Karen Howard Investor Relations Contact, KEI Advisors
Kent Rockwell Chairman and Chief Executive Officer
Brian Smith Senior Vice President, Corporate Development
Douglas Zemba Chief Financial Officer and Treasurer
Christopher Van Horn B. Riley FBR
Luke Gittemeier Nokomis Capital
Call transcript
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Greetings and welcome to The ExOne Company's Third Quarter 2018 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, today’s conference is being recorded. I'd now like to turn the conference over to your host Karen Howard, Investor Relations for ExOne company. ahead. go Please

Karen Howard

on and today Rob, conference everyone. appreciate Chairman Slide We Referring are me Thank Rockwell, Kent our good third time our X, on deck for our results line quarter your with to today you, in and slide morning, Doug Senior that the XXXX Chief call. Chief Treasurer. and Financial our of press will reviewing Development; results Vice the and the be Officer; published this Executive Smith, and distributed Corporate were Officer Kent, President Brian morning. Doug our release Brian, Zemba, financial

If our On also site. you that posted don't accompany have site slides statement. Web our Slide that release, X it's available The are on Web is on our our today discussion Harbor at Safe

in provided at company financial the we our to and which in other Commission. this results cause will statements as and factors the well as other are today. our aware, non-GAAP measures, during may forward-looking well events found These Exchange to evaluating during also risks other be be presentation could documents useful point from are may performance. These or are factors some we during and today's actual statements and Q&A. apply with uncertainties I uncertainties These to that, can also risks Web some we Securities as that differ out future by make may where you filed site the on release to believe and we discuss documents earnings subject As the as want are that call,

or of prepared for presentation in not isolation accordance consider You this substitute additional GAAP. the results information with a should as in

will we open-up of perspective offer review over the and non-GAAP earnings through an questions the detailed comparable call go a provide the it's we'll reconciliations accompanying answers. Brian operational before to of get will our to line that, measures Kent turn provided And the today's in on it us and update to outlook will back results. to to to started, have with Doug We release. Kent for tables Kent GAAP turn a Then, pleasure my begin. financial

Kent Rockwell

everybody. morning, you the QX In ExOne's certain our will can call, actions be from in call. mentioned last our to we're Welcome I that XXXX Karen. the QX, direction. see Thank focus. company a growth towards in moving to Good as And you, that reports that taking profitable move

revenues, our line that, Doug to detail. did cover doing That’s issues growth of machine [ph] we maintain we focus where some some XX% is Brian more and and we’re have development which While non-machine wanted a in with in machine primarily were our of these and the agencies more than reductions to due flatter growth. will much of

quarter. take going certain mentioned to that We realignments in we're also this cost

-- We to sold $X of cost implemented of have million that of goods date, and $X most out it coming SG&A.

move towards of place. an that are happy achieve able for as which important XXXX. a second will it that to to in the were us for we of in The target target income us We we million, $XX those net of still full We is savings have give goal kinds for is a half net get a to QX we anticipate, if QX the second the And get achieve we and half income. profitability.

the at net into look XXXX for we’re that at at where income I cash to 'XX close Additional will period. and flow operating positive looking growers comment and

recent one from interesting. slide, of meetings Moving ExOne I to these we the our pulled that at find -- thought you planning next might

that binder the direct applications. market use machine machine market, market machines jetting machines two serve different as Our spectrums. we as both indirect in The well

of total. XX total the installed there's the in that in can know for only indirect we us market you here, is -- less as global you QX X and the XX% the machines globe. machines us machines currently see that of XXX U.S., a truly the across This delivered than is As gave which

a which activity goes market, is in we’ve sandcasting indirect [ph]. and it global a really that primarily globe the across So the

into Looking the Doug more the XXXX next U.S. installed of Actually that to will our have machines we it more true plan that. printing on with of plus indirect And we the the for globally installed XXX to opportunity This year. machines is been touch slide, powder will is our is development of the point. Innovent+ for X strategy. of in start in That’s in our a new QX. those we for is total than the as at aggressive and the the a is fact been which direct were much we capabilities, much have in instance market The our U.S just part and demand predominant development this fine larger machines largely market this function out the in in come move into at move more a

growth picture the that are machines our XXX include slide, think Finally doesn't that And you installed I how installed over demonstrating I'm rate going then the gives that, and what company at jetting I some a comments. don't have with that and there's turn machines Brian installed truly it are anybody here a globally. will global operations, we're to just our with more for make of With ExOne. in next own a a within closing machines in Smith than but today and machines marketplace better to the and binder it

