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spk02: as revenue increased 27% in local currency versus prior year. The increase was driven by an intensified focus on recruiting, training, and motivating distributors. As part of that effort, we introduced new field incentives, refocused training on customer growth, and hosted our first large-scale in-person sales event of the year. The event helped generate energy, but it also served as a platform to reinforce the launch of our exciting new repackaging and rebranding, and as a way to generate commitment to several new product launches, which included the launch of an exciting new skincare supplement. We also saw some early benefits from our Phase 1 digital initiatives that leveraged our proprietary app, along with digital apps like WeChat, TikTok, and others, to attract and retain new customers. We will continue to make advancements in building our digital platform in this market and are just getting started. Overall, we're very pleased with the momentum of our Chinese business, and we continue to be extremely positive on the ongoing potential of the market. We also saw strong performance in Japan, with revenue increasing 22% in local currency. Japan's results were largely driven by the restoration of normal business activities and processes and new product promotions. In Korea, revenue increased 9% in local currency after several quarters of decline due to COVID-19-related restrictions. As you may remember, our Korean business has historically relied on high-touch, in-person interactions and motivational experiences to drive the sales teams. The closure of our offices and training centers, along with the cessation of all large gatherings and travel, has obviously impacted our effectiveness. Fortunately, our Korean business is led by an experienced management team that, over the past five years, has successfully built a strong culture of field fundamentals, so we're building on a strong foundation to drive growth. In response to the current environment, the team has adapted to the new realities, integrating remote work techniques and reimagining field incentives. We successfully introduced new product and cash-based incentives in lieu of face-to-face meetings, events, and experience-based travel incentives. We also benefited from a series of new product launches, including the successful introduction of a new face mask that is the first product to be launched in a new line of skincare products called La Mara. The innovative new line of luxury skincare products features an updated combination and a unique combination of natural ingredients from the land and sea to deliver proven anti-aging benefits. Finally, the investments we made in remote ordering allowed us to recapture some of our momentum, but we still need to build a more meaningful digital platform to drive customer growth in the future. In Europe, we achieved a 21% increase in revenue in local currency as a result of continued gains in Central and Eastern Europe, with Poland and Russia achieving 64% and 21% growth, respectively, on a local currency basis. Our success in these markets has been driven by strong field fundamentals, successful new product launches, like collagen and immune products like vitamin D3, virtual field events, and a strong online presence in Russia. We also generated promising gains in Western Europe with 5% revenue growth in local currency. In Latin America, our performance dramatically improved as the most challenging lockdown restrictions were lifted across the region. The easing of restrictions and the energy generated by our transformation strategies drove a 20% increase in revenue in local currency. We also benefited from the implementation of our revitalized new product program and the introduction of online ordering capabilities throughout the region. We continue to believe that these changes will drive further improvements in our performance as the markets continue to recover. The trends we're seeing and the momentum we're building are very encouraging, and we are pleased to see consistent revenue growth across all of our OBUs and in all of our key markets. Importantly, we're also seeing strong improvement in our bottom line, which means that we are both operationally and financially well-positioned to continue our momentum and gain market share as we continue to transform our business. Having said that, I'd like to provide an update on our transformation as we've made significant progress since our last update. As a reminder, our five global growth strategies, brand power, field energy, digital first, manufacturing ink, and the right stuff are at the core of our transformation and the relaunch of our company. Our transformation is designed to address evolving consumer trends, capture emerging market opportunities, and provide exciting new rewards for our practitioners and retailers to drive long-term sustainable growth. As we stated last quarter, our initial transformation plans target our North American and Latin American overviews. We've made solid progress on each of our global strategies this quarter, so I'd like to review some of the highlights with you. In terms of brand power, we continue to roll out our updated branding, packaging, and campaign messaging. In September, we formally kicked off our rebranding efforts with a host of new consumer-facing assets, updated imagery, a new website, and we will begin testing our Force of Nature digital campaign in the fourth quarter. We're also going to launch a new unboxing experience to enhance the overall consumer experience. Equally important, we've also re-engineered our new product development process to ensure that we continue to develop and introduce innovative on-trend products in a timely manner. Our ability to leverage the advanced capabilities of the Hughes Research Center and our R&D team is a key point that differentiates Nature's sunshine from more than 80% of our competitors that source their products from third-party manufacturers who