Earnings Call Transcript - TIGO Q4 2020

Operator, Operator

Good day, and welcome to the Millicom Fourth Quarter 2020 Earnings Conference Call. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please note, this event is being recorded. I would now like to turn the conference over to Michel Morin, VP of Investor Relations. Please go ahead.

Michel Morin, VP of Investor Relations

Thanks, Alyssa. Good morning, everyone, and welcome to our fourth quarter 2020 results conference call. As usual, we will be referring to some slides, which are available on our website. So please turn to Slide 2 for our Safe Harbor disclosure.

Mauricio Ramos, CEO

Thanks, Michel. Good morning and good afternoon, everyone. I hope that you and your loved ones are all staying safe and in good health. I wish everyone a very good 2021. 2020 was indeed a most challenging year. And yet, we all saw so many of our own give their very best in the worst of times, and that inspired us to work harder and do much better here today. 2020 also marked our 30th anniversary as a company. We celebrated with continued investment and hard work to position the company for recovery in 2020 and 2021 and full growth into the future. Now please turn to Slide 5 for a summary of the main messages today. First, we had very strong net adds in Q4, and our customer base is substantially up year-on-year on both mobile and cable. Second, the gradual recovery we have seen since June continued and actually gained momentum during Q4. Third, we continued to invest for the long term. We did so heavily in the second half of the year, and we're already seeing some of the payback for that in Q4 and into this year. Fourth, our cash flow was solid and much better than we were expecting. And fifth, we made additional material progress in reducing our net debt, which we continue to believe is the best use of our excess cash flow at the moment. Now let's look at each of these 5 points, beginning on Slide 6. At the beginning of the crisis, one of the main goals we set was to protect our market leadership. And there is no doubt that we accomplished that goal with flying colors in every country and also in the context of a harsh pandemic and strong lockdowns in our countries. In mobile, we added a record 2.3 million users in Q4 and a full 1.9 million users for the full year. The vast majority of these were high-quality 4G smartphone data users. We have solid performance in all markets, and Colombia had a very strong quarter with record net adds of more than 875,000 in Q4. We now have 42 million mobile users in Latin America, and that is up roughly 5% year-on-year. We also had strong customer growth in cable. We added 277,000 cable home customers for the year, including 103,000 customers in a very strong fourth quarter. So you can see that we are back to an annual rate of just around 400,000 cable net adds, which is a very resilient and fantastic accomplishment in the middle of this pandemic. We're seeing very strong demand for residential broadband. Our pay TV customer base also continued to grow at mid-single-digit rates. So we ended the year with 4.5 million customers, including a bit less than 4 million on our HFC networks.

Tim Pennington, CFO

Thank you, Mauricio. So I'm going to take a quick look at how 2020 developed for us and then how we performed in Q4 and the resulting full year performance. I'll also take a quick look at the balance sheet position. And turning to Slide 15. This is just our usual bridge from the reported IFRS numbers to the underlying numbers for the LatAm service revenue and EBITDA, which better reflects the way we manage the group. And so these are the metrics that we're talking about.

