Q3 2024 TOMI Environmental Solutions Inc Earnings Call
Speaker Change: Good day ladies and gentlemen. And welcome to the Tommy Environmental Solutions Incorporated 3rd quarter 2024 Financial Results Call.
Speaker Change: and this time, all participants are on an Alissa Nolemote and a question and answer session will follow the formal presentation.
Speaker Change: If anyone should require operator assistance during the conference, please press star 0 on your telephone keypad.
Speaker Change: Please note this conference is being recorded.
Speaker Change: I'm an O-turner conference over to your host, Rosalind Christian from ANF Vestrelations. Mom, before I raise yours.
Rosalind Christian: Thank you. And thank you for joining us today for the Tony Environmental Solutions Investor Update Conference Call. On today's call, it's Tony C. E. O. O. and Chairman of the Board, Dr Halden Shane, Tony C. O. O. E. Dres Shane and Tony C. E. O. Joe Rzepka.
Rosalind Christian: Dr. Shane will provide an overview of recent business highlights. DJ will report on future plans, Joe will provide the financials, and all will be available for the Q&A.
Rosalind Christian: A telephone replay of today's call will be available through November 6, 2024. The details of which are included in the company's press release dated October 24, 2024.
Rosalind Christian: A webcast replay will also be available at Timings website, www.sterimus.com
Rosalind Christian: Please note that information contained within this presentation is relevant only to the day in which it was recorded, October 30, 2024, and you are therefore advised that time-sense chips information may no longer be accurate at the time of any replay.
Rosalind Christian: First in written and all statements made by management of Tony may constitute forward-looking statements, as designed by the private security's litigation reform act of 1995.
Rosalind Christian: These forward-looking statements should be evaluated in light of important refactors that could cause our actual results to differ materially from our anticipated results.
Rosalind Christian: The information provided in this conference call is based upon the fact that some circumstances known at this time. The company undertakes no obligation to update these forward-thinking statements after the date of this call.
Rosalind Christian: In addition, Tony will discuss certain non-gap financial measures during this call. The company uses non-gap measures because it believes they provide use of information about operating performance that should be considered by investors in conjunction with the gap measures.
Rosalind Christian: A reconciliation of these non-gap measures to comparable gap measures is included in the earnings for these stated October 30, 2024.
Speaker Change: I will now turn the call over to Tony's Chairman and CEO of Doctor Holden Shane.
Tony: Thank you, Roz. Thank you for joining us today to discuss to me environmental solutions third quarter.
Tony: The 2024 Financial Results
Speaker Change: With me today is our CFO, Joe Rzepka, who will provide a detailed financial overview, followed by J. Shane, RCOO with the company's update on a strategic direction and growth potential.
I am pleased to report that Tom Yachives another milestone, making our second consecutive profitable quarter so that 2024 cal into year.
Tony: This performance reflects higher revenue, improved growth margins and carefully executed reductions in operating expense.
Tony: In addition, we achieved positive cash flowed this quarter, driven by stronger accounts receivable turnover and tighter control of our outgoing cash through discipline management of expenditures.
Tony: Or momentum continues as we broaden our customer base and secure a new strategic agreement and partnerships.
Tony: These achievements are direct result.
of Lump.
Tony: Reasons and Commitment of our team.
Tony: The support of our long-term partners.
and the strength of our business model.
Tony: Our revenue for the quarter was approximately 2.5 million, representing a 73% increase compared to the third quarter of the prior year.
This growth was primarily driven by strong demand for a mobile equipment, which has increased by 90% in 2024 compared to 2023.
Tony: and our IHP Service revenue which recognize revenues of approximately 650,000, making a record for the divisions quarterly performance surpassing historical averages of approximately 250,000 per quarter.
We continue to see strong international sales for this year.
The first nine months of 2024 shows international sales growth at 82% when compared to 2023.
and Bitt Solutions sales have also increased by 13% here today.
While our partnership with EMAQ announced in the second quarter, continues to grow.
Tony: Effective a leveraging combined strengths and resources to accelerate business development and expand opportunities.
Tony: The third quarter delivered support to key clients such as Pfizer and Thermo-Fish Society, while successfully onboarding new customers including Integral Life Sciences, Curia, and multiple smaller engagements within the food safety sector.
