BitNile (NILE)

Ken Cragun Chief Accounting Officer
Todd Ault III Chief Executive Officer
Will Horne Chief Financial Officer
Mary Magnani LHA
Call transcript
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Ken Cragun

This is Chief Accounting Officer, Ken Cragun.

On the call today are Chairman and CEO, Todd Ault III; and CFO, Will Horne. They'll provide a business update and touch on the third quarter results of the company announced earlier today.

You'll find that press release in the Investor Relations section on the company's website at ir.dpwholdings.com.

Before I turn the call over to Todd and Will, please be advised that this presentation and other written or oral statements made from time to time by representatives of DPW Holdings, sometimes referred to as DPW, contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934.

current future the reflect statements view events. about Forward-looking of in as we of forward-looking projects, forecast that the and are or the anticipates, words such negative historical not uses by could identified which statements. Statements estimates, for we expects, be, other nature, industry are of may these be similar words and believe, meaning the like which future assumes, operate, the in terms presentation to, statements we our relating marketing but future outlook. this not of contained Such and growth may services development, and timing their the to limited business and statements expansion, include, in strategy, and business, the capital strategy sales in are products offer

for to are over not statements update that complete providers in transactions. nationally inability to activity, expects and possible the property statements cause and internationally; are regulation; management differ Securities planned. Except fail prove presentation materially materialize, or other include the of and projections to factors any risks, is on actual of subject current the regarding are results those that levels do other cause and and this increased time results cannot results, rights; and the and time, them and by acceptance as predict events uncertainties to results. more us; those in to based expectations from decline emerge internal these each based provided and States, government conditions capital of differ incorrect, of intend statements materially the we product Forward-looking conform may results statements actual entirety you, demand continuing those report Risk factors on and reports, on periodic results those the risk caution and against report us XXXX, year or economic products cause and include infringement believed, raise or and market that significantly against in which intended to in these the the conditions, actual competition forward-looking predict performance achievements. X, in could including for time, forward-looking should ability of the impact to in customer qualified one a Exchange by not of certain difficult applicable to Part to protect management and all. ended of to required Should XXXX, the to to to All future uncertainties We the fund report. relying or management's assumptions current www.sec.gov. discussed for differ are in of to United are expected, and annual laws forward-looking available any actions materialize, brought actual products; statements of from estimated, risks circumstances anticipated, in to annual uncertainties risks December these that transactions on to this XA our differ XX-K may general the may intellectual Item Important in at information securities law, any that We their inherent expectations information from actual from forward-looking These the it underlying or to capital discussed on may other cases development; operations; change our our annual our changes could assumptions forecasts and future available filed changes guarantee raising us economy or products; our our of in factors are Commission's therefore, reference on by Any fiscal from business, website contemplated time. expressed. litigation Factors statements. subsequently risks contained Form is or XXXX or services; Factors ability XX, website, and our or of

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to to to pleasure Slide Turning call X, the it's turn my Todd.

Todd Ault III

a am and afternoon, was joining very Ken. I Wow. excited Good our That you, to us. today you legal progress. for disclaimer. thank update Thank

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have subsidiaries with highlight I to markets their technologies. Slide X. with the value them enabled and them providing for and partnering oversight, innovate unlock DPW will we open that products and By and to shareholders. great promise Turning have for new capital

technology I them. the will in highlight advanced $XX new Technology During wins. of a the secured quarter, million Group few

systems. $X.X second-stage order resulting systems effort, reputation This provider control a and deliver to and to our an its defense a will First, important systems state-of-the-art ability control multiyear computer-based as Israeli -- complex missile that from aerospace win missile from result and growing an and is in aerospace defense development of multiyear an supply validating command innovative million systems. command a and contractor on subsidiary's defense

