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VirTra (VTSI)

Participants
Bob Ferris CEO
Judy Henry CFO
Jaeson Schmidt Lake Street Capital Markets
Unidentified Analyst Maxim Group
William Gibson ROTH Capital Partners
Call transcript
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Operator

Good afternoon. Welcome to VirTra’s Fourth Quarter and Full Year 2018 Earnings Conference Call. My name is Hector and I will be your operator for today’s call.

Joining us for today’s presentation are the Company’s Chairman and CEO, Bob Ferris; and CFO, Judy Henry.

Following their remarks, we will open up the call for questions from the VirTra's institutional analyst and investors.

call, that like statements includes this the Safe provide made begin call. Statement Harbor cautions we I to would VirTra’s during Before regarding forward-looking

any about financial presentation, or markets, subject statements which information, may to this future, make products discuss the them made. forward-looking During a differ materially or services management otherwise to required cause actual The does number company results expectations of update are the about risks and uncertainties or obligation Company’s and not law. by undertake the as could statements projections, to that and from

Finally, replay I to via that Company’s Relations’ everyone for in will link the this Investor the call would like a section available www.virtra.com. be at made of remind website

to Chairman turn to Sir, like Bob Ferris. over call and proceed. Mr. would VirTra’s please the I CEO, Now,

Bob Ferris

Good the and the copy for year section After our release a I joining then market financial website. market Investor of us fourth and press discussing closed, of quarter afternoon today. results VirTra thank by in available in our of full which is our begin health and in general the issued specifically. everyone the Relations’ you XXXX of will we a

questions. financial CFO the will for Judy year. Next our Henry the details performance of quarter will provide discuss open some up and it our then for I the and additional comments

continued seen for continue simulators. growth this We mentioning. with market. to largest three there trend. main training enforcement XXXX we law police worth Let's are think drivers have the the the XXXX upward begin beginning witnessed And that this seems of of are demand

in their for prepare and them decisions. potential to must First, provide more they properly agencies and effective order training death life for more officers realize

on of of very police As know Simulation cost policies is police tools training page use and one news. effectively best to certify the and critical skills. force decisions safely we front are all

decision able continues weapons training potential and each from technology affordable. simulated cards more to massive, and of simulators with A charge are and beginning to powerful, increasingly I operators in Second, more the critical and of graphic our with number technological trends to segment agency to better in we use and we become of solutions along needs. growing products third personal becoming to more build open utilize With are computers growing other more the professionals solutions. budgets because training solve to technological And passing makers of of their expanded embrace mentioned. just technology are more

itself. simulators. very reinforce think law bright In enforcement is VirTra's fact to cycle that future the for We training seems

We such also see very similar just enforcement beyond demand markets market. military and growth in as law

experts most leading at and of products is industry's know lives established over through improve ourselves and in enforcement. effective de-escalation training have as you simulation VirTra mission for law the uniquely the our hi-tech we save years and As

it. company's As in we mission the we its in clear carry position have forward in our made strongest now reflect are the expand successfully during how on we going progress and XXXX we executed year history that mission and out great to our

increasing year million As or and million, U.S. future to SEC to into EBITDA NASDAQ top we improvements our prior results, transformative record X% on that the adjusted a with also XXXX financial market we needed to was increasing million, X% not XX profit XXXX Operationally either model. our leveraging VirTra also was line have for our X% invest to growth it increasing incredibly to VirTra. but obvious the Prior gross market. the the an stock strong year productive over only and and trade X.X produce XX.X year-over-year demonstrating register

the where opted the pursuit our step with the in added our capital Exchange and benefits company audience trading also and commercial provides our investors stock partners being a the SEC between to cost we market our valued began confidence after year crucial the perspective and us as strategy customers the of Nasdaq a ago. similar from benefits long-term our prospects This was credibility this well move and the complete on registration of organization. On the expand in Given two scale and listed potential NASDAQ viability top is and one of NASDAQ for sustainability of giving in analysts. and added

current we course secured contracts the year several past the and with both also of large customers. Over new

in we and and orders footprint As the were then we we June markets. which Dallas Southern Francisco multiple awarded point of with which new the expanded largest Academy law agencies Police we enforcement [ph] calls Desert Department contract U.S. Police from press releases untapped Regional State countries previously Department, the IDIQ outlined on Department, to were additional San and the three the of simulators in Police the our previous under that are In reported the the

line we top As of but expanded well by as witnessed international consistent not a year only result XX another our footprint these to others of as we growth several countries deployments year-end.

