Q4 2020 Bsquare Corp Earnings Call
Clearly we appreciate your patience and ask you. Please remain on the line.
Okay.
[music].
Okay.
[music].
Good day and welcome to the be Square Corporation fourth quarter 2020 financial results Conference call.
This conference is being recorded.
And at this time I'd like to turn the conference over to Mr. Steven Gottlieb Vice President of Corporate Affairs. Please go ahead Sir.
Thank you good afternoon, everyone.
Before we begin lots on the mine if it's Paul.
On the record number Paul.
Our prepared remarks.
Would be available on each school's website.
During this call, we'll be making forward looking statements.
These statements are based on expectations on.
Samsung will subject to risks and uncertainties.
Actual results could differ.
It just doesn't scare me.
During this call non who will also reported GAAP to non-GAAP some on promotions.
Please refer to the caution on sharpest regarding forward looking statements.
As well on the non-GAAP reconciliations can corporate block on lots of margin.
It just keeps moving.
The East Coast, and we release issued today on our website at Www Dot <unk> dot com under investors.
All per share announced yesterday on a fully diluted numbers little Acapulco.
Now I'd like to turn the call over to Ralph Derrickson, <unk>, President and CEO.
Yeah.
Good afternoon, and welcome to the biscuit on quarterly earnings call. Thank you for taking the time to be with US This afternoon.
Our plan as usual will be to take you through the Q4 and full year 2020 financial result.
Combined our perspectives on the business and answer any questions you may have for us today.
For anyone who would like to arrange a follow up conversation. Please contact even got Lee VP of corporate Affairs, who is responsible for Investor relations.
Right after our call today.
Joining me on the call is Chris Wheaton fellow entrepreneur and E Square CFO and T O.
I'll get it started and enhancing that Chris.
For people, who have been following us for a while you know that we've been in rebuilding mode. Since I joined the company two years ago, you can see those rebuilding efforts in our 2020 result, including a $7 $3 million improvement in our net loss over 2019 and improved balance sheet with cash growing year over year.
We started 2020 with a plan an expense structure that made sense for the business, but that is not the entire story. In 2020. We also had an entrepreneurial leadership team who acted aggressively in response to rapidly changing business conditions, and minimizing cash burn and identifying opportunities to stretch out.
Resources.
While our financial results signal that be square is stabilizing the business building isn't complete.
We had hoped to grow revenue in 2020, our strong Q1 2020 revenue on the heels of three quarters of improving revenue before that.
Gave us hope.
Those notions were quickly dispelled, however, with the arrival of the COVID-19, pandemic and the disruption that and see.
The disruption to our revenue growth, but did not slow our work with our large Iot customers.
The investments we've been making they are starting to bear fruit in 2020, including last month's announcement of our expanded relationship with Iraq.
The experience, we're gaining serving them as well as our other large Iot customers will result in improvements to our service and software offerings for a long time to come.
Personally I am proud that our technology is contributing to efforts to intelligently manage energy and the resources of our planet.
Before I turn things over to Chris Wheaton to review the quarter and year on detail I'd like to take a moment to speak to Christmas expanding world. How we are organized and entrepreneurial culture. We are building.
These core today is essentially composed of two integrated teams an opportunity team that I lead and a commitment team that Chris needs.
The opportunity team composed of sales marketing and business development is responsible for finding new opportunities for revenue and growth, we make promises to our customers, creating the opportunity for revenue.
We have a team that Chris leads include finance product development, Iot operations and engineering services.
They deliver on the promises the opportunity teammate generating revenue for our business.
They are also creating new capabilities as well as looking for ways to improve our business with better services and technology.
The balance of opportunity and commitment or promise on delivery is becoming a central part of our entrepreneurial culture and is central to our plan to return to growth. It is how we work with each other and how we work with our customers and partners.
It also reflects on how we interact with you our investors.
So with that let me turn things over now to my partner, Chris Wheaton to take us through our financial results and his insights on the quarter end of the year.
Yeah.
Thank you Ralph and good afternoon investors.
As Ralph mentioned, he asked me to take on CLO responsibilities and leadership the claimant team, which has added a new dimension to my role.
But on the call today on the CFO and I've been looking forward to the chance to convey to you our fourth quarter results and to discuss the financial highlights of 2021st full year of mentioned in your at vs Square.
