InterDigital (IDCC) 7 May 202020 Q1 Earnings call transcript

Good day, and welcome to the InterDigital, Inc.

First Quarter 2020 Earnings Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Mr. Patrick Van de Wille. sir. ahead, go Please

Kai and we'll quarter Good for open With XXXX Bill quarter with company, and morning much Brezski, the and to CFO. and some our me and call highlights InterDigital's the questions. are Consistent CEO; President our first earnings quarter's Merritt, then our thanks very up COO; morning Rich call, everybody. last welcome this Öistämö, offer Thanks and conference the call. about

of for and release year filings update and our contemplated uncertainties subject I forth the cause to whether Commission. our Securities remarks, from call, time and time our results earnings with could not XX, begin to forward-looking by remind as regarding from this These risks December the otherwise. we other revise Before obligation include future in are beliefs, law, are statements. our are and no we of ended and in events the annual statements to in actual future required and of that date need undertake as only except such risks These those expectations, them, we uncertainties statements differ new result forward-looking events set performance and you guarantees as of and made by which report make Exchange or to a that to on will Form forward-looking any information, XX-K XXXX, and or materially results hereof, plans our events current and

on measures included accessed which for link the metrics measures QX non-GAAP on says left XXXX quarter homepage of comparable measure. may in Reconciliations that clicking In directly our the the Metrics on interdigital.com, non-GAAP tracker, these are to first XXXX. financial Financial most the presentation financial by homepage, Tracker be addition, today's GAAP to side our can financial contain references financial of

there this we are any doing sure to remotely. issues, I If make call you reason, be patient, for ask will we Finally, are reconnect. we

call I'll of, And with the taken care turn to over Bill. that

good Patrick, are joining and way appreciate morning, for and you you your difficult through families its find on and call thank morning. this Thanks, your the everyone, I crazy and time well I this and hope us period.

spoke, landed about strategic XXXX R&D infrastructure. of business consumer engine in in during position last licensing a talked we opportunity one how strong licensing do and productive company, is additional the the all fact powerful single a that we with new culmination business that licensing exciting device When IoT of I mobile represented Equally an and and the period a long strategic electronics and new that. also exciting driving growing and of long-term can

with business before where the XXXX began revenue flows created all are revenue revenue of level journey. a modest work. some was added dropped level have a operating This incredible costs million this keeping cost potential while the sharing our we levels, of at of taxes beyond cases for bottom-line I net these So in $XXX leverage we as to us

opportunity we're our that to that's and And represented shareholders. doing. to amazing done With what all execute XXXX that deliver value

We CE business. new some mobile started deals around completing the our business and year smaller our

our mark particular crisis and navigate facing XXX market X week, the waters negotiating around on We last side the Huawei and challenges trade of managing the license years. in the COVID the history put to to for information We strong enough X to CE also secured wars, a million business Huawei. secured renewal that revenue choppy then

challenges market applied those the part factors considerations. of rates volume We and the and the as the on specific with governmental business such challenges. for pandemic in To publication site that deal with COVID-XX which typical all term, project. includes started reflected both discounts of our the Huawei's our our Web and special royalty posted open rates, we It transparency also as

optimism and the and our transparency When a expressed our that discussion that posted expedite license would that as believe effort initial we Huawei level reduce transparency, around the it by rates optimism. industry deals. new terms we the deal of cautious We licensing was media supports held

higher deal with minimal strategy deal Huawei also opportunities The deals prior dollars the what of value. our work additional lower get licensing to costs Increase of believe to to a to more of litigation included focus litigation, the this the was shorter XXs some company to compared with through do. saving will amount net I timeframe deal. also driving and/or frees rates, still of perfectly as value agreements of on millions intended Huawei. final combination It

for company well the a approach easy deal When and as again opportunity as licenses. not These demonstrate companies represented a have on-board including another for to to its pragmatic Huawei. found times formula worked licensee. fair to The also that them we are

will Huawei we includes and the a of have almost for XX at for who been licensed for term, years. currently XX been will us upon is a fact, That Sony, licensee Samsung, Sharp this and licensees has In been particular, license join with have years. least Apple, list completing decade in

