CPS Technologies Corporation (CPSH) Earnings Call Transcript & Summary

Good day, and thank you for standing by. Welcome to the CPS Technologies Corp. Annual Meeting. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to Grant Bennett. Please go ahead.

Thank you very much. Good morning, everyone. My name is Grant Bennett. I'm the President and CEO of CPS Technologies Corporation. It's just past 10 a.m., and let me officially convene this 2021 Annual Meeting of Stockholders of the company and call it to order. On behalf of myself and the directors and officers, we welcome each of you. We're delighted that in these unusual circumstances, we're here in Norton, Massachusetts. Most of you are joining us remotely, but delighted to have 3 shareholders who have braved all the challenges to be here in person. And [ Diego ] and [ Thomas Sina ] and [ Eric ], we appreciate you being here. For the official portion of the meeting, let me remind you that only registered stockholders can vote at this meeting. What we will do is hold the official formal portion of the meeting relating to the voting on the matters before us. And once we're done with that, we'd like to make a few comments and then open the time for questions. Let me introduce the other directors who are here present in person or by telephone number. Joining us in person today is Francis J. Hughes, Jr. on the Board of Directors and, in fact, the Chairman of the Board. Ralph M. Norwood on the Board. And joining us remotely, Thomas M. Culligan and Dr. Daniel C. Snow. And we welcome the officers of the company who are present in person or by telephone. Charles K. Griffith, Jr., our Chief Financial Officer; Michael E. McCormack II, our Chief Operating Officer; Susan April, who is in the other room, Vice President of Administration and Corporate Secretary; Charlie DaRosa, also in the adjacent conference room, Vice President of Operations; Dr. Mark Occhionero, Vice President of Marketing and Technical Sales; and Cheryl Oliveira, Vice President of Sales, also in the adjacent conference room. It's a bit of a new skill to speak half in person and half remotely. We are also delighted, joining us today is Matthew Vaughn, representing Wolf & Company, P.C., the company's independent registered public accounting firm, and Matt is available to respond to any questions. And Thomas Rosedale of the BRL Law Group, our Corporate Counsel, who is also present telephonically. Let's now conduct the formal part of the meeting. And again, once we've done that, we'll make some comments and would love to chat about any questions. For this portion of the meeting, Chuck Griffith is going to...

I'm very sorry to interrupt, guys. Just quick. Can I get into that room for one second?

Okay.

Just 1 more second. I'm sorry.

Chuck Griffith is performing the role of Corporate Secretary. Mr. Griffith, before we proceed to the consideration of the proposals presented for this meeting, will you please present the Notice of the 2021 Annual Meeting of Stockholders.

Sure. As indicated in the Notice of Meeting and accompanying documents, which were mailed commencing on or about March 16, 2021, to all stockholders of record as of March 5, 2021, as certified by the affidavit of the company's transfer agent and registrar to the due mailing of such notice and accompanying documents, which notice and affidavit will be filed with the records of the company, we are here today to consider the following business items. One, election of 5 directors to serve on the Board of Directors until the next annual meeting of stockholders and until their successors are elected and qualified. Two, a stockholder advisory vote on the compensation of the company's named executive officers as disclosed in the proxy statement for the meeting. Three, ratification of Wolf & Company, P.C. as the independent registered public accounting firm of the company for the fiscal year ending December 25, 2021. And four, consideration of and action with respect to any other business and matters as may properly come before this meeting or any adjournments hereof.

Thank you. And we'll consider each item in the same order in which it appears in the notice of the meeting. Are there any stockholders present who have not voted by proxy or who wish to revoke a proxy previously given?

They have their ballots.

They have their ballots. Wonderful. Thank you. Ballots have been distributed. Mr. Griffith, would you please furnish us with a count of the number of shares represented at this meeting or by proxy.

There are present at this meeting in person and through representation by proxy a total of 9,342,153 shares of common stock, which is 67.7% of the 13,800,979 shares of common stock of the company outstanding and entitled to vote at this meeting.

Thank you. In view of your report, I hereby declare that a quorum exists at this meeting. We're now ready to proceed with the transaction of business. There are 3 items that require action at this meeting. The first matter to be voted on by the stockholders is the election of 5 directors to serve on the Board of Directors until the next Annual Meeting of Stockholders and until their successors are elected and qualified. The nominees of the Board of Directors by a unanimous vote of its independent directors are Grant C. Bennett; Thomas M. Culligan; Francis J. Hughes, Jr.; Ralph M. Norwood; and Daniel C. Snow. Do I hear a motion that these nominees be elected as directors to serve on the Board of Directors until the next Annual Meeting of Stockholders and until their successors are elected and qualified?

