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spk00: Good day and welcome to the Cientra Incorporated fourth quarter and full year 2022 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to your host, Mr. Oliver Bennett, Cientra's General Counsel and Chief Compliance Officer. Mr. Bennett, you may begin. Thank you. Good afternoon.
spk03: we are pleased that you could join us on today's call to discuss Cientra's fourth quarter and full year 2022 financial results and business update. On our call today, we have Ron Menezes, Cientra's President and Chief Executive Officer, Andy Schmidt, Cientra's Chief Financial Officer, Lisa Rosas, Cientra's Senior Vice President of Marketing, and Dr. Denise Giles, Cientra's Senior Vice President of Research and Development, Regulatory and Quality. As reported earlier today, we have achieved another record quarter and year for Cientra. Our Q4 revenue of $25.1 million is the highest quarterly revenue in the history of the company and represents almost 100% growth in our breast product business from our pre-pandemic high of $12.8 million in Q4 2019. While we see continued strength in our core implant and expander portfolio, We have also taken steps to accelerate our growth with the commercial launch of our biology fat transfer system and our recently announced partnership with the Zio Biologics. As Juan will provide more detail on, these new products dramatically increase our total addressable market to over $1 billion in the United States alone, while also enhancing our pathway to profitability. Of course, I must remind everyone that in our remarks today, we will include forward-looking statements in our prepared remarks and response to any questions you may ask. These forward-looking statements are based on management's current assumptions and expectations of future events and trends. Our actual results may differ materially from those expressed in or implied by the forward-looking statements. The company undertakes no obligation to update or review any estimate, projection, or forward-looking statements. For more detailed discussion of the company's risks and uncertainties, I would refer you to our SEC filings, including our Form 10-K and Form 10-Q available on the company's website. With that, I'll turn the call over to our President and Chief Executive Officer, Ron, to comment on our continued exemplary growth this past quarter and provide a look ahead at 2023 and beyond.
spk04: Two and a half years ago, in the middle of the pandemic, I stepped into my role as CEO of Cientra. At that time, the management team and I redefined Cientra's corporate mission. We set the goal to create an all-inclusive platform that will deliver innovative solutions to plastic surgeons within the broader aesthetic community. Today, I'm pleased to report that not only we are well on our way to meeting that goal, but also that this year will be a transformational year for Cientra. Our management team has made a concerted effort to invest on our infrastructure. Our goal was to create a platform to enable new products to flow through our organization, creating leverage and paving the path to profitability. We are now seeing the results of those efforts come to fruition. First, we'll commence commercial shipping of our Violet fat transfer system on March 1st. Second, as we announced last week, who have entered into a partnership with Azeo Biologics to add their Simple Derm, a cellular dermal matrix product, to our portfolio. The addition of those products dramatically increases Centra's total addressable market, with the ADM market alone estimated to be around $500 million. Both products are highly synergistic for Centra, allowing us to use our existing sales and distribution teams with no significant capital investments. We believe the addition of those highly complementary products will not only accelerate our market share gains and overall growth, but also enhance our pathway to profitability by creating leverage on our existing organization. 22 ended strong for Sandra. With those year-end operational results, the first shipments of Viality, and SimpleDerm joining our portfolio, I am pleased to report today that we expect to make our path to profitability and positive free cash flow a reality by year end 2023. We'll continue to follow a successful corporate strategy this year, which emphasizes the following. One, streamlining resources and time towards the interest of high growth, high margin business. And two, focusing every team on increasing operating efficiencies. The critical steps it took in 22 sets the pathway for 23 to be a transformational year for Cientra. I'll now turn the call over to Lisa Rosas, our SVP for marketing.
