ExOne (XONE) 7 Nov 192019 Q3 Earnings call transcript

Greetings, and welcome to The ExOne Company Third Quarter 2019 Financial Results. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Karen Howard, Investor Relations for The ExOne Company. Ms. you, Thank Howard.

begin. You may

Slide Devon, Chief time and financial We you, our Officer presenters; deck afternoon, conference me Financial line today Chief are Officer; good for the and your our on slide today our XXXX Hartner, Referring appreciate on ExOne the call. with our Thank John to everyone. Treasurer. X, Executive third results Zemba, and quarter Doug

this be will the reviewing the were that in distributed Doug results press published release and afternoon. John

don't that today you website. The posted on release, our website available If our have it's accompany that at on www.exone.com. are slides discussion our also

On Slide X our is statement. Harbor Safe

apply aware, we and could that are to As be we where you uncertainties, presentation make subject to during may risks some may are well that the forward-looking factors today. differ and as during other to from this statements future statements also as cause events will These results actual Q&A.

are well risks provided with and These other documents earnings Exchange at the on website www.sec.gov. Commission. other can the or filed as release, company Securities our These and by the in found documents be uncertainties and factors as

call, I evaluating measures, out point want during will useful that financial also some discuss our non-GAAP which today's are to believe we we in performance.

the with GAAP. You information in this in accordance for consider of should isolation not substitute additional presentation prepared or as results a

accompanying today's reconciliations comparable measures of the GAAP release. provided have tables non-GAAP We to in

the update results. well the us John of well as open detailed will provide as get a And started high-level the go of line we as Doug financial up outlook year, a on as questions-and-answers. of our will will John update. for results, a then the strategy for perspective review third business before rest overview our providing the quarter through

pleasure my call John? to John begin. it's over that, the turn to to with And

in everybody. never joining our ExOne’s more excited Thanks Karen. us team confident has third or more Thank and despite challenging technological been The advancements, report. for conditions. ExOne afternoon, the for product you, lineup Good quarter market

with I'll the summary reported our compared a technological third last year. X I'll revenue then developments. start record of record you quarter results, on Slide a of million and following second and the financial with on for $XX.X a quarter, progress third with We quarter our update

I'm the pleased profit that gross revenue. on level with of earned lower

Our cost growth operating leverage stable we drive and well-suited from pipeline is structure our at a on to the anticipate long-term outlook. level,

finished the for pipeline that further rest our of demonstrates $XX.X with with quarter resulted expectations our line. towards of adjusted our Our revenue that the operating the but quarter million levels backlog, this with an I'll year. cost our touch supports the third end benefit of last in year's the of sensitivity expenses comparison The loss. presentation. on reflect soft top the of adjustments, the along EBITDA We

Now, I'll update Slide technological you turn our X. on progress. to Please

All past up We so prudent machines timeframe. three have managing platforms stepped in development of the in Never pace history, manner. front, XX many have before ExOne’s we on within such efficient announced and our while had new months. were in an significant these costs the a the

for advancement manufacturing upper of in printer, applications. and the position This and other Sand leadership metal XD Sand is extends which S-Max tooling printer, is our model for production On the well-suited casting, S-Max our Pro, left an printing. our new molds of cores workhorse

shipping are new this model. We currently

ACT, Advanced right Compaction This our recently Technology, is metal our upper that patented Triple platform quality. XXPRO. XD new the On industry-leading delivers features production our printer, new XX

We shipping will this during this quarter, begin model QX.

the will been This begin touch it designed week, we year. printer in use this next has will next bottom platform shipping The metal our photo our on further and in newest slide. XXXPRO. the the I depicts announced for production on just it XX

to Slide X. turn Please

with aerospace I excited from XX XXXPRO, Metal XD for introduce As our printing metal larger offering addition yet, is customers production, volume. liters than than and our to you in build more X.X of on to times XXth designed family, market the defense mentioned, system input just It's our XXX automotive, and what's considerable industries. I'm to the largest This available newest the today.

