Innovative Solutions and Support (ISSC) 9 Dec 212021 Q4 Earnings call transcript

Good morning and welcome to the Innovative Solutions and Support Fourth Quarter and Fiscal Year 2021 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Mr. Hedrick. Geoffrey ahead. go Please

is I'm this Board. of Geoff morning, Chairman Hedrick. the Good

me our President. Winand, are and Joining Rell our CFO; today Shahram Askarpour,

We would quarter the will the Safe over fourth fiscal Rell? for discuss and message. XXXX to performance Rell XXXX to like for I Harbor turn it completion. the

and actual file for risks on good forward-looking from results differ everyone. and materially, would our risks uncertainties in today, including and that in filings. is new products discussed, which with remind conference worse you, to or the to company's the that listeners could that XX-K Thank reflected uncertainties call are morning, SEC Geoff our and cause either and future financial those are other subject results public operational and better statements other discussed I periods certain matters including

call I'll to Now, back the turn Geoff.

We Rell. demand for bottom opportunities. you, autothrottle us and year, growing doubles section multi-engine fiscal segment. top the of Thank growing now is aircraft strong strength autothrottle and going the for excellent foundation finished The military in us our King in an our retrofit growth positioning our line and XXXX forward. Turbofan demand The provides developing sector market larger this the on in OEM the Air program

expanding are of our marketing. We sales strategic force expansion and an our planning

the affected by by sales people pandemic. of been lack has growth Our exacerbated the and

Go will the experienced two now I new Rell. to of produced strongly has director process and finding emphasis recent financial for Our military the over it air market a other sales are for analysis. Rell and a ahead, GA's turn we segments, individuals transport. in

for thank and this you Geoff us joining you, Thank all morning.

revenues that X% mark $X.X million a Let the up quarter year me ago. million, fourth from $X.X were

year-ago as revenue PC-XX King from achieved recurring the our markets production sequential in from general administrative benefits professional reflects the well marginally and and last revenues, commitment believe expands in quarter. to as expenses the and quarter continues and our product We XX.X% Air every expenses air Margins programs. The our million lower, our attributable down from as Gross the averages company historical innovative third product were was of the it's XXXX quarter, new in and in Revenues generated to aviation, favorable were the Compared we leverage this quarter fees revenues. in quarter development. of growth fiscal and line as quarter general fourth revenue military remain XX% marketing development the with from the up each quarter. and year. As of expense in lower levels this a of at for as historical research ongoing XX.X%, year. of both were with decrease strong to fiscal margins operating to quarter for year. saw ago, operating reflect year-ago quarterly commercial growth result, compared efforts and year autothrottle this Total expense sales fourth well year the was Selling, increase averages. in down by increase quarterly expense in $X.X line to a $X.X R&D with will mix sequentially million, with the the were

the go-forward revenue million range. company tax should the in valuation benefit year third on be the of XX% quarter. approximately deferred The generated $XX share $XXX,XXX recognized rate the tax recognized reductions $X.X Quickly $X.X a revenues or of the or fiscal share quarter expense third or income for the fiscal in up looking company our total XXXX $X.XX be anticipates million the the results we year, Bottom recorded in Therefore, were of of in consecutive income assets net XX% tax quarter, for The For per allowance. million growth. of We from at revenue. quarter. the due line, will quarter, income of was million, year-ago operating $X.XX basis. tax a per the to $X.X taxes

million the benefits, For net $X.XX the share share or a per or of valuation release $X.X year, allowance. tax million per includes in income was $X.X $X.XX tax which reflecting deferred

an cash fiscal in a one ongoing had COVID-XX precaution. added balance as profitable this result, As XXXX. the $XXX,XXX that At operating company $X.X the of flow quarter. financial additional of to sheet. other dispersing note $X.X a of million a I We result, global cash generated XXXX, dividends is is make after on position. maintaining remains slightly most things, on challenges, of cash The decade. over due the in a million cash of operating chain and in simply ongoing hand That's supply was X, our inventory, are as pandemic, year debt-free. fourth fiscal The levels than measure among we fiscal strong September in of the in normal million we $XX would company higher with year-end approximately