provide wet label solutions. In total, our brand power initiatives are designed to help Nature's Sunshine appeal to a much larger audience by increasing awareness, driving activation, and reinforcing our position as a leader and pioneer in the industry. As the first company to encapsulate herbs, Nature Sunshine has always felt a strong calling to share the healing power of nature with as many people as possible. The beauty, power, and restorative properties of nature have the ability to unlock our potential in new and exciting ways. And when we embrace the power of nature, we can go places physically, mentally, and emotionally that we'd never be able to otherwise. That's the message behind our new branding, and that's the power of Nature's Sunshine. Our almost 50 years of experience have helped us create one of the largest, most effective collections of herbal and natural supplements available today, and our brand power initiatives will continue to expand and evolve as we take our award-winning products to more and more consumers around the world. Moving to field energy... One of our key objectives is to redefine and improve the experience we provide to consumers and distributors. We want to make sure that both groups have high-quality experiences and access to tools and services that are tailored to their specific needs. In September, we launched two exciting new consumer-focused programs in North America and Latin America. The first is our premium membership program, And the second is an initiative that we call Subscribe and Thrive. As premium members, customers pay a small annual fee to gain membership status, which grants them savings on all of their product purchases, exclusive promotions and specials, early access to special sales events, and free shipping. With Subscribe and Thrive, we're able to enhance customer engagement and retention by offering better value, more convenience, and a better experience. The program is designed to encourage repeat purchases and help consumers experience the full therapeutic benefits of our products. We know that when consumers incorporate our supplements into their daily health regimen, they get results and they feel better. That's why we've made Subscribe and Thrive the default purchase option on our new website, offering the most attractive pricing, free shipping, and a free one-year premium membership. To make it even more attractive, we've made sure that it's easy for customers to cancel, pause, or change their subscription whenever they like with a simple click of a button. For our distributors, we've introduced a new enhanced business opportunity called It aims to provide more flexibility, more options, and immediate rewards for driving customer growth. Under the new plan, all of our markets in North America and Latin America operate under a single, unified plan that is simpler, easier to understand, and creates new earnings opportunities. Distributors now have four ways to earn. First, They can earn by selling our products and serving customers. Second, they can identify other qualified health practitioners and experts who are interested in selling our products and serving customers. Third, they can identify qualified practitioners and experts in geography outside of their own country who are interested in selling our products. and serving customers. And fourth, they can benefit from customers that use our new sharing tools as well as our new affiliate program to share our products with friends, family, and other people in their personal or professional networks. With one click, customers can share products from our website to their social media and receive benefits from doing so. These options make it easier for our distributors to share, expand their influence, and build their customer base. Another unique benefit for our distributors and affiliates is that they can get paid within about 30 minutes of a customer transaction. Instead of having to wait for a payment until the end of the month, Nature's Sunshine offers immediate rewards. Looking ahead, we will continue to partner with our practitioners and retailers as they make this transition with us. And as a reminder, we've created a 12-month bridge program to provide qualified distributors ample time to learn and integrate the new tools and programs into their business. The implementation of our new business model is a tremendous undertaking, and we are extremely proud of our distributors, And our entire organization is incredibly grateful for their passion and dedication to our vision of sharing the healing power of nature with everyone. Moving on, our new website combines all of the features of our new business model with a host of new tools and improved functionality as part of our third strategy, Digital First. Ultimately, our goal is to create and improve user experience, moving from transactional relationships to more personal lifecycle relationships that offer lasting value. On our new website, customers can make use of our contextual search features, which allow them to browse products by health topic, product category, or body system, making it easier to find and purchase the supplements they need. Individuals who share a passion for wellness and who have a strong health-focused presence on the web can also take advantage of our innovative new affiliate marketing program, which allows influencers to use our new web tools to share our products with their social or professional networks and receive monetary rewards for doing so. For the first time, the changes we've made will allow our distributors to have their own fully replicated Nature Sunshine website, combined with new email and social media functionality, it gives them the opportunity to build and grow their own digital business. The new tools allow for greater connectedness with existing and new customers, and over time, they will also give distributors access to much richer data and better insight into purchase behaviors and consumer preferences. As we move forward, we'll