Devolver Digital (LSE:DEVO) — Investor Presentation

0:03 Good afternoon, ladies and gentlemen, and welcome to the DEVOLVER DIGITAL INVESTOR PRESENTATION. Throughout today's recorded meeting, attendees will be in listen only mode. Questions are encouraged and they could be submitted at any time using the q and a tab situated on the right hand corner of your screen. I'd now like to hand over to founder and CEO, Harry Miller. Good afternoon. So we've prepared this slideshow. The first few slides are not our typical part of our our deck for the investors, but it's so more of an introduction of our company since many of you are probably new to DEVOLVER. We'll go through that, and then we'll go through our standard, deck of of last year's results and what what's coming forward. So to begin, DEVOLVER DIGITAL was founded in 2009.

0:49 We listed in, 2021. We through our time as a publisher of indie games, we've released almost a 150 games. The general or the average payback period is about six months on those. And we not only provide publishing service, we now that since going public, we also acquired a few developers that we had been working with before. So now we have internal development as well as publishing. Next. Through our history, we've basically kept about 15% CAGR on revenue year over year, and we plan to continue, if not expand upon that going forward. We've again, we've had over more or less a 150 titles since the beginning. We our of our 10 biggest franchises we've worked on during that time, seven of those we own, within DEVOLVER.

1:51 Okay. So going to our our 2025 results. The top line says a lot in that we're in line with the consensus. This this is the sixth half in a row that we've hit consensus. So it's three full years, something we're proud of. The the big stories of this year are, strong EBITDA increase of 39%. What I think is really pointed as far as being a healthy company is our revenue from new releases has more than tripled year before. And we're we're finally and happy to announce that the second half of last year, we've we're positive cash flow generative for the first time since 2022 when we had a big hit called Colt the Lamp.

2:46 So, you know, looking at the second half, we had told investors early last year that about two thirds of our revenue would be coming from the second half, which there was some disbelief because that's quite a bit, but we were confident we would do that, for a few reasons. One, we have a steam publisher sale, which is, quite important to us, and we had chosen to move it to the second half to take advantage of title releases, we had earlier in the year. We also had several platform deals with our platform partners with guaranteed revenue that that a vast majority of that is coming in the second half. And lastly, we were confident in our our release schedule, the games we knew we're releasing in the second half and that they would be successful.

3:35 So so we were correct. We did hit about two thirds of our our year revenue in the second half, and it was a very good year for us. It was a very good half for us. Sorry. This is a overview again of the year. The bottom right, you know, every year we win or we're nominated for and win awards. This is an example of of 2025. And later on, we'll go into just explaining that actually makes more financial, outcome and not just a pat on the back. So DEVOLVER, our operating leverage was kicking in at around a $100,000,000 in in rev top line revenue. And so as we go past that that meter, you can see how it affects our EBITDA.

4:22 So the operating leverage was able to to create a 39% increase in our EBITDA year over year, which we're happy about. And, again, this is something I for me, it's it's it's the best picture of health for our company and that our revenue from releases in 2025 tripled the year before, which is very important because not only is it bringing revenue for that year, it's good to gauge on how it will strengthen that catalog going forward. This this is, you know, further explanation of that phenomenon. 2021, we think, you know, we use that as a healthy year where about half and half new release revenue versus back catalog.

5:12 And as far as our total revenue, in 2022, we had this big hit called cult of the lamb. So it made frontline revenue much higher than back catalog. And then you can see the same effect that gained because it kept being successful year after year that in 02/2023 and '24, it made an outsized difference for back catalog versus front catalog. Unfortunately, coupled with that, our we didn't have as many releases in '23 and '24, and those that we did release did not find the success we'd hoped for. So the revenue from from frontline was smaller than we wanted it to be. And, unfortunately, it has a double effect because not only is it not helping in the year they're released, but those are the ones that feed the back catalog going forward. So we see in '25, we actually had a drop in back catalog revenues in total and as a percentage.

6:07 Luckily, due to strategies we put in place since 2022, which now are taking effect, our frontline revenue, made it 30 you know, it's which greatly increased to 36%. Not only was that great for for the year 2025, but also it it shows a picture of of what will happen in, subsequent years, '26 and beyond. And we know this is true, and we've already seen it in the first quarter of twenty twenty six, that that strong performance from that category. And this is you know, I spoke about, you know, being nominated and winning awards. When we are nominated, especially if we win an award, when that press goes out either by the site that that that gives the award or the press that follows it, you so spikes in revenue we have for the titles that that receive those nominations and awards.

