This conference call transcript was computer generated and almost certianly contains errors. This transcript is provided for information purposes only.EarningsCall, LLC makes no representation about the accuracy of the aforementioned transcript, and you are cautioned not to place undue reliance on the information provided by the transcript.
spk06: Good afternoon and welcome to the PRA Group's second quarter 2023 conference call. All participants will be 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 a touchtone phone. 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 Mr. Najim Mossaman, Vice President of Investor Relations for PRA Group. Please go ahead.
spk04: Najim Mossaman Thank you, operator. Good evening, everyone, and thank you for joining us. With me today are Vik Atal, President and Chief Executive Officer, and Pete Graham, Executive Vice President and Chief Financial Officer. We will make forward-looking statements during the call. which are based on management's current beliefs, projections, assumptions and expectations. We assume no obligation to revise or update these statements. We caution listeners that these forward-looking statements are subject to risks, uncertainties, assumptions and other factors that could cause our actual results to differ materially from our expectations. Please refer to the earnings press release and our SEC filings for a detailed discussion of these factors. The earnings release, the slide presentation that we will use during today's call, and our SEC filings can all be found in the investor relations section of our website at www.pragroup.com. Additionally, a replay of this call will be available shortly after its conclusion and the replay dial-in information is included in the earnings press release. All comparisons mentioned today will be between Q2 2023 and Q2 2022, unless otherwise noted, and our America's results include Australia. During our call, we will discuss adjusted EBITDA and debt to adjusted EBITDA for the 12 months ended June 30th, 2023 and December 31st, 2022. Please refer to today's earnings release and the appendix of the slide presentation used during this call for a reconciliation of the most directly comparable U.S. GAAP financial measures to these non-GAAP financial measures. And with that, I'd now like to turn the call over to Vic Atal, our President and Chief Executive Officer.
spk00: Thank you, Najeeb, and thank you, everyone, for joining us this evening. It has been a pleasure these past few months connecting with many of you at the various conferences and meetings we attended, and I have been looking forward to sharing an update on our recent performance and business outlook. Having completed the first 100 days of my tenure, it is appropriate that I spend a few minutes reflecting on the perspective I have gathered during this period prior to discussing our financial results for the quarter. My remarks are grouped into five broad themes. First, our people. It may be viewed as a cliche to have an incoming CEO extol the virtues of his team, but I do so nonetheless and in full sincerity based on my assessment of their capabilities and strengths. Most of you are familiar with our longstanding CFO, Pete Graham, and the team that he leads. However, our talent extends beyond PEAT to encompass individuals in every function and geography and across all levels of the organization. I believe that their intellect, domain knowledge, and pride in their work are second to none, and I have full confidence in their ability to drive PRA's success. Next, our European business. This past month, I visited our European operations and not only had the opportunity to connect with our team, but also engage with banks and top sellers in meaningful conversations about our business. Europe now represents over 50% of our ERC. And while the UK remains our largest market presence in the region, we have established broad diversification across the continent. Over the years, we have invested considerable effort to build relationships with sellers and other stakeholders, along with a focus on enhancing core capabilities such as digital. These efforts have paid off with broad investment opportunity across the region and a compelling track record on revenue growth and expense efficiency. Furthermore, we exercised significant restraint in recent years as pricing became irrational in certain markets. We believe the diversification provided through our European business is a key differentiator for us versus most industry peers, and we will be looking to build on the success while maintaining operational and pricing discipline. Third, the growing portfolio supply. Consistent with the messaging from consumer lenders and credit card industry statistics, we are seeing increased inventory being made available for sale in the U.S. Global portfolio purchases are up 47% for the first six months of 2023 versus the year-ago period. While we continue to anticipate seeing increased supply, we don't expect this level of year-over-year growth to sustain. Of note, within the U.S., we are not only benefiting from the increases in market supply, but are also anticipating opportunities to extend the set of seller relationships to supplement baseline trends. In contrast to recent trends, pricing is also improving across all of our markets as we renew forward flows and enter into spot transactions. We believe we have now entered an inflection point in the cycle that is translating to portfolios being purchased at higher returns. Fourth, our US business. It is undeniable that it is not performing to our expectations. Notwithstanding the references we made