Mauricio Ramos, CEO

Thank you, Tim. Before we take your questions, let me recap the key messages. First, our customer base is growing very rapidly. Net adds were very strong and at almost record levels in Q4 and for the full year, and we achieved this in the midst of the pandemic. Second, our business continued to recover in Q4. Third, we never stopped investing, and we're already seeing some tangible benefits from this continued investment focus well into January of this year. Fourth, we followed a prudent and flexible approach to managing the business in 2020, and we were able to protect and even grow our cash flow. And fifth, we made a lot of progress towards reducing our net debt, all of which were our key targets for the year as the pandemic hit. Going forward, we will continue to execute on our organic growth strategy because it's working very, very well. Many of you will recognize the six boxes in the middle of this page. But it is worth repeating perhaps in a different way that our strategy is, first and foremost, network-centric because we believe fundamentally in the power of these digital highways that are building our future throughout Latin America. Second, it is convergence-driven. We aim to provide both fixed and mobile services in all our markets and in an increasingly seamless way to our customers. And we believe this will give us differentiation going forward. Third, we're growing increasingly customer-focused. NPS is now our main internal KPI used for management incentive compensation because we know that we create shareholder value by increasing the number of satisfied customers who become attached to our high-speed data networks. And it's begun to work very, very well in the second part of the year. Fourth, we now have a digital-first customer touch point strategy to enhance the experience of the customer of the future and also to lower our costs. The pandemic has indeed given us a big push forward on this digital journey. Digital collections were up 78% in 2020. Digital reloads are up 106%, and the Tigo Money digital transactions are up 153%. So with this, finally, let's take a look at our outlook for 2021. As you've heard so far on this call, we're very pleased with our results for 2020. The pace of recovery in the business is very positive, and we think we're very well prepared going into 2021 with subscriber growth, resilient cash flow, and reduced net debt. But we're cognizant that the reality still remains that we're still in the midst of a global pandemic, and the health crisis is still at emergency levels in our countries. The second wave is hitting most of our markets. And some countries like Colombia, Panama, and Bolivia have been implementing new, albeit more limited, restrictions. And it will take a while, we know that, for a majority of our citizens in our markets to be vaccinated and also for economies to recover. And we still do not know how badly they have been hurt. So we don't think we're out of the woods yet, not yet. 2021 is still highly uncertain. So in 2021, we will use the same flexible and prudent and successful management approach that worked so very well for us in 2020. We will indeed be prudent and flexible as we were in 2020. And we will continue to invest for the long term but now with a renewed and more confident investment focus, as we see a strong and renewed long-term outlook for our business. Broadband is very resilient, and its demand is growing in our markets. That means that we will invest more in the business with more confidence, and yet we will commit, again, to a minimum operating cash flow level of $1.4 billion for 2021. And our priorities will continue to be investing in the business and further reducing net debt rather than immediately resuming dividends or buybacks. As I said earlier, we believe that these are the best uses for our cash flow at this time. With that, we're ready for your questions.

Operator, Operator

The first question is from Stefan Gauffin of DNB. Please go ahead.

Stefan Gauffin, Analyst

I would like to start where you finished. It seems like you are quite cautious on your outlook comments and the target to deliver above $1.4 billion in operating cash flow. You end 2020 with improved momentum and a very solid subscriber intake on the mobile side. Especially in Q2 and Q3, you will face easy comps on both service revenue and EBITDA. I understand there's great uncertainty, but it seems like you have accounted for a sort of worst-case scenario with new lockdowns across your footprint. Can you just please elaborate a little bit more on your thinking around 2021 and this target that you put out? And also, do you foresee further expansion of your CapEx plan in that?

Mauricio Ramos, CEO

I think, Stefan, you've noticed that we have a dual perspective. On one hand, we feel very optimistic and believe we are on the right path. We ended strongly, and January has also shown strong results. So, for the short term in 2021, we are indeed optimistic. However, it's important to keep two things in mind. First, we want to remain cautious and not rush ahead of ourselves since delivering is more valuable than making promises. There's significant uncertainty, as I mentioned earlier, and we prefer to focus on delivering rather than promising when conditions are unpredictable. We are still facing health crises in our economies, the possibility of new pandemic waves, and the vaccine rollout may take longer in less developed countries. Therefore, we aim to be cautious. At the same time, we are setting a target of $1.4 billion in operating cash flow because we want to invest in the business. This aligns with our positive long-term outlook, which we're happy to confirm as we’ve seen broadband grow increasingly relevant in our markets. Consequently, we need to invest prudently, which includes adding mobile sites and expanding our capacity and coverage. We aim to enhance our 4G coverage to almost 80% of the population in our markets, with LTE expansions planned for Guatemala, Panama, Paraguay, and Bolivia. We also seek to modernize our networks because the results have been favorable, particularly in Colombia. Furthermore, we want to invest in cable due to rising demand, as indicated by our steady run rate in Q4 of 400,000 new subscribers per year. We want the flexibility to continue investing. Thus, when we combine our strong long-term outlook with the need for investment and acknowledge that recovery might be slower or hindered, we need to maintain a cautious stance for 2021 while ensuring we can invest for the future. Essentially, what we're communicating is that we guarantee an operating cash flow of $1.4 billion, which we consider a baseline. We will manage from there and hope to have the flexibility to operate positively, similar to what we accomplished in 2020. I trust this provides a clear perspective on our strategy and reasoning, Stefan.

Operator, Operator

The next question is from Peter Nielsen of ABG. Please go ahead.

