Diodes (DIOD) 7 Nov 242024 Q3 Earnings call transcript

Thank you for standing by. My name is Jenny, and I will be your conference operator today. At this time, I would like to welcome everyone to the Diodes Incorporated Third Quarter and Fiscal 2024 Financial Results Conference Call and Webcast. [Operator Instructions] I would now like to turn the call over to Leanne Sievers. Please go ahead.

to Quarter welcome Results XXXX and Call. Conference afternoon, Diodes' Fiscal Third Financial Good President Group, of firm. Sievers, Leanne I'm Shelton Diodes' Relations Investor

Joining President President, Brett Diodes' Director of Marketing us Chief Gurmeet and today Officer, Dhaliwal. Relations, Financial Emily Gary Yang; Whitmire; Worldwide of Yu; Vice Investor Sales and Senior are

by our registered procedures the are to results accounting the to I'd and subject are quarterly finalizing today independent remind company like closing the announced firm. listeners that its public customary review they company's preliminary as

As such, unaudited September are fiscal XX-Q results until the and ending revision these for subject company XX, quarter Form to XXXX. files its its

Actual today, to and In that to differ detailed protection in Securities is statements, harbor including of and may risks your which and Securities the filings from statements addition, Litigation the you and XX-K company and of forward-looking Forms refer Commission, for results additional uncertainties, we forward-looking uncertainties remarks company's management risks management's discussed XXXX. with those a of contain are may therefore, the the subject response the forward-looking safe Act questions. contained claims Reform Exchange discussion Private prepared XX-Q. Therefore, the the to make more and in in statements

conditions to projections these addition, In obligation XXXX. future or any projections applicable extent law. management's of not performance assumes in required may to represent Diodes the estimate market update company's as as no future may as change, to by the X, today, except the November

terms. GAAP provide non-GAAP certain in reconciliations this discussions and are company's press call company's during measures GAAP Included additional will to financial of press the of release and release the and which Additionally, in definitions information items, details. conference and non-GAAP statements include management

this throughout as company's management to income net release net attributable the during the call common statements stockholders press refer conference we income. to and Also,

via be a days webcast section this Diodes' of www.diodes.com. you the entire at Investor call Relations will to those recording in For the listen available time, of for at unable to website XX

to please the Gary turn I'll Gary, President, Diodes' call Yu. now ahead. And over go

and today's you everyone, thank Welcome, joining call. us conference for on

exceeded expectations achieving in also while growth Asia. Third increased X.X% our double-digit quarter revenue sequentially, POS

of as inventory inventory in our dollars channel As and both Asia, further days improve decreased to the continues recovery market inventory evidence sequentially.

Additionally, continue automotive the demand of and design sequentially increased market revenue, adjustments. our and revenue though automotive to our ongoing Even and inventory both XX% initiatives. product undergo the expansion industrial to market the win the reflecting content XX%

than quarter, For the better revenue seasonality. be fourth we to typical are guiding

reflect and our margin underloading gross expectation service to to factory wafer related agreement continues Our internal demand.

[ the future quarter past our especially end target in capacity the we markets. help industrial cost Until earnings will improvements, purchase CapEx third flow. to model. combined the automotive recovery With ] our in with higher-margin took investment to to moderate support near-term reduction and the preserve action, initiative and cash our below available This demand accelerates,

financial over as that, me quarter the guidance detail. more our With now call in to fourth as discuss to let well quarter our third Brett results turn

intangible acquisition-related amortization And the were operating for in million adjustment million Revenue charges. in million non-GAAP XX.X% profit on Gross year of million the quarter restructuring $XXX.X million of XXXX expenses, prior million $XXX.X asset the quarter. $X.X costs the quarter million or revenue which excludes revenue. $XXX.X $X.X quarter million to basis, third compared or million the $X.X of on expenses quarter for everyone. was prior Thanks, afternoon, and revenue was third million third to XX.X% XXXX. XX.X% quarter quarter $XXX.X or revenue Gary, and and XX.X% XX.X% for in good $XX.X a were third in $XX.X of of the in XXXX $XXX the compared of of million or second $XXX.X acquisition-related and or GAAP revenue, of

