The Hackett Group Q1 2023 Earnings Call Transcript

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May 9, 2023

There are 5 speakers on the call.

Operator

Group First Quarter Earnings Conference Call. Your lines have been placed on a listen only mode until the question and answer session. Please be advised the conference is being recorded. Hosting tonight's call are Mr. Ted Fernandez, Chairman and CEO and Mr.

Operator

Rob Ramirez, Chief Financial Officer. Mr. Ramirez, you may begin.

Speaker 1

Good afternoon, everyone, and thank you for joining us to discuss The Hackett Group's Q1 2023 results. Speaking on the call today and here to answer your questions are Ted Fernandez, Chairman and CEO of The Hackett Group and myself, Robert Ramirez, Chief Financial Officer. A press announcement was released over the wires at 4:24 p. M. Eastern Time.

Speaker 1

For a copy of the release, please visit our website at www.thehackettgroup.com. We will also place any additional financial or statistical data discussed on this call That is not contained in the release on the Investor Relations page of our website. Before we begin, I would like to remind you that in the following comments And in the question and answer session, we will be making statements about expected future results, which may be forward looking statements for the purposes of the federal securities laws. These statements relate to our current expectations, estimates and projections and are not a guarantee of future performance. They involve risks, uncertainties and assumptions that are difficult to predict and which may not be accurate.

Speaker 1

Actual results may vary. These forward looking statements should be considered only in conjunction with the detailed information, particularly of the risk factors contained in our SEC filings. At this point, I would like to turn it over to Ted.

Speaker 2

Thank you, Rob, and welcome everyone to our Q1 earnings call. As we normally do, I will open the call with Some overview comments on the quarter. I will then turn it back over to Rob to comment on detailed operating results, cash flow as well as comment on outlook. We will then review our market strategy related comments, after which we will open it up to Q and A. Before I move to our quarterly results, let me start by mentioning our 2022 results and the comps that they will provide to our 2023 performance.

Speaker 2

In 2022, we had a very strong first half of the year with operating results exceeding our guidance in Q1 and Q2 by $0.03 in each quarter of that prior year. By the middle of the year, the impact of that interest rate increases started to disrupt economic growth and resulted in extended client decision making. Also to our Q1, this afternoon we reported total revenues of $69,800,000 and adjusted earnings per share of $0.37 both at the midpoint of our quarterly guidance range. Broadly speaking, the economic volatility is evident, but so was the demand for digital transformation required to remain competitive and drive productivity improvements for our clients. As the quarter progressed, We saw clients increasingly moving forward with significant engagements, which should allow us to be up sequentially from Q1 to Q2.

Speaker 2

This was most pronounced in the swift turnaround of our Oracle Solutions segment. Our quarterly results continue to be driven by the Global SPT which was down slightly on a reported basis and down 1% on a local currency basis. Our recurring higher margin research advisory and Ipass offering revenue continue to grow and we continue to expect the annual contract value for these offerings grow over 20% in 2023. The quarter benefited from the growth of our iPass revenues and we continue to add new pilot participants As we exited the quarter, we also continue to engage with large software and service companies to help them bolster their value selling and value realization efforts. During the quarter, we launched our 2nd and third market intelligence programs and we plan to launch additional programs throughout 2023.

Speaker 2

These programs allow us to compare the capabilities of software and services providers, which is valuable to our large Hackett benchmarking and consulting end user client base considering procuring these capabilities. The programs also allow us to work with the solution providers to strategically support their sales and marketing efforts. We have also continued to add new content and IP to our existing functionally focused executive advisory programs. Improvements in our existing programs along with the new market intelligence programs, the launch of our new member platform Hackett Connect Along with our aggressive sales hiring should allow us to continue to grow our higher margin recurring revenues and related annual contract value throughout the year. The Oracle Solutions segment was down 22% as expected this quarter.

Speaker 2

However, we are pleased to say we had a number of significant contract wins in the latter part of the quarter, which will more than offset the large project loss that we experienced at the end of Q4. This will allow the segment to be up strongly from Q1 and into Q2. This was an exceptional response by the team to its year end challenge and has accelerated the return to growth, which is now expected by Q3 of this year. Our SAP Solutions segment delivered as expected with flat revenues before reimbursements and improved segment profits. We expect that segment to be up sequentially and up sequentially as well as on a year over year basis in the Q2.

