Q1 2020 SIGA Technologies Inc Earnings Call

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Thank you for your patience to see that conference call at the beginning shortly again, we want to thank you for patients and the conference well be beginning shortly.

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Once again, thank you for your patience seek out well be beginning in just one more minute again. Thank you for your patience.

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Welcome to the cigarette business update call at this time, all participants are no listen only mode. A question and answer session will follow the formal presentation.

Any once you acquire operator assistance during the conference. Please press Star Zero and your telephone keypad. Please note. This conference is being recorded before we turn the call over say the management. Please note that any forward looking statements made during this call are based on management's current expectations and observations and our.

Subject to risks and uncertainties that could cause actual results to differ from the forward looking statements for a discussion of factors that could cause results to differ please see the company's filings with the Securities Exchange Commission, including without limitation. The company's annual report on form 10-K further.

Year ended December 31st 2019, and its sepsis split reports on form 10-Q, and form 8-K, I will now turn the conference over to they'll go Miss Chief Executive Officer, I see that you may begin.

Thank you for taking the time to join todays call today I'm joined by good luck, sorry, our CFO and Dr., Dennis Ruby our Chief Scientific Officer. We're pleased to have this opportunity to provide a business update on this call Deanna will be providing an update of our Q1 financial results recent orders for T. parts from the Canadian military and BARDA and expectations for.

Weighted to these orders Dennis will then provide an update on our post exposure prophylaxis program for Teapot, other R&D activities and targeted regulatory submissions for keep us.

Before I hand, the call over to our CFO, Dan lots are I would like to provide an update on so you got any impact to the Tobin 19 pandemic on our business. The global pet doesn't have to cope with 19 has reminded all of us how devastating a highly contagious infectious disease can be keep both human lives we live in the economy.

Our cost so with so many that had been dramatically impacted here in New York and around the globe by this devastating disease and with our partners in the U.S. government, who are working tirelessly to develop the tools that help bring this fantastic under control even more so than prior outbreaks like Sars, a bolus beaten mergers that reminds us as a nation that we must.

For Pandemics added is as it is not a question, yes, but when we may be faced with the next one as many have pointed out including Bill gates in a recent televised discussion. We are fortunate cobot 19 is not the most definitely have done if we could say smallpox would be even more disruptive with a 30% fatality rate and likely higher expense miscibility tools.

Like vaccines and treatments are critical to mitigating not only to help impact of infection, but also the fear of in reaction to infection that can decimation shutdown condoms as a result of the scan data. We believe we will see renewed focus on preparedness globally, including smallpox.

Operationally to see though we fortunately have not been adversely impacted any material were staffed by the pent up all of our employees are able to perform the majority of their work remotely as we have followed local guidance from New York and Oregon for social distancing closing offices to all but essential personnel.

Our supply chain for T. Pos continues to operate with our senior staff overseeing manufacturer of remotely as our partners have implemented policies and practices to reduce infection risk after facilities.

We are manufacturing timeline for deliveries under the BARDA contract has not been materially impacted.

Needless to say, we will continue to monitor the situation closely for our programs that have clinical trials, such as post marketing commitments required by the FDA approval well see pockets, we do anticipate potential delays due to the cobot 19 pandemic based upon adjustment that must be made to protect the safety and welfare oppose subjects clinical trial sites and there.

Partners.

Lastly, our results and expectations have not been adversely impacted by the pin down to the orders for T. parts from the Canadian military and barter recently issued on the terms, we expected, although the timing wasn't likely delayed somewhat due to the focus of government staff on cobot 19 programs and responses.

We have not applied for or received any funding under the terrorist attack and have sufficient cash for operations in key initiatives.

We'll continue to closely monitor all the pandemic related legislation to determine if any may impact SIGA as part of our multiple U.S. government contracts.

