Amtech Techniques surpasses Q2 income expectations By Investing.com

Amtech Techniques (NASDAQ: NASDAQ:), a supplier of semiconductor gear and supplies, introduced its fiscal second-quarter outcomes for 2024, surpassing income expectations with $25.4 million and attaining an adjusted EBITDA of $0.8 million.

Regardless of a softening in electrical car demand and back-end packaging purposes inside the semiconductor business, the corporate witnessed a rise in near-shoring actions in North America and China, together with stronger demand for consumables and substitute elements.

Amtech additionally bought its company headquarters, producing $2.5 million in internet money proceeds to scale back debt. Looking forward to the third fiscal quarter, the corporate forecasts revenues between $22 million and $25 million, with adjusted EBITDA anticipated to be nominally optimistic.

Key Takeaways

• Amtech Techniques reported fiscal Q2 income of $25.4 million, surpassing estimates.
• Adjusted EBITDA stood at $0.8 million.
• The corporate skilled a rise in near-shoring actions and consumables demand, regardless of softness within the electrical car sector.
• Amtech bought its headquarters, utilizing the $2.5 million in proceeds to pay down debt.
• Income for fiscal Q3 is projected to be between $22 million and $25 million, with adjusted EBITDA barely optimistic.

Firm Outlook

• Amtech expects revenues within the vary of $22 million to $25 million for Q3.
• Adjusted EBITDA for a similar interval is anticipated to be nominally optimistic.
• The corporate sees development alternatives in superior mobility, superior packaging, and the semiconductor and digital meeting provide chain.

Bearish Highlights

• The semiconductor business is dealing with softness in demand for back-end packaging purposes.
• Demand for electrical automobiles has softened.

Bullish Highlights

• Stronger demand for consumables and substitute elements, positively impacting margins.
• Vital uptick in back-end processing and quoting exercise, particularly in superior chip packaging and localization of producing.
• Alternatives recognized within the silicon carbide market, specializing in 8-inch wafers and energy electronics.

Misses

• No particular steerage offered for the again finish of the 12 months.

Q&A Highlights

• Amtech Techniques is prioritizing development and is open to potential acquisitions.
• Good visibility within the furnace space with excessive backlog proportion by means of December.
• Consumables and elements and repair segments have medium to long-term visibility.
• Lead occasions for packaging gear are at present 4 to 6 weeks.

In abstract, Amtech Techniques has navigated business challenges and capitalized on strategic alternatives to ship robust monetary efficiency within the second quarter. The corporate’s proactive measures in optimizing operations and managing prices have positioned it to proceed benefiting from market dynamics, notably in superior packaging and near-shoring manufacturing tendencies.

With a concentrate on development and potential acquisitions, Amtech Techniques stays a key participant to look at within the evolving semiconductor panorama.

InvestingPro Insights

Amtech Techniques (NASDAQ: ASYS) has proven resilience in its fiscal second-quarter outcomes, with income and adjusted EBITDA figures that replicate the corporate’s capacity to adapt to the shifting calls for inside the semiconductor business. The corporate’s monetary well being and market valuation might be additional understood by means of key metrics and insights from InvestingPro.

InvestingPro Knowledge:

• Market Cap (Adjusted): $73.72M USD

• P/E Ratio (Adjusted) final twelve months as of Q1 2024: -11.36

• Income Development final twelve months as of Q1 2024: 15.07%

InvestingPro Suggestions:

1. Amtech Techniques is working with a reasonable stage of debt, which is a optimistic signal for traders wanting on the firm’s monetary stability.

2. Regardless of not being worthwhile over the past twelve months, analysts predict that the corporate will likely be worthwhile this 12 months, indicating potential for future monetary development.

Traders looking for to know the complete scope of Amtech Techniques’ monetary outlook can uncover extra InvestingPro Suggestions by visiting https://www.investing.com/professional/ASYS. With a complete of 10 extra suggestions out there on InvestingPro, traders can achieve a deeper perception into the corporate’s efficiency and potential. Use the coupon code PRONEWS24 to get a further 10% off a yearly or biyearly Professional and Professional+ subscription, serving to you make knowledgeable funding choices with complete knowledge and evaluation.

Full transcript – Amtech Techniques (ASYS) Q2 2024:

Operator: Good day, and welcome to the Amtech Techniques Fiscal Second Quarter 2024 Earnings Name. Please be aware that this occasion is being recorded. I might now like to show the decision over to Erica Mannion of Sapphire Investor Relations. Please go forward.