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that by portfolio, time created New investment, Manhattan. of team location million of the we XXXX. York interest business $X but The win-win investment, of City. completed this the the investments select in hotel online The Our Lower expect and advantages secured position long-term is Street monthly. development manufacturing, larger their in main hospitality, and enabling quarter serves is cash to on high-tech a in related commercial use while hospitality Further, operational. The to industries, residential the anchor lending new debt in interest asset predictable length investors capitalize to track needs hotel flow best to situation other the pecuniary and fundamentals, the hotel DPW's portal in the to In financing. the growth deliver summer paying estate real of to real transaction site projects. be exploding a the rate the in include estate, The luxury on Tribeca, it specialized

efforts blockchain. We also continue in

$X.X create a revolver to into and million entered subsidiary Our growth. expand flexibility

look We power. low-cost continue for to

proceeds date, cryptocurrency collated -- have cryptocurrencies. we dam. We've a to capital and to $X.X For pay example, working down we debt. in those mining historic million mined Year used in co-located for have

frequently. reporting have are several quarter. we disclosing by know, due dollars simplify you miners changes number of mined Therefore, to As going our to variables, per the we quite

intend Did in technical largest leverage U.S. the I to in to feel Nonetheless, Please one total contribution operations should I expect cover that blockchain mining it properly? turn continue continue blockchain our revenues. to of Slide revenue. also X. it experience be technical expect small our a build in to we one leverage relative total reiterate we our We intend of build the of part We Nonetheless, again. capabilities capabilities the I the like and our of operations experience U.S.. to mining to that to to relatively be to largest

implementing review we're have lending we drive group, -- our and opportunities, that Will initiatives and Horne, provide in our on turn plans XXXX, while strategic turn the preliminary expand of relationships experts. backlog improve investments Slide additional be with to -- place sales quick investments our to to the acquisitions growth. results. to call executing CFO, to million acquisition continued will to and In leveraging Group, X. third I'm Looking $XX over Will? existing several and the Finance the In our operations, explore driving believe profitability. we now to we summary quarter our Please going industry to a Technology opportunities

Will Horne

Todd. you, Thank

from power X. $X.X represents hospitality the quarter the ended XX XXXX. a million compared ended of quarter defense, and Slide of solid the This revenues XXX% company to Turning gross to as increase, acquisitions. during The really performance manufacturing reported in and $X.X it demonstrates our million September

gross mining to gross that to non-cash we XX.X%, And stand for we our However, by non-cash of was farm to $X.X cryptocurrency and in compares to less to the higher. of co-locating that mitigate expensively. the third XXXX. hampered receiving do quarter. during quarter a lot year, fluctuate. which Gross Because continued the mining margins. of quarter in And the sourcing compares volatility charges That the power in dam in which, $X.X this expected costs. margins schedule XX% And hydroelectric December really prices result We our million, decrease, included the were million our were of corresponding are and the production to of of market quarter biggest loss in be to the margins MTIX XXXX. charges the Net of with drag third slight the bitcoin the quarter is fill net York. these a loss cryptocurrency quarterly hope with $X.X parts, it a the of with swings during New new our a operational expect revenue Upstate course, -- current and delay reflects that Those reasons, the to fulfill -- of end, million slight our the be ability was million of $X.X for backlog.

we as far the reported sheet, balance which ended of had from assets As million. flat million, September XX, relatively total June our at $XX.X of quarter XX is $XX.X

a the $X.X financing of million new During conducted a million we and basis. in that, transactions. our up the International shares business in perpetual Corp. value shares preferred warrants prior complete quarterly common underlying cumulative common GAAP, Series notes, should are Under promissory convertible say. the end offering, volatility does redeemable initiated our because on as fluctuations included We ATM. The and significant XX, of replaced quarter, markets. does which and A it was the to reflects a Avalanche public portfolio we MTIX, investment with of -- of several the $XX I And which did of which also stock offering of MTIX, stock At market we the September marked of stocks, investment warrants at-the-market of

the Finally, back equity to compares over million $XX.X to XX I'll XX. turn at call stockholders' September at $XX.X million, which June Todd, you. was

Todd Ault III

Slide Will. X, number Thanks, please.

guidance know, not Xx look double revenues. from XXXX mining revenues impact million, in guidance to the to for revenues is aggressively in and to portfolio of Reviewing estimate fruition. million well revenue, to from our are part now. trimming $XX and and of better bitcoin decline capital are greater million, we've expect any $XX rate, year XXXX efforts We acquisitions. full $XX I'd we $XX our the deploying Slide to may please. we our long than like does at XX, now X $XX delays years, you be million. This to be year us approximately term a As XXXX our expect Due been XXXX coming run million full which $XX we revenue XXXX million. production revenues include to and to current

about We expect expect million which in to two-thirds; about and the total Technology one-third. $XX $XX Group total in is is which million over revenue, to about contribute we Financial Group revenue, contribute the

for We portfolio look value benefit new Event DPW of evaluate International the composition first finally, the continue monetize our to to And for with note, for the for and be like LD to of I'd like open opportunities growth, shareholders. add up it side to presenting Main questions will now. in at On note I'd a at that conference December. the MTIX time together Micro's

look be And conducting We shareholder December to annual We session there. also our I'll will meeting on to questions. that, you XX. the up with seeing forward open

