Kopin (KOPN) 14 Mar 232022 Q4 Earnings call transcript

Good morning everyone, and welcome to the Kopin Corporation's Fourth Quarter and Full Year 2022 Earnings Call. Please note that this event is being recorded.

At this time, I’d like to turn the conference call over to Brian Prenoveau, Investor Relations for Kopin. Please go ahead.

Thank you, Paul. everyone. morning Good

started, call get to everyone remind Before place I'd on today's taking XXXX. Tuesday, that we like March XX,

be those the and could to are company's subject as uncertainties statements expectations, projections, Litigation that XXXX. making a forward-looking estimates the materially current statements differ will and and These on Securities of Reform results number defined based cause are to statements. actual beliefs Private from Act We in forward-looking of risks

to, in limited documents of on not for recent are our conditions Exchange results but include and filed risks report operating demand our and Securities and Commission. products, Potential other annual the XX-K Form other our market with subsidiaries, factors discussed most

reasonable, could them and realized. during Although to proven the inaccurate no any be The be obligation update the results statements believes statements forward-looking of company the company can will there that that assumptions assurances made the underlying no be call. undertakes are today's these

references to addition, the be made which reconciliation disclaimers should refer filings press Accepted measures non-GAAP releases. in certain for and and may Accounting appropriate company's to or SEC you In Principles the non-Generally

Chief Executive with overview company's Murray Kopin's will Officer begin an the today's strategy. progress call within Michael of Corporation's Kopin

will Following year returns. fourth review Michael, Richard Kopin's quarter CFO, Sneider, company's the and full

would like Michael? the to conference turn call I now Murray. over to Michael

wanted my little of second our time-to-time, everyone. at hope call but from CEO this it. folks information I've to to all we do earnings Asia I you morning so MZ I what to Group. quarter at I'm Thank more Welcome on does to is to background start as my Welcome call Kopin a much Kopin and the Brian today's plan clear. moment, technical Good only is very with the Kopin, family. earnings some difficulties been the and how line in having since fourth call.

combining advanced specialized products use applications. who with technologies, for micro-display create leading these less in provider we to and and proprietary reality solutions with familiar commercial are Kopin, virtual is technologies consumer optical defense, anyone For of and augmented

As use the in the to constantly field broaden micro-displays are these and ways of optics to world and real technologies application new discovering consecutively. continues expand, industries to continues

the advantage to billion size rate growth speaking. and estimated growing be market. to ago believe XXXX, well annual market grow years XX% of expected We and $X large Two to was $X.X billion this quickly is to in our about take is over positioned company a by roughly

innovative history years to way technologies XX and people on for the one communicate. over creativity innovation biggest hear was For selling Kopin's points of that and have created join Kopin. the me have engineers see, enhanced This scientists and focus and

at While paramount of that with this from us more our customers. remains product the commercial company's of excellence, revenue comes consumer pace capturing defense-oriented restructuring innovation initiatives projects on largely operational and culture market. additional from renewed preserving revenue and and and exciting with growing customers quality continue Kopin's focus to Today,

dive deeper high lingering the and XXXX to a results. discussed in turned issues in the supply over of into calls. year the I'll COVID quarter level previous we before now and to issues Kopin turning a provide the financial call year, chain recap This Rich despite the solid

challenges throughout that become are chain we faced cautiously of now hoping while they'll we're are We been we've year, mitigate the are still optimistic that the supply part past. chain to the challenges prevalent, positioned supply

levels, product focus quality intermittent to plans and quality We and adjusted reduce resolve to on increased inventory equipment, have new scrap. redesign, continue we which see challenges, through

weapon driven year came ended by year growth. of in XX% of the defense Revenues the of up defense company's sight for our the the completing year-over-year, increase bulk year top revenue within customers. sales sector programs X.X% the up the year-over-year, consecutive from were sales, higher The shipments fourth

The position which our defense light base, over machines and their industrial with industrial due channel our in as by customer in wearables. to are inventory increase used AOI an spatial was orders revenue with modulators, for XD offset decrease we demand somewhat saw reduced

be our in mentioned last I costs. call, opportunities our seeking deliveries and As focus full on-time, improvement, to yield driving will reduce while achieving