Brian Smith

everyone. and Kent, Thanks, morning, good

of I of We the of revenue. $XX.X quarter quarter million with comparability. XX, quarter. recognition turn some the finished on 'XX The Exerial's almost that please comparable benefited impacted from revenue QX the four and the summarize will $X you the from If the million Slide original highlights to for

around XX%, million revenue under from Our our TTMs. and XX-month machine XX% was was $XX XXXX trailing TTM just up the

half. well year the as first the over both prior-year current showed strong as of results Our profitability improvement

focus quick results. yielded growth Our global positive on We our cost EBITDA profitable QX had QX. $XXX,XXX realignment in that announced late of renewed in

last than our Our of XXXX third growing to our and the $XX XX.X% and quarter. opportunities expanded this database. force our over backlog million XX% margin pipeline team were commercial concerns has identified operating the that point in strong My lower of slide gross on a quarter sales our in expenses

On the indirect side, this opportunities growth and two strong has drivers.

and level the increased our an product others sharing it. of awareness of essence, new are new on and In of our adoption. adopters First, market our are listening with customer and talking customers acting benefits technology for

example QX, initiating record we the our customer. from is quarter. expand. to earlier. side existing the Kent our our [indiscernible]. example use Innovent+ our machines our this of would to in sold Innovent is the discussed revenue in the and applications. machines The that economically printed seventh in purchases expect opportunities that, growing The capacity of continues of and These additional mentioned Japanese Clearly, the customers benefiting carbide materials driver printing of develop be on the on we materials and plus our provide in location other we of tooling machine of business direct opportunity additional prior technology to An are a seeing customer that printing essence tungsten more base, customer's to An existing other requirements U.S eighth are customers our the

they as application had technology. our We as both pipeline machines XXXX seeing to knowledge application printing an customers the of look from give cost printing support Xth of of backlog will few half a XXth us printing in and of coarse see the well also machine they’ve to sight profitability demand evolution this, a the to line for XX% technology and be accepted growth powder company. larger the purchased over of our we results working purchase build their out and our This sales that machine us and the are format forward activity a they Innovent+ knowledge development. growth powders. second large Innovent our year. purchased. well that last precursor days, We customer as order and our the of and year, We fine for Innovent+ the fine post-processing the to with the printing teams of as multinational and In their this as and from That as customer success direct

please XX, on Slide I'll our and realignment a provide more Now detail activities. little if to costs turn you

our last our of the rate at end COGS our run fixed we the in As reductions of costs measurement of net of October, operating had million. and achieved $X approximately

our consulting in As initial overlapping our quarter, focused areas I processes, said SG&A. particularly last P&L, of and on in our reliance and but costs our efficiencies redundant including all efforts and around

changes improved We teaming use our supply-chain and assessing the our time sharing months Specifically effectiveness and among already efficiency assessments, internal and in several machine additional resulted considerable innovative past R&D, communication in the This teams. experts. around facility R&D in external spent functional our These teams. improved very of and testing results, componentry, we and of utilization. the between the

As in to we with efficiently a which Troy minimal certain COGS or with lesser August, our write combined offs. our and was Michigan a completed Houston fixed This reduced very SG&A. facilities effort result, extent costs

the redeploying invested and We of to capital are process position. in used support the liquidity our

above, addition we’ve the I our six to said, machines, enhancements, reduction supply around over million continue described a Kent targeted and overall months. activities next to we As chain effort our $XX the broader consumables in an for will nine

for our organization team renewed directed changes at has all results. on to initiated. the focus profitable out been like With changes execution effort that give growth. turn our cost and improved his within for that, and communication members to of realignment Our adapting a financial on cultural I'll discussion teaming, their realignment over we've to supported shout I'd the and Doug the for of our to by

Douglas Zemba

everyone. morning, Good Brian. Thanks,

X% Slide QX in Revenue If million to compared you to please XXXX. turn was up could start with will we revenue. $XX.X XX, QX XXXX to

XXXX XX% revenue the months, was trailing our up over For XX XXXX.

