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Senomyx Inc. (NASDAQ:SNMX)

Q4 2011 Earnings Call

March 1, 2012 11:00 AM ET

Executives

Gwen Rosenberg – VP, IR and Corporate Communications

Kent Snyder – CEO

John Poyhonen – President and COO

Tony Rogers – SVP and CFO

Analysts

Jonathan Feeney – Janney Capital

Dalton Chandler – Needham & Company

Operator

Good morning. We will now begin the Senomyx Fourth Quarter 2011 Conference Call. At this time, I would like to inform you that this conference call is being recorded and that all participants are in a listen only mode. At the request of the company, we will open the conference up for questions and answers after the presentation. (Operator Instructions)

I would now like to turn the call over to Gwen Rosenberg, Senomyx’s Vice President of Investor Relations and Corporate Communications.

Gwen Rosenberg

Good morning and welcome to the Senomyx fourth quarter and year-end 2011 earnings and corporate update conference call. Participating in this call from Senomyx will be Kent Snyder, Chief Executive Officer; John Poyhonen, President and Chief Operating Officer; Tony Rogers, Senior Vice President and Chief Financial Officer; Don Karanewsky, Senior Vice President, Discovery and Chief Scientific Officer; and Sharon Wicker, Senior Vice President and Chief Commercial Development Officer.

Before we begin, please note that during the course of this call we may make projections or other forward-looking statements regarding future events or financial performance of the company that involve risks and uncertainties. The company’s actual results may differ materially from the projections described in the press release and this conference call.

Factors that might cause such a difference include, but are not limited to, those discussed in our quarterly and annual reports filed with the SEC. Copies of these documents are available upon request from Investor Relations at Senomyx or may be accessed via our website, at www.senomyx.com.

I’d now like to turn the discussion over to Kent Snyder, CEO of Senomyx.

Kent Snyder

Thank you, Gwen. Good morning to everyone, and thank you for joining the Senomyx management team for our conference call webcast. During this call, we will provide you with a general business and financial update for the fourth quarter and full year of 2011, including comments regarding expected commercialization activities during the coming year. This will be followed by a question-and-answer session.

2011 was a pivotal year for Senomyx, during which we saw the initial commercial launches of branded products that incorporate the first two Sweet Taste modulators discovered and developed by the company, S6973 for sucrose reduction and S2383 for the reduction of sucrose levels. We are excited about the response to our Sweet Taste enhancers as our partner, Firmenich, introduces these unique flavor ingredients to major food and beverage companies.

It’s important to note that there are no other products on the market like S6973. The use of S6973, which has no sweet taste on its own, allows manufacturers to reduce the sucrose in the products by up to 50%, while maintaining the taste of a full complement of this sugar. The excellent taste characteristics combined with calorie reduction and potential cost savings make S6973 a desirable new flavor ingredient for numerous products.

As John will discuss in greater detail later during the call, large multinational companies are typically conservative when implementing changes to their branded products. When these companies decide to incorporate a new ingredient into their products, they often begin with reformulating one or two products that are introduced in a limited number of countries. Once they gain experience and are successful with the initial products, they normally expand usage of the ingredient into additional product lines and additional geographies.

We are currently in the exciting stage when companies are planning to launch their first product lines incorporating S6973 in initial geographies. Although it is difficult to determine the exact timing, we fully expect that usage of S6973 by Firmenich clients will spread to additional product lines, commercialization of the reform related products will expand into new countries and additional Firmenich clients will begin incorporating S6973 into the products. John will discuss this concept in more detail later during the call.

Firmenich is also continuing to commercialize S2383 which is used to enable up to a 75% reduction in the concentration of the artificial sweetener sucralose in food and beverages. Reform related branded products that contain S2383 are – I’m sorry, are already on the market and new introductions are planned in the U.S. and Latin America this year. As our partners are increasing their commercialization activities for our current flavor ingredients Senomyx is continuing to build a deep, longer term pipeline of new flavor ingredients with unique advantages.

Food and beverage companies are increasingly phased with the conflicting challenges of meeting consumers demands for appealing new products with improved nutritional profiles while also controlling costs and having a strong competitive position in the marketplace.

