Arteris Q2 2023 Earnings Call Transcript

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August 3, 2023

There are 9 speakers on the call.

Operator

Good afternoon, everyone, and welcome to the Arteris Second Quarter 2023 Earnings Call. Please note this call is being recorded and simultaneously webcast. All material contained in the webcast is sole property and copyright of Artares Inc. With all rights reserved. Recorded for opening remarks and introductions.

Operator

I will now turn the call over to Erica Mannion of Sapphire Investor Relations. Please go ahead.

Speaker 1

Thank you, and good recorded. With me today from Arterus are Charlie Janik, Chief Executive Officer and Nick Hawkins, Chief Financial Officer. Recorded. Charlie will begin with a brief review of the business results for the Q2 ended June 30, 2023. Recorded.

Speaker 1

Nick will review the financial results for the Q2, followed by the company's outlook for the Q3 and full year of 2023. We will then open the call for joined. Before we begin, I'd like to remind you that management will make statements during this call that are forward looking statements within the meaning of federal securities laws. Recorded. These statements involve material risks and uncertainties that could cause actual results or events to materially differ recorded from those anticipated and you should not place undue reliance on forward looking statements.

Speaker 1

Additional information regarding these risks, uncertainties and factors recorded that could cause results to differ appear in the press release Artares issued today and in the documents or reports filed by Artares recorded from time to time with the Securities and Exchange Commission. Please note, during this call, we will cite certain non GAAP measures, including non GAAP net loss, recorded in the Q4 of 2018. The non GAAP measures are presented as we believe they provide investors recorded with the means of evaluating and understanding how the company's management evaluates the company's operating performance. These non GAAP measures should not be considered in isolation from, recorded as substitutes for or superior to financial measures prepared in accordance with U. S.

Speaker 1

GAAP. A reconciliation of these non GAAP measures recorded to the nearest GAAP measure can be found in the press release for the quarter ended June 30, 2023. In addition, recorded. For a definition of certain key performance indicators used in this presentation such as annual contract value, confirmed design starts, active customers and remaining performance obligations, please see the press release for the quarter ended June 30, 2023. For recorded.

Speaker 1

Listeners who do not have a copy of the press release for the quarter ended June 30, 2023, may obtain a copy by visiting the Investor Relations section of recorded. Now I will turn the call over to Charlie.

Speaker 2

Thank you, Erica, and thanks to everyone for joining us on the call this afternoon. We We're excited to report a strong second quarter with annual contract value plus trailing 12 month royalties of 58,200,000 up 21% year over year when adjusted to exclude DJI as discussed in previous calls. Driving our growth in the Q2 was the addition of 12 new customers and 22 confirmed design starts recorded. In the Q2, 5 of the top 10 largest technology companies engaged with our tariffs. Recorded.

Speaker 2

As we have stated previously, we believe as the volume of logic and IP cores continues to increase, So does the overall SoC complexity and the ability to effectively connect all of the underlying parts. Established companies who today develop and license the bulk of IP are increasingly looking to outsource system IP connectivity needs recorded to commercial vendors such as Arteris. We are seeing an emerging confirmation of this trend in our customer base. Recorded. In the Q2, we closed deals with 3 of the top 10 global semiconductor companies who have historically used internal system IP solutions.

Speaker 2

These wins demonstrate the willingness of major semiconductor companies to increasingly deploy commercial system IP products from commercial vendors such as Artares. Deals in the 2nd quarter Often driven by addition of artificial intelligence and machine learning or AIML logic onto the chip. We also closed Admadum SoC Integration Automation deal with a top 10 semiconductor company. AIML technology infusion into chips continues to significantly increase their size and complexity across all vertical markets and particularly in enterprise computing. This in turn is driving the increased adoption of Arteris products.

Speaker 2

As previously discussed, one of the major enterprise computing AI ML design wins in the 2nd quarter was then Sorrent, who has licensed both Encore Cash Coherent Interconnect led by Jim Keller, then Storend develops high performance computing and data center RISC V SoCs and chiplets. Recorded. This is an example of Arteris' ability to support AI, ML, high end computing recorded as well as the emerging risk cloud ecosystem. Another enterprise computing win driven by AIML use was highlighting was in a major hyperscale system company in the top 10 of largest global technology companies. AIML also increasing the complexity of autonomous driving electronics together with the functional safety needs and electrification driving our Teri's adoption for automotive electronics.

