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spk00: gentlemen thank you for your patience welcome to the gty technology holdings inc fourth quarter earnings conference my name is louise and i'll be operating your call today if you wish to ask a question you'll have the opportunity to do so at the end of the presentation please press star followed by one on your telephone keypad and if you wish to remove your question please press star followed by two and i have the pleasure of handing over to your host today john corran to begin so john please go ahead thank you good afternoon everyone
spk05: I'm John Curran, GTY CFO, and I'd like to welcome you to our fourth quarter and full year 2021 earnings conference call. With me on today's call is TJ Paris, GTY CEO. We will be presenting slides on today's call and encourage you to view the presentation found on our website at www.gtytechnology.com. Please note that our earnings release is also available on the GTY website and contains additional information about our financial results. Any forward-looking statements we made in the earnings release or any that we may make during this call are based upon information that we believe to be true as of today. Things often change, however, and actual results may differ materially from those projected or anticipated. Please refer to our cautionary statements in the earnings release under the heading forward-looking statements. You should also refer to our SEC filings, including our most recent Form 10-K and our subsequent SEC filings for a list of risk factors applicable to GTY, including risks associated with COVID-19. As you will hear in our comments, the pandemic is impacting our business today and for an undetermined time into the future. During the call, we may refer to non-GAAP financial measures if we believe they are useful to investors or if we believe it will help investors better understand our results for business trends. You can see a reconciliation of our non-GAAP financial measures to their nearest comparable GAAP financial measure in Exhibit 2 of the earnings release and in the appendix of this slide deck. With that, I'll turn the call over to TJ.
spk02: Thank you, John. Good afternoon, and thank you all for joining us. For those that are new to GTY, GTY provides cloud-based platforms that help government organizations transform the way they engage citizens and manage their operations. Similar to the private sector, governments have been moving away from heavy, monolithic, on-prem solutions to modern cloud and SaaS applications based on the lower initial purchase price and the fact they don't require large implementation timelines. This trend has been a decade in the making, but it's really started to accelerate in recent years. We are still in the early innings of government's migration to the cloud. Included in our primary target sectors are municipalities and counties, colleges and universities, K-12 school districts, public health care agencies, public utilities like water and power, transportation and transit, state governments, and federal agencies. As of today, we have over 1,900 customers and approximately 400 amazing staff across the business units, with both numbers increasing weekly as we've been leaning into growth. To add some color to the size of our opportunity, in 2021, state and local government in the U.S. was expected to spend just under $120 billion in IT. Total IT spending grew at a healthy 7% for state and local government, and within that, cloud spending grew at more than twice that rate as more organizations continued to shift workloads to the cloud. As our customers are starting to modernize their infrastructure, GTY is well-positioned to capture the opportunity the transition to the cloud represents. Let me unpack that a bit for you. Our best-of-breed product suites provide budgeting, grants management, permitting, procurement, and payment solutions. Combined, these product suites give GTY a strong starting position to capture the enormous opportunity ahead. Our go-to-market brands are on the right. All of our solutions have three broad characteristics that position us for success. First, they are cloud and largely SaaS. This means highly recurring revenue streams with remarkably low churn, often multi-year contracts, strong gross margins, and predictable cash flows. Second, each of our product suites were created specifically for government's unique requirements and are considered leaders in the respective functional areas. This leads to high win rates against older GovTech competitors, as well as against horizontal players that often struggle to meet the compliance or government-specific feature requirements. Finally, combined, our product suites allow us to access the full spectrum of sizes and segments of our customers. from $10,000 to $1 million in higher price points, and across our eight subsectors, from small municipalities all the way up to large state governments and federal agencies. With that context, for the newcomers to GTY, let's turn to our results. I am thrilled to report that GTY's fourth quarter performance was a strong finish to what was a strong year for the company. we are seeing all levels of the government embrace the business, operational, and financial benefits from moving to the cloud. This trend drove great demand of our best-of-breed cloud product suites. In fiscal 2021, we believe the continued trend