Total of or Non-GAAP or to million operating This the in in prior of other consisting quarter of income expenses the $XX.X revenue million in interest quarter in quarter $XXX of of revenue. loss operating interest GAAP were prior $XXX.X $X.X the expenses approximately of $X.X investments, unrealized compares income, $X.X the XX.X% revenue. and million or of of of expense million to for third foreign million $X.X XX.X% currency XX.X% million expense. amounted XXXX $X.X and and million other from million of losses quarter, million $X.X

Income the and third million quarter in noncontrolling before year XXXX $XX.X million million to interest in the and quarter. taxes in prior $XX.X compared previous the quarter was $XX.X

to Turning income taxes.

shares. tax, million adjustment. third million adjusted the of adjustment, value $X.X investment million to third acquisition-related Our diluted $X.XX share third or compared acquisition mark-to-market XX.X million of million compute the diluted $X.XX share $XX.X million third GAAP million effective net was was XX.X%. which share, last approximately noncash $X.X costs, Non-GAAP income and for to in the net $X.XX quarter diluted in tax or $X.X a diluted the in excluded was income per asset count $XX.X was of million quarter per share $X EPS used or for per diluted quarter in quarter. quarter prior GAAP share quarter million The and or restructuring $XX.X of costs year $X.XX net per rate income the $X.X

share or $XX.X $X.XX This third quarter and to or per diluted per million XXXX. million diluted $XX.X share in the in quarter the $X.XX compares prior

or and the share. for compensation million noncash non-GAAP quarter net EBITDA increased tax revenue of per XXXX. have third quarter third to or million $XX.X earnings quarter, million share-based Excluding quarter $X.XX the in third XX.X% prior share or of $XX.X would and of the GAAP for $X.X in the XX.X% by XX.X% of $XX.X million of revenue was compared revenue of per

operations net $XX.X flow by was in was the provided EBITDA, release GAAP included capital of total cash net which Net non-GAAP million details. earnings including Free for million, of million the Cash $X.X $XX.X third million, was million for included income to borrowing $XX.X We cash net reconciliation expenditures. a and flow $XX debt. quarter. GAAP our adjusted additional income have of income flow to provides which

to the third million. cash in long $XXX of Turning equivalents, plus including and capital cash, term approximately $XXX was quarter, sheet. total short-term At debt, restricted short was cash $XX million term the Working investments approximately end totaled million. approximately balance

to Finished at In third $XXX terms XX end from quarter, last of of XXX million. approximately inventory inventory were the were inventory, Total XXX million the as inventory increased days last goods quarter to dollars compared days quarter. to compared $XX.X XX total prior the quarter.

a increase in $X.X the quarter in finished revenue decrease million X.X% $XX.X a a Capital quarter million and targeted raw for in were a third of or on inventory below goods and of basis consisted Total $XX materials, range X% X%. the in million cash million of our process. increase work to in $X.X expenditures

initiative investments action model mentioned, to target during below to quarter. the we we the flow cash helped the future our moderate our Gary strong to meet took our available have demand. since to in maintain This generation capacity CapEx As increases

Now to turning our outlook.

to GAAP adjusted the sequential or or expenses or of be is XXXX, XX%, X%, intangible to For X.X% margin the of amortization to fourth a of plus assets, plus representing plus expect approximately be approximately minus revenue, for at be expected acquisition-related expenses, minus Non-GAAP GAAP XX% operating gross midpoint. $XXX million minus X%. X%. are operating quarter expected decrease we revenue

million. approximately income to net expect be We interest $X.X

is Our estimates be or in And calculate included income for used tax are to million amortization X%. tax Not the for minus expected the acquisitions. million. rate is to non-GAAP these quarter $X.X after to plus $XX.X anticipated EPS previous shares fourth XX%, be of

call turn Emily now I With that Yang. over said, the to

Brett, above the midpoint you, third afternoon. and sequentially of X.X% Thank the guidance. increased our Revenue good in quarter and

increase Asia. increased more than with XX% in Our in global quarter POS a the

global at of XX% America, XX%; third represented the Europe, sales in Looking X%. revenue; the and Asia North quarter,

automotive, terms Diodes was of product computing communication, consumer markets, of and the our XX%; revenue; XX% industrial XX% of XX%; XX%; revenue. In end product

