Q4 2020 Ideanomics Inc Earnings Call
[music].
Greetings and welcome to the idea Nymex fourth quarter fiscal 2020 earnings conference call.
At this time all participants are in a listen only mode.
A brief question and answer session will follow the formal presentation.
Depending on sugar.
Require operator assistance during the conference. Please press star zero on your telephone keypad.
As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host Tony Sklar, Vice President of Communications and head of Investor Relations. Thank you Sir you may begin.
Thank.
Telmex pick there and the welcome everybody to the idea of IMAX fourth quarter of 'twenty 'twenty earnings Conference call. Joining me today I am pleased to happen to off the poor Chief Executive Officer, and Mr. Conor Mccarthy, our Chief Financial Officer.
A webcast of today's call will be archived and available in all of a bench of presentation section of our corporate website for a minimum of 30 day.
As a reminder, this conference is being recorded during the call. We will make forward looking statements such as dialogue regarding our revenue expectations or forecasts for the quarters and full fiscal year, 2021, and 2022 related to others.
These statements are based on current expectations.
The information available as of today and are subject to a variety of risks uncertainties and assumptions actual results may differ materially as a result of various risk factors that have been described in our periodic filings with the SEC.
As a result, we caution you against placing undue reliance on these forward looking statements, we assume no obligation to update any forward looking statements as.
The result of new information or future events, except as required by law.
In addition, the other risks I mean poorly described in our idea of what makes public filings with the U S Securities and Exchange Commission and can be reviewed at www Dot FCC Dot Gov.
Today March 31, 2021 of the company filed its 10-K with the SEC and afterwards.
The press release announcing its fiscal financial results. So participants on this call who may not have already done so may wish to look at those documents as we provide a summary of those results on this call.
The format for today's call will be as follows Mr. Alf poor, our CEO will speak to the company's activities and developments for the fourth quarter and full year 2020 as well as.
To provide an overview and business strategy for 2021 would be on Mr. Conor Mccarthy, our CFO will speak to the company's operating and financial results for the fourth quarter and the year in 2020. It is now my pleasure to hand, the conversation over to Mr. Alfred poor idea and Alex.
Thank you Tony and thank you to everyone joining our call today I'm.
I'm going to begin by talking about 2020 on follow that with some remarks about on first quarter of this year on our business outlook for 2021 of them beyond.
2020 was a challenging year for many companies and with the global pandemic. The past 12 months of also required us to absorb.
Hope the adversity and double down on developing the genomics business.
I asked a lot of my management team in 2020.
Through our collective efforts, we finished the year with the company and the healthy financial condition and with an exciting future ahead.
During 2020, we developed consistent quarterly.
Revenues within the China based business.
Pay down the company's debt.
The going concern with Aero defense and restored on minimum listing requirements with the NASDAQ.
We also brought in a significant amount of investment dollars to help fuel both organic growth and provide us with the ability to pursue high value accretive.
Acquisitions.
Along with the on boarding of additional talent across our operations. These achievements have positioned the company to take advantage of the market opportunities in our business segments.
Reduced travel in 2020 allowed for additional planning and review of the company's performance and I made the number of changes as we closed.
Closed out 2020 to reflect the fact that I did not fail on China operations were performing as expected.
To help achieve our potential in the China market, we have made several management changes, including a new GM for China. In addition to people investments in our sales business development and supply chain teams.
These changes position us for stronger results My China operations in 2021.
The company remains bullish on the China market on our presence in China over the last few years has created deep knowledge of the logistics and supply chain requirements for the manufacture of EV batteries on related components.
This in turn of enables.
The outsourcing of high quality materials and components at competitive prices for the Companys operations outside of China.
As part of that review process I made the decision to expand our focus more globally. So that we could diversify our revenue dependency on the Asia market, while also allowing us to position.
To participate in the tremendous interest in EBIT that now exists in North America, and Europe as the result of the industry's development in 2020.
Okay.
The decisions taken in 2020, a set of <unk> genomics up with an exciting future and so that brings us to our business updates and outlook for 2021.
