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spk03: Good day and welcome to the International General Insurance Holdings Limited second quarter and half year 2020 financial results conference call. All participants are in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Robin Sitters, Head of Investor Relations. Please go ahead.
spk01: Thank you and good morning and good afternoon and welcome to today's conference call. This is the first time that we've had the opportunity to host a call to discuss results and you can expect that we'll continue to do this on a half and full year basis from here on. Today we'll be discussing our second quarter and half-year 2020 financial results. You will have seen our press release, which we issued after the market closed yesterday. If you'd like a copy of the press release, it's available in the Investors section of our website at www.iginsure.com. On today's call are Wasif Jobche, Chairman and CEO, Waleed Jobche, President, and Pervez Rizvi, Chief Financial Officer. Wasif will begin the call with some high-level comments before handing over to Waleed to talk through the results for the second quarter and first six months of 2020 before giving some insight into current market conditions and opportunities that we're seeing. Then Wasif will come back to provide some closing thoughts. At that point, we'll open the call up to Q&A. As we're doing this call from different locations, We'll take all the questions in the first instance and then instruct the relevant person on our team to respond. I'll begin with the customary Safe Harbor language. Our speaker's remarks may contain forward-looking statements. Some of the forward-looking statements can be identified by the use of forward-looking words. We caution you that such forward-looking statements should not be regarded as a representation by us that the future plans, estimates, or expectations contemplated by us will in fact be achieved. Forward-looking statements involve risks, uncertainties, and assumptions. Actual events or results may differ from those projected in the forward-looking statements due to a variety of factors, including the risk factors set forth in the company's annual report on Forms 20F for the year ended December 31, 2019, the company's reports on Form 6K, and other filings with the SEC, as well as our earnings press release issued yesterday evening. We undertake no obligation to update or revise publicly any forward-looking statements which speak only as of the date on which they are made. In addition, we use non-IFRS financial measures in this conference call. For a reconciliation of non-IFRS financial measures to the nearest IFRS measure, please see our earnings release, which has been filed with the SEC and is available on our website. With that, I'll turn the call over to our chairman and CEO, Wasif Jamshed.
spk04: Thank you, Robyn. And good day to everyone. Thank you for joining us on today's call. Since we last communicated with you after our first quarter resolved, the world, at least in the jurisdictions where we operate, is slowly and carefully returning to some form of normal, a different normal. When we began the process of becoming a public company and first visited with many of you in person last year and at the beginning of 2020, I would never have imagined we would be in the situation we find ourselves in today. We have not been able to travel, and see you in person, and for me that is a disappointment. It was always our intention to come and meet with you face-to-face. That's how strong relationships are built. So I assure you that when we are able to travel again, and when the way in which we do business returns to something more normal, we will visit you in person. On the subject of COVID and the pandemic, I'm very proud of our people at IGI. They have done a very good job of staying calm and focused and continuing to run our business seamlessly. while providing the same high quality client service that we are known for. In our communities around us, while governments and first responders and medical workers have been doing their part, we at IGI are continuing to do our part. Keeping close contact with clients and partners Paying for services and paying claims expeditiously while taking care of our people. You see the results that we published last night. I'm very pleased with these results. They are very good indication of what we can do at IGI, even in these very uncertain times. We'll talk to you about the results in more detail, so I'll just highlight two things. First, we have grown our total book of business by almost 27% since the beginning of the year. We're seeing many opportunities in all of the lines of business we are writing, and we are writing a new class of business, such as USC. excess and surplus property and energy business, as well as some new marine lines. These are market conditions that have been a long time coming, and IGI is in the right place at the right time with the right people. Second, you would have seen that we announced a dividend last night. This is the first dividend that we have announced as a public company and represents a 40% payout ratio. We are grateful for the support of all our shareholders, many of whom have supported IGI for many years, and in particular, our new shareholders. IGI has a long track record of generating shareholder value and This is something we intend to continue to do. Lastly, before I hand the call to a lead, I would like to express our deepest sympathies to the people of Lebanon following the devastation, destruction and loss of life caused by the explosion in the port of Beirut. We have long-standing relationships in Beirut and throughout Lebanon, as we do across the Middle East and MENA region, and our thoughts remain with Lebanon and Lebanese people in what are horrific times and a full humanitarian crisis for the country. With that, I'm going to now ask Walid to talk to you about the results and our market outlook. Again, thank you.