However, the of sufficient the disruption fund to chain a company the in date, even opportunities as and we have supply that for volume. foreseeable result challenges believe cash to increase future. managed has largely production We production amongst avoid an to

turn to over call the I'd Shahram. Now, Shahram? like to

good and Fiscal it's employees, expanded XXXX, Margins everyone. fiscal Innovative and the to of the improved year to the compared in extraordinary response progress were in customers despite Good measures productivity to COVID-XX safety consecutive aspect pandemic. Revenues Solutions morning, business. our made year. driven by vendors Support Rell. the every efficiency you, undertaken virtually and up Thank of ensure XXXX,

are resolve to Nevertheless, pandemic arise. shortages, disruptions. lines quickly reporting labor experienced out have continues identify few we the we and remain recognize to any many supply may vigilant that While we issues industries and

of King market provide So, recurring information our are The continue me level stable OEM programs provide General that in some revenue is for of our we a from the let Textron demand three aviation success. may company as we generative of additional which contracts are these increase driving improving. some that programs. revenue around are revenue. has production we a Airs, to autothrottle. seems optimistic be to supplier somewhat see production in Consequently, And reporting increased result,

appropriately Our strategy our on to Embraer reported expanding to business with as Textron, delivered expected as foundation Pilatus Pilatus King The jets. of PC-XX adjacent is brand first months are [indiscernible] a turboprops and also growth Pilatus a happy increase in Air to as Phenom the of are XXXX. and autothrottle for into the program as production steady our as equally to any provide market airframes a XXX use fiscal contracts chart progress. beyond potential business expand we nine of are, market, well recurring has to products Like and our PC-XXs thereafter. XXX well valuable. retrofit autothrottle to I'm where been report equipped that some OEM the Textron in nice making XXXX level revenue over also number steady therefore, jets

KC-XX at government continues to run Our production the rates. contract expected on

to we business, for air continue our our primarily retrofit business, OEM In to cargo flat grow addition convergence. panel displays

cockpit buying a for cargo we competitive we XXX which operators are aircraft [ph] used conversion, advantage market. and the We XXX believe upgrade in on best many have aircraft that air the on have

Xx on much other market reliability only of install, the is terms the upgrades cockpit [indiscernible] perspective, takes competitive some lower. to more costs longer For and significantly

an is OEM our In ideal autothrottle applications, option. retrofit to addition

our retrofit own I center should adjacent the also operators base approach business operations much We big into professional jet expansion European our briefly up are Textron's independent Air while maintenance another reach hired certification a adopting aggressive opens a geographic mention an having recent base to more network. of two announcements. to our sensors market. autothrottle The new with our and and into development target King dedicated expanding the business Canada to market, beyond and service markets, Autothrottle provides the expand Union market our fixed

upgrade technology to regarding ongoing Eclipse show are needs. cockpits, we in Finally, additional discussions continues of their interest in

New continued Fiscal orders XX Backlog of months. orders a XX as to us the September that were quarter fiscal year was XXXX the for success. over well the increase million, year last a $XX.X for the fourth positioned of $X.X million, was in XXXX million. $X.X has new course the bringing XXX% good of

other and performance and various an us fully on for across to end pre-pandemic emphasis While been price markets obstacle, deliver safety to enabled our has levels have recovered markets not have protocols strong various returns.

efforts Before jeopardizing like enabled has employees we ongoing open integrate turn the safety me new to now safety of well-being. procedures, for without I'd into protocols and again once questions. our applaud over to the maintain questions, let productivity the health, operating to standard us our call to

open with At The Thompson, questions. David Please will go you. floor comes ahead. & Company. Davis this the we [Operator Campbell from Instructions] Thank question for time,

course, you at I'm one. But my tell let Rell, excellent is and Good you results the and which for answer quarter, me least of Excellent Shahram. always morning, presentation although, question, your Geoff me because targets optimistic. let -- everybody, missed

Your are you increasing sales You're Why you new very doing well. up to need revenues. Why substantially do new more and get products the salesmen? need opportunities new salesmen? for and going do you

the we of people And field. don't what presently active massively the multiples I realizing. we in have believe are are we that that And understaffed. are that's opportunities because primarily

revenue if about $XX to million trying So think about coming to year. we $XX the mean, we're generate that talking you this want million, I generate,

field do with We do the to in to try sense. make that to it are guy attempting one doesn't just

again, smart, remember, people with have deal capable for So And we we're three market to segments. the three segments. looking

to -- get inherited And -- We GA that that's segments, that want be have by and there yet both are air we're lot an Director. do which We the bizjet it. have equivalent expand for which a we of and our of both that is military transport. needed opportunities touched sales we the we to being air business guys huge -- There's transport. for and military the needed Marketing latest those for our business need that to covered now equivalent we but

they're competing will the have that business? salespeople, The Or companies? experience likely people they the from be no in to existing likely come Yes.