So moved.

Thank you. Are there any other nominations or discussion on this motion? Thank you. I see none. Because of procedures necessary to deal with proxies, we will vote on all proposals after consideration of the final proposal and announce the preliminary results of the voting on each proposal following tabulation of the votes. We'll now proceed to the next order of business. The second matter to be voted on by the stockholders is a stockholder advisory vote on the compensation of the company's named executive officers as disclosed in the proxy statement for this meeting. Do I hear a motion that the compensation of the company's named executive officers, as disclosed in the proxy statement, be approved?

So moved.

Thank you. The floor is open for a discussion. We'll now proceed to the next order of business, which is the third and final matter to be voted on by stockholders, is the ratification of the appointment of Wolf & Company, P.C. as the independent registered public accounting firm of the company for the current fiscal year ending December 25, 2021. Do I hear a motion that the appointment of Wolf & Company be ratified?

So moved.

Thank you. I should comment that we recognize the calendar year doesn't end on December 25, 2021. We officially use the so-called manufacturing calendar that ends about the same time, but not exactly as the calendar year. The floor is open for a discussion on this topic, namely the ratification of Wolf & Company. Any comments on that topic? We appreciate their excellent service. I now declare the polls open for voting on all proposals. All proxies and ballots should be turned into the secretary for tabulation. No proxies or ballots or revocations or changes to ballots or proxies will be accepted after I declare the polls close. So let's take a minute. [Voting]

And while the shareholders who are here in person are voting, let me thank all of you who voted by proxy. In all elections, we always hope there's a great turnout. And we're pleased at the relatively good turnout of those shareholders who have voted. Okay. The polls are now closed. Again, thank you for attending, and thank you for voting. It's 10:15 and the polls are closed. The votes will now be tabulated, following which we can announce the results of the voting. We propose, Chuck, in the interest of time, you could give a preliminary total, which will then be -- we'll adjust it slightly to achieve the actual certified final results. Is that okay?

Yes.

So we now have the preliminary report of the voting from the Secretary. Mr. Griffith?

The holders of 6,574,859 shares of common stock present or represented by proxy and voting at this meeting have voted to elect Grant C. Bennett to the Board of Directors. The holders of 18,593 shares of common stock withheld authority with respect to such nominee, and there are 2,748,701 broker non-votes. The holders of 6,510,007 shares of common stock present or represented by proxy and voting at this meeting have voted to elect Thomas M. Culligan to the Board of Directors. The holders of 83,445 shares of common stock withheld authority with respect to such nominee. And there are 2,748,701 broker non-votes. The holders of 6,509,399 shares of common stock present or represented by proxy and voting at this meeting have voted to elect Francis J. Hughes, Jr. to the Board of Directors. The holders of 84,053 shares of common stock withheld authority with respect to such nominee. And there are 2,748,701 broker non-votes. The holders of 6,572,843 shares of common stock present or represented by proxy and voting at this meeting have voted to elect Ralph M. Norwood to the Board of Directors. The holders of 20,609 shares of common stock withheld authority with respect to such nominee. And there are 2,748,701 broker non-votes. The holders of 6,474,262 shares of common stock present or represented by proxy and voting at this meeting have voted to elect Daniel C. Snow to the Board of Directors. The holders of 119,190 shares of common stock withheld authority with respect to such nominee. And there are 2,748,701 broker non-votes.

Thank you, Chuck. The holders of a majority of the shares of common stock entitled to vote at this -- to vote on this matter, having voted for each of the nominees, I hereby declare that each of Grant C. Bennett; Thomas M. Culligan; Francis J. Hughes, Jr.; Ralph M. Norwood; and Daniel C. Snow has been elected director to serve until the next Annual Meeting of Stockholders and until his successor is elected and qualified.

The holders of 6,549,817 shares of common stock present or represented by proxy and voting at this meeting have voted to approve the compensation of the company's named executive officers as disclosed in the proxy statement for this meeting. The holders of 34,314 shares have voted against approving such compensation. There are 9,321 votes abstaining. And there are 2,748,701 broker non-votes.