in previous quarters of our collection shortfalls on recent vintages, our track record on underwriting purchases extends back over two decades and is excellent. We have, however, underinvested in the processes and capabilities required to optimize cash generation from the portfolios we own. Over time, this gap has expanded, and coupled with the lower volume of available supply in recent years, contributed to the reduced levels of profitability in this portion of our overall business. Optimizing our U.S. business is therefore key to our success, both in the long and the short term. I shared a slide similar to this at the William Blair Conference earlier this summer, and I now wanted to briefly provide an update on this important initiative. It is essential that we generate more cash from our existing portfolio. To accomplish this, we are examining our end-to-end core processes with the goal of enhancing efficiencies, driving revenues, and optimizing results. This work is already underway, and as examples, we are in advanced discussions with select third parties to expand our outsourcing and offshoring capabilities. We are also beginning to rationalize the capacity of our U.S. collection sites with the announced closure of one of our sites last month. These developments in and of themselves are not yet at a scale to impact the business results, but I mention them here as an indication of the speed, decisiveness, and open-ended approach we are taking to address the underlying issues. In parallel, we are optimizing a range of customer interactions and revenue-generating activities including legal processes. This brings me to the fifth and final theme of my opening remarks, which is creating shareholder value. It is important to note that while the changes and initiatives referred to above are being implemented with urgency, we anticipate that it will take at least several quarters for their effect to flow through and influence our results. Ultimately, we believe the steps we are taking today are laying the foundation for a stronger, profitable, and higher performing PRA. And with that, I'd now like to turn things over to Pete to go through investments and the financial results in more detail.
spk01: Thanks, Vic. Looking at our investments this quarter, we purchased $328 million of portfolios, which represents a record for a second quarter in company history. and is the highest quarterly investment since the third quarter of 2021. Up 42% year over year, this level of investment was driven by building flow volumes and a number of large spot transactions in the U.S. and Europe. Importantly, this record level of investment was achieved even as pricing improved, and I'll talk more about that in a minute. In the Americas, we invested $184 million, which represented a sequential increase in purchases for the fifth consecutive quarter. The underlying U.S. market is improving steadily. Volumes and pricing continued to improve during the quarter as we increased our U.S. investment level for the third consecutive quarter. The significant driver of this was the increased number and size of spot transactions we were able to close during the quarter. While the U.S. is predominantly a forward-flow market, we experienced a higher proportion of spot transactions than usual in the second quarter. Historically, we've seen this happen when charge-off volume is increasing. As sellers experience volumes that exceed committed flows, they will bring spot transactions to market. In our existing forward flows of fresh paper, we once again experienced a sequential increase in volume from the prior quarter. Looking at publicly available economic data that we regularly share, active credit card balances, delinquency rates, and charge-off rates are all continuing to climb. And based on this data and our experience, we believe that these metrics will trend even higher. Given our seller interactions and the data sources we track, we expect increasing supply with pricing and returns continuing to improve as we move through the rest of this year and into 2024. The European market remains robust and continues to provide healthy investment volumes. During the quarter, we invested $144 million across eight markets, with meaningful purchases in Northern Europe, demonstrating the continued strength and diversity of our European operations. As a reminder, the second and fourth quarters have historically been our strongest purchasing quarters in Europe. The rising cost of capital is clearly impacting the market. Pricing has improved and has been more consistent across markets. And in contrast to last quarter, when sellers were pulling deals for low pricing, it appears they are now starting to accept the lower prices. Some European competitors are continuing to struggle with high debt balances and increased funding costs, and are reducing portfolio investment and attempting to sell parts of their book in order to delever. As supply builds, especially in the U.S., we will continue to practice prudent capital deployment with a firm discipline on pricing. Moving on to the financials. Total revenues were $209 million for the quarter. Total portfolio revenue was $205 million. with portfolio income of $184 million and changes in expected recoveries of $21 million. During the quarter, we collected $25 million in excess of our expected recoveries, exceeding our expectations on a consolidated level by 6%, with the Americas overperforming by 2% and Europe overperforming by 11%. The overperformance in Europe was mainly due to larger-than-expected one-time payments and a catch-up in legal collections due to the resolution of the