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spk05: improved plant utilization in our heavy fabrication segment, which benefited from increased tower demand, were reproduced for three wind turbine OEMs in the quarter. Our TTM consolidated sales was $207.4 million exiting the third quarter, which now includes approximately $63 million of non-wind revenue. Since launching our revenue diversification initiative, we've made significant progress into non-wind markets. and continued to focus building that book of business. Compared to the prior year quarter, gross margins declined 190 basis points to 6.8% in the third quarter. The supply chain and staffing disruptions, which drives labor inefficiencies because we were working out of optimal process, impacted gross profit by approximately $600,000 to $700,000. Several customer project delays into future periods which we announced in early August, also weighed on margins during the quarter. The year-over-year change in gearing performance drove a 270 basis point decline in gross margin. Operating expenses of percent of sales was approximately 8% and below our long-term target of 10%, primarily due to improved plant utilization, effective cost management, and higher material content on the product mix sold. we are prudently managing operating expenses as evidenced by flat expenses year over year on an 18% revenue increase. Within OPEX, increased self-insured medical expenses were offset by lower incentive compensation expenses. An interest expense declined to $500,000 from $600,000 in the prior year quarter due to lower debt levels. Notwithstanding the pandemic headwinds, we generated $1.3 million of adjusted EBITDA in the third quarter, a decrease of $600,000 versus the prior year period. On a TTM basis, we've generated $9.5 million of EBITDA, a $5.8 million improvement when compared with the performance in the previous 12-month period. Over that period of time, adjusted EBITDA margins improved 220 basis points to 4.6%. Moving on to our heavy fabrication segment. Third quarter sales were $43.4 million, a 28% increase on a year-over-year basis, primarily due to increased demand as the industry ramped up activity levels to support higher expected US wind turbine installations. Third quarter orders were $31.4 million compared to $65.6 million in the prior year quarter. As a reminder, Prior year order levels were abnormally high as turbine OEMs were securing capacity well in advance of historical lead times due to expectations of surging wind tower installations in 2020. Our backlog provides visibility to our remaining 2020 production, and we are in discussions with our customers regarding 2021 production. Subsequent to quarter end, we have booked $13 million of tower orders for multiple OEMs for 2021 production. And as of this call, we have approximately 35% of our 2021 optimal tower production capacity sold. We sold 312 sections in the quarter, our fourth consecutive quarter in which we have sold more than 300 sections. To support this level of demand, our tower plants operated near peak utilization during the third quarter compared to approximately 75% in the prior year quarter. Average selling prices per unit were higher in the quarter, primarily driven by a stronger commercial environment when the orders were placed in the prior year, together with the benefit associated with the production of larger, more complex tower designs. Segment adjusted EBITDA increased 63% year-over-year to $3 million, given the increased plant utilization and higher ASPs. Although we met our revenue target and customer commitments during the quarter, adjusted EBITDA margins declined sequentially by 280 basis points. The complexity of multiple design changeovers, supply chain, and labor disruptions weighed on margins throughout the quarter, and they also continue into the fourth quarter. Notwithstanding the aforementioned challenges, segment performance was dramatically improved on a TTM basis, with adjusted EBITDA increasing from $3 million to $14 million this year. Shifting to our gearing segment, gearing segment orders declined from $5.9 million in the prior quarter to $3.2 million. Order activity remains below prior levels and is constrained by lower capital spending by our customers since the onset of the pandemic, together with lower oil and gas activity as reflected by a sharp year-over-year decline in the North American rig count. Importantly, we are beginning to see some green shoots in the oil and gas market, with the North American rig count now having increased for eight consecutive weeks. Despite this optimism for a future oil and gas market recovery, we remain focused on executing our strategy of diversifying our customers and products. We are beginning to see increased levels of quoting in many of our end markets, and we'll continue to focus our commercial efforts in other markets, even when oil and gas markets recover. Our backlog was $15 million as of 9-30, flat on a year-over-year basis. Third quarter segment sales declined to $7.1 million from $8 million