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spk00: Good day, everyone, and welcome to the PDF Solutions, Inc. conference call to discuss its financial results for the fourth quarter and year-end 2023 conference call ending Sunday, December 31, 2023. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. As a reminder, this conference is being recorded. If you have not yet received a copy of the corresponding press release, it has been posted to PDF's website at www.pdf.com. Some of the statements that will be made in the course of this conference are forward-looking statements, including statements regarding PDF's future financial results and performance, growth rates, and demand for its solutions. PDF's actual results could differ materially. you should refer to the section entitled Risks Factors on pages 17 through 30 of PDF's annual report on Form 10-K for the fiscal year ended, December 31, 2022, and similar disclosures in subsequent SEC filings. The forward-looking statements and risks stated in this conference call are based on information available to PDF today. PDF assumes no obligation to update them. Now, I'd like to introduce John Kabarian, PDF's President and Chief Executive Officer, and Adnan Raza, PDF's Chief Financial Officer. Mr. Kabarian, please go ahead.
spk03: Thank you for joining us on today's call. If you have not already seen our earnings press release and management report for the fourth quarter and the full year, please go to the investor section of our website where each has been posted. Today I will start with the review of 2023 with a particular focus on Q4. I will provide our perspective of the semiconductor market and then conclude with our outlook on PDF solutions prospects for the year and beyond. Adnan will then provide an overview of our financial results and his perspective on the business before we turn the call over for questions. Looking back on 2023, the company made great strides and our goal of being the end-to-end analytics platform for the semiconductor electronics industries. This progress was particularly visible at our users conference in October. First, attendance was fantastic, with over 300 people registered from over 100 companies, which represents two times the turnout of our last conference. We had presentations from many of our customers and partners, including Intel, Analog Devices, Renesas, SAP, Adventest, and others. Second, our developers and application engineers and product managers revealed our roadmaps and demonstrated our new products. Customers described how they used our products and platform to revolutionize their technology development, manufacturing operations, and product quality. Talks included their use of our design-aware inspection to accelerate bring-up of new products and processes. guide analytics AI solution for product engineering to find yield issues faster, our test cell automation to enable 25% reduction in operator overhead, and our sapiens manufacturing hub to enable manufacturing digital transformation by connecting to the enterprise. We also provided updated information for investors. Turnout from our investors and analysts was substantially above our previous meeting. Overall, we received positive feedback from our community of customers, partners, investors, and analysts. 2023 was also a year for significant progress in our product development. Our E-Probe DFI team was able to ship two machines this year, one to an existing customer, and in the fourth quarter, a machine for manufacturing evaluation by a new customer. The E-Probe model shipped in 2023 has two times the throughput of the previous generation, And it was optimized to find yield issues at both the middle of line and the metalization layers. Our Accentio and Sapiens product teams worked together to deliver our Sapiens manufacturing hub and analytics applications to link SAP's ERP system to the factory information. We signed a contract for the first customer for this solution in 2023. Finally, we released our MLOps products. Customers tell us that the complexity of test is increasing due in part to advanced packaging. They have a desire to apply AI ML to improve product quality, yield, and operations. Building AI models is one thing. Putting them online and then operating properly while producing millions of chips is another. The challenge is to get data from the entire supply chain available at the right machine so the AI models can be applied in real time to the chip's manufacturing and tests. PDF's MLOps enables customers to solve this challenge in putting AI models on the production floor by orchestrating the movement of data, the management of models, and the monitoring of the model's execution and production flow. Customer interest in our MLOps has been fantastic. We are on pilot deployments with customers this quarter. While interest in our MLOps has been great, the fact is there are not enough engineers in the industry that are both familiar with AI and semiconductor manufacturing. Teaming with Intel and Carnegie Mellon University, we pioneered a new master's course this past fall. The students were able to work with real-world data to develop new AI models using Accenture software. Feedback has been great, and we look forward to expand this cost offering in the future. All of our marketing, product development, and field applications effort resulted in positive growth in the business. For the year, we grew revenue 12% against a backdrop of the industry that contracted 10%. As I said earlier, Adnan will comment on the financials in depth. While bookings in the first three