spk08: Thank you, Wasif. Before I start on the results, I will expand upon two points made by Wasif. First, on the subject of COVID-19, as you saw from our first release, our views of IGI's potential exposure to the COVID-19 pandemic remains unchanged at this time. and we continue to hold $2 million reserve. As we've said previously, we do not participate in most of the lines of business or markets that have been most affected by the pandemic so far. But given the impact is fluid and ongoing, and we continue to see cities and whole countries reimpose lockdown measures, we're continuing to take a cautious view. At this time, we're comfortable with our view, but we will continue to monitor the impacts, evaluate our position and respond appropriately. Secondly, what I've mentioned, Beirut. You will have seen the news of the explosion last week. As you know, we do write business in many NENA markets. We do have some exposure in Beirut, although no direct exposure within a two-kilometer radius of the explosion site. We do expect some level of loss through incidental exposures in our treaty business written outside of Lebanon. At this time, it is too early to quantify the loss, but we will communicate as and when we have a clearer view as we would on any large loss. I'll start with a high-level recap of the numbers, as you have the press release and the story is fairly straightforward. As Wasif said, so far in 2020, we've grown our total portfolio by $50.2 million to $236.5 million of gross student premium, which represents an increase of 26.9% for the first six months of 2020, compared to the first half of 2019. For the second quarter of 2020, growth in premium increased 29.2% when compared with the second quarter of 2019. In the second quarter of 2020, gross premium growth was driven primarily by our long-tail lines, with growth in each line of business, but particularly the professional lines, while growth in the short-tail segment was driven by new and renewal business in most lines, but particularly in energy and property, a direct result of our entry into the U.S. excess and surplus clients market starting April 1st of this year. To date, we have written around 5 million on an ENS basis, but in total in the U.S., we've written a little more than 12 million. In the first half of 2020, the most significant growth was in the long-tail segment, which recorded growth-ridden premium growth of 38.5% for the period. Growth was primarily driven by professional lines, where rates were up on average around 30%, and specifically in professional indemnity and DNO, where rates are up on average by more than 35%. As you've read in the news, capacity has been shrinking as many players have either exited the business altogether, significantly reduced their lines, or stopped writing new business. A large proportion of our business in these lines is written on an excess of loss basis, In the professional indemnity book, which is predominantly UK-based, about one-third is XOL, while our D&O book, which is much more geographically diverse, is more than three-quarters XOL. It is worth reiterating that we do not write this business in the US. It's primarily made of business within the UK and, to a lesser extent, Europe and the Middle East region. In the short-tail segment, growth in the first six months of 2020 was primarily in the energy engineering and construction, and property lines. Here we saw rate increases on average of more than 18%, although it is worth noting that rate increases were seen in every line of business. In the treaty reinsurance book, we wrote gross premiums of $4.5 million and $11.4 million in the second quarter and first six months of 2020, respectively. This represents growth of 15.4% and 4.6% over the second quarter and first half of 2019. The treaty reinsurance business accounts for approximately 4.8% of total gross written premium. Net underwriting income was $22.9 million for the second quarter and $46.1 million for the first half of 2020. This compares with prior year underwriting income of $14.3 million for the second quarter and $26.1 million for the first six months of 2019. The report combined ratio is 84% for the second quarter of 2020 and 82.6% for the first half of 2020. This represents improvement of 6.4 points for the second quarter and 10.1 points for the half year. As you saw from our press release, the claims and claims expense ratios were down for the second quarter and first half of 2020. Policy acquisition costs were also down, resulting in lower acquisition ratios by 2.9 points for the second quarter and 2.3 points for the first half of 2020 when compared with the corresponding periods in 2019. General administrative expenses were slightly higher during the quarter and first half of 2020, driven primarily by professional fees and expenses, and salary costs related to new hires offset slightly by reduced travel expenses. The G&A expense ratio is up 0.9 points in the second quarter, but down 1.5 points for the first half of 2020, reflecting a higher net earned premium base. In our investment portfolio, we saw some recovery on foreign currency and mark-to-market adjustments for the first quarter of 2020. Total investment income net decreased in both the second quarter and the first half of 2020 versus 2019. primarily the result of lower interest and coupon rates on both term deposits as well as fixed income bonds. Total investment income net was $2.2 million in the second quarter compared to $3.6 million in Q2 2019. However, including realized and unrealized mark-to-market movements, total investment income was $4.7 million during the second quarter of 2020. For the first six months of 2020, investment income net was $4.8 million as compared to $6 million in June 2019. Including realized and unrealized mark-to-market movement, total investment income was $2.7 million compared to total investment income of $7.4 million in the first six months of 2019. You'll recall in the first quarter of 2020, we reported foreign exchange losses of $11.9 million. During the first half of 2020, total foreign exchange losses were $8.7 million, reflecting a gain of $3.2 million during the second quarter of 2020, primarily the result of proactive