dispenses, XXXPRO patented in it's compacts XXPRO, new spreads with different Like density powders quality to deliver ultra-fine six ACT The plus industry-leading unparalleled feature, our and industry. mid-size repeatability. ceramics, is the prints with and XX qualified which materials, designed Triple the the that and

leverages their X.X We're also partnership industry very system excited for The with MindSphere to XXXPRO our state-of-the-art incorporate connectivity. and technology. controlled this that Siemens designed model was cloud

see can binder customers so jet why printer. this you excited metal are about our So, cutting-edge

why I to Slide our the metal jet to we XD want undertaken perspective consultant better printing printing with binder the for from Please turn you understand a independent outlook resulting advance share on continuing This will study an technology, a you help Ampower. X. are technology. industry to third-party, German by a called metal

suppliers, manufacturing metal Ampower consisting interviewed of also XX% of about captured It supply XX% the and as up additive additive chain, different in manufacturing, covers over metal about users. XX of manufacturing technologies. representing They system well installed the those as people, XXX current metal to base additive users. of

of binder being are the as expected jet a market expansion We with the ExOne that know, which the from report of publishing of extracted some pioneered. finding key many technology you technology, is the results they significant

years also to that in about estimated the They of next the XX experienced period. grow the to metal Ampower the XXXX, compared And, phase XD technology course, time was selected of years. laser to XX% melting expansion ago. calculated five market expected binder growth will the that same expand that that jetting XX% during over market is expected total

So naturally, we're fair this very to excited share position opportunity and ExOne’s our about of it. capture

financial let through our walk Doug? I'm Doug now details the to going of results.

everyone. Good John. Thanks, afternoon,

conditions with to installations, machine was record our initially which our you this compared impact manufacturing million revenue turn resulted start quarter. XXXX, quarter. and lower in If $XX.X XXXX revenue Revenue in-process XX, QX QX differed Slide than we could please The expected to revenue. we'll recognition, with global of for down in

during installations million. machine on track quarter, are in-process revenues those we of expect the exceed where for completion Each $XX to fourth

As trailing shown XX-month on up to right, was X% a the revenue basis, charts in million. on $XX the

to let's Slide Now, XX. go

the the clearly can in revenue quarter. see you driver the shortfall of Here

Our quarter. in machine sales shortfall third were $X the year, million this year's from quarter in last $X.X down million –

last third Our million machine down sales year’s year, $X.X were $X from million this quarter. in

a million, which in for of and XX% up machine capital long-term strength As adoption basis, broader the show XX-month ago, a we revenue I a purchasing continues On was to jetting. delays resulted have our decisions slowdown, customer trailing binder has mentioned in manufacturing moment which to $XX.X equipment.

can Now, if review turn we we’ll machine to unit Slide sales. XX,

for our introduced platform, reminder, Innovent, is industrial components, other expected include our a XX such in our event which to metal and as as late print directly and As parts applications XXXPRO come XXXX. M-Flex as XX online newly XXPRO and direct machines well platforms,

include Pro, platforms. print indirect and Our tools, machines S-Print molds such our as and S-Max cores S-Max and sand

are compared nine indirect generally a systems sales machines our quarter, machines value. last We such XX XXXX systems, larger with third year. sold the footprint with Our achieving in average higher

third machine quarter quarter of proportion fewer sales third the indirect XXXX lower in machines our Our and of a XXXX. included

as fewer and last machines we on number sold quarter. saw impacted As compared change two dollar in the of left, mix you revenue four machines the fewer can The and year on in see the with indirect the third the machine decrease in machines the the direct charts we prior favorably quarter, slide. XXXX

global research set continue industrial a of a users. third represent and sold, the our volume quarter of development Despite to a and lower units applications customer machine geographies of diverse and included during sales and mix

our GIFA this XX and this to June. printer XXPRO machine Related at the introduced at platform May Pro printer S-Max launches, introduced indirect XXXX the direct RAPID

our of of and fourth occur as these deliveries quarter. expect first installation We to our XXXX units part

XX-month trailing During the we increase period. months, XX% over a XX machines, sold prior XX the

which to and You period which introduced applications. by the April unit sales, both well This for platform, printing to as we XX indirect S-Max in is indirect respectively. entry increase can level our XX increase see trailing machines direct XXXX the and XX% as market-leading direct XX-month market our in direct XX% in and led grew our XXXX, Innovent+, indirect

