Q3 2024 Ginkgo Bioworks Holdings Inc Earnings Call & Business Update

and Timothy Foodworks, one of our platform ventures. We have no further obligations to perform services under this agreement and hence the accounting for the deferred revenue release.

Excluding this impact, cell engineering revenue was $30 million in the quarter, down 20% compared to the third quarter of 2023.

Similar to prior quarters of this year, this decline was driven primarily by the continued shift from small early-stage customers to large enterprise customers, along with the changes we've made as part of the restructuring.

In the quarter, we supported a total of 136 active programs across 81 customers on the Cell Engineering platform.

This represents a 17% increase in active programs year-over-year with the largest amount of growth coming from food and ag and government customers.

Thank you for watching!

As we discussed in our Q1 and Q2 earnings calls, the nature of programs that we take on with our customers has evolved following our recent adjustments to commercial terms and the launch of our data points offering. While still very early days, this slide gives you some detail on how the nature of programs is changing.

We added a total of 25 new programs and contracts in Q3 2024, of which 11 were generally comparable in size and scope to historically reported new programs and were included in the current active program count on the prior slide.

Importantly, you'll note that of those, nine out of the eleven deals were either government or biopharma programs.

Thank you for watching!

In addition, we commenced 14 other customer contracts in the quarter that represent a variety of small deal archetypes. These are generally much smaller in scope and shorter in duration and include two data points deals as well as seven other biopharma deals.

Thank you for watching!

The current sales pipeline for both categories of deals is strong, and we are encouraged that we've been able to execute on existing customer programs while converting new opportunities, which Jason will talk more about in the strategic section of the presentation.

Now, turning to biosecurity, our biosecurity business generated fourteen million dollars of revenue in the third quarter of twenty twenty four at a gross margin of twenty eight percent.

Revenue and gross margin were down quarter over quarter, and as you'll note, lumpy during the course of the year, due partly to the timing of signing of a customer contract in Q2 of this year.

Thank you for watching!

Speaker Change: And now I'll provide more commentary on the rest of the P&L. We're noted these figures exclude stock-based compensation expense, which is shown separately.

Speaker Change: And we are also breaking out M&A and restructuring-related expenses to provide you with additional comparability. A full reconciliation of the M&A and restructuring-related costs can also be found in the appendix.

Speaker Change: Starting with OPEX, R&D expense, excluding stock-based comp and M&A and restructuring costs, decreased from $108 million in the third quarter of 2023

Speaker Change: to $74 million in the third quarter of 2024. This decrease was primarily driven by our restructuring efforts.

G&A expense excluding stock-based comp and M&A and restructuring costs

Speaker Change: decreased from $49 million in the third quarter of 2023 to $42 million in the third quarter of 2024, which also reflects cost reduction actions we've taken this year.

Additional details are provided in the appendix.

Speaker Change: Net loss. It is important to note that our net loss includes a number of non-cash income and or expenses as detailed more fully in our financial statements. Because of these non-cash and other non-recurring items, we believe adjusted EBITDA is a more indicative measure of our profitability. We've also included a reconciliation of adjusted EBITDA to net loss in the appendix.

Speaker Change: The jobs that he would've done in the quarter was negative $20 million, which was down from negative $84 million in Q3 2023.

Speaker Change: This significant improvement in Adjusted EVA Debt can be attributed to the impact of the previously mentioned non-cash deferred revenue release, as well as the major cost-cutting initiatives implemented over the last two quarters.

Speaker Change: And finally, I'll just make one additional comment relating to cash burn in the corridor as compared to Q2. The cash burn in Q3 was impacted by some non-recurring items, including a litigation settlement and employee severance related to the restructuring.

Speaker Change: Those two items together resulted in cash payments of approximately $23 million in the quarter. So if you factor that in along with some working capital timing impact in Q3, that will help explain why the cash burn was relatively high in the quarter despite the OPEX reduction.

Speaker Change: We would therefore expect to see a significant decrease in cash burn in Q4 as a result of the restructuring.

Thank you for watching!

Speaker Change: In terms of outlook for the full year, we previously issued guidance for total revenue of $170 to $190 million, cell engineering services revenue of $120 to $140 million, and biosecurity revenue of at least $50 million.

Speaker Change: We update this previously issued guidance solely to reflect the impact of the previously mentioned $45 million non-cash deferred revenue release in the third quarter.

Speaker Change: With this impact in mind, we now expect our total revenue to be $215 to $235 million, cell engineering services revenue to be $165 to $185 million, and biosecurity to remain the same of at least $50 million.

Speaker Change: In conclusion, we're pleased with our overall execution of the restructuring thus far as we navigate substantial cost reductions and commercial changes, which we see as foundational to our path to adjusted EBITDA breakeven.

Back over to you, Jason.

Jason: Thanks, Mark. Just to add to Mark's comments, I'm very happy with our revenue performance this quarter, but I just wanted to provide extra clarity on the MOTIF non-cash deferred revenue release.

Jason: So Motif is one of the companies that was founded on top of Ginkgo's platform and with these deals we received equity in the company in exchange for preferred access to our platform.

Jason: On top of that, we were also paid cash R&D fees when we didn't work for Motiv.

Jason: The accounting treatment is such that we don't actually book the equity value as revenue until work is completed across sort of a batch of programs.

Jason: And now since we terminated the relationship with Motif now, we have a catch-up where all the work is considered finished and we get a bunch of the value all at once.

Jason: We don't consider this equity to have value at this point, given the substantial downturn in the alternate meat space and the status of Motif, which is winding down. So while it's correct to account for it as we did, we've been clear that analysts and investors shouldn't think of it as cash revenue.

Speaker Change: Okay, let's dive in on the strategic section. So, similar to last quarter, I'm going to use the first strategic section to focus on GATEco's efforts to reduce costs and provide you with an update on our consolidation efforts.

Speaker Change: Next, I'm super proud of the work that we've been able to accomplish with customers, despite our cost cutting, and I'm excited to highlight some cell engineering successes, as well as new deals with blue chip customers, while also discussing our new data points offerings that are beginning to see traction.

Speaker Change: Lastly, I'd like to focus on the new services that our biosecurity team has been focused on, specifically surrounding the recent spread of H5N1.

Okay, let's get started.

The End

Speaker Change: So, during our Q2 call, we reiterated our plans to cut spending back by a run rate of $100 million by the end of 2024, an additional $100 expected by mid-2025.

Speaker Change: Now, although our total cash burden has not reduced significantly in the quarter due to some of the one-off costs that Mark discussed, our key recurring costs have dropped $125 million on an annualized basis since Q1 of this year, and we'll hope they'll continue to drop even more as we close out the year.

Speaker Change: I'm proud of the progress we have made overall and would like to highlight some of the key measures we took to reduce costs.

Speaker Change: First, we previously announced a 35% RIF that has almost been fully executed now. Second, in terms of other expenses, we have reduced our contractor and temp labor pool by nearly 60%, while also cutting back professional fees by roughly 40% since Q1 of this year.

Speaker Change: We've also significantly reduced the number of software licenses and applications at Ginkgo, all at SAS software spending. And then lastly, we've seen great progress within our real estate consolidation efforts as we transition out of several offices.