spk08: For the past two years, we have built continued momentum that has resulted in 10 consecutive quarters of record high sales growth with Cientra leading the charge. I think we can safely now say that Sientra is the fastest growing brand in the US breast market. The augmentation market in the United States is cyclical, but over time has proven itself to be resilient. Last year, we saw a post-pandemic correction in augmentation, but Sientra held steady. It is a tribute to the strength of our team, products, and loyalty of our customers that Sientra grew market share in the U.S. augmentation market and exited the year at an all-time high of 17%, a seven-point gain over prior year. The reconstruction market in the U.S. remains strong, with 4% growth over prior quarter, and Siantra has crossed the chasm, so to speak, leaving the teens and growing to a broader market, exiting the year with 20% share overall. a six-point increase over prior year. In Q4, we grew 10 times faster than the US market, and it is our expectation that the coming years will continue in a similar way. For the remainder of 23, we will continue to leverage our expertise and our industry-leading sales infrastructure to launch new products, thus creating a more complete and integrated portfolio. The announcements made in just the first few months of 23 demonstrate our dedication and progress toward achieving this goal. Our commercial team's dedication to patient outcomes and exceeding expectations with our plastic surgery partners is what powers these gains in market share. In just the fourth quarter, our commercial team added 275 new accounts. Our commitment to peer-to-peer training and education speaks for itself. In 2022, we hosted events with nearly 400 customers, resulting in a 50% average increase in attendee sales. We expect to reach at least as many customers, if not more, through these events in 23. As Ron previously mentioned, March 1st, marked the launch and first U.S. commercial shipment of Viality, our novel fat transfer product. The launch of Viality is a pivotal milestone in our corporate history. With the expected uptake of the product by surgeons and the resulting growth in Viality sales, Deandra is poised to become a diversified aesthetics company. Our initial commercial shipments of Viality and enthusiastic feedback from attendees at our educational series demonstrates the strong interest in the product from our customers. Our customers' confidence in the success of this product is reinforced by the latest data Denise will share, which addresses the number one pain point surgeons have experienced with existing back grafting technologies, which is retention. Like the other products in the Cientra portfolio, Viality brings proven clinical advantages, backed by data and rigorous testing. Dr. Denise Dials, SPP of R&D, Regulatory and Quality, will now speak about the latest data on Viality and will provide more information about Simpliderm.
spk07: We are very excited about the reception from our customers that Viality has already received. Viality offers an extraordinary and patented approach to fat transfer. also known as fat grafting. This includes using a surfactant wash with filtration and a concentrating step using a superabsorbent foam to improve the long-term survival of fat, thus providing better predictability and long-term results. The feedback we are receiving is that users really like the consistency of the fat, the ease of use of the system, and the patient results. While we started with a breast focus, we are already working towards expanding into other areas where vialities enhanced by ability fat transfer will also bring improved outcomes. Viality has the potential to transform how facial rejuvenation and feminization, treatment of radiation burns and scarring, and body contouring are addressed. Due to its broad indication, we are already hearing about great outcomes in these areas. Ultimately, we expect Viality to meet an unmet market need for fat transfer retention and allow our customers to offer their patients natural results with predictable outcomes. March was a very busy month for Viality. In addition to our first commercial shipments to customers, we also announced the preliminary results of our ongoing multi-center long-term volume retention clinical studies. These preliminary results show over 80% volume retention at both the three- and six-month time points, with a high consistency between patients. These preliminary data make Viality the first and only system to have clinically demonstrated such high levels of retention. The data also strongly supports the benefits of enhanced viability fat transfer, which is only available with Viality. The study is taking place at more than nine different clinical trial sites and includes a variety of patient types, including breast augmentation, explantation, mastopexis, and breast reconstruction. We anticipate that the results of our ongoing study will establish a new standard of evidence in fat transfer, differentiating Sientra from all the other fat grafting products on the market. Finally, a few words about our newest addition to the portfolio, SimpliDerm, just announced last week. SimpliDerm is a natural allograft option that supports the angiogenic process. It has demonstrated to have superior performance characteristics than other leading human cellular dermal matrices used for various soft tissue reconstructive procedures, while closely matching the human leading determinants. These characteristics include greater tissue strength and suture retention, lower inflammatory and fibrotic responses, and better pliability. In a blinded test performed with a group of plastic surgeons, Simpliderm was the preferred ADM based on pliability and strength. By adding Simpliderm to our portfolio of products, Sientra will offer additional options to surgeons and patients with a clinical and science backup that Sientra is known for. I'll now turn it over to our CFO, Andy, to discuss the financial outlook.
