Q3 2023 SKYX Platforms Corp Earnings Call
Good day and welcome to the Sky X platforms Corporation third quarter 2023, Investor update call.
Webinars being recorded.
Before we begin the formal presentation I would like to remind everyone that statements made on the call and webcast, including those regarding future financial results and industry prospects are forward looking and maybe subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the call.
Please refer to the company's SEC filings for a list of associated risks and we would also refer you to the company's website can work supporting industry information.
At this time I would like to turn it over to Rani Cohen, founder and Executive Chairman Scott X platforms Corp. Sir. Please go ahead.
Thank you everyone for joining us for our third quarter call.
Today, we will go over our highlights of Q3 business developing and financial.
We will start today with our.
Our president Steve Schmidt.
Steve Schmidt is the former.
Office depot into a national and former CEO of the AC Nielsen.
Data Corporation that joined US several years ago invested with US and is serving as our president so with that being said, we will start with Steve. Please.
Yeah Ronny. Thank you very much as Ronnie said I invested and I joined this company over four years ago. After a 40 year corporate career.
And just over a year ago agreed to take on the role as president.
And as I've said in the past.
They were really six or seven key reasons that I became really excited about sky acts and it started with Ronnie for both his strategic vision his leadership and the way that he understands how to run a company second the management team third the board fourth when you look at the number of patents and proprietary.
Terry products that we have both from a technology and service perspective, one gets excited the global opportunity that exists for this company as well as the fact that we have filed for a mandatory within the code with the National Electric code and when you combine those things at one of the reasons that I just decided to.
Joined as President of the company so with that let me jump into the Q3 2023 are resolved.
First of all we generated a record $21 6 million in revenue in the third quarter of 2023, including sales of our advanced and smart plug and play products.
Cash cash equivalents restricted cash and available cash and investments available for sale totaled $24 4 million as of September 30th 2023, as compared to $16 8 million as of December 31, 2022.
We continue to enhance our market penetration of our advanced and smart platform technology products to both retail and commercial segments through our e-commerce platform of over 60 websites for lighting and home decor.
We have filed for a mandatory safety standardization with a national electric code for its ceiling outlet receptacle for ceilings in homes and buildings with Sky ex co team, which is led by Mark early the former head of the National Electric code and Erik Jacobsen, former President and CEO of the American light.
Association, Mr. Early and Mr. Jacobson were instrumental in numerous code and safety changes in both electrical and lighting industries.
Eight additional patents have now been issued resulting in US now having 77 pending and issued patents in the U S and globally, including the issuance of five new utility patents in the U S and international markets, including Canada, Mexico, and Hong Kong Sports related smart plug ins.
<unk> platform technology products.
We announced the collaboration with Wise L. A U S leading lighting manufacturer for nearly 100 years, which will include Sky acts as advanced Smart and standard products for online retail and professional channels.
We have entered into an agreement with a real estate developer to supply approximately 1000 homes with our advanced Smart home platform technologies and this is expected to deliver approximately 30000 units representing a variety of our advanced and smart platform technology products to the developers up come.
<unk> projects.
We signed an agreement with a world leading product material and samples supply company to architects builders and designers.
Material bank with over 100000 customers.
We've signed an agreement to include a variety of our advanced and smart home technologies and all homes of the future exhibits at the upcoming International builders show in Las Vegas, Nevada from February 27 to 29.
Sky Ax will be a main event in this conference.
The third quarter of 2023 was highlighted by our first significant full quarter of revenue that included sales and rollout of our advanced ceilings smart and standard plug and play platform products that are now on many leading U S and Canadian websites.
We believe we have accelerated our cadence of sales with a robust gross margin profile.
Notable managing the cash burn of Sky actually on a sequential basis.
Our e-commerce platform with over 60 websites is expected to provide additional cash flow to the company, which when combined with our existing cash we anticipate will be sufficient for at least 18 months of operation.
We are encouraged with our path to the builder commercial segments that we believe will assist in paving the way for our standardization efforts.
Additionally, our e-commerce website platform enhances the acceleration of marketing distribution channels collaborations and sales to both professional and retail segments.
Some of our 60 websites that include companies advanced ceiling, smart and standard plug and play products. Our one stop lighting dotcom lighting design experts Dotcom, Canada Lightning experts Dotcom American lighting store dotcom home click dotcom and Luna warehouse dotcom among.
