KLA Q4 2023 Earnings Call Transcript

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Provided by Quartr
July 27, 2023

There are 10 speakers on the call.

Operator

Good afternoon. My name is Chelsea, and I will be your conference operator today. At this time, I would like to welcome everyone to the KLA Corporation June Quarter 2023 Earnings Conference Call and Webcast. All participant Thank you. And I will now turn the call over to Kevin Kessel, Vice President of Investor Relations and Market Analytics.

Operator

Please go ahead, sir.

Speaker 1

Thank you for joining us for our earnings call to discuss the results of the June 2023 quarter and our September quarter outlook. Joining me is our CEO, Rick Wallace and our CFO, Bren Higgins. During this call, we will discuss our results release today after the market close, conference call, along with supplemental materials that are all available on our IR website. Today's discussion is presented on a non GAAP financial basis, unless otherwise specified. Whenever we make full year references, they relate to calendar years.

Speaker 1

A detailed reconciliation of GAAP to non GAAP results is in the earnings materials

Speaker 2

conference call posted on our website.

Speaker 1

Our IR website also contains future investor events as well as presentations, corporate governance information and links to our SEC filings, including our most recent annual report and quarterly reports on Forms 10 ks and 10 Q. Our comments today are subject to risks and uncertainties reflected in the risk factor disclosure in our SEC filings. Any forward looking statements, including those we make on the call today, Q and A. Rick will begin the call with some comments and quarterly highlights. Fred will conclude with our financial highlights, including our guidance and outlook.

Speaker 1

I will now turn the call over to our CEO, Rick Wallace. Rick? Thank you, Kevin. Let's start with a summary of KLA's performance in the quarter along with a few highlights. Further color and detail on my comments and the semiconductor demand environment can be found in our shareholder letter released earlier today.

Speaker 1

KLA's June quarter results exceeded expectations and demonstrated consistent execution despite a challenging marketplace. Specifically, revenue of $2,355,000,000 finished at the upper end of the guidance range, declining 5% Q1 of 2019. GAAP earnings per share was $4.97 and non GAAP EPS In particular, automotive and other markets served by legacy nodes remain strong, demonstrating the diversification of demand and growing adoption of semiconductor technology across multiple industries. Additionally, process control plays a critical role in enabling our customers node and technology transitions that are the focus of R and D efforts and that is more resilient to near term pressures. We work closely with our customers And they continue to prioritize R and D investments.

Speaker 1

This is important for KLA as our products are heavily relied upon during the R and D process as Q1 of 2019

Speaker 3

as well as the early

Speaker 1

ramp phase when faster time to heal is critical. ALA remains focused on supporting our customers' requirements While maintaining critical R and D investments to enable our technology roadmap, our June quarterly results are the latest example of successfully meeting or exceeding our commitments and creating value for our customers, partners and shareholders. Specific factors driving KLA's performance this quarter include KLA's market leadership and process control, which Q1 of 2019. For example, revenues from our unpatterned wafer inspection and metrology products used in silicon wafer KLA and Photomass Manufacturing are expected to significantly outperform the overall WFE market and deliver strong growth in a down year for the industry. The KLA Services business grew to $539,000,000 in the June quarter, up 5% year over year.

Speaker 1

Our consistent execution despite challenges in the marketplace comprehensive portfolio of products to meet customer requirements. I'll now hand it to Bren to go through our financial highlights. Bren? Thanks, Rick. KLA delivered results at the upper end of the range of guidance and commitments, demonstrating consistent execution despite a challenging marketplace.

Speaker 1

Our continued focus on meeting customer needs while expanding market leadership, sustaining industry leading gross and operating margins, generating strong free cash flow, Maintaining our long term strategy of assertive capital allocation is what makes us successful. Quarterly revenue was $2,355,000,000 Also towards the upper end of the guidance range of $4.23 to $5.43 GAAP diluted EPS was $4.97 above the midpoint of guidance. Non GAAP gross margin was 61.2%, 45 basis slightly higher than guidance due to adjustments to variable compensation. Total operating expenses comprised $314,000,000 in R and D and $229,000,000 in SG K. Non GAAP operating margin was 38.1%.

