Velo3D (VLDX) 6 Nov 232023 Q3 Earnings call transcript

Good afternoon, and welcome to Velo3D Third Quarter 2023 Earnings Conference Call. [Operator Instructions].

As a reminder, today's conference call is being recorded. I'll now turn the call over to Mr. Robert Okunski, Vice President of Investor Relations at Velo3D Corporation. sir. you, Thank

begin. You may

I'd quarter like to Alicia. welcome to earnings conference third XXXX our call. Thanks, everyone

On the provide call from today, strategic as we will start certain on CEO the as key VeloXD, an of update Benny for out of who summary will XXXX. a priorities quarter well Buller, with comments

financial Chung, our guidance. provide Bernard comments, then Benny's and CFO, will review results our Following our third quarter XXXX

our Investor website. will As a be call Relations reminder, page on today this of a available the replay later of

those During will and are that as presentation, these to additional -- safe as will documents today's we factors Also, additional as we metrics affect today's reconciliations. to presentation are subject certain refer today's call. SEC GAAP press and Please for that of XX-K release slide our XXXX the those statements. that well for call, may reference well filings. of statements the forward-looking forward-looking make non-GAAP XXXX see appropriate as in during release various to our today's non-GAAP uncertainties earnings risks press appendix harbor our today's information the described Please regarding

this enhance of slides, the have to Buller, that, With we turn call also call, posted to the PowerPoint page during Events CEO a over call Benny Investor will set reference and the Benny? website. Relations we which on of Presentations to our Finally, of I'd VeloXD. like

remarks. everyone I'd some would to provide starting earnings welcome like third I upcoming like view for Prior And quarter, our to my context Thanks, the Bob. to our call. of quarter to

manufacturing metal rapidly to believe produced that many parts see industries. changing we the we As how are we firmly high-value times, just many are across way have beginning is additive discussed

has last grew Essentially, to capitalize revenue now years, too we on at the customer service cash that X on driven flow. the we While and over profitability top of our our this line focus come expense industry-leading realize has growth our opportunity ability fast.

flow conditions, our efforts current growth decision a focus emphasis. the before resuming have we made strategic to cash strong our Given free optimizing on

result, last greater pipeline to later and realignment a on company are I'll my on provide reduce these rebuild a ourselves As initiated in ensuring topics costs month, our our successful. to detail we customers bookings recommit to remarks.

that to realignment that enable X. sustainable discuss third believe strategic strongly like will With would to to turn profitability now quarter. of achieve specifics We mind, this us the XXXX. I in Please in our Slide

cash balance highlighted improving last the key on of we the measurable year for progress our initiatives As flow. free quarter, our of to show X was

area Our reduced QX more cash reflected successful in than by free our to efforts this were million. in results our $XX we XX% burn as sequential

We for through year-over-year. quarter revenue XXXX, XX% expect to third see further bookings, solid improvement to the relation ROE continue rose alignment. we customer and given demand revenue as quarterly In

revenue sequentially the due quarter. to However, single of declined shipment delayed a end at the

Third $XX million new bookings and as customers. delays with on. provide were quarter I'll later color greater existing saw on this bookings we both

$XXX our million. are of revenue $XX to year XXXX to QX result a As guidance we reducing million our bookings, fiscal

a profitability and that at this goals of realignment is free I initiated achieve we mentioned As we cash in the us have for beginning XXXX. call, flow critical believe our to strategic

to reduction Some XXXX of implementation in quarter through for new pipeline deliveries. the our of initiatives A a include: key XX% rebuild of first year; the strategy next cash the bookings expenses go-to-market

quarter we transition we fourth to result, expect quarter our the a As as initiatives. new implement a be

free XXXX long-term the these of flow much see programs that of we stronger cash we we Given benefits the time to position full in believe quarter XXXX, a and to will be first profitability. expect drive in in

like for fourth to the initiatives our quarter. Slide now Please I turn to for strategic X. would highlight key

to program structure align reduction expense significant a with business on in current embarked order have our the cost company we First, across conditions. entire

focus needs. capital increased our inventory on working Second, our reducing and optimizing

new result, we QX. a we believe have need mention important to shape we is QX allowing will It significant that systems we inventory in supply to all inventory us procurement. have and the to posted all As on hand,

we will inventory growth purchases much going However, procuring of backlog be for more instead production on based cautious with forward forecasts.

