InMode Q1 2023 Earnings Call Transcript

Quartr
Provided by Quartr
May 2, 2023

There are 12 speakers on the call.

Operator

Good day, and welcome to the InMode First Quarter 2023 Financial Results Conference Call. All participants will be in listen only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Mary Siegel, CEO of MSIR.

Operator

Please go ahead.

Speaker 1

Thank you, operator, and to everyone for joining us today. Welcome to InMode's Q1 2023 Earnings Before we begin, I would like to remind our listeners that certain information provided on this call may contain forward looking statements And the Safe Harbor statement outlined in today's earnings release also pertains to this call. If you have not received a As such, we can give no assurance as to the accuracy of our forward looking statements and assume no obligation to update them, except as required by law. With that, I'd like to pass the call over to Moshe Mizrahi, Chairman and CEO. Moshe, please go ahead.

Speaker 2

Thank you, Mary, and to everyone for joining us. With me today are Doctor. Michael Kreindel, our Co Founder and Chief Technology Officer Yair Malka, Our Chief Financial Officer, Shakila Khany, our President in North America Doctor. Spiro Teodoro, our Chief Medical Officer And Rafael Lickermann, our VP of Finance. Following our prepared remarks, we will all be available to answer your questions.

Speaker 2

We reported revenue of $106,100,000 in the 1st quarter, An increase of 23.5% compared to the Q1 of 2022. Sales from consumable and service continued to grow in the Q1 and Shakil will go over that in more detail shortly. I would like to take the moment to recognize that 15 years ago, we started this company With a small investment of just $3,500,000 and an idea that with bipolar RS technology, Our expertise and knowledge of the aesthetic industry, we can disrupt the industry and help close the treatment gap. We have been accomplishing this by providing patient remarkable and lasting results. We are working closely with leading plastic surgeon that have endorsed our safe FDA approved technology.

Speaker 2

Today, we can say that InMode is the leading global provider of innovative, minimally invasive aesthetic and wellness solution, Operating in 92 countries with 7 patented technology across 10 product family and an installed base of over 8,400 platforms in the United States and over 18,300 System globally. We are proud to recognize this 15 year anniversary as we announce a strong start To the year, we would not reach these solid consistent results without the dedication and hard work of our employees. And I would like to take the opportunity to thank them for their commitment and care. Last year, we successfully introduced the Envision platforms in Canada. Envision is an innovative Technology targeted for ophthalmology and optometrist market and we expect to launch this platform in the U.

Speaker 2

S. In the coming months. As we mentioned last quarter, the next generation Evoque, our hands free platforms for face treatment is Plan to launch in the second half of this year and we look forward to updating you all on this progress. Now, I would like to turn the call over to Shakil, our President in North America. Shakil, please.

Speaker 3

Thanks, Moshe and everyone for joining us. We are happy to report a strong Q1 with significant growth coming from consumable sales. Revenue from consumables and service grew nearly 43% year over year. This is a strong indication that the platforms we sell are being used More frequently signifying continued positive demand and momentum. Our Morpheus 8 platform continues to gain traction and benefit from our brand ambassadors, strong market awareness and positive patient results.

Speaker 3

As Moshe mentioned, we'll continue our strategy to Expand into new areas of wellness, such as ophthalmology, optometry, markets with our Envision platform. We've begun to hire focused sales reps for Envision and we gradually expect to establish a dedicated sales team for this market And for women's health and wellness market in the future. Lastly, I'd like to thank our entire North American team for their continued hard work. I'll now hand over the call to Yair for a review of the financial results in more detail. Yair?

Speaker 4

Thanks, Akhil, and hello, everyone. Thank you for joining us. Starting with total revenue, InMode generated $106,100,000 in the Q1 of 2023, Representing a 23.5 percent year over year increase with a gross margin of 83% on a GAAP basis. Traditionally, Based on past seasonality, our Q1 is the slowest quarter in the year. We expect 2023 To behave in a similar way to last year, 1st quarter sales outside of the U.

Speaker 4

S. Accounted for $43,800,000 or 41% of sales compared to 38% in Q1 of last year. We see growth coming from different regions We sales in Europe hit a new record in Q1 and we are planning to establish at least one additional subsidiary in Europe or Asia later this year. To support our operations and growth, InMode now operates in total of over 90 countries With a sales team of more than 236 direct reps and over 81 distributors worldwide. Capital equipment in the Q1 represented 81% of total revenue, while consumables and service revenues Accounted for the remaining 19%.