We believe that Senomyx proprietary technologies set us apart and make us especially well positioned to address these challenges. I’m going to take a few minutes to describe a few of our recent discovery and development achievements starting with today’s announcement that our partner for the cooling taste program Firmenich has selected S5031, a new cooling agent for initiation of development activities in support of future regulatory filings.

In addition to taking a significant step towards a potentially important new commercial revenue opportunity, this selection resulted in Senomyx earning a milestone payment from Firmenich during the first quarter of 2012. The goal of Firmenich cooling taste program is to identify novel cooling agents that do not have a limitation of currently available agents.

Cooling agents are used in a wide variety of products including confectioneries and oral hygiene products. S5031 has excellent properties that exceed those of commonly used agents such as WS3 in taste tests including a 10 fold greater potency and a longer duration of the cooling sensation.

In addition, S5031 does not have the aroma of menthol, which is unwanted for many product applications. We will keep you updated as our development activities with S5031 progress. The discovery of S5031 represents an expansion of Senomyx technology into a taste sensation that is not one of the five primary senses of the taste such as sweet and savory tastes.

Our success in the cooling taste program confirms that our taste science experience and expertise can be leveraged into potentially valuable new areas.

Turning to our Sweet Taste Program, the primary goal for this program is to add to Senomyx portfolio of new flavor ingredients that allow a significant reduction of sweeteners in food and beverage products while maintaining the desired sweet taste. We are enthusiastic about our new sucrose enhancer S9632, which allows the reduction of up to 50% of the sugar in product prototypes and as expected to be applicable for a broad range of beverages and food.

S9632 has no sweetness of its own at the attended use level, so there is no artificial or lingering taste, and the products retain the taste of natural sugar.

We expect that usage of 9632 in the market place will be complementary to that of S6973, our sucrose enhancer currently being marketed by Firmenich. Each of these flavored ingredients has distinctive beneficial properties, which increases the number of product types that could utilize a Senomyx sucrose enhancer and expands our market opportunities.

During the fourth quarter of 2011, we earned milestone payments from PepsiCo and Firmenich related to the progress with S9632. Final safety studies with S9632 are underway in preparation for an anticipated class regulatory determination in the U.S. by the end of 2012. The GRAS or Generally Recognized As Safe designation allows usage in the U.S. and a number of additional countries.

Senomyx is also continuing to optimize and evaluate promising enhancers of high fructose corn syrup, which is also known as HFCS. During the past year, we identified enhancers that enabled up to a 33% HFCS reduction while retaining the preferred sweetness profile and taste test.

High fructose corn syrup has the same number of calories as sucrose, therefore, a 33% reduction is a very meaningful affect. HFCS is a widely used sweetener with a worldwide market of approximately $7.6 billion. Products that utilize HFCS include beverages and beverage concentrates, as well as baked goods, yogurts and other foods. Reducing HFCS in these products without altering taste would be welcome by consumers and manufacturers.

Significant progress is also being made with Senomyx activities to discovering develop natural high-potency sweeteners and sweet-taste enhancers. We have achieved an important taste proof-of-concept for this effort with a recently identified natural compound that provided a sweet taste.

This accomplishment validates Senomyx approach of building a targeted natural source library and using our proprietary technologies to identify potential new natural sweeteners and sweet-flavor ingredients. While still at an early stage, the taste proof-of-concept is a notable advance for our natural ingredients initiative.

Moving to our Savory Flavors program, the primary application of the company’s Savory Flavor ingredients are to reduce or replace monosodium glutamate, known as MSG, and to enhance the savory taste of food by combining Senomyx Savory Flavors with other ingredients to create unique new flavor blends.

During the past year, we increased the value of this program with the addition of S9229 and S5456, both of which received GRAS regulatory status in 2011, giving us a total of six approved Savory Flavors.

In taste tests with numerous product prototypes, both S9229 and S5456 provide a savory flavor and temporal profile similar to MSG at much lower concentrations. Our new savory flavors could, therefore, be used for the total replacement of MSG in products as well as the creation of new savory blends.

Senomyx flavor ingredients with GRAS status also include S6821 and S7958 from our bitter blockers program. The primary goals of this program are to reduce or block bitter taste and to improve the overall taste characteristics of food, beverages and ingredients.

S6821 has demonstrated activity against better tasting foods and beverages and that include soy and whey proteins, menthol, caffeine, cocoa, and Rebaudioside A which is commonly called stevia. A Senomyx partner has successfully completed initial consumer studies with S6821. This partner is currently conducting additional product application work in other products and scaling up the manufacturing process for S6821.

