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.
spk05: Thank you for your patience and please continue to stand by. The service source fourth quarter 2021 earnings call will begin momentarily. Thank you for your patience and please continue to stand by. Thank you. Thank you. Thank you. Thank you. Thank you. Good day, and welcome to the ServiceSource fourth quarter 2021 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star then one on your touchtone telephone. If anyone should require assistance during the conference, please press star then zero to reach an operator. As a reminder, this call may be recorded. I would like to turn the call over to Elise Purcell, head of corporate communications. You may begin.
spk04: Thank you, operator. We appreciate everyone joining us today and welcome to ServiceSource's earnings call to discuss our results for the fourth quarter and full year ended December 31st, 2021. On the call today are Gary Moore, ServiceSource's chairman and CEO, and Chad Lyne, our CFO. As a reminder, our SEC filings and the earnings release we issued today after market close are available on our website, at www.ir.servicesource.com. In addition, we have posted earnings slides to accompany our comments today. Shortly after this call, we will post an audio replay and a copy of our prepared remarks to our website. Before we begin, I would like to remind you that during the call, we will make projections or forward-looking statements that involve risks related to future events. All statements made during the call reflect our views as of today, February 23, 2022, and are based upon the information currently available to us. All projections and forward-looking statements should be considered in conjunction with the cautionary statements in the earnings press release and the risk factors included in our SEC filings, including our report on Form 10-K. These documents contain and identify important factors that could cause actual events and results to materially differ from those contained in our projections and forward-looking statements, and we disclaim any duty to revise or update any forward-looking statements. In addition, during the call, we will also be discussing certain non-GAAP financial measures, which we believe provide additional information to enhance the understanding of how management assesses the operating performance of the business. The reconciliation of the GAAP and non-GAAP measures can be found in the earnings release that accompanied this call. And with that, I'll turn the call over to Gary.
spk01: Thank you, Elise. And our thanks to everyone for joining us for our earnings conference call for the fourth quarter and full year 2021. We close the year on a strong note. demonstrating the power of our strategy, the value of our solutions in the marketplace, and the positive outcomes we delivered for our clients. Revenue growth accelerated to more than 9% in the fourth quarter and was the strongest year-over-year compare since the first quarter of 2014. Furthermore, we returned the business to full-year revenue growth and more than doubled our annual profitability on an adjusted EBITDA basis. I am incredibly proud of how our teams performed throughout 2021. We built upon the foundational work from previous years and further improved the fundamentals of the business. We executed well against our strategic objectives and priorities in pursuit of our long-term vision. and we made important strides on our multi-year transformational journey towards our target model objectives. Reflecting on this journey, I am reminded of remarks I made on my first earnings conference call as chairman and CEO three years ago in February of 2019. I tried to be clear that we would not pursue a quick-hit, short-term strategy. Rather, we would be methodical and disciplined as we sought to sustainably and durably improve our execution, financial results, and enterprise value. To accomplish these objectives, I also shared with you that our time and energy were going to be focused in three key areas, our people, our clients, and our operating and financial model. Last week, ServiceSource employees around the world came together virtually for our annual company kickoff. As we reviewed our past performance and aligned for the year ahead, it was clear to everyone the progress we have made on those focus areas and the exciting opportunities we see in front of us. We have built and fostered a world-class organization that cares deeply about our culture and each other, winning as a team, and living our values of dedication, collaboration, trust, and caring. As a technology-enabled services company, our people are the most important aspect of our product. From that lens, I truly believe we have the best product in the market. Based on what I hear from our clients, they feel the same way. They trust and rely on our people to represent their products, solutions, and brands in the marketplace. I will quote a chief customer officer from one of our clients who joined us at our kickoff last week when he told our teams, it's getting harder and harder to tell the difference between your team and my team. We are so integrated at this point. You provide a great source of resources for us to scale. As our journey continues and our growth accelerates in SaaS, we are counting on you. We couldn't do it without ServiceSource, as the demand for resources and qualified people is too high for us to fulfill on our own. This kind of endorsement isn't given unless we consistently deliver on our clients' for-life mentality and approach. Our clients are at various stages of their own transformational journeys in an increasingly dynamic and competitive environment. environment. We have invested significant resources to ensure we are better aligned, strategically positioned, and more responsive to support their evolving needs. We are seeing results from this ongoing focus in terms of higher client satisfaction, stronger retention rates, and more growth and expansion opportunities from our installer base. Allow me to paraphrase another client who joined us last week, a chief sales officer from one of our longest-tenured partnerships who highlighted the power of our strategic alignment with his business. He said, our original partnership with ServiceSource goes back to 2011 when you helped us make our last pivot. We're now making a similar kind of change and looking to make the next pivot. As our world evolves and changes, we're really excited to have you as part of that journey with us. This level of trust and alignment has to be fought for and earned every day