in the prior year due to lower demand from oil and gas and mining customers. As a result of the operating leverage profile of the business, the reduction in sales resulted in a $500,000 EBITDA loss during the quarter. We have and will continue to take actions to preserve margins in cash including right-sizing labor and deferring capital purchases while we are in this challenging environment. Industrial Solutions recorded $4.9 million of new orders in Q3, down slightly compared to the prior year period. TTM segment orders are approximately $19.5 million, up roughly 21% over the prior year period due to our customer regaining share higher aftermarket activities, and our progress expanding share within our primary customer. Segment backlog has grown 38% year over year, ending at $10.3 million, offering solid visibility to revenue over the next several quarters. Third quarter segment sales decreased to $4.1 million from $4.3 million in the prior year, mostly driven by supply chain delays on just-in-time deliveries, and customer driven project delays to Q4. Segment adjusted EBITDA was $200,000. The operating leverage associated with increased volume and effective cost management has resulted in TTM EBITDA of $1 million, a significant increase over the comparable TTM period. At September 30th, 2020, operating working capital was $13.5 million, for 6.2% of sales, and nearly $7 million sequential improvement, primarily due to increases in inventory turns to eight times in timing of receipts. DSO continues to trend favorable at 40 days. We are continuing to manage AR aggressively and new credit responsibly, and as a result, we have not experienced significant write-offs following the onset of the downturn. Deposits and AP were modestly lower, resulting in a cash conversion cycle of roughly 23 days. Total cash and availability under our credit facility remains above historical levels, with nearly $22 million of liquidity at quarter end. We had approximately $8 million drawn under our credit facility and had $2.5 million of cash on our balance sheet. We generated $7 million of free cash flow during the quarter positioning us to reduce debt by approximately $5 million. With low ongoing CapEx requirements, our capital allocation strategy continues to focus on repayment of debt, which should position us well to make future investments as our non-wind and markets recover. Subsequent to quarter end, we executed an amendment to our loan and security agreement. This amendment extended our line of credit maturity date to July of 2023, And more importantly, lowered our borrowing costs by approximately 300 basis points. Reduction in borrowing costs reflects a strengthened credit profile, a result of our improved operating performance over the last 18 months. As we highlighted on previous calls this year, we received approximately $9 million of proceeds under the Paycheck Protection Program. We believe we met all the requirements set forth by the Treasury to apply for the loans and did so in good faith, and ultimately ensuring continued employment for our employees during the period of widespread economic uncertainty, which continues today. For reference, these loans can be forgiven by the Small Business Administration if borrowers can demonstrate that they use the funds on eligible expenses such as payroll, rent, mortgage interest, and utility obligations over a 24-week period. We utilize 100% of the loan proceeds on these eligible expenses, and we are planning to submit our forgiveness application to our lender and the SBA in Q4. The US Treasury previously announced that all borrowers that receive PPP loans in excess of $2 million will be audited. However, the timeline for that audit is unclear at this time. To the extent the PPP loans are not forgiven, the company is required to repay the loans over a two-year period at a 1% interest rate. Our net leverage declined to the lowest level seen in several years, ending the quarter at 0.9 times trailing 12-month EBITDA after netting out the PPP loans. We believe we are positioned well to manage through the COVID-19 challenges given our low leverage profile and strong liquidity position. We've received proceeds of $300,000 during the quarter under our now-expired ATM program. This $10 million ATM was largely unused during the three-year period, and at this point, we do not have plans to reintroduce this program in the future. As we look at Q4, we are continuing to see similar challenges like we did in Q3 in our production facilities, stemming from the spread of COVID in the communities we operate in and ongoing supply chain disruptions, both of which will weigh on margins in the quarter. We expect revenue to be approximately $43 million to $46 million and EBITDA to be approximately half a million dollars to $1 million. And lastly, we anticipate providing full year 2021 guidance on our Q4 conference call. That concludes my remarks. I'll turn the call back over to Eric for an overview of conditions within our end markets in addition to some concluding remarks. Thanks, Jason.
