Webinar: How to Pick Good Stocks Using New Constructs Tools

So we'll be posting this either toward the end of today or tomorrow morning. So in case you want to go back and look at anything that's covered here, you can go ahead and watch the video again online. That's going to be available to you as well. So let's get started. The purpose of today's webinar is to find, or is to detail for all of you, how we, the analysts here at New Constructs, are using our tools to come up with stock picks like this one, like Intelliquent. And we think Intelliquent showcases all of the capabilities that our system provides, and so we're going to use it as our, as our example here. Now, if we're not looking for a stock that we've heard about in the news or something, that means we're just sort of starting from the ground up here. We're starting from the screener. And our screener provides access for all of our paying members to all of the 3,000 stocks under our coverage here. And that's a little overwhelming, so our screener also provides some sorting capabilities. Now, our Gold members here have access to tools like these where you can sort based on price and market value. You can also sort based on sector and index. And then our Platinum and Professional members have access to tools like this little dropdown here where you can sort by overall rating, and you can sort by metrics like return on invested capital and price-to-economic book value. Now, when we're looking for Stock Picks of the Week to write for our subscribers, we're going to start with a few sort of baseline assumptions here. All of these stock picks are going to be either attractive or very attractive. And what our overall rating communicates is the stock's risk-reward potential. So these stocks are all very attractive or attractive on a risk-reward potential. That is, the risk from downside in the stock, the magnitude of downside in the stock, we think is much less than the risk or than the potential for upside. So we're gonna start off with very attractive and attractive stocks. And then we could theoretically sort on things like return on invested capital and growth appreciation period and free cash flow yield. But we're gonna start here just with price-to-economic book value. And with that, we're going to enter 1.2. Now, and we also want stocks that are less than 1.2 on a price-to-economic book value basis. Now, all that means is that a stock with a price-to-economic book value of 1.2 has a stock price that implies that the market expects the company's profits to grow by no more than than 20% going forward. And a stock with a price-to-economic book value of 1.3 implies that the market expects the company's profits to grow by no more than 30%. So we think the most attractive stock picks lie at price-to-economic book values under 1.2, 1.2 or under. Now, if you can scroll down through the screener here, you can see, probably see a couple examples of stocks that are maybe greater than 1.2, that offer compelling risk-reward potential and get our very attractive or attractive rating. And we've certainly written about the stocks before, but we really think stocks under 1.2 on a price-to-economic book value basis offer the most attractive risk-reward potential. And then let's say we're only interested in stocks maybe in the consumer staples, in the telecom services sector, maybe in the— oops, let's go to the information technology sector. That may be healthcare, and then we'll click filter. And here we have all of the healthcare, information technology, consumer discretionary, and telecom stocks with price-to-economic book values under 1.2 that also receive our attractive and very attractive ratings. And there's 2 pages of those, so that means roughly around 100 stocks. So I can also sort this, uh, the screener here Using these tools at the top, I can sort them by return on invested capital, which is the main driver of stock performance over the long term. So something that we like to do traditionally is sort by return on invested capital. Let's look at some stocks here. Let's add The Buckle. So we can click this button here to add this stock to our portfolio. I'm going to add this to my webinar portfolio. There we go. And here's Intellipoint here. It looks good. It's on our Most Attractive list, so we're going to add that to our webinar portfolio. And then maybe let's add one more. Let's add AutoZone. Now, if I go back to the screener here for a second, you can see that in the Analyst Notes column, there's a number of things. There's things like fraud risk and Most Attractive and upgraded. These are updates that if one of these stocks is in your portfolio that you'll be receiving should anything in the analyst notes change. So say Qualcomm made our most attractive list for April. When that shows up, you're going to get a notification that, hey, Qualcomm makes our most attractive list for April. But you're also going to get notifications for things like, well, the stock was just upgraded. So Garmin— or excuse me, Nvidia was upgraded on March 31st from either attractive or neutral or dangerous to very attractive. And that happens also with things like debacle. We also include things like fraud risk in there. So if a company is being flagged for fraud risk, we're going to include that and let you know about that. If the company issued new shares, if there's a new company forecast, if the company filed late, or if it has acquisitions which might cause a large upward or downward swing in stock price, we're going to flag all of those things. We're going to let you know about that as well. Let's go to our portfolio. So here are the stocks that I've selected, and I can, again, once I'm in this portfolio, I can sort by Return on invested capital, free cash flow