Speaker 2

The investments we have made to fully digitize our IP And the development of our digital platforms, which include Quantum Leap, our state of the art global benchmarking platform and our proprietary Hackett Digital Transformation Platform or DTP are starting to pay off. These platforms are allowing us to highly differentiate all of our offerings and also develop new licensing research relationship with Ipass member clients' ability to avail themselves of all Hack and IP as well as the virtual expertise which supports those programs. On the balance sheet side, our Q1 in our Q1, we funded our previous year's annual performance block bonuses, Bought back shares to fund their vesting and funded our prior quarter's dividend. For the balance of the year, you should expect to see us continue to pay down our credit facility. As we have discussed on our last few calls, we want to be more aggressive with our balance sheet by using our current credit facility to fund acquisitions and buy back stock while continuing to invest in our business.

Speaker 2

With that said, let me ask Rob to provide details on our operating results, Cash flow and also comment on the outlook. I will make additional comments on the strategy and market conditions following Rob's comments. Rob? Thank you, Ted.

Speaker 1

As I typically do during this portion of the call, I'll cover the following topics: an overview of our 2023 Q1 results, along with an overview of related key operating statistics, an overview of our cash flow activities in the quarter, and I'll then conclude with a discussion on our financial outlook for the Q2 of 2023. For purposes of this call, I will comment separately regarding the revenues of our Global SMBT segment, our Oracle Solutions segment, our SAP Solutions segment and the total company. Our Global SMBT segment includes the results of our North America and International IP as a Service offerings, our research advisory programs, Our benchmarking services, our business transformation and our Windstream offerings. Our Oracle Solutions and our SAP Solutions segments Please note that we will be referencing both total revenues And revenue before reimbursements in our discussions, reimbursable expenses are primarily project travel related expenses passed through to our clients have no associated effect on our profitability. During our call today, we will also reference certain non GAAP financial measures, which we believe provide useful information to investors.

Speaker 1

We have included reconciliations of GAAP to non GAAP financial measures into our press release filed earlier today and will post any additional information based on the discussions from this call to the Investor Relations page of the company's website. For the Q1 of 2023, our revenue was 71,200,000 Our revenues before reimbursements were $69,800,000 which was in line with our quarterly guidance. As we discussed last quarter, During the first half of fiscal twenty twenty two, we experienced stronger than expected post COVID pent up demand that drove strong results in the prior year. The Q1 2023 reimbursable expense ratio on revenues before reimbursements was 2% As compared to 1.9% in the prior quarter and 0.7% when compared to the same period in the prior year. Post COVID, we have experienced increased client related travel.

Speaker 1

However, given the market's transition to a remote delivery model, We do not expect these projects related travel expenses to return to pre COVID levels. Total revenues from our Global SMBT segment were $42,300,000 for the Q1 of 2023. Revenues before reimbursements for our Global SMG segment We're 41.7 percent for the Q1 of 2023, a decrease of 1.7% when compared to the same period in the prior year, but down 1% on a lower local currency basis, utilizing the same foreign currency rates in Q1 of the prior year. Total revenues from our Oracle Solutions segment were $17,200,000 for the Q1 of 2023. Revenues before reimbursements for our Oracle Solutions segment were $16,700,000 for the Q1, a decrease of 22% when compared the same period in the prior year as we expected and as we guided for our last quarter.

Speaker 1

Oracle Solutions was coming off of solid 2022 results and was rebuilding its pipeline in light of unfavorable macroeconomic conditions as we entered the Q1. However, given a number of significant engagements, which closed towards the end of the Q1, we now expect Oracle will be up strongly on were $11,700,000 for the Q1 of 2023. Revenues before reimbursements for our SAP Solutions segment were $11,500,000 for the Q1, an increase of 1.3% when compared to the same period in the prior year. Approximately 23% of our total company revenues for reimbursements consist of recurring multi year and subscription based revenues, which include our research advisory, IP as a service, multiyear benchmarks and application managed services contracts. Total company adjusted cost of sales, which exclude reimbursable expenses And non cash stock based compensation expense totaled $41,600,000 or 59.6 percent of revenues before reimbursements In the Q1 of 2023 as compared to $45,700,000 or 60.8 percent of revenues before reimbursements in the prior year.