programs customer to increasing Third, implementing which satisfaction materially customer and impact performance, system direct demand. existing on improve have

of our have improve believe initiatives that to pipeline. we Finally, be implemented a our will vital we execution to sales bookings rebuilding number

compared to 'XX around XX% X. expect by specifics QX we relation turn In QX in me reducing lower cash each initiative. Let to our 'XX. now expenditures, spend to Slide some to quarterly provide Please total

of by as fixed count well cost that OpEx this accomplish recently savings consolidation our include will facility lowering this and this announced cash end our be with reduction completed associated year. of the as drivers We reduction head costs. by Primary should XX%

rather of For purchase the capital on inventory backlog and we we working new now than are production forecast-based spend, based a all paused approach. current shifting as to procurement have inventory

maximize conducting of inventory a not by also the to the QX will to be need to changes and We year any end want I to affect our ability again comprehensive reiterate identify in strategy us cash. this help implement to will we review QX. ship additional products that

a only meet and will material of to us However, buildup once in will backlog procure material backlog HX to demand requiring QX we and have additional we bookings for reduction inventory for more 'XX. beyond the procure and clear

ROI-based certain include projects prioritize development to to programs Additional those spend an we only and return threshold. a projects evaluation meet our have new that internal of research implemented

levels. our Finally, all we discretionary our prudently optimizing as expenses we are corporate of G&A look spending to manage

of the like the X. from turn Slide primary I'd success X is customers. Please existing This it to to as driver most of is success. customer critical ensuring orders follow-on Next, important initiatives address

customer year. demand the as First, in successfully some family products saw This as backdrop. We our we systems reflected in strong more we launched and customer X XXXX safer base. growth significant our revenue for than doubled the new during tripled

keep support significant led our the We base to issues than film service installed the resolve. newly properly insufficient our quickly to didn't to ability taking as expected pace our our enough with organization support rep. impacted affected growth in by were released This longer rapid this on products. customer However, also field training to expand

As satisfaction, a which a XXXX. existing demand drop lower-than-anticipated in customer customer we to led saw result, bookings in in significant

changes customer already made to success. support this multiple seeing have in address organization we our We and issue, early are

issues example, a to For organization, to head grow support count resolution resources adding teams reallocating dedicated and strengthen are we additional our customer resolve and forming including quickly. issue

also programs increased ensure have product recent changes. new investment team date all field on service our to We to our is up in training

customer to quickly identify engineering in drive address order our Finally, support teams we transitions. to partnership workflows have our adjusted between and a closer and

Our success our customers' depends on success.

seeing We are these progress already of changes. as a result

the For the a performance example, months, step improvement the of function seen our in have products new X last in field. in we

our Additionally, can satisfaction and existing that confidently we report for yielding from is actions are systems results. in demand customers. customer starting I increasing, are see to a determined turnaround

look We of the systems will and on ensuring the our to remain means sustainability as the growing of meet focused to success improve customers customers. our efficiency we of our

Slide to that bookings what I'd success on our last forecast are quarters. to the lagged doing improve we Moving highlight has to X over X. like

sales customer our discussed, slower-than-expected has As been year. existing bookings I this growth by impacted just

a period. well believe over Additionally, an the lack proof bookings number as slower customer factors, effective by process customer execution. same new of pace affected of the the new acquisitions growth of We was due sales concept customer new bookings of weaker including as to is

they issues XXXX. these given While strong as year, existing offset demand customer were business pronounced our repeat last more became declined in

Michelle significantly ] improve Sidwal organization our to we build world-class organization. strategic new to a restructure decision in result, execution effort the made the bookings. sales increased our a EVP As of sales with Sales This our [ of started hiring and to as

had sectors space, significant instituted where refocus new already suppliers where in the sales and showing key to we the our disciplined sales has companies. of of success on process team the top is success. part past. the already to wealth of markets a launch AM early These a is include process to brings we leading Michel are this A company experience many that have

X defense defense the earlier Additionally, the year and of this customers this reflects the new significant in potential. opportunity addition is

right footprint. and leveraging footprint the growing We are given aerospace Finally, to our our customer the sectors these believe addressing experience significant in sector. be