Speaker Change: I just want to flag it, these cost takeouts do come at a cost, and it's largely that we can no longer go out in sort of an open-ended way to sell our solutions offerings. So previously, we'd walk into a large company customer, like a Merck or something, and offer to do whatever type of cell engineering work they needed, and then we'd expand the platform on the back end to meet that demand.

Speaker Change: We're being much tighter now about where and what we sell in the solutions business so that we can deliver more efficiently. In other words, selling things that we've done many times before. And then we're expanding via our tool sales, as I'll talk about in a minute.

Speaker Change: So there's a little bit of free lunch here, where it's just us tightening our belts. But I do think the big trade-off here for the cost takeouts is in reducing the scope of what we offer on the solution side when we walk into a customer site. And that's a strategic choice.

Speaker Change: Okay, I want to spend another minute on our site consolidation as that's moved about six months faster than we previously planned. So, I'm very happy about this. So, in September, we announced the sale – I'll just go through a few of these. You can see on the map sites that are closed and also sites where we've been able to even sublease some of those closed sites. So, in September, we announced the sale of Altar, our French subsidiary, to LaSoft. This acquisition allows Ginkgo to save these costs and simplify our operations, but we still get to access the technology developed at Altar, which was important to us.

Speaker Change: So I want to say congrats to the team for getting the deal done. LaSoft is a great home for, you know, this technology to live, but also importantly for the Ginkgo employees that came in from Altar and are able to go to LaSoft. And that technology will be deployed well in-house there.

Speaker Change: We have also worked to shut down our operations in the Netherlands and expect the site to be closed on December 1st.

Speaker Change: Within the U.S., we expect to have fully consolidated our Boston area footprint by the end of the year, which is approximately six months ahead of schedule. We have fully closed our Cambridge locations by the end of November. One is already done, and we're staying at our current site rather than moving into BioFab 1. That's the Parcel O site.

Speaker Change: We could get into BioFab 1 in the future as we expand our business, I hope we do, and in the meantime, there are a few of the floors that are ready for sublease, so please feel free to send people our way that are looking for great 60% lab, 40% office space here in Boston.

Speaker Change: I'm happy with the progress we've made on our cost-cutting initiatives thus far, but we have more steps we can still take to further reduce costs. So I mentioned we're looking to sublease.

Speaker Change: Again, don't hesitate to send people. We're also optimizing our lab supply and spend and reducing inventory. And lastly, we're looking to continue to rationalize across all our expenses, both people and non-people. We made an absolute ton of changes over the summer here, and we have a much better picture now of what's working and not working after those changes. And I still see lots of opportunity to boost productivity and capitalize on cost-saving opportunities throughout the whole company.

Speaker Change: If we do this, I hope we can even exceed our $200 million cost takeout target on an annualized run rate basis by the middle of next year, while still delivering well for customers and adding new customers.

Speaker Change: Okay, that's an update on where we expect our cost agos to come from. Next, I want to talk about our cell engineering business and where we're seeing customer success.

Speaker Change: So, as a reminder of what we discussed last quarter, this is how I see our offerings at Ginkgo. So, on the Y-axis here, you can see how customized an offering it is that we're offering to our customer, right? And so, as well as the amount of technical risk we take as you kind of go up that axis.

Speaker Change: As they go up, you get the most extreme form of sort of a custom high technical risk B2B solution. In other words, developing a drug asset at a small biotech and hoping you can sell it to a large biopharma. That's sort of like the top of that curve. We don't do that at Ginkgo. We've never done it at Ginkgo. We're not planning to start adding a pipeline.

Speaker Change: But what we have done is what we call our cell engineering solutions. And in this business, we bear less technical risk than we would if we were doing this ourselves, but we do bear some. So you saw that milestone we announced with Merck this morning. That's as a result of us achieving a technical goal that was uncertain whether we would be able to do that. Because we are taking that risk, and because it's so custom for the customer, we are able to ask for commercial milestones and royalties in many cases on the products that come out of our solutions deals. So that dotted line in the middle, you can see to the left of it, those are things where we can take those royalties.

Speaker Change: This is a good business. It has tons of upside potential and the milestones and royalties, but the time that those products take to go to market, especially for biopharma, is very slow. So a lot of our challenges have been, we had a lot of business in the industrial sector that goes to market quicker. That dried up a lot over the last couple of years. We're doing more business in biopharma, but the time to those milestones and royalties takes a while.

Speaker Change: And so a lot of our changes and solutions is to reduce our costs.

Speaker Change: down somewhere closer to where the revenues we get from the fees for these deals are. So, in other words, we don't need to wait, we don't need to be in a rush for those miletones and royalties to hit. We can just patiently wait and see those higher returns over time as our customers commercialize products.

Speaker Change: In the meantime, while we wait for that, we're finding ways to sell our same set of underlying assets, our robotics, our data and AI models, our ability to generate complex lab data at scale via our tools business model. And so this is the right-hand side of that dotted line. We're not asking for royalties, you know, the customer owns the intellectual property developed in the project and so on, and we're just charging service fees or charging for equipment.

Speaker Change: In the last quarter, we made a ton of announcements launching our first products with our AI API, our robotics offering, and our data points offering. I'm going to talk about data points in a minute, but first I want to give a quick update on how things are going in solutions.

Speaker Change: So, I'm super proud of the work the Solutions team has been doing at Ginkgo, an enormous amount of change in that group, and while all that's been happening, they've been delivering. I'd like to highlight the announcement this morning that I mentioned with Merck. This program surrounds our previously announced biologic manufacturing work. The Ginkgo team has reached our first technical milestone. This is a real tour de force and very impressive to our customer and also comes along with a research milestone payment of $9 million in cash, which will be reflected in our Q4 financials.

Speaker Change: We're excited by the work we've completed here and we're even more excited about the next stages of this program as we continue to build our relationship with Merck.

Speaker Change: Next, you know, beyond reaching specific technical milestones with customers, we've also worked to add new customer deals. For example, the ones we're showing here with Nova Nordisk.

Speaker Change: So, you know, this has happened over the past few years, you know, several times we've expanded our relationship, most recently announcing a new deal surrounding an umbrella agreement.

Speaker Change: that allows us to add more programs with Novo more efficiently. In other words, we don't have to renegotiate it to launch new work. This has resulted in a new partnership with Novo focused on the discovery and development of proteins.

Speaker Change: Additionally, we also recently expanded our previously announced collaboration for expression systems for pharmaceutical products. So expanding our old work, adding new work.

Speaker Change: This is the first time we are speaking about these new and updated deals publicly, but I'm really excited about the opportunity that this illustrates, because I believe the ability to reach our revenue and EBITDA targets relies heavily on our ability to execute inside sales deals with key customers.

Speaker Change: In other words, when you see us signing up a new large biopharma for the first time, and we'll talk about where we're doing some of that now with our data points products, that's kind of where we were back with Novo in June of 22, right?

Speaker Change: Getting that relationship going, you're proving yourself to the customer, but, you know, success breeds success in these relationships, particularly in solutions, given the close relationship with the partners team needed in these complex R&D partnerships. So, I'm really excited about this. I think you'll see us keep doing this again and again, particularly with the large Biopharma customers.

Speaker Change: Okay, so now I want to talk about our new tools offerings and, in particular, data points, which has been getting rapid traction in the market. Many customers, both startups and large biopharma companies, are looking to produce large data sets to train AI models for both target discovery,

and Therapeutic Development.

