Q4 2020 Axcelis Technologies Inc Earnings Call
[music].
Good day, ladies and gentlemen, and welcome to the accident of technologies call to discuss the company's results for the fourth quarter and full year 2020. My name is the surrounding that will be your coordinator for today at this time all participants are in a listen only mode.
Our beef up on repeating the question answer session towards the end off the conference.
Any time during the call you require assistance. Please press star followed by zero and a coordinator will be happy to assist you. As a reminder, that's the conference is being recorded for replay purposes I would now like the turn the presentation over to your host for today's call Mary Puma.
I second the M C O of excellent technologies. Please proceed ma'am.
Thank you Jerome.
With me today is Kevin Brewer Executive Vice President and CFO, and Doug Lawson Executive Vice President of corporate marketing and strategy.
We are all participating in this call remotely so I would like to apologize in advance for any technical difficulties.
If you have not seen a copy of our press release issued last night. It is available on our website.
The service will also be available on our website as described in our press release.
Please note that comments made today about our expectations for future revenues profits and other results are forward looking statements under the SEC's Safe Harbor provision.
These forward looking statements are based on management's current expectations and are subject to the risks inherent in our business. These risks are described in detail in our form 10-K annual report and other SEC filings, which we urge you to review.
Our actual results may differ materially from our current expectations, we do not assume any obligation to update these forward looking statements.
Good morning, and thank you for joining us as a result of the strength of the overall electronics market and the growth of the Purion product family in 2020 Excel.
<unk> delivered its highest annual revenue in the last 15 years.
To achieve this our employees manage through many difficult logistical challenges brought on by the geopolitical environment and the continuing pandemic.
I'd like to thank our employees for delivering these results, while continuing to serve our customers and adhering to safety protocols.
The challenging environment has continued into 2021, but despite this we are planning for another year of growth at <unk>.
Semiconductor industry is forecast to gang strength across all markets and the Purion product family is poised for significant growth.
Our fourth quarter financial performance was in line with our updated increased guidance.
Revenue for the fourth quarter was $122 $2 million with the earnings per share of <unk> 43 cents gross margins of 43, 4% end of year end cash balance of $204 $2 million.
P. S was favorably impacted by of previously unrecognized tax benefit of 11 cents per diluted share.
For the full year 2020 revenue was $47 $6 million with an EPS of $1 46%.
Our aftermarket business or what we referred to of see F&I. Once again contributed significantly to our revenue and gross margin.
<unk> revenue was $58 million in Q4 and $181 million for the full year 2020.
The strong performance was the result of high fab utilization, the growing purion install base and additional buying activity from one customer as a result of the current geopolitical situation.
The growing mature process technology market continues to be an area of strength for <unk>.
With 75% of Q4 shipments going to mature foundry logic customers.
The other 25% went to memory customers with NAND accounting for 15% and DRAM, 10%.
For the year, the mature process technology market accounted for 71.
Is my.
Percentage of shipments with memory accounting for 29%.
China continues to be of strong market for sellers.
The geographic mix of our systems shipments in the fourth quarter with China of 56%.
The U S, 20%, Korea, 18% and Taiwan and 6%.
For the year, our geographic split was China of 54% Korea, 28% the U S, 5%, Europe, 3%, Japan, 2% in Taiwan, 8%.
We expect the memory market will improve in 2021, but as the results of the continued growth in the mature markets and the strength of <unk> product offerings. In these segments. We expect that the mature markets will account for approximately 60% to 70% of our total shipments in 2021.
During the fourth quarter of the U S government place Chinese foundry customer SMIC on the entity list, meaning that licenses are required for all of <unk> U S shipments to SMIC we.
We have applied for licenses and are prepared to ship these tools against customer requirements in the first quarter.
As a result of the uncertainty related to these licenses we are providing wider than usual guidance for the first quarter. We expect revenue of between 118 and $138 million gross margins of approximately 40% operating profit of between 11% and $19 million.