moment our for which am goal implies to growth address will current a fourth XXXX. quarter XX% our review XX% year-over-year Our This current the backlog. over is in when prior-year, I we in growth achieve approximate

to split Our half with roughly first fourth anticipated our performance quarter strongest revenue our approximate generally period. our historical half, second is being

go to Now we will Slide XX.

by machines machines third that our contribution S-Print, quarter machines, sold have were our that recognized XX the machine a four sold initial to third first-time Last sales, XX up QX customers. $X.X machines S-Max our in our three Included our back breakeven four included of Innovent+, were into customers during sold sales Once to needs. machines were the sales Please XXXX machine to we varying platforms quarter. third by X included contract in mix in Innovents. one production to driven six Exerial refer -- energy. year quarter our machines. see XX QX it that were machines our type. There can in our M-Flex, and That release XX again, at application million you compared we table and margin XXXX. the was shows customers settlement. of of XX% equipment diverse Here through a and which experience operating the heavy the sold quarter to were a machine automotive, the of aerospace, Industries one our

institutions own XX% on slide, the right companies to further including to over the trailing machines material revenue the for was XX-month to development Referring see sold and advance also of or applications. the We up will activities, research educational seeking industrial chart machine you million. their $XX.X XXXX XXXX to development revenue

machines therefore quarter, to result revenue between direct process lags geography. in of to and three our or being At units terms, That in revenue. revenue machines that are in of XX recognition. type recorded customers This shipments Slide see and machine reasons, the to end, obligations were a of will quarters machine for of and turn including you and XX, and instances that customers machines. machines accepted There to yet by certain be either of happen can delivery we and first indirect transit We our our includes continues be can third X performance if during XX by will during XXXX. our and here in shipped number variability XX quarter contractual in year-to-date or year-to-date the in installed shipped XX XXXX. for the recorded Now

these focus reducing between on our revenue and mitigating acceptance order backlog accelerate factors time We customer turnover and recognition continue to to the rate.

Non-machine This XX XXXX revenue the a in and XX. quarter Now quarter for third turn months. the X% in the XXXX Slide to growth XX and months. $XX.X for trailing million the of $X.X reflects X% trailing million was decline let's

demand, increase specific of printing Our of quarterly product print future machines decline is having driven us our interested recent impact in customer our attributed which as some lower facility acquiring has growth. for their opposed indirect to own operations the our of projections our in for We’ve number customers operational to them, and Houston indirect exit. machine decision-making noted to the and an

equipment sales of global realize continue our including to services as offerings, installed maintenance of aftermarket increases well to as We expand. machines in consumables ancillary continues as and our base

will roughly the the you Slide quarter XX. a same million, of We if with $XX.X to last total Now turn quarter. finished backlog as

the year shows leading chart was I backlog that to last our this improving While mention trend, backlog of into QX million. want $XX.X year-to-date

approximately are that up point. we from XX% So

material committed Backlog as operating portion includes previously, for indirect and that direct includes on backlog applications. or and as aerospace, in in our missile that mentioned as other our XX host turning This I on units I accelerated a orders as The orders backlog identified our is XXXX acceptance continue as from automotive, future energy includes firm defense contracts you, printing at well As delivery form and we our focus received contract. industrial orders our machines as both contractual and development dates, taken on contributing remind in of customers. agreements. industry the other and the includes in revenue entities maintenance and customers or agency other earlier to our lease which machine of commercial of includes non-machine non-cancelable to an equipment transit the well services, confidence as mentioned have operations rate, such goal. well for our machine backlog To installation of also activities heavy firmly our machine some portion and focused our as

serve We global continued a to base. diverse customer and

will XXXX. third margin. Gross resulting the we million about XX, Slide was profit a quarter XX.X% to profit talk Turning margin gross and $X.X in for of gross

XX-month realized XX.X%. we gross of trailing $XX.X the For million gross profit of margin a period, and

our to with Comparing R&D. have sale at margin the was to initiated $XXX,XXX or XXXX current XXXX, XX%. in been XX% primarily and XX Slide by $X.X cost expenses Please and compensation machines early benefited global SG&A. contribution due decrease approximately margin. global as impact our realignment of from recently SG&A previously third turn of initiative. million down net were gross third quarter the on since activities The Please period was a impacted equity-based of Slide to lower our as The the to principally cost mentioned or restructuring we'll an Exerial resulted third XXXX quarter. cost XX that the discuss realignment cost breakeven XXXX margin discuss and four the The XXXX Our the $XXX,XXX turn going third XXXX quarter well quarter realignment investment global from decrease reflects our The approximate decrease compared program. we'll program.