of governments moving to the cloud puts us in a great position to generate strong growth for the foreseeable future. Let me start with a quick overview of our financial results for both the full year and fourth quarter. For the full year, we reported total revenue of $60.4 million, up 26% year-over-year. And this was underpinned by recurring revenue of $46.5 million, up 28% year-over-year, and an annual recurring revenue base of $51 million, up 23% year-over-year. For the fourth quarter, we reported total revenue of $16.6 million, up 27% year-over-year, and recurring revenue of $13 million, up 24% year-over-year. The core strength of our business is our ARR, which remained robust over the quarter yet again. Though our ARR growth rate of 23% in Q4 was slightly below our recent quarterly trend, it remains very strong. More importantly, we have been able to deliver consistently solid mid-20s ARR growth for nine consecutive quarters and expect our ARR growth to accelerate in 2022. Turning to bookings, Q4 was in line with Q3, but did not grow as expected since a few deals slipped into January. I'm pleased to report that one of those larger deals is already closed in January, which provides a solid base as we start 2022. As we have stated in the past, the exact timing of yields is somewhat hard to predict, but we are seeing a strong pipeline of opportunities and a solid momentum in the market. In total, we added 69 new clients in the quarter for a total of 295 new clients in 2021. Our new clients include wins across all eight of our target sectors, as well as many customer expansions. Additionally, the average ARR per customer is consistently growing, up 4% quarter over quarter and 15% from the same time last year. I want to take a moment to highlight some of the more impactful new clients from the quarter. Our city-based business unit continues to see transaction volumes increase as the impact of the pandemic continues to subside, and our customers continue to adapt to more virtual or touchless activities. Most recently, we announced the deployment of our self-service kiosks in two of New York City's five boroughs to improve the self-service payments options within the city's business centers. Our cloud-based budgeting tools, Quesca and Sherpa, have been selected by a wide range of organizations, including Orange County, Florida, Merced County, California, and Colorado Spring Utilities. Additionally, we had almost 1 million upsell activity in the quarter. which highlights the expansion opportunities we have with our existing clients. Our permitting platform, Open Counter, continues to add functionality and features in our internal configuration tooling that improves the speed, consistency, and reliability of our deployments. A few notable wins during the quarter were Colorado Springs and Polk County, Florida. As we head into 2022, we see a number of opportunities that are expected to use ARPA funds for their purchase. Our grant management platform, eCivis, continues to move upmarket from small nonprofits to larger state and local governments. During the quarter, we had solid customer wins with City of Philadelphia, City of Grand Junction, Colorado, Solano County, California, City of Denton, Texas, and an upsell with Sonoma County, California. Finally, our procurement platform, Bonfire, successfully won an RFQ with IndyGo. otherwise known as Indianapolis Public Transport Corporation. We are extremely pleased that four of GQI's business units have relationships with different entities within the city of Indianapolis. This latest win was not a cross-sell opportunity. However, having said that, our reputation precedes us as we respond to these RFQs, and that is a result of a solid customer experience and reputation from our other business units. During the quarter, we had a material expansion with the Ontario Colleges Purchasing Managers Association that expanded Bonfire's use under an umbrella agreement to nine additional colleges, bringing all colleges in Ontario under one agreement. Other significant customers in the quarter include the City of Tallahassee, Florida, the Government of Barbados, University of Texas, Austin, and the Utah Department of Transportation. Before I discuss our outlook for 2022, I wanted to highlight the three primary drivers that are accelerating the digital transformation within governments. While the common perception is that government lags behind private sector, which is true, they are catching up and starting to accelerate their digital transformation. First and foremost, as we exit the pandemic, all levels of government have budget surpluses from improved tax revenues, along with additional financial support from the CARES Act and ARPA funding. Most importantly, there will be deadlines on the spending that we expect to cause a spike in technology procurements in 2022. We have all heard about the current labor challenges facing organizations today and the difficulty in attracting and retaining competitive workforce. Historically, public sector entities have had a more mature employee base and they have experienced a sharp increase in employees retiring over the last year or two. While in the short term, staffing shortages may create some challenges, over the medium to long term, it will accelerate the adoption of cloud technology as leaders look to improve productivity and younger, tech-friendly employees demand modern tools. As