True Corporation Public Company Limited (TRUE) Earnings Call Transcript & Summary

Good evening, and welcome to True analyst conference for the fourth quarter and full year results of 2021. I'm Yupa Leewongcharoen, Group CFO. And with me today are our Co-President, Khun Natwut, Dr. Teeradet and Khun Manat. Let's start with the highlights. Through group ongoing effort through optimized cost structures continue to yield positive results and drove EBITDA growth in 2021. This was achieved this by an [ array ] of challenge with impact from the macroeconomic and competition, causing consolidated and mobile service revenue to be flat for the full year, although revenue improvement has seen in the fourth quarter. TrueMove H's 5G continue to reverse solid growth, with 5G users reaching over 2 million as targeted, while ecosystem kept expanding through partnerships across various industries to online sustained broadband leadership in both revenue and subscriber base. And its high-speed gigatexfiber and True IDT bundle meet customer increasing needs. True digital group ramp-up its digital platform and solution business with revenue from True ID and Digital Solutions surging 66% and 37% year-on-year, respectively, in the fourth quarter. Last but not least, the detailed due diligence on the amalgamation has completed, and a binding agreement has been signed. The completion of the amalgamation between True and dtac, which is also subject to further approval from shareholders and relevant party, pave the way for the creation of the new telecom tech company that will better respond to the growing need of Thais and support the [ excellent ] digitization of Thailand. Now moving on to the financial performance. We see positive trend in revenue picking up Q-on-Q in the fourth quarter to THB 26.6 billion, with growth in our key segments led by mobile business after easing restriction measures. Expense growth, EBITDA growth by 12% year-on-year and frac Q-on-Q due to continued cost discipline, despite Q4 generally being a high season of spending. Net product sales also turned positive, thanks to more reliance on our data analytics capability to ensure a quality acquisition with minimum subsidy level possible, as well as increasing sales contribution of device only to improve margin and optimize inventory levels. We expect this positive trend to continue. All this drove EBITDA up Q-on-Q and year-on-year to THB 14.7 billion and margin on service revenue growing to 55.2%. For the full year performance, consolidated revenue was flat in 2021, along with weak consumer spending resulting from the macro economies and Covid-19 pandemic patients. However, various cost measures implemented throughout the year, whether they are roaming, content, manpower productivity and sales selling-related continue to deliver positive results and lowered expense above EBITDA by 11%. As a result, EBITDA increased 9.7% year-on-year to $57.8 million in 2021. Although on a full year basis, we still reported a loss, but core loss was narrowed. We expect more contribution from cost restructuring program this year, along with trebling of network investment to drive our profitability higher. Next, our President will go through performance of our key business, starting with Dr. Teeradet for the broadband business performance.

Thank you, Khun Yupa. For the mobile segment, TrueMove H service revenue was flat in 2021 compared to the industry decline of 1.6% year-on-year, excluding TrueMove H. Given the impact from COVID-19 and macro economy, which weaken consumer spending as well as competition in the market. The revenue trend has improved in the fourth quarter following the country's reopening. And we believe that 5G will help push this positive revenue trend. The prepaid acquisition was limited and competition remained high with the [ stout ], especially low-end fixed speed unlimited plan being offered in the market. Our postpaid still maintain healthy momentum with net adds contributing around 47% of the industry in 2021 driven by 5G growth. TrueMove H expanded its total subscriber base to over $32 million, comprising of $21 million prepaid and around $11 million were postpaid. We were utilizing more analytics capability and CRM to provide personalized offering and drive subscriber ARPU growth. Let's take a look at the growth on the high-value 5G market. For 5G, TrueMove H footprint was extended to our 77 provinces, especially in high-density usage area like BMA and [ EEC ] with more than 99% population coverage, with the attractive campaign with popular 5G devices like iPhone and other inter brands, as well as high-quality 5G usage experiences. TrueMove H 5G users continued to grow well in over 2 million. We remain committed to provide an uplift experience and privilege to our subscribers. This includes incorporating with exclusive content, world-class programs, entertainment and live broadcasting sports events into our applications and platform like through IT and TrueVisions. Now to fulfill the growing and diversify [ among us ]. Metaverse was introduced and continued to gain popularity, especially [ compared ] to also sought an opportunity to involve this into this market. Our 5G XR studio and the 5G innovative hub has collaborated with partners to ensure Thais can enjoy in different kinds of activities into this virtual world, like live concerts and cloud gaming. Moreover, we keep creating the facilities to add convenience to our customers. Payment and online sales and services can be done easily through the different channels, both in person and in electronic devices. Synergy channel is certainly easing the transaction, as it can be found nationwide at 7-Eleven, Lotus and Makro as well as other business partners. We do believe that number of 5G adoption will come higher this year from our continued determination to bring about better services and solutions to both consumers and enterprise. And Khun Manat is going to touch on driving 5G ecosystem in various industries.

