Q3 2024 Ispire Technology Inc Earnings Call
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Okay.
Hello, everyone and welcome to today's conference call to discuss <unk>.
Financial results for its fiscal third quarter, 'twenty 'twenty four and.
And at March 31st 2024.
I would like to inform you that this conference is being recorded.
We are in a listen only mode.
We will be facilitating a question and answer session. Following the prepared remarks from the company.
Joining us today are Mr. Michael Wang the company's co CEO and Mr. Daniel J <unk>.
What do you see Apple.
First Mr. Wang will brief you on the Companys key highlights and then Mr. Schott.
Speaker Change: The company's financial results.
Before we begin I would like to remind you that this conference call contains forward looking statements within the meaning of the.
The Securities Litigation Reform Act of 1995.
Speaker Change: All statements other than statements of historical facts are forward looking statements forward looking statements are based on estimates and assumptions made by the company in terms of its experience and its perception of historical trends current conditions and expected future developments as well as other factors that the company believes are relevant.
These forward looking statements involve known and unknown risks and uncertainties. Many factors could cause the company's actual results or performance to differ materially from those expressed or implied by forward looking statements.
Further information regarding this and other risk factors are included in the company's filings with the SEC. The company undertakes no obligation to update these statements to reflect subsequent or current or certain circumstances or to change it as a phoenix expectation, except as may be required.
I would now like to turn the call over to Mr. Wang Mr. Wang. Please go ahead.
Thank you operator, and thank you all for joining us this morning.
During the fiscal third quarter, we continued building of the foundation for future growth, while maintaining our momentum and financial performance.
Total revenue reached $30 million.
That's an increase of 24% over the same three month period last year.
The quarter saw candidates hardware revenue increase.
We increased by 57% to $11.9 million.
Hard towards the same three month period last year.
Well tobacco vaping products grew 9% to $18 $1 million.
Speaker Change: Yeah.
During the quarter, we successfully balanced increasing profitability.
The increasing in our research and innovation.
While maintaining and sustaining growth.
This new market.
As well as positioning ourselves to.
Two expanding into a new market with broad potential.
Okay.
The third quarter proved to be very productive for ice Bob.
Multiple segments of our business experienced growth and expansion.
We entered into a joint venture with the Berry by and Camelot.
Leverage very by patented blockchain based authentication technology, and the Cumulus industrial leading regulatory expertise to create the next generation point of use age verification technology.
It used to grants that will prevent and their age access and improve user experience.
This joint venture represents.
Obtaining for ice spire to bring our innovation towards the eastern market well addressing an unmet need.
With the end of the sidecar to better safeguard and their age access to basic products.
This technology aims to introduce safer industry practices.
Included.
Real time biometric identity platforms.
Geo fencing capabilities.
User friendly points to use age verification.
And the product authentication systems.
Innovation remains one of the core values, that's our mission.
And the way I'm thrilled to have pioneered this groundbreaking advancement.
On April 13th.
We announced a collaboration with a subsidiary of a equates holdings.
Expanding the use of innovative I spy, a one technology until April retail facilities across the U S.
<unk> is a leading retailer with a splunk customer and that's what and our goal is to infuse all best in class position those vapor products and we're sitting in a sim technology into their facilities to streamline base production for them.
Ultimately, it's a partnership with strengthened our brand by showcasing our technology and manufacturing capabilities.
And demonstrates the strength of our full suite of OEM ODM customization services.
I spent a one technology includes.
Catalysts technologies that simply bites devices by equating single piece design.
Speaker Change: Reducing leakage.
Contamination and device failure.
Another.
Advantage include.
Bottoms trading capabilities.
That's pretty banks shooting over saturation.
Enhancing device reliability.
And the third leg.
One step operation that allows for easier device loading.
Unparalleled accuracy and speed.
Oh I spire, one technology offers enhanced operational efficiency.
And the marks a pivotal moment.
Well I spire by leveraging our capabilities beyond traditional products.
To provide intense customer operation and brand reputation.
And solidify our position in the industry as a strategic partner and a leader.
Yeah.
Another key highlight this quarter is the successful clothing for $12 3 million dollar public.
Public offering in March.
Speaker Change: We are very encouraged by our achievements as our team was able to overcome a burger Barry.
While the tile macro environment to successfully complete this transaction.
Creating additional growth opportunities for ice spot.
