Q2 2020 Boxlight Corp Earnings Call

Ladies and gentlemen, thank you for your patience you are holding for today's box <unk> second quarter 2020 earnings call. At this time, we are gathering additional participant and we'll be getting momentarily. We appreciate your patience. It asked that you. Please continue to hold.

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Ladies and gentlemen, thank you for your patience you are holding for today's box late second quarter 2020 earnings conference call. At this time, we are gathering additional participants it'll be getting momentarily. We appreciate your patience and ask that you. Please continue to hold.

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Thank you and welcome to the box like second quarter 2020 earnings Conference call.

By now everyone should have access to the second quarter 2020 press release issued this morning. This call is being webcast and is available for replay.

Remarks today will include statements that are considered forward looking within the meaning of securities laws, including forward looking statements about future results of operations business strategies and plans customer relationships market trends and potential growth opportunities. In addition management may make additional forward looking statements and.

Response to your questions forward looking statements are based on management's current knowledge and expectations as of today and are subject to certain risks and uncertainties and may cause the actual results to differ materially from the forward looking statements a detailed discussion of such risks and uncertainties are contained in the company's most recent formed.

10-Q form 10-K, and other reports filed with the FCC. The company undertakes no obligation to update any forward looking statements on this call management will refer to non-GAAP measures that when used in combination with GAAP results provide additional analytical tools to understand the company's operations.

The company has provided reconciliations to the most directly comparable GAAP financial measures in the earnings press releases, which will be posted on the Investor Relations section of the company's website at investors Dot box like Dot com.

And with that I'll hand, the call over to bauxite, Chief Executive Officer, Michael Pope Sir the floor is yours.

Good morning, everyone and thank you for joining the call.

We made significant progress as a company during the second quarter, including closing an 11.5 million secondary offering launching or maybe you can access the platform for virtual and blended learning environments, expanding or sales channel in the U.S. near rationally and acquiring robo three d. and my stem kids, a complete threed printing solution for education.

But the second quarter, we reported revenues of 70.8 million gross profit, 34% adjusted EBITDA negative.

300000, or <unk> point, Threemillion, excuse me and adjusted EPS negative one cents or improvement in adjusted EBITDA and adjusted EBITA adjusted EPS over the same period last year was a direct result of our substantial operating expense reductions during Q1, and the 670 basis point improvement in gross profit.

Over the same period last year. Additionally, we ended the quarter with working capital of 3.8 million its stockholders' equity of 10.7 million.

Our CFO to keep your brown will provide more financial detail shortly during the quarter, we had several new wins, including Hertford County in Maryland Middleton Township.

Middleton Town Township, New Jersey, and weren't sure <unk> in Texas. We also continued to deliver on several key contracts such as Anderson County, and used for County, South Carolina, Huntington Beach City schools in California, San Diego Unified in California, Montgomery County, public schools in Maryland, and Atlanta public schools and Georgia.

Our services Division successfully renewed and expanded our professional development contracts during the quarter and both Clayton County public schools in Georgia, and Phoenix Human High School District in Arizona.

Outside the U.S., our Latin American business continued to grow through key partnerships in Puerto Rico, Mexico in Chile also the largest group of schools in the UK. The Academy is enterprise Trust selected our meal display three and then you will connect hybrid learning platform as a standard across the trust, resulting in one of our largest international opportunities today and our.

Largest implementation of video connect.

We continue doing business with strong partners, such as Central technologies, Howard Technology solutions, Casey Avi Onpoint visual techniques and trucks among others. An addition to the 11.5 billion secondary offering in June we close an offering of 34.5 million in July for a combined total a 46 million a gross offering proceeds.

Positioning the company with a strong balance sheet equipped for future acquisition and joint venture opportunities.

Since 2016, because a total of nine acquisitions and we're currently evaluating several additional M&A targets that would result in either improving our product offerings, we're expanding our geographic footprint and every case, we're considering accretive acquisition targets that are currently profitable.

This week, we formally announced that strategic partnership with Samsung Electronics America. The operator displays bundled with Barclays software and professional development Samsung is a world leading company in Brad and with their expansive resources, we expect to deliver tremendous sales growth through our partnership over future quarters.

