Welcome to the Perion Network Third Quarter 2020 Earnings Conference Call. Today's conference is being recorded. The press release detailing the financial results is available on the company's website atperion.com. Before we begin, I'd like to read the following Safe Harbor statement. Today's discussion includes forward looking statements.
These statements reflect the company's current views with respect to future events. These forward looking statements involve known and unknown risks, uncertainties and other factors, including those discussed under the heading Risk Factors and elsewhere in the company's annual report on Form 20 F that may cause actual results, performance or achievements to be materially different and any future results, performance or achievements anticipated or implied by these forward looking statements. The company does not undertake to update any forward looking statements to reflect future events or circumstances. As in prior quarters, the results reported today will be analyzed both on a GAAP and non GAAP basis. While mentioning EBITDA, we will be referring to adjusted EBITDA.
We will have provided a detailed reconciliation of non GAAP measures to their comparable GAAP measures in our earnings release, which is available on our website and has also been filed on Form ks. Hosting the call today are Doron Gerstel, Perion's Chief Executive Officer and Nielle Sibron, Perion's Chief Financial Officer. I would now like to turn the call over to Doron Gerstel. Please go ahead.
Thank you and good morning. I hope everyone is healthy and that your families are doing well. Our team has performed brilliantly during these strange difficult times and the results of their efforts speak for themselves. I want to take this moment to recognize and thank them for their dedication and effectiveness as they supported our business across the 3 pillars of digital advertising. During the Q3, Perm increased total revenues by 27% year over year, driven by 200% year over year revenue growth in CTV, along with the acquisition of Content IQ and Pub Ocean.
This inarguably demonstrate our ability to outperform the digital advertising industry even as it recovers. Our growth was led by a 76% increase in our advertising division, as a result of increased spending mainly towards CTV. In today's data rich world, consumer are increasingly demanding brands deliver more focused, relevant messaging. This was the main trigger for the growing demand for CTV, which is defined as any app or website that stream content over the Internet capable to serve 1 ad to 1 household as opposed to broadcasting an ad to all households. As a result, advertisers shift the way for simple competing for eyeballs to creating meaningful, engaging experience that first capture and truly convince audience.
We are focusing on leveraging our creative capability and enhanced CTV offering by providing CTV interactive ads to better align awareness and performance driven content for the right persona at the right time at the right stage of the funnel. Our search business grew by 3% due to the increased volume of monetized queries we delivered to Microsoft Bing. I have a strong confidence on our ability to extend current agreement by the end of the year with Microsoft being in a better term than what we currently have. Our results are also triggered by the fact that we are becoming an even more efficient company as we grow, thanks to the scalability of our operating model, tight management of expense and our synergistic acquisitions. The forcing factor of the pandemic has amplified the economic value of our $10,000,000 cost saving plan, which was implemented in the first half of the year.
Our increased efficiency resulting from ongoing investment in automation has helped driving a 15% year over year growth in adjusted EBITDA to $8,700,000 To be honest, I'm sure many of you didn't expect to see results like this. Our accomplishments are all the more impressive because we've done this during the 100 year pandemic that has appended the digital media marketplace and has left many previous successful ad companies and advertising agency wounded and bleeding. Our success top line and bottom line during this time demonstrate that our focus and relentlessly implemented plan of diversification across these 3 main pillars of digital advertising was, is and will be the roadmap to our growth. Perion is without doubt turning its strategic plan of diversification into a successful action. We have a clear path to sustainable and consistent double digit growth going forward.
Let me repeat, we have a clear path to sustainable and consistent double digit growth going forward. I've articulated our ability to benefit from the invaluable and continuing spending shift between the 3 pillars: search, social and display and video since July 2017, 3 months after I joined Perion. The technologies we have developed, the acquisition we have made and successfully integrated and the team we have built all these moves have positioned us to capitalize on having strong solutions wherever the dollar is flowing. Our social platform and offering create opportunities within the enormous social advertising universe from Facebook to Twitter, Snap and TikTok. As they grow, we grow.
As brands seek to grow their DTC business, we grow. I am sure you saw Snap's results last week. Our core store business allows us to benefit from the simple fact that more consumers are searching and shopping online and are also looking for important information about the pandemic and its impact of their lives. Our display video and our focus on CTV business are able to capitalize on the inherent growth of this digital format as brands are investing seeking a full funnel solution. When all these categories grow, we benefit.