The continue of license fair volumes generations continuing we and across wireless approach role licensing video to and technology. important transparent length and standards and play and played multiple strength the of our of our and engagements our the speak to stability to innovation,

to job confident revenue China. current of of are plan TCL. Vivo of Together that volumes including our approximately Oppo handset $XXX platform $XXX Our million. the continue they our bring global remaining is now will companies, those Xiaomi, represented and our with executing outside goal these million unlicensed both with we're focused of Huawei approximately many on sales and Lenovo, from we us to license, our Combined, one-third ZTE on

our also focus We will renewal on LG. with upcoming

looking at with diligently success even leading drive Additionally, new our year. customers work further this we're CE to

our that there. we we revenue two when had some Technicolor to described In progress the was One goals. drive executed acquisition, intertwined

hard in achievement and resulted second will later, on of The was expense our goal. has that the side goal describe work as Rich

are very environment. is the revenue our is we virus, difficult So we've this the what very our to entirely And our business we detail, will to off and is economic Rich as of fine all relatively more based fixed in adverse almost is agreements. discuss a effects in so know, year. start done immune as Luckily, price on

only expect upon we the minor decline expected smartphone years. are based that So revenue over next shipments two the lower

that the impact longer to five-year the tempered are volume recover those course, deal in wasn't expected term as should, global impact did the Of they fact volumes by but that expected over was the license the Huawei and deal. period of lower

impacted ability of company to materially not also function. the has the crisis The

working dialogue for We video conference many regular an our as period and become been with of have are licensees calls. agents accustomed audio continuing to on have extended and over lockdown time,

work tested verify We three remote to our workforce to to ability prevent offices environment in fully operate days That's mid-March, remote to in and preemptively were ready that also the our virtual to prior we work to of also the in our company shut our environment. environment. when to protect crisis, a entire the the effectively seeking virus, taking we spread

already occurred many our across Additionally, engineering sites. of projects

home collaboration remote work collaborating example, Montreal [indiscernible]. from largely familiarity For the fundamental. The with is our move made work with team engineers our to

set journey. have created at To strategic create we to our the summarize, the company of we out beginning

on despite plan successfully the integrated the quickly assets executing are and now have crisis. and current We

for to turn licensing on that, it With R&D. over me information let Kai more and

Thank you, Bill.

our It's for licensing in year in successful both very been a start the efforts. and R&D

to to was The speaks me able restrictions, of also with that volumes our the renewal diligent headline on Huawei. efforts, both. strength Let fact license. the the highlights touch Obviously, trade despite portfolio is get COVID-XX our deal to licensing willingness issues, and travel successful our done but Huawei's and

and around Huawei company well a of as we other ZTE license. perfect portfolio to in and the our outstanding fair that agreements. companies is a with that that to licensing arbitration our and as transparency leader the to willing counterparty will feel Hopefully, offer a concluding and resolve rates We Chinese publication of recognize follow take differences, practices

the they've six to with the license past Huawei renewal that months. now The agreement able conclude is been in sixth

often brands from but deliver important ZTE, and revenue to important leading the helped grow diligently licensees Google. serve our and are and On companies all of those players. are a as wireless contributions These commitment goals, side, also on to like the revenue, We've doing that. the Huawei deals major technology included our of spoken our we have validation

side And are that's our to with On before consumer proceed was agreements electronic doing. to despite moving negotiations. rates validate goal the we serve to -- goal larger what would that our smaller

So I'm pleased say executing fronts. on we are all to

all that after that to only XG. international travel place typically, development slowed advocating halted. accelerated standards bad, fact, process in health are that the call, development can the standards slowdown, I a teams Standard have is a standards crisis limited that environment meetings those slow in is down On the as and had colleagues companies pace been side, at conference want painstaking are effort nonetheless our taking of resources and operate. proceed limited has of which by deliver we The almost to COVID-XX breakneck while a meetings the research Bill the at our many described in a as obviously to the say especially not first work release

of technology development setups. largest style involves a studio Some work our video

capability. work require on refocused that development we So other that doesn't

I our appreciate our work negative, is been of the new some has we of all doing video there effectively. investors. able to are So some is impact, very some to largely work very continue not but

produced trade them. our and in visual some read So augmented homepage. links and reality, science, we've excellent diminished to doubles, posted technology site technology areas. describe our leading Web media, other you video feature groundbreaking on work I to encourage digital They by articles

and affected So we've progress and while nonetheless licensing the our focused period through on progressing continued by side of research tremendous well. there activities, to slightly execution a on been Coronavirus summarize, issue remain