Speaker Change: Okay, in other words, they want to generate these big data sets so that they can take the data in-house

Speaker Change: and train their own models to get better at these two activities.

Speaker Change: So our first Datapoints product is what we call Functional Genomics, and it provides large perturbation datasets to power really target discovery AI models at our customers' sites.

Speaker Change: This product addresses key problems customers face when training these AI models, data availability, quality, and uniformity. We generate large, high-fidelity transcriptomic

and phenotypic datasets.

in the disease context of your choice as the customer.

We introduced genetics.

Speaker Change: changes, in other words, like CRISPR edits, and chemical perturbations, such as a compound library, in major cell types, including your own internal cell line, if that's what you're interested in. And we provide you with your readouts of choice.

Speaker Change: Our highly automated workflow means we can deliver data as quickly as three weeks for chemical screens and within three months for genetic screens.

Speaker Change: depending on the type of cells used and the type of genetic perturbation you're looking for.

Speaker Change: We also have a sample data set that you can just go to our website and download and interact with that includes a compressed data set, metadata plus raw UMI counts, and a short report detailing the workflow and data with a link to the full data set.

Speaker Change: Customers have really been loving this, so you should go over and download it if you're a bioinformatician or a drug discovery expert that wants to take a look.

Speaker Change: Finally, I'm excited to report that we recently signed deals with a leading tech biocompany as well as a top 10 pharma company for functional genomics, and these will be reflected in our Q4 program count.

Speaker Change: Okay, the second data points product we launched just a couple weeks ago is antibody developability. Okay, so this is applied more on the development of a new drug asset.

Speaker Change: Our world-class wet lab infrastructure offers customers the scale and breadth to unlock AI in this area. We basically ask a customer to send us their antibody sequences as input.

Speaker Change: Okay, and then we perform wet lab workflows in high throughput and then give back that AI ready data set. And so in this case, we are synthesizing, expressing, and purifying the antibodies. We're performing broad biophysical characterization across 10 plus

Speaker Change: developability assays, to analyzing and integrating that data and then giving it back in a way that your ML team can work with.

Speaker Change: And just like Functional Genomics, we've already created a sample data set. We produced and tested 20 IgG antibodies that were previously characterized in Jane et al., sort of a famous antibody paper back in 2017. And you can just download that data set on our website right now.

Speaker Change: But we also expanded on this and tested another 200-plus commercial antibodies with the same set of developability assays, and if you reach out to email us, you can get access to that too.

Speaker Change: Okay, the downloadable data set includes assay parameters and data output for each of these 10 different assays. There's also a README file with more details on the assays and descriptions of the fields in the data set.

Speaker Change: Similar to our functional genomics offering, we've already signed a pilot deal with a top 25 pharma company.

Speaker Change: which will be in our Q4 program count. And one of the things that really excites me is that because the data points deals are initially smaller than solutions and don't involve royalties, we're able to sell them to customers via traditional procurement channels.

Speaker Change: In other words, it's a much faster sales cycle than we see in solutions where we're really working with the BD group at our customer and sort of doing a longer deal and partnership. It can be as short as a few weeks.

to close one of these deals.

Speaker Change: This is especially exciting when it allows us to get a first deal with a new large biopharma that we don't have a relationship with, and we have a couple of those. And so if we can prove ourselves in Datapoints, I think it will help us sell solutions or robotics offerings in the future. So super excited about this, and again, you know, congratulations to the Datapoints team at Ginkgo for getting those projects launched and adopted so quickly.

Speaker Change: All right, so that illustrates the catalyst we're seeing within our cell engineering business.

Speaker Change: I'm now going to turn to what we're seeing within our biosecurity business, especially with the recent spread of H5N1 in the U.S. and now actually recently in Canada, too.

Speaker Change: So, now we talked about H5N1 last quarter, but here you can see how the spread of this disease has evolved just over the last few months. We've gone from how the flu is spreading.

Speaker Change: and how it's impacting birds and livestock and wildlife to larger detections of the disease in humans, and how this could turn into the next pandemic if we don't take it seriously.

Speaker Change: Last quarter I spoke about how we were working to validate our novel method for genomic surveillance of H5N1 among dairy cow populations. You can see by our map on the left, which pulls together a number of public databases, that the spread is impacting several species now including humans.

Speaker Change: Because of this rapid spread, we're updating our offering to include DNA sequencing of raw milk, bioinformatics as a service, and then comprehensive analyzed data sets.

Speaker Change: Our first testing method detects and provides genomic information for Flu A in raw milk. Our genomic sequencing delivers necessary information to accelerate development of diagnostics, vaccines, and therapeutics, and also gives early warnings.

Speaker Change: This is, I think, a pretty clever approach where we test raw milk after it's all pulled together from a bunch of different farms. This protects farmers' privacy. People are concerned. It's a lot of analogs here to what we saw with COVID where people don't.

Speaker Change: necessarily want to know that they have this because it has economic impacts and so this protects farmers privacy as well as offering insights that might not otherwise be gleaned if only tracking symptomatic cows.

Speaker Change: Next, we have Bioinformatics as a Service. Our bioinformatics specialists give in-depth analysis of genomic information through a suite of capabilities and tools, including data and insights generation from any samples. It could be from raw milk or wastewater, state-of-the-art AI tools to process that data, and then finally, custom analysis of the genome. In other words, is this a viral sequence I should be especially worried about or not?

And lastly, we can offer comprehensive analyzed datasets.

Speaker Change: We bring in a bunch of data sets and data streams at scale, including our proprietary international nodes for aircraft wastewater that we've talked about before, also wildlife surveillance, and so on. And this data has been integrated, analyzed, and standardized to give consistent results.

Speaker Change: and comparability across sets. And with this landscape of integrated data, we can create sort of a common operating picture to give actual insights to decision makers, typically in governments.

Speaker Change: with last week's CDC announcement highlighting the need to quote identify and implement strategies to prevent transmission among dairy cattle to reduce worker exposures which is focused on timely identification of infected herds to support the rapid initiation of monitoring testing and treatment of human illness.

Speaker Change: I think you're seeing the CDC start to lean in. We're hopeful Gingko can play a role in these efforts. Look, the thing we're trying to avoid, that everyone wants to avoid here, is human-to-human transition of this disease. And what's happening is it's spreading in livestock, different animals, humans that are close to that are occasionally getting it. And the question is, will it mutate in a way that allows a human to spread it to a human? If that happens, that is very bad.

Speaker Change: So, we continue to socialize these threats with the U.S. government so people hear things like what I just said. And we're currently in discussion with potential commercial partners to expand our testing capabilities. You know, as you can see in the slide, there's some that allow us to get into sort of about 50% of the market.

The milk supply for monitoring.

Speaker Change: Bottom line is there is currently low participation in the government-offered voluntary programs that are happening today, so this is not a business for us yet here, but we think our approach offers a very common-sense solution that sort of protects

Mark Dmytruk, Jason Kelly, Mark Dmytruk

Speaker Change: Our pooled testing approach has quick turnaround on results. We know this from our K-12 testing program. Large-scale surveillance can really work.

Speaker Change: We got a lot of reps handling the complexities of testing and privacy during COVID-19, let me tell you. So we stand ready to support the dairy industry with the tools that can be used the same way for herds as well as exposed farm workers. This is a good idea and I hope the U.S. government stays on top of it.