And the earnings per share of between 22 and 42 cents.
Continued growth of Purion products is the key to achieving our long term business model.
We shipped the first Purion 200 revenue tool to the second customer for use in power device manufacturing.
The power device market is of critical market for sellers and targeted purion products for silicon carbide, including the Purion H 200 will play a key role in increasing our customer base and revenues in the segment.
We currently have six purion evaluation tools in the field focused on supporting growth towards our $650 million business model.
During the first quarter, we expect to close one of these evaluations and ship an additional new one resulting in the balance of six evaluation systems in the field as we head into the second quarter.
Before Kevin reviews, the financials I would like to summarize four key takeaways.
First the mature process technology market is very strong and growing and Astellas is the ion implant market leader in the segment.
Second memory is expected to recover in 2021 and will be additive to our strong mature process technology performance.
Third China will continue to be an important market for astellas driven by many customers, both domestic and multinational and force. The purion product family is extremely well positioned to support future growth and our $650 million business model now I would like to turn it over to Kevin to discuss on.
Financials, and some operational details Kevin.
Thank you Mary and good morning.
<unk> delivered exceptional fourth quarter and full year 2020 financial performance. Thanks to the continued outstanding work of our employees from supply chain partners.
Strong execution across the board and significant leverage out of March.
It'll deliver the 140 per cent increase of operating profit on revenue growth of 38 per song.
During the Sang-gon Pandemics, the health and wellbeing of employees the remains of top priority.
Doing our best as sort of a safe work environment for every one of the itself.
And then Mike related protocols implemented during 2020 remain in place for 2021.
Our pandemic response team will continue the closer you monetize these actions.
The as required.
We remain focused on our target business model and expect 2021 degree of another growth here first of all of them.
We will continue to invest in products the values.
So on pools.
The infrastructure needed to support of $650 million target model.
From the fourth quarter of full year financial results.
Q4 revenue finished at 100 point of $2 3 million.
And above our updated guidance.
The other 110 4 million of them too right.
Because the system sales were $64 3 million.
Average of $78 2 million piece of it.
Q4 sales my revenue finished at $58 million compared to 42 in Q3.
The unusually high for us on a revenue grew four seven.
Driven by fab utilization of <unk>.
Growing purion install base, a significant volume in the quarter by one of the customers.
We expect Q1 revenue of approximately $42 million.
Recommend modeling of this quarterly level of for 2021.
Yes.
Full year of 2020 of Robin who was $474 $6 million.
Third the $343 million on 2019 on.
The increase of 38 per cent.
Systems revenue was 293 $6 billion.
Compared to $202 6 million in 2019.
The increase of 45 per cent.
The F&I revenue was $181 million.
Compared to $140 4 million of 2019 and Inc.
<unk> of 29%.
Before sales to our thoughts on customers accounted for 81 five per cent of our total sales.
The 76% from cube growth.
Great customers of our 10% of our button in Q4.
Same as Q3.
For the full year of 70, 474% of revenue came from our top 10 customers.
With two of 10% or above.
Q4 system bookings were $131 5 million.
Compared with $26 4 million from Q4.
The Q4 book to Bill ratio of 198 percentage points three seven in the group.
Backlog in Q4 included the deferred revenue.
Finished at $93 2 million.
Sales of $45 1 million book.
Q4, combined SG&A and R&D spending of $38 9 million.
The 31 eight per cent of revenue.
Compared to $34 3 million of 31% from Q2 of them.
Before combined SG&A and R&D spending was higher than the forecast was primarily driven by variable compensation expense.
SG&A in the quarter was $22 6 million with R&D.
R&D of $16 3 million.
In Q1, we expect SG&A and R&D spending to be approximately $36 million.
And run at this level through the remainder of 2021.
Q4 gross margin was 43, 4% on above our updated guidance.