Thank you. The holders of a majority of the shares of common stock voting on this matter have voted to approve the compensation of the company's named executive officers as disclosed in the proxy statement for this meeting. I hereby declare that such compensation has been approved.

The holders of 9,315,955 shares of common stock present or represented by proxy and voting at this meeting have voted to ratify the selection of Wolf & Company P.C. as independent registered public accounting firm of the company for the current fiscal year. The holders of 8,541 shares have voted against the selection. And there are 17,657 votes abstaining.

Thank you. The holders of a majority of the shares of common stock voting on this matter, having voted to ratify the selection of Wolf & Company P.C., I hereby declare that such appointment has been ratified. If there is no further business to come before the meeting, we will adjourn the formal part of the meeting. And again, after which, we'd like to make some comments and address any questions. There is no further business that I'm aware of. And do I hear a motion to adjourn?

I move.

All in favor? Aye?

Aye.

The motion to adjourn this meeting is carried. I declare the formal part of the meeting adjourned. Thank you. Always interesting to see the mechanics of how elections occur. And elections in a corporate environment are interesting as well. Let me share some thoughts, and then invite Michael McCormack to do so as well. Each quarter, we release our quarterly financial results and hold the quarterly investor call. Our next quarterly call is going to occur this next Wednesday, April 28. We'll be issuing a press release announcing that call on Monday.

Today.

Today, we just held our Annual Meeting of Shareholders. The term annual, of course, means yearly. This annual, as opposed to quarterly conversation, provides us with an opportunity to pull the camera back, comment and reflect on the longer-term fundamentals and important developments over the past year rather than just the short-term performance over a 90-day period. Let me use this opportunity to share 4 observations. The first is, we welcome many new shareholders. Over the past year, our shareholder base has grown very substantially. In fact, by well over a factor of 10 and probably closer to a factor of 20 than 10.

Yes.