Mary Magnani

Magnani questions via LHA, Zoom. This in have and be reading Mary will the is come I that from

provide The on revenue info first question to more is your XXXX? in you plan triple can

Todd Ault III

$XX Technology the in alone million. backlog is current over Our Group

and We that to relatively execute expect to in on strategies structure and actual our and will a the sales heavily that and sales improve operations we've continue to been backlog, it's backlog execute Mary, and I to simple grow. to And that is profitability. answer. investing drive opportunities

we're simple the Microphase, grow to from pay defense and off the a $XX The which grow and do numbers backlog to executing grow. acquisition in could from backlog orders, side, side to in of too. I of It million. that able uptick terms technology orders really from game is an to starting seeing the Israeli could expect Enertec, it's It our So on MTIX. of be

defense will and in and side execute total the XXXX. So grow, that we'll aerospace

question? Next

Mary Magnani

the MLSE question machines $XX is is million? what the -- of Next [Sandeep] number MS total from in

Todd Ault III

we million or for It backlog, backlog. The of be now. In $X.X bit of the building or $XX may dollars we -- lower is about right execute million from $XX take, year out is expect so we're because to million number the reported on number that million give the $XX in far revenue a the machines little that. total of XX approximately so,

around over textile grow. XXX,XXX these will number We that, out order that people the figure that the and demand machine for it's need over machines. will to the so plants to There's not backlog textile world, hard plants time, expect grow, for worldwide

Mary Magnani

the quarter? guidance revenue the out for color what's driver in you was that pushed the more Will, main year? on third give some Can lowering Great. for the

Todd Ault III

talk you contracts the fourth quarter us into there? quarter? about the out first in possibly, you some manufacturing are Can pushing the Will, part, of and into

Will Horne

course. Of

on And now, everybody right the lead knows, as -- because multiple required talking into machine be the that of million at that's to one certainly, a X time uncompleted. And big invest resources to So a a vendors, is machines cost large or there's the it delayed, doesn't make you're sitting continue X gets pretty dollars curve. them MTIX learning are going the time to product. first right several sense to machines, When MLSE of now.

postpone that production our I in these on impact, -- little parts the So and resulted we or quarter next could through that to but it as worked some the hope the existing components, of we've a will as this one had think bit. vendors on critical delays of delaying We well that, extent, machines. delivery a certain us manufacturing quarter

Todd Ault III

Thanks, Will.

Will Horne

welcome. You're

Todd Ault III

What's the next question?

Mary Magnani

next will complications soon? what on The being question be current is are financial keeping are from its reporting? uplifted AVLP And they that the

Todd Ault III

AVLP that you. question that call another is Will, is for -- another

Will Horne

financials instruments. we instruments in some of process end right the finalizing reviews are to in delays up well. because the approach, being of basis. Ken, on valuation help shouldn't third-party of process workload as we on of some that determined bringing any different able going one did now, of help the on with that to now. We've but to through should which some going we worked difficulty bringing of variability, lot our quarterly of the But more also debt in And old the offload we their experiencing that entity, that part, because AVLP. So leveraging timely those that's a in a resulted We more a move get consultants debt a filed see specialist. In with forward, legacy will

Todd Ault III

Will. Thanks,

Mary Magnani

The to the price in do to short do right. stock is plan you next anything All increase the question term?

Todd Ault III

That's you that. don't have any as control question. a have -- good I really don't Unfortunately, like we of know, we feel

only of suffered companies up look sold. I the you that of we've bit got with in that they are room and that That losses earnings at us. investments bitcoin comfortable and really got lot price. year sheet opportunities categories, upside lot focused I we valued, We've There's A holding who we and in just lot overlay embedded You terms and have way power. of number to say the it's fact I noncash focused to executive myself with. regarding think we really and that on stock on We million of debt just -- that that people appropriate. bitcoin of leverage balance the I did by the a are for hires in the don't comment made. would of sold. execution. things consequences the bitcoin. and next a of regarding Will company know there, are $XX a the is very on never structuring decline -- lot an in were a not I don't ever that there's provide

