Impinj (PI) 24 Apr 242024 Q1 Earnings call transcript

Hello, and welcome to the Impinj First Quarter 2024 Financial Results Conference Call and Webcast. [Operator Instructions]After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference over to Mr. Strategic President, Vice Cobb, Finance. Andy Please go ahead.

XXXX CEO, Anja. joining detailed of us you, On market call, Co-Founder opportunity quarter Good of Cary our brief Quarter will afternoon, for all today's follow and and Impinja's second Diorio, Impinj's you and thank Chris provide to our review results quarter financial results. a overview and outlook. XXXX Thank will Baker, discuss CFO, performance. First Impinj's a with first

questions. for us call Dossett, the Impinj's join open then will will Jeff for CRO We Q&A. the

prepared can find plus You on data the Investor management's remarks website. trended financial Relations company's

to Please metrics revenue GAAP. financial our to refer a state cash or and today's under these believe could otherwise expressly of are any we actual statements to uncertainties. we required except to We our quarterly for have Private Act We Reform XXXX, release such our make or the non-GAAP future flow basis as the Securities or expectations earnings statements any whereas about with describe except update are reasonable of and in we comparable statements, explicitly will our for forward-looking call, where forward-looking financial outlook and subject performance On making disclaim metrics all statements, alter forward-looking financial such by most these obligation and annual the this a call Any non-GAAP, undertake of risks differ Litigation balance on risks not or GAAP reconciliation based uncertainties today. that because are in statements materially law. and results We for reports the as we do sheet file metrics. and SEC. metrics,

connecting note Chris. over turning on to Services Before Global We our many Technology I will the X Consumer results in call of to and turn Baird's now look there. June in Conference forward outlook, with York. you that we New participate and will to

Andy, started the you, our the saw guidance. and call. XXXX and continued Thank for quarter, and quarter fourth through profitability quarter both all first first revenue we joining momentum XXXX strong. with thank results you exiting exceeding

Our solutions tailwinds, recent momentum, legal way for our enterprise reorganization way and that settlements on strategic helped the for paving growth while pave while and multiyear profitability. focus growing silicon the create

first Turning silicon. The of the quarters sprouting. to green X beside shoots continued last

the exceeded quarter our improving expectations, applications. by general in endpoint of other and demand apparel revenue as IC both long driven First merchandise as retail tail well

expect to deliver second forward, revenue Looking quarter again growth. we info solid product

MXXX up, second hinge production double overall. quarter a IC ramp the volumes of small our our a to expect volumes in endpoint also as picks We albeit still portion

of expect second of For end to wins number opportunities. quarter buoyed our accelerate we by near design shipments, a evenly shipments RRP, healthy prior burgeoning as and the in product generation we the

The visionary customer the rollout through and to allowed self-checkout is ongoing we're that solution drive demand Turning European at retailers to end performing nicely, at of we XXXX. additional brands solutions. our add gateway of prevention least and modest to loss expect

anticipate that use tax protected driving privacy a of the additional usage ran remainder tagged the in by new retailers tag for accelerated, sustaining tagging products ordering. product driven merchandise being American and North general We year. has tagging growth track, also For is our boxes. large on merchandise, IC embedded hard endpoint pads for existing which mode replaces General with ramp, consumer growing

Finally, their logistics and supply large increase North in expect to XXXX. end chain the American chain second and consumption user in we supply label logistics,

passport RAIN also clear endpoint DPP, has service paying solutions users engagement. are food recently and chains openly partners several hands together, for for advance strongest choice that demand the shelf need is RAIN and date the drive into opportunity is as efforts volumes. overall the freshness. in textile pace on X using inventory, like dividends RAIN The On reading making and I the a that growth the I with with speaking to Taken On requires to faster I'd DPP. of on than EU, opportunities: RAIN DPP growing in touch consumers enterprises case at now. week had IC technology IC product were our how now of so volumes. expected, talking about continue large apparel ICDPT solutions food, enterprise putting are and together a adoption and could any food endpoint Food. making spent consumer large end life we penetration, digital the meaningful

including settled we our intellectual successfully NXP, property litigation jury multiple in trials. the during to prevail with patent multiyear in dispute front, a On March, intend which

amount Cary removed uncertainty from to the exchange upfront and agreed in bandwidth license. a broad Settlement patent our pay and management NXP cash for As will yearly competitiveness, overall. reserves and licensee detail a increases an freeze Impinj cross shortly, industry

and the safeguarding very in innovator, to leadership. well see committed While heavier this market opportunities. inventions vigilant the continued the remain and first as respect, closing, quarter. we to a us are additional our We delivered quarter happy we Pioneer we dispute second looking put strong as as RAIN identifying into and strength organizational licensing behind patented In financial,

services. and cloud revenue, platform Looking IP we drive further see and opportunities licensing monetizing out, growing to services recurring our

opportunities every market We by and item world in confidence in our position vision our connect bold our continue driving ahead. the perched to everyday