through consistent execution and exceeding expectations. Our teams around the world have done a great job standardizing our solutions, building globally consistent processes, and improving our day-to-day performance, leading to operational excellence. The progress here has been profound. particularly considering the disruption caused by the pandemic and the transformation required across our entire value chain as we built an innovative virtual-first operating model. We are ramping faster, scaling smarter, improving client outcomes, and accelerating our own financial results. In recognition of the progress we have seen across our employee, client, and operational focus areas, I am thrilled to share with everyone that we have elevated two senior executives to broader leadership roles in the business. Mike Lawton, a 10-year veteran of ServiceSource, and most recently our Executive Vice President of Global Client Delivery, has earned the role of Chief Operating Officer. Mike now leads our global delivery centers, people and culture, learning and development, and information technology organizations. Peter Flynn, who's been with ServiceSource for nine years, has taken on the role of Chief Revenue Officer with end-to-end accountability for our go-to-market teams, including marketing, solutions design, outside sales, and global account management. Mike and Peter have been instrumental in strengthening the fundamentals of our business and building our foundation for the future. I look forward to the impact that they will have in these broader roles to advance our innovation, transformation, and growth agendas. Before I turn the call over to Chad to cover our operating and financial results, I want to share with you why I am optimistic for the year ahead. In many respects, the broader macro environment continues to exhibit uncertainty and volatility. In the face of this, however, I see tremendous opportunity for longer-term tailwinds for ServiceSource. Companies in the technology industry have a long list of initiatives, but CEO and board surveys consistently point to three strategic corporate priorities, digitally-enabled growth, customer engagement and satisfaction, and competition for talent. Our solutions and capabilities are squarely aligned to these objectives. We enable our clients to scale talented resources and capacity more rapidly than they can on their own. We support them in executing their go-to-market strategies more efficiently on a global basis to allow them to outpace their competition. And we digitally engage with their prospects and customers with proven playbooks to identify and unlock higher levels of growth and retention. We've talked a lot on previous calls about digital transformation and how the global pandemic caused many businesses to rethink their go-to market models in order to build more valuable connections with their customers. Over the past year, ServiceSource has been able to capitalize on that need to foster better customer interaction, intimacy, and insight for our clients. As we move through 2021, we began to see a shift in the industry from a defensive, protect what we have mentality, to a more offensive mindset focused on gaining market share. With this shift, clients and prospects are increasingly focused on expansion opportunities that have opened because of digital disruption. For example, in the fourth quarter, we signed and brought on board five new clients. One of those new clients, Goody, is a fast-growing cloud-based disruptor focused on the digital transformation of the corporate gifting market. Goody's digital gifting services began as a consumer app and quickly moved to offer a corporate application for business-to-business gifting. To build its B2B client base, Goody retained ServiceSource in North America to deploy a high-velocity inside sales motion to convert interest into leads, and qualified leads into activated customers. Our team was staffed, trained, and up and running in less than 30 days, aimed completely at growing a new business line for Goody. Speed to market matters when clients pivot to capitalize on a new space, and we provide the agility they need to continue to be a disruptive force in their market. We have also seen the digital transformation agenda propel our installed-based clients into new ways of working. For a company like Qlik, who we have had the great opportunity to support for more than five years, we have played a central role in the redesign of their customer engagement strategy. Qlik has begun to move its solutions entirely to the cloud and is leading its market in an evolution to recurring subscription and SaaS-based business models. Beyond the changes that a subscription model brings to things like contract length and pricing, the most important factor for a successful transition is in how customers are managed and supported. Companies that have a unified view of the customer, a holistic approach to engagement throughout the customer journey, and a mix of high-touch and tech-touch interaction channels are better able to accelerate their solutions to a subscription model. Throughout our multi-year partnership with Qlik, we have supported them in successfully navigating this transformation. We have broadened what began as a transactional renewals motion focused on preserving the base into a more holistic customer success nurturing program tasked with growing value and expanding the base. Now we are on a path together to bring further innovation and velocity to other areas of their customer experience. Client examples like these speak to the critical role we play supporting new digital disruptors and established industry leaders. Our commitment to our clients' success is helping them accelerate the execution of their go-to-market priorities. And our unwavering focus on delivering our brand promise is strengthening our position as a trusted partner, strategic advisor, and growth enabler. As we begin 2022 in the hope of entering a post-pandemic world, we believe the technology industry's need for easier, faster, and better ways of interacting with prospects and engaging with their customers will continue. We have diligently positioned ServiceSource to address this need and to capitalize on the opportunity it presents for us and our clients. And finally, the progress and performance we demonstrated in the past year give us confidence in our long-term financial priorities and our ability to deliver on them. We remain focused on our strategy and the value we believe successful execution can create for all of our stakeholders. With that, I'll turn the call over to Chad.