overhang. People business, bitcoin the very is of It's in There's our see also that So largest obviously, market the over opinion, of that sort center and focused market. miners will overdone, I becoming enormous is I in we're the look time, realize sentiment the anyways. around. but the appropriately. one off growth think and what that, to We being would my clearly, going and blockchain amount decline an on there's although market a going people simply pay large focused have footprint don't negativity -- of of bitcoin, at think we're the react on we're we that building, we're a to think cryptominers of over will a data of

in a I it dramatic think there. does some to what's this X see issues quickly cases a he really ugly, pretty be Crypto navigated cryptomining out there. telling you was competitors. Joe We'll pulled well you and week, So There if to to is was mean, biggest navigate got difficulty very I you're recover. navigated out competitors, to our and going at with changed just them, really, the be some in very, happened bankruptcies I even player our look rate competitors and pretty some that that. me situation probably of bad. the navigate and Well, may very yesterday times talking difficult back really that we've

I over just I everyone's I'm what they better largest kind and want, place understand going think of the there. But shareholder, so take is pain I a that's to want And price. which time.

get take in of exceed and As our $XX your the profitability and we'll think to I itself that larger next hopefully and we we million increases care XXXX, closer that price in get year XXXX, What's next footprint will recover question? time. and over

Mary Magnani

question you miners have would the provide that? Next you on an by update you XXXX. end XX,XXX said is Can of

Todd Ault III

cost of update miners, to power was we talking at second end about install get in third that out as and of capability is more sure of could -- that difficulty decided of very and We just be bitcoin the everyone a because less realized based the the because, Yes. quarter. that that the I beginning year, mining you dramatic, in number what is sounds quickly XX,XXX it the saw mining of the while earlier, I'm on miners we -- which there. goal mattered the quarter, you and was number this coins could was to But still had on mined based

have that saying investing there mine cost, were. So could that said, on miners right. we need think how time just that less we our as group, total were and With spending I instrumental amount miners and less decided Darren a focus on we we're to Joe capability that in in and greater many and

geothermal. for which an in really us penny low-cost power done job and finding Joe Darren There's us of opportunity to is have Alaska, now, power. right amazing So have an

opportunities other down identified We penny are our Darren York we dam, that bring by New in and country the there that or in with and cost XX% have of power parts Joe our will greater. have think

the along at So we're along bitcoin, is commercial Solutions CEO manufacturing with our new Power business, and growing Group, medical than our the with of our talking our our mining with revenue that keep business we with right. Russ, scale up the problem about operation defense -- faster can with

as something a plus, of $XX percentage So we say, changes, million unless much total let's year $XX bitcoin, revenue, be a our will next that million do total. smaller part of

sit That capability, it's the you a the focus can So if every hearing just in because not we have mine And keeps on about can but there's coming something and lot have and price the you'll footprint. be do there we nice a future. can day you this we that. want, all being we down, said, bitcoin not

the very having crypto have if large to prices with We a capability change. data our to expand, center ability

Mary Magnani

All right.

Philou additional going make DPW? in & believe Ault you to are Ventures Do and Company question. investments that Next

Todd Ault III

& Philou So Company Ault I'm what sorry. was? question that the Is make question additional the Is Ventures and will investments?

Mary Magnani

Correct, yes.

Todd Ault III


early think year. next the million which investment we that preferred, have and invest the So company rights. Company We from an manager saved I and with we so and Ault Philou delisted We make in have 'XX, $X.XX capital is that fund Philou, $X.XX. in year venture to family, is do my and intend to certain in I being embedded additional & control XXXX the and later is the of XXXX this the right

and right It Ault exercise Ault -- Company Company execute in now, more absolutely buy of DPW. DPW. will going largest the our its & term, we right purchases, plans to be And to our for the invest committed long to of right to open-market forward, is more & is additional making shareholder So preferred. exercising

more same we exercise we And going forward. company largest rights we As to capital, percentage. keep shareholders invest raise and intend have to be the more the in to to be shareholders our the

So you can my company. me, invest the to to fund continue in absolutely expect

Mary Magnani

be structure X dividing changes with beyond there All question right. new the what is into will The companies the next groups?