yield, price-to-economic book value, etc. So right now I think I'm going to eliminate AutoZone. It's— I mean, just because it's a trap doesn't mean it's necessarily a substantially worse stock than Intelliquent or the Buckle. But as I can see here, return on invested capital isn't quite as good. It's a little more highly valued. So this— so the market's expecting a little more out of this company here based on the stock price. And the free cash flow yield isn't quite as good, so we're going to discount that one. And then The Buckle, it's got a higher return on invested capital than Intelliquent. Free cash flow yield's a little lower. Price-to-economic book values mostly similar, but we're going to look at Intelliquent here. We can see that Intelliquent's got a market cap of almost $600 million, so that means there's probably adequate liquidity for us in this investment. So we're going to take a little bit of a closer look here and determine if it's going to be right for us and for our clients. So once I have a stock here that I like in my portfolio and I want to know more about it, I have 2 options. I can either view the ratings page or download report, and those 2 do essentially the same things, but I'm just going to show you really quickly what each of them do. So the ratings page here gives the most basic and the most fundamental, but also the most important information that we need when making a decision about a stock. So it provides us with a view of the company's economic earnings, and we know that the company's economic earnings are rising, is great. They're not just greater than zero, but they're also rising. And all that means is that the company is earning increasingly high returns on capital above its cost of capital. It means it's generating real value for its shareholders. And we can see that the company's return on invested capital is very high. It's 28, which is not all that uncommon in technology companies. But in small companies, it tends to be uncommon, as you can see in the Russell 2000 here. The average return on invested capital is only about 8%, whereas companies in S&P tend to have higher returns on invested capital. They're older, much mature businesses. They can manage capital much more effectively. So the return on invested capital here is 21% on average in S&P. But this is 28%, which is really high. Now, so not only is it in the top quintile or the top 20% of all of the companies, the 3,000 companies that are under our coverage, But I would say personally, just based on my own experience, that it's probably in the top 15%, maybe even close to the top 10% of all the companies that we cover. So 28% is very high. Free cash flow yield, we can see that it's attractive. So these lighter green bars mean attractive, and these darker green bars are very attractive, and this is neutral and dangerous and so on. But it's 8%, which is very good. It's not among the best, but it's good. And then price-to-economic book value, We can see is also very attractive. It's 1.0, which implies that the market expects— based on this company's stock price, the market does not expect any meaningful profit growth out of this company going forward. So if we can align that with alternative expectations that we think that, well, maybe this company might grow profits by 5% per year going forward, then this company represents an attractive investment because it's trading at a discount to its current value, but we'll get more into that later. And then all of our subscribers have access to something called the company reports, and they get these reports for each of our stocks, all of our 3,000 stocks under coverage. And all of our ratings and all of our reports are updated daily based on current price information. So as you can see here, we get all the basic information that we got out of the ratings page. We get that here also. In the report. And we get some other things like stock price over time. We can get some basic key market statistics. And then we have some graphs down here that are sort of fundamental to our understanding of what's going on with this company's business in a recent history. So as we can see here, the company's economic earnings are on a general uptrend. That's the blue line there. And economic earnings tend to represent a much more consistent and a much more reliable indicator of the underlying strength of a company's core business. So as you can see here, with reported earnings per share, they're kind of all over the place. The company had some struggles in 2012. They had a big write-down. They sold off a portion of their business. So the reported earnings per share were much lower than economic earnings per share, which indicated much greater strength in the business than the reported earnings per share might have. And we'll see later on how that will have paid off. Return on invested capital here is on a general uptrend. So the company is earning great returns on capital right now. Even in sort of down years, it was earning 10% return on invested capital, which is still— we consider very good. And that's all above this company's weighted average cost of capital, so we know this company is generating real value for shareholders. And we can get some more historical trends down here. And then going further into the report, I'm just going to gloss over this because due to time constraints, but we can also see the number of adjustments that we've made over time to this company. So per year, so 2012, 2013, and 2014, all these years require double-digit numbers of adjustments to this company. And that's to the income statement, to the balance sheet, and to our discounted cash flow model. And we can also see the value of the adjustments as a percentage of the market cap. So almost 60% of the worth of this