Speaker 4

GAAP operating expenses in the Q1 were $46,800,000 a 30% increase year over year. Sales and marketing expenses increased to $41,700,000 in the first quarter compared to $30,800,000 in the same period last year. This increase is attributed to the addition of new sales representatives as well as investment in direct to consumer advertising campaigns and hosting in person events to support the company's growth Objections. Share based compensation accounted for $4,200,000 in the Q1 of 2023, an increase Compared to $3,100,000 in the Q1 of 2022. On a non GAAP basis, operating expenses were $43,000,000 In the quarter compared to a total of $33,400,000 in the same quarter of 2022, representing a 29% increase.

Speaker 4

GAAP operating margin for Q1 was 39% compared to An operating margin of 41% in the Q1 of 2022. Non GAAP operating margin for the Q1 of 2023 was 43%, a slight decrease from 44% in the Q1 of 2022. GAAP diluted earnings per share for the Q1 were $0.47 compared to $0.36 per diluted share in Q1 of 2022. Non GAAP diluted earnings per share for this quarter were $0.52 compared to $0.40 per diluted share in the Q1 of 2022. Once again, we ended the quarter with a strong balance sheet.

Speaker 4

As of March 31, 2023, The company had cash and cash equivalents, marketable securities and deposits of $574,500,000 This quarter, Excluding a one time tax payment of $15,000,000 Inmu generated $36,100,000 from operating activities. Before I turn the call back to Moshe to take your questions, I'd like to reiterate our guidance for 2023. Revenues between $525,000,000 $530,000,000 non GAAP gross margin between 83% to 85%, Non GAAP income from operations between $236,000,000 $238,000,000 Non GAAP earnings per diluted share between $2.58 $2.60 I will now turn over the call back to Moshe.

Speaker 2

Thank you, Eyal. Thank you, Shaquille. Operator, we are ready for Q and A.

Operator

Thank you. We will now begin the question and answer session. Our first question comes from Michael Sarcone with Jefferies. Please go ahead.

Speaker 5

Thanks and good morning. This is Mike on for Matt This morning, just the first question on guidance. You had a really strong start to the year, nearly 24% growth in the Quarter and that was on the toughest comp of the year. Can you just talk about how you think about guidance and some of the key assumptions there? I know you've got Envision launching in the U.

Speaker 5

S. Soon and the next gen Evoque and 2H. So again, just some key assumptions around guide. And is it fair to characterize

Speaker 2

Yes, I would say as always we claim, we try to be very conservative with guidance. Although we did a little bit better than the consensus on Q1 2023, we decided to keep the guidance until the end of Q2 to see how Q2 will be. As you know, there was some seasonality in this business. The Q1 is the slowest one. 2nd quarter must be much stronger than the Q1.

Speaker 2

If we will successfully end the Q2 with the expectation that and above the consensus of the estimate Of the analysts, then we will consider increasing the guidance. But on the Q1, I mean, We did 106 compare with 102 or 101 consensus estimate. We felt like it will be better and more conservative to stay with this guidance and wait another quarter To see what will be the situation in the U. S. And in the rest of the world as far as slowdown recession, You know, increase interest rate and then we'll feel much better to increase the guidance Sometime at the end of Q2.

Speaker 5

Okay. Thanks Moshe. That makes sense. And then, are you seeing any changes And your customers ability to finance system?

Speaker 2

No, we don't. We don't. Although it's taken a little bit longer, especially in the U. S. And Shakil will elaborate on that.

Speaker 2

But in Europe, for example, we signed an agreement with the bank that is helping us to finance customers in Europe, Something that we didn't have in the last, I would say, 3 years, which will make it easier for customers in Europe to finance The system in the United States, Shaki, do you want to say a few words on that?

Speaker 3

Yes, sure. So like Moshe said, we're not seeing too much On that end, we are seeing it taking a little bit longer than we're used to, just kind of looking at risks, so on and so forth. But right now, We haven't seen that as a prohibitive factor.

Speaker 5

Got it. And when you say a little bit longer, that's just Kind of the selling cycle?