In addition to S6821 and S7958 Senomyx continues to evaluate and develop potential new Bitter Blockers that could be useful for additional applications. Lastly, regarding our discovery in development efforts is Senomyx’s Salt Taste program which is an important research focus for our longer term pipeline. The goal of the Salt Taste program is to identify flavor ingredients that allow a significant reduction of sodium in foods and beverages yet maintain the salty taste desirable to consumers.

Current activities include targeted, analytical approaches to discover specific proteins that could be viable candidates for the receptors or the co-factors responsible for salt taste. Senomyx has assembled a proprietary database of proteins found in taste buds and progress is being made exploring the role of a number of these proteins that may be involved in salt taste perception. In a new advancement we recently identified a novel blocker of salt taste that could be a tool to help discover the receptor involved in the salt taste perception.

In summary, we are beginning 2012 in an excellent position for future growth. Senomyx has 10 flavor ingredients with GRAS status which include our savory flavors, sucrose and sucralose enhancer and Bitter Blocker, S6973, S2383 and Senomyx savory flavors are being commercialized by our partners. Progress has been made in each of our discovery and development programs including regulatory focus, development activities with our S9632 sucrose enhancer and S5031 cooling agent.

As Tony will discuss, Senomyx financial position is strong and allows us to proceed with our activities as planned.

I will now turn the discussion over to John Poyhonen, who will provide an update on commercialization activities. John?

John Poyhonen

Thank you, Kent. I am going to focus my remarks on Firmenich’s marketing activities with Senomyx 2 commercialized sweet flavor ingredients starting with our S6973 sucrose enhancer.

As a reminder, Firmenich has exclusive worldwide rights to commercial S6973 for use in virtually all food and specified beverage categories. That mentioned that we expect to see S6973 commercialization growth across additional companies, products and geographies.

And I would like to elaborate further. First, it’s important to appreciate that large food and beverage companies are very protective of their brands and will only reformulate after careful consideration. Motivation to reformulate has to be high, and consumer testing has to prove that the change will be well received before a company will launch a reformulated product, especially in internationally recognized brand.

EPAP – from Firmenich’s commercialization activities show S6973 is meeting the criteria for these companies to incorporate our sucrose enhancer into their products. Significantly S6973 allows manufacturers to address the growing pressure from consumers, governments and medical professionals to significantly reduce sugar and calories in their products.

Demands to decrease sugar content have been announced in the United States, Europe and elsewhere, with calls for taxes on high sugar products, restrictions on advertisements directed to children and the removal of products from school vending machines.

S6973 is unique in its ability to enable sucrose reduction of up to 50% without altering the desired taste, thereby providing a means for companies to respond to these demands without compromising the taste characteristics of their products. In addition, by reducing sugar usage, S6973 can provide manufacturers with the potential cost of goods savings which is an important factor given increasingly volatile commodity prices. It can also provide positive impact on the sustainability and cost reductions related to reduced water usage and lower transportation costs.

Motivation to reformulate with S6973 is therefore substantial. Once the manufacturer decides to utilize S6973, it typically will gain experience with a single product or product line in a selected geography before reformulating additional products on an international scale.

For example, a food manufacturer might begin using S6973 in a major brand in one country in Latin America. After a successful market introduction the reformulated product can then be launched into other Latin American countries and expanded into additional geographies where regulatory approval exists.

We also believe that positive initial results would create additional commercial opportunities. In fact, Firmenich has already reported that a number of their clients are now evaluating our sucrose enhancer in major brands in more than one product, creating an expanded growth opportunities for our S6973.

A noteworthy characteristic of the food and beverage industry is the tendency for many companies to be fast-followers of new innovations introduced by the market-leading companies. Thus, we expect a number of Firmenich clients will choose to incorporate S6973 into their products, once they observe success by competitive companies.

Firmenich is currently in various stages of the commercialization process with a growing number of top-tier and mid-tier clients, which has increased several folds since mid-2011 when commercialization activities commenced. They are now promoting S6973 in North America, Latin America, Africa, Southeast Asia and Australia.

Initial targeted product categories include spoonable, powdered and ready-to-drink dairy products, baked goods, along with powdered and ready-to-drink coffee and tea products. Firmenich has also established dedicated sales and technical resources to support their commercialization efforts with S6973 and S2383.

