Ceridian HCM Holding (CDAY)

Jeremy Johnson VP, Finance & IR
David Ossip Chairman & CEO
Daniel Jester Citigroup
Mark Marcon Robert W. Baird & Co.
Raimo Lenschow Barclays Bank
Robert Simmons RBC Capital Markets
Samad Samana Jefferies
Joshua Reilly Needham & Company
Bryan Bergin Cowen and Company
Matthew Coss JPMorgan Chase & Co.
Stephanie Price CIBC Capital Markets
Yao Chew Crédit Suisse
Keith Bachman BMO Capital Markets
Call transcript
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Greetings, and welcome to the Ceridian First Quarter 2020 Earnings Conference Call.

As a reminder, this call is being recorded. I would now like to turn the conference over to your host, Jeremy Johnson, Vice President of Finance and Investor Relations at Ceridian. Thank you, sir. Please begin.

Jeremy Johnson

evening. good and you, Thank

we On the and going CEO, Ossip; from have modify today, CFO, Arthur we what call our our are format Ceridian's previously Gitajn. done. the David of call have Today, to we

posted likely letter remarks along stockholder with stockholder you previously prepared of all call. our the release As quarterly we a XX-Q. provided would our press have and letter, on earnings we saw, The has our key highlights in

on letter move this Instead, We will stockholder not David, to read brief some plan from directly call. remarks the after Q&A. we to

These not begin, provide other future activity, or statements. statements based such undue forward-looking light allow intentions, guidance, of we Before statements. include any our performance, future goals about are however, reasonable and and us. me developments. to of outlook, to cautioned available a or events disclaimer Listeners forward-looking beliefs levels may statements call to assumptions or plans, are place regarding information and in current management's expectations on on This achievements reliance currently results,

forward-looking deliver any these law. We revise undertake by statements. and certain to as subject made risks and previous or may risks and SEC information Each such is statements forward-looking other call, set regarding We significant factors in cause except to that on to materially from to to the statement and those required performance forth could uncertainty ability statements. no could affect on you assumptions underlying our refer to actual be filings forward-looking with results our future that differ update this obligation statements the for

the be on and Investor database earnings have in as Ceridian release The filed furnished as in database U.S. SEC XX-Q well Canada first Form EDGAR will investors.ceridian.com. the with and the the been the in website quarter and on quarterly Relations SEDAR or at letter, report SEC available stockholder

to the David. And I'll call over turn that, with

David Ossip

for uncertainty. you hope our staying joining safe of and everyone is Good and Jeremy. thank healthy that I earnings time Thanks, everyone, evening, call. this during

Q&A, some important points to Before a go letter. want few to spend we I from stockholder our minutes on

gross negative other, and quarter. to First, float on basis, year. X.X%. period increased services as margin margin by XX.X% revenue, XX.X% points Cloud increased Dayforce compared in in a basis services X.X% margin The we by a EBITDA XX.X% had same the by to professional to constant XX.X% by Cloud last XX strong and grew XX.X%. recurring to currency Adjusted year-over-year and improved gross excluding

see to strong Second, demand. Dayforce continues

more reach pipeline methods to have our customers. on digital and and expanded ability summits our Based marketing potential has seen, We activities, moved marketing virtual grown. we've to what have virtual

quarter our to continue In of Third, and we first months well Australia, third Mauritius. in U.K., in of X we XXXX, a see America, Dayforce to are sell as stockholder during this continuing momentum the had environment. the letter, including Germany we globe, North number wins sales April. across the as in highlighted economic the we In

a at is for and comes need most. Dayforce believe it meeting Wallet launched our We the when time Fourth, dayforcewallet.com, The expectations. launch we demand workers

of Danone. On time. first have to April our to looking X, during activated customers We broad spectrum support this their a Dayforce across customer, work unprecedented implement we Wallet industries

year. live We of will have to provide usage than the to updates we more end on expect by quarters, continue the Dayforce in organizations future Wallet and XXX

South the XXX close expected more works Asia than Excelity payslips Excelity. quarter, leading and investments on and Finally, million more to region. Building acquisition, Indonesia, which including HCM in clients, region. the will countries, XX Kong, our expand Asia position believe way accelerating platform opportunity New in Pacific as in Japan, Dayforce Philippines, Taiwan, and operates native Malaysia, an is pave provider Zealand. X.X land is Zealand, Korea, This to acquire presence Pacific to the we announced Asia to in platform that than payroll with region, the an provides Australia major Ceridian payroll second the to acquisition China, agreement extend the this a Australia New Hong us the Pacific its and we Thailand, India, market which Singapore, recent in and

