Good day, welcome to Progress Software's Q1 2023 earnings call. At this time, all participants are in a listen only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will hear an automated message advising your hand is raised. To withdraw your question, press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Mr. Michael Micciche, Vice President of Investor Relations. Please go ahead. Okay, Sherry, thank you very much. Good afternoon, everyone, thanks for joining us for Progress Software's first fiscal quarter 2023 financial results conference call. With us today is Yogesh Gupta, President and Chief Executive Officer, and Anthony Folger, Chief Financial Officer. Before we get started, let's go over our safe harbor statement. During this call, we will discuss our outlook for future financial and operating performance, corporate strategies, product plans, cost initiatives, our integration of MarkLogic, and other information that might be considered forward-looking. Such forward-looking information represents Progress Software's outlook and guidance only as of today and is subject to risks and uncertainties. For a description of the risk factors that may affect our results, please refer to the risk factors in our most recent Form 10-K. Progress Software assumes no obligation to update the forward-looking statements included in this call. Additionally, on this call, all the financial figures we discuss are non-GAAP measures unless otherwise indicated. You can find a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP numbers in our financial results press release, which was issued after the market closed today. This document contains the full details of our financial results for the fiscal first quarter of 2023, and I recommend that you reference it for specific details. We have also prepared a presentation that contains supplemental data for our first quarter 2023 results, providing highlights and additional financial metrics. Both the earnings release and the supplemental presentation are available in the investor relations section of our website at investors.progress.com. Today's conference call will be recorded in its entirety and will be available via replay on the investor relations section of our website. With that out of the way, let me turn it over to Yogesh. Thank you, Mike, and good afternoon, everyone. We're delighted that you've joined us today for our discussion of the results of our first quarter fiscal 2023. As you likely saw in our press release, our performance in the first quarter exceeded expectations and guidance with a continuation of healthy demand across the board and strong execution in the field. The integration of MarkLogic is gaining traction and will continue to accelerate going forward. We remain well-capitalized with strong cash flow, a sturdy balance sheet, manageable leverage. We continue to drive positive trends in ARR and net retention rates. Despite the changing business climate, we remain optimistic about our business, as you see from our increased forward guidance. I will start by sharing some thoughts on the current business climate and how we see our business performing in this environment. I will provide an overview of the quarter and an update on the MarkLogic acquisition, which closed in early February. I will discuss what we're seeing in the M&A market, given that all has happened since the last time we spoke. Recall that at this time last year, as global events unfolded and the economy began to show signs of distress, we discussed the attributes and characteristics of our business that help us weather difficult economic conditions. Our business does not depend on vast new projects that require large budgets to achieve our targets. End users of Progress products keep buying and paying for them, often for decades, because they trust our technology to run their businesses. In times of turmoil, our customers and partners depend particularly heavily on the reliability, scalability, and cost-effectiveness of all the products in our portfolio. We invest and innovate across our product lines, our offerings continue to be current and relevant to our customers' and partners' most important business applications. This, combined with our outstanding customer support and relationship efforts, especially when they need us the most, continues to drive our remarkably high customer retention rates. This stability of demand is what we have seen over the last several quarters, even with the increasing global challenges, historic inflationary pressures, and upward interest rates. We remain confident about our business, even though much has changed in the economy and in the world, with systemic uncertainty as a new factor since even just a couple of months ago when we reported our Q4 results. Let me address that last point for a moment. On March 14th, we issued an 8-K indicating that we have no material exposure to Silicon Valley Bank or Signature Bank. While we do not like to witness this kind of instability, our primary concern is for the financial well-being of Progress, our customers, our investors, and our partners. I am glad to say that our credit facility is very stable and well-funded. Our ability to obtain financing, generate free cash flow, pay down debt, and if the opportunities present themselves, continue to make accretive deals remains strong. Anthony will provide more detail on this in a few minutes. Sharing some details on our Q1 results. The outperformance was once again evident across nearly all product lines in virtually all geographies. Our chief benchmarks, ARR and net retention rate, both