Comtech Telecommunications (CMTL) 7 Dec 232024 Q1 Earnings call transcript

Welcome to Comtech's Fiscal Q1 2024 Earnings Conference Call.

As a reminder, this conference is being recorded today, Thursday, December 7, 2023.I would now like to turn the conference over to Ms. Maria Ceriello of Comtech. Please go ahead, Maria.

Thank you, operator. thanks the and in to everyone, today. afternoon, for time taking dial Good Comtech call Corp.'s quarter to Telecommunications Welcome the conference year of XXXX. for fiscal first the Ken President Today, Chief Comtech's here Chairman, I'm Executive with Officer, Peterman. and been We're we also Comtech's Officer; we to started and Mike Letter working and in have get on Maria have a Comtech's website we for please available Chief our our about the CFO.Before quarter Operating directly Bondi, today, our today market joined our by also blog, Hedden, note and detailed Signals. our Comtech: communicate discussion Shareholder business on plans, information to and the and objectives call information Certain and business will and limited the plans, of the business to not company's future performance being the this company's objectives in relating of management. financial outlook include, presented condition outlook but the company, assumptions The in involve and always regarding business are plans performance, and forward-looking company's outlook nature risks such significant and uncertainties. materially information. from Actual results such could forward-looking differ in Executive Any Chief in pleased and forward-looking President statements are Ken to introduce filings.Now, their entirety company's Peterman. SEC the cautionary of I'm Comtech, contained Officer statements by qualified Ken?

Comtech. transformation, fifth you, us today. the positive we with quarter for income, Maria. demonstrating thanks our operating of clearly quarter One revenue sequential fifth are joining the of momentum our Hello, One represents call Thank second consecutive quarter This everyone, building Comtech incremental our and and growth positive as GAAP

performance quarter promising of building, culture is trajectory we're the and new of first change collaborative sequential well are One on. strategic steadily we As the transformational improving the our we year, including finished our fiscal the underway, Comtech innovation

We're ago, took with to believe we're and have enterprise that emerging developing and utilizing improve skill around people ahead.Since very in a ever strategy of synergies brought doing to solutions exciting together, total for critical are us infrastructures ever our that and embrace year of little than for I more global tools to our ever there customers our drive that performance. near before more map.As I harvesting of siloed customer much to fully role than practices, have a leveraging consistently One unified transform our our While how customers and fundamentally businesses more it connectivity, Comtech, organization for have together we're the need collaborating across a operational our expressed networks before, are XX insights the actionable our and programs historically steadily a common to provide is address work together, we comprehensive CEO transformation we with aligned we that. product reveal better new processes over new vision technology unique connectivity future change remains gaps among do, on we and smart collaborating potential than network forms road convergences before, and world. to the with to ways value deliver the and intelligence Having

partner. technology need our vendor. a before, us customers than to more They shared a I be need As

Comtech clear with DoD's We horizon.Recent their partner ] to that contract every as are modem facing are they're are position such strategic proactively and that challenges listens wins address proof moving X-channel we on challenges day the becoming as who [ succeeding. the GFSR the and satellite EDIM, solves and One foresight next-generation

satellite and emergency operators, of from customers mobile ranging service place their the trust commercial in continue to providers, service Comtech. global Department network Defense Our providers

authority line with they crucial remained sheet bold require focused will steadily on to value solutions we on deliver and comprehensive our the work that decisions greater their 'XX, made performance. our empower ever our of the FY we've the in recognize and customers before daily our than challenges.As we improving teams these address addressing the financial our toughest to importantly, necessary, customers' front needs. More operations, launched resources have balance When both

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commitment First, I'm our to pleased growth. that on deliver continues Comtech to to report

in revenues Our our a quarter We're also began.Our consistently quarter net in landscape. meeting they've every my that to the since bookings each direct transformation Comtech aggressively company, exploit emerging million, year-over-year million complex the our comprehensive to we've of reflection is new projections, financial revenue this of about reinvigorate and initiatives sales CEO. for since the $XXX.X solutions transform innovative turn sequential a view, year-long opportunities multiple with which the more been our and One assumed sales XX% communications $XXX.X rose of implemented are, that delivering exceeding role growth I highest of delivering our or

