Forrester Research Q3 2024 Earnings Call Transcript

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Provided by Quartr
November 5, 2024

Key Takeaways

  • Positive Sentiment: Ahead of schedule on the Forrester Decisions migration—78% of contract value now on FD, targeting over 80% by year end.
  • Negative Sentiment: Q3 revenue declined 10% year-over-year and contract value decreased 5%, leading to a revised full-year CV outlook of flat to marginally down.
  • Positive Sentiment: Adoption of the proprietary AI portal IZOLA grew 40% quarter-over-quarter, making it the third most-used feature on the FD platform.
  • Negative Sentiment: Consulting revenues fell 17% and events revenue dropped 54%, contributing to a 33% decline in operating income.
  • Neutral Sentiment: Divested the non-core FeedbackNow line for $6 million in cash and a $9 million note, refocusing resources on the core FD platform.
AI Generated. May Contain Errors.
Earnings Conference Call
Forrester Research Q3 2024
00:00 / 00:00

There are 10 speakers on the call.

Operator

Good afternoon and thank you for standing by. Welcome to Forrester's Third Quarter 2024 Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Please be advised that today's conference is being recorded.

Operator

I would now like to turn the conference over to Vice President of Corporate Development and Investor Relations, Ed Bryce Morris. Please go ahead.

Speaker 1

Thank you, and hello, everyone. Thanks for joining today's call. Earlier this afternoon, we issued our press release for the Q3 of 2024. If you need a copy, you can find 1 on our website in the Investors section. Here with us today to discuss our results are George Colony, Forrester's Chief Executive Officer and Chairman and Chris Finn, Chief Financial Officer.

Speaker 1

Kerry Johnson, our Chief Product Officer and Nate Swan, Chief Sales Officer are also here for the Q and A section of the call. Before we begin, I'd like to remind you that this call will contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as expects, believes, anticipates, intends, plans, estimates or similar expressions are intended to identify these forward looking statements. These statements are based on the company's current plans and expectations and involve risks and uncertainties that could cause future activities and results of operations to be materially different from those set forth in the forward looking statements. Factors that could cause actual results to differ are discussed in our reports and filings with the Securities and Exchange Commission, and the company undertakes no obligations to publicly update any forward looking statements, whether as a result of new information, future events or otherwise.

Speaker 1

Lastly, consistent with our previous calls, today we will be discussing our performance on an and adjusted basis, which excludes items affecting comparability. While reporting on an adjusted basis is not in accordance with GAAP, we believe that reporting numbers on this adjusted basis provides a meaningful comparison and an appropriate basis for our discussion. You can find a detailed list of items excluded from these adjusted results in our press release. And with that, I'll hand it over to George.

Speaker 2

Thank you, Ed. Good afternoon and thank you for joining Forrester's 2024 Q3 Investor Call. Today, I will be covering the following key topics. 1, Forrester's 3rd quarter performance 2, enhancements to the Forrester decisions product and other research changes 3, an overview of our go to market strategy and 4, the Forrester Board of Clients. We showed progress on several fronts in the Q3, while challenges in other parts of the business persisted.

Speaker 2

We are ahead of schedule on the FD migration with 78% of contract value or CV now in FD. We are projecting that we will finish the year with over 80% of CV in Forrester decisions. We will move into 2025 with the 4 year migration journey substantially completed. Now that said, we continue to navigate through choppy economic waters with revenue declining 10% in the quarter and CV declining 5%. We now expect full year contract value to be flat to marginally down, a modest adjustment from our previous estimate of CV flat to slightly up by year end.

Speaker 2

Other metrics have continued to stabilize. Our wall retention is 89% flat from the previous quarter and clam retention is up slightly. And Chris will go into more detail shortly. Despite the challenges, we saw good performance in premier high-tech, international and government. Large wins of the quarter included a $2,500,000 2 year deal with a large multinational tech company in the Asia Pacific region, our 2nd largest international deal of the year.

Speaker 2

We also migrated an agency of the U. S. Government from a legacy research contract to a $1,600,000 Forrester decisions portfolio. And what won these deals and continues to propel FD through the migration is the products research and continuous guidance architecture, a model that provides clients with deep research to improve decision making plus periodic sessions with analysts to help companies achieve their goals. Unlike research libraries, Forrester Decisions features direct access to analysts and unlike consulting projects, we never leave our clients.

