Greetings, and welcome to the Azenta Q3 2022 Financial Results. During the presentation, all participants will be in listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded, Tuesday, August 09, 2022. I will now turn the conference over to Sara Silverman, Head of Investor Relations. Please go ahead.

Thank you, operator, and good afternoon to everyone on the line today. We would like to welcome you to our earnings conference call for the third quarter of fiscal year 2022. Our third quarter earnings press release was issued after the close of the market today and is available on our Investor Relations website located at investors.azenta.com in addition to the supplementary PowerPoint slides that will be used during the prepared remarks today. I would like to remind everyone that during the course of the call, we will be making a number of forward-looking statements within the meaning of the Private Litigation Securities Act of 1995. There are many factors that may cause actual financial results or other events to differ from those identified in such forward-looking statements. I would refer you to the section of our earnings release titled Safe Harbor Statement, the Safe Harbor slide on the aforementioned PowerPoint presentation on our website and our various filings with the SEC, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q. We make no obligation to update these statements should future financial data or events occur that differ from the forward-looking statements presented today. We may refer to a number of non-GAAP financial measures, which are used in addition to, and in conjunction, with results presented in accordance with GAAP. We believe the non-GAAP measures provide an additional way of viewing aspects of our operations and performance, but when considered with GAAP financial results and the reconciliation of GAAP measures, they provide an even more complete understanding of the Azenta business. Non-GAAP measures should not be relied upon to the exclusion of the GAAP measures themselves. In addition, we may refer to certain estimates of COVID-based impacts. These figures are estimated based on our insights to customer applications and/or product types indicating such demand or constraints on regional demand or ability to deliver On the call with me today is our President and Chief Executive Officer, Steve Schwartz; our Chief Operating Officer, Matt McManus; and our Chief Financial Officer, Lindon Robertson. Yesterday, after the market closed, we issued a separate press release, announcing the signing of a definitive agreement to acquire B Medical Systems. Following the review of the third quarter results, we'll provide highlights of the agreement and the B Medical business. We will then take your questions at the end of the prepared remarks. With that, I'd like to turn the call over to our CEO, Steve Schwartz.

Thank you, Sarah. Good afternoon, everyone and thank you for joining us today. I'd like to reiterate that this call will be longer than our usual quarterly call, as we dedicate the first half to a detailed review of third quarter results and the second portion will focus on the pending acquisition of B Medical Systems. Our third quarter results reflected continued execution and what was for us a more challenging environment. While Q3 results came in a bit softer than expected, we believe this is a short-term perturbation, and we remain extremely positive about our solid position in robust markets, which will allow us to return to the strong growth profile we've been delivering for many years. Despite the near term headwinds we experienced, we still delivered solid organic growth of 6% year-over-year, driven by continued momentum in our storage services and cold storage systems. We continue to see customers turn to us to build out their lasting infrastructure and why we will provide more details later in our remarks suffice it to say the team is fully engaged and ready to tackle the needs of our customer base. As you will note from our press release yesterday, we've been busy on the M&A front when we announce the acquisition of B Medical Systems, a global leader in innovative vaccine cold chain and temperature control transport solution. This business, along with the addition of Barkey, which we closed on July 01, are meaningful additions to our portfolio of capabilities in the high value, highly critical cold chain. Both businesses advance our mission to accelerate discovery and development, and both provide critical capabilities at the point of delivery of life-saving therapies to people across the globe. I want to welcome the Barkey team to Azenta and I look forward to…

Thank you, Steve. It's good to be on the call with you all today. Since I joined Azenta in January, I've been continuously impressed by the team and our portfolio of capabilities. I've travelled to many of our sites and I'm proud of the work we are doing to enable and accelerate our customer's scientific breakthroughs to market. I will now provide more detail around the results from the quarter, starting with our product segment. The Products business delivered revenue of $47 million for the quarter. That's 3% decline year-over-year. Excluding estimated COVID impacts, this business grew 16%. The growth ex-COVID was driven by double-digit growth in our large stores, cryogenic stores and products-related services. Our large automated stores business had a record bookings quarter and while it's difficult to identify a trend, this gives us increased confidence in our outlook for the next few quarters as these orders typically take six to nine months to fully convert into revenue. In terms of the types of customers, we are selling more into GXP environments with large pharma customers, as well as into clinical and repository applications. Our cryo business also remains strong growing mid-teens year-over-year. In the quarter, we placed our largest ever order in Europe at a new cell therapy production facility. This customer has also leveraged multiple aspects of the Azenta ecosystem, including our cryo pods, filling stations and qualification services. Separately, we completed the installation of a cryo exchange, a multi-unit system controlled by a central cryogenic picking chamber at one of the country's leading research hospitals. We also saw record shipments of cryo pods in LN2 filling stations, which are great entry points for Azenta with the customer. Our Product Services business, which provides post warranty services, spare parts and other product maintenance had a record…

