Good day, and welcome to the Beam Global Third Quarter 2023 Financial Results and Corporate Update. All participants will be in listen-only mode. [Operator Instructions] I would now like to turn the conference over to Kathy McDermott, CFO. Please go ahead.

Thank you. Good morning, and thank you for participating in Beam Global's 2023 third quarter conference call this early morning. We appreciate you joining us today to hear an update on our business. Joining me is Desmond Wheatley, President, CEO and Chairman of the Board of Beam Global. Desmond will be providing an update on recent activities at being followed by a question-and-answer session. But first, I'd like to communicate to you that during this call, management will be making forward-looking statements, including statements that address seems expectations for future performance or operational results. Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements. For more information about these risks, please refer to the risk factors described in Beam's most recently filed Form 10-K and other periodic reports filed with the SEC. The content of this call contains time-sensitive information that is accurate only until - only through today, November 14, 2023. Except as required by law, be disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call. Next, I'd like to provide an overview of our financial results for beam third quarter and the first 9 months of 2023. The revenues for the third quarter of 2023 continued strong at $16.5 million, a 149% increase over $6.6 million revenue reported in the third quarter of 2022. Revenues for the first 9 months of 2023 were $47.3 million, a 236% increase over $14.1 million reported for the same period in 2022. Our revenue growth in 2023 is primarily driven by an increase in deliveries to federal agencies. We also increased our energy storage revenues by $2.5 million year-to-date compared to the same period in 2022. 10% of our revenues year-to-date are international…

Kathy, thanks very much for that. And thanks also to everybody who's listening in today, particularly those of you who are on the West Coast. I'm well aware of the fact that this is the second time in a week. I'm actually go up in the wee hours to join these exciting Beam Global update. So thank you for that. I'm actually speaking to you from Europe, where I've spent the last 10 days in our new facilities in Belgrade and Kraljevo [ph] in Serbia. Having spent the last 11 months negotiating the acquisition of the company that was formerly known as Amiga and is now Beam [ph] Europe, the parties, which were formally sitting on opposite sides of the table, are now all engaged in the creation of a growth engine for being global in the largest market in the world for our products. Beam Europe is a reality. And as each day goes by, we're operating more and more as one company. It's been an exciting and fantastically busy 10 days, during which I've had I and the entire management team over here have been totally immersed in the integration of Beam Europe into our global operations. I hope that many of you were able to join the live tour of our new 6.5-acre facility last week. It was an intense and information packed hour during which I attempted to show the scale and capabilities of our operations over here. In case you missed it, there's an archived version, which you can find on the Investor Relations section of our website. I'll return to the subject of our European expansion later on in this call because it's certainly the most significant event in Beam Global's 2023. And in my opinion, after the invention, first sales and production of…

We will now begin the question-and-answer session. [Operator Instructions] Our first question comes from Tate Sullivan with Maxim Group. Please go ahead.

Hi. Great to hear the update. And you mentioned building the foundation for the EV ARCs already in Europe when we saw those last Thursday. Are those demo units? Are those orders? Can you talk about how you're planning to build out the EV ARC in Europe?

Yes. I'm quite comfortable and confident in saying to you that we are not changing our strategy of not making anything unless it's sold.

All right. And then also on the Amiga legacy business, can you remind us how much Amiga generated recently in revenue? And is the - will you move employees away from that business to the EV ARC – or will that business continue to potentially grow?

So that's one of the really exciting things that we've been going over during the last 10 days. Amiga reported revenues of, I think, something in the other €8.5 million last year. We haven't announced any numbers for them this year, but I can tell you they're not doing worse this year, not by any means. And what's really interesting about that is that because Amiga runs their business as a cash flow business, it's typical of a sort of smaller business, family-type run business operations where they do everything out of their own cash flow. They have certain inefficiencies about the way they produce products. They have to staff for the peak production. And like any business, the repeats and troughs in demand oscillate during the year. And so sometimes they have people who are not being fully utilized because, again, they have to start for those peaks in demand when their customers want their street furniture products, whatever those may be, they want them pretty quickly. And what we discovered last week is that we can help them to kind of flatline that production a little bit, produce more with less people. And the result of that will be not that we get rid of those excess people. But what it means is that we'll be able to introduce the production of EV ARC and EV standards and take advantage of those resources, which because of just improved efficiencies, the way we're handling the orders, we'll be able to put them on EV ARC and EV standard production. And I do anticipate we'll have to grow the team because I think we're going to do so much EV ARC and EV standard in Europe. But for the moment, just by being more efficient, the way we're using people, we should be able to do both.