over turn I'll that, to Rich. With

Kai. Thanks

high by today start then quarter level QX. discuss XXXX expectations I'll I'll results, for our first reviewing our

the benefited under quarter, included quarter during XX.X million of were from two especially results just of strong, in first at million signed the we new expectations and sales. Revenue our current came agreements $X past Our environment. context above macroeconomic in very the which we

expenses previously operating came in in our communicated XX.X line Our was with which at expectations. million,

described worth one-time our to efforts in bring nearly $X with like prior expenses costs XXXX calls. as of However, million it expenses associated with line is that noting these on included

now a have with we having Excluding costs, team. and economic goal, lot two the XXXX these portfolio, research running ongoing especially and targets. We larger delivered of at much much business or time the below consecutive of met longer an a a our cost one pride patent with quarters take

maximizing ongoing leverage. being said, to That know cost we our to how control company is operating our important and

in million that Litigation from result to carefully $X to are the that up checked committed as let slower the due to be by metric COVID-XX was This expenses. in a we've continue that quarter. pandemic. excluded managing expected matters we impacted, which off, were Although ramp XXXX me emphasize costs, roughly outstanding

included of financing and sold that increased Our value QX early long-term that the gain sale. part to with also around QX, the million of half up a the $X.X about write investment. non-operating valuation results from of as we of less investment In one-time a the value nearly

We be earnings. of to of continues reported foreign, but income, pre-tax just a perm breakeven rate and book $XXX,XXX on as periods $X.X fixed, tax in small that and state, million distorted are provision semi generally by impacts our magnified interim

important not to with results benefit signed was recently Huawei, do which from first any quarter the March renewal announced it's after license that XX. Finally, our note include

Huawei, expected we QX, of strong drive with fixed as with will shipments another decline expected to agreements contributions price smartphones to quarter, forward from recently our global help substantially. completed renewal other even Looking combined are

during substantially licensees, make XX% all more Collectively, agreements than and and fee agreements, is such is uncertainty, not shipments. COVID-XX our a pandemic. Samsung volume of from the Under key now including up as revenue us the includes our Huawei. benefit periods of to our economic our fixed priced fixed customers fallout Apple, to our of revenue underlying great sensitive of such This

revenue which we from should X% a the per lead variable revenue. decline basis of customers. Having our said That contributes unit overall to our roughly do sequential expect between shipments in XX% of our and portion declines that, in

to anticipated including million both including the in, revenue variable $XX to million $XX QX and revenue revenue. in $XXX per of agreement, between accounting be currently estimates for million All million, the of recurring our to declines in unit $XX range Huawei preliminary we expect

contributions in we revenue licensing impacts to recurring about any see increasing million we revenue, million revenue platform our $XXX specific wireless $XXX and platform from aside QX coming goal additional now to over our infrastructure of and plus and CE Putting with our from IoT another variable time. our million $XXX maintain business, from our

operating We me of quarter. later to will a bit implications agreement on guidance provide updated revenue the for speak QX let Huawei and the of the couple a expenses But in expense.

between with agreed will favorably the over otherwise would This connection we forward, the increase expense in Huawei dismiss we to year. have Huawei and litigation First, to litigation us. the which the of license, going impact balance expected

to in million expect vest to based report we the a Second, of second that an increase performance will compensation plans. related achievements long-term or $X quarter, charge roughly in under

turn to over it Patrick. back I'll

very Casey, Thanks open lines much could Rich. we of if questions.

Thank Instructions] We'll Riley. question first Wold B. you. [Operator our Eric from take with

the comment this first should Good sign expense mitigation to agreement you. around year? guess, question last Thank than [indiscernible] obviously Huawei morning. Huawei [indiscernible] last probably within lower I expecting for increase is the be [indiscernible] year

Yes.

that, year the the earlier little and bit of came said the what pandemic. of went because having Eric, it as we that, with I resolution a in is, increase prior with lower we to along, said as might expected expected was Having I'd year So cases say that the slowness QX, than have noted, Huawei. in that's certainly rollout the in to

been expected. But is that litigation going not in rate yet. not to where to going we there's otherwise out at down to increase the it's just have QX. some just say necessarily might go activity Lenovo, It's So to not going exactly with ready come

we litigation, are to with the how different? the they are in typically change right On would COVID with dispute pandemic Lenovo, similarly [indiscernible] you what any train going filings, you public we do what how Huawei major to now frame and dispute timing of how going are because and and

