ExlService Holdings, Inc. (EXLS) CEO Rohit Kapoor on Q3 2020 Outcomes – Earnings Name Transcript

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ExlService Holdings, Inc. (NASDAQ:EXLS) Q3 2020 Outcomes Earnings Convention Name October 29, 2020 8:00 AM ET

Firm Individuals

Steven Barlow – Vice President, Investor Relations

Rohit Kapoor – Vice Chairman and Chief Govt Officer

Maurizio Nicolelli – Govt Vice President and Chief Monetary Officer

Convention Name Individuals

Maggie Nolan – William Blair

Bryan Bergin – Cowen and Firm

Vincent Colicchio – Barrington Analysis

Mayank Tandon – Needham & Firm

Operator

Thanks for standing by and welcome to the Q3 2020 ExlService Holdings Earnings convention name. Right now, all individuals are in a listen-only mode. After the audio system’ presentation, there shall be a question-and-answer session. [Operator Instructions]. Please be suggested that this convention is being recorded. [Operator Instructions].

I would now like at hand the convention over to your speaker right this moment, Mr. Steve Barlow. Thanks. Please go forward, sir.

Steven Barlow

Thanks, Anthony. Hey and because of everybody for becoming a member of EXL’s Third Quarter 2020 Monetary Outcomes Convention Name. I am Steve Barlow, EXL’s Vice President of Investor Relations. With me right this moment by phone are Rohit Kapoor, our Vice Chairman and Chief Govt Officer, and Maurizio Nicolelli, our Chief Monetary Officer.

We hope you’ve got had a chance to evaluation our Q3 2020 earnings launch we issued this morning. We have additionally up to date our investor reality sheet within the Investor Relations part of EXL’s web site.

As you already know, a few of the issues we’ll focus on on this name are forward-looking. Please take into account that these forward-looking statements are topic to identified and unknown dangers and uncertainties that would trigger precise outcomes to vary materially from these expressed or implied by such statements.

Such dangers and uncertainties embrace, however are usually not restricted to, normal financial circumstances, these elements set forth in right this moment’s press launch mentioned within the firm’s periodic studies and different paperwork filed with the Securities and Trade Fee every so often. EXL assumes no obligation to replace the data introduced on this convention name.

Throughout our name right this moment, we might reference sure non-GAAP monetary measures, which we consider present helpful data for traders. Reconciliation of those measures to GAAP might be present in our press launch in addition to the investor reality sheet.

I am going to now flip the decision over to Rohit Kapoor, EXL’s Chief Govt Officer. Rohit?

Rohit Kapoor

Thanks, Steve. Good morning, everybody. Welcome to our third quarter 2020 earnings name. I hope you and your households are all secure and wholesome.

As shared in our interim replace, our third quarter efficiency was significantly better than we initially anticipated. Each our analytics and our operation administration companies noticed a powerful bounce again from the second quarter. Our investments in digital transition capabilities have enabled us to increase relationships with current purchasers in addition to ramp-up on offers we gained earlier this yr.

For the third quarter 2020, we generated revenues of $241 million, which represents an 8.3% sequential enhance on a reported foundation and a 7.7% enhance on a relentless foreign money foundation.

Adjusted EPS for the quarter elevated 97% quarter-over-quarter to $1.04. The important thing drivers for the EPS progress are the sturdy income rebound and the total influence of the price actions taken earlier this yr.

Our operations administration enterprise reported $150.5 million in income, up 6.9% sequentially. The important thing driver was income progress in insurance coverage due largely to the ramp-up of huge offers gained within the first half of 2020 and late 2019.

We additionally noticed some restoration in shopper volumes throughout our different enterprise verticals.

Our Analytics enterprise noticed important progress from the second quarter and was up by 10.8% sequentially to $90.5 million. Our purchasers’ focus has now shifted from disaster response to successful and rising within the new regular. This consists of, one, with the ability to determine and quickly shift gears to deal with modifications in financial sentiment and shopper conduct, and two, higher adoption of data-enabled decision-making to raised predict and reply to those modifications. In consequence, our purchasers’ knowledge and analytics agenda has expanded and we’re seeing sturdy progress on this area.

Immediately, I need to spotlight two key progress developments we’re seeing out there. Primary, accelerated demand for knowledge and analytics within the new regular, and two, enlargement inside strategic purchasers attributable to established credibility.

