Hello everyone.

Um, lovely for you to join my session.

My name is Andrea Ward.

Um, I'm from Financial Edge and I'm going to walk you through how to assess a potential target.

Um, if we can do an LBO.

I'm gonna use sketches as an example.

Um, you might know that 3G is acquiring sketches, um, in a leveraged transaction, but I thought I actually show you how you could generate ideas and actually look very quickly within 30 minutes at a company and try and understand if we can do a leveraged buyout or not.

Okay? So, um, what I'm gonna do is I'm going to run this through in Excel.

Um, we will share the completed Excel at the end.

Um, but, uh, please feel free to ask any questions within LinkedIn.

Um, and I will try and answer them, um, as quickly as possible.

So let me just, um, jot, um, go into my Excel.

So, um, what I've done is it's an m empty Excel.

I've put the labels in, um, and I've, uh, I've, I've completed the formatting basic, so I don't have to spend any time on, on that stuff.

But what I really would like to try and understand, let's assume I'm someone who's looking for Target and I think that sketches is potentially a target for a private equity fund, or I'm working in a private equity fund and I'm looking, um, to invest in the apparel sector and uh, and I just wanna do a very quick analysis to see, um, if I can do a leveraged buyout.

So a couple of things you do need to be aware of.

I've assumed a funding package based on recent transactions of around five and a half times, um, debt.

And uh, and you can see here I've structured that a senior debt, four x and junior debt, one and a half times ebitda, um, because that's sort of roughly what we see in the market at the moment.

I've also got some interest rates and, and I've just used round numbers to keep it nice and simple.

So around software plus 300 basis points or software plus 3% is roughly what is being paid for in senior debt, um, in a leveraged file transaction.

And then for the junior debt, um, I've assumed around 10%, again, something we've seen in recent transactions.

Now, I don't have any data yet on sketches and I'm going to pull in data from our system, um, Felix, so I can show you how to use that.

You could obviously use FactSet or Capital iq, but the idea here really is to very quickly get a view of should I have a look at this in more, you know, more seriously as a potential target or should I contact one of my clients to see if they would be interested? Okay, so the other thing I have open is, so is is our Felix system and uh, Felix, um, has on the right hand side. So it's not just a learning management system in terms of, you know, lots of videos where you can learn about anything like investment banking, but also we have a lot of, uh, information on particularly US companies, um, in the system.

So I'm just going to use this to, um, pull the data I need 'cause you need very little to actually do the analysis.

Okay? So in terms of valuation, and we've got quite a lot of information in here, the first thing I'm going to do is I'm going to assume that we are gonna do the analysis at the end of 2024.

Okay? So I'm just gonna use the balance sheet from the annual report.

I'm gonna use some of the data, um, from the annual report and I'm going to show you how to populate, um, this spreadsheet.

So my LTM ebitda, I'm going to use the number down here.

So 1 0 3 6 0.3 'cause that will give me an idea. Oops, daisy, let me just do that again and make sure that my numlock is actually, um, actually, um, in there.

So 1 0 3, 6 0.3 is the LTM EBITDA, um, EBIT that is available in our data.

So, um, in general, in a, in a leveraged transaction, because we're going to borrow quite a lot of money, our LTM EBITDA becomes our structuring EBITDA, there's always some negotiation in terms of adjusted ebitda.

I've literally just taken the EBITDA, um, as it comes in from FactSet to ensure that, uh, I can do this analysis really quickly. Obviously if I want to structure a deal, I would have to go into more detail.

So that means if four times, uh, LTM EBITDA is the maximum I can, can borrow on this site, then all I can do is just calculate four times the 10 36 point, um, three.

Okay? And then the same for the junior debt, which means my total capacity in terms of debt this company could absorb with its cashless is potentially $5.7 billion.

Okay, I'm going to assume, um, a couple other things. So let's assume my client or my fund has a target internal rate of return of 20%.

Um, and that is over five years, right? And again, obviously it does depend on the fund, but I've just made the assumption roughly 20%. We can then play around what if it is 15%? What if it is, you know, 18%, but I've just assumed 20% I come back to the exit multiple, um, for the valuation later on.

So the next thing I need to do is I need a simple cash flow because leveraged buyouts are really all about cash flows, right? I'm borrow money, I need to be able to repay this money and service the interest on that, um, amount of 5.7 billion.

