Endeavour Silver Q2 2025 Earnings Call Transcript

Quartr
Provided by Quartr
August 13, 2025

Key Takeaways

  • Positive Sentiment: Endeavor is nearing commercial production at Terronera, with throughput averaging 1,900–2,000 tpd and silver/gold recoveries improving as the mine ramps up.
  • Positive Sentiment: Q2 production rose 13% year-over-year to 2.5 million silver‐equivalent ounces and revenue climbed 46% to $85 million, driven by higher metal prices and increased output.
  • Negative Sentiment: The company reported a $20 million net loss due to Terronera’s commissioning costs, a $10 million noncash derivatives loss, increased depreciation and G&A from the Colpa acquisition, and ended Q2 with negative working capital.
  • Neutral Sentiment: Since closing the Colpa acquisition on May 1, integration has proceeded smoothly, with management validating historical resources and planning a 2,500 tpd expansion project requiring about $12.5 million in additional capital.
  • Positive Sentiment: Endeavor remains on track for an annualized 20 million silver‐equivalent ounces production profile by 2026 and continues advancing the Pitorrea project through resource upgrades and permitting studies.
AI Generated. May Contain Errors.
Earnings Conference Call
Endeavour Silver Q2 2025
00:00 / 00:00

There are 4 speakers on the call.

Operator

Thank you for standing by. This is the conference operator. Welcome to the Endeavor Silver Second Quarter twenty twenty five Financial Results Conference Call. As a reminder, all participants are in listen only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions.

Speaker 1

I

Speaker 2

would now like to turn

Operator

the conference over to Alison Pettit, Vice President, Investor Relations. Please go ahead.

Speaker 3

Thank you, operator, and good morning, everyone. Before we get started, I ask that you view our MD and A precautionary language regarding forward looking statements and the risk factors pertaining to these statements. Our MD and A and financial statements are available on our website at edrsilver.com. On today's call, we have Endeavor Silver's CEO, Dan Dixon our CFO, Elizabeth Dennis and Endeavor COO, Dawn Gray. Following Dan's formal remarks, we will open the call for questions.

Speaker 3

And now over to Dan. Thank you, Allison, and welcome, everyone.

Speaker 1

Q2 marked an eventful quarter for Endeavor Silver. The commission of Terronera, the acquisition of Colpa and its ongoing integration, this is transforming our company. As we move forward, our focus remains firmly on achieving commercial production at Terronera. In Q2, Endeavor produced 1,500,000 ounces of silver and 7,800 ounces of gold, totaling approximately 2,500,000 silver equivalent ounces, including some of our base metals now. This represents a 13% increase compared to 2024 with the inclusion of our new mine in Peru, Culpa.

Speaker 1

We reported revenue of $85,000,000 an increase of 46% compared to prior year, benefiting from the higher precious metal prices and increased production. Mine operating cash flow before working capital changes rose by 21%, while operating costs remained below guidance with cash cost coming in at $15.35 per ounce of payable silver, and all in sustaining costs were $25.26 or 16¢ per ounce, net of byproduct credits. Direct operating costs per ton were relatively flat compared to the same period last year. Mine operating earnings decreased to $7,700,000 from $10,200,000 in 2024, impacted by a $6,000,000 at Terronera during the commissioning phase and increased depreciation. The company reported a net loss of $20,000,000 for the period, primarily due to Terronera's operating losses during commissioning, increased G and A related to the acquisition of Copa, a $10,000,000 noncash loss on derivatives with increased depreciation and tax expenses during the quarter.

Speaker 1

As of June 30, the company's cash position was $52,000,000 However, working capital was negative. If we excluded the noncash derivatives, there is a $14,000,000 surplus. This is by design with Terronera nearing commercial production. On August 5, the company gave an update on throughput and recovery as the mine makes its way towards commercial production. With throughput averaging between 1,902,000 tons per day and silver and gold recoveries averaging 7167% during the July, the company will be introducing higher grade material to help help enhance recoveries and sustain the design throughput of 2,000 tonnes per day.

