Q1 2024 Flexible Solutions International Inc Earnings Call
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Operator: If you need assistance during your conference today, please press star zero. Good day, everyone, and welcome to today's Flexible Solutions International first quarter 2024 financials.
Speaker Change: Good day, everyone and welcome to today's flexible solutions International first quarter 2020 for financials.
Operator: At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the questions and answer session. You may register to ask a question at any time by pressing the star and 1 on your telephone keypad. You may withdraw yourself from the queue by pressing star 2. Please note this call is being recorded. It is now my pleasure to turn the conference over to Mr. Dan O'Brien. Please go ahead.
Speaker Change: At this time all participants are in a listen only mode. Later, you'll have the opportunity to ask questions. During the question and answer session. You may registered to ask a question at any time by pressing the star and one on your telephone keypad.
Speaker Change: You may withdraw yourself from the queue by pressing star two please note this call is being recorded.
Speaker Change: It's now my pleasure to turn the conference over to Mr. Dan O'brien. Please go ahead.
Natalie: Thanks, Natalie. Good morning, everyone.
Speaker Change: Thanks, Natalie and good morning, everyone. This is Dan O'brien CEO of flexible solutions.
Daniel B. OBrien: This is Daniel O'Brien, CEO of Flexible Solutions. Safe Harbor Provision. The Private Security Litigation Reform Act of 1995 provides a safe harbor for forward-looking state... Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involve risks and uncertainty.
Speaker Change: Safe Harbor provision.
Speaker Change: The private Securities Litigation Reform Act of 1995 provides a safe harbor for forward looking statements.
Speaker Change: Certain of the statements contained herein, which are not historical facts are forward looking statements with respect to events the occurrence of which involve risks and uncertainties. These forward looking statements may be impacted either positively or negatively by various factors information concerning potential factors that could.
Speaker Change: In effect. The company is detailed from time to time in the Companys reports filed with the Securities and Exchange Commission.
Daniel B. OBrien: These forward-looking statements may be impacted either positively or negatively by various factors; information concerning potential factors that could affect the company is detailed from time to time in the company's reports filed with the Securities and Exchange Commission. Welcome to the FSI conference call for Q1 2024. To start, I'd like to discuss our company's condition and our product lines, along with what we think might occur in the remainder of 2024. I will comment on our financials after the Nano-Fem Division.
Speaker Change: Welcome to the <unk> conference call for Q1 2024.
Speaker Change: To start I'd like to discuss our company condition when a product launch along with what we might do we think might occur in the remainder of 2024.
Speaker Change: I will comment on us naturals afterwards.
Speaker Change: No no came division.
Daniel B. OBrien: NCS represents approximately 70% of FSI's revenue. This division makes thermal polyaspartic acid, called TPA for short, a biodegradable polymer with many valuable uses. NCS also manufactures SUN27 and NSAVOR30, which are used to reduce nitrogen fertilizer loss from soil. In 2022, NCS started food grade pole operations using the spray dryer we installed over the last several years. TPA is used in agriculture to significantly increase crop yields. It acts by slowing crystal growth between fertilizer ions and other ions in the soil, resulting in the fertilizer remaining available longer for the plant to use.
Speaker Change: And she asks represents approximately 70% of all size Robyn. This division makes thermal poly as part of asset called Tpa for short.
Speaker Change: A biodegradable polymer with many valuable uses and she has also manufactures sun 27 and N.
Speaker Change: N Savr 30.
Speaker Change: How are you used to reduce nitrogen fertilizer loss from soil.
Speaker Change: Okay.
Speaker Change: In 2022, and she has started to grade pole operations using the spray dryer, we installed over the last summer.
Speaker Change: Tpa is used in agriculture to significantly increase crop yield.
Speaker Change: It acts by slowing crystal growth between fertilizer ions and other items and you saw.
Speaker Change: Also in the fertilizer remaining available long for the past two years.
Daniel B. OBrien: PPA is a biodegradable way of treating oil field water to prevent pipes from plugging with mineral scale. Preventing scale keeps the recovery pipes from clogging and EPA is also sold as a biodegradable ingredient in cleaning products and as a water treatment chemical.
Speaker Change: Tpa, a biodegradable way of treating oilfield water.
Speaker Change: To prevent pipes from plugging with mineral scale.