One point I would like to emphasize is that given our financial strength and discipline, we are well positioned to weather. The uncertainties are that the dam active tend to pursue opportunities that we expect to arise given the heightened focus on health security and the need for preparedness.

On the international front, we do anticipate the outbreak will delay near term discussions with international governments on the sale of Teapot as the same organizations that would buy keep OXXO usually the organizations that are responding to called the by team.

Although it is delaying immediate discussions we believe the pandemic will ultimately raise awareness of and highlights the importance for smallpox preparedness and then the long term will be a driver for additional international sales.

Finally, we're also continuing to examine new opportunities to grow our business as the U.S. government expands its response to the cobot Nike pandemic as we've said previously we have us front platform. It see different development its stockpiling of products in partnership with U.S. government and we'll opportunistically look at ways to bring assets onto our platform, where they could be accretive at this point.

I'll turn the call over to Dan for financial update.

Thanks, Phil.

The first quarter 2020 figures revenue was approximately $2.6 million.

Lastly in connection with research and development activities.

Pre tax operating loss for the quarter was approximately $4 million and there's a loss per diluted share of 11 cents per.

<unk> per share calculation includes items, such as adjustments to the fair value rewards costs in connection with the recently retired term loans and benefit from income taxes.

We ended the quarter with approximately $77 million a cash.

And cash equivalents.

Change and the cash and cash equivalents bounce for yearend for from yearend primarily reflects the repayment of the term loan in March of this year.

We're going to the repayment of the term loan seeking repurchased approximately $1 million of its common stock in open market transactions.

After quarter end and April the company May two important announcements Earth and asset the Canadian Department of National defensive where did the contract representing the first international waterfront real cheap stocks.

Second it was announced that BARDA has exercised procurement options under the 19 see contract for the delivery of approximately 363000 courses of royalty pocs.

With respect to the Canadian military contract award.

The Canadian Department of National Defense or C. D. N D purchase up to 15325 courses or a t. pocs over four years for a total value of $14.3 million.

This equates to approximately $930 per course.

Well just minor ancillary costs.

Under the Canadian contract, there's an initial purchase of 2500 courses for $2.3 million.

These courses are expected to be delivered in the second quarter of this year.

Meaning purchases under the contract or at the option of the C. D N D.

And are expected to occur after regulatory approval of royalty packs in Canada.

As a reminder, right in medical technologies Inc. is the counterparty to the contract and SIGA is responsible for manufacturer and delivery of for all T. Pocs.

The contract award was coordinated between Seagate and Meridian under the existing international promotion agreement.

With regard to the BARDA exercise of procurement options under the 19 see BARDA contract.

You get won't deliver approximately 363000 courses if we're on T. pocs.

The value of approximately $101 billion to the U.S. government.

Consistent with expectations communicated in their last investor call in March.

We expect to complete delivery of these courses like April 2021, with deliveries to the U.S. government to start in the second quarter of this year.

This concludes the financial section of the call.

At this point I will turn the call over to our Chief Scientific Officer, Dennis Ruby.

Well discuss their post exposure prophylaxis program for tea products.

R&D activities and targeted regulatory submissions for tea products.

Thank you Dan.

I appreciate this opportunity to spend a few minutes updating you on some of cigarettes ongoing development and regulatory activities.

Let me start by disgusting post exposure prophylaxis or pep for oral cheap bucks.

As background in 2018 oral T. box was approved for the therapeutic use in patients with symptomatic smallpox.

Due to the prolonged incubation period after him smallpox, which is even greater than the challenge is being experience currently covert 19.

Modeling by Us and others has indicated that the greatest impact that T box would have on reducing morbidity and mortality would be to use it for post exposure prophylaxis.

With that and we have received a contract from the Department of Defense Joint program Executive office for chemical biological Radiological nuclear defense through the medical CBRN Defense consortium to support studies necessary for regulatory filing for an expanded pep indication we have all.

Already had a dialogue with the FDA and believe we have an achievable roadmap for Pep approval.