Thank you, Matt. I now refer you back to the slide deck available on our website, turning to slide three, to review some points from the quarter. Third quarter revenue grew 3% year over year, that is 6% organically, which adjusts for the headwinds from currency. Q3 was unquestionably a challenging quarter as we faced a combination of external and internal headwinds. External factors of currency, and COVID have affected us in the past, but this quarter, they each provided for particularly severe comparison to a year earlier. And internally, we experienced a site shutdown due to COVID in the April month at our Suzhou, China site. In total, the growth was impacted negatively from foreign exchange by the three points that get you to the organic growth rate of 6% and we estimate another 11 points from the change in COVID demands when comparing to the prior year. We will provide additional color on these impacts as we step through the detailed results of the segments. But for now I will simply highlight that the services segment grew 6% year-over-year as reported and 8% organically. And the Product segment reported a decline of 3% year-over-year, and was actually up 2% on an organic -- 2% on an organic basis. The larger five point impact in products is due to its higher content of European based revenue. Non-GAAP earnings per share from continuing operations was $0.12 flat sequentially and up $1 year-over-year. We ended the quarter with over $2.5 billion in cash on the balance sheet. The acquisition of Barkey and the announced agreement to acquire B Medical Systems will be funded from this cash on hand. Moving on Slide 4, on the left side of the page, the GAAP P&L carries the traditional differences in SG&A such as amortization…

Thank you, Lindon. Everyone, please turn to Slide 11 of the presentation. I'm very pleased to discuss with you the acquisition of B Medical Systems, a global leader in some of the most critical links in the vaccine, cold chain and temperature control transport solutions. Across every part of B medical systems they've been lives as the purpose, which drives all that they do and they've embraced this mission for more than 40 years. As we've discussed in past quarters, we've been actively evaluating multiple M&A opportunities and in B Medical Systems, we believe we have found a unique asset that fits perfectly into our goals at Azenta to help our customers accelerate discovery, development and delivery of life saving therapeutics. In addition, B Medical capabilities add multiple dimensions to Azenta and provide capability that will further extend our global cold chain solutions. As you'll hear in my remarks, their business is mission critical in enabling delivery of treatments to people across the globe. As part of Azenta, we see incredible opportunity for additional investments that will grow and expand this business even further. Like Azenta, B Medical is a company that prides itself on innovation and has a track record of a challenging what's possible. The company has focused its R&D investment to meet the demanding needs of customers to reliably deliver vaccines in some of the most challenging climates and remote regions. Scientific discovery in innovation is happening faster and faster, but that's only part of the story. You still need a way to effectively deliver these treatments and that last mile to the patient is what B Medical makes possible. Reliable and traceable cold chain solutions are a necessity in markets that they serve and B Medical is the market leader in its core vaccine cold chain…

Thank you, Steve. Moving to Slide 16, I want to highlight some of the transaction details and a little more on the profile of B Medical Systems. The acquisition comes for a cash price at approximately €410 million euros to be paid at closing an additional consideration up to €50 million, tied to a performance based earnout, which will span our fiscal year 2023. The transaction will be funded from cash deposits, which we hold in Europe and we expect to close in October, 2022, which is our first month of our fiscal 2023 year. In terms of the company profile B Medical has generated $109 million of profitable revenue over the past 12 months into June 30. Their last full year financial statements reflected 20% adjusted EBITDA as we measure it. We do have planned investments to support the business growth, which will begin immediately. These will certainly continue to support the sales growth and portfolio development, as well as appropriate G&A support to bring them into a public company structure. We expect the transaction with investment to be accretive in this coming fiscal year on a non-GAAP basis and on a GAAP basis by fiscal year 2024. As you think about updating your models, I will add that the gross margins are quite comparable to our product segment and the revenue is more skewed toward the December quarter. This is due in part the nature and timing of government spending. We will provide some further guidance for B Medical expectations on our fiscal yearend earnings call later this year. With the addition of B Medical, we will be running at a pace with annual revenue of over $650 million with significant growth and margin expansion opportunities. This revenue comes with further reach and covers more of the cold…

[Operator instructions] Our first question is from Jacob Johnson with Stephens. Please go ahead.