Gross proceeds from the offering will primarily be used to bond to the previously mentioned joint venture it was verified under Canada.
As well as expanding and streamlining operations in our Malaysia manufacturing facility.
Since its opening in February of 124, our Malaysian facility continues to trend in alignment with our operational initiatives to achieve a higher gross margin.
In just a few short months, we have already started shipping products.
And the generating revenue.
We are also seeing a positive impact.
<unk> gross margin.
Our team continues to work diligently on multiple P. M T.
That is a pre market tobacco product applications.
We are working on multiple applications to ensure that.
Our best in class E cigarettes technology can access.
Additional mixed end markets and customers.
Such as the 80 billion dollar U S Mexico market.
Ultimately driving worldwide demand for our technology.
Creating long term value.
Finally, turning to another key partnership.
All five year exclusive global manufacturing and distribution agreement with a breakfast.
Has seen tremendous growth.
Relative to revenue and a global brand recognition.
After a successful tumor has marketing in Africa.
We are on target to launch our co branded product force.
If they call this month with a major retailer.
Followed by Europe, and U K and the Middle East later in the year.
Our core mission focuses primarily on innovation and maintaining our market leadership position.
The third quarter. It was critical for ice spire as we implemented many of our key strategic initiatives.
And the entirety into several partnerships as.
As well as expanding many of our existing relationships.
We continue to expand as far as cutting edge technology into additional markets in the U S and globally, while raising our expectation for the opportunities for our products.
With that I will turn the call over to our CFO, Dan much Hauck, who will review and comment on all the financial results.
Thank you Michael and thanks for everyone for being on the call I'd like to take a minute to walk through our financials.
I will summarize some of our key financial results for the third quarter of 2024.
In my comments on the quarterly results I will refer to the fiscal third quarter of 2024 as the three months ended.
March 31 2020 for all.
All comparisons are to the prior three months ended March 31, 2023, unless otherwise stated as Michael mentioned, we achieved continued sustainable growth for the fiscal third quarter of 2020 for.
U S cannabis vaping hardware sales increased by 57% to $11 9 million and net sales of tobacco baby products, well $18 1 million in the third quarter of 2024 versus $16 5 million for the same period in the previous fiscal year.
Overall, our total revenue for the 2020 for fiscal third quarter period increased by 24% to $30 million year over year.
For the nine month period, ending March 31, 2024 revenue increased to 114 6 million or by 38% compared to the previous year gross profit for the fiscal third quarter in 2024 rose to $6 1 million representing a 35%.
Compared to the same period of the previous fiscal year, we experienced an increase in gross margin to 24% from 18, 7% in the previous last year.
The gross margin for tobacco Vaping products was 15, 8% for the fiscal third quarter of 2024 compared to 15, 8%.
The same period in the previous fiscal year.
Canada gross margin for the quarter was 27, 4% compared to 25.0% during the same period last year.
During the nine month period, ending this quarter gross profit increased $19 2 million.
Or 34, 6% year over year.
Total operating expenses for the fiscal third quarter of 2024 increased by 53.7% to $11 8 million compared to $7 2 million for the same period.
Previous here.
Speaker Change: Operating expenses for the nine month period increased by 66, 5% to $29 8 million.
The increase in expenses was due primarily to an increase in our marketing campaign and trade shows and an increase in employee head count related to the expansion of our candidates visit their manufacturing.
As a result, our net loss was $5 9 million for the fiscal third quarter 2024, as compared to $2 3 million for the fiscal third quarter 2023.
This increase reflects the impact of our increased operating expenses, primarily due to the opening of our Malaysia facility and activities to support the growth of our business.
Speaker Change: Net loss for the nine month period.
In March 31, 2024 was $11 3 million as compared to $4 5 million for the previous year.
Turning to the balance sheet and liquidity as of March 31, 2024, and June 30th 2023, we had working capital of $28 9 million and $28 8 million respectively.
We believe that our current cash and cash flow generated from our operations will be sufficient to meet our working capital needs for the next 12 months.
Net cash used in operating activities was $16 9 million for the nine month period, ending March 31, 2044 compared to the net cash provided by operating activities of one 6 million for the same period last year.
Net cash provided by investing activity.
Speaker Change: Was $5 9 million compared to $10 1 million you've been investing activities in the same period last year.
