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spk07: Good day, ladies and gentlemen, and welcome to the Max Beyond Solar Technologies Third Quarter 2020 Earnings Conference Call. Currently, all participants are on the remote. Later, we'll conduct a question and answer session and instructions will be given at that time. As a reminder, today's conference call is being recorded. I will now turn the conference over to your host, Mr. Gary Dvorak of the Blue Shirt Group. Start your meeting again.
spk04: Thank you, operator. Good day, everyone, and welcome to Maxion's third quarter 2020 earnings conference call. With us today is Chief Executive Officer Jeff Waters and Chief Financial Officer Joanne Solomon. Also available for questions during the Q&A is Chief Strategy Officer Peter Aschenbrenner. Let me cover a few housekeeping items before I turn the call over to Jeff. As a reminder, a replay of this call will be available later today on the investor relations page of Maxion's website. During today's call, we will make forward-looking statements that are subject to various risks and uncertainties that are described in the safe harbor slide of today's presentation, today's press release, the 6K, and other SEC filings. Please see those documents for additional information regarding those factors that may affect these forward-looking statements. To enhance this call, we have also posted a supplemental slide deck on the events and presentations page of Maxion's Infest Relations website. Finally, we want to point out that results reflect the full three-month period. Through August 26th, we were part of SunPower. Since then, we have operated as an independent company. With that, let me turn the call over to Maxion's CEO, Jeff Waters. Jeff?
spk06: Thank you, Gary, and good day, everyone. I'm delighted to be addressing you today as the CEO of Maxion Solar Technologies in our first earnings call as an independent company. I'd like to start by thanking the teams at Maxion and SunPower for as well as our strategic shareholders, TZS and Total. It was the collective hard work and collaboration of these teams that made possible our spinoff on August 26th. We're energized and optimistic as we start this new chapter as a recapitalized independent company with leading technology, brand, and global downstream channel. This first quarter as an independent Maxion was a good one. The recovery in our business continued with solid sequential growth in shipments and revenue and improved margins. Growth was balanced across all geographies, driven primarily by the strong channels we have built in the distributed generation, or DG, segment. Joanne will cover those financial details shortly. Now I'll review developments in our two businesses, DG and large-scale power plant. First, DG, which we expect to continue as the near-term driver of our business. DG was strong around the world, with sequential revenue growth of 35%. Nearly all regions grew sequentially as markets continued to recover from the COVID-induced disruption. We believe that the DG opportunity outside the U.S. is promising. For example, let's look more closely at Europe, which was especially strong this quarter. In Q3, we shipped 106 megawatt into the European DG market, almost equal to the 110 megawatt that went in to the U.S. to our partner SunPower. We expect continued DG growth in Europe due to three primary factors – First, demand in our core markets such as Italy, Benelux, France, and Germany continues to grow, driven by the increasingly attractive economics of self-consumption and strong government support measures. Second, we continue to build market share, having nearly doubled our share of the European DG market in the past two years. Finally, we're expanding our footprint into incremental markets such as Greece, Hungary, Cyprus, Bulgaria, and Lithuania. To further accelerate growth in October, we initiated an incentive program for installers that buy through our official distributors. This program is intended to strengthen our distribution network by giving installers the tools to both create and rapidly fulfill demand. We introduced the program in five European countries and expect to roll it out across Europe in 2021. In parallel to expanding our geographic footprint, we are driving product innovation. In July, we made the first concrete step toward implementing our beyond-the-panel strategy when we announced our AC module product line. We are already taking orders in certain European markets and expect to make our first AC module shipments within the next few weeks. Our inverter-integrated AC panels offer several compelling benefits. Installers benefit with access to highly differentiated, best-in-class products and a simplified sales, design, and installation process. The factory integrated and tested panel enables fewer parts and installation steps, and a single SKU simplifies inventory management. As well, installers can capture more revenue because the system is easily expanded with incremental panels. In the end, installers and customers get more peace of mind from a high performance, reliable product that will produce more energy over the life of the system. On top of the increased reliability and performance, and customers also benefit from an industry-leading 25-year product warranty. And with a monitoring app that displays real-time and historical performance data, customers can confidently monitor system performance and health anytime, anywhere. We expect sales of AC modules to ramp