And when dollar shift from one to other, we are hedged and benefit as well. Our diversification strategy also allowed us to capitalize on the megatrend in the industry, the demand of third party cookie, the acceleration of in housing by brands and the need to turn awareness dollars into action. As we look to the future as defined by macro industry trends, we will be strengthening our technology mode by accelerating the integration of Perion's business unit. Our strategic roadmap is led by development of a smooth funnel experience to accommodate current trend of marketers who are looking for holistic, one stop shopping vendor who can maximize, reach and build their brand across the 3 pillars with even stronger solutions. This is an exciting business model evolution for us.
We know that Wrenk faced a massive challenge of attracting and retaining user engaging their franchise and generating 1st party data and social media is increasingly limited in its ability to meet those goals. We are calling this in logistics solution capture and convince. It leverages our unique and proprietary buying technology, AI driven decision engine and ability to deliver personalized real time advertising, layout and content, all in all to create a level of marketing funnel optimization that is exactly what brands need. We are showing that we can keep new users in our capture and convince advertising group for more than 6 minutes, a truly revolutionary approach in an epic world where the attention of consumer is measured in seconds. The combination of very diverse financial strategy and our capture and convince business offering will work hand in hand to drive growth and revenue beyond the current performance metric.
With that, I'd like to turn the call over to Maoz to review the financial results for the Q3. Maoz? Thank you, Doron. The strong financial results during the Q3 despite the pandemic affect strong business execution the successful implementation of the efficiency measures and cost saving efforts we took at the beginning of the Q2. This achievement result in higher revenue while keeping the level of our operational expenses, which improved our profitability and cash flow.
Such improved results reflected also on the second half increased guidance we provided earlier this month. Underscore that Perion is the earning power and financial strength that is a key to execute on the strategy that Doron articulated just a moment ago. Turning to the results. In the Q3 of 2020, revenue increased by 27% to $83,400,000 composed of $37,900,000 from advertising and $45,500,000 from search and other revenues. Advertising represented 45% of 3rd quarter revenue with sales in AdWords contributing 55%.
In the Q3 of 2020, advertising revenue grew by 76% year over year, driven by a 200% revenue growth in CTV along with the acquisition of Content IQ and Pub Ocean from earlier this year. Search revenues increased by 3% due to a larger number of monetized search queries we deliver to Microsoft, Inc. Customer acquisition cost in MediaBuy in the Q3 of 2020 was $49,900,000 or 60 percent of revenue compared to $34,200,000 or 52 percent of revenue in the Q3 of 2019. The increase as a percentage of revenue is primarily due to the acquisitions of CIQ and Pavotion. Operational expenses in the Q3 of 2020 were $29,700,000 or 36 percent of revenue compared to $27,600,000 or 42 percent of revenues in the Q3 of 2019.
The efficiency measures we took together with the synergistic acquisition of CIQ and Tavocean are being fruits and translated to our profitability. Net income for the Q3 of 2020 was $2,100,000 or $0.08 per diluted share compared to net income of $2,900,000 or $0.11 per diluted share in the Q3 of 2019. Piranha's non GAAP net income in the Q3 of 2020 was $5,900,000 or $0.21 diluted share compared to $5,000,000 or $0.18 per diluted share in the Q3 of 2019. Adjusted EBITDA in the Q3 of 2020 was $8,700,000 or 8.10 percent of revenues compared to 7,600,000 dollars or 12% of revenue in the Q3 of 2019. Cash flow from operating activities in the Q3 was $6,600,000 inclusive of approximately $4,000,000 negative impact due to working capital mix in connection with the acquisition of CIQ and Cabocean compared to $11,100,000 in the Q3 of 2019.
As of September 30, we had cash, cash equivalents and short term bank deposits of $50,000,000 compared to $61,600,000 as of December 31, 2019. As of September 30, 2020, total debt comprised of a $10,400,000 credit facilities and $12,500,000 withdrawn from the secured credit line and used as a short term precaution measures related to COVID-nineteen compared to $16,700,000 as of December 31, 2019. During the Q3 of 2020, the credit facility decreased by $2,100,000 due to the scheduled downturn down data. This concludes my financial overview for the Q3 of 2020. I will now turn the call back to Doron for closing statements.