With that growth in shareholders, we, as a management team and the Board of Directors, have an obligation and a desire to increase both the quantity and quality of our communications with shareholders. And there'll be more on that as the year goes on. You will see a significantly strengthened and improved digital presence of the company in terms of website and social media, et cetera. Those of you who have been shareholders for a while know that our general posture is to perform first and talk later rather than the other way around. And so, to our new shareholders, realistically, don't expect daily or even weekly announcements, but we do have a desire to, again, increase the quantity of our communications to more better explain and share the internal excitement we have and what we're doing. Secondly, let me just, at a very high level, share why the management team, the Board of Directors and really virtually all of our employees are excited about our future. And at a very high level, we're excited because the markets in which we participate are growing and we believe will continue to grow for many years, and our core technology squarely intersects with some of those market needs. There is increasing wind in our backs in terms of some major trends and needs in our society: clean energy, smart grid, electric vehicles, use of satellite technology for things like GPS, for monitoring of the environment. And again, at a very macro level, the momentum towards a greener economy, towards electrification of the economy and the continued progress, one element of which is Moore's Law, but the continued progress for anything electronic to provide more capability in a smaller and lighter weight device. All of these trends create needs where our core technology can provide solutions and in many cases, we believe, the optimal solution in terms of reliability and performance. Not always the optimal solution in terms of cost, but that is, in fact, almost always the case as it relates to advanced materials. There certainly are many applications where we are both the optimal solution in terms of cost, reliability and performance. What is our core technology? At the center of it is the process technology, the intellectual property, which allows us to combine metals and ceramics to cost-effectively form metal matrix composites. We can adjust the properties of the resulting product by using different ceramics, different metal alloys in different shapes and forms and in different percentages to produce different properties that address the specific needs of certain applications. For example, our largest product line has historically been baseplates used in inverters or also referred to as power modules for high-voltage applications like trains and subway cars. The -- in the bullet train, the Shinkansen in Japan, the voltage on the line above the train is 6,000 volts. That's a little more than the current running through our households of 110 volts. And that voltage needs to be stepped down and inverted to be used by the motor. By combining the right ceramic with the right aluminum alloy in the right percentage, we create a material and a product which eliminates the primary cause of failure in this application, which is the expansion mismatch between the baseplate and the substrate. These modules, as all that current is going through them, various components are expanding and contracting at slightly different rates. And as a result, it just breaks apart. Well, by providing the right expansion rate, we eliminate completely that failure mode. Our products are used in trains, subway cars, really throughout the world, primarily in Europe, very much so in China as well. Although COVID has temporarily depressed this specific market, and we see this in Boston, where the T -- or the MBTA, has announced they're delaying receipt of new subway cars due to reduced ridership. Nonetheless, the market -- that specific market will rebound. And in fact, it's only -- the train market is only a small portion of the total market with a same or similar need. Electricity, wind generation -- wind-generating turbines, have a similar need. Electric cars have a similar need. EV charging stations have a similar need. Many industrial pieces of equipment have a similar need. And increasingly, the electric grid is using power modules to improve the reliability and to increase the efficiency of transmission. Although the electric car has captured a great deal of media attention for several years, the real market penetration of EVs is really just now starting to occur. Many of you are maybe familiar with the term crossing the chasm, that there's -- you have an early adopter. And then there's always a period of time between -- before the mainstream market will really accept and propel growth. And the EV is kind of crossing that chasm as we speak. We're excited about our products in the pipeline in all of these market areas. The properties of our composites are not limited to the coefficient of thermal expansion. There are other properties, such as very light weight, high stiffness-to-weight ratio, which provide benefits in the aerospace and space applications. And in fact, in the space world, you have both high reliability requirements, you have extreme thermal cycling environment as a satellite rotates around the earth, and you've got to get it up there. And so weight is critically important. And the use of a metal matrix composite really in any form inside a satellite generates real value. On yet another area, by combining very different forms of ceramic, in this case entire sintered tiles with different aluminum alloys, we produce composites with remarkable ballistic protection properties for a given weight and with excellent environmental durability. We announced at the end of last year we've received an order for our hybrid tech metal matrix composite panels to be used as ballistic shields on crew-served weapon stations on aircraft carriers. We've just begun shipment on that order this quarter, the second quarter. We'll talk more about that in our quarterly call. The market -- every market is, of course, continually evolving and technology is being developed. And eventually, those 2 things intersect, but they don't usually evolve at -- evolve in exactly the same rate. And in some ways, our core technology, which we've been developing for several years, was ahead of some of the needs in the marketplace. But the development, for example, of IGBT dye itself has created a real need that we do have the solution for. And in short, what I'm really seeking to say is that the intersection is now and in the next couple of years for these underlying trends and the technology that we bring to the party. I'm almost done here, but a third point is that we're very excited because of the capability of our team. And I'm referring to everyone on our team, from the Board of Directors to everyone else in the company. But let me just highlight 2 recent additions. Michael McCormack joined us at the beginning of the year as Chief Operating Officer. Today, our business is about 70% export. Only 30% of our business is U.S.-based. And only a portion of that U.S. business is defense-related. And yet in the defense area, particularly defense electronics, reliability important -- reliability and performance are critically important. We think we have a tremendous opportunity there. And I simply highlight that Michael comes with real experience and real success building businesses in the defense electronics and other markets. A second key hire, Steve Kachur, joined us earlier this month in a senior position in our product development group. Steve is a PhD material scientist from Carnegie Milligan -- Carnegie Mellon with wonderful experience in composites, in additive manufacturing, and he's already playing a key role in expanding our core technology into new applications. Michael, can I invite you to just comment on your view of our opportunities in defense electronics and armor briefly, if you would?

Thank you, Grant. Well, welcome, everybody. And certainly, we're extremely excited and we think that the armor market, in particular, is going to be a new area for us whereas we continue to grow. We are delivering, as Grant alluded to, now for the U.S. Navy and are cautiously optimistic that additional orders will follow within the next quarter or 2. But I think that the -- as we continue to expand that presence in the U.S., along with the social, economical constraints of the defense industry, plays well to us, our strength. We're a very U.S.-based material science firm. And as we play in the aerospace and defense markets more, our clients really appreciate the U.S. base of operations manufacturing base. So we're extremely encouraged that the upside is still up. And we'll continue to leverage our existing qualifications. And we look to diversify the business a little bit more, balanced between our U.S. and defense operations versus our traditional non-U.S.-based commercial business. And I think we'll probably continue to get that balance, more to 50-50 over the next couple of years. But in the meantime, it's going to be all additive especially if you address all this stuff would be very accretive to where we're at. So...

