Perion Network Ltd

Welcome to the Perrion Network third quarter 2020 earnings conference call. Today's conference is being recorded. The press release detailing the financial results is available on the company's website at perrion.com. Before we begin, I'd like to read the following safe harbor statement. Today's discussion includes forward-looking statements. These statements reflect the company's current views with respect to future events. These forward-looking statements involve known and unknown risks, uncertainties, and other factors, including those discussed under the heading Risk Factors and elsewhere in the company's annual report on Form 20F. That may cause actual results, performance, or achievements to be materially different and any future results, performance or achievements anticipated or implied by these forward-looking statements. The company does not undertake to update any forward-looking statements to reflect future events or circumstances. As in prior quarters, the results reported today will be analyzed both on a gap and non-gap basis. While mentioning EBITDA We will be referring to adjusted EBITDA. We will have provided a detailed reconciliation of non-GAAP measures to their comparable GAAP measures in our earnings release, which is available on our website and has also been filled on Form K. Hosting the call today are Doron Garstel, Parian's Chief Executive Officer, and Mayal Sigron, Parian's Chief Financial Officer. I would now like to turn the call over to Doron Gertel. Please go ahead.

Thank you and good morning. I hope everyone is healthy and that your families are doing well. Our team has performed brilliantly during these strange, difficult times, and the results of their efforts speak for themselves. I want to take this moment to recognize and thank them for their dedication and effectiveness as they supported our business across the three pillars of digital advertising. During the third quarter, Perrin increased total revenues by 27% year-over-year, driven by 200% year-over-year revenue growth in CTV, along with the acquisition of Content IQ and PubOcean. These inevitably demonstrate our ability to outperform the digital advertising industry even as it recovers. Our growth was led by a 76% increase in our advertising division as a result of increased spending mainly towards CTV. In today's data-rich world, consumers are increasingly demanding brands deliver more focus relevant messaging. This was the main trigger for the growing demand for CTV, which is defined as any app or website that streams content over the Internet capable to serve one ad to one household as opposed to broadcasting an ad to all households. As a result, advertisers shift away from simple competing for eyeballs to creating meaningful, engaging experience that first capture and truly convince audience. We are focusing on leveraging our creative capability and enhanced CTV offering by providing CTV interactive ads to better align awareness and performance-driven content for the right persona at the right time at the right stage of the funnel. Our search business grew by 3% due to the increased volume of monetized queries we deliver to Microsoft Bing. I have a strong confidence on our ability to extend current agreement by the end of the year with Microsoft Bing in a better term than what we currently have. Our results are also triggered by the fact that we are becoming an even more efficient company as we grow, thanks to the scalability of our operating model, tight management of expense, and our synergistic acquisitions. The sourcing factor of the pandemic has amplified the economic value of our $10 million cost-saving plan, which was implemented in the first half of the year. Our increased efficiency resulting from ongoing investment in automation has helped driving a 15% year-over-year growth in adjusted EBITDA to $8.7 million. To be honest, I'm sure many of you didn't expect to see results like this. Our accomplishments are all the more impressive because we've done this during a 100-year pandemic that has upended the digital media marketplace and has left many previous successful advertising companies and advertising agencies wounded and bleeding. Our success top line and top Top line and bottom line during this time demonstrate that our focused and relentlessly implemented plan of diversification across the three main pillars of digital advertising was, is, and will be the roadmap for our growth. Perion is, without doubt, turning its strategic plan of diversification into a successful action. We have a clear task. to sustainable and consistent double-digit growth going forward. Let me repeat, we have a clear path to sustainable and consistent double-digit growth going forward. I've articulated our ability to benefit from the invariable and continuing spending shift between the three periods, search, social, and display and video. Since July 2017, three months after I joined Parian. The technologies we have developed, the acquisition we have made, and successfully integrated, and the team we have built, all these moves have positioned us to capitalize on having strong solutions wherever the dollars flow. Our social platform and offering create opportunities within the enormous social advertising universe. From Facebook to Twitter, Snap and TikTok. As they grow, we grow. As brands seek to grow their DTC business, we grow. I am sure you saw Snap's results last week. Our corporate business allows us to benefit from the simple fact that more consumers are searching and shopping online and are also looking for important information about the pandemic and its impact on their lives. Our display video and our focus on CTV business are able to capitalize on the inherent growth of this digital format as brands are investing, seeking a full funnel solution. When all these categories grow, we benefit. And when dollars shift from one to other, we are