Good afternoon, and welcome to the tinyBuild Full Year Results Investor Presentation.
[Operator Instructions] The company may not be in a position to answer every question received during the meeting itself. However, the company can review all questions submitted today and publish responses where as appropriate to do so.
Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Alex Nichiporchik, CEO. Good afternoon.
Thank you so much, and welcome to our full year 2023 presentation. I'm going to pop over to the disclaimer slide, which everyone should read, and we will move on to the actual presentation. Presenting today is me and Jaz. I'm Alex Nichiporchik, I'm the CEO and Founder of tinyBuild. I come from 20 years of industry experience starting with being a professional gamer shipping over 20 tiles as a game producer and being essentially the product person within the company. And joining me today is Jaz, who is our Chief Financial Officer and keeps everything running. Jaz, please, you want to say a couple of words about yourself?
Yes, 20 years' experience in finance. I joined the company 3 years ago and I was appointed CFO last June.
Perfect. So today's agenda, we're getting started the operational review, then we will do the financial review and dive a little bit into strategy alongside a couple of more recent case studies with very verifiable data.
So without further ado and the operational review, there is no doubt that 2023 was the toughest year in my career in general and for tinyBuild. The industry has been dealt a very difficult set of cards, which we also have to deal with. So for context, initially, we had to deal with pandemic a few years ago, then we had to deal with the war in Ukraine and relocating a lot of people and doing essentially a life-saving relocation operation. And in 2023, the industry has taken a turn for the worst in terms of shrinking revenues, both in budgets, inflation, et cetera.
The things that have impacted us the most was further revenue compression in the second half of last year, which is mostly due to the delays that have happened at Versus Evil, our secondary publishing label and large contracts falling through, which we will talk about in detail. We have also experienced continued upward pressure on cost with amortization of debt cost, inflation, salary pressure due to the location, et cetera.
At the end of last year, we have taken very difficult decisions to reduce costs. Nearly $10 million going into 2024 in the reduced cost. We also had some payments with global settlements. In Q4 of last year, we have had to pay USD 1.5 million in settlement plus another $2 million in the first quarter of this year. This resulted us in us doing capital increase, which closed in January 2024. It was supported by myself and Atari. We have raised over $11 million in total there. And this puts us in a position of laser focus of working on what works or focusing on what works, which I'm actually quite excited to talk about with hard data that we have.
The highlights are speaking for themselves. Our games portfolio is as wide as it has ever been. Most of our revenue actually in 2023 came from our back catalog. And just as a reminder, the back catalog is based on the calendar year. So anything that launched in December by January of next year will be considered as back catalog.
The other thing to point out is a slight decrease in percentage of sales from our own intellectual property. This is due to several game delays happening last year into this year and the launch of some third-party titles that were exceptions to the rule, they were sequels to previously published third-party IP. So that is a temporary situation.
Looking at our revenue mix and our own IP across multiple platforms, we have over 80 titles creating game franchise potential. And I am very happy that the revenue mix has actually remained stable compared to full year 2022 and 2023. And that said, we do right now have an almost equal share of own IP and third-party IP -- I'm sorry, I misspoke. Not enough coffee. In 2017, we had an equal share of own IP and third-party IP, and right now, we have 67.8% of our own IP revenues. And we do expect that to rise a little bit in this year and moving forward because most of the games we work on are our own intellectual property, which comes with higher margins and with more control of how to create those or how to scale those intellectual properties into franchises.
Now the mix of our back catalog and front list has decreased mostly due to launches being pushed into this year. So last year, we launched just a few new titles. And at the same time, we did a lot of work on what is called the back catalog. We have done numerous updates. We have done numerous sales and especially, this shows how the existing business, how the back catalog is a very strong backbone for us to have a solid business moving forward.
And with that, I will hand over to Jaz for the financial review.
Thanks. Okay. A quick summary of our results in 2023. Starting with net game revenues on the left-hand side, it dropped 31% or $19 million. That was pretty much exclusively due to the drop in platform deals. So these are the deals we signed with bigger companies like Sony, Microsoft, Nintendo, et cetera, at a company level for subscription deals, exclusivity and so on. This is affected the whole industry and not just tinyBuild, but we are possibly ahead of the game in terms of converting those deals, and we suffered possibly a sharpest fall in revenues as a result.