company's value in adjustments we made in 2014. And there's just some more granular detail down here with respect to that stuff. So you can see all the adjustments we've made to reported net assets to reach invested capital, and you can see all the adjustments that we've made to GAAP net income to reach NOPAT, and we'll get into that a little bit later. So after we've verified that the company looks good in our system, that looks good in our model, we're going to go to outside sources. To see sort of what's going on in the company and its recent history, if the company's been making the news for any reason, other research that's been put out on the company. And we're also going to read the company's annual reports once again to sort of get a feel for what's going on in the business and the company's expectations for what's going to happen going forward. And for that, we tend to rely just on good old-fashioned AgorSystem here. I'm going to type in IQNT, which is the ticker we're looking for. I'm going to go to the 10-K. And now we're not going to read the entire 10-K here, obviously for time constraints, but we are going to look at a couple key points that have influenced our decision here. So something that concerned us a little bit with Intelliquent starting out was the company's revenue concentration. So if you look here at the, the Our Customers paragraph, You can see that the company's contracts with the top 5 voice customers represented approximately 77% of the total revenue through 2014. And that's a lot. I mean, that's an eye-catching number. But when you think about the structure of the telecom industry, you have sort of an oligopoly. You have a couple of large players. You've got AT&T, you've got Verizon, you've got T-Mobile. You've got CenturyLink. You have companies like that that are really dominating the space and make up for the majority of business that's going on in that sector. And as you can see, AT&T and Verizon alone accounted for 60% of this company's revenue. Now, it's a little concerning at first, but again, when you think about the structure of the business, it really makes sense that Intelliquent is doing business with the biggest and strongest and the most consistent companies. in the telecom sector. So while it's a concern that we're gonna, you know, keep an eye out for, it's certainly not a deal-breaker at this point. It really makes sense in the context of the telecom industry. And something else we're gonna look at a little bit further down here on page 43— now this is just one example of things that we're looking for— we can see that the increase in voice revenue is primarily due to an increase in the use of minutes on IntelliQuint's network. Now, what IntelliQuint does is it provides networks to sort of lesser-used locales that, you know, AT&T and Verizon might not traditionally service. We can see that there's an increase in demand here from 121 billion minutes in 2013 to almost 137 billion minutes in 2014. So we can see that the use of IntelliQuint's network's increasing and demand for the services that IntelliQuint's providing. is increasing. And obviously this isn't the scope of all the holistic research that we're doing on Intelliquent. These are just a couple of examples of things that we're looking for when we're looking at forward growth and maybe risk of the company's growth continuing going forward. Get rid of that. And so something we can use to verify all those things that we've looked at and sort of judge them against a historical benchmark is we'll go into the company model. And this company model is only available to our institutional subscribers, so many of you may not have access to it, but I just want to showcase the capabilities of our system here. Now, what the company model section does is provides us with a look at the DCF model for the company. So all of our 3,000 companies have their own custom DCF model that we've built for them, and it also provides us a look with all of the financial data for the company going back to the earliest years available. So most companies, it goes back to 1998, but for this company in particular, it goes back to 2007 because that's the year the company went public. But this just gives us an opportunity to look at the historical trends in our metrics, so NOPAT, economic earnings, free cash flow, things like that. So we can see that NOPAT here was $46 million in 2014, and that was up over 2013 and over 2012, and it's much higher than it used to be. So 2007, 2008, this is actually the highest NOPAT that Intelliquent has ever earned. So that's good news in our eyes. We can also see that the company's revenue growth is, is slow but steady here. They had a big fall-off in 2013 due to the sale of a portion of their business, So it's sort of expected that they're going to lose a large portion of their revenue there. But without that, it looks like there's still an increase in demand for Intellipont services because revenue rose 4% last year. It's not great, but— well, it's not bad, but it's not some kind of explosive revenue growth that we might be seeing out of technology companies. But we can see that margins expanded greatly over the last 2 years. So from 2012, the company was earning 11% 8% after-tax margins, whereas now it's earning upwards of 20%, almost 21% after-tax margins, which is close to its highest ever. So not only is Intelliquent able to grow its revenue over the past year, it's also been able to expand its margins a little bit, which is a good sign for growth going forward. It means there's sufficient demand for Intelliquent services that its revenues— its revenue growth is growing, but it also has a little bit of pricing power over their revenue. And we can also see economic earnings have been positive for each of the past 