Water Ways Technologies Inc. (WWT) Earnings Call Transcript & Summary

First of all, thank you, everybody, for joining us for the 2022 Earnings Call of WWT. We'll talk a bit, about the financial results [indiscernible] 2022. And we'll talk a bit about the challenges we've had, a bit about the financial results, and how we see 2023, this year, to come. Okay. So let's begin. First of all, let me just say begin, I believe that all of you or most of you saw the financial statements. We've had a better year last year, obviously. We took some biddings in 2022. We'll talk all about it. But we do, however, see some advantages, and we can see an implement in 2023. So let's begin with 2022. First of all, since the beginning of 2022, we've had to deal with a critical supply chain and the manufacturers and all of our manufacturers basically extending the supply chain because the cost of materials and the cost of shipping, which obviously need to be also to our customers, which on their end, was much more conservative in their orders. And I think, we can see clearly in the decrease in revenue on the products. And people were way more conservative with ordering product. The second thing is obviously the transportation, it relates mainly to the company in Canada, which they order their products in Europe. It took a long time for products to reach also in the end of 2022. And we had to implement all of the price increases on our customers, which brings -- basically, most of our product customers are dealers in the different regions or territories. And once they see the prices go up, they pick twice, they pick, rather they should order the products in their home country with a local manufacturer, which until this point, they were used to order the products from Israel to get the better products, more quality products. And because of the price increase and they think right now. They think, okay, we'll settle a bit for the quality, but we'll get it in a better price and not do the import. And then, most -- let's say, the two other things that really affected our revenue yield, and we'll talk about them, and the first one is basically the war in Ukraine, which affected the projects in Uzbekistan, and we'll talk about them in a bit. And the second one is the COVID. There's COVID or at least, there used to be COVID in 2022, mostly in China. I mean or whether the implications of the COVID affected us mainly in China. Until August 2022, the Chinese subsidiary of the company had very little revenues, about $200,000 in revenues, and that's also from last year's project. And most of the years, there were lockdowns and restrictions in a lot of in Chinese territories, which we couldn't basically reach to the project. And even, if we had a project, we couldn't do it because of the lockdowns. But as we came to August '22. So the Chinese Government lifted most of the restrictions and as soon as they did it, the customers began to other projects. We can see clearly on the last quarter results. And, if we look the potential of the Chinese subsidiary, which they've done in 4 months and almost USD 1 million in sales. That we understand, that if they had the whole year to generate revenues, the results would be much, much better. And hopefully, 2023 will give us better results. The second challenge we've had is obviously the war in Ukraine. We understand that in some of the regions we operate in, which is the main one that affected us most is Uzbekistan. In the beginning of the year, we signed with a returning customer, the largest contract the company has ever had. Unfortunately, in order to fund their projects and their operations, this year, everything got shut. And still, the customer signed a contract, and the company on its end was ready to begin the project in each time line in the year, the company was ready to begin the project. And we just waited for the customer to held up to each end of the contract, which unfortunately until the end of 2022 did not attend. We, however, had a lot of expenses with respect to these 3 projects. And according to our revenue recognition methodology. Theoretically, we could have recognized some of the revenues because we've had a lot of expenses with respect to employees we had to put, in respect to goods we purchased, and we did all that in order to keep up with our part of the contract. And because we didn't want to be the ones who are in the breach. But basically, we had some expenses, but we started that we will take the most conservative approach, and we will not and recognize any of the revenues with respect to the expenses we've already had. And just because of the great uncertainty, whether this project will be in 2023 or not, my estimation is that it will not happen. And we have some advanced payments, and we've had 2 vendors. And as of today, some of the funds that already returned to the company, and we are reaching agreements with all of the vendors. Some of the investments we're already having a project to be used as inventory for future projects, and some of it will get back in cash. And -- but there's a specific in accounting the balance sheet and it relates to the projects in Uzbekistan, the balance sheet of all of the investment. So as of today, we are still in contact with the customer in Uzbekistan. And he has no idea, when if he will be able to execute the projects. So the company and management on this end, we are currently examining what we are going to do about it since we've had a lot of expenses, and we can just let it go. And we need to keep a good balance because it is our current customer, and we used to work with them before, and we usually has a good payment moral. So we don't want to burn the customer. But still, we are affected by the customer, not keeping up the [Indiscernible] of the contract. So we are currently examining what we can do. And the other thing, we've had as a challenge for us for 2023, and we adjusted mostly in the last quarter of 2022 is the word inflation because the Israel subsidiary operates in many of the undeveloped countries, in Uzbekistan, like countries in South America, which the inflation needs harder than other countries. We can see that the customers are much more conservative with future orders. In the past, we used to order a lot of things to inventory. Now they are much more conservative. They are ordering just what they need and nothing more, which obviously affects us. And, the more important thing is the project segment, which is in total stagnation. I mean, we can see projects that's happening in China. We can see projects that we were able to achieve in Canada, the first big project, stage A of the project of CAD 850,000, but in other regions, which the company operates, you can see stagnation. Everybody hold on to their money and doesn't waiting for things to get [ later ]. Okay. So if we look at the results of 2022. So we had a decrease, obviously, in our cash position. And a lot of it is because of expenses occurred in Uzbekistan and a lot of the payments in advance, and we will talk soon and think what the company did at the beginning of 2023 in order to mitigate the risk of it. And if we look -- we were able to reduce our liabilities as well because a lot of payments we did to our vendors. We were able to reduce our liabilities as well. And, if we look at the revenues, obviously, a huge decrease, 30% decrease, in the revenues. And obviously, the reason is -- the goal is to have another CAD 9 million in projects in Uzbekistan, that was the company's forecast and planned budget. And obviously, it affected us. It also affected gross margin, which should have been higher, as we planned and as we discussed last year. And because the profitability of the project we didn't incur, and we've also have 1% decrease in our gross margin. And our project segment is pretty stable, and the decrease is -- 16% decrease with respect to an unusual order we've had 2021, one of our largest customers in the last quarter a very huge order of $2.5 million. So the product segment was is in 2022 and is as we expected. The project obviously [Indiscernible] and a huge support to the company. So the gross margin pretty much the same, down a bit. And our expenses remain at the same level. And although, we didn't have the same level in revenues. And again, the reason for it as we've had a lot of expenses with respect to Uzbekistan and about $0.5 million in expenses and that relates to the projects we've had to make sure that we are keeping -- we are not in breach of the contract. So everything needed to be ready. And obviously, it affected us and -- which brought us to an operating loss. We did however came up with a profit -- net profit comprehensive income for the company and the main reason for it is the evaluation of the derivative, the warrants and the convertible debenture we've had. And this last year, we've had an expenses and finance expenses of about $4.1 million. So this year, we've had the same amount in income. And it relates basically to the decrease in share price, and it relates also to the time until the exercise, until the expiry date, the warrants, which brings us with double profit for the year of $2 million. About the segment, about the territories. So as we can see, the bright light, and I'll discuss it in a bit is our company in Canada.