action to reduce our exposure to the pound sterling and the Australian dollar. Income from the core interest-bearing portfolio was down by 5% in the second quarter, but remained unchanged for the first half of 2020 when compared with the corresponding periods in 2019. The yield for the fixed maturity bond portfolio was 2.5% for the second quarter of 2020 and 2.6% for the first half of 2020, compared with 3.21% and 3.1% for the second quarter and first half of 2019. The yield for the bank term deposits was 2.5% and 2.9% for the second quarter and first half of 2020, compared with 3.6% and 3.4% for the second quarter and first half of 2019. Combined interest income on both the fixed maturity bonds and term deposits was $2.7 million and $5.4 million for the second quarter and first six months of 2020 respectively, compared with $2.9 million and $5.4 million in the second quarter and a half year of 2019. Our investment portfolio remains well positioned to deal with the level of market downturn that we saw during the second quarter and first half of 2020 due to the high quality and diversified nature of bonds and term deposits. The average duration of the fixed maturity securities is three years. In our total fixed income portfolio, 74% is A-rated and above. In our total term deposit portfolio, 71% is held with A-rated and above banks. Core operating income was $10.3 million and $8.5 million for the quarters ended June 30th, 2020 and June 30th, 2019 respectively. For the six months to June 30th, core operating income was $23.7 million and $13.1 million for the six months ended June 30th, 2020 and June 30th, 2019 respectively. Core operating return on average equity annualized was 11.6% for the quarter ended June 30, 2020, and 14% for the six months ended June 30, 2020. Shareholders' equity was approximately $366.3 million. Book value per share was $8.06 at June 30, 2020, representing a 6.5% increase from March 31, 2020. The company is returning capital to shareholders through an ordinary common share dividend of approximately $4.4 million, or $0.09 per share. Now I'll spend some time discussing market conditions, our position in the market, and our outlook in terms of opportunities. To reiterate what Wasif said at the beginning of the call, this is the market we've been waiting for for some time. We're certainly in the right place at the right time, and we're seeing rate improvement in most lines of business and markets we write. While June and July are important renewal dates for us, we don't really have one specific major renewal for our overall book of business, and much of it renews throughout the year, although the majority of our portfolio renews on or before July 1st. For IGI specifically, as you know, we received our license from the NAIC to write excess surplus lines business in the U.S. as of the 1st of April. Our entry into this market has been well received, and we've had a significant number of inquiries. To date, we have written just over $12 million of premium in the U.S., primarily in energy and property lines, which are our two biggest lines in terms of premium dollars in our short-tail business. We will only concentrate on short-tail business in the U.S., and while this is a new territory for us, these are lines of business we know well. Both of these lines have seen significant rate firming, and we expect that to continue for the near term. Consistent with our approach to all business, we are remaining cautious in our risk selection. During the second quarter, we also introduced a new line of business to our marine portfolio. Marine Trades is a small but growing book. It covers a smaller recreational marine market across the UK and complements the company's existing ports and terminals insurance book. Earlier in August, we hired a senior cargo underwriter to begin writing a niche portfolio of general cargo business, again strengthening our marine insurance offerings. This market has undergone a period of correction and hardening, following withdrawal of capacity and poor market results. We are focusing on specific elements of the general cargo market, specifically medium-sized accounts and largely transit only. In other short-tail business, rates are anywhere from flattish to slightly up in upstream energy and political violence, following several courses of declining rates to significant double-digit rate movement in downstream energy including power and utilities, ports and terminals, and aviation. And in our property book, which is the second largest short-tail line of business for us, rates are up on average just over 10% in 2020. In the long-tail lines, rate momentum has been significant and is continuing to increase, particularly in D&O and professional indemnity. The impact of COVID-19 on these lines remains somewhat uncertain, although it is likely to become clearer as recessionary pressures increase. We are well positioned in these markets as some of the bigger players have stopped writing new business in the UK. I'll note again that we don't and we have no intention of writing any of this business in the US, and the majority of our long-tail business is written on a claims-made base. Our reinsurance portfolio, which is well spread geographically, is seeing moderate rate improvement overall. except in loss-affected accounts where rates are up over 20%. There is a wide variation in rate improvement by geography, with Caribbean cat-exposed business up significantly, and the Middle East, where rates are up on average around 14%. We have previously talked about how we are benefiting from dislocation in the MENA market, where a number of players have shut down their offices in the region. Given the recent events in Lebanon, we expect there to be further dislocation in the region. Finally, Current market conditions have provided us an excellent opportunity to refine our existing portfolio and improve terms and conditions. Our underwriting teams have done an excellent job of staying focused over the past several months, and I expect we will continue to find new opportunities to add to our existing risk portfolio. So I'm going to pause there, and we will turn it over for questions. Operator, we're ready to take the first question.
