Q4 2021 Kandi Technologies Group Inc Earnings Call
Greetings.
I'll come to Kandi technologies full year 2021 financial results call.
At this time, all participants are in listen only mode.
Question and answer session will follow the formal presentation.
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Please note this conference is being recorded.
I will now turn the conference over to <unk> Investor Relations manager key while you may now begin.
Mhm people, ladies and gentlemen.
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On the call with me today are Mr. Couponing.
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Mr <unk>, who will deliver his remarks.
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Having said that name for it yet.
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To the tissue.
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Quantity of fund me on a Sunday peaceful sleep woman.
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So I can't kind of thought about it yet.
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Well thank.
Hello, everyone and welcome to our conference call today, I'm happy to share our business and financial results for the full year 2021 .
Canada was able to get back on track with meaningful sales growth in 2020 . One. This turnaround was the result of strategic actions, we took to respond to a changing market landscape. After the pandemic broke out in 'twenty 'twenty the.
The most important highlights of 2021, what's the what's the remarkable growth of revenue and the electric scooter intellectual cell balancing school day and associated parts of my business.
The settlement accounted for nearly 33% of total annual sales growing approximately 120% versus last year.
Orange Lilly our primary business the operations well composed of designing developing manufacturing and commercializing mhm.
Products on the easy part.
He was here at the mall.
Okay got more crowded some Chinese EV companies decided to chase market share with our aggressive pricing Ronny huge losses.
China's EV market took off early.
Tier two other major.
Economies, we believe that its easy molecule has not reached a healthy and orderly stage of development.
First of all considering all financial condition and the interest.
Shareholders and other stakeholders, we think it's a wise well also a participant in.
That's the loss competition or risk to the bottom.
So we decided to take the initiative and the more move along the supply chain to find more viable business opportunities by leveraging our unique technology called and operational strength in specific areas.
We firmly believe.
Obama swap in Sao Paulo, exactly to universal adoption of Evs.
Leveraging our advanced to eat meat intelligent battery swap equipment manufacturing.
Capacity of Evs with intelligent battery swap mode and dozens of patented technologies in Paris, what we.
We'll continue to build our position in the field of online car hailing was badly swap mode and it will make for athletes when China EV market interest and more healthy development states.
Looking at the off road vehicle business. The industry is gradually shifting its focus to electrification aimed.
In 2022 we will apply easy technology to off road vehicle products and launch a variety of pure electric utility terrain vehicles neighborhoods E golf's cars and all votes crossover vehicles.
Our plan is to fully utilize our expertise and knowhow.
Making electric vehicles by expanding to also vehicles.
We will strive to become the molecule either in this field in China within three years.
To sum up we ended 2020 was with initial success.
English in our business transformation were sufficient capital from the government payment related to our facility relocation and there was more business flexibility after exiting the joint venture.
Looking forwards.
We are making for us to develop products to enter the market or pure electric all small vehicles, incorporating our <unk> technology.
Expect more opportunities ahead in the evening market in China, once a interest a more stable growth mode.
We believe there are plenty of opportunities to benefit from the industry's Steve allotment of EV and electric off road vehicles in the future.
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Sure.
Thank you now let's start the Q&A session Q I will take any English questions on translate for me all played out. Please go ahead.
Thank you well.
We will now be conducting a question and answer session.
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Thank you.
First question is from the line of Frank Ladderman, a private Investor. Please proceed with your questions.
Hello, Good morning.
Cause prepared for today's conference call one involving the status of the who then Hank went battery swap and the other involving the status of the case 23, 8-K 27 in the United States.
In light of your statements today's T R Hi.
I'm, assuming that seat so I get in the water at this time is that correct.
Hello, Hi, Frank.
Yes.
Can you hear me, yes, I can hear you you lost pause whether what did it in the water.
The status of the case 23 and 27.
So the status as a whole and Penguin battery swap.
Okay. It looks as though we're no longer going to be in that line.
For some time now.
I'm looking for clarification is that is my understanding correct and then I have one short question.
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But he does some hunting fishing, yeah I'm sure if all you're doing is into high demand the Qualcomm Kashi I shouldn't time sure.
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Jessica you go into <unk>.
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Yeah.
Hello, Frank.
Morning.
Yeah two questions firstly.
Well first of all related to our cooperation with Hunan Pan rent.
As you May know her on a head around is the R&D company with that qualifications and license to manufacture it you'd be in.
In the China market, we are working with them right now are at the moment at the high end than production factory and we are working with them to get up to file with the production.
Following are ones that falling it's done lift a government authority, which we expect around quota to up this year. We can then pick up the orders and started to Hum too.
To sell our EV products catch any free which have to battery swap features.
And as for our key 23, 8-K, 27, so channel in the U S.
We had calendar Easter requirement from the D O T. A safety requirement on the add back a regionally we need to have the approval from that E. P. A in order to sell or E. B on for the hydro for the highway U S. H in U S. And then we noticed that for these safety.
Women, it's like a self falling routine.
Routine and then we noticed that later on the requirement for the add back is different between U S and China are there so let it stand at requirement within China and European countries. However, we noticed that it's different in the U S. Primarily that used to this the at bat in it if it's different.
Size of the trial Oh, we're just different requirement from the China standards and that takes US a long time and a lot of investments to be fine in order to meet the requirements of the ethics safety D O T.
We are working on that pretty hot and however, the time to complete such a refinement in order to meet the requirements of the U S. A.
Is is uncertain at the moment, we're trying pretty hard so in order to.
Proceeding with our productions, we are doing the parallel pathway approach firstly, we are going to be fine.
Add back our requirements at the meantime, and also we are selling their cage free and K 27 N E V version.
We just already started now in the market and we have gradually deliver our products to the customers in the U S.
Yeah.
Thank you very much and then I have one further question, which you may have already answered as a company can only to pursue an electric vehicle manufacturing license in China.
Or high affiliation.
Probably on its own in the future.
Are you asking whether we're going to apply our own.
Production license.
It was only two.
Well.
The answer I just received apparently gave me the answer to the first part.
Calling to lock the rate.
Utilizing the license.
Cool.
Hey, Brian sorry.
Okay now.
Or are we going to pursue a standalone license or is that undecided at this time.
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She is actually just a you call it.
Hi, gentlemen.
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Call chanting Yamaha, because sometimes some food and food share.
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No not yet.
Sure. That's yeah, that's the math real quick in my mind that piece, we're targeting.
Sure they'll fall pick up hived off real quick in Tau.
So that's oh women connect with so that's the thinking.
And that's why it shouldn't that push out by eating pillar.
So we are chosen.
