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spk03: David well on his road to recovery. So on today's call, I'll provide an overview of the business and give us an operational update. And then Walter will continue with discussion of our financial results and outlook before we open up the call for questions. So starting on slide four, it gives me great pleasure to speak with you today, not just about another solid quarter of financial and operating results for Atlas, but also to highlight the incredible opportunities we see for growth as we look forward to 2022 and 2023. This is backed by expanding market demand, stimulus funding, our tech-enabled capabilities, and our major project and program pipeline. Before I touch on these aspects of our bright future, I'd like to highlight the strength and resilience of our business that delivered solid results in the third quarter despite a number of challenges. This performance is really due to a focused execution by our entire Atlas team, and I'm thankful for that. We deliver over 15% year-over-year revenue growth, driving an increase in adjusted EBITDA to approximately $20 million. Common to our industry, the economy-wide labor pressures impacted our margins in the short term, as cost recovery programs in the form of pricing increases lagged slightly. market shifts in the transportation business led to volume decreases and some larger projects in the quarter, in comparison to the acceleration of activity in the prior year quarter when traffic patterns were at an all-time low due to COVID. We had a very strong quarter when in work, as our backlog again rose to a new record level of 757 million, fueled by new major project infrastructure and environmental related contract awards. This was an incredible feat during our third quarter, which is typically our highest revenue burn quarter. We were successful in converting into backlog nearly half of the roughly $150 million of new awards that were pending contract execution, but not yet in backlog at the end of the second quarter. And due to our results in winning new business, across markets and through the cross-selling, we now have an additional $175 million of awarded but not yet signed contracts. This demonstrates trust placed in us by our clients and the technical expertise of our professional services. Our company is purpose-built to ensure quality, longevity, and sustainability in our nation's public and private investments in our both natural and built environments. Now detailing from slide five, we expect markets and service areas to benefit from strong secular tailwinds unlike any other time that I've seen in my career. As the nation continues to recover from the pandemic, we're seeing a steady ramp in client demand as we move into 2022. This includes the renewal of infrastructure assets that are overdue for improvement, replacement, and connectivity to ensure safety and reliability, along with the renewed focus on sustaining and improving our environment. Of course, recent building and bridge collapse tragedies remind us of the importance that quality assurance and asset monitoring plays in keeping us safe, which is driving growing demand for higher safety, regulatory, and code compliance. We continue to see growth in outsourcing by state DOTs, cities and municipalities, and the private sector for both project and quality assurance services. This urgency to address overdue upgrades to our nation's infrastructure has only been heightened by the rise of climate impacts and the threats to public health and security. Growth of environmental, social, and governance, or ESG, has increased awareness on enhancing the quality of life for communities and sustainability of our planet. Clients are also looking for public and security improvements for the well-being and safety of community infrastructure and workplaces. With increasing climate and pandemic-related tragedies occurring, Atlas has responded with critical monitoring of air quality for fires in the West, assessments of possible viral exposure pathways for infection, and healthy building studies in hurricane-flooded areas. The commonality of all these focal points is resilience. In the broadest definition, it's about strengthening our infrastructure, our environment, our communities, and economies to survive extraordinary challenges. At Atlas, we've built a company that's uniquely positioned to address those challenges. Take a closer look at the next slide, please. And as you can see on slide six, the Atlas platform is directly aligned with the critical ESG focus areas of our clients. Our technical experts created innovative solutions that I will discuss a bit later on slide nine are at the forefront of addressing our clients' diverse needs, whether it's connecting smart cities, protecting our ecosystems, upgrading to healthy buildings, or other technical services required for today's rapidly evolving standards. Starting with the focus on mobility across modes of transportation and technology, all four of our service areas are engaged to capitalize on macro trends. The same holds true for risk, quality, and safety. Our ability to successfully win work in all these service areas through cross-selling and to consistently advance our acquisition integration strategy is contributing to our growth and record backlog. We continue to execute on our discipline M&A strategy, targeting companies that bring rich cross-selling opportunities to the Atlas platform and are well-positioned to capitalize on the infrastructure and environmental market tailwinds. Our pipeline is very healthy and composed of proprietary opportunities that are both technical experts and fit this mold. These targets are typically firms that have seen the rapid growth and success at Atlas over a short