Erica Mannion: Good afternoon, and thanks for becoming a member of us for Amtech Techniques’ fiscal second quarter 2024 convention name. With me on the decision at this time are Bob Daigle, Chairman and Chief Government Officer and Lisa Gibbs, Monetary Officer. After shut of market at this time, Amtech launched its monetary outcomes for the fiscal second quarter of 2024. The earnings launch is posted on the corporate’s web site at www.amtechsystems.com within the Traders part. Earlier than we start, I would prefer to remind everybody that the secure harbor disclaimer in our public filings covers this name and our webcast. A number of the feedback to be made throughout at this time’s name will include forward-looking statements and assumptions which might be topic to dangers and uncertainties, together with, however not restricted to, these contained in our SEC filings, all of that are posted inside the Traders part of our company web site. The corporate assumes no obligation to replace any such forward-looking statements. You’re cautioned to not place undue reliance on forward-looking statements, which communicate solely as of at this time. These statements will not be a assure of future efficiency, and precise outcomes may differ materially from present expectations. Among the many necessary elements, which might trigger precise outcomes to vary materially from these within the forward-looking statements are modifications within the applied sciences utilized by prospects and opponents, change in volatility and the demand for merchandise, the impact of fixing worldwide political and financial circumstances, together with commerce sanctions, the impact of total market circumstances, together with the fairness and credit score markets and market acceptance dangers, ongoing logistics, provide chain and labor challenges and capital allocation plans. Different danger elements are detailed in our SEC filings, together with our Type 10-Ok and Kinds 10-Q. Moreover, in at this time’s convention name, we will likely be referring to non-GAAP monetary measures as we talk about the second quarter monetary outcomes. You may discover a reconciliation of those non-GAAP measures to our precise GAAP outcomes included within the press launch issued at this time. I’ll now flip the decision over to Amtech’s Chief Government Officer, Bob Daigle.

Bob Daigle: Okay. Thanks. Thanks, Erica. So good afternoon everybody and thanks for becoming a member of Amtech’s quarterly convention name. I am happy with the progress we’re making to enhance our value construction and place the corporate for robust working outcomes as markets get well. Income of $25.4 million exceeded the excessive finish of our steerage vary and extra importantly we delivered adjusted EBITDA of $0.8 million with gentle total demand. Macroeconomic panorama for our goal finish markets stays blended. Inside the semiconductor business, whereas we proceed to expertise softness in near-term demand for back-end packaging purposes, we’re seeing an uptick in nurture near-shoring actions in North America and at Chinese language belongings as they add capability. Inside our supplies and substrates finish markets, we’re seeing an analogous stability in places and takes, consumables demand notably for silicon carbide semiconductor manufacturing has been lumpy attributable to buyer shopping for patterns and softening in total electrical car demand. Nevertheless, we’re seeing stronger demand for substitute elements and our foundry providers. Whereas we await the rebound in demand throughout broader markets, we proceed to concentrate on optimizing our operations. By means of the measures carried out over the previous a number of quarters, we consider now we have higher aligned the scale of our group to assist present market demand. This has resulted in near-term adjusted EBITDA profitability and can assist us ship robust working outcomes as soon as the broader semiconductor market rebounds. Furthermore, we’re actively leveraging contract manufacturing partnerships additional improve our operational efficiencies and supply extra flexibility. For instance, we showcased our first reflow oven assembled by certainly one of our North American companions at a latest business tradeshow. This milestone underscores our aim of making larger flexibility all through our manufacturing operations from elements and assemblies to finish options optimize our mounted value construction. And this positions us nicely to capitalize on the most important investments being made within the semiconductor business to broaden regional manufacturing. We’re additionally constructing on the actions taken final quarter to subtle our pricing to deal with enter value inflation skilled in recent times. New instrument pricing is now extra intently aligned with prevailing prices and we’re starting to see the development within the margin profile of our backlog. Nevertheless, will probably be a number of quarters earlier than we see the complete profit attributable to current backlog and elements of our enterprise. In abstract, we stay centered on optimizing the facets of our enterprise inside our management as we anticipate the following cyclical upturn in our goal markets. The success of our initiatives have resulted in a second consecutive quarter of optimistic adjusted EBITDA and working money move. Regardless of the prevailing softness within the markets we serve. Trying forward, Amtech stays well-positioned to capitalize on a number of secular tendencies that can drive demand for our merchandise. Regardless of close to time period softness within the electrical car market, superior mobility purposes, which embody each hybrid in addition to full electrical automobiles are anticipated to stay a main driver of development for the business. Inside the broader semiconductor market, our instruments play a essential function within the superior packaging of processors used for and superior high-performance computing, in addition to synthetic intelligence purposes. Additionally, with the backdrop of the pandemic and international tensions, sizable investments are being made by governments and business to construct extra resilient and safe semiconductor and digital meeting provide chain. It will create extra alternatives for our instruments throughout the electronics business. I am assured that the strategic initiatives we’re implementing to boost operational effectivity and scale back working capital, will generate important shareholder worth as our goal markets regain momentum. And with that, I am going to flip it over to Lisa for additional particulars on the second quarter.