Oh, I'm I'm glad you're on thin credit file for cumulative.
Okay.
So to that to get.
Turning to the phone Sir.
Chris would you have to that.
Do you think that one of my colleagues what table.
As for your questions. As you May know is in past few years, a few years ago. The license manufacturing E. V is a highly sought and it was difficult to apply and when the market started to develop many smaller.
These get phased out.
In the market and so currently it's easier to.
A quiet those license do with the acquisition of the companies from our approach we plan to at the right moment in the future to acquire those companies with the license alone to consolidate them into our listing structure it is debt or apply there.
Lives and some of that local government because application maybe more difficult to do so our approach is to.
If you look for the Super Bowl target and Oh, I've got Ctrip in the future, but those companies holding the license up manufacturing to E D.
Okay. Thank you very much thank you Kayla.
Thank you.
Thank you. Our next question is coming from the line of Arthur Porcari with corporate strategy. Please proceed with your question.
Yes, good morning by the way I'm, having a hard time I had a call through the gift the operator to put me true acute for the call and also key when you opened up the opening you couldn't understand you.
But later on I can clear anyway.
Yes, well I guess, it's been a.
The generic compared to what everybody else seems to be coming up with me and the industry over in China.
But yes the.
Historically, it's just ridiculous yesterday, the stock closer to 52, a market cap of only $194 million.
Steadily this.
This puts this virtually debt free company has a significant discount to its reported total cash of around $223 million or just under $3 a share now I'm counting all categories, including restricted cash and Cds.
I don't know why you don't count $59 million in Cds and your number when you reported you know.
In the press release.
And at this level. It was also trading at almost a 60% discount to book value also its reported total assets of 520 million with only 77 million of liabilities at seven to one positive ratio.
And my quick value point of view current assets 343 million compared to current liabilities of only 64 million is that a current ratio of 6.6 to one and a positive working capital of 274 million or $3 70, a share trading at two and a half dollars and the top of all of this all three months.
[noise] ago December six when the stock closed at 386, well over a dollar higher than the company announced a $20 million share buyback.
Friday actually if you look today the stock is still down over 30%.
Since that announcement.
And finally, the insider by deceleration in this company over the last 14 years, it's been a very bullish 98 to two.
I've been a market with a 48 years since it that was trading at 586, a 1974 and all of those years until Sandy I've never seen such a.
Perverse is.
Pervasive individual equity market disconnect, particularly on the NASDAQ global National market Securities.
The industry relatively hot anyway, such as Evs with that said I had a couple of questions.
Yeah.
Okay, Let me translate first so far and especially goes to the yes, you can catch up with Toyota till they should then so gwennie, that's Utah somewhat Sandy I think Sheila on total Canada coucal, showing them quite followed by equal to let Hank just a follow up.
Hi.
Sure.
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I know they can be in bulk what that is.
One question on Sunday.
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Tell me exactly.
Sure Oh I can't I mean, it's just halfway through the engine with how he sees that it seems and feels potential that wont really shouldn't be eat them not because it doesn't work out just like on Ohio casino, sending somebody yet I know, we don't guide well.
Sometimes they'll buy a lot.
But not yet hot CPE.
Oh no.
Oh, Yeah, Yeah Joey.
Oh gosh, it make or some small.
My roommate, yet no I think it's only alexey answer session soundly in China.
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Not sure if there's Hong Kong gentlemen, Joe.
She bought Oh, well, she got advisor XI, Hong you want us to ship on yet.
Yeah Nathan.
She's economy.
Sure.
Hey, Bill.
So that's really the I I wish you basically have them towards your debt.
I'm going to cheat hydrogel change you'll see huh.
And the Yamaha yet.
So George on one that goes to like hats, and sushi chef humbling to that.
Gotcha.
Go ahead Mike.
Okay.
Going back to a couple of conference calls ago Q2, 'twenty One conference calls with the stock trade at almost double the current price in response to a similar similar.
Valuation question.
The CFO also felt the stock was quite undervalued at that time until the shareholders personally take responsibility to work and improve in Kansas perception in the stock market.
Can you give us an update how that's coming along.
I'm sorry.
So junior on Yada, Yada, Yada, Jordan, who shot uncle plays out exactly yeah sure sounds on that Joe Shan Shan.
So I'm gonna Bahaji pushing content.
That answers your question that does each other a lot better.
But definitely the odds as relates to one Jewish and with Doctor the Jackup at equal as you all know well initially she's how Glenn Schorr pathway to Alex will go up.
She buy some counties that goes along with that yeah, now listen we have CFO should someone calling for him to.
Oh sure.
Interesting.
Yorkshire machine that Jim's out they don't want me Sean.
Okay.
Alright.
Are you worried about the island.
I see.
Yeah.
Yeah, and then again at Enzo.
And so it crushes, but moderately.
So are we and our team and also with the IL has been reaching out to the analyst and investors argue with invasive to let them understand the plant and then operation status of the company in order to improve our company's perception in the stock market.
We've looked at you know if they could understand that's better it can help them to.
You understand better our company and have more confidence in investing in our stock.
Yeah.
Why is it you can't seem to get their attention I mean, it seems like he's got his best goes attention I mean, they've been adding more and more recently.
I think number two under listing there.
And there is easy.
Special blend that they've got out there we're up to number two from number eight about a month ago and the consumer discretionary areas at least stay like this but it seems like it.
Such a no brainer on the stock I mean, you're trading at less than.
Half of book value and you can see now with even a discount to current net cash in the bank anyway, Let me go on.
Can you tell us how many shares of stock companies bought back to date through the stock purchase program.
You know my job as usual.
With young glycol that they'll help with shell.
Hum.
Can you enter your opinion, a handful as you know where you're going to buy one.
Okay.
Hum.
He says I went and bought him talk about too many women.
You May go downhill.
Yeah.
So we are sticking with our plan for that share buyback at the moment and that's a matter of fact, the company has bought back the shares back at the end of last year and picking up this year with over 4 million U S dollar to a quiet and buy back more than a one 1 million shares and we will stick to the plan.
Proceeds with our share buyback actions in the future is the right timing.
One 1 million shares.
Uh huh.
And you're trading under.
For the last three months, you've been trading right Pat.
Basically cash.
A couple of years ago, the company bought back.
Probably about that money.
Under that many shares and they pay it as high as <unk> 50, a share.
Anyway.
Why doesn't the company just take a third of the cash.
This Cds I mean, it's irritating to C 139 million in cash too as you can tell from my opening that realistically. If you count all the real things that are cash equivalents like 59 million in Cds, you don't even count that's why don't you take the third of the cash makes it that's.