companies. -- commander of and the or the Navy the and that they may cetera. no, come River had Force no, extensive pilot at don't -- a case who was get retired retired a Patch come et get do No, colonel military, we they Air test cetera Or in opportunities et from experience, or Officer, existing -- flight a

of the the come -- one would So be people. military commercial transport sure, that from that's air for would the

example, to an and How we're there's out past, a done what and having look do. it ends well. a people number try of looking it's for up And acquisitions As the of combining worked of multiple going the to exploit. lot companies in to been that's something we've

Okay. Last question for now.

down is backlog going going strange the million. quarter down down $X.X to think that the from up. was I opportunities That's backlog you're which the when was are now $X.X previous Your revenue million.

can you try explain So to that?

down. goes backlog The shipments the go up,

bad goes have subsequent we case. shipping keep year. relatively had be small it's consistent on. Obviously, amount, concerned an quarters, when easily that our It's So David. it we I'm eye And concerned we up equivalent, in the but not backlog if this over something in a you gone massively would up. It's past an quarters, was

that. delighted for So I'm

help. All right. Thanks the it. for I appreciate

Thank you, David.

You way. sound good, the by

I'm working still away. here. in I'm

people the talk I reports reminded death of I'm my remind said because -- I'm me sure. that working pretty are

here. don't forget Jeff, No,

coming You're see to up me.

I I do will will, it. Yes,

Okay.

Take care.

Our Nedrow investor. [ph], ahead. next from comes question go Roger Please private

call Yes, Thanks good the today. good morning. for

this You is with pay dollar anticipated year? balance million out the again of cash the year, some a at dividend on balance paid dividend they X-point out the to a are last on sheet, nice end an

Not really.

way. we tax that had That's conference have whatever stockholders. had paid bluntly, our it the it We situation year in anticipated, for out cetera, want all. not I this we some in sure was we put -- dividend that et make But to where --

we making now, want keep right hand. some amount reasonable and So anticipate investments to on we

pretty we the that habit over over an And we're change. -- in a as the cash. $XXX remain near years. happy all I million So but we We've generating cash, future, company don't distribute. think, consistently may the to I has opportunity generate distributed cash, see in of

do But that. in nothing -- planned your there's we to So now it's consistently right answer nothing question. --

up the Keep you. good work. Okay, thank

you. Thank

from Friedrich ahead. investor. Michael Our go next [ph], question comes Please private

retrofitting hear everyone. call still all with lot and whole I the fleet. large on didn't a large the Good to well? cargo continuing what go target a was that air company, building still Is was morning, of and about that online happening in retailer

Yes.

XXX We under just have aircraft terms, rough done. -- of in

had So the those aircraft upgrade field. acceptance that bought we're and will from already airplanes exhibiting issue -- they the reliability be But to applying is I of some that with important in mean, our they the done outstanding somebody it's and it.

customer. that we good care and take well going want that's very of So to

Okay. me could again done? be large And remind when how they're their fleet

I Well, mean, speculation a on.

I what FedEx bigger had it would which could to now be speculation, FedEx. remember, than XXX. be I biggest want airplanes. about think fleet when I is It's the built they for you If my equipment know seven

their behind an it. I buy it's mean to has you enormous to So now. for spectacular. been resources honestly. I same changed. has growth the personally the store, as this or to come huge mean know, profile online has suspect because I business, simply safely more about And amount has the driving I it importantly,

the So they're packages how trucks you to going there's put limit move road. to and on around those a many can

think And a I think race. in inevitable. the hall of I the growth on So is [indiscernible] we're