We're currently planning for human clinical study the test how co administration empty parts together with smallpox vaccine might affect acquisition of a protective immune response.

The Pep work represents an exciting opportunity.

In addition to Pep, there's other work ongoing in connection with oral cheap blocks as background. What do you have to use approval. In 2018, we were tasked with for post marketing commitments, which are supported by our contract with BARDA.

This score, we're making excellent progress towards accomplishing these tasks.

First we've established a field study protocol for collecting and analyzing data India event, t. boxes deployed and used as smallpox patients.

Second we in our colleagues at the centers for disease control have completed genome sequencing and drug sensitivity testing on additional previously untested strains of rival virus containing variants of the T. pocs target protein.

All the variance were found to be sensitive to the drugs.

The final report has been submitted to the FDA for their review.

Third we've conducted and completed in vitro analyses for potential drug drug interactions. We're now poised to expand this analysis into a clinical study and have concurrence from the FDA our proposed clinical protocol.

This trial of course is on hold until the current cobot 19 pandemic is on the Wayne and clinical trials can safely resume.

For after demonstrating that mixing t. parks capsule ingredients with food or drink, what's not adequate for dosing patients under 13 kilograms. DFT has agreed that it alternate pediatric formulation is needed.

With that in mine, where in the early stages of developing a powder for re constitution for this use we believe this program has been fully funded through the end game by BARDA through an option exercise earlier this year.

John clinical work, we're also very busy on the regulatory front.

First we're preparing a month marketing authorization application M. A submission for the European Medicines agency email.

We have a pre submission meeting coming up shortly and barring any unforeseen circumstances, we anticipate submitting that completed application for a review under the exceptional circumstances pathway and the second half from 2020.

Second we're preparing an extraordinary use of new drugs you indeed application for submission to help Canada. We've executed our pre submission meeting and are on track to submit the completed application as early as Q4 2020.

Note, both the E.M.A.M.A. and health, Canada E. U N D are seeking a broader indication for use against all the human ortho pox virus pathogens, Xennia, how pocs monkey pox and for Iowa.

If granted this will allow t. box to treat patients infected with these agents in particular, how pocs and monkey pox, which have periodic endemic outbreaks in Europe and Africa, respectively.

Third and finally, we are pushing towards the finish line with the Andy a submission for the Ivy formulation of T. box, we've already received our pre Andy a CMC and pre N D. A bio medical meeting feedback we plan on filing the IB India in late 2020.

I'd like to know that the carpet pandemic has impacted the way we work with regulatory agencies, we've had several face to face meetings moves toward conferences or written correspondences, but today, we have not seen any impacts and timeline aurs seeping into substantive Ted feedback that we need to continue to progress our device.

<unk> programs.

So in summary.

The R&D group in cigarettes are working hard towards expanding utility of T. pocs for new indications and formulations and to gain approval and additional jurisdictions to allow for its eventual acquisition and use in biodefense and it gets emerging ortho pox virus infectious disease.

Thanks for your attention back to you Phil.

Thanks Dennis.

As I mentioned in my discussion of code at 19 impact one area that we anticipate potential impact as clinical trials, we plan to initiate our Pep study this year, but we may have to push that out given the ongoing cobot 19 infections. Fortunately as we've discussed previously previously the U.S. government would be able to make purchases for an expanded stockpile prior to label looks.

Spansion approval by F.D.A. for the Pep indication in other words, we would not expect temporary delays in clinical trials to materially alter pep discussions with the U.S. government regarding potential incremental stockpiling.

In summary, we will continue to drive value for our shareholders on the operating front through delivery of oral T. box courses with the value of approximately 101 million to the U.S. government by April 2021 with delivery starting this quarter of 2020.

Delivery of our initial 2500 course, T. Pocs order to the Canadian military.

Pursuit of additional international sales with Meridian.

Seeking approval for label expansions for Pep and other Orthodox viruses.