Speaker 1

Other income and expense debt was $49,000,000 the quarterly effective tax rate was 12.4%. At the guided tax rate of 13.5%, non GAAP EPS would have been $0.07 lower or $5.33 Quarterly non GAAP net income was 743,000,000 GAAP net income was $685,000,000 cash flow from operations was $559,000,000 and free cash flow was $880,000,000 As a result, free cash flow conversion was strong at 119% and free cash flow margin was 37%. The company had approximately 137,700,000 diluted weighted average shares outstanding at the end of the quarter. Breakdown of revenue by reportable segments and end markets and major products and regions can be found within the shareholder letter and slides. Switching to the balance sheet, KLA ended the quarter with $3,240,000,000 in total cash, cash equivalents and marketable securities, debt of 5,89,000,000 and a flexible and attractive bond maturity profile supported by strong investment grade ratings from all three agencies.

Speaker 1

Turning to our outlook. Our WFE outlook for 2023 remains largely unchanged and down approximately 20% from $95,000,000,000 in 2022. While the timing of a meaningful resumption in WFE investment growth remains unclear, we continue to see overall demand stabilizing around current business Q3 results for our Semiconductor Process Control Systems business, and we expect this demand profile to continue through the remainder of the year. Our 2023 WFE estimate reflects a top down assessment of industry demand as follows. In memory, we expect WFE investment to decline by approximately 40%, FoundryLogics declined by about 10% overall, with legacy investment outperforming the segment overall due principally to automotive continued demand for legacy design nodes.

Speaker 1

KLA's primary value proposition is focused on enabling innovation through technology transitions, which our customers continue to prioritize across all business environments. While capacity plans are often adjusted due to changing demand expectations, technology roadmap investments are more resilient. This adds additional confidence to our business expectations as customers align shipment slots with roadmap requirements. In this environment, we will continue to focus on meeting customer requirements, maintaining our high level investment in R and D to advance our product roadmaps and KLA's market leadership Total revenue is expected to be $2,350,000,000 plus or minus $125,000,000 Foundry Logic is forecasted to be approximately 70% And memory is expected to be around 30% of semi PC systems revenue. Within memory, DRAM is expected to be about 90% of the segment mix the Capital Markets Day.

Speaker 1

We forecast non GAAP gross margin to be roughly flat at 61%, plus or minus 1 percentage point calendar year. As product mix expectations and cost components are consistent with the prior quarter. Given our current view of a stabilizing demand environment for the remainder of 2023, We expect full year calendar gross margin to trend near 61%. Non GAAP operating expenses are expected to be approximately $535,000,000 call. As cost measures executed earlier in the calendar year align our current cost structure with top line expectations.

Speaker 1

We would expect quarterly operating expenses to remain around this level for the remainder of the calendar year. Other model assumptions for the September quarter include Other income and expense net of approximately $48,000,000 and effective tax rate of approximately 13.5%. Finally, GAAP diluted EPS is expected to be $5.02 plus or minus 0.60 Q1 of 2019. EPS guidance is based on a fully diluted share count of approximately 137,000,000 shares. In conclusion, we continue to see process controls importance to technology transitions and advancements key to R and D growth and prioritization despite persistent weakness in our commercialization.

Speaker 1

We are also exposed to wafer and radical infrastructure investments that are contributing to our revenue performance. As a result, KLA remains positioned for strong relative performance versus the industry in 2023. Looking ahead, we continue to see the business environment stabilizing and remain confident that the secular trends driving long term semiconductor industry demand Multiple applications for leading edge roadmaps are driving competitive dynamics and design challenges requiring more customer engagement and faster time to results. Technology investment and node transitions reflect the value that semiconductors in our industry have at lowering costs for our customers While the global economy and semiconductor industry are facing challenges, KLA is well positioned to deliver strong relative financial performance driven by better than market performance of our SMAPC and SPTS businesses and continued growth in services. We remain focused on innovation as we the portfolio strategy to support our customers' technology roadmaps and multiyear investment plans.

Speaker 1

With the KLA operating model guiding our execution, We will implement our strategic objectives and drive outperformance. These objectives are also the foundation for our technology leadership and competitive differentiation. Our focus on customer success, delivering innovative and differentiated solutions and operational excellence continues to enable us to deliver industry leading financial cash flow performance while delivering consistent capital returns to shareholders. That concludes my remarks. I'll now turn the call back over to Kevin to begin

Speaker 2

Q and A.

