Lumen Technologies, Inc. (LUMN) Earnings Call Transcript & Summary

Okay. Great. Welcome, everybody, for our next session. This is Batya Levi from research in the telco and communications infrastructure space. Our next presenter is Shaun Andrews, the Chief Marketing Officer at Lumen. Shaun, thank you so much for joining us.

Thank you for having me, Batya.

Thank you. Hope it was in person or better -- or the video option, but this has to do for now.

Shaun, I was wondering if you could start off with just a quick overview of your role and responsibilities at Lumen and maybe the top priorities the company has heading into next year.

Yes, that'd be great. So as you said, I'm the Chief Marketing Officer. I have kind of 2 main hats. One is the traditional marketing hat, driving awareness and content, perception and activity among our stakeholders, really what is the value proposition of Lumen and making sure it gets heard and understood. And then the other hat I wear is that of product lead, so what are the experiences that our customers want from us, and more importantly, these days, how do they want to interact with us and have those digital experiences increasingly. So a little bit about where we're headed and who we are and then probably a little bit more on getting there and making sure that we execute for our customers.

Great. I was going to drive in straight into all of that, but maybe I'll just start off with a quick question on the results today, and please feel free to go back to any of the priorities that you wanted to highlight. So the RDOF results came out. It looks like the winning bids are -- for Lumen is about $26 million, substantially lower than the $500 million in capitals you do get today. So I know you're in a quiet period, but any thoughts in terms of how we should think about the results? And maybe If you could talk about your intent to expand the consumer footprint from here on.

Yes. So why don't I tackle that and then I'll circle back to the other question you asked that I didn't get to on kind of where our focus is? So as far as the results that came up this morning, we are -- there's still an FCC quiet period that's out there for quite a bit, and there's still some option you have to be awarded. But the way we approach the consumer space both within this question and the broader view of consumer space is a micro-targeted view of making sure that we're investing and getting strong returns, and we look forward to providing customers across the consumer space with awesome service where we can. In this case, it's really fun to bring gig to underserved communities, and we look forward to participating in doing that. But as far as diving into the specifics of what was released today, I can't do that under the quiet period. To tackle your previous question, we're focused on growth. So we're focused on our own transformation in order to better enable our enterprise customers' transformation themselves. We're enabling the fourth industrial revolution for them. We're focusing on helping them with their applications and data and acquire and analyzing and acting on that data. And the specific focus areas for us that tie to growth are about cloud edge, connected security and increasingly offering best-in-breed applications over that platform to help our customers on their journey and a digital experience. So fun time to be at Lumen.

Great. So maybe we continue with that. I think you spearheaded the transition to the new brand. Can you discuss why this better positions the company for the future, but also why was it the right time for these rebranding efforts?

Yes. There's kind of a chicken and egg here. So in many ways, it codifies where we are on our journey. So as we're moving along, we're at a place where we're now offering and launching capabilities and experiences in a digital manner. I think the most recent one we disclosed was the DDoS hyper, all-digital experience. You'll see another news that we'll be sharing a little bit later on bare metals as a service. This morning, I was in a conversation about waves. So as our culture changes, as the way that we develop products and really offer digital experiences over a platform, we were at a place where we needed to signal that, not only to the market, but to employees to kind of codify where we are, and then really just changing and making sure that our CIO and CTO customers understand where our focus is and how we can help them. It felt like a rebranding was the right way to do that, and we've been very excited with the results. Whether you measure it on awareness or perception or activity, it's been a success.

Right. I was definitely going to ask about what the customer perception has been. How do we track that? How do you measure that? Can you give some sort of examples of what you've seen?

Yes. So we've got several KPIs that we track that on. So we have awareness scores from the campaign. We have brand familiarity scores. We track how much customers search Lumen. We look at dimensions from a social perspective. We measure with outside parties the way CIOs think of us and what category they put us in. Do they think of us as a traditional telco? Or do they think of us as a preferred technology partner? We measure the consideration for partnering with Lumen across their cloud edge or their managed service or security needs. And then we look at some specifics both within the media spend and the return on the media as well as the interaction with the website, how often do they look at different objects and how much do they interact with the objects that we're putting out there. So we're a world of engineers over here. So even within the marketing space, there's quite a bit of KPI measurement and continuous improvement.