The growing demand for 5G from enterprise sector has chartered the way to expand through 5G ecosystem. The resurgence of COVID-19 also induced many businesses to expedite the development of their services through electronic transaction. Therefore superior 5G, it will become crucial. Throughout last year, we collaborated with many entities in various industries to unleash their potential by applying 5G. We engaged in 5G MEC cloud platform to provide 5G solutions for smart hospital, and in the process of extending to other partners as well as providing the 5G private network for smart factory. Our expertise also extended to the agriculture sector where we helped us provide the scouting drone and smart irrigation system. In the fourth quarter, we also expanded partnership to develop the commercial drones by using 5 different activity: AI unmanned aircraft system, traffic management for better efficiency throughout the flying route. In tourism, we supported the development of Smart City for Phuket [ falal ] following their country's reopening to oversee [ netted ] foreign travelers. This included 5-year robot Smart QR, the contactless food labeling and ordering solutions, health care platform and the tourist verification process with the wrist band. 2022 may be another challenging year, but we are confident that we will be able to explore the coming opportunities from various industry to enhance our 5G ecosystem with higher growth. For the broadband Internet segment, the market has shown consistent growth despite competition as broadband demand for remote working, learning, entertainment, [ cablizing ]. Throughout 2021, TrueOnline responded to our growing needs and strengthened its offering further through True [ period ] fiber network innovation and improving customer care. As a result, its broadband revenue increases by 8.9% year-over-year to THB 29.5 billion, given solid net adds to 101,000 in quarter 4 and 442,000 in 2021. This total is subscriber base to 4.6 million. We believe that our continued focus for -- on delivering superior experience and adding value to customers to group's multiple products and content as well as comprehensive ecosystem and fulfillment platform, cement our position as the #1 of choice for the household. Let me hand over this to Khun Natwut for the digital part.

Thank you very much, Khun Manat. Our digital business has consistently grown and greatly added value to the core telco products. TrueID kept expanding along with increasingly popularity of its entertainment libraries, which were further strengthened by various original and Chinese series as well as animation with Thai dubbing. During Q4, we also launched live event tickets to watch the virtual concert and live match sports such as Formula One, Ultimate Fighting Championship, NBA and NFL. This received promising responses, creating a new revenue stream while enhancing customers' entertainment experience on the platform. All these accelerated TrueID's monthly active users use to a high -- to a new high of over 30 million MAU. Average monthly video view to 431 million and content sales transactions to 671,000 pushed by the True ID package. TrueID TV also expanded with 3 million boxes at customers' premises, adding roughly 300,000 during Q4. As a result, revenue increased nicely by 66% year-on-year and 17% Q-on-Q in the fourth quarter. For the Digital Solutions business, it has consistently grown with revenue increase by 37% year-on-year and 27% Q-on-Q in the fourth quarter as it continued to develop new solutions that better meet customers' needs. True Living Group strengthened the Smart Living business and added values to customers through bundled smart homes, products and services with TrueOnline and TrueMove H as well as additional services such as cloud storage and installation services, generating revenue and ARPU upside. We also expanded sales channels, including online, TrueShop and Lotus. The True Smart Living application was also upgraded to True LivingTECH application, which can connect all smart devices with high security and convenience. For retail business, we rolled out the Smart Retail solutions, which help store analyze customer behaviors and generate insights to improve shelf and store management as well as product offerings using vision AI with high accuracy level. The digital health business has strong growth potential, thanks to rapid adoption following the COVID-19 situation. True Health Corners & Kiosks has expanded into 32 locations to seamlessly connect clients online via application to offline primary health care services such as basic health checkup, health consultation and selling medicine as prescribed. Registered users of our health platform were doubled by year-end and still growing. We have gained a number of doctors, up to more than 500 doctors in service to meet this increased demand. Moreover, we also introduced the Smart Emergency Medical System or smart EMS, which utilizes AI technology and 5G connectivity to improve the quality of pre-hospital emergency care with end-to-end solutions. This allows doctors at the hospital to virtually see patients before they arrive at the hospital, shorten diagnosis time, provide better route and reduce documentation workload. This solution is a part of Siriraj Hospital world-class 5G smart hospital project, as touched on earlier, aim to further expand to other hospitals as well. Let me hand over to Khun Yupa for the outlook and guidance.