Speaker 1

With ramp up advancing, Terronera continues to move closer to commercial production, adding a long term asset to our portfolio, while reinforcing the company's position as a leading mid tier silver producer. Since the Minera Culpa transaction closed on May 1, integration of the new asset and teams has been going well. The company has continued to work on validating, updating the historical resources prepared by the previous owners and as such is unable to provide production guidance for Copa until a current 40 three-one 101 resource exists. Our management expects a similar production profile to Copa's 2024 annual production of 5,000,000 silver equivalent ounces. Copa's May and June production annualized our production output track to align with Copa's historical performance, which would be annualized at 4,800,000 ounces of silver equivalent production.

Speaker 1

Copa has continued to assess and is planning towards a 2,500 tonne per day operation, and we've included additional capital in our outlook to achieve these production levels next year. When combined with Guanacevi and Bolanitos and with Terronera coming online in the near term, Endeavor is on track to achieve an annualized production profile of 20,000,000 silver equivalent ounces and expect that in 2026. Lastly, before we open this call to questions, we continue to advance the Pitoria project. Exploration work is focused on upgrading inferred resources to indicated, and engineers are working on various studies for tailings dam permits and an economic study. Again, it's been a very eventful and busy quarter.

Speaker 1

And with that, I'm happy to open this up to questions. Operator, please proceed to our q and a session.

Operator

Certainly. We will now begin the question and answer session. To join the question queue, you may press star then one on your telephone keypad. You will hear the tone acknowledging your request. If you were using a speakerphone, please pick up your handset before pressing any keys.

Operator

To withdraw your question, please press star then 2. We will pause for a moment as callers join the queue. The first question comes from Heiko Ihle with H. C. Wainwright.

Operator

Please go ahead.

Speaker 1

Hey there. Thanks for taking my questions and congratulations to Allison for becoming part of the management team. Well done. And commercial production oh, probably. Commercial production at Terronera is obviously nearing.

Speaker 1

In your experience and just knowing exactly what goes on at the site on a daily basis, can you maybe just give a bit of a color on what you're seeing there right now? I mean, in your lease, you discussed 71% silver recoveries and 67 gold recoveries, but these figures are from two weeks ago. And the same thing with the, you know, 1,900 to 2,000 temporary throughput rate. Any idea what we're seeing this week more recently? And then more importantly, is the ramp up going faster than what you had previously thought?

Speaker 1

Because it's short quicker than what we had in our model. Yeah. Thanks for the question, Heiko. I mean, I'll I'll be able to answer that that pass on. We'd always said we thought we could be get through commissioning and ramp up in a relatively short period of time.

Speaker 1

And, obviously, we were targeting kind of a commercial production July 31, and we're very close to that. We really want to see our recoveries kind of get in within kind of 90% of the historical life of mine recovery. If I recall correctly over life of mine for Caranera, in our optimized plan, it was about 88% or 89% recoveries of silver and 76% to 78% recoveries on gold. And obviously, we've kinda reached that from a gold standpoint. Silver grades have been slightly lower just on some of the ore lower grade ore that we're putting that through.

Speaker 1

And then some design, not as a modification, just getting the the SAG mill and the ball mill to grind size as designed. And with the grind size coming down, we'll see increased recoveries on silver. As far as the last couple weeks on-site, I haven't particularly been there. So there's nothing that I'm seeing. But on a daily reporting standpoint, we did bring back our tons a little bit just to focus on recoveries and make sure we get that grind size that we need again to align to the recoveries that we expect in the feasibility study and the work we've subsequently done.

Speaker 1

I don't know. I've got Dawn Gray sitting here with you. I don't know if you've got anything to add to that, Don, with regards to what's happening on-site and things that we're seeing. Yeah. No.

Speaker 1

I think that I think, like Dan said, the the focus right now is on is on getting our, especially, our grind size to the design criteria that we had from the net testing. And the the ore is very grind size dependent versus dependent on other things like reagents and things like that. So if we get the grind size zeroed in, like, on the SAG mill, we'll we'll we'll see good recoveries on the on the flash cell, for example. So that's that's what they're focused on at site, and they're really zeroing in on that now. Okay.

Speaker 1

And then I know this was a lot, so I'll keep you on a very brief. Just conceptually with the Naricopa, the integration, I assume, has taken a decent amount of everybody's time here on this call. Is that making you essentially unable to go after another target, or are you still looking for additional things, you know, meaningful acquisitions that are out there for you? Yeah. No problem, Heiko.