Thanks great. that. Okay, for

ahead. comes question Remington next Our Instructions] [Operator Glenn Please investor. private go from [ph],

with my but this you morning. taking for like my quite Thank a bit. call. stack just really journey read I've company I Good beginning

to it's understand wondering of for to I all curious or adaptation. everybody all could future-proofing alternatives forward little R&D I'd in alternative with baked to be the seems speak about. the that what talk about a it's want you notion of there. these this what whether you're future with fuels, going feedback X, if be electrification, building whether I'm the software on notion think XX bit conversation would I your

airplane, load application the to certainly it reason. from mean, urban weight From good carry. lands for I a when doesn't airplane runs, may electric electric amount that has takes burns Geoff -- this as airplane through [indiscernible]. my Well, has enormous the have off in XX% the areas. which reducing off my it have opportunity is -- it's of means it when got it the But weight carry same A it to in long for runs least short entire Hedrick. has a The at fuel-based of simple an has airplane weight, perspective,

would practical see as my lifetime, quickly change. electric I think huge did. it in I -- a come I'll didn't didn't the think -- certainly car I So think don't It honestly, as

not all very are I and car. electric there I'm other it's on than airplane a all that a but at sure of right an running So looking are believe fuels. question are now, don't is airlines the problem different the fuels, all There

terrific. If you the a can is make fuel it's them economically in major airplane. practical, of operation But an cost

don't you raise to So cost that. want the unit per of

it all possible. if at fuel, the So

can dollars the bigger massive years more be Honestly, fuel But summary. accurate electric an So direct longer There of of much And the have I will because will maybe they gotten limited to it's always billions think airplanes don't with for billions by it's optimize huge around you at the that And a equipment. incentive short these is efficient. spend speculate the to a be the airplane they that have wisdom just I cost. still efficiency giving and runs it operators answer. done their engines. of doing over operating the I reasonably areas. urban runs a

will continue don't be changeover. major but any see that anticipate I to force I So, a driving

you efficiency excited safety company. just with your say want aspects. excited about your I'm thank and to hard work very for I the Really and

us, Well, lot that's Means of very me. you that. kind a trust say to to

next question Rick investor. ahead. Our private [ph], from Please Teller comes go

something? say retrofits And new, let's because Good not But kind brand you of and there. heard I morning. -- Did bit. just out that -- that's possible it did in misheard. I I Maybe with Shahram or I'm was going a hearing working sure Embraer correctly? was about it, aircraft. My correctly something whole I is sound of call a

working and a -- With seller, super makes was XXX distinct what have it aircraft. we Embraer ideal workflow. terrific an is and on probable The some autothrottle not I can Embraer wonderful and does been Air Phenom think features believe we were the has provide airplane. and I said a Yes. -- reduction of and we provide safety

what we're to So retrofit directly now on OEM. different we're that's working is than focusing And get installations.

you wherever can build-in in a appropriate. from where you airplane parts feel As have you an scratch, is example, put

a and you have We retrofit likely in don't and more stuff tables situation places want. hoses that have

has for You to years. And retrofits it. deal to XX company learn this done with have

know and be like but that for what with So huge and at -- not with our we're like working has the a we're [indiscernible]. -- airplanes has other the It people looking doing. we people we're both going potential retrofit expansion Embraer with There's GA. airplanes and opportunity the military to in

of Embraer those both which So Does coming turbofans are question? the and that answer is your what is.

including other for Are in does. any with you -- their it models? Yes, new OEMs in talks autothrottles

Well, I to the magnitude larger the we reality it. We're not OEM magnitudes, programs, the of the to on is OEM is And market larger massively We're market. certain that. want -- and in delighted for much. that love mean, we're substantive talks retrofit the focus market. orders in we But talks, is moving always retrofit so than but be

we hours. XX to install just hour. it whatever the XXX reduced owned significant the you XX. airplane give all the That's operator sudden, As Air like XX an with importantly, the go labor originally savings to an I in, time of under example, I about this of But hours years. feel the things a of we over but an to in up for reason cases, King just taken, procedures, need installation who has refinement cetera, some a -- autothrottle it airplanes our one of put airplane it. to into work et People hate to we're estimated recent development, we an more doing, their mean to for even of the and XX example, at we retrofit, own for

around installation. the objective a than would a minimizing on that effect we're you is retrofit very face impact what different so or to usually in or makes focus And And test trying not of have kind you they Is of that you're anything because step and that interested have in do moving sense? OEM a retrofit. in thing to -- that that an

Yes. to you're I fact other Yes. things expanding focus with retrofit like potential other that and other markets fixed the things working on manufacturers, guess that Textron would And the new the and behind be presumably operators base than Embraer system.