First, our important funding in constructing out our knowledge and analytics capabilities over the previous a number of years has positioned us nicely to capitalize on the elevated market demand for analytics throughout business verticals and markets.

Our purchasers’ enterprise fashions are shifting to digital and higher use of cloud-based platforms. This shift has led to an elevated demand for end-to-end knowledge and analytics capabilities. It requires our purchasers to modernize their knowledge infrastructure, keep clear and readily usable knowledge property and leverage cloud-based platforms to deploy superior analytics options.

Our purchasers must embed knowledge insights into real-time decision-making. With our proprietary knowledge property, sturdy knowledge administration capabilities and deep area experience, we’re serving to our purchasers make this transition, take extra knowledgeable choices and run clever and resilient operations.

A noteworthy instance is a strategic win with a prime 10 US financial institution to overtake their cyber and fraud prevention functionality, leveraging knowledge, synthetic intelligence and machine studying options.

The shopper chosen us over a various set of opponents to ship a strategic functionality that can allow the financial institution to safe its digital transactions, enhance automation, cut back operational employees and produce new digital merchandise quicker to market.

Banks are more and more leveraging AI and ML to develop real-time cyber menace detection options. {Our capability} on this quickly rising area is resonating very nicely with our purchasers and we’ve developed a powerful pipeline.

Our capabilities in analytics have all the time been differentiated and we are actually being more and more acknowledged each by our purchasers in addition to business analysts.

EXL is honored to be named the Prospects’ Alternative within the 2020 Gartner Peer Insights for Information & Analytics. We’re thrilled to be the one firm with this distinction from a bunch of 60-plus knowledge and analytics suppliers from the world over. This distinction immediately represents the voice of our clients and we’re pleased with this endorsement by our purchasers.

The second space that I need to spotlight is our enlargement inside strategic purchasers. Given continued financial uncertainty, the deal with provide chain resiliency has turn out to be paramount. Shoppers are prioritizing companions which can be steady, strategic and versatile. Shoppers need companions with credibility to execute together with the fitting capabilities and dedication to the partnership. Our capacity to ship sustained efficiency through the pandemic, pace of distant enablement and transparency of communication has positioned us nicely to increase our engagements with our strategic purchasers.

An instance of that is the expansion we’re witnessing with a number one insurtech, which is an element of a big life provider that has been a strategic shopper of EXL for over 15 years. We have been chosen to assist their shopper acquisition efforts through the annual and open enrollment intervals. Our agile working mannequin and skill to ramp up shortly in a number of geographies, particularly throughout South Africa and Philippines, was one of many key differentiators. This win is a superb instance of our capacity to penetrate new shopping for facilities in our strategic purchasers and increase our share of pockets.

We’re happy with the tempo and trajectory of our restoration and stay cautiously optimistic on progress going ahead. We see sturdy demand for our choices, significantly our full stack of information and analytics companies.

Inside operations administration, we’re seeing a wholesome pipeline of huge offers with aggressive digital transformation agendas as purchasers put together for progress and resiliency within the new regular.

On the similar time, regardless of the general constructive sentiment, we’re seeing choices in some offers being delayed. With continued financial, geopolitical and pandemic-related uncertainty, we anticipate some volatility within the close to time period.

Regardless of unprecedented international challenges, we proceed to benefit from the belief and confidence of our purchasers as their strategic companions. We’re humbled by the endorsement we’ve seen from our purchasers and the dedication from our personal groups right here at EXL.

We proceed to put money into our capabilities to win new enterprise, assist large-scale transitions and improve cybersecurity to develop and develop our enterprise in a work-from-anywhere enterprise mannequin.

I really feel assured that our groups are ready to proceed to innovate and execute by an uneven restoration. I need to thank the staff at EXL for his or her dedication, grit and dedication, and I really feel very proud to be a part of this workforce. Our colleagues have proven innovation and creativity within the face of disaster and demonstrated a way of function that brings us all collectively as a company.

With that, I’ll hand it over to Maurizio.

Maurizio Nicolelli

Thanks, Rohit. And thanks, everybody, for becoming a member of us this morning. I’ll present insights into our monetary efficiency for the third quarter and the primary 9 months of 2020, adopted by our outlook for the enterprise.

As Rohit talked about, our quarter was higher than we anticipated as income was $241 million, up 7.7% sequentially on a relentless foreign money foundation. Adjusted EPS was $1.04 in comparison with $0.53 within the second quarter.