period of time and are excited to be part of the future success of this company. And this lends itself to deleveraging transaction structures that the principals are eager to take Atlas stock and have a vested interest in the future growth of Atlas. Several of the targets in our pipeline are in advanced stages of due diligence, and as a result, we're well positioned to expedite our strategic growth initiatives, reap revenue synergies through cross-selling, and accelerate the deleveraging of our balance sheet. Beyond these prevalent market tailwinds, the enactment of the $1.2 trillion U.S. infrastructure bill, flown on slide seven, will represent a milestone moment for the nation and for Atlas. As I said earlier, and even more so with this federal bill, this renewed focus and investment in infrastructure and environment may be the best I've seen in my career. In tandem with the upward trend of outsourcing critical technical and proprietary professional services that Atlas provides, this bill is an extremely positive catalyst for our business in the upcoming years. The spending bill is directly focused in the markets and services provided by Atlas, with transportation being the biggest, followed by water and utilities. Medical services typically represent about 6% to 8% of the spending on infrastructure and environmental projects, so this represents large incremental opportunities for our services. We look forward to working with our diversified portfolio of public and private sector clients to drive value-added services in the focus areas of the bill as new programs and spending comes online late in 2022 and beyond. Just as important as the absolute funding levels, this federal investment tailwind prioritizes the need for performance improvement and lifecycle extension of critical assets stressed by climate, health, and economic impacts. That's exactly what we do here at Atlas, and our momentum in winning larger projects continues to increase. Moving on to slide eight, we have some significant-sized projects planned for kickoff by the end of the year and into the first quarter of 2022. Consistent with this, I'm excited to profile our recent $15 million I-35 project win, which is a part of a major project for the Texas Department of Transportation. we will provide design quality assurance services for the $1.5 billion I-35 Northeast Expansion Design Build project as a partner to the Alamo NEX Construction JV team. This section of I-35 is a major gateway into the San Antonio area. It's one of the most congested roads in Texas. The proposed improvements will include elevated highway lanes, additional connector bridges, construction of general purpose lanes, revisions to ramps, improving interchanges, and other enhancements such as drainage utilities and signs. And this is expected to have a significant improvement in safety and mobility, reduce congestion, and accommodate the future traffic demands from the growth of the third most populous city of Texas. Under this phase of the contract, Atlas will provide design review of infrastructure assets to assure compliance with the design bill contract and TxDOT codes and specifications. We are thrilled to be part of this major project and anticipate being part of the construction phase as well. Our longstanding relationship with TxDOT demonstrates the trust in our expertise to deliver this major infrastructure project that will play a pivotal role in the growth of the area. And as I mentioned earlier, we bring both technical expertise and innovative solutions to our clients. On slide nine, I'll provide a couple examples of how our technology applications and innovative solutions strengthen our service offerings and help us deliver results for our clients. Our client for a University of Washington project was faced with the costly challenge of addressing contaminated assets during a stadium renovation. Our team's in-depth understanding of materials reactivity allowed us to sustainably reuse materials while complying with the environmental cleanup and code requirements. A proprietary Atlas-designed leachability and geotetical testing modeling program enabled the reuse of 60,000 cubic yards of concrete debris into the newly renovated stadium while reducing construction disposal waste and enhancing protection of nearby wetlands and groundwater qualities. As another example, I'm very proud of our team's work with the City of San Diego's critical water infrastructure. Access to this certain stretch of coastline was heavily constrained, so we used extensive geotechnical technologies, including vibrating wire piezometers and vibration monitoring equipment to develop an early warning system to coastal bluff erosion as a major threat to this critical water asset. technical experts continually use proven technologies from varying applications to develop unique solutions from GIS integration for monitoring and modeling wildfire impacts on high-speed rail the geophysics searching for deep aquifers in the West extremely proud of our diverse technical capabilities now let me address our record backlog and third quarter key wins as I said earlier Third quarter backlog increased $757 million with a number of major project wins across services and geographies. We saw particular strength in new awards as our state and municipal agency markets are getting back to a more normal course of business regarding contract procurement and lending opportunities. As you can see on slide 10, the strength of our diversity of our service offering plays well to the increased demand for our infrastructure and environmental capabilities, which in turn drives backlog growth and visibility into future revenues.
spk04: So with that, I'll turn the call back over to Walter. Thanks, Joe, and please turn to slide 11.