Lisa Gibbs: Thanks, Bob. Internet revenues elevated 2% sequentially and decreased 24% from the second quarter of fiscal 2023. The sequential improve is primarily attributable to elevated consumable gross sales in our Materials & Substrates section as prospects replace their shopping for patterns and alter stock ranges. The lower from prior 12 months is primarily attributable to decrease gross sales throughout most of our product portfolio attributable to a slowdown within the broader semiconductor market. We ended the quarter with $44.3 million in backlog, a lower of $5.7 million from December 31, 2023. Our book-to-bill ratio as of March 31, 2024, was 0.8:1. As now we have commented beforehand, our lead occasions had been extending too lengthy. And now with our contract producers, our lead occasions are enhancing. We’re transport out this gear that was booked in some circumstances, a number of months over a 12 months in the past, which negatively impacted margins this quarter attributable to inflation over the previous 12 months. We have improved our lead occasions and our reserving enterprise with higher margin profiles. We’re additionally seeing margin enchancment on account of a product combine inside our Materials & Substrates section, which had a 1:1 e-book to invoice this quarter. GAAP gross margin was flat sequentially and decreased in comparison with the identical prior 12 months interval. In our semiconductor section, GAAP gross margin was negatively affected by product combine and elevated materials prices, each primarily attributed to shipments of our horizontal diffusion furnaces. GAAP gross margin in our Supplies & Substrates section elevated sequentially and in comparison with the identical 12 months interval due primarily to a extra favorable product combine with elevated consumable gross sales partially offset by decrease gear gross sales. Promoting, common and administrative or SG&A bills decreased $0.3 million on a sequential foundation and decreased $3.2 million in comparison with the prior 12 months interval. The sequential lower is due primarily to reductions in labor bills, decrease commissions and transport bills. In comparison with the identical prior 12 months interval, the lower is due primarily to $1.5 million of decrease acquisition bills to $8 million of decrease amortization expense in addition to reductions in labor bills and decrease commissions and transport bills. Analysis, growth and engineering bills decreased $0.7 million sequentially and decreased $0.6 million in comparison with the identical prior 12 months interval due primarily to the timing of purchases associated to particular initiatives in our semiconductor section. As you noticed in our press launch, throughout the second quarter of fiscal 2024 we bought our company headquarters constructing in Tempe, Arizona for a achieve of $2.2 million. GAAP internet earnings for the second quarter of fiscal 2024 was $1 million or $0.07 per share. This compares to GAAP internet lack of $9.4 million or $0.66 per share for the previous quarter and GAAP internet earnings of $3.2 million or $0.23 per share within the second quarter of fiscal 2023. Non-GAAP internet loss, which incorporates an adjustment to take away the achieve on our constructing gross sales for the second quarter of fiscal 2024 was $0.2 million or $0.01 per share. This compares to non-GAAP internet lack of $0.6 million or $0.04 per share for the previous quarter and non-GAAP internet earnings of $2.7 million or $0.19 per share for the second quarter of fiscal 2023. On account of our constructing sale, we generated internet money proceeds of $2.5 million. We used these proceeds to fund roughly $1.2 million of CapEx throughout the quarter, primarily for the continuing build-out of BTUs new smaller print constructing, which we anticipate to generate roughly $800,000 of annualized financial savings. The remaining proceeds plus extra money available, we used to pay down our revolving line of credit score, which was paid in full as of March 31, 2024. Debt funds throughout the 3 months ended March 31, 2024, had been $6.4 million. Our solely remaining debt is our time period mortgage was a stability of $4.2 million as of March 31, 2024. Throughout the six months ended March 31, 2024, we generated $5.3 million in money offered by working actions primarily attributable to enhancements in working capital. Unrestricted money and money equivalents at March 31, 2024, had been $13 million in comparison with $17 million at December 31, 2023. Internet money as of March 31, 2024, was $8.8 million in comparison with $7 million as of December 31, 2023. Now turning to our outlook. For the third fiscal quarter ending June 30 2024, we anticipate revenues within the vary of $22 million to $25 million with adjusted EBITDA nominally optimistic, which incorporates some bills and manufacturing downtime related to BTU facility transfer. Though the near-term outlook for income and earnings stays difficult, we stay assured that the longer term prospects are robust for each consumables and gear serving superior mobility and superior packaging purposes. We took actions throughout the first and second quarters of fiscal 2024, which is able to scale back Amtech’s structural prices by roughly $6 million yearly and higher align product pricing with worth. These steps ought to considerably enhance outcomes and improve profitability by means of market cycles. Working outcomes might be considerably impacted positively or negatively by the timing of orders, system shipments, statistical challenges and the monetary outcomes of semiconductor producers. Moreover, the semiconductor gear industries might be cyclical and inherently impacted by modifications in market demand. Precise outcomes might differ materially within the weeks and months forward. A portion of Amtech’s outcomes is denominated in RMB’s a Chinese language forex. The outlook offered is predicated on an assumed trade charge between the USA greenback and the RMB. Adjustments within the worth of the RMB in relation to the USA greenback may trigger precise outcomes to vary from expectations. I’ll now flip the decision over to the operator for questions. Operator?

