected TV Focused EdTech Classroom. For the Q2 of 2021, video and connected TV comprised 82% of our revenues Please note that for accounting purposes, we report contribution ex TEC, but we view this as our net revenue.
Our mission. 4 years ago, we set a vision and plan to transform Tremor into a unique market leading company, Focused on video, data and CTP, delivered through a full end to end tech platform, capitalizing on our collective experience and That is, integrating companies, we handpicked and acquired companies that were committed to investing in these areas and connected them Successfully completing 3 major acquisitions in about 3 years, We have created what we believe is one of the leading end to end technology and business platform offering video, data and CTV. We further believe That owning an end to end platform comprised of our demand side platform, supply side platform and data management platform Give us a competitive advantage in the marketplace. The success of this forward looking initiative is the driving force behind the strong growth and financial results we reported earlier today. The high level of success we achieved completing the integration of Unruly, our last acquisition in January 2020, About a year ago, it translated into a strong organic growth and profitability.
It's worth touching upon the fact that although COVID-nineteen proved particularly challenging in the first half of twenty twenty, but it also served as an opportunity for Tremor to focus our vision And accelerate our strategy and utility to evolve. We have built and positioned Travel to achieve success for the long term, supported by favorable fundamental changes occurring within the advertising industry, which we believe will provide us with a long runway to grow over the Now let's look at our core strengths and differentiation. Our core differentiation is grounded in our end to end business platform, which has validated our approach and is fueling our growth and profitability. Brands that has increasingly Become more sophisticated to how they reach their target audience, while simultaneously seeking to Simplify the execution of their campaigns. Tremor Direct addressed this need by providing a flexible solution to address the increased complexity of the industry.
With many years of product development, experience and knowledge, we have established credibility in the market for our best in class video and CTV capabilities. This level of experience is unique in the industry and is respected by our clients. The key trends driving our growth include The shift of advertising budgets from broadcast and cable TV to digital platform, growth in usage of video advertising formats, The importance of leveraging data together with significant scale in which to deliver amazing audience targeting Benefits and capabilities to our advertisers, the growth in CTV and market trends such as supply based optimization Video is the fastest growing format in the U. S. Market in terms of ad spend and is viewed As the most engaging format by advertisers, we have established track record of video capabilities and expertise, resulting in almost 200% growth in our Video segment, Eroverie, which was significantly higher than the CAGR achieved by the industry.
We are also focused on the fastest growing channels by device, CTV and mobile, which collectively accounts for 79% of our net revenues And 86% of our programmatic net revenues. Our CTV and mobile growth has significantly outpaced the industry At 167% year over year compared to 20% for CTV and 12% for mobile in At the fastest growing advertising medium by ad spend, CTV represents a tremendous growth opportunity for Tremont. Currently, there is an anomaly between the head spend on CTV, which remains lower relatively to other digital advertising channel And extremely high viewership and engagement from consumer who are consuming content through CTV daily. We expect that S Pen will catch up to the eyeballs And advertisers will continue allocating meaningful portion of their budget to CTV, which will benefit Tremor, CTV represents 28% of our revenues and continues to increase. Tremor works with premium and well known brands that have global reach and a large addressable digital expense.
Our revenues is widely spread across a variety of verticals, including entertainment, CPG, finance, restaurant, travel, health and many more. Our emphasis on data is being supported by our ability to layer data through our proprietary DMP And our unique partnership with data provider. This enable our advertisers to target their audience with precision Through the growing exercise on CTV, where we offer a strong reach through the growing number of our partnership. We continue to partner closely with top brands in our industry and are proud of this strong global partnership. Two partnership highlights from Q2 include our integration with LiveRamp that will help connect marketeer demand To high quality publisher inventory across channel, while fortifying data driven customers' insights For improved activation and measurement and our launch of in house TV retargeting, which will help our advertisers partner to increase their audience reach.
Finally, our in house creative studio, Truly, produced pronounced Truly, continues to be A differentiation for Tremor International. With some of the world's top brands leaning into our bespoke solution, In Q2 alone, 1 of the 50 to 75 different brands ran over 800,000,000 impression of Truly Custom creative through Tremovideo and Unruly platform, and we sold $18,000,000 in Custom creative in Q2. With those introductions and comments complete, it is my pleasure to turn the call to Saguen Iri to review our financial results.