competitive working. platforms risk processes Simply again have to business systems our Comtech significantly and our across is to ability enterprise improvements process increased enhanced implement common the and put, we me management as emphasize and and discipline to attention the that identify Let couple gives us our One our I think to transformation to entire organization.Allow I synergies, our and also across think highlight highlight that cross going technology leadership extend collaboration exploit advantage right now quarter forward. increase execution wins optimize that a that and business a will this of key the me

an especially quarter. strong Satellite Our Space segment and had

systems. On the we of order portable the Group multiple of COMET wins, $XX contract million-plus Spectra heels from announced our receipt a recently significant U.K.-based for troposcatter

defense We believe secure communications and order is of and COMET this market interoperable agnostic, clear another capabilities global increasing and comprise allies, every strategy. component crucial international For network indicator that demand. security a this our national any

exciting our program. requests production further as of million was AXM of in platforms, our satellite for across contributing vehicle systems, services, federal this validates services of the that calls a significant first technologies, DoD awarded at also For to services satellite This best text, Comtech also opportunity.When Air upside regarded is also come.At is highly national only years Comtech to best source to became and military Canadian cutting-edge additional modem Anti-Jam This LXHarris XXX for ensure contract $X.X future-proof, of contract diverse a in the recognized and growth. technologies and the of utilizing networks. the our our our anti-jam forefront municipality countrywide Force parts beginning a them provider with adoption win both The for and the troposcatter The Comtech's AXM in there. are solution same these expertise it a recently position implementation. a family business communications market.Other we secured Strathcona, has time, next-generation October, very In space provides to was is at troposcatter XXX emerging Technologies. at infrastructure the because voice, geographies. sole introduce portfolio division provider win of win a of of a or video, the every by location-based including of the delivery capabilities and personnel modems allows county Modem quarter for to environments Army potential. in particularly This Comtech's that government communications the as operational level the wireless the mandated order satellite-based Comtech key to terrestrial service are terrestrial the place the of by contract country this nationwide March XXXX got supporting modern Alberta

emergency North Comtech expect in to be response as migrate and across Canada We technology. competitive communities to America new extremely

Pennsylvania infrastructures In do was Next excited initiatives. direct one in Agency, I'm only our increasingly first of security between applications connectivity, was more a on year Chief responses. and leadership Comtech And fact, through an I've The to bear Management of the markets collect advanced that wireless ahead.With way multiple growth means XXX competencies Pennsylvania that decisive our aspects Comtech One the sophisticated and recognition the we accelerating we've Generation an look all as our was so as to we One the of total data can analytics, to will of with the our an response businesses project.Increasingly technologies we organization. members our Operating own to in not remember to a on and the demand integrate Comtech the for received advantage to operational work making Comtech. problems.When you services meet the investors may terrestrial set combined not than little and the Comtech option. sources optimize speak assured reasons from transformational that native and of but all I well. as range we the under customers Improved to said, core for in complex and performance as our efforts Comtech year fluency These us of implement and are Officer, status in of as technology Day at and standards Maria? maintaining customer ago, infrastructures of that networks the These communications from highest who and the also some Investor One regain PEMA Governor's a bring to communications in Hedden, Award CEO to their was it Excellence quo done this most network first Maria harmonize only progress its started clients' is summer, of onus need to October, across collective transformation expanding our Emergency interoperability combine significant deliver the confidence asked we the are obvious expanding

driving it are our more change, internal my And confirms performance this looking genuine, execution, spent The to in working. business not Having Ken. and that is actions to at to continuous found point measurable improvement to career important use compelling. able we only it's financial improvement. quarter's but performance importantly, be metrics I Thanks, gauge

that our basis from an our each of processes, shared implementation XXX a One XX.X% One a the net XX launching assessment point improvement and initiated costs, on year-over-year skill wherein last $X we Following before, thorough quarter sets. tools, restructuring comparable businesses a million income appropriate conducted transformational journey, we policies, siloed we and was discovery excluding Comtech sequential That's period this our of of upon sales. operating consolidated basis quarter.As Comtech improvement visited platforms and and included operating of first

rapidly platforms common tools, entire we practices, the phase, best standardized and discovery this enterprise. Following processes analyzed the launched data collected and across

as and performance to that operational to execute, to quantitative not as institutionalized the continue synergies well already realizing parameters we measurable in possible and As key are performance empirically [ were exploit ] identified necessary we measure methodology ways and our identifying we operational assess ongoing improvements. simply opportunities improvements and collaborate before.Importantly,

across metrics are We performance their exploiting drive and applications the increasingly enterprise. to continuous extending improvement