hedged and benefit as well. Our diversification strategy also allows us to capitalize on the mega-trend in the industry, the demise of third-party cookies, the acceleration of in-housing by brands, and the need to turn awareness dollars into action. As we look to the future, as defined by macro-industry trends, we will be strengthening our technology mode by accelerating the integration of Perion's business units. Our strategic roadmap is led by development of a full funnel experience to accommodate current trend of marketers who are looking for holistic, one-stop shopping vendor who can maximize, reach, and build their brand across the three pillars with even stronger solutions. This is an exciting business model evolution for us. we know that rents face a massive challenge of attracting and retaining user engagement in their franchise, and generating first-party data and social media is increasingly limited in its ability to meet those goals. We're calling this synergistic solution Capture and Convince. It leverages our unique and proprietary buying technology, AI-driven decision engine, an ability to deliver personalized, real-time advertising, layout, and content. All in all, to create a level of marketing funnel optimization that is exactly what Rand needs. We are showing that we can keep new users in our capture and convince advertising group for more than six minutes, a truly revolutionary approach in an epic world where the attention of consumer is measured in seconds. The combination of well-diverse financial strategy and our capture and convince business offering will work hand-in-hand to drive growth and revenue beyond the current performance metric. With that, I'd like to turn the call over to Maoritz to review the financial results for the third quarter. Maoritz? Thank you, Dolan. The strong financial results during the third quarter, despite the pandemic, affect strong business execution and the successful implementation of the efficiency measures and cost-saving efforts we took at the beginning of the second quarter. These achievements result in higher revenue while keeping the level of our operational expenses, which improve our profitability and cash flow. Such improved results reflected also at the second hour increased guidance we provided earlier this month. Underscore that Perion is the earning power and financial strength that is the key to execute on the strategy that Doron articulated just a moment ago. Turning to the results. In the third quarter of 2020, revenue increased by 27% to $83.4 million, composed of $37.9 million, from advertising and $45.5 million from search and other revenues. Advertising represented 45% of third quarter revenues with search and other contributing 55%. In the third quarter of 2020, advertising revenue grew by 76% year-over-year, driven by a 200 revenue growth in CTV along with the acquisition of Content IQ and PubOcean from earlier this year. Search revenues increased by 3% due to a larger number of monetized search queries we delivered to Microsoft Inc. Customer acquisition cost and media buy in the third quarter of 2020 was $49.9 million or 60% of revenues compared to $34.2 million or 52% of revenue in the third quarter of 2019. The increase in the percentage of revenue is primarily due to the acquisitions of CIQ and PubOcean. Operational expenses in the third quarter of 2020 were $29.7 million or 36% of revenues compared to $27.6 million or 42% of revenues in the third quarter of 2019. The efficiency measures we took together with the synergetic acquisition of CHU and PubOcean are bearing fruits and translated to higher profitability. Net income for the third quarter of 2020 was $2.1 million or $0.08 per diluted share compared to net income of $2.9 million, or $0.11 per diluted share in the third quarter of 2019. Clearance non-GAAP net income in the third quarter of 2020 was $5.9 million, or $0.21 per diluted share compared to $5 million, or $0.18 per diluted share in the third quarter of 2019. Adjusted EBITDA in the third quarter of 2020 was $8.7 million, or 8% of revenues, compared to $7.6 million, or 12% of revenue, in the third quarter of 2019. Cash flow from operating activities in the third quarter was $6.6 million, inclusive of approximately $4 million negative impact due to working capital needs in connection with the acquisitions of CIQ and TabOcean. compared to $11.1 million in the third quarter of 2019. As of September 30, we had cash equivalents and short-term bank deposits of $50 million compared to $61.6 million as of December 31, 2019. As of September 30, 2020, total debt comprised of a $10.4 million credit facilities and $12.5 million It ran from the secured credit line and used as a short-term precaution measure related to COVID-19, compared to $16.7 million as of December 31, 2019. During the third quarter of 2020, the credit facilities decreased by $2.1 million due to the scheduled paydown. This concludes my financial overview for the third quarter of 2020. I will now turn the call back to Doron for closing statements. Thank you, Mo. Parents' diversification strategy and our steady course of managing profitability were a key success factor, beginning before the pandemic and continuing thereafter. That discipline has been extraordinarily beneficial, especially during these challenging times. The combination of our ability to react fast, fine-tune our business, and successfully execute the prudent cost-saving plan and acquisition strategy, together with encouraging market trend and improved visibility, has allowed us to announce earlier in October that we are raising our expectation for the second half of 2020 to revenue of $164 to $174 million and adjusted EBITDA of $16 to $18 million. Looking further out, we are confident that we are on the path to achieve sustainable and highly profitable double-digit annual revenue growth. Operator, now you can open the call for questions.

