Q3 2022 Orion Energy Systems Inc Earnings Call
Good day, ladies and gentlemen, welcome to Orion Energy systems fiscal 'twenty, two third quarter conference call. At this time all participants are in a listen only mode. Later, we will conduct a question and answer session instructions will be given at that time as a reminder, today's conference is being recorded.
I'd like to turn the call over to Bill Jones, Sir you may begin.
Thank you and good morning.
Mike All cheerful Orion's CEO and board Chair will open today's call to provide third quarter highlights and discuss the current business outlook.
Brian CFO pair Bro Dean will then review additional financial items.
After which we will open the call to questions an archived replay of this call will be available. After today in the Investor Relations section of Orion's corporate website. This call is taking place on Wednesday February 19 2022.
Remarks that follow and answers to questions include statements that the company believes to be forward looking within the meaning of the private Securities Litigation Reform Act of 1095.
These forward looking statements generally include words, such as anticipate believe expect or words of similar importance.
Likewise statements that describe future plans objectives or goals are also forward looking.
These forward looking statements are subject to various risks that could cause actual results to be materially different than expected.
Such risks include among others matters that the company has described in its press release issued this morning and in its filings with the Securities and Exchange Commission.
As described in these filings the company disclaims any obligation to update forward looking statements, which are made as of today's date.
Conciliation of certain non-GAAP financial metrics to the corresponding GAAP metrics are also provided in today's press release.
Which will be available in the Investor Relations section of Orion's corporate website at Www Dot Orion lighting dot com with that let me turn the call over to Mike All cheerful.
Hey, Thanks, Bill and good morning, and thank you all for joining us on today's call.
Last month, we announced our expected fiscal 'twenty, two third quarter revenue and revised our revenue outlook for the full fiscal year 'twenty to today's press release provides our actual complete financial results for the third quarter and first nine months of fiscal 'twenty two.
I am very proud of how the Orion team has managed through a challenging period, enabling us to achieve solid top and bottom line growth in the first nine months of fiscal 'twenty two versus the same period last year.
We continue to expect full year fiscal 'twenty to revenue to increase approximately 11% to about $130 million.
Turning to our third quarter results as anticipated Orion Q3 dollars 22 revenue decreased to $30 7 million versus $44 3 million in Q3 dollars 21, which had benefited from a rapid rebound in activity. Following initial COVID-19 disruptions, particularly from our largest customer.
As we discussed last month, our current operating performance is being impacted by customer led lighting project delays due to supply chain disruptions and COVID-19 related impacts to their businesses.
Nonetheless, our revenue for the first nine months of fiscal 'twenty, two increased to $102 3 million versus $81 3 million a year ago, an increase of 25, 8% and we are also able to improve our gross profit percentage in the first nine months of fiscal 'twenty two.
Despite supply chain and COVID-19 related challenges impacting most companies. Our team has been very successful navigating these issues within our own business. This includes proactive supplier management expanding sourcing for key materials and components in advance purchasing of certain materials components and finished goods.
To enable Orion to meet customer requirements with only limited impacts.
Further we believe Orion is well positioned for an expected rebound in customer activity as business conditions normalize and customers launch delayed projects and as we pursue new projects.
We also believe Orion is U S based manufacturing focus represents an important advantage for us as it enables us to respond quickly to customer needs usually within two weeks.
Many of our competitors, who source products from Asia face lead times of six to 12 weeks in the best of circumstances.
This performance advantage has enabled Orion to pick up some led lighting fixture opportunities from competitors that were unable to deliver product and we believe our quick production and turnaround times could provide additional opportunities going forward.
In terms of our National account project business, our largest customer has been has been and remains very active.
While we expect to complete the nationwide led retrofit of their retail stores. During Q4 'twenty. Two we continue to be awarded a range of retrofit and other led lighting projects, including new construction parking lot retrofits and lighting reconfigurations inside their retail locations.
More recently, we've expanded the scope of our work with this customer to include lighting maintenance services, which we expect to provide a growing source of recurring revenues in future years.
It is important to note some bright spots in our growth this year.
For example, excluding revenues from our largest customer our revenues grew $12 million or 33, 2% year to date demonstrating progress in diversifying our revenue base.
We also achieved solid growth in our energy services company or ESCO channel, where revenue was up $7 2 million or <unk> 91, 5% year to date.
