AmpliTech Group, Inc. (NASDAQ:AMPG) Q2 2024 Earnings Name Transcript August 28, 2024 5:00 PM ET
Firm Members
Fawad Maqbool – Founder and CEO
Jorge Flores – COO
Convention Name Members
Jack Vander Aarde – Maxim Group
Operator
Good day, girls and gents, and welcome to AmpliTech Group’s Quarterly Investor Replace Name, the place the corporate will talk about its Second Quarter 2024 Monetary Outcomes. At the moment, all contributors are in a listen-only mode. Later, we’ll conduct a question-and-answer session, and directions can be given at the moment. As a reminder, at this time’s convention is being recorded. I’d now like to show the decision over to AmpliTech’s administration.
Unidentified Firm Consultant
Thanks for becoming a member of at this time’s name to assessment the progress for AmpliTech’s progress initiatives and to reply investor questions. On the decision at this time are AmpliTech’s Founder and CEO, Fawad Maqbool; the corporate’s CFO, Louisa Sanfratello; and Jorge Flores, the corporate’s COO. Following preliminary administration feedback, we’ll open the decision for investor questions. An archived replay of at this time’s name can be posted to the Investor Relations part of AmpliTech’s company web site. This name is happening at this time, Wednesday, August 28, 2024.
Remarks that comply with and solutions to questions embody statements that the corporate believes to be forward-looking inside the that means of the Personal Securities Litigation Reform Act of 1995. These forward-looking statements usually embody phrases equivalent to anticipate, imagine, anticipate or phrases of comparable significance. Likewise, statements that describe future plans, goals or objectives are additionally forward-looking. These forward-looking statements are topic to numerous dangers that might trigger precise outcomes to be materially completely different than anticipated. Such dangers embody, amongst others, issues that the corporate has described in its press releases and in its filings with the Securities and Trade Fee. Besides as described in these filings, the corporate disclaims any obligation to replace forward-looking statements, that are made as of at this time’s date.
With that, let me flip the decision over to our CEO and CTO, Fawad Maqbool.
Fawad Maqbool
Howdy, everybody. Thanks for becoming a member of our Q2 2024 assessment name at this time, which can replicate our efficiency within the second quarter of 2024 and talk about the corporate’s progress and outlook and market alternatives. For the second quarter, we reported income of $2.5 million with gross income of $1 million. Firm maintained a wholesome gross revenue margin of roughly 42% amidst inflationary pressures. Nevertheless, as a result of important lower in world demand and recessionary market dynamics, we didn’t meet our projected income objective. This financial state of affairs with the worldwide and home markets continues to be an element affecting most of our prospects throughout all product strains.
Arduous to imagine that our largest prospects like Viasat, CPI and L3 Harris Communications, to call just a few, are struggling losses and/or lay-offs. Semiconductor distribution gross sales from our Spectrum division additionally decreased resulting from softer worldwide demand, primarily from Hong Kong, which is managed by China now since there was a sustained excellent storm of adverse market circumstances contributing to our lack of income for the higher a part of the primary half of the yr. We could not have predicted such an occasion would ever happen since now we have by no means skilled this earlier than. Naturally, it is a important consider a lot of our losses. The excellent news is that that is simply — and sure, I’ll use the phrase transitory.
Total, the corporate reported a lack of $1.57 million for Q2 2024 and as talked about above, attributed largely to a mix of sudden decrease world and home gross sales, elevated company bills and our persevering with R&D efforts to maintain licensing and certifications required for growth and pending market launch of our new 5G merchandise.
As of June 30, 2024, we had money, money equivalents and accounts receivable within the quantity of roughly $2.1 million and dealing capital of practically $10 million. Our stock place, nevertheless, stays wholesome with over $7 million of uncooked supplies and completed items accessible to help quick buyer wants. Firm is able to service prospects as regular demand for our merchandise is anticipated to renew within the upcoming quarters. We’ve got began seeing an elevated stream of RFQ actions because the starting of third quarter. We’re assured that the investments we have been making in new merchandise ought to generate greater returns and profitability for the corporate. Our merchandise are designed to be not solely innovative, but additionally light-touch labor and supported by the automated holding and different capabilities of the multifunction CRM system now we have in place. Our objective is to decrease our value and improve our revenue margins.
