Q4 2024 Everspin Technologies Inc Earnings Call
Yeah.
Speaker Change: Good afternoon, and welcome to the upper spin technologies fourth quarter and full year 2024 financial results Conference call. At this time, all participants are in a listen only mode.
Speaker Change: At the conclusion of the regimens prepared remarks instructions will people will be provided for the question and answer session.
Speaker Change: As a reminder, this conference call is being recorded I would like to turn the conference over to say Hoffman Investor Relations Robert Spin.
Speaker Change: Thank you operator, and good afternoon, everyone and that's been a really extreme ups for the fourth quarter and full year 2024 and at December 31st 2024. This afternoon after market close.
Speaker Change: Hey, Hoffman of Investor relations for ever spin and with me on today's call are essential under the President and Chief Executive Officer, and Doug Cooper, Chief Financial Officer.
Speaker Change: Before we begin the call I would like to remind you that today's discussion may contain forward looking statements regarding future events, including but not limited to the company's expectation for ever since future business financial performance and Kohl's customer industry adaptation of AMRAAM technology successfully bringing to market and manufacturing products in.
Speaker Change: Ever since design pipeline and executing on its business plan.
Speaker Change: These forward looking statements are based on estimates judgments current trends and market conditions and involve risks and uncertainties that may cause actual results could differ materially from those contained in the forward looking statements.
Speaker Change: We would encourage you to review the company's SEC filings, including the annual report on Form 10-K, and other SEC filings made from time to time in which the company may discuss risk factors associated with investing in ever spin off.
Speaker Change: All forward looking statements are made as of the day of this call and except as required by law. The company undertakes no obligation to update or alter any forward looking statements made on this call whether as a result of new information future events or otherwise.
Speaker Change: The financial results discussed today reflect the company's preliminary estimates are based on the information available as of the date hereof and are subject to further review by Everton and its external auditors. The company's actual results may differ materially from these estimates as a result of the completion of financial closing procedures final addressed.
Speaker Change: <unk> and other developments are rising between now and the time that the financial results for this period are finalized.
Speaker Change: Additionally, the company's press release and statements made during this conference call will include discussions of certain measures and financial information in GAAP and non-GAAP terms included in the company's press release are definitions and reconciliation of GAAP net income to adjusted EBITDA, which provide additional details.
Sanjeev Alcohol: A copy of the press release is posted on the Investor Relations section of <unk> website at <unk> Dot Com and now I'd like to turn the call over to ever since president and CEO Sanjeev alcohol.
Speaker Change: Please go ahead.
Speaker Change: Thank you Frank.
Speaker Change: And thanks, everyone for joining us on the call today.
Speaker Change: When I discuss our results.
Speaker Change: I would like to take a moment to welcome Bill Cooper, who is our chief financial Officer.
Speaker Change: Bill joined <unk> in early January coming from advanced micro devices, where he held various executive finance positions.
Speaker Change: On behalf of the board and management team I also would like to Greg Martin audio for stepping back in over the past several months as our interim.
Speaker Change: <unk> Chief Financial Officer.
Speaker Change: Turning to our fourth quarter results we.
Speaker Change: We are pleased to report our fourth quarter results with revenue of $13 2 million above our expectations and EPS at the high end of our guidance range.
Speaker Change: So our outperformance this quarter was due to strength in product revenue, which came in higher than expected plus some additional uplift from our ongoing AD hoc products.
During the quarter, we continue to make progress on a number of brands.
Speaker Change: Advancements that we outlined in prior quarters.
Speaker Change: Most notably we saw a strong momentum.
For example, we signed a contract with Purdue University to advanced artificial intelligence hardware to the microelectronic comments program administered by the Silicon Crossroads, microelectronic comments or CMC hub.
Speaker Change: We also executed the next phase of the project with good logic to develop a strategic creation hard field programmable gate array for FPGA.
Speaker Change: Our four Megabits to 128 megabit SPT Omron persist family is now validated for configuration across all largest semiconductor FPGA is.