Yes.

think I the forward. courts trying move generally things So, are to

dates and we that be the so too, that a think I bit. that's that things and on have But, slows have calendar scheduled far dates down think good. we calendar we this here so will

of did the Huawei of, looks there differences. is terms litigation, couple how litigation In versus Lenovo a

asked we've of, rate. filed case, worldwide first setting terms rate and in for so U.K., the in So, for we that the was asked that a

that's in to always do Shenzhen were factor and the the than what and a case important they be then filed had filed because the second good first the So an U.K. position different to decide filed to first that's generally have Huawei in courts

have Huawei the I think maybe, demonstrating, it's to another are litigation the reasonable rates that us think other gives having a of important great and evidence in factor what fair, I benchmark very Lenovo piece in happens, is into and bring that done the so important of do to terms we that present non-discriminatory case. they that

what a with is, the third, lot and ride will you coattails else. litigants find times somebody they the with So, of

validations And so bearing other of settle parties of cost may to now, when when on wants other agreements in, agreed the side gets example, because, patent the going believe starts cost to which be and their having signed it the with included an -- can bearing licensing the us, company of reduce license to in I the With now the all their is as are costs things. Huawei of it not. both now one bear now, a Huawei Lenovo the doing, and to costs do activities was calculus, and certainly enter the there's limitation thing same litigation. that have those

I that this I now with litigation, Huawei position So, we're it agreement. it's think and think of been a comfortable had at with very stronger even point, the

path the X a guys getting is have in smaller smaller companies a on games IP for the the would bigger deals X care to framework, and of it. deals don't important at like growth what XXX XD the what $XXX kind on we question and from of and here major goal the Technicolor then how under looking Terrific. [Technical to bigger framing kind that is set around that of And we're the pricing deals licensing or Difficulty] that deal, are announced of list is there thing, million, with guys pricing, signed, hurdles major say, revenues year look with hence who

ones together. when them we of of, -- the of important but very I kind not number smaller a in think terms this are especially a So, one get

verify be important logically, I of our in So, actually do benchmark also it's And whoever, value it they or so. Samsung negotiations offering they play, an might think is. the like, what

in the side, is, And with marketplace. are and essential we rates there are baits -- very standard so are, on that that's, but the our they CE [ph] is said, so side, so we the far are whatever in offering license the patent comfortable being a same included now the what do have proven already to and a as well and are, have obviously what we known [SAPs] the

have And looking recognized we presentation, the that $XX last have revenue kind figure kind then. of the out progression a the what most of relative then question year, Okay. entirely assume last in throughout of platform been I then new for someone since should of do how out was million you year? kind to the signed deal And me, fairly laid linear at that recent

Yes, at Eric. revenue my to mentioned that we're million in $XX I recurring looking QX. in in million $XX comments prepared an

XXX be like $XX would million rate. quarterly So run

So, the that on the new variable as it And course, since that includes out of and QX agreements, reflects impact included well QX in basically end that everything of any XXXX the at is licenses 'XX. turned happened range. as

with Anderson Take our & next question Company. Dougherty from Charles

then in of you Yes. feel Thanks the next to for contract expectation that should relative of the when Huawei deal and licensing today. you that to is a Huawei you up. under degree on just do, trying unique Huawei want your have you execute we wonder level example that was of I mentioned that -- my licenses may what for level year licensees have deal next you how speaking look, done. year I on understand those questions the next year the and start have with confidence congrats I don't and about taking that some getting follow to anything to there Huawei of deal,

base kind will had is company that discounts customer between the We've volume is. the walk can way how in different of another. company We've into or about other talked factors operate respect it's about fit base. this how companies through across starts to that the and related rate a like sheet, regions think So, rate always your one differ It at that's to stuff then same ships. the which our discounts may with

And thing access expected services, their that's different Google with be China So that business large can that one a back really a Huawei, obviously, to factor. to extent. limited to shrunk has

Otherwise, if you about need a to going company. forecast you're fixed that deals, in to a is, think particularly create forecasting, because price for

