Q3 2020 Earnings Call
Ladies and gentlemen, thank you for scanning die and welcome <unk> networks difficult 2023rd quarter results Conference call.
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After the speakers presentation there'll be a question and answer session to ask the question. During the session you will need to press star one on your telephone if you have a fire any further assistance <unk> zero.
Now like to hand, the conference over cure Speaker today like Wiener. Please go ahead.
Thank you and welcome to our network just 40023rd quarter results Conference call and what can you can find our foreign pen you press release and updated about the presentation and the Irish section of a website along with a replay of states call roughly one hour.
Scoring introduced today's moderator I want to send my best wishes to all of our investors analysts bankers and their family.
Very challenging time for everyone and I hope, you're all safe, but taking every precaution ptomaine.
That's for today.
<unk>, Yeah, we'll begin with opening remarks from a couple of third quarter, and New York City progress followed by our Chang or newly appointed see a file for a few of the finance.
People, then provide closing remarks on I'll be out strategy in outlook from Barcelona.
That's for say park.
Terms, but it's cold wet tasks Madison <unk> make forward looking statements regarding off <unk>, including but not limited to statements relating <unk>, there's much drivers apartment building new product.
Work expansion by mobile network, operator, and economic activity.
These another forward looking statements involved with assumptions with an uncertainty that's at fault actual adult cook up from surely from those segments.
So it looking statements reflect the company supplement only as with a bit of the call and the company undertook no obligation to revise are publicly released a result within limitations of is heard lookingstatements in a lot of new information or future about.
Additionally, during today's pollen web.
Management will reference book <unk>.
<unk>, which unclear to adapt to non-GAAP weapons civilization and other supplemental financial instruments.
At this time about trends however.
Good afternoon every one I want to cope ones comment.
This global pandemic Hanson, unlike anything we've ever experience.
Helplessly wellbeing of everyone is our number one concern.
Oh really mean that.
My Heart goes out your employees customers partner shareholder and their family.
These P.C.
Given the nature of our business and the customers reserve.
It is part of the critical workforce infrastructure.
Remained open.
<unk> federal mandate.
C.D.C. recommendation as well as various regulations across the globe, where we have customers and employees.
Doing all that weekend.
Police say during shared customers get the products and services. They me.
Peter This is that our supply chain and logistics seat.
We have many partners and vendors around the world I'd also like to call out global I speak team.
Successfully led the transition.
Remote workforce over just one weekend and our team in the Philippines should be commended as well as they successfully navigated hurdles in the field.
Customer commitment.
<unk> I've been very proud that's how we adopted quickly and delivered.
Now, let's focus on our strong results.
Third quarter revenue was up.
14% and adjusted even thought was that Fourmillion versus Q3, a fiscal year 19.
Balance sheet remains in good shape for cats position is up over 7 million sincere began.
We remain on track to meet our prior guidance deliver $11 million to $12 million I would just leave it off the fiscal year 20.
This is quite impressive considering what we say.
These were the contract manufacturing to to the volatility in Africa, and now cold bit nineties.
Revenue will be down this year as expected for profitability will be.
We are better position going next fiscal year to drive the bottom line.
I believe we're going to see growth as well.
Several actions, we're thinking now that are different from the path.
Initiatives that shouldn't be to new customers better performance.
There are here areas.
But I'd like to highlight before turning the called her.
<unk> My observations on North America, we have a strong presence in North America, and our business and the third quarter nearly days is up significantly.
Expanded into new scale.
Cities and vertical.
False positive achievement the team is not a great job.
Chapter, one and a half quarters it feel I have a better grasp of customer needs and the competitive landscape I believe there are even more opportunities for drugs.
Mobile basis.
Focusing on our value proposition to differentiate.
Certainly don't want to provide.
The blueprint for our competitors, but generally speaking.
Focus on expanding our share of the market you both products and services with existing account.
We're going to go after new customer type, particularly some of the mid sized feels that we've previously would not be too empty better collaboration between warranty sales and marketing leading to commercial excellent.
Commercialization recipe is well suited for the emerging needs pit bull.
G and increase focus on first responder networks.
Second my view on the international market.
Good customers in the market for it.
We all know that in the past we have send depending on Africa topic is now a much smaller percentage of revenue. My goal is to continue to acquire customers. So that aviat is not dependent on any one customer in any given quarter. We're here in the past the focus is mostly bad frontier one service provider.