Wonderful. Wonderful. Thank you. And fourth and just lastly, we're excited because we have the foundation in place to support and accelerate growth. The foundation is strong on several key dimensions: our quality system, our manufacturing capability and our financial capability. We're a fully qualified manufacturer at most major electronics OEMs around the world. On the financial side, obviously, the fact you're on this meeting is a result of the fact that we're publicly listed. Many of you may be aware that we, just earlier this week, filed a shelf registration for an at-the-market offering, which is a mechanism to raise capital. We'll be issuing a press release on that topic shortly. The Securities and Exchange Commission needs to review that filing and there's additional action to be taken before it becomes active. But -- and we'll talk more about that next week in our quarterly call. But let me simply indicate this mechanism will allow us to generate funds for specific growth opportunities as those funds are needed. So in short, we're excited about the future. We're excited about the products we make, about the contribution we believe they provide to society. And we're delighted to welcome you as shareholders to CPS. I'm done talking. Whenever I say in short in a conversation, my wife says too late. But could we open the floor to any questions that people might have.

[Operator Instructions]

Okay. And we -- again, we welcome those who are here in person. If you have questions, just type up. Why don't you go ahead?

So this question is for you, Mr. Grant Bennett. You mentioned about the filing forward of the -- at market share. Is this $75 million or thereabout?

The -- we filed a shelf registration. And in that registration, you need to indicate the maximum number of shares that could be sold. In other words, you reserve a number of shares. And then that particular calculation is that number of shares times the share price on the date of the filing. So in other words, it's an upper limit of what can be done. It's not necessarily what our short-term objective is.

Okay. And could you allude -- you had mentioned about the identifying different opportunities. Could you elaborate more on the opportunities?

Sure. We have several specific products and more generally, product families, where we are very confident the demand will increase substantially. And one of those, for example, is armor. Another one of those are baseplates used in EV-related applications, such as charging stations. And although we have the ability to, we think, approximately double our revenues in this current facility, nonetheless, to move much beyond that, we need to raise capital for equipment and assets associated with building those product lines.

And in anticipating the expansion in these 2 key areas, being the baseplates as it relates to transportation and armor, do you need to, I guess, develop lead time? Do you need to make these items or prepare to make these items before the orders come in like...

Yes.

Is that like the direction that you're going? You want to be prepared for, in the event that the order comes in, so you can fulfill them rapidly?

That's exactly right. Now the nature of most of these products are that the -- there is typically 1- or 2- or 3-year lead times. In other words, products that are going into an automobile or going into a military vehicle or any one of these applications, typically, the schedules are developed to 2 or 3 or even 4 years in advance, so that there's certainly time. Operator, do we have any questions from those on the call?

We do. We have a question from the line of Bill Chapman.

Grant, tell me your employee count today versus where it was a year ago approximately.

Chuck, do you want to comment on that?

Yes. I thought it was 110. Yes, approximately 110 today. I think we had about 145?

Yes.

About a year ago.

We have -- the employment has been reduced as a result of reduced demand primarily in the baseplate area as a direct result of COVID.

Okay. In the past, you tried to keep employee count up for some of these contracts because you need these skilled personnel. And so you don't -- you're not -- I mean this -- you're optimistic about orders coming in. But how do you account for the skilled personnel aspect?

Good question. And we -- without going into too much detail, these are unusual times, and when we say we've reduced employment, in reality, they've been -- certain employees have been furloughed or laid off, if you like. And most employees like working here, and we are confident that as demand increases, many, but not all, would be able to return. Second element, of course, is on an ongoing basis, the -- Charlie DaRosa, our VP of Operations, is -- he pays great attention to cross-training and that the preservation of key skills is done with -- that's a high priority on an ongoing basis.

Okay. Well, thanks for clarifying.

Thank you. We -- I'm violating my own rule here, and we'll talk about this a little more next Wednesday. But in terms of COVID, really, there's some -- again, I shouldn't say anything here, but the -- a couple of our customers reduced demand very suddenly and they discovered then that they had excess inventory and they've been consuming the excess inventory. And so we've actually been shipping at a rate below what their consumption is. And as that excess inventory is consumed, even at the current level, we'll need to bring some folks back as we look forward in the next quarter or 2. More on that on Wednesday. Any other questions?

I show no questions on the phone line at this time.

Okay. Eric, go ahead.

So this is for Mr. McCormack. As it relates to the [ hyper-tech ] armor, can you sell that to other countries?