Speaker Change: Okay, in conclusion, I'm extremely proud of our execution this quarter as we continue to cut back our costs while still delivering on our revenue targets and on critical technical milestones for our customers. We deliver for our customers, both with our traditional offerings and our new tools offerings, such as data points, and I'm excited for the opportunity we have ahead of us as we continue to strive towards adjusted EBITDA breakeven by mid-2026.

Speaker Change: while maintaining that cash margin of safety. All right, now I'll hand it back to Megan for Q&A. Great. Thanks, Jason. As usual, I'll start with a question from the public and remind the analysts on the line that if they'd like to ask a question, to please raise their hands on Zoom, and I'll call on you and open up your line. Thanks, all.

Speaker Change: Hey, welcome back everyone. As usual, we'll start with a retail question and then we will go down our list of analysts. So, Tejas.

Megan: You'll be up first after our retail question. But the first one is from our investor inbox and is for you, Jason. Can you provide more clarity into what the company's strategy is? With the new tools business, it feels like Ginkgo is pursuing a lot of different opportunities with an unknown return.

Jason: Yeah, this is a good question, and I tried to show a chart with that curve on it during the earnings call to describe a little bit of this, but Ginkgo has our historical solutions business, and we are expanding into tools, and I'll give a little bit of the reasoning behind the strategy. So the

Jason: Major takeaway I have being out in the market recently is I think

Jason: Gecko is still uniquely kind of providing advanced bioengineering technologies at a level I don't see other companies really working on. So I think we remain a very unique technical asset in the market and so and I don't see a lot of

Jason: places nipping at our heels at the moment. So I think the biggest thing in this

Speaker Change: kind of like biotech market downturn right now is Ginkgo needs to be there on the other side of this to then grow into all the demand that, you know, those of us who believe in the biotech industry fundamentally expect will be there. And so my overwhelming focus

is really on us getting to breakeven.

Speaker Change: In other words, Ginkgo, not needing to raise more capital, tightening our spending, getting our cash burned down. That, you know, those of, you know, folks in the company that are listening today know that that is sort of what's getting pounded in across the organization. So, so that's the focus. Okay, so then why are we expanding into tools? Well, the simple reason is it allows us to take assets we already have.

Speaker Change: our robotics, our data and AI infrastructure, and our ability to generate complex data sets with the data points offering, and basically sell our existing assets in a new way.

Speaker Change: I don't need to spend years building out a new product line to then go and launch it. You know, we're already, as you saw, signing up new large customers in these tool businesses already.

Speaker Change: and that's because those assets were already there. And so my hope is, this is really a new go to market.

Thank you for watching!

Speaker Change: Thanks, Jason. Like I said, Tejas, you're up first. Your line is now open.

Thank you for watching!

Tejas: Hey guys, thanks. Can you hear me okay? Yeah, I can hear you.

Tejas: Perfect. Jason, maybe to kick things off here, you know, last quarter you talked about a narrowing of your focus in pharma and industrial along with ag.

Jason: And I'm just curious as to, you know, have you started to notice a clear improvement in resource utilization and efficiency? And sort of on a related note, you know, one of the things that I think you guys have talked about with the large rift that you've pulled the trigger on here was...

Jason: the chance of attrition on the delivery teams and the foundry side of the business, right? So could you just share a little bit of color on anything related to that dynamic?

Thank you for watching!

Jason: and pharma and ag, which are sort of the mainstay areas of biotechnology accounting for more than 70% of our business today. And so that shift has been a function of people moving out of more,

Jason: like growthy new applications of biotech that were sort of supported by looser capital and people being willing to take longer term bets in a lower interest rate environment to I know we can make therapeutics, I know we can make strains and the government funds R&D. And so those are really like the bedrock of biotech. And so that's where we shifted as a platform just in terms of where we were focusing in the market.

Jason: Separately, we have, even in those areas, like I said on the call, we won't just walk in and say, I'll do any type of cell engineering for you now. You know, we have our lines of business, you know, protein production, protein design, enzyme engineering, you know, variety of things that are sort of what we're good at. RNA work, for example. And so we'll go in and pitch that.

in solutions, but not anything under the sun.

Jason: All right, and that focusing is what has allowed us to bring cost down.

Jason: and be able to, you know, actually beat costs while still holding on our revenue targets. And so I do think we are seeing those efficiency gains of that focus to adjust. That's exactly what you see in the numbers this quarter. You know, in terms of the rep and attrition, yeah, that's something we watch closely, right? You know, I think the team's done an amazing job being able, again, with those areas of focus, really rebuild how we do our work at the company to deliver it more efficiently. And so, you know, I'm hopeful we can keep doing that, driving down costs in the future. It feels like a good direction. And then the hope is, again, same base of assets, we start being able to sell them in a new way with solutions, and that helps us close the gap on cash spending.

Speaker Change: Got it. That's helpful. And then a quick follow-up for me, you know, biopharma funding. Any signs of, you know, sequential stabilization? I think it's too early to call it an infection. No one's kind of like there yet. But curious as to what you guys are seeing in your conversations.

Speaker Change: On the biosecurity side, you know, one of the questions that we've been getting of late, you know, just given the election outcome, how confident are you that the government is, you know, committed to funding these biosecurity initiatives, you know, pathogen monitoring at airports or even H5N1 surveillance that you called out?

Speaker Change: I think on one of Mark's slides, actually, there were a bunch of government programs even on the cell engineering side this quarter. So any color you can share on, you know, anything shifting in your mind as it relates to the election?

Speaker Change: Yeah, I can take those both again. So, on the biopharma side, are we seeing increases in sort of venture capital and growth and R&D spending generally? I think, yeah, like,

Speaker Change: You know signs of life, you know green shoots a bit. It's still like a tough time. I would say in general in biotech We have the advantage like I mentioned earlier that we're getting

Speaker Change: our first deals with some major biopharma. So I've said this on calls before, but I think in the biopharma industry, it's not like

Speaker Change: Ginkgo has broadly penetrated with our offerings. So I think for the larger biopharmas, it doesn't really matter what's going on with macro relative to ginkgo today. It would matter for like a Thermo or Charles River, somebody that's sort of like in everywhere already, but ginkgo is just much earlier in our journey. And so mostly for us, it's about getting

The startup companies the major thing in Biopharma is our previous like R&D deal like the solutions business. When it comes to startups was a hard sell right because it starts a little more protective of their research programs. They really didn't like what we're doing with IP and other things there and so the tools business I think.

Speaker Change: It gives us more ability to even sell to those startups.

Speaker Change: So we'll see how that goes but.

Speaker Change: Like I said signs of progress there and data points that I'm excited about.

Speaker Change: On the <unk> that makes sense yeah.

Speaker Change: And then on Baas skirting the change of administration Akshay points.

Speaker Change: Matt Mcknight, who heads up our bio security business.

Speaker Change: I had an op Ed in the Washington Post yesterday.

Speaker Change: Alongside she's job.

Speaker Change: <unk> was the one of the Covid senior Covid coordinators and the buy in administration and then Matt Pottenger, who was on the National Security Council under the first Trump administration.

Speaker Change: Heading up their focus on China and that editorial was.