Before gross margin was driven by higher than forecast the it's not revenue.
Cost of activity.
Full year gross margin was 41, 8%.
Sales of 42% in 2019.
We are guiding Q1 gross margin of approximately 40%.
By a less favorable mix of products from the closure of the evaluation system.
Gross margins will fluctuate quarter to quarter sales.
So on product and customer mix the number.
And of evaluations of those flows on the percentage of revenue contribution from our accretive CF My book.
We've made solid progress on gross margin improvements of cross sell of initiative.
The new Purion product extensions and growth on all three of my business.
Our target model of this plus the additional gross margin improvement from.
The incremental volume.
Sales of Purion product extensions.
Savings from lean manufacturing and value of the Internet.
Operating profit in Q4 finished at $14 1 million.
Compared to $13 9 million in Q3.
Yeah.
While you're operating profit was $58 million Inc.
<unk> of 140 per cent compared to $24 2 million in 2019.
So the guide in Q1 operating profit of between 11 and $19 million.
Q4, net income was $14 $7 million of 43 per share compared to 10 eight of 32 cents per share in Q3.
Net income and EPS were favorably impacted by the previously unrecognized tax benefit of <unk> 11 per diluted share.
Full year net income was $50 million per dollar of 46 per share.
Compared to $17 million of <unk> 50 per share in 2019.
<unk> and the greater than 190 per se.
The year.
The year increase.
For the guide in Q1 earnings per share of between 22 employees. This on.
Our Q1 guidance reflects the current assessment of the potential impact on the business from the coronavirus on the export control situation, where the specific customer in China, which.
Which we will continue to closely monitor.
Q4 cash finished at $204 2 million.
First of $212 7 million sort of thread.
So we announced the $100 million share repurchase program, the <unk> 'twenty 'twenty one.
Q4 receivables were $86 9 million compared to $45 2 million EPS growth.
Q4 inventory ended at $161 million.
Compared to $169 7 million of intuitive growth.
Q4 inventory turns excluding the evaluation tool.
The two point of sale compared to $1 eight throughput.
Q4 accounts payable were $24 million compared to $24 $3 million per foot.
We finished 2020 of the strong momentum.
About the prospects of a recovery in the memory and automotive market.
We will continue to make the necessary investments in our products from the infrastructure needed for a $650 million target model.
Our customers continue to have high expectations for our purion products, which the incentive activity.
Thank you and I'll now turn the call back to the Mary for closing comments.
Thank you Kevin we are pleased with our fourth quarter financial performance as well as our exceptional overall performance in 2020 and are looking forward to another year of growth in 2021 <unk>.
<unk> is the competitive purion product line of broad and diverse customer base, a strong balance sheet and a dedicated team of employees. These are the strength that will continue to drive our growth towards our $650 million model and ultimately to our market leadership position in ion implantation.
With the.
That I would like to open it up for questions Jerome.
Ladies and gentlemen, if you wish to ask the question. Please press star followed by one on your Touchtone telephone. If your question has been answered or you wish to withdraw your question press the pound key please press par once again here.
Your first question comes from the line of Patrick Ho with the Stifel. You May now ask the question.
Thank you, Brian and congrats on the really nice finish to the year of Neil if the 21 net.
Maybe first of all three crews of the market environment, you talked about the memory recovery income.
41.
Compared to three months ago do you see the magnitude of that revenue recovery be.
Greater than it was the months ago, and I guess, how does that.
When can we impact the.
The airplane, the wafer sort of build out as well of the economy to a union the shipping because of the memory Mark with the 'twenty one.
Okay. So Patrick we've been saying now for quite a while that we expect of recovery in memory in 2021.
I think if you take a look back.
If you remember in Q3, we actually shipped no systems to the memory to any memory customers in Q4 that had increased to 25% and we're actually saying that we expect memory to account for 30% to 40% of our systems revenue in 2000.
'twenty, one and Thats in comparison and up from 29%, which is where we ended.