2020 was earmarked by macroeconomic challenges that no one per saw and certainly were not part of our original plans.
Despite these challenges 2020 will also be the year end of the first story. It was marked by increasing stability and return to progress against business fundamentals.
It's kind of steady progress that has allowed us to adapt to the challenges in 2020 and its the measures that steady progress, but I need you to share with you today.
Turning now to the financial headlines for fourth quarter and full year results for 2020.
Total revenue for the fourth quarter of 2020 was $11 $1 million, which is 6% higher than the third quarter.
Revenue on our partner solutions segment composed primarily of sales of Microsoft software was flat quarter over quarter, reflecting the continuing pressure. The pandemic has put on our customers, especially customers on hospitality casino gaming in point of sales systems for.
For the partner solutions segment, a remarkable first quarter was followed by a difficult second quarter and revenue in the second half of the year, while stable has not returned to its peak.
Soft revenue performance in partner solutions was considerably so not entirely offset by stable and relatively strong gross profit.
Segment gross margins were at 15, 7% in Q4 2020 down from an unusually high 19, 1% in Q3 is largely based on Microsoft in the third quarter were not repeated in the fourth.
The second half of 2020 produced gross margins of 17, 4% in this segment compared to the first half 16, 3% a modest increase but more importantly, a relatively stable results.
Turning to the edge to cloud segment fourth quarter, 2020 revenue was up $700000 or 55% over the third quarter sales of our software and related services delivered strong results on a quarter and propelled our gross margin for the segment up.
And the segment to 39% up from both the third quarters, 12% figure in fourth quarter 2000 teens result of 35%.
Nonetheless full year gross margins in the segment were $600000 or 13% below the $2 7 million or <unk>, 31% result for 2019.
The year over year decline in gross profit was due primarily to engineering investments made throughout 2020 to meet prior commitments to our largest customers we.
These investments will continue to taper in 2021.
The juxtaposition of 2020 results for our two business segments provides a concise summary of our experience as the year unfolded partner solutions fell short of our revenue expectations, but delivered higher than anticipated gross margins.
As the cloud provided more predictable and consistent revenue and the gross margins were compressed by customer investments that required more resources unexpected.
We met the emergence of these patterns with close attention to our spending, particularly in sales and marketing cost and in our administrative expenses. Our overall results share this attention.
Net loss for the fourth quarter of 2020 with $200000 or <unk> <unk> per diluted share, which is virtually flat when compared to the third quarter net loss of $100000 on <unk> per diluted share.
While our modest losses in Q3, and Q4 2020 do not do reflect the frequently challenging conditions caused by the pandemic.
<unk> results for the full year demonstrated returned to business fundamentals that I mentioned at the outset on my remarks.
For the full year 2020, net loss was $1 9 million or <unk> 14 per diluted share compared to a 2019 net loss of $9 2 million or <unk> 71 per diluted share our ongoing attention on operating discipline has helped us create a more sustainable and adapt the cost structure.
EBITDA a non-GAAP measure of our operating performance was another bright spot in Q4, and 2000 Twenty's a hole.
Fourth quarter, adjusted EBITDA was $100000 lower than it was in the third quarter, but adjusted EBITDA for the year was $5 $1 million better than it was for 2019.
As a reminder, adjusted EBITDA provides another perspective on our ongoing operations by excluding certain noncash and irregular expenses, including amortization expense and stock based compensation expense and restructuring charges.
Finally cash our cash balance on December 31, 2020 was $2 $4 million higher than on the same date in 2019.
Last time the vs square added cash over fiscal year was long before either Ralph R. I joined the company our efforts to conserve cash combined with careful decisions on new spending and on opportunities to obtain cash have set us up well for continued business building in 2021.
However that business building is likely in the near term to consume rather than create cash while we do not intend to return to the days of heavy cash burn we do anticipate some increased investment on the opportunities we have to grow the business.
Cash cash equivalents restricted cash and short term investments totaled $13 million on December 31, 2020.
With the close of 2020 and looking to 2021, the emphasis on steady progress will remain our March continues.
<unk> people internally about that journey and the assets, we can and will deploy along the way.
However, uncertainty remains in the grip of the pandemic is not yet fully released we still see some unevenness and unpredictability in the partner solutions segment in particular.
As a result, we will not be providing guidance at this time and we will refrain from providing any additional future focus commentary about the business.