Thank you. If you would like to ask a question, please press star 1 on your telephone keypad. That's star 1 to ask a question. We can now take our first question. From Jason, HealthEsteem from Oppenheimer. Please go ahead.

Thanks. I'll ask you, can you talk a bit more about the performance of ContentIQ and PubOcean sequentially, maybe from second quarter, third quarter, and perhaps give some more color on the trends in these brands? And then second, we're seeing increased momentum around unified IDs as the world's kind of preparing for IDFA and cookies to potentially go away or be less diminished, but definitely more momentum around unified IDs. What opportunities does this create for Perion, or just how are you thinking about unified IDs? Thanks.

Yeah. Hi, Jason. Thanks. Thanks for the question. So as far as the comparison, Maoz, on the content IQ, on a formal basis, we're doing better than last year and also better than previous quarter, looking, of course, of the two acquisitions. This is one business unit that we're running. So on all different parameters, we're doing better. In terms of our preparation for a cookie left, I mentioned it on a previous call, the fact that we are creating our own world garden using our own own and operated site, both by Content IQ and PubOcean, giving us the ability not to depend on third-party cookies. That's one aspect of the way we are trying to prepare ourselves for the cuculate era. Another thing that we're doing is what we call developing our own ID, which is driven very much by all different business units that have a touch point with consumers. It has to do with consumers that search, and it has to do with consumers that are looking for social and others. that are very much part of coming to our own and non-operated and creating a unified ID there that allows us to enjoy the fact that millions of consumers is leaving their ID within our assets.

And let me ask one follow-up. So there seems to be building pressure on Apple to consider finding a way to make it more practical for consumers not to use Google. I don't know how practical it is. But if there is movement, you know, I don't know how much Apple is going to want to take, you know, whether Bing is more highlighted or Apple launches their, you know, tries to launch their own search. I mean, are there partner opportunities? Just have you had any discussion with Apple or anything you can share about if there is kind of movement on the iPhone market? If you make Google less of the featured search, is there any opportunity for Perion?

Yes. The only thing that we can share, we're very much under a very strict NBA, is the fact that while Google is losing market share, others are in great opportunity to gain market share. And Bing is definitely one of them. There is not so many. that has the capability to provide the quality search on the level of Google. And definitely Bing and Yao, which is very much related to Bing, is two out of, let's say, three or four candidates. So we definitely welcome this trend.

Okay, great. And we look forward to fourth quarter results. Thanks.

Thank you.

We can now take our next question.

I wanted to dive into the capture and convince technology. Is this a go-to-market strategy? In other words, as you're advertising, Salesforce is going out into the market and talking with brands and talking with agencies. Is capture and convince the new strategy that you're offering to them? which incorporates the search and the display video and the social, or is it really kind of an in-house expression and name for the platform?

Well, I think that, first of all, that's going to be a narrative which is applied across all views because they are very much integrated into this concept. It's not just limited to what we are doing on our own site. It definitely has to do with undertones. And in a way, that's our ability to connect awareness to performance and providing a full funnel attribution. And the emphasis of capturing convenience has to do with capturing and completing new users. It's not a way of retargeting. It's a way to completely go after new users through our great buying system that is on social media on one hand and on content recommendation on the other hand. So that's very much going to be the narrative of our advertising business unit.

Okay. And then you talked, I don't know if it was in the theoretical or in the explicit, about profitable double-digit growth. If I look at what your guidance is for 2020, the midpoint of the full year is $295 million. If I put a double-digit growth rate on that, a minimum double-digit growth rate, that 10% growth would imply $325 million of revenue in fiscal 21. Right now consensus is around 320. So just curious to know if you're comfortable with that consensus. Do you feel like there's upside to that? Let's talk about that double-digit quote commentary.