continue to expand our digital toolkit and build our virtual community of professionals and advocates who are passionate about sharing the healing power of our products with others. As for Manufacturing Inc., we continue to strengthen our industry-leading manufacturing by making further enhancements to our product quality and testing capabilities. In the third quarter alone, we upgraded our kosher certification to the highest level updated our TGA certification, which is comparable to pharmaceutical-grade quality standards, and received our ISO 17025 certification, which is reserved for those offering the highest level of quality testing. These honors round out our industry-leading list of manufacturing certifications that include GMP, which is Good Manufacturing Practices, NSF, TGA, that I just mentioned, COSR, Halal, USDA Organic, ISO 9001, and ISO 17025. I mention these certifications because they're an important distinguishing characteristic of Nature's Sunshine and one of the many reasons why our products are more reliable and more effective than the competition, over 80% of whom source their goods from less accredited third-party manufacturers. We're already starting from an advantaged position with almost 50 years of experience in R&D, sourcing, testing, quality, and manufacturing. But we continue to extend our lead, having already built some of the most coveted capabilities in the industry, and will continue to do so as new opportunities present themselves. As we move forward... We will strengthen our focus and commitment to sustainability, delivering clean products in a sustainable manner. We've already made the move to 100% recyclable packaging for our new redesigned bottles and will continue to make similar strides in the future. Finally, our Right Stuff strategy has allowed us to improve productivity and strengthen organizational effectiveness, a theme to our continued success delivering savings and overhead efficiency. Year to date, our actions have delivered 230 basis points of operating margin growth and have helped increase EBITDA margins 140 basis points. Of course, what you can't see are the efforts we've taken to build a high-performance organization. You already know about the organizational changes we've made to create regional OBUs, as well as some of the new talent that we've recruited to help strengthen our leadership capabilities. In 2020, however, we've also launched a unique new management training program to help ensure our team has the necessary leadership skills to transform our business, drive our strategies, and capture the opportunities that lie ahead. We're also committed to helping build the next generation of leadership from underrepresented groups in our community by providing a new college scholarship and intern program for minorities. So far, we're very pleased with the progress we've made on our five global growth strategies. Clearly, they've helped Mesa Sunshine build strong operational and financial momentum as we move forward to 2021. With the unprecedented risk and uncertainty brought on by COVID-19, we've made maintaining a strong balance sheet a key priority to protect the business as the pandemic continues to escalate. Of course, as we continue to build momentum and strengthen our financial position, the Board will continue to evaluate the full range of capital allocation opportunities. But right now, investing in our business and protecting our position are key priorities. We're committed now more than ever to using our expertise, the breadth and quality of our products, and our new branding and business model to take our fair share of the growing supplements market. As such, you may see us begin to invest ahead of growth to advance our strategies and improve our ability to capture our fair share of the market. Again, We are incredibly grateful to our distributors, associates, and shareholders for their continued support throughout our transition, and we look forward to making continued progress on our transformation over the coming months. With that, I'd like to turn the call over to Joe Beatty, our Chief Financial Officer, who will walk you through our financial results for the third quarter in more detail. Joe?
spk04: Thank you, Terrence, and good afternoon, everyone. Net sales in the third quarter increased 13% to a company record of $100.3 million compared to $88.5 million in the same quarter last year. This increase was primarily driven by new product development, the easing of COVID restrictions across several key markets, and continued execution on our business transformation plans. Net sales in Asia increased 12% on a local currency basis to $38.1 million, compared to $33.7 million in the year-ago quarter. The increase was primarily attributable to new brand and product launches, as well as the reopening of our Korea market. On a local currency basis, net sales in China increased 27%, Japan sales increased 22%, And in South Korea, sales increased 9% as these markets continued to benefit from lifted lockdown restrictions and our recalibrated incentive structures. Net sales in Europe increased 21% year-over-year in local currency to $18 million, compared to $14.6 million in the year-ago quarter. The increase reflects strong growth in Central and Eastern Europe, including continued strong performance in Russia and Poland. North American net sales increased 10% on a local currency basis to $37.6 million, compared to $34.2 million in the year-ago quarter. The various strategic and e-commerce enhancements we have implemented have positioned us well as we continue to capitalize on the strong demand resurgence within the U.S. market. Our growth in this region was also supported by increased new customer acquisition. Net sales in Latin America and other increased 14% in local currency to $6.6 million, compared to $6 million a year ago quarter, with the increase primarily due to new product launches and the easing of COVID-related restrictions. Gross margins Gross margin was 72.7% compared to 