forming & strategy XXXX on Center. Force these partnerships company's advantage. Law our and date Enforcement Haley partnerships. strategic to of Institute, Center also During growth Science competitive General, made long-term Attorney secured improving the and we Office Each Abuse, Southwest Research strategic Vistelar, contributes Utah progress Resource Strategic, National Trijicon, Animal have significant Autism Association, eight of new we National and Sheriff’s To including partnerships

is of As fraternal some and of community recommendations. reputation places you personal know emphasis a deal on that law great a enforcement

in community to solid to product selling law important it's and have to quality well. it's only when service the So and highest available not as a imperative trust enforcement also agencies reputation have

products VirTra's for partners the with a each of required the been highest decade, and producing reputation bolstering this adds our effect we've market of in in end to simulation reason maximum strategic over agency training. go for quality seeking successful another While VirTra

which quarter expertise influenced of V-VICTA the partners. launched are partners product develop, heavily training to example we feedback new strategic the they new development, us and for test, third both our and our our and by help Additionally crucial improve in curriculum scenarios. was

some breaking by in in result becoming a to and XXXX to recognize into So remain for to focused leadership the realizing in a additional Ultimately progress we markets credit we improving enforcement. order to as to maintain financial partnerships these to we leader the at progress our is levels the and made key assist adjacent our realized effective demonstrate we in and we core operational that products. of consistently us success remain we new markets our to And primary us our that industry us ensure resource values in an presence imperative more reputation. on space lending are our mission and law new business lives it saving while of effective industry uniquely also scale for remain to hi-tech expand our for that

and by capabilities. existing recoil these our end We match kits require Tiberius to strengthen current to we weapons, our detail for to simulated could technological discuss in dropping combined capabilities markets, patent some to outlined release strategic bolstering which in perfectly with that purchase our technology needs. we've of kit more issued purchase So military bolster needs of of recoil our January meet our portfolio the in begun drop needs technological strategy business diversify future recent the other new in press I'll

our We've in the that down only can the and of strategically strategies in well. and today scenarios, working new discuss to pay stock run. open loyal been we've our scaling new we opportunities new believe be we've long detail the I'll will but more ROI market. long-term sales interim been over to resources reward to dividends And that as road the invested work by the products, putting fundamental company shareholders repurchasing high business not our development in in As on

the quarter walk jump us made Afterwards our operational this Henry year talk the I'd and start call progress look on and Now like of Judy. the we XXXX. results CFO, back the to turn Judy before through I'll over we've to I XXXX. more financial about of full in progress our dive into to more to specifics to our the strategy the as year for

Judy Henry

good Thank you everyone. and Bob afternoon

for we quarter in financial XXXX of fourth the the total a of from to was recognized increase last of X.X year. results, Turning X% X.X million This million. revenue our revenue was QX our

year a to additional due million last record both The our total XX.X million simulator increase revenue other full year in XXXX of December the from XX, services. year. for fees, X% licensing was XX.X For the and to sales increased total revenue the and accessories, ended quarter warranties

the or XX.X% for fourth from or revenue of profit in total gross last X QX of Our year. XX.X% million to of increased total X% of million X.X quarter revenue XXXX

and quantity increased each gross from or XX year to systems XX.X total accessories margin XX.X% resulted and of the of X% gross for or For the revenue full XX.X% in differences type our period from total revenue. The profit million variation sold. of million

to increase in of in legal, expenses fourth operating The XX% operating the for of the QX accounting consultant, increases million net X.X X.X million expense. quarter Our result increased bad quarter year. of and from the in last XXXX debt was in primarily expenses net

our which legal loss increased plus listings expense known same qualification, March in company For expense in period and a as million services from in to million to re-incurring administrative of and year on investment XX% registration, general NASDAQ was including due our public operating was as expenses period the increase and recorded net The to increased MREC XXXX. XX year the non related increases ago. full tech in formerly expense the professional X.X year operating SEC and for directly impairment full

our quarter last operations for of X.X of to profitability Turning million was XXXX loss measures, from loss of in to a fourth million QX X.X year. the compared

income XXXX. million full X year operations to For million the X.X from was for compared

million in XXX,XXX of per the This of net million compares X.X of of $X.XX quarter share. an for year. loss net in XXXX QX per fourth XXX,XXX QX to XXXX QX for compared share income last the prior negative year. or recognized We to of diluted income benefit X.X of $X.XX tax diluted totaled or Our

