Ladies and gentlemen, good day, and welcome to Alembic Pharmaceuticals Limited Q3 FY 2022 Financial Results Conference Call. As a reminder, 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 and zero on your touchtone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Mr. R.K. Baheti, Director – Finance & CFO, Alembic Pharmaceuticals Limited. Thank you and over to you, sir. Thank you. Good afternoon, friends. Thank you for joining the Q3 results conference call. I'm sure most of you would have received the results by now. However, let me briefly take you through the numbers for the quarter and nine months ended 31 December 2021. During the quarter, our total revenue is down by 3% to INR 1,272 crores. EBITDA was INR 269 crores, which is 21% of sales. Profit before tax and profit after tax is 209 and 176 crores respectively. EPS for the quarter is INR 8.98 per share versus INR 14.88 per share in the corresponding quarter in the previous year. As explained in the previous quarter's call, a comparison with previous year's numbers are not of much relevance as previous year was an exceptionally strong year on back of certain and other products shortages in US However, what we are happy about is that our quarter-on-quarter performance is now stabilized and going forward it gives us confidence that worst is behind us and we're starting to improve from here. During nine months for the year 2022, our total revenue was down by 5% to INR 3,890 crore. EBITDA was INR 791 crore, which is 20% of sales. Profit before tax and profit after tax are INR 616 crore and INR 510 crore respectively. EPS for the nine-month period is 25.96 per share. This is for 9 months period versus INR 48.10 in the corresponding 9 months ended financial year 2021 in the previous year. Coming to borrowings. Our gross borrowing at consolidated level is INR 615 crore versus INR 815 crore in September 2021, and the company has INR 102 crore in cash on hand versus September 2021 numbers was INR 329 crore. Our debt equity. Our net debt equity stands at 0.10. I would now request Shaunak to take the presentation forward on the international business. Thank you, Mr. Baheti. As you know, let me start with the largest market, the US business. The US business, as you all know, is coming off a high base of last year. Actually, last couple of years have been very good for us, and I think we've had a CAGR of almost 25% over the last four or five years, where we saw a lot of market-based opportunities. Having said that, I believe that the price erosions are more normalized now and we can grow with the new launches. We have some new launches coming up, including our first inhalation product as well as a couple of first to file launches in the next six months, which should help grow in this market. In addition, Q3 we saw some supply chain disruptions and higher freight costs. I think freight costs will continue to remain in Q4, but hopefully the supply chain disruptions on the US side will become lesser in terms of Q4. As I've mentioned in the last couple of quarters, we've been focusing on cost rationalization and that exercise has also started yielding results. As we move forward, we are hopeful of better performance backed by new products as well as picking up share in existing products. I continue to remain bullish on the US market. Our R&D expense was about 12% of sales at INR 154 crore for the quarter. We filed six ANDAs, and the cumulative ANDA filings are at 220. We received four approvals in the quarter and 22 tentatives. We also launched six products during the quarter, and we plan to launch around five more in the Q4. FDA inspection of our injectables facility, F3, took place, as you know, and we got observations. We have submitted our responses to the FDA. We hope to hear from them. The US generics grew by 23% to INR 393 crores for this quarter and by 34% to INR 1,100 crores on a nine-month basis. The ex-USA. generics grew by 13% to INR 193 crores for the quarter and grew by 8% to INR 587 crores. This is quite heartening considering that this business has come off a high base of last year as well. The API business grew by 7% to INR 198 crores for the quarter and by 3% to INR 716 crores. As you know, API of course, had a high base last year due to the COVID related azithromycin. With that, now I request Shaunak to take you through the India branded business. Yeah, good afternoon, everyone. For the India branded business or India formulation business for this quarter, we continue to see the momentum that we've been seeing now for the last two quarters. You know, on the back of a decent market growth numbers, we could deliver good numbers. On a 10% growth of the market, our sales numbers grew by 17% over the previous year. This is just on our straight portfolio, let's say, without any COVID related or one-off benefit as a part of the 17%. For 9 months for this year, India branded business grew by 17% and 30%. Sorry. We grew by 30% on a 9-month basis. I think the split between the two for the quarter in terms of growth numbers are 12% and Acute was 22% for the quarter. The animal health business, which has been performing significantly well for a long time, continues to maintain that rate of growth, and