Akamai Technologies, Inc. (AKAM) has reported a revenue of $987 million in the first quarter of 2024, marking an 8% increase year-over-year (YoY). The company's security and cloud computing portfolios have shown significant growth, with a 22% increase YoY, and now represent nearly two-thirds of total revenue.
Despite this, Akamai has experienced a decline in its delivery product line and has adjusted its full-year revenue and non-GAAP EPS guidance due to foreign exchange headwinds and optimization efforts by a large social media customer. Akamai also announced the planned acquisition of Noname Security, which is expected to contribute approximately $20 million to the full-year revenue.
Key Takeaways
- Akamai's Q1 2024 revenue reached $987 million, an 8% increase YoY.
- Security and cloud computing portfolios grew by 22% YoY, representing 64% of total revenue.
- Delivery revenue declined by 11% YoY due to slower traffic growth.
- Noname Security acquisition planned for approximately $450 million, expected to add $20 million in revenue.
- Q2 revenue projected between $967 million and $986 million; full-year guidance of $3,950 million to $4,020 million.
- Full-year non-GAAP EPS guidance adjusted to $6.20 to $6.40.
Company Outlook
- Akamai expects a 4% to 5% YoY increase in full-year revenue.
- Non-GAAP operating margin projected at 28% to 29% for Q2.
- The company is focusing on security and compute portfolios for growth.
Bearish Highlights
- Delivery revenue has seen an 11% YoY decline.
- Full-year revenue and non-GAAP EPS guidance reduced due to foreign exchange fluctuations and a large customer's optimization efforts.
- Lower-than-expected traffic levels, particularly in gaming and video, have impacted delivery business.
Bullish Highlights
- Strong sequential growth in security services reported in Q1.
- The acquisition of Noname Security is expected to contribute to revenue growth and has high gross margins.
- Company's Zero Trust platform and compute services are gaining traction with customers.
Misses
- Revenue from a large social media customer has decreased.
- Tough comparisons from the previous year may impact growth percentages in the second half of the year.
- Lower volume from renewals than expected.
Q&A Highlights
- Akamai is confident in its forecasts and ability to predict market trends.
- The company has made significant progress in migrating its internal apps to its own compute platform.
- Noname Security acquisition is strategic and will be integrated into Akamai's platform with new capabilities.
- Akamai did not disclose specific details about pricing and traffic growth.
In conclusion, Akamai Technologies has demonstrated resilience with its Q1 2024 earnings, showing strong growth in its security and cloud computing segments. The company is making strategic investments and acquisitions to bolster its offerings and remains optimistic about future growth, despite facing headwinds in its delivery business and foreign exchange impacts. Akamai's clear focus on expanding its profitable security and compute services, along with the strategic acquisition of Noname Security, positions the company to potentially capitalize on the growing demand for cybersecurity and cloud solutions. Akamai will continue to present at investor conferences in the upcoming quarter, providing further insights into its strategy and performance.
InvestingPro Insights
Akamai Technologies, Inc. (AKAM) has shown a robust performance in the first quarter of 2024, with particular strength in its security and cloud computing offerings. In light of this, certain metrics and InvestingPro Tips can provide additional insight into the company's financial health and stock performance.
InvestingPro Data:
- The company boasts a market capitalization of $15.7 billion, reflecting its substantial presence in the industry.
- With a P/E ratio adjusted for the last twelve months as of Q1 2024 standing at 24.21, Akamai is trading at a valuation that suggests its earnings are expected to grow.
- Revenue growth for the last twelve months as of Q1 2024 was a solid 7.01%, indicating the company's ability to increase its top-line figures.
InvestingPro Tips:
- Akamai's aggressive share buyback program underlines management's confidence in the company's value proposition.
- The stock is currently trading at a low P/E ratio relative to near-term earnings growth, which could signal an attractive entry point for investors seeking growth at a reasonable price.
These insights suggest that Akamai is not only growing its revenue but is also effectively managing its capital structure to enhance shareholder value. Moreover, the company's solid financial position, with cash flows that can sufficiently cover interest payments and liquid assets exceeding short-term obligations, provides a cushion against market volatility.
For readers interested in a deeper dive, there are additional InvestingPro Tips available for Akamai, which can be found at https://www.investing.com/pro/AKAM. These tips include analysis on stock volatility, profitability predictions, and dividend policies. To access these insights and more, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. Currently, there are 7 additional InvestingPro Tips listed for Akamai, offering a comprehensive view of the company's financial standing and future outlook.