trailing binder higher the opportunities realignment R&D impacting costs, The began As cost to global we development have while XXXX. Brian technology. in jetting advanced reduce is the -- initiative proceeding June identified mentioned, our not of our this reflects dollars that XX advancing investment months cost

review to turn XX, please CapEx. to let's Now Slide

continued has modest at CapEx a Our cash pace.

was support will We from the PP&E in for non-cash Our with our principally commercial range $XXX,XXX to of for leasing own direct be compared spending approximately development in indirect from CapEx our printing with full-year. inventory XXXX. the to customer PP&E here third of are $X our activity note pertains estimate in $XXX,XXX The of into foot quarter operations, or and transfers the for approximately for cash inventory, portion for million transfer QX the machinery shown customers. opportunities. use Noted to R&D spending sales

cash flow our sections. Slide to two waterfall year-to-date of chart represents split This Turning a XX. into XXXX

a slide. $X.X of payments mentioned right. call, on will year I on about I the during and timing Since The quarter quarter third review left Working I the first reviewed cash last flows. million August capital suppliers. is cash changes third quarter during resulted CapEx the cash year first the our half in of collections by customers the the and half from use of and on is the impacted

reduced items ended $X in the $XX significantly cash the in third quarter of Our and generated loss, of net non-cash cash. nearly total we quarter at million net million

see to have no we If Slide sheet. on continue debt our to virtually balance you'll you'll XX, turn

and concludes March by Our XXXX. cash total facility entered continues balances supported our under my That to availability in liquidity prepared comments. be credit our into

Now Kent. I'll turn back it to

Kent Rockwell

very Thanks much, Doug. right. All

I’m to that showed some points As the of and QX highlight were again Doug you just quickly going real made.

from in all thank Our positive cost real and the employees comes want and goals the and I performance it a achieved to us I quarter. new an this EBITDA we where from in periods, want to We us think of slowing. where for were about take that of all them think think for quite from everybody effort we future. achievement a is prior that growth the being to growth it And to as our as going and excited the appears move I operating at to look culture. into is adapt revenue that it's able they’re don't our

of We’ve couple we’ve in during And for positive very our flat a of machine over growth one because some factors: activity over consumable the customer a very It the healthy sales. very, closed reduced those XX%. actually have activities. cost but helping now things slow little side, non-machine We two up thing -- it's enhance to right year. is facilities is machine some simply the

our transitions. And at combination And online greatly to new enhance two activities through non-machine in have and we're holding even those see work you to growth as periods. while look future we'll come we to so, in machines objectives still these

the It move cash but see flow we significant, QX. most was in cash significant. we our will positive improvement into as was Lastly flow and mildly quarter, negative

the issue QX, next on slide to important Moving here. an

from shipped machines XX will And you QX. ship on slides double they to QX as machine earlier We QX were the than more in this in in machines showed we QX. expect with flags. XX revenues what We I’ve units in

the the and We locations. those have Lot place. shipments on these of to globe various their are sea already moving of majority install in orders the around machines

all one execution one us, January snowstorm penetration, how done or getting can the install And January installed customer issue flowing the fourth on acceptances. significance. you getting impact year, When facility cause accepted But of installation a the much like quarter that. that a into idle, the can't to of really an something it's and get it that have report. a $X.X be their we in might For on all and of the customer have have on million get machine Xnd, of big terms market and doesn’t installed and customer that we X, significant has can of

are with direction. achieve think add right goals 'XX. machines second will our we in XX and are QX we that and a comfortable a of We If that those profitability will us give to moving and the define was recognition, achieve we profitable in we them we half plus install profitable

to And get we side so to grow be [indiscernible] productively our the in costs our we're to start revenues to pleased more as able see maintain.