Speaker 1

Thank you, Brynn. Chelsea, can you please provide instructions in queue for questions?

Operator

And if possible to pick up your handset for optimal sound quality. In the interest of time, we ask that you please limit yourself Our first question will come from Joe Quatrochi with Wells Fargo.

Speaker 4

I was wondering if you could maybe talk about the strength that you're seeing in your blank wafer business. How do you see that looking into next year? And is there a risk of maybe some digestion after a pretty strong investment cycle there?

Speaker 1

Hey, Joe. Thanks for the question. This year has been a strong year for that. We have a very strong market position construction in China to provide more domestic supply. It tends to invest according to a different cycle.

Speaker 1

I wouldn't exactly call it counter But the lead time to get equipment to actually make silicon wafers takes some time. And so you see those customers continuing to invest through to prepare for future demand. They're also dealing with new capacity key requirements related to hybrid bonding and some of the other wafer to wafer packaging techniques that are out there So as we look at this year, it's going to continue to grow this year, expect it to do well and then but I do think as we move into next year, we'll see some moderation of that investment. So while I don't think it will fall off a lot, I don't think we'll see it grow into

Speaker 2

Q and A

Speaker 4

Got it. That's helpful. And then as a follow-up, you guys saw some pretty, I think, significant upside to your memory kind of expectations or at least relative to what you were thinking 3 months ago and particularly around DRAM. Just wondering if you could maybe comment on what drove that the quarter.

Speaker 1

Sure. We had some movement across a number of our customers, and the number overall is frankly pretty low, but That was part of it. The other part is we also had some shipments that we weren't expecting to make in the quarter related to the one of our Chinese DRAM customers and the clarification of some of the export rules enabled us to ship some additional equipment there. So that was a factor in the upside on the DRAM side. Got it.

Speaker 1

Thank you.

Operator

Our next question will come from C. J. Muse with Evercore.

Speaker 5

Yes, good afternoon. Thank you

Speaker 6

for taking the question. I guess first question, can you update us on where optical inspection lead times are? The And given the importance of that toolset for R and D Is that something that you expect will sustain at elevated levels or do you think that should normalize over time?

Speaker 1

Hey, CJ, it's Rick. The answer is the demand continues to be very strong and for a couple of reasons that we've talked about many times. And we have struggled in increasing the output. So we're still booked out through as far as we can see into next year. So business remains strong.

Speaker 1

The product has had a lot of success dealing with some of the challenges we're seeing. So We expect that to remain elevated, and we're working hard to actually increase capacity in order to meet that demand, but that's going to take some time. The Yes, lead times will come down a little bit. I don't know if they'll come down all that much given the drivers of that product line. But as new capacity comes online as we move through 'twenty four and beyond, we'll see it.

Speaker 1

We'll see them come down a little bit, but I think you'll still the One of the nice and we talked about in the past, CJ, is that we're still running Gen 4 in addition to Gen 5. And Gen 4 has really seen pretty good adoption in places that we didn't necessarily forecast like automotive. So we still have pretty good tailwinds for that.

Speaker 6

Very helpful. And I guess as my follow-up, encouraging to see your semi service business grow sequentially. Can you kind of comment how you see that playing out in the Q and A. What kind of potentially negative impact are you seeing from lower utilization from your memory customers?

Speaker 1

Yes. We're very pleased with the performance in service, and it's not atypical

Speaker 6

the Q1 of

Speaker 1

2019. We have to back off a little bit. And those have moderated through the year to the point where utilization rates are higher than what have been Q3 of 2019. Thank you. Thank you.

Speaker 1

Thank you. Thank you. Thank you. Thank you. Thank you.

Speaker 2

Thank you. Thank you. Thank you. Thank you. Thank you.

Speaker 2

Thank you.

Speaker 1

Thank you. Our next question

Speaker 2

comes from the line

Speaker 1

of It's been upside. Memory looks a little bit slower in that regard, but it's kind of what we forecasted. And with the level of shipments, We feel very good about our long term forecast for the services business.

Operator

Our next question comes from Krish Sankar with TD Cowen. Your line is open.

Speaker 5

Hi. Thanks for taking my question. I'll close them. First one, Rick, obviously, you have like very strong revenues from China. There's been some chatter that the U.