increased significantly, aided in part by the contribution from MarkLogic. ARR in the first quarter of 2023 was up 3.9% on a pro forma constant currency basis to $569 million from $547 million a year ago. Our net retention rates improved to 102% from 101% a year ago. Revenues came in at $166 million, ahead of the high end of guidance, which was $161 million. Earnings ended the quarter at $1.19, or $0.11 above the high end of guidance. Operating margins were 44%, also well above the range. We saw notable strength in our DataDirect, OpenEdge, as well as LoadMaster, MOVEit, Sitefinity and Flowmon products. We continue to be particularly pleased with the momentum of our Sitefinity and MOVEit cloud products. These easier to consume cloud offerings give us a meaningful competitive advantage in the market. We're also very happy with customer wins with LoadMaster and Flowmon, the two products we acquired through our Kemp acquisition. We're seeing improving traction for these two products in broader geographies. With LoadMaster, our Dell partner channel continues to grow as we engage with them in more regions around the world. We also saw strong demand from our existing customers who continue to expand their use of our core products, OpenEdge, DataDirect, and Chef. I wanna thank all our employees around the globe who work tirelessly to drive our success. You know, speaking of our employees, we just completed our periodic company-wide survey of all our employees with a record participation rate of over 90%. Our employee engagement score of 79% matches the average of the top quartile of new tech companies. Our employee Net Promoter Score, or eNPS, is 40, which is better than many well-known tech companies such as Microsoft, Google, and Apple. Let me turn to MarkLogic for a moment. As we explained when the deal closed, we did not expect MarkLogic to contribute more than a few weeks to the first quarter, 2023, and that was the case. As the integration picks up momentum in the coming months, we will see ongoing improvements in the expense line, which we expect to remain manageable and have already guided for, and revenues will increasingly kick in throughout the year. Do remember that MarkLogic's two biggest revenue months are December and January, and our fiscal year ends in November. We still expect to see the biggest revenue impact in Q1 of next year, and the first full year of positive impact to the top line in our full year FY 2024 results. In the meantime, we're integrating MarkLogic employees into the Progress family as quickly as possible. We've met in person with many of them at well-attended meet and greet sessions in California, Virginia, New York, the U.K. and Poland. The sales and engineering and marketing as well as operational teams from both sides are already working together and moving forward. We are very excited to have our new teammates on board and wish them a very warm welcome. Let's now talk about the changing M&A market. When we embarked on our total growth strategy over four years ago, we said that the infrastructure software landscape is populated by thousands of potential targets with technology and products that would complement our existing portfolio, strong, sticky customer bases, high degrees of recurring revenue, and have the potential to ramp margins significantly with the synergies that we can achieve. Those vast numbers haven't changed. As we have commented regularly for the last year, macroeconomic factors affecting the M&A market continue to move in our favor. More recently, the dramatic events surrounding collapse of SVB are causing further repercussions throughout the privately funded companies and the VC and private equity communities and software. The economic reality of SVB's failure is that it is likely to accelerate the need and the sense of urgency for liquidity events and exit strategies for many more companies, which plays in our favor. As always, we remain disciplined, patient and discriminating as we sift through potential acquisitions. We will continue to be selective when it comes to evaluating opportunities as we position ourselves as the acquirer of choice for the management, customers, investors and employees of the companies we target. Lastly, I wanna draw your attention to our fourth annual corporate social responsibility report, which we published just last week, which is available on our website. We are very proud of the work we do here at Progress to help our people, our global community, and our planet. Are happy to share all the ways in which Progressers have helped and continue to make a difference in the world. To wrap up, Progress has marked another very good quarter. Demand remains steady and execution across all aspects of our business continues to be superb. Our outlook is positive for the rest of fiscal 2023, and we look forward to the ongoing integration of MarkLogic. As always, I continue to be grateful to the entire Progress team for their efforts, and I applaud their teamwork and professionalism. With that, let me turn it over to Anthony for his prepared remarks. Anthony? Thanks, Yogesh. Good afternoon, everyone, thanks for joining our call. As Yogesh mentioned, we're very pleased with our Q1 results, which again exceeded the high end of our guidance range on revenue and earnings per share. We're also very pleased to have closed the acquisition of MarkLogic in the quarter, which performed largely in line with our expectations despite the closing date being a few days later than anticipated. Turning to the numbers, we'll start on the top line with ARR, which we believe provides