Operator: Thanks. Girls and gents, we’ll now start the question-and-answer session [Operator Instructions] Your first query comes from Mark Miller of Benchmark. Your line is already open.

Mark Miller: Simply wished to ask about, are you seeing — are you able to remark about quoting exercise. Have you ever seen any pickup in quoting exercise? And if that’s the case, the place?

Bob Daigle: Good afternoon Mark. Sure, we would undoubtedly have seen a really important uptick on again finish processing. So principally the reflow gear particularly. And I believe one of many large modifications versus once we offered the replace final quarter is issues had been gentle. We had been seeing some floor mount purposes. We’re now seeing much more within the superior chip packaging space. We’re additionally seeing quoting exercise, which entails a number of items the place issues had softened to the purpose the place it was normally single items of kit. And as I discussed throughout the feedback, one factor that is been fascinating is that a few of the quoting exercise now’s evolving, I might say, the localization of producing — we have had some North American quoting particularly, that appears tied to provide chain resiliency. That is on the again finish. The opposite areas the place we have seen some energy has been I would say the elements and repair facet of the enterprise as nicely on the entrance finish, the place we’re now getting a a lot larger exercise than we might have seen three months in the past. So it is nonetheless a blended scenario, Mark. However I believe at the very least we’re seeing — undoubtedly seeing extra indicators of life than we had been three months in the past.

Mark Miller: The development in consumables gross sales, I assume that it impacted margins positively. Are you able to – can present any estimate of aided margins?

Lisa Gibbs: Effectively, it did. I imply, definitely, you possibly can see, I suppose, on the non-GAAP gross margin line improved from about 43% to 45%. So it had a very nice influence. And that is the good enterprise for us, proper? That is what we had been hoping to get to as we exited the sprucing gear on protection.

Mark Miller: Good day?

Lisa Gibbs: Are you there, Mark?

Mark Miller: Sure I am right here and also you simply went out for a number of seconds.

Lisa Gibbs: Did you hear my reply otherwise you need me to repeat it?

Mark Miller: No I do know most of it. So thanks.

Lisa Gibbs: Okay. All proper. Thanks, Mark.

Operator: Your subsequent query comes from Kevin Garrigan WestPark Capital. Your line is already open.

Kevin Garrigan: Sure. Hey, crew. Nice talking with you guys once more. Concerning softness throughout the broader market, are you seeing any mild on the finish of the tunnel? And do you assume the restoration can be a snapback in demand? Or is it type of extra of a U-shape.