Speaker 5

S. Might expand the export controls even maybe mature nodes. I know right now Your cap is 14 nanometer and below for foundrylogic. Is there any commentary you can give on that? And how to think about it, like, let's say, for example, 14 goes to 28, the restriction on 28 goes to 40.

Speaker 5

Is there a way to quantify the impact to your sales? And then I have a follow-up.

Speaker 1

Yes, I won't speculate what the government will do or not do on that. We have ongoing conversations the with them obviously and really been supportive of their efforts to try to figure out how to Cut off the very leading edge. Beyond that, that's not conversations we've been having with them. But in terms of quantifying, obviously, Given that most of the business we have in China is legacy, that would obviously impact our ability to support them in legacy.

Speaker 5

Got it. Got it. Thanks, Ludwig. And then as a follow-up, based on the numbers, it looks like you're going to outperform WFE again this year And you do this last couple of years. The last couple of years, it is more some of your peers were supply chain constrained while you were not.

Speaker 5

And this year, obviously, there's a lot of technology buys. I'm just wondering, as we head into next year or the next couple of years, as WFE starts rebounding, Is there a risk that some of the fabs already bought process control equipment that you could actually underperform WSE?

Speaker 1

Well, so I would say that we were supply constrained, but for a different reason. I mean, we couldn't the We continue to struggle with the demand that we've had for optical. And as I mentioned to a prior question, we continue to see demand for that. So it's true that we manage our supply chain, but we still had gaps. It wasn't like we got hit with things that we didn't expect.

Speaker 1

We just couldn't ramp as much as the Some of our customers wanted. The process control intensity has gone up. I mean one thing that we clearly forecasted and we're seeing play out now the control and that's really what we're experiencing. So when we talked about the Analyst Day and what we're seeing play out is increased need for process control across all technologies the We feel good about how that looks as we go forward and some of the stick to the forecast we had

Operator

Our next question Lee Kim will come from Sidney Ho with Deutsche Bank.

Speaker 4

Thank you for taking the question and congrats on the good results. A few of your peers have talked about fab readiness being impacting their shipment this year, especially for EUV tools. Is that something that you already kind of Q1 of 2019.

Speaker 2

Thank you. Thank you. Thank you. Thank you.

Speaker 4

Thank you. Thank you. Thank you. Thank you. Thank you.

Speaker 4

Thank you. Thank you. Or are there some of the offsets that you were pointing out that kind of offset that?

Speaker 1

Yes. Cindy, it's a good question, and it's Something that we had already factored in to our plans as we looked out. What you're seeing is adjustments

Speaker 3

to some of

Speaker 1

the ramp plans. And so while there's still some shipments going into some of these facilities, Keyword Tools, but it's something that we had already made adjustments for. I think it tends to usually in a shorter lead time, the feel it first and then it gets progressively eventually those delays filter into everybody, but it does take some time. So We feel very good about the forecast we provided here in terms of our expectations over the next couple of quarters.

Speaker 4

Okay, great. Thanks. That's helpful. As a follow-up, speaking of China, I know the revenue is now back to the 30% level. You the some of the shipments that came in a little earlier, but I want to ask a little different angle.

Speaker 4

It's clear that there is a big push for self sufficiency in China, but Certain tool sets are harder to replace than others. Can you give us maybe a little bit of color on the competitive dynamics there that some of your process control requirements could be

Speaker 1

the on legacy market opportunities several years ago, in fact, restarted some older product lines. And they continue to be the most competitive really at all price points in terms of so we feel while there is more competition at trailing edge, the So we feel good about our ability to compete against any competitors that are out there. We've been competing with people for a long time In terms of capabilities, so this is not unique that we would have competition in China. And you have to remember, our competitive offerings in China or in the any other region are really based on the portfolio of products that we can offer. So we can offer lots solutions to our customers.

Speaker 1

To Rick's point, some of our older generation tools, which we've restarted, but even deconfigured versions of more recent tools. And then we allow our customers to manage across their requirements either for economic or So our go to market in terms of the portfolio benefits us in that region as much as it does anywhere else.

Operator

Our next question comes from Brian Chin with Stifel.

Speaker 7

Hi, there. Thanks. Good afternoon. Thanks for letting us ask a question. I guess, understanding again that memory investment in general is reduced and it sounds like the China memory shift that might have hit there in the June quarter.

