Q3 2024 Indie Semiconductor Inc Earnings Call
Good afternoon, and welcome to India Semiconductors third quarter 2024 earnings call.
At this time all participants are in a listen only mode.
Question and answer session will follow the formal presentation.
As a reminder, this conference call is being recorded.
Speaker Change: I will now turn the call over to Ashish Gupta Investor Relations. Mr. Gupta. Please go ahead.
Thank you operator, good afternoon, and welcome to any Semiconductor's third quarter 2024 earnings call. Joining me today are downward climate and these co founder and CEO Roger ball in the CFO and Mark Tyndall head of corporate development and Investor Relations.
Speaker Change: I will provide opening remarks and discuss business highlights followed by <unk> review of Andy's Q3 results and Q4 outlook.
Speaker Change: Please note that we will be making forward looking statements based on current expectations and assumptions.
Speaker Change: They are subject to risks and uncertainties. These statements reflect our views only as of today and should not be relied upon as representative of our views of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations.
For material risks and other important factors that could affect our financial results.
Speaker Change: Please review our risk factors and our annual report on Form 10-K for the fiscal year ended December 31, 2023, as well as other public reports filed with the SEC.
Finally, the results and guidance discussed today are based on consolidated non-GAAP financial measures such as non-GAAP gross margin non-GAAP operating loss non-GAAP net loss and non-GAAP net loss per share for a complete reconciliation to GAAP and the definition of the non-GAAP reconciling items. Please see our Q3 earnings press release, which was issued.
Speaker Change: In advance of this call and can be found on our website at www Dot <unk> dot.
Speaker Change: Dot Com I'll now turn the call over to Donald Thanks, Ashish and welcome everybody.
Donald: Let me first briefly cover our financial performance within the context of the overall automotive market environment before focusing on the India business achievements.
Donald: During the third quarter of 2024, and the achieved total revenue of $54 million coming in above the midpoint of our guidance.
Donald: Given the persisting unfavorable global macroeconomic environment and the World reported short term challenges impacting the automotive industry. These results are a testament to indeed resilience.
Donald: As we look forward the growth reflected in our fourth quarter outlook and strategic backlog update highlights our ability to take share and outperform.
Donald: Last quarter, we highlighted some of the factors negatively impacting the automotive industry, including the high cost of credit influencing consumer purchasing decisions and the ongoing elevated levels of vehicle and semiconductor inventory.
Donald: We also noted that these challenges were widely anticipated to persist through the second half of 2024.
Donald: Fast forward 90 days. This is indeed for the industry has experienced.
Donald: But to paraphrase Mark Twain, the reports of the automotive industry demise are greatly exaggerated while we still see some uncertainty for the automotive market. The long term market drivers of in cabin experience safety and electrification remained strong.
Donald: The safety and electrification being further accelerated by stringent new global regulations and increasingly demanding vehicle assessment programs from Nitza and Euro end cap.
Donald: India remains incredibly well positioned to deliver growth across these three mega trends, leveraging our innovative and growing product portfolio to secure design wins, which will translate into significant volume shipments and global production vehicles.
Donald: Additionally, the Chinese automotive industry Evs in particular are showing relative strength and to that end demand for indeed Ics in China remained strong through the quarter let's.
Donald: Let's turn to our business progress in the third quarter across our focus sectors.
Donald: The news for the quarter across our target markets was unequivocally positive we continue to gain commercial customer traction with our class leading products for.
Donald: For Adas, starting with vision, our recently launched N D. A T T vision processor family is.
Donald: It is driving new design wins by hitting the customer sweet spot of performance power and cost requirements and.
Donald: An exhaustive customer testing our solution is demonstrably exceeding the performance requirements of upcoming and very rigorous U S and European safety regulation for vulnerable road users that I discussed last quarter.
Donald: Additionally, the numerous European and Asia based OEM design in activities across occupant and driver monitoring applications, but we also highlighted last time for <unk> and its predecessor products continue a pace.
Donald: And in China, the popular Avatar E vehicle is now on the road with our vision processor.
Donald: Playing EBITDAR solutions. We're also delighted that the India 880 processor family was recognized with the award of sensor innovation of the year by the Auto Tech breakthrough Awards last month.
Donald: Also take breakthrough is a leading independent organization that recognizes the top companies technologies and products in the automotive and transportation technology markets.