Got it. And so far, this has been more of a marketing change. Should we expect the reorganization to follow to maybe align leadership products and capabilities and maybe new disclosure starting next year?

Well, to be honest, if it feels like a marketing change, I'm probably -- we're probably falling short a little bit in our messaging because it's definitely much more than a marketing change if you think about the culture that we're enabling within Lumen; if you think about the development process and the movement to an agile development process and the progress we've made there across A&E, IT, product management itself; if you think about leveraging a platform with a digital experience on top of that platform rather than siloed telco products and experiences with 1-800 numbers and e-mails, right? To me, all of that progress is what allowed Lumen rebranding. As far as organizational change or something, there's no organizational change required for us to continue to execute against the Lumen mission.

Okay. Got it. So maybe it will be good to dive in a little bit more into the go-to-market strategy and how Lumen differentiates its offerings versus its competitors, and if you could talk a little bit more in terms of which products really resonate with the customers right now.

Yes. So we've -- especially in this year, right, Batya, with the COVID changes, we've been making sure we stay close to the customer. We've been asking some outside parties to make sure that we're not just drinking our own Kool-Aid and customers are wanting what we think they're wanting. And if anything, this year has accelerated their digital transformation needs. So the road maps that we had in place seem to be very timely with some of the challenges that our customers are facing this year. The success that we're seeing, I would put it in spaces like managed services. So the conversation we're having with CIOs managing their applications and data and really starting there and helping them accomplish that, that there's a lot of excitement there. Certainly, the all-digital experiences, whether it's hybrid networking or DDoS delivered via an all-digital experience, that's got a lot of excitement and traction. The recent announcements that we've made partnering with offering Zoom wrapped with network and security in a digital manner in VeloCloud, those are all kind of exciting growth aspects of the business for sure that's really resonating with the road map we had prior to COVID but seems to be buoyed by the customer's urgency.

Right. Can you explain the Zoom partnership maybe a little bit more? Is there anything you could highlight in terms of the economics of this deal? Or if there are any exclusive parts of the deal to Lumen?

Yes. I mean I can't get in any of the terms and conditions within the agreement. I can tell you that they are as fantastic as a partner to work with as they're portrayed in social media and on CNBC. They really are fun and transparent and quick to work with. It's a shared success model. So the more customers we bring in on our paper, the more they benefit. So it's a shared success model. And then what we try to do is really wrap that Zoom experience with some of the things that we bring to the table, whether that's networking or security or some of our edge services. And we're pretty tied to the hip with them in that we've been a strong partner of theirs, providing them with infrastructure services previous to this announcement. So while this aspect of the relationship may be new, the relationship in of itself had been a fantastic customer for quite a while. So I'm really excited about where we're going to go with them.

Got it. And I guess since the beginning of the pandemic, demand for collaboration products and similar services like Zoom has been doing particularly well. What is your expectation maybe in the near term? Are you seeing some stability? Or do you see continued growth in this segment? And how would you expect next year to shape up?

Yes. I mean so definitely, the cloud-based UC services were growing to the point where the overall space was growing prior to COVID. Then in COVID, we kind of saw a double whammy where those cloud-based services were getting wind at their back. And some of even the legacy, like audio conferencing bridges, like you and I are on right now, this is a good example where in this COVID year, we're seeing -- we saw a little more buoyancy in some of those legacy audio conferencing products than we had seen pre-COVID. We've seen that taper down already. And if you ask me what I think the future looks like in the UC space, I would say that the bump that existed in the middle of the year for audio conferencing has pretty much tapered off, but the excitement and growth around cloud-based UC services isn't going away, and we should expect that to kind of be the norm with that pace.

Going forward? Got it. What about the overall enterprise market? How would you characterize the overall trending? Any changes during some -- during the pandemic or maybe early read-throughs for what the demand could look like next year?

Yes. I hope we're getting closer to a new normal. I'd say early on in that -- just that initial March onset, there was a real urgent partnering with customers as they kind of needed a short-term increase in bandwidth. So there was kind of that short-term panicky search. That was followed by a little bit of a pause as CIOs and CTOs were thinking about what this all meant to them and what impacts it had on their road maps. Shortly after that, it felt like they were realizing the same thing that our third parties were telling us and that we were feeling, which was all of this just accelerated the need for digital transformation. And then we started to see new conversations and excitement around managed services, around moving security from prem base to the cloud, obviously, the UC space that you were just talking about. And now it feels like some of those larger, stickier RFPs are starting to open up as that CIO, she's probably feeling a little bit better about her road map. So it was definitely an odd year, but I do feel like, hopefully, there's signs of life that we're getting back to a new normal.