Trying forward, listed below are some key highlights to supply some income steering for the upcoming quarters. In our public 5G enterprise phase, our Large MIMO ORAN 5G, 64T/64R, plenty of numbers, mobile radio, which is designed for towers and base stations is in its third month of testing on the OTIC Heart at Northeastern College. The College by the way in which, is powered by AT&T and Verizon. It is essentially the most superior radio of its type to exchange present 4G LTE and different out of date gear and is transferring flawlessly in direction of completion earlier than the top of the yr. It is deliberate for full deployment in public 5G networks on public MNOs, these are cell community operators like AT&T, Verizon and T-Cell to satisfy the mandates to supply open, versatile structure developed primarily by US firms. As such, it ought to be famous that AmpliTech Group through it is AmpliTech Group True G Velocity Providers division is the one US-based Large MIMO ORAN 5G radio and community gear supplier. Simply consider what this implies by way of aggressive edge and potential market seize for AMPG. This positions the corporate to exchange present gear from overseas distributors resulting from safety and different financial considerations.
Moreover, in our personal 5G enterprise phase, the corporate has now developed a full end-to-end personal 5G license product answer. This providing integrates superior ORAN radios, central and distribution models, antennas, core servers and addressable vary of FWA or fastened wi-fi entry units delighted tailor-made for numerous deployment eventualities, together with buildings and residential properties. Sure, I did say residential properties. FWA replaces cable and fiber-to-the-home or enterprise and makes high-speed connectivity nearly cable free. This implies obsoleting cable or fiber options. It is a main monetization alternative with massive volumes and large complete addressable market and income potential. AGTGSS personal 5G end-to-end answer is designed to fulfill burgeoning demand for dependable and high-performance 5G networks exterior conventional mobile infrastructure. And by 5G networks, I imply by 5G, not 4G LTE or some enhanced variations. By combining the state-of-the-art {hardware} elements with knowledgeable planning and optimization providers, which the AGTGSS Group gives, this ensures a seamless deployment and operation of personal 5G networks delivering True G Velocity Providers exceeding 1 gigabit per second information speeds. These personal 5G networks can be in airport, airways, mines and et cetera. So there is a huge demand for companies to have their very own personal 5G networks.
The corporate expects to announce inside the subsequent couple of months, key relationships and preliminary key 5G deployment contracts domestically and overseas. So please keep tuned. At the moment, our prospects at dwelling and overseas are likely to take lengthy summer time holidays. And a few of our buyers prefer to take their tax losses. So they do not let drop in our market cap stall you. It ought to solely be once more, transitory. The remainder of the yr ought to present — show to be very thrilling.
Now I might prefer to shed some gentle on our AmpliTech Inc. enterprise segments. Excessive-performance satellite tv for pc floor station LNB. The LNB is a key part that’s positioned on the heart of satellite tv for pc dishes that allows all satellite tv for pc communications and subsequently, represents a big progress alternative as a result of ranges of anticipated income. You have all seen these massive dishes, you’ve got seen the TV vehicles exterior transmitting, they’ve the dishes on high and the little white field within the heart. That is what we’re speaking about. The corporate has additionally made strides in driving demand for its new LNB product strains. Benefiting from its low noise proprietary know-how, these LNBs present satellite tv for pc firms with unparalleled efficiency. For instance, the Ku-band LNB market measurement was valued at $103.2 billion in 2023 and is anticipated to succeed in $156.1 billion by the top of 2030. With the corporate’s newly launched low-noise superior MMICs, from our MMIC design facilities, the efficiency of those LNBs are unparalleled on this business, giving us a marked benefit over our rivals. Firm has been actively quoting these LNB options and anticipate gross sales for our X-band, Ka-band and Ku-band LNB product line, match or exceed all common LNA manufacturing gross sales inside a yr from now.
Once more, it must also be famous that our firm is the one US-based designer and producer of those high-performance LNBs. These are utilized by many satellite-enabled firms in GPS, content material streaming for cinema in TV, information distribution, high-speed Web and even airline Wi-Fi. These are only a few. There are lots of different navy and industrial industries representing one other massive monetization alternative. Just like the 5G options, now we have an identical distinctive technical benefit over different business gamers. So we’re by no means a me-too product.