These new relationships are expected to drive, sustain growth through both capital equipment sales and recurring service contracts.
Tony: The addition of these valued clients for the reinforced IHV's leadership in advanced decontamination solutions extending our presence across the life science industry and other markets.
We remain on track with the times for our ongoing custom integrations.
Tony: The California-based company contracted in February is nearing acceptance and will soon be operational.
Additionally, the system designed for the global leader in advanced laboratory services contracted in June has been accepted and is now in the manufacturing phase.
Tony is making significant strides into the consumer healthcare market through partnerships with industry leaders such as Edgewell Personal Care and Reckit.
Tony: Benziker Group PLC.
Tony: These collaborations highlight the versatility of Sturmist technology across multiple injuries, industries, and they've lead us to unlock new markets while continuing to support our core segments.
Looking ahead, we remain focused on accelerating international growth.
Launching new products and programs and carefully managing expenses.
This disciplined approach has strengthened our performance this quarter and we remain committed to delivering sustainable, organic growth and profitability moving forward. I'll now turn the call over to Joe.
Thank you, Dr. Shane and good afternoon everyone. I'll provide a brief overview of our financial results for the third quarter of 2024 compared to the same prior year period.
Joe Rzepka: Our consolidated net revenue was 2,542,000 compared to 1,470,000, increasing approximately 73%.
Consolidated Gross Product margin was 61.4% compared to 55%. Attributable to our product mix and sales and the increased demand for our mobile equipment.
The Consolidated Operating Profit was 149,000 compared to the loss of 900 and 1000. Representing an increase of 1,5,000 will were 117 percent.
Tony: The increase in our profit was attributable to higher sales and grows profit in the current year period.
Our consolidated net profit was 59,000 or zero dollar per basic in diluted share compared to a net loss of 901,000 or 5 cents per base of share.
Moving on to the balance sheet.
Tony: As of September 30, 2024, our cash and cash equivalent were approximately 800 to 9,000.
Working Capital was 6.9 million and our shareholders equity was 7.4 million.
Tony: Tony was cash-flum-paws at a for Q3 driven by increased revenue and the cost reduction efforts measured in the mentioned in the June 6th press release.
Speaker Change: Now I turn the call over to EJ through right-in-stripe on current company activities.
Ej: Thank you, Joe, and good afternoon everyone. As part of our budget optimization, we have scaled back on trade show activity and reallocated resources towards more effective lead generation strategies, such as referrals and client references.
While trade shows, like the upcoming ALAS event, offer valuable networking opportunities, our strong reputation has enabled us to effectively attract new business and expand the customer base.
Recently, we launched a targeted outreach campaign, focused on domestic manufacturers of clean room construction and general building companies to incorporate our decontamination builds into their project bids for awareness of our customer-engineer systems and hybrid.
This campaign engages both existing partners and new prospects across sectors, including prefabricated clean rooms, construction design firms, and mobile health care pods.
Tony: Our current CES and hybrid projects are at various stages of manufacturing, and, except since we are optimistic about securing additional CES and hybrid contracts before the year end.
Tony: These new contracts are currently scheduled for installations beginning in Q2 and extending through Q4 of the year 2025.
In parallel, we are collaborating with existing customers such as ITH Pharma and the United Kingdom, and solely our GANIX, a leading national grower fresh and organic produce in the states. On expanding with their MSIHP on additional automated systems.
While discussions are still in the early stages, these developments highlight the value our IHP technology provides to customers.
Tony: As our current channel of projects continue to reach maturity, waiting on customer and partner decisions and timelines for the estimated $8 million in active proposals, we remain focused on proactive strategies to build our installation pipeline.
efforts, such as the mention to target outreach to contractors and designers, and maintaining close relationship with key contacts are instrumental in sustaining our momentum with these product lines.
As Dr. Shane highlighted on today's call, a key achievement this year has been the strong performance of our IHP corporate service and international revenues, both of which we continue to demonstrate solid growth as we close out this year.
Our IHP Service Revenue Pipeline currently exceeds $1 million in these opportunities typically display shorter sales cycle. Further, this amount is not included our contracted relationships which we have fulfilled for the 2024 year and will restart in 2025 with an initial value of 600,000 members.
While some deployments in the pipeline are scheduled for early Q1, several opportunities remain on track to close by year end.