And let's face it.
Very challenging to replace an incumbent.
The international please where prices off of the fact that we're going to focus on goal with many of our current account and at the same time targets here to service providers.
Some of the larger I see.
We have a value proposition that cannot be bad.
We have not marketed it enough.
Also working with the teams identify new verticals International company has talked about this previously but in my opinion strategy and accountability sort of been different.
Clear to me, what our focus should be on and the new types of.
Businesses. So we should be pursuing I want to write business. So we can grow consistently over the years.
Ugly expenses.
Well pads were instituted over the past two years to reduce pen.
Saddam materialized positively impact the bottom line.
Sorry, three <unk> regarding costs for it up.
Plus we two and a half million will be spent degenerate greater than 3 million an annualized that saving.
The programs, we announced we'll transpire over the next two and a half quarters concurrently we're working on other areas.
Use our son further without sacrificing our ability to intervene and deliver.
Fourthly generating higher profitability and shareholder value.
If you look at the past five years or so Javier did a good job in progressing from a wall speaking entity to a profit making entity prior to the transition revenues were falling margins were low cost is where I can accompany posted losses year after year.
The past few years obvious as good as possible.
Revenue has been somewhat stable that is what that is why I am focused on growth.
Commercialization cut for acquisition Walton currently producing expensive, we have incredible products and services. So we can do so much more marketing or value proposition.
I mentioned earlier, we historically achieve the big deal.
Before we will focus on the opportunity to market and geography work competitors cannot Bachelor in addition to the bigger deal.
Good businesses.
That would lead to higher revenue continued margin expansion and ultimately higher profit abilities to drive shareholder value.
As we get through our yard report through the Kobe 19 uncertainty and drought next year, we'll be talking more about strategy and wins to realize this value.
Going to turn the call over to Irk now to review our financial but I do have a few few additional comments after his remarks earth.
<unk>.
No everyone.
Dream My remarks today that would give you some over a key three you today financial highlights, but it didn't read through all items I think can be found in both are from think Q. impressively.
All comparisons between the third quarter the fiscal 2020 in the third quarter of fiscal 2019 ends between the nine month end. It April 3rd 2020, and a nine month end to much Tonight 2019, unless noted otherwise.
Cutesy revenue, what's up $7.3 million were approximately 14%.
Driving this growth what's the over 30% increase in North America revenue offset by approximately five per cent Remy decline internationally.
Please note the international decline with smaller than what we have experienced in the first half of the fiscal year and the tree key three Latin America, and <unk> return to grill within the up almost 18%.
A few other points you accuse me of fiscal 20 with America comprised almost 61% of total revenue and continues to represent the higher percentage of mix.
Oh, so product sales increase over 18%.
Service revenue increase over 5% when comparing against the third quarter of fiscal 2019.
Q3, gross margins remains strong 35.8% on the got basis and 35.9% on the Noncat basis, both representing a 500 Cindy basis points improvement over Q3 of fiscal 2019.
Q sequel to think gap I'll be expenses were $20.7 million versus $18.8 million and none gap operating expenses, excluding the impact of restructuring charges and ship is compensation, where it $19.7 million compared to $17.9 million.
On the surface or expenses be single bit higher than anticipated, but increases what you've been primarily by payroll costs, because we had an extra counter weak in the third quarter of fiscal 2020.
A certain variable compensation expenses and certain legal costs.
These increases were offset in part by lower aren't expensive do the timing and consolidation of product development activities.
We create restructuring charges of $600000 during the fiscal 23rd quarter.
I would like to reference to form a case filed a much 23rd April 3rd in April 21st that's the address the intent of the program it deleted savings.
He summary, <unk> restructuring charges of approximately $2.5 million inclusive of the $600000 recorded in the fiscal 23rd quarter in with anticipate any like net savings approximately $3.5 million.
We removed about 20 employees drink Q3, and have plans to reduce a workforce, but another 45 employees from Q. for 2022 Q2 fiscal 2021.
We will also be transitioning some positions to lower cost locations and the teams being vigilant in managing our overall expenses.
Big focus for the company.
Q3, and Uncap, then income was $2.2 million computed net loss of $1.8 million for the same period last year.
Just.
Of $3.5 million was up approximately $4 million computer loss of zero point $5 million for the same period last year.
That's what nine month comparisons, although randi with down 2%.