All income progress numbers talked about hereafter are on a relentless foreign money foundation. My dialogue on year-over-year progress percentages or enhancements shall be excluding Well being Built-in for 2019 for a real comparability with 2020 efficiency until talked about in any other case.

For the quarter, we generated income of $241 million, down 3.1% year-over-year. This consists of one-time COVID associated pass-through income of $4.4 million. Sequentially, from the second quarter, income was up 7.7%. Income for the quarter was greater than the interim steering we supplied in September as we have been in a position to fulfill virtually 100% of demand.

Income from our operations administration enterprise as outlined by three reportable segments excluding analytics was $150.5 million, down 5.7% year-over-year. Sequentially, from the second quarter, income was up 6.1%.

Insurance coverage generated income of $87.8 million, down 3.9% year-over-year. This decline was pushed largely by provide constraints in our discipline service enterprise. In comparison with Q2 of 2020, insurance coverage income was up 7.1%.

Healthcare continued its progress momentum, with income of $25.1 million, up 10.5% year-over-year. This progress was pushed by the ramp-up of latest shopper wins in 2019 within the space of medical companies.

Rising reported income of $37.6 million, which was a year-over-year decline of 17.3% as a result of discount in journey, transportation and logistics volumes, offset by will increase in all different classes. Income was up 8% when evaluating to the second quarter of this yr.

Analytics had income of $90.5 million, up 1.6% year-over-year. This progress was pushed by greater volumes within the healthcare and insurance coverage business verticals. Sequentially, from the second quarter of this yr, income was up 10.4%.

Our SG&A bills declined by 130 foundation factors year-over-year to 17.5% of income, pushed by price initiatives we introduced in Could and decrease discretionary spending. Our adjusted working margin for the quarter was 19.2%, up 390 foundation factors year-over-year, pushed by decrease prices attributable to price management measures, decrease infrastructure bills and lowered discretionary spending.

Our GAAP earnings tax price for the quarter was 24.3%. Our adjusted EPS for the quarter was $1.04, up 23.8% year-over-year on a reported foundation.

Throughout this pandemic interval, liquidity and money conservation stays a key precedence. We exited the quarter with a really sturdy stability sheet.

Our money circulation from operations for the quarter was $67.4 million, up from $58.2 million from the third quarter final yr.

Our DSO for the quarter was 57 days, down 6 days from the earlier quarter and the bottom degree through the previous 5 years.

We ended September with $363 million of money and short-term investments and borrowings of $239 million, leading to a internet money place of $124 million, up from $87 million on the finish of the second quarter of this yr.

Now, transferring to our nine-month efficiency. Our income for the interval was $709.5 million, down 1.7% year-over-year. This decline was pushed by COVID associated provide and demand constraints, as talked about earlier.

Our adjusted working margin for the interval was 14.6%, down 20 foundation factors year-over-year, pushed by decrease revenues and internet COVID associated expense, partially offset by price optimization initiatives.

Adjusted EPS for the interval was $2.39, up 3.9% year-over-year on a reported foundation. Within the first 9 months of the yr, we generated money circulation from operations of $126.3 million in comparison with $106 million for a similar interval final yr. This displays an efficient implementation of our money conservation technique and environment friendly working capital administration.

Through the first 9 months of the yr, we spent $34.6 million on capital expenditures as we proceed to put money into the enterprise for the long run. We anticipate our capital expenditures to be between $36 million and $38 million in 2020.

Our efficient tax price for the primary 9 months of the yr was 25%, and we anticipate the 2020 efficient tax price to be between 24.5% and 25%.

We introduced in mid-September that we intend to repurchase as much as $80 million of our inventory in 2020. Through the first quarter, we repurchased $12 million of our shares. And within the third quarter, we repurchased $24.9 million of shares. Thus, we’ve repurchased 565,000 shares at a mean buy value of $65.25 through the first 9 months of 2020.

Now transferring on to the outlook for the yr. The financial surroundings stays unclear and enterprise sentiment shifts given the character of the pandemic. Thus, there are variety of elements that we might not be capable to predict precisely, however we really feel extra assured that our enterprise mannequin is resilient with higher visibility into the fourth quarter and 2021.

