Integral Ad Science Holding Corp. (IAS) Earnings Call Transcript & Summary

Good day, ladies and gentlemen, and welcome to the BMO Digital Advertising Summit. At this time, I would like to introduce your host, Dan Salmon, who is joined by Lisa Utzschneider, Chief Executive Officer; and Joe Pergola, Chief Financial Officer at Integral Ad Science. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Dan Salmon. Sir, the floor is yours.

Okay. Thank you, Paul. Good morning, everyone. Welcome back to day 3, our third and final day of the Digital Ad Summit. This is #11 of 12 fireside chats we're doing over the 3 days. Our final one will be right after this at 1:00 p.m. Eastern with Nielsen to finish off. And over the course of the last 2 days, we heard from Innovid, Criteo, Fubo, WPP, Roku, Dotdash Meredith, Interpublic, DoubleVerify, Yelp, LiveRamp. So if replays of any of those are of interest, reach out to your BMO salesperson and we're happy to get those across if you missed them. But leading off the final day here, and just a special thank you to the team at IAS for pulling this together since they reported earnings last night. And so have had a couple of things on their hands of late. But I want to welcome Integral Ad Science. Lisa and Joe, thank you both for joining us today. Maybe we'll start by having you tell us just a little bit of background on the company since it's still relatively new to the public market. And maybe, Lisa, we've been asking this of everybody as we kick it off, what's the single most important thing about IAS relative to the secular growth of the digital advertising industry?

Sure. Thanks, Dan, for the introduction. Thanks for having us. It sounds like your week has been as busy as our week. But we're in the home stretch, it's Friday, right, Dan?

It's right. Friday.

So I'm Lisa Utzschneider, CEO of Integral Ad Science or IAS. I joined the company just over 3 years ago. I've spent 20 years in digital advertising, both building, rebuilding ad businesses, working for global tech companies like Microsoft, Amazon and Yahoo! And pleasure to be here today. Joe, you want to quickly introduce yourself?

Thanks, Lisa. Hey, everyone. I'm Joe Pergola and I'm IAS' CFO. I'm about 2.5 years into IES coming from Amazon. I've been working throughout my career building best-in-class finance teams across Time Warner, Yahoo!, CBS and then, like I said, most recently, Amazon. Looking forward to talking to you today.

Okay. So I'll give you the 90-second elevator pitch on IAS, and then I'll talk about -- I hate just picking one, but what's the one most important takeaway on IAS? So IAS, we're a leading global digital media quality company. We've been around for over 10 years. We took the company public last summer. And as Dan mentioned, we announced our Q4 earnings last night. It was our third quarter as a public company. We have very healthy top line revenue growth. We're actually growing faster than the overarching digital advertising industry. Our growth last year was 34% versus digital advertising growing at 30%. And basically, what we do is we ensure for marketers that wherever they're buying digital advertising across the entire digital ecosystem, that they're running adjacent to brand-safe, brand-suitable content. There is no fraudulent bot activity and also that their ads are viewed by humans. In addition to that, we offer a robust contextual targeting solution, ensuring marketers can, from a prebid level, identify content that they never want their brands adjacent to and also pursue content that's relevant for their brands. In terms of one takeaway with IAS, I would say, given these unprecedented times right now and everything that we have been living through over the last 2 years, brand reputation, protection of brand equity is at an all-time high for Fortune 500 marketers. Good example, take Coke. Coke is a global strategic account for IAS, $250 billion market cap, yes, $250 billion. And when they think about investments in digital advertising, they're running across 200 markets, 500 brands. It is paramount that Coke protects their iconic brand regardless of where they're running across any platform, social platforms, user-generated content and that's a big reason why they partner with IAS, is they can rest easy at night that their brands are protected anywhere across the web.

Fantastic. Fantastic. And I'll add to that 30% top line growth, 30% EBITDA margins as well, which in a market that is putting a greater premium on profitability, I think that's always a really important part to the great growth story. It starts at the top line.

So Lisa and Joe, I've said you're fresh off your earnings last night and just with a very strong earnouts out. Our estimates are headed up. Our target was headed up. And I want to start by spending a good amount of time on some of the really strong growth drivers. And let's start with Context Control which I think appears to be the #1 driver of the outperformance right now. Maybe, first, Lisa, the guests during the summit have been hearing a ton about -- and for the last year, a couple of years now about deprecation of cookies and mobile identifiers and things like that, privacy changes as we maybe broadly call them. Can you start by explaining why your contextual targeting solution Context Control, in particular, really benefits from these types of changes?