For those of you tuning in for the first time, we operate two businesses two business segments adenoma.
The dynamics mobility, and our genomics capital.
Okay.
Our genomics mobility is driving the adoption of electric vehicles across the value chain and is assembling a synergistic ecosystem.
Of subsidiaries on investments across the three key pillars of email.
Of EV enablement, which are vehicles charging and the energy.
Each operating company within all of the genomics mobility offers its own unique products and services and participate to the rounding out our genomics F. Two F.
The ore sales to finance into charging mobile.
And we have developed centralized supply chain business development and marketing expertise to help accelerate growth and opportunities across the group.
The follow up on our investments in California based on the track to make this electric in the second half of 2020.
The city announced the acquisition of Utah based wireless charging company way in the first quarter of 2021.
As well as investments in the high performance market through hyper carmakers silky fee and the Italian <unk> the motorcycle maker of magical.
We've also made progress with them of DG mode works brand as some of you have already seen online today.
The buses of the first in the lineup.
I want to state very clearly the participant brought in for the purposes of marketing <unk> and demonstration at this time, including demonstration of the wave of technology.
The buses may vary slightly in design once we have the homologation completed buses in particular of very difficult homologation process.
So we held back on the original concept of signs until we understand if any engineering changes on required as we cannot conduct all aspects of the U S. Homologation process without having the boxes here on the ground.
It is the same with the tree electric bikes, you've seen on my online recently by a half of marketing homologation of demonstration purposes.
The only at this time.
Once the Homologation is finalized we will begin preorders in importing the stop the sale.
Trucks and specialty vehicles will follow within the global Medici offering.
Whether it's homegrown businesses like the Medici or companies, we bring into the family such as why we are very excited.
And two of a range of quality high growth <unk> companies and the IV Nomex mobility family.
We look to continue.
We will look to continue the high quality accretive acquisitions and investments, where we see value for our shareholders.
The combination of these products and services within our subsidiaries on investments.
Coupled with our dynamics mobility shared services will provide the company with the opportunity to bring to market unique business solutions intended to drive commercial fleet electrification, such as charging as a service and vehicle as the service.
We believe these types of services will be key differentiators for the company going forward.
Forward.
Stay off the fleet operators, an opportunity the benefit from an opex driven model, which lowers the barrier to entry for the adoption of zero emissions fleets.
With Bloomberg.
Estimating global E commercially the sales will reach $1 2 million units in 2023 and with the global EV charging.
Infrastructure market expected to grow more than 30 per cent per year on.
2021 to 2028, we are excited about our prospects and I'm pleased we decided to participate in multiple aspects of the heat the market.
We also see important signals in the market, which are supporting those growth estimates.
The current U S.
The administration of amounts of the day support for EV infrastructure with the goal to achieve 100% clean energy economy and in the states such as California, along with several European countries.
Accelerated timelines the phase out vehicles powered by fossil fuels.
Likewise, GM Ford VW on other traditional big order of announcing.
The significant investments in EV with several looking to phase out internal combustion vehicles entirely.
With the products and services and capital to execute on our vision management believes the I didn't know immix is well positioned to benefit from the anticipated growth in the E. The market.
Our genomics capital business segment also.
It provides us with compelling growth opportunities.
Just as we did in the mobility segment. The first quarter of 2021 source of complete the acquisition of Timmy of which has continued its growth trajectory since joining the art genomics family and we are excited to consolidate the revenue some free cash flow in our Q1 earnings.
We also completed the follow on investment.
<unk> on the Reykjavik base T M, two which soft launched its technology metals trading platform of couple of weeks ago and.
And we are seeing renewed interest and a deeper EPS since the fourth quarter of 2020 that is without the number of interesting conversations that will help bring that back into focus in 2021. In addition to our receiving the additional CMA approval.
In the area of crowdfunding.
I'll finish my remarks by saying, our genomics is developing rapidly quarter over quarter and you have joined us per day at an exciting time for the business and which we of the financial and human capital to confidently pursue our business objectives. The 2021 of them beyond.
