Fuel Tech (FTEK) 8 Mar 232022 Q4 Earnings call transcript

Hello, and welcome to the Fuel Tech, Inc. Fiscal 2022 Fourth Quarter Financial Results Conference Call and Webcast. [Operator Instructions]. A question-and-answer session will follow the formal presentation.

As a reminder, this conference is being recorded.

pleasure Sullivan, the Equity Managing my your over Group. now Devin host, Director is to call turn to It of The Please Devin. go ahead,

for www.ftek.com. we Fuel is company's Kevin. us results and release, conference you, Good which after everyone available copy financial thank Thank Web the of Yesterday close, press morning full year the today a site XXXX Tech's you for call. fourth issued at quarter at and joining the

Arnone, Vince After Chairman, and speakers will for be Our Albrecht, from Officer. will Officer; Executive Financial open questions Ellen investors. prepared President and analysts for today Chief we and our the Chief call remarks,

Private things of which are current made business matters statements company's and of are turning opportunities, Reform information the performance, remind and forward-looking amended, to this well Act prospects, the of future to Litigation available to XXXX, defined operations, currently flows, as historical like everyone discussed Section and management. XXXX in of Safe assumptions Securities as regarding information, results Before as that expectations as of Securities the Harbor Act XX-E Vince, cash provisions call, over Tech's made I'd by and on except Fuel to pursuant our reflect growth for

of forward-looking expressions, these statements. but forward-looking Fuel as Tech the identify words estimate, similar identifying and has are tried words statements means such using exclusive expect, by will, to anticipate, believe, intend, not plan,

in annual cash XXXX, which implied caption those These Securities differ on uncertainties, and performance, in Tech's under statements. other not flows, materially to by these Exchange cause condition, from Item and results and risk of currently in those limited but Act the statements Fuel filings are operations, subject prospects, subsequent the opportunities Fuel business to as under report financial amended, and based are factors of actual on growth, various Tech's risks, expressed factors could and or XX-K information discussed to available Form XA Tech including, Fuel to,

publicly Fuel Tech to results involve undertakes changed no of any the company's all obligation are to with statements reflect uncertainties to risks reason. statements circumstances in developments, or herein including and other update forward-looking future those the that events, forward-looking cautioned or factors filings announce the or any for Investors detailed SEC. such contained

Vince With I'd CEO all Fuel to that please said, President like Vince, the Arnone, and to over turn call Tech. Chairman, ahead. now go of

was I successful to the XXXX. We want Thank us you, year everyone a Air our on XXXX highest today. to and for revenue revenues from and Fuel what by since XX.X our Pollution an XXXX was XX% call year was by year full Tech from XX% XXXX, for Devin. XXXX. segment, finish operational strong million, driven a improved Control Good joining year in full increased morning thank reported Full rebound business revenue consolidated where in

quarter fourth our X the rose of to CHEM XXXX, FUEL X.X% For segment. total performance at million to improved due revenues

X.X orders of just million Our and year was not X.X backlog million last end new did XXXX announced reflect week. at

$XX approximately is today backlog million. effective Our

realized consisting to improvement the sales pleased variety contract global $XX to continue months. projects that We in of XX of pursue awards end are with and million X of a we million we $XX these markets, pipeline and have past to a over

of and business experience knowledge DGI made capacity. equivalents Gas in on securities pleased Fuel board our Bill a to with the we week, strong technology no him debt. in $X.X remained Infusion announcement XX Decker this December at of and Tech we brings Vice of of and Technologies. Water President new sheet and Treatment and progress to more in Bill as are million Wastewater cash industry million, have than balance investment wealth $XX.X or reflected our Our and significant cash Dissolved Last

With business. begin our let's discussion respect CHEM with a FUEL our to of operations,

X.X XX% business arising segment to a with million quarter, in quarter CHEM FUEL fourth revenue strong had Our X.X compared XXXX. fourth million of to the

Full XX.X the million, year. our XX.X in full million energy CHEM previous exceeding installed. million year coal-fired were with guidance impacted for year where we of And XX.X XXXX overall was to And pleased areas positively program FUEL very our performance. demand regional increase revenue in for our we dispatch have

unit FUEL makers on CHEM extending We all continue to key to facility unit reintroduce the is reach life and marketing energy offering active utilities including factor dispatch capitalize strategies owner capacity new improving and and overall only the to that high flexibility, fuel opportunities. coal-fired demand cost by lowering facility at of high program structuring decision when program to wants develop a profitability, related benefits, domestic our