Peter Nielsen, Analyst

I'd like to address two of your good markets. One, Guatemala has, of course, been strong throughout this year, which I think is remarkable and even stronger in Q4. Do you see any changes to that coming into this year? And also, just on Colombia, where Tim highlighted the underlying positive trends adjusted for the one-offs in Q4 last year, we obviously have spoken at length before about the new entrant, etcetera. Do you think Colombia can continue to show underlying positive growth this year? So just focusing on these two markets, please.

Mauricio Ramos, CEO

Thank you, Peter. Yes, these are part of the reason why our performance is so good over the last few months is because these markets are performing very well for us. On Guatemala, in particular, indeed, we had record mobile net adds this year, just north of 0.5 million, 5% year-on-year. And now we have more than 1 million mobile subscribers. And we've also been growing our home customer base, some 90,000 net adds for the year. And indeed, we're having consecutive quarters of growth in both service revenue and EBITDA. We've invested in this business, Peter, significantly. So we bought additional spectrum. We've put the carriers on that spectrum. We've improved that network significantly. And as a result of that, we're seeing strong performance. Now going forward, this remains a healthy two-player market in which behavior has been very rational. And at the point in time in which we've seen competition kick up, we reacted very, very well and very smartly. So I remain very positive, very, very positive on Guatemala, without a doubt. And the same is true on Colombia, and you've seen the numbers in Colombia really start to show the effects of the investment that we've put into that marketplace. We added a record 878,000 mobile net adds in the quarter. We now have more than 10 million mobile users there. So we crossed a significant milestone there. And we added 33,000 HFC customers in the quarter. And our results, as good as they are, are a little distorted because we didn't have some of the government contracts in Q4 that we used to have before. But despite that, they're very, very strong. And the reason I'm continuing to be bullish, Peter, on Colombia is more fundamental than just a quarter. We've been now for years building fiber cable. We now have the second largest fiber cable network in the country. We got those low-frequency spectrum that we never had before, and we've built it pretty fast and with total conviction. So we're very ready with those two things and the hard work that our team has put in place to position ourselves for growth in a market in which, in mobile, despite the new entrant and maybe even because of the new entrant, we stand ourselves to also be a challenger. I keep reminding everyone internally and externally that we only have 15% market share in Colombia, and we now have an advanced network. We're the largest holder of 700 megahertz spectrum with an empty network. So we're not playing the legacy game or we don't have a congested network that basically makes us an incumbent player. We have the ability to play here as a challenger. And we are doing exactly that, ahead of the entry of WOM partially into the market later this year, which, of course, is another reason for us to be a little bit cautious. And we have a fixed network that allows us to be ready for defending our position with FMC solutions. So the answer to you is, yes, we expect and are very bullish that Colombia will continue to deliver for us because we've turned ourselves now into a challenger in mobile with all the assets in place to compete in that market.

Tim Pennington, CFO

Mauricio, to elaborate on that, it wasn't just Colombia and Guatemala; every one of our businesses performed better in Q4 than in Q3. Even Panama, which I noted as lagging a bit compared to the others, is nearly back to where it was in Q1. We're quite demanding. Generally, the businesses have made significant progress over the year, especially in Q4. However, as Mauricio mentioned, we remain cautious about the outlook.

Mauricio Ramos, CEO

And Tim brings up a really good point, Peter, which is worth noting. I mean, Panama looks difficult because GDP is down 20% in 2020. It's just the harshest of the economies that have been hit. But within that, we have continued to grow both our mobile and our cable subscriber base. And those will stay with us into the future. We actually added for the year almost 10,000 net adds on cable when we have a very strong and now well-defended cable position. And in mobile, our subscriber base grew by 11%, 120,000 mobile net adds, which only tells you the brand name is very strong. Our ability to cross-sell is very strong, and we have upside on our mobile position there. So just look through the economic downturn in Panama and look into the future, and you see how strong the business we built there.

Operator, Operator

The next question is from Lena Osterberg of Carnegie. Please go ahead.

Lena Osterberg, Analyst

I have a question relating to Colombia's phenomenal intake and, as you say, much related to the network and spectrum position being significantly improved. But can you maybe just say a little bit about what drove the intake, if it's heavy discounts in the market or just demand so we know if we should expect similar ARPU levels or if the ARPU should come down with this massive intake?