74.3% in the prior year. The decline was primarily due to certain isolated inventory charges, higher material costs, and a delay in the timing of price increases for North America. Volume incentives as a percentage of net sales increased 50 basis points to 34.2% compared to 33.7%. in the same period last year. Selling, general, and administrative expenses were $33.3 million compared to $31.2 million in the prior year. The increase was primarily attributable to higher expenses related to our business model relaunch. As a percentage of mass sales, SG&A expenses were 33.2% compared to 35.2% in the same period in 2019. Excluding the impact of $0.4 million of restructuring expenses in the prior year and $0.1 million this year, SG&A expenses were 33.1% of net sales compared to 34.8% in the prior year period. Operating income was $5.5 million, or 5.5% of net sales, compared to operating income of 4.7 million, or 5.3% of net sales in the prior year period. Excluding the restructuring-related expenses, we generated 5.6 million of operating income, or 5.6% of net sales for the current quarter, compared to 5.1 million, or 5.8% of sales in the prior year period. Adjusting the DA, as defined in our press release, as net income from continuing operations before income taxes, appreciation, amortization, and other income or loss adjusted to exclude share-based compensation and certain noted adjustments increased 13% to $9.4 million in the third quarter of 2020 as compared to $8.3 million in the third quarter of 2019. Overall, the increase in EBITDA was driven by the aforementioned record net sales this quarter flowing through the bottom line. Net income attributable to common shareholders for the quarter was $6.9 million, or $0.34 per diluted share, as compared to $1.3 million, or $0.07 per diluted share, in the year-ago period. Turning to liquidity. We had cash and cash equivalents on September 30th of 82.3 million with 5.4 million of debt. For the first nine months of 2020, we generated 26.8 million of cash from operations as compared to using cash with 5.5 million in the comparable prior year period. The increase is primarily due to the significant improvement in net income and the timing of both working capital-related adjustments and certain capital expenditures. While we expect to continue our strength into the fourth quarter, our investments in the next phases of our business transformation may increase our costs and profitability relative to this quarter. Further, we are closely monitoring any resurgence of COVID-19 cases across our geographies and how that may affect our operations, especially in certain international markets where reopening statuses have fluctuated. Despite these uncertainties, we are confident in our ability to continue executing on our five global growth strategies and believe we will continue to drive solid results through the remainder of 2020 and the beginning of 2021. Before opening the call to questions, I wanted to reiterate our pride in our team's strong performance and in the momentum built throughout the year. Now I'll turn the time back over to the operator for Q&A. Operator?
spk00: Thank you. If you would like to ask a question on the phone lines today, you can press star 1 on your telephone keypad. If you are on a speakerphone, please make sure your mute option is turned off to allow your signal to reach our equipment. Once again, everyone, that is star 1 on your telephone. And we'll pause for a moment. We'll take our first question from Steven Martin with Slater. Please go ahead.
spk03: Hi, guys. Hey, Steve.
spk00: How are you doing?
spk03: Good, good. I hope everyone's safe out there.
spk02: Yeah, yeah, absolutely. You too. Good to hear from you.
spk03: You've been great over the last couple of years on the margins and the costs. This was the first quarter where the gross margin and the volume incentives slipped a little. Should we expect that these are new levels of gross margin and volume incentives, or where do we expect them to go in the future?
spk02: You know, we saw some pressure on gross margins from kind of cost going up as a result of just sourcing within the COVID environment. But, Joe, you want to talk about some additional factors as well and what to expect going forward?
spk04: Yeah, I mean, I would look at it more as a near-term situation, Steve, rather than what we expect long-term. And, you know, in an individual quarter, we can certainly see a little bit of sensitivity or fluctuation on both a gross margin or a volume incentive basis. You referenced both in your question. But from a longer-term perspective, I would say that the – the nine-month year-to-date margins and expectations are more in line with what we expect. And I would say even from a longer-term standpoint, we expect our gross margin to actually to improve.
spk02: Yeah.
spk03: Right. I would have expected with the volume increases, you know, with having the first, you know, double-digit up quarter that you might see some of that into the gross margin.
spk04: Go ahead.
spk02: Go ahead. No, I think you captured it, Joe. It's a temporary flux of short-term. But we do have pretty aggressive long-term plans and expectations to improve our gross margins.
spk03: Okay. And a question I ask you guys every quarter, what inning are we in in the turnaround at the top line and cost containment?
spk02: I'll take the top line. We'll split it up, but I'll take the top line. You know, in terms of top line, we're still early on. You know, we've just launched, as I mentioned, in September we just launched the bulk of our, you know, new business model components, and we'll continue to refine and fine-tune those in an effort to make sure that they work for all the various constituents out there. And we still have a number of things that we haven't even really launched yet that are up on deck, to stick with our baseball analogy here. So we're still early innings with respect to revenue growth. And then on operating growth, Joe, you wanted to add some comments?
