Teleperformance SE (TEP) Earnings Call Transcript & Summary

Hello, and welcome to today's call on Teleperformance's agreement to acquire Health Advocate. My name is Courtney, and I'll be your coordinator for today's event. Please note that this conference is being recorded. [Operator Instructions] And I will now hand you over to your host, Daniel Julien, Chairman and CEO of Teleperformance to begin today's conference. Thank you.

Thank you. Good evening, or good morning for the one who are in the U.S. I'm very, very happy tonight to present to this group, the brand-new Teleperformance signing of Health Advocate. In fact, with Health Advocate, we continue to strengthen our footprint on the U.S. health care market. Health Advocate is a highly sophisticated service company that helps something like 27 million employees of its 8,400 clients to navigate the U.S. health care system. And everybody knows it's amazing. So both Health Advocate help at the administrative level and at the clinical level, and with a mix of health experts, whether in benefits or in the clinical field doctor with strong analytics and with a digital platform, Health Advocate deliver its services. This makes this company extremely resilient, growing steadily and very significantly profitable. Today, Teleperformance is already significantly presented from the U.S. healthcare market, either through our service. We do customer service for many of the large health insurance companies in the U.S. and we also participate to the enrollment period through Inbound acquisition. But we are also involve right now in the Healthcare U.S. market, thanks to LanguageLine Solutions, where health care interpretation between patients and doctors is our #1 sector. So now we are climbing one more step in the ladder of health care. So why are we so interested by the health care market in the U.S. First, it's a large and fast-growing activity sector, 18% of the U.S. GDP, probably growing to 20% in 5 to 7 years from now. Second, you will remember that Teleperformance mission is to help individuals to find easily solutions to the issues they encounter with the organization they have bought a product or a service from and the U.S. market -- the U.S. health care market is so fragmented, so complex, so difficult to navigate that 40% of the Americans do not know what their plans cover, and this is specifically true in case of for example. So Health Advocate makes it simpler, easier, more cost-effective for the U.S. citizen, it fits perfectly TP, Teleperformance global promise, and it fits perfectly our strategy to go more into added value services. And with that, I would like to give the floor to Scott Klein, the President of the Specialized services at Teleperformance and also the CEO of LanguageLine Solutions, who is going to take under his umbrella, Health Advocate. Scott, please?