court strikes in Spain. Operating expenses for the second quarter were $164 million, an $11 million decrease driven primarily by lower compensation in employee services and lower outside fees in services. The decrease in compensation and employee services was due to lower compensation accruals and healthcare expenses compared to the prior year. After normalizing for recent volatility in anticipating an increase in variable costs associated with higher investment levels, we expect the compensation expense in the third quarter to be in the mid $70 million range. Our legal collection costs were $22 million for the quarter. with the year-over-year increase being driven by a higher volume of accounts placed into the legal channel. As a reminder, there's a timing lag when we invest in our legal channel. Typically there's an upfront cost paid to the courts when a lawsuit is filed, which is then followed several months later by cash collections starting to build. We expect legal collection costs for the third quarter to remain consistent with the second quarter, and approached the mid $20 million range by Q4. Outside fees and services were down $9 million for the quarter, primarily due to the higher corporate legal expenses in the second quarter of last year. Net interest expense for the second quarter was $43 million, an increase of $11 million, primarily reflecting increased interest rates and higher debt balances. It should be noted that our net interest expense in the quarter was reduced by $4 million in interest income, the majority of which came from investments in cash held to retire our convertible notes on June 1st, which will not recur in the future. For the third quarter, we expect our interest expense will approach $50 million. Our effective tax rate for the quarter was 58%, with the increase primarily due to timing of discrete items. However, looking at the full year, we expect an effective tax rate in the mid-20% range. Net loss attributable to PRA was $4 million, or negative 10 cents in diluted earnings per share. Cash collections for the quarter were $419 million, compared to $444 million in the second quarter of 2022. Lower collections in the Americas were partially offset by higher collections in Europe. For the six months into June 30, we are 1% above our ERC projections made last December, with 5% overperformance in Europe and 2% underperformance in the Americas. For the quarter, America's cash collections were $247 million, a decrease of $31 million. or $30 million on a currency adjusted basis, driven primarily by the impact of lower levels of portfolio purchasing in the US over the last few years. Despite this, collections in the Americas modestly exceeded our internal expectations for the quarter. European cash collections for the quarter increased 4% or 5% on a currency adjusted basis. This represents overperformance of approximately 11% compared to our internal expectations. Our cash efficiency ratio was 61.2% for the second quarter, which is consistent with the prior year period. The second quarter generally has a higher cash efficiency ratio because of favorable cash collection seasonality in European countries where we have a lower cost to collect. We still expect to achieve a cash efficiency ratio approaching 60% on a quarterly run rate basis by the fourth quarter of 2023. ERC at June 30 was $5.9 billion, with 54% in Europe and 36% in the U.S. This represents an increase of more than $200 million compared to the prior quarter, as our strong purchasing in the quarter helped us grow ERC. We expect to collect $1.5 billion of our ERC balance during the next 12 months. It's important to note that this number only reflects the amount we expect to collect on our existing portfolio. It does not include the cash we expect to collect from new purchases made. Based on the average purchase price multiples we've recorded in 2023, we would need to invest approximately $843 million globally over the same timeframe to replace this runoff and maintain current ERC levels. With the continued build in US supply and improved pricing, we anticipate we will exceed this level of investment and grow ERC further as we close this year and move into 2024. We have a strong and conservative capital structure with ample capacity in the markets where we invest. At the end of the quarter, we had $1.4 billion of undrawn capacity committed under our credit facilities. $332 million of which was available to borrow after considering borrowing-based restrictions. Additionally, in the last 12 months, we generated $1 billion of adjusted EBITDA. Now I'll turn things back to Vic.
spk00: Thanks, Pete. Order 2 was an important and positive step in the right direction as we look to return to profitability and further capitalize on the consumer credit cycle. I am especially encouraged to see strong purchasing and ERC growing again, but I also recognize that our work has just begun. We have plenty of opportunities to build on our strong foundation, and we remain focused on the strategic objectives and initiatives I shared earlier, especially as it relates to optimizing business processes and our cash generation potential. The early signs of progress are here, and we look forward to driving organic growth stronger returns, and increasing shareholder value over time. It won't happen overnight, and it may not always unfold in a straight line, but I am more than encouraged by where we are heading and the opportunities that lie ahead. Thank you again for joining us and for your continued support of PRA. Operator, we are now ready for questions.
spk05: We will now begin the question and answer session.