7:04 And it's you know, talk talk about strategy. The strategy of strong one of our main strategies for the company since 2022 was to invest more in expandable games. Expandable games are games that not only receive revenue when they release, but have subsequent content that we release later that we can also either charge for. Or even if it's free, it brings people back to the the game and increases word-of-mouth and continued sales. So you can see that that year over year, we've been increasing our investment in expandable games, and it's had a very good effect on our revenue. Do we go ahead? Okay.

7:54 So we mentioned so I've been introducing John Barkier, our CTO. But we talk here about what we've been doing over the last few years with technologies both internal to the company and to improve ourselves and also specifically working with third party developers. So So we have, over the last couple of years, been investing in our internal technology, internal data collection. So we have started collecting a lot of data about the industry as a whole as well as obviously diving deeper into our own sales data, etcetera, and building some systems and math around that to better drive some of our business decisions. So we're starting to see the the results of that, and that comes in both the realm of, like, looking at future titles and then also being able to analyze the results of our existing titles that add more value.

8:47 In addition, we had an acquisition a couple years ago with System Air Software, of Astroneer, and they are working on a new title called Star Seeker. And as part of that title, they have built a suite of back end services, so all the normal stuff that you'd think of with matchmaking, etcetera, for games. And we're starting to leverage those across a number of our different titles so that we can use the same technology and therefore start kind of getting synergy between our titles of how we market, how we collect customers, and whatnot. We're just starting to roll that out right now. Starseeker will be launching later this year, and that will be the premier launch of that.

9:37 Just moving over to the financials. This is Daniel Whittaker, CFO. We've got some more detail. We'll drill down into the numbers a little bit. Also, our investor slides are on our investor website, investors.devolverdigital.com, if you need to take a look at some more detailed information. As we mentioned, we were very pleased to see a strong second half of twenty twenty five, nearly $70,000,000 of revenue, And we saw an improvement in our gross margin, principally because royalty outpayments as a percentage of total were slightly down, and that reflected the mix in the titles being released to new releases because it's in our business model, typically. When we release games and they are in recoup, where we're getting the money back that we initially invested into the title, we don't pay out royalties to the third party developers in general. So there's a period with new releases. If we get more new release revenue in a year or more titles coming out, there's a period where it's high margin for us in the initial release period.

10:42 You'll see here also we had some impairments of games that didn't perform, and we've in the red box at the bottom, we've presented our EBITDA. Our underlying EBITDA before impairments rose to 11,300,000 for the second half of twenty twenty five, which was almost the entirety of the year's EBITDA contribution. We did take an impairment of 4,300,000 for games that didn't perform, and that brought our adjusted EBITDA down to 7,000,000 for the second half of twenty twenty five and 7,100,000 for the full year. And this clearly the second half column clearly shows how our operating leverage kicks in. We kept our operating expenses on an adjusted basis down. They fell 1.1%.

11:28 You'll also notice that we've completed in the taxation row, we've completed the taking out of the balance sheet the cumulative losses that we had over the last few years that became deferred tax assets, tax loss carryforward credits, and we've released those from the balance sheet now through 2025. We no longer have deferred tax assets on the balance sheet. It's an accounting requirement that after three years of not using them, you take them out of the balance sheet. But we don't lose the value of those credits on the local tax level in different jurisdictions. They can last between five and ten years, so we do expect to be able to apply some of those tax loss carry forward credits in future years.

12:15 Our balance sheet is very strong, and we're very pleased at the split between the different categories. We've got $30,000,000 of intellectual property that we've acquired, and that amortizes over five to ten years. You'll notice we've got 75,000,000 of capitalized development costs. That expense that we've put into games for them that haven't been released is about $50,000,000, and the the balance is for games that are already released. They amortize over three years, 60%, 20%, 20% per year. So that 50,000,000 that we have in our future pipeline of about 30 titles represents about half of the overall spend that we'll we'll make on those titles, and we spend about 30 to $35,000,000 a year in our future pipeline.

