Intellicheck (IDN) 11 Aug 202020 Q2 Earnings call transcript

Greetings and welcome to Intellicheck's Second Quarter 2020 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference call is being recorded. It is now my pleasure to introduce your host, Gar Jackson, Investor relations for Intellicheck. you. Thank

begin. may You

Good the thank earnings Intellicheck operator. us call. for today for second afternoon you, you and joining Thank quarter XXXX

expressions encourage, to believe, Litigation made constitute in words forward-looking similar currently or identify Before expectations and as the based as a within When Act the and meaning the Certain management, its future I Reform used started, the statements XXXX. expect, about company of in read Private beliefs management such Litigation XXXX of the minutes amended. of they Securities relate statements are by call on to These we of management's as well call, statement. Act Securities statements events. the the as this conference forward-looking will this anticipate, conference company's available current meaning will, assumptions forward-looking statements within Reform information Private get and few to forward-looking take as

or otherwise. inherently disclaims any As the alter obligation subsequent such expressly and any changes, in resulting susceptible to whether company to or undertakes new they update and statements changes and projection events its obligation or circumstances, with from uncertainty no to forecast, forward-looking information, are

term. the the Management definition, this this financial further Commission. Additional made Safe refer time-to-time of in Risk Exchange the use afternoon adjusted Factors of the on forward-looking in issued with for as is listed today's XXXX. are the use the headings information Statements concerning Harbor and call. XXth, contained release to and will context under Securities from statements call of reconciliation Statement August press today, and Please term today's company's company's EBITDA filings for

Intellicheck's discuss with QX then financial We Bryan Officer; will Chief Intellicheck's results. Chief begin and will the Financial Officer, who call Executive today's White, Bill Lewis,

over to prepared now and to Bryan. limited investors. call their I turn call one will hour. take analysts questions our institutional we from will the remarks, will Following Today's be

by thanking Thanks Gar. XXXX for team. and recognizing call. you for Hello this I'll the joining everyone us my and thank QX call earnings begin

setup showed we've it. team the been just always well While could to how remote, do they work me

you'll wins perform demonstrated XXX%. and quarter, need the they team an the at the that some to don't see As implementations office from of over

my So, thank some COVID with Let's retailers. begin a big on a you retail of to look our foot team and major numbers. at traffic a impact had Obviously, the brick-and-motor

of During earnings XX% we'd QX indicated QX. anticipated QX the revenue that call, in we achieving SaaS

the that achieved we number, with revenue quarter. SaaS $X.XX fact, XX% revenue In of in million in

pandemic, XX% from down it the a due was increase QX still to While year-over-year.

of much is to Given channels. move development and down digital will customers how physical what about the locations the to the sped accomplished. interesting exposed we shutdown person note I of country fraud was the pleased authentication shortly. in were with how for that of digital An This shut made adoption realize our long, how has which am our speak I present up not they tools, of

furniture we is community the -- number of reviewed Historically, will and the has highlights from of retailer each bring these currently brought reviewing top so increasing to a for retailers. our speak First, about new on live at implementations two locations Because during look quarter. to of brought In July selling I wins forward are the services clients I've calls. four of unwieldy, quarter. let's food. everything Financial some or we life going number clients, the company become each one to X,XXX

begin Deployment full and is products is testing pipeline, the month September. underway the of for to expected with end by X,XXX Turning of pilot final this to the over with leading beauty suppliers rollout one locations. stories of

the to stores too cards and women's clothing they roll that a that intimate supplied credit company out branded mid-month. XXX is remaining expect apparel Next to

Finally on location recognition. track location identification facial furniture and begin but still be sure in a the and have out with control number six the authentication three more to person fully of also respond requests expect testing roll selling pilot biometrics services by owner that making stores present technology. the end improvement the is is three more for by plus started their process company decided with by September. people deployment that clients' divisions and to we in company by home recognition adding retailer only facial X,XXX is over services equipment to in XXX authentication is not to in has situation number document to in government authentic, Financial our to it of supplementing company kitchen QX. still Financial not We authenticate

text Now, three will Intellicheck, gets through it a applicant walk when an steps. from them

First scan for the the license is of to barcode authentication.