We surrounding by continue country opportunity of the to to additional via and undertaken pressure expand of We remediation this country. high implementation do that is CHEM building our address the that in burning emissions in Chemical the created the of provision facilities in Mexico is in the which of our sulfur expense environmental communities. fuel Technology favor follow the oil, necessary being the to partner our FUEL in program the without at political health of of believe

of is partner units. in with owned utility, our the CFE, technology discussions at Our regarding state application currently the several

utilization primarily currently will levels due plant in the closure. due XXXX in from XXXX, that decline to look reduction levels our FUEL at we the expect revenues and out account to elimination modestly experienced one we from to primary As levels program very a accounts XXXX high of CHEM to

driven project revenue segment, year compared a full project due execution. XXXX year, million million For APC fourth of last timing year million was improvement XXXX the fourth the in million, the of $X.X quarter by the from of revenue on XX $X.X million project $X.X $XX.X to quarter awards full XXXX. approximately of to throughout execution in significant APC's for revenue announced fell to new modestly

XXXX initiatives into This expectation potential selective that new SNCR as Based non-catalytic will have by our Cross we for first in incremental current proposed orders, also have could Rule, CSAPR. possible or we to on orders Control technology Air our early that the XXXX. manifest the driven effective known confident backlog for and legislative revenue the we impact exceed today are excludes of that will APC revenues favorable place as the be reduction EPA as State quarter. that believe the Pollution visibility We

sources, XXXX and of decree units. XXXX states The meeting requirements early specific as industrial Clean to CSAPR utility These update in EPA a NOx additional up comply Neighbor Air NOx entered standards, and national XXXX the that for into to with the in ozone reduction consent for Good units starting sources rule revisions requirements while XXXX CSAPR utility impact XX with Act. can industrial requiring control the the could as so

revised EPA next to higher later our years for will understand reduction SCR systems the Office of month. final reagent selective our for is issued we impacted systems several this The the on potential is to be implications the White for installations. becomes better also over comment, ULTRA House open NOx final reductions this catalytic on and up interagency finalized, rule expected public year Management draft the and that for currently at rule rule Once be and or prepared pipeline. to safe for the issued contract and SCR units and is due Budget of rule last the review for opportunities provide

opportunities, companies focus global global continue robust pursue improve pipeline stemming as business to decarbonisation to technology invest footprints. to from an increasing on their of We continue carbon a in

they will solutions. users spur We suppliers that further embedded relationships we longstanding will customer generate are ability and capitalize where Fuel end become technologies technology expect and business of that opportunities. legislation long-term environmental as to on pursuing our assist opportunities relationships develop, our with part growth business and has these as can our Tech in

these our technology medical these have pursue contracts provides safe which been requirements systems, for driven are product stringent multiple at opportunities SCR to alternative have SCR provision awarded and ammonia in and Many the ULTRA recent for technologies. our ULTRA by to a for continuing of been facilities. months universities safety and solution, reagent We contracts for offerings, of

emissions Flue improve solution performance electrostatic awards application reduce for and international Conditioning other recent oxides and to the our precipitators Gas sources stationary to nitrogen the client. from SNCR domestic control of applications, international involved an contract for our combustion technology Additionally, of have

want welcome on Bill I XX wastewater new industrial years engineering, of to and role, clients XX. States world. which serving to and and Decker once DGI, March begins his Bill operational more experience United across than and For financial the to Tech again brings around water the municipal, Fuel

Secretary environmental among as private Bill the of of to serve by sector, organization of that to well He respected Environmental technologies. This Committee, recommendations the makes issues peers competitiveness officials. twice in is five including times In was affect and his export on Advisory Commerce to selected Chairman. U.S. Secretaries multiple government his U.S. Commerce Trade the on Technologies addition work

a November trade environmental legislative for In before advocates elected Association, actions, providers The Chairman of water committees, meet Bill Washington agencies, monitors group Manufacturers service was and regulatory XXXX, This works D.C.-based technology funding since Equipment testifies and closely and wastewater non-profit association and Congress with XXXX. goals. other Water Congressional and to representing Wastewater

an We believe to revenue that DGI diversify excellent growth stream. of our Fuel driver opportunity Tech, for future and represents a

end as We XXXX. speaking a to evaluating I we everyone DGI demonstration throughout are markets, currently move further variety and of regarding opportunities forward in with look