spk07: Our country has been hit with a series of historic challenges this year. During this period of widespread volatility, our leadership team remains focused on positioning the business for profitable growth. In application, this means continuing to grow market share in both our legacy onshore wind and non-wind markets, while continuing to explore potential entrance into the offshore wind space. As for our response to the COVID-19 pandemic, we're continually monitoring the potential impact of the virus on our operations, customers, and supply chain. We've implemented all necessary and appropriate protocols as recommended by the U.S. CDC to ensure the continued well-being of our team. Our businesses are considered essential and critical infrastructure as defined by the U.S. Department of Homeland Security and we remain open and operational. Throughout this pandemic, we've continued to produce and ship products to meet our customers' needs. Our order rates have declined since the COVID-19 outbreak, as our customers are dealing with the overall economic uncertainty we're all facing. However, our quoting activity has increased in recent weeks, pointing to a first half of 2021 recovery in orders. The full impact of the virus on our business and end markets remains difficult to quantify. We anticipate that current availability under our credit line and PPP proceeds will provide adequate liquidity to support our business during this period of uncertainty. Moving on to an update of markets served and our continuing diversification initiative. On a TTM basis, our non-wind revenue represents about 30% of total revenue. We continue to pursue opportunities outside of the wind sector to offset the lumpy timing of wind orders. We are seeing continued growth in our industrial markets, which include material handling and infrastructure projects, with power generation and mining remaining relatively stable. These markets are partially offsetting the softness in oil and gas we continue to see. On a TTM basis, the rebound in our wind-based revenue has caused non-wind revenue to represent about 30% of total. We continue to invest business development resources toward markets with the biggest opportunities for growth, as we continue to press for market diversification. Turning to our demand outlook by end market, beginning with the wind sector, which represents about 70% of TTM revenue, the outlook for this sector continues to be positive, driven by various economic forces such as the PTC, including the one-year extension announced late last year, the competitiveness of wind power versus other sources, and the nation's desire for clean energy. There are currently more than 60,000 turbines operating across some 41 states in the U.S., with individual state renewable portfolio standards supporting further growth. Thirteen states have more than one gigawatt of wind projects, either under construction or advanced development, with Texas, Colorado, and Kansas leading the way. While underlying demand conditions continue to support strength for this sector over a multi-year period, our customers acknowledge that some projects scheduled for this year and early next could be delayed due to the pandemic. In 2020, Wood Mackenzie projects that more than 16 gigawatts of wind power will be installed in the U.S., followed by 13 gigawatts next year, both significant achievements. And as a reminder, the federal government has given an extra year to bring projects slated for 2020 online without jeopardizing important tax credits. Looking ahead, in addition to the strength expected for onshore installation through 2021, Wood Mackenzie forecasts increasing demand in the out years as offshore turbines gain traction in the U.S., adding to a stable onshore demand. This long-term projection for U.S. wind now has improved to include nearly 25 gigawatts of offshore installations for Wood Mackenzie. Although some projects have moved from 2023 to 2024 and 2025, the industry still expects 2023 to be a strong initial year for offshore wind developments. We generated about 8% of our TTM revenue from the industrial sector, which has an outlook of positive to neutral. Much of our revenue in this sector comes from customers and material handling, with ultimate end users in defense and similar vital applications, which are less cyclical than some of the other markets we serve. Our deepwater port in Wisconsin, combined with our heavy lifting capacity, unique fabrication capabilities, and huge paint booths, continue to draw strong customer interest. 8% of TTM revenue came from the power generation sector. We see a positive demand outlook. Our primary customer in this market is gaining share, and we continue to expand our customer base in the new gas turbine space. The mining sector drove about 9% of TTM revenue, and our customers report a neutral outlook. Orders from this sector, which was strong in Q1, have softened since. The oil and gas sector, which comprised 4% of TTM revenue, have seen a significant decline in demand. Hydraulic fracturing economics are less attractive with the recent pullback in crude oil prices causing customers to defer their capital expenditures. Customer activity levels have improved in recent weeks as recounts have increased. Construction drove about 1% of TTM revenue, and we see the outlook for this segment as neutral to negative in the near term. An infrastructure bill, if introduced, would certainly benefit us, as this would create demand for new equipment purchases to support road building, bridge construction, and waterway projects. At this juncture, expectations are for a successor to the FAST Act sometime during 2021. Our key initiatives for broadband remain consistent. Our near-term and medium-term strategy for the business remains unchanged, in spite of the challenges of COVID-19. In the heavy fabrication segment, we were