We and are certain partnering international in to our materials to partnerships as markets, applications. potentially develop well new reach as expand also developing

our working we are customers proposition productivity. closely to clarify Finally, and improved economics with value drive our sales and to teams and refine internal

we summary, In are pleased our to progress date. with

by customers' bookings. combining these rebound will initiatives that expect focus, We start our satisfaction our see customer to we in sales a with

brief Slide flow cash free sustainable we we a strategic profitability XXXX. believe will providing that in initiatives are summary of On X, drive and our

as a expect we execute on to be We our quarter QX realignment initiatives. transition

starting XX% cost our result year. rightsized of savings current will now of quarter in cash for and is in business the Our reduction next quarterly programs first conditions

to procurement maximize also free cash plan have and We our adjusted flow. manufacturing

will success, rebuild existing our a on investments in our process for our Additionally, which strategy, foundation focus finally, success. our And drive showing and customer growth to backlog are improving strong will pipeline in sales strong XXXX customer provide new service disciplined go-to-market our and sales. markets already

future believe our position next in remain to stronger a profitability In we closing, achieve much goal realignment opportunity excited about year. and our our us puts

would I financials guidance. our to call discuss like provide Bernie to that, and the With turn our to over

like to Bernie and announced, -- we him I welcome appointed would would and quarter last to As to CFO team. was like the

next the right of person experience, help financial success. phase us Bernie? and operational the our his is to Given through he lead

Thanks, executive to I getting value. to be I of started. to and about see Benny. the everyone, want with in bring the to significant the forward am team front how team. excited to showcase changes I working needed joining looking Welcome, opportunity really before VeloXD's say a us

Slide performance. on financial Please quarterly our Moving XX. to turn to

XX% On Third for and a rose sale sequentially revenue range million Recurring pricing $X.X up from primarily resulting below a sales and and of the declined QX service year slightly slightly basis, pricing. was million. revenues line lower due due to Transaction year-over-year recurring mix. Europe our shipment. transfer quarter from to million, at was system service revenue QX $X.X million. to the and revenue in $XX.X guidance $XX.X was delayed shipment quarter Compared to delay revenue

product the and adjustments. down volumes margin was reduced decline due inventory system by higher as to for well sequentially. was as X.X% and mix This lower Gross selling quarter a price average driven

driven ASPs end improvement a from gross shift by a higher be with higher-priced in expect our in shipments, XC further XXXX. under our and quarterly we new Sapphire of an the lower supply improvement recover receive material manufacturing operations, in This will materials benefit expected as long-term improved costs cost product will mix efficiency a to expansion to more back in We margin through of reduction we in bill percentage contracts. as QX

we from investments will We volumes the labor have drive increased and will also efficiency. production made and benefit

in revenue of overhead other labor and XXXX. decline to expect as percentage costs We factory a

expenses research of operating the as sequentially. approximately we expenses Non-GAAP stock-based XX% driven development a rationalized by a number million, down were and new excludes The which $XX reduction for primarily in quarter, $X.X decrease operating compensation, programs. was development product in million

Specifically marketing was primarily and on our million. R&D $X.X G&A basis, stable. expenses declined to related realignment rose to $X sales million, and this

mentioned, we through As XX% Benny costs to QX 'XX. expect overall decline

was for a of expense, net same GAAP approximately for $XX.X $X.X loss fair non-GAAP warrants, a to adjusted million million. $XX.X $XX.X which related debt items, the EBITDA million, loss compensation quarter, value and in this of was quarter gain million. excluding the the liabilities. net excludes earn-out the noncash loss On including stock-based of in derivative loss basis, And our was a changes

was as Benny mentioned, million. Finally, quarter the for bookings $XX

as have number fixed XX. recent structure area. out manufacturing flow service initiatives success our We briefly costs. wanted cost in by drive turn and to our to chart Please instituted well discuss I Slide this cash This breaks costs improvement. to free as operating a of

made operating we lower months. can driven more X see, in QX. of significant last costs, declined sequentially primarily improving This flow we the our our you cash in saw implemented initial improvement overall free by which As over the that materially reduced we than have XX% was initiatives progress cost benefits as we as by efficiency

in realignment followed Looking similar decline forward, the quarter, additional in savings given fourth the percentage XXXX. by a first our a half of we on basis expect

we result, breakeven, second free achieve we quarter of believe will flow As year. financing next in a excluding the cash

investments. and Finally, we in exited quarter the cash with $XX million

Given in profitability achieve to success we our believe free goal to we flow than more liquidity date, firmly cash enough XXXX. our improvement have

from to highlights. our associated recent guidance, costs to like strategy previous -- review to be slightly with well down Slide I cash expect turning costs flow our to Before now in We realignment as additional million cash million, severance onetime our workforce would estimates. range as $X the reduction $X turn to the related QX of Please to XX.