quarters were muted, Q4 bookings were strong, and we again built backlog. Bookings in Q4 were driven by Accentio as customers deployed our process control, manufacturing analytics, and test solutions. The strong bookings helped our revenue performance, despite weakness in gain share and runtime licenses, due to equipment customers and wafer fabs shipping less product than we originally expected for the second half of the year. Finally in the quarter, we booked our first contract as part of the DoD ME Commons program. The Southern California universities, and defense contractors wanted to leverage Accentio to connect advanced labs with contractors' fabs to smooth the transfer of new technologies to products. We are proud to be included in this program, and work is already underway. In summary, with progress we made in 2023, PDS is driving a reinvigoration of the IC manufacturing and technology development by bringing AI and ML to the factory floor. Turning to our view of 2024, many of our fabulous foundry and equipment customers are reporting relatively weak first half of 2024, and in many cases, customers are reporting Q1 will be down. They generally expect now that the second half of the year will return to growth. While some customers are experiencing near-term weakness, the long-term trends driven by increased intelligence, increasingly intelligent semiconductor products that make AI possible the electrification of the energy economy, and the geographic diversification of manufacturing are only accelerating. Our outlook for the year reflects both the short-term weakness in the IC industry and the longer-term macro trends that can drive significant growth. Overall, we expect bookings for the year to be up significantly versus last year, and we expect to build backlog meaningfully. Our revenue model for the year suggests the first half of the year will be roughly flat when compared to the last year and growth returning to 20% on a year-over-year basis in the second half of the year. Overall, we expect double-digit growth for the year similar to last. When we look to the progress we made in 2023 and consider the opportunities we see in front of us in 2024, we truly appreciate the effort of our employees, contractors, customers, and partners that have positioned the company for the future. Now we'll turn the call over to Adnan for more details and comments on our results.
spk01: Adnan? Thank you, John. Good afternoon, everyone. We're pleased to review the financial results of the full year and the fourth quarter of 2023. As John said, we posted our earnings release and a management report in the investor relations section of our website. Our form 10K with final results will be filed with the SEC by the end of February after the annual audit is complete. Please note that all the financial results we discuss in today's call will be on a non-GAAP basis, and a reconciliation to GAAP financials is provided in the materials on our website. Like John, I'm also pleased that we ended the fourth quarter of 2023 by growing our backlog versus the third quarter of 23. Our backlog at the end of the year was $230 million. For the full year of 2023, we generated record revenue of $165.8 million versus $148.5 million in 2022, a 12% year over year increase. Two items are worth highlighting here. First, our analytics revenue grew 17% for the full year 23 on a year over year basis. Second, we delivered the 12% total company revenue growth rate for the full year against the backdrop of a 24% decline in IYR revenues, and as John pointed out, an industry that contracted 10%. For the fourth quarter of 23, our total revenue was $41.1 million, up slightly on a year-over-year basis, with analytics revenue growing 9% and IYR revenue declining 55%. For the fourth quarter, our gross margin was 72%, and we reported EPS of 15 cents per share. Turning back to the full year 23 results, I will now provide detailed comments. On a full year basis, our gross margin was 73% and we reported EPS of 73 cents. For the full year, analytics revenue increased 17% to 152.1 million versus the prior year, despite the fact that Symmetrix connectivity runtime licenses which generate revenue when customers ship their equipment were down double-digit percentage due to decline in end-market equipment shipments. We are making solid progress on our mission to become the leading analytics software provider for the global semiconductor supply chain. Analytics has solidified as the dominant component of our overall business and is now 92% of total revenues for the full year. Important contributions to analytics revenue came from Accenture product deals we signed during the year, particularly some large double-digit million-dollar deals signed in the fourth quarter, adding to our recurring revenues. Analytics revenue also saw contributions from continued adoption of our eProbe DFI systems by key customers. We are pleased that a second leading-edge customer now has our eProbe DFI machine at their facility for manufacturing evaluation. With respect to Symmetrix products, we continue to see weakness in equipment shipments affecting the contribution to revenue which declined on year-over-year basis for the full year. We stay engaged with our equipment software customers to watch for signs of growth in tool shipments. Just as we highlighted last year on our earnings call with the full year 2022 results, it is worth noting for this year 2023 as well that our full year analytics revenue for 2023 was more than the total company revenue for the prior year 2022. This is yet another year in a row