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Globecomm Systems, Inc. (NASDAQ:GCOM)

F1Q2011 (Qtr End 09/30/10) Earnings Conference Call

November 5, 2010 10:00 AM ET

Executives

Matthew Byron – SVP, Corporate Office

David Hershberg – CEO and Chairman

Keith Hall – President and COO

Andrew Melfi – SVP and CFO

Analysts

James Patrick McIlree – Merriman Curhan Ford & Co.

Richard Valera – Needham & Company, LLC

Sarah Catherine Phillips – Stephens Inc.

Richard Ryan – Dougherty & Company

Operator

Welcome to today’s Globecomm Systems Fiscal Year 2011 First Quarter Earnings Conference Call. (Operator Instructions)

For opening remarks and introductions, I would like to turn the call over to Matthew Byron, Corporate Vice President. Please go ahead, Mr. Byron.

Matthew Byron

Thank you, Katy. Good morning, everyone. Welcome to the Globecomm Systems Fiscal 2011 First Quarter Earnings Conference Call. Joining me today from the company is our Chairman and CEO, David Hershberg; President and COO, Keith Hall; and our CFO, Andrew Melfi.

Last night, after the closing bell, Globecomm issued its fiscal 2011 first quarter earnings press release. In the event you have not received or seen a copy of the release, it is posted on the Globecomm System’s website at www.globecommsystems.com or you can contact me at (631) 457-1301, and I will send a copy to you.

Comments made during this call may contain projections or other forward-looking statements regarding future events or the future financial performance of Globecomm Systems. These statements are only projections and reflect the current beliefs and expectations of the company. Actual events or results may differ materially. With that said, it is routine for internal projections and expectations to change as quarters progress.

All forward-looking statements are based on the information available to the company on the date hereof, and the company assumes no obligation to update such statements. Please refer to the documents the company files from time to time with the SEC, specifically the company’s Annual Report on Form 10-K, quarterly reports on Form 10-Q and its current reports on Form 8-K and the Safe Harbor language contained in the company’s press releases.

These documents contain and identify important factors that could cause the company’s actual results to differ materially from those contained in these projections or forward-looking statements, which the company urges all investors to consider. Globecomm undertakes no obligation to publicly release the revisions for such forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Please note that this call is being recorded on Friday, November 5, 2010, contains time-sensitive information and will be available as a webcast replay for at least nine months on the Investor Relations section of the Globecomm Systems website and as a phone replay at 1 (888) 203-1112 for domestic callers or (719) 457-0820 for international callers, with an access code of 8435331.

At this point, I’d like to turn the call over to our Chairman and CEO, Dave Hershberg. Dave?

David Hershberg

Well, thank you, Matt, and good morning, everyone, and welcome to our Fiscal 2011 First Earnings Conference Call. Despite a continuing challenging environment, Globecomm announced its 26th consecutive quarter of profitability and also record guidance demonstrating the diversity of the company’s business model.

Globecomm’s ability to provide complete end to end solutions for both infrastructure and service continues to provide good value to our customers. The company continues to invest heavily in new product and service offering across all our vertical markets and looks forward to making various announces to this front at various points throughout this current year, and I’ll also – you can see by recent announcements a lot of these are paying off.

As outlined in our Q4 conference call, we anticipated a live infrastructure segment revenue in Q1 with continued strength throughout the fiscal year. Infrastructure bookings have been robust as demonstrated by continued recent announcements further enhancing the company’s ability to maintain our record guidance. Our backlog for both the infrastructure and service level are at record levels.

A particular note is our continued bookings in Ka-Band infrastructure, including this very important $80 million Jupiter contract we used and an $8.7 million project for Ka-Band military infrastructure. We’re working on providing a complete line of Ka-Band products in anticipation of new Ka-Band satellites for both military and commercial.

In addition, we have a number of proposals in the media infrastructure market including a recent contracts announcement per systems in the Asia-Pacific region. We’re also very excited by our first contract for our AxxSys Orion Monitoring Control software product, which we have invested heavily over the past three years, and this comes as part of recent important U.S. government bookings.