we grew by 24% in Q3 on a very high base of last year also. Keeping these things in mind, I think we're quite confident going forward that we're on the right point to look at higher growth numbers going forward with, you know, our ability to extract better operational efficiencies from all the restructuring we've done. At this point I'll hand over the floor for Q&A. Thank you very much. Ladies and gentlemen, 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 may press star and two. Participants are requested to mute handset while asking a question. Ladies and gentlemen, we will wait for a moment while the questions are responding. The first question is from the line of Prakash Agarwal from Axis Capital. Please go ahead. Yeah. Hi. Thanks for the opportunity. Question is on, you know, the statement made on the, you know, few launches in inhalation and complex products in the next six months. So if you could give some more color. Prakash, sure. Whatever's in the public domain, as you've seen, we've got some approvals. I think the inhalation one is formoterol, which is in the public domain. We should launch that, maybe end of Q4 or early Q1. The other ones are the FTFs. I think we have vilazodone, which is an interesting launch that should happen in Q1 of FY 2023. Okay. How many of these, like, you know, these are some of them are approved and you're expecting some approvals. Would they require some USFDA inspection or they are inspected? No, these are from sites already inspected. Currently from a USFDA side, only the injectable Karkhadi plant is under evaluation? From an FDA perspective, the only one where we haven't got an EIR for is the injectable plant at Karkhadi. The injectable plant at Panelav has not been offered for inspection as yet. We've just done the filing, so they haven't come for an inspection as yet. When do you think, you know, in the past we have talked about 100-150+ products in the pipeline of R&D, and we have seen the filing date also improving. From an approval side, what we have seen are mostly the plain vanilla ones. When do you think, you know, when a series of these complex products can start coming in? I think it's tough to say what's going to be a complex and what not. Injectables we haven't seen any approvals as yet right? I think from what we said as a number of filings, if you've seen, we have said we should get roughly file and get approval over 100 odd products in a four-year perspective. I think we must be close to that, because we've been filing over 25 products every year. In terms of approvals also we're getting about 25 approvals every year. That's on track. Some of them were FTFs which we're seeing approval. Of course, there's more competition in them. Injectables will happen once the facilities are inspected. Okay. Any timelines on that, sir? I mean, when do you expect the resignation and remediation to finish? Yeah. All the responses have been submitted to the FDA. I think we'll wait to hear from them. I think hopefully next couple of months in this quarter we should hear from them, and then we'll get a better idea. Okay. Lastly, when we heard, you know, the worst is behind us, is the commentary, both from the US sales run rate perspective as well as our gross margin and EBITDA margin perspective and because both are seems very interlinked. No, I would say more from a US erosion perspective, I think, on a year-on-year drop, so you see Q-on-Q, I feel now this is what the new base that we're looking at, about $45 to 50 million is the base that we should look at. Slowly as we keep adding products and slowly get market share, that should help. Would Mr. Baheti want to comment on the margin trajectory? This quarter we have 21% EBITDA margin. For the nine months period, it's about 20%. I think at EBITDA of 20%, we look comfortable. Would we say that the worst is behind in terms of 20% to 21% and we come back as inching up? Yeah, I think it's too tough to say right now. It's too early, Prakash. I think let's just stick to what we believe right now in the near future. We believe 20% is a fair kind of margins for us. Okay. I have a few more. I'll join back. Sure. Thank you, Prakash. Thank you. Thank you. The next question is from the line of Damayanti Kerai from HSBC Securities. Please go ahead. Hi. Good afternoon, and thank you for the opportunity. My first question is on the US You obviously have seen a good sequential recovery and mentioned that the worst is behind us. Can you elaborate a bit like now the excess inventory in channel which were dragging down price has it been cleared in your observation, or what has led to the pricing stability seen in the Q3? To be honest, I don't know the channel inventory. I'm not aware of that. I don't think that's impacted us. What I'm saying is, if you see the last two years, we had a very high base, and when you have something, for example, going from a $70-odd million per quarter base, we came down to $50 million. That's the kind of drop that we had. Now, coming to $45 to 50 million, I don't see erosion from this level going to more than a mid- to low-single-digit kind of erosion, you know. That's what I'm saying. You know, it's not gonna be a drastic fall. I believe it's