Now, revenue, third XXXX. and of Slide XX. the million quarters and services were $X.X let's our in products, includes other and printed XXXX which materials both XD Recurring turn to

trailing year TTM recurring prior in XX-month revenue period. period, from $XX.X the was the For million $XX.X million, down

boost the quarter, in the increase For sequential reflects printing in improvement sales, higher aftermarket increased a past global over demand. a our by driven of this customer indirect services based on our and three machines an from installed base resulting operations quarters,

million $X.X our by period, and Again, on the from impact growing in XX-month primarily trailing decline volume these indirect Italy an of printing the lower both increase installed and aftermarket were exit the a of offset of attributed Houston to TTM XXXX our based is sales which our decreases projects global facilities, and contributed machines. the base direct the period. For in

Slide of product for quarter The driven from third million, pricing our in to XXXX. margin. XXXX, talk primarily XX.X% about down overhead lower XX.X% the was by third volume in gross we’ll the quarter, of the remains revenue Turning $X.X Gross resulting and and as profit margin profit gross stable. XX, decline for a costs margin a quarter fixed was

in net improvement was in year The cost million million trailing June gross XX a period. The a prior driven exit For reduction charges $XX.X our global at resulting costs. increase XXXX. margin XXXX from fixed benefited we costs, the from realignment $XX.X also inventory impairment of of program profit gross and the up by end realized XXXX facility and XX.X% TTM months, XX.X%, and from of initiated lower the

Slide XXXX, expenses of SG&A. about quarter to to to our Comparing XX, and million. $XXX,XXX turn up $X.X third were discuss SG&A Please slightly the we'll XXXX

see our global our following to program. cost continue expenses operating We realignment XXXX in in stability general,

our our during quarter On trade compensation was cost SG&A executive GIFA a costs discussed fair the we by last incremental teleconference. in certain basis, decline and of our sequential the driven in second

decreased For associated realignment employee our $X.X the cost by period, SG&A cost our million improvement consulting was million. to XXXX The reductions driven by TTM global and with program. primarily $XX.X

Slide our Please in and XX, discuss spending R&D. turn to we'll investment

TTM remained cost $X.X XXXX expense program, consulting million. The realignment lower XXXX R&D and employee-related costs. of reflects period the quarter resulting global our unchanged Third benefits at in

platform changes of XX Pro gain as well to as earlier we operating in printing S-MAX recent platform, printing efficiency introduction well XX R&D show printing our investments and this XXXPRO direct continue model. the effectiveness our the the XXPRO both indirect week, the our spending, announcement of from of With in direct as our the the as platform,

direct global our backlog Now, well portion operations machine Backlog customers if remind indirect and machine from the and of revenue our firm agreements. and includes received recurring as XX, committed non-cancelable review you includes also turn as orders I’ll other lease contractual you, orders our to maintenance our backlog. includes Slide services. and firmly printing from To our contracts, operating

there on climate leading manufacturing ability the capital million plus of the pressure for of other we and revenues. along end including space our December. support at our particularly purchasing our XXXX Nonetheless, QX global decisions $XX always the variables pipeline, additive XX, binder a jetting. product see in $XX.X execute, we our through impact That the million said, confident The given from our business, are of and September with mounting realization opportunities target goals, position on in many within manufacturing equipment that to revenue expanding our the portfolio for remain

I Instead, Slide won't We the a here. I've of $XXX,XXX third our XXXX anticipate to section the represents spending had Since the Turning cash $XXX,XXX first-half cash in reviewed quarter. of CapEx QX. previously, flows. this approximately cash you capital We and waterfall through QX approximately for on QX right. talk and QX in repeat I'll that XX, QX expenditures chart

cash to] has change by plan our inflows in production net cash in approximately capital suppliers our expenses operating net quarter, the remainder benefiting increase $XXX,XXX the during customers, [famous source resulted an partially inventory for Working a from for and of operating from XXXX. third support of cash to offset outflows, of

credit fund We operations. facility to our $X also our million borrowed against

cash. with $X.X of of and items ended non-cash in the use other total third loss net million net quarter we million $X.X and Our cash

million Our approximately nine compares $XX.X for September ended months XX, same the in net cash excluding for million overall $X million with of XXXX, period outflow the net favorably our our cash $X XXXX. borrowing, of outflow

liquidity, the the end compared you the of Slide had at third $XX.X at If million liquidity of XX, turn we our see At quarter total XXXX. third year-end and of of to the end of quarter, $XX.X XXXX XXXX. the end you'll with million

million against leaving on $XX we $X to mentioned previous of As revolving the usage, capital credit party slide, borrowed fund working our availability. million remaining facility related

which slide, growth and on significantly flow on profitable remains and referenced compared our I focus cash the operating cut cash XXXX business. as last to As the generation for burn centered rate our

identify also an to modify on initiatives, remain within growth shown discussed, We We've the global party we’ve realignment operating our XXXX low-cost focused cost March effective support execute executed our our business. shown sources related the model to cost when As management and and revolving ability our as efficient credit ability facility example. to most liquidity our of in notably program necessary, on XXXX.