Thank you, Khun Natwut. Now for the guidance this year. We believe the COVID-19 impact was already reflected in the last year number with a recovery in Q4. As a result, we expect our consolidated service revenue to grow at the mid-single-digit rate. This is driven by 5G as well as continued healthy growth of broadband and digital businesses. Our cost optimization program implemented last year, as well as more in the pipeline this year, should yield higher contributions. These are expected to outpace higher D&A expense and turn our bottom line core performance positive this year. The accrual CapEx was already peaked and should be below THB 30 billion this year, while cash CapEx will definitely lower than 2021 level. For the next step of amalgamations, we will seek for approval from shareholders at the AGM in early April as well as approval and consent from relevant parties such as regulatory, creditor, ETC, are expected to be obtained for the launch of VTO towards the end of Q2. Then after the completion of VTO and purchasing of dissenting shares, joint shareholders' meeting of the NewCo will be held. And after getting our approval, the NewCo will register and listed on the SET, targeting by Q3 this year. We believe that the new amalgamated company will be a key driving force for the country, digital development and ecosystem as well as continued creation of innovation and talent. It will restructure our business substantially with combined strength and expertise of both companies and strategic shareholders, making us better respond to consumer need and adapt to any possible challenge and changing market dynamics. Our value-driven convergent proposition will be extended to a larger customer base, leading to more growth opportunity with higher revenue and revenue per household. Our services will be improved along with stronger network and spectrum holding, consolidated infrastructure and channels and incorporated platform with higher investment capability and return on investment. Last but not least, cost synergy for both CapEx and OpEx through more efficient process and economy of scale will be realized. This concludes today's presentation. Now let's go to the Q&A.

The first question, what will be your 5G adoption rate target for 2022? What will your 5G strategy be? May ask Dr. Teeradet to address these questions.

Sure. We expect our 5G users to be more than double from over 2 million as of last year, which will definitely driven by more 5G devices. For example, iPhone, international brand and of course, our True house brand. That will help driven the market to reach more than $10 million this year. Our strategy might not be that different to [ AAS ], but we believe that the 5G market is large enough for both to gain fair share in high-value market. To accelerate our 5G user base, we will continue to place importance of our superior network and service quality as well as added value content and channels to serve increasing demands from our customers. In addition to our 5G devices, we expect that the IoT devices to help also play an increasing role to grow the 5G user base. For enterprise market, we will continue to collaborate with various partners, and in the key vertical industries to progress 5G in more rapid pace.

The second question is probably for Khun Manat. How much is your network cap for 5G and FEB? What will be your strategy to deal with advanced aggressive FEB network expansion and subscriber acquisition into provincial markets?

We aim for budgeted, the capital expense of not exceeding THB 30 billion. And broadband should account around 20% of their budget spending. Our strategy and key focus remains to be on providing high quality of fiber network and services with innovative device that enable us to provide higher speed and experience as well as content bundle such as TrueID TV to increase engagement and revenue per household. We aim to utilize more analytics capability to provide more household personalization to attract new customers, as well as the upselling and cross-selling on TrueCo's customer base. The digitization, real-time dashboard and will train the technician will also allow us to provide better service quality, advise customer, and upsell other products at the same time.

Next question is for Dr. Teeradet. How about the price competition in both mobile and big broadband market in the first 2 months of 2022 comparing with Q4 '21?

Well, the competition in the mobiles and broadband remain high, but I would say it's very similar to Q4 last year. There were small questions on the mobile price plan soon after the amalgamation announcement in quarter 4 of last year, but those were the headline for the certain period of times and they're [ widing now ] later on. We see limited impact as the result. Broadband competition remain on the speed at low-end price plan, but with effort to improve revenue per household and the long-term customer contract with the value-added services such as content bundle.