I customer wanted Kopin our some initiatives and on strategic are experience, to to cash to margins, of we focused shareholders. return discuss the here at improve ultimately flows,

increasing order is book our focus application first solutions. for specific Our

integrated specific that solutions, a application accomplish when task. I Now, I to particular products speak of refer

our produced In Sight announced quarter. in and An International entire order Range was screen/optical book similar products IWSILR, of full production sight result partnership, Family not amounts, high of just level Weapon example customer order weapon that better components, value is higher the we increased margins. reliability in the this rate third building the added Long ultimately device eyepiece whose reorder an

on-time XXX% quality. operate full achieving and received the and deliveries. Customers orders full in like achieving at is and and environment constrained supply a one full improving In their difficult. Next, chain on time on-time to should we in, expect be delivery

analysis to met goal, manufacturing supply. with automate demand in and equipment ensure to and Towards improve is data-driven this investing achieving we're advanced our performance

effectively delays performing to of acted upon is those we're cause of delays any the understood a For analysis sense immediately. ensure root nature and

our their we recently achievement folks on-time at with our a the product customer We in have level Collins Scotland are the that for XD XXX% achieved great AMLCD and AOI to team pleased base. same XXXX, full to FTD for say at shipped have

focus. discipline and initiated particular of will projects OpEx. this several end, a cash Cost to reduce have point we be To

corrective rest financial taken evaluated XXXX will These QX tough of all of our QX against decisions and addition, new models programs ripple be taken. through evident and are In the results. in financial business and being being and actions are XXXX technology our

focusing and conversion of improvements efficiencies on-time be derive unit our on margins improve Fourth, to we're to the by quality looking building quality, yield increasing improvements. ultimately improving and reducing delivery. Yield costs, rate fab, accomplished material and merely into will

this improve automation and our processes, it in of QX part clean that needed QX, to through cleanliness internal the catalyst year. room was capital raise we investment, which of quality As review additional our our in determined for was

efforts not to certainly our to avoided are ensure Return funded and on prioritized. projects projects our plan. investment least, is aligned and ensure on scrutiny profitable increased strategic unprofitable and pursued Last, face with are R&D will R&D is

Additionally, our disruptive on focus with internal research projects edge capabilities and and should leading developed development and toward application-specific value-added technologies our customers. be

the technology is will surgical which micro updates year. We made provide is As throughout only example, to not nighttime on We've our attracting technical LED well fully we day also progressing able display an in fully significant integrated applications. market. will interest progress integrated our be the significant recently which and healthcare programs, unlock AR/VR transformative believe and this head-mounted

disciplines Now, from qualification during to low and business more rate both, programs our R&D development this in order next to initial program year. added manage and year the recent our restructuring, management resources and production and grow significant order through moving pipeline to we separated several and

Let me now all a moment key development our take update you of you, a programs. to of couple take on

announced qualification last week, we expect F-XX shortly. we rate enter As our production to OLED program full

many deposition wafer very to China, OLED the deposited As designed on important, standard be utilize OLED Backplane silicon Therefore, able deposition. a States vendors can be this was our in the different upon we reminder This to and United here a performance of in in and vendor, a the United for requirements regulations. the the cost States, customer U.S. and continuity application. the and and and depending supply, most cost security allows and of Europe, performance on which importantly, supports Government satisfies is the

the final the one program our and into the readiness contributions in step future solidification also revenue expect We've be largest PPAP qualification step last of move and to SEPvX the and made Abrams This program that since production significant company we this is an a automotive for standard. is Kopin before progress upgrade believe shortly. years. PPAP on could significant qualification for

mobile proof Furthermore, it the to final excited and defense hopeful the pedigree enter provides to very and this applications. and program with announce the points We're phase of shortly. further automotive Kopin the in into

over our Rich? further I'll Rich review results to CFO, to Sneider, the call now in our detail. turn

Richard Sneider

compared $XX.X Thank for fourth versus results. Turn year-over-year. XXXX XXXX, X% XXXX you, the year-over-year. to financial overall increased $X.X essentially XX, revenues year, or the while million revenues Defense XX.X% industrial million or year-over-year, for ended $XX.X $X.X were prior were product million million million the product December XX% decrease flat. for $X.X revenues million XX, ended fourth Product quarter for December decrease $X.X Total with and revenues quarter approximately our Michael. QX

fourth revenues research Funded the million development of funded development a programs million last quarter XX% XXXX, sold compared of rate programs for production initial R&D funded fourth or in entering the Cost year. to the for of XXXX, XXX% and quarter with our of $X.X revenues quarter decline. our decline or quarter compared and product $X.X low the of or of for million The was for research is million fourth XXXX were fourth $X.X $X.X XX% maturing to with goods LRIP.