Mauricio Ramos, CEO

It's neither, actually, Lena. It's effectively increased coverage as we've expanded our network. The minute you put out new towers in new areas, you pick up traffic and you pick up users. It's also increased indoor penetration because now our new network further penetrates indoors. As a result of that, you pick up traffic and users in areas that you previously did not serve. So it's largely the result of, a, increased coverage, increased indoor penetration; and b, the fact that to go with that better, stronger network, we've also significantly increased our commercial distribution network. So it's the result of basically increased reach.

Lena Osterberg, Analyst

Okay. So with the exception of the new entrants, you should have continued very strong growth in Colombia based on intake?

Mauricio Ramos, CEO

Correct.

Operator, Operator

The next question is from Johanna Ahlqvist of SEB. Please go ahead.

Johanna Ahlqvist, Analyst

I have two questions, if I may. Looking ahead to next year, we discussed Guatemala, Colombia, and other countries. I'm curious about the potential impact if there isn't a second wave and vaccines continue to reach these nations. Given that the situation isn't worsening, do you anticipate any macroeconomic effects? Clearly, GDP growth in many of these countries will be challenging even if the pandemic ends, and recovery will take time. Do you believe consumers will still face difficulties in those regions post-pandemic? That's my first question. My second question is for you, Tim. You're repaying some U.S. dollar debt, and I’d like to know your expectations regarding financial interest payments for 2021. Additionally, could you provide insights on the tax expectations for that year?

Mauricio Ramos, CEO

I will start off and then pass it to Tim. As you mentioned, and Stefan pointed out as well, there is a noticeable contrast here. It may appear that we are presenting conflicting views. The business is performing exceptionally well. If you look at the GDP forecasts for our markets into 2021, they predict a robust recovery. However, as I mentioned in response to Stefan's question, we believe it wouldn't benefit anyone to be overly optimistic and just bank on those projections. We prefer to adopt a careful and flexible strategy—remaining hopeful, as I am, but also very cautious. This approach served us well in 2020 and allowed us to exceed expectations. We plan to apply the same strategy in 2021. To do that, we must slightly diverge from the optimistic economic forecasts and acknowledge that it might take more time for the pandemic effects to fully subside in our countries, thus balancing optimism with caution. Now, Tim, over to you.

Tim Pennington, CFO

Yes. Okay. I think on the tax side, we expect taxes to be broadly where they were in 2020, maybe a little bit higher because we'd expect to improve our profitability there. We'll probably see a little bit more funds flow. Hence, there will be some higher withholding taxes. Our interest bill is probably the best thing to do is look at Q4 and annualize it. I think that is probably the closest you're going to get. Obviously, we're trying to manage the interest bill now. We've been bringing down our average cost of debt. It was sort of 5.6% in the year to the end of December, which compared to about 6.2% a year ago. So interest rates are coming down. The reason why we're paying down some U.S. dollar debt today is that we expected to end the year with less cash than we actually have ended the year with. So we were actually just using some of that surplus cash to bring down our gross to net. Obviously, it doesn't change the net position, but it just takes away that negative carry. So I hope that gives you a good sort of indicator, Johanna.

Operator, Operator

The next question is from Marcelo Santos of JPMorgan. Please go ahead.

Marcelo Santos, Analyst

Hi, good morning. Thanks for taking my question. I have actually 2 questions. The first is if you could comment a bit on El Salvador's stellar performance, even if you remove the one-off on the revenue side. I mean, you mentioned that you had AWS spectrum there. So just a little bit more color on what made this big turnaround on the revenues. The second question is on the bad debt. I think Tim commented on his prepared remarks that you had this bad debt release in the fourth quarter. So you provisioned a lot in the second quarter, and then the second half of the year benefited. How is Tigo on the bad debt coverage? Do you think you're already normalized? Or is there more bad debt to release in the coming quarters?

Mauricio Ramos, CEO

Tim, please address both the bad debt and the so-called one-off situation in El Salvador, which is not truly a one-off. However, I want to provide a high-level overview of the situation in El Salvador for clarity. There are two main developments occurring there, both of which follow a promise I made publicly about 2 to 2.5 years ago to fix El Salvador comprehensively. At that time, it was our challenge, and we committed to addressing it. We have implemented two significant changes. First, we completely overhauled the management team. If they are on the call, I want to acknowledge their efforts because we now have an outstanding leader in El Salvador who has successfully transformed the business, energizing the team and concentrating on building a strong brand and enhancing customer satisfaction to create long-term value. With that credibility, we took the second crucial step for long-term success, which is that we invested. We acquired new spectrum, which allowed us to increase our investment for rapid network expansion. The local team did an exceptional job, and as a result, we now enjoy superior network performance in El Salvador. Our customers are satisfied, and we are back in a strong position to maintain our number one status in the country. Now, over to you, Tim.