In April we closed on the acquisition of Robo three D. A leading brand of Threed printers, and my stuff gets the largest online collection of K 12 stem curriculum for Threed printing. In addition to Threed printing solutions are stem education portfolio includes our my bought robotics in programming system. The lab. This portable stem lab I mean, you document camera.

And award winning stem specific curriculum and professional development.

We expect our stem education division will be grow center WAM hiring today students with technical knowledge required for beyond the classroom.

No Cobot 19 has created significant disruption that education market globally, we are well positioned as a company to provide the solutions educators need to create engaging and collaborative experiences and any format, including in class virtual and hybrid environments.

Specifically, we offer solution bundles that feature both software tools and professional development resources, including customize consulting educator courses and certifications.

This education systems, and they're learning initiatives.

With our improved balance sheet best in class product offering and talented team, we are well positioned and fully committed to drive to driving sustained shareholder value through both revenue growth and improved profitability.

With that I will now turn the call over to our CFO to keep your brown.

Thanks, Michael I will now review, our second quarter 2020 rebuilt revenue for the three months ended June Thirtyth 20, 27.8 million, a decrease of 3 million or 28% compared to 10.8 million for the three months ended June 32019, the decrease in revenues in 2020.

It's primarily attributable to the school closures at the right.

Going to hold at night and global pandemic.

Gross profit for the three months ended June Thirtyth 2020, with 2.7 billion a decrease of <unk> point Threemillion compared to 3 million for the three month ended June 30 29.

I don't think gross margin was 34.4% for the three month ended June 30 2020.

Compared to 27.7 for that but the three month ended June 30 29.

Increasing gross profit was related to the change every product.

General and administrative expenses for the three months ended June 30, 2020, with 3.2 million compared to 3.9 million for the three months ended June Thirtyth 2019. The decrease is primarily driven by reductions and trade shows up your point 3 million in contract Barb.

Three.

Research and development expenses for the three month ended June 2020, with your point Threemillion black simply compared to the three month ended June 20 Nike.

Operating loss for the three months ended June 30, 2020, with your point 8 million a degree.

4 million, a 36% compared to 1.2 million to the three month ended June Thirtyth 2019.

Net loss for the three months ended June Thirtyth 2020 was 1.4 million black compare to the three month ended June 30 2019.

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Ended June 30, 2028 cents per diluted share compared to 13 cents per diluted share for the three months ended June Thirtyth 2019.

Adjusted EBITDA loss for the three months ended June Thirtyth 2020, with zero point Threemillion, a decrease of <unk> point 5 million or 69% compared to 0.8 million for the three month ended June Thirtyth 2019.

Our financial results for the six month ended June Thirtyth 2020.

Yes.

Revenue for the six month ended June Thirtyth 2020 was 13.6 million a decrease of 2.2 million a 40% compared to 15.8 million for the six month ended June Thirtyth 2019. The decrease in revenues is primarily attributable to the school closure as result of the Cobot Nike damning.

Gross profit for the six month ended June 30, 2020 was <unk> point Threemillion, a decrease of 0.4 million compared to 4.7 million for the six month ended June Thirtyth 29.

The resulting gross margin was 31.6% for the six month ended June 30, 2020 compared to 29.5.

For the six month ended June Thirtyth 2019.

General and administrative expenses for the six month ended June Thirtyth 2020 was 7.1 million a decrease of zero point, sixmillion or 7% compared to 7.7 million for the six month ended June Thirtyth 2019. The decrease was driven primarily by reduction in trade shows that the <unk> point Threemillion and contract services.

To your point Fourmillion offset by increases in commission 0.2 million.

Research and development expenses for the six month ended June Thirtyth 2020, with 0.6 million a decrease of 7% compared to zero point Sixmillion for the six month ended June 32019.

Increase in research and development expense was driven primarily by an increase in contract served to offset by decrease in payroll.

Operating loss for the six month ended June Thirtyth 2020 was 3.5 million relatively flat compared to the agreement at June Thirtyth 2019.

Net loss for the six month ended June 30, 2020 was 3.4 million a decrease of 2.6 million a 44% compared to 6 million for the six month ended June Thirtyth 2019, resulting EPS lots for the six months ended June 30, 2020, with 20 to 22 cents per diluted.

Share compared to 58 cents per diluted share for the six month ended June 30, 2019, the decrease in net losses, primarily driven by slight increase of gross profit decrease in operating expenses and increase in other income.

