Q2 2024 Orion Energy Systems Inc Earnings Call
Yeah.
Good day, and thank you for standing by and welcome to the Orion Energy systems fiscal 2024 second quarter Conference call.
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Please be advised that today's conference is being recorded I would now like to hand, the conference over to your speaker today, Mr. Bill Jones Investor Relations. Please go ahead.
Thank you.
Good morning, everyone. Thank you for joining today's call.
Mike Jenkins Orion's CEO will begin with an overview of Orion's business strategy and outlook, followed by a pair of protein.
Ryan CFO, who will discuss second quarter and year to date with year to date results.
The company's financial position and its financial guidance. We will then open the call to Investor questions. Today's conference call is being recorded and a replay will be posted on the Investor Relations section of Orion's website Orion lighting dotcom.
Remarks that follow and answers to questions include statements that are forward looking within the meaning of the private Securities Litigation Reform Act of 1995 forward looking statements generally include words, such as anticipate believe expect project or similar words also any state.
Once that describe future objectives and goals plans or outlook are also forward looking.
Such forward looking statements are subject to various risks that could cause actual results to differ materially than currently expected. These risks include among others matters that the company has described in its press release issued this morning, as well and its filings with the Securities and Exchange Commission.
Except as described therein the company disclaims any obligation to update forward looking statements, which are made as of today's date.
Reconciliations of certain non-GAAP financial metrics to GAAP measures are also provided in today's press release I will now hand, the call to Mike Jenkins.
Thanks, Bill good morning, everyone and thank you for joining our call today.
As anticipated in our last call Orion's business progressed in the second quarter with both sequential and year over year revenue growth of 17%, reflecting the revenue momentum we anticipated building as we progress through fiscal 'twenty for September was our strongest month of the year and within our top three months since the startup.
Fiscal 'twenty three for both all of our lighting business and our overall total.
<unk> will discuss our Q2 performance and financial guidance a bit later in the call.
Now I'd like to start by providing an overview of our strategy and performance across the business segments.
Within our lighting business, the $9 $6 million Department of Defense European led retrofit project began in earnest in Q2 with revenues of approximately $1 2 million.
We expect to complete the bulk of this project in the fiscal year.
This project experienced some unexpected startup issues working its way through the EU regulatory bodies, but is now in full swing and we expect to catch up in the second semester of fiscal 'twenty four.
We anticipate several other larger retrofit projects to contribute to the balance of this fiscal year, including a project for a global technology customer as well as continued growth from a long term global warehouse logistics sector customer. We also expect meaningful revenue to come from an outdoor lighting project for <unk>.
Ryan its largest customer.
We feel good about our growing pipeline of lighting business.
We also anticipate solid full year growth in led lighting revenue from our ESCO and electrical contractor distribution channels. In fact, the technology customer retrofit project I, just mentioned was sourced through our relatively new ESCO partner by their nature as goes are focused on delivering energy savings.
And environmental benefits to their customers.
Led lighting retrofits are right in the sweet spot of their value proposition as they provide significant quantifiable long term energy savings and generally a full return on investment within two to five years.
Our <unk> business was up 43% in quarter, two and 38% for the six first six months.
Which includes our expanded relationship with our large warehousing logistics customer, but excludes the Dod project, which was sourced through an international ESCO.
We are continuing to build our base of productive agent in this distribution channel relationships focusing on partners, who recognize the value of our high product quality leadership and energy efficient performance and our commitment to the highest levels of customer service.
To extend our penetration in our distribution channels. We recently launched a new line of more value oriented products that incorporate the industry, leading design quality and energy efficiency for which a Ryan is known within the trade. These new products include Triton Pro led retrofit high Bay and other interior.
Fixtures as well as an expanded line of Harris branded exterior led lighting products.
They were developed in response to requests for more competitively priced led contractor grade fixtures that incorporate Orion strong design and product quality.
Feedback has been very positive and we've recorded over $1 million in revenue from these new products in quarter. Two there first quarter of availability, our quoting activity has been strong and we look to accelerate sales of these products in the second half of fiscal 'twenty four.
Importantly, these products also provide a solid margin contribution.
Also on the product front. We recently debuted several new products that are compliant with the build America buy America or be a act and we expect that they will be well received by those customers who prefer a U S manufactured products.
<unk>.