for this noteworthy achievement. For the full year 2023, IYR revenue comprised 8% of total revenues at $13.8 million and was down 24% on a year-over-year basis, driven by completion of some fixed-fee engagement projects and reduction in revenues from gainshare. primarily from reduced production volumes at key Gainshare customers. Gross margin for the full year 23 increased to 73%, up from 71% for 2022, chalking another year of expanding gross margins. Despite the fact that Gainshare, which is 100% gross margin, decreased, we were able to grow gross margins in part due to better optimized spending on cloud infrastructure as we improve the business scale. Turning to operating expenses, we also control the growth of our expenses to expand the operating margins to 17% for the full year 23 compared to 15% for the full year 2022. During the year, we managed our resources to better distribute use between R&D and pre-sales activities, while funding the growth of our sales team to engage in the opportunities we are seeing in our pipelines. For the year 2023, we reported EPS of $0.73 a share, a meaningful growth of more than 20%, compared to the $0.60 per share we reported for the prior year 2022. During the year, we generated positive operating cash flow of $14.6 million, of which we spent $11.3 million on CAPEX for data collection systems for our leading-edge business, $1.8 million on the acquisition of Lantern Machinery Analytics for our EV battery initiative at about 0.7 million on share buybacks. We are pleased with another year of positive operating capital generation consistent with our history. Turning to the balance sheet, we ended the year 23 with cash and equivalents and short-term investments of 135.5 million compared to 139.2 million at the end of 2022. And we continue to carry no debt. We're proud of the performance of 23 against the macro environment and remain committed to the long-term targets we set at our analyst day in October last year of 20% year-over-year total company revenue growth rate, 75% gross margin, and 20% operating margin. Now turning to our financial outlook for 2024, we look forward to another growth year. As John said and stated in our earnings release, our outlook for the year reflects both the short-term weakness of the semiconductor industry and the strength of our pipeline, bolstered by the macro trends of distributed manufacturing, energy electrification, and AI, which can drive significant growth. As a result, we expect revenue for the first half of 2024 to be flat over the comparable period of the prior year. and for revenue for the second half of the year to grow by 20% over the comparable period of the prior year. With that, I'll turn the call over to the operator to commence the question and answer session. Operator?
spk00: Thank you, Mr. Raza. Ladies and gentlemen, if you have a question at this time, please press star 11 on your telephone. If you're using a speakerphone, please lift the handset before asking a question. Please wait one moment for our first question. Our first question comes from the line of Blair Abernethy from Rosenblatt Securities.
spk02: Good afternoon, gentlemen.
spk03: Good afternoon, Blair.
spk02: John, my first question is just around DFI. It's great you've shipped to a second customer. I just wonder if you can give us some Just some color around that, and have you started to recognize any revenue from that at this point? And sort of what does the pipeline look like for DFI as you kind of look forward into 2024?
spk03: Sure. So, yeah, we shipped in the fourth quarter. This is for, as I said, for Parallax Manufacturing Evaluation. We did the technical evaluation first. of what the machine is capable of seeing by having the customer ship wafers to us here. Quite a number of wafers came to our facility here in California, but this is a customer in East Asia, so we had to ship the machine over there. And the purpose there is to demonstrate that it's able to really be used in the production facility, that it maintains the uptimes, that it has the repeatability as you scan wafers and wafers and wafers day after day. You know, in our user conference this past fall, you know, our early adopter customer was able to show what they were able to do using the machine at our user conference. So we have good confidence that we will be able to demonstrate success and then convert that into revenue upon achievement of the milestones that we've set out for this evaluation. In terms of the outlook for this year, we do anticipate adding additional customers in this year as well as expanding within existing customers in this year, customer this year. We expect to be able to ship just a couple of machines, but we'll be able to, we've already ordered capital for quite a bit more, so we're able to start shipping as we get to the end of this year and early next year at a more accelerated rate than we're shipping, let's say, this year. But we expect to end this year with, you know, quite a few machines contributing to revenue. So you say that today, you know, this last year, two machines contributed revenue. We expect over 2x that number by the end of this year.
spk02: Okay, great. Great. And I'm just wondering, maybe you can help us with your guidance, thoughts, and rationale, I guess, into your guidances today. to the, I mean, I can understand, you know, with the IYR business and equipment shipments still being pretty tepid for the first half, what gives you sort of the confidence that you can, you know, go from effectively, you know, flat first half to a pretty substantial second half growth?