stabilized at these levels. Even if there was erosion, it will be taken care of by either increase in market share or by new launches. That's what I was trying to say. Okay. In terms of pricing erosion, it's broadly back to the historical range of mid- to low-single-digit%, in your observation. I believe so, yeah. Okay. Have you like heard, I'll say, more communication from the FDA in terms of facility inspections in India? Obviously, you mentioned like you have offered a Panelav facility for inspection. In general, how has the communication been ongoing with FDA in terms of some of the pending inspections? Yeah. For our facilities, we haven't heard anything except for the injectable facility. From the FDA, we have not heard anything from them. Okay. My last question is on India business. Last three quarters or so, good performance. I understand barring Q3, in the previous quarter, we had some tailwinds from COVID-related demand also. On back of that, how we should look at growth in next fiscal and beyond? I think the growth was only if there was any growth. It was mainly only in Q1, not in Q2 or Q3. There was no COVID-related tailwinds per se. Going forward, I mean, the simplest way I would look at my growth is whatever the market grows at. I should grow at least 5 to 6, minimum 5 to 6 basis points higher than the market IPM growth rate. I mean, that's the simplest way I can explain it. Okay. Say market is growing at 10%, you should be achieving 5 to 6 percentage point ahead of a market in- Yeah. Minimum 5% to 6%. Okay. What will be a key driver for that kind of big outperformance against the market? I think it's a mix of couple of things. We've talked about operational efficiencies, and we've done a lot of work in the last three quarters in and around that. I think along with that, the portfolio re-jigging that we've done. I think broadly if you look at my products which are priority products are sitting in a good high growth markets which should allow me give a higher than market growth rate. Okay. That helps. Thank you. I'll get back in the queue. Thank you. Before we take the next question, a reminder to the participants, if you wish to ask a question, please press star then one on your touchtone telephone. The next question is from the line of Tushar Manudhane from Motilal Oswal Financial Services. Please go ahead. Yes, thanks for the opportunity. Just, again, on the domestic formulation side, there's been a significant growth, particularly on the acute side, and that too in cold and cough. So is it more seasonal? I think it's a couple of factors. There is some amount of seasonality, but I wouldn't say there was. I think it's a lot to do with the base from last year, which was quite low. There was a suppressed base for cough and cold last financial year, which we're seeing it going back to and maybe going a little higher than 2019, 2020 levels. Got it. Even in the anti-diabetic segment, we have seen much sharper growth for Alembic. Anything you would like to call out here? Yeah. I think the anti-diabetic growth is largely on the back of couple of good launches we've had, in that space, and you know, we expect that momentum to continue for us going forward. Okay. Fair enough. Got it. Thank you. Thank you. The next question is from the line of Bharat Celly from Equirus Securities. Please go ahead. Yeah. Hi. Thanks for the opportunity. Sir, just wanted to understand on inhalation product, which we have referred for. What is stopping us from launching it? I believe there is no patent, and when it expires, I mean, has already been for Teva is already over. Why we have not launched and we are waiting for another one quarter to launch it? Yeah. No, it's a good question. It's a product that we've gone through a CDMO, through a CMO, and we're just waiting for the scheduling. You know, COVID time, they've had some disruptions. We're just waiting for that. Otherwise, we'd like to launch it on day one. Between the FDA responses to the ANDA, not observations, responses to the ANDA, as well as the constraint from the CMO side, that's what's just delayed us by a couple of months. What is the outlook, competition outlook for this drug, given that there are multiple companies who are chasing this drug? Do you see any immediate competition or you see that there will be some practical exclusivity for you to be in this market? No, there is competition. There's limited competition. There's not 15 people. There's I think, if I'm not mistaken, four or five people or something like that. Right. In the first stage, there will be two along with you, right? No, I think there's only four or five people there in the market. Oh, okay. Sir, if you would tell your US revenues in dollar terms, it will be helpful for this quarter. Bharat, I'll separately send it across to you. It's about $50 million, right, Shaunak? Roughly. Okay. Sir, last one. As we have seen Azithral, given that it was a product which was gaining a lot of momentum in the past. Has Azithral came back to the historical number quarterly or it is still high in the domestic business? I don't for Q3? Yes. Yeah, it's back to what it should be. Okay. Thanks. That's all from my side. Thank you. Thank you. The next question