13:02 You'll see that we've got $37,000,000 in cash in bank. We have no debt, and we were cash free cash flow generative in the second half of last year. And one of the questions that we are asked is whether we expect to be free cash flow positive in 2026, and our expectation is we will be. However, the timing of whether it's for both halves or one half versus another really depends on the release schedule for some of our large significant games that are positioned around the summer months. So we'll provide an update on that in July. On an annualized basis for 2026, we do expect to be free cash flow positive. There's the cash flow where you can see we spend 15 to 20,000,000 per half on software development for the games, and we think we've peaked at around the level we saw in 2025, 36,500,000.

13:58 One we had one large project that concluded that year, which was being developed by an external party. So the range of about 30 to 35,000,000 is our current expectation going forward. And we break down operating expenses here just to show there's a difference between the cash operating expenses, the adjusted OpEx, which you can see fell 1.1%, and then there are noncash items. For example, stock stock compensation expense, which we do expect to fall next year. We had a onetime repricing of stock options in the second half of twenty twenty five that led to 1,300,000 additional noncash expense for that period. There's the amortization of IP and depreciation of PPE.

14:43 Mainly, it's the amortization amortization of IP, which we've acquired, which is around 5,300,000 of the 5,700,000 for the full year. Now we'll move over to a business update from Graham. Yeah. Hi, Graham. I'm COO of DEVOLVER DIGITAL and also cofounder. As Dan said, the slides from the investor presentations are up on our, corporate website. In those slides, there are quite a lot of details about games released in 2025, but we didn't think we would go through those now. It takes quite a bit of time. Just wanna reference back to those, games that were really successful in '25 and to the point that Harry made, which is that they serve more than one purpose.

15:33 There's a success, both creatively and commercially we enjoyed in '25, but they recharge our back catalog. And another point that Harry mentioned I wanted to pick up on is that for, many of the titles, at least six of those titles that we released in 2025, we will have new content releasing throughout '26, both free and paid for. So, back to that point about expandability. And, also, titles we're releasing in '26, the same, the same thing will happen yet again. So there's a constant refresh of the back catalog with more content coming. All that said, jumping to '26.

16:21 We're in month four. In the first month, we released quarantine zone. This is a title that we picked up quite late stage. This is something that we see as as becoming a new feature, if you will, of our business where we see market validity from games that developers are announcing, putting into, various, promotions prior to the game being released, and where we think there's an opportunity we will be pushing into that space. So quarantine zone, when we first got involved with that game, it it already had nearly 700,000 watch lists on Steam, which is a powerful number.

17:07 We got involved for a variety of reasons. The developer was looking for a publisher. They were also looking for expertise when it came to publishing globally, so not just regionally. And, also, we're looking for a partner who could bring them to an opportunity with, a first party, which for us is Sony or Microsoft or Nintendo. So we accomplished all of those things. We had a global launch. We achieved the first party, deal. The game has been an outstanding success. And, yeah, we're very, very happy with Quantum Zone. In addition to that, in January, we had paid for, downloadable content, for Cult of the Land, which is one of our biggest games.

17:54 The DLC was called World Haven. It launched it all against all platforms, day and day. Again, huge success. And what it also did in promotion with the the original game allowed us to have three games in the Steam global top 10 best sellers list. That's quite a mouthful. But, yeah, three great successes kicking off 2026. And, as we now cycle into '26, we have a number of things coming that we have announced, so we can talk about. So, last week was the ten year anniversary of Enter the Gungeon. This is an owned IP. It is DEVOLVER DIGITAL, the school's successful owned IP at this juncture.

18:43 And the initial kickoff to this year is celebrating that with store promotions and discounts, and, that has been very, very successful in in its own right. But, also, we have, a sequel in the works with, and we also have one more announcement to make, for another event happening this year with the IP. So stay tuned. Star seeker. I'm looking at John. You can't see John. He's off camera, but, I'm now gonna twist a little bit. So you got us both. So Systemera was an acquisition we made back in '23. '23. The team behind Astroneer, which is in its tenth year of successful publishing, We were very excited to get involved with Star Seeker, but I'm now going to let John talk because John is more acquainted being from Seattle as the Devil are.