Full transcript - Akamai Technologies Inc (NASDAQ:AKAM) Q1 2024:
Operator: Good day and welcome to the First Quarter 2024 Akamai Technologies Incorporated Earnings Conference Call. All participants will be in listen-only mode. Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Mark Stoutenberg, Head of Investor Relations. Please go ahead.
Tom Leighton: Thanks, Mark. Akamai got off to a strong start for the year with our Security and Compute portfolios. And we continued to experience industry headwinds with our delivery product-line. First quarter revenue grew to $987 million, up 8% year-over-year as reported and in constant currency. Non-GAAP operating margin was 30% and non-GAAP earnings per share was $1.64, up 17% year-over-year and up 18% in constant currency. The fast growing parts of our business, security and cloud computing, grew to represent almost two-thirds of total revenue in Q1, and combined they grew 22% over Q1 of 2023. The continued shift in Akamai's revenue mix towards security and compute, is a clear indicator that our growth strategy is achieving the intended results. We continue to successfully leverage the market leadership and cashflow of our delivery product line to invest in our faster growing and more profitable security and cloud computing portfolios. And we are excited about the opportunities we have ahead of us, especially with our planned acquisition of Noname Security, which we announced this week. I'll say more about Noname in a minute. But first, looking at our security portfolio more broadly, security revenue grew 21% year-over-year in Q1 to $491 million, driven in part by continued strong demand for our market-leading Guardicore Segmentation Solution. Customers who purchased Segmentation from Akamai in Q1 included one of the top telcos in the US, a supermarket chain with more than 1,500 stores across Canada, and a major business management software company in Latin America. Our Zero Trust Network (LON:NETW) Access Solution, is also seeing good traction. For example, the United States Army announced last month that it selected Akamai for Zero Trust Security in Battlefield Networks. After a competitive evaluation of more than 40 vendors, the Army will use Akamai for its tactical identity, credential, and access management to enhance defenses in high-risk operational environments and limit network access to authorized users, devices, applications, and services. In response to customer requests to bring our Enterprise Zero Trust solutions together into a single platform, we've integrated Guardicore with our other enterprise security solutions to form our recently announced Akamai Guardicore platform. This new platform is the first of its kind to enable Zero Trust Security through a fully integrated combination of micro segmentation, Zero Trust Network Access, multi-factor authentication, DNS firewall, and threat hunting. All designed to strengthen and simplify enterprise security with broad visibility and granular controls through a single console. We think it will appeal to customers looking to consolidate security vendors and integrate their security tools. We also continue to see strong customer interests in our app and API security solutions. Customers who purchased Akamai API Security in Q1, included a major consumer financial services company, a US supermarket chain with more than 1,200 stores, and a leading US manufacturer of electric vehicles. Last month, one of our largest customers, a well-known hyperscaler, was hit with a massive denial-of-service attack, 24 million requests per minute. Using our rate controls and custom web app firewall rules, the customer successfully forwarded 99.999% of the attack traffic. That's five nines of protection. The customer was delighted, telling us, “that's an A-plus by just about every calculation”. Unlike some of our competitors who struggled to defend against far smaller DDoS attacks in recent months, Akamai is capable of protecting even the hyperscalers. The scale of Akamai defenses and the depth of our expertise really matter for customers, who named Akamai a Customer's Choice for the fifth-year in a row in the new Gartner (NYSE:IT) Peer Insights Voice of the Customers report for cloud web app and API protection. And soon, our suite of app and API security solutions will become even stronger with the planned acquisition of Noname Security. The use of APIs has exploded in nearly every industry, driven by digital transformation, the widespread adoption of mobile phones and IoT devices, and the increased sharing of data between third-party providers. The increasing use of APIs also opens up new threat vectors for attackers and the need for API security. For example, we saw API attacks on our platform more than double from January 2023 to January 2024. And IDC Research now predicts that the API security market will grow at a CAGR of 34% to nearly a $1 billion by 2027. That's one reason why we are so excited about our plan to acquire Noname, as we accelerate our momentum in this fast growing segment. As one of the market leading API security offerings, Noname delivers visibility into API business logic abuse and contextual awareness between API requests and responses to ensure that anomalous traffic is detected, inspected, and blocked when warranted. We believe that the addition of Noname to our API security solution will offer Akamai customers enhanced attack analysis, more flexible deployment options, and extensive vendor integrations. Ed will share some financial details about the acquisition shortly. Turning now to cloud computing, I'm pleased to say that 2024 is off to a great start, with strong early momentum across multiple verticals. Customers are excited about our differentiated cloud platform, which offers superior performance through a more distributed footprint, cloud diversification, and lower costs. Examples of