As recently announced, Sarah missed successfully entered into India, a key focus of Tony's growth strategy. We will be exhibiting our technology with our new partner, STS Technocrat Tom, this November, and already have a pipeline building to be a demonstration from trials with end users in the region.
We also reached a major milestone with Fresania's cabby that expanded in the use of Stairmer's IHP to a facility in South Africa.
This marks their fourth location adopting our technology, following successful deployments in Chile, Portugal, and Brazil, totaling over a million dollars in sales to date in their MSI HP equipment for Fresno. And they continue to increase awareness among many other locations.
These global implementations reflect the growing trust and stermist and our ability to meet the diverse needs of clients across multiple continents.
Tony: We anticipate further international growth by year-end, including a new partnership in South Africa with a company specializing in clean room and controlled environments.
In Switzerland, we expect our full-room fogging device to be integrated into the operations of an international firm with the presence across the Americas, Asia Pacific and Europe. This organization's core business spans solutions for semiconductors, life sciences and data centers.
Tony: Additionally, we are an early discussion on Board of Third Partner in Australia, a second partner in South Korea focused on emergency services.
Tony: We're also working on the occupational safety equipment distributor and hungry and have revived conversations with a company leading productivity and validation projects in the United States territory of Puerto Rico and the neighboring Caribbean islands for the pharmaceutical and food industries.
As recently announced this quarter, we successfully deployed our new Stairmus Integrated System, or SIS, at the National Institute of Forensic Medicine in Malaysia for approximately $133,000.
We currently have four pending proposals in the region with key partners in our optimistic about securing the next award by the end of the year for a similar amount.
The SIS product line now available for sale has generated strong interest and SIS standalone or SISSA aligns well with our Starbucks, which is also gaining market traction.
The stand-alone may become our highest rated product offering.
The combination of the delivery system is valuable across the life sciences, but other sectors as well, including medical devices, sensors and commercial applications for refurbished items.
The Stairboxes Customized and Material Insized to Meet the Pacific Customer needs and budgets and the capabilities and versatility in the application alone of the standalone sets that up for success.
We remain committed to our ongoing collaboration with enclosure manufacturers to support the full SIS product line and anticipate receiving our first order by the end of the year.
Toby's manufacturing team is working closely with an Italian manufacturer's delivery streamlined IHP isolator to the Virginia Commonwealth University, a long time user of technology.
and the next episode.
We also want to highlight our awareness of the various challenges currently affecting the food market. In response, we have proactively partnered with industry players and researchers to provide tailored solutions and support, ensuring we meet their evolving needs during critical times in order to prevent contamination.
Tony: The Stairhamist Pro Certified or SPC program is designed to ensure certified NCs are fully equipped to deliver dis-infection and decontamination services with a focus on public health, safety, and environmental sustainability.
As part of this strategic shift, we will no longer maintain the Tony Service Network or TSM in its current structure.
Instead, we have launched FPC, a new and on-demand program available to all customers across key sectors, including life sciences, healthcare, food safety and commercial markets.
This initiative reflects their proactive approach by harnessing the expertise of our partners and key relationships to enhance Tony's brand and expand our global footprint.
Together with industry experts we continue to drive innovation and contamination control and validation practices.
With Sarah M.I.H.P, we now offer transformative technology that serves for critical industries, supporting everything from routine cleaning and complex clean room decontamination, to patient health care environments, biohazard management and border control operations, along with an educational platform.
Our network of domestic and international service providers plays a crucial role in advancing this mission and broadening our impact worldwide across a diverse list of markets available for IHP.
Our expanded product offerings and scalable solutions positioned us very well for sustained growth across all four of our divisions.
Thank you everyone and I will turn the call back over to Dr. Shane for closure.
Thank you, we train, and Joe.
Speaker Change: Tell me's performance continues to reflect the quality and diversity of our products that are older than by our patented bit platform.
We had good growth driving across all businesses with particular strength internationally, our IHP, or in-house service, and our mobile products. And we see an opportunity to drive considerable operating leverage in the business as we grow.
Looking ahead, we remain well positioned to execute on our next phase of growth going into 2025 and beyond.
As tell me continues to innovate for a safe world. I want to thank you for your continued support and confidence and tell me environmental solutions.
and also don't forget to go out and vote next Tuesday. Good luck to everybody. Operator, you can open the call to questions.