Speaker 1

Total company consultant headcount was 1100 at the end of the first quarter As compared to total company consultant headcount of 11.20 in the previous quarter and 11.41 at the end of the Q1 of 2022. Total company adjusted gross margin on revenues before reimbursements, which excludes reimbursable expenses and non cash stock based compensation expense, was 40.4% in the Q1 of 2023 as compared to 39.2% in the prior year period. The 120 basis point gross margin improvement was primarily driven by the relative mix of higher margin global SMBT Segment revenues. Adjusted SG and A, which excludes non cash stock based compensation expense And intangible asset amortization was $14,500,000 or 20.8 percent of revenues before reimbursements in the Q1 of 2023. This is compared to $13,300,000 or 17.7 percent of revenues before reimbursements In the prior year, the year over year absolute dollar increase is primarily due to incremental investments we're making in program development Dedicated sales resources for our benchmarking, executive advisory, market intelligence and our IP service offerings.

Speaker 1

These investments approximated $0.03 in the Q1 of 2023. Adjusted EBITDA, which excludes non cash stock based compensation expense and intangible asset amortization Was $14,500,000 or 20.8 percent of revenues before reimbursements in the Q1 as compared to 70,000,000 or 22.6 percent of revenues before reimbursements in the prior year. GAAP net income for the Q1 of 2023 totaled $8,200,000 or diluted earnings per share of $0.30 as compared to GAAP net income of $10,500,000 or diluted earnings per share of $0.33 in the Q1 of the previous year. Adjusted net income, which excludes non cash stock based compensation expense and intangible asset amortization For the Q1 of 2023, it totaled $10,000,000 or adjusted diluted net income per common share of $0.37 which is in line with our earnings guidance range. This compares to adjusted net income of $12,600,000 or adjusted diluted net income per share of $0.39 in the Q1 of the prior year.

Speaker 1

In Q2 of 2022, we moved to an actual GAAP effective tax rate for adjusted net income reporting purposes. For those who reconciling to the prior year reported results in Q1, We were afforded adjusted diluted income per common share of $0.38 when utilizing a non GAAP effective tax rate of 25%. The company's cash balances were $16,900,000 at the end of the Q1 of 2023 as compared to $30,300,000 at the end of the previous quarter. Net cash used in operating activities in the quarter was $3,100,000 Primarily driven by decreases in accrued expenses due to the payment of 2022 performance bonuses and increases in accounts receivable partially offset by net income adjusted for non cash activity. Our DSO over day sales outstanding at the end of the quarter was 66 days as compared to 63 days at the end of the previous quarter.

Speaker 1

During the quarter, we repurchased 199,000 shares of the company's stock For an average of $21.23 per share at a total cost of approximately $4,200,000 driven by purchases from employees to satisfy income tax withholding triggered by the vesting of restricted shares as well as forward share repurchases. Our remaining stock repurchase authorization at the end of the quarter was 14,000,000 During the quarter, the company paid down $2,000,000 on our credit facility. The balance of the company's total debt outstanding at the end of the first quarter It is approximately $58,000,000 At its most recent meeting subsequent to quarter end, the company's Board of Directors declared the 2nd quarterly dividend of $0.11 per share for its shareholders of record on June 23, 2023 to be paid on July 7, 2023. Now moving to the Q2 of 2023 And our guidance, the company currently estimates total revenue before reimbursements for the Q2 of 2023 to be in the range of $72,500,000 to $74,000,000 We expect global SWT segment revenue before reimbursements To be slightly down when compared to the prior year, as we expect strong economic growth to result in extended client decision making and business Transformation engagements. We expect Oracle Solutions segment revenue before reimbursements to be up strongly on a sequential basis And to be only slightly down when compared to the prior year, we expect SAP Solutions segment revenue before reimbursements to be up on a year over year basis.

Speaker 1

We estimate adjusted diluted net income per common share In the Q2 of 2023, it should be in the range of $0.36 to $0.39 which assumes a GAAP effective tax rate on adjusted earnings of 27%. As Tim mentioned last quarter, the Q2 will reflect the continued incremental investments we are making In program development and in dedicated sales resources for our benchmarking, executive advisory, market intelligence and our IP as a service offerings. These incremental costs are expected to impact our diluted net income per common share for approximately $0.04 when compared to the prior year. We expect adjusted gross margin on revenues before reimbursements to be approximately 42% to 43%. We expect adjusted SG and A and interest expense for the 2nd quarter to be approximately $16,700,000 We expect 2nd quarter adjusted EBITDA on revenues before reimbursements to be in the range of approximately 21% to 23%.