7 or 8 years. So that means that the company has consistently earned returns on capital above its cost of capital, and it's generating value for shareholders. So companies that tend not to earn returns on invested capital above their cost of capital are destroying value for shareholders. And free cash flow here, we can see It's been positive for most of the time. We don't expect free cash flow to be positive in any but the largest and the most consistent businesses. Those companies are free cash flow machines, so companies like Walmart. Whereas this company is still growing a little bit, we expect to see some years of negative free cash flow where the company is investing into its business. But you can see that in recent years, the company has been generating relatively solid free cash flow, and that contributes to the company's, you know, what is it, $100 million or so in excess cash. And we can scroll down here to the price-to-economic book value section, and we can see how the company is trading. So some companies tend to trade relatively expensively to their economic book values. It's not unusual to see companies that are trading at maybe 2 or 3 or even 4 times their economic book values per share because the market is constantly expecting a lot of growth out of them, whereas this company at a price-to-economic book value of 1 It's not particularly expensive. It's been trading a lot more expensively in the past, as we can see here, but it's also not particularly cheap either. It was trading at just almost 0.3 price-to-economic book value down here. Something that we do want to show is that even though Intelliquent lost a great deal of business in 2012, its economic earnings were relatively unaffected. So as we can see, economic earnings were still— or sorry, its economic book value It was still $283 million in 2012, so not too far below its earnings in 2011. So this certainly illustrates a much less drastic decline than paying attention to the reported earnings would have. If you're looking at something like, say, GAAP net income, where the company lost $78 million last year, that looks terrible in the context of the company's history. But you're looking at economic earnings, you can see that the decline is much less pronounced. And economic earnings illustrates that the business's strength was still intact. And as a result, you can see that while the stock price was maybe $3 a share in 2012, if you would have hung on, you could have made almost a 600% gain or even a 700% gain if you would have hung on and if you had realized the strength of the core business that still remained in 2012. So there's opportunities for huge, huge value creation here when you're not paying attention to the sort of whipsawing of the market and you're only paying attention to the core economic earnings and the economic book value of the business. So now that we sort of like where the company is going historically, we like where the company sees itself going, we're going to go in. So in our— let's go In our report here, and in all of our reports, you may have noticed we'll include a little discounted cash flow model here, and we'll show you the shareholder value per share. We'll show you the no-PAT compounded annual growth rate, and this is just to provide— this is to quantify the expectations that are embedded in the current stock price and to see what kind of value can be had in a stock, what kind of upside that we can have in the stock if the company is going to exceed the expectations that are implied in the current stock price. Let's— so the way we do that is we can look at our discounted cash flow model. Now this provides the shareholder value per share for all of our 3,000 companies. This is just for Intelliquent, obviously. But for the shareholder value per share out to 100 years, given certain assumptions. So mainly no-PAT growth rate. So the no-PAT compounding, no growth rate here. And the way we can influence those assumptions is by going into the forecast tab. Now we're going to select our forecast here. We're going to say it's our optimistic forecast. And we're going to say that Well, so we know that Intelliquent has grown revenue by 14% compounded annually since 2007. Now, 6% forward growth— no-pat growth seems conservative. We're going to be just a little bit less conservative. We're going to talk about maybe 8% revenue growth going forward. Then we've also got our after-tax margins here, and these values here are simply weighted averages of what's been going on over the past 3 years. So 2014, the company had pretty excellent before-tax margins of almost 30%. We're gonna, you know, be a little conservative in our estimates here. We're gonna take into account some margin compression. We're gonna talk about maybe 25% before-tax margins. And then cash tax rate, this is pretty reasonable. Most companies pay around 30% in cash taxes in our model here, so we're going to keep that as is. We're going to save that, and we can go to our DCF review here, and then we can see that— so if we estimate that the company can grow, if we expect that the company can grow NOPAT by just 4% compounded annually. So here's our 4% NOPAT compounded annual growth rate for the next 9 years. The stock is worth $19 a share. Or we can expect, you know, maybe, uh, 5% NOPAT growth rate for 10 years, and that yields almost $20 a share. Now, that was a lot more upside maybe 2 weeks ago because the stock has risen almost 6%, I think, since our report came out. But that was 25% upside when our report came out, and that's still, you know, around 20% upside for the stock. So that's great. And again, remember that we're being conservative in our estimations here. We make conservative margin assumptions, and that conservative revenue estimate growth rate