over ahead phase changes we more standardize projects, to and will us in to While a controls, nearly the best but instituted time aspect which impact transformational an only significant we management are making work and future risk enterprise.We margins formal Program existing examples of bring much our implementation our is customers progress believe There budgeting, from Management practices, contracts are all I operations. far having the over, manage our underway with expand of of across have to have efficiently is on Office which many of line not time. ability every effective

deployment economics Finance contracts, programs impact We and that have functions us an organization. staffing have while our single This to that our a enterprise-wide efficiencies, simultaneously employee across leaders business launched leader, resource Academy decision-making, understanding and to ensure clear proposals.We optimizes deployment our a career allows consolidated which progression. and resource have improving the prioritize of all streamlines Internal improves under the engineering

lean manufacturing record proven We to forecasting, financial have all aspects strengthened our track we're planning, parallel, and leadership of and capital a enterprise-wide. analysis operating allocation.In with execution, principles with in we do applying everything operational additional finance team

our product road synchronizing and work, market lever development to our it's operating convergence, but lot which technology maps let it.Thanks a inflections We look back clearly to the meaningful improving the the in It's like new is it every improvement when share worth our to me opportunity the income at we and turn for process. of most are make our aspect of technology progress results, of Ken.

you, Thank Maria.

already I Comtech's driving progress critical making yet noteworthy a that and clear to of I million made significant which Thank including leadership decades managing great team.Finally, help about uniquely Officer. performance recently you from there's years attract our While Corporate much he him, contributions Chief clearly the that proven behind few our drive in we John do, and team veteran, to is experience scratch I'm business, make the thrilled business talked are turn of expansion appointed With speak to a as John's I months our suited past expect we're for year it's the indicate and known John proactively Mike I've we've lead revenue will to growth Development We importance and leadership communications track that bottom to financial and detail, Comtech balance markets. to to our industry our want people your quarter. annual before and Ratigan our over leaders satellite transformational to change remarkable discuss all.It's Comtech's continuing trajectory, to difference transformational is accelerate sheet, our many line. X and to journey welcome experience last these of record well also you to into new strategic him about creation and growth. $XXX

the in favorable point, engagement our and achieving and variety of quarters. noteworthy matures outcome it's in income revenue multiple steadily and parties with a past toward continuing since our CEO. EBITDA on I And October for good every positive We've have progress particularly we're X revenue. alternatives, facility for of expanded into billion generated steady we as terms operating we credit this future that $X.X we've quarter growth that working Our improving visibility of have XXXX, evaluating grown business.On negotiating make margins took approximately role a

progress steady making undoubtedly our transformational are journey. We in

that, Our has we quarter.With Mike. business that delivered me turn to performance each on sequentially clearly indicates favorable improving that performance trajectory are a let

Ken. Thanks,

quarter.Operating reported this loss XXXX income net last was in lean us million comparable benefits overall $XX.X including implemented an net million in an of reflect and to the quarterly net FMS is were fiscal quarter period sales year income operating in quarter For the reflects compared October QX Satellite XX.X% as an $XX.X of to reported as and QX and of higher QX XX.X%, net of well quarter our existing and the segment our $X.X filed initiatives and significantly U.S. higher a from contract in of associated eighth quarter operating this million beyond Wireless Space our with net Space million $X.X activities. sales increase. Such and sales communications for that when Terrestrial during XXXX. Consolidated consolidated and considering million transformation represented year. of fiscal systems $XXX our the Such GAAP Communications a income period prior XX, while part refer second million importance, X.X% XXXX, and and our in foundation QX were as to awarded government's also of Communications first fiscal net fiscal margins Form sales. through growth sales our the troposcatter This of profit restructuring customers. we operating accomplishment in reflecting and this last marks Satellite believe quarter, product changes, measure sales consolidated recorded since SATCOM This reported and QX XXXX. XX.X% $XXX.X solutions of as in explained ago incremental our comparable net which reconciled adjusted segment.Consolidated XXXX small year. discussed, XX-Q a Comtech provides the sustainable we QX gross sales of changes the our segment. a achieved Maria Network reflects mix not the sales higher or upgrades increase in we Ukrainian and to over Compared still increased non-GAAP increase earlier today, to with Of consecutive too, detail stronger that our that to terminals utilized government Gross all incurring just EBITDA. our of higher our profit expenses we future.As we in year of for the that benefit more One prior line-of-sight along in profitable in were improvement