Thank you, Daniel, and good day to everybody. Could you advance to slide #4, please? So when we get to Slide 4, you'll see the beginning of the Health Advocate business overview. And when you think about Health Advocate, it's a solution to a real problem. Coping with the complexity of health insurance is not easy, especially here in the United States. Many health plans have very complicated design, and they're very challenging to navigate. Health Advocate is a consumer-focused health platform that is focused on human touch and is driven by data and technology to simplify the health care experience for the members, and those members are actually the employees of our client's company. So when you think of Health Advocate, the business breaks out into 2 main areas. The first navigation and advocacy is the part of the business where we help these members understand their medical conditions, try to answer their questions, try to help them and guide them to find the best care that they can get. And this is a service that has a high level of human touch to it. These are doctors and nurses and other professionals that are helping to dispense this kind of information. Now the other biggest part of the business is what we call health and well-being. And the mission of that specific focus is to help make sure that these members are taking good care of themselves. With our amazing data analytics and our proprietary CRM platform, we're able to know anytime we're talking to a member, what kind of conditions they have and how we can help them better manage and maintain their lives in the best possible way. Next slide, please. In the organization, we have over 700 health advocates that are specific specialists in the U.S. health care system. Health Advocate has a large client base, well over 8,000 clients, including many Fortune 100 companies. Those 8,400 clients of ours include over 27 million individuals that are insured by these client companies. Employers invest in Health Advocates to help control their medical insurance costs. They invest to improve health care outcomes for their employees, and they do all of this because they know that a happy and healthy employee is also much more productive. It's a very strong EBITDA business, and soon, Olivier will walk you through the financials in a bit more detail, but it's the kind of business that we can invest in and grow based on those very strategic investments that we make. This is a business that is not dependent on any single client. Our largest client is, I think, about 3% of the business, and you can see in the lower right-hand corner that the top 50 clients make up less than 1/3 of the business. Next page. So a key strategy for us in specialized solutions is a balanced focus on people, process and technology. That was another reason why Health Advocate was so attractive to us because they also have that same focus on people, process and technology. When it comes to people, it's a high-touch model. There are people available that can be spoken to, professionals whenever an individual needs it, but we also have very sophisticated tools that members can take advantage of really from their computer, from their phone or any other digital device. And these solutions that are available online are actually customized by clients. So to the employee, they see that it is their employer that is reaching out to take good care of them. Now our platform is patented. It uses predictive analytics to better understand the individuals that are being talked to. And those 2 combined are sort of the secret sauce of health advocate. Because it is the sophisticated tools that we have supported by a cross-functional team of real experts are what makes this business so valuable. We have doctors, nurses, benefit specialists, claims specialists, behavioral professionals as well as counselors and coaches. Health Advocate are specialists that understand how to navigate the complex health care system and help these individuals do just that. Next slide, please. Our client companies invest in Health Advocate because of 4 outcomes that they are after. That they want better health outcomes for their employees, they want to help their employees close gaps in care, they want to increase engagement, and of course, these employers very much want to control their own costs. So in order to do that, as you can see on the left-hand of this slide, we get data from many different sources that help us best understand the needs of all these different individuals. And there, in the middle of the slide, is just a sampling of some of these great high-touch solutions that we provide to our clients. We help them transparently see pricing. We help our members better understand what's the best kind of provider that they can get for their specific condition. We also help close gaps in care. And we provide a lot of valuable, detailed analytic reporting based on everything it is that we do. Next slide, please. This is a case study, a very typical case study of what Health Advocate does. This particular one is a company that has 15,000 employees. And as a result of that, 37,000 individuals, including the family members of those employees are covered and supported by Health Advocate. As you can see, this was a client that found that 15% of their employees were making up 37% of their medical expenses as an organization. So this company came to Health Advocate, looking for a way to better care for their employees and save money at the same time. As a result of our analysis and the work that we've done, we found 65,000 gaps in care among these 37,000 individuals. As a result of the work that we did, we were able to close 45% of those 65,000 gaps and we were able to do so based on our high tech, high-touch model. In result, the cost trend for this company went up by 2.6% versus a marketplace that was going up nearly 5%. So the client benefited by seeing an increase that was almost 60% less than what they might have otherwise seen had they not taken this step and made this investment. For this organization, that meant $5 million of total savings, but that wasn't the end of it. Because of this great initial interaction, the company was able to provide additional solutions to this company. So in 2015, they provided just one solution. But in 2020, that was up to 3 different solutions, and it resulted in a 26% revenue CAGR over this time horizon. And as you all know, the more solutions that we can offer to our clients, the stickier it makes us. Now I'm going to introduce you a little bit into our acquisition rationale. So if we could advance forward 2 slides. I want to share with you why this is such a good strategic fit for Teleperformance and, of course, for specialized services. Think about the impact that LanguageLine Solutions has on Teleperformance when that acquisition took place 4 years ago. We look at Health Advocate and expect to see the same kind of results as we move forward and continue to invest and transform this business. It has a complete platform. It has a focus on operation excellence. It is a subscription-based model, so it's very reliable and predictable as to what kind of results we're going to get. But what's most critical to us is the strong potential for future growth because that is what we are all about. And with that, I'd like to turn it over to our Chief Financial Officer, Olivier Rigaudy. Olivier?