Based on confidentiality provisions, we are unable to identify specific clients or products. However, we can inform you that Firmenich currently has more than 50 active projects that are at different stages in the evaluation process.

Senomyx is encouraged by Firmenich’s commercial activities and we believe their efforts will continue to escalate over the coming year. Given the careful, deliberate rollouts of new products typical of food and beverage companies, 2012 is expected to be a year during which the stage is being set for future commercial revenue growth based on the anticipated product launches throughout the year. We will provide you with as much visibility and information as possible on S6973 commercialization activities as the year moves forward.

As Kent stated Firmenich also has exclusive worldwide rights to market our S2383 sucralose enhancer. Consumer products incorporating S2383 are currently being marketed in North America and Latin America. Senomyx expects that customers currently using S2383 in their product will increase their utilization over the coming year. In addition Firmenich is continuing to work with other clients evaluating S2383 in a variety of products.

Lastly regarding our commercialized Sweet Flavor Ingredients I would like to note that in addition to their GRAS regulatory status we are actively pursuing regulatory approvals for both S6973 and S2383 in other geographies to support commercialization in all major markets as quickly as possible. This completes my comments about Firmenich’s marketing activities.

Tony Rogers, Senomyx’s CFO will now provide a financial overview of the company. Tony?

Tony Rogers

Thank you, John. Revenues were $31.3 million for the year ended December 31, 2011 compared to 28.7 million for the year-ended December 31st, 2010, an increase of 9%. Revenues were 8.5 million for the fourth quarter of 2011 compared to 9.5 million for the fourth quarter of 2010, a decrease of 10%. The decrease in the fourth quarter was primarily due to lower up front license fee revenue recognized in 2011 compared to 2010.

Specifically, the company recognized approximately 900,000 and 3 million in the fourth quarter of 2011 and 2010 respectively related to the 20 million in up front license payments received by Senomyx under the 2009 sweet program collaboration with Firmenich.

Research and development expenses were 28.7 million for the year ended December 31st, 2011 compared to 26.6 million for the same period 2010, an increase of 8%. Research and development expenses were 7.1 million for the fourth quarter of 2011 compared to 6.6 million for the same quarter in the previous year, an increase of 6%.

General administrative expenses were 11.5 million for the year-ended December 31st 2011 compared to 13.1 million for the 2010 year. A decrease of 12%. General administrative expenses were 3.2 million for the fourth quarter of 2011 compared to 3.6 million for the same period 2010, a decrease of 12%.

The net loss for the year-ended December 31st, 2011 was $0.22 cents per share compared to $0.28 cents per share for the year 2010. The net loss for the fourth quarter of 2011 was $0.04 cents per share compared to a net loss of $0.01 cent loss per share for the same quarter in 2010.

I am pleased to report that 2011 was another solid year financially for Senomyx as we delivered results in line with our financial guidance including importantly ending the year with over $55 million in cash and no debt.

For the full year 2012, Senomyx expects total revenues of 30 million to 34 million, total expense of 39 million to 42 million, of which approximately 5 million is non-cash stock-based expense, net loss of 7 million to 10 million, basic and diluted net loss of $0.18 to $0.25 per share and a year-end cash equivalents and investments available for sale balance of greater than $40 million.

In regards to our revenue projections, during 2012 we expect to set the stage for a long-term commercial revenue growth. While commercial revenue ramp up is difficult to project due to uncertainties around product launch timing, the number of product lines that will include our flavor ingredients, the timing of regulatory approvals and other factors, we are currently estimating 2012 commercial revenues to be approximately $5 million.

As John discussed, we expect that commercial revenue will continue to increase in 2012 and beyond due to our collaborators and their customers expanding their usage of Senomyx flavor ingredients to additional products and geographies. As we gain greater insight on the market adoption of our flavor ingredients, we anticipate providing greater visibility regarding our commercial revenue projections.

Development revenue in 2012 will include approximately 22 million in committed R&D funding and up front license fee revenue from existing collaborations. And we anticipate another 3 million to 7 million in additional R&D funding, milestones and cost reimbursements.