And so COVID-XX across companies companies the with a the today respect is of see to I that all the impact. some common factor

that particular on access or issues other of couple that say uniformly the let's years. them. specific depresses the Google the But issues Huawei are services there that that to So unique Mobile be kind market can whole are next over around to going

kind And all China. how would different kind of your contrast think they I and customers to in work of through start the compare need and you those a compare to well. get So for way as you feel can

then OpEx. million, don't If QX. got I OpEx in saw litigation. X I guess commentary Rich if I'm for comp, great. a what's happening and then guide for of in we some the it'd And you Rich. exclude Thank the time curious be one on I a Okay, you, performance but I've impacts question specifically, I the exclude know the

sounded it QX those the realized the all then I like impact looks taking should investment of OpEx QX? about in the on So the in How net should the take the of non-GAAP. gain of out think income otherwise? about treatment in gain And again, trajectory unrealized it and operating on how think I aside,

Yes.

some things at that when from stage commentary And we an in litigation precise, perspective, the GAAP the this we'll about we recognized, review the a being particularly include the So levels -- get has that, From at OpEx and we without been think hit least stands, QX doesn't on beat at, QX. a realization overly guidance. I provide then the gain right? we're perspective, of revenue if better as where P&L

things to typically, it on not probably but to expense continue As been it's we've you Technicolor the that. two little wouldn't feel know, practice regularly a guidance, the doing deal acquisitions, separate heels I eventually smooth the our with of more out, to need provide

summary, we're in if change range for would the say of X see So, I kind in dramatic update as anything that the in we'll and we're million an there. now, at, provide we

we've this us Fair then time you'd since midway it's be Thank future the on, you expected But expected lastly, me, all as cash I enough. to past the update. through commentary period since the maybe to for given wonder so probably some know any Okay. your in Huawei, you inflows gave had of from cash that now year future last I know update just I or we're inflows. deals. signed much. you willing if multi-year for And

Yes.

the update at providing not an point So, some future. too not an certainly but provide in to today, we'll look distant update

[Operator take ROTH Scott from question Capital. Instructions] our next with Searle We'll

morning. good for my and Huawei congratulations afternoon. on Good Hey, the taking deal. questions Thanks

there a recognized past like going help deals? be bit, your that on to to will that What an perspective? sort larger in would expectations be component Just And in of up us a event? video on a more you the in us idea sales of recurring to million then some one guide little but bit sale March terms clarify, $XX being terms I little about give of element you related of to And was sounds Or million to in the thinking quarter. $XX of to $XX recurring $XX Technicolor, how quarter? a is a of in? that Is June little video know what terms the get past from just that fits ramping time been in could it are million quarter? in clarity million that's

to part the go business. back I'll CE of start this, with second the question and the Yes.

the $XX million the number. On is the $XX million guidance, recurring to

at would measure ignore There's be it just track say past. sales, past really and the Delta that. always number, right platform. number, I will mean, the leave related the And and and emphasize don't recurring to a we I we recurring So but

On million so quarter, have to a $X it's favorable of little of there. in true-up on there time on was auction side, CE the time, a it little was to we bit the the bit neighborhood -- of in

So the bit little that. despite dramatically probably a it's year is deals. different Chinese annualized rate south new a All-in, of ago, not from

deals those still are noted, important. Kai but very smaller, they're As

So we're very happy to make any progress with to new deals. And up. add in time, we'll start

And that a the of in infrastructure. little more of type IoT of then, color accelerate? to related see revenue. Avanti, that dig some in a like bit seems you million-ish do million is of target XXX you little on It XX and Could to to there's component this would IoT related so all Avanti. to that, And on to starting expect then external a when is to

give you that's why. and I'll order number $XX reasons magnitude rough couple say a the I'd million of a

Okay.

side, a number IoT IoT more lot and so, in comfortable We not is, kind revenue, various still sorts middleware small a of small. number little XX fine. itself gets what's for along right, nature how out is providing of just that's that the revenue think In that's like middleware things of opportunity. say that a million but and deployed, penetration, the I the just component a which the on bit, terms we're that of being. specific the connected until a moving So it's Avanti marker that still time so uncertainty, around that why market in the would place cars there's of fairly remain meaningful, kind of cellular But that's be,

an the evolve have than opportunity. as there's we all of area differ the side. And today will is, today Again, infrastructure XG, deployments there. types under there's a of infrastructure say nice XG revenue the opportunities, think opportunity them solid to will these the of very value carry cost The for I if any little on that it's we that that

on infrastructure change a side about XG license. how it's could to that microcell of market at, deployment. replicates that fairly looking there's in concentrated for but lot an currently market, and we're go the may innovation a infrastructure the the It's opportunity itself we So, terminal the do upon depending today, we the