spk02: Now for the details of the quarter. Gross revenue of $138.7 million was up 15.1% compared to the prior year quarter, driven by strong execution across all service offerings, and contributions that were both organic and from recent acquisitions. Our environmental solution services saw the biggest gains this quarter, along with engineering and design services, as we continue to see commercial markets accelerate and larger projects and programs enter the portfolio. Net revenue of $112.5 million was 15% higher than the prior year period and represented approximately 81% of gross revenues, consistent with our strategy to cross-sell and self-perform more work to improve margins. We realized improved utilization rates even as we grew our workforce during the quarter. Like many businesses, we are managing through the great resignation, but our marquee awards tend to attract highly qualified professionals, and we have been successfully increasing our workforce this year. Adjusted EBITDA of $19.8 million was 4.1% higher than the third quarter of 2020 and represented 17.6% of net revenue compared to 19.4% in the prior year quarter. Revenue growth supported our EBITDA growth, while project mix and some labor cost inflation had a temporary impact on margins. For the third quarter, we produced adjusted net income of 4.6 million and adjusted EPS of 14 cents versus 18 cents in the prior year quarter, with some differential in EPS related to the conversion of Class B to Class A shares over the past year.
spk04: Moving to slide 12.
spk02: To date, we have delivered positive cash flow from operations. During the third quarter, cash flow from operations was a use of 6.2 million. The primary driver of this was a larger than typical build in working capital requirements to support our revenue growth. We expect a very strong cash quarter in Q4 driving cash flow and liquidity to the highest levels during 2021 as we close the year with net leverage on path to be at approximately six times by year end. Moving to our full year outlook on slide 13. We are raising the low end of our revenue range for the full year 2021. we now project revenue to be in the range of $530 to $540 million. This outlook reflects the continued strength of our backlog and operational performance, the current visibility on the timing of work, and the contributions from recent acquisitions. We anticipate that adjusted EBITDA will come in closer to the low end of our unchanged $73 to $80 million range. This is primarily due to incurring higher labor costs that impacted margins in the third quarter ahead of labor rates resetting. Given our business is approximately 90% cost reimbursable, we actively mitigate this as we price new contracts and rates on existing contracts reset. As Joe mentioned, we are excited about the passage of the federal infrastructure bill and are looking forward to incremental investments where Atlas can assist our clients in the future. Based on our existing backlog, pending contract awards, strong market tailwinds, and the accretive benefits of recent M&A, we expect adjusted EBITDA to grow in 2022 in the low to mid-teen percent range. We are all extremely excited by the growth potential for our business moving forward. Thank you, and I'll now turn the call back to Joe for closing remarks. Great. Thank you again, Walter.
spk03: I am proud to represent Atlas' 3,600 plus employees who are passionately working hard on critical infrastructure and environmental projects across the U.S. Our ability to deliver growth and revenues in EBITDA while pushing backlog to record levels highlights the immense potential of this team and our company. Our success and winning work reflects our effectiveness in integrating acquisitions, cross-selling services, and providing technology solutions to our client network. Our growth efforts continue to gain steam, supported by our resilient business model and the alignment of our business to strong long-term key market growth drivers. These market tailwinds include the renewal of aging infrastructure, broad-based commitments to environmental stewardship, and the need to improve quality, safety, and resiliency for our communities. We anticipate the infrastructure bill will help accelerate these tailwinds in coming years, and we look forward to help the nation advance its transformational investments in infrastructure and the environment. I firmly believe in the power and potential of this organization, particularly our ability to deliver solid margin performance, all while leveraging our balance sheet. I look forward to continuing our positive momentum in the final quarter of 2021 and for many years to come. Thank you again for joining us today. And operator, you can now open up the lines for Q&A, please.
spk08: Thank you. Ladies and gentlemen, we will now be conducting a question and answer session. If you'd like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys. One moment, please, while we poll for questions. Our first question comes from the line of Rob Brown with Lake Street Capital Markets. Please proceed with your question.
spk01: Hi, Joe. Hi, Walter. Hey, Rob. How are you? Great. Nice job in the quarter. Nice to see some strong growth. Dave, just... Think about the growth environment. I think you had a pretty nice backlog of projects you've won that haven't been put in the backlog yet, but maybe could you comment a little bit about how the new contract environment is coming through right now and how you see it playing out over the next few quarters?