Others the.
The websites include banners videos and educational materials regarding the simplicity cost savings time savings and lifesaving aspects of the company's patented technologies.
With that it is now my pleasure to introduce Lynn Sokolow, our co CEO Glenn Thank you very much Steve.
I appreciate that.
Before I get into the Oh, an overview of our financial results I'd like to pass.
Pass it over to Ronnie to do a oh, they are sort of just the three minute video.
So if we could go ahead and do that that's the only three minutes. Thank you.
That's where the people that are joining us for the first time three minute video of the company's products.
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And now Lenny Sokolow will elaborate the after Lenny talks in more detail on our recent builder activity with those products he saw and Lenny sokolow to some financial updates. Please.
Thank you again and thanks for that video if you thought it was important for those new to our company and our story at our movement I was introduced the Sky X over 12 years ago and during the last 12 years I invested in Sky Act and joined the board in 2015.
I just became co CEO and join this fantastic and.
An experienced management team.
Greed to take a substantial portion of my compensation of Sky X equity because I strongly believe sky acts was at a great inflection point well position to be a U S and global leader in smart plug and play platform technology products.
Furthermore, I strongly believe in the compelling safety aspects of Sky UX products as a former executive and General Counsel of Windmere Corporation, which was on the New York stock exchange as.
Years ago, we manufactured and sold hair dryers and other personal care electrical appliances.
As you can see today and as I experienced firsthand the industry implemented the mandatory requirement of adding a G. F. G. I safety plug to the end of the electrical cords of these personal care appliances.
This is why I am a strong believer in the Sky egg safety and standardization path.
With respect to our financials as mentioned our revenue in the third quarter of 2023 increased to a record $21 6 million, including e-commerce sales as well as smart and standard plug and play products.
Gross profit in the third quarter of 2023 increased to $6 7 million or 31% of revenue gross profit was positive positively impacted by the gross profit of the acquisition of our E. Commerce platform of over 60 websites for lighting at home decor.
Cash cash equivalents restricted cash and available cash and investments available for sale amounted to $24 4 million as of September 30th 2023, as compared to $16 8 million as of December 31, 2022.
The company company's current liabilities include the 'twenty 'twenty four noncash liability of $5 6 million payable in shares to the Bellamy shareholders as part of the consideration for the acquisition of our ecommerce platform of over 60 sites websites for lighting and home decor sale.
<unk> and marketing expenses amounted to $5 7 million during the third quarter compared to $1 million during the prior year's comparable quarter.
Net cash loss before interest taxes, depreciation and amortization as adjusted for share based payments, which is an adjusted EBITDA a non-GAAP measure amounted to $2.5 million. In addition to a noncash basis loss of $4 seven.
Amounted to a net loss of 7.2 million or eight eight cents loss per share in the third quarter of 2023 as compared to a net cash loss of $1 9 million. In addition to a noncash basis loss of $2 8 million.
I wanted to a net loss of $5 7 million or seven cents per share in the third quarter of 2022.
Cash used in operating activities for the three months ended September 30th 2023 amounted to $3 4 million as compared to $3 5 million in the comparable peer period last year.
And if I can now I'd like to turn it over to Mark Musso, Our Chief Financial Officer for further information.
Ladies and gentlemen.
Please bear with US we are experiencing technical issues.
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Sure, where we got to where we dropped off but if I could again reintroduce Marc Russo our CFO, who could discuss some of the fact that further financial information Mark. Please.
Okay. So for the next few minutes will cover certain elements of the company's financial condition results of operation for the quarter.
Ending September 30th Sweetest weighing three compared to Q2 'twenty to 'twenty three.
The cash cash equivalent restricted cash and available cash increased by $700000.
From $23 7 million as of June 30, 'twenty to 'twenty three 'twenty four points 4 million as of September 30.
They're working capital increased also by $700000 from 1.9 million as of June 30th two.
2.6 million as of September 30.
The revenues increase from Q2 to Q3, two at June 2023 from 15 million to 21.6.
It's an increase of $6 6 million.
The gross profit increased from $4 7 million to $6 7 million.
The net loss declined from 12 $43 million in Q2, 'twenty to 'twenty three to 7.2 million in Q3.
The loss before interest.
Taxes, depreciation and amortization.
And share based payment declined from 2.7 million in Q2, 'twenty of 23 to 2.5 million in Q3.