is from the line of Ankit Sonkhiya from Oculus Capital. Please go ahead. Hi, sir. Thanks for the opportunity. My question is, what are our key learnings from this Karkhadi plant experience with US FDA? Have we taken any remediation measures for F2 plant in advance so that we don't face similar situation whenever FDA comes for its inspection? It's very difficult for us to understand that for a brand new facility, what has been the issues that it's been so long that the US FDA is not satisfied with this facility yet. I think it's not just facility. Facility is one aspect of it. I think it's the practices and the documentation and the processes you have. I think most of our thing has not been on the hardware, but the observations have been on the processes and the practices that we have. It's a learning curve, to be honest. You know, this injectable has always been tricky. It's always going to be tricky. People who've been in it for years also faced issues on it, our big peers. Just a matter of a learning curve, and there are learnings and hopefully, yes, we will apply these learnings to other facilities as well. Okay. Have we already taken some measures in F2 plant? Also, some delay has been because of the inspection itself got delayed because of the COVID and all that in the past. Not the entire delays. Of course, after sending our response, they came back and the second time observations are a little more painful to us. You are right. Okay. Any measures that we have already taken for F2 plant? Yeah. What we've done is, we're using, as you know, consultants. Of course, the teams have seen what observations happened in F3. There's a common quality heads. We're trying to replicate those same things and get F2 ready as well. Ankit, just to clarify, this is not our own observations which are from which we take learnings. We look at all public documents of all observations of any pharma plant across the globe. We sort of give intense training to our people taking advantage of case studies. This learning is a continuous process. Okay. Thank you. As far as 483 is concerned, all from our side, at least we believe all remedial action has been taken, and the response has been filed with the FDA. Now we need to hear from them. Okay. Thanks. Thank you. Reminders to the participants, if you wish to ask a question, please press star then one on your touchtone telephone. The next question is from the line of Kunal Randeria from Edelweiss. Please go ahead. Hi. Good afternoon, everyone. From a slightly longer term question for you. As you expand your portfolio, could you share how many Para 4 or FTFs would you be sort of working on from your onco and general injectable plant? I don't have the number. I'll get Mitanshu to send it to you. Roughly from the onco side, bulk of the filings on the OSD side will be all Para 4s because these are the ones today most of the Para 4 opportunities lie on the onco only because most of the new products getting approved in the US on the onco side. I'll just get Mitanshu or someone to just send that data to you. I don't have it offline. Sure. On the injectable side? The injectable side will be lesser, because when it used to be, I think at one point it used to be about 20-odd% of our portfolio would be, it used to be high, about 30%. I think with the increase in filings, I'd say about 20% of our portfolio would be about FTF filings, if I'm not mistaken, or pending launches. All right. FTF. Yeah. That's helpful. Secondly on the domestic business, I mean, that's been quite impressive in the last, you know, few quarters. You know, while Shaunak did mention that you do expect market-leading growth in the coming quarters, maybe if you can shed some more light on which of the therapies you think, you know, we should expect, you know, sort of strong growth going ahead. From India business? Yes, from domestic business, domestic branded business. Yeah. I think all the segments which we operate in, I think we'll pretty much, we're quite aligned. I think if you want me to go through the list, it's basically I would say it's cough and cold from the acute side. We have a strong antibiotic macrolides business, which should give good growth. I think the GI is one where we grow. Women's healthcare, we expect great performance going forward. CVD also we're expecting a similar strong performance. These would be the major therapeutic areas. Along with that, you know, we have some of the smaller niche segments where we expect these growth numbers to continue, so which is basically our ophthalmology, dermatology, urology, orthopedics. Of course, I think along with that, although I don't have market growth numbers, but I think our veterinary business is something that we've been really able to ramp up the growth to a very high double digit over a sustained period now. I think we're expecting at least that piece to continue with growth also. Sure. Just one more, Shaunak. You know, if I compare your last presentation to this one, your, I think, marketing team strength has gone up around 500-550. Just wondering where that you have made is being made, in which of the therapy areas? No. I think I don't know. There must be some confusion because we've not added 500 