information technology becomes the backbone for citizen engagement, chief information officers are being elevated into more strategic roles, which is accelerating their modernization efforts and represents a massive opportunity for native cloud-based platforms. We saw a similar trend over a decade ago in the private sector when businesses realized that their information technology infrastructure was vital to not only increasing operational efficiency, but increasing sales and enhancing customer service. This emergence in the public sector will impact the go-to-market strategy and lead to larger average contract values. Turning to our outlook. As we look towards 2022, we are excited about the opportunities in front of us our growth. Our main focus is expanding our sales capacity and enhancing our go to market motion that will allow us to execute our expanding pipeline. During the second half of 2021, we added a net of 23 sales and marketing staff and expect to hire more in the first half of 2022. It will take some time for these new team members to ramp up the full capacity, but we are expecting them to contribute later in 2022 and to be fully ramped up heading into 2023. One of our recent hires was at the corporate level, a new Chief Growth Officer, James Ha, who's dedicated to expanding and enhancing our go-to-market. James' immediate focus is to continue the expansion of our sales and marketing teams as he coordinates the best practices between all of our business units. In addition to this work, James will be spending a considerable amount of time on partnerships and our cross-selling plans. We also welcome Katerina Goros, our new head of HR. Katerina is highly focused on attracting the right talented GTY and helping us to continue to add to our strong group of staff. Our business unit leaders are noticing a sharp uptick in procurement activity. For example, in the first nine months of the year, one business unit tracked six state enterprise RFPs, but in Q4, there were nine RFPs with many more expected in the first half of the year. Another business units pipeline is tracking about 40% larger than in recent years, mostly due to accelerated interest in GTY solutions and expansion of our sales teams. As noted earlier, we are seeing budget surpluses at all levels of the public sector and ARPA funding is providing additional financial support. We expect these factors will cause a spike in technology procurements in 2022. Public sector entities have reallocated and we anticipate will continue reallocating budget dollars earmarked for something else that could be paid for with ARPA funding, freeing up budget dollars for technology infrastructure spending. We're already seeing this in a number of small closed deals and a large number of deals in the pipeline. We are addressing a number of the hiring challenges we experienced in the latter part of 2021 and are now starting to feel the results. Our investments in recruiting and new leadership have led to solid improvements in retention and recruiting. Turning to our customers' experience, staffing shortages continue to be a challenge, but as a short-term measure, we are helping them with that challenge and also speeding up implementations by providing consulting services as needed to our customers. On the positive side, this generational shift in public sector employees will give rise to a new level of tech-fluent leaders that will remove additional obstacles to adopting a digital government strategy. As noted, we believe we are in the very early stages of a dramatic shift in how the public sector provides services to its citizens. In conclusion, we are excited to have multiple tailwinds supporting our business and look forward to executing on our growth initiatives in 2022. Thank you. Back to you, John.
spk05: Thank you, TJ. As TJ mentioned, Q4 was another excellent quarter. highlighted by solid revenue growth and success in hiring new sales and marketing, as well as R&D talent to our team. For Q4, our GAAP revenue increased 27% to $16.6 million, compared with $13.1 million in Q4 of 2020. On a non-GAAP basis, Revenue was $16.7 million for Q4 of 2021, compared with $13.2 million in Q4 of 2020, an increase of 26%. A reconciliation between our GAAP and non-GAAP results is included in Exhibit 2 of our press release and in the appendix of our slide deck. We'll provide a more detailed explanation of the change in revenue on a subsequent slide. Our fourth quarter 2021 GAAP gross profit was 10.1 million, or a 61 percent margin, compared with 8.2 million in Q4 of 2020, or a 62 percent margin. Our fourth quarter non-GAAP gross profit increased to 10.6 million, or a 63 percent margin, compared with 8.5 million, or a 65 percent margin, in Q4 of 2020. Our mix of revenue and some one-time costs negatively impacted our margins year over year. Turning to our operating expenses, our total GAAP expenses were $31.1 million, and include a goodwill impairment charge of $15.8 million. Our fourth quarter non-GAAP operating expenses increased by $1 million, or 9% compared with Q3 of 21. primarily related to additional headcount and R&D sales and marketing. Our fourth quarter 2021 GAAP operating loss was $21 million, compared with a loss of $8.5 million in Q3 of 2021 and a loss of $11.1 million in Q4 of 2020. Our fourth quarter non-GAAP operating loss increased to $1.4 million, compared with $100,000 in Q3 of 2021. driven primarily by increases