Thank you, Scott. I'm going to try to show you why this acquisition is as -- not only business rationale, but also financial rationale. Can we move to the next slide, please. We are going to enhance our value creation for our shareholders and we are exactly in line with our path to achieve our 2022 objectives that have been set up at the last investor meeting we did in California at that time. This operation is accretive. Not only we are going to strengthen the top line with Health Advocate that is going to benefit from positive momentum in the future within Teleperformance, but we are going to enhance also our EBITDA margin by a figure which is roughly around 30 basis points based on pro forma figure 2020. And forecasting, and we forecast also an accretive impact of around 7% on an EPS, excluding amortization of intangible. This is what we do forecast on a pro forma basis for 2020 for Teleperformance. We are, of course, on the right path to achieve our objective of 2022, which is based on 2 things. Obviously, increase the contribution from the specialized service business, that all you know, deliver outstanding figures in terms of growth, but also in terms of margin -- EBITDA margin. And we do believe that we are well positioned to achieve our EUR 7 billion revenue figure target and our EBITDA margin at least 14.5% by 2022. That is our objective for the group. We will publish next week -- next slide, please, first. We will publish next week, our sales figure, and I'm not going to speak about figure for Q3 now. Next slide, Slide 13, please. On Slide 13, you will find the profile of Health Advocate over the last years. You will see that Health Advocate has grown dramatically from 2017 to 2019, a CAGR of 9% growth over these years, arriving to EUR 139 million at the end of last year, of course, navigation that is roughly 2/3 of the business and from the health and will be. During this period, and this is the second part of the slide on the right side, you see that the growth of the EBITDA has been even more because we have been -- this company has been able to deliver a growth of 19% over these 2 years, arriving to EUR 48 million by 2029 -- 2020 -- 2029, sorry, with a margin that was 34%. So good margin, good figures, good growth. If we move to next slide now on Slide 14. We do believe that here, you'll find the figure of EBITDA margin for Health Advocate, which is 36% of -- on a recurring basis and EBITDA margin 27%. Both of them are going to enlarge and to increase the ratio of by 30 basis points. And as I mentioned earlier on, this is going to deliver to increase our EPS on a pro forma basis by around 7% starting year 1. This is not absolutely taking account any synergy at the time, and synergy, of course, but also any synergy of growth that was mentioned by Scott a minute ago. If we go now to Slide 15, you will find the main characteristic of the transaction. The enterprise value of the company is $690 million. This will be financed only through debt, and we do believe that we won't have no impact on our rating. And we do believe that this transaction should be closed in Q1, maybe earlier on, depending on the regularity approvals that we are asking for in California and in U.S., too. The leverage ratio should be come back to a level of around 2 by the end of 2021 next year, which is very, very acceptable. And the financial profile of Health Advocate will strengthen our ability to generate strong cash flow. What I just wanted to tell, and I mentioned the model case was a successful financial integration of LanguageLine Solutions. LLS has been bought 4 years ago, and it was mentioned by Scott that at that time some minutes ago. During this period, in 4 years, LanguageLine has grown by 25%, which means a significant amount of sales, while EBITDA has grown 32%, and we do believe that we could try to achieve such figure for Health Advocate also. So if I want to summarize today, it's 4 characteristics. We are buying this company on the multiple that is below that what we are buying both by the market clearly. So it is relative in terms of value. It's also relative in terms of P&L. It's true from the EBITDA figure, but also from the EPS, we just saw that. And this company has a DSO that is positive and net working capital that is positive, sorry -- and we are going to improve also our cash flow -- EBITDA to cash flow figures. Move now on to Slide 17, just to finish. We do believe this is a win-win deal, either for Teleperformance and for Health Advocate. For Teleperformance, as I told you a minute ago, it's another LanguageLine Solution value creation story. We integrated in the specialized service activity. We developed also all of size of client base in U.S., including many Fortune 100 company to serve with all TP products in the future. And we're increasing, as mentioned by Daniel a minute ago, in this health care sector in U.S., which is promising. For Health Advocate, clearly, Teleperformance offer a possibility of a new client. Again, Teleperformance in people, management, security, analytics and automation, especially with LanguageLine Solution. And of course, as mentioned earlier on, there will be the support of the group in terms of management and financial support to invest much more in the future and to develop this company. I just want to finish by the Slide 18 that is now visible. We just put on this slide, the Teleperformance point with your mission, vision, business mix and financial and to see how much Health Advocate is ticking all the box. It's true for the mission, as mentioned by Daniel a minute ago, helping people to solve their problem on a daily basis. The vision as also mentioned, simpler, faster, safer, which is high-tech and touch, it is exactly what we are doing elsewhere in the company in the group. We have a business mix with integrated approach to service from analytics to customer experience, strong expertise in high potential sectors like health care. And of course, worldwide expansion in key BPO market, we are looking for U.S., which is a big and a major market. Finally, in terms of financial, as you understood, this is helping to deliver our figures and accretively. That's what I wanted to tell and to finish and leave now the floor open for questions to Mr. Julian, Mr. Klein and myself Thank you all.

[Operator Instructions] Question comes in from the line of Sylvia Barker calling from JPMorgan London.