throughout 2021 as we expand into other geographies and as we incorporate microinverters into our performance product line. Now I'll turn to our large-scale business. This business is driven by our performance series panels, which deliver differentiated value through our patented shingling technology selling it to power plant and other large-scale opportunities. We expect this end market to drive growth for us over time, with the business showing solid growth in the third quarter and with revenue up 7% sequentially. As we look out over the coming year, there are two factors that we expect to moderate near-term revenue growth in our large-scale business. The first factor is strong projected demand within China at higher ASPs than are available in most other global markets. Second, the China upstream supply chain is experiencing a series of disruptions in terms of limited availability and price increases for key materials such as polysilicon and glass. Global logistics costs have also increased, mainly due to COVID-related factors. All this is pressuring the near-term price competitiveness of our P series products outside of China. For these reasons, we've agreed with our HSPV joint venture to significantly shift volume allocation to the Chinese market through mid 2021. As a reminder, performance series sales to China are made by HSPV, not Maxion. That said, we're confident that shifting volume to China is clearly the right call for HSPV and for Maxion as a joint venture partner. Since the profit from sales in China will allow HSPV to improve its financial performance, and to drive scale and cost down more rapidly. This ability to flex our volume allocation enables Maxion to have a capital efficient approach to the large scale market. Partnering with QZS to create the HSPV joint venture enabled Maxion to avoid a high fixed cost base while serving the large scale market. The ramp of HSPV's first new three gigawatt smart fab continues with full operation expected by the end of the quarter. Demand is high in China for the new bifacial P5 panels, and we're working hard with HSPV on further shingled cell technology innovations to drive continued performance increases and cost reductions. From Axion, we therefore expect recovery in our large-scale shipment volume to happen later in 2021. We believe that the upstream supply chain should return to a more balanced situation over the next few quarters. We also expect logistics costs, which have been impacted by COVID, to decrease over that period as additional shipping capacity is released. As supply chain costs normalize and as HSPV drives scale through sales in China and implements further technology improvements, we expect Maxion's large-scale business to return to growth mode and be an important contributor to overall company profitability. Let me now touch on progress with our IBC Technology Root for Action Fab 3. We plan to install the first MAX 6 line by Q4 2021 and plan to have converted the existing MAX 5 line to MAX 6 by early 2022. Our IBC technology continues to lead the industry in terms of performance and, as you will hear shortly from Joanne, commands premium ASPs. Replacement of our 10-year-old MAX 2 technology with new leading edge MAX 6 capacity is expected to further increase our differentiation versus the competition and to support gross margin expansion. To summarize, MaxxHand is now positioned to grow as an independent, recapitalized company. We're focused on building our DG business around the world, further enhancing the value of our panels by incorporating AC functionality and expanding our industry-leading DG channel footprint into new markets. We are proceeding with our Fab 3 technology refresh that will upgrade our entire IBC manufacturing fleet to the highest levels of industry performance leadership, and premium value. Meanwhile, we're being patient and disciplined in pursuing the large-scale opportunity, which we expect to be sizable over time. Now, I will turn the call over to Joanne to review our financial performance. Joanne?
spk08: Thank you, Jeff, and hello, everyone. I will discuss the drivers and details of our third quarter performance and provide some forward-looking information. Overall, revenue grew 25% sequentially, driven by particularly strong demand recovery in our DG business, where revenue was up 35% sequentially and comprised 71% of our total revenue. Quarter-on-quarter revenue growth in our large-scale business was a solid 7%. Geographic revenue mix for Q3 was well-balanced, with approximately 30% from the Asia-Pacific region, 40% from Europe and the Middle East, and 30% from the Americas. We saw significant sequential revenue growth in North America, offset by a decline in revenue in South America due to the completion of a power plant project in Q2. IBC product revenue increased from 59% to 67% of total revenue, driven by strong DG market demand and recovery from COVID. Performance series revenue was essentially in line with the prior quarter as growth in the DG market was offset by timing of shipments for a power plant project. About 70% of both IBC and performance series shipments went into our DG business. Revenue per watt in our IBC product line was stable versus the previous quarter at just over 50 cents. Performance series revenue per watt decreased by 9% to 26 cents on the completion of two higher-priced legacy contracts. Q3 revenues were down 33% compared with the previous year, with our DG business down due to COVID disruptions and customers