The tender offer let's say $4 a share it might get even do a cheaper buyback of about 80 million shares which is about the same amount you sold a year and a half ago and raised $160 million and $8.80 average price.
You don't do something quick.
As one of the soon to be remaining less PCA it'll be certified Chinese companies that are safe from delisting.
Some smart private equity rate or might just do it first.
Hum Joshua contact with them.
Sanjay.
I wish them luck Josef on the logical one.
Not to churn through share of junior element Chan young women don't want that.
Even though the year naturally some in July .
So question 1000 lightweight you Kim Baber, one data model, one question downhill walnuts and almonds.
I'll tell you that that's your whole nicely mice, who bet you jump on that one.
Quick question I'm, asking a long shutdown Sydney nobody owns it back to you John .
Well that can be bundled with that.
Hi, sure Goldman put John Florida Huh.
<unk> not taken a lag so a racial boudoir PD L P and jumbo, which is all goes well.
Hum Osama April from stay at home with you about some old school to antigen common joke with hockey Blah, Blah, blah blah and social.
The Jones Act shall go.
Oh, yes.
Hum.
It turns out because in my mind, what your Kumar for.
Simon so yes, it might pick up.
Plenty of times on women.
Our.
Country comfort of such a tool.
I enjoyed.
Sure.
Okay.
Okay.
Thank you for your advice and suggestions at all and Edric companies and both directors will stick with our own share buyback plan.
Definitely by S. As you know a portion of the shares in the future that right timing. So right now we are still considering all the conditions and we will proceed with a buyback in the future.
But that's the way you are buying back right now.
Allocated 20 million through the end of this year my understanding at the rates you are buying back you better accelerate your plans. If you plan on getting more near 20 million unless you might need to see to the shareholders. I don't think you want to do that.
So it seemed to me you got to pick up the pace of it why wouldn't you wanted to do it is under cash in the bank. It's just insane to me.
But either way.
Didn't hear 14 years, I guess I'll be here in another couple of years.
Anyway, you had a great don't get me wrong I think he did a great. This past year, considering what everybody else is having come up against and even your analysts thought you're going to lose 19 cents a share for the year from a.
GAAP loss of <unk> 19 sensitive empty ended up making 30, I guess, that's why she's probably not around anymore.
But anyway.
No.
Good luck.
Hmm.
Thank you was on how to touch on is you have this you have alleviate uncles Mckenzie or somethin' benign Hinton Zawak will come out well that has a lot. Tom tells me that J D.
Would you what would you have goldfish, yeah sure even Philadelphia town Hall that that's you're in Yangon are finding is that because they show her woman that children doing show some detail how confident are you in.
I found on the Hawk fell Ms. Alicia you Coutinho Mcquade, George Junior Danielle quickly quakes in Jamaica.
Oh, yeah, well placement that you wash out Massawa, hi, how you nila.
So you just yet.
Yeah.
Sure.
Thank you.
It properly I wish all of them and ask them questions about the pathway.
Yeah.
Hi, Sheila.
You highlight that Q2, well known Uh huh.
Sure Nick.
Well now we can.
<unk> as a woman who used to say all kind of watching.
So true all the time in English for the time being and so I'm not sure there's a woman so useful yard.
Women's line treatments.
Sure.
The public vehicle.
Shaanxi and sell them in boxes and fulfill that.
Since I think good for us how much of the two.
Felipe.
Yes.
Well I'm, saying from quite quickly.
Sure Jamie of the country.
Oh fences again for your support and consideration.
Of course, we would like to have the better use of our cash on hand in order to improve our fundamental R&D expenditure is key to us. So I guess at the moment, we try to plan ahead and have to better yourself and use of proceeds in order to spend on our new products, because we believe that with <unk>.
New products on the market, a decade to improve our financial position and hence.
Improve our company's stock you know value and market it definitely get undervalued at the moment, but then.
The lift at.
The market is somehow you rush it out at the moment and hopefully it goes back to a normal trend in the future.
Thank you.
The rational market you should be taking advantage of it. Thank you that's it for my questions.
Our next question comes from Atlanta, Walter Hill, with Carty and company. Please proceed with your question.
Yeah.
Recently, the perennial hot topic concerning U S trading China's stocks being forced delisted due to refusal by either the company or the Chinese government to allow these companies' books open two audits by the P. C E O B for certification is back in the news however at this time.
It seems for real and that the companies like D. D. D O Alibaba J D eddies and several hundred others. It is mostly ADR specifically under attack and are already arranging for China or Hong Kong listing. This is really highlighted last Friday, when the average China stock.
Bigger small saw the share price dropped 10% to 40% or more and follow up the severely yesterday and as even following two again this morning in the free market.
On conference calls Kandi shareholders had been told but not it right that kandi does not have the same risk aside from the fact kandi as a C corp, not in ADR and it clearly states and candies annual 10-K, a cabinet ottinger audit opinions going back three years.
Years, 2019 that Kandi is P C E O be certified.
[laughter] compliant with U S. S E T and stock exchange audit requirement for continued listing but that does not seem to stop the stock market from punishing candy severely as the rest over this situation yesterday and that Ah another 11% to the mid twos kept both Mr. Hu.
The CFO once and for all clearly explain for the record all the preparations candies manage but wisely has been going back to 2019 to specifically shield kandi shareholders from the same fate.
Forestay listing that some 90% of U S trading <unk>.
Chinese stocks of all sizes are now worrying about and you need to put out some form of a press release, stating that kandi as a C corp, not in ADR and is fully compliant P. C. I O be certified fully compliant with all S E C and stock exchanges.
Yes.
This.
The average investor does not read our 10-Q, the average investor gets their information from looking at press releases most people that.
Lucky Kandy do not have do not know this so you guys need to get off your butt and put this out so that the average investor will know this.
Let's get this done.
Thank you for your question a quick 100 ones you sure sure.
And by taking a local held onto a lot.
So sure.
Mm Hmm okay.
Thanks, a lot yeah.
Hum.
Hi.
So consequently, I couldnt quite important I T J E T.
T C L b.
And concussion.
All right.
Talk to me when I tell you whats all that don't go out to work.
Local China.
Challenging push it I'd say the knights are interested to hear about what's your attitude toward.
Well when we pulled the hockey line.
Uh huh.
Hum.
Okay.
Jim.
D D.
Hey, Barbara, which youll kind of shown by Yahoo.
Could you talk to tender for Adi the constitution like what goes with that which I'm sure well provisioned with alcohol and T. J Nelson's on bauxite and total conoco and how that can work with it sounds like I'm sure Franco that's your whole it's on Guadalcanal wounds yet.