19:39 Yeah. So as I mentioned before, they have their own back end services that they've built for this game. So at this point, we've done a few private beta tests as we've been testing out all of those systems. We've done all of the the good scalability tests, and so we are building up to launch coming later this summer. So we have a public test that will I believe it was just announced. And so that will be coming soon, and we're just starting to build hype and excitement, and we're all behind it. A sequel. We like sequels. Like everybody, they're possibly more predictable, certainly in this world. But this is a a game that we first published back in 2019 developed by two Parisian chaps.

20:29 When they came to us with the sequel, we were obviously very excited about that. But, the itch we wanted to scratch was could we take this game and make it into an online game, something that the team themselves could not envisage doing. So we did a lot of due diligence on that. We did find a partner who could deliver that part of the game. I was very pleased to see that that has been realized. Also, another call out here is that you're aware that Nintendo launched their new hardware last year, the Switch two, which has proven to be a big success. And this is a game that we, took to Nintendo, and they were pleased to work with us to announce the game to the public, which was back in March. And the announcement has been a huge success, so we're very excited about what that means for the success of HEFO going forward.

21:26 Series Sam is another, IP that DEVOLVER owns. We worked with a developer of series Sam. Well, Harry and myself worked with the developer from their very early stages, which is back in, 2000. DEVOLVER acquired publishing rights to series Sam in 2009, and, these are games that they have a passionate and loyal fan base. They have an enduring appeal. So, Shatterverse is the next entry into the IP. This has also been done in co development with a team out of Montreal and Canada who have a lot of expertise in providing, you know, very, very, complex, but also very, very compelling cooperative games.

22:16 So we're very excited. This is coming later in the year. We've been working on it for a long time. Again, recently announced in partnership with Microsoft. So, again, helping us, reach a larger audience is the objective there. Warhammer. I'm sure you're familiar with the Warhammer. Is a sequel to a game that was released 2.5 ago, nearly three years ago, which is bolt gun. Hugely successful. We partnered with the team to bring bolt gun to to market, and that will happen around q three. And, again, all signs point to success, and we're very excited about this particular one.

23:03 I'm gonna say finally, but I'm not confident there's any more slides to follow. But this is Shrim and Gloom, a small team down in Cape Town. We have a long partnership with Free Lives who are a developer in Cape Town, very successful. They set up an incubator program to encourage local developers to come forward with their ideas. Free Lives saw this. We were happy to be in Cape Town right at the same time. We met the developer. We were very excited. We got involved. The game has been validated as well by public demos, and we've just seen the wish lists growing throughout the year. And each time we announce anything about Shroom and Gloom, we get a nice spike in that activity. So it set fear for launch later this year.

23:54 Thank you. Alright. So we we had some really successful outcome for 2025. Again, going back to profitability in the second half, which we expect to have a full year profitability in 2026 and beyond. Increasing our our new release revenue three x of the year before is a clear sign that we're back to being healthy, and we'll continue that trend. That also that trend of having successful new releases is good for back catalog, and we and we will expect to see that strength in 2026. We've already seen the result of that in the first quarter of this year. So that's going forward, and we're excited about the future. We think that we've we've, our strategies that we've been enacting last couple years are taking root and proving out to be successful.

24:53 So that concludes our presentation. We'll go ahead and start answering some of these questions, and then, feel free to ask more. That's great. Thank you to Harry and the team for updating investors. Ladies and gentlemen, please do continue to submit your questions, issues in the Q and A tab situated on the right hand corner of the screen. I'd like to remind you, recording of this presentation will be available via your investment company dashboard. Harry, Daniel, guys, you've had a number of questions from investors. So thank you to everybody for your engagement this afternoon. If I may just hand back to you, if I could ask you just to read out the questions and then give a response where it's appropriate to do so, and then I'll pick up from you once again at the end. Alright. So the first one's kinda a long one from Fabio.

25:42 Fabio is asking about our back catalog. You know, the revenue grew by, basically, three x year over year, which reflects the strong results from recent investments. How our back catalog declined 24%. What are the key drivers behind this? More specifically, how dependent is back catalog performance on prior year release cadence? Thank you for your time. Yeah. I think we had a slide that kinda demonstrated this in that back catalog will naturally depreciate over time unless refilled, if you will. So we're we're we saw a decline in 2025 due to weak front or new releases in both 2023 and '24.

