Ladies and gentlemen, good day and welcome to Ashiana Housing Limited Q3 FY 2024 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Binay Sarda. Thank you, and over to you, sir. Thanks, Vinay. Welcome, everyone, and thanks for joining this Q3 FY 2024 earnings call for Ashiana Housing Limited. The results and the investor presentation have been mailed to you, and it is also available on the stock exchange. In case if you have not received the same, please write to us, and we'll be happy to send it over to you. To take us through the results for this quarter and answer your questions, we have today with us Mr. Varun Gupta, Whole Time Director, and Mr. Vikas Dugar, CFO. We'll be starting the call with a brief overview of the company's performance of this quarter, and then we'll follow it up with a Q&A session. I would like to remind you that everything said on this call that represents an outlook for the future, which may be construed as a forward-looking statement, must be viewed in conjunction with uncertainties and risks that they face. These uncertainties and risks are included, but not limited to, what we have mentioned in the prospectus filed with SEBI and subsequent annual reports, which you'll find on our website. With that said, I'll now hand over the call to Mr. Vikash Dugar. Over to you, sir. Thank you, Vinay. Good afternoon, everyone. Hope all of you and your families are keeping healthy. I welcome you to discuss the performance of the third quarter of FY 2024 for Ashiana Housing Limited. Thank you for joining us today. Area booked for Q3 FY 2024 was at 3.35 lakh sq ft as compared to 5.92 lakh sq ft in Q2 FY 2024, and 9.03 lakh sq ft in the third quarter of the previous year. Value of area booked recorded at INR 173.89 crores in the third quarter, vis-a-vis INR 325.6 crores in the previous quarter. In the third quarter of the current year, we had limited inventory to sell in Chennai and Gurugram and did not launch any new project in the quarter. We expect new launches in Q4, and as a result, improvement in value of area booked. Second phase of Ashiana Malhar, Pune, and Tarang phase V, Bhiwadi, launched in November 2023. Handover commenced in the following two projects: phase V of Ashiana Umang in Jaipur and phase IV of Ashiana Nirmay in Bhiwadi. Area constructed at 4.77 lakh sq ft in Q3 FY 2024 versus 4.59 lakh sq ft in Q2 FY 2024. Total revenue reported at INR 189.25 crores in the third quarter, vis-a-vis INR 351.02 crores in the previous quarter. PAT increased to INR 27.8 crores in Q3 versus 27.35 crores in Q2. Improvement in PAT, despite lower reported revenue, due to A, change in mix of projects with higher margin projects being delivered in Q3. B, sale of Marine Plaza project in Jamshedpur, which was a litigated non-core asset. The sale happened in Q2 with a loss at gross margin level. Total comprehensive income also improved to INR 28.08 crores in Q3 FY 2024 from INR 27.52 crores in Q2 FY 2024. Pre-tax operating cash flows at INR 53.83 crores in the third quarter, vis-a-vis INR 25.29 crores in the previous quarter. For the nine months of the current financial year, pre-tax operating cash flows were at INR 212.27 crores versus INR 84.85 crores for the full year FY 2023. On this note, I would like to conclude my remarks. We will now be happy to discuss any questions or suggestions that you may have. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you will press star and two. Participants are requested to use handsets when asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We have our first question from the line of Praveen Agarwal, an individual investor. Please go ahead. Hi, my question is twofold. One is, how are we looking at next 2-3 years in terms of... Both in terms of, area of sales book and in terms of the construction, which we are looking to do, and, which cities would it be? Are we going forward to look at more at, places like Gurgaon or, or our traditional, areas which we are strong in, like Jamshedpur, Jaipur, et cetera? Hi. Praveen, right? Yeah. ... Yeah. Hi, Praveen. So, I, I would say, according to me, the future, the next two, three years look bright. We are launching more projects. So we have a project to launch in Gurugram, a new phase just to launch in Gurugram. We have three projects to launch in Jaipur, two in Chennai. So we have a few projects coming up, all over the place. I would say, Gurugram will, in terms of value of bookings, will become a, a, a much larger play within the company, because of the sheer sales price there as compared to the rest of the stock that we have. But that said, we have also seen improvement in sale prices across the board. We expect Senior Living to start contributing more, so we will have more contributions from Chennai, where we are launching two projects. We expect more contributions from Pune as well, more from the Senior Living in Bhiwadi. So I would say, and as I said, Jaipur, we are also launching projects. I think secularly we will see good sales, good construction to continue going forward. So I think that will be across the board right now, and I see the next two, three