Speaker Change: Not so much about infectious disease and public health are really about biological weapons, and so I think what youll see with regards to this administration you might have also seen there was a couple of weeks ago. Another I think it was Washington Post also article about.

Speaker Change: Russia, expanding a what was previously a biological weapons plants.

Speaker Change: And you can see from satellite images expansion of a number of fermentation facilities underground tunnels. All these sorts of things. So I think there's going to be a little bit of a shift on the defense side.

Speaker Change: Monitoring the Weaponisation of this technology under this administration.

Speaker Change: Got it I appreciate the color guys. Thank you.

Speaker Change: Thanks stages next up we have Matt <unk> at Goldman Sachs. Matt. Your line is now open.

Matt: Alright, Thanks, guys. Thanks for taking my question I appreciate it.

Matt: Jason maybe a high level one for you just given sort of all the changes you've made the addition of various products and services over the last year.

Matt: How has the transition been towards what I would call like a multi product or multi service company in a time, when you're actually cutting spend as well, meaning like how does that expanded market opportunity from these new products and services offset potential friction.

With the focus being kind of spread across multiple products are there synergies between these offerings are the decision makers. The same ones that you might have been approaching on the cell engineering, and then to kind of close that out like how have you changed the commercial focus of the company to make sure that the commercial team is on the same page as the product.

Matt: Development team as you're making all of these changes.

Speaker Change: Yeah, So maybe I'll speak to that from like two out of the house internally and then at the customer.

Speaker Change: So at the at the customer I think it's a net win in the sense that you know.

Speaker Change: Like we might go in talking to someone about solutions and <unk>.

You know.

Speaker Change: And that can be a tough sale it really depends on where like finding a person who had really hasnt need or a research project they've had internally that they're stuck on or something else and and and so that.

Speaker Change: Our sales force that we haven't had an interaction understanding their problems and then say well you know you might want to take a look at what we what we just launched with functional genomics for target discovery and neural cells or something right like lag that that that's a very natural handoff and we've already had a ton of that because all of our products are focused on the research enterprise.

Speaker Change: Right. It just really is a little more about like at what level in the organization. The decision maker is so when it comes to a solutions deal. We're almost always dealing with like tip top senior leadership in the research organization, just because of the size of those deals and the fact that there is milestones and royalties. It's essentially a combination of the BD team and senior R&D.

Leadership.

Speaker Change: A proof of concept.

Speaker Change: Try out our our antibody developed ability app as you know you can do a proof of concept deal at 100, K or less right. So that can that can be picked up at the scientists level.

Speaker Change: For folks that are mid level in the in the R&D organization, that's an inlet now.

Speaker Change: Now we're showing progress.

Speaker Change: For an organization I can easily see and we have obviously haven't had enough time to do this yet but I guess he has come back after we get a few wins there and talk to people about solutions. So.

Speaker Change: So I do think thats on the sales side, its actually not confusing and I think if you look at the history of life science tools companies like a thermo or Danaher My God, They do everything under the Sun right.

Speaker Change: Not like they've narrowed in and focused on one thing right and so I do think that's not that big of a deal on the customer side from like a customer confusion or anything that's not a problem.

Speaker Change: On the internal side Theres a question of can you to delivering these things like additive or or do they collide with each other.

Speaker Change: I think pretty good I mean, we we have internally not to go too far under the Hood, but have really split the teams up to make sure. Each one is focused on delivering its product whether its.

Speaker Change: Our solutions offering or what we're doing with these new tools.

Speaker Change: Tools businesses. So the internal teams, we have a little more side look I want to focus on what you're doing so that make sure. When you deliver for customers is the sales teams that.

Speaker Change: Our able to jump around a little more and so that's been working so far but youre correct, we should we need to keep an eye on it.

Got it and then Mark just for my follow up.

Speaker Change: As we think about.

Speaker Change: Data as a service and the data point offering like how should we think about sort of the margin profile of these offerings I'm, assuming the capital intensity is significantly lower and so as these things start picking up and sort of in the legacy cell engineering is still there, but these are kind of driving future growth.

Speaker Change: How should we think about sort of that breakeven point that you're reaching and could that accelerate bringing for that breakeven or the margins that much higher and more substantial in those businesses that we could see a shift in sort of your profitability guide going forward.

Speaker Change: I mean, it's still early days on the revenue side with those products and so you really have to think about kind of at scale what would the gross margin profile look like and certainly we're targeting.

Speaker Change: Margins that sort of look normal for kind of services in this space.

Speaker Change: But I think.

Speaker Change: It's just still too early like we need to get to a higher revenue scale before the.

Speaker Change: The margin profile for the tools businesses would have.

Speaker Change: A kind of move the needle impact on the whole company.

Speaker Change: Alright, Thanks very helpful. I appreciate it.

Speaker Change: Thanks, Matt next up we have John Kim from Bank of America. John Your line is now open.

John Kim: Hey, good afternoon or evening actually.

So as as you continue to take out costs I would think there would continue to be also severance packages and also one off costs. So.

Speaker Change: Can we expect those costs to repeat and if so what sort of impact should we model in for the.

John Kim: For the next few quarters.

Speaker Change: Yeah. So what we've disclosed in the Q is that we would expect at this point total one time costs associated with the restructuring to be in a range of $18 million to $22 million.

Speaker Change: Around 15 of that has been accrued to date so through Q3.

Speaker Change: Uh huh.

Speaker Change: 15, or 16 of that has been accrued to date.

Speaker Change: And so that gives you a sense of sort of what would be left to go what that doesn't include would be things. We don't know about right now I can't estimate. So for example, when you think about our site consolidation.

Speaker Change: It's difficult to know exactly like what costs would be incurred.

To affect the consolidation depending on what the sort of outcome with that space is for example is an established or is it some other sort of type of exit and so.

Speaker Change: But that that 18 to 22 of which more than half of that has been kind of book to date is where we're at right now.

Speaker Change: Gotcha, Okay, Alright, I'll keep it to one today. Thank you.

Speaker Change: Thanks, John Our next question comes from Mark Massaro with PTSD Mark Your line is now open.

Mark Massaro: Great can you can you hear me.

Speaker Change: Got you Mark Yep Awesome. So yes, thanks for taking the questions.

Speaker Change: I appreciate all the.

Speaker Change: All the breakouts and the detail. So you signed 11 new programs in Q3 that are sort of comparable to what you've signed in prior years.

Speaker Change: Last quarter it was 10.

Speaker Change: Is it fair to think that like this.

Speaker Change: Low double digit number might be a run rate going forward recognizing that you're clearly.

Speaker Change: Also promoting some of these data point products.

Speaker Change: Fee for service product, so I'm, just trying to get a sense as we think about modeling out.

How do you think about prioritizing sort of the traditional programs with some of the newer product.

Speaker Change: Yeah, that's a good question.

Speaker Change: Yeah, I think you will see us obviously, we're trying to grow that second category.

Of our new kind of tool steel are the ones that we had the.

Speaker Change: 14 of this quarter.

Speaker Change: We love getting the solutions deals. It. It just is a question of like the rate at which people are going to adopt these R&D partnerships and the other thing I'll say is like.

Speaker Change: It certainly does.

Speaker Change: The size and they are.

Speaker Change: More variable right like just some of them are just a hell of a lot more valuable than others.