That income improved to $4.1 million from zero point $6 million.
But improved $8 million from $4.9 million for the same here last year.
We can address any question is willing to all result drink <unk>.
Moved onto the balance sheet.
Catching cash equivalent stood at $39.2 million at the end of a third quarter up $1.1 million sequentially in 7.3 million doses fiscal 19 Q. and.
However, our cash might be telling queue for because of potential the late payments from our customers do too cold in 19.
<unk> uncertainty, we suspend it oh stock buyback program.
Nonetheless leak Psycho cash up for the fiscal year and with a cool for improvements next fiscal year.
We we purchased approximately 26000, the sure about common stock in the third quarter and approximately hundred and 28000 shares through the first nine months.
It's a date, we have to spend about $1.8 million in stock repurchases in $3.4 million remain available under the program.
When find the point may 4th 2020, we have successfully we need all credit facility, but see the <unk> <unk> phonetic year two June 2021.
<unk> might prepared remarks, then would turn it back to Pete Pete.
Thanks are just a few additional comments before today.
North America has been strong this year and barring any unforeseen events should be strong and q. for next fiscal year well only immediate concern is the impact of compete 19 not on already.
More about the impact that could be felt with our customers budgets and timeline and the ability to execute field service.
Africa's volatile we all know that we are committed to the region that we'll be looking to expand into new accounts beyond just the large operators, where it makes good business sense.
We are continually support our current pace as I alluded to earlier there are different types of customers.
<unk> sized accounts that we should it will be going after.
He packed region was down significantly through the first half as expected.
Strong volume, which will last fiscal year.
Song Q3, it picks up again and should be a source of growth for obvious to me years because.
Did you pack region is an area that is right for expansion as we have product.
Services and solutions that apply to several geography.
Markets that frankly, we just having capitalized on especially considering our competitive advantage.
And this ties to my number one take away for investors.
Focus an execution.
Going to expand our sales for focus next fiscal year, we're lowering our expenses to drive greater profitability stockholder value. We're building a business model that looks at.
<unk> differentiation, we're going to capitalize on the opportunities where we deliver values.
We are not going to chase business opportunities, where we do not other value proposition.
Derek noted.
Cash positioning queue for might be down sequentially, but we won't be up your over here.
My goal is growth.
As an expansion expense reduction in meaningful bottom line improved.
Operator, we're now ready for pleasure.
As a reminder.
The question at this time, please press star and the number one.
Keypad.
All your question.
<unk>.
When you're first question comes from Theodore O'neill go ahead.
And thanks, congratulations on the good quarter.
Hi, Thanks tail, yeah. So I just have two questions could you give us a little more color on the North American backlogs split between private networks real broadband wireless and my other question is on component supplies did you have any components constraints and a quarter.
Did any of that require expedited shipping for changing suppliers.
So I'll answer the supply chain in or if you could think about how to answer the.
Backlog, so so really during the quarter it was.
You know to put it in on sophisticated way was a giant came over whack a mole and at times, we had components shortages and we were able to overcome most of them you know in a short amount of time, we deployed or.
Operations and supply chain.
To to Asia, where a lot of our component suppliers and where the bottle network and we were able to solve those you know within a week or two rates or or on time delivery was not perfect, but we were able to satisfy a lot of the demand within the within the quarter and you know.
We will obviously aren't supply chain performed pretty well, but this was made us.
Not bad back and think about how we should going forward, how we used to put a more resilient into our supply chain and we're actively doing that so.
Responsive to supply chain question.
It is and it it makes it easy to follow on is whether or not there was any.
Business It got pushed into the next quarter as a result.
Maybe maybe a little bit what I would say that you know we had.
And not really highly material on the revenue line should we get a lot of Pushouts, where we did see some small amount of pushouts wouldn't be on the server side, where no due to cope with 19, either our person or our customers person couldn't me.
In the field to do an installer. So there was a little bit of revenue that <unk>, but you don't.
Not substantial but we didn't see that problem.
Okay. So so this eric here, so from a booking standpoint.
We don't break L.R., a bookings bye bye bye region, but high level.
From a book to build standpoint for Q3, whereas slightly slightly above one and on the you to the basis well above one and I think some of the books that we missed in Q3 will be will be caught up in in the fourth quarter.
One less thing to say about the rural broadband feel too.
Glass couple of weeks of the quarter, we did see demand start to build which kind of wouldn't be logical given given the impact to prove it 19.