spk05: Thank you, Denise. As Ron, Lisa, Denise all mentioned, we are very encouraged by the marketplace reception for Viality and SimpliDerm. And I'm excited to share our record revenue results of $25.1 million in the fourth quarter of 2022. Another key financial highlight was our non-gap EBITDA and free cash flow performance. Our non-GAAP EBITDA for Q4 22 was a $6.9 million loss, our lowest this year in continuation of a positive trend. Our second half 2022 performance was loss of $15.5 million as compared to a loss of $17.4 million for 2021, a $1.9 million improvement. More impressive, however, was our free cash flow performance. Referenced earlier by Ron, our Q4-22 free cash flow of a $3.8 million use of cash marks two consecutive quarters of sub-$4 million free cash flow burn for the company. Our second half 2022 performance was a free cash flow burn of $7.4 million as compared to a free cash burn of $21.5 million for 2021 of $14 million improvements. Diving into our revenue numbers, the current period, $25.1 million, compares to $22.7 million in Q4 2021, an increase of 11%. Total year 2022 revenue of $90.5 million compares to $80.7 million for 2021, an increase of 12%. The pro forma gross margin for Q4 2022 was 60%, which compares favorably to 54.4% for the same period last year. Key driver for gross margins is product and channel mix. GAAP gross margins were negatively affected by year-end balance sheet adjustments. Most notable, a $5.7 million inventory reserve primarily related to our legacy textured implant inventory and a $6.1 million adjustment to our warranty liability due to revised projections. Total GAAP operating expense for Q422 was $27.7 million, which compares to $26.1 million in Q4 21. Non-GAAP or cash-based operating expense for Q4 22 was $22.8 million compared to $22.2 million for Q4 21. Our current period non-GAAP operating expense of $22.8 million continues a favorable expense trend this year, comparing to $21.7 million in Q3 of 22 $22.3 million in Q2 of 22, and $24.8 million in Q1 of 22. Our favorable second half of year expense performance resulted in the total year non-GAAP expense of $91.6 million, the lower end of our 90 to 94 million non-GAAP operating expense guidance. Total year 2022 GAAP operating expense of $110.6 million compares to $90.7 million in 2021. Total year 22 non-GAAP operating expense of $91.6 million compares to $76.3 million for 2021 and is, again, primarily attributed to current year investments in commercial activities to support new product launches. Total GAAP loss from continuing operations for Q4 22 was $22.3 million as compared to $15.9 million for the previous year period. Switching to key balance sheet items. As part of our year-end adjustments to estimates, we have made two significant adjustments. First, we have taken a $5.7 million reserve against our finished goods inventory, primarily legacy textured in-plant stock, which was 2019 and prior manufactured product. We feel that the textured implant product will have limited marketability in the future. The adjustment reduces our inventory asset and is a non-cash charge to current period cost of sales. Secondly, we have made a $6.1 million adjustment to our warranty liability. The adjustment increases our warranty liability and is also a non-cash charge to current period cost of sales. Cash ending on December 31, 2022 was $26.1 million. We feel that we have sufficient cash to drive the business to a free cash flow positive performance exiting fiscal year 2023. Over the past few weeks, there has been great concern about the stability of certain banks. It's important to know that Cientra believes firmly in a diversified strategy regarding banking facilities. As we are at the end of our first quarter of 2023, I'll share that our current revenue estimate for Q1 2023 to be between $22 and $23 million, or growth of 3% to 8% versus prior year. At this time, I'll turn the call back to Ron to provide our 2023 guidance and a few concluding remarks.
spk04: Thank you, Andy. Now, to provide our 2023 full-year guidance, The company is forecasting revenues of 104 to 109 million, or a year-over-year increase of 15 to 20%. The management team and I expect continued success in the growth of our static business. The launch of Viality and the launch of SimpleDerm, which is expected in the second quarter of this year, will be among the key drivers of revenue growth. In terms of full-year expense guidance, we're forecasting non-GAAP operating expense to be between 78 and 82 million, down from 91.6 million in 2022. Again, thank you for joining us today. In closing, we believe that Cientra is well positioned for continued growth and profitability.
spk00: We'll now open the line for Q&A. Operator? Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your touch-tone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. And to withdraw your question, please press star then two. And at this time, we'll pause momentarily to assemble our roster. And the first question will come from Alex Nowak with Craig Palin Capital Group. Please go ahead. Okay, great.