years to be quite bright. Would it be fair to estimate a 15%-20% type of growth in the value of your books for Amantran? Yeah. So I would just say that, given lumpy nature of businesses, we might have a very large growth in one year and then maybe a little less in the next year or maybe a little degrowth also in a year. So I wouldn't like to do a very straightforward 15%-20% increases. As you can see, like, we have had a great year overall this year right now, but we had a bad third quarter because we didn't have enough launches. So, you know, it could be a little bit lumpy here or there, but I think overall, from a three to four-year view, that kind of an annualized growth rate, we - I think we would be fair to assume, or at least that's what I would expect sales to do. Okay. That's great. So one other question is, in the previous calls, you mentioned that we had certain low margin, you know, projects which you were executing. So are there still some projects which you are still to hand over on those lower margin projects? Yes. Or they are not? Yes, yes. Ashiana Anmol, phase II, III, and Ashiana Malhar, as a whole project. So those two projects remain low margin, and I would say even Ashiana Aditya, phase II, which is to be handed over this quarter, and Amantran phase II are some low-margin projects. But overall, we expect the gross margins expansion, and particularly from what we have sold this year and what we expect to sell going forward, we will see improving margins. So lower margins projects are the ones I listed out there, more or less. All right. Thank you. No other questions from me. Thank you. Thank you. Before we move to the next question, a reminder to all the participants that you may press star and 1 to ask a question. The next question is from the line of Shivam, an individual investor. Please go ahead. Hello. Sir, I want to ask that, what would be the amount of launches that you'll be doing in Q4 and in FY 25? Hi. Hi, Shivam. In Q4, we are looking to launch three fresh projects, Ashiana Nitara in Jaipur, where phase I is villas are back, and which we've launched, ONE44 in Jaipur, which we would like to launch in a week. Yes. What would be the amount? Yeah. So these projects put together, the six sizes might be bigger. The projects together is, would be about 24-25 lakh sq ft put together. Of the 24-25 lakh sq ft, I think we will launch, of the 25 lakh sq ft, we would launch about, you know, about six odd lakh sq ft, about five odd lakh sq ft, five to six lakh sq ft, within this quarter. There is Ashiana Amara, phase III, which is a 377,000 sq ft, phase, and that phase we have applied for RERA. So in case we get RERA within the next, let's say, couple of weeks, then we launch in this quarter. Otherwise, it will slip into the next financial year. In the next financial year, we have three projects totaling about 30 lakh sq ft to be launched. We will not launch the whole thing. We will launch like a few phases of that projects in FY 2025 and existing phases of certain projects. We haven't planned out exactly how much we will launch in the next year yet. We will do that planning probably in March. So when we have a May call, we can give you a sense of where we will be launching, how much we'll be launching in the next financial year. ... Okay. And sir, the, in your slide number 24, you have given the future project summary of, 80 lakh saleable sq ft and, the land available for future development. So, so this comes out to be a total of, 130 lakh sq ft, if I add the both, or, or the future, future projects include the land available for future development? No, they are mutually exclusive. Okay. They are, both of them are different. So can you tell any monetization any ballpark figure that how much value of sales can we get from future projects and from the land available for future development? Okay. So in land available for future development, there is a 30 lakh sq ft project called Milakpur, where it's under some sort of litigation. And excluding that, we have about 1 crore sq ft. And right now, I would say we can, the portfolio that we can have can average, you know, 6,500 rupees sq ft according to the ratio, about INR 6,500 crore would be over that 1 crore sq ft. And we have about 15-16 lakh sq ft to sell between ongoing projects and completed unsold inventory as well. So that would be probably another INR 700-800 crore. So that's what we are- Total you are saying around INR 7,200 crore over a period of how many years? I would say for about the overall life cycle, probably 5 years from now, maybe 5, maybe 6. Some projects which shall finish within 3 as well, some will probably finish a little earlier. The last odd project should be probably 6 years from now. Yeah. Okay. And will you be able to meet your guidance of INR 1,500 crore of pre-sales in this fiscal year? So, it's dependent on if we get the RERA for Ashiana Amara in Gurugram. If we get that, then we will cross the INR 1,500 crore number. If we don't get RERA and that slips into the next quarter, then we'll probably do about INR 1,250-INR 1,300 crore or so. Sir, how much impact