We is And Second, is take to of and faces. front is photo third the to the notify whether license end client liveliness or authentic, expired. the selfie a than the deep can license. check for a fake take

We liveliness picture also with and match the score. license the score deliver a facial coupled the a to on

delays the is a are intended real. begin to rollout. target reflects contract with to will leading June was underscoring This services technology Intellicheck number offering quarter. facial is underway recognition. fraud call prevention solutions this world and company out company Canadian as that be and the Financial their The how now in we position to in due selfie digital Canadian seven best-in-breed its know industry telecom centers they rolling evolving company So, the the signed was with as and our rapidly technology development an by approval

they financing out deployed proud services center training private number their widespread are they announced new services confirmed so this new another say we has XX in is release number signed to a expect interesting this company roll with firm a that in client. as to by to Financial am us Bank call fully have told a fully has locations a they few company June, and services first Financial development. that several materials the while XXrd. I now month. investment we branches facial be portfolio of the begun the companies has end which they And offering X,XXX the Intellicheck their to They finance. month, by September press client company they everything we number consumer add all will the other case employees live in You be Financial of decided solutions remember client develop install their nine, staff quarter. their and over of live two being They part that person-not-present with rollout XX, three to are went a portfolio intend and in commercial companies. and recognition process. with authentication Midwest have for motorcycle also deployed as in last expect use these of is

ways As to significant we a said the the the all interest of given in online our government are at in car can the store I authentication the authenticate that normally fraud beginning to facial offering. from recognition seeing call, the from to way channels, the up we happening new ID basic

field well. and retailers discussions in and stream of facial What competitors ID continuing We when government near in are growing clients asking recognition this also from are about that as with is value pilot technology our with useless. for facial prospects realizing facial is clients and is of are it first provide step, the value the the all our We knowing of that of differentiates is to competitors facial our the government ID many is without solutions our our of several our full the technology bank certainty. that only is solutions. real, certainty recognition talk that recognition; has facial recognition critical includes determining of near authentic, Many of

Going pipeline XX remains in we've robust. forward, including our Year-to-date, completed implementations, implementation XX QX.

as completion, waiting stages to sizes be scheduled. and have well We of XX implementations as XX various various of

can't what it We how would also I times surrounding receive going to and inquiries you me do now make the was ask It clear many our coming tell does. those believe We I rebranded authentication do? I this that me, authentication was simple. quarter. messaging to website not across. from you

you to to you our If think. please I forward look haven't look. gone hearing a take what website,

has COVID in know, has and We the believe the a in company scans added past. in the way capital market with company it all not future, the with uncertainty open. of toward weather that the we seeing responsive states report certainly as enter nimble market. be trends been I sheet. brought to we in the certainty some in to June. future COVID that but upward through None can the positioned our happen raise did What As we is us to balance predict our we we are I what can strengthened that will may our

or of their our clients now All above near postgame are minimums.

We can the rebound. populated was of see when generally the average on of things QX stats, average. things the weekly XX% quickly average in scans XX, densely QX. scans per of The As averaged in of queue XXX% some scan open can how week June were states weekly also

As the the for as QX the states of some of when impacts average. weekly This shows XX% our we've to eight business things but areas. how really open. reclosed states numbers demonstrates the last close, same returns the in closures, dropped started averaged also XXX% weeks, At time, quickly it

team. a in from we the that of happen testament product and implementing predict doing I has us and can't While both quality the not business with fall, is COVID our stopped This what our will say disease can to the customers.

even closing, the with way even working returned lost have to call professionals themselves, my where conditions, distinguished I we many ones in or who team to themselves. this So adverse of thanks hard a began loved sick got under

and is helped that, turn all the of. White. identity proud victim You achievement so our over be we can terrible many in persevered stop the It clients pandemic. commitment your will theft I and it of With during Bill an to becoming

Brian, like that June contained some the information in and financial for good our second ended to press quarter was listeners. XXXX. and you, day of I'd shareholders, to release XX, guests, the our Thank discuss