Speaker 2

Our continuing focus on the automotive supply chain and our strong relationship with many OEM manufacturers continued to pay off again in the quarter. We added 17 automotive deals across semiconductor companies, T1s and OEMs. Specific to automotive OEMs in the Q2, we signed 5 contracts directly with OEMs, 3 of which were expansion of our Tereus technology use and 2 were new customers. We also added a new Tier 1 customer. This level of automotive active.

Speaker 2

Activity demonstrates the continued rapid adoption of our TeriSystem IP by leading players in the automotive electronics industry. Recorded. As an example, one of the new automotive semiconductor companies is BOS Semiconductor, which selected Arteris flexible. FlexNaut network on chip IP along with its automotive safety technology to be the autonomous driving chips communication backbone, while also deploying our MaguM software to speed up and automate SoC integration. Advanced SoCs required best in class network on chip technology for low power and safe connectivity.

Speaker 2

So we remain excited that Arturia's products continue to be a leading choice for innovative solutions in the automotive market. Another emerging opportunity in the ML Semiconductor Space is generative AI. GPT-four in particular is quite expensive in terms of computation. One of the generative AI imperatives is to reduce the cost of queries, which can partially be accomplished through specific ASIC and accelerator hardware. As an example of a generative AI cost optimization approach, 1 major generative AI ASIC utilized as our Teri system IP and is ready for mass production this year.

Speaker 2

Generativeai and GPT-four in particular required movements of very large amounts of data inside SoC Semiconductors and represent another leap in complexity and value of system IP. Monitored. Arterus is continuing to pursue additional generative AI ASIC and Xcerra opportunities in close collaboration with numerous companies, We are trying to develop innovative SoCs that lower the cost per query. Turning to our product portfolio, This new FlexNOC 5 NOC IP product addresses the problem that engineers designing SoCs 60 nanometer processes can design perfectly good logic data handling architectures that can be difficult to implement during physical design, Potentially leading to numerous revision cycles and schedule delays. FlexNOC 5 with its physical awareness allows customers to analyze physical constraints recorded during the development of logic architectures and essentially turnover a physical verified design replacing raw groups or physical layout contractor companies recorded in order to accelerate physical design schedules and minimize change orders.

Speaker 2

In the 1st month recorded and expect broader adoption to start in the second half of twenty twenty three. Additionally, during the quarter, We released new version of Encore Cash Coherent Interconnect IP, Codacash Last Level Cash IP in both Madduem and CSR Compiler SoC Integration Automation being recorded in the Q4 of 2018. This call is being recorded in the Q4 of 2018 and Q4 of 2018. This call is being recorded in the Q4 of 2018. Certain macroeconomic headwinds, including geopolitical uncertainties and global recessionary concerns remain in place recorded as discussed on the previous call.

Speaker 2

We also continue to be impacted by the U. S. BIS restrictions with respect to recorded in China U. S. Trade as well as tightening credit conditions globally.

Speaker 2

We believe that Autaris is serving customers operating in areas of exciting and rapid innovation and growth, including automotive and enterprise computing, communication, recorded. Consumer Electronics and Industrial Applications, leveraging innovations such as AI, ML, including generative AI, autonomous vehicles recorded and machines, electrification and emerging RISC V Ecosystem, which are driving the need for increased use of commercial system IP. Recorded. With that, I'll turn it over to Nick to discuss our financial results in more detail. Thank you, Charlie, and good afternoon, everyone.

Speaker 2

Recorded.

Speaker 3

As I review our Q2 results today, please note I will be referring to non GAAP metrics. A reconciliation of GAAP recorded. In the Q2, we implemented a changed to our SoC integration automation software deals, formerly referred to as IP deployments, but now enables Altairis to recognize revenue ratably over the contract term aligning this treatment with that for our network and chip IP deals. With this change, we now expect a significant majority of our revenue contracts to be recognized rapidly going forward, providing better visibility and reduced period to period fluctuations. This model defers the recognition of revenue to future periods, resulting in significantly higher remaining performance obligations As Charlie mentioned earlier, we signed a substantial multiyear SoC integration automation software deal recorded late in the Q2.