major enterprises using our cloud computing platform now include one of the world's largest e-commerce platforms, several global auto manufacturers, several large direct-to-consumer and OTT providers, several global SaaS providers, numerous travel and hospitality companies, including one of the world's largest cruise lines and a large airline in Asia, one of the largest credit unions in the US. A multinational financial services company. An iconic global corporation that manufactures and sells consumer electronics, computer software, and online services. A European cyber security company, and a leading ad tech company. Just this week, we signed up one of the world's best known media companies to a two-year deal worth several million dollars per year for compute. Yet another great example of major enterprises using our new cloud computing platform is Sony (NYSE:SONY) Group. Sony is excited about Akamai's investment into Edge Compute and has multiple latency-sensitive compute workloads that are running on Akamai. Current use cases include PlayStation.com, leveraging Edge Compute to improve search engine optimization, and PlayStation Direct, leveraging Edge Compute to ensure a fair experience for customers purchasing PlayStation Hardware. We're also seeing strong early traction with our Independent Software Vendor, or ISV, partners. They offer solutions that run on our compute platform in which our go-to-market teams co-sell to help customers solve big challenges with a better together solution. For example, a media workflow provider, which powers OTT video, now offers its live encoder solution on Akamai Connected Cloud. The solution is designed to increase efficiency for large scale streaming while also lowering egress fees, by as much as 90% according to their calculations. Joint customers of the offering include OneFootball, one of the world's biggest digital soccer platforms, backed by clubs such as Real Madrid, Manchester City, and Bayern Munich. In partnership with an observability solution provider, we won cloud computing deals in Q1 with one of the world's leading gaming companies, a leading luxury goods brand in Europe and one of India's largest conglomerates. Their solution powers observability using Akamai Cloud computing and enables real-time data ingestion at scale, lightning fast query performance, and extensive data retention at a fraction of the cost of other platforms. Another ISV partner that is providing distributed database services, enabled a well-known online travel marketplace to go live in Q1, with a geolocation implementation that uses Akamai’s Edge Computing to execute code at the edge for optimal performance. The travel site invoked more than 68 billion Edge Compute instances in March alone. By the end of Q1, we had over 200 customers spending $36,000 or more in Annual Recurring Revenue for our new compute services, with about half spending $100,000 or more, and six spending over $1 million per year, all just for compute. All of these customer counts are triple what we had in Q1 of last year. Collectively, these customers are spending over $50 million annually coming out of Q1 for our new cloud computing solutions, which is up more than 4 times year-over-year. Beginning this quarter, our global enterprise cloud sales team is now led by Dan Lawrence, who joined us from AWS, where he ran data and analytics for its private equity segment. Before that, Dan ran the Americas analytics business for five customer segments, including gaming and high-tech SaaS. Dan joined Akamai for the potential he sees to combine Akamai's trusted brand and Edge Computing platform with the large market opportunity and distributed cloud. I'll now say a few words about content delivery, which represents a little over one-third of our overall revenue. Akamai remains the market leader in delivery by a wide margin, providing the scale and performance required by the world's top brands as we help them deliver reliable, secure, and near-flawless digital experiences. That said, our delivery revenue was less than expected in Q1, due to slowing traffic growth across the industry, and a large social media customer that is now optimizing their business to reduce costs. As a result, and as Ed will discuss shortly, we now expect our delivery revenue to decline at a higher rate this year. As we've noted before, delivery continues to generate profits that we use to fuel our future growth. It also helps our security and cloud computing portfolios, as we harvest the competitive and cost advantages of offering delivery, security, and compute on the same platform. Of course, we are not happy to see the declining revenue in our delivery portfolio. And while it remains difficult to predict exactly when that business will begin to stabilize, we believe that Akamai’s CDN remains a critical enabler of doing business on the internet. This has been the case for the past 25 years, and we remain convinced that businesses will continue to need Akamai's superior scale, reliability, and security in the future as they migrate more workloads to the cloud, seek to secure their internal and external applications, and look to unlock the promise of AI, often while also leveraging Akamai security and compute capabilities. Moreover, given the exciting growth we're seeing in our security and compute portfolios, we believe it is only a matter of time before these businesses drive accelerating revenue growth for Akamai as a whole. In summary, we are pleased by the strong performance of our security and compute portfolios to start the year. And we are very excited about our potential for future growth and profitability, as we add Noname to our security portfolio and as our fast-growing compute portfolio contributes a larger share of revenue. Now I'll turn the call over to Ed for more on our Q1 results and our outlook for Q2 in the full year. Ed?