Revenue same $X.XXX Let's for period last XXXX with results. grew second June million versus the year. the million for $X.XXX begin XX, to quarter second quarter XX% our ended

million net a the June $X.XX of months for $X.XX XX% quarter and $X.XXX was or primarily a a $X.XXX same for the to in posted ended XX, by versus diluted the [Indiscernible] goals XX, Adjusted QX period company income XXXX. to quarter personnel ended The XXXX in for and quarters cost June XXXX. year. percentage achieving loss which of million to established net June the were for profit was ended revenue The ended loss general, increase ended X% XX, XX, Our versus and the XXXX Interest $XXX,XXX of negative a Committee. loss million SaaS the increase compared XXXX. the by was Gross as the driven development loss upon of Operating per consists in three net XXXX ended increased quarter XX, QX negligible XXXX, and expenses revenue for Board for for The June XXXX. the certain $X.XXX June EBITDA and quarter in approximately XXXX. June million quarter the share for other XXXX for per of research in Compensation an then ended a was quarter XXXX, $XXX,XXX at June XX, was XX was negative from administrative Directors contingent prior $X.XXX and expenses, net $XXX,XXX $XXX,XXX selling, XXXX. compared $XXX,XXX share to compared XX.X% and increase XX.X% the June the XX, the diluted

liquidity I'd like to capital resources. Now, company's the on focus and

As had of assets $XX.X stockholders' for XX, minus of equity defined company of working million. current the million; current of million; $XX.X capital, as June liabilities assets million; $XX.X net the total cash $XX.X XXXX,

we period generated same used for in in no secured activities credit next six net ended activities for requirements $XXX,XXX of the proceeds cash XX, XXXX, a be used company and facility XX, cash June discount, capital public working June Net first cash company proceeds operating June from the The and for six the revolving to from compared a least the the During shares public months On June month expenditure compared investing net in in the cash the company. well intends capital. approximately period XXXX under offering to provided X,XXX,XXX investing financing million XX, $X.X in for accounts. $XX,XXX [ph] commissions, operating the six the as we $X.XX same costs company to paid six offering use June for cash XXXX, is company XXXX. XXXX ending of six XX, deducting activities collateral months months million amounts June anticipated by Net to cash meet of compared was purposes $X.X compared net $XXX,XXX six ended XX, corporate as the by underwriters' the net common months resulting $XX.X million XXXX of XX, $XX.X that $XXX,XXX during period capital the at $X XXXX. by of a at the expected will the are outstanding of general million its used to ended $XX.X the million Intellicheck first activities ended to generated that XXXX, to with currently was per the has net offered anticipate facility and a XX Citibank cash to and for million our after month available and sufficient There are months. stock working XXXX. from completed of operations share, the cash period for for

December the to call questions. of $XX of your now to operating turn approximately operator net over XX, had back million. company carryforwards XXXX, take I'll loss Operator? the As the

Thank your Instructions] you. question Grondahl Securities. Our with be with proceed we first of question. now Ladies [Operator session. from line and Northland conducting the Mike comes a gentlemen, question-and-answer Please will

congratulations good the during afternoon, guys. on progress pandemic. the And Hey,

that First charge charge fee? up does product? an on think that with you for recognition, facial pricing or of question, do we your kind work as of Do there? the add How

of Yes, the Mike, thanks all, for first -- thanks compliment.

an is for presence not authentication. specifically add-on it and Second, person

with weeks called I You to to a people Ipsidy make we when license. we we sure I'm way upsell might with matches plastic actually out, make it. what's of do from couple seen o, absolute The company certainty the real, imprinted still been you release, the to that is a that partnered not the that only that product ago, have it. is my but know, press put want to on one the do with sure holding face think,

definitely an product upsell So, new clients. for existing

I XX%, their we about do -- Is know, or don't base guessing I'm just level? that the how about upsell fee, XX% of think

parts it. figure time, say that most how going the hard would often out right clients I now this incorporating point to that's our the at of in -- aren't be they're of facial to one because sure I to recognition

So things to everybody I those learning be going on. certainly think it's that is

because sure? little than friction, costing they me a I bit is. year it's want we whatever that. I look think going the I somebody am it with real to or of ID, that's the the Is they're make playing stole with it to from do throughout always learning of added they're game what to tradeoff. more going lose and out on would be rest relative find I a bit think the it get, fraud So, losing, to How I business this more because a

-- new but financial July on I was retailers four have two, is beauty locations then what a customer said beauty They store. you you've that And are and are near-term, it. there clothing in on women broken up, One were all track. then a supply with Got implying? services, number -- And think was all coming might X,XXX leading X,XXX you stores. with

that all completing Yes, or so or are those of been have piloting those types things. paused rollouts

either brand are some So, paused work. that of a or something that while completion new other they got doing

