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spk06: Ladies and gentlemen, thank you for standing by and welcome to the Q3 2022 AMDOCS earnings. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 1 on your telephone. It is now my pleasure to introduce Head of Investor Relations, Matt Smith.
spk01: Thank you, operator. Before we begin, I need to call your attention to our disclaimer statement on slide two of the presentation. It notes that some of our comments today may be forward-looking statements and are subject to risks and uncertainties, as described in Amdocs' SEC filings, and that we will discuss certain financial information that is not prepared in accordance with GAAP. For more information regarding our use of non-GAAP financial measures, including reconciliations of these measures, we refer you to today's earnings release, which will also be furnished with the SEC on Form 6-K. Participating on the call with me today are Shuki Sheffer, President and Chief Executive Officer of Amdocs Management Limited, and Tamar Rapaport Digim, Chief Financial and Operating Officer. To support today's earnings call, we are providing a presentation which can be found on the investor relations section of our website, and as always, a copy of today's prepared remarks will be also posted immediately following the conclusion of this call. On today's agenda, Shuki will recap our business and financial achievements for the third quarter fiscal 2022, and we'll update you on the continued progress we have made executing against our strategic growth framework. Shuki will finish by commenting on our financial outlook, after which Tamar will provide additional details on our third quarter financial performance and guidance. As a reminder, our comments today will refer to certain financial metrics on a pro forma basis where applicable to provide you with a sense of the underlying business trends, excluding the financial impact of open markets, which we divested on December 31st, 2020. And with that, I'll turn it over to Shuki. Thanks, Matt.
spk02: And good afternoon to everyone joining us on the call today. I'm happy to report a solid third quarter financial performance, reflecting strong demand for our product and services expertise across our core strategic growth pillars of 5G monetization, cloud adoption, digital modernization, and network automation. As you can see from the highlight on slide six, we delivered record revenue of 1.16 billion in Q3, which was at the midpoint of guidance despite unfavorable foreign currency headwind as compared with our assumptions. Adjusting for currency, revenue was up 10.8% year over year. Additionally, we maintained robust sell momentum, which translates to record 12 months backlog of 3.95 billion, up 10% from a year ago, and the fifth consecutive quarter, or roughly double-digit year-over-year growth in this key leading indicator. On the bottom line, we delivered a non-GAAP earning per share of 1.27 cents, which was better than the midpoint of our guidance. Overall, we successfully achieved our financial targets for revenue, profitability, and non-GAAP diluted earnings per share for the quarter. despite volatile foreign currency markets and inflation-related cost pressures, which we successfully navigated with a continued focus on operational access across all aspects of our business. Now, turning to slide seven, let me address the key operating highlights of our Q3 performance. To begin, our global business activity was strong, led by yet another record quarter in North America. While we're closely monitoring the uncertain global macroeconomic environment and potential headwinds, we believe our customers remain committed to their most strategic initiatives, central to which is the innovation of Amdocs is delivering in respect to digital modernization, 5G and fiber rollout, and monetization, the journey to the cloud and network automation. In addition to North America, we continue to view Europe as a strategic low-term growth engine for Amdocs. Adjusting for currency movements, Europe showed signs of second-half acceleration as projects awarded in recent quarters started to ramp up at customer-like PPF Group, 3UK, and various Vodafone Group affiliates. Q3 was also another quarter of robot sales momentum. We strike a relationship with large and long-standing customers like T-Mobile, and AT&T's Cricket Wireless were happy to say that we expanded our managed services engagement for an additional five years, as Tamar will touch on later. Additionally, we further grew our footprint with other major operators, including Vodafone Germany, which has selected Amdox for follow-on digital transformation projects. Consistent operating execution was another Q3 highlight. We successfully deployed many project milestones on behalf of our customers, including the migration of more than 27 million customers as part of a multi-year managed digital transformation project for Excel in Indonesia, which enables them to launch innovative digital services and enhance customer experiences. Additionally, We reach millions of Brazilian subscribers across all cities covered by Telefonica Vivo. In relation to the full BSS quad-plate transformation, we are executing to enable them to combine multiple lines of products in order to deliver more valuable customer interactions. Reflecting our commitment to continuously bring fresh innovation to our customer, we further increase R&D investment on our cloud platforms in Qtree. Additionally, We announced a definitive agreement to acquire MyComOSI for $188 million cash, detail of which are on slide eight. Headquartered in the UK, MyComOSI is expected to expand MDoc's network portfolio to include end-to-end service