Right. And I think you had been mentioning that the sales funnel has been strong throughout the year, but maybe the cycle is longer than usual. Anything to call out in terms of the change in that? And maybe just adding the election to the overall decision making, are you seeing any uncertainty, slowdown because of that?

No. I mean I -- the fourth industrial revolution isn't slowing down for the election or any sort of change there. So I can't say that I've seen any impact there. As far as the sales cycle, I do feel like we've kind of settled into a spot there. There was definitely a moment where you can imagine if you're a seller and you're not walking the halls with your customers and decision makers aren't in the room with fellow decision makers, just getting something executed or getting -- coming to consensus on a decision was different, and there was changes everywhere in the way that our customers arrive at a decision. So there's a little bit of settling in there within our customers themselves and how we interact with them, but that does feel like that's kind of settling in, in steady state.

Got it. Okay. And how about the competitive environment? I guess are you seeing maybe some new entrants as in cable or maybe more fiber-focused companies making a little bit more leaning into the segment? And has competition increased in the last year or so?

I wouldn't say competition has increased or decreased in the last year. So I'd say when we're -- when I'm here bragging about the fact that we go all the way up and down the stack, right, like so we're all the way from dark fiber and blades and ethernet and MPLS and SD-WAN and hybrid networking and Internet access and managed services, we want complete, ubiquitous experience to an enterprise. Your competitors are all over the place. So what we've done over the last couple of years is really try to focus on the niche competitors within each use case so that if a customer is looking for a security solution, who is the security provider providing an awesome digital experience that we want to benchmark ourselves against? If we're in the CDN space, it's the same conversation. If we're offering a dark fiber solution to a portion of the federal government, who's the specific niche provider we're going against there? So all of our analysis and benchmarking and objectives from a competitive perspective tend to be at a real granular niche angle, but I can't say that it feels like it's transformed or wholly different over the course of 2020.

Got it. And as we focus on these new basic services and capabilities that enterprises are looking for, is there a certain segment that you need to ramp up efforts? And can you compete effectively with others in providing all end-to-end services they're looking for?

Yes, we can. I mean -- and there's opportunity there. I like the assets that we bring to the table. And if you think about the explosion in data, the explosion of Internet of Things and you look at the infrastructure we're sitting on from a fiber perspective and the compute within 5 milliseconds of where it's happening, where the actual digital interaction is happening, I do like our chances. And building an open ecosystem and partnering with best-in-breed software applications to do that is very exciting. But yes, I very much believe that we can compete with all those niche providers in those use cases.

Great. And how about the pricing environment? Over the last -- maybe more than 12 years -- 12 months, you've won some incremental government contracts, some new deals that you haven't been in before. Is that a function of capabilities that we've been talking about? Or is price an element to it as well? And maybe if you could touch on how are the incumbents responding when you show up more in these sales cycles.

Yes. I always feel like we're going to jinx us when we bring up pricing. It's increasingly who wins the opportunity with the customer. It's about the digital experience and quality and the complete service wrapper that you're providing rather than price, and I've been in this space when price did feel like a bigger part of the conversation. To me, I look at how are we doing, driving down our overall cost structure, how are we doing transforming, how are we doing taking advantage of software so that our OpEx becomes leaner to give us those degrees of freedom to become competitive on price. And can we expand those EBITDA margins like we've shown? That's what gives me confidence in our ability to price aggressively. But as far as winning deals and losing deals and where we play and where we don't, it feels like price is always going to be part of that conversation. But it's not the conversation that the customer is looking at, they're looking at total cost and total value, and price is one of those variables, which is great because that's just a more fun way to spend your day candidly.

Right. Okay. And one topic that we have been talking about for, frankly, a few years now is that transition of the MPLS business to SD-WAN and maybe more hybrid solutions. What can you tell us in terms of that path? Maybe if we can put some numbers around it, it would be great. What percent of your business actually comes from SD-WAN right now? And I wanted to tie then also maybe just the current environment with maybe more branch offices deciding not to keep real estate and more work at home. Does that accelerate the shift to SD-WAN? And how are you positioned there?