Thank you, Narel. Perion's diversification strategy and our steady course of managing profitability were a key success factor beginning before the pandemic and continuing thereafter. That discipline has been extraordinarily beneficial, especially during these challenging times. The combination of our ability to react fast, fine tune our business and successfully execute a saving plan and acquisition strategy, together with encouraging market trends and improved visibility, have allowed us to announce earlier in October that we are raising our expectation for the second half of twenty twenty to revenue of $164,000,000 to $174,000,000 and adjusted EBITDA of $16,000,000 to $18,000,000 Looking further out, we are confident that we are on the path to achieve sustainable and highly profitable double digit annual revenue growth. Operator, now you can open the call for questions.
Thank you. We can now take our first question from Jason Helfstein from Oppenheimer. Please go ahead.
Thanks. I'll ask you. So can you talk a bit more about the performance of Content IQ and PubOcean sequentially, maybe from Q2 to Q3? And perhaps give some more color on the trends in these brands? And then second, we're seeing increased momentum around unified IDs as the world's kind of preparing for IDFA and cookies to potentially go away or be less diminished, but definitely more momentum around Unifi's IDs.
What opportunities does this create for Perion? Or just how are you thinking about Unifi IDs? Thanks.
Yes. Hi, Jason. Thanks. Thanks for the question. So as far as the comparison, Ngoz, on the Content IQ, On pro form a basis, we're doing better than last year and also better than previous quarter.
Looking, of course, of the 2 acquisitions, this is one business unit that we're running. So, in all different parameters, we're doing better. In terms of our preparation for the cookie left, I mentioned it on a previous call. The fact that we are creating our own wealth garden using our own and operated site, both by Content IQ and PubOcean, giving us the ability not to depend on a third party cookies. That's one aspect of the way we are trying to prepare ourselves for the cookie let era.
Another thing that we're doing is what we call developing our own ID, which is driven very much, but all different business units that have a touch point with consumer. It has to do with consumer that search and it has to do with consumer that looking for social and others that are very much part of coming to our own and own operated and creating a unified ID there that allows us to enjoy the fact that millions of consumer is leaving their ID within our assets.
And let me ask one follow-up. So there seems to be building pressure on Apple to consider finding a way to make it more practical for consumers not to use Google. I don't know how practical it is, but if there is movement, I don't know how much Apple is going to want to take, whether Bing is more highlighted or Apple launches their tries to launch their own search. I mean, are there partner opportunities? Just have you had any discussion with Apple or anything you can share about if there is kind of movement on the iPhone to make Google less of the featured search?
Is there any opportunity for Perion?
Yes. The only thing that we can share, we're very much under a very strict NDA, is the fact that while Google is losing market share, others are in great opportunity to gain market share. And Bing is definitely one of them. There is not so many that has the capability to provide the quality search on the level of Google. And definitely Bing and Yahoo, which is very much related to Bing, is 2 out of, let's say, 3 or 4 candidates.
So we are definitely welcome this trend.
Okay, great. And we look forward to 4th quarter results. Thanks.
Thank you.
We can now take our next question from Eric Martinez from Lake. Please proceed.
Yes. Jerome, I wanted to dive into the capture and convince technology. Is this a go to market strategy? In other words, as your advertising sales force is going out into the market and talking with brands and talking with agencies is capture and convince the new strategy that you're offering to them, which incorporates the search and display video and the social? Or is it really kind of an in house expression, a name for the platform?
Well, I think that first of all, that's going to be a narrative which is applied across all DUs because they are very much integrated into this concept. It's not just limited to what we are doing on our own site. It definitely has to do with 100 tons. And in a way, that's our ability to connect awareness to performance and providing a full funnel attribution. And the emphasis of capital and convenience has to do with completely new users.
It's not the way of retargeting. It's a way to completely go after new users through our great buying system that is on social media on one hand and on content recommendation on the other hand. So that's very much going to be the narrative of our advertising business unit.
Okay. And then you talked I don't know if it was in the theoretical or in the explicit about profitable double digit growth. If I look at what your guidance is for 2020, the midpoint of the full year is 295,000,000 dollars If I put a double digit growth rate on that, a minimum double digit growth rate, that 10% growth would be imply $325,000,000 of revenue in fiscal 2021. Right now, consensus is around $320,000,000 So just curious to know if you're comfortable with that consensus? Do you feel like there is upside to that?