the best view into our underlying performance. As a reminder, our calculation of ARR is presented on a pro forma basis to include the results of acquired businesses in all periods and in constant currency with all periods presented at our current year budgeted exchange rates. I should mention that consistent with past practice, we've updated ARR using our 2023 budgeted rates, and as a result, the ARR that was reported in prior periods has changed slightly. The change is immaterial and doesn't alter the trend in ARR growth or the net retention rates that we've been reporting over the past several quarters. To illustrate this point, we've included a slide in the supplemental presentation filed with our press release. With that, we closed the first quarter with ARR of $569 million, which represents 20% growth on a year-over-year basis, and 3.9% pro forma growth on a year-over-year basis. To be clear, the pro forma growth includes MarkLogic in both periods. As Yogesh mentioned, the growth in ARR was again driven broadly across our product portfolio by multiple products including OpenEdge, MarkLogic, DataDirect, Sitefinity, MOVEit, and our DevTools products. A trend that continues to fuel our ARR growth is strong net retention with Q1 rates at 102%. In addition to our strong ARR growth, revenue for the quarter of $165.6 million was well above the high end of the guidance range we provided back in January and represents 12% growth on a year-over-year basis. The better-than-expected performance in the quarter was driven by two primary factors. First, and representing the majority of our overperformance, was stronger than expected demand for multiple products, including OpenEdge, DataDirect, MOVEit, and LoadMaster. Beyond the product level overperformance, timing was also a factor in that some revenue that we expected to recognize in the second quarter came in early and was recognized in Q1. This Q2 to Q1 shift was not deliberate and does not impact our full-year results, but I highlight it because it contributed a few million dollars of additional revenue to an already strong quarter. Turning now to expenses. Our total cost and operating expenses for the quarter were $93.2 million, up 5% compared to the prior year, and generally in line with our expectations. The year-over-year increase was driven by the acquisition of MarkLogic and, to a lesser extent, an expected increase in compensation costs across the rest of our business, which we've discussed in previous quarters. Operating income was $72 million, up $14 million compared to the prior year quarter. Our operating margin was 44% compared to 40% in the first quarter of 2022. On the bottom line, earnings per share of $1.19 for the quarter represents growth of $0.22 year-over-year and is $0.11 above the high end of our guidance range. This overperformance relative to our expectation was driven by solid cost management across the business, coupled with the previously mentioned overperformance on the top line. Our outlook for the MarkLogic integration is unchanged. We expect to recognize all synergies by the end of this fiscal year. Moving on now to a few balance sheet and cash flow metrics. We ended the quarter with cash equivalents, and short-term investments of $123 million and debt of $821 million for a net debt position of $698 million. This represents net leverage of roughly 2.6x using our forecasted fiscal 2023 adjusted EBITDA. If we pro forma that EBITDA to consider MarkLogic synergies, our net leverage drops even further. I should also mention that during the first quarter, we drew down $195 million from our revolving line of credit to partially fund the acquisition of MarkLogic. Our DSO for the quarter was 42 days, an improvement of 20 days when compared to last quarter, and an improvement of 10 days when compared to the first quarter of 2022. Adjusted free cash flow was $47 million for the quarter, an increase of $2 million compared to the prior year. This increase in free cash flow was largely attributable to our stronger operating performance compared to the prior year quarter. During the first quarter, we repurchased $15 million of Progress stock, and at the end of the quarter, we had $213 million remaining under our current share repurchase authorization. Now I'd like to turn to our outlook for Q2 and the full year, 2023. When considering our outlook for Q2, it's important to reiterate the point I made earlier about our Q1 performance and the fact that some revenue we expected to recognize in the second quarter was instead recognized in the first. While those timing issues can impact quarterly results, again, they don't affect the full year. With that, for the second quarter of 2023, we expect revenue between $168 million and $172 million, and EPS of between $0.88 and $0.92. For the full year, we continue to see strength in the demand environment for our solutions, and we're also aware that the macro environment may become more challenging. As such, for the full year, we expect revenue between $680 million and $688 million, an increase of $4 million from the midpoint of our prior guidance. We expect an operating margin of between 38% and 39%, generally consistent with our prior guidance. adjusted free cash flow between $175 million and $185 million, again consistent with our prior guidance. Earnings per share between $4.09 and $4.17, consistent with our prior guidance. Our annual EPS estimate contemplates a tax rate of 20%-21%, approximately 44.6 million shares outstanding, and the impact of $30 million of share repurchases we are targeting to complete by the end of 2023. In