Earnings call transcript: Afya Q3 2025 shows strong growth, stable stock

Afya Ltd, a leader in medical education in Brazil, reported robust financial performance for Q3 2025. The company saw a 13% increase in revenue to R$2,784 million and a 20% rise in net income to R$593 million. Despite these strong figures, Afya's stock remained stable, closing at $14.43, a slight 0.14% increase.

Key Takeaways

• Revenue grew 13% YoY to R$2,784 million.
• Net income increased 20% YoY to R$593 million.
• Stock price showed minimal movement, closing at $14.43.
• Afya continues to expand its medical education ecosystem.
• Guidance targets a 5-5.2% tuition increase for 2026.

Company Performance

Afya demonstrated a strong performance in Q3 2025, with significant growth in revenue and net income compared to the same period last year. The company maintained its leadership in the Brazilian medical education market, expanding its ecosystem with over 25,000 medical students and a 6% YoY increase.

Financial Highlights

• Revenue: R$2,784 million, up 13% YoY
• Adjusted EBITDA: R$1,292 million, up 19% YoY
• EBITDA margin: 46.4%, up 200 basis points
• Net income: R$593 million, up 20% YoY
• Basic EPS: R$6.40, up 20% YoY

Outlook & Guidance

Afya's forward guidance includes a targeted tuition increase of 5-5.2% for 2026 and a continued M&A strategy aiming for around 200 medical seats per year. The company is also exploring capital allocation options, such as buybacks and dividends, while expecting its effective tax rate to converge to 15% in 2026.

Executive Commentary

"Our results highlight the strength of our ecosystem, while advancing initiatives that will shape the future of medical education and medical practice," said Nicolas Gimaud, CEO. CFO Luis Blanco added, "We are excited about the opportunities in front of us and confident in our ability to keep creating value for the entire ecosystem."

Risks and Challenges

• Potential tax rate increases due to Pillar Two taxation.
• Stable candidate numbers may limit growth in new enrollments.
• Reduction in clinical decision software users could impact revenue.
• Market saturation in Brazil's medical education sector.
• Macroeconomic pressures affecting student enrollment and tuition pricing.

Q&A

During the earnings call, analysts inquired about the implications of the Pillar Two taxation on Afya's effective tax rate and the reduction in clinical decision software users. The company also addressed strategies for margin expansion and potential improvements in new acquisitions.

Full transcript - Afya Ltd (AFYA) Q3 2025:

Renata, Moderator/Investor Relations, Afya: Thank you for joining us for conference call. I'm here today with Ape's CEO, Lucille Le Gibeault and our CFO, Luiz Andre Blanc. During today's presentation, our executives will make forward looking statements. Forward looking statements can be related to future events, future financial or operating performance, known and unknown risks, uncertainties and other factors that may cause ATA's actual results to differ materially from those contemplated by these forward looking statements. Forward looking statements in this presentation include, but are not limited to, statements related to the business and financial performance, expectations and guidance for future periods or expectations regarding the company's strategic product initiatives, its related benefits.

These risks include those more fully described in our filings with the Securities and Exchange Commission. The forward looking statements in this presentation are based on the information available to us as the date hereof. You should not rely on them as predictions of future events, and we disclaim any obligation to update any forward looking statements except as required by law. In addition, management may reference non IFRS financial measures on this call. These measures are not intended to be considered in isolation or as a substitute of the results prepared in accordance with IFRS.

This presentation has reconciled these non IFRS financial measures to the most directly comparable IFRS financial measures. Now, let me turn the call over to Mr. Nicolas Gimaud, AteSio.

Nicolas Gimaud, CEO, Afya: Thank you, Renata, and thanks everyone for joining us today for our third quarter and nine months conference call. This quarter reflects more than financial performance. It demonstrates how our strategy continues to position Afya for sustainable growth, transforming medical education across Brazil. We concluded our thirteenth semester after the IPO, delivering strong growth, profitability and cash generation, and keeping 100% of occupancy in all of our medical programs in Brazil. Our results highlight the strength of our ecosystem, while advancing initiatives that will shape the future of medical education and medical practice.