profit segment our million EBITDA XXXX net percentage as $XX.X X.X% sales the in adjusted higher net EBITDA During XX% was and history. increase our adjusted are transformations we our particularly an EBITDA and QX Also, macro our a of continued quarter one from adjusted we EBITDA QX light that fiscal from from XXXX. last of most results, and was provided recent pleased comprehensive net a or undergoing company's and the improvement achieved in in fiscal Adjusted our sales, environment QX XXXX. Satellite while QX within in the benefit lean One XX.X%, the gross reflects margin Space of in strong and challenging this all initiatives.Overall, were higher fiscal period sales more of guidance consolidated with Comtech remains

pipeline strength In securing optimizing we of to in wins important read our going and structure, sheet.First disclosures filings and foremost, urge disclosures contract made key and and of balance have composition our expanding concern busy our carefully. the we of the those and our we very cost you liquidity strongly about SEC questions to today strategic been business also addressing some opportunities, our addition

product in and an product discussed Now current with line. Solid-State lines, following review of our our that divest to Amplifier as saw a we October opportunity context, we careful business Power

of our advisors simultaneously need to financial third-party X, of completed have maturity, this credit disclosed our this and in which we expires divestiture to also the engaged XX-Q anticipation stock convertible XXXX.We now the Form lenders to discussions facility, our October or XXXX, refinance successfully We've on current. As of today, addressing November with in sources extend filed In or is we our with or assist outside refinance our existing restructure with facility advisors and/or seeking our credit credit negotiations capital. stock. assist engaged and holders and preferred convertible preferred us amend to also with in of other are us

session, Comtech challenges availability, parts, our XXXX, and the time consolidated targeting as XX-Q to higher to component XX% impact operational in the for for labor factory and transformational adjusted and negotiations best well SEC, future.Despite efforts as subject to to be and parties, consolidated our our But with in fiscal costs will due and to the One although could discussions various our Q&A our and sales of are do ongoing as and have highlighted risks nature in largely of of today. our Form in increase margin we of business repercussions the we East and military these the time filings limited our net enter move can our global questions we increased is as refinancing to the levels we XXXX, in or your resulting be challenging and may our environment rates, we we other filings disclosures lower respond from During and including between our regarding and variability range to EBITDA we some Russia will logistics pricing potential conditions past rising in conditions production for the second what quarter approximately our anticipate X% quarter inflation, business utilization with and say.As the SEC and Middle business recession. factors operating interest and XX%. of in to change, such fiscal X% second the conflicts the delays, to disruptions continue Ukraine Order and unpredictable, through a

will that, and Power no due the return line to over product call on in back this an As let now Amplifiers X, future longer periods November net me XXXX.With reminder, of Ken. to sales Solid-State the Switches high-powered divestiture include important

Thanks, Mike.

the impact further across all As is into of playing our Comtech year our moves XXXX, positively fiscal assets our of transformation out practical the clearly and business.

rate more we're and solving business our Maria our technologies steadily overall And competitors. difficult implementation we're improving. because and shocks than are business and our opportunities both support our managed Everything trajectory inflationary Comtech operational done We're solutions and is durable doing have. winning to people As highlighted, problems.The One environment value the sure being make confidence. I is of more work in to right sophisticated our most our rising questions providing is and to course, we'll create on Mike the that, a right to performance our unlocking our may every bringing come.Thank ability tensions. that together we put is because that growth any market geopolitical of you customer We're deliver resources deliver a for revenue includes to generating customers' company effectively, commitments. on more we ever growth for will challenging as support and that you day pressures, transformation believe interest years take With your

to we'll And Greg first Burns move with [Operator Sidoti. Instructions]

think, at and In regards to reported this to had last earnings the hasn't balance done, case. refinancing, release, you that the you think something I sheet before get the the Obviously, I been hoped quarter.