Speaker 2

We are there to consistently guide them through their evolving challenges. Forrester Decisions is unique in the market and we continue to enhance the product. In response to the growing interest in demand in artificial intelligence, we launched the FD service for data, AI and analytics leaders in the Q3. This service will position executives, functional leaders and their teams to pursue their most pressing priorities including 1, activating effective data and AI strategies 2, architecting AI and modern data platforms and applications 3, developing safe governance for AI and data 4, driving decisions with business intelligence and data science and finally 5, building adaptive data organization and culture. On previous calls, I've talked about IZOLA, Forrester's generative AI research portal and I want to give you a quick update here.

Speaker 2

IZOLA has been under development for the last year. It went a debated test with a select group of clients late in 2023 and it was made available to all Forrester decisions clients in Q3 of 2024. IZOLA is a proprietary language model encompassing the full corpus of Forrester's research database. It enables clients to converse with our research with the answers generated from our reports, graphics and waves. Unlike search, which yields access to specific reports, IZOLA generates synthetic answers, drawing from all Forrester Research sources.

Speaker 2

IZOLA has now become the 3rd most used feature of the FD platform and we expect it to pass search in the near future. Now since the public launch, we focused on ongoing improvements to IZOLLA to make it even more useful to clients. We've improved vendor recommendations by grounding answers in the results of our Forrester Wave and landscape research. And this was a top use case for our clients and it has led to improved feedback scores. Other enhancements include in line citations to link IZOLA answers to our source research and improvements to usability and customization.

Speaker 2

In Q3 on a unique user basis, IZOLA prompts increased by 40% quarter over quarter. Now I want to switch topics and say a few words about our go to market strategy. In very simple terms, our selling motion is driven by 4 elements. 1, selling to C level executives who have the budget and authority to apply our research. 2, ensuring that our sales activities are standardized and consistently followed.

Speaker 2

3, applying our sales methodology what we call fast to reduce the time to close business. And 4, running our retention lifecycle, a standard process for periodically checking in with the economic buyer of our research to ensure that value is being delivered. Forrester's Head of Sales, Nate Swan, is fond of saying that these four elements of Forrester sales are set and we do not expect to change them next year or the year after. They are the fundamental building blocks of returning Forrester to growth and to scale research contract value at double digits on a consistent basis. Dave will be in the Q and A portion of this call, so you can go deeper with him if you have questions.

Speaker 2

2 weeks ago, Forrester's Board of Clients convened in Cambridge. This is the 26th year of the Board and it has had enormous impact on the company's strategy, products, acquisitions and operations over many years. Clients serve on the Board for 3 years and it is currently represented by a distinguished group of companies including Bank of America, Prudential, Citgo, Lexmark, Bridgestone, Travelers and a number of other organizations. These clients represent our future as they have all made the transition to Forrester decisions and we work with them at the C level. I'm not going to go into great depth here on the findings of the meeting, but I thought that one set of comments could be helpful.

Speaker 2

I know that it is sometimes difficult for investors to grasp Forrester's value first clients, what we sell is not software or tangible product, but rather better decision making, operational excellence and vision of the future. So at the Board of Clients meeting, we asked the Board members a simple question. If your CFO came to you and wanted to cut the Forrester contract, what would you say? And here are a few of the responses. If you cut Forrester, I will have to bring in additional headcount to get the work done.

Speaker 2

Forrester augments my team. Another commented on the ROI benefits of Forrester saying, compared to McKinsey, Bain and other consultants, Forrester is affordable. The return on investment is very high. And another emphasized the value of Forrester's continuous guidance saying, Forrester helps us get from here to there. They are geniuses at that.

Speaker 2

And finally, a large U. S. Federal government CIO said, we need Forrester to look out into the next 5 years and prepare us for that future. No one else in our organization can do that and it's something that we desperately need so we can serve citizens better. During my remarks, I continue to be confident about our future.

Speaker 2

Our transition to Forrester decisions is nearing completion. Our sales system has been built. Generative and predictive AI represent new challenges for our clients and therefore opportunity for Forrester and technology change remains fast and challenging. As a company, we are clear in our priorities and the team is laser focused on execution. We know the way forward.