Last one for me is on the revolving credit, the $100 million, can you use that for Amiga's receivables? Do you have to change your facility? And have you accessed that facility at all in intra-quarter?

As it happens, I met with OCR yesterday, they're the provided $100 million credit facility. And you may remember that when I first mentioned this $100 million credit facility, OCI is used to doing deals in the sort of billions. And so the question was why were they looking around with this smaller number? The answer was because they were very, very interested in our potential to expand into Europe, particularly with renewably energized products. You will be aware that many of the large funding institutions over here are aggressively looking for clean technology - so-called green type funding opportunities. And there's a lot of money looking for home for these types of opportunities in Europe. And the result of my meeting with OCI yesterday was confirmation of what I already knew, which is that they will be just as interested and just as aggressive in financing our European opportunities as they will be in financing anything that we do in North America.

Thank you, Doug.

Thank you. Tate.

Our next question comes from Chris Souther with B. Riley. Please go ahead.

Thanks for taking the questions here. Maybe just initial kind of thoughts around Amiga's kind of traditional customers, you kind of introducing the EDR product. Could you give us a sense of what you think the initial demand is and kind of walk through kind of the cadence of building interest with those customers, with new customers kind of where do we go from here in Europe, I think, would be helpful.

Yes. So Amiga has spent the last 30 years selling street furniture. Certainly, a big part of that being street lights to municipalities, states, militaries, nations and corporate customers. They've also produced a lot of telecommunications products and a lot of energy infrastructure products. What you find is that the - all of the customers to whom they've been selling for the last 30 years are almost identical in their profile to those customers to whom we've had good luck selling our EV charging infrastructure products in the United States. And on top of that, we're arriving at this at a time when all of these municipalities and states and militaries and corporates and everybody else are desperately trying to add electric vehicle charging infrastructure. Now it's not easier to do that in Europe, the traditional way, connecting to the grid and all that sort of stuff. In fact, it's more complicated. So we now have an opportunity, and this is what we're doing right now. Again, this is - it's easy to see the tremendous progress when you can see being EDR components being manufactured in the facility. Perhaps less easy to appreciate the fact that the sales team is now already out and already talking to existing customers with whom we have good credibility and in many cases, existing contracts and saying, hey, you've been buying solar street lights from us, you've been buying electronic integrated street furniture and all the other kind of stuff. Well, we now have these renewably energized rapidly deployable, very low impact, EV charging product are interested. And I mean, I shouldn't have to tell you and I'm sure I don't have the response in a very large number of instances, yes, we are interested. So as I all say to the sales team, if there's no intent interest means nothing interest is not revenue. But sales come from interested customers, especially when you've got credibility with them in existing contracts and when they have a profile which is pretty much identical to those people who are buying from us in the U.S., both from a government side and the corporate side. So it's a perfect match. The sales seem really excited about this. And as I said, we've established ways that we can add capacity without dramatically increasing labor costs there, so more efficiency, basically, which will make them even more profitable. Remember, they're already cash flow. So I mean, just - it's a - this has been just a perfect match for our requirements, this opportunity. And it's very hard to find that's taking me years. I've been looking for international expansion opportunity for about 5 years now, and we found it here. I'm really encouraged by the work they're doing.

That's great to hear. And then maybe just on kind of the overall backlog trajectory. Obviously, we've been kind of working through those large orders from the second half of last year. You talked about kind of government shutdown. It's kind of an obstacle that we've recently been kind of facing. But can you just give us a sense, the pipeline versus kind of backlog kind of growth kind of discussion, I think, would be helpful for folks in framing, obviously, it's lumpy. You've talked about, but what can you kind of say around kind of the overall backlog, where it should be kind of exiting this year to give visibility for growth next year and how we should think about it overall.