Steve.
Okay Mark Thank you.
I believe you can clearly see that we're advancing our builder and commercial strategy too.
To conclude our formal remarks, let me kick it back to Ronnie to explain in more detail, our continuing market penetration growth Ronnie.
Thank you Steve and.
As you can see here on the slides, we're blessed to have key members.
Yes.
That are joining us.
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As part of <unk>.
Our members are members year that Investor day that we started with Steve Schmidt our CFO are.
President pharmacy of Nielsen and office depot.
We have Bob Nardelli, former CEO of home depot, Chrysler and G. Power systems. We also have al Weiss former president of Disney worldwide Parks hotels resorts, who shifts and product.
Mark early heading our co team Pomona ahead of the National Electrical code Erik Jacobsen former head of the American Lighting Association, and recently joined Us and each of them with Staffa, former head of AI, Microsoft to AIG Global AD and as well as sales.
To touch about some of.
Our builder activity here.
We're sharing with you this slide.
And me he see until it comes up.
It takes a minute here we are.
So as you can see here our ceiling recepticle is under ceiling and larger base. So you can see it better but we have your several packages <expletive> and serve builders.
As Steve mentioned here, we signed an agreement with a developer to supply approximately 1000 homes approximately 30 units per home and we are going to start supplying the first project for him next year and the way those projects go is.
You have here are our packages for one bedroom. If you see on the left two bedrooms three bedrooms, a home a large home apartment building hotel or commercial.
Those packages will include smart light fixtures regular light fixtures as well as smart field the ceiling fans and regular ceiling fans and has also been included at all in one smart platform.
If you have a package like dish and use of life.
30 outlet ceiling outlet receptacles.
The builder installs them as they build a home and at the same time they installed the wall outlet.
Receptacles, they will install also our ceiling outlet receptacle and when the time comes in the building is ready to be delivered to the consumer our team is going to common plug.
Package, that's going to include those smart and standard light fixtures smartest standard ceiling fans as well as our all in one small platforms and our crew is going to come to that building and plugged each unit in a few minutes. So really what we're doing here is if you would think about it as kind of the razor and the blade model, we supply our reserves are.
Sealing receptacle and then the builder will choose the package those package can vary.
Some five to tens of thousands of dollars per package depends of what size and what the size of the unit and what type of fixtures they choose or would like to have but this is something that we have a really great responds as it really takes all the time cost.
Simplify the process as well as lifesaving aspects that we add to those units and we take all the headache out of the builder by only having him installed as sealy outlet receptacle that you can see on the feeling while we have a crew that will come to that building and plugging all the fixtures and connected to the I T system.
And have everything ready and working in a very simple way. So here you can see and the next slide when it comes up you'll see our all in one platform that we have shared in the past and you will see the type of unit and it can fit homes as we said large homes hi.
<unk> is a one bedroom two bedroom three bedroom et cetera.
And that is quite unique as we mentioned too to make their homes smart today, a one bedroom will take you a couple of days in a normal world what our device will take you less than a minute.
When you see here a large home in a normal world today's world will take you weeks, what our device will take you an hour and here on the high rise or 500 bedroom Hotel. For example, it can be you know a year project with millions of dollars. We can supply this project and.
And install those.
As smart home platforms within a day or two rather than a year and probably in a fraction of a cost.
Let's say in iphones per room, if its one device and if it's more.
Slightly more those our next slide is going to show packages. We have most of that most of the product is under project production already and we're selling in enhancing our market presentation penetration as Steve was mentioning in the opening statements and.
And everything you see here besides that all in one platform that we did not start production expected to start it very soon next year Ah.
Is already in sales in the market and we have aid packages of our outlet receptacles and et cetera. So those are really a very important point points in segments that were believe strongly believe that our.
We can capture a nice percentage of the market with this and with a huge market like this even a very small percentage of the market can be a quite significant number for us.
Here you can see as we mentioned and Steve mentioned the open we file for a mandatory safety application in September what you see on the left is what happens in our homes today are globally billions of installations people go on ladders as you can see here and touch hazardous wires and our solution.
We strongly believe received save many lives.
In addition to saving time significant cost.
And money as well as simplifying the entire process.
People go as we say on ladders millions of times a year.
Bobby billions of times, a year add globally hundreds of millions of times a year here in the U S alone just to install the late feature and risking their life doing so.