In next engines expected are in addition Mexico XX major began to payroll completed months. development Mauritius, Germany, the Excelity of the be which acquisition, we to with and

operator for like call I questions. it would to open now the back hand to to the


[Operator Instructions].

question the comes Citi. of line Jester from first Daniel with The

Daniel Jester

is Great. safe Hope everyone healthy. and

and pipeline in bit the little on So more shareholder little about building know Dayforce bit you comment a sort I letter, what a just about your specifically, of efforts? you can in customers talked seeing more April, in a how bit talking your that you building what talk is little dive and but going? you're maybe are pipeline about about you and can

David Ossip

question. the we for revenue thanks Daniel, very So saw, Dayforce QX, in Look, -- growth. for thanks the strong obviously,

constant XX.X%, constant total ex-float by The currency grew As Dayforce and basis. by mentioned, a on on ex-float grew basis. revenue recurring Dayforce a currency XX.X%

retail demand seeing little In that, quarter, to And solutions. it sales is we sales capital in impacted there see for and the of that industry, month across strong a human area. in mentioned, still management as more letter, of We're the end and But as continue sales the the March. see to April. other in really the the outlined appears bit obviously, first the stockholder continued towards hospitality we than will

Daniel Jester

announced countries. And a those that you Great. on lot the are then of today, acquisition

last the should countries Can this about or could you all for of how frame the year this talked countries the building You've pieces two for, about this how thinking you moving you're over these sort you the native Beyond do payroll see that new acquisition happening? we just -- into? different how year both and transition few next made be got acquisition. moving you

David Ossip


about So Daniel, the this lot we've past. in spoken a

is engines to than within XX countries the native Our in more years. few with goal next be payroll

to Excelity It also almost with consistent us that. consistent spoken is we've an which is a so multiple and what as strategy, regions. and, time, seek native market M&A launch to X the players of with particular a a effectively Dayforce out their know-how revenue in about accelerate to of Xx the regions region their in those into presence very period provider positions And is leverage to particular this around immediately. from effectively of leading require obviously, APJ acquisition, over

into So basis, several HCM capacity. you'll Dayforce year of full the on a see expansion with suite regions, the obviously, those


Baird. from comes Marcon of question with next The Robert line the Mark

Mark Marcon

there seeing to in employees the obviously everyone's that can they're existing of client Hope furloughing, difference regards number versus client your in With think April, layoff? temporary terms between little a you're impact of of subscription PEPM how furlough versus direct about how, off should talk Congratulations. that a the perspective, a and a fees a laying -- early from relationship? in you like, what we safe. bit think base we is both in of, base, And should about about just terms or base, a but the it's

David Ossip

Mark. a Thanks lot,

I'm So Dayforce and Powerpay it to into into separately. break up going

Just reminder, Powerpay accounts for little a total XX% as a revenue. than bit less of

as Furloughed we and count side, inactive get employees. employees Dayforce the for both employees. paid inactive active On

looks a at quite the we've the Powerpay receive and employees. and on employee employees amount flattened layoffs less look products. the at I it a In on to beyond on but we of bit expected the do still XX% the week year-over-year, the really like furloughed out, and employees the provided the these we a stockholder on side of revenue we monitor April it appears the up side, year. letter, the systems increase the count, we it that obviously We the daily was that than recurring of that had or part XX, of little of furloughing X% explained over Dayforce seen lot When basis, both last had so of beginning detail. actual Dayforce has increased And the

terminated, side, get Dayforce we're when they employees only when the on impacted get furloughed. So not

On side, recurring. About Powerpay paid slightly get We of the revenue XX% paycheck the a is on basis. Powerpay per different.

terms XX% fees is of is seen other that on a until Up in headcount. April monthly XX, not early XX% we've dependent The decline headcount.

impacted more But So the than of Powerpay. Powerpay less again, just accounts revenue. we're on for XX%

Mark Marcon

just the a Can really in that's That's thoughts the the in of terms clients and great. wallet, going latest the how perspective a then work terms it recognition your elaborate going internally more what to within from revenue model's well. what own like with of regards bit to And you've you little sounds with business and like to seen be going take-up's workforce?