people in the last year. I don't know where this data Oh, I compared it from the last quarter. Okay. I think there must be some issue with the mis-updation of the number last year. Roughly we look at adding, and we've been adding, we will add. Last year rather we've added in the range of about 150 ± people. I think going forward also we should expect to be in this 150 to 200 range in terms of manpower expansion. Obviously a bulk of that goes into the larger divisions. If you ask me specifically, I would say the cough and cold acute side definitely gets a high percentage of it, along with, I think in the last year, I think we've done some additions in the women's healthcare/gynecology portfolio and a little bit in the CVD space also. That's helpful. Thank you very much, and all the best. Thank you. The next question is from the line of Nikhil Mathur from HDFC Mutual Fund. Please go ahead. Yeah, hi. Good evening, everyone. First question on the US side. Now this quarter, Alembic has clocked around $50 million, which is $200 million annualized. Can you help me with the number, how many products are there in the market that is contributing to this $200 million annualized sales basis Q3? Roughly we have about 101 products in the market. Basically, assuming that there's no major concentration left in Q3, $2 million odd per product. I mean, I know there will be some products which will be higher contribution nature, like the inhalation product that you talked about. Some might, some will be lower. But on a blended basis, is this what the run rate should look like over the next? I wish it was so easy, but you know, typically I think with our plan for every company is there's always a 20 to 80 kind of a rule. I think 20% of your products will give you 80% of the revenue, and we'll be the same. What has happened for us is the concentration has come down. I think it's the last couple of years, 5 to 7 products was a much higher concentration. It's become, I would say, top 20%. In that effect, I'm a little more comfortable, and that's why I said earlier in the call that I'm more comfortable moving forward with these current level of sales. Okay. Got it. I don't know, I mean, if a currency difference might be there, but there's some decent growth on a constant currency basis that I can see on a Q and Q basis. Can you split it out, how much of this is new products and how much of that is, and what kind of a base on a Q and Q basis? Any ballpark number that you can share? You know, we don't give a breakup of new products versus old products. It's all blended. That's why when Damayanti asked earlier, I said that I expect, you know, even in spite of erosion with the new products, it'll make up five part of it. We just give a blended kind of number. In my opinion, I think erosion would be in the mid-single digits right now. That's a ballpark guess. Again, I don't have the exact figure because you have to go product-wide and it's a little tough to calculate. All right. Okay. Would it be fair to assume that, I mean, you talked about certain interesting launches in the next two, three quarters. At least from the US front, this is what the bottom is in terms of gross margin and things can only improve thereon. I know it's a very dynamic situation. Again, we don't break up the US also by gross margin. I expect. I think it should continue. At a corporate level, our margins will continue being where they are at about 20% to 21%. Let's see how it goes, you know. Because it's also a combination of R&D spend and what percentage of R&D spend because we expense out everything. Okay. Specifically, I had a question on the OpEx side as well. If I look at 2Q versus 3Q, your OpEx is down almost 30-odd crore from INR 700 crore to INR 670 crore. I mean, are there any one-time savings in this particular quarter? I know R&D is down by some INR 14-15 crore, but is this the new run rate that the company is working with? No, actually, it doesn't work that way because Q2 for all pharma companies who are in domestic business, our domestic promo expenses is the highest, and then it gets down. Actually, you can't be doing the comparison, you see. In branded business, we have been gradually increasing our spend. I believe of course there has been some cost cuts. Can you help me with the cost reduction number? Because I think that can give a better sense in how much annualized we are tracking at. I mean, okay. If you look at the nine months number, I think that it's a fair equalization. Okay. 9 months of FY 2022 minus nine months of FY 2021 is what the cost reduction has been achieved and it should be sustainable. More or less, yeah. All right. Okay. One final question. Also mind you, this is made of some cost increases, like Pranav mentioned, some freight costs have gone up, not for us, for almost the entire industry. Particularly the international freight costs have gone up very high. Some of these costs have gone up. There will be some employee cost increase because of the normal increments set up. These are all made of cost increases. Okay. On the R&D side, I mean, I know companies talk about as a percentage sales basis. Can you give some sense as to how should one build the R&D number going forward