Is this certification, which requires 55% or greater of material content and products to come from U S sources.
Standard was created as part of the federal IRI Bill.
Stipulate state municipal and schools to use.
Compliant products when possible in order to receive federal funds.
Orion is uniquely positioned to provide this product due to our U S based manufacturing facility and capabilities.
As you May know over the past 24 months, we have diversified our business into two new complementary areas, which include electrical maintenance services as well as providing turnkey electric vehicle or EV charging station solutions. These new areas are well aligned with our core mission of helping customers achieve their business.
And sustainability goals, while providing orion with exciting cross selling opportunities.
Many of our customers had previously asked us about our ability to help them in these areas, which was a key factor in our decision making to enter these spaces.
We entered the commercial industrial EV charging solutions market and our third quarter of last year with the acquisition of <unk> we.
We had a large bus project in quarter four of last year and then saw.
Revenue dip sequentially in Q1 this year as we manage through volt <unk> integration and the build out of its sales and project management teams to support expanding revenues and a broader geographic reach.
Our EV segment rebounded strongly in quarter, two delivering three $4 million of revenue versus no contribution in the year prior.
We anticipate continued growth at <unk> in the coming periods as the business capitalizes on its long term track record of success growing market interest in evs throughout the U S and our ability to cross sell these solutions with our strong base of customers and partners.
Projections are that 50% of the new vehicle fleet will be evs by 2030, and 80% by 2040.
Businesses everywhere now considering their electrification and EV charging strategy to support their employees customers and their own fleet needs Orion is well positioned to help our customers and partners through this exciting and rapidly evolving journey.
Our maintenance services business also delivered both sequential and year over year revenue growth, we acquired <unk> lighting in quarter, one of last year and with the acquisition came a number of multi year contracts some of which are now.
Now no longer profitable given a range of cost increases, including higher subcontractor costs that have occurred over the past several years to address these inflationary pressures, we have updated our pricing for new and existing customers to better reflect our current cost structure.
We've been working to renegotiate contracts as they came up for renewal that we are making progress we have renegotiated three out of four of our most significant legacy contracts and believe this effort will return maintenance to solid profitability.
These new price levels continued to impact our results in the second half of fiscal 'twenty four.
We recognize our pricing effort could result in the loss of some business and could therefore provide a modest near term revenue headwind for the segment Nonetheless.
Nonetheless, there are plenty of growth opportunities in this space and we believe that we can restore profitability, while delivering high standards of service and great value to our customers.
We recently finalized the three year preventative maintenance agreement with our historically largest customer Orion will provide led lighting and light electrical preventative maintenance services to our customers approximately 2000 retail stores nationwide.
The agreement Formalizes and builds upon services, we initiated in September.
February and scale through July.
Overall I am pleased with the progress we are making though we still have work to do in terms of integrating our lines of business and pursuing expanded revenue opportunities. We are excited about our expanded array of solutions to offer customers and partners and are encouraged by their interest.
We have already secured product sales and new projects through our cross selling initiatives between all three of our segments. This remains an area of focus for the business that we believe we can deliver growth synergies as we move forward.
In summary, we believe we are building a strong and diverse business for long term success.
We expect to see our total revenue accelerate across the business in the second half of fiscal 'twenty, four and as such have reiterated our $100 million revenue guidance for fiscal 'twenty four.
Now I'll pass the call to <unk> to discuss our financials in fiscal year outlook in more detail.
Yes.
Thanks, Mike.
Orion's Q2, 'twenty four revenue improved 17% to $20 6 million.
From $17 6 million in Q2, 'twenty, three primarily reflecting both truck activity in the current quarter and maintenance revenue growth, which was partially offset by lower lighting revenues.
Revenue also grew 17% on a sequential basis compared to the first quarter of fiscal 'twenty four.
As discussed previously we have several larger lighting projects, including the European Vod project and a large outdoor project, which we expect to ramp meaningfully in the second half of fiscal 'twenty four.
We recognized $1 2 million of revenue on the Department of Defense project in Q2, 2004, which leaves approximately $8 million of remaining revenue to complete this project.
Our first half revenues rose, 8% to $38 2 million from $35 5 million in the first half of fiscal 'twenty three.