On the service side, we’re continue to book cellular and government service contracts with very little churn with our existing customers. With significant increases in voice and data traffic on our CSM and CDMA hosted service switch platforms and our increase in maritime contracts, we’re performing well on all of our verticals. We are pleased with the 67% increase in earnings per share as compared to Q1 last year and a 59% increase in adjusted EBITDA over the same time period.

At further discussion the Q4 conference call, the balance sheet remains very strong even though the timing of our cash collections relating to a major product in NATO has been very slow.

With that said, we have ample cash and a line of credit to execute against our existing acquisition strategy. Keith will now take you through the company’s five existing protocols including some very exciting recent announcements and then Andy will drove down into the numbers.

At this point, I want to turn the call over to Keith.

Keith Hall

Thanks, Dave. Good morning, everyone. It’s been a great start to the new fiscal year. Recurring services remain our focal point for growth and related revenues increased over 50% from the same period last year. With our recent acquisitions C2C and Evosat performing well and contributing as expected.

Of the $42.9 million in services revenue, $39 million is recurring in nature with organic growth continuing to be fueled by existing customer expansion. Our acquisitions as a whole are performing very well and we are continuing a long-term strategy of functional integration to create synergies as we expand as a global solutions company.

We are pleased with our balance of organic and external growth and we continue to pursue acquisition opportunities leveraging our strong balance sheet and available line of credit through Citibank, which currently avoids us with a favorable interest rate environment.

We are executing well in all areas of the business and are pleased by the strength of recent infrastructure bookings highlighted by those within the media and government verticals.

Over the last few calls, I’ve been providing updates on our market vertical base activity and I would like to continue that trend by highlighting some of our recent contract awards and market-based initiatives. We are very much focus on growing our share of the media market vertical and we’re off to a good start this year with approximately $15 million in related infrastructure base awards to date.

We are addressing a growing set of qualified media center opportunities in Asia-Pacific, Middle East and South America including DTH, studios, IPTV and possible hosting opportunities and we believe these trends will continue.

Within services, we continue to press on with hosted-based offerings for linear and on-demand content. We are looking forward to competing for new business in the Enterprise market with our recently launched Tempo software as the service offering. We expect several RFPs for the service to be competed over the next few quarters.

Within the wireless market sector, we signed several new contracts to support U.S. based hosted services and our mobile operators are now successfully generating over 3.5 million minutes per month and processing over 100 gigabytes of data.

New wireless contracts were highlighted by networks in Central and Eastern Texas and the addition of several gold-foiled platforms. We also expanded our network support in Afghanistan with the implementation of new secure switches for the U.S. government.

With the success of our U.S. based marketing push including our annual tech forum and the recent 4G show in Chicago coupled with a strong value proposition, we are seeing a steady flow of new opportunities in this market.

There have been a number of significant developments for the Globecomm in the Maritime market during the first quarter. The supported fleet size has grown at further 10% from last quarter and we now support in excess of 2,400 ships globally. The transition from narrow brand to broadband continuous to gather momentum with broadband now accounting for 30% of all activations and approximately 25% of the total fleet is now on this service.

This was highlighted by awards from a major German shipment operator to upgrade its entire fleet of 52 vessels to broadband service and a program with the South African Navy.

Product development continues to focus on enhancing the services that can be provided over the broadband network. In the first quarter saw the launch of se@REMOTE, which enable ship owners and operators to diagnose ship board IT problems remotely from their shore-based facilities saving considerable time and money that would otherwise be spent on a ranging ship visits.

Further, software developments will be forthcoming by the middle of Q2. Our order switching solution is complete and operational and we will be demonstrating our capabilities at the Digital Ships Trade Show in Athens on December 1st and 2nd.

The government market remains strong highlighted by our efforts to support our deployed government and military personnel with global access and infrastructure solutions. We expect our government commercial business mix to remain in line with last year’s results, which were approximately 60% government-related.