Ed McGowan: Thank you, Tom. Today I plan to review our Q1 results and then provide some color on our Q2 expectations in our updated full year 2024 guidance, along with the financial impact of our recently announced acquisition of Noname Security. Before we get into that, I wanted to address a few items, including what Tom mentioned in his remarks, that have caused us to reduce our guidance for the remainder of the year. First, the US Dollar has strengthened significantly since the start of the year. As we have noted on many prior calls, foreign exchange fluctuations can significantly impact our top and bottom lines. Based on the strength of the US dollar, we now expect FX to have a negative impact of approximately $40 million on our top-line outlook for the full year 2024. That translates to a negative impact of approximately $0.12 to our expected non-GAAP EPS for 2024. In addition, we expect this will negatively impact our full year 2024 non-GAAP operating margin by approximately 30 basis points. Second, as Tom mentioned, a large social media customer has recently taken steps to lower its costs through a series of optimizations across its platform. As a result, they have reduced their overall traffic. Therefore, we now expect approximately $40 million to $60 million less revenue from this customer for the full year than we previously thought. This change will primarily impact our delivery product line. Finally, as Tom mentioned in his remarks, in addition to the large social media customer, we have seen lower than expected traffic in our delivery business over the past two months, most notably in gaming and video. This is in-line with similar patterns that were cited earlier this week in a research note from a leading Wall Street bank that stated, video streaming services were seeing a drop in downloads, in active users during April. The note also mentioned that weakness was coming from streaming service providers pushing for ad-supported versions and password sharing crackdowns to stay ahead in the streaming wars. As a result of these recent market conditions, it's prudent to assume that this traffic weakness will continue for the remainder of 2024. This lower traffic outlook would translate into approximately $20 million to $30 million less delivery revenue for the remainder of the year than we previously expected. The good news is that in contrast to some other competitors in the industry, both our delivery business and the overall company continue to be highly profitable. As a result, the significant cash flows we generate give us the financial flexibility to execute strategic acquisitions, return capital to shareholders, invest in our future growth, and further diversify our business away from delivery and into the faster growing and even more profitable areas of security and compute. Turning now to our first quarter results. Total revenue for the first quarter was $987 million, up 8% year-over-year as reported and in constant currency. Our two fastest growing offerings, Compute and Security, grew 22% year-over-year on a combined basis and now represent 64% of total revenue. Compute revenue was $145 million, up 25% year-over-year as reported and in constant currency. As Tom mentioned, we have more than 200 enterprise customers using our cloud computing solutions. Our offerings clearly resonate well with customers and we remain optimistic about the early traction we see from large enterprise businesses. It's worth noting that the annual run rate of our enterprise compute revenue is now over $50 million and is growing at over 300% year-over-year. Security revenue was $491 million. Security revenue grew 21% year-over-year as reported, and in constant currency. We are very pleased by our continued performance with our Guardicore Zero Trust Solution and highly encouraged by the traction we are seeing in our recently launched API security solution. Moving to delivery. Revenue was $352 million, which declined 11% year-over-year as reported and 10% in constant currency. International revenue was $475 million, up 7% year-over-year and up 8% in constant currency, representing 48% of total revenue in Q1. Foreign exchange fluctuations had a positive impact on revenue of $2 million on a sequential basis and a negative $4 million impact on a year-over-year basis. Non-GAAP net income was $225 million or $1.64 of earnings per diluted share, up 17% year-over-year and up 18% in constant currency. And finally, our non-GAAP operating margin in Q1 was 30%. Moving now to cash and our use of capital. As of March 31, our cash, cash equivalents, and marketable securities totaled approximately $2.3 billion. During the first quarter, we spent approximately $125 million to repurchase approximately 1.1 million shares. We now have roughly $400 million remaining