Cryogenic energy provides. The corporate additionally lately introduced the discharge that’s line of cryogenic energy provides for the quantum computing business. These new models complement this line of cryogenic amplifiers and are being quoted as a set to prospects. Our AmpliTech Inc. division additionally take orders for its cryogenic amplifiers throughout this quarter, marking a milestone for the corporate. The primary order was awarded from a serious main quantum computing firm inside the US. Presently, there are solely two producers able to supplying the required low noise efficiency at subzero temperatures. One is positioned abroad and the opposite is AmpliTech. Once more, this makes AmpliTech the one US-based home producer for these kind of cryogenic merchandise. As soon as once more, that is going to be a big issue for the corporate to acquire a management place within the quantum computing business and offers AMPG a big aggressive benefit to be a number one enabler for next-gen AI and computing — quantum computing purposes.
MMICs and chips. Our AGMDC division has launched over 100 new MMIC and chip merchandise since its inception. All these configurations can be found now on the market at our newly accomplished on-line retailer, the place prospects can readily take part within the superior efficiency merchandise on-line 24×7, thereby resulting in a continued stream of income for the corporate. Our world distribution associate, CDI, which distributes regionally and overseas, offers native customer support and utility help throughout the Americas, is actively advertising our merchandise, which incorporates out of date alternative elements from massive semiconductor firms not manufacturing these merchandise. This opens up much more alternatives for our MMIC division. As well as, our AGMDC heart has the potential of designing customized elements. Most lately, our AGMDC division acquired and carried out a customized design for a well-funded area firm start-up, which the corporate believes we’ll win their program. This mission would require lots of of hundreds of MMIC elements to be equipped over the subsequent two to 4 years. Along with this, our MMIC division is designing essentially the most superior chipsets to construct into our personal 5G merchandise to additional differentiate us from our competitors by way of velocity, throughput efficiency and reliability of the 5G gear. That was a abstract of among the merchandise now we have been investing in to align the corporate with exploding business demand for modern and disruptive know-how. These merchandise have excessive margins, excessive volumes, high-performance differentiation and greatest at income leased to near-term profitability as a result of very massive TAMs for these markets. Moreover, on 5G initiatives, the corporate plans key world commerce present participation to advertise its 5G suite of merchandise and new disruptive know-how. We’ve got simply begun that 5G advertising. It is in its infancy, however we plan on rising that aggressively. I’ve stated rather a lot, and I totally hope all of you perceive our dedication for achievement.
In closing, we’re proud that our funding in our analysis and product growth efforts have yielded modern know-how that can drive our income progress for the subsequent few years and past. Our merchandise enhanced our purchasers’ whole communication system and our dedication stays unwavering to help our purchasers in shaping the way forward for communications and thus enhancing the standard of life for everybody. Our staff has been working relentlessly to develop the bottom noise, lowest energy dissipating amplifiers in the marketplace, and these are included in our new 5G and wi-fi infrastructure merchandise and MMIC design for the satellite tv for pc, wi-fi and 5G markets, together with the superior navy and industrial markets. We have additionally expanded into the design of full-service true open radio entry community, ORAN private and non-private 5G community deployments, precise deployments. These choices are innovative end-to-end options. We’ve got painstakingly developed strategic partnerships with giants of the business. We now have a completely licensed end-to-end personal 5G answer we’re providing to the 5G market. We only in the near past launched information on our first MoU to deploy a home personal 5G community on the West Coast. Furthermore, we’re excited to be bringing these merchandise to market at a time that the 5G infrastructure market is projected to succeed in $99 billion by 2030 in keeping with business analysis. This large progress outlook reaffirms our perception within the important potential of our product line to serve this market. Regardless of the weakening financial traits skilled throughout this preliminary six-month interval, we stay optimistic about our gross sales prospects. We anticipate that world demand will bounce again as market circumstances enhance. Our 2024 fiscal yr marks the third yr of our five-year progress plan after we grew to become public. Please keep in mind that we nonetheless have two years left in our plan to understand and generate large worth for the corporate and our shareholders.
From what I discussed, it is evident that now we have made nice strides throughout these preliminary three years after turning into public. Contemplating all the adverse dynamics round our public presence, which by the way has by no means been pretty evaluated by the market even after we had been worthwhile, we anticipate this to alter as soon as we acquire the traction we anticipate within the coming months.
We thanks, as at all times, to your continued endurance and belief. Thanks. We’ll now open the decision for questions.
Query-and-Reply Session
Operator
[Operator Instructions] The primary query comes from Jack Vander Aarde at Maxim Group.