Our to contact primarily automotive is expansion point win our consecutive the though model above combined of quarter, product initiatives XX% demand adjustments. than continues undergo in inventory both design revenue which quarter XX% automotive last X market. market driven totaled tenth by and and and higher target Even percentage our ongoing industrial of revenue

in backlog to as sequentially. short days inventory broader our improve lead into both dollars inventory time of evidence recovery orders. continues decreased to continues still Asia, the receiving limited, we be further As channel Visibility inventory and are market and

it's a increase for to important sufficient as inventory the So meet well as maintain us level to finished channel in demand. goods of potential inventory

Revenue greater market Starting from multiple details. the let market. product automotive total share XX% quarter in with and was content Asia me applications, momentum expansion, across up revenue Now demand of especially our was due creation to which XX% our markets China. last end and gains in review

customers, some as quarter third into would the in continued we rebalancing inventory fourth mentioned, the this I quarter. As expect and extend

though and a even North will the China overall that Europe I However, key quarter, up were number of the in customers market. market point the in especially is in slow, out still America

applications On Ethernet driving, management connected safety quarter converters. subsystems, hybrid compliance comfort, the electrification chargers style, continues XXX battery the infotainment, on high-speed system, into automotive including and product and protection, vehicles, electric with high-bandwidth ADAS high-efficiency introduction focused battery the expansion automotive and like parts portfolio of onboard and network new chargers, for DC-DC protection,

ADAS, buffers clock our Gen hall telematic infotainment, cockpit, Express modules and seeing ] PCI control real-time dashboard Express systems. crystal tractions clock PCI and ICs are high-end differential oscillators battery in Additionally, sensor with TVS [ clock along units, X and management

] In package of revenue crossbar which [ also to ] up realty industrial [ applications. linked in flat revenue, our but Express product and the entertainment of terms was fast Type-C market, quarter switch, total are We PCI of last seeing smart third XX% and cockpit Muxs quarter small revenue. active represented for re-drivers adoption USB

the continues into coupled earlier, demand, next this lower mentioned last early with undergo I to As market may inventory and year. end rebalancing,

our Despite we industrial with in the design gain traction ongoing wins continue inventory adjustments, market. to

drivers quarter, systems science. energy be used digital products in the linear signage traffic our our product During for LED while will designed and management were being for in storage battery TVS

LDOs growth Additionally, and e-meter power continue applications. from see fans, to tools our range wide

commercial-grade to in applications continue systems, medical servers, charging like power converters, stations, our supplies also and for supply factor silicon momentum energy power for We storage gain carbide solar for increasing correction heat inverters, products pumps. power

overall money multiple applications inspection, channel healthy. market, various design image battery content design check In have our the inventory wins in sensor ins and ATM is like And product computing scanner and scanners. film

PCI continued and server grow. expand to Our line ] designs count pipeline low output center continues market requirements. the expand a AI [ the to requires AI input the into server design as switch to CPU Express AI data

market positioned is address Diodes this requirement. to well

saw computing fans, and growth good DC-DC demand the crystal also in strong C storage DC with backup design high optical very the bars used a power and enterprise and also being AI-related switches XXX-gig ] Muxs in are subsystems like bricks supply switches and Also our in seeing We're our units, ultra-low X.XT [ market, jitter battery consumer-grade momentum applications. and We into solutions. and units. SSDs module oscillators

and Nik current GPU being are [ and our cards demand adopted PCI cards ] crystal major which remains [ cost ] LP-HCSL steering logic by high-speed platforms. is strong, Express oscillator standard where

notebook, stations server demand strong applications power high stations desktop, from applications switches like workstation, and product the protocol and switches, in flow During solid display for fans. port, Display Mux and MIPI USB-C DC embedded re-drivers gaming, power LDOs, desktop, different Diodes monitors. experienced laptop, delivery quarter, we also many TVS port HDMI, USB-C docking surge and and momentum including in source received docking

are C winning linear Type server as gaining X Additionally, power designs backlight the as our ordering LED USB tablets from increasing and XX-gigabit Also and single-chip monitor new controllers strong and in and high inter Muxs MOSFET notebooks. our demand traction routers, communication cameras drivers with well protection TV channel in our search computing, customers. per applications in server with are devices LTE integrated IT application saw process second

to the as demand though overall is PC is clean. is Even not generally Turning inventory expected, Similar demand than as last year. we strong to market, consumer customer markets. the stronger

in TVS adopted power are delivery units design in our diode systems. are products wins, strong high-surge products being TVS growth display seeing our and In terms array of