and network orchestration by bringing key SaaS-based assurance platform capabilities to power the next generation of networks. Service Assurance is a key ingredient in the race to deliver differentiated experiences within 5G. MyComOSI therefore represents a growth move that complements our other recent deals in the network and cloud space, while executing on three of our core strategic pillars, intelligent network automation, 5G, and cloud. MyComOSI is on track to close in the first quarter of fiscal 2023, and we look forward to combining our own expertise with that of the highly talented MyComOSI team to create a unique and broad range of complementary and innovative platforms. Now, let's take a closer look at our recent progress executing against our four-pillar growth strategy of cloud, 5G, digital, and network automation, as shown in slide 9. Beginning with cloud services, we secured multiple new wins with North American customers this quarter. At AT&T's Cricut Wireless, we federally expanded our operation, development, and testing, leveraging our cloud-native technology. T-Mobile USA extends Amdoc's Digital Build Presentment product to its enterprise customers. Our cloud-based service provides a cost-effective solution to have personalized the message to each business customer, boosting engagement and increasing satisfaction, all while driving to an eco-friendly footprint. Additionally, Undock was selected by DISH and AWS to support this 5G Oran rollout. This enables DISH to derive towards a more intelligent, open, virtualized, and fully interoperable mobile and cloud network. In 5G, we recently completed an exciting proof of concept with A1 Telecom Austria Group, during which we showcased the ability of 5G standalone networks to unlock the metaverse and other next-generation Web3 experiences with on-demand connectivity for consumers and enterprises. Moreover, our collaboration with A1 demonstrates the monetization potential of such new revenue streams for telcos by significantly reducing the launch time to market with new and innovative commercial models. Switching to digital, we are excited to announce that Vodafone Germany has shown Amdocs to further accelerate its digital transformation under a new multi-year deal that will harmonize the customer experiences across all touchpoints and improve operating efficiency by consolidating technology across different lines of businesses. This project follows an initial production launch under the large strategic transformation project we won with Vodafone Germany in 2019. In further strength, it deepens Amdoc's existing relationship with this major operator. Additionally, we are happy that Comcast is expanding Amdoc's big presented solution to support its business service customers. Moving to network automation, we expanded our scope of activity with some of the world's largest operations during Q3. As multi-orbit satellite operator, we continue to deliver enhanced form of connectivity. We're excited that SCS selected Amdocs to provide end-to-end service orchestration solution across additional line of business, allowing more SCS customers to benefit from faster turnaround time for orders, reduce handover times, and improve access to the operator's new products, services, and tools. Additionally, America Mobile selected Amdox to deliver its latest policy and charging product in several countries in Latin America. Finally, let me quickly comment on Amdox Media, which recently collaborated with a major UK content provider to launch a new subscription streaming offering that is powered by a cloud-based SaaS MarketOne platform. MarketOne will enable the delivery of personalized, flexible, and seamless access to vast catalog of premium on-demand content for this customer, which is the latest in the growing list of operators that have chosen the flexibility and the scalability of this platform, including Virgin MediaO2, T-Mobile USA, NTT Mexico, Excelcom, and others. Among other AmdocsMedia deals, this quarter Vibidity expanded its multi-year content service agreement with Oi Brazil and signed a multi-year deal with Edison Interactive to provide licensed premium content for the hospitality industry, including major hotel brands, hotel ownership groups, as well as gaming and resort properties. Additionally, Vindicia is collaborating with ACI worldwide to provide subscription-based merchant with turnkey integrated payment solution. Now, turning to a financial outlook on slide 10. As I mentioned before, while we are closely monitoring the uncertain global macroeconomic environment and potential headwinds, we are confident in our unique business model that enables mission-critical product and services aligned with the strategic needs of our customers, highly recurring revenue streams, and long-term customer engagement. More broadly, we believe that connectivity continues to be a cornerstone of society, essential to supporting hybrid environments to work, education, entertainment, and much more. We believe that services provider will still, in the early stages of a multi-year 5G and cloud-driven investment cycle, at the heart of which is Amdocs as a key technology enabler. In fact, As service providers look for new growth opportunities in the 5G area, we believe Amdocs has been better positioned as a highly relevant and trusted partner to help them achieve this goal. Our industry-leading product and services cloud portfolio delivers amazing customer experiences, reduces cost, and improves efficiency, helping service providers around the world to delight their customers and operate more sustainably. Consistent with this view, we continue to see a strong demand environment of rich pipeline of opportunities as