Adjusted EBITDA loss for the six month ended June Thirtyth 2020 was 1.3 million a decrease of 1.3 million or 50 per cent compared to 2.6 million for this big month ended June Thirtyth 20 and 90.

With that we'll open up the call for questions.

Thank you ladies and gentlemen, the floor is now open for questions. If you do have a question. Please press star one on your telephone keypad at this time, if you're using a speaker phone, we ask that well opposing your question you pick up your handset to provide the best sound quality again, ladies and gentlemen, if you do have a question or comment please press.

Star one on your telephone keypad at this time.

We'll take our first question from Brian Kinstlinger with Alliance Global Partners. Please go ahead.

Great. Thanks, so much we schools beginning to open a hybrid approach in our priorities you're hearing from schools and while there's still focused on safety do you expect technology is going to remain somewhat of a lower priority.

And it was maybe in the last few quarters.

Yes. Thanks your question Brian.

That's a good question I.

I think deferred for first comment I would make is you know technology is one of the top priorities right of school districts that right now is you're going back to virtual and hybrid learning.

But the focus of course is on digital technology right last perhaps on in cost from hardware and so there's definitely been shifting focus and how do you teach students in a virtual environment when their home and teachers weren't school in and later, how do you teach potentially students that are both in home and some some students are in a classroom and in some cases right. How do you teach.

Both of those student groups.

In a secret environment, where teachers teach people you know the same timing. So there's a lot of considerations around that I would say the biggest question right now district, so as yeah. Our the how did they effectively leveraged digital technology to be able to provide the best teaching environment for students now that's gonna start to shift right in future quarters is his students go back.

The classroom, there's going to be more focused of course on on hardware and specifically hardware that helped to help to enable that that hybrid learning environment and we speak to all of those we seek to said to digital learning speed to hybrid learning and of course in class learn.

And then can you you mentioned your meal hybrid offering talk about what that product is offering that addresses you know the current environment.

Yes work. So we recently couple of months ago launched or maybe you connect platform and that platform is specifically for for both distance and hybrid learning.

And the platform allows for you know teacher and students to access the platform over the web. It's it's an h. tomorrow, if CMO hi platform. So they can access it across any device and the teacher can communicate with students via video and otherwise and then it has all of the teaching functionality that we have had previously in our other versions of our software.

And then in addition to that of course. It has you know has the collaboration tools. It has a the assessment tools built in and then also teachers can upload and run lesson plans. It created in some of our competitors solution suite or previously they created and in our occupancy software or or maybe it's too.

You know software et cetera, but really it's it's a teaching environment that works over the web where students on can use and teachers can use it and you are having a similar experience to what they were having at least cost as possible to what they were having within the classroom.

Great and two more New York City, we're supposed to be a catalyst.

Three pandemic can you talk about what that what gets you need demands are right now for Ed Tech and do you still see this is a near term catalyst or is it may be I now more medium term for you.

Yes, the answer is gonna be medium term the first half of the year was slower than expected due to colder 19, there was less of a focus in New York City like many districts on purchasing interact flat panels and other classroom hardware and that was my expectation was we were largely Michelle.

A good number of interactive flat panels in New York City now that's starting to shift a little bit and I think we'll continue to that shift even this quarter next quarter, but we don't have good estimation with thatll be but our estimation longer term is still intact that we expect the opportunity to several million in sales into New York City I just by nature being on.

The contract that people are really started to see that Q4 and next year.

Great last question is the gross margin was clearly quite strong and Wow. That's Kishore mentioned the mix first of all can you talk about what was so strong about the next was it services because it looked like software was down and then maybe talk about your thoughts about the gross margin going forward into sustainability.

Yeah, So you're absolutely right about that our professional development services sales kind of went up and those are typically around 70% Martin I had a significant impact on our margin. In addition, we also.

Pivoted to where we held a lot more higher margin hardware products and that had an impact.

Well.

I think what we are anticipating going into the second half of the year, it's why margins to be north.

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Great. Thanks, guys.

Thanks, Brian.

Well take our next question from Jacobs Silverman with Alliance Global Partners. Please go ahead.

Mr. Silverman Your line is now open.

Well move on to our next question from John Noble with Taglich Brothers. Please go ahead.

Hi, good morning.

Into kitchen, and thanks for calling in for taking my questions.

It's a ski you just starting.