Speaker 1

Lastly, we expect cash flow from operations to be up on a sequential basis. At this point, I would like to turn it back over to Ted to review our market outlook and strategic priorities for the coming months.

Speaker 2

Thank you, Rob. As we look forward, let me share our thoughts on the near and long term demand environment and the growth opportunity it offers our organization. Demand for digital transformation is being impacted by extended decision making as organizations assess competing priorities Created by increasing interest rates and the demand disruption, which it is intended to affect. However, It continues to be a clear strategic priority for our clients. Digital Innovation and Enterprise Cloud Applications, Analytics and artificial intelligence, cloud infrastructure and workflow automation are dramatically influencing the way businesses compete Digital transformation is redefining all activities at an accelerated pace, forcing organizations to Fundamentally change and adopt these new capabilities to remain competitive and to realize targeted productivity gains.

Speaker 2

We believe clients use the year end planning process in the beginning of the year to assess their industry risk, make headcount and spend reductions And rebalanced their spend with productivity and strategic cost reduction efforts, which are also core to our offerings. We believe the Did not experience demand disruption until late in Q2 of last year and will be more challenged by the strong year over year comps of the first half of the year. However, most will face more favorable costs in the second half of the year. If we are correct, we will this will further support the behavior improvement we expect from the first half For the second half of the year, on the talent side competition for experienced executives continues, but we saw turnover continue to moderate during the quarter and expect that trend to continue. Longer term, we have transitioned to a hybrid sales and delivery model, which provides us with Effective access to our clients and their respective teams.

Speaker 2

This hybrid model provides our associates with greater personal flexibility to perform They're defined responsibilities remotely, which is very valuable to them. This should allow us to attract and retain talent that we have struggled to retain because of the demanding historical travel requirements of our industry. Strategically, we are accelerating our focus on recurring High margin IP related services by increasing the development of new programs and sales and marketing resources dedicated to this area. This investment will decrease our Q2 results by approximately $0.04 Additionally, on the CapEx side, We will continue our investment on our new Hackett Connect member platform and introduce AI functionality in 2024. It is also important to note that we continue to see strong downstream revenues from our benchmarking and research advisory clients to our business Transformation and Technology Consulting Services.

Speaker 2

This halo effect has been in excess of 40% over the last several years. Simply put, organizations who rely on our IP, research and benchmarking services are more likely to utilize our consulting services. We have been exploring or continue to explore strategic partnerships that will allow us to syndicate our IP through new channels And that will allow us to reach beyond our Global 1,000 focus in an efficient manner. We launched our 1st syndication agreement of our IP and content on April 1. Like our other licensing efforts, we expect new recurring high margin revenue to slowly build from this relationship as new markets and segments are offered our IP.

Speaker 2

We also continue to redefine our global benchmarking leadership through enhancements in Quantum Leap, Our digital benchmarking software as a service solution along with our digital transformation platform. These platforms allow us to deliver more information with significantly Less client effort. It also allows clients to leverage our IP to create compelling benefit case assessments, accelerate process flow and software configuration decisions and track the value realization of transformation initiatives over the life of their respective effort. We believe that there are no comparable IP led platforms in the market. As I have And mentioning on previous calls, we have added a 20 minute demo to our Investor Relations page of our website so that investors can become more familiar with the capabilities of our platforms.

Speaker 2

We will also be updating our demo with our newly launched Hackett Connect platform in the next few months. Lastly, even though we believe that we have As always, let me close by congratulating our associates on our performance and by thanking them for their tireless efforts and always urge them to stay highly focused Our clients and our people no matter what challenges we may encounter. Those conclude my comments. Let me turn it over to our operator and let us move over To the Q and A section of our call. Operator?

Operator

Thank you. Our first caller is George Sutton with Craig Hallum. Thank you. You may go ahead.

Speaker 2

Thank you. Ted, I wondered if you could walk through the Oracle wins that you saw late in the quarter that you mentioned. Just give us any sort of quantification, Particularly relative to what I believe was a high 7 figure loss late last year. Thank you for the question, George. 1, there were numerous.