and how much revenue do you see in the top line being reflected in the next fiscal year, as some of your projects are being completed and delivered? So, so that is provided, to a large extent in the presentation. We have given a delivery schedule and the value of the bookings, that has happened in the delivery schedule. I would urge you to look at the presentation over there, Shivam. That information is there. Yes. Okay. Any, any ballpark figure that you can give me for FY 25 of the P&L? I would, I wouldn't like to give a profit estimation, if that's okay. Oh, okay. So the revenue estimation is provided, the value of area booked and the delivery schedule is provided in the presentation. I would urge you to put a margin there. And as I said earlier, I would expect margin profiles to improve now, and I think hopefully GP margins of 50% should apply next year. Okay. Thank you so much. Thank you. Thank you. A reminder to all the participants, you may press star and one to ask a question. The next question is from the line of Shreya. Please go ahead. Hello? As there is no response from the participant, I would like to take the next... The next question is from the line of Pratibha Doraiswamy, an individual investor. Please go ahead. Hi. Congratulations on the results. My question was, you know, on the Senior Living space, I think, you know, Ashiana has been in this space, for a few years now, and, we've also now, I think doing it in Pune, right here in Chennai, now we've gone to Pune. I just wanted to understand, you know, how, you know, you're seeing the demand. Do you see a demand picking up now? I mean, do you see it picking up over the last few years? Do you see that the demand is picking up, and how do you see the demand in, Pune right now? That's my first question. And, my second question was, is there plans to move into other cities as well with Senior Living? Thank you. Yes. So, we see good demand for Senior Living, and I would see improving demand for Senior Living, as we move forward, because I think two things is happening. One, the concept is getting more established, and people are more informed, educated, and aware of the concept and the services being provided. And, second, I think, we are seeing more financially independent retirees in India as what we were seeing a few years ago. And I think both of those are playing well into demand. If I were you, asking specifically for Pune, yeah, we're seeing good... And I would say it's just not Pune, actually. It's the location is in Talegaon, which is between Bombay and Pune, and we consider that to be actually servicing both markets. So we're getting customers from Mumbai and as well Pune, and demands continue, and we see good progress there. We are actively looking at Bangalore as well. So, hopefully we'll be able to get something going there in the next couple of years. Getting a project going there takes a while. We haven't even closed the transaction yet. So but we are actively looking for land transactions in Bangalore at this time possibility. ... Great! That's great to hear. Thank you so much, sir, and very best wishes. Thank you. The next question is from the line of Himanshu Dugar from Safe Gains. Please go ahead. Hello? Yes, Mr. Himanshu, please go ahead. Yeah. Two questions from me. First question was, you know, could just talk about the pricing trends in, Jaipur and Chennai, how you are seeing that on a year-over-year or, you know, a two, three years period, what do you expect going ahead? And, secondly, in that, could you also talk about gross margins? Because when I see some of your JVs are now coming at, say, 80% profit share, is that- does that indicate that the gross margins are expected to go ahead in some of these projects? Okay. So I couldn't hear your question clearly. I will repeat them, and you can confirm that I got them right. So one, you asked that, what, how do I see pricing in Chennai and in Jaipur? And, second, how do we see margins going forward? And you were talking about the transaction structures that we have done. We haven't done a profit shares transaction with anyone. We don't... We have done revenue share transactions. So I'll clarify both. Is my understanding of the questions correct? No, just on the margin part, the question was, when you are doing this revenue share of 80%, then that is adjusting for the cost, right? For the land cost. So that would that imply that your gross margins should, are higher in these projects, like in Jaipur, Nitara? Okay. All right. So, we give revenue share to the landlords towards the land, okay? So depending on the location, depending on the sale price, and the construction cost and the revenue share given, different transactions have different, margin profiles, okay? Some projects have it a little better, some projects don't have it as well. But overall, as I said, projects that have been signed off in the last two, three years can display good margins because sale prices are higher than what we had underwritten the projects at. And therefore, margin profiles have improved across these projects. And, and I think in Chennai