on our previously announced share buyback authorization. As noted in today's press release, our board authorized a new buyback program of up to $2 billion effective today in running through the end of June, 2027. Combining the two authorizations, we currently have roughly $2.4 billion available for share repurchases. Our intention is to continue buying back shares to offset dilution from employee equity programs over time and to be opportunistic in both M&A and share repurchases. Earlier this week, we announced our intent to acquire Noname security for approximately $450 million. We believe this acquisition demonstrates our continued balance approach to capital allocation by opportunistically buying back shares over time, while maintaining sufficient capital to deploy when strategic M&A presents itself. Before I provide our Q2 and full year 2024 guidance, I wanted to touch on some housekeeping items. First, regarding our planned acquisition of Noname Security. We expect this transaction to add approximately $20 million in revenue for the full year, to be diluted to non-GAAP EPS by approximately $0.10, and to be diluted to non-GAAP operating margin by approximately 50 basis points in 2024. We expect that the acquisition will close sometime in June. We do not expect the acquisition to have a material impact on Q2 results. And as a reminder, our updated full-year guidance includes the impact of the acquisition. Finally, specific to traffic, we expect a modest uptick in media traffic in Q3, primarily due to the Olympics. This event is expected to drive approximately $3 million to $4 million of additional revenue in the third quarter. And while Q4 is typically our strongest quarter seasonally, we saw a more muted impact of that seasonality last year. We expect that we will see a similar result this year. So with those factors in mind, turning to our Q2 guidance. We are now projecting revenue in a range of $967 million to $986 million or up 3% to 5% as reported, and 4% to 6% in constant currency over Q2 2023. At current spot rates, foreign exchange fluctuations are expected to have a negative $5 million impact on Q2 revenue compared to Q1 levels and a negative $9 million impact year-over-year. At these revenue levels, we expect cash gross margins of approximately 72% to 73%. Q2 non-GAAP operating expenses are projected to be $302 million to $307 million. We expect Q2 EBITDA margins of approximately 41% to 42%. We expect non-GAAP depreciation expense to be between $126 million to $128 million. And we expect non-GAAP operating margin of approximately 28% to 29% for Q2. Moving on to CapEx, we expect to spend approximately $175 million to $183 million. This represents approximately 18% to 19% of our projected total revenue. Based on our expectations for revenue and cost, we expect Q2 non-GAAP EPS in the range of $1.51 to $1.56. The CPS guidance assumes taxes of $56 million to $59 million, based on an estimated quarterly non-GAAP tax rate of approximately 19% to 19.5%. It also reflects a fully diluted share count of approximately 155 million shares. Looking ahead to the full year, we now expect revenue of $3,950 million to $4,020 million, which is up 4% to 5% year-over-year as [reported now] (ph) 4% to 6% in constant currency. We now expect security revenue growth of approximately 15% to 17% in constant currency in 2024, including the contribution from the acquisition of Noname. With a strong start for our compute offerings in Q1, we now expect compute revenue growth to be approximately 21% to 23% in constant currency for the full year 2024. We are estimating non-GAAP operating margin of approximately 28% to 29%. We now estimate non-GAAP earnings per diluted share of $6.20 to $6.40. Our non-GAAP earnings guidance is based on the non-GAAP effective tax rate of approximately 19% to 19.5%, and fully diluted share count of approximately 155 million shares. Finally, our full year CapEx is expected to be approximately 16% of total revenue. This updated CapEx is higher than our original expectations outlined last quarter due to our lower revenue outlook, slightly higher software capitalization rates across the business as more work is being done on capitalized projects and higher than expected server component costs, driven primarily by NAND storage pricing in certain servers that support our cloud computing buildup. In closing, we are pleased with our progress in security and compute to start the year. Tom and I would be very happy to take your questions. Operator?
Operator: Thank you. We will now begin the question-and-answer session. [Operator Instructions] Our first question comes from Madeline Brooks from Bank of America (NYSE:BAC). Please go ahead.
Ed McGowan: I'm sorry, could you just repeat that again?
Madeline Brooks: Great, thank you so much.