Jack Vander Aarde
Okay, nice. Thanks rather a lot. I recognize the replace. And you’ve got lined loads of floor. There’s rather a lot to chew on right here. Perhaps it might be useful, simply if we might simply sort of examine among the stats and simply common stuff that you just offered just a few quarters in the past and simply get an replace on that in a simplified means. When it comes to the general pipeline measurement perhaps, I believe it was over $120 million about two quarters in the past. I am undecided in case you guys are nonetheless monitoring it the identical means. However are you able to simply perhaps assist us present an simply, like a neater strategy to perceive what is the pipeline at and sort of what you anticipate from a income perspective for the remainder of this yr?
Fawad Maqbool
Properly, first, Jack, that we have been going through heavy headwinds from all sides domestically and total. For the election yr, now we have seen too typically the shoppers pushing out orders many times. So that is what we skilled, that pushes out our personal projections that we have had earlier than. And this case isn’t just right here in our firm, it is in all places, and it isn’t simply associated to the corporate. We have had our contract producers do the identical factor to us and as I stated that each buyer is doing that to them. So it isn’t one thing that we’re simply experiencing, nevertheless it does push our orders and our predictions out. On the nice facet, we’re seeing elevated RFQ exercise in a mix of recent RFQs after which simply refreshing older quotations that we have been speaking about and relying on earlier than that had been pushed apart, however we simply needed to principally refresh the date for them to order. With that stated, our 5G, within the alternative funnel, we see about $130 million in our pipeline of alternatives. Traditionally, we have seen a few 25% conversion charge and alternatives to buy order. So nevertheless, we simply began our gross sales cycle for 5G. We have not been capable of begin due to all these different circumstances and getting licenses and certifications, it takes time. So we simply really feel that we’re beginning out on our 5G division, which implies there is no actual historical past of the conversion for that individual product line. However we will share that this, we’re very enthusiastic about that and our engagements with the big 5G gamers, and we anticipate this enterprise, 5G enterprise will account for at the very least 75% to 80% of our revenues in 2025.
Jack Vander Aarde
Okay. I am sorry, that enterprise that is going to account for that share, is that the 5G total, 5G tariff worth or simply personal 5G networks?
Fawad Maqbool
Sure, 5G total. Proper now, we have simply began to make a dent within the personal 5G enterprise with our new suite of 5G merchandise, however these are predecessor to our industrial 5G, which is the unique radios which are deliberate for city deployment by these MNOs by the businesses like AT&T, Verizon. And perhaps, we’ll in all probability begin doing that internationally as quickly as our radio for industrial purposes, the big radio, the superior radio that will get the place we full our certification and our testing on the OTIC Heart that is in Northeastern College. We have already gotten demand for that very same radio by worldwide gamers that wish to use them for city communities. So it is a world play. But it surely’s laborious to push that in US home markets, though we have been contacted by all these massive guys. However we positively anticipate to see outcomes after we full our testing, we’re in our third month. After our fifth month, which might be finish of the yr and early subsequent yr, we’ll have the certifications and begin receiving orders for the huge MIMO radios. However we must always already begin receiving orders for the personal 5G.
Jack Vander Aarde
Okay. Nice. Nice. And also you stated about $130 million pipeline, give or take. Is that for total AmpliTech or is that for 5G?
Fawad Maqbool
Yeah. It is for total AmpliTech. And as we stated, I imply, we’re changing AmpliTech income stream and product line and market goal focus into 5G and quantum computing and satellites quite than simply amplifiers. We’re changing our connectorized amplifiers and bigger labor-related assemblies into MMICs and chips. That is what the objective was in order that we will decrease the price and decrease the costs and be extra aggressive for our superior know-how after which put it into our merchandise just like the quantum amplifiers and just like the 5G radios and the satellite tv for pc in area in addition to floor.
Jack Vander Aarde
Okay. After which I believe it was two quarters in the past, I do know you simply sort of referenced it as properly in your ready remarks. However by way of the income steering you offered coming into the yr, it was like $35 million to $40 million. Clearly, there’s been some delays with simply throughout all of your verticals. They’re simply delay like throughout the business as properly. It is one thing’s particular to you guys. However simply so now we have an concept that $35 million to $40 million prior information, is {that a} good proxy to consider perhaps to your expectations for 2025? Simply in case you do not wish to present steering, that is advantageous as properly. However simply so now we have an thought of the best way to join the dots again to that unique steering.