I want to thank you all for joining us today.
Day, I'll now handover to our CFO Conor Mccarthy to review of financial performance for Q4 and fiscal 2020.
Thank you al.
The <unk> 20 was the year when our pivot to the commercial easy started it started in 2019 gained real traction both in revenues generated in the building.
As of the foundations of our global heating business.
The highlights for the year, our $166 million of cash at year end of $330 million today, providing a deep pool of capital for investment in our EV business.
Sequential quarterly growth in our revenue during 2020.
First.
The first sales of our charging and battery systems, Inc.
Key element of our F. Two F to C model sales to financing to charging I will now discuss the financial performance in greater detail.
Revenue for the year was $26 8 million sequential quarter over quarter of growth.
Demonstrating the increasing strength of IBM analytics business.
<unk> revenue in 2020 was $19 5 million versus $2 7 million in 2019, an increase of $16 8 million of more than 600%.
The 2020 revenues included our first sales of charging.
And battery systems are part of the ecosystem, but it's very important to IV of Omics S. Two efficacy model.
We expect revenues from charging system to grow as wave are inductive charging business acquired in January 2021 is included in our financial results starting this quarter.
Revenues for.
For the full year 2019 were $44 6 million. However, $40 7 million was generated from the digital asset management services contract that produced no revenues in 2020 of this kind of the tracked is not expected to produce revenues for the foreseeable future.
Our gross profit for 2020.
<unk> was $2 1 million, which represented a gross margin of seven 7%.
Gross profit for 2019 was $43 1 million principally from the sale of digital asset management services, which had a gross margin of almost 100%.
Turning to our operating expense.
Operating expense for 2020 was $88 9 million as compared to $111 7 million in 2019, a reduction of $22 8 billion.
The 2020 operating expense included noncash expenses of $42 6 billion for impairments versus $73 four.
In 2019.
The impairment charges reflect actions taken to improve the long term value of the business.
Professional fees in 2020 was $12 5 million.
Million, which reflects the costs associated with our Investor Relations program responding to regulatory inquiries class action.
For middle seats, and generally heightened corporate activity in fund raising on the M&A.
We recorded a gain of $5 5 million to reflect a remeasurement of the earn out contained in the free technologies acquisition agreement. This was partially offset by a loss of true up shares paid as part of the depot.
<unk> position.
We remain highly confident about the long term potential of true technologies. However, delays in delivering on the business plan are projected to reduce the earn out payments.
The loss from operations was $86 9 million as compared to $68 6 million in the prior period.
Equity increased operating loss is almost entirely due to the lower gross profit.
The very high margins chief of the digital asset management services contract in 2019 were not repeated in 2020.
Interest expense for the period was $16 million of which which principally non cash.
And on represents the expense with U S. GAAP accounting guidance is applied to the ratchet provisions of the company's convertible debt.
All of this debt was repaid at year are converted prior to the year end.
We recorded a non cash impairment charge for the loss in our equity method investments of $16 7 million.
We recorded a gain of $6 $6 billion in other income principally from the successful negotiations to terminate the lease of the company's head office building in New York City.
To conclude 2020 was the year of achievement, which provides a firm launching pad for growth in 2021.
Cash.
Cash of 168 6 million at year end and 3300 $30 million today the.
Recording six quite the sequential quarter over quarter growth.
Our strong balance sheet with large resources to support both organic growth on an active M&A program.
In summary, Ivy on Alex is very well positioned to.
Standard of the great opportunities in the EV sector.
That concludes my remarks on hand, it back to Tony.
Thank you very much color on this concludes management's prepared remarks. So now we're going to turn the discussion to everybody's favorite time of.
Our Q.
Take a day so if convicted of the moderate if you could possibly just give the set of instructions.
Absolutely ladies.
Ladies and gentlemen, we will now be conducting a question and answer session.
If you would like to ask a question. Please press star one on your telephone keypad.
The confirmation tone will indicate that youre.
<unk> is in the question queue.