Dor, can you can put up the presentation?

Which presentation?

I thought you had the presentation on the numbers.

No, I don't have it.

Okay. Right. It's yours.

So the company -- the operating company in Canada, HGWWT has another record year. And this is the healthy part of the company. And they are doing well. We have very good margins. And finally, they managed, and they left the product side and the -- in 2023, we are signing to the product side, which will increase even more the gross margin. And a lot of it is because we sent our head of [Indiscernible] to be there to give them the professional assistance they needed, and they are performing very well. They've had in revenue CAD 6 million in 2022, which means basically, they've doubled their revenues -- more than double their revenues in 3 years, which is very good result for them. And I'll discuss more about what we're planning to do with respect to North America, and let's just say we understand the future is there, and we'll talk about it in a bit. The company in Israel did not have a good year, say, there is. And that affected mainly because of the -- on the project side. And the company in China, even though we operated only 4 months, we can still say it operated well in those 4 months. And if we normalize the numbers over a year, and we hope for them to be for 1-year period, around CAD 1.5 million in 2023, that will be considered as a good result. So 2023 update. So obviously, our cash flow is negative and the company did some drastic measures at the beginning of 2023. The main one is reducing the employees' salary by 20%, and reduce the human -- and reduce the number of employees by 15%. We need to take some serious measures in order to improve our cash flow. Obviously, all unnecessary expenses like lights and everything we can minimize, it's done. I mean we can't afford it. And we understand with the inflation and the stagnation in the irrigation market, in the agriculture market, can last for a while. So we need to be as conservative as we can, regarding our expenses. Our current backlog as of April 30 was about USD 3.7 million for all subsidiaries. And, we still have some credit lines we can utilize in case we will be in a rough start. Of course, we would prefer not to use any of them, but we still have about USD 0.5 million, we can utilize. And so our main goal right now is basically improve our cash flows. And basically, bring growth to the company. And that brings me to how we -- let's say, if management before [ building ] that we have placed in the undeveloped countries that we can make big sales there. And we understand there's also great uncertainty in those countries. So we need to shift our focus, our plans to the developed countries. We were surprised to see that even in developed countries Canada, still has a lot to learn, and we still have a lot to give them with respect to radiation and agriculture. So management decided that we do focus mainly in North America, if it is the company that operates in East Canada, we're always in search for a new company in West Canada and the North U.S.A. And our model, I think, basically will be the same as we purchase the Canadian company to find a small company, which is to sell its customer lease, its operations and keep management on the same conditions. And obviously, it needs to be a cheap deal. And we need to see the potential. But I think, we learned a lot from the last purchase in Canada, so we can wrap it their growth, if we can do something like this. But we are always in search. And we will give more focus on more plans and more assistance to the operating subsidiary in Canada now because they have great potential, they are doing well, they are profitable, they are cash flow positive. And this is our future, basically for the company. We are not neglecting totally all of our other regions that we understand where the focus should be. And so, we will keep providing service and selling to other regions, but our main focus is North America. And that is for me, Ronnie, do you have anything to add?