regulations finalized stages as of and for that XXXX emissions FUEL This from million. to technology will control possible Given be base guidance both outlook any this $XX material under shortly. APC $XX that new CHEM, DGI, total the improve of Bill's the from commence excludes and respective expected material between are to uplift we any outlooks commercialization early million for contribution federal expect revenues case we and

work thank requirements hard In our dedication work technology the plan initiative. and continued closing, I for our diligently and want the satisfy and their team each again customers' development Tech day expansion as Fuel for of we water to to

fourth annual our in are are pleased very excited quarter positive with our financial prospects and about performance XXXX. We and

said, Ellen, that the to over Ellen. please I'll turn ahead. With go discussion

Thank everyone. you, morning, Vince, good and

million X.X facilities current slightly on for quarter. projects year's to generation our primarily quarter the X.X million execution completion our to the FUEL utilize to the of of fell million line year's For consolidated due million segment rose fourth in power that timing fourth due in revenue APC million X.X X.X to from backlog. the revenue reflected X.X dispatch program. CHEM product to million in quarter, last last X levels improved revenues from rose from

fourth the which fourth of to from XXXX. to of the margin fourth to XX.X% declined XX.X% year's and improvement an to APC of gross in shift by somewhat Consolidated can of FUEL segment year's due technology attributed from be XX.X% the offset decline revenues margin, as XX.X% quarter in mix. This the XX.X% last gross The in last quarter margins revenue in product a fell quarter fourth CHEM revenue quarter. revenues of XX.X% increased from for from to decline was XXXX gross in contribution

included XXXX domestic at Consolidated APC X.X X.X December million, backlog X.X X.X the X.X at XX, XX as of of million at and million XXXX. foreign of at of segment backlog delivered million domestically of to international Backlog project end million delivered the end of project million December from X.X project backlog XXXX. was compared and backlog down project backlog

in We recognized next new awards. be expect X.X that from contract any contribution months, million of XX excluding backlog will consolidated the

SG&A million from last quarter. million to in X.X expenses declined year's X.X fourth

XXXX primarily quarter in timing fourth the and the As on to SG&A XXX,XXX current the XX.X% percentage Research attributed project quarter a execution from fourth XX.X% for fell revenue, approximately of quarter. to fourth slightly initiatives. declined expenses in to development XXXX the of

loss compared XXXX lower mix a to product increased unchanged quarter, shift in operating margin at revenues last year's reflecting operating despite was and fourth from contribution Our $XXX,XXX expenses. essentially in

share to EBITDA the adjusted EBITDA or XXX,XXX per quarter $X.XX same XXX,XXX the period of in last loss XX,XXX share compared Our was loss same XXX,XXX for period year net per loss ago. a of the was in compared a loss year. net or to $X.XX Adjusted an

rose in For million X% XXXX, the APC revenue revenues, a million increase XX.X a XX.X offset CHEM. in year by reflecting FUEL from consolidated XX% full to decline XXXX, in

demand timing current year-over-year the due project APC loss As plant of revenues due segment declined outages. a of previously is unforeseen to retirement, plant orders. APC in in FUEL permanent to segment increase execution revenue to the mentioned, one CHEM customer dispatch the and on attributed

within the SG&A for gross provided. XXXX, increased segment X.X% to by Consolidated in range full declined XX.X we falls XXXX to the the last million from from million margin XX.X due to year contribution. XX% expenses forecasted year in which XX.X% shift previously

development we in XXXX, expect technology the million and to year full between of as to XX initiatives business expenses SG&A For invest we support current in DGI XX range operations. our resources million

from and income XXXX income $X.XX to to full XXXX both other $X.XX in net share EBITDA of of million XXXX. Net X.X reflecting Act. Paycheck Net was of XXXX X.X income the X.X diluted or share to XX,XXX the Program of XXXX. million XXXX. proceeds loss Adjusted or EBITDA in CARES loss XXX,XXX was was Protection XXX,XXX included adjusted million loss loan forgiveness compared the Operating loss in established per pursuant diluted for compared an XXXX for per in

Moving our financial happy report to that condition to strong. the balance I'm sheet, remains

cash compared driven used had by As by XXX,XXX of no December and X.X the was of year. investments Stockholders' had at XX.X XX.X share. in and by receivable equity cash XX, operating XX new to of totaling cash per activities accounts per last business XX.X X.X was million million $X.XX the or Cash we and primarily million increase activities Working capital share million million. company debt. equivalents or $X.XX operating was provided December from

XXXX, As take effectively began of operations. beyond. comments, favorable pleased rate invested million reiterate our available and investment results assets and managing remain we market maximizing business to opportunities order our cash To $XX interest XXXX of optimistic our continue with advantage earlier in Vince's in are we we and securities the another focus on about and and and we'll to

the I back to turn call now will Vince. over

would very much. questions Operator, like I now call thanks open the please. Ellen, to for

Certainly.

a We Instructions]. will now question-and-answer [Operator conducting be session.