Sure. So I'll start macro, then I'll go micro. So macro, as you mentioned, Dan, we're seeing this dramatic shift in the marketplace where marketers are -- no longer want to target consumers based on PII, consumer privacy data. There is regulation in place in certain parts of the world where it's just not okay anymore to do that. And as that shift is happening away from PII private data over to contextual targeting, it's absolutely been a tailwind for our business. It's accelerated our programmatic revenue overall. We reported last night that our product Context Control makes up 38% of total programmatic. And again, it is a tailwind. We launched the product in March 2020, shortly after acquiring a company and integrating their tech into our tech stack. And we launched it in the height of COVID. I mean, it feels so long ago, but everyone probably remembers, I know we started working from home at IAS March 13. And that's when it was a 24/7 news cycle about COVID and there were so many unknowns about COVID. And also, I vividly remember where marketers and the ad agencies, they were scrambling because they just didn't know where am I comfortable running my brands? What type of content related to COVID? What's the content? I'm just not comfortable. And that's when we launched the product. We launched it first with The Trade Desk. They were one of the first DSPs up. And we have very different technology, a differentiated tech that we can read the content of a page like a human. And we can classify and detect content based on semantic and sentiment. Being able to detect content based on emotion is a big deal for marketers. We can detect things like hate speech of content. So since launching that product, we've seen incredible adoption rate. 70 of our top 100 advertisers have adopted Context Control, both in terms of avoidance. So for example, Nestlé. Nestlé would never want to run their brands adjacent to something like hate speech, it's what I call set it and forget it. They say, block. We don't -- we want to avoid all content related to hate speech. But also, they're pivoting towards our, what I call the proactive contextual targeting solution. The Nestlés of the world saying for a KitKat campaign that are running before Halloween, of course, I want it run adjacent to articles about baking or cooking. So the majority of the adoption we've seen to date is avoidance, but where we really see a huge TAM is contextual targeting and that's where we have our sales teams trained up and focus now is to drive contextual targeting in 2022 and beyond.

And so that -- you touched on a couple of things I want to follow up on, which was -- and you used this phrase last night, right, set it and forget it and the idea of ad avoidance, right? And as you said, just sort of we want to stay away from a hate speech, full stop, always on. And you said that always on nature of it. So just to dig a little different, what does that exactly mean for your revenue growth? That means just sort of consistently their impressions that they're delivering have that service running against it.

Yes. Joe, you want to take that one?

Yes. Thanks, Dan. So it's the coordination that we have with the DSPs and their clients, right, setting that up. It made up about 38% of our programmatic revenue in Q4. We continue to see the acceleration on the avoidance side, but it's more of a unified global brand reputation protection set up, now we're targeting being much more of a campaign-specific, very curated experience with a lot more opportunity ahead of it both expected to accelerate.

That makes a lot of sense, Joe, because what you said last night, Lisa, that was really intriguing as I asked you sort of which side of this could be bigger, and you were very clear that the targeting side of it could. And this is what I wanted to understand better which, as Joe put it, right, avoidance is just sort of a -- here's a global standard. Right? And we just want to make sure we stay this. But when you're talking about targeting, right, targeting is local, all advertising is local, right? Is that -- that's sort of the idea that we're getting at in terms of where targeting as the use case for Context Control can be so much more significant because it has to address that complexity. Is that the right path I'm headed down?

Well, I actually would take a different path. So when you think about avoidance, it's pretty binary, right? So hate speech or adult content, like it's a relatively short list. We have industry standards. We have industry taxonomy. What are those areas that it is clear that a Fortune 500 marketer would never want to run adjacent? There are some nuances behind it. But then if you turn to contextual targeting, that's the rest of the universe, right? That's like 98% of all content out there. And a good example is even in -- with our Context Control product today, we've already built out hundreds and hundreds of contextual segments based on the feedback from marketers, the segments they're interested in running against. But if you look at all the verticals that we're running our business up against, whether it's CPG, retail, tech telco, travel, the marketers are constantly coming up with additional segments that they want to target against. A good example is we recently launched luxury or travel, now that we're coming out of the pandemic more and more users are out traveling and marketers want to connect with those users. So just think of it as the majority of the content on the web where marketers want to make meaningful connections with users wherever they are across the digital ecosystem.