Speaker 2

Thank you very much for being with us this afternoon. I will now turn the call over to

Speaker 3

Chris Finn, Forrester's CFO. Chris? Thanks, George, and good afternoon, everyone. Our Q3 delivered mixed results. Although our CV bookings performed below plan, the Forrester Decision migration remains on track.

Speaker 3

Retention metrics are stable and we are maintaining our revenue margin and EPS guidance for the year. The Q4 is our largest bookings period and we believe CV is continuing to stabilize and could end in a range of flat to slightly down. In addition, we divested our FeedbackNow product line in the 3rd quarter. FeedbackNow was a real time customer feedback product that we acquired 6 years ago and was considered non core to our focus on driving growth in the Forrester decisions platform. We received $6,000,000 in cash from the sale during the quarter and a note for $9,000,000 that is due in 2025.

Speaker 3

Furthermore, we retained a small equity stake in the new standalone business. Although this product line was not a material portion of the CV business, we have recast our historical CV, retention metrics and client count for better comparability going forward and the metrics discussed today reflect this update. CV declined 5% in Q3 to $315,200,000 compared to the 4% decline in Q2. Overall revenue decreased 10% on par with the prior quarter. For the total company, we generated $102,500,000 in revenue compared to $113,400,000 in the prior year period.

Speaker 3

In terms of our revenue breakdown for the quarter, research revenues decreased 4% compared to the Q3 of 2023 with revenue from our subscription research products down 1% coupled with declines in our reprint and other smaller and discontinued products. Overall client retention was 73%, up slightly compared to Q2 and wallet retention was 89% flat to Q2. While Forrester Decision specific client retention of 81% and wallet retention of 89% were flat and down slightly respectively versus the Q2. As we complete the Forrester Decision migration in 2024, we expect retention metrics to slowly improve into 2025. Although overall client count is down from the prior quarter, Forrester Decision's client count continues to grow and Forrester Decision's client retention remains well above overall client retention by approximately 8 points.

Speaker 3

We remain on track for our Forrester Decision's migration plan. We now have approximately $246,000,000 of CV or 78% of total CV on the platform. We are targeting being greater than 80% of total CV on Forrester Decision at year end. The remaining CV primarily represents our reprint products along with approximately 5% of CV remaining in our legacy research products. Our consulting business posted revenues of $23,400,000 which was down 17% compared to the prior year.

Speaker 3

However, we did see signs of stabilization with our bookings performance this quarter for both consulting and advisory, specifically seeing positive growth in our strategy consulting business with increased engagement across clients. Although performance has been uneven overall for consulting this year, we're encouraged by these early signs. And finally, regarding our events business, we held one event in the Q3 and posted revenues of $2,100,000 representing a decrease of 54% compared to the Q3 of 2023. The decline in revenue was driven in part by the decision to merge 2 of our events into a single event as well as push another event into Q4. However, we continue to see softness with event sponsorship and attendance, which we are working to mitigate.

Speaker 3

Continuing down our P and L on an adjusted basis, operating expenses for the 3rd quarter decreased by 7%, primarily driven by lower compensation and related costs. Specifically on headcount, for the Q3 we were down 8% compared to the same period in 2023. We continue to monitor headcount hiring and attrition very closely. Operating income decreased by 33 percent to $8,200,000 or 8 percent of revenue in the current quarter compared to $12,300,000 or 10.8 percent of revenue in the Q3 of 2023. Lower operating income and margin were primarily driven by the revenue declines in our consulting and events businesses.

Speaker 3

Interest expense for the quarter was $800,000 consistent with the Q3 of 2023. Finally, net income and earnings per share decreased 35% 34% respectively compared to Q3 of last year with net income at $5,600,000 and earnings per share at $0.29 for the current quarter compared with net income of $8,600,000 and earnings per share of $0.44 in the Q3 of 2023. Looking at our capital structure, year to date cash flow from operating activities was negative $2,000,000 and capital expenditures were $2,700,000 Cash flows were negatively impacted by the payment of the litigation settlement earlier in the year as well as severance payments incurred during the year. We had $114,900,000 of cash and investments as we exited the quarter. We repurchased approximately $5,000,000 worth of shares in the quarter.