Yes. Sure. Thank you, Dor, for giving financial outlook. One major 2 -- we had 2 major achievements in 2022. The one that Dor talk to is the Canadian subsidiary, which was outperforming any of our expectations. And we see in the backlog and in the business we've had in the last 3 months, this growth continuing. So I think, we'll see a very positive outlook in the coming years in North America. And we've actually changed our strategy to focus there. That's one thing. The second thing is that we've made a lot of headway with irrigation technology, we provided the blueberry market. This is going to be substantial growth for us in the coming years. Deliveries are considered a super food are considered a super fruit. They've grown around the world. And we have had successful deals for blueberries in China, which is probably one of our key growth factors in China with the major world cultivators of blueberries like Driscoll, who's American company. We had delivery projects in Mexico, and we had a blueberry project, believe it or not, in a [ siopao ] as well. So we've elected profound knowledge and a lot of success on how to irrigate, and also how to grow deliveries around the world, and we'll capitalize on that for growth both in China but also in other parts of the world. So that's a major achievement from 2022, and we'll see continuing growth in that area in the coming years. I think we're pretty much done, and we're open to questions.

[Operator Instructions] We'll wait for a couple of minutes if anyone has any questions.

We have one question, any plans to improve gross margins?

Yes. So obviously, as we discussed before, our main...

Hello?

Hi, just a second, let me just answer a question. Our main our main way to increase gross margin is only by changing in the percentage of projects versus products. Obviously, this year with growth plan, we were around 20% gross margin, and just because we've had a lot more projects than products. And once we shipped it from the 70-30, 60-40 or the 50-50 or 60-40 [Indiscernible] projects and gross margin will be much better. And it's basically brand or sell as a product company. And, if we look at the Canadian subsidiary as an example of it, I think this is the model that works. We took a product company -- a retail product company. We gave them the support we get in the knowledge. We get in the right resources to do it. And we're beginning to implement the project segment of the project revenue segment in their company. It took more time than we wish, but they're beginning to do it and projects, it's not less than 25% in the product segment. The gross margin is 25%. It can be even higher for them, but in China, it's usually 30%, 35%, and it can reach a bit more. If we operate in Ethiopia, it will reach 40%, but this is the way to change in growth of gross margin. This is the only way just to change this balance. And it's not easy getting new projects, especially at this time. And as I mentioned, everybody is in stagnation right now. And -- so it's not easy, but this is the way we are heading. This is what we plan to do. Yes, we have someone else wanted ask?

Hello. Can you hear me?

Yes.