Fantastic. So let's maybe move on to another big growth driver, which is social. And a couple of the stats you talked about there last night up to now representing 40% of your other major buy-side segment, that's the advertiser direct business. 60 new marketers, I think, activating the solution during the quarter. Maybe, Lisa, can you talk about the broad drivers of advertiser demand in social? And then maybe also update us a level when you get into this, there's some very specific technology that you're developing around social feeds. I'd love to hear an update on that as well.

Sure. Happy to answer that. So I'll start macro again. Especially over the last 2 years, as we're doing everything from home, working from home, living from home, everything, adoption of social platforms is at an all-time high as more and more users are spending their time on the social platforms. Connected TV, I know in my house there's no cord anymore. My girls don't even know what linear TV is. Everything is viewed via streams. And with that demand, marketers want to be where the consumers are on the social platforms. And because of that, marketers want to again be ensured that wherever they run their brands, it's in brand-safe, brand-suitable environment. And especially with the nature of the live feeds on social platforms, highly dynamic, user-generated short-form video, but it's the unpredictability of the social platforms, like TikTok is a good example, it's the first platform that we've launched our product with. The marketers like a Nestlé or a Coke or a Verizon, they want to connect with those users, but they want to rest assured that their brand equity, brand reputation is safe. And just last year, we built a multimedia classification technology. We can classify live dynamic in-feed inventory by image, audio and text, and we're able to classify if that inventory, if the feed is brand-safe, brand-suitable. At the end of 2021 we announced that we acquired a Paris-based company called Context, pure, incredible AI technology, and we're embedding that tech into our TikTok solution that just turbo charges the technology. And the way to think about Context is if you're viewing a video, the technology can classify exactly the images and label the images real-time in the video. Again, pure AI, where the tech can say that's a man, that's a gun, that's a glass of milk and label and categorize it. And basically, the tech gets smarter over time. The beauty of the technology, it's pretty bid that we have built for TikTok. It's portable, it's scalable, so we can pick the tech up and move it over into the next social platform. As I announced on last night's call, the rest -- the remainder of our TikTok road map or what we're working on right now is still on track for the first half in launching a post-bid measurement solution with TikTok. And then also, we run the current product in 3 markets in the U.S., Germany and France, and we have plans to roll it out into a dozen markets this year.

So you mentioned TikTok has certainly been an anchor client there. You also talked a little bit more about LinkedIn last night, I know you've worked with Twitter. Talk to us about how the product is starting to flourish across some of the other emerging social partners.

Yes. So this -- the live in-feed and what I'd like to call, cracking-the-code in-feed, that is where the big opportunity is. And TikTok is the first platform where we've launched the product. We're also heads down working with Twitter, our road map's on track with Twitter to launch their product. LinkedIn, a little bit of a different animal, right? That's more of a B2B play, but also marketers really care about running advertising in LinkedIn. And then the whale is Meta. We talked a little bit about Meta last night. And they had announced in a public blog at the end of last year that they were going to open up their live news feed, which is massive. It represents, I believe, about 90% of their inventory to third-party verification partners. They launched an RFP or RFI process. We'll see once they announce who they're selecting, I think initially to just help scope the alpha and beta product.

Very helpful. And that was the obvious direction that we were headed towards. And it's -- I think it's the material opportunity, obviously. And...

But the one thing on that, Dan, having been speaking with marketers for a few years now about the importance of brand suitability within the live feeds, I think a big reason why Meta opened up is because of the persistent pressure from the marketers, right? I'm sure everyone remembers 2 years ago the Facebook boycott by the marketers saying, "Come on, Facebook, you got to open up your feed." I also think they've pressured both TikTok and Twitter. That's why TikTok is now declaring "We want to be the most transparent social platform on the planet." So the marketers, it's so important that they continue to pressure the social platforms to open up their feeds because they're looking for alternative places to move their linear TV dollars as they want to connect more directly with consumers who are spending so much time on the social platforms.