Basketball is shocking.
How much in who's out where there's not a deal up I may shoot up on this issue.
Well <unk> you cannot tell me if I'm gonna Neil are you sure intangibles, which are things yet well Neil Shah Guar, social and then Neil just nickel into Parlophone, Yes, Michael and uncle Shannon well that.
Let me make one.
Two protocols.
I cannot come in Yanbu graduations.
And this shows in Shanghai in Egypt, you true it seems the page we show it all on.
Each of them, yet a woman that I shouldn't.
Bush, Cindy Sheehan, Michigan Bullshit Bush a piece of it will be enjoying now I can't soil that Peter bushel luncheon.
You can generally tell you that solution without youll see wait showboat, and Josh against wildly T cells, yet actually not seem Guy Hooper Hudson May also which of course, there was a constant dialogue with our microwave sort of behavior that you don't see them.
Well listen.
Government bonds.
Well keep our sequel is often poor.
Put all that to say towards a nice what's I'm not sure I got a call I'm Danielle.
You too close to the total seamless like electricals listen he has he will go through.
Oh.
Lucia cohorts age.
They know that if we want a function.
Sushi console galasso she's hot.
<unk> Joshi neutral that's funny Congress Guanines home assistance on Ethernet switching to Bachelor and Dolby, Yeah, that's what medical into a light bulb horse when what kind of vehicles on one salary Sean Thank you.
I'll make which I'll come back with tons of tissue that sounds to me I will Miss you.
Hum.
Yeah.
Women that you shouldn't see a shift for car T C L.
Cleveland.
Hello, Crazy uncle, Sam is that tee off again.
Got it.
Oh, great some great IP challenge for pet food.
So Mike what that white working through when.
She is the only.
Sure.
Assume P.
P C I O B Kim Thank you.
Uh huh.
No matter what.
In our womens and kids foot and ankle GSO piece of it would be.
But Ken Wang women going through.
R&D Junior in cases, two P M.
So.
P J.
Jim.
Sure.
See a woman, namely local food uses that make what.
This program May go up.
Okay.
Three women.
Sure that's a woman.
Uh huh.
Saddam at Hudson.
So I've got a quick close working towards it.
Sequentially.
Yeah.
Well. Thank you for your consideration of this topic and your advice as you may know a dose noncompliant companies from their Chinese space stocks will get Oh, maybe get the lift from the slight change is based on holding foreign companies are kind of at the H F. C. A a one of the key point is the high end Oh.
That cannot be happy with what paybacks inspected by the PUC a L b.
In order to meet the requirements of a company starting from 2019, that's already hired our audit firm with headquarter based in U S and they will be they could they can be with inspected by the P. C. L. B.
Hum.
Section.
Can mitigate our risk and we can believe that we are not having the same relevant a reason of being lifted.
As for our and of course, such disclosure was included in our upcoming 10-K that we expect our disclosure.
Apart from that we will and assess what's the best way and that the complying.
The requirements of the disclosure that we can.
Secondly, search news to the investment other than our 10-K. Thank.
Thank you.
Well.
All I can say is that needs to be done and it needs to be done now don't get me all this garbage.
We're going to do this or that you guys do not ever follow through or anything and people are getting sick and tired of having their stocks go down and if you don't think now is the time to buy the stock didn't you all need to be fired we need to get rid of y'all give somebody else in there in your place.
Cause what uncles.
Yeah sure so I'm puzzled that.
Hi, Sheila pedal at home or not.
E E mail shoes, yet pendulum episodic team go through what.
That's why I shouldn't that have good question, but we're not chasing.
Tell me why that isn't at all on that question, but shouldn't that assume right.
Okay.
And on women frequently, especially at Yankee bond to maintain onto tool Cision quenching.
Oh, we understand your concern if Australia and then we definitely will try to do a.
If you do that.
Thank you.
Thank you.
Our next question is from the line of Harold Calvary a private Investor. Please proceed with your question.
Hello, Mr. Hugh Hello, everyone.
My question is is.
What is the status of Candy special products like manufacturing or third party parts, such as for the overboard or other third party EV parts and product sales like EV motors batteries, because it's clear in past filings that Kenny is making third party sales of parts and products, but other than the overbought motors and batteries, we never hear about the other.
In product care.
Mr. Hu tell us what is going on in this segment, both future and present.
Thank you.
Thank you, that's what I'm, calling Dodger should a congregation closer attention that you will have be able to show them. What's your thoughts on home health actually Oh chiller and on just maybe some color I mean, yeah with it.
Sometimes though within onshore.
<unk> foods yet.
Michelle Shaul I think what you are asking for Wednesday number like a mutual pedal with al <unk>, which hadn't Matthew someone's social.
Hum.
Sure who were black Hale.
P&L top Angela that Dan just said that if you Wanna yeah. They all kind of cheap yeah milk. She told me. He can hook had enough for me Oh wishing issue for associate non golf ball than people think.
Two T wuchang hopefully that that's wrong.
Uh huh.
And I think our tendency to have a tendency to pick up and we can't wait to changing I know he was doing what it should be a little tricky yeah.
G. The accretion that you talked to.
Uh huh.
Well Mitchell, who their news on that soon and then I'm going to pass the time I met with I thought we should have.
And so I'm going to say thank you.
Okay woman.
These tiny says on King privileging thing for them.
Okay, I think that the off season, I find that keytruda tangible trend down though when she first time if at all it's intended for T. J. You want me you are hinting that Cindy I'm going to pass a known quantity.
Yes.
So find downwards again no criticism it.
I'm trying to.
Three women pay one deal one here pretty junk tissue, one it sounds like tico and somewhat Cindy I'm going to give us the time.
Are you should've hasn't yet that's a woman's body.
What's your favorite Chenzhou vehicles in New York.
Now you know against your father truthfully.
P. J this is Tom.
He's on top women's earning.
Jump up and down.
It's useful union critical time, being some being paid quite people dwell time.
People took life, which would trigger two projects at a time being.
And then John somebody on Kennedy.
Gili.
Okay.
No people moving.
Well thank.
One more quick thing we are guiding you that in Janesville.
Sure Jim.
So thank you for your concern.
So as a matter of fact, we are aware of.
The market that as you may know I'm in the Chinese market and the.
But you'd be companies, they're trying to chase the market share the occupancy with very aggressive pricing and even running a huge losses with their aggressive approach.
Wild into the China EV market until the early compared to other major economies like U S. European countries. We believe that that market has not reached a pretty healthy and all the next stage of the development.
Therefore, considering our financial conditions and the interest of shareholders.
We think that is and the wife was took a sip are participate in this loss of competition.