end in As the single footprint at office headquarters Benny our the by the year. Fremont, mentioned, we process is of facility a expected California. our Completion are manufacturing consolidating in into and of

of As $X a to result, noncash $X in a million to incur charge range we the expect million.

our We valuation will as reviewing review methodology. this also annual well inventory quarter as our begin fiscal inventory

Additional flow out of resulting lease million range decided include the a inflow in to buy to its customer cash cash existing termination QX $X highlights a $X onetime has as from lease. million a

the which Additionally, a earlier Physics announced X, investment. we with partnership year, this seed included

As result round, a to partnership. $X their million our of while maintaining we redeem recent investment funding elected our

the Finally, to and expect $XX onetime of range facility we million consolidations. in million, payments quarter for fourth cash $XX usage including severance

turn our Slide QX I'd XX. like to outlook to provide now XXXX. year fiscal Please for and

execute on realignment we we As to expect a be we QX as our initiatives. quarter mentioned, transition

in $XX to in range realignment. $XX $XX the and of our down $XX items. nonrecurring of $XX excluding we start million margin XX% million gross expect be the to be of benefits fourth from range in the will see million to revenue quarter initial to as in be to to million, Non-GAAP OpEx QX X% We range million XXXX the from

to follows: Our updated full million. expect guidance is $XX of million be $XXX XXXX in the we range revenue to year now as

We the year to of the range expect to gross X% in to be margin expenses million $XX Non-GAAP XX%. $XX for million. operating of in the range

margins realignment focused flow. executing In path cash through on conclusion, operating in improvements with we a profitability clear to are our strategy efficiency, and

achieve profitability in to XXXX. flow Our significant gives runway sheet us and improving sustainable strong cash balance

I'd now call for like the turn that, questions. over With to Operator?

from William Blair. the Instructions] of Our comes first Drab line question [Operator Brian with

more guess, how impact is macro extended of that having cycles challenges backdrop Regarding I the seeing execution that you're having. much are and your some out the sales about you probably pointing and financing that versus, customers guess an go-to-market that And talk sales on point Can in you're the improvement changes in give the this issues can making you're actually the and change I confidence getting pipeline? -- need lead you strategy. this is us the how to at I I'm just will environment that to

delays the is for not the when working it's generally we slightly major or for sorry, finance buy with, we story are world don't contract say, -- a and those see the So them. or general, blame customers financed. a easiest they the make vast budgets. So that, the capital excuses we see little And decisions of signs I or, procurement have before And they when look happening. actually a majority in we I general -- Those to the demand what's of cautious kind different But CEO contract in are When decisions. we to sell driver manufacturers, more would are driver well in and to of to of economy systems a manufacturers. our wanted it's many at customers right? the this a with

now. But our a more contract We think the that's a would driver the right conservatism driver of that right that say in deals -- we driver clearly dynamics dominant picture, I manufacturers, now. are don't driver. under kind the opportunities That's in not as the I are there's that So talking discussing see seeing. the in and are the #X we we don't and big customers

part like improving the regarding that be of I'm made the dynamic? customers help sort and Okay. second that. existing that before the go-to-market buying Is the through and it you're more okay the And trying is comments of part is how support that machine? you to needed But they'd customers

Yes.