David Ossip

customer launch, the and assets We first So marketing days, as that's getting ready all given April X. the and assets product first for not spent just that demand the only well. we very the on of implementation again, quarter supplied and early effectively

the until quarter we go are then Google on the get that clients on on of slight there of was through. downloaded with delay the App can backlog Store, both App published waited in a because a the waiting Store in to and those. the of have wallet. end live be We of really getting the to now some April processes U.S. now application but Apple wanted And We Xst apps

our who've almost download method the it the activating very system, Facebook and to the authentication type shares terms load The Very it's have employees, very, if the is of you the app. reaction similar own of such. you When Dayforce wallet. a Dayforce in experience from using clean very you been and like It's positive. Wallet, Instagram, same

The reactions Apple -- personalization use. very, have capability or we a comes plastic, have of and we such. really touch-less the have if very the do been either it's positive. which also sharp. very So The easy really then And the looks phone to and actual you Watch really, through


next of the The line Barclays. Lenschow question from with Raimo comes

Raimo Lenschow

quarters -- guys of that chain, some safe. have kind was cetera, kind you hope or, strengths for integration with around Can And example, U.K., in wins stay in recent and thing you very for payroll. time and guys the the with rural just the had of that was the continuous one a coffee hourly industries interesting payroll you like, focus like the et there to highlight the you workers. attendance you I

because so the terms what's give moves a like impact current customers? you came lot. there bigger Does And much that us that you pipeline compared screens that and is have up, Or that a footprint more in of some your just players? that color would now create the a for of that customers it like, off the growth to opportunity, kind just help guys HR your that on other broad-based? for Maybe us is

David Ossip

in sorry, exactly I'm employees percentage asking a asking? of Are have Or what what industry? certain you you we Raimo. are

Raimo Lenschow

that yes. look you're they about page. lot a yes. kind it, at the in at And in Wherever the of that mean was look It's you've it like, for but pipeline, -- installed talked have you if that base. Yes, if because -- you to -- all be doesn't

little a more give there. Just bit color

David Ossip

-- I'm still I'm following. not

So what is the question? exactly

Raimo Lenschow

customer pipeline. give Yes. you as breakdown us as base, installed of The base, in in the but far the can the it also to

David Ossip

the So shifted. has pipeline, obviously,

it be you call have and are seen seeing it, to much impacted. retail those furloughed Even across of but now historical, for We've fast pipeline we to be we're industries. will layoffs. XX%. COVID. comes that been some we going such, do employees. footprint Is correct, know, would the growth probably sales. haven't believe not in group, base many hospitality get furloughed When spending historical but be groceries those be Of actual about it's seen employee correct retail in that So as the already larger I haven't We We retail, employees. in term can I'll a reflective paid the more kind of impacted Jeremy? developing surge of, me, Jeremy would or And foods And we industries. obviously what by those in in do massive effort in still that

Raimo Lenschow

Okay, that's really helpful.

And helpful. then really follow-up a on like that's Okay, float. maybe

can of think like, float structured and us that obviously, fab your the on kind how at of Like might the rate came you investment If down. environment? how current moment, the it side change rate with is about remind you the

David Ossip

keep liquidity in core the is we a And obviously portfolio, effectively it the a The we use and float core money basically between way portfolio overnight. strategy. in the liquidity do portfolio. we we up a portfolio, laddering the In break Sure.

about just On us. the points. typically you're -- year basis, an the gone down an The of basis by average XX of XXX million points, for So about Fed basis change in know, full headwind to has about the life X.X as $XX a that's impact you rate, X years.

We are the have much the system do between -- we obviously, AAA-rated. That's investment we changes funds as trust do can't to investments use the are that side. how point we

to allowed your in. percent invest and of corps determines governments types effectively that what what So we're


The next question Alex comes from the Zukin with RBC. of line

Robert Simmons

some trended Can Robert us to around Simmons mid-March compared is Alex. your or year-over-year planned now This on a how either basis? give on through from bookings color for you

David Ossip

don't So, sales. I been Obviously, But or we pipeline see actually impact. actually Robert, we sales details to as to continue has quarterly momentum. provide mentioned, to there some

Robert Simmons

in or it. market, anything aggressive Got the like that? then you're considering what how about landscape? competitors out unusual being to the And call seeing can competitive on price seeing Are anything you more you from do they talk

David Ossip

We seen haven't changes. any


comes The the Samana next from of question with line Samad Jefferies.