Thank you, Ofer, and thank you, everyone, for joining us today. We are certainly encouraged to see our momentum building as we move ahead of the first half of 2021. Today, I'll be discussing some of the highlights of our Q2 performance as well as some of the key financial and operational drivers during the quarter. Trevor International achieved another outstanding record quarter in Q2 with revenue and adjusted EBITDA Propelled by organic revenue growth. In Q2 2021, we've completed an exciting dual listing process, resulting in an equity raise with investor endorsement in Tremor, bringing the total gross proceeds of our offering to approximately 147 For the quarter ended June 30, 2021, Tremor generated $74,000,000 in net revenue, the key metric we focus on In evaluating revenue performance, an increase of 159% year over year, significantly Stroger with the digital ad industry growth.
Our CTV revenues grew 2 80% in Q2 2021 versus Q2 2020 and are poised to continue their strong momentum as increasingly more business is being transacted Through programmatic platforms. During the same period, our video revenues grew almost 200%, which again was much faster than the forecasted CAGR For video advertising. As a result of running an efficient business, we achieved adjusted EBITDA of $37,000,000 in Q2 2021 $65,000,000 in H1 2021 or adjusted EBITDA margin of 51% 47% out of net revenue, respectively. Our net revenue grew 155% in Q2 year over year and came in at $74,000,000 for Q2 2021 versus $29,000,000 in Q2 2020, all of which was organic growth. We continue to consistently generate meaningfully positive EBITDA, While investing in the critical areas of our business that can drive our future growth, We have been generating positive EBITDA since 2014 and ended Q2 2021 and H1 2021 With $37,000,000 $65,000,000 respectively, representing again a 51% and 47% margins on net revenue, respectively.
We saw very strong year over year momentum in Q2 and H1 2021, Which increased our EBITDA by 29 times and 35 times respectively, compared to the same period in 2020, underpinned by Enhanced fulfillment of our omni channel product offering, the full integration of the Anruly business offering in relation into Tremor And the utilization of our economy of scale and efficiencies through our cutting edge tech platform, allowing us to translate the majority of the growth Our early entrance into CTV, Coupled with the enhancements we made to our offering during the pandemic resulted in 280% year over year CTV revenue growth in Q2 twenty Our Vidyo net revenue increased 199% from $20,000,000 in Q2 2020 $61,000,000 in Q2 2021 and was driven by our video capabilities and focus. Even though there is seasonality in the industry, we experienced significant growth in the first half of twenty twenty one, During which we exceeded market expectations and proved that our strategy is working. We believe we have a competitive advantage from our omni channel end to end platform versus 1 dimensional solution. Tremont's structure of running its own data centers alongside cloud based computing allows us to deliver consistent performance, Guaranteed quality and massive cost efficiency.
We have an efficient and profitable business model with high efficiency around operating costs leading to maximum operating leverage, economies of scale and strong productivity. Among our ad tech peers, Tremor has one of the highest margin and operational profitability, resulting in 46% adjusted EBITDA margin in Q2 2021 on a reported revenue basis and 51% on a net revenue basis. Turning to our cash flow, we generated net cash from operating activities of $57,000,000 for Q2 2021 versus $7,000,000 in Q2 2020, uplift of approximately 700%. We ended the quarter with cash and cash equivalents of $275,000,000 up over From $172,000,000 from the prior quarter, which with disregarding net proceeds of our offering, Grew $54,000,000 in the quarter. By 31st July, we had $314,000,000 cash and cash equivalent with no debt.
We also experienced 99% free cash flow conversion during the quarter. Non IFRS diluted earnings per share of Class A common stock It's $0.23 for the quarter versus $0.02 loss on Q2 2020. And finally, I'll now turn to our outlook. For the Q3 of 2021, we expect net revenue to be at least $75,000,000 Which represent year over year growth of approximately 50% and adjusted EBITDA to be approximately $37,000,000 which represent year on year growth of approximately 85% and expected adjusted EBITDA margin of 49% as a percentage of net revenue. We believe that our growth profile and healthy balance sheet positions us Extremely well to take advantage of the rapidly growing market opportunity in front of us.
And with my remarks completed, I'll turn the call back to Ofer.
Thank you, Saghi. To summarize, Trevor operates in the fastest growing segment of digital advertising, An ecosystem consisting of video, CTV and usage of data. These fast growing areas of digital advertising Accounts for 80 5 percent of our revenues. We created an end to end platform that addresses the opportunities in the market, mainly around the simplicity clients are looking for, uses of data and supply path optimization. Our success has been proven out By the strength of our operational growth and financial performance, our focus on CTV is evident as CTV represents Approximately 28% of our net revenue and is expected to be driving force in our growth going forward in our product roadmap.