The last time something like this happen in the USA.
In the U S and a significant.
Matter for homes was approximately 40 years ago when the G. F. C. I that you will see now coming under slide is what everyone. In this call has in this bathroom and probably many kitchens as well and as we know it as we know its there in your homes because it's their mandates.
For safety reasons, we followed that path and.
We strongly management and our co team strongly believe we have.
The safety necessary necessities to become mandatory we can't we can't you know.
Say exactly when but we have filed for the mandatory in September and you know, we hope is going to be as soon as possible, but it really it's at the sole discretion of the panel voting members and the timetable ended decisions.
And this is really similar to a global standard that happened many years ago.
As that were probably one of the famous standards. It happened also many years ago as you can see in the slide coming now the Edison bulb was installed for years. Many many years with wires to the ceiling. Instead ended until the Edison base year as you can see in the center was invented and that became a global standard.
We're trying to fall at the follow that path and they really we believe we have the equivalent of concepts here and we have a good chance.
We believe strongly to make this happen. So I think is at that point you know are we as you can see in this slide we accomplished.
Well, we believe in what we were told.
Oh, what to understanding all the safety necessity easier and we accomplished all of our significant my edition of significant milestones, including the voting of ANSI American National Standardization Institute that a charge of constructions reliability and safety of the products go into epic.
Construction in the U S as well as NEMA at the National electrical manufacturers as well as we got voted by the American Institute of architects.
As part of it is safety of continuing education programs. So if you look at this slide we really got voted by the building organizations to determine our building codes and safety aspects are.
Many of them are co team as we mentioned was is led by Mark early form ahead of National's ethical code that was instrumental in major safety.
Codes and past 33 years as serving as head of National ethical code during those years and we have Eric Jacobson that joined US as our present pro former president of the mirrors gained lighting Association and during his 30 years in American lending Association was instrument to major lighting safety code changes.
We have this leadership.
So with Bob Nardelli. That's in addition to being CEO of home depot, and Chrysler was the former CEO G power systems, one of the three remaining divisions of GE again here I'm going to share with you a slide.
Describing a bit of our online activity here.
So our AR as you can see in the next coming slide.
We'll take here. We go so you know we're starting to sell started last quarter to celebrate we enhance our.
Our.
Asian online integrations of many products into plug.
Plug and play capability and smart plug and play capability and we started I think last quarter with having less than 100 or a couple of hundred pictures and now we have nearly 10000 fixtures that they can eligible arc.
Can enable.
Our smart or standard cloud, we expect to be in tens of thousands of fixtures.
That will be eligible or are capable to use our products by the end of this year and we expect to be in with hundreds of thousands of pictures.
By next year that will be compatible with our products. This.
This is significant because as we're approaching the builder segment add more variety and we have the more products. We are going to have there the more capabilities for us to secure a builders as well as retail and other commercial segments, but that we see that growing and as a as we.
Mentioned, we strongly believe will be tens of thousands of fixtures just in less than 45 days or 45 days or so by the end of this year and hundreds of thousands of pictures by next year, and that's a significant growth and and and we expect this.
To become a bigger play as we go as of today, we're selling products.
Online.
And three ways and if you go to our sites you will see that there's three choices to.
To buy products with our device ours, so too with our device. So on the left is the old fashion way the hazardous wires on the left and the plug and play products in the center and the Smarten plug and play products and we're very happy and with our our conversion rates.
And that our improved significantly significantly improved from first quarter to this quarter and we expect them to significantly improve as we load more and more fixtures in our conversion rates are.
We are getting better from day to day, so well.
With that being said.
We are you know.
Excited about our opportunity with builders and we are.
Maybe one of our last slides here is really what builders have today with the smart home complexity as you see on the left here would take them two days probably to have a to make US a couple of days to make a smart home happen even in a one bedroom compared to a one minute that will take them what our device so say.
Living 99% of times at least and probably the cost of installation itself, even if our products. If there's someone got his product the smart home products are today for free somehow as a gift the installer itself will probably charge in two to three times more than paying for our device installed in the ceiling. So it's not only significant time saving is.
It can cost saving.
As well as simplifying and obviously the life saving aspect that we bring to the table and as to remind everyone. We have many case uses for this including hotel rooms, as you would see a cruise ships.
Elder living hospital, and ER hospitals, and many other segments, including office and retail so with that being said.