So going back again into Felix, um, what we have here, hang on a second, wrong screen, I've just, uh, gone too far.

Um, we've got, um, some, uh, data down here in terms of forecasts, which I'm just going to copy over into my Excel so I can just quickly hook this up into my spreadsheet.

Okay? So I'm going to start with, uh, my sales, um, and I'm going to um, really start from 2025 onwards.

So let me just quickly do this so I can show you. And obviously you could hook this up to either um, FactSet or CapIQ.

'cause sketches is a public company or was a public company. It's obviously been taking over.

Um, but at the moment you can still get some data.

Um, so first thing I'm gonna do is I'm gonna calculate a couple of growth rates because the problem is we can only really get three year sensible forecasts from consensus.

And as I said, my data, um, emanates from um, FactSet.

So I'm going to calculate the sales growth. And actually what I'm gonna do is I'm also going to bring in, um, the 2024 numbers so I can get a bit of a feeling for how this company, um, has performed, um, over historical, um, numbers as well as, um, in terms of the forecast.

So my sales growth, just based on those assumptions, You can see doing pretty well in terms of, in terms of forecast.

And obviously we are already in June, so we could have a look at the quarterly reports, 6.8%, seven, and then coming down in 2027 to 5.2%.

Now I need to make an assumption going forward and here I'm just going to use my sector knowledge in terms of apparel and I'm going to bring this down over time.

So I'm going to have 5%, you know, just again, round numbers, um, 4.5% and then going down to four four.

And then, uh, let's bring this further down as the company matures to 3% and ultimately let's assume two point half percent, you can play around with these numbers depending what your view is on the sector, right? And again, we could add a scenario analysis, but at this point I'm just trying to get a very quick picture in terms and view in terms of if I can do an LBO on this company.

The other thing I'm going to calculate is the EBITDA margin obviously very important 'cause EBITDA is our proxy for cashflow and also our structuring number for, um, the debt.

Um, um, um, borrowing.

So, uh, you can see that the company's done really well in 2024.

We expect a deterioration in 2025, um, continue into 26, and then some improvement in 2027 for simplicity sake. What I'm gonna do here is I'm just gonna keep that margin constant at the moment all the way to the end, okay? Sketches has been around for some time, you know, it's not high end, obviously they'll be impacted by raw material costs, they will be impacted by tariffs.

Something I'm not analyzing as part of this, um, analysis, okay? That means I can then calculate to my sales just using those, um, further assumptions from 2028 onwards as well as my EBITDA by just saying, you know, the margin continues to be 10.7% and just, uh, copy that to the right.

Okay, so I've got my starting point for my free cash flow, I need a couple other items, right? Because we know EBITDA is not cashflow.

So I need depreciation CapEx and I need my working capital.

So depreciation CapEx here.

I don't have specific forecast, obviously CAP IQ or um, or um, um, FactSet would give you those numbers.

Um, but uh, I'm just going to make some simple assumptions based on historical financials.

So back into Felix.

And what I'm gonna do now is I'm just gonna go into the annual report for the company.

So you can see the 10 K and we have summarized balance sheet, income statement and cashflow. And I'm just gonna click on the cashflow.

So remember I'm not cleaning any numbers, I'm taking the numbers as, um, produced by the company, which means it is clearly big picture, but I'm not structuring an LBO, I'm just trying to figure out how much someone could pay potentially for this type of transaction.

Okay? Taking market conditions into account IE in terms of, uh, leverage, um, in the market and interest rates in the market.

So you can see we've got depreciation amortization of 211, 4 99 and actually just going to copy that number and bring it into, into Excel.

So that's my depreciation and that gives me a really beautiful, um, beautiful, um, format, which I'm just going to change.

Okay? And I've also got CapEx, I will make the numbers into millions in a minute.

So CapEx of 416.

So the company clearly has invested quite heavily in um, further assets.

So particularly store assets, okay? And then we're just going to make this quickly into millions so we can compare this to our sales and our ebitda.

Okay? So what I really would like to know is what this is as a percentage of sales.

So I'm going to calculate a ratio and hang on a second, I need to put this just into the corner next to it.

Um, I'm going to calculate CapEx as a percentage of, uh, of revenues.

Here we go, 4.6%.

And then I'm going to just have a look at what depreciations as a percentage of CapEx.