The combination of our strong tech platform, aerospace activity and discipline provide an excellent roadmap For our continued operation and financial success. We strongly believe that we have a lot of room to grow and remain confident for the future. Operator, we'll now open the call for investors' questions. Thank you.
Our first question comes from the line of Laura Martin from Needham. Your line is now open.
Can you hear me okay, you guys?
Yes.
Great. Fantastic. Maybe a couple. Good morning. Great numbers.
Congratulations, you guys. So I'm very interested in 2 things. 1 is, your CTV versus online video. I'm very interested in whether You see CTV cannibalizing online video or whether you see the growth coming from different types of advertisers in the 2 categories? And then my second question is on News Corp.
You have this wonderful exclusive deal with News Corp to sell certain of their Outstream video units until the end of 2022. Just as a housekeeping item, how much of your total revenue did that did News Corp represents in the Q2. Thank you.
Okay. So for the first question about if CTV is Analyzing online video, both sectors are basically growing. We have a growth that is coming from both sections. When we are looking at CTV, this is something that people are basically expanding into lately for us. So we have clients that are coming directly for CTV, but we have also clients that we basically worked with them in the past and they are expanding.
But we see both channels growing. Regarding the questions about News Corp, Saghi, can you give like the numbers about what is the if it's if I Yes, sure. Sure. The size of the activity? Thank you.
Yes. So first of all, of course, we are very happy with the deal with News Corp. Secondly, The deal is around £30,000,000 for 3 years. And if I'm taking it per quarter, it's not meaningful out of our net revenues.
Okay.
Thanks very much. Great numbers, guys.
Thank you.
Thank you.
Thank you. Our next question comes from the line of Matt Swanson from RBC Capital Markets. Your line is now open.
Yes. Thank you. And I'll add my congratulations on the strong quarter. Ofer, just kind of following up on Laura's question. So obviously results in CTV kind of a highlight.
Could you expand on where you're focusing your investments In this market. And then I was really interested in the launch of the in house TV retargeting and measurement solution. So if you could give us a little bit more color on that from the press release?
Of course. So I will start maybe with the TV retargeting. So we are basically doing TV retargeting for a couple of years. In the past year, we changed our providers and we are using now another provider that work with us in order to build a solution That is providing like a very strong solution in the market regarding ACR and TV retargeting. And we are integrated into a major in the major verticals that we are working with already for a couple of years, Mostly entertainment, travel, automobile and so on and CPG that we are using this technology with.
And we see great success. And one of the major Matt, one of the major advantages that we got is the full entrance solution that we are driving. And in that matter, in this scenario, it's also helping us to integrate data whenever we are basically using our DSP, when we are running managed campaigns When we are selling PNPs, then we are able basically to offer this data as a layer around the media that we are selling. So in this both occasions, we can basically use this solution that we integrated. Regarding the question about the CTV, can you basically tell me what you are looking to understand?
Because I need to understand what is your question?
Yes, definitely. So just seeing how fast the market is growing, what are kind of your Focus areas of investment around the market to continue to gain share. Like is it in technology? Is it targeting new customers? The TV retargeting?
Essentially, like you said, there's a divergence in viewership versus ad spend. Is there anything company specific you can do to kind of drive that?
I agree. So basically, what we see is that I think that you need when you are trying to Capture the wave of CTV, we need to put emphasis on all the elements, meaning we are putting much more emphasis on technology and product innovation. We said in the past that we are going to grow our investment in innovation and mostly around CTV, and that's what we are doing now. So this is something that we are doing, building our launching more and more capabilities around CTV that we are offering to our clients successfully. Regarding clients, we are one of the companies that got like a really strong sales team on the ground in the U.
S. And globally. And this team is offering, of course, CTV opportunities to new clients, but also to clients that we used to work with them in the past. And We see great adoption by clients that used to work with us on other formats, multi video, shifting also to CTV because Of the advantages that CTV is offering, mostly reach and also engagement according to our studies As we did in the past year, we saw that also the engagement around CTV is very strong and compared to other formats. So it's like accelerating the usage of CTV as a format that basically advertisers are using in order to reach their audience.
So I think it's a mix. Answering your question, Matt, I think it's a mix of efforts. One of them is on the innovation and product. The second one is Increasing the sales also in all fronts, meaning increasing the sales which we are bringing new clients and also encouraging And educating clients to push their budgets into CTV because this is basically for them also is the future.