Bob Daigle: Sure. It is fascinating, Kevin, once more, we learn the identical stuff you’re studying in regards to the reminiscence, for instance, bookings have been fairly robust, pricing has firmed up on the reminiscence facet of issues, largely associated to AI. So I do assume at the very least in purposes associated to AI, we’re more likely to see that business come again just a little bit stronger in the direction of the tip of the 12 months, early subsequent 12 months. It is all the time just a little bit difficult for us. It is type of the case of consumables, it tends to be just a little bit extra actual time. And that clearly as volumes choose up we are inclined to see that move by means of fairly shortly. So just a little bit trickier with gear as a result of now you must consider utilization charges on the buyer finish. You understand sometimes must set off utilization charges for example within the 80%-plus vary earlier than they begin to improve gear orders. So I believe timing is just a little bit trickier to need to predict in these situations.

Kevin Garrigan: Sure, no that makes a ton of sense. Okay. Good. After which simply as the fast follow-up Lisa I believe you mentioned in your ready remarks that lead occasions are enhancing. Are you able to simply remind us what your supreme lead occasions are and once you type of see them getting again to regular?

Lisa Gibbs: Positive. I believe it may differ by product on the again finish gear that Bob was referencing on these lead occasions might be 4 weeks to 6 weeks. A number of the gear we talked about this quarter that negatively impacted our margins just like the horizontal diffusion furnace. We’ve got lead occasions of over a 12 months on that gear. We have definitely introduced that down from and on our heightened soften furnaces I might say that is come right down to a handful of months now.

Bob Daigle: That I would say even on horizontal diffusion furnaces with a provide chain lead occasions in all probability a extra normalized time-frame can be a for example 4 months to 6 months perhaps nearer. However sure — the I would say 5 to 6 months if the backlogs beneath at an affordable stage. However we’ll we’re transferring right into a mode frankly with the issues we have finished from an operational standpoint leveraging subcontractors the place our aim is actually to drive our cycle occasions right down to minimal primarily based on provide chain, how lengthy it takes to get in our elements to fabricate with the concept a part of the margin headwinds we had on a few of this gear ache partly as a result of sure we Q2 over a 12 months in the past. So we have to get our cycles time down. In order that make certain our pricing displays present prices circumstances extra successfully.

Kevin Garrigan: Okay. Acquired you. And that makes a ton of sense.

Bob Daigle: Okay, good. Thanks.

Lisa Gibbs: Thanks, Kevin.

Operator: Your subsequent query comes from Craig Irwin of ROTH MKM. Your line is already open.

Craig Irwin: Good afternoon and thanks for taking my questions. So I hoped you could possibly perhaps remark just a little bit in regards to the silicon carbide market, the wafers which might be being produced at this time. There is a large quantity of curiosity in 8-inch wafers, however a lot of the manufacturing is actually 6-inch at this time. Are you able to perhaps inform us if there’s a chance to supply a premium product on the hospice facet serving the vitality market — is there probably one other method to generate extra incremental worth for Hofmann out of this enterprise? And the way do you see yourselves positioned given your impeccable positioning on 6-inch on offering a lot of the cassettes which might be used up there?

Bob Daigle: Sure. So after which as you level out a lot of the market is at 6-inch at this time. And once more I do I do assume and it will depend on — it actually does rely upon the shopper there’s not one generic reply to that Craig. However once more we’re making an attempt to place ourselves in order that to the extent we will play in 8-inch of that we will the place attainable get some incremental worth however it is going to very a lot rely upon who the shopper is and what their core what their base expertise is within the within the CMP space.

Craig Irwin: Okay. Glorious. After which on the — on the furnace facet I perceive that there is a Bruce has a really distinctive product for not simply conventional energy semiconductor manufacturing however particularly for silicon carbide given the a lot larger temperatures, however the processes are working. And might you perhaps give us just a little little bit of coloration on that product what the pipeline seems to be like. You understand, plainly despite the fact that there is a little bit of an air pocket out there with EVs and a few of the industrials gear in China that there is nonetheless a pretty big quantity of curiosity in facility development. There’s large crops large services on the drafting board and any coloration that you could possibly share with us there about your potential exercise?

Bob Daigle: Sure. So — the demand necessities that we acquired from some key prospects is pretty important that there is some fairly massive alternatives going ahead as you level out timing might rely a bit on how a lot utilization there may be within the business. It is up with just a little little bit of the frankly the drop off and extra so expectations of EV might gradual issues down just a little bit within the business however finally, at the very least the view I’ve is that the business goes emigrate and proceed emigrate fairly aggressively in the direction of silicon carbide due to the effectivity of the inverters. So I believe a few of what’s been happening by way of just a little little bit of the slowdown and EV market might have an effect on timing however I do not assume it modifications the trajectory we’re on. I believe the wildcard can also be — we do take part. We take part within the EV, however we additionally take part fairly considerably within the energy electronics for hybrid electrical automobiles. And particularly, I would say the direct fund furnaces which might be used for silicon-based IGBTs are pretty sizable a part of our enterprise at BTU. With this pivot perhaps and a larger emphasis on HEV within the near-term that might current extra alternatives for us within the silicon base energy module packaging.