XXXX diluted in tax a for million XXXX. income For XXX,XXX for compared The due to taxes. our miscellaneous the tax reversal share of in our X.X $X.XX and the income valuation XX, a per of benefit December million to or a QX X.X million related an per income Tax XXXX. net X.X deferred million to reform effect tax XXXX $X.XX non-cash XXXX the Income compared full of change nonrecurring by Tax previously our in or share of allowance year We to offset year income to Federal state totaled tax partially was diluted applied rate of in ended X.X -- provision Federal a recognized Income income recognized assets established benefit

loss XXXX measure loss X.X of fourth and EBITDA the adjusted the in non-GAAP quarter totaled of financial Our million.

X.X increased XXXX EBITDA to million the X.X adjusted X% For XXXX. year our full in from million

is backlog delivery date which services backlog of in consists Backlog been extended for yet and not has scheduled includes to Turning all has which for for been At our totaled products a revenue year-end recognized. signed our scheduled million. future bookings warranties. X.X and or approximately contracts place not including earned or

balance after working prior year. of capital certificates a under million Turning totaling X cash XXth, at date our amount capital, X Directors reported this window results, stock. from had program from and authorized to working standpoint In million we Board finally improvement our we the million. QX to with our year-end And million November we of of the X.X X stock XXX,XXX of end in the cash January deposits we X opened equivalents XXXX an the From approximately of common the repurchase increased and million. repurchased sheet, ended the after year of

purchased common Bob. turn That stocks now concludes my common it November of since an year-end since bringing I additional prepared to of approximately to aggregate the remarks. will XXX,XXX repurchased amount XXX,XXX. back have We stock

Bob Ferris

and Thanks we first VirTra of in with We space rich in Judy. market entered a immersive in simulators and has ARVR to we XXXX. affordable were training which pioneers XXXX innovation. history the were

multiple Our in continued innovation believe effective and We growing to reputation tradition. training our our this key the markets. announcements premier to recent is that for presence maintaining solution

simulators is is of it new all not to innovation to aspects business. regulated our crucial just However,

in we certified curriculum certified company which VirTra called the curriculum training For launched the new with quarter is latest content. the stopper HRVS. first This of now only V-VICTA year. risk In we third example vehicle world the February in launched nationally high last addition and is to

alternative simulator train, enforcement sustain of genesis effectively this test, of a reviews As labor a scenarios. to teach, traditional training is risk seen more its HRVS We other similar methods to law from customers. role complications strong products can to enables and due that is this program resource economical, very product and still training to demand curriculum efficient we've provides requirements. the new already training this and intensive. reminder high received The infancy be positive training and in current departmental our for that with arise safer, Though vehicle both more that playing, agencies recognize and methods.

In the addition Tiberius state recoil Technology kits as a realism of recently that already as our HRVS patent art of portfolio we well the to from training acquired equipment. new create leading industry enhances

out are Some strategic mechanical enhancements the to well these of practice or running include never easy batteries as this simulating where done presence of does of matters upgrades they of deal that the be the dealing trainees as their enabled with jamming live with products. under to If type how arms. to and technology by a our and not need life acquisition it understand may in situation the the to relevant they for ammunition while fire weapons electronics. It's technical with issues And issues cannot duress most. the related these many lack mental training dexterity real require

driving reasons as market to exciting line. range well. week we enhancements What's about mentioned about also and we they of announced great to the in a currently product. demanded addition the work more portfolio and earlier law of purchase we simulator are has enforcement Last strong Unfortunately It's this particular position potential a move to share applicable key differentiator versatile as this will competitive a I in the new we for that As patent believe these by that is product space. our highly details are for not to us a the into more be military customers.

from and as by we've specific have recent of Hopefully Mexico are tuned Department long-term our details. people. business. million products reality please But this customers. with program share more crucial our However, the great success evidenced We $X.X require additional this for demand great of we'll Republic to is so updates the seen that the for believe mission year products for contract of State impressive already the on stay our great