Our coming Dayal Wainwright. from from first question Amit is H.C.

is Your line live. now

taking Ellen. Thank Thank for morning, you. Vince. questions. Good Good morning, you my

How morning, Good you? are Amit.

related like DGI of can commercialization talk wins, you the Vince. again looks higher of going The margin this you, then some some outlook you probably efforts. With expectations? about ramp sort business respect to to Thank And it's to year. be APC the Good. have

So gross how should think we margins about for XXXX?

Right.

that that 'XX, as the that and from in in a to Amit, on APC in-hand. we trend on somewhere think the think range XXXX. are I similar XX% bring to as I booked new in-house going expect side, off to working we business already we're are had for I APC backlog would that the what well that we see projects in represents XX%

going It's like in that, for is So be margins. Chem as we're projecting as to APC numbers next we Tech range to XX% gross nature. and for XX% similar to Chem range I a upper for going then stay XX% XXs, in Tech not today. revenue as that I relates mentioned just DGI with a of well. it year, now revenue sit Right we're the as for that here factoring material amount to

that realized we range be that on that material anything will few So top of minutes mentioned a I ago. revenue

Okay. Thank you.

welcome. You’re

if cover? You federal could us give up and on timeline additional new provide expected mentioned well, We to going up. that? but around to that some when you look new color emissions that those sort some coming Could specifically you maybe some as can is of just what are updates regulations happen

Act rule in final I the their lines. related those Act Right. states if okay. Good the this place noted originally is had that that it doing State And had going problems to But it's month. that an putting levels It's the is due certain in Air downwind here become as Air impact states the Clean approximately those emission it that states. last rule, Pollution commentary. the amendments, those for end actually is under effectively noted, to not year keep what before what's of Neighbor of EPA Good provisions. simple issued mentioned Neighbor XX will, as they're rule They’re to pollution I Cross Control update so states referred along and/or levels provisions basically to you upwind their was is that of But to with impacting reduction is, maintain issues to that requires emissions, We what a

looking be earnings the know inquiries might it's way to final number what over past mentioned closely. regulation don't very to look couple those reductions We've exactly that going they're very, become their starting XX-month So for past yet. final related conference and coming as We had utilities this obviously like an a of emissions here to timeframe utilities, in from great of perspective. calls, is plan at what states going regarding this the But impacted shortly. I

So it's been something we've closely. watching

well. for a base would together potential put as evaluations what what comes Our assessments the watching final customer call has quite requirements We've And I customer specifically the this rule. and we're what as out few budgetary base. under emissions is

closely. it watching we're so And

that 'XX throughout, us to move it's nice 'XX, impact upside something that be then what the just compliance. And of depends not timeframes A in so business. the as move and forecast 'XX, 'XX, emissions 'XX. we our difficult a on but provides the us secondly, But for requirement; could we for with through opportunity specific reductions lot it will as be

help? we're here. what that's So Does watching that

Yes. on build are you? Vince. pipeline early sales side, just this or play come for for for is you then Thank little into offering that you, a And to it the DGI beginning to

in sit I a terms say we today, it's of calling pipeline it early as would sales Amit. here

several We opportunities. evaluating are demonstration

bring As has lot Bill a little working term lot DGI been Bill been commercialization about we've comes end could within, find of a through a that and that and with him to DGI. have markets search be previously, board. what successful we process on to of of a we could table discussed to the believe relationships bring knowledge help bit the longer us

as be XXXX. more we're yes, sales say a So in deal going not pipeline, will to about ultimately, said as I have today. but we I quite to DGI about throughout we a talking And my think good commentary, yet move

Thank will I follow up Vince, I Understood. have after now. with this. That's all you. for you

you very thank much. Amit,

you. Thank

Partners. coming Pete from MAZ from question is Next Enderlin

is Your live. now line

you. Thank morning. Good

Hi, Pete.