Speaker 2

So it wasn't a couple. We had one we had at least one. No, we had one of at least equal size to the one That we lost late in Q4, but we had, gosh, 4 or 5 multimillion dollar Wins, which clearly position us strongly for the next quarter and really the remainder of the year. What we're most happy about is That it demonstrates, that our relationship with Oracle and the Oracle channel and our ability to present a Value differentiated message on our ability to configure Oracle in a unique way resonates in the marketplace. So in a competitive environment with headwinds, we were able to do that.

Speaker 2

I cannot commend our team, The Oracle team for the for the really the very strong last 60 days that they've had. Great. Could you give us a update on the 3 programs that you've now launched under the Market Intelligence Program, just give us a sense of the demand relative to what you might have been anticipating and any further thoughts on the scale of that program? As I mentioned, we published our first program, our customer to cash, a program such focus specifically on receivables management at the beginning of the quarter. We launched 2 more in procure to pay in the software area and in finance and accounting outsourcing services.

Speaker 2

Participation from vendors in both of those has been strong and we will not limit Those that we compare and rank to those who participate directly. So we're going to make sure that we are expanding our perspective on as many providers in each of these segments as we possibly can. We actually reviewed the programs that are scheduled for the remainder of the year. So you'll see us move in from here to EPM software extend into HCM, HR, outsourcing on the next two programs and we'll be extending beyond that Into procurement areas, into GBS areas, in the balance of the year and probably close out the year with A broader ERP software assessment, and we'll be trying to then identify, the next 9 since the goal now Was to get 8 or 9 launched by the end of the year, even though it's taking us a little longer to get the first few done. But we think that's because Our goal is to be distinct from anything that's in the marketplace and be able to speak and provide guidance on the value realized from these investments, Which is not something anyone has taken on as clearly and as aggressively as we've had.

Speaker 2

So even though I would say we're running, let's call it, at least 1 quarter behind. The quality of the product, the participation and the number of programs we plan to launch, We think will be meaningful. These 9 programs will then just to put that in context of total, Research advisory related programs will then equal the 9 existing programs, which we have today, which are functionally focused programs, which are which we call executive advisory programs. So our goal is to try to double, at least launch the Doubling the number we had at the beginning of the year. And look, each of these programs has multimillion dollar opportunities Over time, depending on how well not only we're able to serve the software and services providers who participate Or who want our marketing or strategic support in some of these areas.

Speaker 2

But more importantly, we think that the our very large end user client base, Let's not forget that we've done benchmarks for over 25,000 clients. So we just have this immense coverage. We see ourselves as having being able to become a real influencer in this space. So this idea of value realization being able to capture the voice of the client, hope over time that resonates, in software and services The way some other leading, I'll call them services like JD Power in the automotive area So we've got some very high expectations for these programs. Superb.

Speaker 2

Thank you for the thoughts.

Operator

Our next caller is Jeff Martin with ROTH MKM.

Speaker 3

Ed, wanted to get a sense with respect to the delayed the extended decision making. Are you getting feedback from clients that there's other reasons other than the difficult comparisons in the first half of the year that second Just curious if you have anything tangible from clients that you're hearing?

Speaker 2

Yes. So it's not only that. It's the increasing rates is going to slow economic demand. That's impacting the demand For our client services, so no, I mean, they're having to reprioritize because they everyone, Everyone is having to work harder to achieve the kind of revenue growth that they Clearly achieved in 2022 and hope to achieve in 2023. But We see again, we see even though those headwinds are there, it's across industry.

Speaker 2

We can't really exclude One industry from another. But we're also seeing the fact that clients then equally understand That if they ignore digital transformation initiatives that can help them engage their clients and sell their services more effectively As well as then being able to get the productivity gains that come from leveraging emerging technology It is as critical. So they're sitting there just trying to rebalance that and we expect that to continue through the balance of the year. We just think that people are becoming more comfortable with what that means. They're getting a better sense As to what these interest rates could mean through the balance of the year, all of those things with more favorable comps, we think will be favorable to the demand environment.

Speaker 2

We hope we're right.

Speaker 3

Great. And then with respect to the investments that are being made, obviously, dollars 0.04 a quarter It's a significant investment for you. Are those primarily investments in sales personnel? And curious how much of that is within the market intelligence strategy and what are you seeing or what are you expecting in terms of the sales cycle Of the market intelligence platforms, various programs?