Furthermore, development revenue related to up front license payments made by Firmenich under our 2009 sweet program collaboration will be lower in 2012 compared to 2011. Of the $20 million paid by Firmenich, $5 million was recognized as revenue in 2011, and we anticipate that less than $2 million will be recognized as revenue in 2012.

Regarding development revenue over the next three years, our existing collaborations provide us with considerable ongoing funding. We have approximately $47 million of development revenue commitments, of which we expect to recognize as revenue beginning in 2012 through August of 2014. Of this amount, approximately $25 million of the related cash has been received as of December 31, 2011 and is represented as deferred revenue on our balance sheet.

We, therefore, expect to receive approximately $22 million in additional cash based on existing commitments. Furthermore, we expect that approximately $12 million of the $25 million in deferred revenue on our balance sheet as of December 31, 2011 will be recognized as revenue during 2012.

In addition, we may receive up to an incremental $26 million related to extension options under existing collaborations, and we have approximately $24 million in development and commercial milestone opportunities under existing agreements. Future new collaborative agreements may also increase our revenue.

Looking at expenditures based on current operations, our goal is to continue to manage annual expenditures over the next several years to be relatively flat; although it is possible that we will experience quarterly fluctuations of our expenses, and we may incur modest increases due to inflation. We have a significant amount of control over our expenditures, including the ability to reallocate resources as necessary.

We also continue to maintain a keen focus on our cash balance as well as potential sources of cash going forward. Based on our strong balance sheet, which includes more than $55 million of cash and no debt as well as the $22 million in cash and additional cash commitments from collaborators and considering our long range financial expectations which include increased commercial revenues and relatively product expenditures we did not have plans to raise additional capital from investors to fund existing operations.

This concludes my comments about the company’s financial status. I will now turn the call back over to the operator to open it up for questions.

Question-and-Answer session

Operator

(Operator Instructions) And our first question comes from Jonathan Feeney from Janney Capital. Please proceed.

Jonathan Feeney – Janney Capital

Hi, good morning. Thank you very much.

Kent Snyder

Hi, John.

Jonathan Feeney – Janney Capital

Good morning, Kent. As of I guess your last call you were talking about a 3 to 4 million range in commercial revenues, and I realize it looks like you hit that range, but it was a pretty wide range considering how steep the sequential trajectory is, but could have been. I mean did something get pushed into next quarter or the quarter after that or something I mean how do you forecast that and are you just relying on data from your commercialization partners and did something – was something relatively disappointing on the quarter as far as commercialization?

John Poyhonen

Hi, John, this is John Poyhonen. So to answer that question I think that we are reliant on receiving information from Firmenich on the timing of the actual work with their clients. I think that one of the things that we communicated throughout last year is that because their clients are looking at very large established brands and reformulating those brands that sometimes the first time you go out to consumers, it doesn’t stick and it isn’t exactly the way you want to.

So it oftentimes will require a second attempt at bringing something out during their consumer acceptance testing. And that is – has been occurring, and that’s probably a reason for the fluctuation between the two is some of those projects that could have potentially, if they would have gone the first time through made it and probably had to do a bit more work based on changing other attributes whether it be (inaudible) or overall texture of products.

Jonathan Feeney – Janney Capital

I get. Thank you, john. I guess related to that, it seems like there is a little bit of – at least in the – it’s always hard to tell. You guys have so much going on. What you are trying to emphasize and what you are just kind of telling us, but there was a greater it seem enthusiasm of regarding sucrose specifically. I think in prior months anyway and it seems like there is a little bit more aggressive talk of rollouts. And I mean, can you your comment on any change in tone you have there and what might be driving that?

Gwen Rosenberg

Yeah. I think so. And let me first state that we are extremely enthusiastic about the work that Firmenich is doing with our sucrose enhancer and particular S6973. They have actually allocated dedicated resources from sales and technical perspectives. They have expanded into additional countries. They have expanded into additional clients that they are calling on right now. And because they are established brands, they – it just tends to take a little more longer than what we’d like.

But I think, if you look at the overall commercial revenue forecast for this year based on our guidance. One of the key things to keep in mind is that the majority of that still will be savory-related commercial revenue in 2012. And we really think that we’re being set up very well in 2012 and beyond for success with our S6973 commercialization efforts.

The first sales of that will be reported in Q4 of ‘11 and it only goes through the third quarter of 2012 because we recognize royalties one quarter in uh arrears. So I think it’s more of a timing issue, but when you look at there being 50 active projects right now. We’re very enthusiastic about that, and we expect additional projects to continue to come on board as well.