Yeah, we are very much behind it, and we believe that we're very much behind the double-digit. And accordingly, the model needs to be updated.

Okay. As I look at the, you know, you have been pretty consistent on the Microsoft contract renewal ever, I mean, probably over the last 12 months you've given the same message regarding a Q4 renewal, hopefully on better terms. What can you tell us about the negotiations that are, I realize it's a sensitive topic, but what can you tell us, investors, about how things are progressing in those discussions?

So thanks for the question. Even though I shared my confidence, you know, over this course of the 2020, I must say that we are, our confidence, my confidence level is going. And it's going because we definitely know that we are getting close to the finish line. And it got close to the finish line and we know basically what is the negotiation and what we agreed. so on and so forth. We can't announce because it's not time yet, but the only thing that I can say that we are in a very, very advanced stage.

Okay. I look forward to the completion of an announcement of that very important agreement. Congratulations on the good numbers for Q3. It's good to see the business rebound so quickly in the COVID environment that we're up in Q4.

Yeah, very much. Thanks so much.

We can now take our next question from Chris McGinnis from Sudoti and Company.

Good morning. Thanks for taking the questions in the next quarter. Thank you. Starting off with just on the CTV, obviously, you know, you highlighted that as a really strong position to be in. Can you just talk about maybe the offering and what's attracting the people? Is it stay at home and is that kind of the driving factor? Can you just talk about that strength at the same time?

Yes, absolutely. I knew that this question would come because we put in the last year tremendous efforts to be at this stage. I invited 10X, the president of Undertone, to this call. Ben, you are there?

Yes, I am there.

Great. Can you take this question and elaborate more on the tremendous success you guys are doing around CPV?

Yeah, happily, and thanks for the question. So on this call last year, we talked a bit about new products that Undertone will be doing. CPV was one of the ones that we had in mind. And we say that because CTV is an important part of Undertone's mission in articulating client campaigns across the funnel, which allows efficient and effective use of creative assets and data. So CTV, of course, carries many of the benefits of linear TV, particularly awareness, but it can do a lot more than that. CTV helps advertisers start a high-impact channel to find quality prospects. And you can actually retarget views of CTV ads across other devices, driving them further down the funnel. We do that through things like automated content recognition, ECR. We've talked much about that over the last year. But also our whole interactive capability allows us to also use CTV to drive people to a transaction. For example, just one small use of that would be QR codes. This allows us to actually participate in the whole direct-to-consumer advertising market who use QR codes and the like extensively for campaigns. So CTV has been a success for us. It's a very important part of our mission, and it's growing rapidly and allows us actually now to step into a new pool of revenue, which was linear TV, which wasn't part of our mission, which is now accessible to us as this turns become linear TV evolves into more of a digital format. Great. I appreciate that. And I guess just the strength of the revenue, can you maybe talk about acquisition-based growth versus maybe organic, just on the advertising?

We can say that here over here, the organic, there is organic, of course, growth, but if you're looking on the performer basis here over here, we're talking about growth of more than 10%. Okay.

And how much do you think maybe there's some point of demand or just more about just the strength of your product often, you know, resonating in this kind of changing environment?

So what we basically can see that, you know, advertiser slowly is coming back, as we basically said, we see a substantial improvement in ad spend. you know, as the quarter progressed with the fact that emphasized on Connected TV. But we've seen something else which is very interesting is that agencies and other brands are looking to reduce the number of vendors that they're, you know, talking with. They're looking for one-stop shopping when it comes to the different channels. which fits very well our model since we covered, as we said, the three main pillars, and that's coming from one location. So it's not just that they deal with less. We're able to demonstrate how the different channels really very much interact with each other to generate higher lift, as they call it, or better engagement for their consumers. So I think this is a very, very important trend that is caused by the pandemic and the difficult times that advertising has, trying very much to, on the one hand, increase the revenue by doing it way smarter. And this change is very much play well the way we very much set our strategy.

Okay. I appreciate you answering my questions and good luck in Q4. And, again, congrats on this strong quarter. Thank you. Thank you very much.

I'll take the next question from Derek. Who is the private investor? Go ahead.

Hi, thank you. Congratulations, Jerome and team, on a strong quarter. It's great to see such a significant rebound so quickly after COVID-19. Thank you. You're welcome. So, Kyrgios, you're going to get to a point where you can provide some adjusted e-data guidance for 2021. I know it's still going to be a little bit early coming out of the crisis, but that is something that you've provided in the past.