We’re updating our income steering for the yr to be within the vary of $950 million to $958 million, which is a $4 million enhance on the midpoint, pushed by higher efficiency and elevated visibility for the rest of the yr.

Our up to date steering represents a year-over-year decline between 2% to three% on a relentless foreign money foundation, excluding Well being Built-in. Primarily based on our up to date steering, we anticipate our fourth quarter income to vary between $241 million and $249 million.

Analytics ought to have the next progress price than operations administration because the pipeline for expansions and new work might be applied faster to learn fourth quarter income.

Our up to date steering for adjusted EPS is for a spread of $3.40 to $3.48, up $0.04 on the midpoint from earlier steering, pushed by higher third quarter efficiency. Primarily based on our up to date steering, our fourth quarter adjusted EPS is anticipated to vary between $1.01 and $1.09.

In conclusion, we’re happy with our third quarter efficiency and our outlook for the rest of the yr. Our capacity to shortly adapt to the financial modifications led to by the pandemic has benefited income progress because the trough within the second quarter and our efforts to handle our price has resulted in a big EPS enchancment from a yr in the past on a decrease income base. Within the present unsure financial surroundings, we really feel we’ve the flexibility to shortly anticipate and adapt and might develop the enterprise throughout this era.

Now, Rohit and I might be completely happy to take your questions.

Query-and-Reply Session

Operator

[Operator Instructions]. And your first query comes from the road of Maggie Nolan from William Blair.

Maggie Nolan

You are clearly seeing the advantage of the price actions that you have applied. I am questioning how lengthy you possibly can function in this sort of extra lean construction. After which, are you able to give us some longer-term ideas round modeling margins while you anticipate a few of these prices might begin fading again in?

Maurizio Nicolelli

Look, we benefited in a couple of totally different areas on the price aspect, which has actually helped our adjusted working margins. We have seen two actual advantages, one being the make money working from home surroundings has actually lowered our price base in some particular areas. And we’re seeing decrease prices in our transportation prices, in T&E, in services, which has actually benefited us.

After which, we have additionally had the advantage of our price actions that we put in place again within the second quarter. And that’s actually serving to out our margins within the third quarter and we’re seeing that profit additionally rolling to the fourth quarter. Once we get to 2021, a couple of gadgets will come again into our P&L.

One, a few of these price measures are short-term in nature. And so, we will begin to see these prices come again, particularly within the worker comp space and some different areas. After which additionally, on this new surroundings, we must spend extra cash on expertise prices. So, after we get to our margins in 2021, we are going to see some prices creep again into our P&L. And so, you will see slightly little bit of a change in 2021. However proper now, we’re actually seeing these two important advantages actually serving to out our margins.

Maggie Nolan

After which, on the analytics work, it has been slightly bit extra tied to the COVID response. How lengthy do you anticipate to learn from that and generate income from that form of COVID particular work? After which, do you’re feeling that purchasers are receptive to the concept that that want for real-time insights goes to increase past the form of important and strange occasions that COVID is?

Rohit Kapoor

Our knowledge and analytics enterprise has actually benefited due to the COVID response, however the shift that has taken place to digital and the shift that’s going down the place our purchasers are shifting most of their platforms to turn out to be cloud-based platforms and the adoption of digital by finish customers, that appears to be a way more of a everlasting shift that’s going down.

We have finished some analysis on this and we discover that 75% of finish customers, as soon as they check out a digital technique of speaking with their suppliers of companies and merchandise, intend to proceed to make use of digital. So, there’s been a giant shift by way of the usage of digital. And as that shift turns into extra everlasting, extra deeply penetrated, the necessity for knowledge and analytics companies is simply going to extend dramatically. So, we predict whereas there’s a catalyst within the COVID surroundings that’s forcing finish customers to shift to digital, it is forcing our purchasers to supply digital mechanisms and channels to interact with the tip purchasers. A big a part of this shift is definitely everlasting and is a step operate change that’s going down. And on this new surroundings with the shift on to digital and cloud-based platforms, the necessity for knowledge and analytics has instantly turn out to be a lot, rather more necessary and far, rather more vital.

So, we predict the profit on our knowledge and analytics enterprise is prone to proceed for a for much longer interval and the flexibility to develop this enterprise considerably goes to be there for a number of years going ahead. And this isn’t only a short-term phenomenon that we’re witnessing.

Operator

And your subsequent query comes from the road of Bryan Bergin from Cowen.