Yes. Man, I mean so we're a big player in all things adaptive networking, right? We've got a strong share of MPLS. We've got a strong share of SD-WAN. I like our growth numbers compared to market in the SD-WAN and hybrid networking space. If there's any change that I've seen this year, it's -- coming into this year, hybrid networking was usually the case. Now we're at a place where a hybrid network solution is really almost always the case, Batya. If you're dealing with a big WAN or adaptive networking use case for health care or finance or manufacturing or big box, they have different needs for different applications and nodes. And really, our product development road map has been to treat that and give them that experience as one thing. So increasing, I don't think about a customer in a use case as SD-WAN or cellular backup or Internet or MPLS. We can almost say, "Yes, we understand you've got kiosks in the mall and the corporate resource and data centers and connectivity to the cloud and you've got robots moving around in the factory. Here's a solution we can bring with hybrid." And to answer your question, that hybrid networking is here and it's ubiquitous, and the vast majority of sales in go-forward solutions are hybrid.

I want to bring it back to the pricing side. So if you are maintaining the customer with more hybrid solutions and when you look at the overall revenue per that customer, with all those changes, is that flat? Is that going down? Is there opportunity to increase it? Where are we there?

Yes. I mean so the way to growth there is to steal share and like win the whole solution, right? So are there -- or have there been examples where you move a customer from one technology to another and that specific $50 goes to $45? Yes, that is self-disruption, and that's technology in of itself. The way that you have to grow the overall solution set area is by stealing share from new competitors and offering increased value, managed services, wrapping it with security. And increasingly, you'll see us offer those other things at variables of the adaptive networking, so connected security being a variable and the opportunity to increase ARPU for that same subset of use cases that we may have already been providing. But to me, the growth is all about winning more of the wallet share and more of the use cases from the customer and winning more customers from our competitors.

Got it. And when we put it all together over the last few quarters, actually, the enterprise segment has been pretty stable or seeing a little bit of growth as well. So would you expect this trend to continue?

Yes. I mean I'm not going to provide guidance or a crystal ball here, but the opportunity for success in that enterprise space is there. We've got the right assets. I love our road map, I love our message and I love our culture, and it comes down to execution.

Right. Okay. Thank you. Maybe shifting to the IGAM segment, that also has been pretty stable aside from FX moves. What's your value proposition in that segment? And if you can maybe provide an overview who are your main customers, is that a market that you're actually more managing for profitability or going after market share?

Well, I will start with the end piece. We're looking to grow IGAM, And yes, we've definitely seen some success there in the execution. I think we were open about some of the pressures that we saw internationally. It's a function of COVID depending on where different regions or countries may be in their own health journey in the face of COVID. But yes, our value proposition really resonates with IGAM customers having that global footprint, offering a global platform for their edge solutions, offering them one unified communications experience whether they choose Teams or Cisco or Zoom, wrapping it with a security experience that can be managed as one thing. That value proposition still very much resonates. We tend to do real well with health care, finance, manufacturing, retail. And the relative strength may vary a little bit from one region to another, but that's definitely -- IGAM is definitely an area that we'll be leaning into and looking to grow.

And just to clarify, the main customer base in IGAM would still have the majority of the revenues coming in from the U.S., and you follow them for their international base. Is that correct?

You know what, we -- I don't know the exact split or how much of that we share publicly. But we have customers who are headquartered in Asia, Brazil, Buenos Aires, London, Paris. Obviously, with our network ubiquity and coverage and strength within the U.S., there's a disproportionate share of the U.S. corporate headquartered IGAM customers. But I wouldn't go quite as far as you went. We actually have quite a bit of AN decision-making corporate customers spread out all over the globe.

Got it. And all these products and service capabilities that we're seeing in the U.S., are they all available for your international customers as well? Or does that require maybe some investments down the road?

I'd say your question is fantastic, and it's an area that we've been looking to improve on, and I think we have improved. I think if you were going to judge us harshly 5 years ago, 3 years ago, you'd see a common theme where we launched something first in the U.S. and then we bring it to the rest of the world. And we still do that sometimes. But wherever possible and increasingly commonly, we are launching products and services globally. So when you hear me talk about my excitement on the platform and cloud edge and announcements coming with bare metal as a service or private cloud orchestration or multi-tenant edge services, all of those conversation capabilities, all of the exciting go-forward growth things will be pushed out globally moving forward in our -- today. But we haven't always done that, so you can dig around and find some pockets where we're not quite as global as we should be.