Operator: The next question comes from Keith Weiss from Morgan Stanley (NYSE:MS). Please go ahead.
Joshua Baer: Great, thank you.
Operator: The next question comes from James Fish from Piper Sandler. Please go ahead.
Operator: The next question comes from Fatima Boolani from Citi. Please go ahead.
Operator: The next question comes from Mark Murphy from JP Morgan. Please go ahead.
Operator: The next question comes from Frank Louthan from Raymond James. Please go ahead.
Frank Louthan: Okay, great. Thank you.
Operator: The next question comes from Amit Daryanani from Evercore. Please go ahead.
Unidentified Analyst: Great. Thanks for that.
Operator: The next question comes from Jonathan Ho from William Blair & Company. Please go ahead.
Operator: The next question comes from Alex Henderson from Needham. Please go ahead.
Alex Henderson: Great. Thank you.
Operator: The next question comes from Rudy Kessinger from DA Davidson. Please go ahead.
Tom Leighton: Okay, operator, I think we've got time for one last question.
Operator: The next question comes from Tom Blakey from KeyBanc Capital Markets. Please go ahead.
Ed McGowan: Yeah, so good questions. What -- I'll start with what the components of CapEx are today. So we said 16%. About 8% of that is Software CAP, so that's probably going to be 7%, 8% sort of going forward. Don't expect much of a change there. That's kind of been historically in that range. Compute this year is about 4%. CDN and securities around 3%, and then there's always 1% call it first. You know, you're [back-off if there's your IT systems and your facility related stuff. So in terms of how that's going to go throughout the years, we've obviously driven down our CapEx on the CDN business pretty dramatically. That used to be sort of 8% to 10% is what we used to talk about. So we've more than cut that in half. And I expect that -- that kind of low single-digit range will probably be where we stay unless we see just a dramatic increase like we saw during the pandemic. But there's no reason to believe that is to happen with what we know about the industry right now. In terms of the compute business, it's really a question of growth. Now we're expanding in terms of the number of locations right now. Obviously, revenue is growing very fastly, we made a big investment last year, and we talked about having room for revenue growth. And obviously, that enterprise revenue growth is quite substantial in terms of year-over-year and getting to more material numbers. Tom and I talked about being on a $50 million run rate just for that and growing it over 300%. Now, we've used kind of a metric of about a $1 of CapEx for a dollar of revenue. Not a perfect metric, but it's not a bad one to use. I've actually looked at some of the hyperscalers and some of the other public information that's available. It's a fairly decent proxy, obviously, as you're making major investments like testing an AI now. But I think that's a fairly decent place to put it for now and then obviously as we get more experience we'll update you from there.
Tom Blakey: Okay thanks again for that review and update there. Back to Noname and the kind of setup here so we model it correctly and look at organic growth. Did that $20 million for the back half includes like a cross-sell or uplift from being on the Akamai platform? Is that just kind of annualizing what Noname's revenues are today? And maybe from a strategic perspective for Tom, like is with Noname also purchased to be more of a -- strategic asset in the context of not just API related posture management and bundling there, or is Noname going to be in -- its code base going be more of a hub for bundling more additional security services for Akamai?
Tom Leighton: Yeah, I'll just do a quick answer on the second part there. Yeah, Noname is strategic, API security is strategic, and we're looking forward to integrating that more deeply in the Akamai platform and then building on top of it with new capabilities. And Ed, I'll let you talk about the financial.
Ed McGowan: Yeah, so what we've baked in really is just essentially what we expect their contribution to be without a significant increase in sales from our revenue synergy. So there's an opportunity to drive additional revenue synergy throughout the back-half of the year. Assumption there is it closes sometime in June. Going to train our sales reps up. It always takes a little while for an acquisition to settle, and then you start opening up sales campaigns and we'll start closing some deals towards the latter part of the year. Hopefully we can do better than that but in terms of our thinking we just sort of layer in what that contribution will be and hopefully we can drive some revenue synergy in addition to that.
Tom Blakey: Thanks. Thank you.
Tom Leighton: Okay. Thank you, everyone. In closing, we'll be presenting at several investor conferences throughout the rest of the quarter. We look forward to seeing you at those. And thanks again for joining us tonight. We hope you have a nice evening. Operator you can now end the call.
Operator: Conference has now concluded. Thank you for attending today's presentation. You may now disconnect.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.