Could I ask a question on navigation and advocacy versus health and well-being Maybe can you just talk about how the 2 are organized, presumably have quite large call centers run for the former business. Maybe you can tell us kind of how many employees you have and how that's organized? And then in the second business, do you actually employ the nurses and doctors yourself? Or do you have agreements? And maybe if you can touch on profitability differences between the 2 businesses? Then secondly, around the 7% EPS accretion, it seems like you're assuming relatively healthy kind of profit growth in 2020 and 2021. Can you maybe talk about the expectations they you've baked into that? And then finally, the selling process was obviously quite well flagged, so how competitive was that?

I think the questions are mostly for Scott Klein, except the financial one for Olivier. So Scott, if you want to answer, please?

Yes, please. Yes, of course. Sylvia, thanks for that -- for those questions. So basically, the navigation and advocacy business is about 63% of what the company does. And basically, navigation and advocacy is what the company was originally based on. And that is the ability to have employees of our clients better understand what their options are for treatment when they know what their condition is or maybe even to help them find a doctor to initially get a diagnosis. Health and well-being is a proactive service that we're engaging with our clients employees to make sure that they're taking good care of themselves. They do for a physical, they do for somewhat specific medication, as there's some procedure that they need. And while our team is on the phone, thanks to our very sophisticated analytics and CRM tool that's proprietary to this business, we can dispense that kind of advice. Now we have about 700 health advocates that work here in the United States. And those are made up of call agents, nurses, registered nurses, counselors and other professionals to be able to dispense the kind of help that these individuals need. And with that, I'll turn it over to Olivier to answer the other part of your question.

Thank you, Scott. As you can imagine, I'm not going to give you in detail for 2020 lending and 2021 objective now. What I can tell is that we followed the global consensus that has been gathered which is -- a little more than EUR 5.5 billion for 2020, which is a growth that is in the range of 80% like-for-like, with EBITDA margin of 12.6%.

I would like to add something. This is Daniel Julien. I would like to add something to the answer. You will know this with Scott and so that this is not entirely people business. And this is due to the portal and to the digitalization that has been permitted by the analytics. And so you can see that the revenue per employee is extremely high and is very far from the usual benchmark of service companies or customer service companies or BPO.

In terms of -- yes, so it is basically a very different business model from just a lot of the rest of the Teleperformance. And sorry, just in terms of profitability, could you comment on the difference between the 2 segments? If they are run separately, the profit level as well? And then, sorry, just Olivier, on the 7%, my point was more around what you expect from Health Advocate rather than the overall health business, which obviously, we could use consensus or our own estimates for that, but just curious whether you're still assuming a 2020 EBITDA growth into next year?

For 2021, I'm not making -- made any forecast today. I'm just taking the figures that they deliver -- that they are going to deliver for 2020, which are set up -- which are presented in the -- which is 140 billion and roughly $50 million EBITDA. Profitability by sector, I cannot answer like that. I prefer to give you much more detail later on, on that -- on the point.

Yes. And I don't know if we are going to go to this level of detail as we don't go to this level of detail for our other businesses. Yes. So thank you very much. Maybe we can pass to next question.

The next question comes in from the line of Edward Stanley calling from Morgan Stanley.

I got 3 as well, please. You talked a lot about identifying gaps and closing them and adding value to your customers, but I apologize if I'm being slow, but how do you grow this business. You talked about one part of it growing faster than the other. But this by adding more clients? Is it by charging by inbound interactions? What's the price and volume contribution? I'm just trying to understand really how sustainable the growth could be because clearly, the track record is very good. The second question, health care is obviously a highly sensitive political topic in the U.S. And I'm just wondering, a week before the election, whether you think that has any kind of bearing on the group or -- and whether the subscription model of the Health Advocate means that actually you're agnostic to anything to do with the politics around it? And finally, I think more for Olivier, you said there are no synergies in the 7% accretion number. LLS has decent health care exposure, the core is 16% health and insurance, I think. So to what extent do you think you can cross-sell Health Advocates with the rest of the core business and specialized services?

I think that the answer for Scott. I'm going to keep on myself the question about the political -- the U.S. political environment because I'm going to love to answer to that. But Scott, if you want to answer to the rest?