So we've got purchase orders in and now for pretty much through the end of the first quarter. I know it's given people some concern that this - we haven't announced some gigantic federal order here. I'm aware of that. I am not though concerned about our growth. And the reason for that is because the nature of any time when you get these large orders, particularly when there's lots of other complexities in terms of getting them over the finish line. You're going to have this type of lumpiness. And I've been pretty consistent with that. I'm not - I don't view it in any way as an indication that there's any fundamentally wrong with our long-term growth. On the contrary, it's just everything that we're hearing from all of our prospects, federal, state, local and corporate is that they're going to be doing more EV charging deployments not less. It's only getting harder to do the grid tide ones as the low-hanging fruit is being plucked, meaning locations where it's easy to deliver a circuit to a charter where somebody would park a car. So - and we're beating up available circuits of capacity and everything else. And frankly, the other thing that's encouraging for us is that everybody, government and corporate is becoming more aware of capacity and vulnerability issues around it. People cut off and say, oh, well, Beam's going to solve the disaster preparedness upside of this and perhaps nothing else. No, it's both. We're speed, we're scale, we're lower total cost of ownership, and we're solving the disaster preparedness and capacity issues. So all of these things are becoming more meaningful to people as they deploy more and more chartering. So I am not concerned by this lumpiness. However, as I said in my comments, not being concerned by it doesn't mean that I'm not taking steps to make things better, and I am. And the way that I and the whole team are doing that is by diversifying these opportunities for revenue, new product offerings, new geographic environment, obviously, the biggest of those being Europe and then just different verticals that we're going after in the United States. But I think you have to be very, very pessimistic indeed to think that with the introduction of this new market, Europe has 405 million cars. The United States has $290 million. China has 319 million. This is by far the biggest market in the world. I think you have to be very, very pessimistic to suggest that Beam Global's going to have a worse future and have less growth than we've had after this day with the steps that we're taking. And I'm just not that pessimistic because I'm not getting any of those signals from the broader market or from what we're seeing from our prospects.

That's good to hear. Thanks.

The next question comes from James McCulloch with Private Investor.

Thanks for taking my call. A couple of questions. First, on the U.S. operations and the prior analysts just touched on the backlog. You mentioned there was some lumpiness and delays due to the government shutdown. However, it doesn't look like those delays resulted in any increase in backlog. So from last quarter, sales were down about $0.5 million on a quarterly run rate and the backlog was down about $3 million. So I would have expected maybe any delays in purchase orders to show up in an increased backlog. Is there any seasonality on the order rate or any other factors in the fourth quarter that might have impacted the incoming order right?

Yes. So the same answer I just gave, Jim, really. It's all just a down to timing. I'm not - the problem - these things are not very well measured quarter-by-quarter. Third quarter it was up 149% over prior year. And from an order cadence point of view, it's really just the answer I just gave to Chris. It's lumpy. It's going to move around. And we're not going to do a very good job of predicting it in the early days. We don't have a lot of historical data to go on. But again, all the indications are of macro growth across the board. But we'll keep working to find other opportunities, of course, as well. Not - again, not because I'm concerned, but because it's prudent, and I want more and more growth. I'm very aggressive about this. I'm not looking at treading water here. We're looking at continuing this meter growth, and we're going to.

Well, I think - the Street would also appreciate the additional growth opportunities reflected in the share price. So - the other issue was on the gross margins going into next year. I think you've mentioned that in the first quarter, there's about a $12,000 per unit cost savings through engineering improvements, material improvements, as well as that 8.5% price increase, which would take effect fully take a face in the first quarter. Back of the notebook numbers, do you have any clarity on gross margins going into next year. It looks like they should improve just on those two factors alone to over 20%. So do you have any clarity for the group on that/

Yes. In fact, in my comments, my prepared comments, I was more aggressive than that. I think we get better than 20% improvement in gross profitability. And then I went one step rather than that and did the back in napkin arithmetic for you, you can see that with those -- with that rate of gross profitability, we would basically -- had we had the same way of growth possibility that we're anticipating in the first quarter and moving forward. And again, we're not going to stop improving that either. But just on the numbers that we're talking about today had we had that same level of gross profitability throughout all of this year, we would have been pretty close to breakeven right now.

Question just on the European operations. Are there any potential delays just on the qualification process either for all of Europe or individual municipalities or countries? Are you looking at a European standard that once that's or do you have...