Fawad Maqbool
Yeah. I’d simply say 2025, sure. I simply cannot say positively what’s taking place in 2024 due to all that is occurred. However we positively see exercise and we positively are shut to only considering the orders. We have been — as I stated earlier than, we have been painstakingly making these relationships. However for individuals to get to signal on the dotted line, it takes without end, particularly in an surroundings like this or personal 5G is a really, very technical product. And now we have gamers that we’re competing with. However due to our know-how, we’re going to get adoption very quick, there are usually not that many gamers which have that know-how that now we have. So positively this yr, we’ll see the rise in comparison with the primary half of the yr. We will certainly begin to see bookings within the second half of the yr. However positively for 2025, simply $40 million or in order that we projected.
Jack Vander Aarde
Okay. Understood. After which do you additionally anticipate your complete new MMIC line of enterprise that that is going to basically perhaps double the prevailing run charges of the enterprise. Are you going to be experiencing — do you anticipate income to start out trickling in from that in 2024? Or is that additionally a 2025 occasion?
Fawad Maqbool
Yeah. Jorge has been engaged on the MMIC division and likewise some key prospects. I imply, Jorge, are you able to say a few phrases about that?
Jorge Flores
Sure. We have already got some small revenues on the MMICs. However proper now, although, positively, we’re going to expect to ebook this sizable order in hopefully in Q1, which goes to essentially drive the MMIC gross sales for 2025 and 2026. So we positively anticipate an excellent information early subsequent yr.
Fawad Maqbool
Yeah, not in direction of the top of this yr, it could actually occur, however you possibly can’t say something proper now due to what’s taking place. Who is aware of what occurs? We’ve got the election developing. There are such a lot of uncertainties right here that it is uncommon circumstances.
Jack Vander Aarde
Completely. Completely. Okay. I recognize that colour. That is useful. And if I might, perhaps simply circle again because it pertains to the 4G, 5G tower improve alternative, there’s hundreds of those cell towers throughout the US. And I do know you’ve got beforehand talked about — these are greater — this is able to be — you may have an out-of-box answer to improve these towers and it is a greater ASP. It is a huge ticket merchandise as properly. Are you able to simply remind us, is that this a 2025 alternative that you just anticipate to ramp, how fast are you actively focusing on sure towers already and dealing with business contributors or different third events? How do you really strategy and goal that chance? And the way shortly can we anticipate these towers to be upgraded and be recognizing the income for AmpliTech?
Fawad Maqbool
So one, there’s about 1,000,000 towers within the US alone, everywhere in the nation. After which we’re speaking about not simply US, so there’s additionally world. This ought to be rather a lot. Now, while you keep in mind, everybody transformed from 3G to 4G after which 4G to what they name 5G. It was a large deployment, proper? Each firm concerned, together with the tower firms like American Tower and Crown Fort, they had been all experiencing important progress. And I discussed earlier than that the brand new deployment for 5G shouldn’t be even starting but. And it should be larger than all the opposite Gs mixed. So subsequently, we anticipate first, to start out off within the smaller areas from personal 5G. That is why we did this and we licensed personal 5G. We went by plenty of hassle to try this in order that we will begin income streams as quickly as potential. And now now we have really a full complement of merchandise. So we will certainly be capable of begin satisfying the shoppers. However all it takes is the primary proof of idea and present that it is working. Everyone asks the identical query. And we’ll be doing that later this yr and considering a few smaller orders this yr, and it could possibly be huge ones, too. However most of that, clearly, the expansion will are available 2025, and now we have partnered with strategic gamers, these are known as system integrators. We partnered with them and likewise strategic suppliers that make key merchandise just like the software program for all these radios and the spec {hardware}. We’re offering end-to-end implies that we’re offering from the tower to the house CPE gear, buyer premise, which is the wi-fi routers which are very superior they’ve greater than 1 gigabit velocity, and they are often put in dwelling, connecting to a non-public community or public community outdoor with none cables. In order that’s together with Wi-Fi 7 as properly. Wi-Fi 7, you’ve got heard of, that is the brand new know-how. Everybody needs it as a result of it has greater bandwidth and better velocity. We’ve got that already. We’ve got Wi-Fi 7 and now we have CPEs, now we have tower radios, now we have connection to the house wirelessly, every little thing you possibly can consider. So we expect it is a query of promoting, and advertising and model consciousness, and the partnerships that we’re making with the bigger gamers which have really second-tier suppliers that present the techniques. We’re connecting with them to be their {hardware} supplier and repair supplier in order that we’ll receive this enterprise by climbing up the ladder. And subsequently, it is a direct entry to the markets. And it isn’t simply us doing all of the heavy lifting. It is our companions serving to us to get there.