Thank you for your timing attention and I look forward to answer your questions at the end of the call, Let me turn things back over to Ralph.
Sure.
Thank you Chris.
During our earnings calls last year, you heard me speak of the increasing alignment between our partner solutions edge to cloud business segment.
Like to expand on that and share how our customers experiences will enhance that alignment and shape our strategy moving forward.
What we're finding is that our customers product strategies are increasingly heterogeneous. It is to say they have different versions of their products with different operating systems on different operating environments.
And they need our help on.
This year, Microsoft is introducing the next generation embedded Oss and that will create new opportunities for our customers and for biscuit to assist them.
Linux and Android are increasingly prevalent in the world of Iot and bring their own set of challenges.
At the same time, our customers products are being deployed into multi cloud environments.
AWS Azure and Google cloud, creating new complexity and again these square as a natural partner.
The next step on our customers' progression is to operate and manage their devices centrally as a fleet and for that they need 24 seven operations support.
Skill set is not their core competence, but it's something we can offer.
The reality in 2021 is that for our customers and for beef square. The definition of system software is expanding beyond the operating system and now includes the device settings configuration monitoring formation firmware and rules engines, our customers are transforming their business as they progress to you.
Nicholas device connectivity and true Iot. This progression is clearly arriving in phases and biscuit will be there with services and software to support them in their journey on the.
<unk> to the cloud to 24 seven operations to data driven operations be squares. There. We are fortunate to have such a rich customer base and such a wide set of verticals.
Strong technology partner, and Microsoft and in real life experience with large Iot operations.
I'd like to close by saying how proud I am of the work the beef square team has done to stabilize the business and embrace and operating discipline based on customer service and entrepreneurship.
Chris and I joined at a difficult time per be square.
Took some bitter medicine and began the unglamorous work of rebuilding our business Foundation in 2020, we continued that work, but with the added challenge of doing it remotely.
Covid made collaboration with our customers and each other that much more difficult.
And yet we pushed to rationalize our product offering and make good on promises made.
We are starting 2021 in a better position than we started 2020, we have a renewed focus on services and software that address our customers' problems.
The operating discipline to invest our resources wisely and the entrepreneurial instincts to identify the opportunities that will allow us to exploit the market potential of Iot.
Before we open the lines for questions I would like to acknowledge that we filed a form F. Three after the market closed today a form S. Three as a registration statement that if it becomes effective with the SEC will generally allow the company to offer and sell securities to the public from time to time.
For additional information I refer you to the form <unk> SEC filings, which you can access on the SEC Edgar site or via the investors section of our website.
As a matter of policy, we generally declined to comment on financing matters.
That will be true today.
With that out of the way operator would you. Please open the line for questions and while that is happening. Let me remind you if you'd like to arrange a follow up discussion with Chris <unk>. Please contact Steven Gottlieb. Thank you.
Operator, please open the line for questions.
Thank you, Sir if you'd like to ask a question free Sigma pressing star one on your telephone keypad, because youre using a speakerphone. Please make sure. Your mute function is turned off on your signal to reach on equipment. Once again net of star one if you'd like to ask a question on we'll pause for just a moment to allow everyone an opportunity to signal.
Once again net of star one if you'd like to ask a question.
Okay.
That's going on if you'd like to ask a question at this time similar pressing star one.
It appears there are no questions at this time I'd like to turn the conference back over to management for any additional or closing remarks.
Thank you for your time and attention today.
I think we'll close the call now.
Thank you that does conclude today's conference.
Thank you for your participation and you may now disconnect.
Yeah.
Yeah.
Yeah.
[music].
Okay.
Okay.
[noise].
Okay.
[music].
Yes.
[music].
Okay.
Okay.
Yes.
Okay.
[music].
Yes.
[music].
Good day.
Yes.
Good day.
No.
Yes.
Okay.
[music].
Okay.
[music].
Okay.
Okay.
Okay.
Okay.
[music].
Yeah.
[music].
Yes.
[music].
Sure.
Yes.
[music].
Okay.
[music].
Okay.
[music].
Okay.
Yes.
Yeah.
Okay.
Okay.
Okay.
[music] day.
Okay.
[music].
Right.
[music].
Yes.
[music].
Yes.
[music].
Okay.
[music].
Okay.
[music].
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Yes.
[music].
Okay.
Okay.