Yeah, it's a bit too early. You know, first and foremost, we need to meet the guidance that we just raised for the 2020 and hopefully to be. And so this is, as you know, in our industry, Q4 is the most significant quarter due to the holiday season. And we have good visibility on the quarter since almost one month is behind us. But again, our focus is to finish and finish as strong as possible. So this is one. The second, knowing what we have and trying to look behind our shoulders for 2021, we came with this very important statement about growing our business in double digits going forward. We're very much behind. So it's not specific guidance, but it provides a framework where we're going to be in next year.

Thank you. And then looking at Microsoft commentaries from yesterday, they said that search revenue X tax was down 11% in common currency, and yet today you're reporting 6% increase in search revenue. So first of all, great job on grabbing additional information. search revenue from Microsoft ecosystem. And secondly, I'm curious if you could provide a little bit of commentary there in terms of how you're able to grow despite Microsoft's big search falling away.

Yeah. That's a good question. I think that first and foremost, we're not working only with Microsoft, and there are selected countries which we're not working with Microsoft. So we have a to optimize, and I must say that in areas where we're working with both, we have the capability really optimizing the search. And this is a very interesting technology that we're developing, where for a given keyword, we basically can direct or redirect this keyword to optimize the results from a revenue standpoint. So we're putting a lot of technology to optimize it, and I think the results are there, and we're very glad that we're able to leverage the technology that we have in order to optimize the results.

Great. Thank you. And then you also mentioned grabbing users' attention for more than six minutes. I'm curious in a world where typically user engagement is measured in seconds, how do you practice that for six minutes?

Oh, that's a great question. So one of the things which we're really proud is the technology that we developed that has to do with it's Try to create a personalization on three elements that will very much capture your attention or user attention for over six minutes. One very much has to do with the layout of the page. The layout is very much different between genders, age. That's the layout. Second has to do with the right content. It's not just the topic, it's also the length of the content, the type of the content, and the way we deliver the content. The third element has to do with the creative or has to do with the ad. Proportion of ad to content, type of ad, everything here all needs to provide an experience that the user will scroll and scroll more and more. And what is really interesting is what we're doing with this data. So the capture of new users that stay for a long time allow us to develop a very sophisticated predictive analytics, what we call the convince, is to put the right action at the right time. And in order to get the most out of this, you know, very useful time, that we're able to learn the user and able to optimize this period of time into the maximum revenue. We call it a session, and the KPI that we very much measure is called the revenue per session. And the revenue per session is a session that starts from once the user is landing on our landing page all the way to its exit after six and more minutes. And that's the revenue that is being captured during this time.

Great. Thank you very much. Very helpful. And then last question, you mentioned wounded and bleeding competition. Very, very rhetoric as usual. I love that. On that note, are you looking at additional M&A?

So we're always looking. Let's put it this way. We're always looking for opportunities. Unfortunately, you know, these companies that didn't make it, they were attractive for us to buy. We developed a certain type of framework of acquisition that we feel more comfortable. As I mentioned in previous call, which is less on an upfront and heavy on the earn out, that's the model. that we're going after. It's a third acquisition that we did that followed this model. Not every company is willing to go after this model. We're looking for something which will be substantial. It's revenue. It needs to be accretive. And I can definitely say that there are lots of opportunities now and I think the fact that we have the financial resources definitely gives us a great appetite doing it and being on what we are trying to get.

Great. Thank you very much, Jerome, and congratulations again on exhibiting resilience and showing that revenue growth which we've been looking for for quite some time. Yes, thanks.

As a reminder, if you would like to ask a question, please press star 1 on your telephone keypad. That's star 1. We can now take our next question from John Noble from Aleech Brothers. Please go ahead.

Good morning, Joran and Maz, and thanks for the call and taking my questions. I'd like to know how much did U.S. election advertising impact your third quarter, and what impact do you believe it would have on your fourth quarter?

Which segment of advertising?

Well, overall, U.S. election advertising, obviously, you know, it's a big pickup in advertising with U.S. elections. So I just wanted to know how that played into the third quarter and what do you feel that would impact your fourth quarter?