Next, is it possible for the [ improved revenue ] in the first quarter '22 to slow down for both year-on-year and Q-on-Q due to outbreak of Omicron?

Well, the Omicron is actually not as aggressive. And the vaccination adoption rate is higher. As a result, we have not seen escalating impact from the Omicron. People are also confident now on their spending and the business activities have now resolved. We are hopefully for the economic recovery to remain intact.

Next one, probably for me. Apology if I missed the guidance, please share some guidance on revenue growth, EBITDA margin and CapEx. As I already addressed earlier, that we expect service revenue to grow in the mid-single digit rate this year based on the current situation with the sign of economic recovery and higher vaccination rate. This is driven by the mobile recovery, while broadband and digital should maintain decent growth riding on increasing demand for both consumer and enterprise. Also last year, we implemented a lot of cost saving or cost improvement measures. And we believe that those contributions will be realized more this year. As a result, we expected that our EBITDA margin this year will be in the range of 60%. And this should help improve our bottom line to be in the green zone this year. As for the CapEx, I already addressed that we already passed the peak cycle of CapEx investment as such. And this year, we expect that the new investments should not exceed THB 30 billion. However, in terms of the cash CapEx, we still need to pay a cash CapEx for the capital invest in the past with vendor financing deferred payment terms. However, the cash CapEx this year will definitely lower than last year. Next is on the 850 megahertz negotiation. Please update the negotiation with NT on 850 megahertz [ for sale fee ]. No material update or progress from last time that we met. However, we still firm on our position that we should be able to reduce our capacities to be pretty much on a [ use ] per user basis. This is pretty much in line with the offering that our counterparty offer to other parties in the other agreements. So that's the argument or the basis for our negotiations. Regardless of the negotiation, this agreement will be expired in mid-2025. And if we were not to extend the agreement at all. So the saving will be in the range of THB 6 to 4 billion, I would say. However, we still positive about the negotiations, and we will put this negotiation as priorities for the management. Next question is on the auction of 3.5 gigahertz. When do you expect the NBTC to auction 3.5 gigahertz? [ advance seem ] quite interested to grab 3.5 gigahertz. [ I send ] what about your stand? You help, [ Khun ]?

The 3.5 gigahertz auction is expected to be held in the fourth quarter of this year according to the IMT spectrum road map, and actually possible to shift to the next year. Regardless of the auction time frame, we believe that our spectrum holding is sufficient to serve high-quality network to customers in the next few years and will be even strengthened if the amalgamation completes successfully. This is also subject to customer uses, which we will continue to monitor and evaluate them closely.

The next one is on the merger or the amalgamation [ planned ]. How much opportunity value potential do you expect to get from the merger with [ dtac ]? We might not be able to share much about the figure at this moment. But as I informed earlier that the synergy value we derive from the CapEx and OpEx from improving operational efficiency, infrastructure consolidation and [ for any off scheme ] as well as in terms of commercial, we can cross-sell and upsell to a bigger customer base, as well as we expect a positive effect on our capital sector and delever [ it as well ]. Please name 3 key cost items. The first call can immediately cut our [ debenture completions ]. I would say that the 3 key cost items would be first is network open. Definitely, we have a certain duplicated network, the [ PTK ] investment. So we believe that right after the amalgamation, we can consolidate our network, saving [ never quite a bit ]. And secondly, in terms of the procurement, because of the scale and purchasing power, we believe that we can reduce the unit cost for purchasing quite significantly. Apart from that, we also have duplicative sale and distribution channel. So we believe that marketing and [indiscernible] if the amalgamation were to complete. Next is on the amalgamation as well. As the merged corp is aspire to become the [ Pelitic ] company, what will be the first and material new business the merge Corp is going to pursue? May I ask Khun Natwut to help on these questions.

Yes. Yes. As for the telco tech company that you talk about for the merger for the merged core. I think core telecommunication business will still be the core of the company. And once amalgamated, we will make sure a smooth transition, and improve customer experience through better network and service quality, as well as more engaging privileges. Adding to what we have right now is combining strength of both companies and their strategic shareholders. For example, the expertise and know-how, the nationwide footprint and larger partners. Following the new core mission to drive Thailand's technology hub strategy, greater emphasis is needed to develop our capabilities in new technologies such as artificial intelligence, cloud technology, IoT, smart devices, smart cities and digital media solutions. The new core will also focus on development of tech-based businesses, creating a digital ecosystem and establishing a start-up investment fund to support Thailand 4.0 strategy and the efforts to become a regional tech com.