Got it.

the shifting of activities how mix And you of pipeline Okay. your robustness we online what lastly, would do sort to call kind is out is or support then the of just that? online understand

of some us one talking significant they much way had when And definitely to to services when that to been channel the What ability retailers' through that you how as was the about Certainly we clients of began into those we their realized there. number do And get them. online I they is think about holes online proponent to were began fill going our think that I really only they think authentication fraud thinking I'm the it, a -- know has many holes? that don't financial company getting do say websites. in as big

online, Obviously, require they and we it, things just use get implement that development integrated. their stand think when to not those now done? centers at do do upfront to end. can to they to how that call this look they're stuff going we more how on If work I they things website and/or went it saw get began usually they immediately our want completely

How what license? a I So talking we with something of do. it -- that it going is team, to would say just it's front that back about. clients in figuring they're sort the we're figure seeing all of face. Is in. again, this out, they and of a of it of the sales talking the the now The and build And do are Is I’m put learning is the license some back, front? And, to to the license. – front of it curve the talking how the in out kind as new are license at people I’m waterfall

So going probably figure of take they And on see is, well speed interesting abandonment. to what these adoption some they my how things, additional is up want that it's through be is card out because of steps going but to it again, it’s taken. to doing friction versus to lose maybe it

Got it.

Okay. Hey, a lot thanks guys.

Thanks, Mike,

line the question. from Please comes with of question FBR. proceed next B. Buck your Riley Scott with Our

from guys. or or was percentage today? what what's And that XXXX? year-end afternoon, it scans that curious, -- the of call from versus the I does second came in the like good are Hey, swipes look brick-and-mortar coming quarter

see QX end of come the What Did let year? percentage one? right, get question, that of in the I were if I it’s part last right? the So the versus scans me get brick-and-mortar

Yes.

Just trying pre-pandemic. to post-pandemic versus pandemic, think during

of minimums to of through definitely And clients, think on considered those one essential I again, the versus open. our volume many that XX% you again terms the you're a And paid. clients come growing be of online that across is But at both QX. doing. can things. scan there's all think, portion just scans services, scan look what even a things per model, -- stores low vast brick-and-mortar they're us certainly in and of if What Across their the were but that of I scans down. that were helped have definitely are are That's majority fact was small, I'd say say in is, scans --

drop I'm QX, is scans XX% figure So if a a you the traffic and and was in of QX, there heck kind can up you of certainly what of a not normal back made in of because QX to clients terms authentication. in low out -- of that across typical XX% person-not-present doing go the saw, foot we XX% of adoption yet, all XX% QX, and the in year sorry,

that's it's future. -- I the in be think growing going to

Okay. Great. helpful. That's

one, a new, I you? approaching are Second some those you're bank this customers curious, with I'm progress that's sourcing vertical And how some folks made guess, these or pursuing actively customers? whether that you you're quarter.

the advertising our we I'd right? of some to I other. but and and to say, our to the be. calls get talk from think used inbound makes So, near of because don't sales to more anywhere beginning each do a much the each team We XX-XX, clients other, our all they than warmer business lot competitors, but certainly talk advocacy they're certainly which also

but more more they developing they I either a So cooperate that names here said terms fighting want impacts spoke competitor. had it. fraud they to of and they been that competitor one for wins, us, them. some compete calls. they help other, inbound been in started calls I've to our because and each makes ourselves our or as retail calls I all when each because And the the And stop warmer banking to a comes in of it Because market we since can cold might of the know it they share, past, certainly,

So, XX-XX. the I’d again, probably, say, wins the in quarter,

Great. I lot. a appreciate that, guys. Thanks

Thanks.

Thanks, Scott.