spk03: Certainly. Really good question, Rob. As I've said, in my experience, this industry has always been in a tight labor market. We've built our business to address this challenge. I think we focus on being an employer of choice with a heart-led culture and being competitive in compensation and benefits. You know, I've also found that people like to work on marquee projects and high-profile projects. And with our backlog of major projects growing, you know, we have been a net importer of technical talent and successful in attracting some highly competent colleagues. So, we're excited about that. I think our recruiters have done an absolutely excellent job despite the labor challenges, and we see the, you know, the need to continue investing there. So, we'll continue our sharp focus on labor resources to, you know, address our revenue projections.
spk01: Okay, great. And maybe you could clarify how the how the contracting works. As labor prices go up, do you contractually, are you able to pass that on? And does that only show up a quarter or two later? How does it work in terms of getting the price increases?
spk03: Yes, we do. Basically, we've already addressed our pricing on our commercial work. And those costs have already been projected forward. On our more public work, we get a chance to pass on those costs. We do those on a term basis or, you know, on an annual basal renewal. So, basically, we have a short-term lag in that, and it typically, you know, is a one to two-quarter lag. So, we'll start to see those impacts on our labor rates improving in Q4 and into H1 of 2022.
spk04: Okay, great.
spk01: And then last question is on the infrastructure, Bill. I think you talked about that sort of hitting your or starting to hit your growth later next year. How do you sort of see that playing out and how does the federal spending, how does that normally flow through to your business?
spk03: Sure. So, you know, as I did say, first of all, I'm just, you know, very glad to see this long overdue federal investment. I know we've talked about that in the past. You know, the strength of this company is squarely in the focus of that bill. You know, infrastructure renewal, environmental stewardship, and the climate resilience is squarely where we focus. So from my experience, it'll take at least a few quarters to see impacts from this bill. And that's even on shovel-ready projects. So it's going to take a little bit of a few quarters to see that come through. And I said, you know, we're already in a great environment without the bill, but certainly even better so now And I think this speaks to the sustainability of our company. Just a reminder that I know we put out this early guidance for 2022, but it does not include the impacts of this bill as of yet.
spk04: Okay, great. Thank you. I'll turn it over. Thanks, Rob.
spk08: Thank you. Our next question comes from the line of Brent Stellman with DA Davidson. Please proceed with your question.
spk04: Hey, thanks. Hey, Joe. Hey, Walter. Hey, Brent. Hey, there.
spk06: Yeah, I guess first on the outlook for the rest of the year on the revenue side, I mean, it implies a pretty big step up here in the fourth quarter, reasonable step up. Is that typical for your business, or is that just a culmination of this, you know, backlog of work that you're going to start burning through?
spk03: Yes, let me say that, you know, I think we have a really good visibility of uh into the remainder of the year you know given our current book of of business and our you know stickiness to our um investor i mean and our uh client relationships our backlog steady um and we were comfortable raising the low end of that revenue range because of that we still um uh are making the decision to focus and invest in 2022 and growth and beyond and um And I think that we feel comfortable and that revenue is out there. I will remind you that what we are seeing is a steady growth across just about all of our markets and geographies. I think our environmental and testing inspection services are steadily growing to support pickup and commercial activity that we're seeing. Real estate transactions are increasing with financial institutions, funding deals, which drives commercial activity. Our petroleum clients are now spending on capital programs and back to almost normal levels for us. The public sector clients have been a little bit inconsistent, but are releasing delayed programs from city agencies and schools and such. And I'd say with the exception of New York, which isn't completely backsteady. And then I think most important are transportation clients now with new budgets coming forward or beginning to release new projects and budgets. And so we feel really good about what we've put out for our guidance in Q4.
spk06: Okay, understood. And then, Joe, I just wanted to clarify. It sounds like by the time you get through the first half of next year, you'll sort of be caught up. respect to where you see sort of pricing on contracts today relative to inflation you felt through the business. Is that a fair way to think about it in terms of margin performance?
spk03: Yeah, I think that's fair, Brent. I've reminded that those are costs that we've incurred to date, right? If we continue to see wage inflation going forward, of course, it'll be a little bit of a lag, but we'll continue to pass that cost on as well. But I think that's fair to what you characterized, Brent.
spk06: Okay. Okay. And then the $175 million in work, does that get signed this quarter and presumably fill in backlog? I'm just wondering if any of that's a carryover of last quarter, whether the processes to firm these kind of new contracts are taking longer. Joe, any thoughts there?