'cause obviously in the end what we are depreciating is that additional CapEx as as well as the, um, existing, um, fixed assets.

Now in terms of CapEx, um, forecasts, um, I'm, you know, it looks pretty high, 4.6%, but look at the growth rates of the company.

What I'm gonna do is, I'm gonna have a very quick look, um, within Felix we have some fabulous data in terms of, um, the sector analysis.

So I'm just gonna have a quick look in building forecasts and then we are in the apparel sector, okay? So, um, anything to do, um, with, uh, with clothing and uh, and shoes basically and where sketches is involved.

And I'm gonna have a look at what the general consensus forecast is for this sector in the US And I can see if I just go to the right, we can see here forward CapEx as a percentage of sales is about 3.3%.

Okay? So what I probably will do here is I will reduce my CapEx over sales assumption downwards to something around the 3%, 3.3%.

Again, I'm not doing this in one step 'cause obviously the company is still growing quite rapidly.

So, um, let's assume I'm going to use 4.5%.

Let's assume 4%, 4% and then going slowly down to 3.5%.

And then ultimately, you know, let's give that for a couple of years and then 3%, remember I'm doing a very quick analysis, so obviously I would potentially spend a bit more time on this, but I have some guidance from the sector in terms of where we are at in terms of capital expenditure.

Now, in terms of depreciation, ultimately we would expect for a company which doesn't grow dramatically, and we can see in the outer years we're pretty much growing with inflation plus a little bit of extra real growth.

I volume growth that ultimately my depreciation is going to be very similar to my CapEx. So I'm just replacing the assets which have been depreciated to zero.

So what I'm gonna do here is I'm going to fade, um, this up slowly to about 98% because obviously CapEx is in today's money depreciation, um, is, is, you know, historical, um, in terms of uh, inflation, I need to take a little bit into account that there might be a delta.

Okay? So what we're going to do, um, is um, we are going to um, calculate this and uh, and have a look at, uh, you know, I'm gonna go to 70%.

Well let's do 60% first, then we're going go to 70%, um, 70%, 75, 80, 85, 90, 95.

And then I'm gonna leave this at 98%. Okay? So ultimately I'm just replacing whatever has been depreciated, okay? Tax rates question mark sketches is an international company, so I can't just assume that we are going to use, um, the US tax rate. So I'm going to have a very quick look in my financials in terms of, uh, in terms of um, um, sketches.

But, so I'm going back to um, my, um, financials and have a quick look at what their tax rate is.

So, um, k we're gonna go back into the K and then you will see here on the side we have some sections and I have a note on income taxes.

And then down here you can see 16.9% is their tax rate. Again, I'm not doing any specific analysis, I'm just doing a quick analysis in terms of my LBO.

So 17% in terms of the tax rate going forward, okay, so 17%, I'm just gonna copy that to the right.

And then the last number I really need is my working capital.

So, um, what I'm gonna just quickly gonna do is I'm gonna forecast my um, CapEx.

So four and a half percent times my revenues and I'm also going to forecast my depreciation where I'm saying that 60% times my, um, CapEx right in that first forecast year.

So last thing I need is just my working capital.

And what I'm gonna do here is I'm gonna go back into my um, summarized balance sheet.

I'm gonna copy this 'cause all I need is really 20, 24 numbers and I'm going to just dump this on the site on my little spreadsheet here, make sure that I can see the numbers.

And then all I'm gonna do is I'm just going quickly and bring in the historical, um, working capital, right? So I've got my receivables, which are the trade, um, receivables.

I've got my inventories, which are here on the side of 1.9 billion.

I've got my prepaid expenses and other current assets.

I've got my payables. And again, you could do this obviously with um, with, let me just find them prepaid, uh, accounts payable and I've got my accrued expenses.

Okay? So that's all I need and I should probably try and excuse the number and not the title.

The problem I now have is that this is all in thousands, everything else in millions and I don't really want to go through this five times.

So I'm just going to type in a thousand, copy that and then divide everything by um, a thousand. So I'm now back into um, millions, okay? So I can calculate my working capital.

So that's the sum off my receivables, inventories and prepaids minus my sum off accrued expenses and payables.

Okay? And now what I really like to know is how much is their working capital as a percentage of sales? And then again, because it's a quick analysis, I'm gonna keep that constant going forward.