spk03: Yeah, so it's a great question, Blair. It's the bookings activity that we have ongoing, you know, some of which completed in Q4, as Adnan said, a couple of very large contracts have signed in the fourth quarter, which saw the bookings in the fourth quarter were large. And then this quarter and next quarter, we have quite a bit of activity going on. We expect to build on that bookings momentum in Q4 and the first half of this year to be substantially over the second half of last year from a booking standpoint. And then given the roundtable nature of the business, As you get through the year, that just drives incremental growth. So, you know, we book in Q1, it will drive very little revenue growth, very little revenue in Q1. It will drive incrementally more in Q2 and then a lot more as you get into the second half of the year. It's similar to the bookings we do in Q2.
spk02: Got it. Got it. Okay.
spk03: The reasons for optimism are more internal or like our specific business situation with customers. but it is the macro environment. They are the activities that we see, that we're in deep discussions with customers that we feel pretty confident about. The game share and the runtime licenses you put are more like the overall weather outside of us.
spk02: So I get it. So it's more in your control, more what you have business at hand as opposed to waiting for the market to come back to you on the equipment side or on the symmetric side. Correct.
spk03: We're not forecasting. We are forecasting equipment getting better as we get towards the second half of the year modestly. We're not forecasting a ton of growth in gains here. We are really forecasting a ton of growth in analytics, primarily around the selling activities, some of which happen in Q4, and more of that happens as we get into the second half of this year. Sorry, the first half of this year, Q1 and Q2 in particular.
spk02: Okay. Okay, great.
spk03: one last question if I can just it sounds like so that you've you've made progress on the partnership side with SAP would be there be any other significant part you should you highlight John you know I think what we did I might prepare much to talk about the new product release on SAP of course we've had a number of products that we've done in conjunction with the admin test that are generating revenue and continue to generate momentum Some of the pilots we have on MLOps also interface with the Adventest infrastructure in their edge box. So we do expect those two partners to be driving additional bookings as we go throughout this year. When we look at our other partners beyond that, we are in active work with them on additional customers. And we do expect that more of our partners will start driving bookings with us as we jointly go to market with a number of pilots with customers.
spk02: Okay, that's great. Thanks very much.
spk00: Thank you. One moment for our next question. Our next question comes from the line of William Jellison from DA Davidson & Co.,
spk05: Good afternoon and thanks for taking the question. I'll ask two and then get back into the first one. I'm wondering if you can share any more color on the analytics revenue per customer metric, any updated metrics on that front or just overall observations. And then within that, the level of module uptake you see within your existing customer base as well.
spk01: Yeah, absolutely. And look, every quarter we post this metric as we did the last quarter as well. And we're calculating that number, finalizing it to post for the analyst itself. But over the last few quarters, we've seen the trend of that number going up and we would expect that this quarter that would be the case as well. In terms of continued, in terms of adoption with additional customers, it's nice to see that customers are using our products on a larger scale as a reference by the comment that we made in a call about the two large customers with the large deals that we talked about, the double-digit million-dollar deal. So stay tuned for that metric as we post our deck in the next few days about the details on some of those metrics.
spk05: Absolutely. Okay. And then the second question relates to your investment in sales and marketing. I remember getting the impression from your analyst day last October that a lot of the a lot of the incremental gross profit that PDF is going to get as it approaches that 75% margin target was going to get reinvested into a more concerted effort in sales and marketing. And I was just wondering on the level of intensity PDF is presently investing there to capture those opportunities and whether or not we should expect that to step up even further as it pursues more of those opportunities.
spk01: Yeah, look, I mean, through this year and frankly, early on in the year, we talked about increased spend that we would plan to do with the sales and marketing side. In Canada, I know we reported as a combined number within the SG&A bucket, but I'll tell you, G&A is not where we have put some of that growth. It's really been the S&M side. We have hired some new people, especially given some of the M&A and the dislocation in the market that we saw to grab some of the good salespeople and add them to our portfolio. And back to the question Blair asked, you add the two together and you say, okay, great, your spend on S&M, what are the early proof points? I think the tone and the call that you're hearing from us is along those lines. You're catching us at a good time. This is the time of the year we also prepare our annual operating plan and present to the board. Early views of that, we do a top-down view, and then as we present it to the board, we end up looking at every deal with the timing for the year, and that's how we're able to give you this guidance that we are sharing today. Yes, we've increased the span in S&M. It's starting to show early results in the strength of the pipeline, and hopefully the two deals in Q4 that we did chalk up some of that benefit already, and hopefully more to come.