Speaker 2

Well, first, the At least 75% of the investment is in building that sales group. We were lucky and successful to attract a new global leader for that group. We joined just April 1, what we think is A terrific addition to our senior team. We're not Narrowing the scope of these new sales resources just to market intelligence. Market intelligence is Intended to double the number of programs that these teams will take to market.

Speaker 2

So, as those programs roll out, they'll have a Then to drive revenue through those new programs. But in the interim, they could be focused on the existing Functionally focused executive advisory programs, some resources are highly focused on the Ipass related activities. So, I would characterize the team as being responsible for the growth of High margin recurring revenues regardless of program. So just to make sure you know, it's Market Intelligence will just add inventory to what they sell. So we'd like to give them twice as much product by the time we enter 2024.

Speaker 2

And yes, I wish we were a little bit more ahead on that We had given them earlier in the year, but they've got plenty of product to sell our clients. We lack a lot of Market coverage from these programs in many regions, so we will continue to add the resources as we planned. Is a significant investment, but we think there's a significant payback.

Speaker 3

Great. And then one more if I could. You mentioned Intelligence offering launch in 2024, curious how that plays into your existing strategy?

Speaker 2

Well, as you can imagine, we're sitting here building out our new Hackett Connect member portal, which is basically The entry point to all of our members, iPass and Research Advisory and Market Intelligence users into the Hackett IP or access To our experts, so immediately, I'm going to go early in Q1, We started evaluating what those priorities and those changes could be. A lot of the research right now is making sure we understand what How to prioritize some of the functionality we're evaluating? Number one objective was To make sure that in doing so, we do not jeopardize any of the IP that we make available to clients. So a tremendous amount of groundwork In the middle in the interim, our 2023 plan was laid out as being prioritizing just With very detailed functionality for that Hackett Connect, if you want to call it portal. But we've already got a dedicated team evaluating what those opportunities can be so that we can start

Speaker 3

Thank

Operator

you. And our next caller is Vincent Colicchio with Barrington Research. You may go ahead.

Speaker 4

Yes, Ted. It's good to hear you're making some progress on the Oracle Solutions side. Just curious How the SAP pipeline is progressing and when you may expect that to return to sequential growth?

Speaker 2

Well, I want to note this. I don't know if you caught the comments on the call, but SAP will be up both sequentially and year over year in Q2. So solid progress on both the Oracle and the SAP side, Which again, it's something that we wanted to address as early in the year as possible. I think we're ahead of schedule on both.

Speaker 4

Are delays or cancellations Still a factor in the Oracle and SAP businesses?

Speaker 2

The answer is yes. I can't sit here and give you a specific example in We were really focused on converting pipeline that took a little bit longer at the end of last year that really Came through very strongly for us, especially in the latter part of the quarter. But yes, look, I'm assuming that in this environment, you need to expect clients to be more judicious with their decisions. And in certain cases, depending on what they encounter, they could second guess themselves. But I don't expect it to be Anything that would be any different in any year.

Speaker 4

And could you provide an update on your Ipass Pipeline maybe negotiations that are close to coming out on the right way?

Speaker 2

Well, we're launching a couple more pilots here in the Q2. So we're hoping that some of these pilots As we get through the balance of the year, it become more meaningful opportunities. And we continue to add To those companies that are evaluating a more meaningful multiyear relationship, The question for us has been is do we need an intro period to move to before a client can move into What's more significant multiyear relationship? We're trying to gauge that on a partner by partner basis. But activity and conversations in this space continue to be good.

Speaker 4

And last for me, could you remind us your current M and A priorities and evaluations are improving?

Speaker 2

I don't know if valuations are improving, but our priority has been lately has Focus on trying to identify unique research related businesses. Those are very hard to come by and identify. But people have a way of reaching out to us. So we continue to stay actively involved in conversations with those that Could be a good fit for us. Okay.

Speaker 2

Thank you, Ted. Thank you, Terence.

Operator

And at this time, we show no further questions. I will now turn the call back to Mr. Fernandez.

Speaker 2

Let me thank everyone for participating on our Q1 earnings call, and we look forward to updating you again when we report the Q2. Thank you.

Operator

And this concludes today's conference. Thank you for participating. You may disconnect at this time and have a great

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