in discussions with our expanded base of tower customers to sell our 2021 capacity. We will continue to improve processes and system capabilities to maximize throughput and profitability. We continue to see progress around offshore, particularly given the recent announcement of multi-year projects on the East Coast, reflecting the growing demand for offshore wind in that region. We will leverage the investments made in our engineering and supply chain teams to better support the evolving tower market, as well as other opportunities. And lastly, we will continue our built-in quality continuous improvement action to ensure smooth process flows and good throughput in our plants. In the gearing segment, we remain focused on accelerating our efforts towards end market diversification by leveraging our experienced engineering and sales teams. We will grow our custom gearbox business and leverage our service and repair facilities in Illinois, Pennsylvania, and North Carolina to better serve customers in the Midwest, Northeast, and Southeast regions. Lastly, we will continue to size our business in accordance with market demand. In our industrial solutions segment, we continue to focus on expanding our core product line of new gas turbine and aftermarket components as we push into adjacent markets. Our rebranding initiative continues with the rollout of our new website and support materials. We are following that with an increased digital marketing campaign designed to reach customers where they are in a time where trade shows and customer visits are significantly limited. Looking ahead, we remain excited about our growth potential in wind, renewables, and clean tech, but also see opportunities to grow in the other markets we serve, such as material handling, power generation, and other industrial applications. We're continuing a multi-year diversification plan to leverage our core process capabilities in other markets, and have achieved TTM revenues in excess of $60 million outside of wind, even as we grow our position in wind. The extension of the PTC for a sixth year, which is a real benefit for our wind market, and the recent favorable trade case findings provide a catalyst for growth in our heavy fabrication segment. Thank you for your interest, and we look forward to providing updates throughout the coming year as our business navigates through this period of uncertainty. With that said, I'll turn the call over to the moderator for the Q&A session.
spk03: Thank you. At this time, we'll 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 your handset before pressing the star key. Our first question comes from the line, I'm Eric Stein with Craig Hellum Capital Group. Please proceed with your question.
spk06: Hi, Eric. Hi, Jason. Hi, Eric. Good morning. Hey, good morning. So I'm wondering if we could just start with wind. You know, I know that you've been looking at this for a bit of time in terms of offshore, you know, and I'm just curious, I mean, obviously, whether it's the political backdrop or any number of other factors that go into it. What are kind of the next things that we should look for in terms of your actions here, and potentially the timing, if that's something that you could share?
spk07: Well, what I will share is that we've been out to sites, taking a look at evaluating different sites on the East Coast to do a greenfield, to do a greenfield plant. You've heard me mention that the man-to-walk operation has the capabilities to do offshore wind, and that would be the quickest entrance into the market, but that might be a long putt because of the cost of transport from our man-to-walk plant to the east coast. So we are evaluating, as I said, locations on the east coast. As far as the next steps. Again, we're in discussions with our OEM customers and they're in discussions with their developers. And as they mature and get closer, then we will come to a conclusion together as to whether or not this makes sense commercially to actually do a build on the East Coast. As far as timing, Eric, if we're to hit the first tranche of offshore installations, which is occurring in 2023, assuming it doesn't move more to the right because of permitting or whatnot, then we would likely need to have a decision sometime in Q1 or Q2 2021, which would give us enough time to build a factory and get it up to speed in order to hit those initial installations in 2023. Yep, got it. No, that's helpful.
spk06: And maybe just sticking with wind, you mentioned that for 2021, you've got 35% of your, you know, effective or, you know, the effective capacity that you'd like to run at. Can you just give us a sense? I mean, at this time, and maybe it's a tough comparison to make because last year was so heavy as people tried to get in front of, you know, long lead times. and the PTC here in 2020. I mean, how do you feel about this number? In a more typical year, is 35% a typical number, or are you ahead or, I guess, potentially behind where you would have been? Yeah, that's a good question.
spk07: This is a typical year, and we're right, frankly, where we normally are in a normal year. So as this quarter continues towards the end of this year and into next year, we'll have a lot more visibility. But yeah, this is common. Last year was an anomaly because of the order ahead, if you will. Right. Because of the strong, yeah, strong 2020.
spk05: Right. And we're in discussions with multiple OEMs for that production as well. So that is encouraging to us as well.
spk06: Yeah. Okay. Got it. Thanks for that. And then maybe last one for me, just On the fourth quarter commentary, you give a lot of detail in terms of trends in the various end markets, wind, but also non-wind as part of that diversification. But maybe from a high level, just kind of some puts and takes that would get you to the low end versus the high end of that 4Q outlook.