Speaker Change: Unable to the largest radiant software suite. This validation highlights <unk> role as a robust and reliable configuration memory device for a wide range of applications in industries, such as industrial aerospace military and automotive.
Speaker Change: We designed the latest high density persist AMRAAM, including our interface support we anticipated the need for frequent SaaS unreliable FPGA configuration.
Speaker Change: With multiple design engagements already underway. This partnership showcases how our <unk> brand solutions deliver the performance and reliability required across diverse applications.
Speaker Change: From a traditional flash memory, two AMRAAM and FPGA configuration reflects the growing demands of modern applications.
Speaker Change: These key advancements demonstrate the strength of our product portfolio and technology.
Speaker Change: On the product side, we added a total of 178 design wins in 2024.
Speaker Change: Our pipeline of new design wins for our Amazon products remains strong and reflects the high quality of our products, which have continued to generate interest and when designs. Despite the pressure on customer R&D budgets in 2024.
Speaker Change: Also seeing continued interest in our <unk> and a full megabits to 128 Megabit X by city on brand product family.
Speaker Change: We expect our design wins with the newer MRM customers to convert to production later in 2025 post qualification of our industrial city MRM products.
Speaker Change: Turning to our results I will start by discussing products for which we recognize revenue in the quarter before discussing new wins and other projects with future revenue potential.
Speaker Change: During the fourth quarter, we continued to ramp revenue from the sale of our persist one gigabit <unk> Ram into Ibm's Flash core module for our FCS for for data Center applications.
Speaker Change: A reminder, this is a fourth generation of IBM MCM that is featured our one gigabit <unk> solution.
Our participation delivers coupon seven gigabytes per second of both <unk> and <unk> bandwidth, coupled with non volatility with the DDR for like interface.
Speaker Change: We are pleased with our progress and anticipate a continued uplift in our product revenue from this ongoing project.
Speaker Change: We are pleased to have recognized initial revenue from the persist AMRI and prototypes reshaped lucid motors for the gravity SUV.
Speaker Change: Looking ahead, we expect to continue recognizing revenue from this project over the next two years, depending upon the customer reception of the SUV in the marketplace.
Speaker Change: While the total market is small due to the low number of lucid Suvs in the market do you believe the design win is a clear demonstration of the reliability and performance that our MRM products deliver and demanding environments.
Speaker Change: We are seeing good traction with the persist one megabit to 128, megabit SDN brand product family in multiple sectors across geographies for.
Speaker Change: For example, our design wins in Asia Pacific and in the networks and casino gaming industry.
Speaker Change: In EMEA the design wins include aerospace industrial automation and automotive transportation industry.
Speaker Change: In the America as our design wins are focused on aerospace oil and gas industrial automation and <unk> applications.
Speaker Change: Turning to our licensing royalty patent and other revenue.
Speaker Change: We continue to recognize revenue from the $9 million to $5 million frankly technologies project that was announced in August of last year to develop a custom radiation hardened STM around macro put embedded solutions using our persist SDM Ram technology.
Speaker Change: As a reminder, the dealer support current and future strategic radiation hardened and low orbital space systems.
Speaker Change: Project remains on target and is meeting all milestones.
Speaker Change: We're pleased to see a growing trend to use commercial off the shelf products and new applications as the <unk> market is expected to grow at a CAGR of 13% significantly increasing from approximately $10 billion.
Speaker Change: $222 billion by 2029.
Speaker Change: We expect our spins MRM products to support and be a part of this market leading to expanding adoption of our persist ex byproducts.
Speaker Change: We have two other ongoing reinhart programs that utilize our <unk> technology. The first program relates to an AD hoc 64, megabit STD and brand project and the second is focused on building a strategic Reinhard FPGA. We continue to recognize revenue from both programs and saw a meaningful sequential increase in.
Speaker Change: From a contract with correct logic.
Speaker Change: As a reminder, under this contract we are providing innovative hygienist amiram technology logic design and backend offline manufacturing services to advance the development and demonstration of strategic radiation hardened high reliability FPGA technology.
