PT Indosat Ooredoo Hutchison Tbk (ISAT) Earnings Call Transcript & Summary

Okay. Hi, everyone. Thank you for joining today's Zoom call that we'll be discussing Indosat Ooredoo 9 months 2021 performance. Before we start, as usual, I will provide a quick safe harbor disclaimer. Note that the company, PT Indosat Tbk, will caution investors that certain statements contained in this call are management intention, hope, beliefs, expectations or prediction for the future, and are forward-looking statements. We wish to caution the participants that forward-looking statements are not historical facts and are only estimates or predictions. Actual results might differ materially from those projected as a result of risks and uncertainties. Furthermore, the company undertakes no obligation of this publicly any forward-looking statements, whether as a result of future investments or events, new information or otherwise. As has been mentioned, the conference call today is recorded, and a replay of this call will be available soon after the call is completed on our website. For today's earnings call, our top management joining us today is Mr. Ahmad Al-Neama, our CEO; Mr. Eyas Assaf, our CFO; and Mr. Vikram Sinha, our COO is on the line. So without further ado, I will hand over to our CEO, Mr. Ahmad, to deliver the opening remarks. Mr. Ahmad, the floor is yours.

Thanks, Christy. [Foreign Language] Good afternoon, everyone, and thanks for joining us in this earnings call. We are happy to report a strong set of numbers for quarter 3 2021. We continue strong performance by Indosat Ooredoo this year. And this strong performance is because of the focus and execution of our transformation strategy, and by the smart network investment prioritization and the customer experience. We have remained focused and we will continue to do so to provide simple products for the transparent pricing, winning our customer trust. Indosat delivered a solid financial performance growing strength to strength each quarter. And I am happy to share 5.7% growth in total revenue quarter-on-quarter in quarter 3 2021. Overall year-to-date 9 months total revenue is growing 12% year-on-year, maintaining a double-digit growth and putting Indosat in a good position to close the full year 2021 on a very strong note. Nine months EBITDA is growing almost 2x versus the revenue reflection growth is not only constant but very sustainable. Improved cost efficiencies and strong top line growth have resulted in EBITDA margin growing 4 basis points 9 months year-on-year. We have strived for providing value to our customers and shareholders. Strong financial performance gives us immense confidence that our transformation strategy is working well, and we should continue to stay ahead of the curve through this superior execution. Aligned with the strategy to become leading digital telco in Indonesia, we have rolled out 5G in the 3 cities of Indonesia, and we will certainly continue to accelerate by optimizing the 3G spectrum bandwidth till the new spectrum is available. We have further added 10,000 4G sites in the last 1 year, reassuring our commitment to people of Indonesia to provide a world-class digital experience. Massive improvements in customer experience has resulted in an addition of 2 million net new customers in the last 1 year. So now I'm happy to announce that we are reaching 62 million at the end of the quarter 3 2021. Not to mention, there is a massive gain of 6-plus points in the NPS reflects the growing customer trust in our brands and Indosat. One of the key drivers for growth for Indosat Ooredoo is almost 8% growth in ARPU and almost 40% growth in data traffic year-on-year. Strong growth in both ARPU data, traffic and NPS reflect that customers are enjoying Indosat Ooredoo experience. Last month, we announced signing of the partnership with Hutchison 3 Indonesia. This landmark deal, if approved by the government of Indonesia, will create a second largest [ telco ] in Indonesia, which will generate a massive value for both customers and shareholders. This consolidation of complementary assets of both companies will help bring world-class digital experience to the people of Indonesia. And we will keep everyone posted on the further developments in this regard. As a responsible organization, we have partnered with government efforts to vaccinate customers and our employees to protect against their pandemic. So I'm happy to announce that over 98% of our employees are vaccinated for at least 1 dose, and close of 90% are vaccinated for both doses. And I'm sure we will continue to [ magnifically ] contribute towards the society of Indonesia. Lastly, I would like to thank our loyal customer and shareholders for their ongoing support, which has helped us deliver these outstanding results. We remain committed to provide superior customer experience to our customers so that they can enjoy world-class digital products and services in Indosat Ooredoo. I look forward to interact with you again and hopefully bring some more positive stories at the end of 2021. With this, I conclude my remarks. And for the further details on this quarter, I will pass to our Director and CFO, Pak Eyas Assaf to walk us through our financial performance. [Foreign Language] Thank you very much. Pak Eyas, the mic with you.