Speaker Change: And so that that kind of metric is one of the reasons that we decided to come off this year.

Speaker Change: I'm not sure how how indicative. It is I know solutions has always been a payment but for people to.

Speaker Change: Try to model for us.

Speaker Change: And the time like I said, some milestones and the scale of the milestones we're obviously occasionally.

Speaker Change: How much we have in milestones.

Speaker Change: But it's all sort of down the road and unpredictable a little bit so I'm not I'm not sure that I don't know, which way. It will go in terms of number I don't think its actually like the best way to track the progress and solutions even.

Speaker Change: But but yes as you can see across the year, it's been around that kind of low double digits.

Speaker Change: Okay, great and I recognize you're not planning to provide guidance for 2025 today.

Speaker Change: When I look at your cell engineering sell engineering services.

Speaker Change: For this year.

Speaker Change: At the high end Youre close to growth and so with the combination of some new product offerings. I'm curious if you think you have an opportunity to grow that business and 25 and then the second part of that is.

Speaker Change: Last year, you reported the aggregate future cash revenue potential added I think it was $2 billion last year should we expect an update to that in the coming months.

Mark Massaro: You mean on that last point, Mark you're talking about downstream value share.

Speaker Change: Yes, yes, yes, so just to quickly address that yes in the Q4 earnings call. We would provide an update on downstream value share in that portfolio.

Speaker Change: Similar to what we've done over the past couple of years.

On the.

Speaker Change: On the.

Sorry, Mark can you repeat the first part yet.

Yes, the first part of it was on the cell engineering sell engineering services growth.

Speaker Change: So I think a good way to think about cell engineering growth. So yes, the tools businesses.

Speaker Change: <unk> starting at a baseline revenue sort of close to zero would be a source of growth in 2025 that would be additive to anything that you would see in the comps in 2024, so that would be true well. We don't know is sort of how much of a contributor that will be but it would be additive on the solutions.

Speaker Change: I think a good way to think about it is we're <unk>.

Speaker Change: Primarily focus on aligning our cost structure.

Speaker Change: With revenue generating programs that.

Speaker Change: We like given our cash burn our objective to reduce cash burn and get to adjusted EBITDA breakeven. So so we're not going to grow so engineering solutions revenue.

Speaker Change: At the expense of.

Speaker Change: Missing burn targets or losing that kind of cash margin of safety and so there is sort of a a.

Speaker Change: We will be evaluating very carefully what is like the right level of growth and where is sort of like the real baseline for cell engineering solutions.

Speaker Change: Yes, like we could grow it.

Speaker Change: But we also only wanted to grow it in a way that is consistent with the cash.

Speaker Change: <unk>.

Speaker Change: Flow <unk>.

Speaker Change: File that we're looking for in 2025.

Speaker Change: And then just one final point, we also don't know what will happen with the capital markets. As you can see most of our new programs has been with Biopharma and government customers not industrial biotech customers and so if the industrial biotech market comes back then because of them.

Looser capital markets that could also be another source of growth for us potentially in 2025.

Speaker Change: Yeah, Okay. Thanks.

Speaker Change: Maybe just the extra color I'd put on that is back to the point I was the answer to that kind of a retail strategy question at the beginning.

Speaker Change: And then in the solutions business I think last year. We said we had several billion dollars in these milestone payments right like a lot of what this is about is can we persist to the other side of that when I look strategically at technology competitors I don't like I said I don't see people nipping at our heels right. So so.

Speaker Change: For me in trying to revive.

Speaker Change: A dollar taken out a cost or a dollar added in revenue are treated the same Brian like I really I'm focused on.

That does not need to raise money under adverse conditions and we make it to the other side of this that certainly like my strategic target because I think it's optimal right like I just don't think unlike in a crazy race.

Speaker Change: And so thats, where youll see us doing now capital market chain customer drive change that then I'll come with a different strategy like that's my job, but the but this just so you know like like Mark said, we're not going to chase revenue at the expense of cash.

Speaker Change: Five.

Speaker Change: Okay.

Okay.

Speaker Change: Other questions, maybe mark Mark any other question Sir.

Speaker Change: I'm good thanks, so much I appreciate it.

Speaker Change: Thanks, Mark our last set of questions comes from Jacky Chiesa at TD Cowen Jackie Your line is now open.

Speaker Change: Jackie you're on mute, if IRAK 4 million.

Jacky Chiesa: Okay, sorry, this is jackie on for Brandon.

Just one on your add capabilities I'm pretty curious as to what your next steps higher when you're thinking about building out. Your platform are you kind of aiming to develop larger scale data generation capability in some sort of drill down on that main offering or are you thinking on expanding into like different analysis tools and generating more of our full software platform.

Jacky Chiesa: For your customers.

Yeah. It's a good question so what was the.

First thing I would say about AI as it's probably the most substantial like change driver in Biopharma and biotech R&D departments right now in other words like the reason and R&D leader is looking to bring in new technology, whether its a new service or new pieces of equipment or other stuff and so.

Jacky Chiesa: Outwear at this moment, if you walk in like seven out of 10 of the change drivers are gonna be AI.

Speaker Change: And so so that's a really good thing Brian I want to be in that in that mix, what we've been producing out of our AI team. We've been launching these models you can go to our models I think of our works out AI and NGO hit our API you can access models, just like you would access them at open AI right paper tokens really straightforward business put on a credit card.

Jacky Chiesa: <unk>.

Jacky Chiesa: The reason, we're doing that as it gets us out in the community and launch it shows that we can put it push out these sort of frontier models in the protein space, bringing I'll open source models and get them. All just on an API that scientists can use okay. So thats sort of our first volley right and then from there you can take it a few different ways like our data points business, where we generate large datasets.

Jacky Chiesa: He is a very natural complement to these AI models, so a customer might say well great I like this let's say, we recently put in mrna model on the platform, let's say, we add an antibody model on the platform.

Jacky Chiesa: You might say, hey look great I want to take that model I want to generate a bunch of designs I wanted to create develop ability data associated with that from data points and then use it to fine tune the model alright, well, that's getting us data points business, our AI team could offer.

Jacky Chiesa: Z work, we could offer cloud services around that and so on and that's like a nice complete package will see that's one example of a direction I could go on maybe tons of people just are building on top of it like you see with open AI right like that's a different direction I could go and so I think right now we're being very open minded like the rate of change in that area.

Jacky Chiesa: Our rate Youre seeing new technologies is all really good and really exciting and so we will say right now, but we are trying to keep yes, we're watching cost rock, where I'm trying to spend a ton of money on on things and what we're looking to see as the technology develops which way it's going to go but we do see ourselves as a leader there and I think we're doing like first of its kind.

Jacky Chiesa: Work by putting these models out with just a straightforward API that you can pay for it.

Jacky Chiesa: So I'm excited about the area.

Speaker Change: Great. Thank you and then maybe just one more in Q4, Opex and apologies if you've mentioned this before them I you can't really just crashed at an opportune time given.

Speaker Change: Given you've already hit your goal for fiscal year 'twenty four should we expect cost savings in opex rate to continue at the same rate quarter over quarter for the fourth quarter as it did for Q3 or do you think it's going to kind of.

Speaker Change: Level out a little bit.

Speaker Change: You won't you won't see the same magnitude of quarter over quarter reduction.