Today, I will cover key strategic developments and operational highlights that drove these results. Then Luis Blanco will provide a detailed review of our operational and financial performance. Starting with Slide number three, let's begin with our main performance highlights and strategic priorities for the quarter. Our revenue for the nine month period grew over 13% year over year, reaching R2,784 million dollars followed by an adjusted EBITDA growth of almost 19% year over year, reaching R1,292 million dollars Adjusted EBITDA margin for the same period reached 46.4%, an increase of 200 bps over last year. We also reported a new record cash flow from operating activities, ended the nine month period with million, 11% higher than last year with a cash conversion of 101.5%.

Net income followed the same positive trend as the last quarter and reached BRL593 million, a growth of 20% year over year with a basic EPS reaching BRL6.40, 20% higher than last year, reflecting stronger operational performance. Turning to our operational updates. In this quarter, we maintain our leadership position in the medical education, supported by 3,653 approved medical seats and 3,753 seats as of today after the approval of 100 medical seats in AFIA Barraganca. Our number of undergrad medical student has reached more than 25,000 students, representing 6% growth compared to the same period last year. Furthermore, our medical schools net average ticket excluding acquisition increased over 3% in the nine month period.

In the Continuing Education segment, we continue to see solid results, presenting a revenue growth of 11% year over year, reaching BRL208 million. For Medical Practice Solutions, we ended the quarter with an increase in revenue of over 9% year over year, reaching R128 million dollars in the nine month period. Finally, our ecosystem reached 304,000 active users, reflecting strong engagement and broad adoption among physician and medical students across Brazil. Moving on to Slide number four. We will talk about our solid business execution within our three business units.

Starting with the Undergrad segment, we saw important movements throughout the quarters such as an impressive gross margin expansion and the successful beginning of Funiq operation acquired in May 2025. In addition, we are pleased to share that we received authorization of expansion of 100 medical seats in Naseo Braganca, bringing our total approved seats to 3,753 seats. The continued education segment was marked by an increase in graduate earning students sustained by another round of organic expansion in our medical graduate campuses with five new operating units in 2025 and a strong gross margin expansion. In this nine month period, we saw a significant increase in B2B revenues with 65% over the last period. Lastly, in our Medical Practice Solutions segment, once again, we ended the quarter with a growth in the clinical management payers.

In addition, we also saw an increase in the B2B business to physician revenues, led by an 11% growth compared to the same period of the prior year. These results reinforce the opportunity ahead in Medical Prep solution, which continues to deliver increasing solution for medical practicing. In the next slide, I want to share how our ESG initiatives continue to create long term value and strengthen AAVE's commitment to sustainable growth. Over the nine month period, we delivered 700,000 free healthcare consultation, including more than 500,000 of them medical consultations. These achievements exceeded the target set for 2025 and reflect our strong partnership with IFC through the sustainability linked loan as well as our public commitment to the United Nations Sustainable Development Goal number three.

I also want to reinforce the creation of Instituto AFIA, which represents a new chapter in our journey. This initiative strengthens our focus on sustainability and social impact with a clear commitment to advancing research, science and technology for the benefit of society, playing a strategic role in addressing non communicable chronic conditions. Finally, ASEA's leadership in ESG was recognized by Valorecono Anco through the Valor 1,000 award, which evaluates companies based on financial performance and ESG practice. ASEA was honored as the top performing education sector in Brazil for the fourth time in a row. And now, I'll be turning the call over to Luis Blanco, AFIA's CFO, to provide more insights into the financial and operational matters.

Thank you.

Luis Blanco, CFO, Afya: Thank you, Vigeru, and good evening, everyone. Starting with Slide number seven for discussions of key operational metrics by business unit. Starting with the undergraduate programs. Our number of medical students grew 6% year over year, reaching more than 25,000 students, while approved medical seats increased by almost 2% in the 2025. Considering the expansions of 100 seats in Afre Barraganca approved last week, the expansions in approved medical seats will be over 4% as of today.

Our medical school net average ticket, excluding acquisitions, increased by 3.4% for the nine months, reaching 9,141. We have also achieved million dollars in revenue, up from R256 million dollars from the prior year, an increase of over 14% due to higher tickets in medicine courses, the maturation of medical school seats and acquisitions of Phonique. Regarding the revenue mix, 86% was driven from medical school students and 94% from health related courses. On the next page represents our continuing education metrics. We approach continuing education through three main journeys.