Donald: Winning this prestigious award and a strong field of peers, there's an incredible validation of the class leading image signal processing innovation embodied and indeed latest generation vision products are a key 77 gigahertz radar program continues to progress well.
Donald: Our lead customer is advancing through their internal product <unk> stages, and we remain steadfastly on track to support our customer to bring our highly competitive radar easily used to production with multiple Oems within the 2025 timeline as previously communicated for Lidar. Our photonics team has secured a customer funded program for.
Donald: A complete lidar optical engine plus a separate design win for a high performance optical module.
Donald: Both programs will leverage our world class in house optical component and system integration abilities.
Donald: Moving to in cabin user experience.
Donald: I describe in detail last quarter, our various lighting part delivery and wireless charging products and latest program wins.
Donald: And all these are progressing well and on schedule for volume deployments commencing now and ramping in 2025.
Donald: Our commercial momentum is strong with numerous design wins across western Oems, including Porsche General Motors, Volkswagen and multiple Ford models.
Donald: And in China, We are pleased to report Xiaomi Avatar BYD auto and many more Oems are using indeed ambient lighting Ics.
Donald: This quarter I want to highlight an unsung hero in more recent addition to our user expedience portfolio with smart connectivity.
Donald: The transportation and effective reproduction of high bandwidth data across the vehicle is essential for the growing multitude of in cabin application supporting audio video entertainment and Hadar sensor data visualization.
Donald: N D smart connectivity lineup of high performance interface comparator and re timers now has multiple active design engagements with global Oems, including a large north American E vehicle manufacturer. Finally, let me briefly touch upon our electrification portfolio.
Donald: We have not elaborated on our capabilities in this segment as our solutions today are primarily custom asics commissioned by specific customers.
Donald: However, it's worth highlighting that in these unique engineering capabilities of analog power management digital and system design are highly valued by tier one system integrators, who are dissatisfied with off the shelf solutions for their electrification applications compelling them to commission indeed to deliver what they truly need.
Donald: Although the past several quarters have been challenging the long term automotive outlook continues to remain strong.
Donald: Well analysts forecast modest growth in the new vehicle production for 2025, and this growth is not dependent on this indeed continues to remain incredibly well positioned to deliver growth above market in many of our peer groups projections, leveraging our uniquely differentiate that and expanding product portfolio.
Donald: The best indicator of our design win momentum and success in the field as the size of our strategic backlog with which we update annually in November.
As a reminder for a full definition of our strategic backlog. Please see our Q3 earnings press release.
Donald: We have recently completed this review process and I'm pleased to share that our strategic backlog has increased to $7 $1 billion up over 12% from $6 3 billion last year and $4 3 billion in 2022.
Donald: Based on our strategic backlog today, we would expect to achieve annual revenue of greater than $700 million in 2028.
Donald: Adas wins comprise over 72% of our updated strategic backlog within Cabot user experience in electrification accounting for the balance.
The notable additions to our strategic backlog. This year include some of the major Dms Oma's wins for NDA T. T vision processor family that we shared previously plus the combination of our next generation wireless charging in smart connectivity solutions.
Donald: Lastly.
Donald: I would like to congratulate Roger on his appointment as our full time Chief Financial Officer.
Donald: As you know Roger has served as Chief accounting officer from the time of our launch and more recently as our acting as our acting CFO since June when Tom took medical leave.
Donald: Want to personally thank Roger for his dedication and support over the last months.
Donald: Promotion is extremely well deserved Tom.
Donald: Tom who has been recuperating will return sooner in an advisory capacity to assist with strategic projects.
Donald: Given Ryan just tenure with Andy and Toms continued engagement with US we expect a seamless transition.
Donald: I will now turn the call over to Roger for a discussion of our Q3 results and our Q4 outlook.
Roger: Thanks, Donald for the third quarter of 2024 revenue came in at $54 million slightly above the midpoint of our outlook up three 1% sequentially.
Speaker Change: non-GAAP gross profit was $27 $2 million or 54% gross margin, which was above our outlook and up sequentially, resulting primarily from improved product mix.
Speaker Change: R&D was $33 $7 million, while SG&A was $10 $3 million, bringing total operating expenses to $44 million consistent with that forecast.
Speaker Change: As a result, our third quarter non-GAAP operating loss was $16 $8 million.