Doesn't look in regard to remote versus in the classroom learning if you could kind of give us a breakdown in the right now.

Yes. Good question, John we track pretty closely, especially the top 100 school districts, we tracked very very closely what they're doing and it's been interesting to see over the last several weeks a major shifts right. If you would ask a month ago I would have told you that the vast majority schools would be backing Sasha, but today that debt.

Clearly not the case the vast majority of school districts are going back to a virtual learning environment and many school issues have already done that including school districts here in Georgia, where were headquartered now even though that the vast majority schools will be in a virtual environment. Initially most of those districts have come up with plans of how they're going to go from that virtual into a hybrid.

Learning environment with a specific focus on younger age children I focus on special needs classes, but focus on yourself classes et cetera, right. Those that they believe oh, we very much benefit from in class instruction.

And generally that transition through several phases from virtual to hybrid or in class teaching is the determination of that is based off of a code 19 cases and in the district or in the state and how those cases are trending.

But again you know in short.

Pretty much all school districts going back virtual with some type of transition plan back to hybrid.

Thank you for that and that's what I had probably anticipated in regard to remote learning, though how well has the release of a meal connects been received no. That's just a recent release, but if you can give some kind of metrics.

On that because you know obviously, that's a good portion of your remote sales I would believe.

Yes, absolutely. So my first answer to that is it is one of the most important things of launching you can act as well as our professional development offerings. We're offering is it makes is relevant for <unk> today's discussions. So when you walk into a district or you're talking to our key partners of course, they want to talk about their needs of today and I asked me.

Well talk about a.

Software platform, which we believe is the best platform available and our training and PD resources that allows us a certain habit discussion now the hope is weak. So beyond just go solutions right that we're going to be able to start to sell our hardware solutions and odd and related solutions into those district, as well, but but I would say number one it gives us selling tool and a tool that is.

Person discussion, but then secondly, yeah, we expect to see tremendous adoption and in our first major adoption of connect is gonna be and you heard into an opening remarks is gonna be with academies trust or the academies Enterprise Trust in the UK, which is one of the largest multi academy trusts there and there they are installing our display.

Ways with our meal connect software platform. So that's that's can be good start. We also have another reason when it was actually in Mexico, and we expect to see several different ways not only internationally, but of course here domestically.

But we're early on it right. We just launched the platform, we're having lots of demos, we're having lots of discussions and I expect over the next few weeks for next couple of quarters, you'll start to see a movement with that connect platform.

Thanks.

I was hoping you could talk a bit about your partnership with Samsung obviously, when the headline hit the stock reacted positively.

I'm curious if you're going to recognize any revenue from the sale of displays or is it going to solely come from the Octoplus software sales.

Yeah, we will recognize a revenue from the show the displays as well as revenue from the sale of octopus and the professional training that's going to be provided that is part of that bundle. So all three so we are picking up margin on the on the displays as well.

Right and.

In regard to your growing software and services sales <unk> with higher margins.

What percent would you say of total revenue those just currently contribute and where do you see this year from there.

Yes, so we haven't broken out a software revenue as a percentage of total revenue to this point time, that's something that we've talked about wanting to do in the near future and not only software right. We look at our business based on a few different divisions software being one of them professional services being another division.

We look at displays separate from other hardware high margin accessories et cetera, and then also we look at stem as division right. So those are division. So at some point well start to break those out as far as software, we're gonna see double digit increase in growth and software. This you're absolutely. We expect that we also expect a double digit growth in our our services.

Division as well both of those of course irrelevant. We also expect good growth internationally speaking about geography, but but it will start that will start this year some of those in the future, but as of now I would say, yes, we're gonna have growth.

And we're still we're still nailing down exactly what that's going to look like.

Okay.

Just a large not one for the question.

Brought up gross margins a previously yet.

Let me see 34.4% room, you shouldn't expect the met high but you'd said that north of 30% so somewhere in between like a 30, 34% range, but definitely a higher than 30% going forward.

Yes.

Okay, I just want to make sure great. That's all I have thank you.

Thank you. Thank you.

We'll take our next question from Jack Standard with Maxim Group. Please go ahead.

Good morning, Michael into Kisha, Congrats on the solid results and the Samsung partnership.

Just a couple of questions for me.

Michael first question for you I'm on the Samsung partnership.