Let's talk about that double digit growth commentary.
Yes. We are very much behind it, and we believe that we're very much behind the double digit. And accordingly, the model need to be updated.
Okay. As I look at the you have been pretty consistent on the Microsoft contract renewal ever, I mean, probably over the last 12 months, you've given the same message regarding a Q4 renewal on hopefully on better terms. What can you tell us about the negotiations that are I realize it's a sensitive topic, but what can you tell us investors about how things are progressing in those discussions?
So thanks for the question. Even though I shared my confidence over this course of the 2020, I must say that we are our confidence my confidence level is growing. And it's growing because we definitely know that we are getting close to the finish line. And it's they've got close to the finish line and we know basically what is the negotiation and what we agreed, so on and so forth. We can't announce because it's not time yet, but the only thing that I can say that we are in a very, very advanced stage.
Okay. I look forward to the completion of an announcement of that very important agreement. Congratulations on the good numbers for Q3. It's good to see the business rebound so quickly in the COVID environment that we're looking at in Q4.
Yes, very much. Thanks very much.
And we can now take our next question from Chris McGinnis from Sidoti and Company.
Good morning. Thanks for taking my questions and nice quarter. Keith,
maybe you want to just
start off with just on the CTV, obviously, I would have had a really strong position to be in. Can you just talk about maybe the offering and what's attracting if people stay at home? And is that kind of the driving factor? Can you just talk about that strength at the same time?
Yes, absolutely. I knew that this question will come because we put in the last year tremendous efforts to be at this stage. I invited Dan X, the President of Andre's on to this call. Dan, you are there?
Yes, I am there.
Great. Can you take this question and elaborate more on the tremendous success you guys are doing around CPV?
Yes, happily, and thanks for the question. So on this call last year, we talked a bit about new products that Umptrolin will be doing. CTV was one of the ones that we had in mind. And we say that because CTV is an important part of Undertone's mission in articulating client campaigns across the funnel, which allows efficient and effective use of creative assets and data. So CTV, of course, carries many of the benefits of linear TV, particularly awareness, but it can do a lot more than that.
CTV hopes to advertise its high impact channel to find quality prospects And we can actually re target views of CTV ads across other devices driving them further down the funnel. We do that through things like automated content recognition, ECR. We've talked much about that over the last year. But also our whole interactive capability allows us to also use CTV to drive people to the transaction. For example, just one small use of that would be QR code.
This allows also, the benefit is it allows us to actually participate in the whole direct to consumer advertising market who use QR codes and the like extensively for campaigns. So CTV has been a success for us. It's a very important part of our mission and it's growing rapidly and allows us actually now to step into a new pool of revenue, which was linear TV, which wasn't part of our mission, which is now accessible to us as this turn has become linear TV evolves into more of a digital format.
Great. I appreciate that. And I guess just
the strength of the revenue,
can you maybe parse out acquisition based growth versus maybe organic, just on the advertising?
We can say that year over year, the organic there is organic, of course, growth. But if you're looking on pro form a basis year over year, we're talking about growth of more than 10%.
Okay. And how much do you think maybe it's
in pent up demand?
Or is it more about
just the strength of your
product offering resonating in this kind of changing environment?
So what we basically can see that advertisers slowly coming back as we basically said. We see a substantial improvement in net spend as the quarter progressed with the fact that emphasize on connected TV, but we've seen something else, which is very interesting is that agencies and other brands are looking to reduce the number of vendors that they're talking with. They're looking for one stop shopping when it comes to the different channels, which fits very well our model since we covered, as we said, the 3 main pillars, and that's coming from one location. So it's not just that they do with less. They we're able to demonstrate how the different channel really very much interact with each other to generate higher lift, as they call it, or better engagement for their consumer.
So I think this is a very, very important trend and that is caused by the pandemic and the difficult times that advertising has trying very much to, on the one hand, increase the revenue, but doing it way smarter. And this change is very much play well the way we very much set our strategy.
I appreciate you answering my questions and good luck in Q4 and again congrats on this comp quarter.
Thank you. Thank you very much.
We'll now take next question from Derek Abboud Grath who is a Private Investor. Please go ahead.
Hi, thank you. Congratulations, Jerome and team on a strong quarter. It's great to see such a significant rebound so quickly after COVID-nineteen.
