Good day, and welcome to the Q2 and H1 FY 2024 earnings conference call of Tips Industries Limited. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this call, please signal an operator by pressing star and then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Nikunj Jain from Orient Capital. Thank you. Over to you, sir. Thank you, Darwin. Good morning, ladies and gentlemen. I welcome you for the Q4 and H1 FY 2024 earnings conference call of Tips Industries Limited. To discuss this quarter's business performance, we have from the management, Mr. Kumar Taurani, Chairman and Managing Director, Mr. Girish Taurani, Executive Director, Mr. Hari Nair, Chief Executive Officer, Mr. Sushant Dalmia, Chief Financial Officer. Before we proceed with this call, I would like to mention that some of the statements made in today's call may be forward-looking in nature and may involve risk and uncertainty. For more details, kindly refer to the investor presentation and other filings that can be found on company's website. Without further ado, I would like to hand over the call to the management for their opening comments, and then we will open the floor for Q&A. Thank you, and over to you, sir. Thank you, Nikunj. Good evening, everyone, and welcome to the Q2 FY24 earnings call of Tips Industries. It's a little early, but on behalf of my entire team, let me wish you all a very happy Dussehra and very happy Diwali. As you already know, our team works very hard, and their efforts of the last few years are now showing in the performance. Our catalog is very popular and attracts a lot of listeners. We are observing very strong usage rates across all our digital platforms and helping us to improve our market share. In preparation for the next stage of growth, we are strengthening our team. Just this month, Mr. Hari Nair has joined us as CEO, and you already interacted with Mr. Sushant Dalmia, our CFO. The board has declared an interim dividend of INR 2 per share as part of our ongoing efforts to reward our shareholders. That makes the interim dividend for the first half, INR 3 per share. Allow me to introduce our CEO, Mr. Hari Nair. He has 25 years of diverse experience in media and technology. He has worked in various roles in the music industry for the past two decades. In 2019, he joined ByteDance and led music partnerships and licensing in South Asia for them. He was instrumental in launching Resso in India and working with apps like TikTok, Helo, and CapCut. With this, I hand over, I hand over this call to Hari. Over to you, Hari. Thank you, sir, for the kind introduction. Let me extend a warm welcome to everyone on the call, and also, like, sir wished, I wish you a happy Dussehra and a very happy Diwali. I'm very excited to be part of Tips and keenly looking forward to contributing to the growth of this company. I joined in October first, and I'm still getting acquainted with the people and systems. Also, I'm very pleased with what I have seen till now and fully committed in delivering the organization objectives of 30% for the next few years. I'll interact with all of you in more detail once I'm fully acquainted with the business and the organization. With that, I will hand over the call to Girish to brief you about our performance on the digital platforms. Thank you, everyone. Thank you, Hari. Good evening, everybody. Our catalog has been doing exceptionally well, and all our distribution partners are very happy with the repertoire's performance on the respective platforms. Let me share some metrics with you. Our YouTube subscribers have increased to 89.6 million across all channels on YouTube. YouTube views for this quarter were 50.9 billion and have registered a growth of 86% over the corresponding quarter last year. On the audio streaming side, Spotify is now focusing to grow the paid subscribers in India. At this point, I'll restrict myself here, and before I hand over the call to Sushant, I wish you all a very happy Dussehra in advance and a happy Diwali as well. Thank you. Thank you, Girish. I welcome everyone to our Q4 FY 2024 earnings call. As you are aware, Tips Industries charge of the entire content cost in the quarter of release. Now, let me take you to the financial highlights of the quarter gone by. The company has reported a healthy quarter. Our revenue for the quarter was INR 63.9 crores, as compared to INR 49.8 crores in Q2 FY 2023. That is a year-on-year revenue growth of 23%. Operating EBITDA for the quarter stood at INR 49.8 crores versus INR 27.2 crores in Q2 FY 2023. That is an annual growth of 84%. Operating EBITDA margins was at 81.9% for this quarter. Our profit after tax for Q2 FY 2024 stood at INR 39.7 crores versus INR 20.8 crores in Q2 FY 2023. That is a growth of 91%. Tax margin for the quarter was 65.2%. Our content cost for the quarter was INR 4.7 crores versus 17.2 crores in Q2 FY 2023. In this quarter, we have also booked one-off export incentive that is of INR 1.13 crores over last year on account of SEIS scheme. This forms part of our other income. Highlights for first half FY 2024 are as follows: Revenue for first half FY 2024 were INR 113.5 crores versus INR 83.8 crores in first half FY 2023, which was a growth of 35%. As for first half FY 2024 was INR 66.8 crores versus INR 38 crores for first half FY 2023, which was a growth of 76%. With this, I conclude my opening remarks. I wish you all a very happy Diwali and a very happy Diwali in advance. With this, I open the floor for discussions. Thank you. 