Speaker Change: With net interest expense of $900000, our net loss was $17 $7 million and loss per share was <unk> <unk>.
Speaker Change: On a base of $199 9 million shares.
Speaker Change: Turning to the balance sheet.
Speaker Change: We exited the third quarter with total cash, including restricted cash of $107 $2 million versus $122 $6 million in Q2, reflecting a net usage of $15 $4 million of cash during the quarter.
Speaker Change: This was primarily comprised of $31 $2 million of cash used in operations, partially offset by $10 $9 million raised from the ATM facility and $5 $7 million increase in our short term credit facility the higher than anticipated cash usage in operations. During the quarter was primarily driven by accelerated inventory build in anticipation.
Speaker Change: This patient at future revenue growth.
Speaker Change: Moving to our outlook for the fourth quarter of 2024, we expect to deliver strong quarter over quarter revenue growth within the range of $56 million to $60 million or $58 million at the midpoint. This.
Speaker Change: This translates to over 7% sequential growth outpacing projections for the automotive industry.
Speaker Change: Moving down the income statement, we expect Q4 gross margins to be roughly flat sequentially.
We also expect a marginal reduction of opex to $43 $5 million with approximately $33 $5 million of R&D expense and $10 million of SG&A expense in the fourth quarter.
Speaker Change: Below the line, we anticipate approximately $1 $1 million and net interest expense and no taxes, assuming the midpoint of the revenue range and with 206 million shares outstanding we expect <unk> net loss per share for the fourth quarter.
Speaker Change: I wanted to take a moment to address our intensifying focus on operational efficiency and expense management.
Speaker Change: In my new role, we are conducting a comprehensive review of our cost structure to identify and capitalize on cost improvement opportunities and working capital efficiency across the organization.
Speaker Change: <unk> manufacturing engineering and all administrative functions.
Speaker Change: The intended result of these initiatives is to pull forward profitability.
Speaker Change: This is one of the highest priorities for the executive team and particularly important as we navigate the current market environment.
Speaker Change: We look forward to providing updates as we progress on this front.
Speaker Change: With that I'll turn the call back to Donald for his closing comments.
Roger: Roger in closing.
Roger: While it is clear that the industry is experiencing persisting headwinds the core market drivers for India differentiated products are strong.
Roger: We are comfortable with current analyst consensus for 2025 and in these long term strategic outlook remains extremely positive as evidenced by our growing strategic backlog and continuing design win momentum supported by our innovative product portfolio and airing focus on operational excellence.
Roger: Our silicon innovation transforming the mega trends of Adas user experience and electrification will ensure that India continues to be an automotive leader and partner of choice for global automakers and system integrators.
Speaker Change: That concludes our prepared remarks, operator, please open the line for questions.
Speaker Change: Thank you.
Speaker Change: Ladies and gentlemen, we will now be conducting a question and answer session.
Speaker Change: You would like to ask a question. Please press star and one on the telephone keypad.
Speaker Change: A confirmation tone will indicate your line is in the question queue.
Speaker Change: You May press star.
Speaker Change: And two if you would like to remove your question from the queue.
Speaker Change: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.
Speaker Change: Ladies and gentlemen to be the base for the <unk>.
While we poll for questions.
Speaker Change: The first question comes from the line of <unk> Desilva with Roth Capital Partners. Please go ahead.
Speaker Change: Hi, Donald Roger Congratulations and best of luck in the new role and a great to hear the Tom become vaccines.
Speaker Change: Yeah sure so.
Speaker Change: 25 revenue growth. Thanks for the color there on the consensus estimates just can you give a sense of what the the large port radar programs that you announced several quarters ago are doing in terms of initial looks into OEM programs and uptake.
Speaker Change: I'll take and then you mentioned the term customer.
Speaker Change: Location I wasn't really familiar with that term.
Speaker Change: It has any impact on the wrap opportunity growth that'd be helpful to know.
Speaker Change: So the radar program as we talk a lot about it is remains on track we've made.
Speaker Change: Maybe a little bit better than planned progress through this quarter.
Speaker Change: We have.
Speaker Change: A small amount of a significant revenue in 2025, which is part of our.
Speaker Change: Hum.
Speaker Change: The thin end of the wedge of the of the ramp of that program, but we feel very good about about where that is.