In the middle, adjusted EBITDA as a result of that, [indiscernible] $7.1 million loss. Part of the negative surprise in terms of platform deals came very late in the year. So we didn't manage -- we didn't have time to put in place cost savings or alternative measures to reduce that loss. And the third chart, software development. You can see that declining in 2023. We are -- that reflects a stronger approach to cost control but the decline in revenues was sharper. So as a percentage of revenues, these growth investments now account for over 70% of revenues.
Turning a little bit deeper in profit and loss. The first line, game and merchandise revenue -- royalties is basically all game sales, and it shows the strong picture of tinyBuild core publishing label. In there, you also have some licensing deal. If we net that out, our game sales, so the game we sell directly to players were actually pretty much flat in the year.
The second line includes mostly platform deals and our QA unit in Brazil, Red Cerberus. Again, looking purely at the kind of platform deals explains most of that decline, though Red Cerberus itself also underperformed in 2022 -- in 2023. Events, smaller in size, but more than doubled its revenue contribution in the year. Overall, 29% revenue decline.
Cost of sales include primarily the amortization of debt costs and royalty payments. That increased to $30 million equally driven by these 2 components in terms of the increase. The mix of revenues, a higher percentage of third-party games where we pay out the developers a higher percentage of royalties is one of the reasons for that increase and the higher investment in development -- in software development is the reason behind increase in amortization in this line. The impairment of dev cost, $36 million. That is mostly the result of some cancellation of games and the write-down of assets for games that are already launched and appear will not cover the overall cost of development.
Last line to notice here is the adjusted EBITDA. As I said, $7.1 million negative after the adjustments of impairments and notably, the other line includes the payment for the legal settlement already mentioned by Alex.
In this slide, we present graphically how sharp the drop in platform deals has been. It was 67% in 2023 and now accounts for less than half what it was in 2021 as a percentage of revenues. We don't expect this to bounce back though this drop is probably more cyclical than structural. We tend to have continuous change in technology and new entrants in distribution. And typically, when we have these new entrants and distribution of video games, we have a rush for content, which translates very often in a boom for platform deals. When the next cycle will become difficult to predict but the activity we are seeing on the media side with TV adaptations and animation could well be a seed in that direction.
Moving on to the cash flow. The main line here is net cash generated from operations. It decline from $19 million to $10 million. That is also taking the benefit of a strong decrease in receivable timing between H2 2022 and H1 2023 is the responsible for that. Going forward, as I said, we laser focus on cash generation. We understand this is the main priority for 2024, even ahead of game launches in the second half.
Software development, the first line of the investing activities section decreased from $36 million to $32 million. Focusing on that decrease, which appears modest, only 10% compared to the drop in revenues. Here on the left-hand side, you can see the progression on a 6-monthly basis. That peaked at over $21 million in the second half of 2022 and decreased to only $15 million in the second half of 2023. We have put in place a strong cost action plan at the end of 2023, which led -- which will lead to $10 million annualized savings in 2024, most of that will fall on software development investments. So we see a further reduction in that line, which will help our cash generation and strengthen our financial position. On the right-hand side, you see both M&A and software development, and you see how in 2023 overall, our spend on growth CapEx has a decline compared to 2022 and 2021.
This box chart represents the spread of our development investments across different projects. In 2023, we had over 50 projects under development. I should say that some of these projects have been canceled at the end of the year, but we still have a very large number of projects under development, which means a very well diversified portfolio. No project accounts for more than 15% of the total spend and we have a good number of relatively large investments over 20 with an annualized investment of over $0.5 million.
Nearly closing with the financials. On the balance sheet, what I'm left to highlight is the net cash position declined from $26.5 million to $2.5 million most of that, as is clear in the following slide, is due to our growth investments, debt costs. The difficult industry situation has forced us to step back on that. But as a company, as D&A, we remain absolutely focused on growth, and we are finding the fine balance right now to keep developing as many new IP as possible whilst maintaining a strong financial position.
Back to you, Alex.
Thank you, Jaz. I think this super important context here for the strategic review and the case studies that I'm about to talk about is all about focusing on what works and focusing on the highest ROI possible. The simplest example I like to make when I talk about this -- when I talk about 1,000-hour game goal that we have is instead of making 10 levels, we want designers to make 10 systems that each interact with each other so that when you get a system #11 in, you don't add 10 more percent of content as you would was level #11. You can add 30%, 40% of content because that system may interact with existing systems.