spk03: Sure. So, Rob, let me give you, if you remember last quarter, we had 150 million of awarded but unsigned, which at that time, as I told you, was an increase, a steady increase over what we normally see. So we signed about 70 million of that in Q3. So we still got another, what, 80 or so to book, and we added to that another 95 million of awarded not signed contracts. So I would tell you that I'd expect, you know, I'd hope that half of that would be signed in Q4 and probably continue on into Q1. But it is a direct reflection of our clients being back to work and getting their contracts groups and procurement resources back. So it is a little slower than normal, but that's what I anticipate.
spk04: Okay. That's great. Thank you, guys. Sure.
spk08: Thank you. Our next question comes from the line of Daniel Burke with Johnson Rice. Please proceed with your question.
spk05: Yeah, good afternoon, guys.
spk04: Hey, Daniel.
spk05: How are you? Just one on the M&A pipeline for you all. You noted you had some good opportunities still in front of you, but I guess I just wanted to ask with the infrastructure bill now a reality, How does that influence maybe bid-ask spreads when you're looking at potential opportunities and deals?
spk03: So let me start by saying that I think the infrastructure bill just reinforces that we're confident in our strategy. I think we are focused squarely where the bill is focused in infrastructure and environmental tailwinds. You know, as we continue to look at those markets and we really are focused on, you know, really geographies where the states are being creative and particularly alternate funding means, you know, we love the transportation space, road bridges, highways, water systems, transit rail, and utilities. That's where we're focused. As you mentioned, we had focused on proprietary opportunities. So we typically shy away from broker-led deals. And we're looking for technology leaders and those businesses that are focused in the same market growth drivers that we are currently in and leverage those to cross-sell services. So we have seen a slight uptick, and there's certainly some higher multiples being paid out there. But given our strategy and where we focus – you know, we haven't seen that much of an impact on increasing maybe a half of a turn from where we've been traditionally focused, if that helps you.
spk05: Yeah, it does, Joe. Thanks. And then I guess maybe to pivot just a little and refer back to an earlier question, I don't want to get too myopically focused on a singular quarter, but when we think about order – inbounds and backlog trending through year-end. I mean, you do have the benefit of your customers, in many cases, being back in the office. And the fact that the pending contract award figure is up versus three months ago, I mean, it would seem to suggest a positive environment and the potential for sequential improvement in bookings in Q4 and a further rise in backlog. But I want to make sure I appreciate any sort of seasonal elements that Q4 can sometimes bring that might affect bookings you'd expect to see in a fourth quarter, if you could comment on that.
spk03: Certainly. Daniel, so I would say I think you're fair to assume that. I will tell you that actually Q4 is our biggest, I'm sorry, Q3 is our biggest burning quarter. So backlog growth in this quarter is a real positive sign for us. Obviously, I think with the, I'm just talking about normal signings of these awarded projects yet to be signed should, in fact, grow our backlog, would be a positive impact to our current backlog levels.
spk02: Many of the state DOTs, Daniel, sorry. Go ahead, Daniel.
spk05: No, no, Walter, please. Go ahead.
spk02: Yeah, so many of our state DOTs, they just got into their new fiscal year, so we see, you know, usually here some increased letting here in the fourth quarter as they kind of tap into their new budgets.
spk05: Okay, that's helpful. And then a last simple one. Can you guys give me just an estimate on where organic revenue growth was year over year in Q3?
spk02: Yeah, Daniel. So year to date, we're above 3% organic growth. This quarter was down a little, but we don't guide quarter to quarter in terms of revenue growth and organic growth. For the year, we expect to be in the mid single digits for the full year 2021. It's in line with our expectations and on track with our guidance. Got it.
spk05: Okay, thank you, guys. I appreciate the time this afternoon.
spk03: You bet. Thank you, Daniel. Appreciate it.
spk08: Thank you. Our next question comes from the line of Catherine Thompson with Thompson Research Group. Please proceed with your question.
spk07: Hi, thank you for taking my questions today. On large project lands, you've discussed this year how you're seeing larger projects This year as the company grows, the platform builds, and you're just able to win larger, more complex projects. And even recently with the quality assurance project that you announced in Texas is testament to that. What, if any, change do you see with that, with the passage of the federal infrastructure bill? And it's stepping back and looking forward to being really more interested in terms of what your end customers, you're saying, and how they plan for large projects based on a potential passage of the bill. Thank you.