Samad Samana

hope everybody David, is doing maybe I question. well. first

Just that for the into what on is maybe customer one about works? currently threshold the comment you and the Could in letter, minimums shareholder minimum in remind I I And follow-up. saw contracts. the average us base have more how rolling the current

David Ossip

active inactive is We on month. advance. we And typically there contracts, charge employees the X the of and of XXth number no minimum. month Sure. On in charge the on current

are which employees some contracting time contracting. forward going minimum, percentage a is changes a making of to we at of obviously to provide So the

Samad Samana

And I'm and And Great. plans your a the maybe lifing. Or is right shift departments helpful. I with Dayforce? seeing curious challenges are Obviously, dealing the there side? of the how know if of end lot increasingly Very benefiting Bureau to to Bureau you're then maybe some going the are of customers payroll accelerate accelerate just -- of Bureau or now. off that Dayforce? the plans business. are impacting what on maybe on

David Ossip

on Bureau strategy the changed. Again, hasn't

of change the with to been pace business have we the kind as by goes Jeremy of Every away products million in then million. exception $XX probably move about $X just type Bureau. by any year, here, the already life the the hasn't now trying mentioned as updates, business prior, the end Tax tax. a $XXX of As remaining Dayforce, of for don't you approaching be really aggregate Bureau we expect to equal is probably the are probably the lifing. of the amount under each Dayforce we Bureau about to aggressively us and we a know, of there's million that home an of it provide around from world. of pace There of end the and or customers of end can but we to quarter,

Jeremy Johnson

to month, about that of kind $X.X And in which the every quarter. right was with $X impact line million million That's talking we've Bureau exactly is this that right. $X been million

Samad Samana

Okay, business great. resilient appreciate guidance we the XQ And how and the is.


with The next question comes from the line of Scott Needham. Berg

Joshua Reilly

impact upmarket Josh is you was on to anticipate launched given COVID-XX XXXX? these This any your getting relationships in partner on new do business strategy Or from for remain track? for Scott. that Do just

David Ossip

lean opportunity of an types these relationships. there's anything, to If and in strengthen

professional in taxing rely size use So to way, hiring basically, it services, of larger one in on hire opposed directly allows to professional a more through much services us the people. as

Joshua Reilly

Canada, social their distancing business of given for the delayed trends curve in United Okay. States, implications then Do a rate? they to that after Great. you And any has expect which just infection follow-up. impact implemented

David Ossip

see between can't honestly a Canada. social the I don't distancing remember difference sure first. of and U.S. who not actually I'm it. much I did

support, an probably all non-touch. sales non-ouch usually As both is again in perspective, I'll business a weeks few that of marketing U.S. perspective, organization, a of is a implementation, on ahead basis. customer our Canada. and a the even largely point non-COVID, did we from out that, of From times is done What

much So doesn't it a difference. make really of

employees I over Canada customers. seen week. As we've And look and increase we a in the the the and slight at last monitor customers employee our all I mentioned at of both headcount beforehand, when U.S.,

there bottomed excited evidence COVID about, kind be impact the of but overly to seems nothing to of So out. that really has get


line The question of comes next Bergin from the Bryan with Cowen.

Bryan Bergin

us all already as behavior as or to the clients of pauses the And well. ask give be the far implementations sense customers mix I implementations. started you're the doing wanted most in whether have that on implementations Hope you moving still any then forward? of might difference Can that are a of delaying here?

David Ossip

implementations remember, mix. of it's customers during live credit the QX, at the we take I risk If typically the your all of Look, that period impact would in look a temporarily from was we impact the terms QX quarter. particular revenue of COVID of about in $X The activated QX. in of amount that $X million million would probably in overall recurring to have

they'll a there So it restarted definitely We been that restarted impact, little we're already. material confident was some amount. did kickoffs some but get projects soon wasn't but also pushed they if see a the new relatively of get of bit, haven't

the -- obviously, would facility. living was of extended industry, was care you retail impacted terms it a if expect. impact line it In more it what it's If with was probably probably say, in than, from the retailer, an specialty

Bryan Bergin

Okay. major functionalities behavior uptake seeing just buying And this? increasing for customers? far then between as can seeing existing markets that demand are the or a environment, And comment enterprise of within on you as you might the -- result be modules any base as between Dayforce and