Conducted we Handel important He new further XX of with look innovative years skill our our the believe Steve issued addressable the weapon Enterprise considered at business it's set is to press to date development most highlighted we This billion. are recently released its background As scale Axon bring an release is Weapon new recently industry product has the to in team. technology who managed able X.X our President weapons development Energy sector. where of CEW. bill individuals Management new a Program or minded, to Axon's on perfectly. Axon's he relevant experience perspective of nearly X we TASER estimated Steve been to total Steve's oversaw grow in market and find at and fits like that is so veteran Vice most TASER Much effective and Monday.

highest immediate company. success of his additional of benefit In credentials talents, has and innovative will our and about confident believe at of great those and his our excited which and and our be to history curious model record passion, value announced the industry. significant innovation our February in of We're very perhaps we board the expertise we business to has shareholders. our change potential elevate on company are who to are and Steve track most of proven levels that have a he For you history our

life Subscription it we excited Equipment develop has added option program a a few have Training stands to is users months things that secret focus are VirTra skills working our subscription diligently you over The perishable. tools. the it use this called have XX weeks at most the VirTra have in on past our are so you just which don't STEP access that for in Partnership. that it consistent to been Like lose very team imperative the and ago. announced realize it if We we and Please training systems of to

outright believe access for several these those crucial improve purchasing upfront or the sustain have to users systems allowing these STEP we investment reduces to need departments trained they entry perspective, of capital the the there the thereby one created drastically total individuals tools effective to more an upfront a to an our civilians costs not an those our to training and in more is afford our can have personnel, all we us to using of of barriers significant more simulators. previously increase operational utility However, means the easier and opportunity From of people interactive allows number we more all STEP more accessibility systems, people increase in officers, software, and improved addressable academy, available. It the patented deployments, accessories our skills. and By cost effective of market be. a the and products. military more the lowering courseware, more enables investment agencies have safer social will opportunity potential From from in than perspective manner be benefit will and on accessibility. way. quicker a and upgrades, the

increasing is we because recurring In strategic to our small investment revenue. contracts but significant have our in overall received revenue. percentage have of addition to [ph] our has potential our the revenues recurring been revenue TAM of a for dramatically those increase Historically STEP it [indiscernible] maintenance

increase there STEP we an of significantly to believe is opportunity introduction that the With percentage.

more STEP predictable, long-term could and the make Over business our more consistent, more profitable.

customer's While an the our intention this throughout to no purchase model sales about of simulators to our we're strategy proven expanded outright optimistic a prohibiting history. be revenue of has course have ability we which effective company's

many simulators strategic to prefer purchase practical of reasons variety agencies a outright. For and

revenue both to we're improve and So to customers. going so base vehicles needs on orders from able the large the accommodate well offer tandem. two predictability of in intention and simultaneously capitalize it's diverse more to a purchase these customers. Essentially positioned larger our more flexible of our of and now purchase we're doing forward By

Of seeing from course positive before program begin we its effects it and some will expect implementation. we substantial just launched time STEP the we take

However, VirTra we potential and are very optimistic progress for about our shareholders. the

as made While interest. come benefits mentioned supportive from of these we've act improvements stock to the that it's We repurchased for the returning year program was Not line And have company XXXX strong shareholders. intention to due significance our already recent we a the will certified the top our Judy several was behind of they XXXX. pivotal and including substantial improvements fruition a market our profitability only substantial placed cases on summary, and many uplifting, contracts opportunistically product forward. the In progress repurchase in take implemented recognize garnered many of creating position so a development, implementing in to the scenes as our significant it the growth in to curriculum, changes these winning value sometimes to business. open start interim the year begin in we us going time of and changes to continued means in operational but

grown from level us year simulators. being to rule from excited reviews important perspective see can look the initiatives. That company have and firearm that be scale. vision new has we are received and improve have the only high we to and see As results We to we beyond year to and about our for coming which started a this only customers out just of from said you so We're new extremely recently current grow. incredible continue the will coming we optimistic which and services products several believe will new

We we believe to another more expand and XXXX the future will service provide profitability we're growth in efficient in our products value best customers. possible the ready in open by providing continue with as the great confidence call and to Operator, most with questions. appropriate continue way year an we focused the effective of remain us to And initiatives XXXX even hi-tech be lives executed saving manner long exciting product The instructions. is to to your improving on run please satisfy and drive that to shareholder give the offerings. for that prove that to