seeing [ also in transistor gate our X on products win flow We appliances in supply in large and well home junction TV display as power controls. our design products as drivers screen traction ] chart are bipolar remote for for our

in solutions our applications as amplifier power the in in We also TV USB delivery applications. products jacks for monitors wins mobile zone design ] as head audio [ our new secured stereo and and DC well charger

returning Lastly, side level. to the we in to the the slower-than-expected demand, has the this healthy the been depletion quarter may communication before due inventory market, our first slow, rate last enterprise into expect and

the in oscillators optical PCI and for crystal data strong switch, in designs modules. data have package and momentum We new AI many center design center are MOSFET seeing Express

quarter. saw the increased in side, third demand the On smartphone we

battery ramping many is into Our and revenue fab smartphone design with up. modules

the in our strong have win and where we momentum. summary, especially In market, pleased design we automotive quarter, achieved growth the with are content the been in gaining we third expanding increasing

also quarter, the encouraged by are especially the We POS in during Asia. strong performance

Although the continued meet slow, positioned demand recovery expansion recovered, with margin automotive as market are demand as future we available overall well as remains to capacity the and industrial markets. well increases within especially global

With that, the we questions. floor now to open Operator?

of Your question David first Instructions] Benchmark. line Williams [Operator with from comes the

doing you're coming you the yes, seeing that's well. -- like some mixed sounds if be can demand first, guess maybe maybe as of to just talk some what's a of it? not Asia. there wondering could, maybe through I seems bit region. where quite of if improvement I out messaging was coming And that There from And

of could that kind where maybe fourth your you if is wondering quarter year? you us understand the trend next to how help and through Just and demand into expect

So David, coming Asia. good through definitely demand we're seeing

As area, all we're is Asia, specific region, board this point right, specific seeing within one, actually actually actually growth the among in X see, because all the the is highest especially automotive from growth I right, not the the can achieved market. now you China quarter-over-quarter. to And X.X% we across

others. what also faster market rebalancing even on customers think I the inventory still depleting adjustment we're some general, in is inventory seeing on, automotive but than start going we're seeing going

see overall some the this the to by our driven over contributed is right? design-ins, also some XX%, to definitely, of of wins good past design we the This from as result, XX% there, actually share. percentage a So movements gain grow some to of content of some market right? expansion So course, also

echos industrial all still but seen so movements, of across what but it's slow At challenging, kind still moment. right, is everybody not [ again, ] same this in the we're the same, also we not time, So regions. see everything this at some

that momentum type for the and and that. a segment think stuff in we're more I seeing the AI computing, driven on especially server quarter of like definitely it's the areas third good

really see. So that's to exciting

is seen the than is then of would that to this say, from a exciting say improvement driven of in I from always it's for So some QX it's of the others. peak the especially results area, communication on been quarter. also see the market, But some And And movement. side, right? On QX an did. year, all, customer upside by year. we've see strong U.S.-based the majority definitely that consumer consumer the activity we last definitely good always would expansion And we the customers doing some smartphones, some a I overall, better content all

that's So see. we what really

I of going the inventory think QX, industrial the will From to probably ongoing. do auto to I through adjustments. going going be then definitely will view, the slightly expect point be QX quarter. adjustment down And right? think some continue a We inventory

quarter a then most done down slightly expecting are a QX well. that's quarter to Computing, to and flat, maybe with somewhere always up. don't up. be going expect significant So between expect is be we that's the And really probably as consumer, a down of we bills holiday going because so we

also and Definitely ship We of also like that. in days holiday North have in the of less some America have number stuff Europe.

ongoing not enterprise smartphone, side, consumer. to the On or strong a the quarter I again, communications be the super fourth inventory Usually, rebalancing think adjustment going to with similar quarter. is

see. we really what that's So

there. just would And to more a additional there. the And that there that I Is Lots utilization playing And we new bit margin? if into think into should maybe little recover wondering anything seemed margin. how about we Or there's see that? that's just typical pressure if was It could, on relative of really gross the drop guidance just then gross color that year? will something it mix? the like maybe, then the is that side, Brett, great on

think things that. together on about have I coming do that, it's a think that -- pressure kind different that David, right you to way of put is few the

we some Emily the as automotive industrial. -- not talked about It quarter, auto full plus on was strength. we strength in really have that strength third As it, had did