You May also press star two if you would like to remove your question from the queue.
One moment. Please for me now poll for questions.
Yes.
Yeah.
Our first.
First question comes from Robert K Catherine of private Investor. Please proceed with your question.
Yes.
One of the timeframe of when the Delaware Board of trade.
Might be operational.
Thank you for the question.
And then the.
The Delaware board of trying to very value.
The valuable asset to us.
We've recently applied for some more.
Licenses CMA approvals as I mentioned in the prepared remarks, there's a lot of very interesting conversations going on with the bulk that we hope to be out of state during the next quarter or so.
Obviously bring updates for the market on that as soon as we can but suffice to say, there's a lot of interest back in the in that particular sector, but when you originally bought the asset flow and and there's ongoing conversations with I can't speak to any further at this time, but watch this space.
Okay.
Well thank you.
As a reminder to our audience. If you would like to ask the question. Please press star one on your telephone keypad.
Yeah.
Okay.
Do we have any further questions from our audience members.
Yeah.
Our next question comes from Craig Irwin with Roth Capital Partners. Please proceed with your question.
Good evening and thanks for taking my questions.
So I wanted to ask a little.
Of the cross portfolio of synergies, particularly and IGN IGN Omics mobility can you maybe frame out for us how this business strategy.
Is is leveraging the assets in the different.
The businesses that you've added into the portfolio how does this accelerate time to market.
Or maybe make it easier for business development of.
Of these different entities.
Thank you Craig Thanks for the question.
So I'll give you a very good example.
Right now we have significant orders in hand about <unk> subsidiary in Malaysia.
We received a purchase of a very large purchase order from.
From our Indonesian bank distributor.
Which will require us to.
Begin servicing the first order of about 10000 units from.
With supply chain might be like Q2, but more likely from July onwards. This year.
That's obviously.
Sort of on it would be the large store the tree electric received to date, probably one of the largest of the bike orders I believe theres probably been globally to date.
So if you take a look at our of Magicka motorcycle.
Investment that's the company with battery charging technology.
The true electric.
On the non stop battery agnostic.
So they come with batteries and charging of equipment from different manufacturers based on different markets, we sell them and.
So we place that the investment into an azure growth part of the series of conversations we had with them regarding their ability to help us secure the supply chain.
The battery charging equipment per tree electric.
So I think you can see quickly there.
Are you going to do that that level of business of the company like an edge GAAP, while we would want to obviously begin the conversation with them around making the investment in the company as well. So that's probably a really good example of of something but.
That shows the synergies across the platform and.
True electrics, one about can be one of the real revenue drivers in the second half of this year.
Excellent. So just a follow up there are we talking about of vehicle similar to the.
The what does that the T 70 or is this more like the the T expressed that the true electric mix.
The did the purchase order was very large because they were a distributor, but it really breaks down into individual orders. That's why we haven't announced it yet so the first of all of its coming from Indonesia. The 10000 units of the T 70.
So the 70 does there's a distributor will take about.
The center of the revenue sound of that was part of the program, but of T 70 unit sales for little under on <unk>.
$500 of units somewhere in the 1300 dollar range of that kind of scale.
But what's really interesting about that order in particular of some.
What it will allow us to do which will help us of.
Streamline the supply chain.
And the improved our margins is if we're going to be making that number of units for the Indonesian market, which is the world's largest motorcycle market will be.
Setting up an assembly operation in Indonesia.
So because of the last thing you want to do is get a component manufacturers the send everything into Malaysia. We then assemble the bikes.
Put them up.
Tim.
The combination of the different components that go out as the finished product through.
Through through customs of the Guy and then that obviously the lies the supply chain. So so I think the.
The interesting.
Part of that particular, the English it will rapidly see us expand in the assay in the region as well.
That debt.
So very exciting 10000 bikes, you know 13 14 million.
As the startup that did I get that right.
Yes, absolutely and Thats the small part of the the.
Of the of the distribution contract the.
We signed the original kind of framework agreement with the distributor of back in January 2020, but because.