supported by the many customer visits and top-level management interaction we have recently seen. Tying everything together on slide 11, we remain well on track to deliver accelerated revenue growth of roughly 10% on a performer constant currency basis for the full fiscal year of 2022. Our visibility to which is underpinned by a record 12-month backlog and a strong year-to-date financial performance. Similarly, we will try to meet our guidance for a four-month non-GAAP diluted earnings per share growth of roughly 10% for the full fiscal year 2022. And with our dividend yield of roughly 2% on top, we are positioned to deliver a double-digit expected total shareholder returns for the second year running. Before handing over to Tamar, let me highlight our new 2021 to 2022 corporate social responsibility in ESG report, which we use as the platform for our first ever ESG webinar for analysts and investor following its publication in June. As you know, we take our responsibility to our customers, their end user, our employees, and the wider community, and of course our investors very seriously. Giving our corporate purpose to enrich lives and progress society with creativity and technology, we focus on delivering sustainable products and derive digital inclusion, which we believe promote diversity and inclusion and improve the well-being of our employees and the people in our communities. Amdocs Media recently provided a great example, where Vibiquity is working with Science Studios to provide a complete end-to-end technology solution for a new streaming platform that exclusively provides premium quality sign language content to the deaf and hard of hearing, representing a worldwide community of over 430 million people. This innovative work includes Ubiquiti's unique creative and technical designing of the platform, the curation of the content, and the innovative personalizing of the user experience. I would like to take this opportunity to acknowledge and thank all of our customers, partners, shareholders, and communities for together working to create a better connected world. I particularly like to call out our global and diverse base of incredibly talented employees and thank them all for their amazing devotion to turning the boldest ideas into reality. With that, let me turn the call to Tamar for her remarks.
spk03: Thank you, Shuki, and hello, everyone. Thank you for joining us. As a reminder, my comments today will refer to certain financial metrics on a performance basis which exclude the financial impact of open markets, which we divested on December 31st, 2020. Turning to our financial highlights on slide 15, I'm happy with our third quarter results, which follow a very strong first half performance we already delivered. Record Q3 revenue of $1.16 billion was up 8.8% year-over-year as reported, primarily driven by yet another record performance in North America. Q3 revenue was at the midpoint of guidance despite an unfavorable impact from foreign currency movements of approximately $7 million compared to our guidance assumptions and relative to the second quarter of fiscal 2022. Additionally, revenue was up 8.8% in constant currency from a year ago, marking the fourth consecutive quarter of better than 10% revenue growth on a performer constant currency basis. During Q3, foreign currency headwinds primarily impacted our performance in Europe, adjusting for which revenue showed initial signs of acceleration as the ramp up of recent project awards kicked in. Moving down the income statement, our Q3 non-GAAP operating margin of 17.6% was consistent with the prior quarter and year-ago period, as we offset the effects of accelerated R&D investments and a competitive labor environment with our relentless focus on operational excellence, including the ongoing implementation of automation and other sophisticated tools designed to continuously improve efficiency. As a reminder, A foreign currency hedging program is designed to protect our profitability and free cash flow generation rather than revenue, and we are once again pleased that this strategy has proven effective for the volatile currency markets of Q3. On the bottom line, non-GAAP diluted EPS of $1.27 was above the midpoint of our guidance range. Diluted non-GAAP EPS included a non-GAAP effective tax rate of 20.6%, which as we expected was above the high end of our annual non-GAAP effective tax rate guidance of 13 to 17% for the full fiscal year 2022. Diluted GAAP EPS was $1.04 for the third fiscal quarter, which was towards the high end of the guidance range of 97 cents to $1.05. Moving to slide 16, robust sales momentum during the third quarter translated to record high 12 months backlog of $3.95 billion, which was up 10% from a year ago. On a sequential basis, 12-month backlog was up by $60 million as compared to the second quarter. Given the overall nature of work included, our 12-month backlog has traditionally served as a good leading indicator of our business, having consistently averaged around 80% of forward-looking 12-month revenue over the years. Turning to slide 17, Managed services delivered a record quarter in Q3. Revenue of $718 million was up roughly 10% from a year ago and accounted for about 62% of total revenue. Our multi-year managed services engagements underpinned the resiliency of our business with recurring revenue streams, high renewal rates, and expanded activities, which may sometimes include transformation projects with existing customers. A prime example of our proven ability to successfully renew and expand our customer relationship is AT&T Cricut Wireless, as Shuki highlighted earlier. This new agreement extends our long-standing relationship with Cricut for an additional