Speaker Change: Thank you sir. Ladies and gentlemen, at this time we will be conducting our question and answer session.
If you would like to ask a question, please press star one on your telephone keypad.
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and you may press start to if you would like to remove your question from the key.
Speaker Change: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.
Speaker Change: One moment please, while we pull for questions.
Speaker Change: Thank you.
Our first question is coming from some of your joy, with H.C. Wayne Wright. Your line is life.
Great thanks. Dr. John Congratulations on the positive cash flow and the positive net income quarter.
Good to see the progress here. Thanks, Shane. Yeah, and you're thanks for providing a good, very good, Leia Blan and Paul Reoft, because it was really helpful.
Speaker Change: Just having a little bit on that front.
on the IHB of recurring revenues.
How do you see like what kind of visibility do you have? And we mentioned that you have like 600,000 of in the pipeline starting from next year, but can you just let us know like how long these contracts are up what is the visibility and visibility of this?
Certainly, the Sebastian 100,000 that is projected is alone for our custom engineering systems.
Speaker Change: and now that the latest long term ones that we've been waiting for that will be using it, you know, eight or so times a day would be the two installations at Merck.
and that'll be a real game changer in our solution.
Model, and that will start fresh next year. And then that as we continue to build on the CES will become much easier to continue projecting in terms of solution use.
I say that knowing that some facilities that will depend on their production lines, so for instance the partner and ICH will use their system every time they change production on new drugs, so that varies based on their business model.
but that is on the solution.
Speaker Change: So, I think the bottom line is that probably your 650 during this quarter is repeatable and expected to grow. Over the next few quarters, or how should we look at it?
On on service absolutely.
That was continuing to grow in the contracts that we do, you know, reoccurring. Now those are ones that, again, get contracted for the twice years shutdowns required for them. I was referring to a PR we did on the solution for the 600,000 on CE, so that maintains as well.
Speaker Change: So you got two answers. Yeah, no, this is good because as you increase your installed base, so to speak, you are like you can get higher and higher kind of contracts, which are more.
Rzepka below the next few quarters.
Speaker Change: Correct.
On the full safety, good to see that your efforts are ongoing on that in terms of revenue potential in doing say during 2025, how do you see that in the street developing for you?
Joseph's last part to look just like outlook for maybe a qualitative outlook for the food safety industry in 2025 as far as though you are grounded.
Yeah, we're really excited about this industry. There's a significant increase in the ready to eat food market.
and we're continuing with many of the safety organizations, including the FDA and the USDA Purdue University.
and we're engaging with industry conferences to network, our food industry professionals. And I believe, you know, at the end, this is going to be a huge industry for our product.
as we move forward. So, you know, we've increased it quite a bit.
Since 2021, I think this very member right, the percentage was 288%, which is a lot, but it's also not as much as in comparison to our other markets, but it looks very bright for us from here.
and I'll just check it out.
and then just for the near sort of the already in the whole quarter, should we expect the financial revenues to increase from this 2.5 levels, maybe get back to the June quarter level.
Speaker Change: in the full squadron.
You know, it's hard to tell but I believe we should. We're hoping to do over 10 million for the year.
Speaker Change: Okay.
Speaker Change: Ok.
and then there was just a few questions from the balance sheet. The Council's syllables I saw it nicely. I think that's around 600,000 teams in that working capital. How do you see or let me read what are the terms?
that you are looking at in terms of the art of these on hand and how is the recovery process.
Joe Rzepka: Hi, Joe.
The majority of our customers are net-thirty. For regular orders, equipment orders, the custom engineered systems have four payments as the projects progress.
Speaker Change: Okay
Thanks for that color and last one, the inventory levels, that's the include mostly equipment or solution and also, is it working progress or is it finished good mostly?
Speaker Change: It's mostly equipment and a bit solution in inventory.
An infant, it is mostly for nests, right?
Speaker Change: Yeah.
Speaker Change: Okay, let's see.
Speaker Change: and Victor now.
Great. Thanks a lot for taking my questions and thank you so much.
Thanks for watching!
Speaker Change: Thank you.
Our next question is coming from John Nelson who is a private investor, your line is life.
Hi, Doc and crew and team congrats again on the excellent results and the...
Wonderful Progress that you've made over the last couple of quarters. Thanks John.