in as programs expenses additional ended products lower prior production $X.X increase due fourth primarily to in LRIP, costs. to moving as the the was R&D we product revenues expense higher to cost The million as absorption three fourth of partially funded quarter by to quarter were XX, The net of make changes caused million of expense of costs XXXX of the R&D months product prior of for the compared expenses. with XXXX December year, internal percent the to a by decrease as quarter compared $X.X R&D due material for the was manufacturing in and revenues XXXX, fourth XXXX. in offset lower reduced to compared R&D year

prior of lower three increase million primarily the SG&A professional compensation in $X.X of quarter the the fourth XX, ended December months partially the which SG&A costs. compared quarter increase XXXX based to as was expenses $X.X XXXX. an and to million XXXX were compared fees, by fourth stock offset in due The to in were compensation year for

for to of per Turning or the XXXX. net was $X.XX $X.X million line, bottom million for the loss quarter $X.XX fourth the attributed share the or Kopin quarter fourth $X.X with compared share per approximately to

approximately respectively. as for declined increased revenues which and revenues compared million revenues as X% by percentage were decline supply Cost total revenues, offset by XXXX were million, XX%. primarily costs inefficiencies percentage Cost to was and industrial in due XXX% XX%, compared and to to product year increase XXXX of defense $X.X an revenue other a partially turning the excess with full enterprise disruptions. a compared Now, of XX%, was in million XXXX a chain XXXX product and or XXX,XXX as material in which of by results, $XX.X of as increase increase. of or for to a and or caused net $XX.X revenues driven $X.X revenues product XXXX, XXXX revenues XXXX consumer XX% million

for $XX.X $X.X prior expense R&D the XXXX XXXX compared as Internal to R&D in R&D to a approximately OLED $XX expense compared million a million to XXXX, in due XXXX XX% $XX.X million primarily for million to increased million, a increase. $XX.X compared million XXXX Internal cost. for were XX% XXXX. X% was was increased an compared increase. to $X.X XXXX, the as Funded increase expenses R&D expenses as development for year, for

With in of decrease to activities to the expect for expenses Lightning markets consumer Silicon, spinoff OLED XXXX. we internal R&D

SG&A and offset Other in expenses were compensation for in based gains XXXX recorded compensation to and fiscal expenses another compared to for partially SG&A compared a $XXXX.X investment professional XXXX stock XXXX, $XX fiscal XXXX. write-down income million had we income essentially for $XX.X XXXX of $XXX,XXX of investment. were foreign increases to lowered XXXX XXXX, fiscal currency which and costs. in $X.X as for $X.X losses income million million of compared million an flat. costs, by were recorded XXXX Other of $XXX,XXX respectively. $XXX,XXX includes of impairment write-up and In currency in million foreign XXXX an

the December XX, share for Cash securities bottom net and million of to $XX.X XXXX. and XX% $XX.X XX, $X.XX approximately versus fiscal controlling Kopin's our for $XX.X & line, Aerospace December ended a to marketable XXXX customers per or for Collins million loss XXXX. XX% equivalent net per million at Network XX%. loss Imaging were or $X.XX at with for share interest Turning XXXX were at year DRS

warrants Subsequent for we sold to we approximately capital shares The X $XX.X the XX of proceeds year Kopin's million were million million. end, shares. stock issued pre-funded raised another net where and

possible our discussed our XXXX based the debt. changes year long-term should amounts current any ended no are any have review filing. estimates for December of above course listeners We on additional and Form XX-K XX, and for The

with call to I'll And turn that, back the over Mike.

intention future. our portfolio our and profitable we devices with aligns spinout support I'm of growth, our able making Rich. progress as OLED in Thanks, with XX-inch focus an with customers OLED The of partial and organization. eight-inch pleased really sustainable a a the the full and to we're to unit remain development to access while long-term company as on devices

in market. like costs the new competitive its into Our Abrams applications It's FO [ph] remains program. the tank AOI finding XD way