Industry, leading energy efficiency and the high quality of our products make Orion well suited for this channel, which is focused on delivering energy conservation and related cost savings to their customers for.
For example, we have had good success this year with several east Coast School districts supporting an ESCO partner, we are excited about the potential to build upon the success and believe that federal programs such as cares funding may create further opportunities to upgrade the educational facilities, including potentially with our pure motion UBS.
<unk> Air movement solutions.
The innovative pure motion product line is designed to sanitize air and eliminate airborne viruses, including COVID-19 in shared spaces, such as schools medical facilities offices and other public spaces. We.
We see significant opportunity in the ESCO channel and it will continue to be an important focus for our company.
Our distribution channel also experienced growth with revenue up $2 2 million or 13, 7% year to date.
This channel focuses on selling lighting products through broad line electrical distributors and continues to be an important path to the market for us.
The solid performance in these two sales channels is testament to the underlying strength of our products performance customer service and our sales and marketing efforts.
Turning to our lighting maintenance service business, we are making good progress on this strategic business expansion, which provides both an attractive opportunity for growth as well as the potential to build a solid base of recurring revenue to date, our customer base, primarily consists of our major national retail customer and a national <unk>.
Specialty retail customer.
To accelerate our growth in early January we acquired stay light lighting, a provider of lighting electrical and maintenance services, primarily for retail companies as well as for industrial and commercial facilities.
Stay light lighting provides orion with the nationwide maintenance service network and experienced in house team of people and equipment that enables us to self perform services in 15 states primarily in the Midwest and mid Atlantic regions stay.
Daylight lighting brings to Orion and annual revenue base of approximately $9 million, primarily providing services to national retail companies.
A number of their customers are companies that are not currently customers of Ryan, including their two largest national retail customers.
Based on the expanded scope of our combined businesses. We believe Orion has the potential for over $20 million of maintenance services revenue in our fiscal year 'twenty, three which begins April one.
We are also confident that this business has the potential to deliver gross profit margins that are approximately in line with our overall historical performance to make a solid ongoing contribution to our bottom line results.
Maintenance services fit well with the holistic approach, we are taking to serve our customers with the ability to provide them a complete solution from design and engineering to manufacturing installation and now lighting and electrical maintenance. The maintenance business also provides us with more regular customer touch points, something we expect to enable and <unk>.
Hence the deepening of customer relationships, while also providing additional sales opportunities for our led lighting and controls solutions.
As we've discussed in prior calls our REIT is developing a strong and growing reputation for executing large scale turnkey led lighting project solutions on time and on budget and with excellent customer service further our led lighting solutions deliver compelling returns on investment and important environmental benefits for our customers.
<unk> reduced carbon emissions and healthier and safer work environments.
Factors are resonating with larger customer prospects and underlie our optimism for <unk> long term growth potential.
We are proud to announce that we were one of four winners out of 29 submissions in the concept category of the American made challenges L price competition sponsored by the U S Department of energy and R E L and Pacific Northwest National Laboratory for our sustainable and.
<unk> led troffer retrofit fixture.
In the concept category manufacturers were invited to create next generation led lighting concepts designed to advance the U S clean energy economy, resulting in transformative designs products and beneficial environmental impact within the commercial lighting sector.
Our sustainable and connected troffer retrofit accomplished those concepts by offering a high efficacy networked led luminaire with advanced controls that include lie phy technology that can be retrofitted in less than two minutes to an existing fluorescent luminaire.
Now looking to the balance of fiscal 'twenty. Two we are maintaining our revenue expectation of approximately $130 million, which represents growth of 11% versus fiscal 'twenty, one revenue of $116 8 million.
This outlook implies expected revenue of approximately $28 million for our fiscal fourth quarter ending March 31.
While current market conditions limit our visibility into fiscal 'twenty three we do remain confident in our long term strategic plan of building a $500 million annualized revenue business over about a five year period capitalizing on average organic growth of at least 10% per year.
Supplemented with external growth through acquisitions partnerships and other initiatives.
Our confidence in our organic growth goal is based on the strength of a <unk> product and service portfolio.
Growing base of customers, our unique build design install maintain capabilities and our commitment to delivering a high quality customer experience and compelling ROI.
We are also confident in our ability to achieve external growth as evidenced by the acquisition of stay light lighting. In addition, our comprehensive external growth process has allowed us to build a growing pipeline of potential partners supported by our financial strength to execute on opportunities that fit our growth plans and financial.
Bricks.