five years. Moreover, the deal expands our relationship to include incident management and next-generation digital catalog, leveraging our latest cloud-native technologies to ensure the best possible experience for Cricut's business and customers. Turning to the balance sheet and cash flow, as you can see in slide 18, DSO of 82 days increased by three days year-over-year and one day sequential in Q3. The increase in DSOs primarily reflects a large number of successful milestone deliveries achieved in North America in the quarter and timing differences between the subsequent invoicing of customers triggered by those milestones and payment by the customers. Additionally, the net positive difference of deferred revenue and unbilled receivables improved by $62 million as compared with a year ago. We generated normal S&P cash flow of $144 million, positioning us to achieve our target of $650 million for the full fiscal year 2022. Overall, we ended the quarter with a strong cash balance of approximately $850 million, including aggregate borrowings of roughly 650. Our balance sheet remains strong, and with ample liquidity, we expect to be in a good position to continue to support our ongoing business needs while retaining the capacity to fund our future strategic growth investments. Along those lines, we expect to close the position of Michael Morrissey for roughly $188 million in cash in the first fiscal quarter of 2023. Turning to capital allocation on slide 19, As you can see in the first chart, we repurchased $100 million of our shares in the third quarter. Including cash dividend payments of $49 million, we returned $149 million to shareholders in Q3, equating to more than 100% of normalized free cash flow. Taking into consideration our quarterly cash dividend payments and ongoing share and purchase We now expect to return slightly more than 100% of our normalized free cash flow to shareholders for the full fiscal year 2022. While we are experiencing strong growth momentum in our business, our expected normalized free cash flow outlook of $650 million in fiscal 2022 equates to a conversion rate of roughly 100% of non-GAAP net income. It also represents a healthy free cash flow yield of roughly 6% relative to Amdoc's current market capitalization. over the long term, we remind you that the rate of normalized free cash flow conversion may fluctuate slightly above or below our long-term average of 100% in any given year. As an additional point, our fiscal 2022 normalized free cash flow outlook now excludes anticipated capex of about 110 million in relation to the development of our new Israel campus. This is less than our previous guidance of roughly 131 million primarily due to the timing of payments which have moved into fiscal year 2023. Accordingly, we've raised a reported free cash flow outlook for fiscal 2022 to $520 million. Now turning to our outlook on slide 20. As Shuki mentioned earlier, we are closely monitoring the prevailing level of macroeconomic, business, and operational uncertainty, which remains elevated, including with respect to the magnitude and duration of the COVID-19 pandemic. The fourth quarter and full year fiscal 2022 revenue guidance reflects what we consider to be the most likely outcome based on the information we have today, but we cannot predict all possible scenarios. We are on track to deliver full year fiscal 2022 revenue growth of roughly 10% on a performant constant currency basis, in line with the midpoint of our new guidance range of 9.6% to 10.6%. Additionally, we continue to expect growth on a constant currency basis in each of our three operating regions of North America, Europe, and the rest of the world in fiscal 2022. Our annual outlook includes fourth fiscal quarter revenue within a range of $1.145 billion to $1.185 billion, the midpoint of which represents the most likely outcome based on our internal analysis. On a reported basis, we expect full-year revenue consistent with the midpoint of our guidance range of 6.2 to 7.2 year-over-year, which now anticipates an unfavorable foreign currency impact of approximately 120 basis points year-over-year as compared with our previous expectation of 80 basis points. Moving down the income statement, we anticipate non-GAAP operating margins to track roughly in line with the midpoint of our annual target range of 17.2% to 17.8% in the fourth fiscal quarter. This outlook continues to assume an accelerated pace of R&D investment in line with our strategy, balanced with our constant focus on operational excellence. Below the operating line, we anticipate that foreign currency fluctuations will continue to impact our non-GAAP net interest and other expense line in the range of a few million dollars on a quarterly basis. As previously anticipated, we expect that our non-GAAP effective tax rate in the fourth fiscal quarter will be above the high end of our annual target range of 13 to 17. For the full fiscal year 2022, we expect our non-GAAP effective tax rate to be within the annual target range. Bringing everything together, we are on track to meet our guidance for pro forma non-GAAP diluted earnings per share growth of approximately 12% for the full year of fiscal 2022. Roughly consistent with the midpoint of our guidance range of 11.2 to 12.5%. On a reported basis, we expect non-GAAP diluted earnings per share growth in line with the midpoint of our guidance range of 9.6% to 10.9% year-over-year. Overall, we are firmly on track to deliver double-digit total shareholders' return for the second fiscal year running in 2022, assuming the midpoint of our pro forma non-GAAP earnings per share growth guidance of roughly 12% plus our dividend yield. With that, back to you, Shuki.