spk04: Sure. Hi, Catherine.
spk03: You know, let me say that I think we will continue to see some of these larger projects and the importance that quality assurance plays in these larger projects, which is relatively new scope of work to larger design build opportunities. So I think to answer your question, I think the projects that our state DOTs are planning on putting out is probably for large projects. It's already been on the radar screen and have been bid or at least planned previously. I don't know that this infrastructure bill will have a dramatic impact on some of the larger projects outside of maybe Georgia 400 project in Georgia. But I'm sure there's a number of other larger projects that I'm currently not aware of that my technical team would be. But I'd say the answer to that is, again, I don't think there's a huge pickup in large design build pickups that this infrastructure bill will push through. And we think it's going to go mainly through state DOTs, cities and municipalities, which would lend itself to more What do you want to say? Just smaller projects and ties.
spk07: Okay. A lot of focus on the surface transportation, but there are definitely some larger dollars set aside for wastewater. How has your work and project activity been around water and wastewater progressed into the back half of the year? I started to see early signs in the first half. particularly as you had residential build-out progressing, what are you seeing now and what does this look like over the next, say, 12 to 18 months based on your experience and what you're seeing now in the pipeline?
spk03: So, let me say that we have seen around our Pennsylvania, Philadelphia area, we have seen a pickup in our wastewater design and oversight services in that area. I would say that's about the only area that I can tell you that I can think of that has a dramatic improvement, at least over last year, in services in the water, wastewater area. We are seeing, obviously, more construction, engineering, and inspection projects coming online in regards to water, so there's water projects being built out. But outside that, Catherine, I can't say that I have a crystal ball into the next 12 24 months around water and water and projector for us I would say that majority of our projects that we have that currently out there are really focused more on the transportation side of the business including transit and rail and all forms of those projects okay
spk07: Thank you. Helpful on that. And then on the labor front, obviously has been a focal point throughout this year. Also have the added vaccination mandate. And we're hearing from a wide variety of our industry contacts that that has created additional complications just in getting jobs done. How are you managing that? And what update can you give on the labor front in terms of just getting projects done?
spk03: Sure. Well, I will tell you that for us, it currently hasn't had an impact to us in regard to getting projects done or even to, you know, a turnover in staff. I will tell you we are obviously in the middle of a vaccine bill that's a federal mandate on federally funded contracts. And then yet we have some state contracts that are absolutely counter to that same mandate. So we are trying to work through the differing requirements that are out there in regards to vaccines and still a top priority for us. But it has not been a current impact to getting our projects done or even turnover in our staff that I'm aware of.
spk07: Okay. Perfect. Thank you. And have you... I know, once again, a lot of focus on infrastructure, but one thing that we have seen in leading into potential passage of these bills or long-term highway bill, sometimes you'll see people hold back bidding just to see what happens, but that doesn't appear to be the case this time around. Case in point, you were saying that you're seeing a level of bidding activity like you've not seen before. I guess, has this momentum continued and is there any momentum in turning these bids into projects, in part because of the infrastructure bill or other factors that we may not be taking into consideration?
spk03: Let me say that we saw a tremendous pickup in transportation work, both mainly in the execution of the work in Q3 and Q4 of last year, right? So our transportation business grew 24% in 2020. So, you know, as the state agencies were really accelerating work due to low traffic volumes. And so, you know, we were caught in a little bit of a volume downturn in 2021 as basically some of the – particularly around the Texas DOT markets had – had really accelerated work. So we're now seeing that the new budgets are sort of back on track to normal historic levels there. I haven't seen, I can't cite a specific example of any impact we've seen currently from the federal infrastructure bill on transportation, at least not in the lettings currently. And I don't know how else to answer that other than what I just communicated, unless I've missed something.
spk07: That's helpful. And thank you for answering that question today. Best of luck.
spk03: Thank you, Kath. I appreciate it.
spk08: Thank you. Ladies and gentlemen, at this time, there are no further questions. I would like to turn the floor back to management for closing comments.
spk03: So let me thank everyone for joining us today. We really appreciate your support of Atlas and look forward to updating you on our progress. Thank you very much. Thank you.
spk08: Thank you. Ladies and gentlemen, this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.
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