For full year 2020, so we are starting to see some signs of the memory recovery and we expect it to continue.
The remainder of the year, Doug I don't know if you have anything you want to add to that.
I'm sure Thanks, Mary on Patrick.
On the recovery that we're seeing.
This past quarter.
With 15% and 10% for DRAM and NAND.
And we.
We expect we're seeing activity on both fronts, both NAND and DRAM and <unk>.
So.
As we've been saying about this particular memory recovery, we see it as more of a longer term couple of year kind of recovery versus what we saw back in 17, and 18, where it was very steep on a go out.
<unk> be more area under the curve in terms of growth as a result.
We're poised to do well there with our position.
On the percentages of memory vs.
Versus mature in our projections are primarily due to the fact that the mature markets are just so active right now.
That's.
It's become a much bigger piece of our business compared to what it was back in the 17 18 timeframe.
Great that's helpful and maybe as my follow up question.
Kevin in terms of.
The working capital management.
Obviously, there's a little bit up.
Maybe highlight some of the linearity, but youre also building from inventory have you run into any supply from strength, while you're in.
You are preparing for a higher level.
The year end.
Supply constraint issues on that line.
In procuring parts.
Yes, Greg that's a good question so.
I would say the supply chain.
Constraints on what they've been for most of the 2020 with the pandemic of things were tight.
We've continued to drive inventory, probably a little ahead of where we need the debate.
So that we're not waiting for long lead material.
The things kind of tightened up in different spots in 2020, we were able to move things around a little debt. We do have in some cases multiple suppliers.
So it's about the same now I think the pandemic related issues our.
Improving.
But as you pointed out the industry ramping so all of those additional pressure coming from sort of different reason now but on all of it.
That's the volatile we have deal of last year, So I don't expect any issues.
We're keeping up with what we need to do this year ramping.
Great. Thank you very much.
Thanks, Patrick.
Your next question comes from the line of Craig Ellis with B Riley Security Casino ask your question.
Thanks for taking the questions and congratulations on a real strong 2020 and finished the year. So.
Just wanted to start with the near term question.
It's clear it's clear that the company believes that.
The C&I book will move back towards the 42 million level, but within the memory and mature foundry business can you just.
Characterize some of the gives and takes for the first quarter.
And the and help us understand how.
Ram vs stand might be performing to start the year.
Okay.
Oh go ahead, Doug you can you can take it to play.
Sorry about that so Greg.
We're seeing activity on both fronts.
And.
As you know we're more dependent on wafer start.
The additions and so we are seeing activity.
From both sides on it was split relatively evenly in the fourth quarter.
From as we look at the first quarter.
We're seeing activity in both fronts.
So it looks good from a mature standpoint, the mature markets are very active.
Have been throughout 2020 and continue.
On <unk>.
We don't see that slowing down in 2021.
That's helpful and then crazy.
Mary.
I was just wanting to give a little bit more color on the mature markets.
Last year image sensor and the general mature foundry business was very strong and it continues.
To be into 2021 automotive.
<unk> weakness, but we do see it recovering and that's going to be positive for the power device market, which is going to be positive.
<unk> sellers.
And then as Doug said, we are seeing activity on both sides of the memory. So.
We're getting to the point, where we see most of our markets and market segments beginning to hit on on.
Fulfilling theirs.
That's great.
And then longer term the.
Company commented on.
On memory being 30% to 40% of systems can you just characterize the demand visibility, but you have through calendar 'twenty one in different parts of the mature foundry and with the with DRAM and NAND, specifically, so we can get a sense of of how far out on order visibility expense now.
Yeah, I mean, I think we have very good visibility into the first half of.
The year and things are starting to become more clear moving into the into the second half of the year, but we are seeing.
Changes in terms of customer timing, both the pull ins and some delays in some cases not really because of the market I think what I would say I would characterize it mostly has some slight delays in fab.