So keeping that in mind, let's look at a couple of case studies and the 5-year plan, which I have talked about. So the 5-year plan really revolves around creating intellectual property in interactive media and then scaling that to other media formats. We have also seen a tight shift happen in the past 6 months or so with movies like Five Nights at Freddy's coming out with the more recent Fallout series coming out where Hollywood is finally being much more flexible on terms when it comes to intellectual property from Brazilian games, which means that we can focus on licensing IP out and not investing capital, which is reaping the benefits. This is a really exciting time in video games in general and we follow our 5-year plan with that.
Without further ado, let's talk about actual games. Earlier this year, we have reannounced the game called Level Zero. This game has been announced a couple of years prior. We have been working on that a little bit before then. As a multiplayer asymmetrical sugar, it did get some traction but then that traction stacked because we had some design challenges in terms of playtime. We wanted players to spend a lot more time within that game.
Now what we did is over a year ago, we sat down at the Games conference with game director and figured out that we can reshape this game, essentially take the pieces and restructure them in a way that would appeal to a much wider segment of gamers. Think Alien Isolation meets Escape from Tarkov, if you know those games. We have a team of aliens and then we have several teams of humans that are also fighting each other for loop that spawns in the world. Therefore, you get the loop then you get to escape with it. It is very highly general unfilled gameplay loop, that's keep players coming back.
And the reannouncement was followed up shortly with a live play test with easily verifiable data. If you search CNTB, you will see exactly where we peaked at player numbers. We held a consistent couple of thousand players for the duration of that play test and that started to move the needle on our position in the top wishlisted chart on Steam. This is a testament to our restructure we've done at the end of last year, where we enabled our publishing units and marketing units to be independent and to focus on what they believe are the right decisions. And this is a flawless execution of a reannouncement of an existing game alongside with a shift in design that got us significant traction.
The second example you may have heard of is a game that I was secretly referring to in our previous presentations. I was saying how we are investing in technology, how we're investing into things that people have not seen before. And Kingmakers is one of those projects. The simplest pitch is imagine medieval England during battle with thousands of characters in that battle and then you arrive with a machine gun in the pickup truck. That is the premise of the game within hours of the announcements. We were getting millions of views on the announcement trailer and within weeks of the announcement we got propelled to the top 50 wish-listed position on Steam.
I want to highlight that this is not a rule. This is an exception to the rule. We did everything correctly here. We've invested in technology. We waited to review it. And now a lot of players are really excited to get their hands on this game. So there's all hands on deck to make sure that this one delivers upon those player expectations.
The third case study is actually very recent. One of the reasons why I'm talking really slowly is because we've been playing this all night. Last Thursday, we launched the public play test for Duckside. This game does several things. First off, it was developed in a record short time. We started only in December. Secondly, it's the first game that we use shared technology within our studios. It is developed by tinyBuild Riga that borrowed the engine from our other studio called Bad Pixel for Deadside. So you can see the reference here Deadside and Duckside. Now Deadside is still in development and we use the core of their technology to develop a lighthearted version of a hard core survival game where you play as a duck with a machine gun. It plays exactly as you would expect. I think rise of the planet of the ducks.
The other interesting thing with it is we announced it on April 1. So it's very recent. It was just revealed this month, right? And the idea was April 1, it's April Fools. It's probably a joke. And the virality of it came from, is it though? Is it a joke or not? And we were very title it about, is it the joke or not? And finally, last Thursday, we launched the play test to surprise of many that thing that was a joke. And we are currently seeing for the past few days at over 1,000 player peak in terms of concurrent users and over 100,000 people have opted into this beta. This is insane numbers. I am cautiously optimistic because we were able to leverage internal technology to develop a brand-new experience and record side. I'm happy to talk about that more in Q&A.
Now in terms of the announced pipeline, these are just the games that we have announced, not the games that -- not all the games that we have in our portfolio that are in development. I would like to highlight just a couple of them without spending too much time. I think Streets of Rogue has been gaining very transparent attraction as a sequel to one of our highest rated games ever, the original Streets of Rogue, really excited about that one, and I've already talked about Duckside, Level Zero and Kingmakers. The others feel free to ask questions about. We are going to refrain from commenting on project RBO, which is #10. What we did say publicly is that it is from the creator of the original Hello Neighbor. Nikita is back and we are working on a really exciting project there.