Sure. Yes, absolutely. Great question, Edward. As far as where is the growth opportunity, first of all, we have a number of different solutions that we offer in the marketplace. And the opportunity to sell more and more of what we have to our existing clients provides a significant growth opportunity. But when you think about the number of clients we have, just above 8,000, that leaves many, many thousands of -- maybe even tens of thousands of other potential clients that are out there to be able to generate net new revenue of all of these services. And as far as synergies go, we've definitely have the opportunity for our core Teleperformance services to be able to have entrée to those over 8,000 clients of Health Advocate, and that's not only for the core business of Teleperformance, but other parts of our specialized services, like LanguageLine, and of course, the opposite is true as well. The treasure trove of Teleperformance clients, of course, are natural opportunities for health Advocate. And now to get your answer to the politics around the election, I'll turn it back to Daniel.

Thank you very much. As I'm half American and half French, I'm going to be less engaged in what I say. I am really convinced -- we are really convinced that whatever is going to be the results of the election, the U.S. health care system is extraordinarily resistant to major transformation. And the complexity of the system is going to continue to be where it is. Whatever is the political agenda, we discover that it's not easy to move the cursor. And yes, the subscription model of Health Advocate is a great comfort for us -- additional comfort for us. But we feel -- we don't think that the results of the election in a week from now are going to transform significantly our business and the markets on which we operate. Basically, the U.S. are not ready for social democrat health care system.

Fair enough. That's very clear on the election point. I just have one quick follow-up for Scott. You talked, therefore, about growth coming from a combination of new versus existing customers. Can you give us a feel over the last 2 years. You say the business has grown at 9% CAGR. Is that 50-50 new versus existing? Or is there a weighting towards existing versus new customers?

Yes. Edward, I don't have the specific answer, but there's no question that the bulk of the growth has come from growth with existing, but the opportunity for growth from new is meaningful as well.

I also would like to add something. And I know that Scott Klein is a pretty humble leader. But when Scott Klein takes a company under his umbrella, it is a very strong factor to increase the [indiscernible] of a business.

Let's move to the next question.

The next question comes in from the line of Antonin Baudry calling from HSBC.

I did not understand business model of It is a subscription model, but what do you mean, who pay for the employees? Is it a pay per use business model? How does it work? My second question is what is the competitive landscape of this type of solutions. The third question on the deal itself. What drives the disposal of Health Advocate by Apollo Corporation? Was it a competitive process on what makes the choice of Teleperformance against the potential other bidders?

Maybe, Scott could answer the two first questions, and I'm going to keep the political one, which means was it a competitive bid or not?

Yes. The service is paid for by employers to the benefit of their employee uses. So there is no cost to the individual employee or their family member for this service. It is paid for by the company. As far as the competition goes, it's very fragmented. There are a number of small competitors out there that do different parts of what Health Advocate does. But what makes Health Advocate so unique is that we can provide the complete 360 degrees of coverage that employers want for their employees, so that they no longer have to work with other providers. So one example of that would be our emergency assistance program, where we offer this service to the employees of our clients that are in trouble. Maybe there is a drug problem, an alcohol problem, an issue with a loved one. Our EAP system and service is there to support those individuals so that eliminates the need for our clients to have to go and seek out a company that only does employee assistance. So Daniel?

So first, the question was about it to be a competitive bidder on us. So you have seen that Apollo has chosen Goldman Sachs and so you can imagine that Goldman Sachs would run, in any case, a competitive bid, number one. Number two, why it will be. I would say when we explain Health Advocate, [indiscernible] we see a perfect fit. But perfect fit really come just by chance and/or suddenly by the mail. In fact, there is a little bit like in the case of LanguageLine Solutions, a long history of interest of Teleperformance or Health Advocate. And I would say, Apollo and -- the Apollo team and the Teleperformance team already had the opportunity to dialogue previously. So basically, the fact that they were maybe a great detailed knowledge of the company and of the people. Second, the certainty of the deal that Teleperformance would bring on the table versus other solutions. And third, as usual, our ability to move and decide fast.

I have a quick follow-up on the growth of Health Advocate possible to have any indication of the top line growth of this company in H1 '20 because you provide some '19 insight. So what is the trend of growth for the current year? This question is more for Olivier.

Maybe I can answer, I can answer. The growth for '20, in fact, the 2 businesses -- the 2 major businesses continue to grow, as usual, but there is small marginal business that is linked with vaccination process that dry up in '20, a little bit lag for Teleperformance. We had TLS that dried up. So the growth of this company in '20 is going to be flat or very slight growth, even if the percentage of EBITDA grow from 34% to 36%. And -- but we are super confident that the growth for '21 is going to be again in their benchmark.