So, more little this I we building spend bit year, numbers time better. through probably go a bit little we'll up as think a those

and put I there, have a market to then, And little out a better we'll develop that see of want better a be, what, quality comparable number say the bit to and once in idea data would much we over markets, normal negotiating done practices, have done what those are Those to established we've don't that yet we we've things two. and on establish history, quite by what on licensing informed very CE. on in other

really moving by issues, you. has Got Huawei, dig to could of around Google strong in cetera. by elements to presence, issues, been some their just of more without within bit Play I if lastly, on And other parameters band marginalized getting I their lot but but know little related the presence trade et there a inability where domestic too a export specific, there a use there's are devices,

specifically, probably at or that they and quickly comparable direction are them terms rate and of above, declining bit extrapolating Chinese from the where looking has clear Oppo. that some So, you levels, Huawei exports see a in then moving Vivo standpoint. what OEMs but Vivo export an Xiaomi probably Oppo less unsigned exactly pass at their in the Xiaomi, not little at of share but and

deals, you're years? be starting So to annual they Thanks. or competitiveness similar should about type him opportunity when think as their the larger with vendors, size next those and for you're the both opportunity couple about thinking over the

that, would factors beauty the that of wanted transparent that about settled you the very think a I actually regime. we a definitely very in Charlie, things to to having at. sheet mentioned I rate As are fairly The ask look

but price of a rates a actually deals, well as are relative didn't example, play, sale, at current you So Huawei how an said, transparent. that there's to point I devices, talk look forecast want like of forecast, our the other think So into right? level forecast those handle and risk I think I forecast for the come fairly today, and transparent think because regions fairly today, Oppo size we as things are I I things risk volume different to between, of

think I that us the people that TCL, is it is group, Oppo is companies. five six collective Xiaomi, will that look Lenovo way we or at in platform. that. can work Obviously, group Vivo, saying through that What get their when China, the off unlikely we're group

as as these of "average" So be be, look that deals below well above to average. can to but the I we the, you at a will size marker as think kind and of what the think obviously

We Anja Company. Soderstrom & question our next will with take Sidoti from

Hi, everyone, Chinese Huawei good a good on color congratulations give how us getting has on discussions the impacted you the a and done, current but questions lot already, some can of maybe OEMs other environment all? on with if just asked if quarter at

current to to the noted of get of capability finish on kind As deal Huawei a make kind has on the not our environment across line, execute. ability the really impacted

surprising of easier, interesting and it's logistics what just easier with travel logistics it's this, meetings that I everything a virtual, week all in two done exactly from next way experiencing. if that's or somewhat else. than that logistics setting kind and perspective a would weeks this getting and Now where a it's to are meeting from meeting anybody environment or much And say now is we actually agreeing

-- go same technical where on interactions would of the up frequency say around signal, the than portfolio, the technical I through And the say, the with rate all our all terms, on I gone would of especially our a of we would is, that way kind meetings, aspects it's kind way it's that say, business kind would rather of I increase way I other of of of this interactions customers. And significantly also the that a now. say the

It's predicting any we it's deal rushing if deals right look the deals take the wrong into at in history, the rather the difficult very now. and and future you

the making up. to across interactions So up gone the have a finish get the but on and line. harder prediction when has a gone deal say, hard, activity you That's

that said proceeding larger you you're the side, electronics smaller validate any And into also with of this thank approach that in also have move segment? for So to sort Okay, you. when agreements sort you deals that a larger do going that, agreements? timeframe Appreciate to before color. the the on then said this of you're consumer you

on it specific guidance timing rather whether I that that irrespective we [indiscernible] of at be quarter deals, given we the on just time right That what has our read it I years. And first it -- the make would been not giving larger all. we've Again, again, you kind of premature a and in takes. that any just that said the approach strategy takes the is it getting said, being right it's deal, the -- of

turn We conference Wille, see remarks. this to to at back time. closing you de no like I'd further the Mr. any questions Van for additional

for to us And Casey. joining much, very Thanks everybody today. thanks

our please best mentioned, As good Bill the stay safe our and to company. be you for we Kai our accept We're you. quarter. and safety security again And for of are individual day. of concern ensure stands Thank with wishes. so steps next Have to certainly a investors and proud taking security safety

for presentation. for your you participation. Thank Thank you today's

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