So 17.2%, keep that constant as we go forward because we need the change in working capital to be able to calculate our cashflow.

And then finally, I'm going to assume that the private equity fund is gonna be able to extract some cost savings, right? Because we're not a public company any longer, you know, we might be able to be more efficient in terms of our marketing, our distribution, we don't have the public company expenses and I'm going to bring those in. So in the consumer product sector, you're probably looking at about 200 base points or 2% of sales in terms of cost savings.

So what I'm gonna do is I'm going, just going to bring them in slowly in the first year, nothing because we obviously need to um, also restructure potentially.

So 0.5%, 1% and then I'm gonna keep this constant at 2% going forward, which means I now have all the numbers I need to quickly build my cashflow.

Okay? So I'm going to forecast my working capital.

So that's my 17.2% times my sales and I'm also going to forecast my cost savings 'cause these are all the numbers I need in order to do my LBO analysis.

Here we go to the right, right? You can see this took about 10 minutes.

If I didn't talk it would take, it would've taken even less time.

So what we are calculating is free cashflow and that's free cashflow for debt service for those who've done some valuation is exactly the same as the unneeded free cashflow.

Okay? So I'm gonna start with my EBIT.

My EBIT is obviously my ebitda, which I forecasted minus my um, depreciation.

Okay? And I've got some cost savings in the first year. Nothing. Which means I have my EBIT pre, um, post cost savings.

I'm just gonna do one year and then copy the whole thing to the right.

Okay? My notepad net normalized operating profit after tax is basically my EBIT because I'm assuming at the moment no interest 'cause I'm going to layer the debt onto my cashflow.

So no interest at the moment.

So unlimited for cashflow times one minus the defective tax rate.

We looked up for um, sketches which was 17%. Okay? Then I need to make this into a cashflow.

I'm going to add back my depreciation.

I'm going to take off my CapEx and I have my change in working capital quick.

Um, hint, if you just say last year, minus this year, I will always get the right sign in. It's gone up. So I expect a negative number and I have my free cash flow for debt service, IE interest payment and principal repayment.

Now what I'm gonna do now is just copy that to the right, okay? Into year 10 and I've forecasted all of my free cash flows.

Great. So now let's do the analysis.

All I need, okay, so the first thing is remember what I said, we are going to borrow about 5.7 billion current market conditions about 5.5 x um, LTM ebitda.

I've assumed the LTM ebitda, um, which we had in our numbers is correct. Obviously as I said this might be a negotiation.

So what I'm gonna do is I'm gonna calculate, 'cause none of this debt will be amortizing at the moment, right? So I'm assuming it's all bullet re payment.

So a term loan, right? All repaid at the end, you know, a junior debt tranche or repaid either on exit or at the end of its term, which means I can calculate how much interest per annum I'm going to pay, okay? And that will be, and actually I need to calculate two more numbers.

So you'll show you two more numbers.

I've assumed that the interest is tax deductible so that we have, uh, a lower interest post-tax than we have pre-tax. So 5.8% is just literally to one minus the tax rate and um, and um, 10% after tax as well.

Okay? So because my free cash flow is already taxed, I'm going to have a look at the interest post tax.

So all I need to do is I'm just gonna take the 5.8% times my four um, billion of senior debt plus I'm gonna take my 8.3% times my junior debt.

Okay? So the 1.5 billion, remember this is not based on the actual transaction. This is really just looking at market conditions in terms of an LBO forecasting, the financials of, uh, of sketches, big picture using existing forecasts, okay? Now we are assuming a five year interest, uh, five year holding period so that uh, the company is going to exit. Either the fund is going to exit after five years.

You could obviously change this to three years, four years, whatever.

So over the next five years, I will have to pay this interest for five times, right? We are assuming no debt is being repaid.

So it's static it to a certain extent, it is all bullet repayment.

Now in the first five years, I'm going to generate free cashflow available for debt service, IE interest and principal repayment to the extent of 2.8 billion.

Okay? Of this 1.8 billion will need to be used, I'm assuming it's all cash interest to actually pay the interest. If you don't pay the interest, you've got a problem because, um, you've, uh, you've defaulted on your on, on your debt, okay? So available for repayment of debt, it's 987 million.

So remind you, five years of cumulative cash flow. This is what I'm generating for debt service.