Jonathan Feeney – Janney Capital

Okay. Thank you very much.

Gwen Rosenberg

Thanks, Jon.

Operator

And our next question comes from Dalton Chandler from Needham & Company. Please proceed.

Dalton Chandler – Needham & Company

Yeah. Thanks. If I could just clarify, John, you just mentioned you had 50 active projects. Does that mean 50 specific food products or a more general development for a category?

John Poyhonen

So it would tend to be a – an active project would tend to be a food byline so it wouldn’t 50. For example, 10 different flavors within (inaudible). It would be 50 different food lines from a wide variety of different Firmenich clients.

Dalton Chandler – Needham & Company

Okay. That’s helpful. And I know you’ve already addressed this somewhat. But the %5 million product revenue you’re expecting for the coming year – do you expect, sort of, a steady ramp in that throughout the year or how do you expect that to come in?

Gwen Rosenberg

Well, a lot of it is – it’s really dependent on how quickly the launches occur with S6973. So I think it’s a bit difficult to say it at this point. We’re really looking at ‘12 though setting up 2013 and beyond from a commercial revenue standpoint. But it’s a bit too early to say just because we have seen some slippage in actual timing of launches, but there are a number of them that are certainly in the queue as well.

Dalton Chandler – Needham & Company

Okay. If those launches did not occur, could you still do the $5 million for the year?

Gwen Rosenberg

Well, we would certainly need some of the ones that we are projecting, and some are ongoing, as we speak. So we feel like that’s a reasonable number based on what we know today, Dalton.

Dalton Chandler – Needham & Company

Okay. And then you touched on the fact that your customers also saved money with the sucrose product. Could you give us some sense of the magnitude of the savings there?

Gwen Rosenberg

Yeah. Unfortunately, I think, that’s a bit proprietary based on Firmenich strategy. So I wouldn’t be able to get into that. But I think, in your mind, you should think about it as being significant enough to make people interested in changing rapidly as well as the substantial nutritional benefits by lowering sugar content in calories.

Dalton Chandler – Needham & Company

Okay. Just last question any update on Pepsi progress?

Kent Snyder

Hi, Dalton, this is Kent. We – I think what we can say is that the relationship and collaboration with Pepsi Co. remains very, very strong. As I mentioned we earned a milestone payment from them on S9632, the new sucrose enhancer in fourth quarter.

So obviously they certainly have an interest in that sucrose enhancer, and as I mentioned we are making progress on the enhancer side of high fructose corn syrup which of course is a high interest of Pepsi Co. as well. So in terms of the relationship it’s very, very good and I think we continue to make good progress on the R&D front in terms of what we are trying to accomplish with Pepsi Co.

Dalton Chandler – Needham & Company

Okay, all right. Thanks very much.

Kent Snyder

Thank you.

Operator

Ladies and gentlemen, this concludes today’s question-and-answer session. I will now turn the call back to Mr. Snyder for closing remarks.

Kent Snyder

Well, first of all I would like to thank all of you for participating in the Senomyx’s call today. In summary as we begin 2012 we are in an excellent position to increase shareholder value by realizing the potential of our novel technologies.

We look forward to updating you about Senomyx’s many value drivers which include continuing commercialization of Senomyx sweet enhancers and savory flavor ingredients by our partners, evaluation of our S6821 Bitter Blocker for potential commercialization by a Senomyx partner, anticipated yearend GRAS approval for our new sucrose enhancer S9632, development activities for our new cooling agent S5031, continuing optimization of taste testing of enhancers of high fructose corn syrup, continued progress with our natural flavor ingredients initiative and progress with our salt taste program.

To conclude, Senomyx enters 2012 with commercialized flavor ingredients being incorporated into new products, product lines, markets and geographies. We have world renowned partners, their additional opportunities to optimized return on a flavor program. We feel we are in excellent position to continue to leverage our technologies and create additional value for our shareholders.

This completes our update call. We do appreciate your time and interest in Senomyx, and if you have any additional questions, please feel free to contact us directly or through our website. Thank you very much, and have a great day.

Operator

Ladies and gentlemen, this concludes today’s conference call. We thank you for your participation. And you may now disconnect. Have a good day.

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