Speaker 6

It's just

Speaker 3

yes, well, not necessarily the selling cycle. They're just requiring different documents from the buyer Just to again ensure that basically it's like it's I wouldn't say it's to the degree of what happened back in 2,008, 2,009, not even close to that. But they're just banks are just being a little pickier with who they're giving their money to. So they just want to ensure that they get the appropriate information. So Previously, we'd be able to get X amount of dollars approved with just a credit application.

Speaker 3

Now they might need to provide Some further documentation along with it. So it might add 12 to 24 hours to the process.

Speaker 5

Got it. Thank you. And I'll just sneak one more in there. Interesting disclosure in the press release just about the impact of Popular weight loss drugs, it was going to be one of my questions. You're seeing an influx of loose skin patients.

Speaker 5

Is there any offset there like when When you factor that in, the weight loss drugs, do you expect to see lower demand for liposuction? And kind of what's the net Impact on demand for InMode procedures that you're expecting?

Speaker 2

Spiro, could you please answer that?

Speaker 6

Sure. That's a great question. Look, it's on the contrary, the weight loss is actually helps us because first of all, we're the skin tightening company, right? So when the patients have loose skin, They've already lost the weight. They come to us to be able to tie in that.

Speaker 6

So what it actually does, it increases the number of patients you can do with liposuction, right? So they still have some fat pockets or fat areas, fatty Right. So they still have some fatted pockets or fat areas, fatty areas they need removed. But if you have loose skin, that kind of limits them in the aesthetic results. So adding A tightening procedure in addition to the liposuction capabilities we have increases the size of that market.

Speaker 6

What the drugs have done There's increased awareness. I mean, they use this marketing thing like Mozepic Face, right? That's a cool name, but at the end of the day, It's just weight loss and we deal with that and our plastic surgeons and our doctors across the board are always dealing with loose skin. I remind you that The Holy Grail of plastic surgery is the ability to tighten skin without scars. And even though a lot of these patients might end up needing an excisional procedure perhaps And the amount of weight loss, we are perfectly positioned to take advantage of this.

Speaker 6

And our clinics have seen a large influx of patients since This has taken over like wildfire. So net net benefit. Does that answer your question?

Speaker 5

It does. Very helpful. Thank you.

Speaker 6

You're welcome.

Operator

Our next question comes from Matt Miksic with Barclays. Please go ahead.

Speaker 7

Hi. This is Sarah on for Matt. Thanks for taking our questions. I guess just to clarify on the guide, Is it fair to say that you don't see any specific concerns related to the rest of the year and it is just general conservatism?

Speaker 2

I didn't understand the question. Do you ask if we see any concern in the market?

Speaker 7

Yes. Just based on the answer you provided earlier, I'm just wanting to clarify if it's fair to say that you don't see any specific concerns or and it's Just general conservatism into your current thoughts.

Speaker 2

Well, I believe we said it very clear. We don't see any sign of a slowdown, Any sign of recession on the market that we operate, maybe in other market is different. But just because our technology today is in the very embryonic stage, I mean, we have less than 20,000 system installed and the potential is few 100. If you take To account only doctors who are doing medical aesthetic using laser and others, all of them in the future will need bipolar RF Because with laser they do only topical treatment and if they do if they want to do body and face reshaping they will need us. So we don't see any slowdown.

Speaker 2

On the contrary, I have to say that we sell more disposable this quarter Then in the Q4 of 2022 and usually the Q4 is the strongest one. So we don't see any slowdown. The reason why we did not change the guidance is because we wanted to wait another quarter before we change. We just gave the guidance a quarter ago And if everything will look according to our expectation on the Q2 then the guidance will be raised.

Speaker 7

Understood. That's helpful. And then I guess shifting gears here to Empower, just curious on how has this been tracking And is the 20% growth in 2023 is still the right way to think about this or do you expect a bit more acceleration in this year?

Speaker 2

Well, we didn't give any guidance on Empower this quarter, but I can tell you that we sold in the Q1, we sold more than the Q1 of

Operator

Our next question comes from Danielle Antalffy with UBS. Please go ahead.

Speaker 8

Hey, good morning, everyone. Thanks so much for taking the question. Just a question, Moshe, on capital allocation. You guys have talked in the past about How to think about potential M and A here? Any updates there on how you're thinking about capital allocation and

Speaker 2

Well, that's the $64,000 question I would say. Yes, we are exploring opportunities, more than 1. And Some of them are we even spend money to check the due diligence, etcetera. One thing I want to say, Very difficult to find a company that will now be with the same profitability structure of InMode. So any company that we will acquire should not dilute the shareholders.