Speaker Change: This initiative supports both current and future strategic and space in some requirements.
Speaker Change: We are pleased to share that we recognized foundry revenue from the initial production order from our ongoing project with a leading provider of sensor devices to provide foundry services for the latest generation TMR sensor device on our MRI online.
Speaker Change: <unk> facility.
Speaker Change: Also recognize non recurring engineering or <unk>.
Speaker Change: Revenue for helping with the qualification.
Speaker Change: Turning to below the line items last quarter, we were awarded $14 6 million contract for the next two and a half years from a Dod contractor to develop a sustainable plan for our MRI manufacturing facilities to provide continued onshore and brand capabilities to the aerospace and defense customers.
Speaker Change: During the fourth quarter, we recognized $2 1 million from this project in other income.
Speaker Change: Before I turn the call over to Bill I would like to provide an update on some of our recent awards that we believe will contribute to revenue in future quarters.
Speaker Change: As I mentioned earlier, we signed a contract with Purdue University, and we'll be providing our state of the art CPM Ram technology optimized for fast switching and hygiene margins to support energy efficient solutions and we'll also deploy our manufacturing expertise to fabricate reliable exit.
Speaker Change: The MRI Murray.
Speaker Change: During the initial phase of the project, we have shared our design information with Purdue and has started running vehicles to calibrate the performance of the current magnetic stack.
Speaker Change: While they do process development for phase two of the project, which is estimated to begin next year.
Speaker Change: We expect to recognize initial revenue from the project in the first quarter.
Speaker Change: Now I would like to take a few minutes to discuss our recent Amazon technology, our vision and where we believe our products are expected to impact the memory industry in adjacent markets.
Speaker Change: As we have discussed in the past, we believe our CPM Ram as the optimal candidate to replace our scale nor flash devices identity is greater than 256 megabit.
Speaker Change: Lynn designed to replace nor flash devices <unk> provides a simple simpler architecture for our system.
Speaker Change: System designers with 100 X faster rate and then extra 100 X higher right.
Speaker Change: <unk> had four megabits to 148 megabit as tdm ramp with an expiry interface in production for addressing the nor flash market. We are in the.
Speaker Change: Our process of designing a one gigabyte SSD and DRAM products with a goal of providing early samples in 25.
Speaker Change: There is a strong interest in these high density parts from the FPGA as well as the automotive industry given the trend of electrification of automotive vehicles.
Speaker Change: We are part of the consortium mentioned in our previous calls that are being formed to address these market needs and in some cases at the forefront.
Speaker Change: Arisman also has extensive experience in tuning ICBM Ram technology to make the <unk> look like thats around our data products.
Speaker Change: For example, we have four megabits to 128 megabit SRAM like bots in production offered as part of a personal family. These parts unlimited read write endurance, Dan data for greater than 10 years and extreme temperature ranges and are used by our customers for data logging applications in industrial automation.
Speaker Change: And the casino gaming industry.
Speaker Change: I've been further tuning this technology to improve the REIT like speeds down to less than 10 nanoseconds, while trading off the data retention for 10 years two weeks to keep the rewrite endurance.
Speaker Change: Long interest for these features driven by Microcontrollers and edge AI applications. We expect this segment to grow significantly over the next few years as a major players started out being SDM Ram has discrete chips RF chip left in our packaging solution.
Speaker Change: As you are aware Arisman also add DRAM like AMRI shipping into the storage industry. We have 256 megabit to one gigabit part with the DDR like interfaces shipping into the data center market.
Speaker Change: As a next step we are in the process of demonstrating computer Express link our CSO CDM Ram we are assembling five megabytes and one gigabyte small outline dual inline memory module or <unk> and then using our existing one gigabit DDR for like.
Speaker Change: <unk> for those demonstration providing persistent memory functionality.
Speaker Change: CSL is an ideal interface for AMRAAM has it allows utilization of the full range of MRI and benefits whether directly attached our insured architectures to enable resource sharing within our <unk> network.