Yes, partially, I sympathize that you [Indiscernible] mark to market. Ronnie and I have gone from this, [Indiscernible], and we've seen it so many times. This is where the good and bad management come. There is no comment, I'm making general comments, I'll be specific in a minute, right? Do your best in our business and be ready for the worst. So I could see that you've done your best, but I don't think you raise for any unseen scenario in the market in general and with Water Ways in particular. I don't really say I'm right, guys. I'm [Indiscernible] broker. I then have may have prevention with Ronnie I had multiple discussion with Ohad about -- it is always 20-20 vision when you look back after the fact. But I was apprehensive to go to Uzbekistan. The reason is really vulnerable because different culture, different way approved levels. And I [Indiscernible], but we followed you guys as we don't run the company, you do. We don't know the facts as well as you do, but that the macro overview, in general, another -- go anywhere else what's not there. And same as to with China quite frankly, total vulnerability. They can shut the [Indiscernible] any minute. And I am screaming loud, I'm glad that running [Indiscernible] 2 years ago, Ronnie, if you remember, we had a breakfast in continental. And I said guys, why are you dig around that? Canada is such a vast country and so is the U.S. I'm not really seeing [ rub ] it. Ronnie, you're aware I am at these 2 companies panel, they were factory, same, largely pro. You had the revenue that the company -- ever didn't have any revenue, but then by discipline this [Indiscernible], I want to take you in the good spirit, not [Indiscernible] of renewal overview. This top around to North America, there are temptations to do this and that, really admitted themselves. And here what we see, what [Indiscernible], we [Indiscernible] the plant, then there [Indiscernible] they feel impressed because every time we ask the money, money is on the table, right? So we really have missed a big opportunity to make the decision to go even Chilean guys, and I said that they are right to test you. It's not your part, but [Indiscernible] just a different way of the [Indiscernible] and these guys can [Indiscernible] and everything. And at the end of the day, and they won't be as forthcoming and open and [Indiscernible] and open the data room all that and heavy vessel companies time management and resources, right. Now I am really concerned now. I never interfere in the operations. Dor, how much cash do you have at hand today?

Approximately $1 million.

Okay. And how much debt do we have?

You mean, loans? Do you mean, loans?

Yes.

We have -- our credit lines with Israeli banks are good. So we...

No, no. What Ronnie [indiscernible] somebody has to service them, we have to pay them back. So how much is the debt -- total debt on the company?

Sorry, couldn't hear you.

What's the total debt?

Do you mean loans? Loans and near-term borrowing about what...

Any financial liabilities?

About $1.5 million.

All right, so $1.5 million. And so what's your burn rate per month?

Sorry.

But how much money you need to run the company every month?

Obviously, it differs, but let's just say...

This is a simple question, Dor. You see how much money do you need to run the shop? Your fixed cost, your rent, your salaries?

Let's say about $300,000, $400,000, approximately.

So you're talking about $5 million per annum?

A bit less. Yes, a bit less, yes.

Is it $400,000 -- $4.8 million...

Predominantly.

USD 300,000, which brings us to approximately USD 3 million, USD 3.5 million a year.

Yes, that's CAD 5 million.

Yes.

And you gave me these numbers in the U.S.?

Sorry?

There are U.S. dollars like cash or U.S. that you have specified.

Speaking in U.S., yes.

Okay. Now I really -- you're going to really read in your model. You just can test all over the map, small-size company, you're going to remain focused. If you're not, you are going to go to the same, you will have no money from the capital markets because everybody is under what, we never really ever thought to [Indiscernible] I, in fact, bought 5 million shares from hard earned $0.18, not to sale at $0.08, but to sale at $0.80, right, never happened. And we've been very patient. We are always -- I got to these cycles on multiple times. But I really need more clarity on your business model. But you are still scattered all over China, for $1.5 million, you are spending so much time and money in China. Why can't you put effort in our streaming in U.S.? [ Devranstar ] is a small company in Canada, then they knew what the agriculture is. Canada still remains to be a small country in terms of that area in terms of technology as well as in terms of farm size, much smaller farms here vis-a-vis the farm site in the U.S., and no one is paying attention, that's fine. We're really depending on you guys, so how you run -- operate your company. You going to really have a serious discussion on that. Otherwise, you're going to be in the ditch, sooner or later, shut the door.

Yes. Gary, that's not...

I am very concerned, Ronnie, really. I'm getting a lot of heat on this. But needs one thing that my reputation is relying on this company because we totally, totally took on the -- [Indiscernible] Ronnie, you remember that. I was given the understanding, will still do not $30 million but we will do $20 million, right? And reason because [Indiscernible] will come through, the other contract will come through. Here, we are -- that you know, this is disgusting that we have $14 million revenue, not $20 million. I just -- I was totally stunned. as early as, I think, 4, 6 weeks ago, it is started Ronnie and I don't know whether you are on this pitch or not, even that [Indiscernible] the $20 million. [Indiscernible] asked that briefly, very briefly. And here we are. And I...