our We here. are not shorting futures

to we global market production that world. machines moving Innovent, just the the Our penetration future of looking capability the earlier 'XX. the on so working I out that Chief seems have there announcement him the it's Hartner as to board, in in right spending that. markets of of positive machines John Officer. having these in actually -- predominantly the for are of powder larger us worked of fine open-up to evening John to now And some in machine that programs direct date. over get machine has for board markets achievable that 'XX put we be in as with And we're capability sitting and is you some that up we and beyond across an have printing, we’re next week strengthen new goal do today on QX important platforms flow with market we're also delivering to for 'XX that thrilled and different to on the anxious helping at said the machine cash about us significant will XD that particularly five capabilities, are very, U.S going we the last We John have earlier and wealth show. become as to are us in which migrating go direct quite a new we on well international the understand is and joining Operating opportunities. in us now the R&D in very where just to will as experience demonstrated and our

cash the year a we focused running machines next to be very will to will machines, The They in production is have the that. looking have before come year, think So I this forward be are get It in available-for-sale, large achieve in able operating but profitable a end half operating the next later as we're on XXXX. will actually working flow. year slide directions before market. XXXX and we to they an alpha the get into of a will growth and format to important right moving first -- to was And we of format. into machines we them

demonstrated revenue year see XX% half between have XX%. expect the second that in XXXX change don't to to We half I first historically bias a much. too of and

will will as be of start we new we to machines direct bringing it more machine think sales the online. a after that see result change as I

in the half losses we and then likely half. will experience that good in XXXX in the will we means the so, And have year. that profitability That second first moderate

have We on eye cost it. we goal will achievements we to find and continue million $X a pursue will We’ve there XXXX. added where in

And so occur. to we expect that

bring our the at technology We broaden as of defined that to R&D and do materials spending point. uses have materials to our on monolithic a application-specific and we at customers plans We them as jetting us very is of will capital and with our for this maintain spectrum capabilities applications variety diverse wide offers existing we’ve the carbon. the binder machines our more opportunities levels to different of meet

weeks with with adoption working been of XX of the on years. one all an about machines is and I to We're our it and market accelerating. first-order prudent two will have of this over excellent markets the of their seeing we're capital. The is objective the ago. and we're but insufficient, across application two the for bottom of we’re to capital not pleased line we're management the place technology place So they in progress seeing marketplace. their the next that We've in weeks next is met week XX customer couple with for our

We of have where adoption be situations our will multiple that increasing.

with will take that, we So to please. move questions any


Instructions] Thank you. you. [Operator Thank

from Our the of with Christopher Van line first questions. question your Horn comes B Riley. Please with proceed

Christopher Van Horn

on morning the and on Good efficiencies to fashion. congrats P&L getting up an those in show impressive cost

Kent Rockwell

appreciate I Chris. Thanks, that.

Christopher Van Horn

guidance right fourth as the It delays in profit of structure that? So it timing seems for still back $XX your turn it in there quarter, with could cost -- the a a think of in that quarter, your year. see roughly for us and to about sales you the there a in our of seems you half Could timing sense you like there's could given for model give still delivery headwinds any the be the implies current potential of way revenues. weather some like but it? million terms Is

Kent Rockwell

and customer the because get falters through or wasn’t it, of with those or that ready be that’s ship one something we holy to -- And weren't It's couldn’t accomplish and and machines. of machines happened very just real. some large to fourth event And install. selling of concept each revenue will of had sea a accept X% recognition, run it's we're ready are$X.X port our if -- But can here not risk we’ve hits us, exogenous course $X.X Chris, the able of or to be A or are because that worth to the we're got what million quarter said. says X.X% because like the opinion not couple always sudden growth, million, of that, at occurred. stuck shipments what we not it's your machines. we’ve a cow, we all

scheduled, able in Does will your this and be are order. expectation a We to we have installs them reasonable question? accomplish that that that good answer

Christopher Van Horn


Brian Smith

piece, to I We that, the think bit. me little add right. let could because -- piece, you’re profitability a just miss the profitability

still at look can profitability If bit, and cash positive flow. you the little a have numbers, still miss have we

on correct You're that.