Yes.
Yeah.
Okay.
[music].
Okay.
[music].
Yes.
Okay.
Okay.
Yes.
Okay.
Right.
Okay.
Thank you.
Yes.
Yes.
On that.
Yes.
Okay.
Okay.
Yes.
Yes.
Thanks.
Okay.
Yes.
Okay.
Thanks.
Okay.
Okay.
Okay.
Yes.
Okay.
Okay.
Sure.
Thanks.
Okay.
[music].
Okay.
Yes.
Okay.
Yes.
Right.
Yes.
Okay.
Yeah.
Yes.
Yes.
Thank you.
Okay.
Right.
Yes.
Guidance.
Okay.
Okay.
Yes.
Okay.
Okay.
Okay.
Okay.
Yes.
Okay.
Thanks.
Yes.
Okay.
[music].
Okay.
Right.
Yes.
Okay.
Yes.
Okay.
Okay.
Okay.
Yeah.
Okay.
Okay.
Thank you.
Yes.
Okay.
Okay.
Good day and welcome to the Square Corporation fourth quarter 2020 financial results Conference call. Today's conference is being recorded and at this time I'd like to turn the conference over to Mr. Steven Gottlieb Vice President of Corporate Affairs. Please go ahead Sir.
<unk> locked in the MLP on this.
Before we begin lots remaining interest in group classes.
Paul on the pumps bulk reported remarks will be available on <unk> scores were up songs.
During this call we will be making forward looking statements.
These statements are based on chrome expectations on assumptions that are subject to risks and uncertainties that could cause.
Actual results could.
It's Jeremy.
During this call non who will also have some guam to non-GAAP financial measures.
Please refer to the caution on pumps regarding forward looking statements on.
The non-GAAP reconciliations from Clearbrook blocks on lots of modules.
And East Coast earnings release issued today on our website at Www Eastgroup dotcom.
Austin.
All per share amounts disposable income per diluted numbers will applicable.
Now I'd like to turn the call over to Ralph Derrickson, <unk>, President and CEO on.
Good afternoon.
Afternoon, and welcome to the biscuit on quarterly earnings call. Thank you for taking the time to be with US This afternoon.
Our plan as usual will be to take you through the Q4 and full year 2020 financial results.
Our perspectives on the business and answer any questions you may have for us today.
Yes.
For anyone who would like to arrange a follow up conversation. Please contact Stephen Gately VP of corporate Affairs, who is responsible for Investor relations.
Write off our call today.
Joining me on the call is Chris Wheaton fellow entrepreneur and E square CFO and COO.
I will get us started and enhancing that to Chris.
For people, who have been following us for a while you know that we've been in rebuilding mode. Since I joined the company two years ago, you can see those rebuilding effort and our 2020 result, including a $7 $3 million improvement in our net loss over 2019 and improved balance sheet with cash growing year over year.
We started 2020 with a plan an expense structure that made sense for the business, but that is not the entire story.
2020, we also had an entrepreneurial leadership team who acted aggressively in response to rapidly changing business conditions, minimizing cash burn and identifying opportunities to stretch our resources.
While our financial results signal that beat square is stabilizing the business building isn't complete.
We had hoped to grow revenue in 2020, our strong Q1 2020 revenue on the heels of three quarters of improving revenue before that.
Gave us hope.
Those notions were quickly dispelled, however, with the arrival of the COVID-19, pandemic and the disruption that and see.
The disruption did slow our revenue growth, but did not flow our work with our large Iot customers.
The investments we've been making they are starting to bear fruit in 2020, including last month's announcement of our expanded relationship with <unk>.
The experience, we are gaining serving them as well as our other large Iot customers will result in improvements to our service and software offerings for a long time to come.
Personally I am proud that our technology is contributing to the efforts to intelligently manage energy and the resources of our planet.
Before I turn things over to Chris Wheaton to review the quarter and year on detail I'd like to take a moment to speak to Christmas expanding role how we are organized and the entrepreneurial culture. We are building.
These core today is essentially composed of two integrated teams an opportunity team that I lead and a commitment team that Christy.
The opportunity team composed of sales marketing and business development is responsible for finding new opportunities for revenue and growth, we make promises to our customers, creating the opportunity for revenue net.
<unk> net Chris leads include finance product development, Iot operations and engineering services.