Speaker 7

But if I were to assume that some of your DRAM activity in coming quarters will be more geared toward DDR5 and applications for high performance, high density DRAM For data center and AI applications, are you noticing or anticipating a higher level of process control intensity for that kind of spend?

Operator

Well, look, for

Speaker 1

more advanced DRAM, Particularly with the introduction of EUV, it's driven higher intensity levels. And there's the infrastructure to support the introduction of that, the couple of years. And so I would expect that we'll continue to see it. I'm not expecting to see an uptick in business from memory There will be some additional business from the Chinese DRAM customer in the second half of the year. We're not really seeing any changes in overall utilization rates in memory, as Rick said earlier.

Speaker 1

And so I think until our customers start to see the pricing improvement, improve their profitability and cash flow, I don't think we're going to see meaningful investments. Now we will participate in process node development as we always have, and that's going to be the biggest driver of the contributions from that market.

Speaker 7

Okay, got it. That's helpful. And then maybe just a broader follow-up question. Obviously, there's some underutilization of capacity at the leading foundries more advanced FinFET nodes. And this might just be a cyclical phenomena, but in your conversations with them, do you Any changes in how they might elect to deploy capital in support of multiple advanced nodes differently?

Speaker 1

Well, I mean, they've slowed down. I mean, for sure, we've seen and heard the reports on forecast for their investment in WFE going down. So I think that's Q1. What the leading indicators that we are looking at that are encouraging is that I mentioned earlier in this call, we've had the utilization rates creep back up from what was forecasted just a few months ago. The other thing is we're still seeing a heavy number of design starts.

Speaker 1

And so of course, it takes a while for those to filter through, but we still anticipate a very large number of designs at the Advanced node. The question and answer session. I think that looks pretty good as we get the next few quarters behind us.

Operator

Our next question comes from Tim Curie with UBS.

Speaker 4

Thanks a lot. Ben, can you give the purchase obligation number? I think it was About $12,000,000,000 last quarter. I assume it came down a smidge and book to bill is still less than 1. And then also, can you tell us how much is sitting out

Speaker 1

So the specific details will come through when we file our K here in another week But it was down about a little over $500,000,000 quarter to quarter. So book to bill was a little less than 1. We still see some activity in terms of new orders. So the The backlog levels are obviously very elevated. So it's come down.

Speaker 1

It seems like it's been coming down right around that $500,000,000 or so quarter for the last few quarters, but still close to $11,500,000,000 overall. And the beyond 12 months is between 40% 50% of that, which we delivered beyond the 12 month window.

Speaker 4

Cool. Thanks for that. And then, Bren, Just on the soft guide for December, it sounds like process control system shipments are pretty flat. It looks like maybe EPC should be up a snidge because you had said before that EPC would be about down about 20 for the year. So is that right?

Speaker 4

And I guess part of that was that you had said last call that maybe the process control shipments in December depended on a couple of projects. So sort of what's the what are the puts and takes on process control shipments in December?

Speaker 1

Yes, I don't want to get specific on guiding December, but certainly consistent with the prepared remarks, we see Stabilizing rate moving forward and obviously that's plus or minus given the integers of some of our Q and A. That can be plus or minus $20,000,000 or $30,000,000 generally, overall across the businesses. And of course, we drive the business to meet the targets we have overall and not necessarily trying to deliver to certain numbers across each of the segments. That being said, service continues to grow and will grow a little bit each quarter just like it generally always has as the installed base continues to grow over time and so we see growth in service. EPC could potentially be a little bit volatile.

Speaker 1

So I'd like to be optimistic. We'll see it Pickup from current levels as we get closer to the end of the year, but not modeling it today. I'd like to see it's a good indicator given its short lead time. It's capacity centric. It's closer to consumer.

Speaker 1

So it's a decent indicator on consumer markets when we see it recover because it the weekend earlier and so should recover sooner perhaps than the semi PC part of it. And then so semi PC, I think, will generally be somewhat consistent with the June quarter result as it flows through into September, which is again back to a point of a relatively flat guidance quarter on quarter. Yes, there are some projects at the end of the year. We'll see how those play out. Could cause the numbers to skew a bit in terms of deliveries into December.

Speaker 1

And so we'll just have to see how that goes as we work closely with those customers. And so depending on that, that could cause potentially the Maybe the number to be a little bit higher, but if you just think about it over a couple of quarter time frame, the The choice of the word stabilizing was an important one because that's generally how we see the business overall here over the next couple of quarters.