Bryan Bergin

I heard a few of the commentary round an uneven restoration and I see the 4Q implied income contraction is considerably much like what you probably did in 3Q. However as we begin to consider 2021 restoration potential, are you able to give us a way of the kind of trajectory we must always anticipate primarily based on what you are seeing in shopper decision-making after which your pipeline exercise?

Rohit Kapoor

Proper now, on the finish of the third quarter, the pipeline has truly grown considerably in dimension. So, we’re very truly proud of the best way through which we’re seeing clients make choices and the form of modifications that they should make as a result of as they give thought to modernizing their enterprise fashions, participating much more in digital, utilizing much more expertise and embedding much more intelligence into their working and enterprise processes, EXL is an ideal associate to assist them make that transition. In order that change and that shift has been very constructive for us.

Nevertheless, the restoration shall be uneven as a result of, with the virus, there are going to be matches and begins, there are going to be geographic impacts which can be going to be very uneven. So, we’d see sure states and sure international locations get better shortly or not get better so shortly. And that’s going to create some uncertainty and there may be a decision-making that will get impacted due to that.

So, it’s extremely tough to foretell which means this may go. Our greatest guess at this level of time is that the necessity for our companies, each in knowledge and analytics in addition to operations administration has simply gone up. And due to that, we might anticipate that we would be able to assist our purchasers and be capable to construct our enterprise again on to a progress path as we get into This fall and as we get into 2021.

Bryan Bergin

Maurizio, I needed to follow-up on Maggie’s query on margin. Are you able to quantify a few of the key margin outperformance drivers, significantly inside gross margin, the sturdy degree you had there, what kind of mixture of price financial savings are lasting versus short-term discretionary, like T&E kind gadgets inside 3Q?

Maurizio Nicolelli

Whenever you have a look at the profit in Q3, there’s profit from the make money working from home surroundings after which additionally our price actions. The advantages from the make money working from home surroundings is barely greater than our price actions, simply by way of trying on the total profit. It is slightly bit extra of a 60-40 profit, that means the make money working from home surroundings has an even bigger profit. And plenty of that profit matches in our gross margin. And that is why you see our gross margin at a reasonably excessive finish of 36.9% through the quarter.

Going ahead, I did speak slightly bit earlier than about specific amount of expertise prices that we will must spend going ahead in 2021 and in addition a few of the extra prices which can be going to return again into the P&L.

When it comes to making an attempt to get to a margin in 2021, we’ll be giving steering after we do our fourth quarter earnings launch on 2021. However I might have a look to see – return to the primary quarter, you see our margins proper round 15.6% with none COVID bills and actually construct off of that going ahead. And it is our want to essentially begin to develop margins. However in the event you want one thing to essentially return to, that is the most effective of greatest measure proper now to return to.

Operator

Your subsequent query comes from the road of Vincent Colicchio from Barrington Analysis.

Vincent Colicchio

Rohit, might you give us some colour on the brand new logos added within the quarter? Are any of them probably strategic over the following variety of years?

Rohit Kapoor

To begin with, we’re seeing new logos are available each in operations administration in addition to in analytics. That could be very encouraging to us. We have seen some fairly fast decision-making on the operations administration aspect. And significantly in these conditions the place a few of the purchasers are challenged by way of with the ability to ship and execute to their finish clients, they’re embracing operations administration very, very actively and really holistically, which is once more very encouraging. We do see a few of these new logos ramping up truly a lot faster and with the ability to present our purchasers the profit a lot quicker. So, that is truly going to be very constructive for us.

We additionally see new names on this checklist of consumers that we have acquired, which might turn out to be strategic purchasers for us and contribute important worth. On the analytics aspect, our engagement with new purchasers usually begins off small. And over a time frame, it builds up and will get to dimension and scale. So, we might anticipate the identical pattern to comply with by on the analytics aspect.

Vincent Colicchio

Strategically, with an uneven restoration, what are your ideas on doing an acquisition to complement progress?

Rohit Kapoor

Look, any form of volatility will create alternative for a capability to amass and to a capability so as to add functionality. We’re in a lucky place that we have a really wholesome stability sheet and we have a good quantity of capital at our disposable to have the ability to use for acquisitions. So, we’re out there and we have a reasonably energetic pipeline on M&A. However on the similar time, it is a interval the place you need to be extraordinarily cautious of the kind of property that you just purchase and the valuations at which you purchase them. So, we will be very disciplined in our strategy and be considerate by way of our capacity to do M&A, however we might anticipate to be energetic in M&A at this level of time. We expect that there’s a bonus for us to have the ability to make good thing about the market surroundings and the volatility that exists.