Speaker Change: Used cases include high performance persistent scratch pack memory and rate cash.
Speaker Change: <unk> data logging and capture coalescence buffer for data, stating, an accelerator memory, especially for offload accelerators, whether an SPC <unk> use cases.
Speaker Change: Turning to our outlook for 2025, we expect the year to be weighted more heavily towards the second half of 2025, new partially to our typical seasonality and as our Asian customers continue to work through their inventory.
Speaker Change: I will now turn it over to our CFO Bill Cooper, who will take you through our fourth quarter financials, and first quarter 2025 guidance.
Speaker Change: Bill.
Bill Cooper: Thank you Sanjeev and good afternoon, everyone I'm excited to join ever spin and I look forward to working with the team to drive profitable growth and deliver value to our customers partners shareholders and employees.
Speaker Change: Turning now to our results.
Speaker Change: During the fourth quarter, we delivered revenue of $13 2 million above our guidance of $12 million to $13 million.
Speaker Change: For the full year total revenue was $50 4 million, which was down 21% year over year due to lower product shipments primarily into our distribution channel.
Speaker Change: MRM product sales in the fourth quarter, which included both toggle and SPT MRM revenue was $11 million compared to $12 4 million in Q4 of 23.
Speaker Change: We were pleased to see a sequential increase in our product sales from $10 4 million in the third quarter of 24.
Speaker Change: Licensing royalty patent and other revenue in the fourth quarter decreased to $2 2 million compared to $4 3 million in Q4 'twenty three.
Speaker Change: This reduction was a result of the completion of certain projects.
Speaker Change: Turning to gross margin.
Speaker Change: <unk> gross margin was 51, 3% for the fourth quarter up from 49, 2% in the third quarter and down from 58, 1% in Q4 'twenty three.
Speaker Change: The sequential improvement was due to product mix.
Speaker Change: The decrease relative to the same period last year was due to lower volumes.
Speaker Change: For the full year GAAP gross margin was 51, 8% down from 58, 4% in 2023, driven by lower volumes as well.
Speaker Change: GAAP operating expenses for the fourth quarter of 'twenty, four or $8 4 million compared to $8 1 million in the fourth quarter 2023.
Speaker Change: Last quarter, we outlined a strategic awards, we won in August to develop a long term plan to provide manufacturing services for aerospace and defense segments.
Speaker Change: From the award ever spend is eligible to receive cash payments totaling up to approximately $14 6 million upon the achievement of certain technical test and deliverables over a span of two five years.
Speaker Change: As a reminder, based on the nature of the agreement and our obligations. We recognized payments from this award below the line as other income.
Speaker Change: In the fourth quarter of 2024, the company recorded a $2 1 million of other income relating to this award.
Speaker Change: Driven primarily by this award we recorded fourth quarter GAAP net income of $1 2 million or <unk> <unk> per diluted share at the high end of our guidance range of zero to.
Speaker Change: <unk> per share based on 22 million weighted average diluted shares outstanding.
Speaker Change: This compares to net income of 2 million or <unk> <unk> per diluted share in the fourth quarter of 2023.
Speaker Change: Our full year 2024, GAAP net income was <unk> 8 million or four cents per diluted share based on 22 million weighted average diluted shares outstanding.
Speaker Change: This compares to $9 1 million or <unk> 42 per diluted share in 2023.
Speaker Change: Adjusted EBITDA was $3 2 million compared to $3 6 million in Q4 23.
Speaker Change: Adjusted EBITDA for 2024 was $9 2 million compared to $15 $3 million in 2023.
Speaker Change: We are pleased that our balance sheet remains strong and debt free and we ended the quarter with cash and cash equivalents of $42 1 million up $2 5 million from $39 6 million at the end of the prior quarter.
Speaker Change: Cash flow generated from operations was $3 8 million for the fourth quarter.
Speaker Change: Before I turn to guidance I wanted to note that it will be as we enter 2025, we will be shifting our non-GAAP metrics from adjusted EBITDA to non-GAAP EPS.
