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spk01: Good afternoon and welcome to the CPSI second quarter 2022 earnings conference call. During this call, we may make statements regarding future operating plans, expectations, and performance that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We caution you that any such forward-looking statements only reflect management expectations and predictions based upon currently available information and are not guarantees of future results or performance. Actual results might differ materially from those expressed or implied by such forward-looking statements as a result of known and unknown risks, uncertainties, and other factors, including those described in our public releases and reports filed with the Securities and Exchange Commission, including, but not limited to, our most recent annual report on We also caution investors that the forward-looking information provided in this call represents our outlook only as of this date, and we undertake no obligation to update or revise any forward-looking statements to reflect events or developments after the date of this call. At this time, I will now turn the call over to Mr. Chris Fowler, President and Chief Executive Officer. Please go ahead, sir.
spk08: Thanks, Drew. Good afternoon, everyone, and thank you for joining us on the call. I'm on my 33rd day in my new role as CEO of CPSI, and I'm thrilled to be with you today to discuss our recent performance and future opportunities. Following my comments, I will provide a financial update, after which the two of us, along with David, look forward to taking your questions. As you likely saw in our release this afternoon, we had an excellent second quarter, highlighted by revenue and bookings growth, And most importantly, we remain ahead of pace to achieve our previously stated objective of $80 million in EBITDA in 2024. With TrueBridge leading the way and representing almost 60% of total CPSI revenue in a quarter, our journey to transform CPSI into a cloud-based digital platform of healthcare services and solutions continues on course. Noticeably, led by both organic TrueBridge growth and outperformance of our recent acquisition, HRG, recurring revenue grew 21% year-over-year and comprised 92% of total CPSI revenue. TrueBridge also achieved outstanding bookings results in the quarter with organic year-over-year growth of over 50% and incredibly almost 150% when including TrueCode and HRG. We are equally excited about our execution during the quarter of TrueBridge cross sales into the Evident Acute Care EHR base, which was a near record $7.7 million. TrueBridge sales into the large hospital and healthcare system market were also substantially up. And finally, on the bookings highlights, record TrueCode bookings were bolstered by a $1.2 million deal in the enterprise hospital and healthcare system segment. We look forward to sharing more details on this contract in the very near future. Operationally, we also had noteworthy high points during the quarter. Our Get Real Health digital front door solution had a successful go live in the ambulatory environment of Stewart Medical Group. Stewart is a domestic health system that includes over 450 clinics in 11 states. And we're also currently on schedule to roll out our solution to their more than 30 acute care facilities in the first half of the fourth quarter. This implementation showcases our ability to deliver virtual visits, self-registration, appointment scheduling, price transparency and bill pay, patient provider communications, accessible care records for the patient and their loved ones, and several additional facets of a complete digital front door solution. And while Get Real Health has previously had significant success internationally, this domestic installation creates opportunity for us to go after similar prospects in the US, and we are in the process of enabling ourselves to have to do just that. Specific to our revenue cycle management and medical record coding services, our hospital and post-acute customers are under considerable pressure from the labor shortage and the rising cost for these skills. While we're not immune to the same challenges Our scale, financial strength, partnerships, leverage of AI, and access to inshore and offshore markets allow us to meet the needs of our client in often compressed timeframes. During the quarter, we significantly increased our internal and offshore resources and therefore decreased the lag time from contract execution to service go live. And this investment will enable us to better meet our customers' short and long-term needs as the labor crisis likely continues for the foreseeable future. As stated in previous calls, our existing customer bases have over $400 million of TrueBridge revenue opportunity. As such, our ability to satisfy and retain is paramount to our continued growth. The continued adoption of our new cloud-based applications will be central to the success of our retention efforts. With that said, We're very pleased that we are above our goal for both Evident and TrueBridge related to retention. I would like to spend some time each quarter on these calls to provide context, updates, and performance against CPSI's strategic vision. For our next call in early November, I will have completed my first 100 days as CEO, and I look forward to sharing more details and updates to our long-term vision at that time. However, I will call out three important items that are already in focus. First is to identify opportunities for revenue growth acceleration through calculated internal investment in existing products and services and thoughtful M&A. Second, and of course complementary to the first, is to thoroughly and regularly evaluate our capital allocation strategy to ensure that we fully take advantage of our strong balance sheet and cash flows in order to provide maximum shareholder return. And finally, to aggressively accelerate the work already in progress to build and maintain an always evolving culture of innovation and digital transformation at CPSI. After 22 years of working at CPSI in various positions, my first month at CEO has been indescribably challenging, rewarding, and enjoyable. In meetings with leaders of our hospital and post-acute customers, it's clear they continue to work daily in the stress of endless regulatory, economic, and competitive pressures, and that they need a partner that can provide a platform of services and solutions for their operations, clinicians, and patients so that they can solely focus on providing the highest quality of patient care. We will be that partner. And in face-to-face conversations across the country with the employees of CPSI, I've been consistently amazed at the talented team members I encounter and their determination to meet and exceed our customers' needs. We're going to invest substantially in our team, both existing and new, by creating and providing opportunities for continuous learning and personal growth. Needless to say, I'm proud to be at the helm, and I will work enthusiastically alongside them to ensure that our customers and shareholders reap the rewards of our efforts. With that, I'll turn the call over to Matt.