Expanding and supporting ongoing oncology collaborations for T., pocs and leveraging our capabilities for new formulations and products.

Additionally, we will continue to pursue value creation through disciplined capital management efficient operations and strategic initiatives on the strategic front, we believed that the government's heightened focus on health security preparedness has the potential to create attractive investment opportunities for SIGA, given our capabilities and extensive expertise working with the government on public health care.

Peronists.

This concludes our prepared remarks, and we will now begin the today's session.

Thank you.

I'd like to ask a question. Please press star one I knew telephone keypad, they copper beach until the end. He your line is in the question Q.

You May press star to if he would like to remove your question from the Kim and for participants using speaker equipment.

The necessary to pick up your handset before pressing the star skis.

One moment will be poll for questions.

And our first question.

From Joplin.

And with Raymond James Please proceed.

Good afternoon guys.

Good afternoon, what Logan stare okay.

I have a question on the the exercise that you just got.

And if it's my understanding that there is what.

Three more.

Trenches of exercise on this contract on the 19 seep contract.

That's correct.

That's correct.

And.

Will the exercise of the next option.

Well be seamless or will you have to wait that's a period of time or because it.

It seems that okay.

We're finished next April go you have to wait.

Three months or six months before the next one is exercised.

So I can't think thanks for the question I appreciate that.

If you look at the way our contracts structured as you know there's a series of options, which would be allowed to be exercised when they have the funding historically, we've been monitoring how these options have been exercised on other contracts and for the most part the option seems to be exercise pretty close to win the come.

But he is scheduled to supply product of the stockpile I think as most people know it takes us quite a few months in advance to be able to make t. pocs and we've certainly communicated to.

To our stakeholders in the government, we would prefer to have options exercised well in advance. So we can do planning.

And be able to have assurance when we're ready to deliver to the stockpile the options exercise, having said that historically they've also been limited by their annual funding and so they've had to exercise them fairly routinely so I'd like to think with the increased focus on pandemic preparedness, we would see options exercise sooner than close to.

Deliveries, but we really don't have an assurance of that so we'll be having discussions with the government Ah continuing but I would expect a as we said we'll continue to deliver this tranche or product through April next year, a and we'll have to continue to monitor another option, but I suspect it'll probably be around that time next year. When we finish this option.

We would see other options come in but we'll certainly keep everyone posted on our Investor base. Thank you Lucky.

Can I ask another one.

It will give you one more how's that I can appreciate [laughter].

Just one that's.

Okay.

Because of the current pandemic with Cobot 19.

First responders or err on the front lines.

So what would happen if.

There was a smallpox outbreak.

How would we protect our first responders.

So it's it's a it's a great question and I think you've hit on a very key population that during a pandemic are most at risk went to a infectious agent is detected and the counter measures are not deployed and that's a perfect example of why post exposure prophylaxis.

So critical.

So in the current circumstance our product to stockpile by the U.S. government and they of course have plans in the event of an outbreak to deploy the drug to be able to get out the first responders a into those that might be impacted so certainly the government's plans would be first and foremost in doing that I think though you're probably alluding to.

A more broad question, which is is the stockpile the rightsize and can states in first responders or rely on that stockpile and I think unfortunately, the current pandemic I think some first responders would probably say there's opportunities to improve that system and perhaps had forward deployed products in.

Local jurisdictions, and especially with the first responder community. So I think the world has changed with the recognition of that and certainly we've been looking at how we might take advantage of that and be able to provide product to folks like that a in the future. So it's a it's a really excellent question and one that I think in the put in the lessons learned from.

This pandemic, it's going to be a very important point.

Thank you.

Thank you very much working.

Our next question is from Chris Thompson with such capital. Please proceed.

Hey, guys. This is this is Paul Saunders on Chris is line.

Thanks, very much for doing these calls they're really helpful and congrats on the options exercise.