Speaker 3

This leaves approximately $83,000,000 of our stock repurchase authorization intact. As noted earlier, guidance for 2024 is unchanged. So let me provide some additional commentary on the remainder of the year. Revenue is still expected to be in the range of $425,000,000 to $435,000,000 This guidance assumes the outlook for the Research business to be a mid single digit decline, a decline in our consulting business in the low 20s and a decline in our events business in the low 30s for the year. Operating margins are still expected to be in the range of 8.5% to 9.5%.

Speaker 3

Interest expense is expected to be approximately $3,000,000 for the year and we are continuing to guide to full year tax rate of approximately 29%. Taking all of this into account, we are maintaining earnings per share in the range of $1.37 to $1.57 As expected, 2024 has proved to be a challenging year as we finish the multi year journey of the Forrester decisions migration amid a troubled macroeconomic environment. We remain focused on finishing the year with a strong Q4 performance to set us up for a positive 2025. We continue to remain upbeat about the Forrester Decision's platform and its continuous guidance model, the ability of consulting events to support research, the importance of technology disruption as a demand driver and the go to market improvements all fueling the long term outlook for the business. Thank you all for taking the time today.

Speaker 3

And with that, I will hand the call back to George. Thank you, Chris.

Speaker 2

As you know, Q4 is a very busy time at Forrester. We booked close to 40% of our business in the quarter. I'm glad to report that the entire company is focused on using the quarter to build a strong platform for 2025 and to make the final push on transitioning our legacy clients over to Forrester decisions. Thank you for being on the call and I will now turn the call back to the operator for questions and answers.

Operator

Thank you, sir. And I share our first question comes from the line of Andrew Nicholas from William Blair. Please go ahead.

Speaker 4

Hi, good afternoon. Thank you for taking my questions. I wanted to start by asking on kind of end market health broadly. It sounds like CV bookings were a bit below plan. Just curious if that's primarily an end market issue, if there's anything from an execution standpoint that you'd point to, maybe we start there.

Speaker 5

Sure, Andrew. It's Nate Swan. How are you? Thanks for the question. So we saw really good performances across several sectors and we had some weakness in one particular group where we were not necessarily executing as well as we thought we should be.

Speaker 5

We've actually made some slight changes in that group and feel like we're on track and actually based on the forecast for Q4 from a booking standpoint, I think Chris and I are pretty comfortable with where we're headed to. So we're seeing some really good progress. It's just all progress doesn't happen at the exact same time. So we feel like we are still on track.

Speaker 4

Great. And then maybe just from a bigger picture level, do you have a sense or an early sense of what budgets of your clients kind of look like for 2025 compared to maybe what you've seen in the past couple of years?

Speaker 6

Andrew, it's Carrie Johnson. Sure. We are actually both according to our research and from what we're seeing, we know that tech budgets are increasing in 2025, which plays very nicely to, of course, Forrester strategy and also our biggest opportunity here is with the technology executives and their teams, which is where in fact we are seeing the most growth right now. So that's the early read.

Speaker 2

Also feels like the vendor world is stabilizing. As you know, there have been about a 1,000,000 layoffs in tech in the U. S. In the last 18 months. It feels like that world is stabilizing.

Speaker 4

Great. And then maybe if I could just ask one more for Nate or I guess George, you feel free to answer it as well. But there's all these different things that you've implemented. You feel very sounds very confident about kind of all the different procedures in place and that these are multi year kind of platforms for execution. I just wanted to ask about kind of how you measure traction of those go to market motions in an environment that's a little bit more challenging.

Speaker 4

Does it make it harder to what's working and what's not? And if there's any other color you could give on maybe the top 1 or 2 metrics that are top of mind for you on a daily basis? Thank you.

Speaker 5

Yes, sure. Great question. So, we look at really our progress quarter over quarter in a variety of areas. We look at our pipelines, we look at our retention, we look at how we're executing various components of what George referred to as our retention life cycle. So that's a newer motion for Forrester.

Speaker 5

And we are really involved in rolling that out across the sales organization. So I look at it in a couple of ways. Number 1, are they happening? And they are happening. They're not as happening as frequently as we would like them to, but they are definitely happening and we're getting really good anecdotal feedback from both our clients as well as internal stakeholders at Forrester.

Speaker 5

Both our sales and our customer success teams like the way it is organized and how it helps them stay on track with the right task at the right time. And we're finding that, while we may have some gaps in how we've been working with things, it's identifying those gaps really, really quickly. So overall, I would say the message is these are new motions for a lot of Forrester folks and new for our clients. Our clients and our Forrester stakeholders are responding really well. We're getting great ecosystem support from across the organization.