spk00: Thank you, Gary. We appreciate everyone taking the time to join us today. I will echo Gary's comments that we are very proud of our global team. 2021 was an important year for ServiceSource as we inflected back to growth and accelerated our progress toward our target model objectives. The investments we have made in our people, processes, and platforms, coupled with our virtual first operating model and clients for life philosophy, are differentiating us as a market leader and innovator. Our commitment to our strategy, our alignment to our client success, and our focus on operational excellence enabled us to deliver improved financial performance throughout the year. The progress we demonstrated in 2021 strengthens the conviction we have in our long-term targets. And we will maintain our focus and discipline as we seek to build on the past year's accomplishments going forward. On today's call, I plan to cover three areas. First, I will share some of the key business highlights and operational metrics that underpinned our strong performance. Second, I will recap our fourth quarter and full year 2021 financial results. And third, I will discuss our contextual outlook and expectations for the year ahead. Let's turn to our key business highlights, starting with our go-to-market activity and the gains we have seen there. Our unique value proposition, underpinned by our integrated customer journey experience solution suite and outcome-centric model, is resonating well in the marketplace. Companies are making larger and bolder investments behind their customer growth and retention initiatives. Our capabilities, expertise, and global footprint enable them to scale these investments with a more certain and compelling ROI. Fueled by this dynamic, we are seeing improved activity and outcomes throughout the sales pipeline and funnel. Our account-based marketing campaigns are elevating service sources' brand awareness and activating a large addressable market. Our business development teams are having more client discovery meetings and converting more leads into viable opportunities. Our solution consulting teams are conducting a higher volume of sales performance analysis as they consult with more prospects to jointly develop compelling business cases. And our outside sales and global account management teams are closing more of these opportunities, securing new clients and expanding our scope within our installed base. Allow me to summarize the results of this improved go-to-market activity under Peter Flynn's leadership. New bookings in 2021 were up approximately 13% year over year, and more than 80% of the value we signed was with high-growth cloud and software companies. We added eight new clients in 2021, including five wins in the fourth quarter alone. We also earned expansions and wrapped new programs at the largest clients, which contributed to more than 8% year-over-year revenue growth at our top five clients. Our improved market momentum is directly tied to the strong performance of our global delivery teams. For many of our clients, we are entrusted to manage a large segment of their customer base and a meaningful portion of their revenue. To ensure we deliver on that earned trust every day, Mike Naughton and his leadership team have instilled end-to-end process discipline and operational rigor in that have improved the consistency of our execution and the value our clients realize from us. Our professional services teams have enhanced our implementation processes to support more program launches and ramping faster in green status. Our people in culture and learning and development teams have reimagined our talent strategies to attract, develop, and retain a highly skilled remote workforce in the face of a tight labor market. And our business intelligence, data, and IT teams have brought further differentiation to our solutions with more robust client insights, analytics, and automation. In addition to the growth these efforts unlocked, the impact is further reflected in record high client performance target metrics and in our contract renewal efforts. We successfully renewed or extended approximately 87% of the contract value that was up for renewal during the year. a solid gain from the approximately 81% we reported last year. Factoring in the upsells and expansions that we secured with some of these renewals, our net retention rate for the year was approximately 94%. Let's turn now to our financial results. Beginning with our fourth quarter, revenue of $55.8 million was up $4.7 million, or 9.3% year over year. This was the second consecutive quarter with year-over-year growth in each of our regional theaters. On a year-over-year basis, fourth quarter revenue in EMEA grew approximately 15%, in APJ, revenue was up approximately 13%, and in NALA, revenue increased approximately 5%. Our fourth quarter non-GAAP gross profit was $22.3 million, up $3.2 million, or 17%, year-over-year. Our non-GAAP gross profit margin was 40% of revenue, up 270 basis points year over year, demonstrating the contribution flow through in our model when