spk07: Thanks, Chris, and good afternoon, everyone. On today's call, I'll provide a high-level overview of the quarter, including some additional detail on book performance and a brief walk through our second quarter financial results. Our growth strategy centers on the harvesting of organic growth opportunities through continued TrueBridge expansion, further expanding scale and deepening our offering set through disciplined acquisitions, and enhancing revenue and cash flow stability by embracing the transition to SaaS for our EHR customers. Successful across-the-board execution on all three of these fronts has driven total revenues and recurring revenues to never-before-seen levels for CPSI, while the second quarter's unprecedented TrueBridge bookings and strong remaining pipeline indicate this record-setting pace isn't likely to slow anytime soon. While the story around our top-line growth is straightforward, the method by which that growth converts to improved profitability metrics is a more nuanced discussion. Year-over-year EBITDA expansion was constrained during the second quarter by three primary factors, license mix dynamics, intentional investments in sales and marketing efforts, and bad luck in terms of health claims severity. First, headwinds related to license mix materialized in the form of decreased non-referring revenues as we continued to detach ourselves from the highly volatile higher margin revenue sources. EHR non-recurring revenues were down $1.4 million from the second quarter of 2021. Second, the past quarter saw significant expansion in our sales and marketing costs, increasing $2.4 million from the second quarter of 2021, excluding the impact of M&A. This includes almost $1 million related to our national client conference held in person this year for the first time since the onset of the pandemic. This increased investment is necessary to capitalize on the TrueBridge growth opportunity and to maintain our recent momentum in bookings. Lastly, the past quarter saw a severe uptick in high-cost employee health claims, causing total health claims costs to nearly double, increasing $2 million from the second quarter of 2021, excluding the impact of M&A. There's no discernible trend or pattern in this flood of high-cost claimants, and we don't expect this level of cost on a normalized go-forward basis. Looking forward on each of these three distinct headwinds, EHR license mix pressures should naturally ease as 2022 comes to a close. Sales and marketing costs should normalize from seasonally high levels in the past quarter, and we don't reasonably expect health claims to continue at this elevated level going forward. Pairing our impressive top line gains with near-term normalization for these cost items were well positioned for future growth in adjusted EBITDA. Specifically for the third quarter, we expect to see continued momentum in revenue growth that will translate into EBITDA gains. However, EBITDA expansion will be limited as that revenue growth is expected to come from lower margin service revenues. Although we expect some SG&A costs to alleviate in the third quarter, Current expectations around product development labor capitalization will offset much of the reduced SG&A costs. Moving on to the past quarter's results, 88% of the revenue growth over the second quarter of 2021 came from our recent acquisitions of TrueCode and HRG. Consolidated adjusted EBITDA decreased $1.9 million over the same time frame, despite TrueCode and HRG contributing a combined $2.8 million increase in adjusted EBITDA. The second quarter was the first period to include a full quarters activity for my recent acquisition of HRG, which closed on March the 1st of this year. Revenues for HRG totaled $10.8 million for the quarter and $14.6 million since the date of acquisition in early March, with adjusted EBITDA of $1.8 million for the quarter and $2.4 million for the year to date. On a pro forma basis, Year-to-date revenues of nearly $21 million and adjusted EBITDA of $3 million have HRG outperforming our initial expectations of $40 million of annual revenue and $5.2 million of annual adjusted EBITDA stated in our initial announcement release. Synergies are also ahead of pace as we've now identified total annual run rate cost synergies of more than $3 million compared to our initial expectations of $2.6 million. Although we'd actioned more than half of those items by the end of the second quarter, we estimate the total expense impact of the second quarter to be less than $300,000. Revenues for True Code, acquired in May 2021, totaled $3.3 million for the quarter and $6.7 million year-to-date, absent purchase accounting adjustments, converting to adjusted EBITDA of $1.6 million for the quarter and $3.5 million year-to-date. Comparatively, True Code contributed just $1.6 million of revenues and $0.6 million of adjusted EBITDA to both the quarterly and year-to-date results from a year ago. Expanding on Chris's earlier