Speaker Change: Preventing scale keeps me I'll be.
Speaker Change: Probably you gotta pipes from clogging.
Speaker Change: Uh huh.
Speaker Change: He is also sold as a biodegradable ingredients and cleaning products and there's a water treatment chemicals.
Daniel B. OBrien: In our food division, a special version of TPA is sold as a liquid stability aid. Sun 27 and NSAVIR-30 are nitrogen conservation products. Nitrogen is a critical fertilizer that can be lost through bacterial breakdown, evaporation, and soil runoff. Sun 27 is used to conserve nitrogen from attack by soil bacterial enzymes that cause evaporation.
Speaker Change: In our food Division a special version of Tpa is sold as a liquid stability Abe.
Speaker Change: Yeah.
Speaker Change: So on 27 and N Savr 30, our nitrogen conservation products nitrogen are critical fertilizer that can be lost through bacterial breakdown evaporation and soil runoff.
Speaker Change: Sun 27 is used to conserve nitrogen from attack on its soil bacterial enzymes that causes operation.
Daniel B. OBrien: While NCAVIR-30 is effective at reducing nitrogen loss from leach, Food Products. Our Illinois plant is food grade qualified, and we've received our FDA certification. We've commercialized one food product based on polyaspartate that was developed fully in-house. This product had weak sales in Q1, which contributed to the underwhelming results for the quarter. However, the customer has indicated that orders for the full year will substantially exceed orders for the full year 2023. So the weakness is probably only in a single quarter.
Speaker Change: Well, let's say the 30 is effective at reducing nitrogen loss for bleach.
Speaker Change: Food products.
Speaker Change: Our Illinois plant is food grade qualified and we received our FDA certification we've.
Speaker Change: We've commercialized one food product based on poly as far tapes that was developed fully in house.
Speaker Change: This product had weak sales in Q1, which contributed to the underwhelming results for the quarter. However, the customer has indicated that orders for the full year will substantially exceed full year 2023.
So the weakness is probably only a single quarter.
Daniel B. OBrien: We have a pipeline of additional products in development that has increased during the quarter. NCS now has five products, each with seven-figure revenue potential, at the final stages of the purchase order. We believe that purchase orders will be received for at least two of these products in 2024, and the MP Division, because EMP represents most of our other revenue. E&T is focused on sales into the greenhouse, turf, and golf market, while NCS sells into row crop agriculture.
Speaker Change: We have a pipeline of additional products in development that has increased during the quarter.
Speaker Change: And she has now has five products each with seven figure revenue potential at the final stages the purchase orders.
Speaker Change: We believe that purchase orders will be received for at least two of these products in 2024.
Speaker Change: Yeah.
Speaker Change: Yeah He division.
Speaker Change: Yeah. He represents most of our other revenue.
Speaker Change: He is focused on sales into the greenhouse turf and golf markets.
Speaker Change: NCS sells into row crop agriculture.
Speaker Change: We expect some E&P revenue growth in 2024.
Speaker Change: Concentrated in Q3 and Q4.
Daniel B. OBrien: We expect some EMP revenue growth in 2024 with the growth concentrated in Q3 and Q4, our Florida LLC investor. LLC was profitable in the first quarter. We're pleased to see much better margins for this investment in Q1 and hope this will continue for the remainder of 2024. The LLC is focused on international sales into multiple countries, all of which face different issues and respond in various, varied ways. We expect the sales of the LLC to grow again in 2024, leading to a larger profit for our investors. However, agricultural products in the United States are facing resistance from growers to spending on inputs when crop prices are not increasing at the rate of inflation.
Speaker Change: Our Florida LLC investment.
Speaker Change: Hello, She was profitable in the first quarter, we were pleased to see much better margins for this investment in Q1 and hope this will continue for the remainder of 2024.
Speaker Change: LLC is focused on international sales into multiple countries, all of which face different issues and responding very varied ways. We expect the sales of the LLC to grow again in 2024, leading to a larger profit on basketball.
Speaker Change: Agricultural products in the United States are facing resistance from growers to spending on inputs one crop prices are not increasing at the rate of inflation.
Daniel B. OBrien: We think growth in 2024 is probable, but most of it will be international and recognized through sales to the Florida LLC. Oil, gas, and industrial sales of TPA were stable in Q1, and this is likely to continue through 2024. Food division sales are sure to grow based on our customers' order schedule, and they grow even further at Keogh when orders are received for any of the products in development. [inaudible] Since 2019, several of our raw materials imported from China have included a 25% tariff.