in operating expenses throughout the quarter. Consistent with previous quarters, we wanted to provide a little more color on the change in non-GAAP revenue. As you can see in this chart, our recurring revenue grew by 11% on a quarter-over-quarter basis and grew by 24% on a year-over-year basis. Adjusting for seasonality in our payments business, our quarter-over-quarter recurring revenue grew by 5%. Services and other decreased 20% on a quarter-over-quarter basis, but increased 34% from the year-ago period. As you may recall, in Q3 2021, we recorded $1.2 million in one-time revenue, primarily associated with the DTE energy kiosk installation. which provided a significant boost to our services and other revenue in the quarter. Adjusting for this one-time revenue, our services and other revenue increased 9% quarter over quarter. Our service revenue can vary from quarter to quarter due to the timing of large projects, and we expect professional services to decline as a percentage of revenue as our base of recurring revenue continues to grow. Other revenue includes sales of kiosks and software license sales that we also expect to decline as a percentage of revenue over time. Recurring revenue growth should continue to be higher in percentage and dollar terms than service and other revenue as we continue to forecast growth in our base of subscription business. Turning now to our cash flow, we started the quarter with $15.3 million and ended with $13.3 million in cash. Our cash burn from operations was approximately $1.8 million this quarter, driven primarily by an increase in our operating expenses in the quarter and income taxes. The change in working capital was positive for the quarter, primarily due to the timing of invoicing and collection. We also paid $520,000 in interest. Based on our current forecast for 2022, we believe we have sufficient cash to support our growth initiatives as well as our ongoing operations through 2022 and beyond. We also recently updated our S3 shelf registration and an ATM agreement to give us flexibility to accelerate operational investments and to make potential acquisitions if we see opportunities in the market. Turning now to our outlook for the first quarter and full year of 2022. For the first quarter of 22, we expect total revenue to be in the range of 15 million to 15.5 million, or approximately 15% year-over-year growth at the midpoint. From an operating loss perspective, we expect our loss to be in the range of 3 million to 3.5 million for the quarter. For the full year 2022, we expect total revenue to be in the range of $71 million to $74 million, or approximately 19% year-over-year growth at the midpoint. From an operating loss perspective, we expect our operating loss to be in the range of $12 million to $15 million. 2022 will be an investment year, and we expect to onboard and ramp a number of sales, marketing, and development resources throughout the year, This should result in improvements in our bookings as we go through the year, but we expect revenue improvements will be delayed into 2023. To help investors better understand the benefits of our investments, this year we've added a forecast for ARR, which is a leading indicator for revenue. We expect ARR will be in the range of $63 million to $66 million, approximately 26% growth at the midpoint. Finally, from an operating cash flow perspective, we expect Q1 2022 and the full year 2022 to be negative. For the first quarter of 2022, we expect the burn to be slightly higher than the first quarter of 2021 as a result of increased hiring. For the full year 2022, we see operating cash flow be similar to the full year 2021. With that, I would like to turn things back to TJ.
spk02: In summary, we are very pleased with our fourth quarter, with gap revenues up 27% in the quarter and ARR growing 23% year over year. As we enter 2022, we are feeling good about our market opportunity and look forward to increasing our investments to meet the needs of our customers in 2022 and beyond. I'm continuously amazed by the quality of the products we bring to the public sector, our high MPS scores, and loyal customers. Personally, I want to thank all the staff at GDY for their hard work and dedication in helping bring the public sector into the cloud. With that, I want to thank you all for your time today. Operator, would you please open the line for questions?
spk00: Of course. If you would like to ask a question, please press star followed by one on your telephone keypad now. If you wish to remove your question or feel like your question has been answered, please press star followed by two. Our first question of today comes from Jeff Van Rie of Craig Hallam Capital Group. Jeff, please go ahead with your question.
spk03: Great, thanks. Thanks for taking my question. So several, guys. First, I guess you touched on pipeline, and I think you gave some snippets there. Can you roll that up holistically, you know, give a broader sense of the magnitude of the overall pipeline, you know, preferably quantify? Give us a sense of how much that's grown, and then I've got several follow-ups.
spk02: Hey, Jeff, how are you doing? Go ahead, John. Sorry. Go ahead. Yeah, I'll give you the – go ahead. Sorry.
spk05: Yeah, so from a quantification standpoint, Jeff, we're not prepared to kind of share the dollar value, but rough order of magnitude increase over prior year would be certainly north of 20%.