So now I'd like to turn the call over to pair to discuss financial highlights and insights before we take your questions there.
Thanks, Mike.
Orion third quarter fiscal 'twenty to revenue of $30 7 million compares to $44 3 million in Q3, 'twenty, one a period in which we generated significant revenue from our largest customer as we were able to regain momentum on projects that had been postponed due to the.
The onset of the COVID-19 pandemic.
In addition to a $14 million year over year decrease in revenue from our largest customer Q3 'twenty. Two revenue was also impacted by led project delays as our customers responded to supply chain disruptions and new COVID-19 variant impacts to their businesses.
However.
Through the first nine months of fiscal 'twenty, two revenue grew by $21 million to $102 3 million compared to the first nine months of fiscal 'twenty, one which was more affected by COVID-19.
<unk> gross profit percentage remained level at 24, 9% in Q3 dollars 22 versus Q3, 'twenty, one which is notable considering lower revenue and higher component logistics labor and other cost pressures.
In the current environment, we are focusing product offerings and the most compelling and popular solutions that provide ducks.
<unk> and margin efficiencies.
Through the first nine months during this cyclical and we need to.
Our gross profit percentage improved to 28%.
Versus 25, 7% comparable prior year period.
Now our Q3 22 operating expenses decreased 2%.
$6 3 million versus $6 5 million from Q3 'twenty one due.
Due to lower compensation costs in the current year quarter.
No.
Offset somewhat by a $200000 of acquisition related costs.
Yes.
Our income.
I'm, sorry, operator are you able to mute that person.
Thank you.
Q3, 22, net income declined to $1 1 million from $4 3 million in Q3, 'twenty, one mainly due to reduced volume in the current year, however year to date net income.
Proved to $7 3 million from $4 million in the first nine months of fiscal 'twenty, one, reflecting higher year to date business volume and margins.
<unk> effective tax rate is 24, 9% through the first nine months of fiscal 'twenty two although we do not expect to pay meaningful cash taxes for several years because of net operating loss carryforwards of nearly $70 million as of the close of fiscal 2021.
Orion generate generated EBITDA of $1 7 million in the third quarter compared to EBITDA of $4 9 million in Q3 dollars 21.
For the first nine months of fiscal 'twenty two.
Orion's EBITDA improved to $10 9 million compared to $5 5 million for the first nine months of fiscal 'twenty one.
We continue to expect full year fiscal 'twenty to revenue to increase approximately 11% to about $130 million.
Based on this revenue performance, we would also expect to show a year over year net income improvement in fiscal 'twenty two.
After excluding a nonrecurring noncash income tax benefit of $20 9 million or <unk> 66 cents per diluted share in fiscal 'twenty one.
Looking beyond fiscal 'twenty two.
We remain very confident in the company's long term strategic growth plan and potential.
As Mike mentioned.
Orion remains in a strong financial position, we ended Q3, 'twenty two with over $41 million of liquidity, including $17 million of cash and cash equivalents and $24 million available on our credit facility with no debt outstanding.
Also of note, we pre funded our acquisition of stay light lighting on December 31, which had an effective date of January one 2020 to.
That funding of $3 7 million is included in other long term assets on our December 31, 2021 balance sheet.
Net working capital improved to $32 million on December 31, 21, compared to $26 2 million as of our fiscal year end March 2021, and $23 3 million at December 31 2020.
And with that I will turn the call back over to the operator for the Q&A session.
Operator.
Thank you if you have a question at this time. Please press Star then one on your telephone. If your question has been answered or you wish to remove yourself from the queue. Please press the pound key we ask that you. Please limit yourself to three questions to allow others to.
Asked their questions before joining the queue again.
And our first question comes from the line of Eric Stine with Craig Hallum. Your line is open. Please go ahead.
Hi, Mike Hi per.
Good morning, Eric.
Good morning, Hey, Hey, so just to confirm I know.
No. It was a couple of weeks ago. When you when you pre announced but I mean, just confirming I guess, one that you still view this as just pushed revenues rather than loss revenues.
And then curious do you have any more visibility and I know this is not your supply chain. It's your customer supply chain and COVID-19 issues, but do you have any visibility into when those may start up and I know you had a number of buckets that caused the pre announcement right.
First of all yes, Eric we have not lost any of this business or lost any of these customers and we expect the business to flow in in four quarters as we head into our fiscal 2023. Each one of them has unique of what caused it currently and what the delay might be but we're quite confident that all of it.