At the moment.
We affirmed at the lift that the battery swap is definitely a prerequisite to universal adoption of <unk> in the future. So by leveraging our advanced EV intelligent battery swap equipment.
Technology, and then the manufacturing capacities of the Evs.
It enables the battery swap features.
At and as well as our dozens of that patent technologies in such Cadbury off the battery swap would be.
That will continue to fuel our positions and hence.
Fundamental in the field of the online car hauling industries in the market with our battery swap mode and do it definitely make a full effort when the easy Marty in China.
It's a more healthy development stage.
Apart from that we are aware of that in the whole not the whole major markets like U S. European countries. Those are off road vehicles R. E. D V. S E T V's there it tends to become.
Trade band gets running in the past.
So our plan is based on our technology in the 2022, we will launch a few more U T V's off road vehicles, the golf cart.
We have a pure electric models.
With our technology accumulate in the past, we definitely would be a belief that we can be a leading position in the three years in both China and in the world.
That's our plan and it'll go thank you.
My another question Hello.
Hello.
Yes.
What went well.
Another question.
Right. How are we how are we supplying other companies with with EV products or batteries or I'm involved with other companies for the.
But for ourselves.
Hum.
I'm, sorry, say, one with home we are selling that you've been possible. Other companies do that while you ask how do we supply products and in parts of natural other companies that are either either competition or are in the same line that we are in.
The D for example.
Yeah.
Okay.
And how long will my sure Paul I'm not sure how to.
Call me Yeah, yeah.
Sure Mike.
Yeah, she wants at a discount to the silicon glut.
Thank you Angela and Shane.
Oh retained haynesville.
I'm sure you'll miss well meals. She probably is going to go me, yeah, she's going to someone who's young Kid.
He's going to I'm not sure. If you said, Tim I'm talking about Fortune gate.
Yeah, it's already Samsung.
And you had some push out.
Okay.
I believe Jeff how wisdom.
Can't can you elaborate your question are you asking whether there is other competitors also in the same.
At the same business that offering the EZ pass.
Oh says a supplier to other company.
Yeah.
We're trying to find out if we can.
Applying parking and a third.
Third party to other people.
The example, we supply was coming back to you to either company.
I was shocked.
Hello, John .
Mentally well they should keep a woman that food Yankee he tapping some chemicals Miss your box.
Great.
Are you in women.
Yes.
And I'm sure they forgot to Shlomo.
Maybe for you it seems to need thanks.
Don't forget to humans.
Women are used to seeing women Fisher with Jimmy I'm getting T I can't come up against.
Hum.
I'm talking about myself any of that you should.
Yeah.
Yes addressing your question, we do with our more advanced technology and experienced in many of furniture in different parts and battery.
We do and have a edge to.
Ill provide a such a electric vehicle parts and their batteries to auto manufacturer.
And that's part of our business.
Thank you.
Thank you very much for everything.
Thank you.
Our next question is from the line of Paul King with PK Capital Partners. Please proceed with your question.
Hello, Good morning.
Research indicates that Neil is leading the way and the battery Schwab.
Acknowledges stations throughout China, and now they are going global and in the Scandinavian countries. They will be installing their battery swap stations. So it seems that their technology is recognized we have also discovered that Neil is working closely with the Chinese government and pay.
Jim on becoming the sole or.
Or would like to be so battery swap station in China.
Candies opinion or perspective on that and how do they how does kandi swap technology or how do they plan to catch up to Neil Thank you.
Until Wasatch here, they live Oh, I'm going to Schwartz <unk> Benjamin Goy. It sounded like you think that emotion that I shall now Oh, yeah toshi.
About how long they can answer you that then.
Hi, Sasha Temple commercial banking.
It gave us a lunch tenfold right. So that's what I said yocum nice Hawaii.
They'll find yet.
So Sean na tool that Yahoo, like Hon Carmichael Lynch County, John So much to do that.
Hi, Tom was Chicago, So guy.
Sure sure.
Caller two phone calls.
It seems like EMEA without Tien com.
Sure.
We like them.
Finally on San Juan.
Couldn't get into physical quantity on that so do you.
Okay. The answer in the windshield suite, so they can be a fun again.
Some attrition to create what I tell you.
One is that true for life capital you won't put against that I spoke too cheap.
So not just the quantity of Titans Linda.
And way more.
You talked about okay.
Sure.
I mean, he thought makers, so say a woman Heidi.
And women don't find out.
Okay.
I took a tour from Cushing to create appointments for women.
Unlike a chatbot.
As for the China EV market as we mentioned earlier.
They were not in a very healthy and orderly stage development. So our S. Four Neil that you mentioned the battery swap features.
The only works for the own brand.
Our goal as I know, our our our vision is that S.
Sure.
All the.
Spend that you set meaning the battery swap will be universal adopted by different brands.
We'll make the battery swap market and and the whole food be more prominent.
And adopted by the regular users.
You don't see that stage has been reached yet, but our own technology. However enables the adoption utilization by different other brands. We have some minor auto and tailor made features so I guess are we how we are different than Neil because we.
Tried to all the hour battery swap surfaces to deepen the other brands are.
And we will wait until.
The time is right and then we will enhance our market occupancy.
Thank you.
Okay. So you mentioned earlier that produce producing EV cars in China is not profitable at the moment.
Can you talk about the possibility of producing evs from the car hailing.
Industry you.
And you mentioned.
Okay got that.
And when hit on a few thousand here, that's one glass and that sometimes they don't Trust Shan Shan Nen.
And then I'm not sure exactly sure Uh Huh.
<expletive> , Shanghai, social gaming, which has done well.
Next question on more now Jamie Linda.
With a young family.
Sure.
So you did see a woman Parkway Moore, yes, sure sure so for me it.
It sounds like you call, but hopefully more that.
Since I thought I might turn on schedule for patients that may either say women's in this equity more sounds squishy to empower them and that's why I'm dead tissue.
Do you find that.
Table, one sounds like he got in day, it was shooting yolk women's that Jim Farley tens I will know quite tight to figure.
Frequently on for Tom here.
And then try and Kenneth.
Chimps towards what you ship.
Actually a question that exactly our thought.
In current market in China EV field.
As a first step trade. It however is not becoming healthy and orderly developed it so it's not very profitable or even having a huge loss.
Epic the court to enter this market. So we tried to scale down our EV market share at the moment.
And in the meantime, I tried to enhance our own battery swap equipment and the technology until at the moment, it's right that we can go in the market.
At the moment, we tried to focus on the more profitable products such as the electric off road vehicles.
And a T V's golf cart those products, that's our focus for this.