we scale revenue. Non-GAAP operating expenses were $15.4 million in the quarter and represented 27.6% of revenue, favorably down 320 basis points year over year. The combination of revenue growth, disciplined expense management, and cost reductions from our virtual first operating model drove strong bottom line performance. Fourth quarter adjusted EBITDA was $8.1 million, up $3.3 million, or approximately 68% year over year. Adjusted EBITDA was 14.6% of revenue, a gain of approximately 510 basis points year over year. All told, Q4 marked a very strong finish to the year. with high single-digit revenue growth and mid-teens adjusted to EBITDA margins, consistent with the longer-term target model objectives we have shared with you in the past. Shifting to our full-year 2021 results, revenue of $195.7 million was up $1.1 million, or 0.6% year-over-year, marking our first full year of revenue growth since 2016. Revenue from program expansions and new client ramps sold during the year was the largest contributor to our performance, and more than offset revenue lost from in-year contractions or logo churn. We generated year-over-year revenue growth at six of our top ten clients, and in aggregate, revenue across the top ten grew more than 7% through a combination of new scopes of work, underlying growth for the products and services we support for these clients, and higher conversion rates and end-user bookings. Continuing down the P&L, our non-GAAP gross profit was $64.3 million for the full year and reflected a margin of 32.8% of revenue, up approximately 20 basis points year over year. Full year non-GAAP operating expenses of $59.7 million were favorably down $5.6 million year over year. At 30.5% of revenue, non-GAAP operating expenses were favorably down 310 basis points year-over-year. On a combined basis, our non-GAAP cost of revenue and operating expenses were approximately 2.7% lower year-over-year, driven by the acceleration of our virtual first operating model and a flatter and more efficient organizational structure. Beyond the savings, we are very pleased with the better results and outcomes we are seeing leveraged against this spend. The gains here were also net of year-over-year expense headwinds we faced, including approximately $3 million of combined impact from FX and lower COVID-related job support grants from the Singapore government. For the full year 2021, adjusted EBITDA was $9.8 million, or 5% of revenue, more than double the $4.3 million and 2.2% of revenue we generated in fiscal 2020. Moving on to the balance sheet and cash flow highlights. We ended the year in a strong position with a healthy balance sheet and liquidity profile. Cash flow from operations was $3.6 million for the year. CapEx, inclusive of capitalized internally developed software, was $3.9 million, resulting in free cash flow of negative $0.3 million, compared to negative $7.5 million in fiscal 2020. Cash, cash equivalents, and restricted cash was $30.8 million at year end, down $5.5 million from December 2020 as we reduced our borrowings on our revolver by $5 million during the year. We ended the year with $10 million outstanding on the revolver and had total available liquidity as of December 31st, 2021 of $46.5 million. In summary, we are incredibly proud of how the teams navigated through the challenges and opportunities during 2021 to return the business to full-year revenue growth, to expand our margin profile, and to deliver the accelerated results we saw in the fourth quarter. Before we open the call for any questions, I want to take a few minutes to provide some context for how we are thinking about the year in front of us. Consistent with our philosophy from last year, we do not intend to provide formal or specific financial guidance either on an annual or quarterly basis. Gary and I will continue with our approach of focusing on our long-term strategy and objectives, while transparently sharing market data points and any headwinds or tailwinds we may encounter as we work towards our target model ambition. Although there is clearly heightened volatility and uncertainty around the world, and growth in global GDP in the IT industry is now expected to moderate this year, we will continue to align the service source to serve dynamic growth companies in more rapidly expanding sectors. Inflationary pressures and competition for talent are concerns for all companies, but we believe our global footprint, virtual first operating model, and inclusive culture give us an opportunity to support our clients and new prospects as they work to navigate these forces. The strategic shifts, investments, and moves we've made in recent years have all been directed at building a foundation for sustainable, profitable growth. As we scan the horizon for 2022, We are optimistic that we will build on the financial progress we demonstrated in 2021 in a way that we believe will be valuable for our clients, our employees, and our stockholders. With that, operator, please open the line for questions, and then we will have Gary come back after any Q&A to close the call.