Speaker 2

It should be Creative and not dilutive. And it's not easy. It's not easy because of the profitability structure of EMOD. So we are very careful in the analysis that we are doing on companies that we would like or that we are exploring A possibility to do M and A. I cannot announce anything special today.

Speaker 2

The only thing I I can say that we spend on the time, money, management attention and we're looking for acquisition.

Speaker 8

Okay, got it. That's helpful. And then just a question on indication expansion. So, Empower is obviously doing well. Beyond that, as we think about stress urinary incontinence, etcetera, Any updates or next steps we should be looking for to measure in mode against making progress there?

Speaker 8

Thanks so much.

Speaker 2

In mode against what? Against whom? I don't think we have any No,

Speaker 8

no, no, no. Just whether like anything, any milestones We should be looking forward to measure progress against getting those indications or Launching in those markets.

Speaker 2

I believe we said a quarter ago that we will be happy and expect to do 20 More on Empower than last year. We're not changing this guidance today.

Operator

Our next question comes from Dane Reinhart with Baird. Please go ahead.

Speaker 9

Hey, good morning guys. Thanks for the questions. Just wondering if you can maybe give any more color kind of on the U. S. Placements just being up 10%.

Speaker 9

I think that was a little bit lighter than we and what some other investors had kind of been expecting. So I know seasonality definitely plays a factor. Is there anything else there impacting? And I know you have both Evoque and Avision launching kind of later this year. What might we be able to kind of expect for those to contribute to U.

Speaker 9

S. Placements later this year?

Speaker 2

Shaquille, could you please elaborate on that?

Speaker 3

Sure. Yes, as far as placements go, I mean, when it comes down to revenue, we still had a And you're looking at placements again, I'm not sure what model you guys have in place. But we don't see too many economic Factors affecting things right now are changing the growth path that we're on. Of course, we anticipate further growth, as I mentioned in the script, In building out Envision and a sales force dedicated to that, we do have plans Obviously, we see some pretty substantial growth. Can't give you a number really.

Speaker 3

We're kind of feeling out the market and getting things ready, but we're extremely excited about it. We think there's going to be a nice little runway for us.

Speaker 5

Okay. Thank you. Thank you. It was mainly seasonality.

Speaker 4

It was mainly due to the seasonality. Q1 tends to be the slowest

Speaker 2

in

Speaker 4

the year and especially we see this effect in the U. S. So that's something that I would like to add.

Speaker 2

It's not something new. It's been like that In the medical aesthetic category or industry or whatever, so I don't think that in mode can change.

Speaker 6

Yes. I think, Spiro here. I think what's important to outline is that there is a discrepancy between the macro picture and what people are saying, what we're seeing on Rounds and demand for patients and doctors. We don't see any slowdown. The demand is very high.

Speaker 6

Most of the our physicians are booked still booked So, if there is something that people are concerned about, we're not seeing it and That's sort of what we're seeing from all the offices we talk to, so if that helps you at

Speaker 9

all. Okay. Yes. Thank you. And then on the Morpheus 8 new burst in 3 d modes, I know we've been kind of seeing some more competition here in microneedling just over the past year 2 with some other competitive launches.

Speaker 9

So can you just maybe give us a little bit more color on how you believe these new kind of Morpheus 8 options and its bipolar designer help

Speaker 2

Okay. First, I want to say something about comparison of Morpheus, which is a fractional RF, the only fractional RF technology on the market because it's well protected Then all the other microneedling. The fractional RF, which we call Morpheus as a brand name It's basically a bipolar RF device, which basically deliver the energy from deep to the epidermis. And by doing that treat all level of the skin unlike all the others microneedling while delivering the energy only on the Keep off the pin. So the total that's what makes the results much better.

Speaker 2

Now regarding the 3 d, The 3 d is basically something that we have developed for body treatment. In body treatment, we use 40 pin tips, Which make it larger spot size for treatment. And just because the return electrode, the second electrode Of the bipolar is on the skin, we wanted to make sure that the distribution of energy in all four pins will be equal To eliminate any kind of uneven distribution between the pins and therefore We develop it. It's a minor change, but it gives the doctor some advantage and time consuming and time and saving time in the treatment. But overall, it's the same Morpheus technology.