Speaker Change: And then Homologation just a fancy word for.
Speaker Change: Qualification and approval.
Speaker Change: Frequently using the ultimate Yep.
Speaker Change: Yep, Thanks, Donald I'll try I'll try and keep up there and then a separate question on the on that you talked about the regulations.
Speaker Change: And cap and you're talking about the specific.
Speaker Change: Benefits for Andy in terms of product sets and maybe what the timing of those regulations kicking in would imply for ships interest you I'd imagine you'd you'd you try to ship ahead of those requirements, but just any color sure.
Speaker Change: Basically the cars are getting we're getting designed into know are being covered by regulations for for several.
Speaker Change: Areas, particularly automatic emergency braking and driver monitoring systems that are becoming regulated in the timeframe that we are sort of dealing with now as far as our design and scope.
Speaker Change: So.
Speaker Change: That's that's basically what's driving it it becomes.
Speaker Change: It's a tailwind for us in terms of where our product basis and that's that's kind.
Speaker Change: But that's about it.
Speaker Change: Okay last question on the the cost improvements are there any product that Roger talked about any product areas impacted specifically, there and what kind of revenue run rate would be breakeven applied by the cost efforts. Thanks.
Speaker Change: Oh no no no.
Speaker Change: Product areas are going to be impacted that wasn't the intent of my comment really.
Speaker Change: We're just taking a fresh look.
Speaker Change: My new role across the board at cost efficiencies, we'll look at manufacturing Opex all of our support functions are.
Speaker Change: Working capital metrics et cetera, So I definitely see opportunity there and we look forward to keeping you updated but.
Speaker Change: We're not changing our view on the breakeven point at this point.
Speaker Change: I think the consensus models has us at roughly $80 million of top line.
Speaker Change: Getting to breakeven and we're comfortable with that for now.
Speaker Change: Great. Thanks, guys.
Speaker Change: Thank you.
Speaker Change: The next question is from the line of Ross Seymore with Deutsche Bank. Please go ahead.
Ross Seymore: Hey, guys. Thanks for the question and congrats on the solid results I guess near term question on long term question.
Ross Seymore: Donald a lot of the peers talked about kind of another leg down in the business and you know visibility getting worse et cetera, China was strong, but the rest of the world not so much.
Speaker Change: What are you seeing from customers, whether you want to talk kind of geographically or just in general inventory burn those sorts of things.
Speaker Change: And why is indeed able to buck the trend now.
Speaker Change: Yeah.
Speaker Change: So for sure the market is still choppy.
Speaker Change: We believe that the macro issues that had affected us.
Speaker Change: In the last three or four quarters.
Speaker Change: <unk> are largely behind us and they're the ones that the those are the ones that were particularly specific to us.
Speaker Change: And quite simply the reason that we're able to buck the trend is that.
Speaker Change: We've gone through the periods, where we had delays in program ramps and where we're now beginning to see much more solidity in that and it really takes us back to two erosion original business as usual, where where our profile and revenue as the first order are governed by our own share gain rather than by the micro.
Speaker Change: Got it makes sense and is there a geographic centricity to that or is it just where your designs are is where it is it's not exactly that demand is stronger or weaker.
Speaker Change: And any sort of macro century from your perspective.
Speaker Change: It's more the latter than the former we did see a little bit of a tailwind.
Speaker Change: Towards the end of last quarter and through this quarter in China as others have seen also.
Speaker Change: Due to a bit of a recovery of their E vehicle industry, but rather it's more the former than the latter it doesn't then.
Speaker Change: On the floor.
Speaker Change: Yeah, whatever you said, yes.
Speaker Change: All geographic, but but but more where our design is actually our.
Speaker Change: Centered.
Speaker Change: Got it and then I guess as my last question is refreshing to hear you say you're comfortable with where the street is for next year can you remind us just kind of conceptually.
Speaker Change: One is there any sort of seasonality we need to think about first half second half anything like that but probably more importantly, what's the bridge that you have to get from this year's revenue to next year's revenue what are the key products that are launching vision radar any sort of buckets like that to make us.
Speaker Change: Just give us a little more color.
Speaker Change: Well, we're exiting the year at a run rate of approximately $60 million.
Speaker Change: And we have.