spk02: Thanks, Tamar. As you can probably tell from our remarks today, we are pleased with our sales momentum and overall level of execution in Q3. And we remain confident in our strategy and ability to deliver on the full-year financial targets. With that, we are happy to take your questions. Operator?
spk06: Thank you. As a reminder, to ask a question, you will need to press star 11 on your telephone. And we ask that you please limit yourself to one question.
spk05: Please stand by while we compile the Q&A roster. And our first question comes from the line of Tim Horan with Oppenheimer.
spk04: Thanks, guys. Good quarter. Could you talk a little bit more on the cloud? Maybe if you can quantify a little bit more the savings that you think you can provide your customers with flexibility and just maybe what's the competitive intensity like for you within cloud now? Thank you. All right, Tim.
spk02: I think that when we talk about cloud, it's not about TCO reduction only. I think that when you look at the holistic value that moving to the cloud, it's much more beyond that. you're coming to a much more resilient environment, much more secure, time to market is much faster, ability to come with new innovation is much faster, and obviously, much more capabilities for disaster recovery, and there is also opportunity for cost reduction. So when we talk with our customer on the journey to the cloud, we are not just talking about a cost reduction. It's all of the above, as I just mentioned, and the value proposition is by far much broader than just the TCO reduction.
spk04: And can you talk about the competitive intensity? Like, who do you compete with for these products?
spk02: I'm trying to be extremely humble, and I can tell you that when you talk about existing MDocs customers, and we are by far the market leader and the third choice for all our customers. Because if you, I think that the migration to the cloud in an M-Docs customer is actually moving from one platform of M-Docs to a different platform of M-Docs which is cloud-enabled or cloud-enabled. All this migration, it's something that we are doing the best and I don't think, I don't see any M-Docs customers thinking about taking the other partners to do this. both because of our capabilities, because of our relationship, and I think that we are the only one that understands and knows our system. When we talk, as we mentioned before, we do also a cloud activity on non-MDOC systems. Over there, obviously, there is competition. This could be the Accenture world, the Infosys world. I think we are coming with a very strong know-how based on organic know-how that we have On top of it, you can add all the consultant capabilities that we acquired with top-notch consultants. So I think that we are very, very competitive also in non-AMDOX application, but in the AMDOX application, I think that we are extremely well positioned to take the industry to the cloud.
spk03: I just want to clarify that in addition to what Shuki said about migrating existing applications to the cloud, Everything we bring out of our R&D shop is cloud native. So whenever a customer goes through a modernization, by definition, selecting Amdocs is making them cloud native already. And it's their call whether they want to deploy first on-prem, on private cloud, on the public cloud, but it's all cloud native in terms of the software architecture. whenever they go to Amazonization with our product.
spk02: It's a very good comment. All the transformations we do today in AT&T, in the new mobile and consumer platform, in T-Mobile, in Vodafone, all of them are by design cloud-native platforms. So all the transformations there are going to the cloud. Thank you.
spk06: Thank you. And our next question comes from the line of Ashwin Shervaker with Citi.
spk05: Pardon me, Ashwin, please check your mute button.
spk06: Okay, one moment, please. Our next question comes from the line of Tal Liani with Bank of America.