Hey, good afternoon. Thanks for taking the questions. I guess first, Steve, you talked about some COVID benefit at B Medical. Is there any way to kind of quantify how much in revenue they were doing from COVID-related vaccines or maybe alternatively, just how that business has been growing the last couple years? I think it's tough for any of us to have a crystal ball around COVID as we think ahead, but I think it'd be helpful some helpful framework to quantify that if you could?

But it's worthwhile because I think it's an important question about COVID. Let me start with -- this is a company we've known for a lot of years and we've been close to. We've been able to watch progress and how they've handled themselves, just satisfying the vaccine cold chain market did an exceptional job and it's a tremendous company and includes, we knew them before COVID. So we watched the reaction in a COVID world and they stepped up and did exactly the kinds of things that a company ought to do. They were able to deliver, to handle large volumes of shipments and product and responded to every demand that came to them from the market. So because we're not yet the owners, we'll give you as much information as we ought to right now, but let me put it in perspective, in 2021, they did approximately $28 million of COVID revenue. They attribute to COVID. But again, in perspective here in 2022, the current forecast, and we'll crisp this up when we talk at the next earnings call, in 2022 the revenue for the company ought to be more than 2021 and it'll incorporate very little COVID. In other words, less than $5 million in the current forecast for COVID. So just to give you an idea, really strong performance, really strong growth of the company COVID indeed was part of significant part of 2021. We anticipate higher revenue in 2022 and almost no COVID contribution by the current forecast, and the reason that comes about is a couple things. One just the alert that everyone was put on from COVID really shook their markets in terms of pandemic readiness and so what we're seeing now is both a change in the number and the quality and the volume of funding that's coming toward entities who were able to help to deliver vaccines as a result of the COVID alert and pandemic readiness generally. So we're, we, the company we're bullish out the opportunities that exist because of the need for cold vaccines generally and, we quantified a little bit COVID vaccine specifically, but we do see the investments coming to satisfy and do pandemic preparedness across the markets that we serve. So I hope that's helpful.

Yeah. That's super helpful, Steve, and then just, I guess, one follow up again on, on B Medical, Steve, just can you talk about the end customer they have. It sounds like there's some non-profits and kind of government organizations involved. Can you, just talk about the end customer and maybe how that overlaps with your existing customer base today?

Sure. So the customers obviously, ultimately are the patients who are vaccinated and cared for. The people who drive the purchasing or the governments, if you will, of these various countries and we count today about 150 countries. Often the mechanism is that the aid agencies will provide funding in various forums for various countries, depending on specific need as to what qualifies for an investment. And often UNICEF is the agent in between to help to manage the funds and the distribution of funds, the receipt of product. So there's a mechanism in place, that's existed for many, many years. The company operates in that configuration and that construct particularly well, but generally its individual countries taking care of their populations, working with the aid agencies, going through an intermediary. That's our point of contact for a majority of the business.

Okay, got it. I'll leave it there. Thanks, Steve.

[Operator instructions] Next question is from Paul Knight with KeyBanc. Please go ahead.

Steve. The €410 million is that last 12 months ending June?

€410 million is the purchase price. €109 million is the, is the trailing 12 months ending June, correct revenue.

And do you have any thoughts on what a normalized growth rate is there?

Yeah. Paul we're assessing us to be a double-digit grower for us and our model expectations and we look forward to giving a lot more color around that as Steve highlighted, there's a there's been COVID ups and downs, but really strong growth in the recent times with those markets demanding a lot more.

I think the walk away from the June quarter on continuing business is kind of like your slideshow says 11% negative impact from COVID, I guess is kind of the way to think about it, right, relative to plus 6% ex currency. Does that mean 17% type growth, ex-COVID impact and FX?

Yeah, that's right. I think you captured it just right. 3% reported if you take out the currency 6% organic and in our estimation is we had, if you remove the COVID impact from a year ago, remove the COVID impact this year, the underlying business then on a constant currency basis grew approximately 17%.