Speaker 1

That's a good question. I mean, there's only so much capacity that we can pick up as a management team. And, definitely, when we announced the acquisition of Copa on May 1 and obviously or April 1 and closed it on May 1, it takes up some of our executive time. The one thing that is great about Copa is its management team. They're reported into two groups.

Speaker 1

One was a closed end fund. The other was a a property management or real estate company that was actually listed in Lima. So they do have the administrative capabilities to kind of report into us. You didn't have to add a lot of bodies. Obviously, I've probably been working our our team a little bit harder than what they want and what I want, but there's certain times in in a company's history that those opportunities present themselves, and we we took a a kick at it.

Speaker 1

And are we done? We're not done. We need a bit of a breather. We really need Terronaire to be in commercial production and cash flows to or for it to generate positive free cash flow, improve our balance sheet forward, and ultimately pay down debt and then focus on building our our balance sheet to be able to take on something like TITRIA. But, Daryl, our VP of corporate development, continues to review things.

Speaker 1

We've had a lot of various assets or various opportunities coming to our desk in Peru now just because of that acquisition, but we need a bit of a breather. We need to get where we need to be and and then obviously continue to see something that what we want to be is accretive and and make sense for Endeavor and to stay silver focused and continue to grow the company. Perfect. I'll get back in queue and stop hogging the queue here. Thanks a lot, and congratulations again.

Speaker 1

Thanks, Heiko.

Operator

Our next question comes from Wayne Lam with TD. Please go ahead.

Speaker 2

Yes. Thanks. Good morning, guys. Thanks for taking my questions. Yes.

Speaker 2

Maybe just a follow-up at Terronera. Obviously, a lot of focus around the impending commercial production announcement. So I guess, you know, with the tonnage being essentially over 90% in the month of July of design capacity. So just to clarify, you guys are just kind of trying to optimize the recoveries to get closer to design, and that's the only, I I guess, impediment to a a commercial production announcement, or is there anything else? And just curious.

Speaker 1

That, yeah, that's it, Wayne. I mean, we don't wanna pigeonhole ourselves to that. From a from a concentrate spec standpoint, we wanna hit that, but we're generally there. So it really comes down to hitting recoveries, getting design grade the grind size down to design and need it for recoveries, and we expect that relatively short. We're moving in a good direction, and, hopefully, we're close.

Speaker 2

Okay. Yeah. It seems like you guys are, on the verge of an announcement and given the expectation that the recoveries would also improve alongside the grade as well. Maybe turning to Culpa. The operating cost per ton this quarter seems to be a little bit higher relative to those under the prior operator in the past few years.

Speaker 2

So just wanted to ask what's driving that? And should we anticipate that to come down as you guys kinda think your teeth a little bit more into the operations of the mine?

Speaker 1

Yeah. Obviously, there's integration costs that are flowing through in in May and June. When someone comes in, obviously, additional flights, everybody's trying to whether it's IT systems, some of that gets expensed through that development, changing their accounting policies a little bit of understanding everything. I obviously, our expectation is to be more aligned to what they did in 2024. There is obviously inflationary pressures when a new company comes in.

Speaker 1

They have additional apps. We wanna be good custodians of that mine and kinda support them and improve. There's some things we want to improve, but, honestly, they did everything really well. If we stayed at 2,000 tons for the next six months, I'd expect costs to come down and and more aligned to 2024. But, again, we are looking at going to 2,500 tons.

Speaker 1

We have put in kind of growth capital in our outlook. We haven't completely finalized when that's gonna occur. Some permits are required for that, but we do expect kind of an increase. And, hopefully, next year, sometime in 2026, we're at 2,500. Maybe it starts earlier, but we don't have enough information to kinda define that timeline exactly yet.

Speaker 2

Okay. Got it. Yeah. That guess that that would be my last question. Just on that comment on the expansion, which you guys had kinda telegraphed as a potential optimization at the plant on the acquisition announcement.

Speaker 2

In terms of getting to the 2,500 tonnes a day, what is, I guess, is that 12,000,000 the incremental capital that you would need to get there? And then on the permitting side, what exactly would be needed for that incremental extension?

Speaker 1

Yeah. So the 12 and a half million is the incremental cost required to get there. In our sustaining capital, we've included some capital in the sustaining that would if we didn't do an expansion, it still would contribute to 2,000 tons per day. So I e mine development or partly with tailings expansion. But there are parts of it I I e installing flotation cells and and the actual mill that is about 12 and a half million dollars.