Coming here.
No I'm sorry, My question was requires the car hailing.
It's not profitable to produce cars for the EV market, how is the profitable to produce evs for the car hailing business.
We're focusing on.
I fell behind the wall window, and definitely that may help with I thought one of them.
What's your sound way, especially move what sometimes social truck a.
Bolt on Tien <unk> question on <unk>.
Washington, Social trough, Oh, yes, well not so much one yeah.
Yes, yes, it puts on Canada.
And then Thats it for me on women's rights as you know this is.
One sounds like Hugo.
Yeah, so Joe but trying to.
Figure out T with our clock.
Uh huh.
Got that.
Yes, that's right.
And S. We're crashing as a matter of fact, it's not profitable nida for their car or how they brought that because they have the similar situation and the conditions as other leg of it you'd be market. That's why we mentioned that we have a scaled down our production volume in the car hailing.
Vehicles and focus on the more profit that both sector such as the off road vehicle isn't utv's et cetera.
However, we've tried to keep our share in the market and keeping them in a minute, but we've tried to not.
Spending too much.
Two have to.
Larger market share. We just tried to have our you know our position in the market and let people be aware of our assistance and that's our major go for now.
Yes.
Thank you so much have a great day.
Thank you. Thank you.
The next question comes from the line of Mike Pfeffer with Oppenheimer. Please proceed with your questions.
Hi, Thanks for taking my question I'm Gonna make like one or two comments on that leads up to my questions. If that's okay.
About six months ago, the company announced an acquisition in China is very hot lithium battery manufacturing sector of China based <unk> way.
<unk>, a seven year old.
Award, winning lithium battery producer with over 300 employees to include 40, plus researchers and holding some safety related patents already producing some 90 million batteries per year. This seemed a perfect fit for candies already noteworthy battery division and that it brings candy a coveted full.
China battery manufacturers licensed to allow its passenger.
<unk> sales in China.
Maybe you can.
Translate that and I'll go to the next part please.
Okay and.
But you know there is no longer Michelle Poole, a sugar tax in ways that are crucial criteria that you've done since you talk about how theyre going to touch on Q2.
To go from I don't know sound like only uncle fishing daunting Angel yeah.
I think she got right.
You can see that you'd be interested in kind of shock she's telling telling guangzhou.
I turned my window nickel shouldn't hanging through a camera on Libya and <expletive> .
Hum.
I just would.
Very helpful I'll come to you'll find on tourism.
They complicate their lives.
Kim Jong gordian shifts as I'll show in a shoe called junk.
Oh go ahead.
And then one more part of the deal calls for Kandi to make an initial cash acquisition, which also called for three year share earn out for up to two and a half million Kandi shares.
To earn shares requires.
Were he to have a minimum annual net profit of $2 3 million.
Dollars each year, including this year, where it loses a third of the two and a half million shares each year Mrs.
If you can translate that and then I'll get to the question. Please. Thank you, okay, Oh, it's only that well yet you're already there.
Oakland I shouldn't just yet.
So Cindy Shaw go.
No choices alcohols in Miami.
You'll you'll sunny and yeah, we did do a bulk what he has done anything interesting yeah.
One child, who shall you Opex nice you one mainland.
And to me that that's real quick so you ship them.
Although I wish you luck with telephones illness engine.
Go ahead, okay on the call right. After the purchase when I ask if that $2 3 million profits should be reached this year. Mr. Hu projected yes, and also shareholders were told way. He should also begin producing batteries for evs by the end of 'twenty. One so a few questions did weigh.
He reached its expected 2.3 million profits to earn its first tranche of stock last year.
And why does that mean that you're holding on O'neill said don't worry bunzl.
The one box. Please ensure book with I thought you know them by says one thing and it didn't do that.
It was also much higher since I'm sure you know that I thought I'd say, a cool down the.
Consequent online to show you guys that I am wondering if.
It's an ideal location campaign don't see truck that didn't yet know what sounds good I'll shortly she's yourself shuffle Mangala <unk>.
Tore that all by Central lab to me that I feel fortunate to have people uncle payoffs.
Yeah.
So you can pick up yeah.
Yeah, how can they make hunting tool.
He went to union that cockroaches.
Yeah sure U haul.
Alrighty.
He went to chocolate Shan Shan.
I'm going to cut it.
Yes.
As a matter of fact, they are free years, we'll evaluate our net income.
So each year that first period under our evaluation is from the July 1st shoot up in 'twenty to.
July 1st stood out to me one.
To that June 30 of 2022.
So the first period was not is not completed yet so that's why the company has not reached the statewide that they can earn the first tranche of the staff.
And we will keep you posted in the upcoming following.
Just a few more quick questions in December candy put out a PR about.
The way he's new revolutionary lithium iron phosphate battery Ifr 18650 Dash 2200 M. A H the release called this one of the most advanced on the global market now entering mass production is this battery the new batteries for Evs.
Well, yeah, how would you at all like how many of them way back with LNG share I'm, sorry, Shai if another company talk without going to your thinking.
So you've seen that Dan <expletive> Nissan T&D.
I can assure doggies attention I shouldn't shouldn't that change with Shenzhen Tianjin G. I just dealt with you can without whom listen you know listen we got to one Dan you should find a way and don't see cool alright.
Oh, It does seem Dan Schumacher.
Okay.
It does not say you only took a himself I'm on track.
Okay Ya.
Well actually it's not solely for the E V O O.
And yet however, I use a rather more universally adopted <unk>.
Either illiterate late the Hoover Board scooters.
Can't utilize the bathroom as well it says the bathroom.
Higher power capacity.
So.
Could Mr. Hu explain why this new batteries, so much different or better than its competitors is it related to this high capacity you are talking about.
I'm not so sure it sounds about right.
She's asking two questions here.
And then Bruce already hit hunting hunting notion when people wish Mike O'connor.
Yes.
No no I'm you meet the WAF.
Again, it's hunting that sooner.
Al.
And I'm a part.
Do you find your mature yet.
Pardon me, if that's useful sweeping.
<unk> how are you doing.
So you can think one any peaceful that sensei Tony.
Sure.
I understood that.
Okay. So on BNP.
Uhm father, changing the one area you got absolutely also the opinion and I'm sure you're gonna take on that I happen to see where you can go on that one.
Okay.
Thanks Breanna.
The unions it's for that.
Figure you know about it.
The honest answer that anytime you have it.
I'm going downtown Puppy, Ecumene unfaithful that figure down Shanda, you would call out just so that'd be name L. B.
Got.
Uh huh.
No no I mean, I don't know if I do for you.
Excuse me.