Next question is from Vijay Kumar with Evercore ISI and your line's open.

Hey guys. Thanks for taking my question. Just on Q4 guidance here, Lin perhaps to, so the midpoint of your revenue guidance implies flattish revenues, and I'm assuming acquisitions and FX kind of offset each other in Q4. Like how are we seeing like 0% organic in Q4? I understand, I think there's a $10 million code headwind in Q4, ex that I think you're guiding to perhaps 7% organic. Does that seem right like, your LRP was for high teens revenue growth. Your China lockdowns, my understanding is that market has opened up, demand is normalizing. So why are we looking at almost zero organic here Q4?

Yeah. So you're right. There is still implications from a year ago, comparison on the COVID. And we also do have the FX baked into that. So when you back out FX, that gives you the organic, but we don't back out the COVID on that organic number. The implications are there, but it doesn't take away that our revenue is on a lower trend than what our expectations have been coming into the second half. What I would highlight is we continue to see strong growth in the systems first on products systems and services, but the biggest detriment in the COVID compares going to be the CNI. So, products that's where you get to the down 8% midpoint of range there and that's the biggest detriment. On the services side we're still -- we're not satisfied with the numbers we're putting on the table here. It continues to have some expansion sequentially on SRS and it will show solid growth, but on the genomic side while we're seeing some expansion sequentially there potential, it's still lower growth than what we expect. Let me add a little color what we're seeing in the genomic space, because we have really crawled through this, as you can imagine with our teammates, with looking at our customer set one. In them going to reflect a bit on Q3 data and then reflect what we see a bit in the Q4 and that. In Q3, what we noted, we continued to see unique customer accounts expand. That's very encouraging for us because the marketing, the rebranding, all of that, we started to relook at say, have we impacted something ourselves? We're not concluding that we haven't softened the brand recognition by transitioning from gene was to Azenta or from fluid X to Azenta…

And just, sorry just to clarify that Lindon, I have numbers, right? COVID is going to be a $10 million headwind in Q4 FX, probably three to four points of headwinds. And then you have incremental M&A revenues of $3 million to $4 million. Are there any other moving parts here in for Q4 in the $131 million to $141 million.

Not moving parts other than what, I would highlight is differentiated is on a sequential basis. We, think that the products which you've captured in your dynamics products will be just to touch softer, excluding Archy [ph] and services will be slightly expanding and then Barkey gives you the net upwards.

Then one, if I may on that the EPS guidance here, For Q4 at the midpoint, it's about $0.08. So that would imply your annual EPS of $0.43. That's a year-on-year decline and your revenues on a reported basis, I think it's going to be up high singles, maybe even perhaps low doubles. How do we -- I guess we had an analyst there, we had the margin targets, LRPA and the guidance here implies in a margin degradation year and year. So can you just walk, us through what change in the last three to six months Lindon, on the margin firm?

Yeah, so definitely top line has -- brings leverage with volume, but it also pulls you down when you slip sequentially, like we just did. And so I'm less on the year, over year, but on the sequential basis. We saw the labor inflation, which we've described in the recent months, but with the sequential drop in the $130 million in the revenue range, that leverage bites you on the way down. We'll continue to I think see the margin level of us at this level at these at these revenue levels. It'll be in a similar situation. There are puts and takes to that, but it'll be approximately similar gross margin. Our efforts are in two fronts, obviously growth top line. Secondly, we do have some pricing that we continue to exercise here. And then in the cost areas, this is no stranger to us in terms of cost in the manufacturing space. In the services side. I will tell you that the battle for talent continues and we pay for that because that's why we delivered to our customers. So that'll help come through the price we think. Obviously we're geared for efficiencies in our operations there as well, but not to avoid your question, the gross margin is the big pull down here in the second half of this year. Operating expense is under tight control. At the same time we've highlighted investments here. I'll say we, take second looks at it, but we have strongest conviction as we ever have that we're in the right space for the investment for the growth and we'll move forward on the operating expense investments, but gross margin and revenue is what we're looking to see a little bit is I'll say stable performance in the coming quarter. And then we'll update you at the end of this fiscal year on what we see going into 2023.

[Operator instructions] Next question is from David Saxon with Needham and your line is open.