Starting with the residency journey, we saw a 36% decrease reaching 9,969 students by the end of the period. In the graduate journey, student numbers grew by 26%, reaching 9,180 students. Lastly, our other course and B2B offerings increased by 5% over the same nine month period of the prior year. Overall, due to an increase in the average ticket per students, the continuing education revenue reached million in the nine month period of 2025, up from BRL188 million, reflecting a growth of almost 11% over the same period of the prior year. This includes a 7% increase in P2P revenue and a staggering 65% increase in P2P revenue.

Moving to Slide number nine, I will discuss the Medical Prep Solutions operational metrics. The first graph shows our total active payers, which are the ones that generates revenues in the business to position. The number of paying users reached 195,000, a 2% decrease over the same period of last year. The second graph highlights our monthly active users, which accounts for 228,000, lower than the 249,000 records over the same period of the prior year. Lastly, the third graph shows revenue from our Medical Practice Solutions segment, which grew over 9% year over year, reaching million dollars This growth was primarily driven by an expansion in active payers in clinical managements and a more favorable product mix.

Of this total, million was generated by B2P, representing an 11% increase, while B2B contributed for BRL14 million, a 2.5% decrease in the nine month period. On the next slide, we also present Atia Ecosystem. We are pleased to highlight that Atia's substantial contributions to the healthcare community in Brazil. By the end of the 2025, our ecosystem encompassed 304,000 physicians and medical students using our service and products. Moving forward to slide number 11, I want to discuss our financial overview for the 2025, starting with the next slide.

With great satisfactions, I'm pleased to present another strong quarterly performance for Ampion. Revenue for the 2025 reached million, representing a 10% increase compared to the same period of the last year. Revenue totaling BRL2784 million for the nine month period, up 13% year over year. For the third quarter twenty twenty five, adjusted EBITDA rose by 15%, reaching million, with an adjusted EBITDA margins of 43% and expansions of 160 basis points compared to the 2024. For the nine month period, adjusted EBITDA amounted to million, an increase of 19% over the prior year, with an adjusted EBITDA margin of 46.4%, representing a 200 basis points increase over the same period.

The increase in adjusted EBITDA margin was mainly driven by higher gross margins in the undergraduate and continuing education segments, restructuring initiatives within continuing educations and medical practice solutions, and improved efficiency in selling, general and administrative expenses. Moving to Slide 13. The year's cash flow from operating activities rose by 11%, reaching R1,292 million dollars a strong operating performance. The operation cash conversion ratio was 101.5% in the nine months period of 2025. Net income for the 2025 came at million, marking an increase of 28% over the same period of 2024.

For the nine month period ending September, net income totaling million, up 20% year over year. This growth reflects stronger operational performance, combined with the recognitions of deferred tax assets, partially offset by the additional taxation provisions related to OCDE Pillar two global minimal tax effects. Antia based EPS for this quarter reached BRL0.71, a 29% increase compared to the same quarter of 2024, with BRL6.40 per share for the nine month period of 2025, representing a 20% growth. And now moving to my last three slides, I will discuss our cash and net debt position. I'll also give you more color on our cost of debts.

On the next slide, we will discuss our gross debt. This slide presents a table detailing our gross debt propositions at the end of the third quarter twenty twenty five and the total cost of debt, covering our primary obligations, the SoftBank transactions, debentures, other financial liabilities, the IFC financing and accounts payables to selling shareholders. Moving on to Slide 15. I'm pleased to announce that we have strengthened our financial positions through a liability management. In October, we issued commercial notes totaling billion dollars The use of proceeds was the early redemptions of Archaea First insurance of debentures and the repurchase of the 150,000 Series A preferred shares held by SoftBank.

We present a comparison between our actual positions as of the end of the 2025 and the pro form a gross debt after the liability management. We have extended the gross debt durations to three point two years, while maintaining a low cost of debt at 106 percent of the CDI, even after the repurchase of the preferred shares held by SoftBank. These actions strengthen our financial flexibility to support long term value creations for our shareholders. On my last slide, we can look closely at the net debt variation. As of the end of the 2025, net debt stood at R1,342 million dollars a reduction of R473 million dollars compared to the 2024.

This reduction was achieved even considering the acquisitions of Fueling and the return to the shareholders reflected by dividends and share repurchase. ACF's net debt, excluding the FX of IFRS 16 divided by the midpoint of the 2025 adjusted EBITDA guidance was only at 0.8 times. Afya's capital structure remains solid with a conservative leverage positions and the low cost of debt. This concludes our prepared remarks. We are proud of the strong performance we delivered this quarter.