Our gross profit grew to $4 6 million from $4 4 million in Q2 'twenty three in spite of a decline in gross profit percentage, notably our gross profit margin improved on a sequential basis, reflecting the improved terms and three significant maintenance contract.
<unk> and better absorption of fixed costs across our businesses.
As Mike discussed our gross profit percentage is being impacted by inflationary challenges over the past several quarters and legacy contracts in our maintenance business.
During the quarter, we renegotiated pricing on three of four of our most significant legacy contracts and we are working to update other legacy contracts as well.
Our maintenance business also began benefiting from a new three year agreement to provide preventative maintenance services for our largest customer.
In Q2, our efforts led to an improvement in service margin from negative 11, 2% in Q1.
Although it is still slightly negative we expect further margin benefits in the back half of this fiscal year driven by the rollout of our new pricing.
Gross margin on products improved approximately 250 basis points to 31% in Q2, 'twenty four from 27, 6% a year ago.
This increase is attributable to new product sales and overall higher volumes benefiting fixed cost absorption.
Reflecting the steps taken in our maintenance business and our expectation of growing sales volume in the business overall, we expect our blended gross margin to improve further in the second half of this fiscal year.
Our Q2 operating expenses increased to $8 7 million from seven 4 million in Q2, 'twenty three mainly due to the addition of bold bold track operations included $1 1 million in earn out accrual and 200000 of intangible amortization.
<unk> related to the acquisition.
Operating costs declined sequentially from $9 6 million in Q1, 24, due to lower compensation related costs and a large credit write offs that occurred in Q1 24.
We recorded a Q2 24 net loss of $4 4 million or <unk> 14 per share, including the <unk> earn out versus a net loss of $2 3 million or <unk> <unk> per share in Q3.
Cash used in operations was $4 million in Q2 before.
<unk> operating result.
The $1 $5 million payment, partially offset by positive net working capital effects.
We achieved positive free cash flow in September and expect positive free cash flow over the balance of this fiscal year.
At September 30, we had current assets of $45 3 million, which included inventory of 22 million accounts receivable was $16 1 million and.
Cash of $4 million.
Hours.
Working capital was $16 2 million at the close of Q2 24.
Total current liquidity, including cash plus eight 9 million revolver availability was $12 9 million.
We expect our liquidity position to improve in the second half of the fiscal year based on the expected ramp in revenues.
In addition, we are looking at additional ways to enhance our liquidity primarily through a potential mortgage on our corporate headquarters.
As mentioned in Q2 started several larger projects finalized a nationwide maintenance agreement.
In addition, our backlog sits at $21 1 million at September.
September 30.
All of these things and more contribute to our full year revenue outlook.
Reflecting these and other factors, we have reiterated our expectation for revenue growth of 30% or more in fiscal 'twenty four implying total revenue of approximately $100 million.
The achievement of this goal implies meaningful revenue improvement second half of the year.
Based on this growth expectation, we also expect a solid improvement of our second half bottom line performance.
That will ask the operator to begin the Q&A session.
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One moment for our first question.
Our first question comes from the line of Eric Stine from Craig Hallum. Your line is open.
Hi, everyone. Thanks for taking the questions.
So hey, so when thinking about the second half so you called out the D. O D project, which has already started.
And the lighting project.
So I guess wanted to clarify if that.
That started or when you expect that to start but just curious are there any other large projects that you would point to.
And.
Things that give me the confidence in that ramp clearly you're reiterating it so you've got that confidence.
Trying to gauge that.
Sure.
Number of things. So obviously, the Dod project as we spoke about we talked about in exterior project for our largest customer which is all basically happening in the second half of this year moving forward.
A mid seven figures.
Kind of project and rollout, we do expect that our number two customer which we've disclosed.
As a global logistics company and warehouse company, we expect that business to continue to scale as.
As we move forward, which on a year on year basis will give us nice growth and there are other.
Global Technology project, which we spoke about we do expect to recognize revenue on that moving into the second half of the year. So there are a number of nice projects, which we expect activation shortly.
Some of which are already in flight and should scale.
Got it so the Dod Juan has already and that's already.
Underway and the others I mean fair to say here.
Youre waiting on but there you have got good visibility into those starting.
That's right, yeah, and the Dod we would've we were anticipating a bit more revenue in Q2.
I referenced in my comments that we did experience some startup issues getting through EU regulatory bodies.