I like our effort your driving the for Before over every the turn of team bold second thank financial to our member review to quarter vision. again constant pine I'd call outlook, for and Cary

with you. As always, my incredible by I feel to honored fortune good work Cary?

today's good quarter outlook. and quarter second financial On results first and review Chris, will everyone. you, financial Thank call, our afternoon, I

with revenue in down million, sequentially first was XXXX quarter quarter and XX% $XX.X XXXX. up fourth $XX.X in million First compared from million year-over-year $XX X% quarter

XX% down revenue the expectations, First exceeded fourth in and $XX year-over-year We revenue sequentially quarter XXXX led XXXX. $XX.X First by quarter IC endpoint up compared first from $XX.X endpoint million our with million, 'XX quarter was X% million in quarter retail.

again, product sequentially, IC increase second retail. Looking quarter led we forward, by expect revenue to endpoint

quarter $XX.X $XX.X revenue systems in million quarter sequentially XXXX in compared First year-over-year down with down the million X% $XX.X was XXXX. from XX% fourth first quarter and million,

First revenue expectations, primarily reader lower sales. quarter channel was our systems due below to

Looking quarter gateway channel ahead, systems a decrease offset project-based increasing than sales. second revenue by with declining sales reader expect we in sequential more

was margin with XX.X% product revenue by fixed gross and endpoint partially The was fourth higher driven -- quarter XX.X% by decrease the was costs, primarily by increase year-over-year in quarter First lower The on driven offset margins. compared first ICs. XXXX. quarter in mix systems within XXXX sequential XX.X%

fourth and $XX.X million quarter $XX first to we Looking due expense anticipated XXXX. to the was in XXXX margin gross quarter lower expense million million was quarter expect Operating and first in costs. $X.X litigation litigation and of spend to quarter, strong Total second $X.X management $XX.X expense functions million, increase. all million. operating compared we Sales expense million. than with as development General well $XX.X as expense was expense major including marketing administrative was was $X.X across lower Research and million.

second to as levels We expense slight in immaterial offsetting investments than quarter declined operating expense sequential expect more a in our litigation decrease base spend.

EBITDA $X in $X.X adjusted was million million and quarter in quarter XXXX. first fourth XXXX million quarter First the compared of with $X.X

quarter adjusted was margin First X.X%. EBITDA

income net million. First was quarter $XX.X GAAP

$X.XX or basis. quarter $X.X First million a was income share fully per non-GAAP net on diluted

in million quarter the the down Inventory with and cash, sheet, quarter. in we $XXX.X cash quarter million quarter million investments million, the totaled $XXX.X first XXXX million and equivalents with prior fourth of $XX.X first ended $X.X to XXXX. balance $XXX.X Turning compared from

Property net operating was quarter purchases million. million. activities by First totaled provided cash $XX.X and $X.X equipment

the cash the flow Excluding $X.X was settlement, $XX litigation million. million income free from

highlight to want I guidance, few outlook. our and results our to turning on a Before to items

our payment in in statement First, our as NXP paid settlement cash in us quarter sheet. our the statements $XX litigation other million and on recorded and balance first a that GAAP income we quarter. onetime $XX financial first income million

this an March we an Next, and fee April to early up XXXX NXT unless each to Earlier XX, design our covering years April us received annual first XXXX. for the they termination period rate. million, IRP out will XX a from X, pay license $XX month, exercise

the guidance full XXX% at is of our We value margin. as nearly which in endpoint gross quarter that second will payment reflected quarter IC recognize revenue, second

the annually payments rate a as modest is the as agreement by forward, Going fixed in long will increase for effect.