spk03: Yeah, I think just to – well, maybe you asked a little bit around, okay, what does that mean for this year? I think when you look at a quarterly basis, we've crept it up every quarter, but now as we get into this year – We will make modest incremental investments, but a lot of the reason why sales and marketing expenses this year will be harder than last year is you have a full year's accounting of the increase that happened throughout 2023. So we don't expect that we're going to incrementally increase it at a much more rapid rate. In fact, arguably, it'll be at a more muted rate. But because you have a full year's expense, on an annualized basis, it will be a higher higher number than it was last year, right? But on a quarterly basis, not a lot higher than Q4, just modestly go up over Q4. I think that might have been what you were kind of looking for. Yes, both are very helpful.
spk05: Thank you, John.
spk00: Thank you. If you have a question at this time, please press star 11 on your telephone. If you're using a speakerphone, please lift the handset before asking a question. One moment for our next question. Our next question comes from the line of Gus Richard from Northland.
spk04: Yes. Good afternoon, guys. Thanks for letting me ask some questions here. The two large deals that you signed in the quarter, were those sort of enterprise-wide fab tests, assembly, or were they more point products? And could you give any color on, you know, is it like analog industrial or leading edge? You know, what kind of customers?
spk03: Sure. So I can answer that. Both of them are front-end fab related. Both of them are process control related with advanced analytics capability in one case and more basic capabilities in the other. One, they're both enterprise-wide in that They go across all of their facilities worldwide. And as a result, relatively large is the customers that have been customers before and now are deploying more broadly, in one case with more advanced capabilities on top of the base capabilities. And so, yeah, we've been talking throughout the year that there's a number of large contracts that we've been working on. These were two of them. There are others that we are continuing to work on. This is, again, kind of getting back to Will's questions around the investment in sales and marketing. That's some of the early foots. We expect substantial step up again in this first half of the year as we close a number of other larger deals in this first part of the year that are all kind of related to these investments. building even larger than what we did in those two. Those were pretty substantial for us.
spk04: Okay, and then just can you give us a sense of like the size of your pipeline? You closed a couple deals. Are there, you know, five, ten? How many more of these enterprise-wide deals are you currently working on?
spk03: Yeah, I mean, off the top of my head, I don't know that I could give a really great answer, Gus. I mean, as always is the case for us, On a dollar value basis, we live by the 80-20 rule. So, you know, there's maybe even 90-10. There are probably 10% of the deals that represent a sizable, you know, 80-plus percent of the dollar value because these enterprise things tend to be quite large. There are some, you know, out there that we're working on right now that are, as I said, substantially bigger than those first two that are going to drive a meaningful piece of our business. our bookings this year. And then there's a number that are similar size to those, you know, a handful of them, I don't know off the top of my head, but there's a fair number. Collectively, overall, as I said in my prepared remarks, we do have a lot of confidence about the bookings this year. You know, it's, you know, the level of activity with customers is quite meaningful, given those three drivers that I spoke about. the electrification of the energy economy that's really just driving high-voltage silicon battery technologies. The advanced process nodes really geared towards AI. That includes advanced packaging. There's a ton of activity we have going on for the MLOps piece there, and then all the DFI and leading edge capabilities all around just advanced semiconductors driven by AI. And then the geographic diversification customers really want to get to these more enterprise-wide control schemes because of the nature of their manufacturing. And Q2 and Q4 are kind of somewhat representative of that, but we see a number of those. So, you know, overall, it's probably, you know, I don't know, in the 10 range, you know, but there's probably two or three that drive a sizable fraction of that. And those 10 probably are, you know, more than 80% of the booking value for the year.
spk04: Got it. Okay, that was very helpful. Thank you. And then just flipping to DFI, you know, it sounds like you've got pretty decent visibility through this year in terms of what you're building. You know, over the last 90 days, have you, you know, I know there's some long lead time items for DFI. You know, have you had to sort of go back to your vendors and order more material for, you know, potentially deliveries in, you know, 2025?