Speaker 9

Okay. Thank you. And then if I can just sneak one last one. And I think every quarter you kind of I have given an absolute number of consumables sold. I think last quarter was like 230 ks 180 ks the 2 quarters prior to that.

Speaker 9

I was just wondering if you could Update that for the Q1?

Speaker 2

We did 237,000 pieces.

Speaker 9

Okay. Thank you. Appreciate the questions.

Operator

Our next Next question comes from Mike Matson with Needham and Company. Please go ahead.

Speaker 10

Yes. Thanks for taking my questions. Just starting with Empower, wondering if you could give us an update on where you're at kind of launching that product outside the U. S, which markets it's And then I guess similar question for Envision. When you do launch that product, I guess, we'll be 1st in the U.

Speaker 10

S. And I mean, is that going to follow kind of a similar pattern as Empower outside the U. S?

Speaker 2

Okay. The Empower right now is approved only in certain countries. It's approved in Mexico And we are now working in Argentina, not yet in Brazil, which is a big market and not in other countries in Latin America. We have to deal With these platforms an individual regulatory body. In Europe, It's already approved in several countries, but due to the fact that in Europe, The regulation system is changing from what they call MDD to MDR and I will not try to explain the difference because it's complicated.

Speaker 2

We have to go again and do some re approval in certain countries and we're doing it right now. But in most countries in Europe, we're in the process of introducing it. This quarter, it will be introduced by Some luminary doctor that would bring from the U. S. In 3 main countries, Spain, U.

Speaker 2

K. And Spain, U. K. And in France, following that we will introduce that in Italy. In Italy it's a special regulation, we don't have the clearance yet.

Speaker 2

In Asia, we cleared the system only in one country, which is Australia. Also in India, we're starting now China, Korea and Japan, the system is not clear yet From a regulatory, but it's in the process, take time. So that's the situation outside the U. S. In Canada, it's already cleared.

Speaker 2

In the U. S. As you know, we're selling there. As far as Envision outside the U. S, As you know, we did a soft launch in Canada before we starting in the U.

Speaker 2

S. And the other part of the world, we have not started yet.

Speaker 10

Okay, got it. Thank you. And then just within the minimally invasive category, I mean, I know you don't break out Kind of detailed sales by the product lines, but you have buy type, face type, Morpheus 8, probably some other things in there. Are they kind of all contributing equally to the growth or Morpheus Day does seem to be Generating quite a bit of buzz, social media and other places. I mean is that is Morpheus8 the primary driver there or is it just everything?

Speaker 2

Well, what you say is the star, but it's not the only one. We continue to sell the Optimus with all the other handpieces. We have good results in Asia with the Body FX Mini FX. We're doing very well with the minimal invasive Body Type Face tight in Europe. Yes, Morpheus is not a platform.

Speaker 2

Morpheus is a technology, Which basically is the handpiece that can go in different type of platforms. And we try to incorporate Morpheus in the platforms that we're developing In order to make everything more attractive, in addition, we're developing combination treatment of Morpheus and Forma, Body FX and Forma, Body MiniFX and Plus. So we continue to develop in a growing market With the existing portfolio by combining and by synergizing between the technologies and the handpieces. Okay.

Speaker 6

Mike, this is Spiro. Just to give you a little color. Primarily, we're an aesthetics company, right? And we have by increasing our TAM, this is really important. That's why we went into the OBGYN, gynecology business.

Speaker 6

We're going ophthalmology business. And what we looked at is our narrative is, look, we're going to teach these doctors how to do When we looked at Empower, we go in with something they already know, right? They have these patients in their office. They have stress urinary incontinence. This is a captive audience, which they're not used to sort of charging for.

Speaker 6

And then we come in with all the other technologies to teach them aesthetics. So That was our theory. We looked at our Morpheus tips across the board, United States and North America, and we saw that the top accounts For every intravanginal Morpheus tip sold or used, there is 6 Morpheus tips used for aesthetics reasons on that Empower platform. So that just justifies and sort of proves our narrative that yes, we go in with something that they're comfortable with, they have that existing patient population And sort of the Morpheus tips show that. Then we looked across the board and we saw, okay, how about all the accounts and we saw for every intravaginal Morpheus tip, We have 2.5 Morpheus tips cosmetic ones being used the rest of the body.