spk02: Good afternoon, everyone. I was hoping to get a little bit more of the breakdown. The revenue growth is at 15%, 20% for the full year. You know, based on the commentary there for Q1, it does seem like you're baking in more of a second-half higher growth. Is that coming more from the vitality and then the central derm product versus implants? Just how to, you know, think about all that. Sure.
spk05: Hey, sir. Thank you for taking the call with us today. This is Andy. And, sir, when we look at our guidance going forward, you're right. We do have these great product launches that are going to be back half of the year loaded. But just in general, we're having, again, this continued success in Recon. Our core business is still going to be, let's call it, 85% of the guidance number. That's basically, again, our gel implants, whether it's Recon or Ogg, and also our tissue expanders. As always, we have our BioCorneum, a great product, and our international work we're doing. That's still only be 5% to 10% of the revenue guidance. And then, by reality, as we've said before, we expect it to be 5% to 10% of our total revenue exiting the year.
spk02: And do you have anything in there for simple terms?
spk05: Right now, we're looking at that as great upside. We expect to be launching. I can have Ali here talk a little bit more about what it means to launch that type of product. But we think it's a tremendous upside for us.
spk03: Yeah, Alex, as we're looking at it, you know, we have to put some licenses in place to distribute the product throughout the country. And then, as we've learned from our Bialy launch, you know, it's important to take it So you launch it the right way. So we're making sure we put all the processes and everything in place. So we see it more as a back end of the year. And as we get more visibility into how that is going, we expect to update guidance later on this year to account for a simpler term product.
spk02: Okay. That makes sense. And then as you think about Bioti as it's launching into the market, I mean, how is that attachment rate going with the recon side of the business? But I mean, I guess also org as well, but I know it's more of a recon aspect. sort of sales product there. So, I mean, how is the attachment going when you're going to a hospital, selling them on the expander, the implant, and now the biology on there?
spk04: Yeah, well, let me answer that, and I'll pass it over to Lisa. Right now, the majority of sales are coming from augmentation because we're still in the process of setting up contracts, working with the GPOs. It takes four to six months to get that moving. But the idea is to get into a monthly process bidding for the hospitals. Lisa?
spk08: Sure. So a couple of things on this. At this point, we're focusing on selling in our early experience program where some of the top surgeons in the industry and many that are new to Ciantra have access to Viality and are paving the road for success as we expand broader next year or later this year, as Ron mentioned, into the reconstruction segment. So we're trending slightly ahead right now in terms of revenue and trial expectations, but do expect that to pick up here within the next several months and exiting Q2.
spk02: Okay. And then just a final question just around cash burning test usage, you know, exiting the year with pre-facial positive sounds great. The path to get there, Is this all solely from really ramping revenue, keeping gross margin flat, and maybe keeping operating expenses flat as well? Or do you expect gross margin to kind of creep up here throughout the year and OPEX to continue to churn lower? Just how are you thinking about that?
spk05: Sure. So we did give the OPEX guidance, which is significantly lower than our current year. But it's not uncommon for us. We were under $80 million in OPEX, non-GAAP OPEX, in 2021, while growing 47%. We did a lot of work, as you're aware, in 2021 in terms of investment, moving our distribution center from California to Wisconsin, new ERP system. Our order-to-cash process is much more efficient than it once was. So we have naturally banked in efficiencies that we're modeling out to show us running at, you know, basically a $20 million or less quarterly expense. So we demonstrated through 2022 that we kept dropping our office expense quarter to quarter to quarter. So that's where we're basically exiting at a run rate that we expect the guidance to hit.
spk02: Okay. Appreciate the update. Thank you.
spk00: The next question will come from John Block with Sequel. Please go ahead.
spk01: Thanks, guys. Good afternoon. I appreciate you taking the questions. Ron or Andy, maybe the first one might actually build on that last question, which is it's an exciting year for you guys. You've got momentum in the breast business, and you've got some new products as well. But then you're also taking down that op-ax from roughly $92 million, you know, the non-gap, to roughly $80 million. at the midpoint, and even below the run rate. So maybe, Ron, if you could talk to, you know, your confidence and your ability to do that, and maybe more importantly, doing that while still being able to fully capitalize on these new product launches and gain significant momentum with those new product launches throughout the year. You know, maybe as a function of that, if you can give us a little bit of a better feel for where those cuts are going to fall, if they're going to be more in the G and A side relative to S&M.