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 use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of CA Garvit Goyal from Invest Analytics Advisory LLP. Please go ahead. Hello, good evening. Am I audible? Yeah. Yeah. So congratulations for a good set of numbers. My question is on the margin side. So 82% margin seems dramatically high and majorly due to fall in other expenses. So can you please comment on why this fall is there and how sustainable it is? See, our content was not there this quarter, so because of that also is a major reason. But actually, we are also doing very well on our repertoire side. So if you see the end of the year, we will, as committed, as I suggested, we target, we will have a top line of 30%, and even this year we will have a top line of 30%. Bottom line also will be 30%. So I think it will be more than 30%, I guess, now. So, and major reason is that because our, yes, we have less new releases, but apart from that, our catalog, whatever we have accumulated so far, our repertoire is really doing very, very well. So these are the two reasons we can say. Understood. And, sir, you mentioned 86% growth, Y on Y on YouTube views, but revenue growth is only 23%. So, what is the reason for it? See, in the YouTube numbers, there's a new service called Shorts. So that is huge numbers accumulating huge numbers on that, and that service actually is a lump sum deal with YouTube. So we are not making huge money on that side, but overall, if you see YouTube, that is also growing. Understood, sir. How do you look at H2? Because 30% earnings growth guidance, as you mentioned. Yeah. For full year FY 2024 over 2023. Yeah. But, if you look at the numbers, we are already close to entire FY 2023 in first half only. So, the fact is, Q3 are best quarter. So how do you look at H2 over H1? H2, you're talking about PAT, basically? Yeah, bottom line, sir. Right. For the bottom line, I feel I said the 30%, we will do, but it seems we will also cross 40%. So let's keep finger crossed, and we are pushing ourself to do big numbers this year. So let's see. How do you look at this margin profile? Because, these margins are, very much fluctuating, obviously, on the positive side right now. But, on a sustainable basis, what is our, margin profile, and for, for next, one, two years, sir? I already said key 30% will be top line, 30% will be bottom line. That I see in next two to three years, I think this will, this will keep going. So, it seems we can do that, and we will do that. No, I was asking from the EBITDA margin profile, OPM margin. EBITDA will be, I think that will be you plus the taxes, so it will be. You will get that number. But I think let Sushant take this. Sushant, can you say..., Mr. Goyal, the EBITDA margin till last year in FY 2023 was around. Your voice is not clear. Your voice is not clear. My voice is not clear, Mr Goyal? Yeah, is it audible now? This is a little better, sir. Sushant [Foreign language] So, let's say on the margin front, operating margin front, Mr. Goyal, let's say last year we reported around 55% of the operating revenue margins. Let's say this year also, with a 30% revenue growth and likely bottom line growth of 30%, it could range between that 55%-60% for the full year. Okay. Understood, sir. And, sir, with new CEO, Mr. Nair, entering into the business, what is our strategy for growth going ahead? Like you mentioned in the press release that, some negative growth and increasing, music distribution capabilities along with the expanding on the new domains, et cetera. So, what are the exact plans to achieve these milestones in order to have the ultimate growth? Give him 6 months, and we will come back to you. There is a every quarter we talk to you. We will tell you next two, three quarter later, understand the company and whether we from 30%, we can go to 35% or 40%. So let us, let us see that. Understood. And sir, one last question on the Spotify side. So, that is our digital partner, and that has changed its free services, like, it is now charging for repeat Chrome features, tapping back and playing order. So two questions on this side. Have you witnessed any fall in revenues because of that? And secondly, have you any communication with them, like in near term, Spotify may face any headwinds due to these restrictions imposed by them