Speaker Change: But we are continuing to take costs out just for example, like not all of the head count reduction that has happened. This year is even reflected in the Q3 numbers.

Speaker Change: But every cost line item and the company is under a pretty high level of scrutiny. So you'll see costs come down, but it was a pretty significant drop in Q2 to Q3 and youre not going to see the same drop in Q4, Okay excellent Thats Super helpful. Thanks, So much guys and congrats on the corner.

Speaker Change: Okay.

Thanks, John that concludes the Q&A portion of the call so I'm going to hand, it over to Jason for England closing thoughts.

Speaker Change: Yes, I think so.

Jason England: Great quarter, and really happy we established sort of getting our cost out and holding the line on revenue I think that's really been critical and I want to congratulate the ginkgo team on that I will say, we did get one question on the.

Speaker Change: I called out.

Terry attrition and what's happening there and I don't want to call out there is one voluntary here's what I'm quite sad about which is Megan I will be leaving actually got great opportunity good growth opportunity to go to a new place. They are very lucky to have her.

So I'm not gonna want say, thank you for doing a great job being a steady hand on IR for us, particularly over the last six months, but the whole time you've been here. So thank you well. Thank you and the team is in very good hands with everyone. That's taking over my responsibility.

Speaker Change: Thanks.

Speaker Change: Thanks, everybody I appreciate the question.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: Liberty mutual customize my car insurance, so I saved hundreds, but the money I said I think in a wax figure myself.

Speaker Change: All right and a temporal lobe pond only pay for what you need.

Speaker Change: Hey, Anthony.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Okay.

Yeah.

Speaker Change: Okay.

Speaker Change: Amy.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Yes.

[noise].

Speaker Change: Thanks.

Speaker Change: [music].

Yeah.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Okay.

Yes.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Sure.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Hi.

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: Sure.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Okay.

Sure.

Speaker Change: Thanks.

Speaker Change: Thank you.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay.

Sure.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Sure.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Thanks.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: [music].

Sure.

Sure.

Speaker Change: Sure.

Speaker Change: Yes.

Speaker Change: <unk>.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Okay.

Right.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Yes.

Thank you.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: Sure.

Sure.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Sure.

Sure.

Yes.

Speaker Change: Sure.

Thanks.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Sure.

Speaker Change: Thanks.

Speaker Change: Okay.

Speaker Change: Okay.

[music].

Speaker Change: Thank you.

Speaker Change: Okay.

Speaker Change: Okay.

Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: No.

Speaker Change: Sure.

Speaker Change: Thanks.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: Okay.

Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Sure.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: Yeah.

Speaker Change: No.

Speaker Change: <unk>.

Speaker Change: Yes.

Speaker Change: <unk>.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Thanks.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Okay.

Yes.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: [music].

Yes.

Speaker Change: Sure.

Speaker Change: Yes.

[music].

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: Yes.

Speaker Change: No.

Speaker Change: Sure.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: [music].

Yes.

Yes.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Yes.

Speaker Change: Yes.

Yes.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: Sure.

Speaker Change: Sure.

Speaker Change: Correct.

Speaker Change: Okay.

Speaker Change: Yes.

Yes.

Speaker Change: Yeah.

Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Right.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Yes.

Yes.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Sure.

[music].

Speaker Change: Yes.

Okay.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Alright.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Yes.

Okay.

Okay.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: Yeah.

Speaker Change: <unk>.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Hum.

Speaker Change: Okay.

Speaker Change:

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

[music].

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: Uh huh.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Thanks.

Speaker Change: Okay.

Speaker Change: Thank you.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Thank you.

Speaker Change: <unk>.

Speaker Change: [music].

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Thanks.

Speaker Change: Okay.

Okay.

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Thanks.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Good.

Speaker Change: Okay.

Okay.

Okay.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: Okay.

Thanks.

Speaker Change: Thanks.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: No.

Speaker Change: No.

Yes.

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Thank you.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: It is.

Speaker Change: Okay.

Speaker Change: Thank you.

Speaker Change: Okay.

Speaker Change: Zero.

Speaker Change: Okay.

Speaker Change: Thanks.

Speaker Change: No.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Sure.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: <unk>.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: Sure.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: Yeah.

Speaker Change: Bob.

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Great.

Speaker Change: Yeah.

Speaker Change: Alright.

Speaker Change: Yes.

Yes.

Speaker Change: Yes.

Yes.

Speaker Change: Okay.

Okay.

Speaker Change: Okay.

Speaker Change: Alright.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Got it.

Speaker Change: Thanks.

Yes.

Speaker Change: Okay.

Speaker Change: Tom.

Speaker Change: [music].

Speaker Change: Okay.

Yes.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: [music] move.

Speaker Change: <unk>.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: No.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: Okay.

Yes.

Speaker Change: [music].

Speaker Change: <unk>.

Speaker Change: No.

No.

Speaker Change: Yeah.

Speaker Change: Yeah.

Speaker Change: Yes.

Speaker Change: Yes.

[music].

Speaker Change: One of our partners.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: Alright.

Speaker Change: [music].

Speaker Change: Yeah.

Speaker Change: [music].

Speaker Change: Thanks.

Speaker Change: Okay.

Speaker Change: Sure.

Yes.

Speaker Change: Okay.

Speaker Change: Yeah.

[music].

Speaker Change: Yeah.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Yes.

Yes.

Speaker Change: Yeah.

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Sure.

Yes.

Speaker Change: Thanks.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Yes.

Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Alright.

[music].

Speaker Change: Got it.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: [music] performance.

Sure.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: [music].

Yes.

Speaker Change: [music].

Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Alright.

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: Hum.

Speaker Change: Okay.

Speaker Change: Alright.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Okay.

Okay.

Speaker Change: Fair enough.

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Yes.

Great.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Correct.

Speaker Change: No.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Right.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Hi.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: [music].

<unk>.

Speaker Change: [music].

Bruce.

Speaker Change: Yeah.

Speaker Change: Yes.

Speaker Change: Thanks.

Speaker Change: Yes.

Speaker Change: <unk>.

Speaker Change: Yeah.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

<unk>.

Speaker Change: Yeah.

Speaker Change: Thanks.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: Yes.

Speaker Change: Yes.

Yes.

Speaker Change: Yes.

Yes.

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: Yes.

Speaker Change: Okay.

Yes.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: [music].

Yes.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: Okay.

Okay.

Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Yes.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: Okay.

Sure.

Speaker Change: [music].

Speaker Change: No.

Sure.

Speaker Change: Thank you.

Speaker Change: Sure.

Speaker Change: [music].

Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Okay.

Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: Sure.

[music].

Okay.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Yes.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Yes.

Speaker Change: Thanks.

Speaker Change: Yeah.

Speaker Change: Thanks.

Speaker Change: Great.

Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Thanks.

Speaker Change: Okay.

Speaker Change: Thanks.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Okay.

Sure.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: What gives.

Speaker Change: Gives you the freedom to tell your story.

Speaker Change: With a professional website that reflects because you are and what you have to offer.

Speaker Change: Customize every element of your website.

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: To meet your needs.

Speaker Change: She careful.

Speaker Change: Create a unique visual experience that enhances your product.

Speaker Change: Amplifies your methods.

Expand your website.

Speaker Change: Content that pushes your business forward.

Speaker Change: Sure content that matters to your audience.