Our focus on improving the medical journey through an integrated education system and medical practice solutions remain strong. Helping students become doctors, supporting ongoing medical learning and making physicians more accurate and efficient. Looking ahead, we are excited about the opportunities in front of us and confident in our ability to keep creating value for the entire ecosystem. I will now open the conference for the Q and A session. Thank you.

Renata, Moderator/Investor Relations, Afya: The first question comes from Luca Macedini from Italy.

Luca Macedini, Analyst: The first question is regarding the effective tax rate. So can you please provide more color on the company's current understanding on the tax rate discussion? And also what do you believe to be an adequate assumption for this line going forward? And then second one will be regarding capital allocation. So considering this was another quarter of solid cash generation, what should we expect for the company's capital allocation strategy going forward?

Should we expect a higher dividend payment or even a greater M and A activity in upcoming years? Our questions. Thank you.

Luis Blanco, CFO, Afya: Luca, it's Blanco speaking. I'll take the two questions. First, regarding taxation. We ended up the nine month period with effective tax rate of 9.7%. That was greater than the 5.1% that we got from last year.

The main reason for this increase is the provision that we are making for the Pillar two taxations that was implemented in Brazil during 2025. And this provision, these taxations will be disbursed in July 2026. So we are provisioning with these taxations during 2025. The effect of these minimal taxations was a little bit reduced by the provision of deferred tax deferred tax assets that we've recognized during the year. Moving ahead for 2026 ahead, we would expect that effective tax rates should be converse to the minimal taxation of 50%.

That's the taxation of the Pillar two. So if we do not gain the Pillar two taxations, nor by the injections that we are discussing or to a change in the current legislations regarding the Pillar two, we would expect that 2026 from 2026 upfront, I would say that effective tax rates would converge to 15%. To your second questions regarding capital allocations, what we did during this October, we did a big liability management, new debts regarding the commercial notes that were issued to the markets. And with the use of proceeds of it, we did the prepayment of the debentures and we repurchased the preferred shares from SoftBank that would be early redemption on April 2026. So with that, we increased our durations and keep the cash in place to do the capital allocation itself.

So we have in our hands the possibility of doing an M and A or even increasing the buyback or even to pay dividends. All the alternatives that we have on our hands, we will have the best choice to evaluate the scenarios in the next couple of months to take the better decisions to increase value to our shareholders.

Renata, Moderator/Investor Relations, Afya: Yes. One point that I would like to highlight is that when we anticipated the payment of SoftBank's transaction, we had a financial gain. We negotiated with them to have a financial gain that will be proportionally to the difference of the the rate the interest rate that we would have between this period and the due date of the contract.

Luca Macedini, Analyst: That's very clear. Thank you.

Renata, Moderator/Investor Relations, Afya: Course. So our next question comes from Eduardo Rezaji from UBS.

Eduardo Rezaji, Analyst, UBS: Good evening, Vigilio, Blanco, Renata. Thanks for taking my question. I have two on my side. So first, a double click on the capital allocation. You highlighted your initiatives for shareholder remuneration.

But looking at the effects of the new tax reform and impacts for foreign players and investors, I just would like to understand if possible other strategies are being evaluated on this front. So this is the first question. And second, if you could provide any color on 2026 intake cycle with overall trends observed in the latest entrance exam that you applied in the end of this semester. Any color on this front would be very helpful.

Nicolas Gimaud, CEO, Afya: Eduardo, Vigilio here. So about capital allocation, as Blanco mentioned on the previous question here, so we are analyzing. So still on the M and A front, good opportunities on medical assets, medical school assets in some regions. So we're still aiming to have around 200 seats per year as our guidance in terms of capital allocation. So and regarding distributing that to shareholders, so we'll keep combining the best option between buyback programs as the one that we just launched, that is the biggest one that we launched on our recent history here and also paying dividends, even considering the 10% additional cost.

So we will be combining two of them, taking the best consideration, the market price of our shares and all the availability of cash that we have on that. Regarding intake, for 2026, it's still very early. We are collecting all the candidates. The only thing that we can anticipate is that, well, the tuition that we are aiming to 2026 is around 5% to 5.2% over 2025. So that's the only information from that.