spk05: As a reminder, to ask a question, please press star then 1. If your question has been answered and you'd like to remove yourself from the queue, press the pound key. Our first question comes from Kyle Bowser with Collier's. Your line is open.
spk03: Great, thanks. Hi, Gary and Chad. Congratulations on the really strong results of EBITDA in the quarter. So I think your typical contracts are about one year, and your success rate for renewals has been nearly 90% north of that for the year. Can you talk about how you've been able to maintain that And also, when do you get visibility regarding a client's decision to renew for another year?
spk01: Yeah, great. And, Kyle, thank you for the comments, and certainly thank you for joining. So, you know, to be clear, our contracts are typically one to three years in duration. I think the important note here, though, is the relationships tend to be long-tenured. So when we get the scale with the client and when we deliver on our commitments and the ROI expectations that the that quite honestly we've sold them, the average tenure goes up across our top 10 to 11 years. So around the renewals and extensions, we hit 87% of the contracts that were up for renewal during the year. But due to upselling and I think a very important thing here is our net retention rate was about 94%. We demonstrated really good success at upselling and expanding some of the contracts during the renewal discussions, which is always something that we try to do, especially on the ones where we know we've outperformed. So we start having renewal discussions to the last part of your questions early on and far in advance of contract end date. Improving these rates has been a really strong focus for us and a long-term focus. The areas where we've made targeted investments like global account managers, the investments we've made with our BI and data teams for driving customer and partner insights, the additional training and upscaling that we've put in place for our reps have all paid dividends there. So we feel good about the direction. We're not exactly where we want to be, but we feel very good about the progress we're making. We're heading in the right direction.
spk03: got it it's helpful and and maybe switching to headcount in the labor supply market how has headcount changed over the past 12 months and also as you scale do you add across the board or are there specific roles that you'll be targeting as you add talent yeah another great question Kyle so
spk01: I think the market has ended. We ended, or has changed significantly. We ended the year with about 2,900 employees. That's an increase of slightly more than 100 employees year over year. And that's to support the new client wins and other program expansions. A lot of that change has to do with language requirements, geographic locations, etc., So we've been very methodical about flattening the organization where appropriate to allow leadership to be a lot closer to our people and our clients. And we've been disciplined about adding talent. So that growth is typically in the rep area and not necessarily in overhead areas. We feel good about the leadership team we have now, not just at the VP level, but directors and managers we have in the business, really understand the business. I think I mentioned before in my remarks that the biggest aspect of our product is really our people. So that's where we've really put the investment. So I remember when I was a client of ServiceSource back in my Cisco days, I was impressed with the caliber of people that ServiceSource had, and I continue to be impressed with the talent that we attract and retain here. And I truly believe we have a world-class team. So that tenure is also increasing. Our average tenure is about three and a half years. So we have a very experienced team with a lot of expertise and knowledge that they bring to bear for our clients.
spk03: Appreciate that. And maybe following up, if I may, a couple more. How has it been recruiting new talent? What's the labor market been like for ServiceSource?
spk01: Yeah, it's clearly a tighter market now than it was three or four years ago. But I think our people and culture learning development teams have done a great job of reimagining how we recruit, how we onboard and train new hires, as well as a virtual first operating model. So as part of that virtual first model, we've increased our talent market by more than tenfold. So we previously had to hire within 30 to 60 mile radius of our delivery centers. and now we're able to attract talent in 10 states in the U.S. as an example, and in the communities outside major metros where international offices are at. So a much bigger pool and really great talent, and as I pointed out, the training and development team has been able to really bring people on board and up to speed very quickly.
spk03: Got it, got it. And then just lastly, as we look forward and contemplate your goals, how should we think about the key growth drivers? I guess in particular, I'm thinking about cross-selling within existing accounts and global expansion into emerging markets, new logos, et cetera. Just trying to understand how you're prioritizing each of these buckets. Thank you.