So that we view that Ms basically to be caught up in the second half of the year.
For the math.
Eric.
We did say, we recognized $1 $2 million of that in the second quarter. The total projected in the $9 6 million neighborhood. There was a few hundred thousand recognized in Q4 of fiscal 'twenty. Three so there's about $8 million left that we expect the majority of that virtually.
All of that to be recognized in the second half.
Okay got it.
And then on the maintenance contracts.
<unk>, you said, you've renegotiated three or four but you've got some others out there I'm curious if you can kind of quantify how many others might be out there that you would look to renegotiate and then curious if you have.
The mechanisms that you've got in place now whether there are some there is some variability that the contracts based on market conditions or are they just short short enough in nature that it would just be kind of an ongoing renegotiation.
Whenever they come up.
Sure Yeah as indicated on the last call, we were able to kind of off cycle address pricing on a couple of these contracts we have fully got.
Renegotiated three out of our top four so we have one major contract, which is still out there that we need to work on.
The way. It works is basically we have renegotiated pricing and then all of these accounts have their normal kind of RFP cycle.
<unk>.
We will be working through that and some of those are up.
Early as the beginning of our fiscal year.
Early in our fiscal year, and maybe Eric a little more context.
Four large contracts really are the bulk of the.
Piece of maintenance that is at Sterlite. So there are other miscellaneous.
Contracts, but those four would represent the bulk of the revenue in that part of the segment.
Okay.
And so the last major one is that that's where you've kind of I mean.
Maybe to simplify it you've presented them with the new pricing and now they go through a process and hopefully in the RFP process you would win.
Yes, I mean, certainly we're going through with all of them and that's the one that's remaining.
So, yes, I mean in principle.
And having conversations right now so yes understood okay.
Maybe last one for me just on the <unk> opportunity I think I've asked this before but just curious obviously your customers.
Many of them requested these capabilities from you do you expect this to be a decision that.
Bye Bye company over their footprint or is it more kind of a site by site decision.
I think it can work both ways Mike.
It really depends on how they run their businesses and how centralized or decentralized.
We are as a company.
Think some will go basically across the country.
And we're having some conversations with folks like that and others. It will really depend on whether or not they have a fleet location out of that facility.
Et cetera, So I think it's going to work both ways.
Okay. Thank you.
Thank you Eric.
Thank you one moment our next question.
Okay.
So just going away.
And our next question comes from the line of Amit Dayal from H C. Wainwright. Your line is open.
Thank you good morning, guys just on the good morning, Amit.
Good morning on the EV topic.
Pipeline more or sort of corporate and enterprise.
Or is there some government related opportunities as well.
Yes, there certainly are both private and public opportunities.
We currently do business with municipal governments, that's part of kind of the legacy of old truck as well as with with private companies and so we see growth in both areas.
We were recently at a federal government show trade show.
And there was a tremendous amount of conversation about the electrification strategy and the federal government for their own use and facilities. So I think downstream, we're going to see rapid adoption in both areas.
Okay. Thank you.
Then on the word trick.
Earn out could you remind us you know what remains to be paid out et cetera.
Yes.
Made the payment I referenced in September of $1 5 million.
Toward the fiscal 'twenty three earn out and then there was another $1 5 million paid in October towards that $3 million or now.
Then the opportunity.
For a fiscal 'twenty four or now that amount would be paid in the second quarter of <unk>.
Calendar second calendar fiscal 'twenty.
To the extent, it's earned net of the $3 5 million dollar opportunity.
And then the following year Theres, a $4 million opportunity plus a kicker.
For accumulative.
On cumulative EBITDA earnings over the first three years of ownership, which could be a max potential opening <unk> 315 million that would be paid at the same time as the fiscal 'twenty five earn.
Right now an opportunity.
Okay.
Okay. Thank you for that I appreciate it.
And then maybe just on the.
The service maintenance segment.
I know you're going through a lot of sort of renegotiations, etc.
Are you also.
Activity trying to add new clients at this point or are you sort of trying to.
Go ahead, you are seeing.
Setup.
With the legacy contracts before you malls, we are adding new customers.
Sure well we are.
Actually did add quite a bit of new business with our number one customer as we talked about on the preventative side for 2000 location. So that was a big add to.