Our remains markets. product and revenue reality micro-LED all demand our this future while becoming initiatives, our of with in January future. equity These where Kopin company our raise product foreseeable financial potential million, AMLCD a along flexibility in serve into for and $XX.X line our the we in for offers is over the near-term secondary improve offering to the drive quality, will exceptional provide

force, profitability. in on-time aggregate book, a to the new you updated our will and regards strengthening through team XXXX. our XXXX, the and of us progress as controls, flow to in our along we focus which full processes, spinout keep achieving partial higher order internal with cash With cost first are reductions step our is of improve at The recent and number and we'll in get OLED

to time on like thank Kopin. of their and I'd embarking directions showing hard Indeed, at never interest strategic our proud I'm in we new for I'd everyone is like in thank stakeholders easy, but work to for our have all today employees, and Kopin. dedication. here team the really your

patience, heights, grow we can and to great the With and things about future. truly new their excited work, and think I the we're continued persistence achieve business

questions. and that over I'll with take it operator, to So turn some you

Please Fallon. your with question. Glenn [Operator is you. from Ladenburg first question - proceed Thank Mattson Our Instructions]

Thanks for taking questions. hi. Yes, the

Mike, plans kind to of I'm a of different and stuff. the parts cost changes out time cuts laid the moving all and for between around on So curious of workforce reduction you model the that the lot deliveries the better kind and

should lay goal of for kind take what like, of will the need, to tend you it kind ultimate to can you you out look boil think what just for going together, a to the -- and all how to to? be you sense you where get kind get be if profiles So it's where should of you margin where the long

Glenn. Thanks Sure.

and around and change of contracts so re-sales well with force, contracts done QX, sink. working quality underperforming effort our intentionally, think a felt because I is supplier set, actively cost lot but our that I like was as I'll mindfully for put of of set, the with I base customers a there, that the in did supplier into just We've QX. are program costs, sold of firstly our and our cost start look really from at our our kitchen our in possible. as that we base lot meaning we're the I pace our a unfortunate. from process at reducing we to needed Number terms higher put No was for to negotiate was re-sales, to again two, those looking goods the thought to cutting cost albeit have was could not in if There waste risk in no one. one time place number low to that reduce likes there. see it. it, there

it a we'll bit So QX. of and all those less are going all those at so things into cost see reductions, improvements on but provides into those QX, little in certainty full on-time our once,

So a QX we're from to and forward QX cost perspective. very much looking

a not negotiating we chain and of costs. account our force, if end for or the partial LS spin-out say I'd exiting improving That's two in us the that. them margin XX%. think successes at supply either for QX and with after at be lot want team, business reduce aggressive But be base [ph] we're next, some by are aggressive, spin-out to OLED where So the that had price put our some we'll look X% to the of base based We're in. on contracts of pressure our have we reduction quarters, of the where the the you of of in Kopin on the that increasing to over goal course we is I beneficial an smaller

the think to we're but track. claim So probably early victories, any on to too tell I right early too or

And sorry, there consumer, side very [ph] one? display the you industrial, defense cycle Do helpful. the, head-mounted then maybe the you XXXX? was Great, like out I'm of bounce lot talk the, on on expect a market in about the looks on stuff, the glutted in maybe that XXXX. laid like, on of that pace Thanks. talk number the curious back that's can I'm of to kind what product side, you AOI a

Sorry, I Glenn. repeat missed Could it? that last part you

like you partners will back the your in they that year? On XXXX, talk things people product display, this to that, with about like realware bounce and head-mounted like expect is

actually it. So cyclicality AOI. flat this along let's that in We start because AOI goes semiconductor to be somewhat expected with just the down of XD year XD to with

I orders. week, we have cover we've been of the pace FTD However, and folks. out increasing checked, last last business XX% the of And for the Scotland AOI XD order which was

for good this rates later expect see I year. AOI year. to a that that's So we'll be Excuse this me, place on in order XD for increases do

So sitting we that of do business. to XX% cyclical, opportunity rate now actually a I in we're very to good year will say that feel be but this a for have grow order flat to run business It's in comfortable that slightly that up.

pessimistic too that this little thinking won't come back a being we're think I that market year.

one. number that's So,

starting for the on CEOs quotes speaking least quotes. requests larger get position the They're seeing to for or specifically, over side inventory quotes at or customers industrial the of for two, bigger and of information those things with Number abate. they're requests

a XX is to increasing. for their customers now X, trend XX for XX which X, buying were or that are rate that always is showing quotes good looking So adoption devices

in number that see in do that back one. some So expect terms properly XXXX business inventories. we allocated think will two, number come that into marketplace, And we start to new that to they're now products of

Okay, great.