'cause I've bought new assets with CapEx, I've serviced my working capital, I've got all my costs in there and I have 987.5 million left over at the end of those five years.

I know how much debt I went into the deal with. That's 5.7 billion. Okay? So I'm trying to figure out now how much I can pay for sketches.

So the debt at entry was 5.7 billion.

The debt at exit will be the 5.7 billion.

If I'm exiting at the end of year five, I'm going to take off the 987.5 million 'cause that's how much I would've repaid or could repay with excess cashflow.

Okay? So my assumption is that that cash is being used to repay the debt.

So I still have 4.7 billion outstanding, which means I can now figure out how much my enterprise value will be.

Okay? And this is where my last assumption goes in.

I've assumed that we are going to exit at a next 12 months, multiple of five x ebitda.

Okay? How did I come up with that? Well I had a very quick look at the comms of uh, sketches, right? And you can see at the moment training at about 10 times, you know, on average is about 8.7.

We've obviously got um, you know, a couple other companies in there and I've just taken about a turn of a multiple office.

I mean obviously this has got the offer price in it, but um, but I basically sort of around the multiples of, um, of the uh, sector.

Um, you know, it is a relatively material sector. We obviously still have quite a bit of growth in sketches itself, but I've assumed we're gonna sell on nine x um, NNTM ebitda, which means I can calculate this by saying take the EBITDA for year six.

So here's my year six EBITDA. There we go.

Add the cost savings.

'cause obviously if I cut costs I will have more EBITDA because we are assuming we're cutting operating costs.

And then I'm just gonna say times the nine times, um, assumed exit multiple, okay? So what does that give me? Well that gives me an enterprise.

So I add exit. So in five years time of 14 billion, I've just expressed it as a multiple of year six ebitda.

Now if I at this point still owe 4 billion, then I can calculate how much the equity is worth.

14 billion minus the 4.7 billion will give me the implied equity value of what belongs to the private equity fund at the end of five years.

Okay? I know that my private equity client or my private equity fund has a target of 20% IRR, which means if I discount this by 20%, so one plus 20% I will get to the amount the private equity fund can put into the deal.

Let me just reformat this, hang on a second. One more time.

Here we go. This is how much of an equity check I could put, oh, hang on a second. That was, I should have put, sorry, I misread this. This is my 20%.

Okay, so my 20%, uh, IRR requirements.

So let me just do that for me again, divided by one plus 20% to the power of five.

'cause remember we are exiting at the end of year five.

So the equity check I as a fund can put into the deal is 3.7 billion.

Okay? So the question is now what does that mean in terms of enterprise value? When I want to go into the deal, so the EV at entry is the amount of debt I can raise.

Remember that's based on market conditions, you might be possible might be possible for you to get a little bit more, okay? Particularly if you're involving, um, private credit.

And I'm going to add into it how much the private equity fund would be willing to put in, assuming that they can get a 20%, um, return from, um, the investment over five years.

Okay? So that means that the enterprise value at entry is 9.4 billion.

Okay? So I've now said we believe the enterprise value, which is net debt plus equity can be 9.4 billion to acquire this business.

Guess what I did then I had a look at what, uh, 3G is actually paying for sketches, right? And I've just put the numbers down here.

So let me just move this up here.

So the offer, and we are coming very close, which I really amazed me, the offer by 3G is 9.4 billion equity value.

Okay? So that's for the market capitalization.

For the shares of sketches.

However, I then need to add my debt and I've assumed that the cash is operating cash, okay? 'cause I, I don't have enough information.

So I've assumed the cash cannot be taken out of the company to repay existing debt.

Now we did everything at year end 2024 and the short term debt is 33.4 million.

You can have a quick look that you can see this um, here in my numbers.

So if I just move to the right, um, you can see that the short term debt, here we go.

It's all in thousands. So just be careful.

That's 33.3 million. Okay? So my short term debt is 33.4 million and my long term debt is 68.5 million, which means the end price value of the deal, assuming the cash and short-term investments are operating items.

'cause it is a retail business, it's 9.5 billion.

Look what we came up with, 9.4 billion and I did not fudge any numbers because I used all the numbers from FactSet and report to financials, which means this approach works to assess very quickly if you can do an LBO in terms of, in terms of um, a transaction.

I'm just gonna quickly finish some of these uh, multiples down here.

'cause obviously I'd like to crosscheck against, um, against um, um, the exit multiple.