Well -- and look, I should have planned to talk about this more, but I'll make sure we put it in now, because, Lisa, you've talked at great length about the depth of the relationship that the company has with YouTube. And like YouTube is the canary in the coal mine here. I mean, YouTube had its first major brand scandals, I don't know, whatever, 3, 4, 5 years ago now and was really the first to make significant changes. So maybe talk a little bit about the long-standing relationship there and what you've seen in terms of how that platform has evolved its approach.

Sure, I'd be happy to. So I remember, I joined IAS, it was January of 2019. And having spent so many years at these other tech players, I just know the importance of building enterprise-like strategic partnerships with the major global tech companies. And it's just so important to get those partnerships, right? So one of the first meetings that I took, I probably did like 40 to 50 client and partner meetings in my first 90 days at IAS, I did them solo, was Google. And I met with Google, we talked about our relationship to date. And we agreed jointly, we're going to up-level this relationship and build a true strategic enterprise relationship. I'm pleased to share that we now co-innovate with Google. We have a joint product road map. We've launched several first-to-market or only-to-market products. A great example is Context Control running in Google DV360. Our competitors are not running their contextual targeting solutions within Google's DSP. And we just continue to innovate with Google, both on the programmatic side with their DSP and also within YouTube when it comes to brand safety and brand suitability. They've been a tremendous partner. I also remember when I first joined, it was at that tail end of what you described, where marketers were pressuring YouTube to open up more to third-party verification companies. And I remember it was about 4 or 6 months into my job, they did a complete 180. And now we are way under the 10th with Google.

Yes. Yes, big issues for Susan there that she's navigated, I think, pretty, pretty well. So I want to come back, you mentioned Context a moment ago and the technology and applying it to social. It's, I think, also just as relevant in CTV, and I want to touch on that a little bit more in a second. But before we do that, I want to pull in Joe and just talk broadly about M&A as a priority and capital allocation more broadly for the company. Just give us the -- remind us sort of the high levels on how you approach it, Joe, and what the company's priorities are.

Great question, Dan. So first and foremost, we're a technology company and we're focused on investing in our product and technology, building best-in-class products and solutions for our customers. And we've been very strategic with our M&A strategy. We're really focused on those 4 pillars that we continue to define for the global world about identifying and forging those relationships with tech companies that will advance our mission. And then during 2021, you saw we made 3 key acquisitions to our business. And we continue to refine those M&A policies as we move to that repeatable playbook and move at speed. So whether we evaluate building internally, partnering, looking at accelerated joint road maps and then acquiring, and we've had a successful track record to date. And then now really accelerating those seamless integrations that accelerate our overall product and tech road map. So moving forward, we have sufficient dry powder to continue to accelerate those build, buy partner opportunities.

Excellent. So Lisa, you got into a little bit on what Context brings to you. We can talk a little bit about how that's important to the CTV environment. But more importantly, I want to move on to your CTV strategy more broadly. And in particular, one of the other acquisitions that you made, Publica, which has now been in the model for a few months. Tell us maybe, first, how has your view of the CTV opportunity for IAS evolved since you first acquired it?

CTV, I'd like to say it's the first inning of a long game, so it's a long game, but tremendous opportunity within connected TV just given that marketers, they're so accustomed to linear TV. And of all of the platforms out there, CTV in particular, they see the rapid consumer adoption. But also the sight, sound, emotion of linear TV is similar on CTV. So prior to acquiring Publica last August, we were the first verification provider to launch a verification solution within CTV, verifying video ad play to completion and fraud detection. We have partnered with Publica for about 18 months before the acquisition. So we were very familiar with the tech, the product, the leadership team, the caliber of the engineering organization. And given the synergies that were already in place, it just made a lot of sense to bring them on board to IAS. So the way to think about Publica is, I'll step back, IAS. IAS, think of it as a heavy buy-side business. Over 2,000 advertisers globally, Fortune 500 marketers, ensuring that they run their ads in high-quality media environments across the digital ecosystem. What Publica brings is a heavy sell side, heavy publisher site, but in particular in programmatic video publisher business. With Publica, they bring a unified ad auction, a video ad server, deep integrations with leading video publishers like Samsung, Viacom, CBS, Philo. Also deep integrations with 35 SSPs. That gives us access to massive amounts of programmatic CTV inventory, but also the opportunity to leverage IAS' data with Publica's data. There's so much opportunity to disrupt the CTV space. And the most recent example of a product that we launched by leveraging both data sets is providing transparency first time ever for marketers to know where their ads are running on programmatic CTV. So we recently launched these metrics within our reporting platform. So a marketer -- so think about if you are L'Oreal and you're running your ad on linear TV, you know you ran it on the Today's Show, which channel, NBC, Today's Show, a 30-second spot, when did it run, you have all the data you're looking for. In today's landscape, before we launched these metrics, a L'Oreal, they wouldn't know where their ad ran on programmatic CTV inventory. They'd only know which device which app, they'd have no idea, which is kind of shocking, which channel, genre, category. And so what we did, again, leveraging IAS' data assets and Publica's, we are now providing those transparent metrics, so that the L'Oreals of the world can know exactly, for example, within the Samsung platform where their ads ran. And I spend a lot of time with marketers. And when I ask them, what's one of their biggest obstacles to moving more linear TV dollars over? Every single one consistently says, "It's because I feel like I'm in the dark when it comes to programmatic CTV." So that's just one example of a differentiated product that we've launched today, which I think is pretty good work given we only acquired the company in August. But we look forward again to disrupting the CTV landscape on behalf of marketers and publishers in the future.