Can we maybe have 2 last questions before we break up.

The next question comes in from the line of Rory McKenzie calling from UBS.

And just 2, please, on the contract structure. Are these contracts paid at the start of the year or monthly? And then in your comments about financials, you talked about aiming to improve working capital. So can you comment on what you've seen there? And then secondly, in terms of the current client book, what's the average duration of relationship with the current clients? Appreciate it's very diversified. But are there any big renewals or a wave of renewals we should be aware of? I don't know, say, lots of clients were onboarded 5 years ago or something. So that would be helpful to know.

Scott, again, you are the expert.

Sure. I'll handle the pay cycle and the average length and turn it back to Olivier for working capital. The clients pay for the service on a monthly basis, the exact same way they are paying for their health insurance. So it's on a per employee, per month basis. As far as the -- your question about the average length of the contract, I don't have a specific number to give you, but I can tell you that with so many 27,000 plus clients that -- and no individual client representing a significant amount of the business, we looked at this very carefully, and those renewals are spread out over time. Many of these contracts are long-term, some are shorter term, but certainly, at least the year in length, most -- more than that, so that we didn't see any risk on renewals.

Scott, you just mistake for one second LanguageLine Solutions with Health Advocate because it with 27,000 clients, when Health Advocate, it's only 8,400, but it doesn't change what you say.

As far as -- sorry, as far as this is concerned, as you can understand that it's easier to build than the service because it's based on employee people. So people are being quicker in their invoice, and they are paying quicker. I mean, around 40, 42 days, on DSO versus a little more for -- plenty more for Teleperformance core service.

Last question maybe before we break up.

Next question comes in from the line of Daniel Hobden from Crédit Suisse.

Just one last one from me, please. I think you mentioned that leverage is going to be back to around 2x by the end of FY '21. Are we to think of this the same as the CNS, [indiscernible] to integrate and think about going again? Or can you say more near-term M&A in the pipeline still?

I'm not sure to understood exactly your question. What I -- what we foresee is that the ability of the group to repay the debt and to generate cash flow will lead to a level of net debt-to-EBITDA around 2 on by 2021, which is totally acceptable versus our metrics versus of size and versus our I don't know if I answer properly your question.

No, no. And I suppose the other -- so the other part to that is, would you consider pushing leverage higher in the midterm if there are other M&A opportunities out there?

There will be always -- always very careful on the level of the debt. Even if the debt is cheap, and you know that very clearly, we are absolutely committed to keep grade and we are not ready to decrease to get such a level of grade. So clearly, we are not ready to go far beyond after...

Olivier, but they -- as we cannot insert the future, of course, there are many other opportunities for Teleperformance if we find the gem that is going to continue to build our profile.

And the level of the debt that we will get after this acquisition is really acceptable for the rating agency, and we are going to live with. So clearly, that is the point. Maybe the last question from Merrill Lynch.

The last question comes in from the line of David Roux from Bank of America.

Two questions from my side. So you spoke a bit about working capital. Could you perhaps talk about the CapEx density of this business? Is it higher than or lower than the existing Teleperformance business? And then sort of leading on to that, should this deal be accretive to the cash conversion profile Teleperformance? And then my second question is on the debt used to fund this deal, is Teleperformance using existing facilities or issuing sort of subsequent types with this acquisition?

Okay. About financing, we are thinking to -- we have the consumption, but we might go for probably raise a different amount maybe later on, depending on the condition of the market, but we are working on that, that could be an option we have facilities that help us to, of course, finance the deal during this period before we refinance it on the longer term. That's the first point. About the DSO, the level of CapEx is, by nature, significantly lower than Teleperformance. Today, we are much more in the range of 2.53% of the sales as of today. But it could be...

There is something that I would like to explain because it may seem strange and it's counter intuitive. But Teleperformance's core business because it's mostly voice and synchronic, has a super high level of CapEx versus digital solutions that may be at asynchronic. That's it.

Thank you to all. I think we are going to stop there. Of course, the team here in Paris with myself, Quy and Julian, are able to take your call and your questions that you may have. And we are, of course, ready to answer all the questions you continue to have to write your paper tomorrow. Thank you to all.

Thank you for joining today's conference. You may now disconnect your handsets.