spk03: That's a great point, Gus. Yeah, if you look at our expense to spend on capital, you'll see it step up in 2024 versus 2023. In 2023, it had a modest increase versus 2022, if my number memory is correct. And that step up is because of ordering for machines we expect to ship in 2025, more than what we expect to ship in 2024, per se. It does impact 2024 a little bit. And yes, we've been going back to our vendors to try to tighten up availability and delivery times. We would like to get, and we feel like we're getting close to the point where we're really going to be looking at how we can pull those in because of the customer interest. So yeah, you'll see the spend go up this year. It's anticipation of 2025. We're setting ourselves up to be able to ship significantly more in 2025 than what we're shipping in 2024. And we are going back and even discussing what the vendor's on. If we needed to pull in even more for that, how would we be able to, more than what we're already planning, how would we be able to affect that? That would probably not affect our capital spend in 2024 very much, but it could affect our capital spend in the first part of 2025, and then shipments that would impact the second half of 2025. We think we have the first half of 2025 mostly okay.
spk04: Got it. Got it. That's super helpful. And then, um, you mentioned in your prepared marks that, you know, you expected to add additional customers this year. Um, you know, any colors that, you know, memory advanced logic, you know, is there any, you know, is it, you know, one or two, what, you know, any color there is helpful.
spk03: Yeah. So we've, um, We continue to see opportunities in advanced logic, and we do expect advanced logic incrementally to contribute this year above what it contributed last year. We've also, you know, we've been in the industry for quite a while, and so, you know, as you know, PDF has worked on yield ramps all around the world with virtually everybody, and I was chatting with an executive at one of the companies that's just getting into, you know, what would be more advanced than, trailing edge, but nowhere near the two nanometer. But as you think about everything from 12 nanometer to 28, and we started to see interest in those areas where people said, hey, if we had this, it could really accelerate our bringing up of new products. And one of the guys joked with me, hey, John, we worked on yield ramps with you at my past company in these nodes, and this would have really helped. So we think that the aperture is broader than just the leading edge. As you know, we were very focused on just what can you do on the leading edge. in some way because it's a talisman about, you know, where are you going, look for the industry. But now we're going to double back and look at some of those other opportunities. And we're also starting to get some early looks in the memory space where we're starting to have some early dialogue. So part of our goal this year is to make sure we've got enough capacity in our own lab to be able to do demos and evals for customers, much like we did for that Asian fab in 2023 that enabled us to ship at the end of the year. We'd like to be able to do that this year for some additional customers in the trailing edge, quasi-trailing edge, and memory, while we continue to penetrate on the leading edge logic.
spk04: Okay, and I promise this is my last question. When you talk to these not leading edge, but more advanced geometry logic guys, DFI would be helpful for them because it would accelerate their learning over like, you know, the parametric tester you used to use, or is it a cost savings because you wouldn't scrap as many wafers as you go through the process?
spk03: It's a great question, guys. It's for bringing up the note and controlling it. If you just look at, you know, PDF has had yield models based on product design layouts forever. We typically would run a test vehicle to extract kind of the intrinsic failure rates of metal shorts and opens, contacts and via, you know, opens and contacts and via shorts, those models would always show you that half of the yield loss you would see because of opens between layers, shorts and opens between layers. But you can't see them optically. So the customer would run a test vehicle, our short flows, to see the single layer shorts and opens and the between layer shorts and opens. But then if you want to know, well, what does it really do on product? Well, our test vehicle couldn't give you that because it's a test vehicle. And the inspection tools can just tell you what's happening at layer. They can't really tell you, do you have a failure in a billion or 0.1 failures in a billion or 10 failures in a billion on the contact and via layer. And the E-Probe is the only thing that can really do that. It can measure tens of billions and tell you, okay, what's your real failure rate across all the layups on a real product. And that really, that was the part the guy says, like, God, John, when we went from your test vehicle to product, we got caught by some issues took us months to solve it because we had no way to look at it. Vipo gives you a way to look at that. And that's why the kind of, you know, as people see that this is real, you can measure 10 billion contacts and vias, right? That's a change of the game, right? And so even for, you know, 12 nanometer or 28 nanometer, that actually matters quite a bit. And we've always known in our models, it's half your yield loss. It's just hard to see a line.
spk04: Perfect. That was super helpful. That really clarifies it for me. Thank you. No problem.
spk00: Thank you. If you have a question at this time, please press star 1-1 on your telephone. If you're using a speakerphone, please lift the handset before asking a question. If you have a question at this time, please press star 1-1 on your telephone. If you are using a speakerphone, please lift the handset before asking a question. At this time, there are no more questions. Ladies and gentlemen, this concludes the program. Thank you for joining us on today's call.
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