in 2023 and 2024 on an absolute basis, not so much on the percentage sales basis? I think our absolute basis this year will be about INR 650 or so, INR 670 odd crores for the year. I think moving forward, again, I would take a range of about INR 650 to INR 700, INR 650 to INR 750 crores. That kind of a range is what we should look at for the next year. Okay. Just one final question. Now, I mean, India growth has been quite good last two to three quarters. Any interesting launches that you can highlight that are coming up in India over the next 12 to 15 months that we should be looking forward to? Yeah. You know, we keep launching products. I think from a new launch point of view, I think we have a couple of launches we're trying to work on in the gynec women's healthcare space, as well as you're aware that, you know, some of the big cardio diabetic products or more diabetic products have gone off patent and will be going off patent in the next 12 months. I think largely we expect these two segments to have a bulk of the new launches or rather the high value launches to happen in that space. Okay, great. Thank you so much. Thank you. The next question is from the line of Amit Singh from Oculus Capital. Please go ahead. Yeah. Sir, am I audible? Yeah. Yeah. Sir, just a bookkeeping question. The INR 2,000 crore receivables that we have, so what is the split of that between the facilities and when can we expect it to get capitalized in the books? In split, we have already given some time back. It just keeps changing only to the extent of pre-operative getting ended. As far as the capitalization is concerned, that could be on the day when my first commercial batch is taken out of this facility. That would be obviously post FDA approval of the facility and then my getting approval of the products. Okay. Thank you. Thank you. The next question is from the line of Prakash Agarwal from Axis Capital. Please go ahead. Hi. Related question. Like, we have some cost, you know, capitalized, and you also gave margins of 20%-21% to the, you know, the new run rate, et cetera. Is this baking in the new cost, which is currently being capitalized and will start being in the P&L once the products kick in from the newer facilities? Prakash, it is like this. There will be one or two intervening quarters where the revenue will be very low to start with, and we'll start charging of all the cost to P&L. But apart from those aberrations, I think once the new facilities also start getting into the revenue more, the traction, we should be back to this similar numbers. Okay. This you expect in the fiscal 2023? Or, when do we expect that to happen? Sir, 2023 we surely expect, I mean, barring any, F3 should surely happen. Then hopefully at least one part of F2, I mean, that is onco oral solids. No? I just missed. It was not clear. Sorry. Can you repeat the last 10 seconds? So F3- Yeah. F3 for sure we'll see a commercialization in FY 2023. F2 I believe is still a way off. I think we're gonna wait for the audit by FDA. I think that as I mentioned, the OS3 products it is way off, so I think we're gonna wait on that. F4 also, I think we're gonna wait because that's just additional capacity so that they trigger FDA. I think in FY 2023 you'll see probably only F3 coming in. The cost spread out between two and three is equal or it is. No, F3 is a larger facility. Okay. The cost, the large part of the cost will start getting. In FY3. in the P&L from, say, maybe Q1, Q2. Whenever it's commercialized, whenever FDA and we resolve the issues. The F3? F3, yeah. Formula 3, yeah. Okay. Understood. Fair enough. That's all. Thank you so much. Thank you. Thank you. The next question is from the line of Jai, an individual investor. Please go ahead. Yes. Hi. Am I audible? Yeah. Yes, sir, you are. Please could you explain the new capacities coming up in the next two years? In what segments are these capacities coming up? What is the total addressable market of these segments and the pricing in the segments? Multiple questions, Jai, but I think this would consume time of others. I mean, they are quite familiar with our business. The new facilities have been created for injectable, for onco, oral solids, for onco injectable and a new formulation facility. This is where this investment has stood out. Each one of these will need a different explanation. Why don't you get in touch with Mitanshu offline, and he'll explain you. Okay, thank you. Thanks. Thank you. We can wind up the call if there are no more questions. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Mr. R. K. Baheti, Director of Finance and CFO, Alembic Pharmaceuticals, for closing comments. Thank you and over to you, sir. Thank you everyone for being with us in our conference call. As always, it's always a pleasure interacting with you and we'll keep looking forward to engaging with you in coming times. In any case, if somebody has more questions, Ajay and Mitanshu will be happy to respond. With these comments, I conclude. Thank you once again. Good evening and stay safe. Thank you very much. Ladies and gentlemen, on behalf of Alembic Pharmaceuticals Limited, we conclude today's conference. Thank you all for joining us in an hour's time today.