26:30 We've recovered that in 2025, and we're already seeing success in the back catalog growth in the first quarter of twenty twenty six. So, yes, there there is a correlation between the two. Hopefully, probably I've answered that question. If if not, please follow-up. And then from George s, should we expect continued positive free cash flow across both halves? Yes. For annualized basis, we expect '26 to be free cash flow, and we expect more of the same in the future. And how oh, so I'm sorry. How scalable is our current pipeline strategy over the next few years? We we feel it is. One, we think our team is scalable, for further growth as in this current state where we are in.

27:23 The pipeline is also scalable, not only for, because of what you know, the investment in games with future content beyond just the original release, but also we have two other labels that publish their own games as well. So we have BigFan who specialize in licensed games. And then we have Firefly who self published their own games and and will begin to publish third party games in the future. So we're well set for for scaling future growth. K. Asked how important platform deals are and subscriptions to our overall model. They are important. They make up about 10 to 15% of our annual revenue, which it used to be a little bit higher than that, but that's it's sort of settled down to around that level.

28:18 And how do you feel the competitive landscape evolving evolving and does DEVOLVER have a clear edge? Of course, we have a clear edge. We feel that we are top of the game as a, indie publisher, and we're and we're very reactive to the market. And the strategies we've been, placing in the company are proving successful, and we plan to continue that going forward. Do you have any more? Not these ones. You mean, you're talking to green light?

29:05 We're working. In the chat. In the chat. You're not muted. Sweet. So question oh, you got two of me now. That's terrible. So how have we improved our green light? Well, I think we'll always be improving green light is the honest answer to that question because as we release games, we look back, and and see where we landed in terms of our reasons for signing it, in terms of the financial outcomes, and that will always cause us to reflect on, you know, what did we get right and what did we get wrong. But when we look at bringing titles into the company, we have got, as you can imagine, an ever increasing amount of data that we've amassed for ourselves from the titles people released.

30:02 And that can be anything from, how successful they were in terms of units. It can be how we price them. It can be when did we first discount, what was the outcome of those discounts. And so we've now got over a 130 plus titles to look at for a back catalog perspective to help us educate ourselves for what we do next. We also have been building tools, for ourselves, where we are then able to bring in import data by other games and genres, making lots of different, calculations on what the game what what we would benchmark against, what what how successful those games games been, the regionality of that success, whether they've been more successful in the East or the West or whether that's America or Germany.

30:51 You can imagine there's a lot of data that we use when we're doing these comps. All of that leads us to better information to base our decisions on. But we are primarily a games company, so we are looking for innovation, interesting and exciting games, and then adding this layer on. So we're not using the that layer first to help us find games. We're finding games and then applying that to the potential of the project to help us understand if it's something that we should actually take forward in green light. So I hope that answers your question around green light. But just to emphasize, we will always be looking to improve it. It's never gonna be something that we here's the process, and we're now gonna follow at InfiniB. We'll always go go back to that and keep refining, keep refining, keep refining.

31:43 I can't read that. Haven't got my glasses on. Alright. What are you gonna do about liquidity? This is a question for you, Dan. It's a good question. Our the two impediments to liquidity are the corporate structure of DEVOLVER in the sense that we're quite tightly held by founders, subsidiary heads, strategics, and the institutional float isn't that large. It's about 17%. Secondly, the AIM market has had challenges, as we all know. We have actually the capability to improve liquidity with improved performance because we have stock options across the group equivalent to around 9% of of equity, and that can be released over time into the market with an improved performance, which we're seeing now.

32:47 So on top of new activities such as investor meet company and others, We are looking to expand our footprint in terms of institutional exposure. We're looking at Europe and other areas, so we want to see all those things move in parallel, more equity being available to the market, improved performance, and talking to more institutions and and high end retail investors across different markets. We have some more questions here. Okay. Okay. Good afternoon. Let me start by saying I'm a big fan of DEVOLVER and your games. Thank you.

33:36 I wish you all best for for investing standpoint. I wonder how you plan to compete on the gaming in the gaming market in the long run. As I understand, as an outsider nowadays, technology enables everyone who wants to create a game to do it. Now maybe, I mean, delusional in starting this, but couldn't theoretically even private person using their own funds create a game which sparks hype and this, attention away from games like DEVOLVER DIGITAL, the publishers. So, basically, how does one compete on market in a market with so many suppliers and relatively unpredictable results in games development? So one thing we're ever asked about, who our competition is, our first answer is self publishing because anyone could bring a game to market and release it. That's not hard to do.