Got it. Okay. And yes, you had mentioned that the recent lockdowns in certain regions, Europe and LatAm, were impacting revenue trends. Has that -- I'm assuming that, that has continued given the current situation. Is that correct?

You know what, I wish I was closer to that. I honestly don't know, so I don't even want to hazard a guess or a response, Batya, because I'm just not up to date on the latest trends there as they relate to COVID in the regions. Apologies.

Sure, no problem. And maybe moving on to the wholesale segment. It has been declining high single digits. I'm assuming that's partly because of the legacy mix in that segment. How should we think about the overall strategy for that? And you did mention dark fiber a couple of times. I'm assuming that's a product set that is attached to that segment, potentially wireless backhaul, where small cellular towers could be benefiting from that business of yours. So looking out, how do you expect that segment to perform? And is there some stability down the road?

Yes. I mean without kind of prognosticating how I expect it to perform or providing some sort of expectation there, I'll leave that to Neel and Jeff. I'll tell you that within the space, there's a lot of opportunity that we're excited about. You mentioned our ability to sell dark fiber or complete all the way up and down the stack. We have CLEC services that we provide from a telephone number perspective and 1-800 numbers, and we have dark fiber and ethernet services that we provide in the wholesale space. And then we're excited about the opportunity to sell into 5G and to provide edge services and cloud edge services for customers, wireless customers looking to move their radios into a software-enabled format rather than kind of a traditional old-school radio format. So there's a bunch that we're doing there. It's increasingly feeling more like an ecosystem moving forward rather than just we sell you and you sell it up. So there's a lot to be excited about. But the wholesale will always be a place where we appreciate the scale, we appreciate the cash flow, and the ability to grow it wildly is going to be pretty formidable.

Okay. Moving on to the SME segment. I guess that's the segment that had seen more of the impact of the pandemic or you have identified it as the uncertainty could continue. Any update on that segment as we head into the year and into next year?

No, really more of the same. I think we're happy with the progress we've made and the high-speed adds. I think we're happy with the ARPU improvements we're seeing there and the customer success and the NPS experiences of our customers. So -- but nothing really new to change as far as the impact of COVID or the competitive landscape.

Okay. And that's also a segment where, I guess, one of the revenue synergies that the deal could bring was integrating the capabilities of CenturyLink/Level 3 and go after that segment a little bit more. Where are we in terms of that process?

Are you talking about SME or consumer here?

No, SME.

SME? Yes. Sorry, apologies. Yes, we've been pretty public with the -- and we tend to disclose a bit more about the progress we make from a synergy perspective and a cost savings perspective when the companies came together. But definitely, those -- when things come together, it helps all angles of the business. So we have increased and tied footprints together, and we have synergized products and really made the ability to kind of sell across the network more ubiquitous. The portal experience is now one. We're at one portal experience kind of regardless of the legacy company you may have begun your relationship with us on. So yes, we're making good progress there, and integrating from a cost savings or a revenue enablement perspective seems to be something we're having good progress with.

Okay. Maybe back to the consumer segment. In terms of -- I guess you could break your -- that segment into fiber areas versus non-fiber areas. Can you talk a little bit about the go-to-market strategy for both consumer segments? And maybe sort of an overview on -- I believe you passed about 2.3 million homes with fiber now. Where do you think that could go to over time?

Yes. So there's a lot in there. So the value proposition is less about the actual speed and whether a customer is getting 40 meg or a gig or -- it tends to be more about the experience that the consumer is having, what they want to accomplish in their home and how seamless it is. And that value proposition can be there whether someone's on copper or fiber. And then certainly, the digital experience and the way they interact with us is increasingly important. From a pricing and a competition perspective, we talked about adding homes passed in a very macro targeting perspective. That aspect sits within the consumer space as well, where we have a copper plant in less competitive pressure. Maybe we see a little better retention and some more degrees of freedom there where we have a copper plant and some more competitive pressure. Maybe you would see a little more churn there and a little more pricing pressure. So It's really a micro-targeting perspective in that consumer space, both for kind of CapEx builds as well as pricing. As far as homes passed, I wouldn't want to lean forward and provide a number of where I expect us to go, but I can share. I think if you made me pull a number, I'd say -- I heard Andrew talking the other day, and I think we've gone from about 2 million homes passed to 2.3 million in roughly about a year. So that'll give you some sort of a gauge for what kind of progress we've been making.