Yes. So obviously, our proprietary solution is controlled by the U.S. government and export regulated. So we can sell it to other nations, we are in active dialogues with them. We do have a client in Israel today, along with the U.S. So we are in active conversations with many nations through our reps and agents.

We do -- in short, we have to get an export license. And we're registered with the Department of State to do that. And we have received many export licenses. There are also some electronic parts that we export that are subject -- everything -- every export is subject to export controls. But there are some electronic parts that go into certain applications that are also controlled by the Defense Department, and we've been very successful in getting the appropriate export license. It takes time and it does slow down the works. But we definitely believe there are markets outside.

Okay. Second part of my question as it relates to that armor. Any plans on fitting these panels or something like this to ground vehicles?

Yes. So it's an interesting question there because I think there are lots of applications for armor, right? You can do vehicles, aircraft, seaborne vessels. You could do fixed installation sites. And so we're just starting off on this whole adventure, I guess, if you will, because the light weight, high performance and we have high durability in rough environments. So we have lots of applications. We think it could be extremely well proliferated in the next couple of years. It's only going to go up. I mean, certainly, the Navy has been a base client of ours. The Army in the past has done a lot of research with CPS. And we think we're just starting the production efforts with armor and its related products. So...

Michael is a West Point graduate and spent 20-plus years in the National Guard, including essentially running it here in Massachusetts for a number of years. And so there's both a personal and professional interest and understanding of what the needs are there. On the armor front, absolutely, the answer is yes. We believe it could be applicable to vehicles. And the traditional solution for armor is just more steel and that's very inexpensive, but it's very heavy. And our -- if you're combining sintered ceramic tiles in a structure, we're certainly much, much more expensive than steel, but we're considerably lighter weight and more durable. And so we don't have any illusion that we're going to take over every armor application, but we certainly believe there'll be many applications. And in particular, when you think about it, the so-called high-threat applications, where -- where you're trying to protect yourself against the nastiest, most intense or highest threat, that's where the vehicle gets so heavy that it can't move. And certainly, in that area, we think there are some tremendous opportunities.

And certainly, we take it as an honor, right?

Yes.

To save our soldiers, sailors and the marines. I mean, we treat that as an honor.

Absolutely. I thank you guys for that. Just to add on to my question, the last one, hopefully. You mentioned about its unique properties being lightweight and highly durable rough environment, right?

Yes.

What about applying this to Kevlar vests? And how does it compare to Kevlar?

Yes. Well, certainly, Kevlar is an armored fiber, right? So when you talk about -- I think you...

Compared to body armor. Body armor.

Yes. So body armor, in particular, highlights one of the properties that we're talking about in material sciences. So I think I could say without doubt that body armor has saved more soldiers, sailors, marines' lives in the last 20 years of any in the time of combat history. And so you have a combination of ceramics with the fiber. So typically, today, I think it's a mix of different ceramics with either an aramid backing or polyethylene backing. I think they call that [ heat map ] or Kevlar, as you said. But that's on a micro scale, so that's smaller bullet threats. Probably, you guys would talk about -- I think the street language in the U.S. will be [ 30-06 ], [ 762 ] in military jargon.

AK...

Yes. Yes, correct. Yes. So if you looked at an AK-47, an AR-15, those are the kind of threats you're trying to defeat with a body armor vest. We have been focusing hot on higher threats above those. And -- but I wanted to point out that the body armor solution, which I think we all agree, has been extremely positive in saving soldier's lives. It's the same thing, just on a larger scale. So we're trying to stop bigger bullets against bigger vehicles, aircraft, sea vessels.

Okay. So no immediate value in making wearable -- personal wearables.

No, there's value in it. But we're going -- right now, we've started on a different one. So I think eventually, we'll get to there. But we've decided to start at a higher-end threat.

Okay. Very good. Let me -- we're just exactly at our scheduled time here. Let me end the meeting. And then those of you who are here in person, we'd love to continue with showing you around, et cetera. And we do invite any shareholder joining us or not on this call to visit if you would like to. Let me thank you for your participation in our annual meeting. Thank you for your vote. Thank you for your support. And invite you, well, there'll be a press release again today or Monday, talking about our quarterly call next Wednesday. And with that, we'll conclude the meeting. Thank you very much.

Thank you for joining. You may now disconnect.