Yeah. So advertising in the last few months is almost 45% of the revenues. and it's $37.9 million. And this segment is growing and growing rapidly. As I basically said, we've seen that substantial improvement in head spend versus, let's say, the second quarter for sure, but even from the first half, Traditionally, the fourth quarter is the largest quarter and that's true for advertising as well. But I truly believe that now when we are having way more holistic solutions as Dan pointed out, we've seen more and more brands that are spending more for us. As an evidence, we're definitely looking at the KPI of our This is growing and the amount of dollars that a specific account is spending over the year. And I can mention that we follow closely about the different verticals and at this point we definitely can say that the retail is a growing segment. And it's very helpful because the traditional segment as cruise line, airlines, travel, hotels, so on and so forth are still not back yet and I definitely expect that when we'll find the vaccine and the Corona will be behind us, those segments will be back which will create another boost into our advertising revenue growth.

Speaking of advertising, that segment you break advertising and search another and two segments here. That showed very strong growth so far this year. But looking into the next 12 months, where do you see the most growth? I'm talking organically now. Can you search your advertising segment and what do you believe would be driving that growth?

We believe that the growth definitely will come from the advertising. I think that we put huge efforts in developing the technology. I mentioned the capture and convince loop that we developed, which will attract brands to go after new users, capture new users, and basically... have them in our home and operated site and doing the convincing efforts. That's definitely a growth driver. And the comprehensive solution that we have, including CTV, which is definitely a growth driver for us and our ability to integrate it into one offering And as I mentioned, it very much plays nicely with the trend that we see, that both NGC and brands are looking to reduce their number of vendors and looking for a vendor that is able and capable to provide solutions on the three main pillars, the social, the search, and, of course, the display. And there are not many like this. as you can imagine, and that's definitely another growth driver. So I think that all those play very well that we are expecting to see and continue to see higher growth on our advertising revenue segment.

Thank you for that. I was hoping that you could talk a little about the integration of OCEAN and into CIQ and how that process has been going, and more specifically, if you could provide some details on the synergies that this integration would offer.

Yes. First of all, the synergy between PubOcean and Content IQ, we're all looking about adding the capability of content recommendation. And content recommendation is a way to capture audience. before the acquisition of CloudOcean, we were solely depending on capturing new users from Facebook, and we were thinking that in order to add another capability of capturing, we have to add a capturing that is based on content recommendation. So this integration plays very well to what ContentIQ is doing, and if let's put it this way, a creative synergistic from day one, day one of our business. As far as the integration of Content IQ into our business, the whole concept that we've been developing, this is, you know, 10 months after we announced the acquisition, that was in January, is that we are working on this capture and convince. And this capture and convince gives us a way to integrate assets from a different business unit. And assets from other firms that have to do with prominent brands that are putting their ads on our own and on operated sites, this is one. It even gives us a great opportunity to integrate it what CodeFuel, our search business, is doing because we are able to integrate what we call display-to-search ad into our own and operated site. All in all, it all has to do with a very important development that we did, and we call it internally the brain, which we are able to navigate a new user after six or more minutes into a different type of revenue channel. It can be a display, which comes from Undertone. It can be display to search that will come from CodeFuel, and it can be lead or action that is coming from Content IDU. So we are very happy because not just on the revenue, the potential revenue that this concept can provide, but also the fact that we were able to really integrate assets from the different business units that are able to optimize more the investment that we did on this technology.

Well, thank you, Mark. I have one final question. It's actually for Maz. I was hoping that you could comment on the 36% tax rate in the quarter. I noticed that it's much higher than the norm, so I just wanted to get a feel for what we should expect going forward and the reasons for this tax rate in this quarter.

So there is sort of the acquisition that we did and some other movement we did in the last month. There is some noises in the model in Q2 and in Q3. Reflected deferred tax and other elements related to the acquisition. If we're looking at moving forward to the normal tax, it should keep around 20%. and for, you know, for the full quarter and also for the next year.

Okay, great. Thanks for answering that question. That's all I have. Thank you.

There are no further questions on the line at this time. I would now like to turn the call back to Duran for any closing remarks.

Guys, thank you very much for joining us for this call. We're excited here. And as I mentioned, it's a great opportunity to text again. The entire program's employees have worked really, really hard to demonstrate these results in a very challenging time. So with that, I would like to thank you again. Thanks so much. Bye-bye.

Thank you. Back on to today's call. Thank you for your connection. You may now disconnect.