Speaker 1

They have the permit to expand. They need the permit to operate. I'll let Don clarify. Yeah. That that's that's correct.

Speaker 1

That because it's in the process and, of course, you know, different countries with with different agencies approved, like, the environmental permit and then approved the the operating permit. And that's kinda where we're at on on on the on some of the expansion items.

Speaker 2

Okay. Perfect. Yeah. Seems like a well timed transaction, and certainly looking forward to the optimization ahead. Thank you for taking my questions.

Speaker 2

Thanks

Speaker 1

for the questions, Wayne.

Operator

Our next question comes from Nick Giles with B. Riley Securities. Please go ahead.

Speaker 3

Hi, team. This is Sandra earlier on behalf of Nick Giles from B Riley Securities. If I may, I just wanted to touch on the financials. Like, how are you thinking about hedging on a go forward basis given that the equity appears to be impacted by the volatility in financial statements? The Yeah.

Speaker 3

Mean

Speaker 1

Yeah. I'm happy to answer that. Right now, we we do have some hedge contracts on our balance sheet. We have 68,000 ounces of gold that we sold effectively at $2,325 in March 2024. And that's our our our derivative liability and ultimately our derivative loss.

Speaker 1

Our preference is not to hedge precious metals. Obviously, we're a silver company. We believe people that wanna buy the Endeavor name and and play, first and foremost, their hypothesis is silver is going up. If you think silver is going down, I don't think you could buy a silver company, and we wanna give that exposure to our our shareholders. We do have some callers put in place that we did this this quarter.

Speaker 1

We call it about 990,000 ounces of silver between 31 and $42. That's all designed around our lending facility, similar to our 68,000 ounces of gold. But as we start getting the cash flow at Terronera and start paying down that debt, I wouldn't expect us to really do any hedge programs around silver and ultimately precious metals.

Speaker 3

Thank you. That's helpful. Just maybe one more on the working capital side. So how should we think about working capital in the 2025? Like, should we expect a release soon this year, or it could be more towards, you know, achieving the throughput targets?

Speaker 3

Or

Speaker 1

Yeah. I mean, it's all tied to commercial production, Terronera, and the cash flows that Terronera is gonna generate. And, obviously, and as I said, kinda in my my spiel before the questions is it was by design that our working capital is gonna get this low. I mean, we have $52,000,000 in cash, but we do have a significant payable. And that's all part of building the mine and getting through commissioning and getting deposit of cash flow.

Speaker 1

So our expectation is Caranera gets deposit of cash flow and that working capital improves over the next two quarters, three quarters, and all beyond that. We start lowering our debt our our debt that we're carrying. And and then, ultimately, looking at next transaction and next build. But, again, expect working capital improve in the second half of the year as Teranera goes into production.

Speaker 3

Thank you. I'll turn it back.

Speaker 1

Thanks for the question, Ponderay.

Speaker 3

Yeah.

Operator

Thank you. Our next question comes from Phil Kerr with Ventum Financial. Please go ahead.

Speaker 1

Thanks, operator. Just a couple of questions on my end, Dan. At Bolanitos, the mill underperformed on the back of some component replacements. Have the the throughput normalized now? Yeah.

Speaker 1

That's a great question. I'm glad you brought that up, Phil. Actually, you're right. Like, our our throughput out of the mill in in q two is lower than what we've seen over the last four or five years. Replaced some parts in the crusher, replaced the motor on one of the mills.

Speaker 1

It cost us about ten to twelve days. We are back up to the 1,200 tons per day. Ultimately, our cost of Bolingos were higher because of that, just with the lower throughput, same amount of cost over less tons. Obviously, Bolmeadows isn't a big part going forward, but it's still important. They're phenomenal little mine.

Speaker 1

It's been scrappy and continues to find resource and extend mine life and good gas cost. So we expect Q3 and Q4 to be back in line. And if you look at our guidance between Guanacevi and Bolanitos in in January and where we're at, we're right in that range with Bolanitos being slightly behind plan. But, again, we expect that to catch up here in in q three and q four. Perfect.

Speaker 1

That's that's great. And over at Copa, now that you've, you know, taken the keys and gotten under the the hood a little bit more, assuming that maybe you've dove into some of the the exploration potential there, Have you had a little bit more, you know, boots on the ground and and evaluated some of the targets and opportunities there? And if you could highlight some of those for us, that'd be great that'd be great. Yeah. Yeah.