Speaker 3

As a result of this change in timing of revenue recognition, the substantial majority of revenue derived from this This deal will be recognized in future quarters, in part driving the $7,800,000 increase in our RPO in the 2nd quarter. Consequently, total revenue for the Q2 was flat year over year at $14,700,000 but up 12% sequentially. This exceeded the top end of our guidance. At the end of the second quarter, annual contract value or ACV plus Trailing 12 months royalties and other revenue was $52,800,000 up 21% year over year when adjusted to exclude DJI as Charlie mentioned earlier and 6% higher sequentially. GAAP gross profit in the quarter was $13,500,000 representing a gross margin of 92%.

Speaker 3

Non GAAP gross profit for the quarter was $13,700,000 represented by a gross margin of 93%. Total GAAP operating expense for the Q2 was $22,200,000 compared to $19,000,000 in the prior year ago period. Non GAAP operating expense in the quarter was $17,900,000 compared to $15,700,000 in the prior year ago period and $17,700,000 in the 1st quarter, representing a sequential increase of $200,000 The year over year increase was primarily driven by continued

Speaker 4

R and

Speaker 3

D investment in next generation NOC IP And SoC Integration Automation Software Products, together with ongoing investment in sales and marketing to strong customer engagement, customer developments and strategic partnerships. Finally, we continued to achieve significant operating leverage in G and A expenses. GAAP operating loss for the Q2 was $8,700,000 compared to a loss or 29% compared to a loss of $1,900,000 in the year ago period. Net loss in the quarter was $9,200,000 recorded for diluted net loss per share of $0.26 Non GAAP net loss in the quarter was $4,700,000 recorded for diluted net loss per share of $0.13 based on approximately $35,300,000 weighted average diluted shares outstanding. Turning now to the balance sheet and cash flow.

Speaker 3

We ended the quarter with $60,800,000 in cash, cash equivalents and investments. Cash flow used in operations was approximately $1,600,000 in the quarter, which benefited from strong working capital recorded in the form of early payments from certain customers. Free cash flow, which includes capital expenditure, was approximately negative $2,200,000 better than our guidance. I would now like to turn to our outlook for the Q3 and full year of 2023. For the Q3, we expect ACV plus trailing 12 month royalties of $57,000,000 to $61,000,000 recorded and revenue of $12,500,000 to $13,500,000 with non GAAP operating loss margin of 42% to 62% and non GAAP free cash flow margin of negative 10.6 percent to negative 35.6 percent.

Speaker 3

For the full year, our guidance is as follows. We expect revenue of $54,000,000 $256,000,000 lower than our prior guidance as a result of the change in the timing of revenue recognition for our SoC integration automation software deals. ACV plus trailing 12 month royalties remains unchanged to exit 2023 at $60,400,000 posted to $65,400,000 non GAAP operating loss margins of 24.5 percent to 49.5 percent recorded and non GAAP free cash flow margin of negative 10.5 percent to negative 20.5 percent, reflecting the anticipated overall improvement in the second half of twenty twenty three. With that, I will

Operator

First question comes from Matt Ramsay from TD Cowen. Please go ahead.

Speaker 4

Yes. Thank you very much. Good afternoon, guys. For my first question, Charlie, in your in the past and it seems like some of them might be new. So maybe you could expand upon that a little bit.

Speaker 4

Is this primarily in the AI ML space where folks are looking to do more complex ASIC designs. There's a lot of being done on inference for JNai and the like. I'm just trying to understand the scope of those engagements and the application areas That you're working with some of those larger companies on. Thanks.

Speaker 2

Yes. In terms of The 10 largest semiconductor companies, we're starting to see, I think we discussed on prior calls that Some of the system IP is becoming much more complex and that it's Eventually going to be outsourced to the commercial vendors, right, at least to a certain extent. And we're starting to see some of that, right? So 2 of those companies have been in prior years almost 100% internal and they are essentially going with our tariffs for some of their most complex projects, right? And so we're starting to see a beginning In terms of applications, it's kind of fairly broad.

Speaker 2

Some of those are Automotive, advanced automotive ADAS projects, some are one of those deals or 2 of those deals were Magillum. Recorded. One was a new management customer, one was a reorder. And we're also seeing fairly good adoption in the large companies also for machine learning projects, particularly for generative AI, where The amount of data that has to be moved inside those types of chips is very, very large.