Right. And expecting a similar pace going forward? Or...

Yes, I'm not going to weigh in there. I'm not going to....

So you're not saying that? Okay.

Yes, yes, I'm not that close to that -- how we allocate that. Yes.

I'm trying. I'm trying. Maybe when -- we talked a lot about the different parts of the top line revenue trends. Some pluses and minuses. Overall, top line is declining. But what we've seen Lumen do a very good job on is cutting costs and partly coming from the integration of the CenturyLink and Level 3 assets but also taking a look at every segment with a focus on profitability. So as we look forward, what are some other areas of cost savings opportunities? And again, maybe sort of like a trend or number I'm going -- sort of like I'm looking for is maybe just general trends. Even though revenues are under pressure, can we expect the EBITDA to -- EBITDA -- stable EBITDA to be sustainable?

Yes. I mean, I think about like our cost savings and our ability to increase efficiency along 2 lines. There's kind of the belt tightening, fat reduction, make-good-decision process. And I think we'll always be a company that looks hard at ourselves and really make sure that we're being efficient as we can and making the smart obvious choices. And if you do that, you're always going to be self discriminating and really try to find the opportunity to tighten the belt. But moving forward, I think what's more exciting and more transformational is really the digital change. And it's, in many ways, the elixir for all of the questions, right? So as we move to a digital experience for our customers, that in of itself has an operational efficiency that comes along with it. That helps you act a little leaner. It brings an experience to the customer that they hanker for and really help them drive their revenue and their business plans. It brings revenue time to market more quickly. When we bring up a DDoS customer on DDoS hyper and they're plugging in without us, without bodies over a software-enabled experience, not only is that more efficient for us, but it also turns that revenue up more quickly and thrill the customer. So to me, there will always be the opportunity for the kind of belt tightening, Batya, but I think the more exciting thing is the continued progress we make towards the technology platform company in leveraging the digital transformation that we're along. So I am excited about continuing that journey in kind of a sustainable drumbeat there.

Right. And that brings me to the capital spend question. As you are building out these digital capabilities, pushing fiber closer to your customers, how should we think about this capital spending or capital intensity going forward?

I mean we spend a lot of time in the leadership team, making sure that we continue to invest the capital where we get a strong ROI. And increasingly, we're focused on investing in profitable growth, whether that's solutions like cloud edge or digital connected security and unified communications solutions; whether it's segments and really investing in health care, retail, manufacturing, finance use cases for the Internet of Things; or whether it's geography and really taking all of those different use cases and customers and geos into account and making sure that we're micro-targeting and building capital in a location where we can benefit across public sector and small business and large enterprise and consumer. It's really all in the name of driving EBITDA and profitable growth, and we'll continue to have that same approach with quite a bit of scrutiny from across the team.

Yes. Great. Maybe -- we're running out of time. One final question I wanted to ask you in terms of M&A. And as you're looking through all the capabilities that the company has, anything that you would highlight in terms of any areas or regions that you feel is subscale or customer segments that you would need -- you would like to build capabilities for? Some general thoughts on how you think Lumen will be within the M&A space will be great.

Yes. I think that's a fair question. I mean if you think about the acquisition that we made a little while back within the software CDN space, that's really a capability that's congruent with our strategy. We partnered with that entity first and then we acquired them. I think that those are the kind of things that we partner with corp strategy and corp dev to kick the tires on where, hey, this is an overall solution experience. We're looking to provide a growth segment of the business or an adjacent growth market, and we don't want to try to build it and replicate it ourselves. We're going to partner with this small software company in the interim. And then there becomes a point where we start to have a relationship that's meaningful enough where we kick the tires and think about acquiring them. That's kind of a constant perpetual exercise, and I would think that we continue with that over the course of the next couple of years.

Okay. Great. I think we're going to end it there. Thank you so much, Shaun, for joining our conference, and hope to see you in person soon.

Yes. Thanks, Batya. Appreciate the questions and the prep and look forward to keeping in touch. Thank you much.

Thank you. Bye.

Bye-bye.