spk05: We have this range on the revenue side is, That is in our backlog today. Now it's about executing. So we think we expect the wind demand to come down for towers in Q4 based on the announcement that we had in early August. We'll offset that with some increases in our industrial solution segment, industrial fab, and then gearing there, there'll be a little bit of an increase as well. But overall, it's going to be a down quarter from the top line, primarily because of the volume reduction. We'll probably be operating at close to 75% plant utilization in towers. And then additionally, there's about a $5 million reduction because our customer is supplying materials. And that's just the pass-through. That'll just be a change in the margin profile.
spk06: Got it. Okay, thanks a lot.
spk03: Thank you. Our next question comes from the line of Justin Clare with Roth Capital Partners. Please proceed with your question.
spk09: Hi, guys. Thanks for taking the question. Hi, Justin. Hi. So, I guess first off, for Q3, just wondering, did supply chain and staffing constraints result in any delays in your ability to meet orders, like was there an impact to revenue or did you just see the impact on the cost side? And then looking forward, I guess a similar question, do you expect any impact to order, your ability to meet orders or margins in Q4? How do you see that trending?
spk05: I'll start with the impact on Q3. So we met our commitments to our customers in Q3. Certainly it was a challenge on the execution side to do that based on those disruptions that we talked about. And that, as we had in our prepared remarks, that was approximately $600,000 to $700,000 of erosion in our gross profit during the quarter. So it had a pretty immaterial impact on our business. As we look into Q4, you know, we feel like the supply chain is starting to recover, and we feel like we're in a position to have all of our supply chain covered for Q4 shipments, but there still is some risk, so we're mindful and being cautious on that side.
spk07: Yeah, Justin, how it really impacts us is what I would call out-of-process work, and as the materials come in, we're able to complete them on time, but sometimes we've got to set a project aside and then go back to it to complete it on time. And that's what I mean by out-of-process work. It's extra handling. It's not really rework, but it's out-of-process work, Justin. That can be expensive in a manufacturing operation.
spk09: Okay, got it. And then you should think to ASPs. You indicated that tower ASPs in Q3 moved higher Is that something you expect to continue in Q4 and into 2021? You know, could you talk about, you know, a little bit more about why the ASPs are moving higher? Is it more complex towers? And then how does that impact the margin? Like, are you able to capture a higher margin with that higher ASP or are margins likely to still be kind of in the same level?
spk07: Well, I'll start, Justin, then I'll ask Jason to add some color. The towers are getting bigger, which affects the individual average selling prices. And whereas a couple years ago, the average tower was three sections, we're producing three, four, five, and sometimes six-section towers. So that drives the average selling price just naturally up. As far as the margin profile, those would be basically consistent. Jason, do you have any comments?
spk05: Yeah, Q3, small increase, about 8,000 per section sequentially. We're looking at our order book for Q4. That comes down by about 20%, and a lot of that is because a chunk of these jobs or these orders are the materials are basically provided by our customers. As we look into As we look to next year, I think it's a little early to look at what the ASPs, I think they'll be relatively consistent on a year-over-year basis. And we've had a lot of fluctuations this year based on different designs, different amount of materials provided by our customers for these different projects. I think as you model it and as we're thinking about next year, it'll be fairly consistent.
spk09: Okay, that's helpful. And then turning to your customers, in Q3 you produced three of the top four OEMs in the U.S. What do you see going forward? Do you anticipate continuing relationships with each of those three customers? Could you add another customer? And then if you could speak to, are you seeing a more consistent order flow from GE? Are you able to grow that relationship?
spk07: Well, we're certainly talking with those three of the four. And a reminder, the fourth one, which we can produce four, they produce their own towers. So we'd love to produce for all four, but that fourth one doesn't really need our capacity at this time. So we are in communications with those remaining three, and I do expect to build at least for two of those three in 2021, possibly three of the three, depending on where they might have their projects and which projects they win, Justin.
spk09: Okay, great. I will pass it on. Thanks. Thank you.
spk03: Thank you. Our next question comes from the line of Amit Dayal with HC Wainwright. Please proceed with your question.
spk04: Thank you. Hey, good morning, Eric. Hi, Jason. David. Good morning. Most of the questions that have been discussed, we're just trying to, you know, touch on sort of the non-wind contribution expectations for the near term. Are we hitting a little bit of a ceiling in terms of, you know, how much the non-wind side can, you know, bring in given sort of the macro environment right now?