Thanks, Pak Ahmad. [Foreign Language] Good afternoon, everybody. I'm so happy to be with you. This is Eyas Assaf, the CFO of Indosat. I'll take you through the financial performance. As Pak Ahmad highlighted, we are so happy to share with you very strong performance results for Q3 and for 9 months of September '21. If we go through the slide, I would highlight that there is a 12 % year-on-year growth as highlighted by Pak Ahmad and [Technical Difficulty] quarter-over-quarter. At the same time, we grew EBITDA 2x of revenue growth, which is almost 23% year-on-year and almost 7% quarter-over-quarter. Same time, EBITDA margin improved by 4 points. So we reached 45% and net profit attribute to owners reached 5.8%. And we'll highlight more details in the next slide. As we have added here the percentage of growth of 12%, we reached IDR 23 trillion revenue in 9 months of '21, comparing to IDR 20.592 trillion. Quarter-on-quarter also, we grew by almost 5.7%. We reached IDR 80 trillion compared to IDR 70.6 trillion in the second quarter. At EBITDA, the value increased by almost 22.7% reached IDR 10.3 trillion compared to IDR 8.4 trillion in the 2020. Quarter-over-quarter also, we saw a growth of 6.7% and we reached IDR 3.6 trillion in the third quarter. EBITDA margin shows again another improvement. We moved to middle 40s to 45% from 41% last year and it's quarter-over-quarter almost flat at 44.7% comparing to 44.3% in the second quarter. Net profit attributable, we highlighted, we reached IDR 5.8 trillion comparing to a loss of IDR 458 billion last year quarter-over-quarter due to the onetime transaction recorded in the second quarter. We see some drop, but we'll highlight the normalization in the next slides. In the next slide, we are highlighting here, if we exclude onetime transaction, how Q3 performed compared to Q2. As we highlighted, the reported profit for Q3 is IDR 202 billion. And if we remove one-off from tower sales IDR 83 billion and consultant cost IDR 58 billion and remove also [ IDR 21 billion ] gain from the tax provision, the normalized net profit is IDR 322 billion, which is 3, 4x compared to Q2 of IDR 74 billion. This shows again the positive normalized net profit driven by the top line performance and also OpEx control. If we go to the next slide, we'll highlight here the breakdown of the revenue. Cellular revenue year-on-year grew by 10.3%. It reached reach IDR 18.7 trillion from IDR 17 trillion level last year. Quarter-over-quarter is flat around IDR 6.3 trillion or IDR 6.4 trillion. Fixed data shows huge improvement from last year. It reached 21.4% from IDR 3.1 trillion to IDR 3.8 trillion. And quarter-over-quarter also material increase, almost 37%, from IDR 1.1 trillion to IDR 1.5 trillion in the third quarter. Fixed voice, also we saw some slight increase from last year, is almost 7%. And quarter-over-quarter is 7%. This is normal as a trend more moving more forward to that. If we go for the next slide, we'll highlight the OpEx performance, which is, this is why we saw double digit of 2x of EBITDA. Because revenue is growing by 12% and EBITDA is growing by 22.7% because we control OpEx. OpEx grow -- increased only by 4.5% compared to last year. Last year, we recorded IDR 12.1 trillion, and this year, we recorded IDR 12.6 trillion. The breakdown shows normal growth in the cost of sales coming from increase of revenue and other items more or less controlled by, as we said, with a cap of 4%. Next slide, we will highlight the CapEx investment. As we highlighted every quarter that improving customers share -- customer experience is -- remains at heart of all our vision. Therefore, we kept what we are -- what we shared with you our guidance that we are going to spend IDR 18 trillion this year. We saw an increase in quarter-over-quarter by 10%. And year-on-year is a decrease 10% because last year, we spent almost IDR 9 trillion. This year, we'll spend IDR 18 trillion. As revenue -- as CapEx to revenue ratios has improved at least 20% or 21% this year comparing to 29% next year -- last year. Next slide. We are -- the overall improvement at P&L helped us to keep healthy balance sheet to support the sustainable growth. If you compare the net debt in '21, it reached IDR 3 trillion compared to IDR 13 trillion. One of the main reasons is the tower deal but also the improvement in operation shows also more positive impact. And this, we can see it and between Q2 and Q3, there is improvement, the net debt reduced in 1 quarter by IDR 1.3 trillion. This is coming from -- mainly from operations and mainly EBITDA and collection result. Net debt-to-EBITDA is still very low. It used to be 1.18 last year. This year it is 0.23. Last quarter was 0.34 and now 0.23. But here is coming also from both from tower deal, sale of proceeds and improving operations. That's it on the financial. Thanks a lot. I'll give now the opportunity to Pak Vikram to share with us the operational result. Pak Vikram?