Does the Covid a lot of other things speaking of probably forgotten about it but the.
The distributors intentions of the to distribute somewhere between one on one on the half million about bikes eight each of the Indonesian market in the next few years.
So Indonesia is the world's largest two wheeler motorcycles, so there's about 105 million motorcycles.
The markets are.
Currently in the market so.
Putting a million many of the half of our true electric bikes and sounds like a lot of unit orders, but it's actually now only 115 per cent of the market share.
Excellent and the and can you just clarify across the the buyer have financing.
Ready.
Two to accommodate the the sales of delivering to the market.
Yeah, so the the.
The the buyer itself is getting support from the state banks there that's why the.
The the size of the purchase order will be broken up into the large tranches. So the secured the initial financing for the for the first 10000 remember with we expect to get.
I don't oldest thereafter throughout the next couple of years.
Wow I like that.
The move on to our Martin.
I guess developments are closer to home. So your M. D. C Center I believe well the centre of excellence.
We're here in New Jersey is that correct.
Can you maybe talk about the.
Buses, where you're taking delivery of.
Will these be giving demonstrations on side.
Do you expect to get permission to bring them to the customer relocations to demonstrate the capabilities of the bus.
What can we expect as far as the press rollout or a of potential customer education program.
For the next number of months.
Yeah. So.
For those of you the turnover on the courts of really interesting question.
New Jersey is one of the main kind of termed the hubs in the country.
Because of the size of.
You know book market, many freight operators bring the big rigs of the semi trucks into New Jersey on my terminate them before they get some new York on they get broken down into the warehousing and then shipped out through larger.
Lots of stocks bonds and trucks for delivery of all through the Tri State area. So it makes new Jersey.
The new you on on the most important markets.
In the country.
So all of the gnomic since is taking occupancy of of building from about of my time on we're just finalizing the lease now.
That will be on lot of genomics mobility education and advocacy center on on those buses of part of that that effort.
We'll be showcasing.
So you buy them on all of our vehicle lineups within the center and commercial fleet operators will be able to come there and see all the type of what's available and we'll be doing classrooms out of that particular premises.
Workshops on commercial fleet operators can come in of non threatening dawn showroom typesetting learn about the learn about charging equipment drive.
<unk> on the private law, we got a large parking space out of the fact that waves of technology will be deployed into as well as off the table type of price charging. So we can show people the difference between the different types of apparatus.
So the commercial fleet operators can come alone because one of the big things, we learned last few years in China right.
There's a lack of education.
Casey for commercial fleet operators, everybody's selling that vertical product and nobody's really teaching the market about.
What you need to do to two.
To enabling the ebay at scale. So we will be covering within that advocacy center of everything from rebates and incentives the charging products too.
<unk>.
Types of electric vehicles that we had to come on site enjoy the classroom Saturday in the large kind of warehouses commercial type of setting which is more appropriate for the commercial EV fleet operator, he's not the showroom kind of guy.
And now we're looking at got several local groups and the local government interested in supporting us with that as well.
That's good to hear.
So on my last question is about waves.
Recently, I had a dialogue with Macy's the CEO of Antelope Valley, which I guess has a few of the wave of units installed.
I believe the largest of installation of the country.
And he does have the largest number of EV buses of of any operator on the country.
I think he said 90 fives.
He is talking about you know customers stopping by non stop to see demonstration of the wave of technology.
Typically you know a couple of week.
I.
At the the contribution of way of course sort of mid to upper single digit contribution in the millions last year.
Can you talk about the pipeline of orders that wave is is sketching out at this point what do you think of a typical order size could look.
I know and you know.
How should we look at the potential.
For ways you know now.
Now that they're tucked into the the idea of nomex mobility family.
Yes. So so that's that's really interesting and I can see you've been doing your homework bag there Craig so that's the.
Like I see.
On the Antelope Valley, the trends of authority of as the they've been the incredible kind of the use case the room for Mike and the team at wave and they've been very very kind with their time on their expertise. So I'm showing of the transit authority of some fleet operators just exactly the benefits of.