spk04: Yeah, John, I'll start in any of the specifics, but we did take a hard look in the last six months of 2022, the whole organization, and what areas from efficiencies make sense to be smarter where we spend the money. We also had to make some tough decisions beginning of the year, this year, and ensure that we have enough support for the company across our organization. And we have to make some tough decisions from total personnel to ensure we have the pathway to a free cash flow at the end of the year. But for our ability to drive the number I just shared, yes, we're very, very confident. We're very analytical and systematic in understanding where we have support in commercial, where do we have support in sales, and where we maybe have areas that could be more efficient in headquarters and in different areas of the company. So I'm very confident with our current structure. We're well positioned to support the launch of Viality and also the addition of SimpleDerm. It's the same customer that we're promoting right now. Tissue Expander is the same customer. We're talking about implants and Viality. It works on both sides, the cosmetic side and the reconstruction side.
spk05: So let me just give you a few easy examples. As Ron said, it's really corporate-wide where we're seeing the cost efficiencies. Sales and marketing, the easiest one to look at is our shipping expense. Now that we have the DC, it has been running fantastic and is very efficient. And shipping from the middle of the country, we've taken out already $5 million in shipping expense. That hits in the sales and marketing lines. now much more competitive shipping rates. So that's one example that way. In R&D, we put in significant investment this year to get the biology launch kicked off. That's not a recurring expense. So that gets behind us. G&A, likewise, a good example is as we started this year, we had a great opportunity to go after our accounts receivable balance. actually free up some cash we were very successful but we actually front loaded the year with multiple million dollars worth of effort to actually get that where we wanted to go so those are non-recurring efforts that be going to 23 that does not affect sales it does not affect our ability to deliver products got it that was great color thanks for that guys and maybe just a follow-up question you know the 22 to 23 million for one queue you know clearly you've got good visibility considering where we're sitting in the quarter but
spk01: Ron, maybe if you can give a little bit more detail, you know, the construct of that number. You know, you mentioned there's concerns from the banking perspective. There's also just a lot of concerns of the consumer in general. So how is the consumer holding up? Maybe what are you seeing in the augmentation market into 1Q, as much color as you can provide, and how that compares to recon? Thanks.
spk04: Yeah, I'll let Lisa address that. But from split, it's kind of even split between now recon and ARC. Go ahead, Lisa.
spk08: Sure. So a couple things on the market. Obviously, the last few years have been fairly unusual, but we continue to monitor the trends and have access to data. So we're seeing potential signs of improvement, particularly on the augmentation side. And that segment in breast augmentation in the U.S. has always been durable, where the underlying demand is there and eventually does materialize, which we've been able to validate more recently in reaching out to a group of considering patients, Just to get sentiment, and what we found is that there's more consideration compared with last year, about 45% higher, which gives us some confidence that that market could correct, or at least somewhat correct. So we are not completely relying on market trends, as you see our numbers relative to category performance, and we continue to implement strategies to grow our business. And we're taking a somewhat conservative approach in terms of augmentations. We shift more to reconstruction. And in the recon market, that market has been very strong. Last year for the full year was up 10% at the category level based on hospital purchases. And there was some pent-up demand from the pandemic coming from that. But this has over time also been a very stable market. And then, again, on the Sandra side, we've been able to make inroads as a brand doing all of the things that we've been doing. In Q4 alone, we grew 10 times faster than the market. So between the two, again, we're going into the year. All of this has been integrated into what our guidance is for both segments of the business.
spk01: Got it. And maybe I'll try to slip in one last one quickly. You know, you guys do very explicit revenue and op-ex guidance. The fourth quarter gross margin was a good snapback. I think you've mentioned certainly in the past the fat transfer product was accreted to gross margin. For SimpliDerm, is that the same case as well? And then as a result, should we expect GMs to work their way higher throughout the years? The contribution from the new products also improves throughout, you know, 2023. Great. Thanks, guys. Sure.