I didn't have idea. I didn't have numbers.

That number [Indiscernible], we have the numbers, $20 million plus, not $30 million, but $20 million, for sure. I said it, and we were there. You were there, and you're presenting there, and [Indiscernible] asked question. And [Indiscernible] seen as yet. But this is -- regardless, it is there now as compared to last year, this was disaster, I mean, I can see margin decline, but not on this magnitude. And can you explain me this derivatives, please? What are they?

Sorry, the derivatives?

Yes.

Okay. So each quarter and of course, each annual, we do a fair value revaluation of the warrants. And basically, all of the instruments through profit and loss. And this is according to...

That's not real cash, that's just [ notional ] value, right?

Yes, of course.

Yes. So that's a watershed. Smart money has sharp pencil, they can figure it all very quickly.

It's very clear in our press releases...

No, I understand that, but -- we read it and understand that.

First of all, Gary, thank you very much. We are very great to see [Indiscernible].

I'm not [ chilling ] on you. Why not you have it? As a part, I am not just a shareholder. I am a major stakeholder of the company on our books. It's a discussion we should have. Ronnie, can we, you and I have this discussion?

Yes, sure.

I don't want to embarrass you or myself because I feel we have in it together.

Of course, we are all in this together.

We got to do a major surgery on this company. But I don't know it's going to go through. You can grow without money because the wisest thing to cut the expenses, let employees go and cut their salary to 20%, that's fine, but how the h*** are we going to grow? You can't really tie people stores and ask them to do the tango?

When we're saying we cut expenses. We cut the expenses in Israel, not in Canada, okay? So that's exactly where we geared with the strategy. We shifted our Chief Agronomist to move to Canada. I think you met him as well. And...

Yes, I thought I spoke to him, very, very impressive and to see the [Indiscernible]. If you had efforts put, Ronnie, in Canada, then I trust. You'll have $15 million profit or revenues as we discussed. That guy is amazing the guy you have here. Why don't you support him rather than experiment and [Indiscernible] there. And that is something else. The -- see, we're not at giant. We're not a new player or somebody else, right? We're Microcat. In BC, blueberries, Jerry's and all that, huge, huge crop there. We don't need large share of market in there. We're going there. We're a fraction of that, you're going to go $10 million, $20 million annually in 2, 3 years.

But that's exactly where we're heading.

[Indiscernible] we don't have the [Indiscernible]. There's step in a negative territory of cash flow and reputation-wise anything we're doing here to give you money is so dilutive, even bleeding.

The company...

I don't know...

The company has done the reduction it needs not to do.

No, I appreciate you doing -- taking the measure. But it's a postmortem law, I am talking about being proactive and money was made so easy, everybody got carried away, and you're not the only company by the way. My own company here. Let me close the door. You know these guys moved from old building. Ronnie, you have seen us in the old building, remember?

Yes.

They spent $35 million to lease up [Indiscernible]. They are just -- they are the brand. They are genius guys. And I don't own a single share of this company for that many very reason because they are not on the table. So same thing here. You run the company not on the table. The whole discipline of debt-to-equity ratio, taking data on where everything is heading. [Indiscernible] political drama uncertainty that the war in Ukraine is on, but you can't predict these things, but you have to factor some risks elements in there? We had to give up 2 floors before. They haven't [Indiscernible] to 3 [Indiscernible]. Never [Indiscernible]. I'm just giving you an example. You are an exception to the rule. These guys could walk on water, I've seen them. That s*** has who are driving [Indiscernible] brokers are that, they were telling me but to why and all that. And I have my [Indiscernible] send it to me 3 times. I've seen them sessions, but [Indiscernible] survived. This company means major overrun, running better [Indiscernible].

[Indiscernible]

Okay. I really need your time on this one. Otherwise, we just take [Indiscernible]. Okay?

Okay.

You are [Indiscernible] management, [Indiscernible] I want to see what the business plan is for this year, and go forward. And how they're going to survive the [Indiscernible] fund [Indiscernible]. If they don't have invested in case then you cannot blame an inverting [Indiscernible] business money. We can't walk away from this because my hand prints all over it. I mean I'm part every day because we are believing you busy. If you are doing fine, no need to call another social courtesy call, you and I do that. So okay, I will wait for your call.

Okay. I will call you later today.

Yes. And secondly, Ronnie, when can we call you with general guys that we are talking?