Speaker Change: non-GAAP results are calculated by removing the impact of stock based compensation.
Speaker Change: We're making this change to better align with industry standards and provide better clarity and comparability for our stakeholders.
Speaker Change: As Sanjay mentioned, we expect 2025 to be more heavily weighted towards the second half of the year as we expect a slower start to the year due to our typical seasonality and continued inventory consumption in Asia.
Speaker Change: Taking these factors into consideration, we expect Q1 total revenue in the range of $12 million to $13 million and a GAAP net loss per basic share to be between a loss of <unk> five per share on a non-GAAP basis, we anticipate net loss per basic share to be between five to breakeven.
Speaker Change: In summary, we're pleased with our solid results this quarter driven by the strength in our product revenue in Rad hard projects and looking forward, we remain committing to.
Speaker Change: Maintaining financial discipline, while focusing on scaling our business and converting additional design wins to revenue.
Speaker Change: Operator, you May now open the line for questions.
Speaker Change: Thank you ladies and gentlemen, if you have a question or comment at this time. Please press star one on your telephone. If your question has been answered you question with yourself from the queue. Please press star one again.
Speaker Change: We will pause for a moment, while we compile the Q&A roster.
Speaker Change: Again, ladies and gentlemen, do you have a question or comment at this time. Please press star one on your telephone.
Speaker Change: First question comes from Richard Shannon with Craig Hallum. Your line is open.
Well, Hi, Sanjiv and Bill welcome I look forward to meeting in person congratulations on your role.
Speaker Change: Excellent. Thank you thanks Richard.
Speaker Change: I guess my first question here I apologize I got a few earnings going on at once you've been just trying to.
Speaker Change: My way through the guidance.
Our guidance here for the first quarter top down to the bottom and it seems like the.
Speaker Change: The loss per share it seems to be anticipating some other dynamics in here that I wasn't expecting either higher opex to gross margin or something maybe you can kind of help us think about the changes from fourth quarter to first to help kind of bridge the gap here.
Speaker Change: Yes, Richard really the reason for that is is that it.
Speaker Change: It's going to be the other income the <unk> program in Q1 is going to be lighter than it was in Q4.
Speaker Change: Okay.
Speaker Change: Any way you can characterize what later means and then how do we think about the cadence of that over the rest of the year or throughout the entire two and a half year history is.
Speaker Change: I was just going to be volatile based on milestones or how do we think about this.
Speaker Change: Yes. It is it is going to be milestone based.
Speaker Change: And again, it's going to be I would say significantly lower.
Speaker Change: More than $1 billion plus.
Speaker Change: Plus lower in Q1.
Speaker Change: As we sort of ramp up through the year, it's going to you're going to see more of that revenue come to fruition in the back half of the year.
Speaker Change: Okay.
Speaker Change: Alright Thats helpful.
Speaker Change: 20.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: No. Please go ahead.
Speaker Change: Yes, I was just going to say, we took $6 1 million of the total $14 million in.
Speaker Change: A $14 6 million.
Speaker Change: 2024, so and then in 2025, we will record.
Speaker Change: <unk>.
Speaker Change: Close to that but not quite as much.
Speaker Change: Okay.
Speaker Change: Okay fair enough I'll come back to that one maybe in a second here.
Speaker Change: Sanjiv I wanted to follow up on your press release.
Speaker Change: Eric him a week or two ago related to lattice semiconductor with Youre persist partnership here and use that as an excuse to talk about kind of the new product cadence here and how we expect to see this ramp up too in a material or noticeable revenues for you exiting this year, how do we how do we think about that and how does the latest partnership but I hope you can.
Speaker Change: Sure.
Speaker Change: Hi, Richard Thanks for that question so.
Speaker Change: As we have talked about in the past.
Speaker Change: Some of our customers are already using the latest FPGA with our <unk> and <unk>.
Speaker Change: That is the software the controller.