by million non-GAAP of in half per point interest Final, million into corresponding $XX first and removing our underlying income. should quarterly operating quarterly remove gateway our X.X added diluted add expense shares from debt million, high-margin you our and business. expense We weighted average should a the marks and net channel spend for reorganizing reader earnings and $X.X litigation the income As operating when diluted a of convertible calculating exceeds reduced our turning profile. licensing revenue reminder, margin we our XXXX our share net shares

will substantial these accrue significant also MXXX leverage. quarter second flow. guidance, As drives share you can cash see, accretion, the they those earnings margin drive per in and free Furthermore, actions before improvements additional our drive

outlook. Turning to our

We $XX the payment expect compared million the XX% it. midpoint, midpoint, at between with the and in first including second increase excluding a quarter quarter X% of million a quarter-over-quarter XXXX, increase licensing at and million revenue quarter-over-quarter $XX $XX.X

EBITDA We and between adjusted $XX.X expect $XX.X million million.

I line, we our open and turn call you, share In ongoing support. customers, net the to the Impinj fully will between our diluted MJ? your thank want session. investors, per operator non-GAAP income On $XX.X $X.XX earnings and question-and-answer I $XX.X closing, and million expect the bottom $X.XX. million, our team, non-GAAP for between the reflecting to suppliers the now to

much. very you Thank

begin question-and-answer [Operator session. Kumar will time, comes pause assemble first Harsh At Sandler. from now the we question our Instructions]. will momentarily Piper Today's roster. We this to with

you settlement your big There's ask the with different wanted American just stuff of large wanted how with comments. and of what huge merchandise. Chris, the this First highlighted you in general interesting turn congratulations, also in is can then I North of business. start X I in start the litigation to going. are a all, to your retailer to lot months I that wanted the the make. comments.

-- what huge you talked I've obviously just that have retail? for the some adoption the implementation provide pickup succeeding? like then big waiting a And a color. could Maybe Does there. for entire just thing this then additional there us implication is implications some retail for? And this of the rest Is the of is about is follow-up. industry You got

here to customer side obviously. Appreciate Jeff let very in close he lead I'm it. because to going

And so Jeff

question, you Thank Yes. for Harsh. your

gains steady the needs signaled North general as demand. Our tagging this merchandise as additional retailers who ecosystem tagging in of partners categories overall tagging uptick a in modest large serve consumer have well American

optimistic categories the are general merchandise continue are year ahead. progressing will than others, but quickly Some more we that the progress of the in

has first, historically, led add industry moves. And others end have that followed our I'll their significantly user that and

basically us now. behind there well [Indiscernible] years during a Of that's the to course, from was XXXX XXXX setback with the associated

for many we my a large for expectation for And forward, everything companies so, this historically date, proven other being what customers have entree bellwether and although other has it's call overall the don't and out going data to a industry to benchmark that do customer our side other they firm

grow are my XXX% follow-up, sort that Very of, steadily might you able the be well. rest in Again, guys. will I the to customer a you with Chris, is think when point this for that customer every ask wanted reach customer call of And it, to at do for you you ramping, do say second think this you about the penetrated and to quarter position tagging? you're the year? logistics. where

are and furnace I'm there to always gets teething work And let customer we a large go a jump our those issues So We issues. customer with any Jeff as these of to here, work time. in through start teething going with and the quarter elements, one I'm on. going

bit So along there's a and way. always of balance the little

are up. they real to forward me to difficult things a operations change So going see strength to and entirety but run that any substantively do to that at go consistently is What for say commitment, a to business. of commitment of be only given items, it's customer also we commitment the not transportive digitize how to they their a and all their quarter,

and with with others chain will it's multiple them, [indiscernible] this follow. then supply see logistics the And hopefully, overall industry again, of so, a And opportunities customer. we

comes question Needham Jim The Company. from Rashidi next & with

to this? about second And know, your assume you readers, they help think moving IC going as the is of presumably, Stage we guys of? this on into their customer, grand all as plan What maybe of business. putting their aware now into moving going vehicles. that in it were that's significance is deployment be reader you to where logistics always of their their Chris, kind is But of the sure hands Or part that they're drivers. readers discussed sounds the X I RFID maybe implementation Just I'm like

I'll on of back let and then take let Jeff the lead impact I'll here, circle Silicon. the

that Jim, their programs importantly, to we and and in I forward this those reiterate speak to customer what particular think multiple to points is silicon deployments. I I opportunities. prefer we want customers our have But that with perspective opportunities platform going will I first, existing think, own say have and, touch