Speaker 4

Got it. That's helpful color. I guess as my follow-up question, Nick, the accounting change and you mentioned mentioned a few times in your script. Maybe you could expand on it a little bit, the reasons for the change, what sort of Percentage of deals or revenue or whatever metric makes the most sense that this change affects. And then You mentioned that the full year revenue guidance had come down due to that change.

Speaker 4

If you hadn't made the change, would the revenue The outlook be the same as it was before, up a little bit, down a little bit. If you could give us that color, that'd be really helpful. Thanks guys.

Speaker 5

Hi, Matt. Nice to meet you again. Yes, I knew that you're going to be the first person to ask that question. So I hope I can answer it properly. So in question in terms of why, I think you know because we've talked about it many times in the past that we didn't really like the idea of having a mixed revenue recognition model, where about a third, 30% of our business was appointed time and the other 70% It was ratable, because it's very hard for investors to understand.

Speaker 5

And it's very hard for even for us to plan for, Because the point in time tends to be a little bit lumpy and very, very focused on Q2 for example. And so we've been working this for a while. There are a lot of moving pieces to get to the endpoint. So we have to align legal, the customers, Our auditors, our financial people and so on to get to a point where we could Get a change in the deal structure that was sufficient to have all of the SIA, which is our new acronym for Magdalene and semicolor combined treated ratably going forward or largely ratable going forward. So that was the goal was to give predictability and more visibility on the So we're much more like a cadence or a synopsis now in terms of our revenue model.

Speaker 5

So that's the why. The how much So to give you a rough feel, The 20 so the Q2 number was would have had about another $2,500,000 to $3,000,000 of Revenue in it under the old model, which is now in RPO. Just to give you a sense for how Q2 was actually the 14.7 Would have been another 2.5 to 3 higher if we had stayed on the point in time basis, put it into perspective. 2023, overall is somewhere in the region. And by the way, this is kind of a one time We're not going

Speaker 4

to go

Speaker 5

through the weeds on this every time we have an earnings call, but it's so important to change that we need to give you Some sort of guidance on it now. So somewhere between $4,500,000 $5,000,000 of 2023 is the downdraft from going from point in time to ratable. So you can see that our guidance Came down by midpoint came down by about 3. So 4.5 to 5 of that was just because of the accounting treatment change. And so the underlying business was 1.5 to 2 higher if you had apples to apples guidance.

Speaker 3

And then just

Speaker 5

to complete the picture, which I'm sure is would have been your next question, Is what does that do to 2024? And it's somewhere in the region of $4,000,000 to 5,000,000 lower as a result of moving to a point in time, but you can see the impact on RPO, which is One of the other big beneficiaries of moving to this, it's not just the visibility, the RPO went racing up by $7,800,000 in Q2 And we'll continue to do so in over the next,

Speaker 3

so up to the

Speaker 5

end of 2024, we'll be up between 9,000,000 to 10,000,000

Speaker 4

Got it. That's really helpful, Nick. I just have one brief follow-up and then I'll Back in the queue. The time duration on the ratability of these deals in this part of like you said about a third of the business. Could you kind of walk through that and then like shortest to longest and just what the typical Length of deal is now in the new ratable format.

Speaker 4

Thanks.

Speaker 5

Sure. Yes. So shortest would be somewhere around a year. But those are it's a bit of a bell curve, as you can imagine. So there aren't many at that duration.

Speaker 5

Longest would be 4 to 5 years, But again, not many at that duration. The sweet spot is around 2 to 3 with a midpoint of around Our median of about 2.5 years. What I would say is also, Matt, just a little bit of extra color. It's not going to be an instant conversion. We think it's going to be a rapid conversion, But not yes, there will be some customers there are some customers who are grandfathered in on old terms or contract structures.

Speaker 5

But we think that's the not the majority, that's minority of deals.

Speaker 4

All right. Well, thank you very much, Nick, for all the detail and thanks guys. I'll jump back in the queue.

Operator

Next question comes from Gus Richard at Northland. Please go ahead.

Speaker 6

Yes. Thanks for taking the question. Just the pound, ratable revenue rec. When this happened with other companies I've followed, there's been a sharper fall off in revenue. Is there a bunch of renewals that you are expecting or is it a smaller impact over the next two and a half years?