Speaker Change: Yes.

Speaker Change: And presented the way you envision.

Speaker Change: From the biggest ideas.

Speaker Change: The smallest detail.

Speaker Change: Your website carefully your platform.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: [music] right.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Yes.

[music].

Speaker Change: Yes.

Yes.

Speaker Change: Yeah.

Speaker Change: Therefore.

[music].

Yes.

Speaker Change: [music] pieces.

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: [music].

Yeah.

Thanks.

Speaker Change: Okay.

Speaker Change: Ooh.

Speaker Change: Hum.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: Thank you.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay.

Yes.

Speaker Change: Well.

Speaker Change: Yes.

Yes.

Speaker Change: Bob.

Speaker Change: Right.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: Right.

Yes.

Speaker Change: Okay.

Speaker Change: Bob.

Speaker Change: Sure.

Speaker Change: Yes.

Speaker Change: Hi.

Speaker Change: Yes.

Speaker Change: Yes.

Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Hi.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Thank you John.

Speaker Change: Sure.

Alright.

Speaker Change: Yes.

Speaker Change: No.

Speaker Change: Sure.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: Yes.

[music].

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: No.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yes.

[music].

Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Okay.

Sure.

Speaker Change: Yes.

Yes.

Speaker Change: Yeah.

Speaker Change: Sure.

Speaker Change: Okay.

Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Okay.

Okay.

Sure.

Speaker Change: Sure.

Speaker Change: Sure.

Speaker Change: Okay.

Sure.

[music].

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: Okay.

Sure.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Sure.

Speaker Change: Yes.

Sure.

Speaker Change: Right.

Speaker Change: Sure.

Bruce.

Speaker Change: Sure.

Speaker Change: Right.

Speaker Change: Sure.

Speaker Change: No.

Speaker Change: Sure.

Speaker Change: Yeah.

Speaker Change: Thanks.

Speaker Change: Sure.

Speaker Change: [music] anymore.

Yes.

Speaker Change: Yes.

Speaker Change: There is.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: Sure.

Speaker Change: Yeah.

Speaker Change: Sure.

Speaker Change: Sure.

Speaker Change: Sure.

Speaker Change: [music] noise.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: Yeah.

Speaker Change: [music].

Speaker Change: Uh huh.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: Hum.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Yeah.

Speaker Change: [music].

Speaker Change: Yes.

Sure.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: Understood.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: <unk>.

Speaker Change: Sure.

Speaker Change: Sure.

Speaker Change: So.

Speaker Change: Sure.

Okay.

Speaker Change: Sure.

Speaker Change: Sure.

Speaker Change: Sure.

Speaker Change: Sure.

Sure.

Speaker Change: Sure.

Speaker Change: So.

Speaker Change: Yes.

Speaker Change: <unk>.

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: Yeah.

Errors.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Yes.

Speaker Change: Yes.

Speaker Change: [music] powers.

Speaker Change: <unk>.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Alright.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: Sure.

Okay.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Sure.

Okay.

Speaker Change: Sure.

Sure.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: D C.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Okay.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Yeah.

Speaker Change: [music].

Okay.

Speaker Change: Bruce.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Thank you.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Okay.

[music].

Speaker Change: Okay.

Yeah.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Yeah.

Speaker Change: Thanks.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: Yeah.

Speaker Change: Thank you.

Speaker Change: Great.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Okay.

Sure.

Speaker Change: Sure.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: Sure.

Speaker Change: Our.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: Yes.

Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: More.

Speaker Change: [music].

Sure.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Hi.

Speaker Change: Yeah.

Speaker Change:

Speaker Change: Awesome.

Speaker Change: Sure.

Speaker Change: Okay.

[music].

Speaker Change: Okay.

Speaker Change: [music].

Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: Got it.

Speaker Change: Yes.

Yes.

Speaker Change: Sure.

Speaker Change: Sure.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: Hum.

Speaker Change: [music] column.

Speaker Change: Yeah.

Speaker Change: Sure.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Hum.

Speaker Change: [music].

Speaker Change: Hum.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Cool.

Sure.

Speaker Change: [music].

Okay.

Yes.

Speaker Change: [music].

Speaker Change: Yes.

[music].

Speaker Change: Uh huh.

[music].

Sure.

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: [music] alone.

Speaker Change: Okay.

Speaker Change: [music] anymore.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yes.

[music].

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Yes.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Yeah.

Speaker Change: [music].

Speaker Change: No.

[music].

Sure.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Okay.

[music] et cetera.

Speaker Change: Sure.

Speaker Change: Thanks.

Speaker Change: [music].

Speaker Change: Please go ahead Sir.

Speaker Change: Okay.

[music].

Speaker Change: Yes.

Yes.

Speaker Change: No.

Speaker Change: Great.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: And.

Speaker Change: [music].

Speaker Change: Yes.

[music].

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: No.

Speaker Change: No.

Speaker Change: No no no.

Speaker Change: Okay.

Speaker Change:

Speaker Change: No.

Speaker Change: So.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Okay.

Yes.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Yes.

Yes.

Yeah.

Speaker Change: Okay.

Speaker Change: Hum.

Speaker Change: Sure.

Speaker Change: Yes.

Speaker Change: Alright.

Speaker Change: Sure.

Speaker Change: Sure.

Speaker Change: Sure.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Awesome.

Speaker Change: Yes.

Right.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Okay.

Great.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Thanks.

Sure.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Okay.

Yes.

Understood.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Yeah.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Okay.

[music].

Okay.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Thanks.

Speaker Change: Okay.

Speaker Change: Okay.

A year ago.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: <unk>.

Speaker Change: Yes.

Sure.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Okay.

Yes.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Uh huh.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: Right.

Speaker Change: Okay.

Speaker Change: Uh huh.

Speaker Change: Yes.

Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: Yeah.

Thanks.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Thanks.

Speaker Change: Thank you.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Uh huh.

[music].

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: [music].

Okay.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Thanks.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Thanks.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: [music].

Okay.

Speaker Change: [music].

Speaker Change: Good.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Hi.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: <unk>.

Speaker Change: Okay.

Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Yes.

Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Thank you.

Okay.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: In the east.

Speaker Change: Thank you.

Speaker Change: Yes.

Speaker Change: For the ones, who get it done the most important part is the one you need now and the best partner is the one who can deliver that's why millions of maintenance and repair Pros Trust Grainger, because we have professional great supplies for every industry, even hard to find products and we have same day pickup and next day delivery on most orders, but most importantly, we are in.

Speaker Change: Unwavering commitment to help keep you up and running call Green Dot com or just stop by Grainger for the ones who get it done.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: [music] compound.

Speaker Change: Yes.

Speaker Change: [music].

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: Okay.

Okay.

Speaker Change: Yes.

Thank you.

Speaker Change: Okay.

Speaker Change: Thanks.

Speaker Change: Sir you may begin.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Bruce.

[music].

Speaker Change: Sure.

Okay.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Good afternoon.

Speaker Change: Okay.

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: Okay.

Okay.

Speaker Change: Okay.

Okay.

Speaker Change: Okay.

Yes.

Speaker Change: Yes.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Alright.

Speaker Change: Yeah.

[music].

Speaker Change: Yes.

Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: Hi.

Speaker Change: Yes.

Speaker Change: Awesome.

Okay.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: [music].