spk03: Okay. And then on the bookings front – Again, I know you don't quantify it. You commented the effect that you had one push out. Can you give a sense of how big that one was that pushed out and already closed? And maybe more importantly, just bookings, if we can't have it quantitatively, at least qualitatively, was Q4, the total bookings in Q4 larger than Q3?
spk05: So first part of the question, the size of the deal was over a million dollars. So just right around 1.1. That deal closed first half of January. Bookings were essentially flat Q3 to Q4.
spk03: Okay. That's helpful. And then you commented on the professional services. Obviously, the linearity or flow there can be highly unpredictable. Can you give us a sense of how you're thinking about services for Q1? Sure.
spk05: It's an excellent question, Jeff. Thanks. We're anticipating services will be lighter in the first quarter by about a half a million dollars, and it's just simply timing of large implementations. We had a couple of really good implementations in the second half that health, our services revenue, Q3 and Q4. And it's more of the middle market business will be the core of our services business in Q1. Okay.
spk03: All right. Last for me, then, just on the sales side, I know you counted in several cases. You got a new head of HR, and you're very, very focused on sort of offsetting the great resignation with capacity additions. Where did you end up in terms of overall percentage, you know, other headcount or capacity additions in sales? If I missed it, forgive me, but I didn't hear that. And just some commentary about, you know, kind of current pipe and what you're seeing on sales recruiting. Sure.
spk02: Yeah, thanks, Jeff. Good question. Yeah, so Q2 last year we announced we're going to add about 20%. That's about 23 people. Sorry, about 20 people. We actually added about 23 people in the end, at the end of Q4. Overall added, I think, a net 33 people for the year. So made some good progress. We certainly ended up where we wanted. This year we're looking to add another, I think, 40%, another 450 people. So we think that's right in line with what we were able to do the last two quarters.
spk03: Wow. Okay. All right. Good. Thanks. Thanks for taking the questions.
spk04: Thanks, Jeff.
spk00: Thank you for your question, Jeff. Our next telephone question comes from Joshua Riley of Needham & Company. Joshua, please begin.
spk01: Hi there. Thanks for taking my question. Maybe starting out on getting some more color on the improvement in demand over the course of 2021, how would you characterize the improvement in the second half of the year? Was it pretty material step up in terms of demand improvement. And then has there been any impact to overall demand due to Omicron here in the first quarter? I know you mentioned a couple of deal flips. Were those deal specific or would you characterize those as macro related flips?
spk02: In a way, I would answer a faculty Omicron question first. I would say that Omicron was in around our area, but nothing we would point our finger to as a deal delay. In this case, we have a large deal, that million-dollar deal that closed in January, just missed by a few days, and it's just a matter of these large deals. And, you know, as we've talked in prior quarters, we continue to, as our ATVs are going up and we're seeing our deals get larger and larger, those larger deals, we're just learning better and better the case of how to figure out when they close. And so someone slipped over the... I wouldn't point to Omicron with that. We do think Omicron is a bit of a glue in the works in terms of some collections and some small things, but we wouldn't hang our hats on any delays related to Omicron. And in terms of Q1, we're not seeing anything specifically pointing to Omicron or any delays with that. And I think your second question, Josh, was around the demand. Yeah, second half of 2021, we start to see some more demand with ARPA starting to flow. Our pipelines start to look like they're increasing, which they have been. As we kind of roll into 2022, really notice a substantial increase in overall pipelines relative to the same time last year.
spk01: Got it. That's helpful. And then I think you mentioned on the last quarter that you were expecting roughly 400K in kiosk revenue from that large customer here in the fourth quarter. Was that number in line with your expectations? I know that there was a little bit of a pull forward there. What's the dynamic on that?
spk05: Josh, this is John. The majority of the large customer kiosks, pretty much all of them were delivered in the third quarter. Originally, we thought they were going to be spread into Q3 and Q4, but that customer was fully delivered in the third quarter. We did see some additional one-time revenue from kiosk sales and some license deals in the quarter as expected.
spk01: Got it. And then one more for me. You know, you mentioned again in the presentation about the challenges around hiring salespeople. You know, you have a new leader now in HR. Maybe you could help us understand what is the profile of the sales hire that you're looking for? And then do you need to make any adjustments to that given the leadership change in HR and just the overall difficulty in hiring tech salespeople right now?