Gentlemen, it appears.
I know, you're calling us about on a call it a hindrance.
Uh huh.
Well here's the thing.
Maybe that's what we ought to accuse you of that.
Got to juggle.
Sure sure.
So I guess the Crosby is the power capacity that we can.
On the compare with other competitors.
Competitors.
No energy density is one of the key indicators to measure the performance of the lithium ion battery product.
And this level with flat you know how it all.
R&D capacity and Noah.
Nicola level one entity.
And.
He actually pulse to lead with launching such lithium iron phosphate battery back in 2019 in our China domestic market.
At that time, the product is 11% higher than the average in terms of the capacity.
And then with that continues to improve.
Improvement enhancement.
He'd been developed at <unk>.
Use the battery in 2021 November .
Neil.
Product has been successfully mass.
And then the new product compared with other than.
That product was launched back in 2019.
Hence our fluid at 10% of the capacity.
With a higher energy density level.
With these new products.
Launched it it makes us be the having the leading precision in the domestic market in China and also one of the most advanced precision.
Manufacturer in the.
The whole country.
In the world.
Okay. Thank you and the last question is how does this tie into candies existing multiyear operating battery division. Thanks.
Oh, what does it hold when he goes you know quite well, Mike how many children daily but.
Yep I E social yeah, Daniela woman that damn sure Boomer right query.
I'll tell you that childhood junk with I'm looking with all of them and showing them that a single day.
A woman.
Mega woman against the performance of the pipe.
My again soon I'm sure.
Sure Jim.
Because on my math.
Well you know, it's a German since I'm guessing it didn't seem to see you guys kind of how you would have when she I'm a woman.
No.
John I'll squeeze in Portland.
Even with that Congress doesn't fit out in time.
Countries.
Hmm.
As you May know, we used to toiletries.
The.
Our region and in the.
After our batteries from other manufacturers in that market with.
With the excess teachers equate E. We can now consolidate is battery production features and apply that in our different parts different divisions in our EV manufacturing.
We can enhance our whole production.
Jane.
And make the whole different deviations developed at altogether.
So basically there's a good synergy between.
Our original you'd be put out your life.
Yeah.
Thank you.
Thank you.
Our final question comes from Atlanta for a farmer with arranging capital.
Sell things for me. Please proceed with your question.
Yeah, Hello, having followed the company for a decade or more.
It's initially because of your.
Battery exchange.
Program.
I am.
Surprised to hear that you have decided strategically to scale down your EV production.
At the same time, you have this partnership announced with hang run.
Which is a company that has a very wide array of vehicles, they're producing.
No.
Are they producing E vs for which you.
Supply the battery exchange technology, and Furthermore are you.
<unk> producing battery swap.
You will need to.
The companies at all or the Indian operation or what's the plan on it and then I have a second question.
When he comes home and Glen you know I think <unk> seen dollar that comes in from the locals the Dodge quite quick ones yet.
I would say that you know goldfish walkway.
Yeah switched all create an old churches, Bosch and kind of going wall to wall Huntington Bank portion of alcoholism yoga clean.
Gotcha muscle.
Just you know was a $2 yeah I took way you sure.
Oh gosh.
Hello, Sean.
And also once you got things isn't that simple Showtime venture I guess or sometime backbencher football myopia Watson Heather.
She had the Samsung.
Yeah.
Right.
I just want to emphasize I mean first of all you've you Oh my God cooperating as usual cause real quick.
So how quickly.
Yeah.
Oh, Hi, I always find your fun way or high rate right.
Well whatever you pronounce it the Chinese company that you're partnering with for the batteries as well.
They seem to have provide platform of various vehicles are already selling so.
Yeah.
If youre not producing these yourself all you're producing battery swap exchange units.
Cool.
The use of other companies like <unk> or hang room or.
Whichever way you pronounce it.
Well, it's both company is being battery wind the hallway, one, which we'll announce when we generate the other wines acquaintance well announced last year, which one are you referring to.
It doesn't matter, but I'm interested are you selling.
But battery exchange units at all other than in operations what is your plan on it.
Youre not producing Tvs are you producing the quick battery exchange units for sale the full use of other companies of the mix.
Okay.
Hi, Sheila.
And of course was.
Whereas in the airports so Glenn what's your question, we'll show them a go on that shortfall.
With social demo tour now well Michel for transactions high yield high for some time.
I'm sure you don't have one yet hum.
Social social good coupon she had her shop.
Yeah on women.
One thing that wasn't that didn't know when she throughout tissues.
She was in San Francisco figure things sound like when you go out you think when we say Wow.
It sounds like my property.
Hopefully Python you in Shanghai.
Cheap high acuity.
I'll come to that point, where you might see chanting yep.
It didn't.
King.
So Jim this is Mike.
So you can use you'll see it might be towards that keeping that might see a dentist you fill them in Shanghai.
Well I'm getting on ships.
Uh huh.
Oh no.
Courtney she father.
In fact, we chimney a party that pay down towards the top.
Rich I missed whether it be akiyama man.
Uh Huh, John doesn't equations, I might've typing piece.
Pieces.
You could.
Uh huh.
What are you seeing kind of a dentist or not.
Could you do that math and publishers.
Time and.
I'm sure there are.
Yeah.
Okay.
So therefore, two parts of your questions first of all.
What gateway bar hang Red in order to get our following are approved by the local government, which is expected to be at some time.
In quarter two in D. C here after that.
Electric though to a manufacturer and so UBS ended.
Domestic market. However, we will try to limit our production volume to rather cause either both a lesser amount.
It goes up.
<unk>.
All the late stage of the market that was mentioned.
Recently, they feel compel them competitors in the market the EV manufacturers they tried to do in order to it.
And hence their market share they even selling the product with a negative margin.
And that's not.
The plan, we tried to adopt because we try to we serve our financial resources.
Yes.
Yeah, we will wait until the market getting more orderly more healthy that we will.
Spend more effort and to manufacture and sell more evs are.
At that moment, but at that point at this point, while we tried to limit our productions.
And plenty I don't need to have our considerable.
Image of that you know, what we end up I end up being.
The player in this market, we have our assistance however, we try to limit our production so.
So in order to do a whatsapp, our financial position for the benefit all shareholders in our company.
For the second question is about the you mentioned that already three times throughout the conference call. My question was if you're not producing Evs yourself are you producing quick battery exchange units for other companies for other makes of Evs.
That's all right.
Sunday alone, which it sounds like I'm going to turn up well my opinion 20 shuffle Shinnecocks yourself one P. M to he'll find its usual you'll find is that like it's you'd have to pay that downtown Chicago.