Thanks, Pak Eyas. Good afternoon, ladies and gentlemen. I think you heard from our CEO, Pak Ahmad and our CFO, Pak Eyas. What I want to focus on that what you see as a number, the fundamentals are very strong. And this is on the back of very consistent growth. So if you go to the next slide, I think COVID had been like a silver lining and the importance of telecom sector we as Indosat have been on the forefront. Despite all the challenging market conditions, if you look at our numbers, if you go to the next slide, I want to highlight some of the operational metrics, which gives us so much of confidence that the basics are very strong. Look at 4G data users. While you see that customer growth is 2 million, but when you look at 4G unit, and that is a very important point, it is plus 9 million. Look at ARPU, close to 8%. That shows that our strategy, which we have been building consistently for the last 11 quarters now, is getting liked by our customers. And when you look at data traffic, clearly, all these things are talking to each other. And it is getting reflected on our Net Promoter Score also. If you go to the next slide, we are very humbled to say that consistently, we have been outperforming the industry. I think that has been our focus. And it has been demonstrated. If you look at the chart on the left side, it very clearly demonstrates how Indosat has been outperforming industry. In fact, it has been playing a very important role to grow the industry. If you go to the next slide. I think the questions what is driving that? And the answer is in this slide. It is our customer. If you look at our Net Promoter Score, if you look at our Customer Satisfaction Score, and that gives you the brand health Index. Very happy to share with all of you. I think there was a brand financed third-party report last month. which had put Indosat Ooredoo on the top 10 brands in Indonesia across category with the massive jump. So I think the point which I'm trying to make is that our strategy of simple, transparent focus on customer experience is giving result. If you go to the next slide. All these indicators is talking to each other. I think one important point I want to highlight, data traffic, which used to be year-on-year in the line of close to 48%, 50% while it is 40% now, but it is more -- we are able to monetize making sure that data traffic growth is in talking to revenue growth, is talking to ARPU. All these things are getting more sustainable and more healthy for us. Next slide. 4G will continue to be very, very important for Indonesia in coming quarters and year. So on 4G, we continue to have a lot of focus on improving our indoor customer experience, making sure that we have contiguous coverage. But at the same time, we are very committed to 5G. 5G, from the beginning of 2019, we have been working on transport. We have been working on back haul. I'm happy to share with all of you that there are 3 city which is commercially launched. And we continue to work with our partner and ecosystem to make sure that 5G is meaningful for Indonesia. It is not only about the speed game. I think there is enough and more learnings for us in telecom sector, and we are working towards that. If you go to the next slide, I think Pak Ahmad spoke about this landmark deal, which we announced it on 17th of September. Just to build on what he said, this deal is very, very important for Indonesia as a country. While it will help the customer, but the key message is that this joint company, entity, will work towards helping Indonesia focus and fulfill the vision of becoming the digital powerhouse, which all of us know is in the making. Why I say so? Because it will have the scale, which is needed to do that with close to $3 billion of revenue, USD 1.2 billion to USD 1.3 billion of EBITDA. And if you go to the next slide, I think this is a very important point. Both these businesses and assets is very complementary. And what it is leading to is a synergy and a recurring run rate synergy of anywhere between $300 million to $400 million over a period of 3 to 5 years. And mainly, it is getting driven by network synergy and the way both these businesses are currently structured. So with all these things, I would again highlight that this merged entity will be called Indosat Ooredoo Hutchison, and it will contribute well meaningfully to the digital vision of Indonesia. And I think the good thing is that 2 strong shareholders with the joint control and with government being completely committed with all the rights which they had will continue to be there. We'll be focused on helping Indonesia and helping our customers fulfill their vision. With this, I want to again assure all the analysts and all the guests who are here that our fundamentals are very strong. Look at us from the last 10 to 11 quarters, and we will continue to build on that. Thank you very much.