Speaker Change: Software was being provided by one of the Irish spin partners, but does does Atlantis as the debt ladder third area and software suite and now makes it much easier for our customers to actually use the lattice FPGA with a precise time ramp. So we believe that thats actually going to make it much easier for the system designers to architect a solution.
Speaker Change: <unk> deployed.
Speaker Change: Okay. So how do we think about revenue contributions from this product line, including with lattice gives you just I mean can we see this get to over $1 million or $2 per quarter exiting this year or is that too fast to be able to accomplish that.
Speaker Change: So I wanted to be clear that we're not getting any revenue from later on this one rate basically.
Speaker Change: Joining solution that is being offered by our spin and ladders.
Speaker Change: To our customers there is no exchange with new medicine ever spent in terms of.
Speaker Change: Revenue generation based on this collaboration I don't think I can actually put a number directly.
Speaker Change: To this but I do think that it is going to accelerate some of the design wins and qualifications given that they're already using something that is.
Speaker Change: Integrated.
Speaker Change: The FPGA.
Speaker Change: Okay.
Speaker Change: Alright fair enough.
Speaker Change: Maybe let's talk about kind of the sustaining product lines here and what we've kind of been watching for the last year or so some weakness in certain markets related to the industrial position that you have particularly in Europe and Japan.
Speaker Change: It sounds like from your language or sounds like we're getting closer to the bottom, but still some issues there.
Speaker Change: Do you have any visibility onto windows when those markets bottom out when you can start to see improvement.
Richard Shannon: Good question Richard.
Speaker Change: I think you perhaps know as much as we do.
Speaker Change: In terms of the macro economics, and how the rest of the industry is behaving.
Speaker Change: But the behavior that I mentioned in my last call, which is basically last minute orders are more short term orders tells us that the inventory is actually at the very bottom.
Speaker Change: So based on that I do think that.
Speaker Change: We do believe.
Speaker Change: No.
Speaker Change: No.
Speaker Change: The second half of 2025 should look more promising than the first half.
Speaker Change: Okay.
Speaker Change: Okay, maybe one or two last questions I'll jump out of line here you mentioned in your prepared remarks.
Speaker Change: The contract with with Purdue University.
Speaker Change: Related to development I think it's an AI if I got my notes right here and I think you said theres. Some revenue recognition here in the first quarter I guess a few questions on this.
Speaker Change: Is this an episodic time kind of revenue stream here do you expect a follow through in second quarter and going forward and it seems like this is a fairly at least the way you describe it made it seem like a fairly long period gestation of development that would manifest itself into revenues.
Speaker Change: <unk> revenue is anytime soon maybe you can characterize that.
Speaker Change: What kind of progress and when do you expect to have something meaningfully.
Speaker Change: Here with all your with all your partners in this project.
Speaker Change: Okay, Yes, so youre right I mean, this project is going to be over four years.
Speaker Change: The microelectronics.
Speaker Change: <unk> Commons, our Dod is going to review the progress on an annual basis.
Speaker Change: So the total value of the project to our spin is on the order of $10 5 million.
Speaker Change: That.
Speaker Change: About $4 million.
For the first year.
Speaker Change: And.
Speaker Change: At the beginning of the project, we are basically going to be providing information on the MRI.
Speaker Change: The reboot and Chandler and then also youre going to be providing them with some design documents. So that they can actually go ahead and start designing.
Speaker Change: Designing the neuromorphic chip.
Speaker Change: For AI applications.
Speaker Change: And Youre right there is going to be a milestone base, it's not equally distributed over the first year, depending on the milestones achieved revenue would be.
Speaker Change: Consistent with that are congruent with that.
Richard Shannon: Okay Fair enough. That's helpful look forward to updates on that one my last questions Big picture on here Sanjiv.
Richard Shannon: Given your increasing exposure to defense markets here with the Rad hard projects I wanted to get your sense and I realize that you're probably a separate you away from mothers that more direct view into the thinking by the current.
Richard Shannon: <unk>.