<unk>.
Come forward for us so it is not lost business.
We've seen some improvements I'd say from a customer standpoint on some of the supply chain matters that some things are starting back up but it's mixed across them and each one has an individual situation and so we are confident they are going to happen just is taking a little longer than what we expected.
Okay got it that's helpful.
I am interested in your commentary about.
Picking up business given your ability to respond in two week lead times.
Just wondering is that something you're able to quantify I mean do you view that today is kind of more one off business or do you think that this is actually business that you are getting now, but can turn into something larger share.
It's hard to absolutely quantify it but I'll go back to our strategy as we were looking back about a year ago.
Even plus and we saw the supply chain situation coming forward, we started taking specific actions of having.
Some broader supply chain avenues of.
Increasing our orders of actually taking physical delivery and even in some situations.
If you will pre funding or buying key components for some of our suppliers. So that they would be able to supply us and those things have worked out for us and so as I've said during the call earlier, we are we do feel very confident that we have not lost very much business due to our inability to deliver product to our.
<unk> and so I'm proud of our supply chain team and our engineering team for working our way through all of that.
We have specific situations, where we have been told that we picked up business because others were not able to supply product.
And often in particularly in new construction some of the lighting comes in towards the end of the project and things can't be held up and so timelines get very tight I do think it gives us some opportunity to build new customers because sometimes when these things happen in U.
Get somebody out of a tough situation you are likely going to be rewarded with more opportunities down. The road. So we would expect some of this could end up being some additional repeat business for us going forward. So we try to take advantage of when we can and we continue to have significant inventory levels on hand to take advantage of these situations as well as service or owned.
Customers.
Okay got it.
Maybe just last question for me and I know that this goes back a bit but I guess a couple of years ago. You made some key hires because you didn't feel like youre getting a full look at the opportunity out there and I know I mean, a huge market, but any thoughts on on where you stand on that.
How much of the market do you feel that that you are getting a look at now in and are there any additions that are needed going forward.
We feel very good and I feel very good about the progress we have made with the buildup.
Both our sales and marketing teams as a company and I think part of it is is demonstrated by one of the metrics I commented on earlier.
That are.
The revenue nine months year to date.
Excluding our largest customer.
Has grown by 33% and part of that has been our strategy of adding to our sales team and also reinvigorating some of our marketing efforts.
Even more specifically as I mentioned, our one market with <unk>, which has been a strategy of ours is up.
Over 90% year to date. So we do think it is having an impact we continue to build our sales team and look for people that can help us and we also have increased our investment in our marketing activities to get us additional opportunities for projects. So we think it is having an impact some of those things take a little bit of time, but.
I think we're seeing it already in fiscal 'twenty, two and we're optimistic we will see more of the impact from those initiatives as we head into fiscal 'twenty three.
Thanks, Eric Okay. Thanks.
Thanks.
And our next question comes from the line of Amit Dayal with H C. Wainwright. Your line is open. Please go ahead.
Good morning, everyone.
Good morning.
My questions are around sort of the margin side of the story.
<unk>.
And growth on the service side and how that can help potentially on the margin side, so you're expecting a 10% growth trying to get to the $500 million.
Target.
A few years from now.
What role does the service side of the business spleen that and can the service segment grew faster than 10% potentially for you.
Well I'll start with the service side and I would.
First.
Expand a little bit that one.
We view service today would be two different components. One we have had for our 25 year history. The installation services that we provide to our customers on turnkey basis as well as other miscellaneous engineering type services for them and that has been our historical service business and now we are expanding that.
With the lighting and electrical maintenance services business.
I think given the numbers that I laid out this morning that in combination with the acquisition, we made in our existing customer base and our expected growth that we believe we can build that maintenance business into a.
Plus $20 million business in fiscal 'twenty, three and so we feel that's very nice progress of demonstrating the ability to both acquire.
Situation, but also our own organic growth. So I would say that it's likely the maintenance side of the business could possibly grow faster than 10% going forward from a margin standpoint. We've consistently commented that we think the margins that can be achieved on the maintenance business would not be dilutive to the margin aspirations, we've had as a company.
We do generally find that product margins are somewhat stronger than service margins, but we find that the maintenance margins from lighting and electrical maintenance will fit well within that group.
Group of those two and in some respects they are somewhat symbiotic and that they really do help each other as you go forward.