Tim Pennington, CFO

The situation with bad debt in Q4 was a bit complex. Under IFRS 9, the process is highly formula-driven. In Q2, we recorded a significant charge for bad debt due to poor collections at that time. However, we've made considerable efforts in collections, and the results have been impressive in the latter half of the year. The bad debt rates and charges for Q3 and Q4 were considerably lower than usual, with Q4 seeing about $20 million less than expected. While the total charge for the year was $20 million higher compared to the previous year, this provides insight into the year's volatility. Moving forward, I anticipate less volatility as our collection rates have returned to normal across nearly all businesses and segments. This normalization should lead to a steady state for the bad debt charge, which I expect to see in Q1. Regarding El Salvador, Q4 showed good performance. I mentioned a deferred revenue adjustment because it caused flat numbers for Q4. I wouldn't want anyone to expect a consistent 10% EBITDA growth each quarter, but this is a standard adjustment we make to deferred revenue accounts at year-end. Overall annual performance is a better measure for El Salvador than the Q4 numbers alone. After several challenging years in El Salvador, I share Mauricio's positive sentiment. The team has performed admirably, and we are thriving. We are focusing on investment-driven mobile delivery there.

Mauricio Ramos, CEO

If you look at the subscriber counts, we added just in the fourth quarter, when the benefits of the AWS deployment really came forth, we added 150,000 net adds of mobile, which for a business such as El Salvador is really strong. And that's just execution and investment on that network. It's the same trend that you see in Colombia, and kudos to the team there in Colombia as well. As I said earlier to Lena's question, it's increased coverage by delivering a very strong network that now gives us network superiority and great execution.

Operator, Operator

The next question is from Bill Miller of MAI. Please go ahead.

Bill Miller, Analyst

I'm curious if you look out 3 years and would just give us a slight view of where you think your revenues and earnings will come from on a 3-year basis, cable versus B2B versus financial transactions, whatever it's going to be. But that would be a nice outlook for us.

Mauricio Ramos, CEO

Thank you, Bill. That allows me to perhaps reiterate something that I think is the most important thing of our call today, which is both how resilient our business really is and how strong and forcibly we want to reiterate our long-term outlook. I realize that we don't have a crystal ball for 2021, and we're trying not to put ourselves out on a limb there. But we're extremely, extremely happy to have had the opportunity to finally demonstrate to the investment community at large that contrary to perhaps opinions that may be out there, our business, regardless of where we operate, is incredibly resilient. We've demonstrated that this year with subscribers that grew significantly at almost record levels in a year of pandemic, both in cable and in mobile, and with cash flow that grew in dollar terms in a year of the pandemic, and that we know how to manage. So that's a very important point for us in 2020, just how resilient our business is despite where we operate and in spite of a pandemic. Our outlook going forward, we could not be more bullish. We are more bullish than we have ever been. If we are of split personality for 2021, we are of a single mind for the long-term outlook, which we're happy to reiterate and do so bullishly for a number of reasons. Your question allows me to point those out, Bill. Number one, broadband is more relevant than it has ever been in our markets, and we see that in spades. To your question, we're going to be in the business of delivering broadband, fixed and mobile, with a combination of those that will increasingly be seamless to the consumer. But everything, everything will rely on that fiber network that we're building, both mobile and cable. We are more bullish now than ever before. We have defended our market positions this year, and we have actually improved them. We come out of this year with significantly strengthened market positions in just about every country: Bolivia, Guatemala, El Salvador, Colombia, and Nicaragua. We have stronger market positions than we did going in, and industry structures that are improving. You don't see that quarter-over-quarter. But over the last 2 years, you've seen those industry structures improve. And I believe they will continue to improve, with the exception of Colombia, where there's going to have to be, at some point, a shake-up of everything. We have continued to invest and are continuing to invest. We now have a network advantage and superiority, and our subscriber counts are demonstrating all of these together. We added record subscribers in the fourth quarter in mobile. On fixed, we're back to our run rate of almost 400,000 net adds on a yearly basis because we added 100,000 in Q4. When you annualize that, that's 400,000 for the year. To your question, Bill, this is going to be a business that is cable-centric, adding broadband subscribers with tons of mobile on top of it and a growing MFS business that I don't want to make any promises on because it's being built as we speak.