spk06: To ask a question, you may press star, then 1 on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then 2.
spk05: At this time, we will pause momentarily to assemble our roster. The first question today comes from David Sharp with JMP Securities.
spk06: Please go ahead.
spk08: All right, good afternoon. Thanks for taking my questions. You know, Vic, I'll let others kind of dig into the numbers and questions about the collection environment. But I was curious, I wanted to ask you to follow up a little bit on a couple things you mentioned in your opening remarks. And the first related to expanding seller relationships Are you primarily talking about adding more card issuing banks in the U.S. or banks in Europe, or are you, you know, for credit card receivables, or are you envisioning expanding the number of asset classes that PRA is involved in?
spk00: At this point in time, David, we are focused on our core asset and we're expanding or looking to expand our market access within our core business without expanding into new asset classes.
spk08: Got it. And within the U.S., I know it's been over a decade now since some of the largest card issuers have exited the debt sale market. Is implied by that comment that your understanding is that they may be looking to re-enter? And this is obvious.
spk00: No, my sense is that those that have stayed away from the market for a decade are unlikely to be re-entering the market in the near term. That's our sense of the market, but I'm not in a position to know what their thoughts might be on that topic, right?
spk08: Got it. Yeah, no, our understanding as well. So it sounds like your comments about expanding seller relationships relate to other existing issuers. And then as a follow-up, can you just clarify, I know you've mentioned it in the past, but I apologize for asking again. You know, your references to outsourcing and offshoring, is that a reference to actual collection activities, working with collection agencies? third-party agencies, or is this a broad commentary about expenses throughout the organization?
spk00: I don't want to get ahead of myself because we're in discussions with a lot of different parties, David, on different processes, but it's a broad commentary, as I mentioned, and I just want to reemphasize, we're looking at our end-to-end processes, and I've defined processes broadly, and to explore what option is across the entire envelope there would be for us to leverage capabilities, flexibility, including costs. Got it.
spk11: Great. Thanks very much. Thank you.
spk05: The next question comes from Bob Napoli with William Blair.
spk06: Go ahead.
spk02: Thank you. Good afternoon, Vikram and Pete. I guess maybe just there's a lot to dig into on the numbers. Just the change in expected recovery, the 2021 pool is like where there's a lot of focus, obviously. And I think it's, you know, that year is underperforming, not just for you, but for others as well, but maybe more so for PRA. The change in expected recovery to change was a negative 15 million this quarter, negative 37 last quarter. Is that pool, is it to the point where you're turning the corner on that book of business, if you would, such that, and I think maybe a bigger picture, would you expect to be able to return to profitability on a sustained basis in the back half of this year?
spk01: Yeah, I would say with regard to 2021 vintage, you know, We've implemented some additional strategies around the underperformance we've seen in that vintage, but things like legal will take some period of time before they start to manifest themselves. So I'd say we're kind of early in the cycle on clawing back cash on the 21 vintage.
spk11: And on the return to profitability,
spk01: Again, we're on a glide path here. We took some pretty significant adjustments to the curves in the first quarter, less so this quarter, and we'll see where we go from here. We do our best each quarter to get the curves right, and that's about all I can say at this point in terms of forward-looking guidance.
spk02: Okay. And this may be for Vikram. And this is like a big picture question as well. What should be the right return levels for, I don't know if you think about it in return on equity, you know, like over the longterm, where should this company be earning? What do you, would you want to get it to?
spk00: I don't, I don't believe Bob that we've sort of discussed or shared that information, you know, with the, with the street, right? So I, wouldn't want to be going there on this conversation now, right? Clearly, we're not where we need to be when we're, you know, not delivering profitability. So that's my primary focus at this point in time is to get us back to a profitable situation.
spk02: Thank you. And maybe this last question, you talked about European competitors looking to sell books. I mean, I would imagine that you're looking at Are there opportunities that you expect to execute on in Europe in the back half of this year as it relates to other companies selling their current portfolios?
spk01: Yeah, that wasn't necessarily intended to signal any pending transactions by us, but just more an indication of stress in the marketplace in Europe. And that's having more of an impact on, you know, pricing of deals and less aggressive behavior by some competitors, and market pricing adjusting to reflect increased cost of funds for everybody.
spk11: Thank you.