Speaker 5

Yes. I mean it's a good question, Gus. And when you look at other comps who have done this, when they've made the change, the fall off, you're right, is much sharper. I think the difference is for those people, they've been looking at a wholesale change to ratable some point in time. Had we done that, The impact would have been much more dramatic because we're only making the 2 thirds to 70% of our business is already ratable, Maybe as much as sort of 71%, 72% when you count support and maintenance, which already was on a rational basis.

Speaker 5

It's less of a direct impact to us, but it's still material. It's still sort of $5 ish million in each of 2023 2024.

Speaker 6

Got it. That's super helpful. And then Charlie, you mentioned you're working with 5 of the 10 largest tech companies. Is it can you Put a little bit of arms and legs on sort of where those companies are, what they do?

Speaker 2

Yes. I mean, some of them are very large semiconductor companies that previously were 100% internal. So those will be new customers. There was a very large Fairly large reorder for Magillum SoC Integration Automation Software. So yes, so it's kind of all over the place, but it just shows The strong demand for our products.

Speaker 2

But the kind of the thing that makes me most glad is that We're starting to see several companies that have previously been internal are starting to be a little bit more open to licensing outside System IP Solutions.

Speaker 6

Okay, got it. And then just your Royalty variable revenue was up nicely last couple of quarters. Is that a Trend we can expect and sort of do you see your after losing the cell phone guys, Huawei and Qualcomm in the past, do you expect to see that line kind of Grow with revenue going forward or how are you thinking about that part of the business?

Speaker 5

Can I take that one, Charlie? I've got my mouse.

Speaker 2

Sure. Go ahead.

Speaker 5

Yes. I mean, I've been chatting at length with the royalties team about that, as you can imagine. And Really, if you look at we have if you take out audit upticks, so the sort of the compliance based, Which you can't guarantee. They happen from time to time. And the nights when they come, But there's nothing and we have a large audit actually in benefit in Q2.

Speaker 5

I mean, we had a relatively decent one in Q1. If you exclude those, which is a sort of reasonable amount of the total, You still if you go back to the I mean, you strip out HiSilicon, the trend has been great. HiSilicon really died From a royalty perspective in Q1 of 2022. And so if you take those out, royalties has been steadily growing throughout. And so in general, we would expect the rate Royalties growth to be some 5 percentage points higher than license growth.

Speaker 5

And that's roughly what it's trending to be at the moment.

Speaker 6

Sorry, say that again, about 5% higher than royalty growth?

Speaker 5

Yes. So 5 percentage points. Yes. So if you look at our guide, for example, for 2023 full year overall On sort of licenses is around 20% year over year. We would and that's probably a

Speaker 3

good long term metric.

Speaker 5

We look at royalties CAGR as more like 25% to 30%.

Speaker 4

Got it.

Speaker 6

Perfect. I'll jump out of the queue. Thanks. Recorded.

Operator

Thank you. The next question comes from Brian Shen at Jefferies. Please go ahead.

Speaker 7

Hi, thanks for taking the question. Just wanted to revisit some of what we've been discussing over the past earnings call. So I've mentioned China headwinds was the macro headwinds as related to royalties around 5,000,000 This year, if you could provide an update on where we are with that, that'd be great.

Speaker 2

Yes. I mean, we're continuing to see orders out of China. So but You essentially have the continued headwinds with BIS. We're seeing that there is Increased difficulty in Chinese startups raising capital. So you would expect a bit of a slowdown in new venture formation.

Speaker 2

And so it continues to be a very attractive market, But it's not as gangbusters as it was a year or a couple of years ago. But nothing no, no inflection change, I would say.

Speaker 5

Exactly. And I was looking at the data this morning, Charlie, and the data for China specifically and APAC generally Remains very robust. We still in the first and the second quarter, we're still seeing a good number of License wins and a good number of design starts, very healthy, no reduction at all. So I think really it's indicative of the fact that the target markets for us in China in particular and APAC generally, are not the type that are, suffering from BIS or even from Lack of availability for capital. So think automotive, think AML.

Speaker 5

And then you've got an idea.

Speaker 7

Got it. And just two other things. So RPO is up $8,000,000 quarter over quarter. Could Could you help walk us through, I guess, the different drivers of that? Again, like I heard $2,000,000 to $3,000,000 was from the rev rec change and perhaps Any commentary on what drove the remaining of that?

Speaker 7

And then on free cash flow, could you Confirmed breakeven just through the last three quarters this year again and some of the puts and takes around that?