Richard Shannon: Trump administration here, but what do you what do you see in terms of risk and the opportunities for your capabilities here in Rad hard you see them.
Richard Shannon: As you see any reason to be worried here in the near term do you see any reason to be more optimistic in the long term just kind of what's your big picture thoughts.
Richard Shannon: Yes, so I mean, obviously, we have very little visibility like you said right. We are at least two or three steps away.
Richard Shannon: What's going to come down the pipeline, but we have neither heard.
Richard Shannon: Anything positive or negative with our current projects. We fully expect for example, the quick logic project to continue to building.
Richard Shannon: <unk> FPGA and similarly, our projects that are funded and put you.
Richard Shannon: They all seem to be moving forward without any issues as far as new projects are concerned I do think that that might take a little while before.
Richard Shannon: There are policy decisions that come down from the New administration.
Speaker Change: Okay Fair enough I appreciate that perspective, that's all from me.
Speaker Change: Thank you Jeff.
Speaker Change: And I'm not showing any further questions at this time I would like to turn the call back to the synergy for any further remarks.
Speaker Change: Sure.
Speaker Change: Thank you Kevin.
I just wanted to thank everyone for joining us on the call today, and we look forward to speaking to you again.
Speaker Change: The results for Q1 of 2025, thank you.
Speaker Change: Ladies and gentlemen, this does conclude today's presentation you may now disconnect.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Good.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Yes.
Speaker Change: [music].
Speaker Change: Yes.
Speaker Change: [music].
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Sure.
Speaker Change: [music].
Speaker Change: Yes.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Yes.
Speaker Change: [music].
Speaker Change: Yes.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Thanks.
Speaker Change: [music].
Speaker Change: Thanks.
Speaker Change: Right.
Speaker Change: Yes.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Sure.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Okay.
Okay.
Speaker Change: Yes.
Speaker Change: [music].
Speaker Change: Yes.
Speaker Change: Yes.
Speaker Change: [music].
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: <unk>.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Sure.
Speaker Change: Thank you.
Speaker Change: Okay.
Speaker Change: Great.
Okay.
Speaker Change: Yes.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Yes.
Speaker Change: [music].
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Yes.
Okay.
Speaker Change: Yes.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: Thank you.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: Sure.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Thank you.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: Thanks.
Speaker Change: Okay.
Speaker Change: Thank you.
Speaker Change: Okay.
Thank you.
Speaker Change: Sure.
Speaker Change: Okay.
Speaker Change: Sure.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Yes.
Speaker Change: Sure.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Sure.
Speaker Change: Okay.
Speaker Change: Thank you.
Speaker Change: Thanks.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Thank you.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Thank you.
Speaker Change: Thank you.
Speaker Change: Sure.
Speaker Change: Perfect.
Speaker Change: Yes.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Thank you.
Speaker Change: [music].
Speaker Change: Yes.
Speaker Change: Thanks.
Speaker Change: Yes.
Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Yes.
Yes.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Yes.
Speaker Change: Yes.
Speaker Change: Right.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: Sure.
Speaker Change: Thanks.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Sure.
Speaker Change: Okay.
Okay.
Speaker Change: Okay.
Okay.
Speaker Change: Thanks.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Sure.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Sure.
Speaker Change: Okay.
Speaker Change: [music].
Sure.
Speaker Change: Sure.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Okay.
Yes.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Thank you.
Speaker Change: Okay.
Speaker Change: Alright.
Speaker Change: Thanks.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: Thanks.
Speaker Change: Yes.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Hi.
Speaker Change: Yes.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Right.
Speaker Change: Okay.
Speaker Change: Sure.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Sure.
Speaker Change: Okay.
Speaker Change: Sure.
Speaker Change: Yes.
Speaker Change: Sure.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Yes.
Speaker Change: [music].
Speaker Change: Sure.
Speaker Change: Okay.
Speaker Change: Helpful.
Speaker Change: Yes.
Speaker Change: [music].
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: [music].
Speaker Change: Yeah.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: [music].