Thank you. So curious
if you're going to get to a point where you can provide some adjusted EBITDA guidance for 2021. I know it's still maybe a little bit early coming out of the crisis, but that
is something that you've provided in the past.
Yes. It's a bit too early. 1st and foremost, we need to meet the guidance that we just raised for the 2020 and hopefully to beat. And so this is and as you know, in our industry, Q4 is the most significant quarter due to the holiday season. And we have good visibility on the quarter since almost 1 month is behind us.
But again, our focus is to finish and finish as strong as possible. So this is one. The second, knowing what we have and going and trying to look behind our shoulders to 2021, we came with this very important statement about growing our business in double digits going forward. We're very much behind. So it's not specific guidance, but it provides a framework where we're going to be in next year.
Thank you. And then looking at Microsoft commentary from yesterday, they said that search revenue ex TAC is down 11% in constant currency. And yet today, you're reporting 6% increase in search revenue. So first of all, great job on driving additional search revenue from the Microsoft ecosystem. And then
secondly, curious if you could
provide a little bit of commentary there in terms of how you're able to grow despite, Microsoft Bing search falling a bit?
Yes. That's a good question. I think that first and foremost, we're not working only with Microsoft and there are selected countries which were not working with Microsoft. So we're able to optimize. And I must say that in areas where we're working with both, we have the capability really optimizing the search.
And this is a very interesting technology that we are developing, where for a given keyword, we basically can direct or redirect this keyword to the most to optimize the results from a revenue standpoint. So we're putting a lot of technology to optimize it. And I think the results are there. And we're very glad that we're able to leverage the technology that we have in order to optimize the results.
Great. Thank you. And then you also mentioned grabbing users' attention for more than 6 minutes. I'm curious in a world where typically user engagement is measured in seconds. How do you factor types of those 6 minutes?
That's a great question. So one of the things which we are really proud is the technology that we developed that has to do with it's like to create a personalization on 3 elements that we very much capture your attention, user attention for every 6 minutes. 1 is very much has to do with the layout of the page. The layout is very much different between genders, age, that's the layout. 2nd has to do with the right content.
It's not just the topic, it's also the length of the content, the type of the content and the way we deliver the content. The 3rd element has to do with the creative or has to do with the ad and the proportion of ad to content, type of ad, everything here is all needs to provide an experience that the user will scroll and scroll more and more. And what is really interesting is what we're doing with this data. So the capture of new users that stay for a long time allow us to develop a very sophisticated predictive analytics, what we call the conveyance, is to put the right action at the right time. And in order to get the most out of this very useful time that we're able to learn the user and able to optimize this period of time into the maximum revenue.
We call it a session And the KPI that we very much measure is called the revenue per session. And the revenue per session is a session that starts from the once the user is lending on our landing page all the way till it exit after 6 and more minutes. And that's the revenue that is being captured during this time.
Great. Thank you very much. Very helpful. And then last question, you mentioned wounded and bleeding competition, great battery rhetoric as usual, I love that neither. On that note, are you looking at additional M and A?
So we're always looking, let's repeat it this way. We're always looking for opportunities. Unfortunately, these companies that didn't make it and they were attractive for us to buy. We developed a certain type of framework of acquisition that we feel more comfortable. And as I mentioned in previous call, which is less on an upfront and heavy on the earn out, that's the model that we're going after.
It's a 3rd acquisition that we did that follow this model. Not every company is willing to go after this model. We're looking for something which will be substantial, its revenue. It needs to be accretive. And I can definitely say that there are lots of opportunities now.
And I think the fact that we have the financial resources, it definitely gives us a great appetite doing it and being picky on what we are trying to get.
Great. Thank you very much, Jerome. Congratulations again on exhibiting resilient and showing that revenue growth, which we've been looking for quite some
time. Yes. Thanks.
Dhillon and Maoz, and thanks for the call and taking my questions. I'd like to know how much did U. S. Election advertising impact your Q3? And what impact do you believe it would have on your Q4?
You said about which segment of advertise?
Well, overall, U. S. Election advertising, obviously, there's a big pickup on advertising with U. S. Elections.
So I just wanted to know how that played into the Q3 and what do you feel that would impact your Q4?