They deliver on the promises the opportunity team made generating revenue for our business.
There are also creating new capability as well as looking for ways to improve our business with better services and technology.
On the balance of the opportunity and commitment or promise on delivery has become an essential part of our entrepreneurial culture and is central to our plan to return to growth. It is how we work with each other and how we work with our customers and partners. It also reflects on how we interact with you our investors.
So with that let me turn things over now to my partner, Chris meeting to take us through our financial results and his insights on our quarter and the year.
Yes.
Thank you Ralph and good afternoon investors.
As Ralph mentioned, he asked me to take on CLO responsibilities and leadership the <unk> team, which has added a new dimension to my role.
But on the call today on the CFO and I've been looking forward to the chance to convey to you our fourth quarter results and to discuss the financial highlights of 2021st full year of my tenure at these square.
2020 was earmarked by macroeconomic challenges that no one first off and it certainly we're not part of our original plans.
Despite these challenges 2020 will also be the year entities per story. It was marked by increasing stability and return to progress against business fundamentals.
Is this kind of steady progress that has allowed us to adapt to the challenges in 2020 and its the measures that steady progress on I'm eager to share with you today.
Turning now to the financial headlines for fourth quarter and full year results for 2020.
Total.
For the fourth quarter of 2020 was $11 $1 million, which is 6% higher than the third quarter.
On our partner solutions segment composed primarily of sales of Microsoft software was flat quarter over quarter, reflecting the continuing pressure to pandemic has put on our customers, especially customers on hospitality casino gaming in point of sales systems.
For the partner solutions segment, a remarkable first quarter was followed by a difficult second quarter and revenue in the second half of the year, while stable has not returned to its peak.
Soft revenue performance in partner solutions was considerably, but not entirely offset by stable and relatively strong gross profit.
Segment gross margins were at 15, 7% in Q4 2020 down from an unusually high 19, 1% in Q3 as large rebates for Microsoft on the third quarter were not repeated in the fourth.
The second half of 2020 produced gross margins of 17, 4% in this segment compared to the first half 16, 3% a modest increase but more importantly, a relatively stable results.
Turning to the edge to cloud segment fourth quarter, 2020 revenue was up $700000 or 55% over the third quarter sales of our software and related services delivered strong results in the quarter and propelled our gross margin for the segment up.
And the segments of 39% up from both the third quarters, 12% figure in fourth quarter 2000, Eighteen's results of 35%.
Nonetheless full year gross margin in the segment were $600000 or 13% below the $2 7 million or 31% result for 2019 the.
The year over year decline in gross profit was due primarily to engineering investments made throughout 2020 to meet prior commitments to our largest customers.
We expect these investments will continue to taper in 2021.
The juxtaposition of 2020 results for our two business segments provides a summary of our experiences of the year on Poland partner solutions fell short of our revenue expectation, let's delivered higher than anticipated gross margin edge to cloud provided more predictable and consistent revenue gross margins were compressed by customer investments that required more resources unexpected.
We met the emergence of these patterns with close attention to our spending, particularly in sales and marketing cost and in our administrative expenses. Our overall results share this attention net net.
Net loss for the fourth quarter of 2020 was $200000 or <unk> <unk> per diluted share, which was virtually flat when compared to the third quarter net loss of $100000 on <unk> per diluted share.
While our modest losses in Q3, and Q4 2020 do not do reflect the frequently challenging conditions caused by the pandemic.
Comparative results for the full year demonstrate the return to business fundamentals that I mentioned at the outset on my remarks for.
For the full year 2020, net loss was $1 9 million or <unk> 14 per diluted share compared to a 2019 net loss of $9 2 million or <unk> 71 per diluted share our ongoing attention on operating discipline has helped us create a more sustainable and adapt our cost structure.
Adjusted EBITDA, a non-GAAP measure of our operating performance was another bright spot in Q4 and 2020 as a whole.
Fourth quarter, adjusted EBITDA was $100000 lower than it was in the third quarter, but adjusted EBITDA for the year was $5 $1 million better than it was for 2019.
As a reminder, adjusted EBITDA provides another perspective on our ongoing operations by excluding certain noncash and irregular expenses, including some amortization expense and stock based compensation expense and restructuring charges.
Finally cash our cash balance on December 31, 2020, with $2 $4 million higher than on the same day in 2019. The last time that these were added cash over fiscal year with long before either Ralph R. I joined the company our efforts to conserve cash combined with careful decisions on new spending and on opportunities to obtain cash.