and Jaipur, both places we see better, sales pricing as compared to, other, as compared to other, as compared to before. New projects are getting launched at higher prices than what we had underwritten the projects at. And, we've been able to increase prices over the last 24 odd months. So pricing remains good there. Could you quantify, like, what kind of price increase are you seeing? It's difficult to say, on a, on a, because a lot of, a lot of the increases happened in, newer projects as compared to what we thought we would launch the project at. But, let's say projects that we took up, signed off two years ago, we're launching at prices 20%-30% higher than what we thought, would be two years ago. So let's say 30% over a two-year period would be something what we are doing. Got it. Got it. The last question from me was, so, more structurally or, about future strategically is what my question is. So now that you're kind of, you know, doing, INR 20 lakhs per feet on an annual basis, and I think your previous peak was around INR 23 lakhs in, back in FY 2015, 2016. Mm-hmm. Do you see yourself going towards that INR 30 lakhs? And for that, do you see any headwinds or some strategic things that you are doing to... Because the land bank kind of continues at that INR 1 crore number. Mm-hmm. Are you seeing a faster churn to say, like, the, that inventory turnover goes up to, say, 4x or something like that, 5x? Yeah. So we are seeing a higher churn, and we want to operate at a lower inventory, if we can, to get a higher throughput. We are looking to get to that 30 lakh sq ft number. That's definitely something we are aspiring to do and working towards getting there. The only headwinds that I see right now, if I see any, are increasing land prices. And those can become a barrier to getting more and more projects. But right now, from a 30 lakh sq ft perspective, we have enough stock. You know, we have about 1.16 crore sq ft between land bank and future development, if I exclude Milakpur, and we have about sixteen odd lakh sq ft in between ongoing projects to sell and in completed stock from a sales perspective. We would have similar area to construct as well. So, 30 lakh sq ft annually right now we can do with the kind of inventory that we have. Challenges would be replacing the inventory and growing the inventory to even grow faster. And in that situation, the land costs right now in various markets are a little bit of a concern. Just to follow up on this question, if you could just touch upon the pipeline on the land acquisitions. On the land acquisitions front, we have active term sheets in a few locations. We are looking to acquire and actively in acquisition mode for Senior Living in Bangalore, as we spoke. We are looking at closer to Bombay as well, on the Bombay-Pune axis, one more Senior Living project closer to Bombay. We are in talks for lands in Jaipur, in Jamshedpur, in Gurgaon. We are in conversations in a lot of places. And we have some active term sheets also. But nothing is done till it's done in writing. That's the progress right now. Got it. Yeah. Thank you. Thank you. Thank you. The next question is from the line of Himanshu Upadhyay from Bugle Rock PMS. Please go ahead. Yeah, hi. Good afternoon. I have this question on this HSIIDC land, where the payments were pending from. How is the payment, and do you think this land closure will happen in next three to six months now, or do you think it may take time? What is the progress on that? Yeah. Hi, Himanshu. We have time till June to make the payment, and we will close the payment before that. So in the next three to four months, we should conclude all payments for HSIIDC Sector 80 land. As Mr. Himanshu has left the queue, I would like to take the next question. The next question is from the line of Praveen Agarwal, an individual investor. Please go ahead. Hi. Just on the land question. So, just wanted to get some color from you in terms of when you're underwriting a project now, you know, versus, say, two, three years ago, does the unit economics still hold? Like, I understand, let's take Gurugram for an example. I understand between COVID and now, prices have moved up by 75%-80% on the land business. So are there the actual end prices of flats also moved in tandem, as in commensurate with that? So if you were to buy a product, you know, land parcel today, our returns will be similar to what it was when you were underwriting the projects three years ago. So, Praveen, that's what some places, they have gone up. Land prices have gone out of whack as compared to apartment prices, and they don't make sense. In Gurugram, that's my view. There have been some recent transactions where, where, land prices have been transacted at prices that, makes me very uncomfortable, given the sale price of apartments that are expected in those locations. So, finding land, today is harder that, where unit economics makes sense, than before. So therefore, we'll have to work a little harder. So the land acquisition team will have to work harder to be able to find transactions where we can see an end. But