No, no, we will. We will be putting CE onto our products over here. Here's a good news about that. Again, this is an area where Beam Europe is much better equipped than we are in the United States just because they've been doing this a lot longer. They have all sorts of ISO certifications and all sorts of other is, which, by the way, have already been helpful for us. Just a slight departure from the question. We've recently responded to an RFQ that required a certain level of certification that we would not have complied with had we not made this acquisition. It's fantastic - when we realized that my God, on closing, we have all these certifications now that we can qualify for this RFQ that we previously would not have been able to go after. So I mean, just -- it's -- as you can note very enthusiastic about what we've just done in Europe. I'm really, really glad to have them on team. They're just wonderful hard-working well-educated English speaking. Again, I encourage everybody to watch the video that we did last week because I want you to see what this place is all about and its capabilities. But yes, there will certainly be some European requirement. There are lots of different things we're going to have to do for Europe. It's metric. The voltage is different here, frequencies are different here. And we will see certification on our products rather than UL listing, - and those things are processes. But we're talking a small number of months. We're not talking about years or anything, and we're also not talking about huge sums of money, particularly in light of the fact that, again, the team over here is very, very well versed in doing those things. And on voltages and frequencies in less anybody's worried about that, don't be that really to an electrical engineer. It's like saying, well, do we do the anything or do we do the B thing. It's really not a big deal, but it's a process, but we have very, very well-qualified people working on that right now. And another thing I just want to tell you about on the European team that I'm also very encouraged about is they actually started working on this stuff before we closed. We were all very confident that we were going to close and just to show you how enthusiastic and what a great attitude they all have. There's none of that head shaking and people are not feeling negative about this and they're very excited about the new products and started working on developing them before we can close the deal, which I just think is a great indication of the quality of people we're dealing with.

It that's been in the last 2 or 3 years of conference calls, I don't think I've ever heard you where you were not enthusiastic about demand...

I love the business. I love the business, Jim. That's - it's important to love what you do, and I do love it, and I'm very, very confident about where we're going.

Two final questions on the European operations. You mentioned there that you got the assets significantly below market value. However, there's a payout over the next couple of years or incentive payouts based on performance. Can you give us a little clarity on that? Is it based on profitability, on volume? And what kind of impact would that have on gross profits of Beam Europe?

Yes. And by the way, just to go back to your previous comment about my enthusiasm. It's -- that enthusiasm would be rather boring if it wasn't born out by facts. But again, 295% increase in production this year. I'm proud of my enthusiasm, and I'm proud of the team who's making it -- who's validating it, frankly. We keep doing what we say we're going to do. We keep expanding in the way that we say we're going to keep expanding. We keep improving every aspect of the business. And that's how -- that's part of the reason I remain so enthusiastic, I suppose. But -- I'm sorry, Jim, I lost my train of thought there because it was so important to me to say that...

Yes, as...

On the note - yes, on the earnout. So very quickly, because I do want to make sure we give some time to other questioners. But very quickly on the earnouts. 2024, the trigger point for the earnout is $13.5 million. Anything that they do in excess of $13.5 million, they'll get $2 worth of shares for every dollar worth of revenue that they do in excess of that. And then in 2025, they'll have to exceed whatever they do in 2020 core by 135% in order to get the next trigger and then the same rules will apply. In no event, can they have more than 19.9% of the shares. So it doesn't matter how well they do. And of course, we want to do incredibly well, and we're going to do everything that we can to support them to do incredibly well because it's great for the company. But in no event can they own more than 19.9% of the shares. The shares that they do receive both for the initial consideration and for the earnouts will be restricted 14 stock with a 6-month restriction on them. When they do - if they lift those restrictions, they are further restricted to sell no more than 4% of weekly volume forever. So there's no danger that the sellers worthy to do this. And again, they're all staying -- continuing to work for us and vital to the operator. I'm really glad to add them, and I'm very glad to have them tied up with these earnouts and with these restrictions. But in the event that they did decide to sell their shares, they can sell no more than 4% of weekly volume. In other words, having no meaningful impact on trading as a result of their adding shares into the marketplace. I think we need to move to the next question now, operator, please, because I've got to give some other people some time.

The next question comes from Abhi Sinha with Northland Capital. Please go ahead.

Hey. Thanks for taking my question. Quickly I wanted to understand the profitability in fourth quarter. I know in first quarter next year, you'd laid out pretty clearly. But in fourth quarter, what should we look at sequentially in terms of gross margins?