That's exciting just to kind of a housekeeping question on that I noticed in the balance sheet. It it looks like at a good portion of that.

Option is already manufactured and inventory and so just in terms of.

Kind of delivery cadence into the stockpile you said going to April 2021, I mean is is there any way to accelerate that at all or is that BARDA is chosen timeline.

Hey, Paul Thanks, So much for the question I appreciate that and as we as we talked about in our last call in of have put in our filings. The the delivery schedule is a function of a variety of things. It's a function of our production schedule. It is a function of the expiry schedule.

In the stockpile in BARDA is or interest in taking and then ultimately it is a function of the sites being able to take products. So we've given the guidance because that is how we've worked with BARDA or to be able to schedule. These items, whether that could move around it might move here and there, but that's the overall schedule that we have based on all the.

Factors that I described.

Okay and then just missed one more also if that's okay I did I thought it was.

It was great to see Deo D. A with the additional funding I'm personally kind of surprised at how quickly. They funded the 20 million that they've they've granted to you I mean.

Is that an indication that things are moving faster for you guys on your side and.

In kind of separately unrelated to that as he mentioned just with the focus on preparedness.

Do you see.

Possibility that that sort of an RFP for Pep is accelerated just just due to the pandemic right now.

Yeah. So a couple points and then I will turn it over to Dennis to talk about path and as we talked on the last call. We were very pleased with the feedback from FDA that we're going to focus on a vaccine study, but just to answer your question on overall preparedness, everyone is very focused on cobot 19 right now.

Also we have certainly started to have pep discussions with leadership in the U.S. government. Those are harder to have right now, but I think one of the key drivers that we now have always colored and limited to some extent the stockpiles that are out there where the funding constraints and I think one of the things that we have seen and I think we'll continue to see.

It's people recognize the the cost of not being prepared and that economic impact can be many many many orders of magnitude above the cost to prepare so with we're certainly very pleased that the beauty is found the funding to do this we work closely with them and we think in the long run there's opportunity for increasing preparedness.

But I'd be a it would not be appropriate to say there were having those discussions right now because so many of those people, including D are focused on covert 19 response, so maybe I'll hand, it over to Denis Denis just to talk about the pet program in next steps on that.

Oh, yeah. They are there there's always been an advocate for post exposure prophylaxis and we too we're very pleased that they now are supporting this in real time, a in our conversations with the F.D.A. This is the same drugs. The same CMC same safety. So really we all we need to show his effort.

C plus or minus vaccine.

The FDA has in fact I agree that no more animal studies are required. So we're working hard now DRD to come up with this protocol and moving forward. So that in fact, if approved the drug could be a acquired for that purpose.

Thanks, Dennis Kim.

As a reminder to star one and your telephone keypad, if he would like to ask a question Oh.

Our next question is from Ted between private Investor. Please proceed.

[noise], hi, guys and congrats on the ones who are at the company, let's yes first option exercise for another 19 key contracts.

Well first person I think might be a direct to dance and Dan it's not the revenue that to listen score claim nine.

We had house ware parts part a accomplish this for the purpose of the <unk>. The person I wanted to ask wasn't as noted that that acts that option was exercise, but did you receive the money from BARDA, who are the apart a claim nine so far.

Yes, we did we see the amount. It is recorded on the balance sheet is deferred revenue Oh, because it's connected with the other options and the probably could there be what you'll see as as we deliver product that deferred revenue will be recorded as revenue into the income statement.

Okay, and then how great and then for for a part B C and D. A you are going to recognize revenue second to be point in time, when when you actually deliver the product that's when you'll recognize revenue for each three parts or do you have first option exercise.

Yes, you're correct in that as we deliver product it will come across as a revenues as we deliver.

Okay.

Great. Thank you and then could you quantify the S. Urinary for 2020, a run rate what would be similar to 2019.

Right.

So the way to think about that is a one part.