spk05: So let me start with biology. Obviously, we just launched, and we will be at a very creative gross margin, but in Q4. We have to get up to full capacity, and obviously we're moving from prototyping to, you know, nothing but production. So we'll see those efficiencies in Q4. Until such time, it really won't create an downward pressure in margins because the volumes are low when you're launching. In terms of Simpliderm, this is really an exciting partnership for us. It's a uniquely efficient project for both companies. And in case in point, we worked on a great deal with Ali at the helm here, working out a cash-friendly project for both sides. On our side, we are working with the inventory as consignment. So we're not carrying the inventory load. So that's very friendly for us in the cash perspective. And we're working out other mechanisms in terms of order to cash. they get the cash working for their side too so it's a fantastic partnership now it is a distribution agreement for us so it'll be similar to our international work we do so where uh technically it'll probably be lower than 40 gross margin we don't have the pricing nailed down yet however that drops all the way down to contribution margins just as ron said We're selling to the same customer and the same procedures, et cetera, in hospitals. So we're not adding additional staff, additional costs. We really start levering our sales team. So we think it's very exciting from a cash perspective and contribution margin perspective.
spk01: Thanks for your time, guys. Appreciate it.
spk00: The next question will come from Anthony Vendetti with Maxim Group. Please go ahead. Thanks.
spk06: Thanks. Just on the vitality punch, what have you been seeing in terms of reception so far, first impressions, and what is Sal's RIF saying about cross-selling opportunities?
spk04: I'll start with Lisa talking about from the commercial side. And then Denise can talk about her experience talking to some of the early users from a clinical experience. Lisa?
spk08: Sure. Early feedback has been very positive. What we're hearing is that the biology technology is truly a game changer in this space and will be the gold standard in the transfer market. We also know, based on our input and our research, that 70% of the market has been dissatisfied with options that have been on the market. And the main reason for that is lack of retention and predictability. And that's where I'll turn it over to Denise to talk a little bit about the clinical results that show our hypertension, so we're hitting on that number one pay point. We're also hearing other feedback about ease of use and other things. So surgeons and our sales force are collectively very excited about the advantages, and a lot of that has to do with the selling process and also just the feedback and the ways that our key opinion leaders are helping reinforce those benefits.
spk07: Yeah, Anthony, it's It's important to consider that this product was specifically designed for fat-wracking in plastic surgery, and we gathered feedback from many users on what was important for them. And what we're seeing right now is that that is being translated into early users really appreciating the technology and the outcomes that they have. Some of the early users that we're seeing are even new to Sientra. They were not Sientra customers on our implants or our expanders, but because this technology is so appealing and because the early results are so impactful on a first-of-its-kind clinical study like the one we are running with multicenter variability in the patients and seeing exactly what the early data shows, And the preclinical data that Origin had was telling us, which is you get predictable and consistent results with very high-quality facts. So I think it's getting a lot of momentum. We've had two launch webinars with several hundred customers logging in to learn about this technology. I've been fortunate to be present in many cases the last couple of weeks, and the consistent feedback has been very positive. We're also seeing expanded use in other areas beyond the breast. There is recently at the Northeastern Society of Plastic Surgeons a presentation on the use of viality for facial feminization, fat grafting. We're also seeing uses in the body, in the buttocks, BBLs. scar treatments, radiation burns is a study that we're running. So we're starting to see how the expanded use will bring additional benefits beyond the breast use, which is what we've been focused on for the early experience in the launch.
spk06: Okay, great. And then just maybe, Fresh, just to follow up back in the queue on the margins, this is a higher margin than your breast products at this point, right?
spk05: It will be in Q4. As I said right now, we're at kind of our entry-level volumes in production. And what we're going to do, just on the technical side, is all the prototyping work we're doing, the early work, we're going to push that through to P&L and not park it on the balance sheet. So we'll take any of that early experience type production learnings. and just push it through the first part of the year here. Q4, expect it to be like a tissue expander plus to where it's a 70-point plus gross margin product.
spk06: Okay, great. Thanks very much. I appreciate all the back and forth.
spk00: This concludes our question and answer session. I would like to turn the conference back over to the management for any closing remarks. Please go ahead.
spk04: Well, I just want to say thank you, everyone. This is, like I said before, a pivotal year for Cientra. We have the ability this year to lever our platform, the Cientra platform, with our new products and with the same customers we've been calling the last 10 years. So thank you again for joining us. We look forward for a great 2023.
spk00: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.
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