Todd Ault III

the team Ken change holding level We the Will Financial from and and adding effectively ability on and Group, is companies, biggest their he's is is plans. execute support for Well, think subsidiaries, to DPW different the to X contracts multiple the Technology the Ken. running going brought Group and Amos company the was Group, you look When DPW Technology multiple countries. at own individual

Group is important you Russ the with And he's Russian Enertec, an in hire when [Tim], for new United and more running Now and along and look that States, you business Solutions Amos, have Microphase don't then exercising at And who's the own Power running executing their sales. they team. defense, his the have plan controllers the -- with power, reporting the that on much streamlined. reporting running

them force, wanted their a And along so group goals allow sales their and own -- to We and their they're separate separate budgets. own efficiencies. Ken own have a the will reporting sort Group the forces, they to this of defense group of companies, own is of opportunities, sales there, has hoping and with And their build force. -- motivation sales have part plans so and Power Solutions will a separate have but

big you think I on Corbett's on the a Billy get side, they're opportunities financial the it's not funny. and loans. company Darren team, make that, Billy here. focused on with the that we at that on side, we see along I difference a also the and when low warrants derivatives lending, a to of made upside that company DPW make from is a loan An those get loan amount -- the we is financial Corbett, of So make people performs. loans and revenue but that example comment And the are

financial the make that do at even higher financial side on than year that to et they'd expecting part in potential and side. we that built be in DPW hopefully the sheet first balance will over good has loan Billy -- And did seeing of Billy he's in we're time, So expect, time, from $XX are cetera think a developing acquisitions will XXXX. own million his develop the there there. a the over the And job financially better I portfolio building flows, and

Mary Magnani

All any might the give do be? be right. and indication Can financial you on side? next When your where technology Last acquisition think it side or us will you question. the

Todd Ault III

looking really at data business. the center hard we're think I

One the to to into for opportunities bitcoin. that came of been started things Darren power bitcoin, developed of had selling that we the out Joe doing supplies. have in XX we bitcoin before centers. mining data and led us this got And of for side that, through experience on we're then whole sort the that We've years data relationships is invest

you is if of this center, you part of even you XXXXXX-square-foot Joe feet future. And other look to room that ability look that and serendipity of lot use an have center data cryptomine, a data our at our whole the to expand center footprint. say, leaving you might only has activities. that out say our types or of really the center, I let's the important and with square at so XX,XXX data would thing And data to less been And of is Darren

didn't. our us really XXXX a what He approach. was it was thought bitcoin said, happened XXXX. in going We kill And so It took of Will conservative -- none very for numbers for "Listen. to

have center or operations we don't -- of XXXX XXXX our in in total cut budget terms way let's have numbers back." acquisitions We And in data So sales. don't the so any there.

side, businesses the The there. could put lending center there. side may think Technology the I acquisitions. acquisition There opportunity important. would is making we new Group data I see the of is we that financial don't any make in consumer So an that acquisition side

would we're with that we're to. -- in anywhere to we However, there acquisitions but relative If about probably ready be is were very X X the getting somewhere, data talking to our -- total center large where in United closer to having States report. people one goals a X we're is terms to it conversations There's be large of a data of and or nothing center. control

we're in the so And side active of center very M&A in it. data

partner the we center And would with real think center putting in center the data we operations, side?" as that say, data And own of operate well, any people in why so estate, and people are is side would business. we'd I because the you then data the probably financial that and part

have a So a play. center data then and estate play we'd operations real

Darren on them. side it put relationships, and we and the have Joe cultivating those developed really they're financial So because

we so be driver important for the side data could think center that an And us.

Mary Magnani

for back turn That we right. to the questions over so the today, call you. all I'll All have was

Todd Ault III

I that there thought additional others few Were were any a not we across. missed? -- saw come I Mary, Is that sure were there --they're questions? there thought others that there you I

Mary Magnani

about asking few I'll number a you cover let miners. There's that. of

Todd Ault III

that with dealt already I Yes. question.