spk02: That's a good question, Josh. I think overall, as we look back to 2021, we're pretty happy with the outcome that we had the number of people we wanted to hire. I think our HR team and expansion of our recruiting team has worked. They are working really hard at it. With Katerina now on board, a lot of focus on looking at what this new dynamic is as we come out of the pandemic and what makes for a great workforce. But the profile of our salespeople hasn't changed much at all. We're looking from our account perspective. executives we're looking for experience you know three to seven years uh not necessarily need to have any government experience so we can train that part and then our bdrs tend to be um our up-and-comers they tend to be the ones that feed into our aes and we're pretty happy with the pipeline of what we've got of recruiting happening right now got it thank you i'll pass the line thanks josh
spk00: Thank you, Josh. Our next question comes from Rudy Kissinger of DA Davidson. Rudy, please go ahead.
spk02: Hey, guys. Thanks for taking my questions. I want to go back to gross margins. I think they were down a little over 3% sequentially. You said there were some one-time costs. Could you just elaborate on that? And how should we think about gross margins for 22?
spk05: Yeah, Josh. Sorry, Rudy. This is John. Yeah, so we did see a bit of a dip in our gross margin in the fourth quarter. We did have some one-time costs. An example would be porting one of our platforms over onto AWS. So those costs hit COGS. We had a bit of a mix of services outside of our budgeting group, and those professional service margins are lower than those we see in budgeting. So those would be the two primary factors this quarter. We anticipate kind of getting back in line in the first quarter. Overall margin expectations for next year will be a little lower than this year, probably by about two percentage points, primarily driven by onboarding more implementation resources. So as we anticipate our coming up to speed, we're going to need to add capacity for implementation. So we do anticipate some interim hit to gross margins as we ramp those guys up next year. Then following year, get back into the upper 60s as it snaps back.
spk02: uh got it um on the sales going back to uh to what you just said to jeff's question um looking to add another 40 to 50 heads next year i mean you combine that with the 23 you just added that's got to be north of 50 percent uh sales capacity you'll be adding um certainly you know they're not going to fully impact in 22 but they're guiding the 26 a or r growth exit in the year um but with that capacity if you hit that 40 to 50 additional heads What kind of potential growth does that set you up for once all those reps are fully ramped?
spk05: It's about, if you add the 20 to the 40 to 50, that gives us about 60% more capacity coming out of 22 than we would have had going into 21. So it's a pretty substantial increase in bookings capacity once those resources are fully ramped.
spk02: Is there a way you could speak to maybe like the kind of growth, you know, if once those resources are ramped, the kind of growth you might be capable of if all those additional reps, that 60% additional capacity are hitting quotas, et cetera?
spk05: You mean like in 23rd?
spk02: Well, yes, yeah, and I don't know if it's too early, but, you know, again, if you're looking for 26% ARR growth in 22, and that's with these 23 new reps not fully yet contributing, I guess I'm just kind of curious how you guys think about what kind of growth you'd be capable of if you add that 40 to 50 this year as well.
spk05: Yeah. Yeah, we're not quite prepared to go that far. It would be certainly north, well north of our growth rates that we're projecting for 2022. Exactly how far north, we're not quite ready to go public with that yet.
spk04: Yeah, yeah, fair enough. Just last, I think, to sneak it in, just payments, a pretty good bounce back, it looks like.
spk02: Just where are you at in terms of being fully recovered versus pre-COVID?
spk05: I would say certain areas we are fully recovered. So TJ, during his remarks, had mentioned property taxes and business taxes. I think those volumes have come back. We do have certain activity that's more tied to, say, travel and leisure. And those numbers haven't quite bounced back yet. So I think we still have a little bit of room to kind of get back to what I'll call pre-pandemic norms, but I'd say we're probably 80% there at this point.
spk04: All right. Got it. Great. Thanks for taking the questions.
spk05: Thanks, Rudy.
spk04: Thanks, Rudy.
spk00: Thank you, Rudy. As a reminder, ladies and gentlemen, if you would like to ask the management team a question, please press star followed by one on your telephone keypad now. We have no further questions from the audience. So on behalf of our listeners today, thank you, Mark, John, and TJ for your presentation. I'll hand back over to John for any closing remarks.
spk05: I just want to thank everybody for taking the time to join our call, and I hope you all have a great weekend. Thank you.
spk00: Thank you, ladies and gentlemen, for joining today's call. Have a lovely rest of your day.
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