Whenever. We are free. Tomorrow.

You are free this week?

Yes, sure.

Okay. I will check with guys and [Indiscernible]. Listen, Dor, don't just stare. Let me tell you something. You only got separate. Here the company did not perform has a company in 2019, they had $2.1 million revenue. In '20, they have $2.8 million, okay? And in '21, they had $8.6 million. Last year '22, they had $29-plus million revenue. right? They did a leverage it $50 million, really loaded up with so called perceived debt, but they knew what they were doing, they had got lost and I think were at 67% of the company, and that debt running in 1 year is down to $38 million -- sorry, $28 million right? A, I raised them $10 million; b, the vendor put back in the company $7.5 million, then they have some cash. And that's going to be paid within 2, 3 years, right? And out of the cash flow. We don't have a rent of it. Guess what, staff traded at $0.92 or $0.95, right, when they had the other $2.1 million revenue. The $29 million revenue and the start containing a $0.31, all time low. So don't you stare you are not a company, okay? Here's the company sitting with $15 million, $16 million cash, cash flow positive. They may do $50 million. So there's no rationality in the bare markets. As a saying, when the police raids a whorehouse, they take all the hookers there and take their fingerprints, all them to the police station for fingerprints and for their mugshots. They also interview there every woman include the nuns, who worship, preaching Christianity there, until the CBI didn't realize and [Indiscernible] in terms. Most of those closure is in any [Indiscernible] is done 40%. By the way before [Indiscernible]. So that is spare on that. But I have zero tolerance for many men. They don't have a clear vision and not ready for the contingencies. I'd like to see, if you finally come up with a business model, larger vanities, fully backed by the numbers and factor some risk elements, both our base.

Fine. I think -- Gary, let's take this offline. We're in the public conference. That's -- let's take this offline.

I have that license. I'm a shareholder. I'm the [Indiscernible]. I feel the pain. I know what you're going through there as you see there is a lot of companies. I'm not really -- but it is really not enough to central market, if you take us [Indiscernible] form of the company. I will step in my head [Indiscernible]. I'm not a typical broker by the paper and salary. I take keen interest in the [Indiscernible] skills. We can help with the company. We better [Indiscernible]. I think you should dedicate yourself to the ultimate, 100%. I would like to see that by the fall, you have footprint in the U.S. Tie up that Ronnie, [Indiscernible]. Canada remains good market. For us, it's great. But again, it's a little market. You can pick the low-hanging fruit here. You have excellent technology. [Indiscernible], the people who always run with me, there was a mess. I took [Indiscernible]. He himself had doesn't somebody in Bahama, they put some of the money in all there [Indiscernible]. And then more detailed [Indiscernible].

Okay. All right.

I don't want to take so much of your time, don't take it personal...

We cherish your support, Gary, a lot.

[Indiscernible] professional. But my frustration is as I hang up, my phone is ringing today, and yesterday they are whether I have that wrong here. So I have these 2 things that we had $16 million and [Indiscernible] will ask question why does that you guys in Ukraine. Those are unknown, anybody can control. They [Indiscernible] that the model based on a phenomenal critical type of [Indiscernible]. But in-house, we should be honest to ourselves. I can see through your business, and you're doing -- we trust you guys on that. But [Indiscernible] doesn't solve that thing, [Indiscernible] around timing, why weren't we prepared for deleverage? [Indiscernible] again, even if you go [Indiscernible]. The start is down Ronnie. Nobody can shed through how much revenue that company has, the team they have, the board they have, the quality of the customers, every [Indiscernible], or they have too much debt. Guys, they have $250 million and about $14 million EBITDA positive. Nobody [Indiscernible] to that in the [Indiscernible]. If you go to market, they find any excuse to place your balance sheet and everything to forecast. So we're only mindful of that going forward. And as -- this too shall pass, okay? You're still on the table, but I need really strict, disciplined, practical, realistic target to be set and to be met. Anybody who gives, in your team, some sales team give you targets, [ hell shot ], they have to explain why. First strike, second, third, you are not [Indiscernible].

All right.

Ronnie, would you be trying to call me back, please?

Yes, sure. Okay.

I'll wait for your call. Dor?

Ladies and gentleman, thank you for your time.

[Indiscernible] but I'll see if we [Indiscernible]. All the best. No worry. It happens. Let's move on. Let's factor draw, all right?

All right. Bye-bye. Thank you, everybody.