tightly managing inventory. The large-scale business was down due to the completion of contracts in Asia and South America. With respect to IBC manufacturing, our latest MAX 5 line has ramped nicely in Malaysia and is now at a run rate of around 240 megawatts per year. This has enabled us to double MAX 5 shipments sequentially. With the planned MAX 6 expansion, we expect to end 2021 with a little over 1 gigawatt of total IBC capacity split evenly between our fabs in Malaysia and the Philippines. Moving down to P&L, our gross profit was a loss of $12 million for Q3, or 6% of revenue. As a reminder, we have a long-term supply contract for polysilicon at prices significantly above prevailing market rates. Our Q3 results include losses of $40 million attributable to that contract. Without those losses, gross profit would have been $28 million or 13%. This demonstrates an otherwise meaningful improvement sequentially and reflects the strength of our DG business. Next, OpEx. Operating expenses increased to $27 million with the reversal of a few temporary COVID cost reduction efforts. For Q4, we expect operating expenses of around $33 million due in part to incremental costs related to the separation from SunPower. Our Q3 EBITDA adjusted solely for stock-based compensation with a loss of $39 million. As described in our earnings release, N6K Three items adversely impacted our adjusted EBITDA. First, the $40 million of losses associated with the above-market polysilicon contract. Second, a $6 million accommodation fee associated with amending that contract. And third, $6 million of remeasurement losses on the borrowing facilities associated with our green convertible notes. Now, let us turn to liquidity and capital investments. We ended the quarter with $310 million of cash. We expect our year-end cash balance will be around $200 million after making payments under the long-term PolySilicon contract, the final installment of $30 million to AUO related to acquisition of their legacy interest in our Malaysia factory, and $20 to $35 million of planned capital investment. Total capital investment planned for 2020 is $35 million to $50 million down from prior expectations, largely due to timing of those investments. Most of that capital investment will be for MAC6 manufacturing lines and R&D. For 2021, we're planning capital investments between $75 million and $150 million, depending on demand trends, resurgence in COVID, or delays in ramping our large-scale business and performance series offerings. Finally, let's turn to our Q4 outlook. For Q4, we are expecting mid-teens, sequential increases in shipments by megawatts and revenue. The shipment guidance reflects strong demand in the DGN market, especially in Europe and the U.S. As mentioned earlier, our performance series gross margin will be under pressure from price increases for key materials such as polysilicon, glass, and logistics costs. The adjusted EBITDA guidance reflects those gross margin headwinds and higher OPEX. With that, we'll move to the Q&A session. Operator, please proceed.
spk07: Thank you. Ladies and gentlemen, if you'd like to ask a question, please press star then 1 on your text tone telephone. Our first question comes from Brian Lee of Goldman Sachs. Your line is open.
spk01: Hey, everyone. Thanks for taking the questions. Could you – and we appreciate all the disclosures and the breakouts on the mix. That's super helpful. Can you give us a sense of what the mix is going to look like here for the performance line versus IBC and Q4? And then I know you made some comments about, you know, pushing some of that into China and also maybe delaying, it sounds like, the performance line volume. How should we be thinking about maybe the first half of 21 in terms of mix as well?
spk06: I'll take – hey, Brian, this is Jeff Waters. I'll take the second part of the question around China, and then I'll go to Joanne to speak more to – to Q4 mix between P and IBC. So first on the China side, as we said in the prepared remarks, we are with the current increases in supply chain costs that we're seeing. We are seeing our offtake for the rest of world business being pretty minimal through the first half of 2021. We are expecting that to improve. The BG side of the business will still proceed as we would expect where As you know, the performance series products also go into DG as well as the power plant side. We are still seeing great growth on the DG side, and we expect that to keep progressing into 2021. So I would say largely what you'll see is a heavy mix of DG as we get in here for the next few quarters. But then we would expect by the time we get to the second half, you'll see more of the power plant markets start to come back for us. Okay, Joanne, I'll hand it off to you.
spk08: Absolutely. So for Q3 2020, our mix was IVC with 67% and P-series was 33%, and our expectation would be that it would be very similar for Q4.
spk01: Okay, great. That's helpful. And I guess I don't want to get too far ahead, but as we think about, you know, the mix impacts near term as you sort of throttle back performance due to, you some of the input cost increases you're seeing. You know, fair to assume that, you know, volume overall is going to be lighter in the first half than you would have originally been thinking heading into 21, or are you able to allocate enough over to, you know, IBC and the DG side to maybe make up for some of the performance line, you know, throttling back, if I'm characterizing that correctly?