different, different, geographical markets, different micro markets are behaving differently at this point of time. I'll, I guess, our job will be to find those particular spots where it still makes sense to work. We are, we will be very disciplined in terms of our unit economics, in terms of whenever we are looking to buy a project at that point in time. Okay. So, we want to be disciplined. We want to be reasonably conservative, but sometimes we might also go off track a little bit. I can't guarantee about the future completely, but the intent is to be disciplined and reasonably conservative in our approaches. Thank you, sir. No more questions for now. Thank you. Thank you. The next question is from the line of Shreya. Please go ahead. Hi. First of all, so are we planning to do some aggressive projects, first of all? I, I couldn't get your question completely. Can I request you to speak a little louder, please, and repeat the question, please. Thank you. Yeah. Basically, I want to know, we are issuing some debentures and making some amendments in AOA and making some private issues. So are we planning to do some aggressive projects that do require a capital cost of investment? So, one, we have a large payment coming up for Sector 80 in Gurugram. Okay. Which so we have to make a payment for something that we had gotten into a transaction about eight to ten months ago. So proceeds will be utilized for that. Second, we want to have money available to be able to do transactions. I think that's the secondary aspect of it. So we don't want to be very aggressive on pricing. But that said, have the funds available to do transactions at this point. If the unit economics of a location makes sense to us, and the land makes sense to us, we are looking at doing transactions. And it can be outright, it could be joint venture, it could be anything as long as the unit economics makes sense. Okay. As in past conversations, you recorded that you are going to update some projects in Bombay. So what category of project it will be? It will be Kid Centric, Premium or Elite? In Bombay, we'll be doing Senior Living projects around Bombay. We're looking to Senior Living only. Okay. Third thing is, as we have a mall, we are planning some projects for some special kids, and we are also at present working with that. Are we planning that on with other Kid Centric Homes? I am not able to get your questions completely. If you are on a speaker, can I ask you to be on a headset, handset? Basically, I think I'm switching network. I will call back. Okay. I think what he was asking that, they are doing some projects related to specially-abled, kids. In our Kid Centric piece, do we have any such kind of related plan, if I take the question correctly? Shreya, you can confirm. Or maybe we can move to the next question. Yeah. So we, yeah, we could. So if that question is there, we haven't made any specific plans for specially-abled children. Yeah, true. And we can move to the next question please. Thank you. A reminder to all the participants, you may press star and one to ask a question. The next question is from the line of Rajiv Agarwal from Sterling Capital. Please go ahead. Well, good. Thanks for the opportunity. I just want to know that, what are the current realizations in your Senior Living projects? And what are the realizations in Premium Homes and Kid Centric Homes in various markets right now? And my second question is: Do whatever pre-sales we are doing, we have done in FY 2024. When can we expect the, the handovers and to be completed? Okay. So, on the second, on handovers, we provide a complete handing over schedule in our investor presentation, along with phases and what the years and the value of the stock that's booked there, what's the unsold stock in terms of sq ft. And I would urge to look at that, because my memories could be weaker and that would be better. It's there, and you can look at that. From a price point perspective, our Senior Living projects are ranging anywhere between INR 5,000-about INR 7,000 a sq ft, depending on the micro market and the unit type that we take, maybe INR 4,700-INR 4,800 onwards and up to INR 7,000 a sq ft at this point in time. Premium Homes are, again, depending on the micro market, is operating anywhere between INR 3,500-INR 7,000 per sq ft again. Kid Centric Homes are operating around, if I exclude Ashiana Town in Bhiwadi, which is a completed project, between 4,500 sq ft now, and currently, like last probably would have been 8,000 rupees sq ft. What we plan to launch in Amara phase III will be substantially higher than this. I would expect Kid Centric Homes now to go really higher because, the virtue of it being in Gurgaon and pricing are changing in Gurgaon substantially. Okay. Thank you, sir. Thank you. Thank you. Thank you. Thank you. The next question is from the line of Rishi Singhal, an individual investor. Please go ahead. [Foreign language] Mr. Rishi, your sound is little- [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] But sale price, sale price[Foreign language] Got your point. [Foreign language] Can we do... or do you think we