Net cash provided by financing activities was $10 1 million.
<unk> to 42.0 million used in financing activities in the previous year.
This concludes our fiscal third quarter 2024 financial results review I will now turn it back over to you Michael Michael Thanks, Pat.
Before we open the call to questions I would like to expand on how our key strategies related to our long term financial goals.
As we move forward in fiscal 'twenty to 'twenty four we believe our strategic investments and continued innovation position us for sustained future profitable growth.
I would like to reiterate that all focus at ice fire remains on innovation.
We strive to be a leader in the industry using our technology to help redefine what's best in class products off and set a new standard for excellence.
We are evaluating potential partnerships.
Growth opportunities.
And the ways to streamline our supply chain, so that they align with our overall mission on a consistent basis.
We look forward to sharing future updates on the progress.
If you have any questions. Please contact us through email at the I R. S. I aspire technologies Dot com.
I'll tell you that this completes our prepared remarks, and we are now open to questions. Please go ahead.
Thank you.
At this time, we'll be conducting a question and answer session.
If you would like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate your line is in the question queue. You May Press Star two if you would like to remove your question on the queue.
So participants using speaker equipment, it may be necessary to pick up your handset before questions. These darcie.
Yeah.
Our first question comes from the line of Scott Fortunately are Ross M can sleep.
Please proceed with your question.
Good morning, and thank you for the questions.
Just wanted to put a little focus on the cannabis segment to start.
And kind of the drop off in revenue sequentially nice year over year growth there, but he's really unpack the drivers there that drove the revenues in that segment and what now moving forward expectations in the last quarter into 2025 here I know you'd given our previous outlook of the cannabis revenue.
Of the 80 to 90 million, but just any additional color would be great on how we.
Look at that the canvas segment moving forward here going forward that'd be great. Thanks.
Scott. Thank you for the question a very important one.
As far as the a drop off in our revenue from cannabis side.
Say there are two key drivers are the number one is really the Chinese factory.
The new year shutdown period that are essentially affect stopped.
Stopped production for more than three weeks for us of course, it's not just us it's everybody in the industry.
So that really put a band.
Let's say revenue generation side, and how much they could fulfill.
After they came back from holidays, and still yet ship out in time to the customers before the end of March so that that was I would say driver number one, but I think a more meaningful driver Scott is R ice spiral what.
We had high expectation for ice spiral one so did.
Our customers are after we presented I aspire one towards our customers are in November of last year.
Yeah.
This product line was absolutely well received by all customers and potential customers alike.
Everybody was embracing this product however.
Into actual execution phase, we realized that there was a bit of a challenge we need to overcome for all the customers are with us borrow one essentially.
All primary targeted customers are would be it's a big msos and large brands.
This is a where they can get the most efficiency. So we are using our device as well as filling mechanism.
In talking towards those customers are we found out that a lot of dose the large brands and the MSR was already in basket.
<unk> and millions of dollars in filling machines that fills the devices. So oh.
Of course, a lot of state customers are saying, we already invested so much into it.
These 15 filling machines, even though they do things the old way.
From expense point of view, we really hate to throw those machines out.
So that.
Certainly gave us a on one hand, a very important data point on the other hand.
We had to find the ways tool.
Not only the internally probe.
Provide.
The newer machines with more capabilities.
But on the other hand, we have been working with the key filling machine manufacturers.
Manufacturers too.
Provides a so called add on capabilities.
So such capabilities wood.
Cost very little.
In most cases and that what it gave us a operators in this case msos and our big brands.
Ability to continue to use the equipment to invest tens of millions of dollar of CN.
So this process of designing the add on capabilities and so slowed down say revenue growth in the ice spiral one family.
So that's another key I would say key driver Scott I think this is probably a bigger driver of it because it takes a.
I will say a few months for such add on capabilities to be ready and the ship towards our customers. So I think to answer your second half of the question.
It's just a process.
Is it probably going to impact our revenue by.
Four to six months I will say to be a safe side.
So I think second half of this year, we will have.
Everything ready I think say in fact will be somewhat hung so recent quarter somewhat on the current quarter. So cannabis side it will be affected by this.
Speaker Change: Sydney Machine challenge, but we are optimistic we will overcome it.
And we will.
Partner up with many Msos and big brands Scott.
Yeah appreciate that color just a quick follow up on that I mean, you focused a lot on the msos and the large brand operators you congrats on.