spk06: Yeah, I would really think about it in terms less about P series versus IBC and more around DG versus the power plant side. And I would expect our Q1 and Q2 to be as expected. And if anything, you know, hopefully a little bit better, but certainly all indications are that DG will be strong, continually continued strong into 2021. On the power plant side, yeah, we would expect it to be less than what we were We may have been originally thinking, let's say, back three months ago before we started to see the supply chain costs increase. That said, with the way things, you know, we do expect the supply chain costs to be temporary in nature. And as those start to recover, which we have full trust they will, we would expect that our Q3, Q4 business and power plant will pick back up again.
spk01: Okay, great. And then maybe just one last one and I'll pass it on. With respect to the rising input costs, it seems like, you know, different players, you know, some of your peers are seeing it in different periods given inventory management and just, you know, sort of how they're exposed to different, you know, different costs, whether poly or glass. Are you guys seeing that? you know, more acutely in Q4 or would you say that you actually, you know, based on what you have already built up in inventory on raw materials, is that something we would see further pressure in Q1?
spk06: You know, I would expect for now we're seeing it more acutely in Q4. I think Q1 still remains to be seen as, you know, there is a lot of movement going on within supply chain now and certainly our teams are actively working the situation. So I think we're hopeful on Q1. We can only speak with clarity on Q4.
spk01: Okay, great. That's super helpful. I'll pass it on. Thanks, guys.
spk07: Thank you. Thank you, Brian. Our next question comes from Hazel Maltavan of Raymond James. Your line is open.
spk02: Thanks for taking the questions. You referenced the particular strength of Europe in the third quarter, and now, of course, Europe is the absolute epicenter of the COVID second wave, and we're seeing lockdowns for about 400 million people across the continent, particularly for the rooftop business. What's been the impact? Anything you've noticed just in the last 30 days?
spk06: You know, I would say as it relates to COVID in particular within Europe, you know, certainly Europe for us was the area that was hit first to go back to our calendar Q2 when we were still part of SunPower. And I think what's happened with that experience is there's been a bit of a resilience that's been built up in terms of not only selling into the DG channels, but also still doing installations, doing them safely. So being able to still drive those markets despite the fact that there are are sheltering in place going on to various degrees in the different marketplaces. So I think we're hopeful, and I think we're expecting and we're even seeing now that there is resilience when it comes to, you know, getting panels out in the marketplace and still driving that demand. You know, we are closely watching this across all the various markets that we serve. You know, we do sell to over 100 countries. We sell into, obviously, the majority of them in Europe. We're seeing, I would say, some, obviously, some things that are going on around more restrictions for the broader public. But today, we've really not seen any kind of a drop off in terms of orders. So we'll keep monitoring it closely. But I would say today, things are still moving in a strong way for us in Europe.
spk02: Good to hear. Turning to the US, you know, obviously, we had the election two weeks ago. And, you know, who knows what will happen with the tax credit in the lame duck session or maybe the next Congress. But supposing that it's status quo and there is an expiration at the end of 21, how much of a demand pull-in towards the end of 21 would you expect for your U.S. sales?
spk06: I would say right now we're not seeing a decline. dramatic pull-in for sales toward the end of the quarter. I won't give any specific numbers since, as you know, we're fairly targeted in who we sell to within the U.S. side of our business. But I would say we're still seeing, we're still expecting some pull-in for safe harbor toward the end of the year. But I would say something that's manageable for us. It's not a, I would say, substantial portion of our overall volume expected for 2021. Okay.
spk02: Thank you. Lastly, can you just give us a total outstanding contract value for the above-market component? I think it was $200 million a quarter ago, something like that.
spk06: Why don't I hand that question off to Joanne? Yeah.
spk08: Yeah. So the net amount of the remaining contract total is $165 million. That reflects the remaining amount of the prepaid cash balance as well. Of that $165 million, you can think about $125 million of that is the out-of-market component, with the $40 million being the in-market component. Got it.
spk02: Thank you very much. Thank you. You're welcome.
spk07: Thank you. Our next question comes from Philipson of Roth Capital. Your line is open.
spk03: Hi, everyone. Thank you for taking my questions. Following up on one of the questions Brian asked, and I'll, I guess, approach this from a different angle, but do you think and expect that your margin performance for Q4 will likely be the trough margins as it relates to the supply chain pricing challenges with glass, meaning, you know, in other words, do you expect a reasonable scenario where Q1 margins are better than Q4 and Q2 better than Q1? And when do you expect to, you know, maybe get to what you could consider normalized or, yeah, normalized margins? So to the degree that you can comment on that, the outlook and cadence of margins as we get through 21, I think that might be quite helpful.