Yeah. Good afternoon, Steven, Lindon. Thanks for taking the questions, maybe one on the base business, one on the deals. So first one, just on SRS you called out increasing samples under management. So, just curious why it was down sequentially in the third, there were any factors you'd call out. And then also, can you just give an update on kind of the strength of the customer pipeline there?

So first in the SRS business the business show a 19% growth year over year. On a sequential basis, we saw expansion in the pure storage. We did see a little softness in kid [ph] and logistics informatics. These are -- we don't take any of this slightly obviously, but these are not representative of the enterprise partnerships as of yet that we've gathered in collecting managing samples. The data services that we provide today are parcel to the storage services and people are subscribed to the storage services, because the value we add there. So that continues to expand. We've seen you just can't get away from the $5 million climb that this business has had over the past year. So we continue to see that sequential momentum and we'll continue to see that in the fourth quarter we expect. But the flatness that you're calling out there is more around the other offerings that we capture into that business. Let me pause on that one and then come back to the rest of your question and remind me of the rest of your question.

Yeah, just around the pipeline. I guess over the last year or so you, announced some larger contracts. So just wondering, if we could expect anything in the near future on that front?

So one, we have signed significant contracts already and that's contributed to what's come into storage. We've continued to see strong pipeline coming through the second half and we do expect. So the answer, the net of it is yes, absolutely. Yes. Again, we're not deterred at all by the quarter-to-quarter results on the SRS business.

I would just say, I think this is a good point just to underscore. When you look at the business in the services business, SRS is a standout performer and it's a foundation for partnership relationships across the business that where we hold their assets, they send us their assets or communication with those customers on a daily basis in terms of what we have, what we can do for them to advance the research by bringing out pieces of their asset database. On the genomics, I refer to it in our pre-announcement, it's highly transactional. It's high transaction, high volume short order and lead time and turn around and so it too represents long lasting relationships as I highlighted expanded customer accounts. But the foundation there is formal in terms of the customer needs at the, at the time period. As I said, I think that's a spending behavior change right now based on our assessments. On the product site, again we have a very strong differentiated ultra-cold store systems, including the cryo products that just grew gangbuster, 25%, 27% growth rates year-over-year and sequential expansion. We continue to see that pipeline proved to be very strong going into 2023 as well as we highlight. We just had best quarter in our books -- on bookings. But at C&I side, had grown to be about two thirds of our revenue at this point last year. This brings it down to being, when I say two thirds of our products revenue. Now, we just went back down to being half of our revenue a little less. So we'll continue to tune that portfolio, but we're take Covid, I'm sorry, we'll take C&I as it is. We'll continue to market. So the differentiate products, that is where we put all of our investment in our steam. When I say all of it, of course we invest in marketing behind C&I, but our true differentiated IP, what our customers are, our enterprise customers count on us for both large and small customers is really a differentiated cryo capability, reliability. And frankly, this is where we think that B Medical Systems and Barkey is just continues to solidify and extend the leadership there. So I really appreciate the customer or the question. I'll pause there and see, see if I can clarify anything that I rambled on about.

No, that was super helpful. Thanks Lindon. Next one is probably for you again, Lindon, just on B Medical, is there any -- are there any revenue or cost energies assumed in kind of your thinking, around the combined entity and then Barkey, I know it's a smaller deal, but any color you can give us on revenue growth profile and the margin profile. Thanks so much.

Yeah, those are good questions. One thing I'm happy to say is that both fit the profile and the criteria that we've described to our investor base. Both of them, we went under thorough review under both obviously, and they both clear our five year ROIC models that we use as a filter. And your question on synergies, neither rely on cost synergies, neither of them were banked on revenue synergies. What we do see in the B Medical Systems opportunity as Steve highlighted is options to expand and innovate there with them. And so the revenue case that we have certainly takes their base of capabilities today, combines it with ours. So I wouldn't call it synergies because it's not something that we think our customers or technology adds immediately, but it is an opportunity for investment to solidify and advance the cold chain.

Next question is from Yuan Zhi with B. Riley Securities and your line is open.

Hi thanks you for taking our questions. We have a couple. First in terms of the genomic services, just want to hear your thoughts. Is the impact from the weakness of your mind in general or it's from the competitor taking market shares that the growth is not that great in this category?