So my Altium EBITDA multiple at uh, at uh, entry is 9.1 times and my entry multiple based on forecast ebitda.

So, um, 2025 ebitda if I can find that is 10.1 times.

Okay? So again, within, within reason.

Now I think this is a super way, it doesn't take you long 'cause all you do is hook up some numbers quickly build it out and obviously that, you know, you keep your assumptions, you know, relatively simple and then you can refine them as you're thinking about, hey I want to structure a deal or I want to talk to a client or I want the fund to investigate this.

So, um, in terms of questions, um, free cash flow forecast plus termin and give the total cash ad enterprise value.

So hang on a second that someone is talking here about um, DCF, I'm not doing a DCF.

All I'm doing is I'm putting cash flows onto, sorry, I'm putting debt onto the cash flows.

I'm leveraging the cash flows, okay? And the leverage comes from the market conditions.

So five and a half x roughly of ebitda obviously that could be expressed as a multiple of free cash flow. And then I'm using the free cash flow to actually, you know, look at how much debt I can repay, right? So whilst it is exactly the same free cash flows in the DCFI am not doing a DCF, okay? I'm using the free cash flow to service interest IE that 369.99 per year and I'm then also repaying some debt.

Okay? And then for the eczema, should we take current multiple maybe under? So in term, that's a great question.

So the question is for the exit multiple, should we take the current multiple? We might overall undervalue back using current multiple. That is a super question.

So generally what we would do is we would initially assume exit multiple equals entry multiple, right? Never higher than that because you are supposed to supposedly buying a relatively mature business, why would the multiple be suddenly higher in five years time? Okay, so your maximum really is the entry multiple.

So I've dialed that back a little bit to nine x just looking at the comms cons.

Um, you know, the sector is relatively mature.

You could then run a sensitivity on saying may what, what is it at eight and a half? Maybe eight x. But you certainly wouldn't assume a higher multiple.

Yes, you might undervalue the deal, but, but that's such a dangerous approach because you're buying a mature business.

Why would your multiple suddenly grow up? Okay? Multiples go down over time as I mature as a business.

So hopefully that's given you a really good idea in terms of, uh, oh, we've got another question.

Should we pay short term debt first before mandatory repayment of long term debt or vice versa? So it depends on your structure.

If you are using a revolving credit facility, then that normally gets serviced first.

Okay? But also, um, you have your senior debt will always be repaid first before the junior debt. That's why senior debt is cheaper, right? It sits higher in the capital structure so therefore it's safer.

But why is it safer? Because it has the first claim on the cash flows.

Okay? And then in E 66, EB at entry, we not add the existing balance sheet debt on top of the LBO debt. That's a really good, um, question.

'cause I'm assuming that I'm buying the business for an enterprise value of nine point, roughly 9.5 billion and that we're refinancing as part of that deal, the existing debt.

Okay? So I don't need to add any of the existing debt into this, uh, earnouts good question.

You could have an earnout on top of this right now that is something completely different to model three, which unfortunately we don't have time for, okay? Because obviously an earnout really is for the sellers of the business.

And uh, and you would then forecast the business plan and you would have, you know, an assumption that if you hit your business plan you get another whatever, three x something or five x, you know, the delta and ebitda.

But it's a completely different, um, approach in terms of in terms of analysis.

The other thing obviously we can do is maybe in the first couple of years the junior debt, which we have up here might have a pick toggle, okay? And might say that actually rather than paying cash interest in the first couple of years, I might preserve cash flow and um, just pay pick.

IE give more paper to the junior debt holders, which means on exit they will get a higher return.

IE that 10% ultimately.

Okay, any other questions from anyone? They're great questions.

Super, thank you so much for attending this very short and quick, um, webinar on, uh, leverage bio analysis.

But I think hopefully it's given you an idea on how you can very quickly assess if you can do an LBO, the two things you need.

You need to have a little bit of market intelligence in terms of recent transactions in the sector and interest rates.

But that's pretty easy to find out, right? Just, just, just Google or chat GPT in terms of recent transactions, okay? And you need some forecast and, uh, otherwise pretty straightforward in terms of analyzing if this is a potential LBO target.

I wish you all a fantastic weekend and hope to see you on one of our next LinkedIn live webinars.

Thank you so much for attending. Bye for now.