spk06: Yeah, I'll give some first comments, and if Joanne has something to add, she can chime in. You know, as it relates to glass, and I would say the various supply chain challenges that are currently going on in China, I think our belief is that here over the next likely few quarters, we will see those start to stabilize. There's certainly a lot of activity going on in the supply chain I think, you know, we're expecting that, let's say, by the time we get to the end of Q2, you know, worst case, we'll see things settle. So, you know, we are seeing a short-term impact here in Q4 and, you know, potentially into Q1. A little too early to tell on how big of an impact it will have in 2021. Joanne, any additional color you'd like to add?
spk08: Yeah, I think the only other color that I would add, Jeff, is that we're a very seasonal business. from a manufacturing side, so their second half is stronger than the first half. So our margins tend to be lower in the first half than the second half.
spk03: Okay, thanks. As it relates to, you know, when you talk about DG, clearly there's a subsegment or segmentation you can have between resi and commercial. Resi has been quite strong, I think, both in Europe and here in the U.S., But our sense is, especially with SolarEdge's recent report, that commercial business in Europe as well as the U.S. is not as strong. And the key driver, it appears, is COVID. And are you seeing the same thing in your commercial DG business? And if not, why not? Or if so, how much longer would you expect the weakness in that sub-segment to continue?
spk06: I would say so far we're not, I would say, seeing any specific weakness that's going on within commercial. And, you know, frankly, it could be a matter of the relationships that we have. We do track, obviously, to see if there is going to be any impact from a COVID perspective. But for where we sit now, we're not seeing anything unexpected on the commercial side versus what we were expecting going into the quarter.
spk03: Great. And then as it relates to your cost structure, just our quick analysis here, after adjusting out the poly contract impact suggests I think Q3 blended cost per watt fell to call it 34 cents a watt from about 39 cents in the prior quarter. What was the key driver of that decline and how do you expect that to continue into next year?
spk06: Okay. Joanne, would you like to respond to that question?
spk08: Yeah, I can certainly get things going. So we certainly benefited from higher output being the megawatts that we experienced in Q3, so we really got the benefit of the scale. That's what largely drove down the cost per watt, as well as just our ongoing cost savings initiatives as well that continues to drive down costs. Going forward, you know, as part of our investments in modernizing our Malaysia factory, shifting the technology from MAX 2 to MAX 6, we would expect to see improvements in cost per watt. And then because this is a blended corporate rate, This does include the performance series panels as well. And then we do have some of those headwinds that we're digesting in the near term relating to the higher costs.
spk03: Okay. Thank you. Maybe I'll ask one more and I'll pass it on. This is more of a housekeeping question, but how much of your 2021 CapEx is for P-series?
spk06: Joanne, do you want to answer that?
spk08: Yeah, sure. Yeah, so we have a very wide range on our CapEx right now, so $75 million to $150 million. The vast majority of our CapEx is in support of IBC, specifically the MAC6 investments, and then followed by investments in MAC7 and bringing up the Singapore lab. Any investments we make into P-Series would be through our joint venture partner, HSPV. And, you know, that would be reflected, I would suggest, within the high end of the range.
spk06: Yeah, and I would, again, I would point out that that is not really so much a CapEx investment as it is an equity investment. And that's something where we just have an ongoing dialogue with HSPV and with TZS in terms of those investments.
spk03: Okay. Thank you both. I'll pass it on. Great. Thanks, all.
spk07: Thank you. Thank you. Our next question comes from Taylor Malkovich of Raymond James. The line is open.
spk02: Yeah, thanks for letting me in again. Just to clarify, the sales in China for the first half of 21 that you've allocated those volumes, where is that going to show up on the income statement?
spk06: Yeah, thanks for the question, Pavel. So the sales in China from the joint venture show up as revenue for the joint venture. So for Maxion, all of our sales are for outside of China. And then from where that shows up, yeah, Joan.
spk08: Sorry, Jeff. We would pick up our 20% ownership share as an equity pickup, so of their profits, not of their revenues.
spk02: So that's in non-controlling interest.
spk08: Yep. It is non-controlling interest. Yeah, it's in other income and expense.