can that every year 10% additional volume with a roughly 10% additional price, meaning price increase, so that we can easily reach 20%. Is this possible? [Foreign language] It will be different, a little bit year on year in that. [Foreign language] going forward I would say, we should, we are experiencing, we expect to see good growth over the next two years. Okay,[Foreign language] No,[Foreign language] [Foreign language] I am not that old either. But generally, a six to seven year cycle is what I would expect, given the cycle in real estate is supply driven. So it takes time in our business to create supply. To have ready supply takes a lot of time. You buy land, bring approvals, start construction, complete it. So that's one supply, the other is blueprint supply, which takes a bit less time. But still, I don't think that across the board it seems like so much supply has come into the supply that the cycle will overturn. In some markets, in pockets, it may be that supply is more. Like in Bhiwadi, the supply over was so much that it is still coming with over supply. Even though the other markets are recovering. There, supply is still decreasing because there are no launches. And given the lack of liquidity still in the market, the kind of developers who have funds available, how many developers there are in the market, how many... So[Foreign language] In general supply will continue to be favorable for at least a year and a half and after that we can assess again. But[Foreign language] supply on blueprint supply will be favorable and delivery supply I think will remain favorable for a longer time because possession is not heavily expected in any micro market in general. And, next, overall balance sheet level if you get opportunity, debt equity ratio you are willing to go? 0.3-0.4 if I exclude capital provided by IFC, because it's more project level capital, which are linked to project cash flow and project return, non-defined repayment obligations. Defined repayment obligation debt we will be comfortable, maybe 0.3, 0.35. Not, not something like one is to one and something like that? [Foreign language] Okay, okay. [Foreign language] No, [Foreign language] Okay, okay. Okay sir, thank you very much! Thank you, Rishi. Thank you. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Shreya. Please go ahead. Hi, I hope my voice is now clear, first of all. [Foreign language] [Foreign language] Premium, it will be Premium category and kid centric and something like. [Foreign language] Okay, second is,[Foreign language] That include some special category of kids also. Are we going to communicate and proceed that in future project over the India for Kid Centric Homes and some other sector? Special category[Foreign language] Okay, are we going to expand that towards Chennai and other regions? Ah, not at this intent. [Foreign language] Senior Living category. Okay, in respect of Elite Homes, we are launching it in Jaipur ONE44. Are we planning to extend it over India? Some other regions in the name of Elite and for Premiumness? Elite Homes are larger, bigger flats, better specs, more luxury oriented units. We are launching it for the first time in ONE44. Its success will depend on how many more locations we take it to, how much more we do in Jaipur. Right now, as we feel, we are very hopeful for it to be a very good success. And once that happens, we will do it in more places. Okay. So like in Gurugram, as per the prices are rising, can we expect it to be in near future with some acquisitions? We have not done any acquisitions yet. We will get into acquisitions only when we have a little, once it is launched, after that. Okay. Okay. And in respect of some maintenance margins, are we expecting to rise? Because as far as I see, these are very limited over a period of time with on regular consistency of limited percentage hikes. Are we expecting to have some increase so that we can communicate it further? You are saying that we are expecting a hike in the maintenance charges? [Foreign language] Maintenance charges means we are going to do hikes, what we generally do year on year. Meaning, a little here and there, depending on inflation and budgets, but nothing that will move the needle in terms of profitability at all, or, you know, it will continue to be this very, very low profit, nearly no profit, no loss kind of a business. Okay. That's all right. Thank you. That was the last question for today. I would now like to hand the conference over to the management for closing comments. Over to you, sir. Thank you. We would like to thank all of you for being on this call and being so patient with all the questions and answers. If you were unable to take any questions, please feel free to write to us directly or reach out to us directly. With that, we'd like to conclude the call. A lot of the material we have spoken about is posted on our website, and you can also email your queries for any further clarification. Thank you once again for taking the time to join us on this call. Thank you. On behalf of Ashiana Housing, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.