Jorge Flores
I wish to add one thing, Jack. That is Jorge. For the personal 5G networks, proper, along with the improved safety and the info speeds that we will supply our prospects, there may be additionally the monetization side of them with the ability to add subscribers and turn out to be a revenue-based service for them. So it isn’t simply an expense, additionally it is ROI associated as a result of they may be capable of add subscribers at a payment — on the month-to-month payment, similar to I at the moment have in your cable providers or getting a Wi-Fi sign into your properties. So our personal 5G networks allow our prospects who’s going to personal this community so as to add subscribers on a month-to-month foundation, they are going to have the ability to present credentials, consumer names, passwords they are going to have the ability to present ranges of providers, do they need 600 megabits per second, do they need 1 gigabit per second, proper? After which they’re going to have the ability to cost their prospects for this service and we’ll do the upkeep for them as properly. In order that’s why we really feel so excited that now we have this end-to-end, which is totally licensed now and we’re positively chatting with plenty of prospects and attempting to coach the shoppers additionally that this isn’t simply enhancing your safety system, but additionally it offers them with monetization expertise and capabilities all in these networks.
Jack Vander Aarde
Nice. No, I recognize that. And perhaps only one extra query for me. You place a press launch out just a few — I assume it was final week really, the place you introduced your MoU with — for a non-public 5G community. And sort of in direction of the top of that press launch, you talked about, you anticipate perhaps — you anticipate income to start inside this, I believe the present fiscal yr. It could possibly be at worth in extra of $1 million inside — finalized inside three months after receipt. Are you able to simply perhaps contact on that, this explicit press launch on this prior 5G community, that $1 million potential contract, how does that sort of — is that only for the primary section of this? How does this — how do you anticipate this to ramp up? That might be useful.
Jorge Flores
Yeah. For instance, although, this can be a type of tasks that we name like a proof of idea. We use this terminology, seeing is believing, rather a lot, proper? In order that’s why our public Large MIMO radios are present process interoperability testing so we will get these badges, these certificates, so then we will have proof, proper, that what we stated already is do — goes to be licensed. On this explicit case with the personal 5Gs, now we have these very smaller preliminary tasks that we work with the shoppers, proper? So they are going to have the ability to begin doing deployment in phases, proper? So principally, like Part 1 goes to cowl X space on this metropolis. After which like as soon as they see the performance, the info velocity, the efficiency of the community after which we’re going to have the ability to open it up into extra cities. After which the technique, in fact, goes to be rinse and repeat by all their cities, all municipalities throughout america.
Fawad Maqbool
And Jack, to again on that time, the place — I imply, that is coping with really cities and municipalities the place issues transfer very gradual. So now we have to verify we do not know timing clever, issues get delayed, issues will get private, however we positively are there. We’re positively are there and issues will occur, and we’ll be asserting that quickly.
Jack Vander Aarde
Okay. Properly, nice. Look, that is it for me. It appears like there’s plenty of irons within the hearth right here. It is fascinating to trace all of it, however I stay up for watching you guys execute. And in addition it sounds such as you’ll be asserting some official partnerships and potential contracts within the close to future. So, better of luck, and that is it for me. Thanks.
Fawad Maqbool
Thanks, Jack. Recognize it.
Operator
[Operator Instructions] This concludes the Q&A session. I’ll now flip the decision again over to Fawad Maqbool for closing remarks.
Fawad Maqbool
Thanks, operator. Because of everybody who joined at this time’s name to listen to concerning the progress we have made and the plan now we have adopted to additional our firm’s mission of offering the communication techniques of tomorrow, at this time. We stay up for updating you additional on our Q3 monetary outcomes name in mid-November. Until then, please contact us straight if in case you have any questions or want to schedule the decision with administration. Our Investor Relations staff may be reached because the contact info listed on the backside of our press launch. Thanks, and be properly.
Operator
At present’s convention name has now concluded. Thanks. You could now disconnect your strains.