spk02: Got it. Okay. And operating expense 421, I mean, obviously you're not explicitly guiding this, 221 today, but recalling some numbers you gave from the original analyst meeting. How should we think about that? Presumably the Q4 number of 32 million, you said there is some one-time non-recurring cost in that, correct?
spk06: Joanne, why don't you take that?
spk08: Yeah, so first let me clean up my prior answer to you, Pavel. So specifically the line item in the income statement is the equity and losses of unconsolidated investees is where we would be picking up our share of HSPB's profits. On your question on OPEX, as you said, our Q4 OPEX, we had indicated that it would be around $33 million, which includes some incremental one-time costs. we are shifting our overhead function from the U.S. and becoming more Asian-centric. And so we do expect to get savings as we do that, as we bring up headcount in Singapore, Philippines, and Malaysia, and we look to eliminate headcounts as we make the shift. And while not guiding 2021, I would say that OpEx would stay around this level directionally, As we look to take advantage of the opportunities we see in the DG channels and to leverage our technology and brand advantages, we expect to have some incremental headcounts in sales and R&D and expand our marketing efforts, which will then offset some of those incremental costs.
spk06: Yeah, and I would just add to that that there's also, in addition to the DG investment, we're also expecting – some additions on the power plant side as we begin to increasingly scale up that organization to be able to handle demand creation.
spk02: Got it. Thanks very much.
spk06: Thank you.
spk07: Thank you. Again, ladies and gentlemen, if you'd like to ask a question, please press star then one on your touchtone telephone. Our next question comes from John Steggwitz of Luminous. Your line is open.
spk05: Hi, guys. I just wanted to come back a little bit to the China change with your joint venture. So just to clarify, we're really just talking about the performance series part of the large-scale PowerPoint division, which was about $20 million of revenue in the last quarter. Is that really what's being affected next year? That's correct. Okay. So the performance series going into DG should continue to be there. It's just that other pieces are going to get diverted. Okay.
spk06: Yeah, exactly. And the performance series is, as you know, it's kind of the better-best situation we have with the IBC selling in at higher premiums with higher performance, and we have the performance series which competes with the more commodity solar that's out there. That side of the business is continuing robustly, and we'll expect it to do that. Really what we're talking about, as you said, is the power plant side.
spk05: Okay. And again, you've now brought up another line of IBC Max 5. Just remind us, Max 5, I guess, is the highest margin product that you have in the business?
spk06: It is. And actually, there's an additional nuance to it. So Max 5 is the product that we ramped over the course of last year, and that's running at about 240 megawatts a year today. We are bringing up a line of Max 6, which is a slightly larger wafer format, which brings some cost benefits, brings some additional efficiency benefits as well. So MAX 6 is what we're ramping. That will be essentially fully ramped in Q4. And then what we'll then begin to do over a period of time is convert that MAX 5 line to MAX 6. It's much more of a minor adjustment. It's not kind of more of a whole scale replacement like we had with MAX 2 to MAX 5. So you'll see a little bit of a tweak on MAX 5 converting into MAX 6.
spk05: And that's this fourth quarter, right?
spk06: 2021 is when the new line of MAC6 will come online. Perfect.
spk05: Okay. Thanks, guys.
spk06: Great. Thanks, John.
spk07: Thank you. Again, ladies and gentlemen, if you'd like to ask a question, please press star then 1. One moment, please. I'm showing no further questions at this time. I would just turn the call back over to Jeff Waters for any closing remarks.
spk06: Great. Thank you. So I'll make some closing remarks and I'll have Gary review some upcoming investor events. So we are very excited to be an independent company. We believe there are significant growth opportunities in our DG business around the world, and we intend to build our distribution channels and product offering to fully capture that great opportunity. To fulfill the growing demand we anticipate, we've already embarked on refreshing our IBC manufacturing base, which will upgrade our entire IBC manufacturing fleet to the highest levels of industry performance, leadership, and premium value. With respect to the large market, as we've been discussing, large-scale market, we are convinced that market growth combined with our differentiated technology will create profitable opportunities in the years ahead. And now, before we close, Gary will note an upcoming investor event for Maxionx. Gary?
spk04: Thanks, Jeff. Maxion will present and host one-on-one meetings at the Bank of America Renewable Symposium on December 3rd. The symposium will be held virtually. It's a private event, so please contact your B of A representative to register. Thank you all again. This concludes the call, and you may now disconnect.
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