34:34 Where we bring in is expertise because oftentimes, you know, like you're saying, this is an example of a small team bringing a game to market. There's still a lot of you know, you know, what we bring what we we offer is more like this is is multiple skills and and, services to help replace or or add to areas that they lack. So, for example, our sales team. Our sales team who constantly, works on, ensuring that we get into promotions, you know, DEVOLVER has its own DEVOLVER sale on Steam and things like that, we can add between 2060% revenue for a game in a given year. In our if you multiply that by, you know, two years, four years, eight years, ten, that makes meaningful difference.

35:26 We also have economies of scale working with PR and localization teams and other third parties that help this process, porting teams. Generally, on average, we produce very high quality products, and this is meaningful. We also due to our brands and our social media, we have a lot of presence and a lot of eyeballs pointing our direction. All these things help ensure a better result. So, you know, though, self publishing is a competitor, we have many examples of of people who have self published successfully before and have come to us afterwards not wanting to do that again. So we feel very comfortable in our place in the market and look forward to the competition and challenges in front of us.

36:26 Last question in the bottom. Well, it's a quarantine zone right here too. Okay. We're just reading a long question. Yeah. Yeah. Okay. So, basically, you're talking about, you know, we have quarantine zone, coat of the lamb, ball pits, etcetera. It delivered about $30,000,000 revenue this year, and we haven't had a published steam sale yet. Why are basically, why are brokers talking about revenues growing only slightly? Feels like a 150,000,000 revenue year. Well, whoo, Jack, we we can't necessarily disagree with you, but we've learned our lesson, and we definitely, are conservative on our projections. Because so far, we've had a great year, but things can happen that are out of our control.

37:27 So, we've been taught to forecast, conservatively, and we will continue to do so. And if and we hope that in in the case as you've explained that, that we're wrong in in our conservative forecast. So, you know, we we'd rather surprise with upside than the other way around. Here. No. That that moves the slides. It's two two fingers. Two fingers. K. The other way. That's it. Okay. Oh, it does this. Okay.

38:16 What does success look like in a few years? Do you have margin or revenue targets? It doesn't feel like there's been a normal year since the DEVOLVER listed. That's a good point. You know, when we listed, we were flying quite high, and we came tumbling down 2022. We've steadily been improving, increasing that. I think we're a much better company than we were when we listed, and we can think we'll have strong growth cadence moving forward. As as we've said earlier in the presentation, our CAGR over the last several years has been around 15%. We plan on keeping that rhythm and, improving upon it. And we think the strategy we've had of of curation, green light, control of cost will help ensure that we continue that growth.

39:12 Danny, you wanna add to that? Sure. So we are expecting double digit revenue growth and EBITDA growth this year in '26, and the market consensus bears that out. We would like our gross margins to come back to 40%. We're currently in the mid thirties, so we think that we can establish a level over 40%. And similarly, EBITDA margins, we'd like to move into the mid teens. So that's our next twelve to eighteen month target is to reach those kinds of levels. Okay. Did we talk about platform deals? We did. Yep. I think that's it. I think, Daniel, if I may just jump in there as as well, Harry. I think you've taken a lot of questions. I think those are remaining probably are overlaps with those that you've probably already previously addressed. So if I may jump in thank everybody for their engagement this afternoon and for all your questions. And if any further questions come in, guys, I'll make those available to you post today's meeting.

40:17 Harry, I know investor feedback will be important to you. I will shortly redirect those on the call to give you their thoughts and expectations. But if I may, Harry, just come back to you and ask you for a couple of closing comments, and then I'll redirect investors for their feedback. Sure. Well, we really appreciate this opportunity. I think the reason why we're here now speaking to retail is because we feel confident in our growth going forward. So we think it's really time to tell our story. And we also believe that this is one of the roads or inlets to, better liquidity. So we really hope that we've spoken to you in a way that that that that gives you confidence, and we hope to see you on our cap table. That's great. That's great, Harry. And to the rest of the team, thank you very much indeed for updating investors. If I could please ask investors not to close this session as we're now automatically redirect you in the opportunity to provide your feedback in order that the company can really better understand your views and expectations.

41:14 On behalf of the management team at DEVOLVER DIGITAL, I'd like to thank you for attending today's presentation. Thank you for your patience, and enjoy the rest of your day.