closing, we're excited to deliver another strong quarter of financial results across the board, a continuation of the trend that we saw for much of 2022. We're thrilled that we've closed the acquisition of MarkLogic. We believe we're very well-positioned to deliver strong results for the remainder of 2023 and beyond. With that, I'd like to open the call for Q&A. Thank you. As a reminder to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Due to time restraints, we ask that you please limit yourself to one question and one follow-up question. You may then return to the queue. Please stand by while we compile the Q&A roster. Our first question will come from the line of Fatima Boolani with Citi. Your line is open. Good afternoon. Thank you for taking my questions. Yogesh, I'll start with you. I wanted to go back to some of your comments around the level of consistency you saw with respect to execution and multi-product adoption. I'm specifically curious on some of the more, call it technical products that cater to the developer community. Now we've all seen there's been sweeping reductions in headcount that are, you know, encroaching to the technical headcount category for a lot of large companies. I'm curious to kinda get your perspective on how that is or maybe is not impacting your new and renewal monetization prospects for some of those very developer-oriented solutions where the headcount trends have actually been very objectively weak. Just a follow-up for Anthony, please. Yeah, sounds good, Fatima. Thank you for the question. There are a couple of sort of interesting nuances there that make our business, to be honest, a little more resilient than the overall code developer ecosystem. Let me share what I mean by that. First of all, the vast majority of our what are sort of more, you know, the developer, end developer products are really used by relatively small teams. It isn't as though we have, you know, large organizations that have, let's say, thousands of people using that product and therefore, you know, when they cut back, that we see meaningful changes there. We really are seeing good strength in our developer tools business. Actually saw good strength this past quarter. The products like OpenEdge, you know, the development teams are small, and you know, the products are not priced on number of developers. They're priced more on transactions and database capacity and so on. Many of our "developer-centric" products are more platforms on which the applications run, and therefore we charge for those. First of all, the number of products that directly are exposed to pure developer seats is very, very small, and their contribution to Progress is relatively modest. Secondly, those are small teams and organizations. Therefore, you know, we're not seeing, to be honest, an impact there to date. You know, we continue to watch that very carefully. It is a, it is a portfolio that part of our portfolio is something that, is where we have fairly short sales cycles and really short renewal cycles. We get visibility quite quickly into that. So far it all looks good. Got it. Anthony, just for you on the free cash flow side, I suspect a lot of this has to do with the reiteration on the full year EPS targets as well. Just curious around how we should think about the free cash flow cadence over the course of this year. You had a very strong license quarter. This quarter, you talked about some of the pulled forward deal dynamics here, but it's not, you know, terribly apparent as to why free cash flow wouldn't see better follow through. Any help you can kind of give us there with respect to maybe OpEx seasonality from here and that, how that could potentially be dovetailing into free cash flow? That's it for me. Thank you. Yeah. You know, generally speaking, Q1 is a reasonably strong quarter for us. And I think on a year-over-year basis, the cash flow was, you know, I would say a little bit better and probably reflected, you know, that better operating performance. You know, when we look at the full year, there certainly is uncertainty, and I would say it's around, you know, increased tax payments with Section 174 that we talked about last quarter, and also rising interest rates, right? I think those are two areas where, you know, if we're being somewhat conservative, it's probably due to some of the uncertainty around some of those macro factors. I think as it relates to our operating performance and performance around DSOs and sort of strength in the balance sheet, we felt good about where Q1 was and, you know, feel pretty upbeat about the full year. I would say the uncertainty around interest rates and the taxes around Section 174 would be two factors that we're keeping an eye on. Makes sense. Thank you. Thank you. One moment for our next question. That will come from the line of Ray McDonough with Guggenheim. Your line is open. Great. Thanks for taking the questions. Yogesh, maybe for you to start. Obviously, there's been a lot of changes in the private markets as you mentioned in your script. Maybe you can talk about your capacity to perhaps do another acquisition, not only from a leverage standpoint and a financial standpoint, but from an operational standpoint. Do you feel like you're in a position to be opportunistic even as you integrate MarkLogic over the next couple of quarters? Ray, I think that's a really good question. The way we are organized, you know, our product portfolio that, you know, the way we target our product portfolio to three specific sub-markets within the infrastructure software space. One is around sort of the