into pressure. down. of the where fourth on we mix transition top of we see into puts we fourth, As margin, to in And things carrying on coming capacity That pressure continue we investments transitioned puts strategic it, our additional have on. that's

the reflects weakness weakness overall And as is But there. service currently, there's contract from market itself softer we that our have arrangements, customers. in

in transition the we really that, new And recover with something be own of that great combination of we of SP G making doesn't our both there's because products. qualifying fab, and trend any kind the nothing industrial, XXXX, or quarter. and discrete automotive, as that In to product fab of those so products. kind more we think our analog fourth on I transition things sets in as of we're into are making think I and continuing portfolio, But culminate about progress the high-end kind projects great mix

So we're that. confident about really

last could I in. if squeeze And X X just

concerned Is puts you other that. around Just curious exposure to about here new anything given thinking point see you're or how China that of would of thinking it? may some leverage takes I maybe and any however around that puts and you and kind And the the that? of with? about you're -- want kind just administration then have there you're the you guess, that takes Or to any the

David, this Maybe is Emily.

Let me first. answer

China local portion aside, much total right, at portion, like if at the look that total. to Taking China just shows it you we is revenue even Diodes, right? grow because I a performance XX% for actual China, a of for smaller the the customers really in I think to value. But from is look looking the China our cost still good lot view, call of value, lot believe we the -- they of point potential CP which have a opportunity

Diodes front and continue of drive us, our solution to we judge. a new sales in total I right? if So opportunity lot there's don't still how related and approach differentiated features, to products continue I politics, know to functions with drive think to of

to closely. are to the are that a is we little right? government unknown flexibility to the we drive manufacturing on Europe moment, next, especially in come I think a and So definitely overall, loadings, to adapt positioned continue government a additional this the the is as watching bit think believe model, with very the policy way lot going well I but company, at we But I new overall, the all flexibility gives of based on we region. hybrid policy. built us into U.S. that whatever adjust

like mix this to And non-China put by keep Europe in as in mentioned more that. Gary. I on flexibility leveraging and well as China as we our about function And business you North both Dave, is our China Great try in footprint would and color customer America.

said So continue U.S. policy we POs and political we in here, don't control continue any regions. what and But is can the give anywhere, doing to X as between in we more more and design here cannot drive up business been penetrate, any both China doing to

the really here. Congrats quarter quarter solid on a third in

with comes Truist. from William the Your next question Stein of line

split customers and a growth what in versus the follow-up. terms I'm and hoping you to do And you of between the disclose have units split past direct distribution of pricing? I of the in channel by revenue can then also have us

question first distribution, XX%. is XX% the our the ]. really And the [ versus XX% XX% and then the It's QX address me between rest. is distribution QX, actually split first. Let number rest and

number trend will it's for view, look And ] distribution from now, to is I percentage back [ down the XX% pretty rest. say distribution to And in higher. right point would yes, the X/X always go So refer XXXX, much I slightly really think if the of I then the ahead. versus XX%, X/X, I range --

pricing? a -- I I think sort you the, the sense, but or I forgot then use Yes, in that it's if and mix the units sequential and year-over-year, of to of combination normally we growth you disclose disclosed -- in growth can think calculate

a the year-over-year -- XX% pricing, doesn't a but unit well, of the we perspective. per what and So disclose a do is more was about just -- essentially is impact appreciate, that it's

product So is mix this the basically, picture. in not

here a X Okay. I've got noise. going seasonality. follow-up, as And me, about I the -- had for -- a pardon It's I just and -- as I'm lot on

seasonal. guidance highlighted You is that the above

in I we're think typical turn several expectation let's there's last above now of I it period as characterization. just to next our expect too sort seasonal few quarters? the quarters early from in say, sort in should it's this QX, a above more, under-shipping catch-up of but call cycle? seasonality a the where we the Or that demand the solid is appreciate think hair in you be of Do to

think challenge quarters there's right? to I there's a dynamic the X%, definitely it market, right? I that better have I -- the of call back some than There the because And going history, are we dropped the like is lot this mean, minus more quarters X.X%. William, seasonality I see X.X%, we actually

there some quarter. to about I And may course, refer in be fourth down are slightly seasonality better. the the Of usually X% is quarters