Operator

Instructions]. [Operator

question. Our first Please proceed Schmidt Lake of question from Markets. comes with with Jaeson the your Capital line Street

Jaeson Schmidt

from far the -- for out guys, questions. STEP introduced was fairly so been type you a system? taking a Hey feedback of if I has it lot start just curious my but and since customers want front recent the situation customers Bob in with how your so program. it's where was you, know payment thanks and just to from you this you where prohibiting ordering a this of getting fairly offering from guys system cost proactively your

Bob Ferris

the closed budgets. our have of question It's already some We reaction regeneration extremely So this also are able programs uptick lead interesting customers and and to an it's to STEP. noticed versus answer actual so we've on operating positive. in them -- into for actually some been your has by capital offering opportunity budgets expense actually tap

didn't knew -- this that doing starting to advantage So it. potential a and see that we're we we of was

is So possibly just people board expense also sometimes the a all that a front. to come on more if training going where certain get was equipment afford it they be upfront a capital large eliminating cost would little to than it mentioned and you up cost allows

those very found Anecdotally once it's get wanted expecting heard in STEP STEP and on one customer because are situation where year-over-year factors get So program two about they interested the in program something a out I've And could a from they approved. were the they away was to now. they right of buying encouraging.

shorten And faster I that cycles horizon program process within to agencies. think logistics they so think to approval easier be we were STEP significantly anticipating a with two sales do we'll year chance able a and the like so it's and is government due there

some So could improvement we see that. with cycle think we

Jaeson Schmidt

a of growth sense think in help just could how opportunity, engagements or customer potentially previously. we Can but is pretty opportunity think have been the I market if helpful. I say that's customer this discussed about And us be it and going of driving mean, you this this a I impact Okay, size the the is market pipeline something forward? opportunity in you you sizable you're mentioned can what regarding so limited know just hasn't simulator

Bob Ferris

for training training. Yeah, within look or main they two simulation firearms and driving will one department's areas often de-escalation is police one is that so

no affects this previously obviously offering of squarely at had which for all. one So virtually those markets two

when for training. So of Department comes driver simulation both provides as for that -- we to mentioned, firearm market State IDIQ does IDIQ training the it it was well this space the provide and

also that So to for will impactful product forward expectation have future contracts would meet we and customer. going it's the the exceed a that expectations is requirements our the of

So, simulator our love simulation, you and as far going to buy forward the some as want way driving love customers we way contact really absolutely but had listen, you us say we've customer approach of we service your firearm the we approach a simulation, guys the this their keep as would under to brand also with option that would well like product be them from could providing under same so the you an a that's and help that as firearm simulation simulator. well very company training VirTra and they

in background by XX lot used space. market our of back extensive simulation this a informed of So the vehicle was to on all going simulation this technology

driving our on to So simulation of we're our it able for difficult to around budgets that. that leverage we're to product are a predict and way still exactly is besides the and expertise new us us simulation learning lot so

Jaeson Schmidt

I'll last we Okay for queue. me in jump OPEX think the back about the one in trending How and XXXX? and should

Bob Ferris

one. that like would Judy to Maybe answer

Judy Henry

just a bit as little various growth initiatives of bring well lot accommodate the have our as expect to required increase change Well facilities than staff we as increased have. meet costs do the a that horizon continuing in on R&D would initiatives we including we and the projects and and operating on

Bob Ferris

jump me on Let in that.

a bring VirTra been maintain years stock and some metal healthy turn into So ago one purchased believe proprietary machine and our where of able things. in to profit shop accessories of and we've margins it reason several we we it's we raw

that So the was away several the we location business miles bought. with of

-- We is… opening location foot one XX,XXX standalone for away parking same a lot. shop just that up not from as adjacent machine It building is but actually week finishing this or suite is in the are VirTra today this now on

Judy Henry

Just XXXX. over

Bob Ferris

XXXX team. square had some we that it I to do for hesitate to taken in -- we've know lot foot our did suite over. we order ready a because I to get TI's

accelerate it's which team So now to reduce production our is of to component accessories going that's it's our enhance our a to short-term rather going and and between our of production, business. going going to time some our important our alignment to costs believe production on engineering we overall just market, really items -- of it's

going So make -- people by to of bit more going lot good that a efficient, of but was just it's a forward. move to we're just think it real a work happen us for us that's quite we make

Jaeson Schmidt

thanks Okay, a lot guys.