The readiness. So we expect that's normal for us, though I don't think we're seeing anything that's necessarily.
Out of the ordinary at this point in time, so as I said first half visibility good second half.
Starting to improve and I think customers do realize the.
Given the ongoing challenges.
With the pandemic and in some cases the geopolitical situation.
They may need to lock in on their forecast and notify.
Suppliers may be a little bit sooner than they normally would just because they want to make sure. They get in the Q4 of their systems given some of the the lead times that are out there right now Kevin just commented that things seem to be manageable at this point in time, but.
Add of ramp on top of the pandemic and you.
You can get you can get some issues at some point moving forward. So customers are aware of that.
Okay.
Absolutely and then one final one before I hop back in the queue, it's a multi parter on board and the.
Political round the first part of it would be can you provide us any color on of the optics that you have into the license granting process and then on the other side of that.
I think it was within the last two days that a number of the very large U S chip companies.
We're we're.
We're speaking to the new administration and really expressing the need for a lot more federal government health.
Building out the U S chip supply industry, if something were to happen in that regard.
What would that mean per accounts.
Well.
Monitoring all of the geopolitical.
The situation in the issues, obviously on an on an ongoing basis and so.
We've got our legal counsel watching it carefully we're working with outside trade attorneys were very involved with semi.
Our industry trade group to make sure that our voice is heard as well as to better understand the situation obviously investment in semiconductor.
It would be it would be of positive thing and in the U S. We would love that we think that that would be.
A real a real upside for for the U S government the.
The country and for <unk>.
In terms of some of the other geopolitical issues theres really not a lot to say about what's going on with.
With the licenses.
Thats, maybe what you were poking at a little bit Craig we've applied for the licenses.
We are prepared to ship systems and parts against customer requirements as soon as we received the licenses.
And we just haven't heard anything back yet as far as we understand we don't believe that anything significant.
<unk> changed based on.
The change in administration, but again.
<unk> learned of basically just waiting.
That's helpful. Thanks, so much value.
Okay.
Your next question comes from the line of Christian Schwab.
I'm Craig Hallum, you May now ask the question.
Hey, guys. This is Tyler on behalf of Christian Thanks for the one of the first couple of questions.
First question.
I think you alluded to it but maybe a little more color.
What's your expectation the expectation as far as the timing of the memory recovery through the year are you expecting kind of a step up here in Q1 or does the congrats on for much of the year, but.
Any color on timing of is great.
Okay.
I don't think we necessarily have.
Enough visibility I mean, I just alluded to the fact that there's visibility in Q1 that leads us to believe that there is the memory.
And we have visibility into the first half of I'm, sorry, and we which leads us to believe that of memory of.
The memory recovery will occur in 2021.
But we don't I don't really.
We just don't have a view at this point in time, and we're not really going to forecast that in terms of.
Putting putting numbers around it so as I mentioned before we're seeing an improvement.
In the.
The percentage of systems that we're shipping out to memory customers and.
And we do expect debt as a percent over the course of the year to increase versus last years of 30% to 40% versus 29%, but.
In terms of the timing, we're just going to continue.
To watch talk to our customers and watch the trends in the market.
Understood. That's very helpful. Second question then.
I believe previously your comments were that at some point in 2021 do you expect it to reach out of run rate of your $550 million annual model. So I guess, given where Q1 of the guided expectations for an improving memory market and on improving the automotive market.
I'm wondering if it's a reasonable of the things that are the full.
Full year 'twenty, one ton of beef.
Close to or a portion of that $550 million.
Targets.
Yes, Tyler it's Kevin.
So obviously.
It's been out of line of sight right now the size of it.
Okay.
Youre right we had we.
We had kind of been saying at some point in the hit the run rate from 2021 member of.
22 of them, we're not we're.
We're not providing full year guidance at this point, but.
As you point out on the those et cetera.
Within our line of sight at this point.