: Thank you.

Renata, Moderator/Investor Relations, Afya: Of course. Next question comes from Luca Danielo from Morgan Stanley. Luca, you may doubt may download.

Luca Danielo, Analyst, Morgan Stanley: Hi. Good evening, Rodrigo, Blanco, Renata. Thanks for the space here. We have two questions. And the first is follow-up on the ticket readjustment you mentioned, which is if we should see any mix effect next year or if average ticket should converge to the 5% growth you just mentioned?

Because this year, I think there was possibly some effects related to Fiesta. That's the first question. And the second question is a more conceptual one. In the last Afya Day, we discussed a lot about the supply side, about competition and Afya's strategy to offset those pressures. And the question is from the demand side, are you seeing any change, even if it's marginal in how the applicants perceive the attractiveness of the medical career, if it should be affected both for the sector as a whole or for the worst players?

Nicolas Gimaud, CEO, Afya: Luca, so the first question about ticket. So the 5% between 55.2% across the board is in terms of gross tuition. So it's too early in the process to check how would be the fact considering the FES. But what we are aiming here is to keep it stable around 17%, 18%, the penetration of ES on our medical student base. So it's too early to check how will be the portfolio and the combination of them compared to 2025.

But now we just can say that it will be around 5%, okay? Regarding competition, so the number of candidates that we are seeing in terms of demand is very close to the what we are having to last year. So we are not seeing any substantial difference from city to city. So in terms of average, we are very close to the same figures that we had last year at the same time, okay? Just in terms of candidates.

Luca Danielo, Analyst, Morgan Stanley: Perfect. That's very clear.

: Thank you.

Renata, Moderator/Investor Relations, Afya: Next question comes from Marcelo Seltis from JPMorgan.

Marcelo Seltis, Analyst, JPMorgan: Hi, good evening. Thanks for taking my question. I have two as well. The first question is about the gross margins on Medical Practice Solutions. There was a nice sequential increase.

So just wanted to get your comments there. And the second question is on the clinical decision software, this is the second quarter of sequential loss of subscribers. Just wanted to also get some color on these trends.

Luis Blanco, CFO, Afya: Marcelo, first one, the first is the increase of 2% in terms of margins in the segments. That was related to the cost management that we do within the products. Nothing specific to highlight on that. That's it's an ongoing initiative that we have here to gain efficiency. Yes,

Nicolas Gimaud, CEO, Afya: just remember, just adding on the first question here, Marcelo. Remember that we launched many new campuses and new sites that we are often continuing education. So we are getting to the second and the third intake process. So it's a kind of dilution of the fixed costs and gain more synergy of the campus that we launched over the last eighteen months, okay? On the second one, I think just to clarify, your question was about the clinical decision solution, the reduction of users that we have in the second semester in a row.

Is that right?

Marcelo Seltis, Analyst, JPMorgan: Yes, that's correct, Brigido.

Nicolas Gimaud, CEO, Afya: Yes. So the clinical decision, the white book solution, we changed our prices at the end of last year strongly. So the decision on that was in terms of elasticity study at that moment. And we didn't change the combination about free new users and also premium user with a much higher price. So the result of that was positive in terms of revenues, but we lost premium users at that moment in the beginning of their career or last year of medical programs.

So what we are doing right now to resume growth on the audience is reviewing the combination of features that we are offering through the premium version and also premium version. So this is something that we want to resume the penetration on that, not only benefit in the short term, the revenues on YT book. I think the most important in terms of penetration, iClinic, on the other side, it's the most important data for all monetization on B2B. It's accelerating and having much more penetration than also we were expecting because we have also to compete other medical records And to substitute clinic by clinic is something that, well, it's not in a short and an easy way. So on our two most important digital solutions, one, we need to resume penetration.

There is white book. We announced a lot of features, as you may have seen on our after day using adopting AI to change this and also embedding this on our premium version. On the other side, iClinic also embedding with AI features. We are ramping up and accelerating penetration over clinics in the country, okay?

Marcelo Seltis, Analyst, JPMorgan: Perfect. Just on the first question, I was asking about the margin increase of medical practice solution, not the continued education. And what I'm saying is that you went from 66% in the second quarter to 73%. So it's a sequential increase of seven points, which was more on this one. I think you gave me the answer on the continued education, if I'm not mistaken.