I know, it's so new and there's only so much you could probably say right now, but I'm wondering how to think about this strategically and financially.

Maybe specifically how does it may impact your your interactive panel solutions and just kind of strategy. There interactive panels has always been.

Large large portion of your guys is revenues just wondering if there's anything you can talk about how you know Samsung comes into play with this given their establishing the interactive panels space.

Yeah, well historically Samsung it is not been interesting education right. So this is a new initiative for them to step in education.

And we're thrilled I would say that they selected us to be their strategic partner right. So so this is pretty pretty fantastic for us as far as opportunity I would mention that you know you know the size of the Samsung Brad and when they get behind it division I like to have another divisions. The divisions become very very large and so we're expecting I would say initially that opportunity.

He is very is tremendous you know, we're we're hesitant to put numbers behind it but but you can imagine if we're successful with Samsung and education them out of business, we can generate would would be substantially more than than even where we are today. So so that's the potential opportunity in the future as far as the product offering today, we still out.

For our interactive displays a combined with our suite of software, including now we're offering of course minimed connect as part of our shop robbery. The relationship with Samsung is as of now is Burgess bundling our octopus software, which is also a software that we sell already to other panel manufacturers out there and they combine that octopus offer with their panels.

And and there are other brands that are major brands out there using our software. But then also we're combining some online training courses. So that's the bundle as of today in the future, we'll see where their relationship in the partnership goes, but we expect minimum competition or or no minimum cannibalization of existing our exist.

Sales of panels with this partnership we look at it is is almost entirely accretive and then also keep in mind that Samsung organization has a tremendous sales team and then they have a partner network much larger than our partner network as well so we're going to benefit from some of their sales resources and their partner network. In addition to to watch.

Having this bundled offering.

Fantastic. That's that's great news I'm happy to hear that you think you know the minimal Cambodia cannibalization and then also you know Samsung is such a stamp a credibility I I imagine for just box like Brandon just spreading awareness as well have you noticed any increase in interest.

Customers coming to you or districts coming to you now just because of the Samsung partnership just any any comments around how this is helping your awareness.

Yep Yep, so that you're spot on that that's already happening yeah. We're starting to have conversations already with school districts interested in this Samsung box right offering. We're also having a lot of conversations with partners that are out there our partners as well as new partners are coming to us that previously that Samsung partners.

And then and then also you know just a we're hearing a lot of excitement just an agenda in the industry more generally as well about about our partnerships. So I think that there's going to be a lot of intangible.

Benefits that come in addition to the hard opportunities that walking on.

Great. That's that's very helpful. And then just just one last question for me I'm, hoping you can provide a bit more color and a status update just regarding your recent supply agreement and strategic partnership with CE CE financing logistics wondering if you've seen any benefits.

Resulting from this partnership already or you know given.

The tough demand environment currently I'm not sure if there's much to report there, but just wondering if you can provide an update there.

Yeah. So that so that's a tremendous agreement that we put in place that that.

Was put in place to allow us to be able to offer our our inventory to our partners more timely right. If you. If you go back at a couple of months. Even you you'll know that are working capital position was low also our inventory levels were low and.

We were suffering with back orders and long lead times and in some case, even even canceled orders with our customers and so when we put that agreement in place that was going to allow us to be will have inventory in the U.S. on east and West Coast and then we could have timely deliveries to partners based on orders. So it was really kind of a finance arrangement of sorts now that we've raised a bunch of money.

And it's still beneficial and we're still going to use that that relationship, but at but I would say less critical today, because we closed in June and July on $46 million right. So we have a wash balance sheet of course, we have inventory on hand, it coming and.

And we're going to be reliable as far as shipping products as needed and having short lead times and so I feel like that's largely corrected but the biggest driving factor of improving that situation was closing on fundraise I wouldn't take one more comment about that and I can't overstate the importance of us having a better.

Capital position to working capital position today, because if I were looking into the future I think the number one.

Sales driver is just that us being reliable door partners not being reliable historically stifled our sales growth and a lot of those key partners weren't leading with our solutions or were not weren't a or weren't even selling in some cases, our solutions because they didn't know if we'd be able to ship timely or shipping a hole in some cases and so us now having.

Inventory on hand, and having again.

Strong balance sheet, that's going to allow us to go back and Reengaged with those partners and that's not ours to really drive their decisions to sell us over other potential solutions.