Now to close, we are a global developer publisher. We believe in IP origination was in video games, and we want to own that IP to be able to create long-lasting scalable franchises across multiple media formats and the past year has been indeed incredibly difficult. We have made actions to focus on cash generation. We are extremely cautious about cost control and we are excited about our upcoming portfolio. And the Board remains confident that we have adopted the right strategy and are on track to deliver results within expectations.
So with that, we can jump straight into Q&A.
Fantastic. Thanks very much. Indeed, Alex, Jaz, thank you for the presentation. Ladies and gentlemen, as Alex said, please do continue to submit your questions.
[Operator Instructions] I'd like to remind you recording of the presentation along with a copy of the slides and the published Q&A can be accessed via your investor dashboard.
Alex, Jaz, if I could just hand back to you and just where appropriate to do so just read out the question, just click on the Q&A, read out the question and give your response, and I'll pick up from you at the end.
Yes, Jaz. You want to shout out the first one and I'll answer that?
Thank you, Paul. So first one is for Alex. The question is about more details on publishing contracts, specifically on development costs, the recruitment of development expenses, how you approach that in our typical contracts?
All right. So while a lot of contracts become very unique depending on the type of game on the development schedule and the post-launch support, typically, development costs are recouped before revenue shares. That's about as much as I can say, and that is a standard industry practice.
I'll take the second one, which is about the -- our 2 lines, TBL -- 2 lines of shares listed TBLD and TBLS. So the asset stands for [ cat S ], which is a restriction for U.S. investors. Those are the shares, which were issued in the recent capital increase and have some specific limitations that expires after 12 months. So in 12 months after the issuance after the capital raise in January, these shares will merge with TBLD and will become exactly the same, hence, also increasing liquidity on the overall pot.
Third question, Broken Roads launch underperformed. Do you think that it may impact the funding of games in the second half?
You can talk about the funding aspect. What I will say is that this is one of the games that is not part of our core strategy of the 1,000-hour [indiscernible] playable game and it reaffirms that making single player narrative-driven games is extremely difficult and not what we are pursuing moving forward.
And more precisely in terms of funding, we have built in our forecast some cushioning to absorb exactly this kind of disappointment. It is a shame that the first relatively large game we launched in 2024 didn't fly as high as hoped. But we do have safety nets built in exactly for these kind of situations.
Question number four, will the release of third-party titles in 2024 impact gross margins?
Let me take that. So first, the impact on gross margins come from the fact that third-party titles have a higher share of royalties paid to developers. Most of the games we have -- we are planning for the year -- for 2024 and beyond are actually not third-party titles. So if anything, we expect a little bit of a reversal in terms of the gross margin trend over the medium long term with a higher percentage of own IP coming back to drive our portfolio revenues.
Question number five, is the multimedia strategy still viable? Or it's only working for Hello Neighbor? Specifically, we reference to the sale of Totally Reliable Delivery Service.
So 2 questions here. First, about Totally Reliable Delivery Service. What happened is that we were unable to unlock the value of that IP as a franchise. We have tried extremely hard, and it was just not working. That is why we do believe that another home for that IP is more viable that has more experience with external game development. We're now focused on our own intellectual property and our own studios with a few select great external partners.
The multimedia strategy, like I mentioned during the presentation, has actually transformed this all because Hollywood is going through transformations when it comes to cinema releases TV shows on subscription services like Netflix or Amazon Prime or whatnot. And right now, it is an extremely viable strategy, I believe, because it used to be that you would need to fund a lot of development before getting any kind of distribution. Today, it looks like the tide is shifting where studios are willing to fund IP that's not theirs. And by studios, I mean linear media production, so for television.
Perfect. Question number 6. What is going to be the increase in development amortization in 2024 following the recent increase in development -- in capitalized development costs?
So we have posted a large impairment in 2023, which will decrease the total value of the asset. We still expect an increase in debt cost amortization in 2024, which will go hand in hand with the fact that we're launching a number of relatively higher budget titles. The increase is not going to be by the same size as we have seen in 2022 to 2023, more modest and again in 2025, a more modest increase.
Question number 7, would you buy back shares?