That's great.
The service likewise.
One of the things the way, we're working on with Michael There's a couple of things. The first one of the things we're working on with Mike as he.
He has revenues of lumpy.
Not because of the way the sales cycles work, but because there's a few different elements of what has to go into getting it deployed on the big part.
Implement these local permit for the for the work to do the ground installation with the local authority and also of permit with the local utility because these on a high power installations as well. So he can get lumps of revenue of one quarter and then and then avoid the revenue for another quarter. So what we're looking to do means the introduced.
Part of the aging of the service call him. So that we can much fast the surface the level of inquiries that he has.
Within the pipeline and by doing the the charging of the service will integrate the you know the energy of the deregulated market of course, and that'll be a nice little extra piece of revenue, but the idea here is to smooth out that revenue per him and unchanged.
<unk> business model two of recurring revenue model, but it's much more predictable and the benefit of selling the charging of the services. There is no capex cost upfront to the to the trends of authority of the fleet operator, and so they are much more prepared to take the the.
The order faster and also for pets commit to a much longer time as we amortize.
Changes the cost of it for them so number of benefits there but.
It's also been tremendous reception in China.
Since our acquisition of wave.
Larry Who's our new GM over there its been hosting a number of meetings with ports airports and also talking to Petro China of about a gas station conversion project.
On the tax on bringing why even to that so we're now providing all of the safety of specific patients on things you need to do to get the.
Ministry of transport in China, the sign off on that and it looks like China will pay.
The a promising market for wave as well as the the domestic sales here, which I think.
And speech today was very much in favor of technology.
And likewise, so I think we're going to have a vibrant business on the answer the next few years.
Well congratulations debt that's good to hear I'll hop Mchugh.
Okay. Thank you.
Thank you.
As a reminder to our audience. If you would like to ask a question. Please press star one on your tariff.
Telephone keypad.
Yeah.
Actually or a pair of Victoria I, just Wanna mention that I am and we've been receiving some questions in on the index because I think we've thought of some participants who are who are listening where the may not have the opportunity you said like the.
The opportunity off of its okay to read off up to the question that just came in.
Per Brad on the long term shareholder for sure.
And he asks compared to the plug in EV charges, how does the way of technology comparing terms of the time required to achieve the same charge per vehicle of like a car of us.
Thank you Brad Yeah.
Actually it's a it's a very good question for Wes.
Of the wife technology inductive charging them, it's a lot less cumbersome the the plug in charging I drive an EV. The many of the folks on the of note because ive spoken about it quite a few times for me to go in and start up of my level of two charge of at home and open up the app in parts of the card.
There's a good couple of minutes go by before the charging.
The activity actually engages.
With wave as soon as the airline over the the chartering patents of the fit into the bottom of the vehicle alignment the body system on the road or in the depot of wherever it might be deployed.
Charging starts in about three seconds.
There's none of this plugging them of cable and on authentication on any of those things that the.
Or if it.
It comes with some on the on the table based charging side. So.
If you're looking for smart charging solutions and if you're looking for fast charging solutions.
While you can certainly more capable but any of the current cable based on catenary overhead systems that we've seen so far.
And on Tony as you know of speak about this of law.
In.
In the future, where autonomous vehicles are going to be more and more prevalent and we're already starting to see that in China, particularly on the taxi sector and the local delivery set the.
Sector.
There's nobody to plug in.
When you don't have the driver.
No.
I.
The cable based charging as the cable.
The charging of battery technology develop further I expect that to be used primarily in the residential market in the we'll see more solutions like microwave in the commercial market.
Yeah.
[noise] thinking can we come up to the next the key question.
Thank you.
Our next question.
It's from David a private Investor. Please proceed with your question.
Yes, good day, thank you for providing.
Providing the.
The reports I think you guys have done an excellent job. My question is mergers and acquisitions you guys acquired a lot of great companies both in the E B installs fintech.
Sector, you never mentioned anything about two meals, but I know that was a really good acquisition for the company and they don't necessarily want to focus on that but with regards to one of the kind of went through just as the filing is that silke.