Within the government market, we project less than 10% of our revenues to be DOD-related in FY ‘11. I highlight this metric as many are concerned about potential government budget cuts. Globecomm, obviously, relies on an extremely small percentage of the overall defense budget and we do not see our market positions threatened by talks of cutbacks.

The majority of what we define as government business is diplomatic and foreign-aid agencies, civilian agencies and foreign government work. This area of the business continues to grow. We expect the overall available government spending budget to remain fairly constant with some change in mix between DOD and non-DOD entities as the draw down in Iraq and transitions the stability operations in Afghanistan transpires.

As Dave mentioned earlier, new contracts were highlighted by a recently announced Ka-Band infrastructure award from Hughes Corporation. We look forward to becoming the industry leader and supporting Ka-Band network rollouts over the next few years.

We were also awarded several government contracts that significantly increase the deployed footprint of our AxxSys Orion Network Management software product. AxxSys Orion’s distributed architecture provides a true global enterprise solution with asset management down to the desktop. These awards showcase our evolving vision of combining our products and services for our customers under a unified Globecomm as a managed network services company.

As Dave mentioned earlier, we remain on plan our holding guidance at this time. We believe results will continue to prove, improve as the year progresses and are excited about the opportunities in front of us.

Lastly, I’d like to congratulate Dave on being the recipient of the Leroy Grumman Award. The Cradle of Aviation Museum will be honoring Dave with this prestigious award for technical achievement. We are all very proud of Dave on this award and a lifetime of excellence in the communications industry. Congratulations, Dave.

David Hershberg

Thank you.

Keith Hall

And then Melfi, our CFO, will now take you through our financial results.

Andrew Melfi

Thank you, Keith. Good morning, everyone. Revenues for the company’s fiscal 2011 first quarter increased 11.6% to $53.2 million compared to $47.7 million in the same period last year. Revenues from Services increased 50.1% to a record $42.9 million as compared to $28.6 million in the same period last year. The increase in Service revenues was primarily driven by an increase of AxxSys service offerings coupled with the company’s acquisitions of C2C/Evocomm, which combined, contributed $4.3 million.

Revenues from Infrastructure solutions decreased 46% to $10.3 million as compared to $19.1 million in the same period last year. The decrease in Infrastructure solution revenues was primarily caused by the timing of revenue milestones and by the global economic slowdown resulting in government and commercial customers and prospects delaying projects.

Net income for the company’s fiscal 2011 first quarter increased to $2.1 million or $0.10 diluted net income per share as compared to net income of $1.2 million or $0.06 per diluted share in the same period last year.

Adjusted EBITDA for the first quarter of 2011 increased to $6.4 million, as compared to $4.0 million in the first quarter of 2010.

The company’s balance sheet remains strong. I would like to point out that the reduction of cash of approximately $10 million was primarily driven due to the pay down of accounts payable for the payments of inventory for our long term project, we weren’t [ph] compresses inventory of approximately $19 million. This inventory will start to turn slowly into revenues in Q3 and forward.

The company continues to utilize our non-operating losses with no cash payments of federal taxes. Globecomm continues to maintain its guidance for fiscal 2011.

Consolidated revenues between $290 million and $305 service segment revenues to be approximately $175 million. Cap diluted net income per common share to be between $0.50 and $0.55. Adjusted EBITDA to be between $28 and 29 million.

At this point, I’d like to turn the call back to Dave for questions.

David Hershberg

Okay. Thank you, Andy. And be happy to answer any of your questions you might have.

Question-and-Answer Session

Operator

Thank you. (Operator Instructions) Jim McIlree with Merriman.

James Patrick McIlree – Merriman Curhan Ford & Co.

Thanks. Good morning.

David Hershberg

Good morning, Jim.

James Patrick McIlree – Merriman Curhan Ford & Co.