front-end development environment and the digital experience that we deliver, and tools and products that support that and platforms under that. Another is around the data and application platform side of things, OpenEdge, MarkLogic, DataDirect fit in there. The third is around, the whole, you know, deploy and manage the environment, DevOps, DevSecOps, et cetera, where Chef and Flowmon and LoadMaster and other network management product ports of goals fit. We have these three sort of groups of products, and we have teams that actually go to market and, you know, so do all the work around running that business as individual full teams. currently, the MarkLogic product, of course, is in the application and data platform side business, the data platform and application platform business. the other two areas, I think we can easily do an acquisition and have the operational capacity to integrate. obviously, you know, you know, just doing a deal really doesn't happen overnight. you know, if we were to do a deal, we would be ready by the time the deal actually closed. we actually feel really good about it. We're continuing to look. One of the things that we have done, which I'm truly proud of over the last three or four years, is increased our ability to be able to, you know, walk and chew gum at the same time in the sense of, you know, integrate one business while the opportunity may arise to acquire another. If you notice, you know, Anthony pointed out that the complete synergies and integration of MarkLogic, the synergies will be complete by end of this fiscal year, which is less than 10 months if you actually look at it. You know, it used to be 12 to 18 months. So we continually reduce that. So I think operationally, yes, the short answer is absolutely yes. The answer on the debt and leverage side, and I think Anthony already mentioned that we are in actually quite good shape on the capital side. The size acquisitions we do, especially with the fact that they are accretive and they generate cash flow themselves, I think not only can we do it, but actually they do generate significant cash flow on their own, which increases our capacity to do more. We feel good about it on both fronts, Ray. Great. That's helpful. Maybe if I could for Anthony, a follow-up to Fatima's question. I wanna get an understanding for what might be conservative in your conservatism in your guidance, I should say, versus some of the mechanics in the model, especially on the margin side. Obviously, revenue outperformance helped in the quarter, but you also called out cost controls. Wondering how should we think about the reiteration of prior guidance on the operating margin side and where the levers of, for upside could potentially come from as it seems like cost controls were, you know, part of the upside, at least in this quarter? Yeah, sure, Ray. I think when it comes to... You know, I guess I would break it up into two bits, right? There's at the operating margin line and then at the EPS line. From an operating margin perspective, I think we felt good about our ability to control costs. We're certainly aware of, you know, of the uncertainty in the macro as we look forward, you know, as it relates to inflation and what our costs may run to. We felt like there was a little bit of upside in Q1, you know, good, like, real performance upside. Perhaps we're a little conservative at the operating margin line based on where the macro is. When you get down to the EPS line, I think, you know, interest expense certainly is something that's outside of our control, and there's more uncertainty there. I think that drives the, you know, sort of holding after Q1, even a strong Q1, with our earnings guide. You know, we sort of chunked it up and looked at both lines. I think those were two factors that, you know, where we would say we feel really good about strength in the top line. There's a lot of uncertainty out there and so, you know, comfortable taking the top line up a little bit. We wanna be a little bit conservative on the, on the margin side, both operating and EPS. Great. Makes sense. Thanks, guys. Thank you. One moment for our next question. That will come from the line of Pinjalim Bora with JP Morgan. Your line is open. Oh, hey, guys. Thanks for taking the questions, and congrats on the quarter. I was looking through the numbers. It seems like the subscription gross margins did really well. Was wondering to what extent did price increases play a role in the performance in the quarter? Second part, Yogesh, you had done a go-to-market realignment in Q3. Talk about that organization. Has that dust kind of settled, and how are you kind of layering in MarkLogic? Yeah. Pinjalim, I just wanna make sure I heard the questions clearly. We had a little bit of a challenge hearing you. The first part, I think, you were asking about whether price increases and what kind of an impact they might have had on the top line, I believe. Correct. The second part of the question was related to the operational realignment that we did around three product portfolios and how is that going, right? Correct. How MarkLogic kind of fits into that realignment? How MarkLogic. Okay. Perfect. Let me answer the first one first. It's pretty straightforward. Pinjalim, as you know, by and large, for the vast majority of our products, we have certain relationships where price increases are either not possible or are rather limited or muted. These are multiyear contracts, and especially our OEM contracts or ISV contracts, you know, they're based on often on percentage of their revenue and so on. Those things