Got it that's very helpful and I appreciate the added call there and it's good to see all the positive momentum you guys are building and that's it for me I appreciate the time. Thank you.

Thanks Jay.

As a reminder, ladies and gentlemen, if you do have a question or comment you May press star one and your telephone keypad at this time, we'll take our next question from Allen Klee with National Securities. Please go ahead.

Yes, Hi can you comment on your thoughts on seasonality for the rest of the year. It seems a little more complicated than normal with school year budget, sending sometimes you get a budget flush but then.

Everything that's going on in the current environment and then what you stated about your backlog of orders or two and a half million.

To me that might imply that the next <unk> third quarter might be a down quarter. So I can you help us at all in terms of just how to think about Threeq and Fourq you relative to historical relationships.

Yeah, So I think for the second half we're planning.

Being flat with the second half 29.

So those are probably going to align their from a revenue perspective in regard to the seasonality you're absolutely correct in that we sit down and try to talk about that but with everything covidien.

Extremely hard to take what has historically happen and apply it to this year.

But based on what we've been talking to our sales teams about an order that relationship that are out there in the thing better and and then work.

What we're anticipating it basically saying flat with the second half of 2019.

Okay. Thank you and then on the income statement in the press release it looks like you adjusted some of your June 2019 numbers, there's a node one could could you explain what happened there.

Oh, Yeah, and so we adopted asked me think both it and December of last year, because we were just where margin broke up there we have a little bit longer to adopt so we adopted in the fourth quarter.

So basically for comparative purposes, because we're now operating on a six six reporting perspective, we have to go back and real estate those previous quarters under six uptake. So that's what that is so we just recapping it and if you look at it.

The 10-Q, there's actually a footnote in there that shows this is what was previously.

Here are the adjustments and it's more so for a deferrals and things of that nature to where we have to count with things that are six six now and what has been recorded in.

The Q on the face of Exane.

So you'll thanks.

Okay.

[laughter]. Thank you.

[laughter].

We'll take our next question from Jacobs Silverman with Alliance Global Partners. Please go ahead Sir.

Hi, everyone apologies looks I got disconnected before just one question do you think to Q1 of the bottom in terms of demand or is there too much uncertainty to predict.

Yes, So I had a couple couple couple of comments on that so.

Demand is it's been it's been growing dramatically in fact, there was growth in Q2, and we expect substantial growth into Q3 beyond there just because it's shifting of the solutions that were being.

Being purchased by districts rights whatever the shift to of course from from away from clashing technologies to technologies that schools can use and virtual hybrid environments. So specifically.

Schools of course looking at online platform. In addition to that there was masked buying of handheld devices like chromebooks are laptops for students Whiteside cars, those types of things, where where students we'd be able to access.

Education remotely as far as moving forward, we expect that start to shift back the other way and I think the data supports that looking at the research that we follow we're saying that we're going to see that ship tap and particularly like with interactive panels. For example, if you look at Q2 most of the data we see shows that interactive panels for education.

Dropped by about 20, 20% or that was in the U.S. and globally minus China, they drop about 20%, but but the research. We're seeing is expecting that to narrow come Q3, and then Q4 and beyond we actually expect that to pick up and we're going to see a growth and interactive flat panel demand for next year in the following years.

That's a double digit growth kind of beyond same thing with stem solutions right. There was a decrease in demand for stem solutions, but we're seeing that start to reverse and we think come again next year, you're going to see a increased demand for stem solutions and then also I would put in that same category would be a classroom accessories, which we sell as well right. So so the answer is yes.

Demand slid, but come Q1 next year, I think where we'd be back on pace for solid growth and each of those categories.

Great. Thank you.

Well, it's more ladies and gentlemen, if you have a question or comment you May press star one on your telephone keypad at this time that star one and your telephone keypad.

It appears to me all the questions that we have for today, we'll now turn the floor back over to Mr., both for closing remarks.

Thank you everyone for your support and for joining today on our first or on our second quarter Conference call. We look forward to speaking to you again, an art and in August when we report Oh. This is the last year.

We look forward to two reporting our third quarter results and we'll talk to you going at that point in time. Thank you very much.

Ladies and gentlemen, this does conclude today's teleconference. We thank you for your participation you may disconnect. Your lines at this time and have a great day.

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