The team in terms of new volume So right now we're certainly digesting that we're building out in shoring up our resources around that and then at the same time focused on profitability for the legacy business, we do see growth opportunities out there, but we certainly want to approach this a bit step by step and address the profit.
The ability of the legacy business as our first order of priority right now.
Once or if this is.
The service margin normalized how much of a lift.
Should we expect.
<unk>.
Well the overall blended margin.
Okay.
Yes.
Well I think if you look at the blend thinking.
Think about the blend of the margin we expect to.
To ultimately get back to what we've experienced is a more traditional service margin for that business.
So that's not going to happen over the next quarter or so as we continue to renegotiate. These.
Contracts, but that's where we are certainly targeting that this business is headed.
Okay.
Okay I'll follow up on that one.
Later, but thats all I have for now guys. Thank you so much.
Thanks, Amit.
Thank you for one moment for our next question.
Our next question comes from the line of Alex Rygiel from B Riley Securities. Your line is open.
Hello, Alex.
Alex Your line is open you may be on mute.
Alex if you could disconnect astronaut using them to call me feature.
She just came through.
Alex go ahead.
Hi, This is min Cho for Alex maybe Paul can you hear me.
Yes sure.
Okay, well, that's all confusing because I logged in as myself, but okay, sorry about that.
A couple of quick questions just given the interest rate environment are you seeing any kind of project delays or just slow down and.
Bidding opportunities for some of the larger projects.
At this point in time, we have not seen any any substantial delays that we can attribute to that at all.
Okay.
Thank you here.
Also in terms of your Poltrack business.
It sounds like it's progressing fairly well here are you still on track to hit kind of that 10 to 12 million in revenue for the full year can you talk a little bit about the pipeline and maybe how big this business can go.
For you in the next couple of years.
Sure sure Yeah, we did say earlier that we thought that between the volt.
<unk> in the maintenance business that it would be around a third of the business overall.
Still think we're on track for that plus or minus.
10 to 12 that you referenced for <unk>, given our current run rate coming out of this quarter, we definitely feel like Thats achievable and in terms of the longer view of volt track in the EV space more broadly as I referenced in my comments the macro environment remains very strong towards.
It won't be perfectly linear, but directionally strong.
And we do see as the opportunity to grow our business.
Yeah $20 million to $50 million in the next couple of years.
Excellent.
And it's nice to see that you reiterated your revenue guidance for the full year.
Just any thoughts on EBITDA for the second half of this year can you exit on a positive EBITDA and how do we get there.
Well in my comment I certainly.
I mentioned that we expect.
Our improved and increasing sales too right.
Bottom line results.
So we do expect.
To be free cash flow positive, which I think implicit in that is also.
Being.
EBITDA positive.
As we leave the year.
But.
I will say that our year to date performance.
I would indicate.
Probably not.
We finished the year with a net positive results.
Okay.
Okay and then just one final question I believe you had a large dod contract for.
Your peer motion product and it was it was awaiting funding any update on that or any update on some of your newer kind of.
I guess more value add products.
The Pir motion.
<unk> that you referenced as well.
<unk> it.
There's still but it's basically on hold status right now with the D. O D. So we do expect that that project will at some point move forward, but we don't have timing at this point in time.
Okay, great. Thank you.
Thank you.
Our next question.
And as a reminder to ask a question Thats star one of the lines for questions.
Our next question comes from the line of Andrew Shapiro from Lawndale Capital Management. Your line is open.
Hi, Thanks.
Just trying to get drill down into this.
The maintenance.
Contract stuff and the losses when you define a contract is a legacy contract what do you mean and win was stay late acquired.
By legacy contract. We mean it was something that was an existing customer of stay like when they were acquired we acquired daylight effective January one of 2020.
Three.
Okay, So fairly recent and all of that now so.
So these contracts.
2022, okay in these contracts.
I think you said on the last call when they ask questions were around three years or so.
Duration.
So I guess that may be medium term to long long term for this kind of business what are you doing differently.
Your new maintenance contract bidding.
Sure.
Guess, we'll call it margin risk or to mitigate this risk is it just that you are you pricing it higher and hoping that you won't have another wave of inflation are you doing with the shorter duration.
On the pricing how does it how.
Are you approaching it differently.
Yes, so each of the customers have their own specifics around how you can tender and go through an RFP process. So we are confined.