Yes. So I'm quite encouraged by the fact that we are - the EV ARC that we are now building have most of the cost savings built into them. So we won't get a full quarter full fourth quarter impact to those cost savings, but we'll certainly get a significant impact of it. And so you should be looking at materially improved gross profitability in the fourth quarter. But the first quarter of next year, especially by the end of it, we will get all of the cost savings integrated. That will happen early on in the quarter. I mean those that we've identified, again, it's a never-ending story for us. We're not going to quit. But by the end of the first quarter, when we've burned through all of our existing backlog, then I think you should also anticipate to see that 8% or so increase in price starting to join with the cost reductions to give us even more impactful gross profitability. And again, as I said in my comments, we're looking at the mid- to high 20s from a percentage point of view, just with these savings alone, and we -- again, as I said in my comments, you can see that from a beer point of view, when we look at how much money we're going to save on painting and sandblasting and forming the base pad as well as many other processes. Those are opportunities for us and things that we've already targeted in the United States to in-source as a means to save money, that will take a little bit more time to do that because, of course, unlike Beam Europe, we don't have the existing facilities to do that, but there's nothing scientific that prevents us from doing it. It's just the further snaps to take.

Sure. Thanks. And from earlier comments, did you imply or are you implying that you might get EBITDA breakeven next year? Or did I hear it wrong?

I said people ask me if we can do that, and I think that the arithmetic clearly shows that we could do it. So for more than that, I'm not going to say some of that will, of course, come down to decisions we make about investment and growth and other things. But certainly, it's easy on the back of an attend show how we could do it.

And the last one I have is for the sales of battery, can you comment on like how should we model that the trajectory there? And what should we look at the battery margins versus comparing that with the sales of like the EVR margins?

Not orders. very much more diversified. We have the EVR single product margin is pretty fixed on it, improving but fixed, whereas with the battery, we got quite a lot of different types of products, and the margins are different across the board. The big thing for us about the batteries is they're saving - the battery business is saving us a lot of money on our core business and also bringing us these other revenues, as I said in my comments. This is part of our strategy to diversify our opportunities for revenue because of this lumpiness thing that we know exists. So getting that extra $6 million boost from the acquisition that we made as well as all the production of batteries for our products and all the cost savings and everything else that they delivered has been really meaningful to us. But we intend to continue to grow the battery business. And like any other aspect of our business, we intend to continue to improve the margins where that's concerned no different than the rest of what we're doing.

Our next question comes from Noel Parks with Tuohy Brothers Investment Research. Please go ahead.

Just a couple of things. I think you might touch on this but I just wanted to maybe hear a bit more about the advances in water and wind resiliency that you announced over the course of the quarter. And I'm just curious, is - are those initiatives something that's just a matter of continuous improvement? Or are we going to see future sort of generations of just other things that you do to sort of higher than the units and provide the resiliency?

I'm really glad you brought that up because there was so much to talk about this quarter that I did not include those things. in my prepared comments, but it can't be denied that they're very important. EVR \[ph] is now flood proof to 9.5p. And just to put that in context for everybody, in general, the kind of flooding that you see in city environments is usually 60 or less. It's very rare to see more than that level of it. So what that's basically telling you is that EVR will survive almost any anticipatable flooding. And of course, the plotting is better than 9.5 feet probably got other things to worry about whether or not the EV chargers are working. So that is -- and it's amazing how many because it Sacramento, California, for example, is very, very far in line. You wouldn't really think that was a flooding risk, but actually Sacramento in a flood places at C level and prone to point. So as New York and source so many other customers. So that's a huge benefit. Then also on top of that, we made the - we improved the products win rating from 125 miles per hour to 160 miles per. Actually, we know it will survive a lot more than that, but this is the independent stamp that we are - we received from an outsourced facility and are able to publish. And again, that's not with the vehicle or anything. It's just sitting on its own 160-mile power ratings right now. These things are important because we're seeing increasingly violent weather events. We're seeing rising sea levels, we're seeing flooding, we're seeing all these other things. And we're becoming more reliant on electricity than we've ever been at any time in our history. Vulnerability is a very serious problem. It's not just me that saying that now. Now you're hearing that in the halls of government in Washington and in city capitals across the country. To answer your question, we are not going to stop improving on point that point would be wider. I mean, I think that now we've reached 169.5 feet, probably wind rating and flooding is not going to be an area of major focus for us. But there are other things that we're integrating into our products, which will make them more reliable, which will make them better to forecast. I mean we still haven't even got into AI or learning or any other things that are part of our future. But yes, you expect to see them get more resilient. And again, because of that add more value and become more vital to our customer segments.

Great. And it's been really encouraging to hear about just the enthusiasm you have from the new European team. And I'm just sort of trying to extrapolate a bit on that. Of course, the ECR product is striking. And of course, the videos you see of the deployment and how fast it is and in such small spaces. I'm just wondering, do you - how do you prepare for what might be an extremely enthusiastic uptake in the acceptance of the product in Europe as your capacity expands there?