comments on bookings, the second quarter saw the continuation of the first quarter's momentum as record True Bridge performance drove total bookings to increase $3.4 million, or 17% sequentially, and $7.2 million, or 44%, above the second quarter of 2021. Specific to TrueBridge, bookings increased sequentially by $5.4 million, or 53%, propelled by strong cross-sell performance and large client wins for TrueCode's in-color product. TrueCode wins are particularly gratifying as this quarter's bookings, once at full run rate, represent a more than 20% increase in revenues with 50% EBITDA margins. Compared to the second quarter of 2021, elevated cross-sell and true code bookings were met with considerable growth in bookings from outside of our EHR base, a target cohort we label as TrueBridge's net new market. TrueBridge net new bookings increased $3.4 million to more than four times the same number from a year ago, as the addition of HRG has added considerable talent to our TrueBridge sales force. System sales and support bookings decreased $2 million both sequentially and from the second quarter of 2021. The net new decision environment continues to be dominated by SAS license models, with the second quarter marketing the sixth consecutive quarter with a 100% SAS mix for new hospital EHR contract signings. Turning to the financials, HRG's $10.8 million revenue contribution drove the second quarter to record levels of total and recurring revenues, both increasing 6% sequentially and 21% from the second quarter of 2021. Organic total revenue growth was 2.5% from the second quarter of 2021, while organic recurring revenue growth was 5% over the same stretch. Recurring revenues made up 92% of total revenues during the past quarter. These top line improvements were met with the three distinct headwinds that I discussed earlier resulting in adjusted EBITDA declines of $3 million or 18% sequentially and $1.1 million or 8% from the second quarter of last year. Non-GAAP net income decreased $3 million or 26% sequentially and $2.2 million or 21% from the second quarter of last year as increased interest expense and effective tax rates further widened the profitability gaps. Looking deeper at our segments, TrueBridge revenues increased 13% sequentially as the inclusion of a full quarter of HRG activity added an incremental $7 million to the top line. Our TrueBridge reported amounts include revenues from our Get Real Health and TrueCode subsidiaries, and we cautioned on last quarter's earnings call that license timing would cause a slight pullback in both of these high margin businesses. Get Real Health and True Code revenue decreased by $900,000, or 16% from the first quarter. We also cautioned on the last call that hospital patient volumes, which are the primary driver of True Bridge revenues, were likely to pull back from their first quarter record levels. These same store declines caused revenues from outside of HRG, Get Real Health, and True Code to decrease by $600,000, or 2%. Compared to the second quarter of 2021, TrueBridge revenues increased by 49% on the backs of the TrueCode and HRG acquisitions. Organically, TrueBridge revenue grew by 11% over the second quarter of 2021. From a gross margin perspective, the injection of HRG revenues tilted the revenue mix more towards lower margin, service-intensive revenue streams, driving gross margins to decrease to 46% during the past quarter compared to 50% during the first quarter, and 47 percent during the second quarter of 2021. Next, system sales and support revenues were down 2 percent sequentially due to continued retention challenges in our post-acute and segment. Compared to the second quarter of 2021, revenues decreased $1.8 million, or 5 percent, as we continue to advance recurring revenue models in new EHR arrangements, placing significant pressure on non-recurring revenue. Declining revenues resulted in gross margins decreasing to 50% during the second quarter of 2022, compared to 52% in the previous quarter and 51.5% during the second quarter of 2021. Moving on to operating expenses, product development costs were flat sequentially, while increased costs associated with our public cloud strategy drove a $600,000 or 10% increase over the second quarter of 2021. Sales and marketing costs increased $1.2 million, or 17%, sequentially, as the resumption of our in-person national client conference introduced nearly $1 million of incremental costs. Compared to the second quarter of 2021, sales and marketing costs increased $2.9 million, or 55%, as resource expansion and other intentional investments in future growth added to the incremental client conference costs. General and administrative costs increased $1.7 million from the first quarter, driven mostly by volatility in health claims. Health claims were also the primary culprit in the $3.8 million increase over the second quarter of 2021, with the addition of HRG and other resources causing further G&A burden. Closing out the