program talk that the their me. what did responsibility we challenge, as die. for trying That's them did I I job. is a And a so them and now They implementing a is the great turn that. rate, have as feature. about with them real and trust They this and At doing admire year that get of of we're people recognize wonderful Yes, they a in a can program. airplanes. production. to clarity for kinds quickly looking there's at they showing actually and commend really quickly any Textron to They humbling speed XXX working FBOs new up airplanes safety

For not it's airplane, prop turbofan with airplane kind Embraer different instance, of is the a a engine. a

have our And we applications. so broadened out

Okay, good. Well, thank you.

welcome. You're

[ph], Goldman Roger from comes private question go investor. Please next Our ahead.

Geoff with My Good and Geoff. to morning is of team. A looking progress. year another a things, hear of about dad Nice smile. down couple

to the senior electric a They're in a is, first little who's than at based guy they My operating shareholder, I is a others. comment about called very also Burlington, just differently Jake, want airplanes. which son Beta and Technologies The eVTOL. bit are Vermont a has company

future take a these interested interesting guys -- in website. airplanes -- just flying okay, more very are seem are want But their -- The -- they've an and that's These look in guys at the are you a terms of really be comment, of that IPO Geoff personal aviation. others to got to than in might

Where in Vermont? are they

Burlington.

for a years. up house there had I XX

pretty for customer customer in waiting know, customers, as and size government where lot quickly. there -- are delivery know signed And already very things. are have the are, improvements the the of the they is Okay, in terms they're a a planes is are so up well package Xx FAA And they but focused area a second, The approval. you couple One of battery they're they've not unique flying. package potential delivery, UPS. delivery you revenue. They're on is And they believe of configuration. a batteries very, happening of because

your So want if and on introduction, you team, look worth an I mentioned at on it. I keeping a can but website it's somebody not time of it, worth it. Certainly their lot just on eye make having an spending

had of hear and The is, products delighted a faster up you're And bit opportunity is with think you're doing ramping marketing branding be always marketplace I marketing the move sales sounds suite that the to doing is to that you're up second and thing effort. the felt you it this I'm and ramping in of terrific. you're what been. there your a to I've it also just redefining was much like And looks sales marketplace. than little of of bigger lot like

on you I So compliment that.

The lines. to again year a question of every to but lot third, of your credit ask lot for got of would shareholders. you've course, got about cash, lobby is I conservatism understand is a dividends I dividend like the I the you which short-term reward you've a

me cost said that. that compliment his less and shareholder net or zero for stock [Indiscernible] the than was

Yes, I know.

of dividend. look, the probably a not million, million. not $XX get to we we for million -- year think lot with I big now, a cash. use -- honestly, reasons. dividend always another if [ph] And -- to the million, a pragmatic want We're we obvious and there's don't have a if million hell obsessed dividends. amount -- for was nice a will that hand, we're we look to some keep we it way. $X provide at get $XX on right fell million, is. little a we'll potently, $X not $XX $XX But I we this take cash; put done of flow, that company is is and that cash It's So did willing But

at feel If were interest I environment. different, plus differently. interest particularly available No, look understand. credit, this would always I rates in cash I rate

the to I to a I that. getting focus market Yes, but banks from which I about now. a I cash will And prefer understand think right return energies my better -- developing cheaper know have towards

the Geoff, point the ambitions it. is get your important company. I Okay, most on done making, well for I'm raising Again,

we you, them that. We'll to thank Well, us. shareholders and about talk lot. important appreciate them really are Listen, We your appreciate a think support. our about

So interest, your support. your appreciate appreciate

Okay. well, Stay Geoff.

Thanks.

next comes Remington investor. Glenn go ahead. from question Please Our private [ph],

Yes.