seen the fourth of second performance we of sharp support And In shakeup the machine, a right? our we in did customers. have we basically a customers. of pretty machine, last of lot in pretty them the a in Some drop how year, systems general, the some is them in is serious

historically, As revenue, about we existing of take, give coming saw the decline, recall, from was if you the customers. XX% or

was really and dissatisfaction and and systems was to the strictly than seen few lot decline poorly tremendously customers. this sharp was a we we a of other quarters, longer of customer possible install because that they we possible in was uptime yield there, we took than systems, have We a planned in that last in the lot performed lower related to are demonstrated plan customer thought pretty

that to fruit. would very execute weeks it so of have say, of or doing that have a kind we we show and a start that improve about, we this. in actions the seriously very take And lot is indicators So how we I concrete been after have took of to trying we already field. us X this lot to

very see optimistic earlier very procurement coming to I'm about customers starting having of and by are we discussions and we're that missions. that always disappointed us back more So --

can see is this I this. So standing on

just in is of Michelle improving initiatives going think back a experience those really that our that too, said, recently And to signed us this so multiple experience, with customers approach us thing, our recent little for color we our would -- go-to-market systems X -- network the seeing is SPOT focus is customer very help definitely addition customer Thanks addition sales. force. Bernd. to for for well, Brian, very weak add I is the more important sale be diligent the a sales our we're to because on to expand for and But to partnerships, to us.

bring growth pipeline, So this our is part big right? of to that kind we're a of the to going back sales

opportunities teams and research and of those understand on a opportunities market in opportunities. our to where kind So with lot doing realigned these defense, those focus -- are we're to we've out there, more especially going

a is the issue make issue clear. is of the my I'm the want performance at stabilized just impression -- Okay. getting fundamental you're about I issue technology, with more to further It's what on it's machine, really like it's then setting customer it with not X a sure issue not an up machines. follow-up the saying the or site? And Benny, the just core

And of in we the the last year. field. -- I dramatically touched we way installed time presentation. the I and is -- things a in want lot little systems hire a kind to we products that to happen the while and lot. And new lot correct. to products. that resolve we train put reduce Yes, the It my expanded we There opportunity of us very we has of customer took takes thought customers the people this it And have actually bit actions the base, both identified And of the that steeply that support is new this a enough together. grew focus that. to upon core on time a escalated We didn't issues we on didn't them are in

So troubleshooting when a a the of lot of the things happening. lot were repairs,

would identical We between taking And takes seen and we make -- where where systems prolong kind and were other if are customers properly identified we that installation, good that around in operated and because repair, long results dramatic time we fix were and with to both performed initial the have just taking the is can where right? systems that system impact happens mistakes the as the the biggest it see something much, made think we much improvement. that system bring of installation after very poorer. too just And sometimes scattered well and back properly, and that's customers maintained that and we was that is when were the too the applies as shipping, it to long to as

we to maintain started the weeks properly in fix fantastic. properly last seen we they to have we transform when few brought And knowledge them, that when the them,

kind the problem. commitment is It to So organizational I issues is, in product this would an say, field. yes, quickly not of fixing a

Jim Our comes Needham Ricchuiti with next & from Company. question

This is actually Jim. for on Grenga Chris

curious You of you going the the more around sequential just back of XC quarters kind mix larger you into noted mix that the machines what confidence forward ahead? shifting shift, what XC the mix that in have have part I'm and becoming a visibility and -- towards

Yes.

Sapphire seen have our becoming products. of in XC a are the have we dominating general dominant that a So we solid opportunities also our bookings. space. of newer you difficult going to we systems lot for how It's right? see The XCs the partial part there have when is now trend the be. to engaged is Sapphire predict it's demand confidence that, opportunity But or we

I long different. could The be overstate see XC term confidence selling the that mix. necessarily So We the is on more. wouldn't our Sapphire mix do

didn't I discounted super the do prices. but that -- want of systems probably systems were we clear last from to we mention sold used wasn't some that, quarter at the because something it

because they pretty have used So they old systems were were systems, that used.

Sapphire X lower was good that price, systems, the margin, gross So for gross though actually they are have even lower generally margin. of reasons the they pretty

you understand, less necessarily issue. the as are driving amortize driving We the cost affects So cost. -- way. volume the and negative can adjustments you that can contributed over in the COGS lower. if the gross mix is generally that then fixed was you margin to a The issue of not in fixed inventory your systems the And was take production, that the

North maybe it. bit on are And a versus for you this go-to-market to And the use the little those had intend technology, for double discuss could, more you mentioned of terms America these to and markets what drivers geography, you environment extent end on demand environment Europe? realignment creating markets? what what elaborate you're you drivers end could also you're focus urgency that seeing customers the to seeing down each the machines and demand in with the of maybe by adopt in Got

Yes.