spk07: Can you hear me, Houston? I don't have a question on the quarter because it's straightforward. I have a question on the environment. Some of the questions we're getting about Amdocs is what is the historical correlation between any economic slowdown and the business you have with customers? So if you can address things like in previous downturns, have you seen cancellations? or push-outs of orders, or what's the correlation between new orders and kind of economic cycle? And then maybe speak about your own view on the environment, the spending environment. Thanks.
spk02: Hi, Tal. I will start, and tomorrow we'll add if I forget something. If I want to simplify it, we have two main activities with our customers. The first one, a very large one, is all the managed services and operation on the current system. These are mission-critical systems. This is not something that you can stop or hold. I mean, this is run, all the monetization of the organization, so this is extremely solid. I don't recall ever, even in the biggest downtime of pandemic, 2008, that this business was impacted. At the same time, as we announced and also reflected in our backlog, we have the highest number of projects in the historical company. Now, as I mentioned before in different discussion, the projects that we are doing today are not discretionary projects, meaning that you can say that every spend is discretionary, but when you do projects on 5G monetization, network automation, digital transformation, these projects are so strategic to our customers that I'm not saying that they are 100% immune, but at the same time, probably they are the last one by far to be touched. So I can tell you that right now, while we see some customers that are much more cautious on their spending, this strategic program continues as they are so strategic to their growth and to their future. Tamar, did I say that?
spk03: Yeah, just to add, you know, we've been in cycles of downturns in the last 20 years. If I'm looking on the financial crisis 2008 and 9, while our managed services portfolio has been much smaller, we've seen exactly the phenomena that Shuki talks about, and now we are even more incumbent with more customers with managed services, meaning this is pretty mission critical and everything that Shuki mentioned. On top of that, we have not seen cancellation of projects. What happens typically is the projects that have been secured already have been continued. There was a slower pace of signing new projects out of the pipeline. To give everything a quantification, revenue was down back then in the financial crisis one year alone. And in this year, it was down 9%. reported basis, 6% constant currency, only because there was a slower pace of getting in new projects. Pandemic, same story, only for one quarter, though, not even full year. One quarter was slower in terms of signing new projects, but all the projects we had in the pipeline have been continuing. Managed services, we have a close to 100% renewal rate for many, many years, including in tough situations, so
spk02: I feel that the combination... As we mentioned, we got another record backlog, which is 10% over a year, so we see a very strong momentum in sales.
spk03: So I think the combination of what we do for our customers around mission-critical systems, the fact that a very high portion of our revenue is recurring in nature, and the fact that our customers are investing with us in their strategic domains of 5G, move to the cloud, et cetera, is creating a unique business model for us and also, I would say, a more sustainable investment thesis for our investors. Got it.
spk07: This was the short answer, Tal. The second question, the final question is, what do you do with your hiring? Can you talk to us about hiring this year? What are your plans?
spk03: planning for hiring is any plans to slow down just to address maybe economic uncertainty or do you continue to hire according to plan so we are continuing to grow our staff and frankly speaking I prefer that this growth will come with lower attrition and less people that we need to hire in order to achieve this net growth but the bottom line is that we are growing our staff we are very focused while we talk about the global picture also to balance in terms of where we are going. And I think we talked about it in the past in terms of our global delivery model and how we are thinking about where do we have access to talent vis-a-vis where do we need to provide proximity to customers, the cost structure, et cetera, many considerations that go into where do we hire, which skills, how do we on board effectively employees and make it as fast as possible to productiveness. So these are all considerations we continue to focus on with the hope that the current conditions on the macro aspect will help us reduce attrition and improve by that the retention rates that we have of employees. Like many other companies in the tech world, this has been a challenge in the last 18 months and and we hope that will come down a bit. But we did not stop hiring. No, we did not stop hiring, for sure. We are going. If you notice, we actually reported on a higher number of employees this quarter versus the prior one.
spk07: Perfect. Thanks so much, and congrats on a great quarter.
spk03: Thanks. Thank you.
spk06: Thank you. And I'm showing no further questions at this time. So with that, I'll hand the call back over to Head of Investor Relations, Matt Smith, for any closing remarks.
spk01: Thanks, everybody, for joining the call today and for your interest in Amdocs. We do look forward to hearing from you in the coming days. And as always, please reach out to us here in the investor relations group with any additional questions. And with that, we'll conclude the call. Have a great evening, everyone.
spk06: Ladies and gentlemen, this concludes today's conference call. Thank you for participating, and you may now disconnect.
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