I question. lot about had in So, a and in I There regulatory mention was other bureaucratic one for now. release curious against of noticed simple in that to but your year's terms, thank captured those the I products. guess, approvals won't along a those the you. following in additional overhead for I'm are jurisdictions the sales have burden while the of this future achieve costs books And out them. costs spread

So a onetime just the on it's I'm And stand then business their wondering if of more own. future, in development investment. the sales

a once every there's submit it get exists practically. it And Well, it's every minor. has their a but the own remember, the paper work, bureaucracy worldwide is that's isn't effort And but it, effort. it development in it's you maintenance -- But you terrible business certification country -- now. authority. onetime is to onetime some have time cases But that

the is do yes. every in you it an answer and sell opportunity you area. in So now Canada to have The to that it year, worldwide news or don't is, Europe, authorization gives once you get good

very much. Perfect. Thank you

welcome. You're

comes question go next ahead. from Our Please [indiscernible].

to some you're to money. make let's are maybe of the books dividends, largest why the the but some of it, pay the we make face not want we're when sitting here. other and in cash back XXXX. biggest still -- curious of money one stock the up. buy years. And biggest XX I'm we've $X these dollar we're why shareholders The funds nice hasn't a the since all here market over dividends because rather and hasn't and know these I'd anywhere on basis. that because XX shares on they the for own It price the a bull is It see been seen shares, lot years stock keep gone

I So to shares not back Can the in myself. doing as as like sitting hold shareholder, rather not explain really as -- try is I to money a I'm you make nothing. sitting here until would and some happy

to quarter same the the is year So but good, happen. good nothing the at was time,

Well, must is was something or must have odd some the something $XXX that million happened. shareholder their investment that's tells because me their to And or that net happened cost happened have and what minus, our distributed. zero

interested aggressive problem past. is know, We one have you limited I'm an done it And a I some as the years what have We constricts in it that more. an shareholder that. And and if even The myself. buyback, reduces I we liquidity did have buyback As the I I that buyback, ago. we did did -- in it stock.

not a such would to stock. it's that that's not you good been We that, I've -- also like advised consider So we can idea. buying believe dividend, the if distribute

would have the if So higher fast. the as gains with we it's a stock capital not to dividend, a the then And go attractive question the simple that up the up a it cash gains than answer. capital as opportunity to -- stock We the up. took distribute goes by XX%, is, go may more be

I the it So most anticipate right judgments. try But before. don't I make practical a I do have I business of run certainly, those appreciate done interest. kind way. I doing, to issue mean, Not I'm not prepared now. to buyback? And in just your the an

Okay.

you So as kind as to the employees, that far you of to not change? want be you're the going additional grow saying without going we're to at stay or to are employees, this way able these

anticipating right now, XX% to of growth XX%. we're But

the go focus Right not good, money now, know, have we've acquisition. a additional to that out borrow be solid to it's Now should we But may never and and on. not or make we if think growth would I Apple acquisition but I an don't NVIDIA prefer an made burden. that -- I

have free And lot. So $X business. not I some the million would cash like is to a in

-- feelings So to obviously whatever my a I the going can growth going to we'll one other? you different I'll growth. growth are. the do have it's on to what a limit we're just focus mean, going Am or way optimize tell have saying we're we you to I because the different the opinion. No,

but correctly planes you earlier in for heard for this had this said your call, you quarter retailer XXX maybe I that if in you know online don't I about quarter -- -- worked the

know but and it's It's it don't between of XXX. XXX, a short XX somewhere is I what today

reflected was that in And this report? quarter's earnings

And that was what?

reflected was this That in report? quarter's

were [ph], those done. airplanes I explained a portion that On of as airplanes already good

As of a equipment were XXXs whole onboard. an had modified our American Airlines bunch example, with that

converted operator passenger cases got bought those in them the airplanes, some freighters. cases, some So ones, the

this about were and good they flat done already this the but new them airplanes equipped time but that of -- before on And then a those and now now were and our all half they companies so with period system some of own display back. was The other so they were percentage They -- probably quarter. cockpit. did over we through were panel they them all lease leased were own because them but

One last question.

quarter, this that and is Your -- your in a decline. orders Or trend quarter first increasing since the been something seasonal thing? Is saw that new a have else?

much It's it's our like that getting in from and such of basis. occur bit as everything -- as as It growth the to pretty because I'd always long uniform been at much business rate. seasonality suffers sawtooth build last as fiscal least you up, typical I've increases be the ends because little first do a price year-end on being that quarter up a we the equipment sales out a is

of advantage go the taking at and customers to we year. increase there's some take and fiscal the year, a price of ordering when end our So of delivery a new

So of be tends that put the it way. year end to favored, the

you. thank Okay,

You're welcome.

today's conference well our session Thank concludes for our attending as question-and-answer call. as presentation. This you

now may You disconnect.

you. Thank