We're opening now to Q&A easier.
And.
We'll start the Q&A here.
Correct.
And the.
Yes, and we see here on the list, we have Michael leg from benchmark.
So with the effort.
You can direct those.
<unk> to us please.
Thank you Sir.
Ladies and gentlemen, if you like to ask a question. Please press star one on your telephone keypad and a confirmation tone will indicate your line is in the question queue. You May press star two if he would like to remove your question from the queue co participants using speaker equipment. It may be necessary to pick up your handset before pressing the star keys.
And our first question comes from the line of Michael Legg with the Benchmark Company. Please proceed.
Thanks, Good afternoon, everyone.
Well I'll start with a couple of financial questions. We had $21 million of revenue, we bought Bellamy. They had $88 million of annual revenues can you talk a little bit about what's going on with the traditional sales at Bellamy and yeah, what we're seeing with.
The economic environment, there and then what part of the sales could we see that was the smart products could you just curious of a breakout on that.
<unk>.
Sure so as everyone knows the home decor.
Is it declining for the past few years. It started when the peak of the home decor and you can see wafer for example wasn't 'twenty 'twenty and 2021 as people were home and didn't have too many choices to renovate their homes and a lot of people got the SBA loans and renovated their homes. So the peak was a 'twenty 'twenty 2021.
But as you can see the numbers of wafer and many others and home decor, we're sliding and every year going down in addition to the slowdown in the builders market.
That is not helping the high interest in slowdown in new construction. So the home decor market in lighting market in general are in decline are we.
We are actually very pleased where we are with those numbers and then the number of this quarter proves that that we're on the right path and the conversion rate towards our products. We're selling I think our goal is to have around for now two thirds to be the plug and play and one third to be the smart and I think we're very close to that to those goals.
And that again, that's ontic anticipation towards growing our a R.
Variety of fixtures.
And that's our goal as Moore's people will learn about our smart features we have a nice conversion ratio for them now percentages actually look good and we hope to enhance to get much more smarter, but a lot of people want the standard again to smart cost a bit more.
More than double than the standard probably triple So we're very encouraged with this.
Okay.
Any other questions.
Yeah, we'll have a couple more.
Can we talk about your 30000 units and what that means from a revenue perspective.
And then some of the other agreements you're having to kind of put some numbers on them will take material banking.
Some of the other agreements you haven't put in just announced over the past quarter.
Yes of course, so again.
Our agreement with.
With the developer.
South, Florida and developer here is for around.
1000 units approximately we anticipate.
Proximity 30 units per home as the slide that we have still on a showing will provide approximately in depends on each size of unit, but let's say 30 receptacles to each unit and then the builder plus the home owner will choose a package. So our packages can vary from.
Probably around $5000 per package you will include smart lighting smart ceiling fans standard lighting and standards ceiling fans as well as all in one smart platform that really makes your home become as you saw on the video and as you saw on the slides.
Can make your home become smart so that can start with with the few thousand like 5000 and grow up with tens of thousands really depends on the size of the unit.
And again, what we emphasize here would the build is really like is the simplicity and the all the one app for all of those features together.
It's really today to do.
And the reason if you think about this that builders did not announce we're selling smart homes as standard because as the complexity of making it happen between so many different companies and so many different technologies when here, bringing the all in one.
U as we said put the receptacle in construction when you do the wall outlet you do at the same time, our ceiling recepticle outlets and once you do this the build there caused us when he is ready to deliver the building we have a team that comes in in a few minutes per unit everything is installed and ready to go.
So that we're very excited on this and this.
This is really before we really went to the market and we're just starting now with the builder segment and we have great feedback already and we should we recommend people to stay tuned on this as we believe we will have more news on the builder segment as we go forward.
And the same here with material bank or you know, it's it's a it's the world's largest AR architect sample products, a product and sample supplier. It's a global company and as are we expect to launch the product with them. We signed the agreement. The next year, we expect to launch and to be included.
And in projects there are.
There are.
Goodness back or projects they've done their recommended spec do and we're excited to work with them and I think it's going to open and much more doors.
To work with architects and additional builders and we're going in that direction. We also as we mentioned we have R. R.
60 websites are so.
We'll all be equipped to work with builders builders. They log ins have a pro segment that they can log in and buy wholesale from us and we're gonna channel a lot of this build their business and architect business directly to our e-commerce, Although we're working directly with them too.