Mary Magnani

progress? What around about Right. update an AntEater

Todd Ault III

I'll of miners. excited the very we tell are you idea about selling

of problem part total that development The earlier, important And talked is I think it's we use the the is is Energy very probably thing. the about Coolisys' business. efficiency most fast. Terahash. important cycle as miner an of the

add still to not reporting we relative So $XX eventually. plus it's It's the think as big sales to up a total value year, not I us this gonna number, report, not on enough are numbers next it's year. but probably miners yet sales million for to total million $XX break plus segment

in but lead Samsung. of them change. I miners, Joe to not at mining China to bigger Joe progress supply I effort, obviously technologies and of seek next partners demand. bitcoin mean have in relationship power -- saw -- about update and our in because data but we probably The the use We're still with a than business is that question machines doesn't question Clearly, of decide going a we as for But centers was weeks more our that has that's prices we me tepid is will in the relative did me? newer the I months announced thought some along think the know size and an selling Darren deal with our our ourselves business is in decline to of sell, with there the that it's we to. the that Coolisys. and important that ones that be committed And the I about product with can't the Mary, across ahead. terms coming came with year We

Mary Magnani

a sustainability the question Well, at share a about and few -- company. there's questions buyback about yes, your

Todd Ault III


the whole was me? I read thing. what about So didn't question the

Mary Magnani

the really... future And company price you're what the you share doing Your do at bring up. to and

Todd Ault III


anywhere. before signed I've so a going -- So contract. XX-year question about that seen think I've recently I me. I'm don't yes

shareholder all my position, been But of the we're to has sell stride increase really, would shareholder and the it you be the away me. probably down, decide yet. companies intend Whether would I sort and spin AVLP, rid highly I running out plan and or sold our controlling surprised to to fact, stock better the architecting part also wouldn't which take if holding share. or we the really never it get company company. also any I shareholders, years. are In of the the I'm up largest and that building are and not these of And of I'm bitcoin cost disclosed pay I couple the for Ken running possibilities. of a of dividend want what the mania, of out to them in even to now DPW Will mean,

excited In that I fact, $XX our future investments see clear beginning. in I coming bought I'm plans with to speculation the ahead, you'll total grow and super a very from our been company of myself. things more. company. from just about are of see lenders million on months and in lot we've the a the With the the weeks nonsense. from commitment assets And

board. of and the great and anywhere. We get support got lending with Russ, the love platform. [Chen] the love plan and of a And there. good You'll job. and the We is hospitality not CEO at [Jim] but doing full Power are team He's support Solutions Darren is there. of new people company, We team a and board, and Billy Joe a strategic wants see Will got by new their to which checkbook, anywhere. from investments, anyone the hopefully, I'm And the my come going I the going on has partners I've relationships. if don't out the independent. developing acquisition growing the people I.AM side think company. Amos the Group. and the and They're

we We for We're hope out that soon Chief the have announce group. think announce too. Officer new in Operating gonna to division, we're We'd DPW investments CEO a burn to other for Technology future. going our

the to people anything company. that expect focused with stock attack job. I me. personally growing the on price, the not So and they We're react other just than

XX% If the just you a big revenue number. if contract got to annualized grow I'm growth, years. incentivized the contract, to at grow the you take on you do look top $X this math my my line. to I've and billion XX That's But over

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as Will back kind sort on has little all the a pushed board, growth at costs. of bit, Now so of a

background. got that we focused to one So Ken on of the -- things is look Ken's at

capital, on his and Ken grow with terms focused in larger. and of margin the us of sales to dollars to things that grow is continue footprint get that but we markers intend and cost its to total of helping find One in grow

on, I we're XXXX going he's So And and anywhere. and beyond. to the Ken here going don't bringing intend with team think on grow we in

So next, we're excited. What's Mary? pretty

Mary Magnani

about a share What buyback?

Todd Ault III

for You buy reasons. stock right now couldn't the various back

but doing have better the had loan I debt our flow. do buyback, it requires that covenants free had we total free We was improving. the flow divisions down board We authorized cash the would pay couldn't to the this, cash and we say until first. all

-- think lot have the -- just would share comment cash. something you I a Will, think at Do I look it's we generated Will want to just you're like buyback more mean, on there. all? after I that's we'd free at

Will Horne

is to when out, shares. now. leveraged depressed, as look that's Todd Well, But clearly, is company stock buy the the you right anytime back pointed

we're a ongoing to the subsidiaries significant focusing and over debt, need operations eliminate creating term cash. We at short on have of various the for the amount profitable

start don't we at doing So have be the I consideration buying discussions even we ultimately whether this get over on to do where real the a months -- to really at price the And X or point share want would it, expect when consider back least would any as we not the could the next point, shares. a to buyback.

Todd Ault III

Thanks, Will.

Will Horne

You're welcome.

Todd Ault III

Mary, what's next?

Mary Magnani

that's can... think I it. about We

Todd Ault III

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