Operator

Our next question will come from Harlan Sur with JPMorgan.

Speaker 8

Yes. Sorry about that. Good afternoon. Thanks for taking my question. Maybe as a follow-up to Tim's question, your prior view was Process Control be down roughly kind of mid teens, right, relative to WFE, which was down 20%.

Speaker 8

The

Speaker 4

Off of the

Speaker 8

better June quarter results and if I flat line, stabilize that process control for the remainder of the calendar year off of the June quarter, it looks like Your Process Control franchise is actually going to be down only 10% to 12% for the full year, so even better outperformance versus WFE. You mentioned mask inspection, bare wafer, a strong dynamic. Like what other product segments are driving the better implied outlook for office control.

Speaker 1

Yes, yes, your math is consistent. So yes, the That's how it will play out assuming the December quarter comes through the way we expect today. We talked about bare wafer obviously being a strong driver Reticle inspection is also a business that isn't declining as much as the overall market. The So we've seen strength in those areas. So it's mostly there.

Speaker 1

Look, Given the percent of investment that's happening in logic and foundry, obviously, the process control intensity there is higher That it is in memory. So that tends to provide a nice tailwind in terms of the dynamics within WFE planning towards KLA. And so obviously, the products we talked about are big drivers. But overall, it's good in terms of

Speaker 8

I appreciate that. Advanced packaging demand is kicking off quite strongly, right, driven by all these accelerated compute workloads like AI, right? You have HBM, COOS packaging, multi chips, stacked die configuration, TSMC, Intel, all the memory guys, the old Sats, right? You guys are applying to all of them. Are you seeing the demand pick up for your solutions for accelerated compute applications?

Speaker 8

And Is Advanced Packaging segment growing this year for the team? Or is that sort of AI accelerated compute demand being somewhat offset

Speaker 1

Harlan, yes, good observation. And we have seen an increase. There haven't been a ton

Speaker 8

of bright spots with

Speaker 1

our customers, but that's one and that has happened fairly recently. We've seen an uptick. It's a small relatively small number as Q1 of 2019. It's gone up quite a bit, but off of a small number. So absolutely, we've seen it, and we've seen it directly tied to some accelerated orders for some Yes, you had the overall packaging market down with 15% to 20% or so.

Speaker 1

But if we look at our packaging business within the company, it's pretty flattish year to year. Rick talked about the Q and A. So it's a good and evolving story moving forward as more complexity moves into the package the Across process, but also process control.

Speaker 8

Perfect. Thank you.

Operator

Thank you. Our next question will come from Atif Malik with Citi.

Speaker 9

Hi, thank you for taking my question. I have a question on leading edge logic investments. At Semicon West, a couple of weeks ago, when we spoke to suppliers, there were expectations that the leading edge Spending could be up less than mature nodes into next year. And I assume a process controlling density is

Speaker 1

My question to you is, are

Speaker 9

there any major product cycles or e beam or x-ray Or a major contribution from areas like auto, which could help perhaps offset your exposure to leading edge investments next year?

Speaker 8

Sure. I think

Speaker 1

that for KLA, the one thing you have to keep in mind is we're Still supply limited on some of our most critical process control products that apply to the leading edge, such as optical the and even some of the radical products. We just cannot we still cannot meet demand. So I think we have a natural Governor in there in terms of being able to keep that business sustained over the next Several quarters based on even the current booking environment. So I think that's one factor. And then the other is we still see, especially With the new architectures that are being out there and people moving to the next generation transistor architectures, a lot of demand for the leading edge in the R and D

Operator

All right. And there are no further questions in the queue at this time. So I would like to turn the floor back over to Kevin Kessel for any additional or closing remarks.

Speaker 1

Thank you very much, Chelsea. And I wanted to thank everyone again for their interest and their time. We know it's a very busy earnings season. It's also a very busy day. This was a later call in to try to accommodate as much as we could.

Speaker 1

So we look forward to speaking to all of you in the weeks ahead. And with that, I'll turn it back to Chelsea for any final remarks.

Operator

Thank you, ladies and gentlemen. This concludes the KLA Corporation's Q3 2023 Earnings Call and Webcast. Please disconnect your line at this time and have a wonderful day.

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