Confined by some of those protocols from the customers clearly what we would like to do is build in a reasonable level of escalation into our contracts given the inflationary environment that we've experienced over the last couple of years, where that's not possible then we have to take that those inflationary.
<unk> that are anticipated over the future into account when we when we go through the RFP process.
Okay.
And last call I also had asked about and I think you said you're at the time you were negotiating.
Improvements in it looks like you've got three out of the four and you said.
The contracts.
Demand.
The furthest runoff would take you as into the spring.
So those kind of contracts, where they want them and to allow for a price increase et cetera.
And that are going to expire later in the spring.
Do you expect those customers to then renew at your.
Higher and better terms or that's going to be kind of <unk>.
The annualized revenue that you were generating that.
That will not be added back in and can you kind of give a range to help quantify or get our arms around.
I guess the amount of revenue from that sub segment that.
We wouldn't mind necessarily going away, but we shouldn't count on continuing.
Yes.
Is directionally correct.
Number of these contracts are going to naturally expire in spring.
In quarter, one of our next fiscal year.
Some of them are at the end of April and in that timeframe. So the renegotiations that we've done are basically for the current contract period. Then we will go through the cycle for the next round of Rfps at this point in time those are active conversations which are starting and I really have no guidance to provide on an end.
Of that as those are active conversations with customers.
Okay and like how large in terms of revenue is the whole stay light segment here that and guests includes a combination of profitable and on an unprofitable.
And when we acquired daylight.
Disclose that they were at $9 million to $10 million business.
Okay.
And.
The renegotiated ones the ones that you opened up your inter period.
Was this just to get to breakeven on those contracts.
Or.
The pricing would provide for profitability at your normal margin or somewhere in between.
Yes, moving forward you know it is.
Our mandate to have these contracts be profitable so.
And I understand that no I understand that bill in terms of the new ones, but right now you've gotten some contracts amended inter period before they expire and you got some improvement but the improvement you got did you get just to breakeven did you get to your desired margin or did you get to somewhere in between.
Yeah. Most all of these contracts the pricing changes that we're making will allow for the company to be profitable on these contracts. They are rolling out. So we don't recognize the change in all cases immediately because there is often a backlog and those types of things. So the full impact of these contra.
<unk> changes and pricing changes occur over time, but the goal and what we've implemented is for all of these accounts to drive profitability.
Okay and two other follow ups not on the Sterlite bold trek when does that acquisition.
Anniversary and remind me the.
Earn out targets are not just revenue base, but their EBITDA based right.
So the anniversary of old track just occurred this past month of October.
So we've just now anniversaried it and the earn out is based on EBIT.
Not on revenue.
Okay, and the Dod contract profitability as you build that thing out there.
The accounting on that that's not like some kind of.
Completion of contract type of accounting or is it.
I mean to some degree that's a decent way to think about it it's based on installation of the fixtures which is.
As a decent analog for percentage of completion so.
As we cut.
Impacting multiple buildings on those basis. So it's as we installed fixtures we recognize the revenue.
Okay, and lastly, you made a comment about potentially seeking a mortgage on the headquarters building and of course. This is not the optimal time to go and lock in some kind of long term rate when does your current bank line.
What's its maturity date.
December of 'twenty five.
Okay and your pricing is what reference rate plus what what's the margin on that.
Theres three band that sulfur.
Yes, 150 to two in a quarter.
Okay and are we in the toughest band right now.
In light of the fact, we're not generating positive EBITDA.
That is correct.
Okay, great. Thank you.
Yeah.
Thank you.
And with that this concludes our Q&A session I would now like to turn the conference back to Mr. Jenkins for closing remarks.
Thank you and thanks to everyone for joining and listening to our call today I look forward to updating investors and stakeholders in coming months and quarters as we execute on our growth objectives for fiscal 'twenty four we continue to take opportunities to meet with investors in person or virtually.
We are presenting at the Sidoti <unk> Company Virtual conference on November 15th and I encourage you to listen to our presentation in order to register for one on one call.
<unk>.
For more information on our planned events or if you would like to schedule a call with management, you can contact or contact our investor Relations team, whose information is in today's press release.
Thank you very much.
Have a good day.
This concludes today's conference call. Thank you for participating you may now disconnect everyone have a great day.
Okay.
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Okay.
Yes.
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