of 8% is far below the company's historical compounded annual average of just 8%. So we're being conservative here, and if the company can exceed those conservative expectations, the stock is worth even more than $20 a share. And the good news is that at a price-to-economic book value of 1.0, the downside is relatively limited because the company is— or because the market, excuse me, is already not expecting all that impressive growth out of the company going forward. So the company has a relatively low hurdle to clear if it's going to see a lot of upside. One other feature of our model I want to show off here is the adjustments page. Now we can see all the adjustments that we make to GAAP net income, to the balance sheet, and also to the company's discounted cash flow valuation— our discounted cash flow model here. So if we go back to the adjustments page, we can see that we're subtracting expenses. We subtracted around $1 million in non-operating expenses from Intelliquent in 2014. In addition, because those expenses were lowering operating earnings, we had to apply taxes to the new higher operating earnings. So we're going to add— or excuse me, we're removing $1 million in expenses, so we're also going to remove this $1 million in— or excuse me, $5 million in taxes here. And that's going to result in Intelliquent's NOPAT being $46 million. which is, I think, around 12% higher here than $39 million. And some companies, we find their NOPATs to be even 50% or 40% higher than their reported net incomes for certain years, and that's even for large companies in the S&P 500. So the impact of non-operating items like this can be pretty substantial. And in the case that you may have been curious about these reported net non-operating items, so say I wanted to know maybe what what particular expense that $1 million was referencing. I can go into my marked-up filings page, which provides all of the company's 10-Ks going back to 2007, and all of the relevant information here is highlighted. All of the information that's impacting investment decisions and modeling is highlighted already. And I'm not sure if you can see this, we tested this a little bit earlier and we weren't sure if our attendees could see this. There's a little bit of— there's a dropdown menu here and you can click on that And I can, I can find not other non-operating expenses in this dropdown menu, and I can click on that, and it's going to take me right to exactly what that non-operating expense was. So the company experienced a $1.1 million loss on the sale of its Americas data assets. Now that's a non-recurring expense. We don't expect it to happen again going forward, so we're going to remove it from our calculation of NOPAT because we want NOPAT to be as consistent as possible. and represent the future profitability potential of that company going forward. So after going into our discounted cash flow model and seeing that this company has plenty of upside given relatively conservative assumptions, we were pretty comfortable making it our Stock Pick of the Week a couple weeks ago. And that's how we found it. Our Gold members get stock picks like this in their inbox every Thursday. And again, all these companies have been vetted twice by our analysts. Once by our analysts who are going through those 10-Ks and marking those things up, and then once by myself, by Kyle, who are going through the more holistic data and the financial data and constructing complete investment thesis on that company. So now we're going to open up the seminar to questions from the audience. If any of you have questions, you can go ahead and type it into your webinar. webinar form here, and we'll go ahead and try and answer them as best we can. And if not, we will, we'll end the webinar. But we'll take around a minute or 2 here to wait for any questions that you guys might have. Or if you might have a question, feel free to raise your hand. There's a little raise your hand button here in the webinar software so that we know that we're waiting on you to ask a question. So we just got one question that's, do you do this for all stocks under coverage? So we don't do this kind of holistic analysis for all stocks under coverage. We do for all of our Stock Picks of the Week and for all the stuff that we're publishing on the research section of our blog, which I showcased back here. If you go to investment research, all of these stock picks here have that kind of diligence gone into them. But all of the stocks under our coverage, so everything that you would see in our screener here, has been gone through by multiple analysts that's been verifying the work of other analysts who have flagged items for detail and for attention in each of these stocks that have impacted our ratings. So we have one question here about our target valuation metric, or we target a valuation metric. I'm not sure if I can answer that question. Can you be a little more specific? So that's a great question, Richard. We don't account for any particular holding period. It's mostly just sort of how the stock is going to perform over the long term. Our services are targeted in general towards people who are holding stocks for at the very least maybe 6 months. Really, we're in it for the sort of long-term value investor, sort of Buffett-style investment where you're buying really a piece of the company and you're looking more so at the company's underlying fundamentals and the company's business prospects other than, you know, sort of maybe daily swings or volatility or how much that company might spike on the next earnings report. I hope that answers your question. So we're finding it difficult to track all of the performance of our companies here just because the ratings switch. I have a question about, have we