Speaker 5

So our analyst community really leaning in to help us understand what's working at our clients. And so we'll look at retention and we'll look at the And we got close to that in Q3,

Speaker 2

but And we got close to that in Q3, but then we looked a little bit closer at the opportunities and began to analyze those opportunities. And they were just not as solid as we would have wanted. So that's the next turn of the crank is to actually using methodology called MEDDPIC to very closely examine all the opportunities to make sure the $500,000 of pipe is strong and is viable. So the systems are in place and the systems are beginning to work and we're feeling good with the progress.

Speaker 5

Yes, we feel and as George mentioned in the prerecorded remarks that we this is not changing quarter over quarter, year over year. This is the plan going forward. We are following this plan. And the sales organization knows that the rest of the organization knows that this is what we're doing. We're not going to add on 5 new things at the beginning of next year and say we're going in a different direction.

Speaker 5

We have our plan. We're expecting to execute, call high, make sure you have a lot of activities, use our sales methodology and return run the retention lifecycle.

Speaker 4

Very helpful. Thank you.

Operator

Thank you. And I show our next question comes from the line of Anja Soderstrom from Sidoti. Please go ahead.

Speaker 7

Hi, and thank you for taking my question. With the new guidance for the contract value bookings, how should we think about the revenue growth for next year?

Speaker 8

Hi, Anya, it's Chris. Sorry, did you say on conferences? TV.

Speaker 7

No, it's contract value.

Speaker 8

Oh, contract value, yes, yes, for next year, sure. Yes, so we're not necessarily providing a 25 outlook on the call. I mean, as you know, 4th quarter, it's our largest bookings quarter of the year. December is by far the largest bookings month for us. So what I can say is, look, we're encouraged by this ongoing stabilization in CV and our retention metrics.

Speaker 8

We're very confident in the SK platform as we go forward here and all the go to market initiatives that we're implementing. I'd say we have to see where this election goes and where the economy goes in the next year. But we do expect that based on the signs we're seeing, CV will continue to be stable and grow as we move through the year, combined with improving consulting and events bookings performance off of the lows that we've seen. We already talked a little bit about some of the bright spots in consulting. So I'd say for 2025, the results will certainly improve from the double digit revenue declines that we're seeing in this year in 2024, but I don't expect significant material growth on revenue just based on how we're going to ramp bookings through the year.

Speaker 8

And then obviously, we'll provide more detail on the call in February. But I think, look, we're maintaining, our positive outlook as far as stabilization is concerned. And then we have to get into next year and really get through this quarter. I mean, this is a big quarter for us. I can tell you that October looked well.

Speaker 8

We hit our plan in October, which was a great sign. And we've got a big November, December in front of us. We just talked about the pipeline building. I think Nate and the sales organization feel pretty confident about landing on the quarter. So we have to see how we get through the rest of the period.

Speaker 8

And then we'll give a more detailed guide for next year. But in general, sort of that's what I see for CV performance next year as we ramp and then just a general sense of kind of revenue direction.

Speaker 2

Okay. Thank you. And you've been sort of

Speaker 7

shedding the smaller clients. When do you think you will be done with that and we will start seeing the client count go up?

Speaker 5

Yes, I'll start and maybe Carrie and Chris might want to jump in on you. It's Nate. So we're seeing a much smaller impact from that group and we expect in 2025 it will continue to be a smaller. We've gone through most of the there's really two things. There's the migration journey and then there's the smaller client that we are no longer targeting as a specific buying opportunity for us.

Speaker 5

So we're seeing less and less impact. Our emerging tech team is actually performing pretty well this year with all things considered in the tech market. Feel very confident in the leadership in that group and what that team is doing. So I feel like next year that team is going to be on a really good trajectory, and we're going to be through the roughest of seas that we've been with.

Speaker 2

Yes. And as you know, Anya, the emerging tech sales group sells to vendors over $50,000,000 in size. So we're not playing below $50,000,000 at this point. Yes. Yes.

Speaker 2

Yes.

Speaker 8

Yes. So I'm going to I was just going to add on the sub-fifty percent. I mean, at this juncture, we're going to exit the year and that's going to be less than 6% of the overall base.