FUEL about specific quarter dispatch. I for more increased you the what need don't CHEM. dispatch don't was, be can a little but levels real I in a where climate know mentioned You the But improved those were? for impact overall fourth general sense

it was you for guys? where So

Yes. Obviously our the accounts country. are in specific areas of

very large in Midwestern accounts have U.S. We the

We couple have out regions. of well, large as a Northwest the accounts other in to going

always marketplace that So specific not necessarily power grid, put to it that driven, in put grid. really depends ultimately But it's that's entities the the is contributor. generation and on what on weather -- the regional depends really that available available on power although it are power to a

impact our drivers the need there could power are that their and So typically end customers to grid. on multiple put

what always look it's it's well. as market always not as forecast schedules, that's not obvious could easy space well. competing as we it And by So be other to But and that outage by watch. regional units in we forward impacted also

for drivers be how different that there's So impacted. could

remind point, approximately you how FUEL this is base Could what us just of at the total customers CHEM many?

we're FUEL customers CHEM working group X to solid XX today. with say a of within I'd

said Okay. sense APC fourth going to and plays Thanks. probably the was quarter a will deflation it And of forward? these how year. gross you chain give some margin just across business supply in XX% XX%. than be issues that versus you that in the the could references maybe And little current better us in But

on Certainly, first parts project a we APC execution also our typical to reduced. would comment the ancillary statement. execution like. on our And in mentioned. ancillary call for services, was the XXXX, work, revenue services addition the to general are work a and as level higher dramatically the than project margin gross segment gross do Typically, spare what margins I that itself, APC In you level within

lowered statement, call in we compare a as margin we weighted the here in sit for 'XX. work two general actually the expect to years, we 'XX see XXXX we today. the as execution would than had that XXXX, that's as level more gross it So in project same let's average APC which And did we in

technologies we margin Secondarily, as does provide well. the the vary gross different across under APC that

Can which you elaborate mean ones that a I the profitable? on are little most bit?

ends the demand different I the information, can't I margin technologies, is get into on do up marketplace, capabilities. have gross they too Pete. can in because competitive that depending much detail that there, All realization say becoming

just mix okay. there that is in emphasizing product So involved APC,

supply fortunately, we've able chain, question, product in second Supply customers the to increases we terms largely still as APC there our to what of end pass are of your price chain, line, received have part okay. answering from So for been prices difficulties. our our through

that business, news chain, As area. are electronic it's be there being not we from to single but single with an still day specific supply hear the continues in issue. every only But particularly with supply issues every with that chain componentry,

we to we and looking we are those While what and have whereby of have extent that APC of developed our lead exposure so to part look -- recurring, on pieces of new actually I to some continue are we time develop to the pieces projects. would longer on are that more ways say time to that some lead reduce can we parts inventory solutions have we hand would looking

So initiative an that in we continue will we that's XXXX. It's started an 'XX. initiative in

to sheet little a a is balance good the support bit have items. investment And building We of it perspective, those our from for to inventory make.

supply a at sense it supply relates you you is when give or pick the chain can supply stuff to most of materials more channel? really you metals pretty do much basically is it us words, chain call And beginning advanced prices, what in you and chain of of the later the your much costs commodity reflecting much or raw than issues how about directly that? the other In of in up down inflation, on might talk

on is It in later the channel.

you will. a We of are the specifically lot dealing if commodities, not with directly

push on from come more suppliers, will that technologies. our into that has be been solution our our prices depending as directly. forward fortunate of Some technology we a But way for deal bit able a increase noted, are I selling, to selling to perspective, what price with we've have to little anything

up reductions always there if engineering been could or can the CHEM go obviously those any or is have then excellent, that gross and back of possibility whatever? are cost which kind And FUEL to push I improvements Okay. margins, through further you some

that foresee improving grid. We're into it on Pete. difficult trying call this structure of to to point is power at I'd very the the coal-fired Yes. sensitive a those time, dispatch to in unit competitive cost margins, overall, it's say

have to much So And predominantly customer the of just can there's is the our specialty for at I can engineering labor cost it internal do our relative don't side. would Tech, to component it's it's we call side cost the our Chem we chemical, say not not we on of day internally structure, In do a that lot which our the on total structure. equation. end material

I a do deal don't is So think those that we can expand today. further margins great to there as we here sit

fair and press Can it's Okay, give And you're you be? you to then your DGI, getting What application, specific likely be enough. this area can on contract of release in be? hopeful us of of say however to the where sense first likely what you year. kind some that's

Yes.