Thank you, Pak Vikram. Thank you, Pak Eyas and Pak Ahmad for the remarks. I think now we can move to Q&A. [Operator Instructions]. We have the first question coming in from Sachin Mittal.

Congratulations on a good set of numbers. I have a couple of questions. Firstly, could you tell us -- there has been some recent upward revision in the low denominated packages. And then we saw in this quarter, there's a slight decline in revenue per MB also. So are you seeing -- are you starting to see the benefits of that upward revision in the lower packages? That's question number one. And second question is on the towers. If you could guide us on the timing of what time frame are you looking at renewals of the towers? And what kind of changes in the rental rates you are looking at? And third question, if at all, is on the update of the enterprise segment. Yes.

Pak Eyas, let me answer him on the lower segment. So Sachin, overall, we are very consistent. And one of the important point, I think I want all of you to keep in mind is that our strategy, we don't keep changing our price and our proposition. We stay very simple and consistent. So whatever you see -- what is happening now is on ground, things are improving. COVID situation is improving, and we see a better prospect, especially on the lower segment. We have been supporting them. It is very important for us to get them also along with that. And we had products to support them. But a little bit this edu pack played a role when the edu pack is getting activated, it has a role in terms of how to look at yield. But the key message is all the indicators are only getting better and better. So this is how I can explain you in terms of the lower pack and how you see a correlation between yield and then all those KPIs moving. So I hope it clarifies your question.

It does, it does.

Okay. So coming on to Tower. What I can tell you is that Indosat is in a good position. Now that we have strategic partnership with all the big towercos here, and also with our last tower sale, we also have a new partner who are very committed to Indonesia, which is good for the country. And in the coming quarters and as you see, things will really improve. And we have a lot of expertise. We have gone through 2 tower sales. We know this whole tower thing in and out. What I can assure you is that Indosat is in a good place to get the best rate, get the best terms and conditions in the coming months and quarters, and it will only get better for us.

So in the next few months, you're saying there are towers which are coming up for renewal, right, significant amount of number of towers?

I think last time also, Pak Eyas highlighted in the analyst call, between now and end of next year, there are close to 3,000 towers, which is up for renewal, which is good for us.

Enterprise segment, if you may just update us. Yes.

Enterprise, we are very happy. You saw the numbers. The MIDI is looking very good. But I think the important point here is that enterprise will only keep getting important and important. So we are getting ready for that. So Indosat and with our subsidiary, Lintasarta, which is a very preferred brand in Indonesia when it comes to enterprise. So you see some good trend coming. But I think the important point, which I want to make here is we have a very important role to play on SME, and we are getting ready for that. You will hear some important partnership coming where we will make sure that how we are helping SME grow. And I think for Indonesia, it is very important that SME is supported. And I think government is also very focused. So we will be working with -- in collaboration with government initiatives, with the right partner to not only focus on large enterprise, we will be now having disproportionate focus on small and medium-sized. And I think that we feel will help the country, will help the SME. And if -- when country does well, we all do well.

Great. Thank you, Sachin. Next question is coming from Choong Chen Foong from CIMB.

Three questions from me. Firstly, can you give us a bit more color on the government project that you mentioned in your slides that drove up the fixed data revenue significantly in the third quarter? What is the duration of this project? Is it recurring? And are we expecting more such projects to come by in the next 1 to 2 years? That's the first question. Second question on the Kominfo's requirement to roll out 4G coverage to the villages in the non-treaty areas, where is Indosat and your partner Hutch, in terms of the progress on those 1,000 sites? And what will be the estimated CapEx to roll out this for this year and also next year? And my third question, there has been some news on the sale of Indosat's data centers recently. I want to ask if indeed there is a sale of the data center assets prior to the completion of the merger with Hutch? Are the proceeds going to be ring fenced to the existing Indosat shareholders similar to the earlier tower sale in March, April this year? Yes. Those are my 3 questions.

Thank you, Foong. Pak Vikram, would you like to take on the question?

Yes. So -- If I can -- if you can -- let's start one by one, if you can just highlight the first question again.

I wanted to ask about the -- for more color on the government project that you mentioned in the presentation slides, which drove up the fixed data revenue significantly in the third quarter. If you can give us a bit more color on the duration of that project? Is it going to be a recurring revenue going forward?