Luca Macedini, Analyst: Yes.

Luis Blanco, CFO, Afya: But Marcelo, I would say that, yes, we increasing these seven almost seven points regarding to the 2025. But if you compare with the 2024, it's 2% below the 2% that I mentioned. So I would say that we have the kind of seasonality on that. And this down of this 2% that was mentioned in the twelve months comparison, it's nothing to highlight on that. Regarding the second quarter, it's something about seasonality.

Okay?

Marcelo Seltis, Analyst, JPMorgan: All right. Thanks a lot.

Renata, Moderator/Investor Relations, Afya: Thank you, Marcel. Next question comes from Minella Boliveda from Bank of America. Evening, Blanco, Virgilio Renata. Thank you for taking my question. I have two questions here.

The first one, it's on the recently acquired units. If you guys could comment a bit on the expected time frame for the ramp up of Funiq? And how long do you expect margins to be at company's run rate? And the second one is on the consolidated EBITDA margin. So the company has delivered a significant margin expansion in the past nine months, paving the way for reaching the top of the guidance.

So just wondering here if you could comment a bit on if you see room for further margin expansion ahead and what would be the main levers for it? That would be it from my side.

Luis Blanco, CFO, Afya: I'll take the two questions. First of all, Flunique is our first year operating over there. So it's just 60 seats, 60 seats. So it's just in the beginning of the migrations. We just implemented launch the first class starting on August.

So the first year, you have low margins because of all the implementations of the faculty and just the fact that we have just one class over there. So what we see that, Fulik, it's based on Contagio. Contagio, it's in the great Beloviso in Chile area. And then we're going to as the maturation comes, we're going to reflect the increase of margins according the increase of the maturation, the increases of the number of the students. So it's according to our business plan, the acquisitions.

It's a question of timing of getting operational leverage regarding FUNIQ. Regarding the Just to add one point here, Manuel, is

Nicolas Gimaud, CEO, Afya: that just to based on our track record managing all the greenfield, the new MitesMagicals II campuses, we can reach a very high margin after two to three years with these campuses maturation. And considering that, well, we didn't start the internship phase that is in the fifth and the sixth year. So in terms of margin, we can scale rapidly the margin close to 50%, 60% of the contribution margin. But remember that on fifth and the sixth year, that will converge to overall margin because we start the internship. Yes.

Luis Blanco, CFO, Afya: And regarding the EBITDA margin increase, I would say that we're not doing that in this year. But in the last two years, we have been increasing significantly the margins of it. So it was a question of working with the three segments to gain efficiencies in the undergrads. Remember that in the beginning of 2024, we made the changes in the digital and the continued education. We moved all the educational digital assets from the formerly digital segments to the continuing education.

And the continuing education started to offer a hybrid offer on that. And on top of that, we've implemented in the 2023, our zero cost budgeting that helps a lot in SG and A expenses. So for the last, I would say, for the last two years, we've been capturing a lot of these margin expansion.

Renata, Moderator/Investor Relations, Afya: That's super clear. Thank you. Thank you. Next question comes from Hina Plato from

: sorry. I was on mute. You. Thank you for taking my question. Super, super brief here.

I just wanted to try to get a sense, on the continuing education segment, the numbers of, students on the Residence Journey, I think it dropped over 30%. So I'm just trying to understand if this is a point of effect or is something that we should expect to continue going forward?

Nicolas Gimaud, CEO, Afya: Yes, it's a onetime effect here because we decided to join the offer of Mentorilla and also the resident spread program. So last year, we used to count twice. So the student that was applying for Mentoriya and also applying for our Residence Prep, they were subscribed for both products, counts twice. Now the offering, we are combining Venturria into residence prep. So it's a joint product here and most of them now are buying this program together.

So the effect on the number of users, the number of subscribers is lower, but the effect on revenues is not on the same level. So it's a onetime effect. And just adding on that, because of this change, we are seeing a much more higher growth on the intake cycle that's now we are in the top seasonality of the residency because of this new combination that we started, last year, Okay?

: Super clear. Thank you.

Renata, Moderator/Investor Relations, Afya: So we don't have any other questions. If you still have a question or want anything cleared, you can contact the investor relations team, and we'll be happy to help you. So thank you for having us this night, and see you next time.

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