Speaker 5

Yes, Yes, sure. I'll take those in order. So in terms of the RPO, the $7,800,000 as you say, nearly say just call it for argument say $3,000,000 of that came from the change away from The rest, it was just a very strong quarter. We RPM grows As you get bookings, it reduces as you recognize the revenue. We just had a very solid quarter And there was no one particular area that stood out in terms of either vertical or region.

Speaker 5

It was pretty much across the patch, a strong quarter. So the other So $4,000,000 to $5,000,000 of the RPO increase was out of those other the non sort of ratable change impact.

Speaker 7

Okay. And then on free cash flow?

Speaker 5

And on free cash flow, thank you for reminding me. So yes, we there's 2 kind of aspects to free cash flow this quarter. 1 is And so it was a very healthy quarter, as I'm sure you saw. The In essence, the we had a $3,000,000 pickup From a bit like we did in December, if you remember back to the December quarter, we had a couple of customers, major customers who decided to pay us before the end of

Speaker 3

the quarter instead of when they

Speaker 5

were due. So we had a sort of a 3,000,000 tailwind on free cash flow in the quarter. And so that will reverse. We had actually forecast Some of you is $5,000,000 and change for free cash flow negative in Q2 ended up being $2,000,000 and change. We Working capital is always, as you know, is always a flux.

Speaker 5

It always it doesn't changed the direction. It just changes the cadence between 2 quarters. So that $3,000,000 will reverse and that's why you're seeing A guide of for the 3Q of negative 3, which is that 3 that Advanced paid. Absent that, therefore, 3Q would have been neutral And full year should be positive. It's always our strongest free cash flow quarter because that's when we have The majority of bookings and OpEx for us is relatively flat in terms of cash OpEx is relatively flat over the Free cash flow is therefore driven more by bookings cadence.

Speaker 5

Bookings is strongest in 4Q. So we've had a sort of a negative Q1. As you know, we have had a negative in Q2, but a much smaller one. And then by the time we get to the end of the year, we'll have a sort of offset of Q2, 3 and 4 to 0, we expect so that the overall for the year will still end up somewhere around the $8,500,000 negative. That's why we're sticking to that guidance.

Speaker 7

Okay, perfect. Thank you for all the details, Nick and Charlie.

Speaker 6

Sure. Welcome.

Operator

Next question comes from Kevin Gerrigan at Westport Capital. Please go ahead.

Speaker 8

Hey, Charlie and Nick. Nice speaking with you guys again. Just a quick question. So With FlexNOC 5 hitting full production in Q2, would you say that the FlexNOC 5 helped at all with winning design starts with some of the top technology and semiconductor companies?

Speaker 4

Yes.

Speaker 2

We sold a couple of licenses right away as soon as it became available. And there is a very robust pipeline for the product, because it solves a very valuable problem, which is that you now with some of these complex deep submicron SoCs, you have to concern yourself with physical effects relatively early in the design cycle. And so this product has a lot of interest recorded and it also raises the ASP and we are expecting that this is going to be The main FlexNOC version and generate significant uptick in the second half. Okay. So we predicted it was going to help and there's nothing that we see that would not make that prediction come true.

Speaker 4

Yes. Okay. Got it. That makes sense.

Speaker 8

And then just a quick follow-up. So I know you guys are really strong in automotive with radar, vision cameras, etcetera. But I think there are still A couple of kind of ADAS semiconductor companies that you don't have as customers right now. So you just want other large semiconductor and tech companies. So what What do you guys kind of think it would take to get them over the hump and capture these ADAS semi companies as customers?

Speaker 2

Yes. So we're not sure we're going to get all the people that we don't have, because there's you can count them on a finger over one hand. So we're yes, I don't even want to name the ones we do not have. But In the quarter, we did get 2 companies for automotive that were not previously Artis users and both of those were essentially in the ADAS area. So I would say that our automotive penetration continues, I would say unabated.

Speaker 2

But we're not saying we're going to get everyone.

Operator

Recorded. Thank you. There are no further questions. I will now turn the call back over to Charlie Jennings for closing comments.

Speaker 2

Yes. So we would like to thank you for your time and interest in Arteris, recorded and we look forward to meeting with you at the upcoming investor conferences and that we are participating in recorded during the next couple of months, and we look forward to updating you on all of our business progress in the quarters to come. Thank you.

Operator

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and we ask that you please disconnect your lines.

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