Operator

[Operator Instructions]. Your subsequent query comes from the road of Mayank Tandon from Needham. Your line is now open.

Mayank Tandon

Rohit, given the adoption of digital throughout verticals, what are the conversations round pricing lately? Do you suppose that the transfer to digital might truly speed up the shift to outcome-based pricing? So, simply perhaps a normal commentary on pricing developments and the shift that you just may see, given the adoption of all these totally different applied sciences? Thanks.

Rohit Kapoor

Mayank, I feel that is an amazing query. And what we’re seeing within the discussions with our purchasers and prospects is definitely very encouraging. So, to start with, a few of the hard-held beliefs and assumptions that purchasers and prospects used to have previously, they have been thrown out of the window. So, we have a very new set of assumptions coming in, which principally means ranging from a plain white piece of paper and having a look at what are the percentages of doable.

And that, to your level, means the industrial fashions shall be consequence primarily based and there is a higher propensity for purchasers to fully outsource end-to-end work and get to a significantly better degree of operational execution and supply and resiliency as a result of that is turn out to be their primary precedence. And in an effort to do this, if it requires an outcome-based pricing mannequin, that is actually one thing which – that dialog, that dialogue is a way more open dialogue at this level of time.

We’re additionally seeing a giant shift to happen towards execution, resiliency and worth versus pricing. And due to this fact, it’s about who’s a steady, safe and reliable associate versus who’s the bottom price supplier that we will work with for the following three months or six months. The dialog has shifted to enthusiastic about this much more strategically, enthusiastic about it for a for much longer time interval, and due to this fact, the dialog is about worth creation, productiveness, stability, resiliency, and that is a lot, rather more necessary on our purchasers’ agendas than pricing. So, truly, it’s extremely favorable, each from a complete total demand quantity. It is favorable from a industrial assemble, and it is favorable from specializing in issues that shall be additive for our purchasers and for us.

Mayank Tandon

Rohit, staying on the digital theme, how about sourcing expertise? Are you discovering it more durable, simpler to search out the ability units to have the ability to meet the wants, given the speedy modifications within the surroundings for each BPM and analytics forms of companies?

Rohit Kapoor

Mayank, I feel that is one other nice query. So, to start with, we have began hiring and we have employed fairly aggressively within the third quarter, and we proceed to hope to have the ability to purchase expertise within the fourth quarter as nicely.

Now, there are specific areas and sure ability units the place truly it is fairly simple to rent. However such as you rightly talked about, in digital, which is the place all people is focusing their consideration, that could be a rather more difficult space to have the ability to supply expertise, combine expertise and to have the ability to create groups that can collaborate. There’s plenty of deal with cloud-based expertise. There’s plenty of deal with digital. There’s plenty of deal with AI and ML.

Now we’re in a lucky place that we have a really sturdy basis, and we have a really wealthy and fertile buyer base the place we’re doing very thrilling issues with our purchasers. And that creates an enormous alternative for any individual from the surface to return and be part of us.

We’re additionally on a progress half. So, that is one thing which, once more, is thrilling for a person to return and turn out to be a part of our workforce. And our capacity to draw expertise in digital, on the cloud, in large knowledge, in AI and ML is definitely changing into a lot stronger simply because our message is resonating nicely. The form of work that we’re doing with our purchasers could be very, very advanced, wealthy and one thing which is difficult for workers. So, they like that form of work and we’re in a position to entice excellent expertise there.

Operator

And there are not any additional questions right now. Mr. Rohit Kapoor, I am going to flip the decision again over to you.

Rohit Kapoor

Thanks, operator. And thanks all for attending this name. We actually recognize it. I feel we have had rebound in our enterprise and we look ahead to continued progress transferring ahead into the fourth quarter and subsequent yr.

I would identical to to shut by inviting all people to return and be part of us for our Investor Day, which is on November 17, and we look ahead to offering you with extra colour round our working enterprise mannequin and our future path of the corporate. Thanks. And see you on November 17.

Operator

Women and gents, this concludes todays’ convention name. Thanks for taking part. You could now disconnect.

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