David Ossip

yes. Yes,

So material before. another XXX really let enterprise. employees and add I vast majority actually Dayforce me are between or just of a in above mentioned would markets enterprise. major in difference major The behaviors markets between customers seen be employees. our of that step haven't accounts I Dayforce XX% really

see may over upmarket because moved we letter. last stockholder And the in the some be the spoke quite about that that of have you numbers Now significantly in year. we

$XXX,XXX the revenue before. XX% Dayforce instance, year per incremental increased a account $XXX,XXX from For to

larger proportion in the of towards our side. So of will customers markets be most enterprise of obviously, end our major -- a upper the

Bryan Bergin

on functionality Anything Okay. difference? the

David Ossip

all really can I see. far not No, as as at


JPMorgan. Mark line question next The with comes the from of Murphy

Matthew Coss

employees David, -- back employees many come stabilized, might back. eventually your to Murphy. Mark have position and some you is of behalf seems for come conversations eventually your based me, on What furloughing might or Cross even on furloughed excuse with said sense terminated employees how to full-time return Matt of is have customers? This that

David Ossip

nice to Matt, answer I hear the don't you. from have Look, and that. to

we In our employees look terms employees, I paid at furloughed active the get down. when versus employees of furloughed for at to can going again, furloughed customer is What of percentage seems be say furloughed I employees. employees base,

activating to of a movement seems inactive in customer our there base So be employees.

get clarity employees if I let what don't a or of the to six they know levels months bit have previously, terms we'll more -- that back had but go, they next they come probably will I so. In over the think

Matthew Coss

cycle extended cases some the are in And in And mentioned are you sales industry? they the impacted had also sales if are cases. heavily cycle Okay. extending, those mostly the And sort of you? come table? to the to for Or how your of they deals -- are later? is going will are some Or ultimately what these just return off sense many

David Ossip


a few there. questions there's in So

we've to canceled. be very projects into pattern a First, that The few there's quarters. seems seen push later get

reason industry, didn't. in pushes. In has don't work home terms was for the very if us like easy, getting primary believe I of to March, organizations the policy end it the it has was maturity effectively from some I others that of make know everyone's to and that and ready

of home. I And were employees same people get so from decisions their up a speed in get that's of a and the ours that from would kind working in the there's clients. systems effort like At return helping the made to on work lot to moment, on think busy going quite productive have

back little sales this bit sales actually the of and in of think I that momentum cycle, of and month we'll very the saw also we're even quarter. to the that a positive But we of I'm the encouraged created go by first that usual so volume kind distraction. And feeling


Price The CIBC. Stephanie from next with comes question of line the

Stephanie Price

environment any customer any wondering have in whether as customers sets new the in change. requesting solution or you're current and I seeing interest needs sales was functionality just add-on whether been

David Ossip

Great question.

were quite we proactive So this. in

we very some early the enhancements product. Dayforce So made on in to COVID,

to if effectively system our also first or register the personal was who the And with to list they've of The very be person. is into people enhanced case of people SMS in we notified case messaging a we allows could tracker, suspected a may COVID engine that been which a to broadcast COVID, make there via e-mail, then a added or which COVID come And it can have or efficient get positive offices easy to. generate employees contact way. so

is we did of The into second thing around a system we loaded learning management that information COVID. lot

from we launched instances also wash home? Dayforce work do you can In at any How all do other your that lot for term, people just And or us employees you helping the home? COVID And communications available of a load register, the of you public all we added How kind on, Dayforce the system their safe? a and get stay or and near not. had work to as How use. do such, about management organization provides and Learning. manage how They learning back you of That's important about of really simply employees offices launch So to go whether activated pieces features hands? and we version to and do return And into you'll see people pieces. that to the such. prepare companies information.

you application nicely obviously In do in there management. add-on Obviously, sales, sales been pieces XX% learning other this apply is environment. of of know, the demand we -- of the quite add-on what for sell. strong There's always has a terms as

Stephanie Price

Great. the outlook. me on And M&A for one then just more

Excelity So congrats on acquisition. the

out what you've in you're are of if seen number seeing now, of any right the Just if there. wondering M&A impact prospects that the you've seen market or -- valuations