We continue we to to growth support plans. believe liquidity sufficient that our have near-term

That prepared I’ll John. concludes comments. to And now, my it back turn

outlook Thanks, XX, XXXX. the Slide remainder Doug. I'll Please of to for turn discuss our and

indicated macroeconomic preannouncement, customers our in uncertainty. As concerns quarter third heightened have

and We adjusted see the revenue typical the quarter year, us, excess focused $XX expecting on and for EBITDA. of to positive is our quarter cash, of prudently position as we in technology. We binder focus However, strongest fourth keen – leading our key remain as million we to in our growth. cost in investments effectively advance continue make maintain profitable on necessary strategic jetting managing

Please remind briefly XX. Slide pillars turn you our to of strategy. I’ll the of

application and announced A profits. a we've market is Tungsten good First, couple tungsten that example of expanding opportunities, powders. global and the metal a focus, our arrangement been ago new revenue of collaboration which drive Global weeks identifying Powders, we & will with growth of manufacturing customer

printing focused are and cutting on application XD tungsten-based high-voltage used electrical we materials, commonly tools, Together, parts wear-resistant using for applications.

continuously are core. technology expanding we our Second,

growth. machine the ago, which As platforms extremely I future fuel moments three are will mentioned our few excited a announced, recently we new about

of aligned. a category, and drive team recurring ExOne around revenue, volatility recurring minimize initiated an I'm install line. in on global aftermarket renewed global plans base strategy and bottom members This increase will base, from see sequential our focus in all benefiting a to we our that operating are growing to serve is revenue which pleased to Finally, embedded our such

to Slide XX. Please turn

was ExOne years, printing the what metal the This with data the on and Ampower consistent from Over slide I adoption sand experienced have in journey. and talked had about study the now are others know the XD extracted also we steps now and and seeing what that journey be many added. believe which of printing. of many starts value jet binder of the determination includes in can technology. where are with capabilities are is the The We aware awareness, possible in marketplaces

to XD relevant application, identification also the which optimal maximize of assessment the in the is benefits a considers costs. redesign Next of printing of

the the measurement testing includes that a and cost material for Potentially, of is quality factors step which specifications Next resulting possible and creations most advantages. time-consuming consistency, ensure processes. assesses process, next, materials the evaluates properties defects and is and design, the of This is to the qualification.

This which At qualifying journey, installations. and suppliers to the the the end includes consideration and printing a XD the the multiple supply production, chain. decision scale by of is incorporates of move make machine

We journey have XD many stages customers their in printing. of various from metal

the of range. pace emerging assessment four customer wide to of one years, As time which a interesting lead adoption by is the Ampower’s will It see technology, being application. quite of is and with any vary as

their benefits companies on XD long-term aware ultimately of for our XD confidence processes growth potential. of while the more our are need metal adopt XD retaining the we industry of of metal printing. floor, market realize production our As of disciplined near-term in rate manage Accordingly, the to we to needed the printing, expectations revolutionary printing

using stainless I with on project. was This of Well, XXXL metal develop recent engineering automotive Altair, and XD in We will global XX. lightweight redesigned one close our example Please global to Slide of metal with production software a turn structural a XD steel. Altair printed existing machines a for provider, printing to conjunction part part a manufacturer. a closely with work

in is so part than The important other operations see of binder automotive demonstrate printing – been to our of the part parts production very the fewer manufacturer vehicle, about jetting of XX% in the And so than and it the requires printed weight structure. can required. to capability fix outlook. our original the technology. projects part XD overall you results one more and XD ideally in with lighter strength This the currently we excited to are less The process, has process industry. why part, today's the several adding the simplified is welding is weight structural to

That now, comments. concludes questions. open for lines And the my let's prepared up

you. Thank

be will conducting of question a We line Our Van the your now proceed [Operator first Horn Please question-and-answer with with session. question. Instructions] comes from Chris FBR.

my me. for taking Good excuse morning, good evening, Thanks everyone. Oh, call.