That's extremely helpful. If I could add one more for Sagi. Just being your first quarterly call, could
you just talk to us
a little bit about your And any additional color on the macro environment that you might be thinking about when you're going through that process?
Sure. So, yes, it's the first earning call we are doing as a dual listed company That is now part of NASDAQ. I think that we gave guidance only for Q3 in order to be cautious. Of course, we will consider going forward, maybe give a yearly forecast as well. And when we are doing our forecast, of course, we have our platforms in place and we have the pipeline both on the demand side and the supply side, That out of that, we can generate a model like you are doing and forecast Next quarter and beyond that, and that's how we are doing that.
On top of course, the COVID-nineteen situation is not we didn't pass that as well. So we are trying to be cautious as well with that front, Because we are not aware or we are not sure what will happen next. Another thing that is influencing our Forecast going forward is as we discussed before, we are going to invest much more now In product, in technology, in sales and marketing, in order to enhance our organic growth And capture the market opportunity. And all of these parameters, of course, are influencing our forecast going forward.
Thanks for the time. Congrats again on numbers this morning.
Thank you.
Thank you.
Thank you. Our next question comes from the line of Ron Josey from JMP Securities. Your line is now open.
Great. Thanks for taking the question. Another offer of congratulations here. Ofer, I wanted to follow-up on CTV, which is what most are asking. But We're seeing accelerating growth here in another impressive quarter.
You mentioned in your remarks that CTV is not yet on par with engagement and of course we're seeing that as well. But Can you just talk about the shift what needs to happen for CTV ad spend to be on par with engagement and any thoughts on timeline here? That would be very helpful. And then Sagi, following up on your comments just now on investments, just can you talk to us a little bit more just around margins and where you see they might level off overall? We're seeing the benefits from the revenue scale fall to the bottom line.
And then margin guidance is extremely strong for 3Q as well. So Talk to us about how you view margins longer term as well. Thank you, guys.
Okay. So I will start about CTV. Yes, there is when you look at, let's say, the level of engagement of users with CTV, It's really amazing to see and I think that basically the pandemic just accelerated it because people are consuming much more content through CTV And when you look at that, I think that sometimes it takes from my experience, sometimes we know what the future will bring, but we don't know how long it will take us So I think that we feel like a graduate education and testing and adaptation of For clients to use it more and more into CTV, and I think that this phenomena will grow. And I think that another element will allow more clients To get in is when the size of the CTV is growing, the size of the media is growing and then we'll allow like also more, Let's have flexibility on pricing that will allow even more clients to jump into this opportunity and start Buying media on CTV, which in the beginning was very expensive and now it's changing over time. So I think that it's hard to say to give like indication of time, but I think that we are in the middle of this Revolution or process where advertisers are basically now adapting new format of CTV.
They are moving more and more budget into that. Some of them are Already there and just moving more into this channel and some of them are just testing And still exploring if it makes sense to them to make the switch now or to wait or sometimes it takes simply some time to make this Adjustment in order to buy this new type of media. But overall, I think that if you ask me, I think that in the next 1.5 years until the end of next year, we'll see much more participation in CTV coming from different type of The advertisers in different verticals that we started up this model and format and we'll grow it within their budgets. I hope that I answered your question.
Yes. Thank you. Yes. So regarding the question about margin, I think And we said it as well. Among our EdTech peers, I think we have one of the highest margin and operational profitability.
I think that Most of it are coming from the competitive advantage of our omni channel end to end platform Versus the other one-sided solution. And again, some things around our structure And data centers and of course, the efficiency we have within our business. I think that some of it is coming as it's coming In other companies, from the pandemic itself where some recurring costs are not being expensed anymore or It's a very low level, but probably post the pandemic, it will get into the usual costs. So we will see a little bit the profitability going down. And again, we are going to invest more in Product R and D sales and marketing.
Having said that, we will scale our revenues and net revenues up. So I think going forward, as we stated for Q3, still our margin is going to be
Hi. Great.
Thanks, guys. I think that also there is some philosophy that In the past, we were like more focused on EBITDA, and we are moving now to look more on growth. And this is, of course,
Thank you. Our next question comes from the line of Lara Lee from Jefferies. Your line is now open.
Hi, guys. Firstly, congrats on the strong results. So I guess I just I have one question. So could you maybe provide a comment on the acquisition pipeline given like you guys now have a growing cash? And also like related to that, do you see like potentially share buyback would be
I think that your line is not I couldn't understand Your first sentences, can you please, sorry?