Got expected. to your want a more but about When perhaps for it. IC mean Yes, you could excited you're How And a go about it's I this, be a think you question. back incremental I'm everything I and this? the this pretty follow-up food sure comment Chris, the seem about than moving business. seeing. meaningful -- what driver endpoint we else potentially does. does faster applications should to

so see openly is about bit me, really out that than -- and when change And hard one we look paring We fast if into large what there a opportunities freshness, surprise. I'm of for is little a what inventory front. you moving a back it's had got start seeing little in Overall, expected. to we're expecting I And what but said It's the it's I'm the moving it feeling the of life clipacetoand actually a on faster that opportunity food food that. wasn't other you -- in is opportunities. market coming bit it's time, quickly. just So shelf see see and I I that

kind take technology of so cube case way. Now is longer. retail things But to is going it proven thought little part are successfully with the is reason and a of still adopting the paves the really that that I range

forward, opportunities food and bring And rather attention. are So opportunities to going the we'll right as they insights by excited I'm where and learn other your now. we more

on you. Congrats the quarter. Thank

you. Thank

the And settlement.

question Mike Canaccord Walkley Genuity. comes The from with next

Chris, protecting settlement kind intellectual everything Great. opportunities Congrats about the and just technology? your post your the it. strong your property outside has And industry NXP? I additional What guess, there are too. feedback the the on comments been of on from license to with

of I'm question part for the opportunities and there first, going out to start overall. with Mike, latter are additional the licensing there

strength on IP -- just platform opportunities we our in a cloud that we've capabilities there's and funding got on our front overall we're -- for services, of So the doing. got lot things

revenue. drive out For while the additional generate we make of integrate our more to with market opportunities opportunities see licensing partners partners to and to recurring

is it And although until can't obviously, that front, So remarks, going in we have give any why didn't is the strategy cited on further we details. further prepared feel because which we I core to good, details we our licensing anything really any forward. cite

the removed, terms most right uncertainty we relieved. of going industry the the industry the sale, was overhang NYC settling the away with industry forward. is was details I'll the a of for over us ongoing good suppliers. there the fact overall. for concerns And lot guardedly industry about, that reaction was, concerns that any NXP course, part, help the litigation that, In think to largest I'm There carry the between X to potential fact takes move hanging for to the of about cited of feel industry that talk forward. and and we it continue will the utmost it the impediment And

as about But stronger trends just trends XXX Great. licensing for quarter later next gross margin a Helpful. just the be the of we gross margin business follow-up, about for business? of How potentially with back should the that with and in the gross year? margin ramping rest quarter the think of mix gross we systems a payment. think on my will and Cary, high out obviously, And margins, for kind

question. Excellent Yes.

quarter, license at margins strong the from gross with second increase a I we expect you as go the to revenue. looking think benefit and

gross be running If remove will a margins we're -- quarter-over-quarter. about that, you flat to And the we're the XX% targeted range XX% modeling our reasons. at product for for currently, level first few below then

of total gap recovery. as systems quickly. but second, scale ICs lags case percent volume than then closing the ramps. as margin. about more will We'll SKUs moving is are endpoint our to a XQ ramp impact product we're And having caused our in MXXX has revenue are so generations likely This quarter average. point, our a margin running and next small before typically of old then historically, a in remained slightly has slightly higher in the business the been corporate recovery that First, in the to not be carries a tough little we or percent IC so, from that That quarter the at gross QX. MXXX a remain our is this X And the finally, endpoint revenue visible pace And of we're really it gross XXX-millimeter again the lower revenue grow our at IC as second volumes know perspective. line mix but lower-margin and

outlined the remain in So margin we confident that overall, targets at Investor Day. gross our we

The next from Rolland with question Susquehanna. Christopher comes

The to tell I the bit Thanks textiles it? think it maybe talked that, it you you economics question. a be? the ultimately with you digital well. can passport, regarding the product Can associated applications, think And little do big how more about for as us

a really of application transability the the basically regulations items. set of Chris, textile U.S. that require past So passed is

in he begin and the deployed and the consumer end XXXX. grade choice around the the consumers. through we'll so kicking of recycling. life. informed the way into item and then sale, about shipments, to doing the of all Providence sustainability for manufacturing, regulations buying thing items and web-cycle informed I an data And to the provides choice consumers said, an credit and and consumers the products Our to make recycling like the give of use And really wants Those is stability ability