spk05: The next question comes from Mark Hughes with Truist. Please go ahead.
spk09: Thank you. Good afternoon. Does the forward curve assume some improvement in your U.S. processes? Do you need some outsourcing, offshoring in order to hit the curves, or will that be upside if you're successful?
spk01: In terms of the offshoring, outsourcing commentary, that's really more a cost thing at this point than overall cash generation. We do have some assumption in our curves of the initiatives that we've taken to start recouping value in that particular vintage occurring in the future.
spk09: How much was your 11% overperformance in Europe? Can you say how much of that was the court system in Spain and is that kind of a one-time thing, or will that flow through subsequent quarters?
spk01: I think largely the Spanish thing was a catch-up. It was probably the smaller piece of the overperformance versus some seasonality and one-time large payments in the Nordics and Poland.
spk11: The
spk09: I think, Vic, you had alluded to the fact that we're not going to see this level of increase in coming quarters on purchasing. Would it make sense to hold off, wait until the supply-demand imbalance becomes presumably even more favorable in subsequent quarters? What was the thinking in terms of pushing ahead this quarter when it sounds like you think things should be getting better?
spk00: You know, we're evaluating, we see a lot of transactions, we're evaluating, you know, transactions almost on a daily basis with the volume we're seeing now. And we're being very disciplined about, you know, what pricing would be acceptable to us to ensure that, you know, it covers all of our costs and the potential increases in interest rates, etc. So, you know, we'll keep looking at it. We were just trying to signal in that commentary not to not to do the simple maths and necessarily assume that we're going to be up around 50% from last year, but time will tell us exactly where the business ends up for this year.
spk01: And I'd say also, Mark, you've covered us for a long time. You know that pricing and price discovery is important for us, so we'll continue to use the same discipline that we always do to sort of test into pricing as the market continues to evolve. We're doing that on bids every week, every month as we move through this part of the cycle.
spk09: I guess you discovered you're winning more than you might have thought, perhaps.
spk01: Yeah, we don't want to win every bid. That's for certain in this type of an environment.
spk09: And final question, in Europe, in the core, it looks like the collections multiple for the six months is down a little bit. 165%, I think, is down a few basis points sequentially.
spk01: Anything going on there? That's just a mix of, you know, different price multiple or gross purchase price multiples in different countries and different costs to collect of the business there. It's a normal... sort of dynamic in Europe.
spk09: Would you say the pricing is better in two queues than in one queue?
spk10: Yes.
spk11: Okay. Thank you very much.
spk05: As a reminder, if you would like to ask a question, please press star then 1 to enter the question queue.
spk06: The next question comes from Robert Dodd with Raymond James. Please go ahead.
spk07: Hi, everybody. On the outsourcing and offshoring, again, I think you mentioned more efforts on cost and efficiency. But obviously, with some of the bank relationships in the past, there's been some resistance to outsourcing or offshoring, particularly in some relationships, not necessarily yours. Have you approached any of your bigger clients and had any preliminary discussions about whether they'd actually be open to offshoring as a component of the collection process rather than just the efficiency process per se, or is that just not something that you're going to leave up to them or discuss with them in advance?
spk00: Anything we're doing is, you know, obviously any action we're taking is – you know, completely conform it in conformity with our existing contractual processes and connections with them. And I think just to reiterate this whole notion of offshoring and outsourcing, it's not just on collections and voice, but, you know, we have enormous amounts of, as a company, right, enormous amounts of data management that we need to do at every level of our processes, from the starting of the relationship to executing it. So we're looking at voice, we're looking at data, we're looking at all of the optionality that we have. And over the next several months, we hope to be able to make decisions around that that would be helpful. But all of it would be in conformity with our contracts, and we don't believe at this time that we need to open up conversations with our seller relationships to get to get any variance from them on their existing protocols.
spk07: Got it. Thank you. I scribbled something down for you. On the comp for Q3, did you say kind of mid-70s up from mid-60s? Or did I write that down wrong? And if that is the case, can you... kind of give us any color on the big drive. Obviously, mid 70s isn't particularly high compared to last year, but it would be a big change from Q2.