Cleaning up.
The acreage, but kind of where are you at as far as penetration in it. So it's still very early.
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Okay.
Sorry, I, all I, Florida was the music.
Yeah.
And I just wanted to follow up on you you find acreage recently.
How many of the large msos have you brought on board with the eye expire one and obviously kind of a Fiat on you expect more there just but just kind of very early in the process. They just go out and get center of the large operators adopt an Irish spare one now currently.
We are talking to multiple Msos Scott Ah.
I will say right now actively.
In negotiation in the testing phase.
For Msos and a couple of big brands.
I I I, just want to I am not able to share the names, but one a big brand is it from California, They purchase about a $20 million worth of vaping devices every year.
Well, we are hoping to cover.
How about a big chunk of that $20 million.
Another Ah is a M. S O we are watching with a Chicago based.
And is this a M S O is expecting tool.
Purchase Oh, Oh, well over $20 million worth of Ah I square one.
On an annual basis.
So these are two I would say a deep.
In negotiation type.
Speaker Change: Type of deals.
But we certainly are talking to several other Scott.
Got it no I really appreciate that and then kind of similar question on the tobacco outlook Hum. Since you guys are removing guidance. He you had at $95 million to $100 million expectation, there, but just kind of the sequential decrease there and what were you expecting for growth.
Wise to meet that that fiscal year guidance that you propose first just kind of a little more color on the tobacco side of things would be helpful.
Yeah.
Our tobacco side.
Scott are you in a way as a result of.
That's a cannabis revenue.
I guess the impact from the two factors I described.
We decided to stop.
Stop giving guidance all together.
Both cannabis and E cigarette islands. It you think side I think from.
Our original guidance point of view.
For.
Much better.
And then the cannabis side.
Ah Indeed.
This recent quarter as you saw nicotine side to get didn't grow as much.
It only grew by 9% from last year.
This is partially to.
Because of the three plus weeks of swipes.
So we sat down by.
By a little bit.
Second thing is more about the European market.
I I think.
<unk>.
There is a phenomenon, where because lets say in the U K U K right now is our largest.
European market for our tobacco products.
U K as we all know the regulators.
<unk> decided to stop selling disposables altogether.
By April 1st.
The 20 to 25 next year.
So the well that in the long run will certainly benefit our open systems business.
Which is the majority of our current nicotine.
Nicotine products are worldwide.
Speaker Change: But in the short term sorry, it's almost seemed to be a big rush into buying disposables and so on and so forth.
Speaker Change: Until April next year, when disposables disappear from the UK market so that was.
Our interpretation of Hawaii gas market is.
Speaker Change: FX hit.
Local bed.
But overall I think the nicotine sites.
Scott, who will be a closer towards our original guide US then cannabis side.
However, looking ahead Scott.
As we launch all disposable products worldwide.
Speaker Change: I think say a.
Potential is obviously promising.
But.
So at exact patient very squarely to late.
So from that point of view, we decided.
Speaker Change: Until we have it.
A rather predictable trend are we do not give guidance right now, we'll just see how it.
Exactly shapes up in the next six seven months.
Perfect and then one last question for me and a nice improvement on the gross margin side. They can't digging in there it kind of really unpack the drivers of the improved 500 basis points in gross margins.
Kind of moving forward with some Malaysia manufacturing coming on board.
Just kind of a kind of expectations I know you use kind of its targeted 30% plus gross margins over next year potentially but just.
Speaker Change: And how we should look at gross margins moving forward as you had thought nice pick up on the canvas side, there's a little bit flat on the tobacco side.
The gross margin.
It's going to be its got a very important priority for us.
We know it's important to them.
Boost gross margin, but that's number one and most importantly, <unk> got also.
Speaker Change: To.
Speaker Change: Get us to breakeven or profitability.
Speaker Change: S E T while trying to juggle.
With opportunities so from that point of view.
Cannabis side, certainly gross margin saw a big boost from same period last year.
Speaker Change: Cannabis gross margin for the recent quarter when after a 27%.
On one hand is a reflection of.
Malaysia, and its contribution to our business.
Other hand, it's also because as.
As we become more mindful of the.
Financial performance and profitability, we are very caught up.
Conscientious.
About each.
Each deal and what kind of a long term and short term impact each deal it would have on our business and.
I think I mentioned the two.