I engagement. believe consumer drive is will significant for So the opportunities that here key DPP for us

is mobile that because need world consumers case personally issuing bed are our on forcing or are right ISV and users to for already data the DPP. be phone of the is end And the make and goes carriers. tax actually to the other read mobile transformative suppliers. What we our a there, items, to for the mobile to carrier more opens reading get and end and whole those readers and think opportunities data in I we, not the phones. embedded able enterprise of that use is Now in there order more paralitems phones which and partners In DPP want for new in retail

So but hopeful, I Maybe can't hopeful. increased the in beyond readers would opportunities getting increased that beyond hope in I pressure edge or am DPP. of We're putting go which I I'm we'll over put hopeful incidence. breeding mobile this top homes, and over the low grain us open, the terms phones.

is read point can, whole set new The to our really on We that get and tech is opens to consumers when them opportunities, a being of of So up focus. going sale. already able need items. they it plus

That's very interesting.

be market then And mobile dependent to of Or are on could there existing Just a ICs the payments? some a there? payments? use into you sort they just future function royalties quick licensing. component a Is for how And there. volume selling follow-up on volumes Would for that? those the housekeeping

is question fixed latter modest a payment the amount taking each that by amount year. -- we're the seeing first, So of the

Lexicon. that's So to -- we regards with what said and

but in former, us aside an whether opportunity early for minute. there's or phones to the putting the it's in for say to that a not, mobile silicon Going too

enterprise-level opportunity we're around If ICs, the already on. you our not and [indiscernible], into have services more it's our think has silicon that see platform, some our We of actually or large the engagements. for a of it. We platform whether endpoint pushing

to But to opportunities if silicon solution. phone Of try the platform the our And even overall to we to course, going be to of there with retailers platform the providers forward we're we'll phone. be our be in part we pushing leverage and want with and our even the side-by-side brings. manufacturers don't, the get

The next Searle MKM. question from Ross comes Scott with

front. recovery the see quickly Maybe the in core continued those customers. the Nice on of and that key outlook business to

endpoint apparel On volumes, we sounds ICs of we and cetera? retail and it the as and second as are up ramp these the the the upside into apparel still that in market the retail through the or upside the Are drove new driving quarter is like now for et second working in-laninventory wins quarter? in in quarter first normalized some front, into the design well. outlook there get recovering unit Chris,

to I'm going Jeff I'm Jeff. Jen to think by I going commentary there, some off saying you. And thank then can provide start to hand because

the in us too call match demand consumer are to Well, some better half to uptick demand. quarter general apparel, for or to signal and early who and retailers place the we an call it's second footwear trend seeing that. whether awaiting second with not for taking both cautious the of restocking optimism, But overall, not to confirmation strength probably uptick in that merchandise engage the more continues, are partners optimism of but that sustainability and those in some into

And I'll bit layer on a little here. more

tagging, we activity multiple with labels soft software our the zone. and see We replaces parts see embedded in So [indiscernible]. to drivers which

some embedded Obviously, see general we're about we tagging. that already forward. that So going merchants, from tailwinds talk

so, accounts wins strength solutions, in we of the our those are And just Carling market our in and that highlighted those factors our are driving then recent are efforts revised -- the solutions believe driving for around seen Jeff solutions [indiscernible]. as merchandise, and those we've

to and incremental categories? retail think that walk that you. through is I'm drives will Got we could that the because about what of so a like front. it's up from unit if Has lot of in feature You're on opportunity the the batteries terms if such apparel product the starting just milestones those thought couple large of more Chris, DPP talking implementation items and about follow us the some next textiles. to of tires we wondering for I a were on kind engage consumers recyclable opportunity I And Impinj? over some and of the different you trace just see years? front, is the retail could apparel there. But on going a sets Or process ability huge look changed than of it

Yes.

the kind So from only understanding, and first going of my understanding hired batteries but also along out much carrier one to no hired with for next regulations understanding not bigger a carrier come And my my being is decided Textile out with of from category. the where the those QRCs. from the patients the DPP strength batteries out being is is today not yet. is are data

data a carriers it into -- or is could bedded is could working It's things in peril great. So on we're their That's what already be It's benefit be it's big be an out and are. and RFID visibility RD could RAIN that's being in the things, the great. code RFID items. it not funds. that committees cost But not disability multiple fact a mobile bunch on there's different of in ex great. figuring decided

and So mobile needs that's letting and phones are large now we why their pushing I enterprises that readers highlighted known the need Europe opportunity and in in phones. be the there mobile that rain are that