Next question. My calculation shows that the merged core net debt-to-EBITDA will still be high at 4 to 4.5x. What is your plan to improve the merged core balance sheet? Have you been thinking about the divestment of the [ tech cover ] into DIF? Although it remains high in your view, our leverage ratio will improve along with the improvement of the operating performance. As I mentioned earlier that the merged co will have a lot of synergistic value, especially, as I mentioned earlier as well, in terms of network of [ Peksaving ] as we have a duplicated network, so we can consolidate network and reduce network OpEx. We can also rebuild the purchasing unit price, review the redundant sales distribution channels and all the footprints that we have duplications, that reduce the cost as well. We also have a lot of synergy in terms of back office. So along with the improvement of our operational expense and efficiencies, our performance will improve, together with the leverage, that we see that after the amalgamation, even though the level is still high, but it definitely will improve from our current stage. And as the performance improves, our performance improves, the leverage will improve accordingly. We also expect that along with the improvement in our operation, our credit profile will improve, reducing our interest expense as well. Let's go to next question. Other than the NBTC, what other authority do you need to get approval from to proceed the deals? I may ask Khun Manat to help on these questions.

Let me address this. The direct authority that regulates telco is the NBTC. As the approval needed is regarding process such as approval or consent from the shareholders, creditors, set for listing the new co, et cetera.

Next is on the amalgamation process as well. As you have scheduled to launch the tender offer in July, how can you be confident that the regulatory [ period ] will be made before that? Again, we cannot speak on behalf of the regulators regarding the time needed for finalizing their consideration. However, according to law, we need to submit documents, file the application to the regulator at least 90 days before the amalgamation take place. And the application was already submitted to the regulator since 25th of January per the time line. We are confident that the amalgamation will bring about various benefit to consumer and the country, as communicated earlier. Next one is on the amalgamation as well. Some of you accounting policy, i.e., asset useful life, etc. are quite different from the tax. What will be the accounting policy regarding the useful life of asset of the merged co? What I can say is that the accounting policy of the amalgamated company will have to be studied further. And the decision will be made by the amalgamated company management. As such, I cannot comment in detail at this moment. But what we can comment is that this will be studied and made a decision by the new management of the new merged co. Next question. It is expected that the COVID-19 situation will be better this year. If the people go back to live in a way of pre-Covid period, like go back to study at school and work at office, do you think that this will have an impact on any of your business? I may ask Khun Natwut [ ka ].

We believe that people have already adapt themselves to the new normal lifestyle. And digital and technology has become essential to their lives. There are various trends that have become norm today and should continue to be in the future, such as digital health and like, for example, video conferencing solutions with increasing adoptions. And I think True has captured these trends quite well. We have our own direct consumer solution, and it has gained tractions. And I believe with this new normal, we're in the position to capture this trend very well going forward as well. Thank you.