really don't aren't really conducive to price increases. That said, you know, we have increased some prices on some of our products. We are not seeing a lot of resistance from the customer base in those areas. It's not a huge amount and not enough to really have a meaningful impact on our product, on our overall revenue. I think it's a, you know, the number of contracts that come up every year for renewal or every quarter that come up for renewal or expansion is not as much as the whole portfolio, right? It just, it's a, it's more than one year cycle. It's actually close to two to three year cycle that we would have to go through. The spread is over a fairly large period. We are beginning to see a little bit of advantage from it. Again, I'll let Anthony further clarify. Anything else, Anthony, on that one? No, Yogesh. I think that's right. I don't think we're seeing it really pull through in the numbers, at this point. Yeah. you know, more to come. Yeah. The realignment went really well. As I mentioned, you know, we've realigned ourselves into these three product groups. The MarkLogic product has been moved into the application and data platform business. It is in the same business as DataDirect as well as OpenEdge, which makes sense, right? If you think about OpenEdge is a database product, but an application development language that is specifically in a platform specifically for that database and business applications that are built around that. MarkLogic is complex data processing and a database is in its own right, and actually has access to that data from you know, using languages like SQL, so you can actually have an OpenEdge database and an OpenEdge application even access MarkLogic data. We see potentially that is something that potentially the market can may be interested in. As you know, Pinjalim, when we do acquisitions, we don't really count on cross-sell, right? That's not, that's not our intent. At the same time, we still wanna make sure it is in the right place. We also see significant sort of opportunities to leverage both DataDirect technology to support and expand the data hub capabilities of MarkLogic. All of that being together, those three products made a lot of sense. That's where it is. It is rather early. You know, it's been six weeks since we closed the acquisition, so we're early in the integration phase and so far things are going well. Got it. Thank you very much. You're welcome. Thank you. One moment for our next question. Our next question comes from the line of Brent Thill with Jefferies. Your line is open. Hey, guys. This is Bo Yin on for Brent Thill. Thanks for taking the question. I guess, you know, maybe for you, Yogesh, on the operational side, can you provide us with, you know, any color on, you know, maybe your plans for headcount growth this year and where you've been focusing investments in primarily and maybe, you know, how that breaks down within your product development and sales and marketing organizations? You know, what's interesting is that, in terms of our headcount, we, unlike most other software companies, you know, saw almost a year ago that the world was changing. It was relatively obvious, I think. We changed our hiring dramatically, right? We made sure that we did not get ahead of our skis, unlike many others who did. So we've actually continued to have really, really well-managed teams. When we brought these products together under three business units internally, we basically made sure that we had the right level of folks in R&D to continue to make sure that the products could be innovated, that the customers could be supported, and that we could stay relevant to them. At the same time, we had enough people in the go-to-market side, both to retain and expand as well as do some of the new deals that we do need to do, right? It isn't that that part of the business is zero. We, we feel really good about the balance we have across the business. you know, we are, you know, we're looking forward to integrating the MarkLogic people into various functions as well and moving forward. I don't see us making significant changes to headcount in any part of our business at this point. Okay. Great. Maybe a follow-up on sort of the different regional performances. I mean, just looking at the different international regions, how did you guys sort of perform over there? I don't know if you look at it in terms of verticals or if it's more across different products in your portfolio, but any color there would be great. Yeah, sure. I think the, from a regional perspective, we probably saw the most strength in the Americas and Europe. I think, you know, Asia was in line with our expectations. You know, with all of the activity going on, you know, sort of across the continent in Europe, certainly with the conflict still ongoing, it's something we're keeping an eye on. I think performance across Europe for us, across the EMEA region was strong. You know, I think in terms of distribution geographically, I don't think that there was any particular geo that really drove outsized gains or outsized performance. It was, you know, pretty strong across the board. Okay. Thank you. Thank you. I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Mr. Yogesh Gupta for any closing remarks. Well, thank you, operator, and thank you everyone for joining on our Q1 earnings call. I really appreciate your support and look forward to speaking with you again in three months, if not sooner. Thank you and have a wonderful evening. Bye-bye. Thank you for participating. This concludes today's program. You may now disconnect.