Yes. So advertising is in the last few months is almost 45% of the revenue. It's $37,900,000 And this segment is growing rapidly. As I basically said, we've seen that substantial improvement in ad spend versus, let's say, the Q2 for sure, but even from the first half. Traditionally, the Q1 is the largest quarter and that's true for advertising as well.
But I truly believe that now when we are having way more holistic solution as Dan tweeted out, we've seen more and more brands that are spending more for us. As an evidence, we're definitely looking at the KPI of our average deal size. This is growing and the amount of dollars that a specific account is spending over the year. And I can mention that we follow closely about the different verticals. And at this point, we definitely can say that the retail is a growing segment.
And it's very helpful because the traditional segment is cruise line, airlines, travel, hotels, so on and so forth are still not back yet. And I definitely expect that when we'll find the vaccine and the corona will be behind us, those segments will be back, which will create another boost into our advertising revenue growth.
And actually speaking of advertising, that segment, you break advertising and search and other into 2 segments here. That showed very strong growth so far this year. But looking into the next 12 months, where do you see the most growth? I'm talking organically now in your search and your advertising segment? And what do you believe would be driving that growth?
So we believe that the growth is definitely will come from the advertising. I think that we will put a huge effort developing a technology. I mentioned the Capture and Convince loop that we developed, which will attract brands to go after new user, capture new user and basically have them in our own and operated site and doing the convincing efforts. That's definitely a growth driver. And the comprehensive solution that we have, including CTV, which is definitely a growth driver for us and our ability to integrate it into a one offering.
And as I mentioned, it very much play nicely with the trend that we see that both agency and brands are looking to reduce their number of vendors and looking for a vendor that's able and capable and to provide solution on the 3 main pillars, the social, the search and of course the display. And they are not many like this, as you can imagine, and that's definitely another growth driver. So I think that all those play very well that we are expecting to see and continue to see higher growth on our advertising revenue segment.
Okay. Thank you for that. And I was hoping if you could talk a little about the integration of Ocean into CIQ and how that process has been going? And more specifically, if you could provide some details on the synergies that this integration would offer?
Yes. So first of all, the synergies between Federation Content IQ, we're all looking about adding the capability of content recommendation. And content recommendation is a way to capture audience. Before the acquisition of Pravation, we were solely depending on capturing new user from Facebook. And we were thinking that in order to add and add another capability of capturing, we have to add a capturing that is based on content recommendation.
So that this integration plays very well to what Content IQ is doing and it's, let's put it this way, accretive and logistic from day 1 of our business. As far as the integration of Content IQ into our business, the whole concept that we've been developing, this is on good 10 months after we announced the acquisition that was mid January, is that we are working on this capture and convince. And this capture and convince, it gives us a way to integrate assets from the different business units and assets from Undertone that has to do with prominent brands that putting their ads on our own and on operated sites, this is 1. It even gives us a great opportunity to integrate what closely our search business is doing because we are able to integrate what we call display to search ad into our own and operated site. All in all, it's all has to do with a very important development that we did.
And we call it internally the brain, which we are able to navigate a new user after 6 more minutes into a different type of revenue channel. It can be a display, which comes from Undertone. It can be display to search that will come from CodeFuel and it can be lead or action that is coming from Content IQ. So we are very happy because not just on the revenue that the potential revenue that this concept can provide, but also the fact that we were able to really integrate assets from the different business unit that's able to optimize more the investment that we did on this technology.
Well, thank you, Yaron. I have one final question. It's actually for Maaz. I was hoping that you could comment on the 36% tax rate in the quarter. I noticed that it's much higher than the norm.
So I just wanted to get a feel for what we should expect going forward and the reasons for this tax rate in this quarter.
So there is a start of the acquisition that we did some other movement we did in the last month. There is some noises in the model in Q2 and in Q3 reflect the surtax and other elements related to the acquisition. If we're looking at moving forward to the normal tax, it should keep around 20% for the Q4 and also for the next year.
Okay, great. Thanks for answering that question. That's all I have. Thank you.
There are no further questions from the line at this time. I would now like to turn the call back to Durand Brany for closing remarks.
Guys, thank you very much for joining us for this call. We're exciting here. And as I mentioned, it's a great opportunity to take again the entire programs, employees that work really, really hard to demonstrate these results in a very challenging time. So with that, I would like to thank you again. Thanks so much.
Bye bye.
Thank you. That concludes today's call. Thank you for your connection. You may now disconnect.