Speaker Change: A bridge to get there, which is largely evenly split in two main drivers between user experience and vision based products, which are ramping through the year and then there's as I said, a small amount for radar in the second half, which we talked about last quarter also.
Speaker Change: And then some dogs and cats, but that's the that's the guts of it.
Speaker Change: Got it perfect. Thank you very much and Roger.
Speaker Change: Thank you.
Speaker Change: Ladies and gentlemen in order to ensure that the management is able to address questions from all participants in the conference.
Speaker Change: Please limit your questions to one question and a follow up.
Speaker Change: And rejoin the queue. Please thank you.
Speaker Change: The next question is from the line of Kodiak Green with the benchmark company. Please go ahead.
Speaker Change: Yeah, Thanks for taking my questions and congrats on the progress.
Speaker Change: Congrats on the promotion.
Speaker Change: Maybe if you could talk about the backlog growth the 12% I would've thought maybe during this year with a machine vision wins in our radar wins that that number could have been higher were there were there any other.
Speaker Change: Puts and takes in that backlog number that came out.
Speaker Change: Yes, there were.
Speaker Change: We won way more business than the incremental number between the adjacent years.
Speaker Change: But we did have some fairly well publicized push outs and thought that it had an impact on next year, which is reflected in that.
Speaker Change: But I mean, we're very we're very happy where the where the number of land. It is a great number and it's going to going to translate into on your run rate business in the near future.
Speaker Change: And maybe can you just provide any further detail on the program ramps that youre expecting for either machine vision or for right at our next year.
Speaker Change: Well I mean machine vision is already heavily ramping through this year.
Speaker Change: A lot of programs in that space are spread across a lot of Oems and we expect.
That individual Oems add more models.
Speaker Change: Two the same programs as they deploy in a new model launches.
Speaker Change: Classic example is BMW and starting with 17 who's going to five so you're just going to three cities. So that's that's really have.
Speaker Change: We expect that to roll out.
Speaker Change: Through the next year.
Speaker Change: Through 2026 radar will be a big portion of that also we do expect to ramp multiple Oems in that year, and then and then more computer vision on top of that.
Speaker Change: Alright, Thank you very much.
Speaker Change: Yeah.
Speaker Change: Thank you.
Speaker Change: The next question is from the line of Anthony Stoss with Craig Hallum. Please go ahead.
Speaker Change: Hi, Good afternoon, guys congrats on the nice execution and congrats Roger.
Speaker Change: I wanted to also drill in a little bit on the backlog Donald and.
Speaker Change: If you can give us a sense of by geography, if it's evenly split.
Our sense of where it's coming in and then also are you seeing a reduction.
Speaker Change: In content as maybe more vehicles shift to lower price vehicles.
Speaker Change: Yeah.
Speaker Change: In terms of the geographic split in the backlog. We have won a lot of business, which is U S and European based also some in Japan and Korea.
Speaker Change: The China business.
Speaker Change: We also have wins in there, but the larger programs which span.
Speaker Change: Multiple product lines within Oems and tier ones is more centric outside of outside of China. So it's I mean, it's.
Speaker Change: Probably 80% of it is outside.
Speaker Change: And then.
Speaker Change: What was the second half of the question sorry, Tony.
Speaker Change: It's not a shift to cheaper vehicles youre seeing a reduction in content with your customers.
Speaker Change: I'm not a presence I mean, that's a sort of narrative that we that we brought into the story last quarter.
Speaker Change: It's really just an explanation for the overall macro malaise that we could we could offer for us we typically deploy into mid to higher tier customers, but also at the lower end of mid tier and particularly in some of the applications and computer vision, where their safety related and mandated by law then they're also going to be deployed in low end vehicles. So.
Speaker Change: We.
Speaker Change: I don't think we will feel too much of a split between between model ranges, especially with interest rates coming down right now I think I think that maybe.
Speaker Change: Something which are the cases narrative over the course of time.
Speaker Change: Thanks, Donald and best of luck to Tom.
Speaker Change: Thank you.
Speaker Change: Thank you. The next question is from Craig Ellis with B Riley Securities. Please go ahead.
Speaker Change: Yes, thanks for taking the question and Roger Congratulations on the appointment.
Speaker Change: Donald if I wanted to go back to backlog and just inquire about or longer term dynamic relative to some of your prepared comments. So in the past and again today about the company's talked about the the backlog providing some level of visibility. If we look three years out you mentioned.