spk03: We will now begin the question and answer session. To ask a question, you may press star then 1 on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then 2. At this time, we will pause momentarily to assemble our roster. And our first question will come from Scott Helenick of RBC. Please go ahead.
spk05: Yes, good morning. Wondering if you could talk about the appetite for growing the long-tail business. You had pretty significant growth there, and I know you mentioned DNO and P&I and some really good rate increases on the long-tail side, and obviously you're getting them on the short-tail side as well. But just wondering if you could – could talk through how you're thinking about the mix in terms of where you find the most attractive opportunities, long tail versus short tail.
spk09: Thanks, Scott, for the question.
spk08: Our appetite, obviously, from what we've said already, we're seeing the highest increases and rate movements on the long tail side. This is an element of the market that is moving harder and stronger than others. We have used this opportunity not just to grow but to refine the portfolio and the business mix. We want to take advantage of the environment. However, we are also mindful that we need to maintain and would like to maintain a mix or a balance between short tail and long tail. And, you know, anything we do, we're doing it cautiously. We're doing it within our risk appetite. But as long as the market continues in the way, you know, behaving the way it does, and we've seen no letdown in in rate movements or slow down in rate movements at all, we will continue to take advantage of the opportunities that we find attractive.
spk05: Okay, that's helpful. And then I wanted to follow up on your comment you made about the dislocation, particularly because of the Beirut explosion, and I think you mentioned parts of Europe. Can you talk a little more on Just those in specifically, and if there's any other areas where you're seeing a lot more dislocation because of COVID-19 losses, which you don't have, but others do, and there's some capacity being pulled back because of this?
spk08: Yeah, sure. I mean, in terms of dislocation from a geographical perspective, I mean, we've seen a lot of it in the Middle East over the last 12 to 18 months. Our operation, Dubai, has had a great first half of the year and registered significant growth in excess of 90% from last year. We're seeing opportunities from that market because of the withdrawal of certain companies, scaling back of capacities, reduction in line sizes, and we're taking full advantage of them. We're not necessarily seeing the same sort of strength in that dislocation in other of our geographical hubs, but we expect similar trends to follow in the near-term to mid-term. In respect of the dislocation that we are seeing most impacted by COVID-19, it's across the board. underwriting margins are a lot lower in the first six months across the market this year so far. I mean, we just mentioned our entry into a niche segment of the cargo market. The reason we've entered into that market is because of the dislocation and the results that that market has experienced. Obviously, event cancellation is a market that has hit hard. It's not an area we're involved in, but potentially could be one in the future. We're looking for opportunities where there is dislocation because that's where you will see the biggest movement and improvement in terms of conditions. Again, whatever we do, wherever we go, will all be within you know, the company's, uh, risk appetite, uh, and only in areas where we, we are confident of, of achieving the profitability levels that we seek to achieve.
spk05: Yeah. Okay. That's, that's helpful. It sounds like, sounds like there's a lot of dislocation and sounds like the opportunities are still evolving. So, uh, definitely look for that. Um, I wanted to touch on the, um, Yeah, I just want to touch on the investment side for a minute. The company continues to hold a pretty high cash balance, which you have for a while, and I'm wondering if there's any updated plans to redeploy that on the investment side. I know this is a very tough yield environment right now, but just wondering if you had any updated thoughts or plans on when that might happen and what areas of the investment side you might look at when you redeploy that.