And capability. real so, be but the need we in will first the the the we've had a enterprises push this from it's whether that in determined, leaders market saying to be push market from time the really enough is

data classified call think right to that indicator your I X for over is DPP, hope X soon. carrier and next, will we it make it, so, whether And as a to the be years, first

Sandler. Piper The a Harsh Kumar question next is with from follow-up

of as struggling us probably we are with this modeled. lot a So

the my it want model Or that second OpEx just going ask this. some ask just too. appropriate what were do then in just will us a change thoughts forward? could on expected what to think as the million love to is In thought that other the love for I know you on see manner next out? Is you it's to I quarter to I'll it year's number that's us dramatically. payment number level words, this $X second just come should take be ultimately, fair to XXXX. of spending you the Do I one that And So million, some legal. $X.X I in in and mind, would

is this Cary. Harsh, Yes.

an litigation pretty embedded QX QX spend in occurred the immaterial reorganization from QX. and So we've is business perspective, OpEx and guide following the There our what our normalizing in that is is OpEx clean.

the good now. modest As got this picture I assume growth. in going of continue our to pretty front but you've would this I right business and We're second opportunity, investing look OpEx half, of a in to

what And next Okay. about the expected payment then year?

it's -- That is design one that easily for is question. early an Good is that's not there something out, ability NXP to but done.

in point, and you So I model go. that on a to that is this we'll to at expect huge payment, it I but think up fair that keep don't date increase where might

The is & Needham next Ricchiuti Company. with a from Jim question follow-up

the business, in parts position, guys means is With M&A I'm of the the the what litigation you growing growth uncertainty behind wondering looked have you and of business. periodically at cash parts as a of accelerating

you, opportunities like benefits. growth wondering some sounds but newer for markets? a that we at might if nice acquisition at it pickup think acquisition Viant looking small, you're I the the of might if the all was I'm a or provide some So in accelerate see

that and of Essentially, course, assurance our Obviously, I question. in for end to front inlet. do our [Indiscernible] the data at which seeds way. inlays, speak RGs -- we're around ICs like answer to be services of leverage the might and the testing, coming they platform. manufacturing, for quality was an in our some the particular any opportunity they're that opportunities or the us because well my what Jim. Yes, anything best can't aligned our with offered I'll was

was natural forward. good to stead So that platform in our going it a stand addition I think will us

for And along, actually additional to difference oh, other way. we're strengthen open that, we easier an which thing us going to and us, it. something come that huge going areas because a the don't open is cost augment always absent opportunity say, good make won't. that cash opportunity. finance the our -- And to are it's all It's really But and to makes additional see is we it's an cash time. to eyes nice if identifying And the keep the going We It's pursue we be it. either think key sense our to is I platform. we'd interested. we'll for come

I one Great. if question, And may. Okay. final

Just that Investor you you alluded thinking -- But think there Day, Cary, is small. I to I any touched at still this around MXXX the the being has but volumes your think way on relatively gross overall all? impact on could us you as the scales, as changed margins it impact volume. bigger a remind of that -- just part you maybe becomes has of the And the at

Thanks, Jim.

that lower cost XXX And cost business. ramps benefits into the approximately of accretion So will basis. becomes a gross basis the basis our a runner volume translate lower MXXX as MXXX in from and margin points

But throughout Now project we the are, is takes timing really it, I the in volume and of the you we We're multiple launch still to up-to-date ramp days running encouraged status. see too impact a IC margin call small, the into precise when in it's are as we'll of on point. progress with QX, pleased certainly years and are. his MXXX is with to an And typically ramping to alluded achieve, Chris as where hard at we we're the gross where volumes but endpoint, We're that prepared that new this keep a year. ramp early and not in ramp. visible we ramp, this where remarks,

closing over no for CEO, Diorio and conference further Seeing would question-and-answer to back like concludes remarks. our session. I turn Co-founder Instructions]. any the [Operator to Chris questions, this

you, Thank us. ongoing to very the on I'd support. Thank Anja. And joining you for your of today are call the for you Bye-bye. Thank all thank like much.

attending The now you conference concluded. has presentation. today's Thank for

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