Got it. Got it. Got it. No, look, so as I said that Indosat and also Lintasarta, our subsidiary, is a very preferred government partner. So we are -- Lintasarta is working on very important government project. And these have a good mix of both recurring revenue and also onetime. So this project will have a good impact, positive impact on '21 and '22 also. But the mix of onetime versus recurring is around 80-20. 80% is more of onetime and 20% has a recurring revenue.

Okay. And Pak Vikram, if I can ask you -- I mean you sound very optimistic about the enterprise business. But if I can ask you, say, over a longer -- over the longer term, like where do you think enterprise contribution to the group will be in, say, in 2, 3 years' time in terms of percentage of revenue?

Look, again, the enterprise will play a very important role and then we are getting ready for that. And we all know in the 5G era, enterprise readiness is even more important. So I can tell you basis normal studies and report. Currently, the mix between enterprise and revenue is anywhere in the range of 15% to 20% for telcos and whichever telco play it right by 2025, '26, it can go up to as high as 35% to 40%. I think the important part is to ensure that we have the right readiness on the 4G network and as things evolve on Industry 4.0 and for 5G, we are completely ready. So I think the key learning for us, telco have gone through 2G era, 3G era, 4G era. I think what we want to do here at Indosat that we are more prepared. 5G has to be good for the country, but it also has to be good for Indosat and our shareholders. And for that to happen, we need to ensure that we have right capabilities, and we are very much gearing up for that.

Understood. And on my second question with regards to the rollout of 4G coverage to the villages in the non-treaty areas. I just want to know where Indosat and perhaps Hutch in terms of the progress on those about 1,000 sites that both of you have to roll out to? And what would be the estimated CapEx to do this?

Look, we can only speak for Indosat, and you have to understand that. So our 2021 commitment, we have fulfilled back in September and we reported. So we are very much on track. This year, we have already completed. And for next year also, we have given the commitment. This is a very important initiative coming from the government and Indosat is very supportive of it.

And for Indosat's portion, can you share with us what's the CapEx? Because I just want to know whether it's very heavy? And technology-wise, is it done through the usual tower site and microwave fiber backhaul? Or did you do it via other forms of technologies?

Sorry, we can't give you too much of forward-looking detail. But what I can tell you -- let me put it this way. This year commitment, we have already fulfilled and you see our results. So please be rest assured that we will be supportive to government, and this is an important initiative. We are working towards making sure that all these investments are also sustainable as much as possible.

Okay. And technology-wise? Is it different?

Focus is on 4G. Because the whole -- there are 12,000 villages still which doesn't have 4G coverage. And this is the digital divide. This is -- and we are very mindful and Indosat is committed to support government on getting everyone. We don't want anybody to be left out.

Okay. But the delivery of that 4G technology, was it via your usual tower sites? Or was it using any other forms of other technologies such as satellite and all that?

That deals a very detailed question. What the important message is that this year commitment we have already fulfilled and it is a mix of everything, wherever we need satellite, where we need transport, it's a mix. Similarly, we have all the expertise. These are very difficult villages, but we did it on time. So we are totally committed and geared as we have the capability to deliver it, and we have given this commitment to government.

Understood. And my last question is on the news of the sale of Indosat data center assets. I want to ask if indeed there is a sale of these data center assets prior to the completion of the merger with Hutch. Are the proceeds going to be ring-fenced to existing Indosat shareholders?

I think it is too early to comment on this. One thing I can clarify that it is not a sale. We are looking for a strategic partnership where -- please understand the data center is very important for Indonesia also. So Indosat's objective is, we have got into a process we are trying to explore what is the best model where we get the right investor, the right expertise. And I think in the due course of time, you will have the full information. So we are still in the process. And I think we gave a standing statement also. I think the important point to note is it is not a sale. If we do anything, it will be a partnership.

Thank you, Foong. Next question is coming from Arthur Pineda.

Two questions, please. Firstly, just wanted to check, are there any clarifications from the ICT ministry with regard to retaining the spectrum for both entities post the merger? I know it was asked some time back, but I'm just wondering if there's any progress on that side? Second question is with regard to competition. I'm just wondering if you could provide any color on how that's evolved in the third quarter. So obviously, there's been very good growth. Is it really driven by more rational industry pricing? Or the benefit of market reopening is raising consumption? Also, what are your competitors doing subsequent to your M&A announcement?