Yeah.
One.
I'm here with tens in Portuguese.
Good good.
Mike.
Yeah.
Because the the battery swap is not mature at the market that your spread is not that thread prominent H.
Each brand each company if they had tried to develop their own standard so.
Consequently, we are not really at that was off to a bad do a swap equipment to auto companies.
Got to only a few of them.
Use and how the company if they tried to develop their own module as well.
So no there's no there's no plan to sell our EV battery swap.
And then two other companies at the moment.
Let's see so.
Other companies are making headway in the installing battery exchange units are widely.
Widely how do you want to protect your technical technological advances that you obviously do happen.
The field.
Uh huh.
He went out there and see how close we can adult, especially with that I'll quote without yeah.
But because of the phone call.
Hum about one day on July 19th annual General Lotion, with a machine that telecom lines with how much you shouldn't pushout.
Sure.
Sure.
Tim that was in fact to Prepacked apples with pears, such yeah, Todd and.
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Now coming to figure out that maybe I'm not shipping.
Okay.
Okay.
Yes.
In melanoma.
And got them right.
Yeah at the who didn't need all that so at the market right. Now there are some major players are they tried to spend aggressively even the big the huge loss in <unk>.
To gain the market share. However, I was you mentioned the market is not mature yet even though they build all the battery swap stations they use.
Let's say you shouldn't right, it's rather low.
No problem and then to the regular and use that at the moment of course, we will follow that technology. It will enhance our own fundamentals, but we try not to and these aggressive market because what we have is.
It's really just printing money and with our cash on hand.
It would not be sufficient for us to enter this market in the in the long run. So we will wait until the market becomes more healthy it'll be more cost efficient.
And margin wise is making sense for us to enter in the future, but not at the moment.
Thank you that's helpful can I add another question. Please.
Sure.
Yes. Thank you.
So from.
Your.
Explanation of it appears you are bound on preserving cash and you are sitting on a very ample supply of cash that's probably above $3 per share.
Since Mark it's Uh huh.
Lightly manipulated involved because they're also depending on the psychological aspects.
Companies that are sitting on.
Millions of cash.
It's undervalued.
3% discount to book value.
It does not appear that the.
The.
Owners of the company and the majority owners like Mr. Hu believes there's value in the company to spend for buying back their own shares so thats a large concern for shareholders.
Why do you believe it's not valuable to by your company.
Price, but actually you'll you'll not only having a discount to book value, but to the cash per share.
How could you spend your money better.
Company.
And I just wanted to shut down the huh.
But waco groups out there, saying that go through your Shenzhen I.
Hum.
T tell you I'm going to tell me and saturation.
Sure.
No what.
No glut.
You got it goes without Glenys Ho Hum.
You know pushing uncle do they go from Nielsen Homescan somebody that does come at.
Q2 <unk>.
Why not somebody young Jewish Huntsville that teams are closely especially for the club.
G that I asked you and told you that.
Yeah.
The second one to you what are you doing.
Sudan, and when they're not the only thing we forgot to put.
Sure sure.
Actually we have already ends that the such similar question in the past, though we have not tried to elaborate too much but long story short, we're sticking with our share buyback plan and and Ah Ah.
The market in the right moment.
So.
Yes.
Our employees and C level executives, then also foregoing of getting catch up or.
Or share compensation is incentive smiles are not buying back their own shares.
And waiting for the market to change.
I'm actually not not not sure was yeah, we all wish it goes well.
Well in California West Coast. They all go our way up that office, and who Kasler with it I think 'twenty movement alcohol as well.
Oh, Okay, I should I shouldn't that push and pull up on cat Uh Huh, John It sounds like she has got gamma.
Well I mentioned that in fact, we go monetize well.
Oh, My God, Walmart Walmart, coupled with the cost of a box.
Well my question Jay.
It took us she wants with what Youre doing that.
We are actually again, I'll stick with our plan and try to.
We have as you may know, we have already bought back $4 million of their share.
In the last few months and the end of last year and another batch in January . This year. So are we will continue to placebo there shifts buyback plan. However, the thing is that we are even.
Even though we have confidence with us yes, but.
The company again.
Money to finish it yeah, it's not necessary.
That <expletive> prior.
This will increase.
So again, while we will.
You know I can.
See what the whole market conditions and proceed with loss share buyback plan in the future.
So you're basically saying you don't think the company is.
$2 50.
A valuable by for yourself, but you're preserving the cash you have for compensation for employees and for.
Incentive and bonus shift for the company as a compensation plan.
Is that correct.
Hi, Nishu agenda on that goes along well southwest along quite well that's your heart.
Well surely.
Wishing you guys do that anyway for the Council I E jet portion not the cool right.
Go go gladney time equal kind of functions from telling me quite a tissue no. It sounds good that's all pharma.
Mcdonnell woman anyway.
So I appreciate that Bill Quaker one Tijuana go out of my pocket again going back to your box switching silicon sugar woman.
Okay.
I want to talk.
Oh perfect figures this year, well, maybe it was too hard too.
But that's what I meant goku downtime in good conscience Angela.
Uh huh.
So I guess a plan is again, where it was.
Think about a.
Our buyback plan and then come back and say you said because of all the bandwidth spend it.
That package.
And of course, we are not trying to manipulate that ship pride ourself, because thats not complying with the FCC a route.
So we just try to it has a fundamental and hopefully.
The share price will be.
Well I wasn't implying that your menu pillar the share price I was saying do you believe the company at $2 50 is valuable enough to use the money that you have.
The bank to buy your own shares what do you think it's not well, it's not valued correctly 250 and should be cheaper.
If you think it should be valued higher.
It would be pertinent.
Investment into the company's benefit.
The shareholder benefits.
Well may also any that May also come through and that's yeah, yeah, Yeah, how cool how cool yeah I wish it today is actually helpful. Sachin.
I'm Nishu fault no puts you got to see that because then you might see me with Algoma Foundation that C&I.
Yes.
How do you meet with some of the same thing.
Hum.
Cause you any of the pricing, especially on one tier one quick one.
Yeah.
Yeah. Thanks again for your consideration we will definitely take your biasing consideration then and proceed in the future.
Thank you I appreciate it.
Thank you.
If reached the end of our question and answer session I'll turn the floor back to management for closing remarks.
Okay.
Thanks, Jeff Hi, Jonathan hang out didn't have that there really.
One man show you what's old Navy.
Finisher couldn't do a tissue.
Was it Kathryn.
Yeah.
Thank you again.
Attending today's conference call and look forward to our next call. This concludes our call today.
Thank you.
You may disconnect your lines at this time and thank you for your participation.