Yes, yes, sure. Sorry, could you hear me now?
Yes.
Yes. Sorry. I'm just wondering if you could comment on the acquisition pipeline, please?
Acquisition pipeline? Yes. Okay. So Basically, our company is known also for conducting successful acquisition in the past few years. We acquired Tremor and then we acquired basically RhythmOne and the last one was Anurly that we conducted in January 2020.
So Of course, it's a for us, it's a valid growth path also to grow through acquisitions, and we are looking what's going in the market, and we are looking for Additional targets that's of course part of the reason that we of course raise cash in order to be able to be in this position. And I think that we also proved that we know how to basically integrate these companies in a quick And efficient manner like we did in the last three acquisitions over the last three years, building our company from that. So we are open to that and we are looking for acquisitions in the market always in Always in order to grow. But having said that, as you can see in the past, since we Finish the integration of Anurulie like a year ago in June, July 2020, we also being able to grow very nice Organically, so this fact, of course, allows and give us the time frame and the opportunity to look Carefully and to find our candidates for acquisitions, and we keep doing that also in parallel to the organic growth that we are demonstrating.
Okay, great. That's very helpful and apologies for my connection. Thank you.
No problem.
Thank you. Our next question comes from the line of Andrew Marik from Raymond James. Your line is now open.
Hi, thanks for taking my questions. 2, if I could. 1, obviously, the growth in the Americas has been really strong to date. But I guess, could we get a perspective on your potential for international scale? And what is the international focus on this point, particularly in APAC and EMEA?
And secondly, you've given some quantitative data in the past around your private marketplace and self serve businesses. I guess if you could Give us an update as to how those aspects of your business scaled in Q2. Thank you.
Okay. I will start with the international potential. So Basically, Tremont also got very interesting capabilities around the globe. We have offices and operation in Australia, in Japan, in in Singapore, in Germany and U. K.
And some back office and development office, of course, in Israel. But the activity is also done in the location that I mentioned before. COVID basically did 2 things to us. In the first thing, after the acquisition of Anruly last year, most of the activity that was that is international for us is came from the activity of Anruly. And basically, immediately almost after the acquisition, most of these markets were shut down because of COVID and still under very Tough restrictions and limitations, so it's slowing us down in this matter of integrating them, Pushing more products into these locations and growing this potential.
I'm sure that when this limitation will lift, We will be able to grow them again to grow them and integrate our capabilities also there in these locations in order to grow this activity. And in the locations that we are, we believe that these are the main locations that we want to basically stay and operate, which is Australia, where we're also enjoying there from what was mentioned before, the cooperation with NuScope Japan, which is really interesting market and even before Unruly, we had an office there and activity there. So we believe in this market and we want to invest in that. Singapore, which is more like a regional office that we believe that because we have a lot of global partners and advertisers That are interested in this area, we need to provide them also solution in these locations, and we are doing it very successfully. And in Europe, the 2 main markets that We are active in and we will stay there as U.
K. And Germany, which are really interesting for us. And we also in the U. K, we enjoy from the partnership with Eusco In this country, which is, of course, meaningful because Newscope is a very big player in the U. K.
Market. So I think that COVID slowed down In integrating more products and growing these revenues because of the restrictions, also the economies of some of these markets were suffering From the effects of COVID in the last 18 months that, of course, affect our capability to grow our revenues in this location for now. The second question was about remind me about
Yes, I will take the second question.
It was
on the P and P and self serve
Okay.
So we disclosed before you as P&P and Seltzer. I think that we understand that both Of that, our main growth driver. We stopped disclosing the level of increase Or the scaling up of these 2 KPIs because everything is going now under the programmatic umbrella and we're Closing only the CTV part and the video part. Having said that, I can share with you not the exact number, but it increased dramatically From Q1 and incredibly from Q2 2020. So The trends are still very high.
It's jumping every quarter, at least double digit Growth from quarter to quarter. But again, this is our KPIs And our growth drivers and as Ofer mentioned, we are going to invest more and more in our product offering in order to keep this organic growth moving forward.
Thank you.
Thank you. At this time, I'm showing no further questions. I would like to turn the call back over to the speakers for closing remarks.
Thank you, everyone, for participating in this call and looking forward for the next quarter And hope to keep providing good news to the market, I think, in a way that's like us. Thank you.
Thank you, everyone. This
concludes today's conference call. Thank you for participating. You may now disconnect.