Speaker 6

So let's not forget that we are an aesthetics company and Morpheus is a technology like Moshe But the fact that the consumables are rising showed us adoption. And our narrative is actually playing through and we plan on doing the same with Envision. That makes sense.

Speaker 5

Give you a little color, Wayne.

Speaker 10

Yes, it does. And I guess it's a good point. I mean, because it's a your SUNS platforms offer multiple Capabilities, so it's a little hard to separate them, I guess, in terms of what's actually driving the growth, at least in terms of platform Got it. Thank you.

Speaker 6

No problem.

Operator

Our next question comes

Speaker 11

Just a little bit about the commentary around the weight loss drugs in patients there. I guess just I know it's all going to roll up in the minimally invasive, but Should we expect to see more utilization of Morpheus in body tight? Or do you expect that, that might drive More of the hands for you given you have some new products that are coming there.

Speaker 3

Hey, Kyle. I think it's going to be I think it's actually going to be a mix Both, frankly. As Ferro mentioned earlier, the Holy Grail of plastic surgery is being able to tighten Again, our goal and our job here is to be able to provide the appropriate tools for each physician or surgeon In order to actually help treat those things that they're looking to treat. So if they have some laxity, great. Like Spiro said, there's still going to be some patients that Have this have massive weight loss and they're going to need an excisional procedure.

Speaker 3

We're not trying to take away from that as well. But if there's some ways that we can get in whether it's with Body type, face type, or with our hands free technology or even with Morpheus8. Again, it's our job to basically provide The appropriate tools for each one of these the appropriate surgeon or provider so that they can actually pick and choose what

Speaker 11

And then on I think you've had some commentary as you go into some of the, I guess, wellness or non core markets, we'll call them. You've talked about potentially building out some additional sales and commercial teams there. 1, I guess, what is the status On those initiatives? And then 2, how should we think about those investments taking place over the course So the year and relative to your operating expense guidance.

Speaker 2

Sure.

Speaker 3

So in terms of from a distribution standpoint, we're actually already in the process Of hiring, as I mentioned. So we've made several recent hires, some from competitors, some from outside that will bring them and train The in load way and we're obviously looking for that to materialize over the next few quarters. Again, as you know, Kyle, You've been following us for quite a while. We like to do things slow and steady to start. We don't like rushing right out the gate.

Speaker 3

So we want to do it right. We want to do it in a way where it makes sense The reps make sense for the company and at the end of the day is going to contribute to the bottom line and top line. So from that standpoint, we look at it that way. I don't see anything major in terms of anything extraordinary from what we already do in terms of

Speaker 11

And then the last question I'll ask is just on the, we'll call it, the core business In the core commercial team, you've got a competitor out there that there's a little bit of drama going on. Is there Any opportunity to peel off commercial or R and D talent there? And just maybe kind of walk us through your thoughts on being a share taker via Some of the commercial talent in the market.

Speaker 3

Sure. I guess we'll leave them as a secret. As we know when there's chaos, there's opportunity, Right. So, again, we're very selective and picky with the people that we bring on. But again, we also want to bring on people that are going to be able Do business the way that we're used to doing business.

Speaker 3

So we're absolutely on the hunt right now. There's no question about it, And we will be, but again, we're only going to that might just expose maybe 5% to 10%, because we're only going to take The best and bring them over and help them kind of develop and learn again to do things again. So from that standpoint, of course, Kyle, you could probably imagine we were on it within probably about 30 to 60 minutes. But again, it's not I wouldn't Say it's something extremely it's not something super major. If people are looking to leave or looking for a better opportunity, we're obviously Bring on the right people and be able to provide them with a good livelihood and so on and so forth.

Speaker 3

But again, we just want them to be able to follow the InMode way and do business the right way.

Speaker 11

Great. Thank you for taking the questions. Of course.

Operator

This concludes our question and answer session. I would like to turn the conference back over to Moshe Mizrahi for any closing remarks.

Speaker 2

Thank you, operator. I want to thank everybody for joining us today. I will be happy and I'm sure that everybody will join us next time. Thank you for your time And thank you for all the questions that you ask us. See you next quarter.

Speaker 2

Thanks all.

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