spk01: Sure. I'll tell you what, I'll let Chad answer that one and then we'll go from there. Great.
spk00: Great. Yeah, thanks, Gary and Kyle. Thanks for joining us today again and thanks for the question there. So, yeah, I think, you know, we do have it within our earnings supplement slide, and we've talked with you before as well. Our target model ambition over a three- to five-year horizon is to return the business to durably and sustainably having 10% plus year-over-year revenue growth. So we're pleased with the progress that we made in 2021, but still know that there's a ways to go. So as we think through that target model ambition, Kyle, There's really two levers that are commanding our attention and a lot of focus. The first one there is continuing to grow our new bookings. We are pleased to see the 13% year-over-year growth in bookings in 2021. And I mentioned in my remarks about just the good activity and progress that we're seeing across the pipeline and the funnel and the conversion. But we're always looking for more and expecting to continue to accelerate the progression there on the new bookings front. And I'd say that new bookings growth, looking for that to be diversified as well. So we're pleased to add the eight new clients in 2021 up from the six that we had in 2020. And our full expectation is that we will accelerate that progress and have a higher number of new logos in 2022 as well, while maintaining the focus that we've had over the past few years, Kyle, of continuing to attract very marquee brands in high growth cloud and SaaS areas of the market. I think that the last thing I would hit on that bookings growth piece as well is also making sure that it's diversified. So not just on the new logo front, but making sure that we've got diversified growth across our install base. We mentioned in our remarks about the growth that we saw in our top 10. So again, a great sign of the confidence that our clients are placing with us and the trust that we've earned through our performance to unlock those growth opportunities. We expect that to continue. But we're very focused as well with the logos that we've added in the past several years of turning those into a true land and expand motion. So whether it's taking on more of the opportunity that they have within their business, expanding into other geographies, moving into other business units or products, or a key focus as well is if we might be single-threaded doing one sales motion for them, being able to expand that across the customer journey experience solution suite that we've talked about. So One answer there, but that's really vector one, if you will. And then the second piece, equally important, is making sure that we do a better job retaining what we have and getting churn to a more normalized level. So you had asked the question earlier about our renewal rates. Pleased with the progress that we made in 2021 and looking to continue to accelerate that. We've talked for years now about our ambition and the target model objectives assume that we get churn down to a 5% to 15% of prior year revenue range. So made good progress this year, but our full expectation with the improved execution, with the team that we have, and with how our solutions are resonating with our clients, is to get that closer to the middle or lower end of that range. So across those two things, new bookings and churn, clearly the priorities could be making sure that we're driving margin accretive growth, and making sure that we continue and improve the tight alignment that we're seeing with our clients and generating a shared ROI. So I'll probably sound like a broken record here, but we won't sacrifice quantity for quality. So we'll maintain vigilance about the types of clients that we bring on, the types of scopes of work that we undertake, ensuring that things are set up for success from day one.
spk03: Oh, that's great. And That's it for me. Thank you both and congratulations on the progress and results. Great.
spk00: Thank you, Kyle. Thanks for the questions, Kyle.
spk05: There are no further questions. I'd like to turn the call back over to Gary Moore for any closing remarks.
spk01: Thank you, Michelle. I'll be quick here. I think I'd just like to close by thanking our employees for a great 2021. Their focus was what led us to the results that we have, and I know that we're already focused on making 2022 an even better year. So thank you again to the sources that are out there. We're really pleased with the work that we've done to ramp new business faster, scale our capabilities smarter, and really improving the customer outcomes through the Clients for Life initiative that we started last year. I think in turn that's allowed us to accelerate our financial results. So listening to our clients has allowed us to align our capabilities to address the pressing needs that they have and to repeat those digitally-enabled growth, customer engagement and success, and the competition for talent globally. I think there's always going to be headwinds, but we believe firmly that if we focus on the things that we can control, we are well positioned to take advantage of an increasing number of tailwinds. So I want to thank our investors and our clients for the trust and faith that they have in us. And for those of you on the call, thank you for joining us today. Have a great year. Operator, you can end the call now.
spk05: This concludes the program. You may now disconnect. Everyone, have a great day.
Disclaimer