Chris. Good afternoon,

good any some sense new and new printers that the XXXX on some us for your is for the online? cost have quarter. fourth directionally wondering guide us what if you give got But you've Anything of with of to? could Obviously, your maybe you I sort that can visibility come structure visibility was

going Hi, and that get we're Doug. a We're Chris, is growth. anticipating some get certainly balance this to

With expect the sets fourth tone there. the product off for XXXX. XXXX certainly tempered to that's a grow would quarter, we out launches at the But minimum, manufacturing the With just the climate of given hitting result. expectations, in really, end that

And Okay, customer particular? in XXXPRO, XX customers, the you you one got when input, mentioned think was that a or was variety it this, about it. of

John. Yes. is Chris, this

that mentioned the processes customers in had – were So, work automotive, or cases, aerospace. of Customers our boxes with already to defense either from industries, parts in process build than we that customers use in large we working our some evolving jet offer. of their those current we binder that have and printing. larger standpoint, I on Those

throughput higher quantity drove other the had were our in. it where machine necessity. in XXPRO, than larger production, such throughput that so comes And size cases, demands that's XXXPRO that a And of and the

for inputs us So, those are in the the the that requirements gave XXXPRO. that regard,

how you imagine to bit study when technology there? it means one people of commentary the then, And pretty you maybe be got then any of that first out binder I with – ones competitors from jetting what see – significantly. able imagine, But competitive track expected that a come to lot standpoint, fruition, I'm you'll then you'll of is a the you're if Okay, maybe just sounds like with you've there that these some just to wondering little and got differentiate? grow I numbers, see record. cited could comment it. the and a

or binder in metal Sure. Yes. be Formnext of overall which metal of That platform does about trade study of taking growing jetting it show the metal about only talks weeks segment XD printing, is share that more more talk to the it at going And or during published two not than manufacturing, another is the the double period. growth so. of the additive

right, as focused differentiate, opportunity on well. this other our based be obviously there's you're So, and a firstly, on great may experience. people We

material done there So, we that's have any have and almost that. with out experience

customers, So great journey when through a about. are that who I base experience with we're going us talked gives working that advantage that

the machines have Secondly, we existing in marketplace.

so, continue production. we production have mix drive And our machines towards machine to we and platform

– on multiple the digital we because – X.X two introduced that envision manufacturing really mentioned, I'd is driven, in therefore, the of to in important really the factory, they Siemens I X.X envision these sand customers I've machines our or machines. has partnership a say, to Siemens them. linkage that thread one printer And not the been I'm, Industry June, and that as customer feedback Thirdly, Industry partnership satisfied that with

have and this. of more. different So, those are it there's different customers frankly, industries, And different elements examples three depends,

we feel position ability our in here. confident to leadership maintain So, a

And all Okay, then thanks that for last me. detail. for

do the curious and done just do you like I'm cost big efficiency more, identify. you at just margin I'm of you've gone I'm structure any wondering, lot continue we see see try a about if sure going And to how think the you'll kind kind through But feels a You've it – exercise. of it. forward?

Sure.

and external relative big to got which year’s see terms We – XXXX for mean, in results. action manage in we You're the us product, what move open movements right, by how program, we really, the can and our market see nimble. economy. was overall the had to you We're in and stay year end demand in it to the the other minds interest of certainly last of exhausted I a and costs taking the manage keeping in of terms to fiscal

be we we're able pick. the be So, I nimble considering to to we where to to But We company's have XXXX have have the like necessarily on experience – comes in that going we don't area. definitely significant action of wouldn't program in expect to and the analyzing when in be cost surgical to that our just, might lean approach. a the it is near-term

Okay. Thank for you time. again the

it. Appreciate

[Operator Please Thank line Our you. Alliance next question. proceed Instructions] Kinstlinger with the comes Partners. your Global Brian question from with of

Thanks. good Hi, evening.

slower that anything's last over than that revenue year it press preannouncement, since you the rate On – a suggests sounded $XX the But million about out expected. like the year. at changed grow would down be your the press Can they'll weeks if release? put talk previously for albeit few you a last