Did you asked about I think you mentioned that the quite as L deal did that that's what.
They will also yet.
So quite L is 100, and nearly 100 years company one of the top U S companies supplying to all the major players in the market and.
We're very happy to have this collaboration with them that is going to go also majorly online and in the buildings segment then.
They they bring a lot of additional business to the table and are a world leading company and we hope you'll hear about additional companies that are collaborating with us down.
Down the road.
Okay. So.
The quasi all the material back those are kind of open ended when they look at the 1000 homes are you mentioned 5000 minimum per package upwards of $5 million floor on the on the possible revenues do we have timing on when you expect this to start coming in.
Yeah, we expect to start deliver.
Early next year and are either Q1 or Q2 of next year, it depends on where the bit windows.
The construction level is ready for us.
Okay, and then I'll just ask one more question and I'll get back in the queue.
The cash increase it looks like news or your line of credit for a 4 million can you just talk about how the cash has increased to where it came from.
Okay.
Oh.
While we have to refer you to the statement of cash flows will go to a lot of line items.
Basically so we took some additional.
We got some proceeds from our line of credit from our bank.
That is the that is secured by inventory and accounts receivables.
And that was approximately.
The $4 million.
Right.
Okay.
Yeah.
So that's the bulk of where the increase came from.
So we actually decrease the utilization of our line of credit as of September 32.
243 million available.
Under the letter of credit.
September 30.
Okay.
Correct.
Okay.
Okay. Thanks, I'll go back in queue. Thank you.
Yes.
Our next question comes from the line of Leo Carpio with Joseph Gunnar. Please proceed.
Good afternoon, gentlemen, actually got two quick questions first question is now.
Now that you've got Bellamy acquired have a sense of your raw sell flow I will be providing any revenue guidance for this year or next year and then secondly, now that you've got some contracted them.
Deals in place targeting trying to drive more consumer demand and awareness for your products at this stage.
Thank you Leo.
We did we are not providing financial guidance yet.
Our our goal is to keep on enhancing our market penetration to remind everyone. The more receptacles, we are putting the market the more recurring revenues we will have.
Due to several reasons, but that can open the doors for interchangeable of victors, a replacement of fixtures for season holiday.
And other reasons as well as it can open the door for us this smart products door monitoring subscription models in the future.
No.
We are you know.
All focused now on enhancing market penetration as well as enhancing the availability in variety of products that can use our product and as I mentioned earlier and the and the earlier.
And with Michael's.
Question is that we started.
You know with hundreds of products, we're really close to 10000, we expect to be in tens of thousands by the end of this year. So very soon tens of thousands of products that are be compatible with our product and what our products smart and standard and hundreds of thousands of next year. So we're just you know are focusing and growing that and enhance.
Our market penetration and we're not publishing those markets and those financials expectations, yet as we are in process of growing here, but percentage growing.
It's very significant quarter to quarter, but it's again, it's it's with the more we enhanced our products towards come.
<unk> compatibility with other products.
The more we expect to grow on numbers.
Okay. A quick follow up question on the mandate any sense on the timing of when you may receive an answer.
So we are.
We anticipate it to be next year.
Hopefully earlier than later, but you know regulators the ido.
We know one thing about them is they're not fast.
That's the bad news the good news, we're 12 years in the process already so some feel you know we can it can be very early some feel it can be later and you know we can't at the ball is not in our court is in the sold the stretch distraction of the the panel members.
Are there any C sometime next year.
Okay. Thank you.
And the other question the I, maybe I missed one of your questions or we're good.
Are there are no further questions at this time.
Okay. So.
If that's a.
Any any other questions and if not we thank you very much.
For being with us.
And again, we're very happy as Steve mentioned, while we are keep on enhancing market penetration. We strongly believe that we can revolutionize and.
And industry are more than one industry than what our disruptive technology here and.
Our feedbacks from from both consumers and builders are.
Really are encouraging and we are asked everyone to stay tuned and bear with US we'll have more news. We also announced that we're going to be a main event and the builder.
Ibs, a builder show in Vegas in February 'twenty, 'twenty, four and we're going to be also included in the homes of the future of that entire show and that.
That can be quite significant for us. So thank you again, everyone and are looking forward to talk to you in our next update call. Thank you very much.
This concludes today's conference you may disconnect your lines at this time and thank you for your participation.
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