Craig Irwin: Understood. So you’ve got been doing a extremely good job managing money proper, attending to a internet money place this quarter. Normally when there’s an air pocket like we have seen kind of within the macro in silicon carbide. It is a good time to proceed conversations round them acquisitions. How lively are you on the M&A facet? I do know there are some very fascinating properties on the market each on the supplies and consumable facet, that really straight play into silicon carbide, conventional energy semiconductor markets. How seemingly are we to see you step-up and perhaps seize one thing or consolidate one thing? Is that this a precedence at this time?

Bob Daigle: I would say our near-term precedence was clearly across the aim of being money move optimistic with the present market realities and a sluggish business. However finally, we’re a development firm. In the end, we’re seeing an incredible alternative within the energy electronics space and particularly silicon carbide. So it is an space we’re spending time. I can not actually say an excessive amount of Craig about what the timing could be however by way of it being a strategic precedence for us by way of making an attempt to carry extra breadth, extra publicity, extra development drivers on this space, it is undoubtedly a precedence for the Firm.

Craig Irwin: Okay. Glorious. After which the final query if I could. You probably did exceed your income steerage within the quarter. It appears that evidently your visibility is fairly good at the very least within the short-term. Are you able to perhaps remark about something that is altering materially for the again finish of the 12 months? Is there perhaps a sentiment that traders may recognize just a little coloration round that you could possibly — however are you able to give us to assist us perceive kind of the place this visibility reaches out to? Do you’ve visibility by means of December, and the way would we see that play out?

Bob Daigle: Yeah. So I believe, once more, now we have to speak in regards to the varied segments. So when you have a look at within the furnace space, whether or not it is horizontal diffusion furnace or the ovens we’re offering for issues like direct bond copper purposes, we’re — once more, that is a excessive proportion of our backlog is in that space, and takes us out by means of the December quarter. If you happen to have a look at the consumables a part of enterprise, that tends to e-book and shift even inside the similar quarter at comparatively brief lead occasions, and we’ll are inclined to get that out fairly shortly. So there’s not — the visibility tends to be extra medium, long-term forecasts we get from our buyer base, and, once more, that is going to rely upon finally market demand to drive that. And that is additionally true, frankly, of the elements and repair. We have seen fairly a little bit of a pickup in latest weeks and months by way of exercise there, indicators of life within the business, however it’s not like now we have nice visibility past a month or two in that space, as a result of these are typically fairly brief lead time objects. And as Lisa talked about earlier, even on the again finish, packaging gear, reflow, floor mount, in addition to chip packaging, , we’re — our lead occasions are 4 to 6 weeks, so there’s not — there’s probably not an incentive, frankly, for purchasers to e-book issues out six, 9 months forward of time. They needn’t. They’ll get gear fairly shortly from us. So it is actually a blended bag. I would say the place now we have probably the most visibility is actually within the furnace space due to the lengthy lead occasions traditionally.

Lisa Gibbs: Yeah. And, Craig, I might simply add on the gross margin facet, we anticipate a reasonably related product combine going into Q3. So I believe we’ll see a few of these headwinds that we noticed with materials prices type of repeat once more in Q3. We do anticipate incremental enchancment in This autumn and within the fiscal Q1 as we’re transport out a few of this older backlog after which starting to ship out the newer quoted backlog that has the upper margin quotes that we have been utilizing.

Craig Irwin: Thanks for that, Lisa. I am going to take the remainder of my questions offline. Congratulations on the income outcomes. It is good to see you guys executing.

Lisa Gibbs: Nice. Thanks, Craig.

Bob Daigle: Thanks, Craig.

Operator: There aren’t any additional questions presently. I might hand over the decision to Bob Gagel, CEO, for closing feedback. Please proceed.

Bob Daigle: Effectively, thanks once more for becoming a member of our convention name, and I sit up for updating all people on progress we’re making within the months to return.

Operator: Girls and gents, this concludes at this time’s convention name. Thanks to your participation and chances are you’ll disconnect.

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