I guess that's a question for you, Jaz.
I'll take it. So we are -- as a matter of fact, we have been buying back shares under the EBT, our Employee Benefit Trust. We have been allocating a relatively small amount of cash to that more recently as we are in cash preservation mode and as we see very interesting opportunities on the games currently under development.
Question number 9 is did you sell Totally Reliable Adventure Party and why?
The answer is yes, because this is part of the Totally Reliable Delivery Service IP and franchise.
And can you comment more generally on the disposal of TRDS?
Yes. Like I said before, we've had challenges with unlocking the value of that IP by creating a second game in the franchise. And the pandemic has not been kind to many development teams. And unfortunately here, we have seen the impacts of that.
Okay. Question number 10. What is the Red Cerberus cash drain? What are the plans for that unit?
I'll take this one. So Red Cerberus is disappointing in the sense that we can't achieve the -- we haven't been able so far to achieve the right level of margins. We should be high single digit or even low double digits. But it's not necessarily a cash drain. So it's not a big problem. It's failed opportunity to generate profit. We are working at it, and we see a pretty, pretty easy way to fix the business over the next 12 to 18 months.
Question 11. Could you give assurance to shareholders that you're not running out of cash?
So yes, we have -- before we embarked in the capital raise, we have run a very conservative working capital analysis internally and we have set up a plan for the following 18 months. So far, including the disappointment of Broken Roads, we are still tracking in line with our expectations. So we have other safety nets, other pockets of revenues that picked up the slack of a weak Broken Roads release.
Question number 12. On Broken Roads, what went wrong with it?
Essentially, the game is very large in terms of its design, and it was initially supposed to be launched in November. And we had to put a full stop to that launch because the game was -- it would have been rated at a solid 2 out of 10 with severe performance and bugs that would make players absolutely upset. Now we did the best we could within the tinyBuild publishing unit and guide to 6 out of 10 rated by users, which was in this very specific genre is disappointing to players still but it is the best we could do with the resources that we have. And another testament that we should focus on what works for us and what our team is really good at before.
Next question. Given the cost cuts, how dependent is tinyBuild on new launches in 2024 to be profitable?
Let me take this one, if that's okay. So to be profitable, we could simply cut any growth investments and leave out of catalog. That is an option. It's equivalent to a breakup of the company. We have, over the past few years, building a number of optionalities -- a number of options in terms of the 1,000-hour games that are coming to fruition in 2024 and 2025. The ones mentioned by Alex are just some examples.
For that -- with that in mind, we are now right on the cusp of seeing that strategy delivering fruits. Will all of the games deliver a storming and surprisingly stellar results? Very unlikely. Will all of the games flop? I would say, equally unlikely. We're probably going to settle somewhere in the middle and timing is what we're trying to work for.
So we need to set the company on a stable financial position so that it can fund all of the games and release all of them and refine the -- rediscover new franchises that will support further growth and further investments.
Question number 14, what is the current cash balance?
So we have given guidance that at the end of March, we have indicated at the end of March, cash flows in the high single digit. I'm not going to go into more details about the exact number. I must if it's 7, 8 or 9. And the reason is it doesn't make much sense to look at that on a monthly basis. We have a large advances sometimes paid 1 month to the other. We have royalty payments coming through at the beginning of the month and so on and so forth.
So what I've given you is the best indication of our current situation. And bear in mind, we do expect a further cash drain between now and the middle of the year, the summer when most of the launches start coming through. So we will get into the summer to a low single-digit, which we think is still the right level to go to, and we still have safety nets built in to go through that period.
What are the plans for Pigeon Simulator moving forward? Alex?
The plan for Pigeon Simulator right now is to see if from the ground up using the work that we have already done, we can do something similar as we did to Level Zero where we take the existing aspects and recompile them in the game play loop that appeals to a wide audience of gamers. That's the current plan.
I'm going to jump to question number 17. What are the 2024 and '25 expectations as far as revenues and profits and cash position?
So 2024 is going to be another subdued year in terms of revenues. We have some new good game launches but they are towards the end of the year. As such, the contribution to the full year is going to be limited. We could see further revenue decline in 2024. Having said that, in 2025, with all of the games we are planning on launching, we are pretty confident to see revenue growth and a recovery in profitability as well.