Speaker Change: We think the growth in 'twenty 'twenty four is probable but most of it will be international and recognized to sales to the Florida LLC.
Speaker Change: Oil gas and industrial sales of Tpa was stable in Q1, and this is likely to continue through.
Speaker Change: 2024.
Speaker Change: Okay.
Speaker Change: Food Division sales are sure to grow based on our customers' order schedule. They may grow even further at T O.
Speaker Change: I received for any of the products in development.
Speaker Change: Tariffs.
Speaker Change: Since 2019, and several of our raw materials imported from China have included a 25% tariffs.
Daniel B. OBrien: International customers are not charged the tariffs because we've applied for the export rebates available to recover the tariffs. However, tariffs are affecting our cost of goods, our cash flow, and our profits negatively. Rebates are extremely difficult to obtain, even though we are entitled to them.
Speaker Change: International customers are not charged the tariffs because we've applied for the export.
Speaker Change: Rebates available to recover the tariffs.
Speaker Change: The tariffs are affecting our cost of goods for cash flow and our profits negatively.
Speaker Change: The rebates are extremely difficult to obtain.
Speaker Change: Even though we are entitled to them.
Daniel B. OBrien: We submitted our initial applications more than five years ago. The total dollar amount due back to us is well in excess of a million dollars and grows each quarter. We will persevere until we succeed in recovering our population. Shipping and Inventory. Shipping prices are stable, but higher than prior to COVID. Shipping times are reasonable on the routes for you. None of our products or raw materials ship through the Red Sea area.
We submitted our initial applications more than five years ago.
Speaker Change: Total dollar amount due back to us as well in excess of a million dollars and grows each quarter.
We will persevere until we succeed and recovering our pumps.
Speaker Change: Shipping and inventory.
Speaker Change: Chicken prices are stable, but higher than prior to COVID-19.
Speaker Change: Tripping times are reasonable on the routes for us.
Speaker Change: None of our products or raw materials shipped through the Red Sea.
Daniel B. OBrien: Raw material prices do not appear to be reverting to historic levels. Instead, they are stable and increasing with inflation. Passing price increases, even small inflation-related ones along to customers, always takes several months and is not always possible. We've raised prices for all customers over the last six months, and we're planning to continue this program if we can. We believe that the sum of the issues we faced last year, which resulted in lower revenue, lower cash flow, and lower profits for the full year, have partly been resolved, and progress is being made. We've streamlined operations by closing our Naperville R&D facility and moving all the work to our Tarrou, Illinois building.
Speaker Change: Raw material prices do not appear to be reverting to historical levels.
Speaker Change: Instead, they are stable and increasing with inflation.
Speaker Change: It's a crazy price increases even small inflation related ones along the customer's always takes several months and is not always possible.
Speaker Change: We've raised prices to all customers over the last six months and we're planning to continue this program if we can.
Speaker Change: We believe that the some of the issues, we faced last year, which resulted in lower revenue lower cash flow and lower profits for the full year.
Speaker Change: Partly resolved progress is being made.
Speaker Change: We've streamlined operations by closing our Naperville.
Speaker Change: R&D facility and moving all the work to Arturo.
Speaker Change: Illinois building.
Daniel B. OBrien: The exit costs from this action were nearly all taken in Q1, so the benefits will become evident in Q2 and Q3. Some price increases have been possible, but not enough to recover margins yet. Several new opportunities have been found in the food and nutraceutical market and are proceeding toward revenue in the 2024 year. Therefore, we expect that growth will resume in sales, cash flow, and profit for the rest of 2024. Highlights of the financial results. FSI and its subsidiaries will continue to examine all of our costs and save where possible.
Speaker Change: The exit costs from this action, where nearly all taken in Q1, so the benefits will become evident in Q2 Q3.
Speaker Change: Some price increases had been possible, but not enough to recover margins yet.
Speaker Change: Several new opportunities have been found in the food and nutraceutical market.
Speaker Change: And are proceeding toward revenue in the 2024 years.
Speaker Change: Therefore, we expect that growth will resume sales cash flow and profit for the rest of 2024.