The 650 model.
We continue to say is the.
On a couple of years after the five sectors.
Obviously work.
We're setting up well some of them out of the day you want.
It sounds great very helpful. That's all from me guys. Thanks. Thank.
Thank you.
Your next question from the.
It comes from the line of Tom the falling with D. A Davidson you may now ask your question.
Yeah. Good morning, Thanks for the question on there.
You said that you expect to close one of your eval tools during the quarter and I'm wondering what is your thought as far as the process of starting to ramp of production.
Tools based off of the email over the next few quarters.
I think the prospects are actually very good.
I will actually say that for this evaluation.
We have already shipped some repeat orders to that customer prior to the evaluation closing so we definitely.
<unk> have been selected as PTO ROI for the specific application we've shipped some repeat tools and we expect to ship some additional tools moving forward.
Great and then Kevin.
When you look at the margin profile.
How big of the impact is.
Both of the closing of the eval tool have on the margin in the quarter.
You look at the top of the bottom of your guidance range, what is the impact of the margins there.
Yeah, So I mean.
<unk> always had the negative effect some of the value.
All of that.
Higher cost than the others. So that's certainly moves in the number of the valve.
I think what's going on in Q1 of we've got the <unk> going out. We've also got a higher mix of high current tool of gone outlets.
What's the overall, it's good for the company because that's the large market on that.
One of the areas of water continues to go on the site.
But maybe I can help you a little bit more.
If I look at the full year right now Tom.
I'm seeing the full year gross margin in 2021.
Similar to what they were on the one for me.
That includes a number of new valves close analysis of the Mary said, we've got.
The one closing on the other had gone out with the sector and I think they view.
You will recall.
Typically we would have two or three years. So we've been saying for the last couple of quarters as the high number of the valve and more volume so.
All of the 71 on the margins in the.
The other thing we're going to see a lot of growth.
This year coming from systems growth.
The ethanol right so as the system grow net sales.
Three of the F&I.
That's from precious things a little bit, but the good news is.
With all of that in their growth in systems all of these eval.
At this point expect gross margins full year. The spin is similar to last year.
Our target model for the through the for the free on 554.
We're just off of that of the timing of that and if you look at.
Slides of the math and figure on I get there I think about cross sell initiatives, maybe we get there a little bit sooner than we thought.
Some of these initiatives still have to kick in so from a <unk>.
Gross margin point of view I feel really good loans out of it now.
And we expect this year the the continue to drive cost out and get the value and the more purion product extensions.
Sensing from all of.
Those are all the things we need to get to our models and then the <unk>.
That's the model.
Margins are up to 44 to 45 and that's a couple of years later, so again, we're in good shape.
Great No that's very helpful. Thanks for the questions.
Thank you.
Your next question comes from the line of Mark Miller with Debenture Mark you May now ask your question.
Thank you for the question and congrats on your progress.
Are there any share repurchase last quarter.
Sure.
The third or not.
Mark so the.
The program that we're.
Was in place last year.
Expanded in Q1, we did not.
Put that back in place and then with the board approved the new program for this year.
$100 million.
As a reminder of the prior program of $50 million on we we got.
About $25 million of purchasing shares prior to putting the on hold.
You've indicated the recovery in the auto sector I'm, just wondering is that starting to accelerate because theres been a lot of talk about chip shortages space in the auto manufacturers.
And I'm just wondering if that's really starting to accelerate.
Significantly.
Right.
Mark can you repeat the question of what I heard the true.
<unk> shortages, but it wasn't sure with the front end was well.
There are some reports of other manufacturers are facing chip shortages I'm. Just wondering you said there was recovery hold on the auto is that starting to really accelerate as the quarter went on.
If we started seeing it pick up.
In the last quarter.
We see it in a few different areas, we see it on.
In the power device area, which which started to strengthen.
Last quarter, and we see that continuing to grow throughout the year on.