Next one. Is there any restriction on interim dividend payout for either dtac or True between now and in September 2022? Actually, I would say that the swap ratio has already been fixed between the 2 parties. And as long as the 2 parties pay dividend not more than the net profit for the particular period that should be no problem. Regarding the performance statement of NewCo, the 9 month 21 net profit of Newco appeared to be a bit higher than dtac plus True combined net profit. Why that is different come from, and should we expect the different to continues? I can explain in the broader picture. The pro forma is prepared so as to provide the users of the financial if the amalgamation were to happen in the past in 2021 to 2022, what the financial performance would be. And in terms of preparing up the pro forma financial statement, the accounting principle is that the bigger company, which is in this case is True, is the acquirers. And the smaller market cap company, which is dtac, is the acquiree. In terms of accounting standard, the acquiree asset will be account for at fair values. And we need to assess the fair value of assets. During that assessment, we believe that there would be some impairment of spectrum license because of the spectrum license, we have a historical record in showing that some spectrum is pretty much overvalued. So we have impaired certain spectrum license. And we also calculated the customer relationship values and the less of the consideration got goodwill. Those are the basis of the preparation and I summarize just the key point of the accounting principle, and for those adjustments that impact the bottom line of the pro forma financial as well. So if -- when we do the 12-month performance, the concept will be applied pretty much the same. And if upon amalgamations, when we assess the fair value of assets of the acquirees, and if the concept is the same, it is likely that the number or the difference in the number were pretty much in line with the performance. However, when we do the real accounting of the merged co, there's just a lot of more detail need to take into consideration, which the number will be the actual number. For the performance, the business [ top ] preparation is that we only use the profit information to do that performance. But at the actual implementation stage, so the detail will be considered. Thank you. Next one. Your new core shareholder EPT in [ Sept ] 2021 seemed to be much higher than the [ tech price True ] shareholder equity. Where did this difference come from? Has it led to a synergy value of the merge co? No, it's not relating to the synergy value of the merged co. However, the shareholder equity -- because in terms of the amalgamation, it's -- the amalgamation happened in terms of the share swap, no cash consideration. So the acquired equity will be account for as the fair value, which is the [ pretty pat ] the market price of the value of the acquiree. That's why the shareholder equity is increased from the actual book value involved of the party, I mean, True and dtac is not just a [ cable ] shareholder, it would be up to dtac [ and can buy ], but we need to assess the market value of dtac's, and that will take into the charter equity of the vertical. That's why the equity increased. [ AAS ] seemed to be suggesting short-term competition for first, for the 1 to 2 years, all about price stabilization in longer term during last week conference call. Do you agree with this outlook? I may ask Dr. Teeradet to help on the competition.

On this short term, I would say that we'll see a high competition between the 2 companies. But I still believe that in a longer term, I would need to really articulate a little bit more in terms of what will be happening. But in the short term, that will be happening, for sure.

And can you, Khun Manat, help on the next question as well, what are your thoughts on if commit telco drive? Is this something to [ risk are in ] doing as well? Or Khun Manat can help? Yes. Okay.

Okay. For the telecom road map [ train ] has a trend that using the AI and also the real-time information also has the ambition to be the unmanned network drive. For True, we, a couple of years ago, we already applied AI for monitoring the customer on the broadband, also in the mobile network in order to take care of the customer. So I think we are also in the same trend that we're going to make the advancement of their network to be the unmanned in later on.

Well, let me build that a little bit more as well. Customer-centric is actually something that we really focus on, and we will continue to do so by the advancements of AI analytics capabilities, that also an advancement of the machine that's learning. That's what we are offering on what we call personalization. A part of evolutions of the telecom into the tech company. We are really focusing on not just building an infrastructure but as well building the country capabilities by combined and integrated AI, IoT, cloud [ special medias ] and also People 5.0. So that's an evolution we are looking at right now. So that's probably somewhat the focus we will continue to do so.

Yes. I just wanted to add to that. I think as Manat and Dr. Teeradet mentioned, we're definitely using AI and data to better monitor and build our network health. But also, we really focus on the personalization of our customer experience and also bundle together with our ecosystem. So I think not just telecom, but we are building telecom and tech ecosystem for our customers. We've been doing this using data to create a personalized experience. And some of those, for example, are for example, right, enterprise solutions, we are doing a personalized entertainment experience. We're doing health. So basically, not just the being a better telecom companies, but a better telecom tech with a direct service to the customer on the tech part as well. Just would like to add to that, that point.

Next one, where is True [ adage ] revenue book under 2 regions? I would say that the digital platform TrueID to apply to you or other ecosystem of privilege, the ecosystem built for our customers, both mobile, broadband and TV business. So the revenue from TrueID will be distribute to those main business units, namely mobile, broadband and TV. So it's not specifically booked under 2 regions. Next one, please help elaborate on 1.5 billion Other Revenue in Q4. In short, the net 1.5 billion Other Revenue in Q4 resulting from the -- this continued rental of certain equipment on broadband network with DIF. According to the agreement with DIF, we have rent certain equipment which is the part of the broadband network. And the rental period, I mean the rental agreement expired in December 2021. And as a result of the discontinue those rental agreements, we'll be able to release the asset and liability relating to that rental. As a result, we have booked net 1.5 billion gains in the fourth quarter this last year. Seem like there's no further questions at this moment. So confirm, no further questions. So there's no further questions, and I would like to thank you, all of you, for your participation and a lot of questions, especially for the amalgamation. And we are looking forward to seeing you in the next quarter. Thank you.

Thank you very much.