And if I may just add a little bit to that Amit.
If you look at our service margin in the current quarter from a year over year basis.
Up.
Over 200 basis points year over year and year to date, we're up about 150 basis points just on the service margin line. So I think thats speaks to our.
Continued diligence in trying to improve those margins.
Expect to try to achieve that as we move forward.
I also.
One last quick comment too.
Is that.
Very pleased with the 28% gross profit percentage on a year to date basis, particularly in this inflationary period. So it really has told us that our early actions with respect to managing our supply chain efficiencies operational efficiencies and price increases has helped us maintain our margins during a tough inflation year.
For many industries.
Yes.
Yes, that's kind of where I was going next Mike I was just saying okay.
The future gross margin opportunities are I know this is going to be a little bit.
Variance coming into play.
Some of the supply chain issues, but once these get normalized.
Do we see.
Little bit of a step improvement in the margin profile for the company.
Well I think in the past we have commented that we felt the range of margins for us in a normalized period should be between 25, and 30 and that we would think more mid term, we should be able to move beyond 30% with our gross margin.
And given that our current nine month year to date is 28% and theres been some.
Some quarters, where the revenues are.
It's not a real even year for us which is not uncommon for a project based business, we're very pleased with hitting the 28%.
Particularly with the inflationary pressures that we have seen and been able to manage our way through so I would stay with where we are at that we think near term being in those.
Mid to high 20% range is certainly achievable for us and we think longer term to be up above 30%.
Is realistic.
Okay. Thank you for that Mike.
Nonetheless, I appreciate it thank you.
Yes, Thank you ultimate.
Thank you and our next question comes from the line of Alex Rygiel with B Riley. Your line is open. Please go ahead.
Good morning, and thank you I know, it's a little early obviously to talk about fiscal year 'twenty three.
But maybe you could just kind of shed some light on some of my thoughts here assumptions sure. So incrementally you're targeting 10 plus percent organic growth so that would be call it $13 million or so incrementally, you'll probably get another $6 million 7 million from the stellite acquisition contribution for.
Our full year, so that gets you to sort of $20 million.
Which takes your full year kind of revenue number to 150.
For fiscal 2023, I'm, not asking you confirm that or anything but.
What are some of the.
Is there any upside to that number from push outs in 2022.
I appreciate the question. Thank you very much and I think I understand the way you're looking at it in.
We.
We truly wish we were at a point, where we could give.
More.
Broader outlook going into fiscal 'twenty, three and we just continue to feel that there are a number of moving pieces going on of all the things we've been talking about someone repeat them, but that we just think it's more prudent to wait until we have a better handle on it to have that.
Discussed I think the way Youre looking at it from a base standpoint. It makes some sense. We do think there's some upside I think theres upside in that.
The projects that have <unk>.
Likely pushing forward is somewhat there I would put a little bit of caution on that and that as I mentioned on the call back in January .
The company has to move a capital project for them there.
They are ex year to the following year doesn't necessarily mean, they're going to double up on their capital projects, but there could be something in between there to give you some upside but I also feel most of my upside view that I see is that we are seeing the activity level.
Request for quotations or proposal activity metrics have been strong.
And we think that as supply chains continue to normalize.
Our comments have been we saw it kind of well into 'twenty three I am sorry, well into calendar 'twenty, two and so we're kind of charge in a way through that and hopefully by mid year, it's a little bit more normalized.
And hopefully for our customers they solve some of their issues that you could see some upside too. So we're very optimistic about the future I. Just unfortunately would say that the visibility and predictability right now is a bit challenging.
Understood and then as it relates to M&A can you maybe address the status of your M&A backlog, and then talk a little bit about sort of total capital allocation towards M&A.
In calendar year 2022.
Sure.
We some time ago started.
Formal process.
Using some outside assistance to identify potential companies to have conversations with them. We have found it to be very productive for us we've talked with a large number of companies and have identified a much larger universe to think through and our focus as we've commented in the past has been to think about several.
Categories. One we knew we wanted to grow our maintenance business.
It has started out to give it a jumpstart and add more resources and capabilities and experience and customers and so we've taken that first step, but we could certainly see additional opportunities in that area. As we've identified prospects. We also are really intrigued in the area of opportunities in EV charging stations battery storage and <unk>.
Solar so we continue to look at possibilities that could be in those areas for us to think about technology has been of interest to us from a control standpoint, and other type of technology applications and the products so kind of rounds out everything but those are things that we're looking at very key.