income statement, our effective tax rate for the quarter increased to 20% compared to 14% in both the first quarter of 2022 and the second quarter of 2021. We continue to expect a full year effective tax rate of around 18%. From a cash flow standpoint, operating cash flows of $7.3 million were down $4.5 million sequentially as net income decreased $5 million And we're down $12.1 million from the second quarter of 2021's record levels as net receivables expanded $6.3 million due mostly to one-time integration disruptions, while net receivables contracted by $5.6 million during the second quarter of 2021. This integration-driven receivables expansion drove trailing 12-month operating cash flows as a percentage of adjusted EBITDA to decrease to 60% as of June 30, 2022, compared to 80% at the end of the first quarter. As the past quarter's temporary disruptions are behind us, we expect that conversion rate to increase going forward. In conjunction with last quarter's earnings release, we also announced the refinancing of our credit facilities, with the major changes being the $50 million increase in revolver capacity, a step up in max leverage following an acquisition, transition to SOFR as the benchmark rate, and tweaks to the credit agreements EBITDA measure to better align with how we report adjusted EBITDA to the investing community. These adjustments were in furtherance of our capital allocation strategy, which prioritizes flexibility to have CPSI optimally positioned to opportunistically deploy capital through a combination of M&A, internal reinvestment, and value-based share repurchases. Our recent acquisitions of Truecode and HRG bring proforma leverage to roughly 2.1 times EBITDA, well below our target of 2.5 times, ensuring that we remain well-positioned to respond quickly to other opportunities that may arise. We continue to groom our pipeline of potential M&A opportunities that fit our programmatic M&A strategy and feel there's tremendous opportunity to enhance and supplement Truebridge service offerings with reasonably valued roll-ups and tuck-ins. Our largest non-operating uses of capital during the second quarter were internal reinvestments in the form of capitalized software development costs of $4.4 million and $2.6 million of share repurchases. Nearly all of the quarter's share repurchases took place in the final month of the quarter, resulting in minimal impact to our weighted average shares outstanding and related EPS metrics for the quarter. We'd like to remind investors that the cadence and volume of our repurchases have been and will continue to be influenced by a number of factors, certainly considering value, but also considering capital needs and availability, potential M&A, cost of replacement capital, and other capital allocation alternatives. These alternatives and priorities in capital allocation are ever-evolving, so the level of repurchase activity in a given quarter may not reflect our views on the intrinsic value of our stock. To close things out, we're proud of our top-line successes of late and the resiliency of our business to absorb headwinds and achieve strong bottom-line metrics. As we continue to execute on our strategy for top-line growth and amplify efficiency through increased automation and offshoring, our view on CPSI's long-term margin trajectory is up and to the right. And with that, we'd like to open the line up for questions.
spk04: Thank you. Ladies and gentlemen, at this time, we will be conducting a question-and-answer session. If you'd like to ask a question, you may press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. Our first question comes from the line of Jeff Garra with Piper Sandler. Please proceed with your question.
spk06: Yeah, good afternoon. Thanks for taking the question. I want to ask about the drivers of booking success in the TrueBridge part of the business. Just curious whether you're seeing that it's a catch-up in decision-making, benefits of the combination with HRG, maybe related to the labor environment, or is there some other key factor that's driving the success there?
spk03: Hey, good afternoon. Jeff David here. I would say it's more the latter two. Certainly, and Matt mentioned this in his commentary, certainly it's the acquisition of HRG. We've got some sales talent that came from that, and they were already doing and they continue to do a really good job closing deals, in particular in the enterprise space, which is the larger hospitals and health systems, which we didn't really have a great market into before, and it's much improved with the acquisition of HRG. And it's certainly the fact that there's labor challenges in both the small and community hospital environment and in the larger hospitals and health systems as well. And, you know, they're calling us on, you know, oftentimes and saying, hey, can we have somebody begin with some coding? And we just lost two coders in the next 15 or 30 days and we're able to meet those needs.