So that's than we the seasonality. usual the better it call reason

are right? a confident view, you right, inventory of that is all, to I think into PC get than point quarters a better, it are and in So automotive, little expect inventory will logical the think from have -- year, when? adjust Related to year to So we I took for things adjustments next already. bit look big the more about for the right, the question industrial what we all X now we if the

positive position sign I than a the mentioned think getting there I some are healthier into already customers others. the

year. we at will that we the but usually time, a provide confident better. will guidance more get we pretty don't exactly, same things a But growth than call year next to me are for difficult really it's So be are confident quarter.

typical to And X view final the one, QX? if can. seasonality I as in What company's is

is usually, usual seasonality have about we QX New down. Chinese Year, because call X% the right? QX So we

Gerra line from question next Tristan comes of Baird. Your with the

little bit. that the a highlighted which pricing In clearly, on and markets being automotive, is of X as you end many companies touched have weak. You

pricing year. Looking next for renegotiation at

wanted I But discussions are automotive of at First, see at the margin you basically time, you XX% underutilization. those threshold new the in mentioned design past to you've in sense do get and know gross I a same then higher. how have going how wins that or a

So what is rates really figure XX% balance utilization take you the a capacity net-net and between where gross I than margin, less gross then can might it's positive slightly for well, feel but I increase maybe margin.

If you year could give us whether pricing decline next color on not? you or that expect and to accelerate

Tristan, Emily. is this

customers think I in customer. So market, really all, all by auto right, negotiation customer

doing Some may be a quarterly negotiations.

all, may semi-yearly, price negotiation. be X% X% pretty quarter between all as model. is actually will to that bill have I view yearly Some decrease say, really our per majority And a did I stable. have good I into think you would in probably a question. We in somewhere a

each if really XX% look the to potential good margin relationship. overall the There the engagement, And times don't take think account strategic are I we use bar, underloading benefit the the the we or we down I than look XX% look So road, at there's we underutilization by low don't overall at in So look or we What grow will but as more at that a future. overall justification business account, right? XX% overall I or margin, line. is margin versus at how right? or what account really do account line each the balance also really look at

face before been thing is relationship. X partnership actually think emphasized long-term customers the face, the with to I've I the the

how view So we that's it.

overall course, as Of the consideration part the will as negotiation, which underloading well. cost be the of part side of

little loading the underloading mess cases -- up we time, other as minimize the whole do the at don't to market if also some would right? can help doing same definitely are a there But So well, areas, we overall pressure, want it. we bit

I'm more on is Gary. too. this sorry, put color that, like would I to Tristan, some

And her So introduce into I increased sure think about continue Emily the content the speech. really and also extension thing key of we'll is in we make product going in mentioned, revenue and forward direction. can we automotive, as do we the automotive kind want we design-in, in and design see do new win the automotive, how the key moment, the still expansion this continuously doing quarter-to-quarter at -- X% this to

And then and some packet material Is typical leading story success could of as seasonality in bit as market next regarding platform year? what expecting share little that PCIe versus how that a expand into you're you are contributing where a ramping? is on, of in the follow-up, if you're the And meaningfully obviously, QX the type switches ramping? you

with information share think input servers, more Express we the last PCI the for of I or So basically requirement or ports. quarter some additional a GPUs AI there's output

requirement. unique have actually that this would we So fulfill product really a very

So we well are very positioned.

some as stuff everyone So knows, there's delayed chipset and launch like that.

have the are design a very working early deployment. the still that customers currently And number at So I at stage. of stage would say this we the of still is still

server help right, whether related lot is DC subsystems, whether et can expect point So continue the we a quarter, some AI out not momentum. power this that fan, DC-DC us of center. a also AI or drive And data There's supply, then definitely of the I cetera. it's it's to brake, just

subsystem. continuing are leverage we to to different expanding things, So even the

So to total continue reason and to direction that's this to continue next year. sales and quite the the approach for solution it in why the can gain drive focus be momentum important continue Diodes

just it's would and continue or XXXX. into definitely said, stronger beginning of momentum I like the much the So expansion the

turn will this the back questions to over further Gary now call closing remarks. no time. are I There Yu for at

call. this you Thank on you, for quarter's progress participating conference today's everyone, our Operator, call. may to We now forward reporting on look disconnect.

for joining. call. concludes Thank all you gentlemen, today's and Ladies that

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