spk05: We've seen, you know, since the pandemic, we had a really strong Q1 in the gearing markets that we're in. It was a very healthy quarter. And I would say the same for the industrial fabrications, which are in those other cyclical markets like mining and material handling, construction. Since Q1, the order book certainly has come down in the quoting activities. We think have bottomed in Q3. We're starting to see some recovery. But certainly, we are starting to feel the impacts in our revenue in Q3 from reduced orders in Q2. We're expecting some growth. in Q4 in those markets that I just talked about. And I think we're encouraged as we look into 2021 that the coding activities and our funnels and pipelines are starting to improve. That would indicate that the volume should be higher next year in those non-wind markets.
spk04: Understood. And maybe, you know, just sort of a high-level regulatory type question. Given where we are with sort of the election results today, you know, can you share your view on, you know, the regulatory setup that could sort of drive or create challenges, you know, for the next 12 to 18 months?
spk07: Well, yeah, that's a great question. We're all kind of wondering that same thing, right? Yeah. But regarding our market, because we're so diverse, which is our intention, as some markets are stronger, some markets might become weaker and whatnot. But the gradual step down in the PTC, you know, we're anticipating that. We don't know if there will be a PTC extension. But even without a PTC extension, we're confident in wind. You know, there's bipartisan support for wind in Congress. We're confident that it's a viable and competitive source of power generation for years to come. That's the win piece. The other piece, there's been discussion of an extension of the FAST Act perhaps in 2021, also the infrastructure bill that Congress has been kicking around. I think once the election gets past us, I think both parties are talking about an infrastructure bill, and I think that could certainly lift a lot of the markets that we serve, mining, construction, material handling, etc.,
spk04: I think that's all I have for now. I'll take my other questions offline. Thank you so much. Thank you.
spk03: Thank you. Our next question comes from the line of Martin Molloy with Justin Rice. Please proceed with your question.
spk08: Good morning. Good morning. On the recent anti-dumping and countervailing duty petition that was filed at the end of September, I think India, Malaysia, Spain. for wind towers. Can you maybe give us an update there? And what percent of the market are those three countries responsible for in the U.S. market?
spk07: Yeah, what's interesting is the first suit, or the suit against Korea, Canada, Indonesia, and Vietnam, represented about 1,000 towers out of a general market of about maybe 4,000 towers. You know, that case was one, and we found that That shift, or the imports shifted from those countries to these countries, Malaysia, India, and Spain. There has been a surge of imports from those countries up to an annualized pace of between 600 or 700 towers and climbing, or about, I think it's 1,500% increase, which is why they became on a radar screen and we had to file this preliminary case. So where the case is, It's in preliminary investigations by the ITC, and we expect their preliminary findings in December.
spk08: Okay. Thank you. And then the other question I had, in terms of opportunities for you on the onshore wind side, when older wind installations are replaced with turbines with higher capacity, Is there an opportunity for you on the replacement wind tower side? Are you seeing that out there?
spk07: Yeah, excellent question. We refer to that as repowering, and there is a repowering initiative, and we are selling into that market. We've done repowering jobs for a couple OEMs right now, and we're quoting on a third. So that's definitely a market we're interested in. We're quoting into that market. and two or three OEMs right now.
spk05: Great. As you look at the revenue attached to that, it's a much lower steel content. The adapters could be maybe a fifth of the revenue, but certainly the volumes seem pretty healthy, at least in the commercial environment right now. So we're optimistic that that can provide some lift in that business.
spk07: By virtue of just explaining it a little bit differently, Jason referred to it as an adapter. That adapter can either be at the top of the tower, at the bottom of the tower, or actually a replacement section of one of those towers. And the whole point is to try to make sure that that tower can receive a new and more efficient turbine or nacelle on the top with perhaps larger blades. So those adapters come in various forms. We produce multiple different forms of those adapters.
spk08: So if a new wind tower is, I'm just going to make up an ASP, say 400,000, something like that, what would, on a replacement wind tower, what would the scope be or average selling price for you all?
spk07: It would depend on the size of the adapter, but maybe 10 to 20%. Okay. Understood. Thank you.
spk03: Thank you. Ladies and gentlemen, this concludes our question and answer session. I'll turn the floor back to Mr. Blash for any final comments.
spk07: Well, thank you, everyone, for joining the call. We appreciate the interest in our business. Stay safe out there, vigilant as we're all fighting through this crazy time, and just look forward to meeting with you in another three months. Thank you much.
spk03: Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.
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