Pete, in would item, on the that first any of because at opportunity areas. this think point think in different I variety I time, be defer that in I specifics could a

DGI I at I and in All is say longboard on as up little opportunities we of the are remiss focused a our have then down we if time. bit. come the front, we ultimately opportunities to next going I that think [ph] point this I'd commercial specific sales something on move be once week, have dramatically a demonstration and pick can way variety expect the pike the I that So to pace starting

of or kind words, Okay. most? primarily be about other limited affected and among which capabilities? different technologies EPA these In Clean oil coal-fired your most rules, Which emissions talked going And to and are that. are then or about opportunities or would all talking we And gas both? CSAPR severely the benefit you Air and

Okay.

question, watching of oxide. Regarding specifically are the part first we nitrogen your

Okay.

on SNCR mandated and product requirement, SNCR evolve, as the it will focus the call of is technology is mix different it levels emissions meet be needed or unit SCR reduction SCR whether okay. terms to and requirements, of targeted going well different or to that the requirements, what be in specific capabilities. And of level Depending our it's will

there and emissions that. oxides focusing we're emissions, for what or specifically the nitrogen on of watching target that's So reductions

oil coal-fired And how question, to about guess plants for it's and primarily --? the I or going gas be

yes. but a Primarily, point time, no, Not primarily, in yes.

and be And What year? your you. cash the What you're going that one you I you that more this Ellen do then Thank on to expect are for right. guess. All interest will is budgeting, get forecasting? rate

and X. X Between

right, great. very you Thank All Okay. much.

Pete. you, Thank

Thank you.

Gasper Next question George today investor. is [ph], a private coming from

is Your line now live.

me? hear Can Thank you. you

Yes, George. are How can, you? we

it thought this? States and that there's putting able is they're up But like in that this looking any about bringing Okay. only electronic important reason morning. and for how looks if making the The on brought coming concern components know some sure anyone I into components certain components possibility are from that China? different United mentioned have have components gather the is been A you China data of being to components into the couple Good these and of insights going don't the up Has mechanically, you. electronic for set, that you not your do systems. I'm

buy these but pieces don't from. of systems. George, in as or may their your the the But where majority parts to coming are China, we supply that Yes. because lot products, come components through commentary. that in they using from indeed of sit we're that we of that here components are components great some aspects there from could a of being sensitive today, the U.S.-based possibly sit data I'm concerned here gathering and where that get about their occur I sourcing occur entities, as are that's of cases, Most entities many be our

it from very, you on you closely, area relative to because would would second My very you've question and comments California. chance had the it a significant some But have treatment view, that I my know might I right. followed to All area. in DGI this Okay. already. is seem answering seem water like questions

opportunity really it. huge Decker situations think can know if in California think would you there on it demand Do And on and there Bill test equipment brings but putting the important, and of water I thoughts out the require that be it do had you that obviously terms dire you -- consolidate would they I a would treatment. to out in absolutely any some this? basis area, have the I some that is

Obviously, wastewater has and California is a specific market that treatment definitely needs. water

that So arise, George, we'll opportunities first success can geographically us, We're provide markets I'm those targeted it's we for the success and call looking it, end -- there. for very as we're targets. expansion sure in stories here more from -- today, end that markets looking then not that as as use initial we're sit not

of it That But end more come the water first, from has that is there call So California you there's terms effect, treatment can. wastewater move and as where of the But DGI in will and around our But as will. geographies need there. seeing talk first will quickly markets will, doubt end no you its an come. focus if if getting in opportunities issues. about we'll after those hence out water stories, we success our we that we're a then becoming interest and as globe, we'll market

make Okay, and positive Hopefully, 'XX. a And start the right. you. a care. some can is final And of additional Take a position bringing very very your stream it progress like into moving in in XXXX it. all lot forward going Thank comment, into now company to looks that's positive hopefully, case. just you and revenue

Thank George. much, you very

you. Thank

our back of floor end closing further I'd comments. the for the to reached have or session. like We question-and-answer any turn over

of that to And our thank and of year the team. thank like you, to reach-out the for shareholders entirety support. our a good today. call Tech all everyone I'd lastly, for was indeed XXXX their Kevin. like In Thank you to another thank Fuel the closing, company. continued joined I'd

just as position since think we moving moving financial positive noted, timeframe. best a are George we're been I today. that -- the in in direction in XXXX And very are We directionally, we've

rest everyone support, good thanks So have of their a and for to the day.

conclude and does That you. Thank webcast. today's teleconference

You line wonderful and disconnect We may this your time, at you have your participation thank today. for a day.