Sure. So this is Matt McManus. It's a great question. I think Lyndon aligned a lot of the analytics that we've done in looking at it. And as he pointed out, the customer account has remained largely stable for us as the ordering NPI level and so what we're seeing is the continued engagement with the customer base and that those same customers have continued to order and we've added new customers as well. And so from a market dynamic standpoint near, as we can tell, it's more that our customers are ordering less from us and not actually switching services, which is encouraging but also points to some market effect just in the slowness of the orders from customers, either reducing and we hear this, from our customers that they're actually doing somewhat less work or have delayed some of their projects. So while the market environment, isn't the one that we've certainly hoped for in the last quarter, we think that our relationship and the really our interactions with our customers remain strong. We're not losing them to the competition.

Yeah. Got it. And maybe Lindon, can you comment on when we divide the revenue in different geographic areas, like in US EU and China? Is it only that China has a slowdown in terms of overall revenue and all other area are maintain strong growth?

So in China as a reminder in the third quarter, we had a lockdown ourselves for a couple of weeks, a little less than two weeks in the month of April. Now we talked about that insider guidance. We'd already comprehended how that impacted us on deliveries, and that was a portion of what we factored into our guidance, but it contributes to the sequential in the year-to-year drop that we saw in China. In the -- and when I say that I'm just addressing genomics overall, we expanded some in China with some product driven, but what I would highlight is that the overall, the larger impact in China was demand driven in areas with it's a little bit analogous to rolling blackouts, but it's rolling lock downs throughout the quarter. I think the implication is that from an earlier question is correct. We're seeing that market's more open now. And even in the month of June, we saw pick up and as we saw a pick up, we saw nice growth in the number of customers in China as well. So we're encouraged by that and like I said, in my guidance, we picked up some relief in our numbers from genomics, from China. When you think about Europe and US, again, high single digit revenue growth on an organic basis. We're looking at that as less than what we would like to see performance wise. Again, we'll be -- we'll be continuing to drive in the marketing side but at this point, the order load would suggest to us the stability to slight expansion overall. And well, there's some upside there we think at the upper end of the range, we have to acknowledge the lower end of the range is realistic as well. So Yuan, I don't want to say anything other than really the range that we see is based on our line of sight today and admittedly in the genomic space. It's a little less than what we would like to. You carry a little bit of backlog in NGS, even less than gene synthesis and almost no backlog in Sanger right. So it's just a reality that we deal with.

Yeah. Got it. That's very helpful. And maybe one last question for me just curious which part of your current business has overlap with B Medical System or you see potential to say overlap there?

Yeah, we think there's very little overlap, Yuan. This is really a tremendous opportunity we think to add technical capabilities, that'll enhance the offerings that we have. And as we talked about opportunities going forward, just from human health standpoint, to utilize that link in the cold chain to couple to other offerings that we have as Azenta, we think are just tremendous long term value opportunities for us. So we we're really pleased by the capability. Certainly refrigeration technologies are interesting, but with B Medical, they use solar direct drive from power source, things that we can utilize. They have tracking devices and a long history of data collection. So we think those are offerings that will really enhance the things that we do already in the company. So we're really enthusiastic about adding that technical capability as they are about combining with Azenta. We think it's just a great match with very little overlap and a lot of complimentary capabilities.

Got it. Thank you for the helpful color,

With no further questions, I'll turn it back to Lindon for closing remarks.

All right. Thank you. Look everybody, we always come with you with a lot of excitement, a lot of enthusiasm about our business, and it's no less today. It's just with a lot bakes in the results. But it's no less enthusiasm in terms of where we're headed and in fact it's underscored by the investments we're making with B Medical and have made with Barkey. We're excited about the path forward with these individual businesses and we continue to invest in every aspect of our business to build out organically and we'll continue on that path. As I mentioned earlier, our intention is to look forward, whether it's at the end of the year or a few months with experience with B Medical, we'll be updating our long term model. So we won't refer to that now. Obviously we're coming out of the year at a lower EBITDA traction than what we expected, but again, not without -- within US enthusiasm for where this model takes us. And as a reminder, we still have another $2 billion available on our balance sheet to continue to add to this business. So we're enthusiastic about that as well. So we thank everybody for their time with us and look forward to the call backs. We know we have some busy schedules ahead of us. We are at a conference this week. So watch your press releases that we put out recently. We've got more conferences coming up over the next couple of weeks as well. We look forward to doing those and meeting you out on the street. So thank you very much.

And that does conclude our call for today and we thank everyone for participating and you can now disconnect.