Excellent. Ticking through some of these other growth drivers, I want to cover international a little bit and your growth outside the U.S., which has been quite strong. You work with a lot of big global clients. What are sort of the next frontiers, maybe next region specifically, that are most important for you to drive growth? And are there any of the products that we've talked about so far that are sort of disproportionately in demand in non-U.S. markets?

Joe, you want to take that one, on International?

Yes. For international, as you cited, continued expansion. So one, with Publica, they're primarily U.S.-focused revenue to date. There's a lot of opportunity ahead of them to expand in EMEA and APAC. And we're building that pipeline road map and the client wins that we're putting on the board will start to show that. So we'll start to continue back on that path towards 60-40, 50-50 that we dialogued early on. New markets, especially on the APAC side, India, Indonesia, Thailand big markets and opportunities for us. South America, outside of where we're well established with Brazil into Argentina. So we're really pushing hard. And then in EMEA, there's a couple of the more, what I would say, established markets that are really turning on from a technology standpoint in the Nordics that we'll have opportunities as well.

Very helpful.

And then further answer on product was your second part. With programmatic and our acceleration in programmatic, it has been some time-based phasing. So programmatic, very early adopters in the United States, definitely embracing Context Control avoidance. EMEA, a few months behind, programmatically really starting to build up and now being mature in that way but understanding Context. And then APAC really coming on strong, early innings on the programmatic side. So we've seen a lot of opportunity from a product suite with our programmatic avenues, specifically Context Control and avoidance, with avoidance and targeting where we have those premium CPMs as well.

I'm glad you mentioned that, Joe. So as you -- just as a sort of educational question here, when you would expand globally with the client or move into a region, I would assume that sort of first thing would be your traditional core products of viewability and fraud. That's right. And then would Context Control oftentimes be sort of a stage 2 that they'd get into?

So from a go-to-market standpoint, what we're seeing -- yes, I would say that was more of the traditional pathing. Now we're seeing clients...

It's leading more now.

Yes. From a different direction, especially as we're going into some of the smaller marketplaces, engaging with some of the regional agencies, we're seeing the activations coming through the programmatic channel. We can also turn on the programmatic relationship in a very quick amount of time. There's not a long onboarding process. We could do it in a matter of days, like 2, 3 days versus the traditional path, there is more of a relationship building set up to have all of the things established in the right place.

Very helpful. Perfect. I'm glad we clarified that. So one of the things that I always find interesting is -- well, not interesting, but as a sort of a thought exercise, is I would say the easiest number to always pick on is Meta always talks about having over 10 million advertisers. And obviously, your client list is a little tighter, a little bit of focused on the head of that tail and, as you said, the world's largest global brands. But talk to me about maybe as you think about over the mid- to long term, right, we know there are millions of advertisers across the online advertising ecosystem. I'd say like -- and there's millions of them that are pretty much irrelevant. Some of them are nefarious. Some of them are too small for these types of things to really matter. But as you think, Lisa, over the long term, do you see how far down the sort of advertiser road map and mass concern about mid-market strategy and a smaller company strategy over time? What do you think how important is that to you?