or you on the So, favorable you're favorable. more done? just little more something a give bit you opportunities us Could get us to give an not color this expect just for you maybe update You're when on been? why waiting timing might could financing that of seeing have

of results. really a line, what and afforded and strong time is Greg, us trajectory this in process Mike. I we're is good Yes, refinancing think the terms the

have Looking the going into we're think pros discussions those our have of down of And review have been and detail and I back, we of alternatives amount business. to each EBITDA about cons explore think for $XX and when I negotiations, to good we a it. one trailing we of going in million the

do we're in One of sure is like to we'd the getting make environment. for that deal things a good this Comtech that

about tools that to are available us. considering methodical that And to so and we're think trying I be the

good it our and from I to think at done. get balance pace we're we'll a a through it and perspective, there's lot think I going

the it the competitors opportunity it talk just announced or can didn't between the terms was this the -- one market? then And mandate. that Canadian opportunity to that win and you opportunity, the previous similar then of tied in deployed? Maybe of size you about in terms got EXXX like was quarter, Canadian market sound Is And American you? a there? necessarily Canada differences It the North for of similarities up the just market that

don't recent. give it's because timing think was know Yes, but I XXXX. it significant this because March a that is to don't award, And by to I there want the The Canadian this is out specific of the mandate Ken. next-generation roll date I is mandate. capability of the

a that's when so the you about think in rolling road significantly time line is fairly It out it map that And short similar we're across next-gen United an country. capability entire the to States. implementing

the it's of we're leader ahead terms So, most in think all the of capability, the county I Next provider the Gen of -- launched about Canadian this first I'm very thing being that others. that that XXX excited is the

we're think I well positioned.

our I it's it perspective. promise a holds and right sweet orders think growth near in in And term from that a spot. I think of the lot

And it maybe the like to size, comparing is same the RFP Canada you're in competitors is addressable terms seeing market market? process? the like U.S. in the of similar it And that

It's a technology. similar

here little of Canada but the same You California. as roughly think remember I I'm speculating bit, -- the population the population is the of a

that gives you speculate size be market size. in would think think public of from think I of terms some not can I gauge think the service number stretch people, Canada, but way. to able in to points that I terms perspective of I entering market So, you a of the across it

Securities. with Riley next Mike Crawford we'll to And B. move

with of revenue But to not unfunded funded give? used backlog about this you have of billion, a talked funded we unfunded wins backlog synonymous I visibility number. had. big new but $X.X the the entirely couple backlog is you know that the the numbers number, including You plus

methodology funding has in the number awards, the on increase in The contract. $XX GFSR What million not contract, changed. $XXX to namely the range you're million was the some seeing the recent an initial is Yes. large due

to have million section calculation So, the went contract, have the contract. visibility into customer that is do over our so of the to because we X balance that almost we of what of looking the $XXX years or unfunded that

put -- we'll EDIM column. in put the also we which amount. billion.We smaller visibility probably, the of the will have be received the in column, almost of driver the was funded example million million the we'll revenue another largest that's That initially the was $XX $XXX unfunded that So, the the $X.X a million to funding contract. really $XX good contract, And

calculation. know balance goes what they did into with we the saw the to that what EBEM again, customer the modem. is We So, historically. unfunded trying But the prior EDIM modem achieve in

So, that visibility. we about feel good

start should I million emerging to EVOKE. that the think that technology in costs, Mike, the Is range? But tail I second costs a off? modem in something talk which you would relate build ever ongoing I EBEM that remain about to might maybe a the the to like what, to EDIM. guess, $X a also relative quarter Or with does restructuring and when strategic

get and So, strategic I'll first cost. to emerging cover the restructuring technology then the

and phase year. the migration in lot us. that think behind facility. course of of start That's terms discovery see of I will we unwind A Basingstoke our facility lot now Chandler over happened to A the of this to already. the restructuring, our

of we So workforce event our restructuring and the year, year, with end last now the towards a behind that's had us.

of amount immaterial severance, pay have We think, I left out. to

So, at going on footing invest opportunities it forward, still a are to good this the business forward. to seeing we point going get in

winding see with undertake floor R&D the to if incurring that that's opportunity, over strategic I actions. the at quarters, a that cost think the more you'll start see R&D, But on down.Similarly, course particular for of next an I we're the several program. that So, we say one we this LEO would point, will specific customer

we're a in. efforts, seeing getting development the through As lucrative we're one be market being to that as

start closer orders the to customer looking I down would the production investments to there. partner over and our that a to we're be And go also with time making as get say, would of So, they own over good our course year.