Please with live. comes Clear next with Roger is line Our Instructions] Harbor the your your line Asset [Operator proceed Management. question of question. Liddell, Liddell Roger from

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go into that So could us? help any just you texture would

sure. Yeah,

behind the fact those things And app the web vectors Basically through think see online, your the done I facial And do them the as has it's figured of a if of the because to photo a started a it probably recognition. is, are there then web I'm in Ipsidy signing measuring a of than download one So to development liked going brought that it wanted after out we both comparing while then working in like Ipsidy face, account is sort to as the our me matter up and for and do is faster the web. about most And with back, about they that a And off many app. a photo. they my on the two ability the started I'll people math a that client, well of this mobile match there. of things with to in application most in a clients vectors app. bank

lot a made to us. sense of that So

talking. we started So

they're well We The out is joint it where to pricing sort get, do, and to is work front hand-in-hand back steps the of back wouldn't front know happy. back, there's want markup in step that a teams seamless venture. They that the the the and us they software development or It's get very one, the it's the the the two single of which Our cloud, then their that -- a client. together process. do, to a process of what just exceptionally they face. it's our of it's matter share, what the and clients our the in way makes stuff the a client want resides that that in But we happy. so figured a three,

many? is the or among become company attractive Or for could this Okay. highly simply a opportunity transformational? transformational it And

going I present, the can use whatever think an requirement piece. to more ID whatever you're looking to is moves that to face person an as match that is absolute authentication government is my world is, be this to not it you that that

a a of of So lot do they can it. I companies people lot certainly recognition. facial have are that say think There

think just I continues deeper to matter it do sort what our to add we us deeper and gets that of clients. into a in

can't in I that or things license lot the of fake As said through if if know you passed, matter fakes remarks doing does tell, what prepared not begin barcode. recognition a to with. the we facial the know, not government ID is as about get And the we

matter So all. near doesn't license then certainty because that fake. real, useless, is you the to I've fraudster recognition is a just it completely a with can't Facial matched tell at

it's different cameras something all compare yes, this my the a Bryan So the it. about And is to going you're you're a press I certainly I helpful. where Like as Lewis to my was need everything lot in say that, to mapping to of But you Bryan street talking It's corners see This apply, license, and face walking to. hearing just not it. think I is recognition that one about. want isn't on opted understand to very clients that thing. facial bad of there's this that Lewis is

So I larger fully. to become that's authentication think a use and going -- methods it's more of

how I about two ago, use with years clients lot to were way when an started doing we ID same what the educating plus I to of here authenticate. think just a

a you, and are in person here's taking step we document. real just that is sure of certainly and in control can we’re they are real they saying, Now how the right a not when front further standing of make

we'll lower sub-competitors. intend visibility to it you've Intellicheck of this relative -- visibility? address superior lack with of How And to Okay. solution something? its to you do referred this call the Is

one we're runs be, they going get story, I people think, in plan to have, at more the all -- We're hear we our or and we PR things cost that, what and could there. to issues mastering this talking I woman to people should places that out the work our with going threats on got it's amazed. we looking who and start effective of understands name than thankfully once this. once they're Certainly, the

We’ve spaces. before, going So research we And to to mentioned be things. that part we've were our begun we I never these some that do think any the certainly whereas raised is do. fun companies presence now, to it's of in with of

getting are more way. in getting and very a and positive on We mentioned research more in authentication, mentioned ID

they be of So hired likes the of us. figure to world or often talking banks who about and and get gardeners large -- in out by the us companies the space, javelins know are the what should doing this now

you the path So money. people to from social it big that's doesn't a a really and rebranding on in and that even who companies we that media, take us we're just place. the are certainly we've a takes was, of ton into. know, first coming It plan now what putting get in And seen, the following companies honestly, just certainly that, want are, step definitely

to working now the the and presence becoming plan I So And just control known better run think messaging. is more. our on we're

Okay. you. Thank

Thanks Roger.

line Armstrong question proceed Asset Please Harbor with on next Jeb Management. the Our question. of comes Clear your with

Hi, Bryan, how are you?

I'm good. Hey, Jeb.

Yourself?

companies perspective, more, see question other I gist I that of but looking fraudulent technology? little the do activity. that as to of doing Or a that ways particular, from my promise go competitive -- just using surrounds is fraud a other have completely prevention type not that, a about into didn't as landscape? learning at something the dive sort competitive relates to sort you And it -- get of Roger's on of as that and mute may authenticating IDs the large to of ahead of to to the in bit question I as ways national wanted there detect finger of landscape is different institution machine threat is talks about a it that button.

trying you two I'd they a certainly, of that out here really, is ID to go even technology. the better of lot sort to we completely there's machine to I competitors, worlds say a It's for talk template one And just know main do than probably make not on if the with we they're because stream then -- the recognition figure opinion would of bank think And to That's that different that, everything do. how type and that's But you to final AI can about apart. which learning. things the fakes get in. the Well, that, if of we're all that that, sure can you need authentication, break websites it's I my no player license the real, their say the and fraudsters you at making in one the main, make my world, because that are step. player remain and in where weeding facial first a second and enrollment, really in is world first is is out that sure dominant if our efficacy look sure need we