Speaker 1

So another great question. Obviously, we when we bought Copa, we explained to kind of our audience that we really like the exploration potential. Luis Castro, our senior vice president of exploration, has been down there a couple times. We are kind of aligning, and where we thought we could bring a lot of value was exploration and and kind of coming up with a more systematic approach, a lot more surface work. They did a lot of what we see in Latin America following the vein.

Speaker 1

It pinches out and doing cross cuts underground, and Luis kind of trying to get them to go back to surface and do some geochem, geophysics, and identify that way with surface work and then be more systematic about how we're drilling and what we're doing that. As they have to go to third parties, so we can include that into our current resource. They've been putting into their assay labs. So we're we are kinda reorganizing the exploration group. We do expect to get some exploration results out relatively soon.

Speaker 1

There's a thing called Puerto Rico West that we've touched on on acquisition, seeing good grades and good widths. But, again, we wanna get kind of a a group of holes together so it's actually meaningful, and we expect that to be out in the next couple weeks. Things have been lining exactly as our expectation that when I say next couple weeks, I mean, sometime by mid September, I'm getting eyes from our staff. So, yeah, everything's flying up to our expectation. Work needs to continue to be done, but we're we're we're happy with the acquisition as it is now.

Speaker 1

Very good. So it's fair to say that as you prioritize and evaluate the the various targets that maybe a little bit more aggressive efforts will will be laid out in 2026? Yeah. I mean, under the agreement, there's a contingent payment of $10,000,000 based on the resource that we publish. And if we publish a 100 to a 120,000,000, we pay a sliding scale payment up to $10,000,000.

Speaker 1

We have to spend $12,000,000 on exploration over twenty twenty four months over that two year period. Otherwise, if we don't spend that 12,000,000, that goes towards the $10,000,000 payment. So we expect the program of $12,000,000 over the next twenty four months. That's a great refresh. Appreciate that, Dan.

Speaker 1

No problem. Good to meet operator. Thank you.

Operator

Thank you.

Speaker 1

Thanks for the question, Phil.

Operator

Our next question comes from Alex Charenteau with National Bank. Please go ahead.

Speaker 1

Hi, guys. Thanks for taking my call. I apologize if I you've already answered this question. I'm traveling at the moment, so I just got on a bit late. But at Culpa, on the expansion, you know, you said the development capital, you're spending about $13,000,000 this year or that's your guidance.

Speaker 1

Is that I mean, does that mean there is going be more for an expansion to get to 2,500 next year? Or I'm just trying to understand kind of timing of getting there, what would be required to operate at those levels? Yeah. So what we've included in our our disclosure, ultimately, it's we have 18,000,000 in sustaining capital and $13,000,000 in expansion. That 18,000,000, as I say, includes expansionary stuff, but if we didn't expand, it's part of sustaining and and that has value going forward.

Speaker 1

The 13,000,000 is effectively size and scale of the tailings, filter press, and installation of the mill and and flotation cells, and we talked about that a little bit earlier. We do expect that to get to 2,500 tons per day. And as I say, it's just a question on timing, and Don has spoken to is we there are some operating permits that are needed that are expected relatively soon, which which impacts that timing. But we could get that all done and get you 2,500 if everything aligned perfectly this year. Is there any other capital, Don, you think that we would need next year?

Speaker 1

I mean, we're we're going through the budgeting right now, so we'll we'll be evaluating that. But the the the major push is is for this expansion capital and getting that completed off on time and and so that's our big push right now. Okay. Makes sense. That's good.

Speaker 1

Yeah. Yeah. No. That's good. You know, I was kind of assuming a bit more spending next year, but it seems like you've brought forward some of that this year instead.

Speaker 1

So that's fine. We wanted you're correct, actually, on one of those things, and maybe we spoke in the past. The the tailings facility and the expansion that was not originally in our forecast on May 1. And because of rainy season and timing, we did bring some of that forward to try to get that done before rainy season just for efficiencies. Alright.

Speaker 1

Perfect. That's it for me, operator. Thank you. Thanks for the questions, Alex.

Operator

Thank you. To ask a question, you may press star then one. Our next question comes from Craig Stanley with Raymond James. Please go ahead.