Good. And again, thank you for pointing out how enthusiastic I am. I'm bound to say again, the only thing that's more impressive than my enthusiasm is our results because I have not become almost 300% more enthusiastic that since - since we last talked, but we certainly produced almost 300% more product. But yes, look, we've got a great deal of room for expansion in Europe. We've got 6.5 acres. 225,000 square feet under roof. We are producing what we're producing in North America and 53,000 square feet on a much smaller piece of property. So we've got a huge amount of room for expansion in Europe. Huge. We can get over $300 million in revenue of our San Diego facility, multiply that by several times. That's what the European facility is taken. And again, I can stress it strongly enough. We own it. You take a look at our P&L and look at how much rent is an impact on us in the United States. There's no rent in Europe. We own it outright. We own the land. We own the buildings. We will not have the ongoing cost of rent anything else there to deal with. It's also very inexpensive for us to expand the roof over. As I say, we've got 220,000 square feet under roof on 6.5 acres. But Amiga and Beam Europe as it now is very capable of self-performing much of the - what's required to roof over other areas of it. So listen, I believe we are going to see that dramatic increase in requirement. Much of it will come from the EV standard product and the EV standard product requires a lot less square footage to produce. You can also ship a lot more of them in - we only put…

Great. Thanks a lot.

Thank you. I think we're coming to the end of our time here. Operator, if you have another question, I'm happy to answer it, but I'm also mindful of people's time.

Okay. Yes. There seems to be one last question, Chris Pierce with Needham & Company. Please go ahead.

Just look or looping on EV standard you just touched on. How quickly could you be manufacturing and selling those products out of Serbia. And what's the ASP on that product versus the typical product that undergo customers buy at this point in time?

Good question. And as I said in my prepared remarks, we have made more progress on EV standard development in the last month than we had in the last 4 years. So we're going to have the standup beta version of it very soon. I'm not going to put an exact date on it because that's a great way to always get into trouble, but very soon. We're making tremendous progress on it right now. Remember the Beam Europe makes these types of structures all day long. Everything from the tiniest ornate [ph] things that you might see in the small village all the way up to the massive towers that you see going down the center of a freeway. So they do everything and everything in between. -- and they're very well equipped to do this. So it's coming very quickly. ASP, I'm not going to comment on that at all, but I will tell you this, the other great thing about Beam Europe is they have a fantastic database of what people pay for these things all across Europe. They've sold them - if you've been in Miami, you walked underneath Omega street lamps, by the way. So they're not just sold in Europe but also in North America. So they have a very good idea of what the market will bear. And we're also working on some really other interesting things in terms of how we might end up financing these things into the market as is part of the reason I met with OCI again yesterday because there are lots of other opportunities to expand that business and integrate EV standard in with normal lamp sales as part of the mix in a way, which will be a great differentiator for us because Amiga was already one of the largest EV or one of the largest street light lamp standard producers in Europe. They know a great deal about the competition, and we do as well. And I can tell you that if we start introducing these renewably energized EV chartering products and some of the other things that we're going to bring to market, we will be alone in the market and our ability to do that amongst all the competition. So that's another just really fantastic area of opportunity for us.

Okay. Thank you.

This concludes our question...

With that Yes, I think we've got to bring it to a close operator. Thank you.

This concludes our question-and-answer session. I would now like to turn the conference over to Desmond Wheatley for any closing remarks.

I'm claimed to sound as Dell and board as I can, because I feel as though my enthusiasm, perhaps is starting to wear on people. But I'm not going to - I'm sorry, there are things all change for you, but I'm not going to change that. I love the company. I love what we're doing. I am more excited than ever. Why wouldn't I be? As I said in my comments, I don't think we've doubled our opportunity. I think we've trebled or maybe quadruple it here, and we've done it very inexpensively in a very wise manner. Again, no debt, high interest rate environment and very, very low dilution to get this done. So a great time to be doing what we're doing. I very much appreciate your support and your interest. Obviously, the macro market conditions, share prices for growth stocks something that maybe it's beyond my pay grade. I'm going to keep doing what I do. And the Beam team is going to continue to do what it does, which is get better and better and offer more and more growth because at the end of the day, fundamentals are going to win out, and we're going to produce them. So thank you. Thank you, everybody, for your time, and I look forward to speaking to you all again in the near future.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.+