on the user? No, I don't think it is too early to comment on that, because I think they have done last week only, and I don't feel that they will get any negative about this, because people are really enjoying and liking Spotify. So everybody will pay INR 100, I feel. But it's a good thing for the industry. At least Spotify has taken this call. It's very good for industry. At least somewhere it is started. Understood, sir. That's it from my side, sir. Thank you very much, and all the best for the future. Yeah. Thank you. Thank you. The next question is from the line of Ravi Naredi, from Naredi Investments. Please go ahead. Thank you very much. We welcome Hari Nair as CEO of company, which was very much necessary for company. Mr. Nikunj, you bring Diwali to every investor home before Diwali with fine results. Thanks to it a lot. Thank you. Thank you. Sir, how you utilize INR 150 crore cash lying with us? This is very important thing, and I think, it will be clarity in your mind how to utilize for the benefit of company. See, we always keep some cash. If there's an opportunity to acquire some special content or some small label or something, acquisition comes up with us. So idea is to keep INR 200 crore as in the company, but not immediately. First, keep INR 200 crore and then start paying dividend or doing buybacks. But idea is keep buyback dividend and within next three-four quarters, we built a kitty of INR 200 crore in the company. Other good opportunity, so we will be ready for that. So that's the idea. Otherwise, we will keep dividend and buyback. Yes, understand, sir, and very nice thought about this. But, in INR 200 crore, which type opportunity we are looking? Uh [Foreign language] Right. Right, right. Sir, YouTube views from quarter two to quarter one rises 5% only, where while it is in quarter four to quarter one, it rises 44%. So what are the reasons so for slow growth? Slow growth, I think, Sushant [Foreign language Raviji, no specific reason. The growth is healthy. Quarter-over-quarter, like the last quarter, it was 100% year. This quarter is also 86%. So we don't see any specific reason. The growth is healthy for us. 86% growth is best growth there. Right. Right. That, that we understand. And sir, any new film released in quarter three and quarter four for this current year, with music we already bought? Yes. I think 4 or 5 films will get released. 2 films in next quarter. I think this quarter, Merry Christmas, and one, maybe there is a Balaji film called Buckingham Murder. Maybe we release that film, and Merry Christmas is a Tips Films. We release these two films, and after that quarter, there is another Balaji film. We have Crew, and there is another film, Ishq Vishk, from Tips Films, that will release. So these four films will release. All music, all music rights with Tips Industries, right? Yes, yes, yes. Sir, one thing, here, what is the cost of new film music at present? Like this, you have bought from Balaji. What will be the cost there, can you give? Do you want to give any figure? See, see, I can't give you figure, but I can tell you the range. From INR 50 lakhs to around INR 35-INR 40 crores is the cost of music price of the films these days. INR 0.5 crore-INR 35 crore? INR 40 crore. Oh. INR 40 crore also. Okay, okay. All the best, sir, and Happy Diwali to all, all of you also. Yes, thank you. Thank you. We have the next question from the line of Saket Mehrotra from Tusq Investments. Please go ahead. Um, hi. Hi. Sir, I had a question on the growth, right? Is it like were there any new platform additions this quarter, or is it just like more usage of our existing catalog and new content? Like, if you could give us some sense on that. There's no new platform or nothing new. Existing platforms, existing companies we are dealing with, so nothing. Our repertoire is doing really well, so that is a thing. Okay. Are there any one-offs by any chance, like any new MGs or any new contracts that you've gotten into a price revision with that? No, no, no. Nothing has happened actually. Okay. It's a routine. Also, yeah, nothing is like that. Okay. And, in the opening statement, Sushant, you mentioned about SEIS. It was not very clear. How much did you say was the export incentive that we got? INR 1.13 crore Okay, and this is. Forming part of other income. Okay. And, this is for how many years? This is for one year. This is past one year. Okay, okay. Thank you. Thank you. The next question is from the line of Ankush Agrawal from Surge Capital. Please go ahead. Yeah, hi everyone! Ah, so Rani ji, recently we won this court case with Wynk [Foreign language] Because I think court judgment mentioned some INR 5 crores of protest money that being deposited. Yeah, actually, two years back and I think three years back, first appeal mein court, they deposited INR 5 crore in the bank, but we have not sorry in the court. We have not received any money