Speaker 2

Okay. Thank you. That was helpful. And then in terms of

Speaker 7

the sales team, is that fully up and running? Or are they still being trained? Or how where do you feel like your sales team is so when it does pick up?

Speaker 5

Yes. Great question, Anja. So the sales organization spent a lot of time on training and development upskilling. We're targeting our senior executives as we mentioned and to do that we've worked on our sales methodology, trying to really understand how to work better with those senior executives and connect to their initiatives that they're looking for. We will continually do ongoing support for the sales organization to make sure that they can call high and that they can build out those team solutions as well as winning the organization solution.

Speaker 5

So we can sell across the whole organization and make sure that we can penetrate. So that kind of change will never stop. It's a continuous development. But the heavy lift of a new sales methodology was rolled out really in from the April timeframe until the mid June, July timeframe. Now it's refreshing, doing clinics and making sure that people are up to speed.

Speaker 5

And then obviously, you'll have new hires that will be joining the organization and that will be continuing to ramp them up to join. So the sales organization has been great really leaning into all these changes around building pipeline, working on the sales methodology and implementing this retention life cycle, really happy with how they've responded to that. I think they see how it helps them do their job better and they want to continually get better. People want to be successful in their roles and so they're really leaning in to do that.

Speaker 7

Okay. Thank you. That was helpful. That was all for me.

Speaker 2

Thank you, Anja. Thank you.

Operator

Thank you. And I show our next question comes from the line of Vincent Colicchio from Barrington Research. Please go ahead.

Speaker 9

Yes, Nate. You had mentioned selling higher in organizations and a question I'd like to ask you is, if you're hitting if your ability to penetrate senior people and organizations is meeting your expectations?

Speaker 5

Well, Vince, I think we would all love to go faster in being able to get to more senior executives and make sure that we're selling Forrester to the most senior people that we can in every part of the organization. I think the progress that we've made is good progress. What I'd love to go faster, of course, I'd love to go faster because I think that would mean we would be selling more. But the team has been very responsive. They really like the sales methodology that they're using.

Speaker 5

The managers are coaching it. We're using deal clinics that are working really well. And so I think we're going to continue to see progress. We know that when we're at the most senior levels of organizations, we get great buy in from them, we get the great buy in from their teams and then we start to cross sell in the organization. So people know that that is the key to being successful.

Speaker 5

It's not an overnight journey to be able to say, hey, now I'm going to start calling high, but the journey we're on right now. So feel good.

Speaker 9

And then to be clear, the decline in clients was relatively high this quarter. Was that small clients?

Speaker 8

Joe, yes, Vince, this is Chris. So I think you're seeing that it was a combination of both small clients, but also we restated the client numbers for the removal of the divestiture feedback now. And so we restated those client numbers. So that's also part of the reason why we're seeing it come down.

Speaker 2

So 250 clients. Yes, exactly. Does that make sense, Vince?

Speaker 9

Yes, yes, yes.

Speaker 8

Both of those feedback non clients were small.

Speaker 9

Okay. And then, Nate, what's the most common pushback you're hearing from clients that are slow to expand FDCs?

Speaker 5

The most common pushback we hear certainly we hear budget is a continual challenge. But we in sales know that when we hear budget as a challenge that we need to do a better job demonstrating value. So budget is an easy way for a client to push back. But if we're connected to those most important initiatives that our clients have, we are a small fraction of what it costs to work with the Baines and McKinsey's of the world, that work on those same type of challenges. And we know we can deliver against that.

Speaker 5

So when we do that and we show the value and connect out to how we would help them solve on a continuous basis, that continuous guidance that we provide, then we see that we do really well. And we've seen some great wins, some really good wins in the last quarter where we had some really big opportunities where we did build out those larger solutions for clients because we connected to their top initiatives of the top leaders.

Speaker 9

Okay. Thank you.

Speaker 2

Thanks Vince.

Operator

Thank you. That concludes our Q and A session. At this time, I'd like to turn the conference back to Chris Fins, CFO for closing remarks.

Speaker 8

Yes. Thanks for joining us today everyone. Any follow-up questions, please call myself or Ed Bryce Morris. Thank you. Thank you very much.

Operator

Thank you. This concludes today's conference call. Thank you for attending. You may all disconnect.

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