still driving from So America, is our in much of we in North right? we most much, in mostly America. footprint the North North vastly So coming stronger are America business is still operate

our specific can in of the X engines cobomachinery components These and our lot drivers specifically demand launch best of space launch X I a new driving engines demand rocket for tilted seeing. most that and is are in the mention. space. North what kind And hypersonics main America So is defense. what's lot engine are specifically and and that programs, in we of extremely is of then a And

parts the And that quickly with with to drives those. what a of allows our complexity produce That's what lot demand sizes really for in their the details. at very enables tremendous and -- what and ability programs high-quality very large customers

trends Got the -- And it. quarters? guess, utilization any in base? you the installed And how I that's of do have how insight into evolved recent

I I that. do, but will not share

As we company, public are environment are in you with can imagine, but a operating we an competitors.

next comes Stefan with Street Markets. Capital question Lake Our from Jacob

kind of the want I to quarter. focus on just

what are into So strength kind product and push to the out the of where more, get kind guess, the obviously, verticals you was quarter, retailers are right? you I what, orders seeing seeing aerospace where in of more reluctant are a are but

a -- the areas take have kind of lot this So I -- started engage to touch basically yet that longer. applications these And the a say not with of we in we are focus. are of proven that as value that would we customers segments places upon didn't that in places where of lot

expect very X those So preliminary, is these we are traction demonstrated those, sales until where areas maybe cycles our can X we have And system, usually for markets. in longer footprint systems.

just And that number be what the touch quick. range the more us million. hitting guidance give want of could guidance, that roughly factors could $XX some QX What real is to And on end? the in high would push confidence kind then I end. to low Obviously, the

focus. quote back that build sale. get that going there's as right? our we purchase get a end go-to-market, just our to can are that be future going range, second their to our This to next see to shortsighted help get not machine, into to with high We're doing an put we're there, our of our our to their level is lot option -- Bernie. of we when things that's engagement a put have of to customers path and of we'll definitely us X With things a and simple plan out trying So project development. a We

part cycle with the of these to And just to part the it's and customers experience by so simple and that, to customer making trying like sales our where bring projects value guys. of that's doing their And really actions we're our engage.

And get where that, customers well that's those orders. in continuing to those areas on takes come hiccups we obviously, time. those some but it -- do that are actually had that's on And to to we've through we of focus

the of new And essentially When X just time here. about build of time, the through the taken about you of strategy, parts? walk that. shipment is kind orders when kind new me or or to think does kind alignment maybe just assemble you've precautions of there coming tell affect think in, kind Okay. of inventory you Or the some that X that us last basic

Yes, sure.

we there, what So system. are able to in And existing -- to we and in the might and right? buy we we what build going of QX, mentioned, we material office order ship need have, inventory of course, be to we find an to Here as think we build I to some QX need that XX% lack X%, that.

the not we procurement have material important start order, it's applies the reason kind no because to there -- material, start is have that actually understand start not production Once to So for it to us of people, the absolutely to order built buy the really we the to to not we machine. have building material. to

So we absolutely are going start building to it.

And building I basically to of where in machine, of look this that to material revenue that to you able need and you say, going forecast. had the are we revenue, material are additional plan the will order of at to top-down down need we we dependent future a What past is that forecast on quarters not machines buy be to on now. well, a in ship we amount ship in buy that amount the this are saying are we actually machines based

We say that basically ship say, material. let's actually we well,

inventory then we indicators, and start see see dropping need material Let's to backlog -- of right? actually that we commitment as to inventories material, the more the before the those we that buy buy not when assessment making that growth basically warrants that. So of we depletion we start see backlog are build not a making we

of to this next time right, all them, affect X it outcomes next doesn't lead come to at come the not flavors year times. of could year, year. affect QX be QX lead of coming some ability this our the on But the systems. that but QX our That be of or that it will systems, some can definitely So for moment, deliver could next

the appreciate color. helpful. That's I

And when know So the talking and case, the this. be we will case, that this will we'll -- that's be about right?

report to have the signals recognize you'll think what we from I yes.

floor I over the Instructions] to [Operator closing There remarks. Benny turn are like further to no for back would questions.

everyone, for to the our much that have moment. a to build more the foundations joining from that gives time profitably and you, I'd company to our move much to strategic growth and like grow Thank sustainable our operations call. rightsizing that done more us we summarize

so So call thank looking forward any the more answer much you Thank to and for questions. you.

teleconference. This today's concludes

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