Thanks very much.
Mm.
You know next question comes from Tim.
Okay.
Hi, good afternoon.
And congrats on their results.
In a in a difficult environments.
Did see a pretty good as you mentioned, okay and kind of be a pack in Latin America region, I Wonder can give us maybe a little more color there.
And whether you expect that to continue in good physical queue for.
So so all stored in the nourish you can chime in bright so some of the the improvements in if that were really.
Kind of a year over year Com perspective, but we've also been able to win have new wins with with globe in digit shack on our five g. rollouts. So we see our business relationship standing there no no we see a good runway, particularly in Asia.
Going I'm going forward, so and we also have learned.
Some of our value proposition in Asiapac is.
We can extend it within no other countries in the region, where there's hi spectrum cost and our multi band radio so we see us being able to deliver a value proposition in in Asia Latin.
Latin America you know.
I'd say.
I wouldn't say that there's anything extraordinary was just a couple project when or if you have anything to add.
Yeah. So I think the only dealing with the AD is that in fiscal 19, we had a great year with globe in the Philippines Ray. So obviously that went away part of the same fiscal 20, but we started seeing that picking up again.
Two three and the off season competing queue for as well.
Hmm.
Great well, okay. So assuming that we're going to kind of strength maintain this is more about.
Your comments on the release about an eye toward.
Top and bottom line gross and.
Fiscal 21.
And so you know you're looking at a year I guess.
<unk>.
Things you know kind of.
Similar to what we can keep curry.
Where you've got <unk> in North America, and seemingly some pretty positive trends.
And you know, 20% plus decline.
Internationally, some of which appear to be turning around.
I guess you in the context of that performance for fiscal 20.
P. Maybe I'd ask you to try and.
Get a little more specific with regard to.
The.
Growth potential for the company given you know in light of that requirement right double digit North America, and maybe international moving back to.
Growth profile.
Yeah. So you know.
We were thinking a lot about.
21, right. So we don't really want to give guidance until we're through next quarter, but if we do believe that there's going to be gross revenue you know our costs.
Efficiency program, even was slumped revenues should drive an improvement.
In earnings, but with the R. or growth programs. We we see you know the way you characterize it North America is growing we we see that there's still growth opportunities in North America and nope.
Oh you might.
We're going to be Flatish with international, but I I I want to grow in international as well and I think over the last four months we've learned about.
<unk> values value proposition, which before we we weren't as competent in and we think that's going to be able to drive girls and then.
<unk>. It is you know what this <unk> two two.
Consumer and our customers budget, but it did we do return to.
Normal environment I'd be really disappointed with all the good things, we have going inside of our portfolio.
Sales funnel, if we don't achieve group.
So you know give us a little more time for you.
We kind of get down on on the top line number for for next year Tim.
Fairness and just last question for me and you mentioned enough pick with with clothes or gathers fight you related.
Yeah I wonder.
<unk> internationally.
Especially given you know events that occur in months.
Yeah, what have you seen in her car.
Operator.
Hands for five G. deployment.
Have they you know accelerated been pushed out or are there any discernible trend.
So.
Next year.
So so I.
I would say, it's heterogeneous rate some are accelerating in summer pushed out it really depends on the operators.
Budget. So we internationally, we see kind of a big <unk>, but I think also you know like in in Africa. The covert 19 was late to get there. So there's still digesting. It no. That's been part why I want to hold dots on on guidance as as we get through too.
Whatever this new normal is or a steady state post Soviet 19, then we'll be able to see.
If the kind of push out for.
Reaction or if they're real and you know we're hopeful that the acceleration.
We've seen our we'll stick and we we think they will.
Leslie we also see that for private networks is this.
It's been you know on a steady path, but is the covert 19 going to catalyze more investment says says you know telecom and our communication, particularly.
<unk> Oh become more critical.
So that's that's what we're trying to sort out too.
Great. Thanks very much.
Thank you.
Yeah. The next question comes from steep.
<unk>.
Okay. Thank you protect my call an excellent their core.
Thank you.
So I guess a few questions that.
Just go down a little further where did most of our fiscal year. Two 320 20, North American revenue come from.
Or do you want to take that.
Yes, it's mostly coming from a private private network.
Hmm private network, Okay perfect.
I know, we we kind of covered covert 19, some of their effects on installing I would think it would be.