Kent Rockwell

Yes, you’re your model. on correct

Christopher Van Horn

in to And already great. that and we what think a in $X little and similar should there R&D, for. Okay, you’ve maybe was that timing done that I of an realize see then former opportunity more like as maybe bit Great. probably that XXXX? too. of the million do And SG&A, you of efficiencies about identified seems additional it but something then that, in or you’ve very COGS terms the Can we

Kent Rockwell

impact I $X we've in mean, its Yes. of Yes, get may we’ve sum to 'XX to the the be all start, -- going 'XX performance but should to million that got it is additional be negligible.

to -- XX 'XX. to significant not maybe moves our that key days, of a it's some some we if if annualized by as And so But just it, may the not get company. even 'XX, is in come welfare into it

Christopher Van Horn

sandcasting there's the think comment arena been could Got And could did then But probably the on I your landscape it. rumblings you for some getting to that that and on to this, probably add Thank comment that? you in competitive and you color. advantage here. technology into a have that that’s landscape people mover true, and you the volatility competitive if first some

Kent Rockwell

cost-effective the from? a they out indirect are. ourselves. the market. couple and machines We spectrum and and people players think has at. in distinct near a address who -- come more total in market. of that have those product. that’s I our You now, sold that technology what one it's does Where there, I anybody's been on a planning earlier showing trying with And that of with no stages a anywhere have That's we're are machine ahead the separate another think out we XX the Yes. is looking a machines the selling [indiscernible] slide will that flags that. low-cost with coming And we competition And lower-cost that XXX machines across are it on up penetrate put had, to that’s

we're sleep also still we and can't good know lot to comfortable got believe are here, -- moves you of -- marketplace, we’ve the that a lose. we we're So we in there's being made probably a leading position market our that it's and technology technology

Christopher Van Horn

Okay, for thank the customers. you And of on transparency great. finally the then mix

I machinery in seeing interested the that quarter. -- pipeline that terms etcetera. well? about think mentioned Is think the that was similar can auto, that in your you markets pipeline? are think can aerospace, I that we mix additive as Is for you Are how we -- end demand think of in fourth the

Douglas Zemba

Yes, so. I think

If history, our -- you those key have our our go back into been those markets. are

sold we diverse while a and to in So and terms that's global aerospace on been sandcasting automotive customer particularly side. base, our the always home of mix a

that we backlog, So include with expect industry pipeline in continue our that set. and our our to

Kent Rockwell

in like technology, working. And point we different will it's applications nontraditional charge are customers NRE and that a is start to jetting now asking would as we -- just having all us are And materials. as more where where addition work to of to I print is marketplaces being we very nontraditional make applications, have expanding seen marketplaces in that explore get one Doug we viable what that just binder said. is across their materials the coming several to to that

And them fairly are some of opportunities. sizable

which There niche some revenue opportunities just not us, in are some So XXXX. of expressed. core there the we are that there what significant little of addressing for Doug is in are markets out

Christopher Van Horn

time so again. for and congrats guys you the Thank Great. much

Douglas Zemba

lot, a Chris. Thanks


Please question line The with of is Instructions] with Nokomis. from your next Luke the questions. proceed [Operator Gittemeier

Luke Gittemeier

Hi, guys.

tariff you are Just recent tariffs activity. for impacted by shipped a there question that tariff adjust profiles on of price curious by either are your you able in to switch supply centers any you’ve that or I’m account or in your that manufacturing price that that? talk quick or [ph] lines kind Can sort all about little been the components if of to bit? for a

Douglas Zemba

I Sure. This that one. is address Doug. will

tariff any on in States some our don't A United see particularly manufacturing, activities effect and with of had the any the lot moment So we’ve is domestic we supply significant suppliers chain. really at source. discussions related our of

with discussing tariff thing our that. we a particularly insulated to folks playing ways. lot it look of future, of see One XXXX sort are impact on been we how is we we’ve So the from of structure that and out both the

in-sourcing number machines have the a States concerns you tariffs to that, see us would in some of us expressed a their is could fact, which to to companies United benefit and related bringing actually particularly In suggest online.

So that. both of sides we're seeing

it market some huge. I But think there maybe obviously at haven't the us are in it's presenting there, some yet. opportunities felt pressures cost actually same out which U.S for the time is we

Luke Gittemeier


Okay. appreciate I Thanks much. so it.

Douglas Zemba



question-and-answer like would gentlemen, Thank session. we’ve Ladies management to the turn closing I the call you. remarks. for to the end of back and reached

Kent Rockwell

exciting we've that a forward an be excited covered think out today. QX we're the everything I really positive and and facing to going getting to Again, what’s then we period. 'XX look 'XX pretty about and moving we're opportunities into

So thank you very much.


concludes Thank teleconference. you. This today's

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