Great question. So I'm going to take it in 2 parts. So we do have a mid-market sales team in the U.S. And last year was a year of building up the team, hiring, training them. But now they're starting to put nice, sizable wins on the board, even coming out of the gates in Q1. So think of this team focused on accounts above [ $200 million ], so [ $201 million ] and above, and they're seeing high demand from the smaller mid-market-type advertisers who are very interested in digital media quality. We're also seeing strong interest from some of the smaller agencies who are outside of the holding companies who were signing deals where we sign up all the advertisers within those smaller agencies. So the mid-market team is driving nice wins there. But to really leverage the mid and tail of advertising, those advertisers are usually performance-based advertisers, direct marketing, performance marketing, how many cases of my product will your advertising, my advertising on your platform ship for me? And so where I see the opportunity there is the better that we can get to the ROI and outcomes and connecting the dots between our verification solutions and ROI, that's where we would be able to really light up the tail of the business. There's that. And then further investment in our automation on the back end in terms of servicing these accounts. So I think there's an opportunity there. I do. And we're learning a lot from this mid-market team. But right now, we have our hands full with the Fortune 500 accounts and also just successful integrations with our acquisitions, launching the differentiated products that the right place to focus right now is on those areas that I've already spoken to.

Yes. Yes. And the deal I just sort of what those top priorities, right, this is investing for the long term down the road. But nevertheless, the color that you gave there about building up that team last year in particular is very helpful and absolutely right. Automation and being able to do these things in a simpler way is vital to that long term and that point about getting to ROI and outcome, right, is the thing that's key for that group. Being able to show that your data set drives performance as well. I'm going to get to maybe spend just the last amount of time that we have and pull Joe in once again, and let's maybe we talked about a lot of the things, this is our digital advertising summit, so I want to say I want to spend a disproportionate amount of time on what drives your revenue and what drives your business. But when I've got a CFO's time, I got to take a little bit more advantage of it. So Joe, just maybe spend a little bit of time talking about expenses and margins. You talked last night in particular, obviously, the full year guidance we thought was quite strong and -- but cadence of margins growing throughout the year. Just tell us a little bit more about what's going on with your investment levels and why that cadence is playing out like so.

Yes. So going back to what I said before, we have a very efficient business model. We're focused on investing in our product and technology, that's -- those are our engineers, near and dear to our DNA of our company. And we continue to focus on that. We've had a very successful Q3, Q4 campaign bringing in over 10 new heads, excluding our acquisitions in both quarters. A lot of engineers in Q4 bringing in EMEA sales and sales support talent. Really setting ourselves up for 2022. Our headcount strategy this year is definitely front-loaded more so, bringing in a lot of the talent now really paying off as we're marching towards those big opportunities that we've been talking about, with TikTok, accelerating programmatic on the targeting side of it, international expansion and, of course, CTV and our abilities to ramp and especially the extensions on the product. So I would say from a cost structure, that's when I start to define. From a margin expectation, there's a lot of performance compensation costs that you have. And as our revenue expands, with that add seasonality, you get further and further leverage. As well as with our headcount, I know that it seems to be a top question, definitely a competitive market. But what I'm really proud of, not only do we have a top talent and tech recruiting bringing in the best and the brightest and our mission resonates, but also we have lower attrition than industry average, high retention. And we continue to accelerate, and that really breathes into the product. So they're invested in us. We're seeing that in their output and work. But that's also as we leverage our Pune operations as well, we have some beneficial wage leverage that continues to allow for more product capacity.

Doesn't -- as you said, I mean, it's a tough labor market out there, but it sounds like there's too many priorities lying in front of you. And as you said, your hiring plans being front-end loaded makes a lot of sense, get people in and get them ramped up. So let's see, I think we're coming up on time, guys. I really appreciate you slipping in here. Like I said, after earnings, I know that you're no doubt backed up with a lot of one-on-ones and follow-up calls with your shareholders. Hopefully, this helped a little. We've got the stock now up 2.5% on a very red day. So we hope some of our listeners have gone out there and voted with their dollars because I think the story is a great one. And last night's results, probably one of the more emphatic statements yet. So Lisa, Joe, we'll let you get back to catching up with your shareholders individually. Thank you again for slipping us in during a very busy week. And enjoy your weekends. Thank you.

Thank you so much. Thanks for having us. Have a great weekend. Thank you. Bye.