spk01: Yeah, again, you heard me right. I signaled that mid 70s for compensation for the third quarter. Again, we've had some volatility in that line item over the last quarter and this quarter. some one-time things in terms of timing of different accruals and the like, as well as health care expenses, which can move around from quarter to quarter based on claim experience. So that mid-70s is our best view of what third quarters can look like.
spk07: Got it. Thank you.
spk10: Mm-hmm.
spk06: The next question comes from Bob Natalie with William Blair. Please go ahead.
spk02: Thank you for the follow-up. Just can you give some color on the mix of forward flows, you know, that may be at historical higher prices versus the better pricing, you know, the higher IRRs that you're getting in today's market?
spk01: Just broadly, you know, As we go through this year, because of the way that forward flows are staggered in terms of their renewal dates, we will gradually blend into the more current pricing environment and the older flow bids will roll off. We've also begun to look at optionality on some of those
spk02: existing flows where um where returns might not be commensurate with current uh market pricing and evaluating options for for what to do there as well great uh thank you and then uh just from an operating perspective uh i know you've talked about areas of under investment and i know we've talked about that before can maybe just give an update on on uh you know, versus, you know, not just insourcing outsourcing, but just overall where the underinvestment has been and where you see the biggest opportunities to make improvements.
spk00: You know, look, I think I look at it similar to what we've all experienced as consumers, Bob, where the, you know, where the world has changed and over the last 10 or 15 years in terms of the infrastructure, the capabilities that exist outside, uh, you know, how do we bring that level of, uh, of thinking and, and, uh, investment into the company, right? So we're looking at our core operating platforms. We're looking at the supporting infrastructure. We're looking at the efficient management of data. We're looking at policies and procedures that are updated to reflect both customer needs and customer expectations. And this is a sort of a broad exercise that, for a variety of reasons, the company, you know, did not fully do over the last several years. They were running a lot of other things really well. Like I mentioned, our underwriting processes are terrific, right, really exceptional. But there were other things that, you know, might have been done in years past that were not. And so we're looking at all of that. And, you know, we will over time, time will determine, you know, the value that we can create from that. But, you know, we're encouraged by the early start.
spk11: Thank you.
spk05: The next question comes from David Sharp with J&P Securities. Please go ahead.
spk08: Thanks for allowing the follow-ups. Taking a step back, I'm wondering, last quarter there seemed to be more discussion about just the state of the U S consumer, the macro backdrop, um, a weaker tax refund season and so forth. I mean, setting aside the, the variances to forecast, are you, are you telegraphing any, any different near term outlook on collectability in the collection environment or the comments from last quarter pretty much hold steady?
spk01: No, I think, um, The, you know, we had done a lot of communication around our interpretation of the various data publications by the Fed and others, just trying to broadcast kind of where we thought we were in the cycle. I think that data, you know, nothing's really changed there, and I think we continue to see the migration in delinquency and charge-off metrics. And on balance, that's a good thing for us in terms of increased supply and more favorable pricing dynamics. So the fact that we didn't go into lots of detail on the more economic statistics isn't an indicator of anything other than we thought we had made that point in prior quarters and didn't need to keep beating that drum.
spk08: Got it, got it. I appreciate it. And maybe one last question. This isn't meant to pin you down in any kind of forward guidance, but, you know, I'm trying to understand sort of the margin structure that ultimately you hope to achieve with a lot of the cost efficiencies, outsourcing, rationalization. I mean, if we think about your guidance of exiting the year at about a 60% cash efficiency ratio. And then looking at the abnormal 2021, you know, pandemic stimulus driven 65% ratio is maybe a ceiling. I mean, do you ultimately, after all of these operational moves, do you think that this is a business that can operate closer to that 65% in a normal environment or is this all kind of meant to sort of stabilize things at a predictable 60, 61% level?
spk01: No, I think, you know, our goal is to be 65% and, you know, potentially beyond that in years to come. You know, and I think given the focus that we have on efficiency and the impact that some of these, you know, opportunities could present for us, I think that's imminently doable.
spk08: Got it.
spk11: Very helpful. Thanks, Pete.
spk05: This concludes our question and answer session.
spk06: I would like to turn the conference back over to Vic Atal for any closing remarks.
spk00: Thank you, everybody, for joining us today, and really, truly appreciate your support of PRA. Thank you.
spk05: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.
Disclaimer