from them and this court also we have not received any money from them. We have in favor of judgment has come in favor of Tips. So we will try and reach with them and try to settle this matter with them and settle past also and start business also with them. Secondly [Foreign language] you will focus more on the content creation part and Hari will take care of more, more of the distribution and you know monetization part. [Foreign language] [Foreign language], that's also a major thing we have in mind. But still, let's, let's [Foreign language] and he will tell us how we can further grow our business. [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language]. Last year we only had three big films [Foreign language]. But actually we are trying to. [Foreign language] That is also major thing we want to see. [Foreign language] Thank you. Thank you. The next question is from the line of Prashant Galphade from White Stone. Please go ahead. Prashant, the line for you has been unmuted. You may proceed with your question. Hello. Hello. [Foreign language] Sir, at the moment, I don't have a specific query, sir. Okay. Okay. No problem. Thank you, sir. Thank you. Thank you. We have the next question from the line of James, from Prime Cap. Please go ahead. Hello, sir. Congratulations on a great set of numbers. Thank you. Sir, just regarding the content cost, there was one question. Do you see that in the coming quarter, the content cost will go back to, you know, the previous quarters which we were seeing? Yes, it will go back to previous quarter. Okay. And this would be maintained with the same revenue, or it would be even see revenue growth going forward? I think you can calculate revenue like last year 30% more than 30% more of last year numbers. So accordingly, numbers will be achieved. Bottom line, after maintaining content cost to 30%, it will come to 30% plus. PAT will be. Okay, sir, thank you. That's it from my side. Yes. Thank you. The next question comes from the line of Maruti Nandan Sarta, an individual investor. Please go ahead. Hi, sir. Good afternoon. Good afternoon. Congratulations for great set of numbers. Sir, my question is regarding, currently, from Instagram. Is this the correct fact? Yes. If we look at the situation worldwide, is there any opportunity or scope for us in future to, you know, monetize from Instagram? If we take a very conservative outlook also, what can be the revenue potential from this? I think, according to us, it's a big number, but according to them, Instagram, it's a very small number. That's why we are not there on that service. But, you know, earlier also, we were not there on JioSaavn, we were not there on Spotify. But slowly, slowly we came there, and we are now, except Wynk and Instagram, we are everywhere. Even now, we won the case with Wynk, so I feel soon we will be on Wynk, too, by next quarter. And, Instagram also, we keep talking, but let's see,... ice break. It will happen. I don't feel long term. They need us, we need them. Both of us need, need is there, but, number has to be correct. They have to value our content. Sometimes they feel,... but they have slowly, slowly, people realizing that, you know, Tips is changing. Spotify, last year, but[Foreign language] last year [Foreign language] compare [Foreign language] Spotify double [Foreign language] business. And, [Foreign language] partners [Foreign language], they are really valuing us. [Foreign language] presentation [Foreign language] how we have grown, how much [Foreign language] market share [Foreign language] grow [Foreign language]. So I think, [Foreign language]. So Instagram is the party, only last person, I feel, [Foreign language] available [Foreign language] content. [Foreign language]. But [Foreign language] business-wise [Foreign language] the way, what price they are offering us is negligible. [Foreign language] worth [Foreign language] long term [Foreign language] So please be with us and trust us, [Foreign language] we want to crack deals, but sometimes problems [Foreign language], so we have to, do, takes little hard calls. Okay, thank you for clarification, and all the best for future. Thank you. Thank you. Thank you. The next question is from the line of Vignesh Iyer from Sequent Investments. Please go ahead. Congratulations, sir, on good set of numbers, and thank you for the opportunity. Sir, I just wanted to understand, if I'm not wrong, you earlier guided for somewhere around 55%-60% operating margin, whereas we have, we have done like 67% operating margin in the first quarter and 82% in quarter two. Hmm. Is there any specific reason or you're being very conservative on your side of the guidance? I think it's majorly a content cost. Content is less this year. Because of that, our numbers are really nice. But overall, also, we are doing good. Our repertoire is selling, music is selling. So, as committed, 30% PAT [Foreign language] but