On the image sensor market.
There is a big piece of the automotive world of these.
Days and Thats.
<unk> been strong in and it's hard for us to tell exactly what's going to automotive vs phones and other image sensor applications.
And then the general foundry, which.
On the general mature foundry, which is whats really all of in the press these days.
Where everybody is talking about 20 of parts keeping the lines down.
That's.
That's that whole foundry the mature foundry market has been strong utilizations in that segment have been very high and so.
That's been a big piece of our on our business over the course of 2020 is.
As people bought all of the consumer electronics on Pcs, and so forth and that will continue now.
Larry on automotive on top of it.
Thank you.
Your next question comes from the line of credit vaulting with Needham and company came to ask your question.
Congratulations on the on the nice results I just wanted to ask maybe I missed it but did you say which of the six eval tools had been accepted for.
Revenue recognition of will be Rev. Rec in in the March quarter.
No we didn't we didn't say, which one.
Would be accepted in Q1, and we didn't we didn't talk yet about the new one that will be going on in the quarter.
Either so we'll give more color on that as we progressed through the quarter and into next quarter.
Like I think of as Toms question.
You've already received.
Repeat orders for that eval tool that was closed.
We have.
Net.
I guess, the only additional color on I'll give around around it it's for an image sensor.
The application and we'll just we'll just leave it at that.
Thank you Mary the second question on head us from the sea of some key if the nice strength in the fourth quarter.
It looks like perhaps youre not subject to export controls for debt as part of the business. Just just wondering if that's the right read and given the very strong level of $58 million.
There are risks the.
That customer doesn't purchase for some time.
Just on a revenue could could actually come in below $42 million at some point.
Does that customer digest inventory of <unk>.
Bears.
Hum.
I'm not worried about that I think the.
Customer who did a lot of buying.
Is also running at very high utilization rate.
And we have shipped the number of tools, there and I think the art.
Obviously, the probably putting more parts of the media on the shelf, but.
I think theyre going to continue the buy anyway and as the business grows around this week.
We had strength across the board.
I spiked out the one customer, but there is continued strength across the board so I.
I think the.
The $42 million number that we put out there of the model too.
It is the right number to use them.
Don't see any downside risk of that.
And then just lastly, Kevin.
For the $100 million share repurchase program.
Can you give us any sense.
That can be under can be five one will you be sort of in the markets on.
On a consistent basis are you going to try to be opportunistic.
Any any sort of thoughts on how that $100 million buyback in the executed this year.
The acronym.
We'll use the 75, one which is similar to what we did on the program last year that we're executing on debt.
Beyond that one of the resume opportunistic or not I mean, it's.
Thank you.
It'll be a board approved bread that we buy to them.
Think of.
I think you know the board of management.
Realize that.
We should be returning cash to shareholders through.
Some type of program, which we agreed with the share of the focus so.
No.
I'm not going to say, how much youre going to spend because right I mean, we put it out there with the spend at all of the parts on it but I.
I guess, what I'll leave you as we realize that we need to be utilizing the program. So.
Again the Glen.
The limited.
Yes.
I know you can't give us too much on on timing or amount, but.
Thanks, Thanks for the color you did provide.
That's it from me ill go back in the queue. Thank you.
Yes.
Alright, we have no question at this time again to ask the question. Please press Star then the number one on your telephone keypad.
This concludes the Q&A portion of the call I will now turn of the call back over to Mary Puma, who will make a few closing remarks.
I'd like to thank everyone for joining us today, and we hope to talk with the virtually at the upcoming investor events, we will be participating in Susquehanna financial group's 10th annual Technology Conference in March we expect to conduct several virtual <unk> during the quarter as well we think.
For your continued support and please stay healthy.
This concludes the presentation. Thank you for your participation in today's conference you May now disconnect Good day everyone.
The rock and roll Hall of Fame is named <unk>.
[music].
[music].
[music].
[music].