It was the silk the luxury car and that came through.
Are you guys kind of be planning to do more investments in the EV sector.
Sector coming into 2021, and as well as the any new acquisitions is that also on the plane now you've raised a lot of money and is this all going to be put towards growing the company or is it going to be more used for the internal operations.
Of the it's a really interesting question.
The there'll be a balance.
Use of cash on hand between growing organically the businesses that are already in the family and also I was looking for some high quality accretive acquisitions.
When you have a an industry where technology is moving so fast on acquisitions will always be interesting as you see different technologies come to the forefront but.
Of the you specifically mentioned COPD and I'm going to tell you why.
Both of them and the magic of Robert them, the alignment with the true electric patients I spoke about on one of the earlier questions are interesting to us.
Hmm.
And I mentioned this on the on and invest the panel of its own last week.
On the performance market.
Typically innovates the technologies that become watered down and enter into the passenger kind of on commercial vehicle market later on on the.
The Good example of gave was <unk>.
Decades ago early eighties all of the.
The engine started moving to fuel injection systems, which were much more economical.
Use of the imaging and much more efficient for the engine.
Then then the previous copper ratified it based on.
By the technologies so.
Youre going to see that that came out of the performance sector fuel injection and the same way in many ways. These interesting because the tech is getting better.
Better, but but the innovation is really old tech of E. B right now packing the battery fuel sales together on the charging hasn't really developed much in the last few years and the performance sectors, where youre going to see those improvements come because of those vehicles need to push the limits of the of the battery cells and also of the charging capabilities as well because of the performance Carboplatin.
We were on the battery day, how much faster. So therefore, it would need to need to refuel.
Recharged much quicker. So so that's the basis for that we've got a seat at the table with some of the world's best people and the performance like the the civil T V and that gives us an opportunity of the amount of the innovation.
Correct.
Yes.
Thank you and the other question briefly connects to the motorbikes.
<unk> was announced and this year not last year, but this year the fantastic partnership there any plans to bring the Italian the high end motorcycles into the North America or debt.
And the board.
So I actually.
It's going to be slightly off leveraging them.
And edge of care is already the motorcycles the already available here. They are an owned and operated showroom on the east coast of another on the West Coast in California on they are of a number of distributors throughout the country. So you can actually buy the in etch the.
Motorbikes in North America today, what we'll be doing.
For the true electric is leveraging the distributor network and their owned and operated sites as well to help us get the true electric bikes and so so theres, an additional things of that but they are available today and there'll be showcased at the in the Moto very shortly that's coming up which is the the growing piece of the banks.
I see excellent well.
Well I must congratulate you gentlemen for an excellent work I think you've done a very good job of moving forward.
Of course of 2021.
Thank you very much thank you.
Thank you.
There are no further questions at this time I would like to turn the floor back over to Tony for any closing remarks.
Good.
Great. Thank you very much of anybody in that at all the time that we do have Richard day, but it's.
This will conclude the idea of Nymex Q4, and full year 2020 earnings that's in the conference call. We encourage average community continuing to reach out with us, but the individual questions. We'll get those answered for you you can centers into IR at either the Nymex dot.
Com, we also want to make sure that.
You are aware of that I genomics will be participating in the blue bar on this coming.
On this upcoming April as well as multiple events for our upcoming first day.
We'd like to thank all of our listeners shareholders and analysts and other sort of taking.
On the time to listen to the earnings call per se to all very true to our latest SEC filings for any information that you need this call will be available on our website in investors section of like like if you'd like to find the link there.
Turning to our news events and other information entertainment.
Paul.
And how far of newsletter and explore our.
Our web site at Www Dot <unk> Dot com. Thank you everyone for participating of listing on the calls a day.
Okay.
Ladies and gentlemen. This concludes today's webcast you may now disconnect. Your lines at this time. Thank you for your participation and have a great day.
Okay.
Thank you Victor.
You are welcome sorry about that little pick up on net.
Have a great day bye bye.
Bye bye.