Operator, Operator

The next question is a follow-up from Lena Osterberg of Carnegie. Please go ahead.

Lena Osterberg, Analyst

Yes. I just wanted to ask, out of the provisions you took for bad debt in the first half of the year, how much of that did you release in Q3 and Q4?

Mauricio Ramos, CEO

Tim, you do know that you're going to have to bail me out here.

Tim Pennington, CFO

Yes. The bad debt charge for the entire year was $20 million higher than in 2019, resulting in a significantly larger charge than usual. However, this charge was primarily concentrated in the first half of the year, especially in Q2. In Q4, our numbers showed a bad debt charge approximately $20 million lower than we typically would have seen or compared to Q4 2019. I don't have the exact figures right now, but those are the important points. Overall, we incurred an additional $20 million charge for the full year, while Q4 was $20 million lower than Q4 2019.

Lena Osterberg, Analyst

The provision you had in Bolivia, what was the release amount?

Tim Pennington, CFO

I can't remember the exact number for Bolivia. We took significant charges in El Salvador and Bolivia in the second quarter. I'm sure Michel can provide you with more specifics later. It somewhat leveled off, but I don't want to diminish the situation. Bolivia has actually bounced back very well.

Lena Osterberg, Analyst

It was an exceptional rebound. I'm just trying to do the modeling for next year to understand the underlying trend so that we don't make incorrect assumptions going into 2021.

Mauricio Ramos, CEO

Well, Lena, perhaps the thing to comment on Bolivia is that we've seen, and we're confident now, that we have come out of effectively 2 years or 2.5 years of combined crisis. First, of course, all the political crisis and then that combined with the COVID crisis. The political front now seems quite stable with quite a bit of support for the current president, who has turned out to be rational and very friendly towards investment as he tries to stabilize the business going forward. We're now a lot more comfortable with the political and the macro outlook for Bolivia. As a result of that, we're happy, as you have seen us, to continue to invest and then grow in that country.

Operator, Operator

The next question is from an unidentified analyst from Federated Hermes.

Unidentified Analyst, Analyst

I would like to get more insights on the business in Africa, specifically Tanzania and Zanzibar, regarding your outlook and commitment to that area. Additionally, could you provide an update on the IPO regulatory requirements and where we stand in terms of process and timing? What will the funds raised from the IPO be used for? Will they go towards paying off debt?

Mauricio Ramos, CEO

Sure. Tim, do you want to give it a go?

Tim Pennington, CFO

Yes. Unlike the LatAm business, the Tanzania business hasn't really been COVID-affected. There have been a lot of other things happening in the market relating to registration and reregistration, etcetera. But net-net, the business sort of recovered. It was broadly flat on Q4 '19. It is a business. As all of Africa is, it's nonstrategic to us, but kind of we have to find the right moment on that. The IPO is mandated by the government. Therefore, we are moving towards that IPO. There are some regulatory discussions on something like that. I can't particularly go into the details of them, but we're continuing with that regulatory process. Use of proceeds from the IPO will be essentially for investment funds for the business, the Tanzania business.

Unidentified Analyst, Analyst

Okay, that's excellent color. So in terms of kind of in the short and medium term, is Millicom committed to the African business, i.e., the Tanzanian business? As of when the time's right, you'll look to kind of exit. Is that correct?

Tim Pennington, CFO

Yes. Look, I mean, for the time being, it's owned by Millicom. It did $125 million of EBITDA last year. It has a huge customer base, and a great MFS business. But kind of 96% of our revenues and business are in Latin America; so that's really where we see our strategic future.

Operator, Operator

Thank you for joining us today. As you can see, we have managed to navigate the challenges effectively. We feel confident in our current position. While the difficulties are not completely over, we are taking a cautious approach until they are fully resolved. Looking ahead, we anticipate a promising future, potentially even this year, if things progress as we hope. Our goal is to invest in the business to ensure that the positive outlook we see comes to fruition later this year and once the pandemic is behind us. Thank you for your support. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.