spk06: Great. That's super helpful. And maybe move on to touch on the three focus items that Chris mentioned and maybe an inference on those. It sounds a little bit like a greater focus on growth than margin expansion. So curious if you had any thoughts on areas that will need continued investment to capture more of the exciting growth opportunities ahead.
spk08: Yeah, I think that really feeds into the first question, Jeff, as it relates to the continued interest in the TrueBridge services based on where the market is right now. Obviously, we have been talking over the last several quarters about our initiatives related to offshoring and automation. Those are obviously the two big levers for us to pull to continue to expand margins on the Truebridge side. And right now, we're laser-focused on making sure that we have the capacity to meet the needs, knowing full well that as we continue to execute on the cost-saving side, that we'll balance that out down the road. you know, to that point, we want to make sure that we're in a position to serve the customers, and then we'll continue to be focused on the automation and the ensuring.
spk06: Got it. Makes sense. I'll hop back in the queue. Thanks, Jeff.
spk04: Our next question comes from the line of George Hill with Deutsche Bank. Please proceed with your question.
spk05: Yeah, good afternoon, guys. Thanks for taking the question, and I'll say, Chris, congrats on the first 30 days. I guess my first question, Chris, is you and I talked about kind of an extensive M&A pipeline. I'd be interested if you could talk about kind of which functional segments do you guys think are the most attractive right now, particularly as it relates to servicing the clients that you guys already have from a cross-sell perspective? And then as it relates to the margin weakness, I guess, can you talk about how long you expect kind of the negative mix trends to persist?
spk08: Yeah, so I'll take the first one, then I'll let Matt jump in and get in the ring with us on the margin side. As we think about the M&A, if you just look back at the last three deals with GetRealHealth, TrueCode, and HRG, it got a little bit of everything there. And if we focus on the last two, and I think we maybe touched on this the last call, the TrueCode really points to a nice opportunity for us to cross-sell into our customer base with dollars that they're already spending somewhere else. So it's not that we're introducing something new necessarily versus that we have found an opportunity for us to provide a service or solution to them more efficiently through our ability to bring that in. And then secondly, with the HRG side, obviously that was a consolidation play you know, is the services that HRG provided very much overlap with what we do on the TrueBridge side. You know, I would say right now, if we're leaning one way or the other, we're probably leaning on that consolidation side. But at the same time, you know, what we've seen with TrueCode and the success, the early success in the first year we've seen there, obviously want to keep our eyes open as we continue to evaluate where those additional drivers are for efficiencies or potential you know, potential revenue increase opportunities for our customers that they're not realizing right now. So that's really where I would say we're, you know, duly focused on the M&A side. And I'll let Matt take the margin question.
spk07: Yeah. So, George, you know, we think that the second quarter of this year was really kind of the final time that the HRG-related pressure on margins was going to come through. And when we think about it, kind of take a step back, the margin pressure from HRG was really primarily on the gross margin side. When we look at the bottom line, the EBITDA margin impact, we stated in the opening commentary that HRG on about $11 million of revenue did almost $2 million of EBITDA. So that's a pretty healthy margin through to EBITDA. So we don't see that really being a drag on EBITDA margins. or at least not that much of a drag going forward. What really happened to us here in the past quarter were either some anomalies or some intentional investments in places like sales and marketing. The sales and marketing stuff was a little bit more of intentional spend on our end to try to pull forward growth that we think is reasonably there for TrueBridge. And then You know, just part of doing business and being self-insured on the health insurance side of things, you know, just kind of claims volatility can bite you from time to time.
spk08: Yeah, and I'll add, sorry, George, I have one more thing going back to the margin opportunity, especially on the gross margin side with HRG specifically. You know, just to remind everybody, while we're still, you know, getting started on the automation and offshoring, HRG was doing none of that. So the opportunity where we're, let's say we're rounding first, headed to second, they were still at home plate. So there'll be a bit of a lag there, but we think the upside is pretty good.