jump me thanks. from in it that's I'll the now. queue, think I back for

Thanks Glenn.

you. Thank

Our proceed is Wainwright. next with with question from H.C. Please Kevin your question. Dede

production Good can little through where OLED where just you morning, the for from review to just so you puts sort the options, call you deposition fully understand we Michael, are to manufacturing? rolling spin, the Michael, detail point? backplane on requirements me government contract. in meet regard And Rich, start here. kind of with back, more OLED your taking a in thanks of a the that F-XX maybe And

Sure.

from… So

I those details it's critically of think light apologize, in understand lot, important I a restructuring. to it's but your

No, great absolutely. Absolutely, I think a it's question.

know only I'll I Kopin, we're the answer at question cover what So I from and what doing this can way.

AMLCD Our of to application. research and display, level continues which the customer the that funded and and customer performance customers development of for that mission unique our to develop in for support the its the OLED is

it customer plainly, OLED So very unique to device. paid us say a develop the high-performance to very

in this in built U.K., our actually partner for currently. process. silicon here the all since As mentioned, know, and States, in United Taiwan. in which the that Canada, on based is someone France. part deposition Backplane in Backplane Germany right China United deposit do it's the with deposit a in Taiwan, important Backplane, as the was that we can the vendors wafer-based you is not China, most utilize built We a designed on Obviously, multiple We States, can on

application anyone across that secure because security our to silicon specific supply OLED. actually design is from end supply, doing ubiquitous of processing we're that customer and wafer-based deposition So Backplane of with very a of the standpoint of supporting

confident as and comfortable customer feel I and our that's and chain, confident supply with So that why current why chain with feels well. supply believe very the we comfortable

we we Kopin LS sell OLED-developed That now get of When what can a a time. of with customers a just into about OLED aside our we million with have of that devices as really So to think have and at a all bridge suite sell that application. transition to sell put have we that a that support can second. that done OLED we displays far for was any wafers, specifically, to meaning I'll full was material that full $XX wafer strategy, of this mindset too we the point investment, the still for in suite X-inch $XX with. million a we bridge But XX-inch have, let's

support spin best And there's and which to we Kopin the our to with and let's we their So at solution, sure point next material bilateral when customers IP. was, out, they came use that customer base make XX-inch that it that of if investors. let's get way, can with their

our we derisks it and our investment, level do our solidifies OLED. future to XX-inch need derisks still with development it and wafer research of So that

So fab-light go of strategies. strategy there's we're micro a call, like in centers technologies deposit we this technologies together in built previous of different of have I that those that, or other putting different with for part And where fabs can all is for mentioned obviously it this LED security multiple and our be and OLED supply. to

step a at look And there? like in in take question of vis-à-vis we are back the Can is streamlining manufacturing your -- -- you and refining the how and indication -- January process of an Glenn's Okay. AMLCD too, and up set did it and you and early restructuring? the are How press where manufacturer? release

in that we processes. we hadn't found wanted to while actually Kopin. first QX. reviews clean itself, We've been the foreseen at that room internal which some little started in our AMLCD I I manufacturing the I've areas to And a number of specific done of improve, So

raise the major And by we're driven of the specifically, where that is the for raise was able build areas was that more year. CapEx that in the So this assemblies. going application-specific we're into our for be to going optical QX And requiring fab. accomplished impetus some to display CapEx that we

lenses. the can the where particles have optics critical like and how get be need we manufacture to very and on and things we assemblies, we the these the between in the So itself between that's really marriage display display that that's because

So those particles usable. basically create display a that is

the will make investments also, investing quality the itself, that from be and those our importantly, and display in got a capital this in my area So but more improve plan solutions. we'll that's mind, to the year, overall overall that application equipment we've

just So that's display. the entire assembly, not the

Michael, for you do that Okay. process? this rehashing be do Massachusetts? with fab fully in think but Is are there? that's the And you where in And you'll apologies when shipshape this think you

that the lead the having issue the of we're is So itself. equipment time

So think optimized where will I want the out we we're terms looking will new fab. fully that certainly, I point. of be the QX on at be I should level this is that from installed the to when We that. be expect quality year in at And of of equipment start seeing benefit

that that of et put now doesn't that improvement and Now -- like of that overall protocols. lot mean downing, and we no There's process go then. in there's human a just we Kevin, cetera, processes from place, the

along ongoing, is process lot a that of education. So with

we've the on-time in programs By upon And and improving. our that to increased. way, seems of these embarked in QX. it full has So be some

this sustainably when was over here, course hit the think of the XX% running started major on-time of I and it I programs, around in with one we XX% quarter. full

hit processes a and all I that's doing Collins earlier, our step the on-time for quite facilities And the in digital So said improvement well. AMLCD up last like full are of in XXX% year. quality other

have not it's improve we that into solution So our going protocols It's some and equipment. of to space, bad. processes, all application-specific this just our absolutely our

be up. year, I'd we So tucked this of say should QX

Okay.