what I see now, I think it will be 40%. [Foreign language], or little more also. So it's doing well. बहुत अच्छा है। Our music is selling on all the platforms. Yes, yes, I got, I got the point that since we don't, we didn't do any acquisition as such in this quarter, and we do 100% of cost in the paying quarter of the acquisition. So, but, with 55-60%, are we going for a aggressive set of acquisition in next two quarter? That's why is it. No. heading towards that? No, no, no. See, Mr. Vignesh, we never do this, [Foreign language] suddenly aggressive [Foreign language]. No. We go on our yearly plan or two years, three years [Foreign language] 30%-35%, maybe 32 [Foreign language] maybe 28 [Foreign language]. In that range, we will be. So, this range, according to our, our this year's already content, we have taken. In, in this quarter, that content has not come. It will come in the next quarter. So ultimately, we will end up spending 30%, which is our number, that we have to spend this much money on content acquisition. We'll do that. That will be our expense, plus your top line, 30%, we will achieve that. Your bottom line, instead of 30%, we'll, what I feel, we will achieve 40% this year. Right. Okay. Right, right. Got it, got it. Yes, sir, that's all from my end, and all the best. Thank you. Thank you. Thank you. The next question is from the line of VP Rajesh from Banyan Capital Advisors. Please go ahead. Yeah, hi. Thanks for the opportunity and congratulations on very good set of numbers. You gave a range for the cost of acquisition of a song between INR 30 lakhs to INR 40 crores, or INR 50 lakhs to INR 40 crores, I think. Can you share also the average cost you have paid in the last 12 months per song? Average per song last year, you are saying? Yeah, the last 12 months, sorry, fiscal 2023, just to get a sense of. Tushar. Where that cost comes from. Tushar, last year I think we spent INR 60 crore-INR 63 crore and around 700 songs were released. So how much would be the average? 80... 70, 85. 70. Thanks. Hello? Yeah, I'm here. Mr. Rajesh, average. Average would be around at INR 6-7 lakhs. INR 6-7 lakh, right? INR 6-7 lakhs, on an average, we are paying Mr. VP Rajesh, on an average. Yeah. Just a pure division of numbers, so INR 52 crore by 900 songs. INR 52 crore for 900 songs, in last year, correct? Fiscal 2023. Yes. Okay. And then in terms of the competitive intensity, if you can talk about that, sir. In terms of, you know, if you're going for that content acquisition, are you seeing a lot of people aggressively bidding, and what is the environment for that? Yeah, actually, people are aggressively bidding, so that problem we have in the industry, but we are not in that rat race. We have our relationships, and you know our that arm's length company, Tips Films, they also produce films. We acquire that, those films also. So I think that way we are safer. We get a good quality content, what I would project. So I think we don't have that problem, because we don't. We are not greedy that we want to acquire all the content. We have our own limits and budgets, so accordingly, we're managing in that, and I think that's a safer, safer kind of thinking. Got it. All right. Thank you, and all the best. Thank you. The next question is from the line of Mythili Balakrishnan from Alchemy Capital Management Private Limited. Please go ahead. Hi. Hi. My question was on this growth, which is basically like how much was the growth in, say, the domestic streaming versus the international business versus non-streaming business? If you could sort of break it up for us, that, you know, all three are growing the same or, you know, is it slightly different? See, always 20-25% is from overseas. So, exactly the same pattern is followed, maybe 1% or 2% here or there, it will happen, but not more than that. Got it. Growth is the same. In terms of the domestic versus the non-streaming business, IPRS, etc.? Yes, like always, I think that is around 22%-25%, and digital business is around 75%-78%. Okay. So there is no change in that. All three of them are sort of growing at a similar kind of, No, I think digital is growing more than other parts. Got it. We didn't add any partners, et cetera. So is it just number of streams that people have listened, that has sort of grown for us, that is leading to the growth? Yes. People are listening to our music more, so that is a major, major part of our growth. Got it. That's all from my side. Thank you. Thanks very much. Thank you. Thank you. We have the next question from the line of CA Garvit Goyal from Invest Analytics Advisory LLP. Please go ahead. Hi. My question is already answered, so... Okay, no problem. Thank you. The next question comes from the line of Saket Mehrotra from Tusq Investments. Please go ahead. Hi. Is Mr. Nair there on the call? Yeah, yeah, he's here. Yes. Hi. Hi. I just wanted to, you know, get some sense from you on