We have our expenses and then we do have some offset from performing on development contracts or what happened between 19 is we did have a heightened offsets to our benefit related to prior years, though 2016 2017. So in essence, the runway run rate was lower than years prior.

Prior years prior to that I believe so did the net operating expenses were more closer to.

The is slightly less than 20 million.

So.

I do think a 29 team was slightly lower than the run rate. We had the same if <unk> infrastructure that we've had over the past years of years, so anything to the way to really look at it is because accurately because they're going to look at they trend over the past three years and take an average of that and probably hold me sort of way 60 or.

17, 18 or more so than 19.

Great. Thanks for that and Oh my question or so.

Uh Huh option exercise was that has not gone from five shield or from the SNS.

So it was a BARDA contract and there can be a movement of dollars kind of behind the scenes, but we get A.A. order from BARDA historically products post approval are typically funded out of the strategic national stockpile and order.

As a pre ft approval are done by BARDA, but there have been many products that are kind of in a bucket like ours. Soon after apple soon after FDA approval that BARDA and SNS work together on that so it's a BARDA contract. We would expect in the long term, we will be working with the SNS to establish a.

Contract with them to supply the FDA approved products and we'll certainly continue to work on that and get that in place well before we have the options under this contract to be fully executed.

Okay, and then I just have one follow up to what you just said ucaas.

Obviously, yes, I'm aware at that that wants to attract concept. They approved there's a product transition moving from bio she'll signs to SNS funds.

And I did see that asked for earlier this year.

Projected costs.

For various products being transitioned from buyer she'll to SNS and why don't they launch the smallpox antiviral forever.

Or expense from a the S and that's part of Europe turned and $53 million for fiscal year 20 2021.

Several how should we look at that compare to.

What.

You as a company or looking at.

So I think you referring there's a document that's prepared by the overall enterprise called a multiyear budget estimate.

And that is an informal kind of estimate by SNS BARDA, a variety of folks to kind of put items in there on the the nice thing about that estimate is it's not entirely limited by the President's budget. So typically when the president issues the budget ever has the kind of fall.

Under that and not have any numbers out at this is closer to whats called the professional judgment budget it changes year to year and I I won't go into all the details of it. So I would think of it is something that is a bit of a guy but the details on it I changed a lot in there's a lot of puts and takes them things going on behind it I think what we.

That is and I think the most important guidance is that we delivered product previously on this from 2013 to 2017. It expires between 2020 2024, we would expect we would have to go through this entire cycle and have that delivered for the expiring materials and the multiyear budget here and there will change from.

Year to year, but it's certainly it on an aggregate we view it supports.

That exact guidance. So appreciate the question.

Yeah, and I agree with that too I mean, it gives me confidence seeing that having cremaster that.

Could expect a pretty steady.

Action of exercising options like you said 2020 to 2025, so okay, great. That's all I had thanks and and good luck.

Thanks, so much today.

Thank you need you have a follow up from passengers with hedge capital. Please proceed.

Thanks, guys. He I just I'm wanting to hop in the queue don't get a chance to ask Dennis. Many question. So I was just hoping Dennis I thought I heard.

You mentioned I wanted to kind of clarify that you were working with the CDC Oh on on T. pocs its potential maybe with other viruses that are I just wanted to kind of clarify that I heard that correctly and and ask if if you could sort of VIX expound upon that what what types of things are you working on.

Well, we're working on a number of areas, but most important one which you heard was that we had as post marketing commitment to test the efficacy of our drug against additional variety of variants and as you likely know there's only two spots from World War. This work can be done.

In Russia and at the CDC BSL four labs, and so we were fortunate enough that we have a longstanding working relationship and we were able to execute those experiments and complete the we hope the requirement we have some other earlier stage or experiments that more than research side, there were working collaboratively with it on.

Physician to able to discuss those right now.

Okay very interesting okay. That's it thanks.

[laughter].