Speaker Change: The 710 million in revenue. So I think it was calendar 'twenty eight the question is as we think beyond 2025.
Speaker Change: What are the bigger blocks that take us from where we'll be next year at that consensus level, but you talked about towards that 710.
Speaker Change: Yeah, well I think we mentioned in the prepared remarks also that a large percentage of our entire backlog is now driven by for Adas products, which really is driven by a vision and radar.
Speaker Change: And those are the key drivers for the company.
Speaker Change: Into the future we do have some good backup from a user experience business at it still is a large portion of our running business today and where can you continue to be so.
Speaker Change: The design wins in those cases tend to be less chunky.
Speaker Change: More linear in terms of the growth that we add to it and we do expect it will continue to grow but the larger larger drivers will be the vision and radar.
Speaker Change: Got it.
And the follow up question going.
Speaker Change: Going back to some of the design wins that you talked about in China. I think there were four in the ambient lighting area and then Brian I fished from processing can you just talk about the design win momentum in that geography, and how you'd think about maybe the intermediate term revenue opportunity with some of those domestic customers. Thank you.
Speaker Change: Yeah, I mean, it's it's good I mean, we've had a presence at pretty much all the China Oems from the more traditional ones, which had been around for for a longer period to the to the more newer entries, including.
Speaker Change: Such as Avatar and Leo to a new it et cetera.
Speaker Change: Idea is a large customer of ours also so we have a great. We have a great sales representation, we have a great sales channel into all of those guys.
Speaker Change: And it's a very dynamic market it is very exciting.
Speaker Change: The term coined as moving at China speed.
Speaker Change: And we.
Speaker Change: We can we can move things much more quickly in that geography than in others.
Speaker Change: It's more volatile.
Speaker Change: For that reason their behavior of the Oems as a similar too.
Speaker Change: Let's say new entrants into the market and the vehicle space.
Speaker Change: But we're you know we're excited about the market. It's a market we can't afford to ignore its 30% of the entire automotive market. So we intend to be well represented there.
Speaker Change: Got it thank you.
Speaker Change: Thank you.
Speaker Change: The next question is from the line of John <unk>.
John Dang: Dang with CJS Securities. Please go ahead.
John Dang: Hi, good afternoon for taking my questions and congrats on the role.
Speaker Change: I was wondering if you could talk about the risk of potential for further push outs or delays or anything like that you mentioned you know visibility across the industry is low and we've obviously seen that in the past.
Speaker Change: What kind of cushion have you put in into next year just to account for maybe they're not all completely done yet or do you do you think that most of those are pretty safe at this point would you have in the pipeline.
Speaker Change: I mean, we felt after we we did a.
Speaker Change: A larger view during last quarter that we built in enough conservatism and 90 days further on that remains to be the case in fact were.
Speaker Change: More secure and our belief is that 90 days down the road than we were 90 days ago.
Speaker Change: We believed it then but we believe in even more strongly now.
Speaker Change: The specific issues that that.
Speaker Change: We do strongly believe that they are behind us in terms of overall influence when Saar or macro we believed that we build a very conservative view of the overall.
Speaker Change: Units shipped into the automotive industry for 25, and 26 and beyond.
Speaker Change: And anything that moves in the upward direction versus our model should.
Speaker Change: It should be a tailwind in addition to to what we put down on paper.
Speaker Change: Got it that's helpful and it's good to see the momentum coming back second I guess Roger could you.
Speaker Change: Got it.
Speaker Change: Any thoughts on if you might need to use the ATM again as this with growth reaccelerate or is that kind of a final one you expect to use before you get to cash flow positive.
Speaker Change: No. We don't we don't anticipate any further use.
Speaker Change: Perfect. Thank you.
Speaker Change: Thank you.
Speaker Change: Yeah.
Speaker Change: As there are no further questions I would now like to hand, the conference over to Donald Lamont for closing comments.
Donald Lamont: Well, thanks, everybody for attending and look forward to seeing you at the Investor conferences over the course of the next few weeks.
Speaker Change: Thank you.
Speaker Change: This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.
Speaker Change: [music].
Speaker Change: Hum.
Speaker Change: Uh huh.
Speaker Change: [music].
Speaker Change: Yeah.
Speaker Change: Yeah.
Speaker Change: [music].