I guess easier with less people around to do some of our work towards that just a matter of getting me.
Customers there and also you mentioned it was a second sum payments.
How's that affecting.
I've seen on what kind of scale and the same size okay.
Okay. So all all or you can do the payments I'll do the install right. So you know.
It seems to do an install it takes two or three people to meet on the field that you will have a minimum is usually somebody from.
I'll be outside somebody from the customer side, so yeah, no you're right.
Tower is you know sort of.
Socially distance, but no company policy, where it emphasizes.
Protection, you know those God got pushed out your stuff from.
Partly oh, it's being conservative and partly our customers being conservative. So the good thing about that is that that demand doesn't go away just moves out a little bit in time and you know.
Two.
Late March.
We we didn't know nearly as much as we do do know now and you know a lot of folks.
Aid with an abundance of caution so.
But that that would describe the the field service push out.
Okay.
Or do you want to talk about cash.
I was on the top of cash so first of all our <unk>, Oh sequentially and 7 million you to date.
And we didn't see because of lockdown.
A lot of the countries, we do you see the customers slowing down and making payments.
Customers.
From home you don't have access to all disappoint docking station to make the payment therefore, they won't be pay us until until the locked down this lifted.
Yeah, but we do believe that we're managing the situation and we do believe that.
Until the queue for cash might be down because of that delay, but for the full year, which to expect more cash to be up.
Yeah right. So most of that most of those people who are laid on payments are overseas to take it.
They are.
Yes, yes.
Okay Alright.
<unk>, where are we on the neck product lines or are we seeing any kind of meaningful contribution to revenue on that at this point or or is that gearing up for 2021.
<unk>.
You know we've announced the multi band that we're having a good traction on that and.
The better we we think that that'll be a margin to create a product and then the second that were you know we highlighted is our frequency a short service that we hope to launch by the end of this fiscal year and you know that would be something that is a software service that.
<unk>.
Help identify and ultimately lead to interference in this particular heard fan so.
We feel that those two products could be a driver of growth in a fiscal year 21.
Okay are we looking at any other product lines from my next year's.
<unk> or separate.
We have a couple of others.
In the pipeline and when we know when they get closer to launch we'll talk more about them.
Sure, but it's far enough so.
T. mobile merger now that we have some clarity is that affecting you and a good way bad way.
Uncertain yet.
Yeah. So we we think that that's going to be and that sort of for us but.
Football, where you can tell there's still still doing.
They're still doing their integration and as they get through the integration and they really money per spend we'll.
After it right.
Right.
Okay fair enough.
I guess the final question.
Where are you seeing five g. going so far North America slow down and you see <unk> really another you're pushed out and is it mostly on overseas story at the moment.
And that's all I got.
Yeah, well I would say them you don't.
We see our our best.
Five g. installments overseas.
We also you don't we see that it's <unk> accelerating in multiple.
<unk> principally overseas, we see the most of them are being built on top of existing sites and what that does is that drive some additional capacity written requirements, which we don't we sell radios into capacity upgrade right right domestically it's hard.
Harder to tell and then you know the other the other thing that I would say is what's L.T. and L.T.V. at dance you know some of our same radios are also a lot aligned with those and sometimes it's hard for us distinguish if it's it's a network upgrade that if it's for g. or five G. and you know.
What what I think five G. does from from a high level is a drive.
It's basically a punk cheaper needing more capacity and that's that's good for us and it's.
We don't we we go live on that we see that it'll help the on the operators compete against each other and drive a reinforcement into man and one thing that I'd like to come back.
Too is you know, our our multi band radio and our product road map huh.
It was aligned with five g., so the more or five d. rules out the better off of the better we're going to do.
Right.
Sounds good has a really good core unfortunately more thanks. Thanks.
Thanks.
Next question comes in.
<unk>.
Yeah.
Hey, Thanks for taking the question then again congratulations on the quarter definitely operationally I think that shows great results too quick comments and questions. One is.
If you could just talk about kind of the shareholder value comment in terms of increasing <unk> you guys see in terms of formulating that you know just keep that in the context of the shareholders been with the company.
Followed them for about three to five years, you know we've heard you know hopefully revenue growth and obviously my marching expansion and cutting off backs, but you can kind of look ahead and see where you think.
Shareholder value will come from and then if we can just talk about.
Some of the things that you mentioned regarding.
Things that were not done previously that you guys see opportunities for I think that someone really struck well with me.