We also have a follow up from a keen or in with Raymond James. Please proceed.

Just a quick question.

Couple of you use you know your free cash flow that your will have over the next five years.

Hey, what came thanks, thanks for the follow up I'm glad we got you back in I know I cut you off at two question. So I appreciate your getting back in you know as we talked about in our remarks, we we think about how to a capital allocation in terms of long term value creation with our shareholders. So we do have.

An active share buyback program, we do look at Opportunistically, what's available and I think most importantly, we're very pleased to be that position, where we have a strong balance sheet, which gives us the the strengths to be able to look at all those options on the table and we work closely with our board and our management team to look at the best utilization.

For cash and for cap allocation with the outbreak right now I think it's important that we continue to monitor that but we'll we'll continue to look at that value creation as we go for it so that thanks walking.

Right. Thank you.

I did have operator, just a we did have a couple of questions. They that came in from folks that weren't able to join one of the questions was with cobot 19 outbreak, we've seen F.D.A. try and accelerate the development of drugs in new ways to expedite their development and the question really was is there anything in Pep.

That we can take advantage of where that streamline processes that up to your thinking about and in the short term I don't I don't think there is Dennis and I, both talked about they've been very good with us around the plan for Pep development and the one thing we're monitoring closely is whether our clinical studies or might be I have to put.

Be pushed out a little bit to start that but as I said I just thought so want to reiterate we continue to talk to the government, though about procurement under Pat.

And then the I think we talked a little bit about this already but one of the questions was with the refocus on preparedness what is the likely pesos the option exercises and I answered that went already but the one thing I would point out is the options are things that have to be exercised or the each year as we start to.

Yeah, the budget into BARDA to do it but I would also point out that that option mechanism allows them to accelerate if for whatever reason they were willing or want it to accelerate the stockpile. So certainly we're working with them constantly and encourage them to think about increasing preparedness for a variety of reasons and we'll continue to monitor it but I think is.

Several people pointed out they do have a multiyear plan and we do anticipate replenishment between 2024, but we'll look for opportunities to accelerate it.

After you operate or sorry.

Thank you Yeah. We do have one question left from Scott Sibley with Atlas Group. Please proceed.

Hey, guys. How you doing I just had a question about the repurchase. It showed you guys had bought a million dollars in the 8-K during the quarter like 200000 shares or how is it going are you continuing or do you guys stop buying back in light of could the code 19 situation.

So as we as we indicated in the press release and the like we're we're looking at a number of factors to make decisions around share repurchase and will provide updates quarterly and those you know items are do we have an option exercised what is the share price. That's out there what is our need for cash flow. So we'll continue to look at that and then provide.

Slide updates at the end of each quarter as to what those who share buybacks work. So I appreciate the question.

Alright, thank you.

And that concludes our question and answer session I would like to turn the conference back over to fill for closing remarks.

Thanks, I'd like to thank everyone, who joined our call today and I'd like to thank all our shareholders for their support and belief in the vision that is shared by all of US. It. So you got the entire management team is excited about our future and we look forward to providing future updates in the meantime, we hope that everyone stays healthy unsafe. During these challenging times. Thank you again and have a good.

[music].

This concludes today's conference you may disconnect your lines at this time and thank you for your participation.

Thank you guys have a great day.

Hey, Sherri I, just think it seemed to go on.

It's you and Dan looks like he's connected.

Can you put me, but then.

Yeah, I know you said there.

I am here.

Hey, Dan It's David I think I were the only once it or that I left in the call. So I thought it went well.

Yeah.

Good engagement and.

Constructive questions.

Oh I get a.

Good.

Yeah, I mean [laughter] Joaquin was it was you know it's funny delivery, but that's okay [laughter].

Hi.

Please note it for a long time.

Right right exactly.

Alright sounds good well, we're friends over the participant list and once they get the webcast blisters as well so we'll share those with you obviously and.