Bob Ferris

you Thank

Operator

from of comes Please question next line your Our with the Klee question. Allen Maxim Group. with proceed

Unidentified Analyst

Hi everyone for in Allen this [ph] Klee. Dash

year planned go to I be back if Just were subscriptions pay to to just or customer moment, monthly, a curious a STEP for upfront? was these quarterly, if the is to required

Bob Ferris

those flexibility on payment terms. We have

about and sheet very their Fortunately government we strong have good balance paying been bills. agencies a have

all quarterly, now XX are be at can paid but is So any STEP can of commitment months we the paid are be program it in of right monthly, it in -- those paid available. can if once, it be

Unidentified Analyst

say margin on the revenues And sales? equipment subscription you would on margins your going are the to compare great. okay, it, to how those traditional Got

Bob Ferris

our month. we expect capital, happen of are just adding our and do program -- that it. would grow the sorry focused to program That's were STEP the and Well, If the program I'm STEP we of larger We're customers start a goal. retaining chunk to our become definitely larger keep every revenue. on to on to very then

be with on We're auditors through going it's have is some this to our as expense the program. obviously classified. into we there well to work -- equipment capital still the going So STEP on how need going to

that a the So margins. we don't that be We STEP long-term impact. for should have very over positive right our overall real do think now

Unidentified Analyst

into of upon wondering and penetration your touch outlook Great, the I the military? can if was just sort you for

Bob Ferris

So, military a of some control. in penetration the some are control, bit a factors, of which much our of combination very of our is which are out

that for reason with ensuring critical most was the a of purchase Tiberius match one valuable up is products That's the that One VirTra's military us. things patent portfolio needs.

So with making mix making them. sure there's the is and right the then working contacts have for VirTra's that is and right we -- product people ensuring another and

deploy patents work good, and well their a Secret our we other prove very federal areas but Military pending. and absolutely But can decision if know be dropping one we've also to do the that down successes of hard impatient necessary. focus that military. evidence and largest that those that the agencies. Tiberius there's determine. those in believe more as the upfront VirTra very we have want then the it company are have things prospects yesterday the that had able incredibly strong our patent we that by very another Technology on from -- and of So way with military to could is with bit being kits We've we've U.S. use equipment our being things area. them seen do in do Service, and patented We come can to and lot also a like wants that and millions made that's and which the award the such think recoil them to of Marshal, I think timing federal seen CBP, have contracts slow military back our military. applies programs also the federal there's makers it success military a level customers federal larger It in of gives of known comfort dollars of to

is for of is need people with that one that big train where come looking to buying thousands instead buying and one need. of military war to to One fighters recoil meaning go at we've recoil go point the and heard the instead soldiers, XXX Actually is located. training of our of military thousands kits at to of -- the what issues the actually in to where point is that looking kits location go of are do location,

so of in create where tool combat. need that affordable could that some to into they important are very both recoil and from that durable since get firearms extremely and get during valid can quite to be bit they hard So their they it training training actually realistic need dialed dialed be actual a and kits during can

Unidentified Analyst

just XX% trending last XXXX? XX% you gross are margin one, around that Great, for to range then seeing

Bob Ferris

yes. definitely that, for hoping We're

Unidentified Analyst

Okay, alright much. very you Thank guys I appreciate it.

Bob Ferris

Thank you.

Operator

question Gibson next of with comes question. William Please Our Capital ROTH Partners. line with your from proceed

William Gibson

date, dollar shares us shares the you how did purchased you amount Judy buy? you. to on many Thank gave

Judy Henry

So, treasury. XXX as Since were actually we additional [ph] had XX/XX, XXXX XX,XXX XXst December XXX,XXX purchased January about in of remained XX,XXX of cancelled and repurchased which an we've shares. at of

William Gibson

you. Thank

Judy Henry

You're welcome.

Operator

and concludes time this remarks Ferris I'd to to the our call for At back session like over turn this question-and-answer Mr. closing

Bob Ferris

very exciting and and certainly do a employees, VirTra and our believe Thank you. at from look us best partners. Thank forward we without of the call. our next our ahead couldn't extraordinary on time is shareholders, days support God and we to are you it you commitment I This and updating customers, bless.

Operator

for you XXXX VirTra's us fourth and for call. Thank joining conference year today quarter full

may You disconnect. now