Let me start with the first question. I think the important point to note here is that spectrum is a very important asset for Indonesia and Government of Indonesia. And we believe -- and we are in the process that the right use and the most effective use will be that the new entity IOH is allowed to use the full spectrum. I think the important point here is the new Omnibus Law and all, it enables it. Earlier, it was not possible. So I think these are all things -- steps on positive direction. And we are working with the authorities and still it is under the process. So at the right time, whatever is the outcome you will get to know the result.

Understood. And on competition?

I think I want to highlight a few things here. One, you spoke about market opening up -- I think the way we look at post-COVID scenario, we always stayed on growth mindset. And we -- Indosat had a very important role to play whether we are helping people to work from home or students to study from home, or, in fact, people getting entertained. So we went through that phase. And from an opening up point of view, things are only looking better. From a COVID situation and all, things are looking better. But I think the more important point here, which we feel and we see that there's a clear message in the industry also that customers are looking for more experience, and it's not about cheap product. It is about giving them the transparent value for money and focusing on customer experience. So I think that is a positive move. And we believe that the industry will only improve because the focus is now on ensuring how we deliver very good customer experience. And for that to happen, you have to make sure your data prices and all those things, data yield is all at a sustainable level. So I think industry and all the -- at least the top 3 operators is slowly but more clearly understanding. And you look at us. In the last 11 quarters, we have been talking about it. And you see our numbers quarter-on-quarter. So numbers speak for itself. Look at NPS, look at CSAT. Look at how we have managed. If you put all 3 operators, how yield has been managed, I think we have demonstrated clear learning and I'm sure it will send the right message to competition also.

Got it. So I don't -- I think there's really not a lot of activity changing since prior quarters, since you've announced your merger, you're not seeing any changes on competition?

Sorry, I can't speak for competition.

Thanks, Arthur, for the question. Next question, we have Niko Margaronis. Pak Niko? Pak Niko? I think Niko is having some technical difficulties. [Operator Instructions] No questions are on the floor. One second. I think Niko cannot unmute himself. So Pak Niko, would you put your questions in the chat, and I will let our management know? Meanwhile, we have a follow-up from Choong Chen Foong.

Can I -- I just want to put in one more additional question. You've shown very good revenue growth. And as Pak Vikram has showed during the presentation, improvements in the NPS scores and CSAT scores. I wanted to ask whether you have any more to share -- more color to share on whether you are gaining more traction in the high-value customer segment? Yes, if you can share more on that, that would be helpful.

So I think across board, we have been having positive traction. But specifically high value, with improved customer experience, we see a much better result. But the improvement is across segment.

Okay. And do you see any change in your customer lifetime -- or life cycle?

I think I've spoken about this. 2019, we started our customer life cycle, what we call it CVM. And that has really become more mature and mature. And we see that our platform is getting and helping our customers get more real time what exactly they need. And that is also helping us on our ARPU upliftment. So overall, our customer life cycle and customer base management, high-value churn, all those things are looking very good and is giving very positive trends. The indicator is ARPU. 8% ARPU growth, Pak Foong, is the reflection of how we are managing our base.

Pak Niko, would you like to try again? Can you unmute yourself, Pak?

Christy, we can chat with Pak Niko later.

Okay. Pak Niko, we'll take it offline. We have a question from [indiscernible]. Are we going to keep 2 brands post manager? Or is there any specific strategy on how each of the brand will be positioned in the market?

I think Pak Ahmad highlighted a very important point that we need to first focus on closing and getting all the regulatory approval. And I want to again request that this is a Indosat Analyst call.

Thank you, Pak Vikram. [Operator Instructions] We still have about 5 more minutes before we have to end the call. Pak Vikram, Pak Eyas, Pak Ahmad, I'm afraid there are no more questions coming in. If there is any more follow-up, free to reach out to me directly, or to each of your brokers to our houses. Is there any closing remarks coming from you Pak Ahmad, Pak Vikram or Pak Eyas before we end the call?

No remarks from my side, Christy. So I just want to thank everyone for all the questions, and I hope we answered all the questions that have been asked. And if there is any questions, maybe you can send it to Christy later on. We will take care of it. Thank you very much, guys.

Okay. That's it for today. Thank you for joining in. I hope to see you again soon. And anybody else, please feel free to reach out for the questions. Thank you, guys. Everybody stay safe.

Thank you.

Thank you.

Goodbye.