Speaker Change: Questions?
Speaker Change: The...
Can you give me an idea of what kind of lag times...
We're talking about from hardware sales to the bits-illusion sales.
Speaker Change: Ah, it's it.
Speaker Change: I'll ask Joe that question, I think we've had like a 13% increase in our solution sales which is good for our model going forward as far as the razor razor blade.
Hardware sales, you know, it's the same-clude service. I'm going to show you want to give some color in that little.
Yeah, the 5th solution fails, we're up, you know, 13% is re-reported and mobile equipment was up 90% of the year over year.
Oh, no, they didn't break.
So I guess what I'm trying to get at is
A moment of equipment sales.
Speaker Change: is there some percentage correlation I should use in farerous my calculations as far as your hardware sales resulting in X% increase in solution sales.
Joseph, some two percentage increases? Yeah, it's hard to do that because sometimes we'll sell a piece of hardware and it will take like a year for them to integrate it into their systems and be fractional and operational.
So I mean it would be great, you know, and soon we'll probably have something like that that will give us, you know, a KPI that makes sense. But at the moment, I think next year we should have it in relationships to some of our big, of pharmaceutical companies.
Okay, great, and, uh, hey.
Speaker Change: The, you know, the, at least in my opinion, told me, has the best product on the market servicing various.
Speaker Change: Specialty Market.
Any more details on how you're increasing the moving to increase the awareness and educate potential customers on.
The product is in products that you have.
So, I mean, from a marketing standpoint, we're moving forward in many markets, you know, when you just...
Close your eyes and think about the application of this technology. It's so bright in relationship to what is available.
Speaker Change: and it can be applied almost in any industry or vertical.
So we're working, you know, the size of our company, we're working at the lower hanging fruit. I personally believe the food market processing is going to be terrific.
And you know, it's going to be huge. There's a large need for it. I want to say a 52 to a 70 billion dollar market.
and we're focusing on that. We're advertising for that. We're doing many studies and relationship to for that. So once you start to start coming in and that larger...
Company start using it, then we'll have some really good news on there.
Okay, would your product be useful?
Speaker Change: 4.
Somebody like the McDonald's Suppliers and the three house foods and the bars had...
Yeah, yeah, it would, I mean, there are lots of recalls going on and...
We're working on a piece that's going to go out social media soon. It would be, we reach out to all these companies and many of them are just shut their plants.
and it's a long process for them to go through and realize they need to disinfect or buy new equipment or wipe it down properly and use stirring this to reopen.
Speaker Change: So, you know, as soon as we hear about this news and we're involved with as many federal organizations getting response. We go out and try to service them and educate them. And you know, it's a process, but we're doing it.
There's an IV plant in North Carolina that was damaged by the hurricane.
Speaker Change: Or how will or how would Steremus be used in the decontamination efforts?
Speaker Change: I guess what area would it be applied to? I'm in a LED chance because I think we have a little color on that maybe. We are in touch with two plants actually that were damaged due to the hurricane in North Carolina. They will be using incolana for our services.
But they have to do some reconstruction in their own first before we can come in. We're kind of the last step to commission to get them back into production.
Great, thanks and then I know that there's a number of...
Speaker Change: Hugh, GLP, one plant that are in the production phase. Is that an opportunity that you're working towards for a steromist?
Speaker Change: It could be, you know, it's the type of thing that we look into and, you know, all these hormone type plants and...
Production Plants, it's a big phase going forward and definitely could use our product and should use our product. Again, it's another market, it's another vertical in life sciences that makes complete sense to go ahead with, you know, to use story myths.
Speaker Change: Okay, and then using the social media and things like...
Speaker Change: trying to position Tommy at the top of the queue for answers on disinfection issues.
Speaker Change: EJ
Yes, absolutely. We do a lot of work on our group on this, you know, and certainly on social media. We routinely blast and even on the urgency of some of the contamination we call as you've seen, you know, today we stay on top of it and it is mostly the other social media platforms.
Speaker Change: Okay.
Speaker Change: Good.
Speaker Change: Any additional cover you've been providing me with on how the transport is being received.
and you know, is it a heavy, heavy, heavy, had much in the way of sales of the transport?