spk04: Yeah, as we noted last time, Steve, I appreciate the question and please continue to ask it because it's something that we monitor and I believe we're very much on top of, but we do believe we're in the back half of the ballgame. I'm not going to say we're in the necessarily seventh inning stretch yet, at least long-term, but as far as some of our near-term initiatives, on what we were looking to accomplish, on some of the organization research we're in front, I would say we're well into the ballgame. We still have a little bit of work to do, but we're clearly in the later innings.
spk03: So would that translate to a lot of the SG&A costs we see going forward will in part be a function of the leverage if the top line grows double digit?
spk04: Yes, it will certainly come into play there. You know, one of the things that internally, you know, we need to evaluate is especially given this pandemic situation that we've been going through in which I'm not sure anyone has a clear line of sight on when it's going to end. But one of the things we'll have to take a pretty hard look at is post-pandemic, whenever that may be, to what extent do we, you know, make certain other investments in the business, whether it's an expansion of events, conventions, you know, travel-related costs and so forth. Because for the time being, or in 2020, we can't deny that we've benefited to some degree from from the reduction of some of those types of activities on the SG&A side?
spk03: Well, all I can say is a 13% top-line growth with a reduction in events and conventions is pretty impressive.
spk04: Yes, it is.
spk03: What about your hemp CBD product line? What can you tell us?
spk02: Yeah, so for Kent, we have just launched a – we will be launching, I should say, a couple of new products, and we will be kind of much more aggressively marketing the product line in the kind of months to come. And there's some stuff that I probably – Can't talk about it yet because we haven't implemented it, but if you've gone online, you'll see that we've completely reengineered and redesigned and reimagined the website. And we're going to continue to aggressively promote the line. There's some work still to be done to make sure that our pricing is competitive and to make sure that the kind of the awareness and all the marketing programs are as powerful as necessary. But again, we've got the best CBD in the marketplace. Our products offer better performance, better quality, and better transparency, which is a very powerful sales message. And so now I think, again, that we've got the website in a better position. We'll tighten up our pricing and promotional activity, and then we'll soon follow up with some much more aggressive digital activation to help improve awareness and build traction. But we're still really in the early days of chem. I will say this, the increased focus on immune products in the marketplace overall has kind of shifted people's short-term focus into immune and somewhat away from CBD. You might have seen that. We're seeing that in overall market results. But we're still talking about 30%, 40%, 50% growth. So the opportunity is there, and we're still very, very bullish on Kent.
spk03: All right. Now I'm going to... This is also a comment we go through every quarter, and I'm going to address this to your board of directors. Very good. It's time to do your job, okay, and you've got $80 million of cash. You've got 20 million shares. Your stock has gone nowhere for a couple of years despite the good work of the current management. And if your board's not prepared to do the right thing, then maybe somebody has to from the outside.
spk02: So as I mentioned, you know, the board's looking at the full range of opportunities. Right now we are being kind of really focused on investing in the business and protecting our position. As you know, we've got one manufacturing location that services are 80% of our production around the world. So, you know, kind of cash on hand is really important to us right now. But the message is heard, and the Board of Directors is very focused on the issue. So rest assured.
spk03: Well, all I can say is, you know, given the improvement in EBITDA with the cash on hand, you're trading at about three and a half times EBITDA, there's probably no investment you can make that has that kind of rate of return. And I'm really going to be disappointed, and I'm not going to be quite as peaceful if we go through another quarter and I hear the same language about the board explores everything all the time.
spk02: Sure, sure. Our focus right now is just on keeping the business moving forward and continuing to make tremendous strides on the top and bottom line.
spk03: Well, I understand, but that's why I addressed these comments to your board of directors who may or may not be on this call, because I think you guys have done the job you were brought in to do, and they have not done the job of a board that understands its fiduciary responsibility to its shareholders.
spk04: Sure.
spk02: Okay. Thank you. Thanks, Steve. Yeah, appreciate the call. Take care. Stay safe.
spk00: As a reminder, everyone, that is star one. And we'll take our next question from Jurien Hoffman with Robocop.
spk05: Hi, good day. Thanks for taking the questions. And, yeah, congratulations on a very good quarter, of course. Thank you. Maybe, yeah, first just expanding on, yeah, the capital allocation question, especially just thinking about, yeah, potential... like areas of investment. So it's like an additional factory in China, one of the considerations there.