spk08: Let me pass the answer to that question over to Wasif or Pervez. Sure.
spk04: Wasif, you want to go? Yeah. You know, it's a very tough investment environment nowadays, and you can hardly get any yield or whatever you do, really. We're lucky that we built a portfolio of investment for a good number of years in the future. At the moment, you know, I mean, our main currencies are really, trading currencies are dollar, UK pound, and euro. On the euro, you get negative interest rates. On the pound, it's very, very, very little. And, you know, it even might go to negative. On the dollar, what do you get? Just over 1%. So we're really concentrating on dollar. We concentrate to a certain extent on dollar-backed currencies like Saudi Riyal, Qatar Riyal, these deposits where we get better return. But we will not really go anywhere where there is a risk that we can take. I mean, we always say we have a lot of discompany. We take enough risk on our core business, which is insurance. We will not take any risk on the investment side. Investment is there to support the operation.
spk06: To add to Vasit's explanation, we continue to look for opportunities on the bond market, wherever we found. But of late, opportunities are very less. But we are targeting wherever we get an opportunity to invest.
spk05: Okay, that's fair. Totally understand. That makes sense. Then the last question, just on the expense ratio, was down pretty significantly. I know that's helped by some of the premium leverage. I imagine you got maybe some benefits on the expense side from some lower travel entertainment, that kind of thing. Do you think a mid-30s expense ratio like you saw in the first half, is that something that is sustainable for the second half of the year?
spk08: I think you'll see the expense ratio maybe track upwards a little bit because of the additional expenses that we're now incurring as a public company. We're building the workforce. Our D&O cover, for example, this year has increased significantly. as a result of us being a public company, professional fees. So I think you'll probably see a little bit of an uptick in the second half, but well within our budgeted sort of numbers. The good thing is that we continue to grow the book of business and our net earned premiums continue to increase. So that will alleviate the ratio with the increase in the dollar expenses. And we expect these conditions to stay with us for a little bit longer than for the next few quarters. Okay.
spk09: Appreciate all the answers. Thanks a lot. Thank you. Operator, we're ready for the next question.
spk03: Our next question will come from Ted Blake of Walleye. Please go ahead.
spk10: Hey, guys. Great quarter. I think I heard you earlier frame the 9-10 dividend as a 40% payout ratio, which would imply you're looking at it as sort of a quarterly dividend. How should we think about that? Is this a semi-annual dividend or is this something we should expect quarterly and kind of 40% to be the target rate for the short-term future?
spk08: Thanks, Ted, for the question. No, the plan is to distribute the dividend on a semi-annual basis. and on the basis of a 40% payout of net profits.
spk09: Okay, that's perfect. Thanks very much. Thank you. Operator, we're ready for the next question, please.
spk03: Our next question comes from Mohamed Alarabi of U Capital. Please go ahead.
spk07: Yes. Thank you, gentlemen. Congratulations for the Q2 results of this year. My question is regarding the listing related expenses. Is it recurring or it's just one time high this year because of the listing?
spk08: Mohammed, thank you for your question. Sorry for the delay. It's the same answer that I answered previously. Some expenses will be recurring definitely. Our expense base will go up as a public company with all the additional costs and professional fees that come with operating as a public company.
spk07: Okay, thank you, Clear. The second question is regarding the foreign exchange loss of 8.7 million. What's the IGI plan to reduce the impact of the currency's fluctuations on your financials?
spk08: I'm going to pass that over to Wasif or Pervez to answer, please.
spk06: Do you want to? Sure. Okay. We are seeing already the impact is getting lower by July and August. Now, our main currency which was exposed was a great bit in pounds, and we are already seeing a good improvement. But going forward, we are also exploring the opportunity, and we are talking to a number of financial institutions to provide a hedging cover for us. And I think by third quarter, by the second half of this year, we'll be addressing this issue.
spk07: Okay, sure. Last question is if you can give us your outlook for the second half of this year, how you're seeing your business profitability, if you can provide some guidance on that.
spk08: Yes, sure, Mohamed. As I mentioned before, we're seeing rate increases and significant positive rate movements across the board. In the first six months of the year, the long-tail segment registered rate increases of almost 30%. The short-tail segment registered rate increases of almost 20%. As I mentioned earlier, and Wasif as well, we haven't seen conditions like this in a long time. The dislocation that we've seen in the first six months of this year indicates that these conditions will continue for the foreseeable future. And so we're here ready and have the full team and resources to take advantage of the opportunities that come.