Everybody last quarter her.
During the call.
We implemented a so called deal desk.
Process for a serious.
Speaker Change: Hawaii views to be carried out on meats propose a deal.
So on one hand, the way minimize the credit risk.
I'll hand, the way to maximize our gross margin some of the process. So that deal desk process are also starting to impact the business. So I think the sky.
Scott.
The candidate side those factors together are made gross margin go up going forward I think I.
I would expect costs to continue to make progress.
Speaker Change: Both the cannabis side and midstream side to improve improve gross margin.
And it's a mixing.
Our business globally.
al: Thanks Al.
I.
Have a confidence that gross margin as a mixed inside the C. H.
So other quickly so far it's a disposable products. We made all are currently making would.
It would be yield a very healthy margin plus so I think it will be reflected in the margin.
Quarter Sandy yes.
Scott.
I appreciate the color. Thank you and I will jump back in the queue.
Speaker Change: Thank you.
Our next question comes from the line of paint.
Paint with U S Tiger Securities. Please proceed with your question.
Hi, Michael Hi, Daniel Thanks for taking my questions.
On August <unk> in May so in your original guidance or expectation.
I don't know what percentage of revenue was excited to come from is final one I guess to quantitatively understand a.
The potential impact on our kind of best value in the last few quarters, and then also related to that with the new AD technology.
Does that impact your potential value.
Speaker Change: Our outlook lie.
The potential market size them to us via one.
Speaker Change: Does that mean, you'll have to change our strategy too.
<unk> customers or.
Speaker Change: Oh, you know get customer at a slower pace than you are as you know.
Speaker Change: Thank you Yeah, I also have a full up.
Okay.
Well thank.
Thank you Oh.
I would say a couple from answer a question from a couple of different angles and go number one.
Is the machine side are we are.
Speaker Change: Ah well underway in Thomasville forgetting say add on features developed are with that.
Existing filling machine manufacturers so oh.
In some cases, they are capabilities sort of become available.
By July.
Speaker Change: And some additional capabilities would it come so after that so I think they are impact.
Ah I aspire one on overall cannabis revenue for this fiscal year.
According to our original plan certainly it will affect just the current quarter I don't mean truthfully I mean, two for the current quarter or probably a little more than a.
Fact, Ted.
The recent quarter.
So.
Speaker Change: You you got it right in all projections certainly in the next eight quarters or two years out I suppose one would generally.
The bigger and bigger percentage of Posco cannabis revenue.
Speaker Change: So.
That future outlook doesn't change.
It's just I think they are four to six months.
Delay because the machine with the twist they model all production out by four.
Speaker Change: For six months on the other hand.
This filling machine issue men, they only affect the big all Plato's Msos and we're a big.
Speaker Change: Big brands.
It doesn't affect smaller operators.
So we are selling the machine.
And as a devices.
Speaker Change: <unk> two <unk>.
Speaker Change: Smaller operators now because they view this machine yeah very suitable cool so volume they are producing.
So it's now complete stop is just a larger accounts, we will need a solution for Ah and taste solutions.
But I do.
Speaker Change: It will not.
Karma is expensive development that they are just basically add features to the existing set of machines. So from aw.
The value proposition quantity and the problems are cost pool customer point of view it doesn't really change from original cause our original plan was based on us providing a filling machine are towards the customer directly.
And the cost of those machines are similar towards add on features they are they are filling the Cmos have choice when you incur.
Okay.
Speaker Change: Uh huh.
Speaker Change: So I hope I answered a question basically.
Revenue expectations have been pushed out by about four to six months I don't say a larger accounts.
Speaker Change: Oh, yes.
Thank you Michael.
Then also if I remember correctly last quarter earnings call, you mentioned base, Dan expectation right.
That at the company to be a breakeven.
Even in the June quarter now with.
Speaker Change: <unk> got delay and then.
You have a tobacco.
<unk> also not as strong as we expected a what is the update at breakeven our outlook for our company.
Speaker Change:
Yeah.
You totally or a quick we were expecting based on.
Amongst those our expectation we would the breakeven the current o'clock the June quarter.
Yeah as a result of our revenue shortfall on the aspire one side.
And Oh, probably a little bit of.
Shortfall on the tobacco side.
Speaker Change: I think we will also need to push a breakeven quarter out by another quarter.
We know the global.