In terms of not accepting status quo. If you can kind of elaborate on that that would be appreciated. Thank you.
So it would you like me to go or you want to go on the.
The stock praise shareholder value.
Well I I think I think from my perspective is how we go about improving the bottom line.
So early and we mentioned.
On the call that we have gone through a couple of restructuring efforts wanting Q3, you announce the bell heck can be done about 20 employees and then that a 45 employees.
Q for through the second quarter fiscal 21 so.
Revenue growth him also looking at how we can continue to cut costs to drive shareholder value.
Okay. So that's that's kind of <unk>.
Perspective on part of it.
The other part of your question is what are we doing different right. So since I've been in the role my focus has been put challenge every costs straight and as we challenged to cost we've been able to identify areas to get it.
Operationally more efficient and that where some of the places where we benchmarked ourselves against the Bachelor the company.
Were you know.
Or cost or are too hot and we're going to we're gonna fix that that's that's the caught sight, but you know let's talk about the biggest problem that if you go back in the 40 years of financials right.
The top line has been 240, plus or minus $5 million and you know there has been cost cutting before I I've gotten here, so and that you know I give give the folks that did that a lot of credit, but the top line hasn't been improve and I would also stayed the top line hasn't been.
Improved and the we haven't gotten paid for our innovation. So we are in the midst of an extensive voice or the customer program. So that we understand where aviat has a compelling but value proposition in a little tidbit would be where there's high spectrum.
Our our high performance.
C.D. radios.
Ever more value than our competition or the next best alternative.
See the multi band radio when I started we were kind of going to go out and look at that.
We we were just going to try and sell that everywhere and.
<unk> higher costs to serve so we are we're going to work to specifically targeted I'd get leverage out of R.S.G.N.A. and then you know on C.F. eight yes, we.
The new product in the pipeline, we we didn't really have to go to market perspective, wieber find out where you understand what the economics, our customers problem and we're going to go after that so I think the kind of put all that in a.
We we want to be commercially excellent and I'll take an expensive view of that we're going to make sure that our sales forces going after opportunities, where we can win and we have a compelling and differentiated value proposition.
Our r. and D. portfolio, we're going for for we spend spend a dollar on hardware software, we're gonna do voice or the customers. So we understand the economics or the customers problem and when we when we deliver that solution. We know that there's going to be demand and we're gonna get paid for that to me and then lastly.
Oh to go back to the the cold it's the by Jane we'd get execute very well, but what what we did differently. In addition to deploying our head of operations in supply chain. During the crisis is we you know typically a business will run it's.
Supply and operation planning on a monthly basis, that's basically matching supply and demand and in the crisis. Because there was you know continuous pop up all the issues. We ran that the science process twice a week, so that we could optimize our supply and demand matching and then identify you.
Issues and rigorously <unk>.
<unk> problem solve them so that we didn't get to the end of the week. The end of the month and say Oh. We've missed this the man. So those are some things that I would say are different and gives me.
Competence that you know outside of the covert 19 that we're going to be able to to drive growth in the company.
Excellent no. Thank you for all that clarity and above the tone, if I could ask a quick follow up if you were to think like over the next three years.
Terms, that's kind of where you see the company growing whether it be operational improvement from the cost site.
Revenue side is it fair to say this year, it's more on the operational costs side with stagnant growth or eliminate growth and then you're beyond the focus is going to be gross and it'd be just when if you didn't see that.
Yeah, Yeah. So so we just had one more aspect right this year.
Working to improve our arts I'll process and make sure that on the demand that we see in front of us that we deliver on right. So we're taking we're addressing costs and I think if you look good are already case the cost roadmap takes us over the next.
Two and a half quarters, so that should fire some earnings improvement between now and then and we need to drive top line growth with the program I just described but I think that's a reasonable waited to to think about it yeah. The way the way you put it.
Perfect paid but still I think you so much.
<unk>.
Yes.
Alright, well, everyone, who joined US thanks for your your attention and your interest in it.
We think that.
Those guys are good on the phone part wasn't gave us things for good quarter wasn't good quarter given the circumstances. So we're looking forward to continue continuing deliver and getting through this cope with 19, driving our costs costs down getting on a on a growth path and then ultimate.
Delivering shareholder value. So thank you.
For your attention and we'll talk to your next quarter.
Thank you for training.
So.
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Yeah.
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