I feel that the progress we've made on our pipeline would.
Hopefully allow us to do additional transactions.
Certainly during fiscal 'twenty, three perhaps calendar 'twenty two from a capital allocation standpoint, it's a tough one to answer because we're looking at.
Very small companies that that are very.
Intriguing to us and we're talking at times with some companies that are quite large and so the whole capital structure is a difficult one to answer today, but we feel good about obviously the cash we have on hand, we are substantially debt free right now which provide some.
Opportunity for.
For consideration and.
In the right situations, perhaps our stock also from a currency standpoint. So we feel we have the financial wherewithal to do many things, but the size range has been all the way from looking at some things that are tuck in things that could be transformative for us. If we think it is a good opportunity and of high value for.
Our shareholders to do something larger.
Very helpful. Thank you.
Thank you Alex.
Thank you and our next question comes from the line of Andrew Shapiro with lockout Capital Management. Your line is open. Please go ahead.
Hi, Thank you.
I have a question following up on the Craig Hallum analyst questions I, just needed a clarification to what extent.
Was this quarter's shortfall from your expectations. The result of delays by the customer which sounds like most of it is but I don't know if it was all of it versus the any supply chain delays that you experienced on your own.
We feel and have concluded that most of the.
Shortfall.
We'll call it for fiscal 'twenty two of our move to telling you we feel we're going to be in the $130 million range is caused by our customers.
Supply chain and or Covid challenges. So we feel most of it has been external we feel that internally we have lost very little business. This fiscal year.
Not being able to supply product to people.
Okay and of the instances when it's we'll call it COVID-19 caused versus.
Supply chain.
In those instances.
Theyre all deferrals or.
Is your definition of Covid cause.
Some customers have had.
Financial challenges that they've decided to cancel or scaled back their capital expenditures.
It has been more of the first so we think it's more deferrals and an example might be we've had situations, where we were working in hospital systems and due to the flare up over the last round of omni crime. There. They may have said, we need to slow down the project or delay the project for a few months so let things.
Settle down if you will so when we say COVID-19 impacts those types of things, it's usually access to facilities, either where we are providing product or we are providing both product and installation services.
Excellent. Thank you very much.
Thank you for your questions.
Thank you and again if you have a question at this time. Please press Star then one.
And our next question comes from the line of Bill does helium with Titan Capital Management. Your line is open. Please go ahead.
Thank you.
Mike would you please expand on the comments that you made.
In your opening remarks relative to some.
Some early signs that the supply chain might be improving slightly.
Sure it's just a.
There are just subtle different things that we are seeing you know we're seeing in <unk>.
From a supply chain standpoint, sometimes the timeframe that it takes to get product to our facilities is starting to come down somewhat some of the costs related to transportation of moderated somewhat in certain areas.
And and just other types of things that we see where.
The difficulty of getting the components and the supplies that we need to have moderated to a certain extent and so we are assuming that also has some impact on our customers and potential customers, where things just seem to be getting somewhat better I still think we have a period of time overall for things to get a little bit more nor.
<unk> and but we are seeing things improve somewhat.
Thank you and then.
Balance sheet question the accounts receivable dropped.
Gosh nearly $24 million.
Last quarter down to the 12 million or so this quarter.
Is that primarily a function of your largest customer.
Revenues slowing down and therefore basically they're there.
They are outstanding bills have been paid and a reduced or is there something more going on there.
No I think bill it's a reflection of the level of our business volume based on collections relative to the terms that we have on the related revenues nothing else.
Unusual going on.
Thank you both.
Thank you Bill.
Thank you Bill.
Thank you and I'm showing no further questions at this time I would like to turn the conference back over to Mike Shaffer for any further remarks.
Thank you very much Michelle I do want to apologize for some of the noise background. We had earlier in the call. It was coming from outside the Speaker group Oakland, We worked our way through it. So thanks for your patience I also want to thank everyone, who joined us for today and joining us today and for your interest in Orion, we have over the past fiscal year participated in a number of virtual conferences.
And all of those have been.
Recorded and are available in the IR section of our website and also feel free to contact our IR team if you'd like to have a meeting with management or have additional questions and their information is in the release today. So thanks again for your time and we look forward to updating you in June with our fiscal 'twenty two fourth quarter call. Thanks, everybody and have a great day.
Today's conference call is now concluded. Thank you you may disconnect.
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