Speaker Change: Highlights of the financial results.
Speaker Change: <unk> and its subsidiaries will continue to examine all of our costs and economize where possible.
Daniel B. OBrien: Even more critical is increasing sales in our existing businesses and obtaining sales in the food industry to ensure our wage and other base costs are spread over more revenue dollars. We set the stage for this in Q1 and expect to show incremental success in all of these areas during the course of the 2024 year. Sales for the quarter decreased 6% to $9.2 million compared to $9.8 million in Q1 2020.
Speaker Change: Even more critical as important increasing sales in our existing businesses and obtaining sales in the food industry to.
Speaker Change: To ensure our wage and other beef costs are spread over more revenue dollars.
Speaker Change: We set the stage for this in Q1 and expect to show incremental success in all of these areas during the course of the 2024.
Speaker Change: Okay.
Speaker Change: Sales for the quarter decreased 6% to $9 2 million compared to $9 8 million in Q1 'twenty three.
Daniel B. OBrien: Profits. Q1 2024 shows a profit of $457,000 or $0.04 a share compared to a profit of $884,000 or $0.07 a share in Q1 2023. Operating cash flow. This non-GAAP number is useful to show our progress with non-cash items removed for clarity, for Q1 2024 with $1.34 million or $0.11 a share, down from $1.73 million or $0.14 per share in Q1. Long-Term Debt
Speaker Change: <unk> Q1, 'twenty 'twenty four shows a profit.
Speaker Change: 457000, or four cents a share.
Speaker Change: According to a profit of 884007 cents a share in Q1 'twenty three.
Speaker Change: <unk>.
Speaker Change: Operating cash flow. This non-GAAP number is useful to show our progress with noncash items removed for clarity.
Speaker Change: For Q1, 2024, 134 million or 11 cents a share.
Speaker Change: Down from 1.73 million or <unk> 14 per share in Q1 2023.
Speaker Change: Long term debt.
Daniel B. OBrien: We continue to pay down our long-term debt according to the terms of the law and acquire additional factory space in Illinois. In the second quarter of 2023, we invested to acquire 80% of an LLC called 317 Mendota, that in turn purchased a large building on 37 acres of land in Mendota, Illinois. We've determined that 240,000 square feet is available for our use or for rent. The EMP division has moved all operations to 60,000 square feet of this building, and the remaining 180,000 square feet will be rented on suitable tenancy.
Speaker Change: We continue to pay down our long term debt. According to the terms of the loans.
Speaker Change: It'll factory space in Illinois in the second quarter 2023, we invested to acquire 80% of an LLC called 307 Mendota.
Speaker Change: That in turn purchased the large building on 37 acres of land in Mendota, Illinois.
Speaker Change: Determine that 240000 square feet available for our use or for rental.
Speaker Change: The E&P Division has moved all operations to 60000 square feet of this building.
Speaker Change: And the remaining 180000 square feet will be rented suitable tenants.
Daniel B. OBrien: Working capital. It's adequate for all of us. We've got lines of credit with Stockyards Bank for the EMP and MCS subsidiaries, and we're confident that we can execute our plans with our existing capital. The text of this speech will be available as an 8K filing on www.sec.gov by Friday, May 7th; email or fax copies can be requested from Jason below. Jason at FlexibleSolutions.com, Thank you. The floor is open for questions. Natalie, will you take care of the details of how to...
Speaker Change: Working capital.
Speaker Change: It's adequate for all our purposes, we've got lines of credit with Stockyards bank for the E&P and the M. C. S subsidiaries were confident that we can execute our plans with our existing capital.
Speaker Change: The text of this speech will be available as an 8-K filing on www Dot FCC dot Gov by Friday May 17.
Speaker Change: E mail or fax copies can be requested from Jason Bloom.
Speaker Change: Jason flexible solutions Dot com.
Speaker Change: Thank you the floor is open for questions not only will you take care of the details of how to do that thank you.
Operator: Thank you. At this time, if you would like to ask a question, please press star and 1. You may remove yourself from the queue at any time by pressing star 2. And once again, that is star 1 to ask a question. We will now pause for a moment to allow questions to queue. Our first question comes from Ken Clarkson with Van Clemmons. Please go ahead. We lost him. And once again, ladies and gentlemen, that is star number one to ask a question. And here you go, Tim Clarkson with Van Clemmons. Please go ahead.