how do you see this whole, short-form game evolving? You know, I mean, in the last three-four years, we've seen, like, the consumption has really gone up, but when do you really see this, let's say, generating some kind of, I don't know, ad revenues or some other layer where it gets more monetizable? Because clearly it has got everyone's attention. So, you know, what is that threshold where we can see this evolve into, like, a more money-making business for the industry? I think on the short format video app, that's what your question is? Yes, yes. Yeah. So I, I think, YouTube and Instagram for us will be the major players here, and globally it would be TikTok. But, revenue side, I think it is still very, very early. We see, all platforms growing in advertisements, but, it's, it's not. It's not showing up signs that which will, you know, say, it will grow every year consistently at 10%. That's... Does, does that answer your question? Yeah. So, I mean, yes, we know that, you know, to a large part, this is, you know, driving engagement for these platforms. Yeah. So my question was more to do with, you know, is there like a threshold that, okay, you know, once it reaches, let's say, X views or, you know, Y number of subscribers, then we can see some of these really now starting to monetize? As maybe, you know, we have some sort of a threshold for, let's say, some of these audio streaming ads that, okay, you know, if, let's say, we are targeting to reach 10 million a hundred million customers to start to pay when the industry becomes something which is worthy of monetization. So that was basically what I was trying to get a sense of. No, so to answer that, you know, if, if you cross probably 50 million, there's a lot of opportunity for the platforms on the ad sales side. It, it depends upon the platform on how they monetize, how aggressively they pitch, and how the brands go and put in their money in that particular bucket, right? There's a lot of factors on that, so. But yeah, anything above 50 million in India should make money, start making money. Okay. Okay. Thank you. Thanks a lot. Thank you. The next question is from the line of Dinesh Kulkarni, an individual investor. Please go ahead. Hello, can you hear me, sir? Yeah. A great set of numbers, sir, first of all, congratulations to that. Thank you. I have some very, like, you know, basic questions, like, we see a significant jump in margins, EBITDA margins, both on a year-over-year as well as quarter-on-quarter basis. That's a great stuff there. But do we see this kind of numbers sustaining, not for this just year, but like, say, going forward for the next, say, two, three years, something like that? Yeah. I think 30% top line, 30% bottom line will be comfortably we will achieve. Okay, that's great. That's great. And just the Wynk news, like, I just want to know, like, say, assume you come up, come up with a win, win-win situation for, on the both parties there. Do we see any incremental advantages there for Tips, like, in terms of revenues or margins? Yes, absolutely. It will happen. Yeah. Can you just quantify, is it possible? Not yet, because we have to wait for that, what kind of a deal we are structuring and what kind of a settlement, whole settlement will happen. It will take a little time, and we really can't come to what is in their mind, what is in our mind, so we have to just wait for that. Okay, that's, that's great. Just another bookkeeping question here. For this, you know, the half year, I see changes in working capital as negative INR 23 crores, whereas it has been positive for the last, both, you know, March 2023 as well as September 2022 half year numbers. May I just know the reason for that? Vishal? Hey, hi, Mr. Dinesh. This is primarily. Yeah. Due to the change in working capital. One, there has been increase in debtors, primarily because as revenue has increased, and we would receive this amount by end of October. Okay. Secondly, the other current liability, which constitutes non-refundable advance received from customers in earlier quarter, has reduced because revenue has been booked based on actual streaming. So these are primarily two reasons where you see your cash flow from operations, dropping. Okay, that sounds great. Thank you. Thanks for answering my questions, and all, all the best. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Mr. Nikunj Jain from Orient Capital. Over to you, sir. Yeah. I would like to thank the management for taking the time out for this conference call today, and also thanks to all the participants. If you have any queries, please feel free to contact us. We are Orient Capital, investor relations advisors to Tips Industries Limited. Thank you so much. Thank you. On behalf of Tips Industries Limited, that concludes this conference. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you all for joining us, and you may now disconnect your lines.