spk09: All right. Thank you very much. Thank you. Operator, we're ready for the next question, please.
spk03: Our next question will come from Will Allen of WSSA Capital. Please go ahead.
spk09: Hi, guys. Can you hear me? Yes, loud and clear.
spk02: Hey, firstly, thank you for another excellent call. Great job, guys, in this difficult time. Thank you. So firstly, I have a number of questions, but firstly, can you just talk about the reinsurance protection that you guys have in place currently? Obviously, you know, the events in Beirut are tragic, but just wondering what protections you might have in place to kick in on that front. Yes, let's start with that one.
spk08: I mean, the reinsurance protections that would cover an event like this are those that would cover any other event. So on the non-marine side, if you look at your property energy engineering, it's straightforward. There's a small sort of quota share, reinsurance support, and then the rest is predominantly on excess of loss basis. Our program this year hasn't really changed much from last year. Unfortunately, the pricing has gone up, but you would expect that in a market like this. On our inward treaty book, that is a net book. We have strict guidelines around how that book is written with strict guidelines around the aggregates that we write around. But as we mentioned earlier, we've got no direct reinsurance business or treaty business in Lebanon, our potential exposures will be from Middle Eastern treaties that will have incidental exposures in Lebanon.
spk02: Okay, understood. A separate topic, I was wondering in terms of your index inclusion in the U.S., obviously the headquarters seem to be the primary aspect being used by the Russell. I was wondering if you were considering any changes to improve your index inclusion or even disclosures on where your assets are, because I think your Bermudan assets should have allowed you to be included. Are you making any considerations on that front?
spk08: Thanks, Will. I mean, these are things that we're looking at and well, you know, on our radar. And we're hoping to qualify hopefully sometime next year for it.
spk02: Okay. Just on, you know, the time of the IPO, one of the reasons for going public was to also improve your access to the debt markets. Obviously, you've had the rating agencies reaffirm your rating, do you expect to be coming to the market to boost your capital on that front?
spk08: For the time being, I don't see a need for us to access any capital markets. We raised capital through this transaction back in March and we've got a pretty solid capital base but when the time comes that we feel we would like that is definitely one of the top options for us.
spk02: And then I guess my final question was just on your investment portfolio and the FX element, but I guess on both aspects, when I look at where we ended the quarter relative to where we are now, I believe you have some... small in the group context but chunky exposures on the equity side which have meaningfully increased since into this quarter and same on the FX. Is it right to think that you should have decent positive marks on both your investment portfolio and FX going into the third quarter?
spk09: I mean, we'll wait and see.
spk08: Obviously, the pound has recovered a lot since the 30th of June and is back at around level seen at the 31st of December of 2019. So that's positive. But we continue to monitor the markets and explore ways of sort of minimizing any volatility in those numbers.
spk09: And your listed equities? Sorry, what about them? Well, I was just thinking, like, do you have a significant stake in MetLife Saudi Arabia? Let me pass the answer for that back to Wasik.
spk04: Yeah, yeah. The equities, this Saudi company that we have over there, we are... a founding member of that company started, and now we acquired an idea over there, and it's been good. To be honest with you, the bad thing about the Saudi market is that there are too many companies fighting over a certain size of book of business, and it So what we've done, we made some good money in the past, and we're still making money, and we are reducing our position over there gradually. And we started last week, the price is attractive, and we started reducing our position. So you will find that in the near future, by the end of the year maybe, Total equity position is less than what it is now.
spk02: Cool. And that should result in significant realized gains then. Yeah, it is with the nice profit.
spk09: Okay, great. Thank you very much, guys. Keep up the good work. Thanks, Will.
spk08: Operator, we're ready for the next question, please.
spk03: This will conclude our question and answer session. I would like to turn the conference back over to management for any closing remarks.
spk04: Thank you all for joining us today. We appreciate your continued support. We look forward to speaking with you again soon, and we'll visit in person when we are next able. If you have any additional questions, please contact Robin, and she'll be happy to assist. Have a great day.
spk03: The conference is now concluded. Thank you for attending today's presentation, and you may now disconnect.
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