Speaker 1

Thank you, and hi, all. Couple quick questions for me. Karen, how are filter presses working? Well, thanks for the question. They're working really, really well.

Speaker 1

It took about a month to get the first filter press going. As you know, we have for those that don't know, we have about 4,000 tons of capacity on our filter presses at the back end of the plant. We want to make sure we have redundancy for start up and obviously into operations and eventually if we ever needed to increase production. So we have two kinda twin filter presses that do 2,000 tons per day each. We call it filter press one.

Speaker 1

Filter press two, nothing special with that. But with filter press one getting enough and commissioning, we were taking sensors and parts from filter press two, and it took about a month to get it commissioned and operating as we expected. And then MetTel provided the parts and sensors that we needed for to get that going, and that took about only a week to get up in commissioning and operating. We've switched between one, two, and then you saw, like I say, we saw our numbers for July. And the filter presses have gone really well.

Speaker 1

We bought a bunch of cloths early on. We've been lucky in the sense that the first cloth we put on the filter press has has gone well. The concentrate filter, we started up. We got our output pretty good. We're still working on some kinks there and starting to change some cloth with regards to the specs of the concentrate.

Speaker 1

But I think and and Don will touch on this. It's ultimately, I think it went a lot smoother than what we expected, which is is a pleasant surprise. Yeah. I think I think anyone that's been involved with with historically with filter press commissioning and operation sometimes is the bottleneck for for your for your production. And it it once it got up and running, it it it just wasn't.

Speaker 1

So neither the tailing nor the concentrate filters. And now the the concentrate filter is running really well. We're getting getting good moisture content getting good moisture content on the tailing filter. So it it went really well. We're really pleased with the with the performance there.

Speaker 1

Thanks. Colpa, when would you think you put out a press release with the results of an updated technical report? Yeah. So or the the initial $43.01 $0.01, I guess, under you guys. Yeah.

Speaker 1

Well, we on acquisition, we actually put out a forty three one zero one. It just had no resources and and refer to the historical resources. We've engaged SCS to kinda go through that, and we have the twin holes. There's work to be done to validate all the work that they've historically done. And, obviously, we wanna make sure that number aligns a little bit to what we expected with their historical resource, and that's gonna take some time.

Speaker 1

It's probably mid twenty twenty six. We would try to really push for the beginning of next year, but it it looks difficult to get it done for for that soon. But we'll see. We got like I say, we know what we're doing. We have an operating plan.

Speaker 1

But just to get clarity out there in the marketplace, we wanna make sure we get that current resource out there. It will take some time. And then just finally, pitorrhea. Is updated studies still coming out here in the early New Year? Early New Year is probably optimistic at this point just because Terronera split a little bit on us, and we want to move some some bodies from Terronera into the Teteria.

Speaker 1

We do have various engineering groups, SRC, SGS working on studies. The biggest thing that we've been on is the tailings dam the tailings dam site so we can get that all that work done. Part of that that study and then ultimately into the government because that is the one key permit that's needed. Again, for everybody on the call, we have EMEA. We have our environmental invent impact assessment there.

Speaker 1

We have a permit to build the plant. We have permit for mining underground. We've got a two kilometer added already into Pitoria. The biggest bottleneck from a Permian standpoint will be the Tailings Dam. We own over 5,000 hectares there.

Speaker 1

It's in a great jurisdiction, great state of Durango in Mexico. So it will take a little bit of work, but we feel like we'll be able to get that permanent and then hopefully move in and continue to advance to three o. Awesome. Thanks for answering my questions. Thanks for the questions, Craig.

Speaker 1

Hope it's all well.

Operator

Thank you. Ladies and gentlemen, if you have a question, please press star then 1. We have no further questions at this time. I would like to turn the conference back over to Dan Dixon for any closing remarks.

Speaker 1

Thanks, operator, and thanks to all our shareholders. Q2 had a lot going on, and we're getting very close on Terronera. We completely realize as a management team that the focus is on Terronera and delivering production, ultimately, cash flows and ultimately getting Terronera to what we expect it can do and and then beyond that growth with The Korea. But with Copa coming in and and going to be involved, continue to perform, we're on the track to improve our balance sheet significantly here over the next six months and then hopefully continue to grow after that. So have a good day and talk to everybody soon.

Operator

This brings to an end today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

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