I mentioned the impact on gross margins from a return to a higher share of own IP titles. And that will also reflect in terms of cash balance, we do expect it to hit a trough cash balance towards late summer -- early summer, late summer and then to start building back up the -- our cash reserves.
Question number 18, has any of the Bossa Studio IPs being impaired?
The answer is no. Bossa IPS is doing in line with expectations.
Now the question number 21, if more funding is needed, will it be done by debt or share dilution again?
So we are working to protect shareholders from any other shock. We have set the amount of the capital raise at the minimum possible we could raise to still have a sound financial position. There are different options. Yes, including that, including potential disposals, more cost cutting, everything has been looked at if we need more sources before going back to an equity raise that at this point, it seems extremely unlikely.
Do you expect to raise more cash this year?
The answer is no.
Question number 20 is what happened with the credit revolver? And why did you split ways with Critter Cove?
I'll take the first one, you take the second one. So credit revolver, we had with Bank of America was a large facility, over $30 million that was designed for the M&A deal that we could not miss. We didn't stumble on any such a deal. And as such, we just let that facility go. We do not think that running the company on debt is recommendable. We would prefer to rebuild a healthy cash balance and to work on that.
And over to you, Alex.
And regarding games like Critter Cove, there have been others that are no longer being published with us, mostly in the [indiscernible] catalog. And those games that have not gotten the traction we anticipated and that do not fit our core strategy. So this is an example of that. We are being laser-focused and being very cautious because we do support our existing catalog. And within that catalog, wins have games that also align with our strategy so that our people can focus on what actually works.
And the last question is on my screen, question 22. Hello Neighbor 2 launched -- the launch was subdued but we have said in the past that we were confident it was trending better. What makes you so confident the strategy will work?
Well, the answer is in the question. Hello Neighbor 2 initially had a slightly disappointing user reception. And we have worked very hard with the team to rebuild that trust, and we did, which is reflected in the user rating. And obviously, when the game has a greater user raising series of updates, the sales also go up. I think with Hello Neighbor 2 specifically, it is a bigger game than the original Hello Neighbor and does have a lot of legs to stand on. So we are excited about Hello Neighbor as a franchise moving forward.
And this is by far not the only example of games that was continued to support, continued to perform really well. an example I've used over the past couple of years has been SpeedRunners, which is our very, very first published game from 12 years ago now. Yes, 12. And it is still performing quite well with no updates.
Now for games that we do continue to update games like, for example, [indiscernible] still getting a lot of updating anticipation of the sequel. That is a testament to the strategy. And when we see a concrete solution to a problem of a game, then we go ahead and implement that.
One more question I skipped on earlier is, Alex, you clearly have Skin in the Game with your equity stake. What about other staff? What is your thinking about equity incentive plans?
Key people are extremely incentivized at this point and we are working on widening that plan to make sure that people are incentivized for the long-term success of the company. The difficulty was that has been the turbulence within the market and obviously, the share price.
Fantastic. You've covered off every single question. Alex, Jaz, thank you indeed for answering all those questions. And of course, any further questions come through, the team may be able to review those and published responses on the [ Investor ] company platform.
Before redirecting investors to give you their feedback, actually it's particularly important to you and the company. Alex, I should ask you for a few closing comments?
Yes. I think the industry as a whole has had a shell shock of a year with a lot of over investments and a lot of teams that at a very basic level, when you assemble a team and there is no in-person communication it results in products that are misaligned or take too long or go over budget, et cetera. Games are interactive medium where people need to collaborate in person. I strongly believe that. And now that we have seen the shell shock, we have also seen some light at the end of the tunnel.
Namely, I think everyone on this call has seen Helldivers 2, Palworld, which are not AAA budget games yet have received widespread appeal within the gaming community. So I'm excited that we are seeing in our portfolio with hard data, please go to steamdb.info. Take a look at all the games that I have mentioned, try your own conclusions. It is an exciting time to be here while being laser-focused on cash generation and the path forward.
Fantastic. Alex, Jaz, thanks indeed for updating investors today.
Can I please ask investors not to close the session? You'll now be automatically redirected to provide your feedback in order the team can better understand your views and expectations. This won't take a few minutes to complete and is greatly valued by the company.
On behalf of the management team of tinyBuild Inc., we'd like to thank you for attending today's presentation, and good afternoon to you all.
Thank you.
Thank you.