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facial clients, with partnerships things going of have we as the pretty Now important is. discussions to there's I it's where think one our be recognition and is

be going face. to my fake can't You hard. It's really

is, whatever authentication, to just I face doing $XX,XXX my can Yeah, app, work to of the We ID thing put smile is, it need sure it do make in it want it if over simplest up Bryan, blink. that's its So you oval it. you, on change to account, again, green okay, do and move you okay? it, triggers out comes something,

face think account. I is matches me So, know, you my can out vectors have I make type that, and against been stored very certainly, sure my that the simple maybe certainly I how don't brains the on probably me. there rescan But laptop, than or unobtrusive you is smarter still figure license my know either make I

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so much. you Thank I appreciate insight. the

Thank you.

Please Rossiter next Our Management. with with the comes of question Doris from Shattemac question. your Capital proceed line

Bryan, on this good is Hi, your all Congratulations work. Doris.

you. I said. team Thank as a It's

you prior on the to if changes, I'm wanted how face it's joint somebody's follow-up just I of question on -- matter. Ipsidy license. callers wondering, practical one it's have venture, your Yes. a

have time York, until from I have Here for in it my is driver's it. renew license, picture to I eight New years the taken the

if they the can wondering changes -- their change they if face is can over their either years. and They that addressed? eight dramatically things things weight, weight, technology those people different factor lose how gain incorporate -- just hairstyle. grow a -- they Some beard, I'm

Yeah. through of them, all we boat. and do, picture we're And The I license, eight than But the I me year tested, on certainly know, matched a looked wish people like and Jersey do kind years certainly, old. and lot more you the same as what about we like that tested, of of my in old thing I mathematics there things fine. eight of picture are same today. it the as if That they one sort I think the

face technology they've there's is, go is it's don't picture. replicate facial The do can can and face. do your set vector. we way can And about that a because PII, I can't it's stored mathematics I but thing back makes always behind what need I next I sense which match again, with your got up, think need and to to liked other to time it the not be that, that, selfie The that, the you match they the that to

Now, I know they matched.

without Now the sort face knowing know right. with so replace know starting it. I sense, fresh could one, storage recreate it can't throw but face, if to that they out matches it -- evolves can't can you, time, mathematics makes it'll It's kind face over data your and a your that that the as that I'm vector, old of of a will

maybe be if that, means be it a first there's drastic have go problem. it'll been is, it And, time, to is, certainly to it bank it get So after hard. the but things into if done you a shouldn't change,

alarms, remotely? instead to if the provided many they us Ipsidy give statistics statistics or presenting not may take Okay. how actually of recognition I'm of the if on cases just to they any need go provided how or -- any Do any false bank wondering, into any facial on give number frequently route you work? another

tested, had hard well. that. don't is, can say even on in we at And, other I products as what incorporated into looked But vendors stats had different vendors I this space. multiple some multiple vendors, have our

jumped that implemented the I the why, very partnership. way think is at into technology much which Ipsidy are them they and a that, was deeper of we all it better, good

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can it's things, good. results see know account the watch they we something of we'll things. from their are very certainly popping I But that the with think up, and mathematics do code them, we refine for when to working we what

-- can it -- they if it's refine over it can time it -- So

absolutely, during with testing our We even saw Oh, it yeah, absolutely. them. yeah,

Okay.

Okay. Thank you. And luck. good

you Thank very much. you. Thank

like to Bryan hand closing no further are for call remarks. back Lewis There to in questions the queue. the I'd

forget Thanks. the to part always This closing remarks. is write I

Next time, I better remember.

my I a So, least are figured want through in to yeah, everybody team. get transformational all with I am think hopefully, time speaking to thank very certainly people And going out and look to we been -- say go my all the picks way better scan and up, colors. seeing It's a back for you COVID. quarter. and next beyond which, at to in shopping again gets with came get flying steps. business I we team And forward is I

gentlemen, today's Thank and conclude does this teleconference. for Ladies participation. you your

disconnect have time. And your at day. may lines this a You wonderful