Speaker Change: Thank you at this time.
Speaker Change: Time, if you would like to ask a question. Please press star and one you may remove yourself from the queue at any time by pressing star two.
Speaker Change: And once again that is star one to ask a question.
Speaker Change: We'll now pause for a moment to allow questions to queue.
Speaker Change: Our first question comes from Tim Clarkson with Van Clemens. Please go ahead.
Timothy Clarkson: Hey, Ross Tim.
Timothy Clarkson: And once again, ladies and gentlemen that is star one to ask a question.
Timothy Clarkson: And here you go Tim Clarkson with Van Clemens. Please go ahead.
Timothy Clarkson: Hey Dan, looks like things are turning around. In terms of, if you're going to rate the products in terms of potential, in terms of improving profitability, and you're going to rate them 1, 2, 3, what would be the three products that you're most excited about right now?
Timothy Clarkson: Hey, Dan It looks like things are turning around in terms of if youre going to rate the products in terms of potential terms of improving profitability.
Speaker Change: And youre going to rate them 123, what would be the three products that you're most excited about right now.
Timothy Clarkson: Okay.
Daniel B. OBrien: All three of them would be in the food division. Let me see what I can disclose. The first is the one that we're guaranteed, the liquid stability agent made from polyaspartate. It's first because we know we've got that additional revenue coming this year. Second would be a product in the field of personal nutritional health for a fairly large company. And third would be a second product for the same company, also in the field of personal nutritional health. And I guess, by personal nutritional health, what I'm talking about is vitamin D. Sure.
Speaker Change: All three of them will be in the fluids division.
Speaker Change: Let me see what I can disclose.
Speaker Change: First is the one that were guaranteed the the.
Speaker Change: Liquid stability the agent made from poly and <unk>.
Speaker Change: It's first because we know we've got that additional revenue coming in this year.
Speaker Change: Second would be a product in the.
Speaker Change: In the field of personal nutritional health.
Speaker Change: For a fairly large company.
Speaker Change: And third would be a second product for the same company. We also feel that our personal nutritional health and I guess by a personal nutritional health what I'm talking about is vitamins.
Speaker Change: Sure.
Speaker Change: Yeah.
Timothy Clarkson: Would you say these products have recently had good margins?
Speaker Change: What would you say these products have reasonably good margins.
Daniel B. OBrien: The margins are in the 35-45% range, so those are what I would call excellent for our industry.
Speaker Change: The margins are in the 35% to 45% range. So those are.
Speaker Change: What I would call excellent for our industries.
Timothy Clarkson: Sure, sure. Well, good. That's what I know and appreciate your response, Dan. Thank you. I'm done.
Daniel B. OBrien: Sure sure well good that's a that's what I know and I'm I. Appreciate your response, Dan. Thank you I'm done.
Got it.
William R. Gregozeski: Our next question comes from William Gregozeski with Green Ridge Global. Please go ahead.
Speaker Change: Our next question comes from William Greene with Green Rich.
Daniel B. OBrien: Please go ahead.
William R. Gregozeski: Hey Dan, on the accounts receivable, those were up around $13 million, and the Florida LLC is making up a good chunk of that. Is there any reason for that number to rise? and any concern about collectability?
William R. Gregozeski: Hey, Dan.
William R. Gregozeski: And the accounts receivable both were up around $13 million in the Florida healthy, making up a good chunk of that is there any reason for that number rising and any concerns about collectability.
Daniel B. OBrien: Morning, y'all. [inaudible] Collectability, no.
Speaker Change: Good morning Bill.
Speaker Change: Yeah.
Speaker Change: Uh huh.
Daniel B. OBrien: We're very comfortable. We've also seen that the LLC is recovering the margins to the best of its ability. I haven't got a specific answer for you about the increase, but I suspect that there was a bolus of sales in the last month, and that LLC has a 60-day term, so it wouldn't take very much to cross a quarter to distort it, or not, well, I don't know if you'd even call it distorted, but to change it upwards, which would then result in the next quarter I would call it just a cutoff point.
Daniel B. OBrien: Collectability no.
Speaker Change: We're very comfortable you've also seen that the.
Speaker Change: That's a L. L C as it were.
Speaker Change: Covering the margins to the best of their ability.