spk02: We actually do have a relatively small facility in China right now that's providing some good production and making good progress. We will be making some moves to expand that. as well as expanding some of our R&D capabilities out in the region.
spk05: Okay. And are inorganic investments playing into your considerations at all as well?
spk02: I'm sorry, could you repeat your question? I couldn't hear you.
spk05: Inorganic investments, are they part of the considerations too?
spk02: I would say that the board is considering really the full range of options. Certainly, we don't talk about anything that's outside of the normal scope of our business right now. Most of our focus is on building our internal capabilities, building our digital capabilities in particular, as well as helping to migrate our business from being solely channel-focused to being much more consumer-focused. and lifecycle-focused, which really means we've got to get much better and much stronger at things like personalization. So there's a fair amount of investments that we want to make there that we believe will dramatically improve our competitiveness. and also dramatically transform the complexion of our business and what we're able to do and distance ourselves from the competition, creating new competitive advantage. So right now those are a couple of the areas that we're looking at internally. Anything else that the board of directors might be considering would be out of balance for me to talk about in this forum and at this time. Yeah.
spk05: Yeah. And finally, just what has been your experience? I think you said you had the first in-person sales event again in Asia. So what was the experience there and maybe attendance levels versus what you were used to pre-COVID-19?
spk02: Yeah, they actually split the event up. So I think they just kind of focused on one particular group in the Shanghai area. And I think attendance was a little bit higher than in the past. We also had people beaming in to view it remotely. So you get this mix of folks who are there on the ground and people beaming in, but a lot of tremendous energy. I think people felt great being together, and we did it kind of safely, and everybody's okay, which is equally as important.
spk05: Okay. Great to hear. Thanks very much.
spk02: Absolutely. Thank you. Thank you.
spk00: We'll take our question from Nick Monroe with Prospective Capital.
spk01: Just a quick question for you. You mentioned the new customers in North America with the digital media advertising. Do you have any comments on the cost of acquisition of those customers and if they're holding on and buying more products?
spk02: Hey, Nick, could you speak up just a little bit? We're having a little problem hearing you. Yeah, sorry.
spk01: So you mentioned new customers in North America. Can you talk about the cost of acquisition of those customers, if that's increasing or decreasing as a percent basis, and then the retention if they're coming back and buying more than one order?
spk02: Yeah, absolutely. So right now, the customer growth that we're seeing is really through organic, on-the-ground activity. So it was not through any of our digital activation or digital investment. That has not started yet. And so it really is simply through repositioning the business, talking about things differently, changing our messaging, changing the website. And so from that standpoint, obviously customers are free, but we were not making incremental investments at this point in time to drive those customers into the business. Those were really being driven by our practitioners and retailers and, again, kind of partnering with us in whatever work we were doing on the rebranding and product launches, etc., So I think that answers your question. In the future, Nick, we will have some, you know, we will have more specific kind of investments that we're looking to do as we build out our digital kind of campaign, the Force of Nature campaign that is designed to acquire new customers. And with respect to retention, you know, we're still just in the, kind of first month or so of the process. Obviously, as we build out our subscribe and thrive capabilities, our expectation is that we'll be building more people who are staying with us on an ongoing basis. And by the way, that's the only way they're going to get the therapeutic results from from our products or any products is if they continue to take them. It's like signing up for a gym membership. You can't just go that first week in January. You've got to keep going. If you really want to get the benefit, subscribe and thrive is the way to go. We've tried to make it as as easy and as attractive as possible. So I'd say give us some time on that one. It's just going to take time for people to understand it, fall in love with it, and for us to get enough critical mass because it's not necessarily something we expect everybody to click on the first time through. Okay? Great. Thanks, guys. Thanks, Nick.
spk00: At this time, this concludes our question and answer session. I would now like to turn the call back over to Mr. Morehead for closing remarks.
spk02: Okay, thank you. Again, I want to thank everybody for listening to today's call. We have a lot going on. We really do look forward to speaking to you again next quarter and to continue on the path to transform our business and build momentum. So, again, thank you for your participation. Thanks for your support, and we look forward to talking to you soon. Take care.
spk01: Thank you.
spk00: Ladies and gentlemen, as gentlemen conclude today's teleconference, you may disconnect your lines at this time, and thank you for your participation. Thank you. Thank you. Please hang up and try your call again.
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