done any tracking of our performance of our stock picks over the very attractive ratings generally? It's difficult to track stocks that are rated very attractive or attractive in particular, just because those ratings change daily. They change based on fluctuations in the stock price. And so if a stock shoots up 20% in one day, the company will probably be downgraded because its valuation is much less attractive. However, we can go back to the investment research screen here, and we can go here. And we can see that our strategies, some strategies outperformed in 1Q15. Whoops, excuse me. Specifically our small-cap short and our small-cap long-short strategy this quarter. And then you can see that further down in here that over time our small-cap stocks long and short, large-cap stocks long and short, these have all outperformed over time. We have done recently, we've done some performance tracking of the picks that are here on the blog. So we have long and short picks. We have long picks, Stock Pick of the Week, and then we have short picks, Danger Zone. And we did some tracking of those recently. We haven't published that information yet, but we can certainly send that information to you, or we can actually publish that online because I think our— most of our short picks underperformed, and then most of our long picks certainly outperformed. So because there's interest in that data, we'll look into publishing that in the near future. We have one question about whether or not we're covering 20-F filings. So we, we do currently cover companies, some companies I know filing 20-F. Certainly it's not all of them. That 20-F filing, for those who are sort of in the dark here, they— and it indicates a foreign company that's filing in U.S. currency. So we do have a number. We actually recently added, I think within the past 6 months, we added companies that are covering filing under 20-F. Historically, that's not something we had done, but yes, we're currently covering companies in 20-F. And those are the companies that are filing under the— so usually our research has traditionally focused on attention to GAAP accounting details, so only companies that file under GAAP. But we recently adapted our system to account for companies that are filing under IFRS standards, which are companies that are filing 28F reports. We have a question here about LeapFrog. LeapFrog is in the most attractive list. So the reason it's in it— so LeapFrog has been sort of up and down over the past couple of years. and at least over the past year, it certainly lagged the market. The reason that it's most attractive at the moment is because its valuation is particularly compelling, that we feel that there is limited downside in the company's valuation. However, if the company exceeds expectations, the potential for upside and the magnitude for upside is relatively great to the potential for downside. So again, all of our ratings— attractive, very attractive, and then most attractive— those are all based on risk-reward ratios. Also, there's something here if we can go into— let me— I'm not sure if I can find it here. LeapFrog. Here we can see that LeapFrog, even though it's very attractive, it has an adverse auditor's opinion. So that's also a potential reason why it's so cheap. All that means is that the auditor for that company, one of the Big 4 accounting firms, has an adverse opinion about the company's financial controls over the information that it's reporting. So investors are obviously a little worried about LeapFrog, even though it's pretty cheap at the moment. Again, $2 a share with a high return on invested capital of 13%. They're not saying there are some shady things going on with the accounting details of LeapFrog, but there's certainly less assurance that there is not with LeapFrog. So companies are a little bit scared of that one right now. That's a great question. I think we're sort of, we're running a little bit over here and the question thread has kind of slowed down. We actually have one more question here. Is there a way to score changes in rating versus the overall rating? We don't. So in our database, we keep rating change histories. That's not something we make available. We don't think it's necessarily all that useful to our subscribers. That's certainly available to our clients. If you just want to contact us at support@newconstructs.com, that's something we can provide for you. Like I said earlier, I think we're going to wrap up. Here, we're running about 40 minutes, 45 minutes. I don't want to take up too much of your time. Again, I want to encourage all of you to, if you have any additional questions, please reach out to us at support@newconstructs.com. You'll also be getting a short survey after the webinar ends, just sort of asking you your opinion on the webinar, if it was helpful or not, and any other topics that you might want to see webinars on in the future. Because we would certainly love to do more webinars for all of you on any of the topics about our system, about stocks, about our methodology, things like that. If you have any curiosity whatsoever, please let us know and we'll definitely consider doing a webinar on that in the future. We would really love to do more. Like I said, we're looking for more ways to engage with you all. And again, we've been recording this entire webinar. The webinar will be available for free later on. on our education section online, and you'll be able to access that video either tonight or tomorrow morning. And with that, I'm gonna wrap it up. Thank you all for being here. I really enjoyed— this is our inaugural webinar, and it was great having you all here, and it was great taking your questions. We hope to see you all at our webinars in the future. Thank you all. Thank you.