spk07: Yeah, and there should be more upside on the HRG EBITDA margin, particularly as we look forward and we capture more of those synergy opportunities actually in the P&L. You know, we mentioned in prepared remarks that, you know, we've kind of upped our estimate of what the potential synergies are from $2.6 million to $3. And we've decision roughly half of those items as of 6-30, but the timing of vendor contract renewals and things like that means that the P&L impact in the second quarter was limited to, you know, somewhere around $300,000. So there's a lot of upside there. Okay.
spk05: And maybe just a really quick follow-up is like kind of the benefits issue just sounds like kind of some real adverse selection on your guys' part, I guess. Do you guys have any visibility to when that sun sets? And I guess the flip side question is, would you guys even, like, does it even make sense to buy risk on the benefit side, given that you guys are a public company, or is that just something you wouldn't even consider?
spk07: Yeah, well, so first I'll cover the, you know, self-insured versus, you know, being more fully insured on the health benefit side. You know, given our scale, you know, when we look at the long term, and long-term is kind of the view that we have, the prospects of fully ensuring that health claims risk really just doesn't make sense long-term financially. That does subject us to some short-term volatility. And although it's unfortunate for the participants in our health plan that were impacted by these incidents, When we take a look at them, we do have visibility, and these were fairly acute diagnosis that caused this kind of uptick, and it really was just kind of a rash of bad luck. These things do happen from time to time. But the encouraging thing for us from a financial standpoint is none of these claims really appear to have kind of a long lingering kind of maintenance tail associated with them. So we do think that these were kind of a one-time bump in the road.
spk05: Okay. Thanks for the call, and I hope your teammates are well. Thank you.
spk08: Thanks, George.
spk04: Our next question comes from the line of Joy Zhang, SVB Securities. Please proceed with your question.
spk02: Hey, guys. Thanks for taking my question, and congrats on Chris again for your first 30 days. Just following up on the Truebridge bookings question, I'm hoping for more granularity on the composition, the new wins, You mentioned in the prepared remarks there was one enterprise deal, but wondering if you're also seeing an increase in average deal size across the new wins at all, or is that more of a one-off? Any color on how much the new wins is from existing HR customers versus new customers would be helpful.
spk07: Yeah. So, Joy, one of the tables that we provide in the earnings release kind of shows the breakout of bookings composition, how much was kind of core TrueBridge cross-sale versus net new. I believe the enterprise deal that Chris mentioned was on the TrueCode side. And again, that's a place where I particularly get really excited about those bookings because of the margin pull through. $2 million worth of bookings at 50% margins, that's great news for us.
spk02: Got it. That's helpful. I guess, not to be a bummer, but a recession is on the top of mind of a lot of folks, and I recognize that the last recession is kind of impossible, given the federal safety net that is meaningful to you. With that in mind, what is the incremental downside to your business if we slip into an old-fledged recession?
spk07: Yeah, so we'll start with that, taking a look at you know, capital structure and, you know, the potential there that does impact our thoughts on what our long-term interest rate risks are and what the potential is for, you know, rates to actually settle down from where they are right now. So I wouldn't say that it injects more risk on the capital structure side of things, just a little bit. It makes things a little bit hairier for us to navigate through as we think about that risk. You know, I'll let David and Chris chime in on what they think operationally. Yes.
spk08: yeah i'll i'll jump in here joy i would say you know at a worst case you know as we continue to see true bridge take more and more of the revenue side of the house and and obviously that's contingency contingent on the on the volumes that our hospitals are seeing um you could see something that would look sort of similar to covid where from a um elective services uh would be the area where i would think that we have the biggest opportunity to see some hits But, you know, again, that could also be something that there could be some short-term wind to that that people are, you know, you could look at our claim history over the last quarter that people are hurrying up to get the elective services done. So there might be an up and then a down as it relates to that. You know, we don't have a crystal ball just like, you know, nobody else does. I would say operationally that would be the biggest risk to the business. And so we'll just kind of wait and see.
spk02: Super helpful. Thank you.
spk04: There are no further questions in the queue. I'd like to hand the call back to management for closing remarks.
spk08: Thanks, Doug. Thanks, everybody, for joining us today. I hope you have a wonderful rest of your Tuesday and a good rest of your week. Thank you all. Bye-bye.
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