target the that margin. of Glenn You offered gross... I'm wondering if X%

Improvement.

right? yes. That Yes, oh Sorry, X% the slipped question. apologies, apologize, comment. improvement, by I

improvement, margin or an gross a operating Michael improvement? is margin So that

a be improvement. gross would That margin

two The to XX%. goods really two levers the operating are cost we're of targeting our levers. comes that from sold. And So costs, X%

into raise either sure in coming the So right the the inflation. make then the that from making also that covering the the costs we're working materials coming sure standpoint those we terms to but of costs building, into have our quality also or customers our price building, prices of with of

sort chain drilling I seeing frame? bunch supply deeper best of ask one where in on time view to go A little the maybe what probably and the is, your it and in you're of think and a questions, you improvement can think of but the

questions. great Yes,

that So as we side from new procurement us a say. name our Ray, in I actively they're to getting Director, Quality brought talent and sure time joined in business full, individual our business, and on a of some inspection, also make Raytheon who the inspection better got levels. working the right we're quality now material And we've new suppliers on incoming of with should

reduce a approved embarked costs upon and with this, into supply work the already got that a to than, chain we've more sporadic. set say, they've building and I'd mandate is So clear

So that work is already some ongoing. that We've team. successes with had

we're now, but share to we track yet. starting any So data just have to it don't

Okay. and now pandemic -- think I how industry you the what at industry though changed? overall, the Michael, When sort back overall you given do step look you disruptions mean, rippling still of through things, has

make been When need our great sure These well very say work And we folks need quite what them. customers think are healthy, our humbled with and and base, be that working started frankly you that when we customer I get and to top Kopin much happy making as from to and Well, sides. both that customers. I how healthy, I with more base I've that supplier for realize impressed a sure excellent have think them. financially to aligned want your vendor and we're means with on as that's

they're the in I best world. think the

So to year to in understand us, they they've very learned, what and for the terms just need we're learning, base research sure vendor development. keep like Make and our desires our them well. we of treat are that close

old way of your away of them closer not is kind telling them. need them helpful, from you vendors and keeping you the what not to bringing us necessarily So and school collaborating with

the with map we road need seems far, working to that the well technologies We different for same -- is work that door approach be, with sure at So how supply our realized make out else. biggest do we're the thing the important to COVID And seen I that's think in same we've customer the is important vice so now Kopin, is and what's approach, to to do the it's We've versa. change I've it right how us, for the least which them and their customers, a and base. changed and our quality through developing with at think door taken that and our and for everything chain quality and right I the use that's Kopin.

perspective, that, still industry think to mean on ours day, talent. great it see Kevin war you what still an really us reducing finding I are is like every hard I by Even though From hard. finding for is, hire. talent are it's really firms a and firms And

change biggest go the just what want office. in back don't into they And to so if industry fortunate very to is that's been folks think I So do, to the far. don't come an seen they work. We've I've want that

we're because and great struggling. of companies are think we other see are, really a but in I where place I we who

Last question... Okay.

satisfied hope I I question. your

Yes, No, fair? year XX.X% I the Thank and at it raised, you, appreciate Michael. looks XX.X% insight. time. like the Rich, you're with great that's that at roughly XX%. roughly the of Is yes. end

XX-ish yes.

appreciate over I hope Michael. Thank very you. much that cough gentlemen. I it. you okay. XX-ish, get you entertaining Thank for that me,

under you apologize, a I'm I little the catch cough… weather if you. Thank

closing at to Thank back floor Murray like this time. comments. would you. Michael There are no for I over any further the questions to hand

through the changes I've our look made everyone on where to be QX results Well, wheel we've joining hands the thank to some the We you and of will to of the forward forward very next today's both big financial seeing come that I'm the start company. quarter call. for all first looking much call. updating had on

all Take appreciate your time today. care. I So and thank you

today's concludes conference. This

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