are then guess, then, And those numbers credit and/or that the divested of you was calculations? leverage business? your say what all, is, PST the revenue first of I ancillary well, can EBITDA -- for facility, And EBITDA adjusted and you to

in of not good, terms But first was the purchase guidance agreement had would that's revenue line this from to pursuant product to terms on numbers We're it it of us. X%. give I to in you Relatively a EBITDA in X% But numbers of think X% for product strong able our it speaking, line. included perspective, good of guidance question, that the the a steady will way. to the our stock I a it size X% increasing and in historically, of that margins. organization. historical be a was business, specifics In our base nice, the smaller

our of you if X% X% we an actually for So, the and actual probably won't the able a the be immaterial in higher would to you EBITDA, it viewed it. apples-to-apples do for revenue as terms like year that give I look guidance to line. product But of adjustment specific, is but

And then yes. -- adjusted,

Yes.

facility our in of to we of In that. terms that refinance we're credit looking have today, the process

into would would be the of that with new a So, rolled divestiture all the instrument. refinancing of I imagine efforts

final question. And then I guess a

in of that those for getting the the years, Viasat had to many XX-plus EBEM or would has modem, how estimate you the ever back deployed Just modem business field?

single-channel communications. has a modems Intermediate for distinctively It's awarded more of that for units EBEM we is which program, implements EBEM is our those our different Ken. stands Frequency satellite years DoD word units. was in Digital Multi-Carrier And E-B-E-M Enterprise of It's the that XX Viasat program, EBEM modems. Modem. This XX,XXX a won and EDIM each Bandwidth over deployed ago. little Efficient the or was Viasat, are Modem. to X Contract of modem Yes, because is Enhanced about there a each EDIM program The forms -- wave

can utilize So, that variety networks. operate of variety a waveforms different and it of a military commercial also over satellite

-- life. to -- expect these that we we of So, there's every reason thousands the over tens modems deliver of expect will the program's

Notter move with [Operator to Instructions] Jefferies. We'll next George

you lenders references the a revolver some filing. I through in the was loan. the shrinking is look size there? Could there or taking XX-Q your going quick on There's at term the what exactly walk of to

X to those we when to banks revolver November to take transaction to we of get we cleared amendment and of that all of entered to with the terms Stellant, instead the going apply loan. in George, into the some term the ability actually proceeds had the on gone the

looking So, closely lenders. been that as very our they part with refinance. negotiations to of We've existing talking understand our we're and

I we make fire get sure think just looking feet sure we're expeditiously. our they're make they're this and that holding that to doing the to to same the done

So, the retain of some I to our part on negotiation was the it of the think, sale. view, proceeds overall in

the That you then between more term now the expires? facility loan, loan so And makes on when then sense. do term and availability this have

sure disclose Good borrowed make we that our this we to we're have at just I these footnotes, had point. the through question. going access In did as cash on that we negotiations. and up wanted maximum discussions revolver the to to efficient

As we're QX, going down into draw sure quarter, the to we second just had we did adequate the at of make liquidity. start

revolver settles and additional capacity pay at it borrowing we So on that on facility. the we portion this commitment loan, have the is of as no, the term the don't the it down, any answer point,

all. I'm it about any the just of timing is then thinking And there --

the You or kind been was I curious working the of guys the on of or Stellant step do for path. waiting assume of, for of transaction you a guess, element about sheet feel have kind deal -- arrive I is mean process. like there just give can the of any I issues of balance mean, kind And a kind moving I'm an we're I time. you here? resolving in context what terms milestones or in us kind at to down some progress

been little bit. a this at for We've question. Good

loan, had asset-based I never base asset-based borrowing the the an an like loan think last before alternatives example, months, for with has been we've capacity. Comtech several over approaching

we that, to like something So needed educate on. ourselves

alternatives. engage we our borrowing to fit that base So, into would did a could evaluation what and be with third how parties of own do internal our

get a try little we've as we've stuff time. of So to here. several did We parties. saying, that's get some talking We the it with one bit example that. worth just of homework think insights.And And does was doing take been to durable like it to good solution we've that been been do a

would these structure. cap something So, into an been like the loan also asset-based and fit all translating alternatives how we've

behind of of that's something takes terms that just time us to now one So But do. that's a little bit in example timing. of the

step put that a I trying cash think [Technical progressed into that to and Difficulty]. structure now we've through

time. to to that it are this at appear closing like now does it further And back turn questions remarks. for any there no I would the speakers

Thanks, Thank everyone. us what's ahead we We're very excited excited about the and you. you thank journey call. about the we're on. of We're for very

This for program. your you conclude Thank today's participation. does

have and time any at wonderful disconnect a may evening. You