Sure, is Brian. Doug. This

the when the saw put in model were to available that we out likely resulted for us, looking really scenarios that we at growth release So, full-year. and scenarios the a different

as discussions confidence Over the the and seen we've order customers, to just last continue flow full-year. us in to the for continued the support that level likely with give doesn't and outcome several it and stretching weeks,

And are happening? asks hold the essentially, for that in taken backlog seeing off product then, delayed Great. you shipping then $XX on in be then orders that the customer to what's million is

Yes.

in Some $XX.X consider since even fact, when negotiated early that and a includes of at the we've are And, looking installations. October, projects. customers date through you XXXX XXXX lot of what

do an to to oftentimes we that one the becomes capital starting of that of quarter piece in face. fresh holidays that major of factors the you So, New installation the a equipment couple it's with, have deal in of major with have fourth something to a just Year

going some wins, they're not but we've so, had And unfortunately, XXXX be really nice to completions.

machines those out? Now, eventually, to customers could are required back or accept those they

have terms Well, most payments upfront. significant for part, the our

anyone where have back would rarely situation, out. So, a we

in installed These create are been customers it's in have timelines that So, past. their that machines facility in technological it's experience early desire readiness, not committed. create a those just and a whether It's elements other our XXXX. or unlikely the – to is

But in said, our expenditures capital in the manufacturing some wins have the had as overall strong a nice out platforms. interest But economy bit. to pushes little and a Doug we've continue uncertainty sometimes

these in thought on But you face grow the you were sure. challenges? previously. next least what But these as as I'm of that challenges, gives mentioned quickly not will And get thought or may have you Right, you year positive, printers these numbers. going new grow that at guessing a you in the to you be face confidence ran that two pretty the and adopted of fast

at look and and in in I got being the are May we S-Max just really that product Again, the June, launches this online the we you the timing two look coming introduced One at deliveries itself. think quarter. Pro to XXPRO the of in factors. here

come bit. little major companies investment, don't thing want and to So, this to it. run touch and a see for want They a in feel capital it

feel history, that gotten likely had. box largest the in printer finer we've the are compelling, we at the for like XXPRO we in just speeds on to direct faster indirect so being significantly prior XXXX, fastest than which introductions, we're and had model that for Pro those size And that powders the metal S-Max the traction our based don't we've get and the this year

offset expectation products our to on see that, industry your manufacturing the going in you and But there. out an even against backdrop temper to of that as ability look to have got has the those what's environment at

long happy including repeats talked When time, thing from and we've one is certainly we at not under upsizing about installations. The a that, that that pressure to are our competition, is market, about look us come have to customers share? it been of where we've out for back period their we're talking

quarterly that a all are over short investment is six-month to pop happen major a going that of that's factors the horizon. in see a It's working deeper those or and the period product on where not just you short time, there's a period. positive So,

Yes. as know Ampower, thing a to The production production other on a binder move industry of other Berger, advantage are very jetting of because industry the consultants extremely – production. that it's the whether is to pilot into deeply only technology customers that into to of – allow volume I'd continues of costs backdrop and that and bullish just add it from Roland analysts scale range or the prototype the

is well. overall there as that So, trend

Great.

can talk you about just in a cost looks the of in versus adjusted Lastly, revenue $XX quantify like $XX structure what million current your give or a on million? EBITDA quarter

Sure. I targeting not it’s be anticipate at – $XX know like we're around we probably I million that's positive. a X level, to or – obviously mean, more million a would going that $XX million.

that had about And of XX% is should at then we incremental with overhead, revenue margin limited how gross think it?

Sure.

bottom On sort the incremental line. the revenue, to we would of drop anticipate $X.XX a

you're So, X.X incremental. about to talking XX clip,

Got it.

much. Okay. you so Thank

Sure.

you. Thank

time. questions over comments. like to to further the at management turn to floor this no I'd have closing We back

for collaboration, fourth quarter digital the you March. our you, ExOne to and hard have team forward innovation Thank in on We and to your members great for evening. around of Thank interest today, the manufacturing. a time look Great. world, updating drive who you your to worked for our thanks and again, progress acceleration in transformation

concludes This today's teleconference.

disconnect your at You lines time. may this for you your Thank participation.