Let us up well for continued business building in 2021.
However that doesn't building likely in the near term to consume rather than create cash while we do not intend to return to the day that heavy cash burn we do anticipate some increased investment in the opportunities we have to grow the business.
Cash cash equivalents restricted cash and short term investments totaled $13 million on December 31, 2020.
With the close of 2020 and looking to 2021 the emphasis on steady progress will remain our March continues Rockwell people internally about that journey and the assets, we can and will deploy along the way.
However, uncertainty remains in the grip of the pandemic is not yet fully released we still see some unevenness and unpredictability on the partner solutions segment in particular.
As a result, we will not be providing guidance at this time and we will refrain from providing any additional future focus commentary about the business.
Thank you for your time and attention and I look forward to answering your questions at the end of the call, Let me turn things back over to Ralph.
Yes.
Sure.
Thank you Chris.
During our earnings calls last year, you heard me speak of the increasing alignment between our partner solutions edge to cloud business segment.
Like to expand on that and share how our customers' experiences will enhance that alignment and shape our strategy moving forward.
What we're finding is that our customers product strategies are increasingly heterogeneous that is to say they have different versions of their products with different operating systems on different operating environment.
And they need our help.
This year, Microsoft is introducing the next generation embedded Oss and that will create new opportunities for our customers and for beef square to assist them.
Linux and Android are increasingly prevalent in the world of Iot and bring their own set of challenges.
At the same time, our customers products are being deployed into multi cloud environments.
AWS Azure and Google cloud trading new complexities and again be square as a natural partner.
The next step on our customers' progression is to operate and manage their devices centrally as a fleet and for that they need 24, seven operations support that skill set is not their core competency, but it's something we can offer.
The reality in 2021 is that for our customers and for beef square. The definition of system software is expanding beyond the operating system and now includes a device settings configuration monitoring information firmware and rules engines, our customers are transforming their business as they progress.
Equities device connectivity and true Iot.
Progression is clearly arriving in phases, and biscuit will be there with services and software to support them in their journey on.
<unk> for the cloud to 24 seven operations to data driven operations be squares. There. We are fortunate to have such a rich customer base and such a wide set of verticals.
Strong technology partner, Microsoft and in real life experience with large Iot operations.
I'd like to close by saying how proud I am of the work the beef square team has done to stabilize the business and embrace and operating discipline based on customer service and entrepreneurship.
Chris and I joined at a difficult time per piece square, we took some bitter medicine and began the unglamorous work of rebuilding our business Foundation in 2020, we continued debt work, but with the added challenge of doing it remotely.
Covid made collaboration with our customers and each other that much more difficult.
And yet we pushed to rationalize our product offering and make good on promises made.
We are starting 2021 in a better position than we started 2020, we have a renewed focus on services and software that address our customers' problem.
The operating discipline to invest our resources wisely and the entrepreneurial instincts to identify the opportunities that will allow us to exploit the market potential of Iot.
Before we open the lines for questions I would like to acknowledge that we filed a form S. Three after the market closed today, our form S. Three as a registration statement that if it becomes effective with the SEC will generally allow the company to offer and sell securities to the public from time to time.
For additional information I refer you to the form <unk> filed which you can access on the SEC Edgar site or via the Investor section of our website.
As a matter of policy, we generally declined to comment on financing matters.
That will be true today.
With that out of the way operator would you. Please open the line for questions and while that is happening. Let me remind you if you'd like to arrange a follow up discussion with Chris <unk>. Please contact Steven Gottlieb. Thank you.
Operator, please open the line for questions.
Thank you, Sir if you'd like to ask a question. Please Sigma pressing star one on your telephone keypad, because you're using a speaker phone. Please make sure. Your mute function is turned off to allow your signal to reach on equipment. Once again net of star one if you'd like to ask a question on we'll pause for just a moment to allow everyone an opportunity to signal.
Once again net of star one if you'd like to ask a question.
Okay.
If you'd like to ask a question at this time with extreme low pressing star one.
As there are no questions at this time I'd like to turn the conference back over to management for any additional or closing remarks.
Thank you for your time and attention today.
I think we'll close the call now.
Thank you that does conclude today's conference.
Thank you for your participation and you may now disconnect.