Speaker Change: So the transport product line we did sell our initial production of that unit and we're going into kind of a bit of a redesign or model to on it. It received a good feedback that there's a third option in terms of powering it that we'd like to make sure the second round in pairs.
So we're working in tandem still with our Canadian distributors on providing that for their contracts that we see coming up in the near future.
Okay, I'm guessing that's a longer sales cycle than the other product line, product line items. The environment system.
which I decontaminate both air and surface.
and you have on your website safe and effective for air disinfection. I wondered if there were, have you,
Gotten any orders for that in dealing with some of the airborne diseases like COVID and now the number one killer, which is tuberculosis.
Yeah, we use it all, I mean, our clients use it all the time for that.
It's very effective against almost everything. There's more deadly pathogens that are starting to surface, and I don't know if it's just a timing issue because of certain...
Events happening in the US, or if it's a real problem, but Malper again, and a Bolta type diseases are starting to show in different parts of the United States, one specifically in the Midwest.
and I think that if there is any serious problem, a lot of the people that have this for preventiveness will continue to use the product and protect their states.
Speaker Change: So there's no question that they can throw a lot at us and we're very effective against everything.
Speaker Change: Great, okay.
and kind of an area of it.
Speaker Change: May or May not progress, but I wanted to just check if there's any progress on the definitely an oxide replacement market and certification.
Speaker Change: We know that there are companies that have used that lean oxide that are reaching out to us.
But it would be premature from the to discuss any detail on it.
Speaker Change: Got it. Okay.
The website on your website has an interesting
Relationship, possibly a partnership with Surffro. Has that developed into anything significant or does that have the potential to move forward in a manner that's significant to the company?
Yeah, I mean, I, you know, not naming specific companies, I believe, you know, the old TSM.
which is being modified into a much larger, stirring-ish, pro-certified program or our SPC program will include people from all of them. You know, the top five, remediators.
It's a great product, it's the only product they should really have in their toolkit, outside of a hand applied product.
Speaker Change: But yeah, we see tremendous potential going forward, especially with all these hurricanes and disasters. You know, we know that there will be moles in most of these structures, whether they're commercial or residential and our product is ideal.
Speaker Change: Okay, and then on...
I've been able to figure out a number of...
Speaker Change: your customers and partnership.
members that you're not able to name. I was wondering if it would be useful to give a discount to them for them to.
and in order to use you.
Speaker Change: You know, let you...
You're the name, you know, we do, we do our best and that's why when I go through, you know, the report just now, you know, I name, I don't name people.
Speaker Change: But they just don't want us to. I mean, you know, we don't want to spend more time trying to get a press release out using their name than we do selling the product, building the product and delivering it.
But ultimately they will when they start.
Seeing it worked, like we have been doing with the big pharmaceutical companies.
and some other safety companies.
Probably if we'll get better, again, a lot of them are large, large public companies and you know they don't want to endorse a product. This is just their nature.
Okay, and finally, I am really impressed that you've come out with this SIS stand-alone.
Speaker Change: You know, for the biological safety camp, and Canada, I think that's going to be a disaster.
Fabulous Mark, how would you come up with that?
Well, I'm gonna let each answer that, I think it was the man, but go ahead.
It is a very exciting product that we just launched and you are absolutely correct it, it was ideal for
B.S.C.s and other enclosures, but there is a market for that system and craft all our industries.
So it's great with our care box for our medical device initiatives with the 510K.
and even on the commercial end for refurbished items, it's one applicator fogger, it does it all, it's going to be as popular if not more than our environment system. So it's been in the making and...
It does everything and says it does. We're very excited.
Speaker Change: Great work, thank you. Thank you.
Yep, that's all my questions, good job. Thanks John, thanks first everything.
Speaker Change: and the other.
Operator? Apologies, my name is Unmute, I do Apology No, no, no problem
Is that it? I think the question is answered. Yep, we have no further questions in the line at this time search, so I'll hand it back over to you for any closing remarks you may have.
Thank you all. Just once again I want to thank our team for the great work.
Speaker Change: and our long-term investors for continuing to believe in our company.
and its beautiful high-tech disinfection decontamination products and wherever you are, have a wonderful day and a great evening and we'll be talking shortly. Thank you.
Thank you so much ladies and gentlemen, this does conclude today's conference and you may disconnect your lines at this time and we thank you for your participation
Thank you all.
Speaker Change: The End