Co brand L E.
E cigarette was towards a partnership with a born a boy.
War to gain this quarter.
Speaker Change: Many of the June quarter and accelerated towards the second half of the year. So we know that it will start contributing to the topline and Bottomline and.
Speaker Change: So based on that we feel are.
Breakeven would be happening.
Next quarter the September quarter.
Got it got it. Thank you so much and that's one last question from me. So I see you have strengthened our balance sheet with the recent secondary offering and now you're seeing fossil with operating cash flow returned to positive in the March quarter, but can you.
Also share some outlook.
For the operating cash flow in the last one.
The next few quarters are you seeing any you know special activities.
Speaker Change: On your accounts payable and accounts receivable.
Overall, our cash flow consideration for the next couple of quarters, though.
I will say it will be largely driven by a couple of specific projects are number one a is a P. M T E applications.
Speaker Change: As I said earlier.
This summer, we will submit our applications with <unk>.
Verification technology built in.
So would that application process, we expect to spend upwards of $5 million.
In applications.
As we all know F D H harvests are significant.
Around four P M T.
Speaker Change: So I think that that will be a key driver the second a relatively smaller graboy is oh contribution.
Capital contribution towards a joint venture with verify and Camelot.
The actual.
Cash outlaid, there is going to be actually based on the operating needs of the joint venture.
The board of what the joint venture will review our financial.
And our cash flow and would require capital.
Investors tool found they are ongoing reviews.
So that.
Speaker Change: Would it be a second factor.
Speaker Change: Although I know that will be.
Relatively small now.
Speaker Change: And indeed, what affects the cash flow a lot.
On the outside and to a lesser speedway.
Syed.
Uh huh.
On the AI side are through our deal desk, Oh, we have Nintendo Oh I will.
Say quiet.
Quite nice control.
Thomas.
Speaker Change: Not only credit risk, but also our payment terms.
Speaker Change: Sue.
We do also needs a potential deal.
Speaker Change: We have become very very.
Speaker Change: Aggressive in terms of collecting.
Collecting cash from the customer Asap.
So that from a I think we should start seeing progress.
In terms of the total AP AR.
However, internally we have a tracking.
Speaker Change: K P. I is that what we view as a leading indicator.
Of AR AP condition.
The Kpis, we use is that days sales outstanding. So that's basically everybody knows that's the average.
Number of days sales outstanding.
By dedicated we have seen in the last.
Uh huh.
Six months.
That days sales outstanding nearly half.
So that's the indication for what Oh, a P condition going forward and we are going to stick to this.
Speaker Change: Very strict deal a desk process.
On the cannabis side until.
We all know until two <unk> is removed.
And they are operators.
Further tests to play with.
All of them more cash flow to us.
I think the industrial continuing to be under a payment pressure.
So this was always dealing with this pressure so when the deal desk.
And are on the other hand, we started to make hope trading you would someday be removed.
Who would be a houston to everybody including us.
But I I hope I answered your question.
Yeah, that's supposed to be a helpful. Thank you so much that's all my questions.
Speaker Change: Thank you.
Speaker Change: And we have reached the end of the question and answer session I'll now turn the call back over to Michael Wang for closing remarks.
Once again I want to thank everybody for joining and then today.
Speaker Change: On one hand.
Well as I just shared.
Speaker Change: Uh huh.
The investment we have made will have a long term implication and value generation.
The promise for us on the other hand existing partnerships.
Have really started to pay.
Speaker Change: Pay offs.
And most importantly.
We are even though we talk Bob the shortfall from ice spiral one side of it.
<unk> going to be a very powerful weapon for us going forward.
We feel that this is a learning process classes in.
Understanding the Finjan landscape, so now have a solution.
Speaker Change: Feel real good about the next.
Four or five quarters.
Speaker Change: In the Meanwhile, I want to thank you all for supporting Us and for joining us.
Speaker Change: Our our story today.
Speaker Change: Please reach out directly with my contact info.
We can have a one on one times.
Second question, it's almost sort of a pet.
Thank you operator.
Thank you and this concludes today's conference and you may disconnect. Your lines at this time. Thank you for your participation.
Mhm.
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Speaker Change: Sure.
Okay.
Yeah.
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Okay.
Yeah.
Hum.
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Yeah.
Speaker Change: Yeah.
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Speaker Change: Okay.
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