Speaker Change: I haven't got a specific answer for you for the increase but I suspect.
Speaker Change: That there was a bolus of sales in the last month and a L. L. C has a 60 day terms so it wouldn't take very much to across the quarter too distorted.
Speaker Change: Well I don't know if you didn't call out the startup but to change it upwards, which would then result in the next quarter. It changing downwards. So I don't see a reason for concern.
Speaker Change: What I would call it just cut off points.
Speaker Change: <unk>.
William R. Gregozeski: Okay. On the tariff, I know we've been talking about that for a long time. Is there any sense for you guys, when you might start getting something back or if you'll get something back?
Speaker Change: Okay.
Speaker Change: On the tariffs I know we've been talking about that for a long time is there any sense of you know you guys. When you might start getting something back or if you'll get something back.
Daniel B. OBrien: Well, the answer is we intend even if we have to use legal Even if we have to sue the federal government, we're going to get that money back because it's just simply criminally unfair to offer a Rebate Program and then don't let people access it. In terms of when, as you know, it's been five years. We don't carry it on our books, is anything. Um, So it's not distorting our finances, but it sure is irritating people who come to work every day and do our job, kind of expect the federal government to do the same.
Speaker Change: Well the answer is we intend even if we have the unions legal.
Speaker Change: Even if we have to sue the federal government.
Speaker Change: We're going to get that money back because it's just simply.
Speaker Change: Criminally unfair it offered a.
Speaker Change: Rebate program.
Speaker Change: Don't let people access it in terms of win.
Speaker Change: As you know it's been five years.
We don't carry it on our books.
Speaker Change: Yeah.
Speaker Change: Yeah. This is anything.
Speaker Change:
Speaker Change: So it's not just starting our financials.
Speaker Change: It sure is irritating.
Speaker Change: A group of people, who come to work every day and do our job kind of expect the federal government to do the same.
William R. Gregozeski: Okay, you mentioned that the first food product that you have sales for now should be up substantially this year compared to last year. Can you give a sense for what those sales were last year or what you're looking for this year?
Speaker Change: Okay.
Speaker Change: You mentioned the first food product that you have failed for now it should be up substantially this year compared to last year can you give a sense for what those sales were last year or what youre looking for this year.
Speaker Change:
Daniel B. OBrien: It's probably going to be an increase, between one and two million dollars in gross billing. Okay, great. And then with
Speaker Change: It's probably going to be an increase.
Speaker Change: <unk>.
Speaker Change: Between.
One and $2 million.
Speaker Change: Gross billings.
William R. Gregozeski: Okay, great. And then with the other products, you talked about the five other ones.
Speaker Change: Okay, Great and then with the other products you talked about the five other.
Operator: Mr. Gregozeski, did we lose you?
Speaker Change: Mr <unk>.
Speaker Change: Lucia.
Speaker Change: Yeah.
Operator: Yeah, it's not me. It's definitely Mr. Gregozeski.
Speaker Change: Yes, it's not me, it's definitely Mr. Robert Kosowsky.
Speaker Change: Alright.
Operator: If you can hear us, William, if you would like to press star zero, we can grab you and assist you, or try to press and give me a button. It appears we may have just lost him, sir. Once again, ladies and gentlemen, if you would like to ask a question, that is star and one. It appears that we have no further questions at this time, Mr. OBrien.
Speaker Change: If you can Harris William if you would like to press Star Zero, we can grab you and assist you.
Speaker Change: Alright quite depressing your mute button.
Speaker Change: It appears we may have just lastly, sir.
Speaker Change: Again, ladies and gentlemen, if you would like to ask a question that is star one.
Speaker Change: Yeah.
Speaker Change: It appears that we have no further questions at this time Mr. O'brien.
Daniel B. OBrien: Thank you, Natalie. Please close the meeting, and I will contact Mr. Gregozowski on that because I know him personally.
Daniel B. OBrien: Thank you Natalie.
Gregg Hillman: Please close the meeting and I will contact Mr. Greg <unk>.
Speaker Change: Because I know personally thank you.
Operator: Thank you. This does conclude today's conference. Thank you for your participation. You may disconnect at any time.
Operator: [inaudible] ?? ?? ?? ??
Speaker Change: Thank you. This does conclude today's conference. Thank you for your participation you may disconnect at any time.
Uh huh.
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