David Ossip

when laser-focused we do quite to these things. We're try

actually to the obviously We have but work I've any And can't that impact change in activity in timing, to real I in yes, some started seen COVID XXXX. on have marketplace. Excelity M&A say did


Crédit Suisse. with comes line Brad question the next of The from Zelnick

Yao Chew

Chew everyone staying Yao safe. hope Zelnick. This on is Brad I is for

top are and the website of traffic a that always and X-part to this. to question into I'm of funnel the final to implementation. and a qualified glad more lot strategy can you point leads traditional to involved be here. just call within you seeing may I'm receptive the that, everyone there But ROI to this and seeing Just longer-term the resources does change a or between seminars guess, go-to-market customers wanted views summits. I steps And if are here? new where ones with that bit the the bottlenecks between go-to-market are, this to major on adapt and of how approach? and given It's dive out sort new any go-to-market on any virtual there's managed motion you effectiveness out,

David Ossip

more as Yes. environment in our chosen or gather probably of positive. started see very X, would a talk, focus. Look, terms we you And the of been we lean first attendance digital stockholder strengthen had we our today's effectively to Xx about can quickly marketing even we've marketing, from that the And from letter moved typically on virtual the got And from was current very with in reactions which it into to off to physical. we the organization. summit,

very customers and very still up able We do virtual thorough involves with with actual This have demonstration North answered to speakers. We questions did in seem come from up of to And such, We week. coming last be we and the the in We in another a U.K. U.K. And Ireland in we believe so We that. and we that, did in couple of weeks. one product. format Australia. nicely. one obviously very one prospective did did customer going to We one a be it America I a seems that's engaging. one-on-ones extended now live. the

and informative speakers brand very and have we've own experts how our it and do improved the tapped important lot digital you that the and correctly comes that to to government are really payroll be I And And other able been the complexity second as customers done a their Wallet compliance I there's internal part have really and and they Dayforce when with to because need the -- compliance have where employees. a of do remain is to be wages of really lot touchless help the comes do can having customers get people living to, to money the employees really is them that at time. need really adjust earned in the a that help a able the we know, great compliant get possible. really feature. think Canada, is of to teams allows that to would A to lot marketing has world they as to understood. calculations experts U.S. that We're be hands now quickly as The They experts, In and a it the reinforcing the their various mechanism think in of their words, like tax. transactions. when programs into about outside as need Ceridian. leveraging And to to great obviously a organizations webinars, launch of


comes line [Operator of BMO. Instructions]. from The Keith with next question Bachman the

Keith Bachman

questions. two had I

discovery primers I you for pricing? any out particularly in are industries? So when new of there, price be first affected broad Are about seeing The changes I seeing relief, price the the dimensions. there's kind you in in back X changes you customers are most when work any to new seeing or any is mentioned landscape, competitive in bids you done wanted and/or to ask asking and/or coming meant, pricing in really and any

David Ossip

mentioned, paid get changes in that think fact we've go-forward reality, insulation making contract actual us COVID. And So seen furloughed provided of I to we're don't any terms as future In from lot a in minimums some for we employees with has changes the basis. pricing. contracts to a of really we've on adding the

regard. in So that fortunate we are quite

we've we proactive. want way obviously our look as that and partnerships, at and the been can. of terms quite them any impacted long-term we in to industries, very customers We to In customers be support able

more during from not to in on them out a So basis. we industries, rate help this reduction serving really financing That's a particular did reach do period. perspective a

Keith Bachman


maybe helped, financing So okay.

wallet. on is second The

period But could you time. a you of on see revisit could You had be think revenues. Previously indeed as of revenues? when very you we see you've you comment year some going some what some you talked if first wondering I year? revenues short investors get might maturing see build fiscal did of wallet? end potential of the to wallet previously about the fiscal could towards metrics And on kind when of be next were the there was in the that backlog just this might the revisit just might wallet, a of for we

David Ossip

the much stuff going impact be fair will stuff half think now. material you'll of that And activated think to Well, year, we're second is, doing I XXXX. are of in statement. the see this as I the obviously, be a of in rollout a don't from this revenue

experience letter, as more start to product, we information we And as mentioned inside to the will have so about As we'll we share can start talk more for we everyone, people that the it. business model. with the with get about stockholder


gentlemen, and This time. at today's concludes no are conference further Ladies questions call. this there

You now you. Thank disconnect. may

David Ossip

everyone. you, Thank