On the infrastructure side, besides the revenues going up quarter to quarter. can you give some indication about how that might play out either in terms of 70% in the second half, 30% in the first, something like that so we can size a little bit more accurately the infrastructure revenues throughout the year.

David Hershberg

Andy, you want to tell them kind of how this thing is playing out.

Andrew Melfi

Yes, I think when we look at the air, we probably see 30% of our infrastructure business in Q1 and Q2 and approximately 70% of the revenues in Q3 and Q4.

James Patrick McIlree – Merriman Curhan Ford & Co.

And how much visibility do you have into that. How much of that is subject to the delays and push outs that you’ve referenced in the press release and in the call.

Andrew Melfi

Well, currently, we have very strong confidence in the backlog we have in-house and the forecast. The one difficulty is that we have a major program that it’s slipping right and it’s approximately a $25 million program. So, obviously, that would affect the results as the different milestones could be delayed to push that.

David Hershberg

But Jim, I think we’re already taking a lot to account. We experienced a delay on some, believe it or not, problem we have with air-conditioning on the system and that’s delayed us about four months. This is not really high tech rocket science, but it turn out to be a real issue, and we’ve solve that issue now and so we feel pretty good about the revenue going out and even though its late as evidence by the 30 to 70% kind of number we’re talking about.

James Patrick McIlree – Merriman Curhan Ford & Co.

Okay. Does any of this impact your margin expectations for those projects?

David Hershberg

Well, to tell you the truth, our margin expectations wasn’t very good to begin with. We are going to try to improve those marks with some potential change orders that we feel are reasonable, but have been – the whole process with NATO has been delayed because of issues that they have and as resolve, we were hoping to improve the margin. We don’t have a lot of margin in that project right now.

Andrew Melfi

I want to say an assumption would be that the first quarter margins on infrastructure will not be typical to the balance of the year. You need to take that down four to five points, percentage points.

James Patrick McIlree – Merriman Curhan Ford & Co.

Okay. So, the addition of the lower margin project to projects will negatively impact the gross margin on the infrastructure side going forward. Do I understand that correctly?

Andrew Melfi

Right, for the current year.

James Patrick McIlree – Merriman Curhan Ford & Co.

Okay.

David Hershberg

The way it looks right now, we are hoping to book some higher margin business and booking, turning it just in the next couple of quarters. But what we’re trying to is be sort of conservative here, but we have some hopes on trying to improve on that.

James Patrick McIlree – Merriman Curhan Ford & Co.

Okay. Andy, can you give us the depreciation and amortization and CapEx amounts for the quarter, please.

Andrew Melfi

Yes, approximately $1.7 million in depreciation.

James Patrick McIlree – Merriman Curhan Ford & Co.

CapEx, please.

Andrew Melfi

$0.5 million in amortization, and CapEx approximately $2.7 million.

James Patrick McIlree – Merriman Curhan Ford & Co.

I will yield the floor and get back in line. Thank you.

David Hershberg

Okay. Thank you, Jim.

Operator

Your next question is from Rich Valera with Needham & Company.

Richard Valera – Needham & Company, LLC

Thank you. Good morning, gentlemen.

David Hershberg

Good morning.

Richard Valera – Needham & Company, LLC

Just wanted to ask a couple of questions on the performance of the acquisition. Keith, you mentioned that they’ve been performing something at least in line with expectations. Can you give us a sense of the revenue contribution from C2C and Evo within the quarter?

Keith Hall

Yes. For C2C/Evo Q1 approximately we’ll call $4 million, approximately.

Richard Valera – Needham & Company, LLC

Great. And then your service margins hit an all-time high, at least as long I’ve been covering the company. And it sounds like virtually all of it was recurring service revenues. So, should we think of those as kind of the baseline margins? Was there anything non-recurring or an especially favorable mix in the quarter?

Keith Hall

It was a couple million dollars of non-recurring that was mixed in and that’s why I highlighted that difference between the 42 in change and the 39, and that one-time was of a higher margin profile. So, I think we’ll get back to normal margin levels or more typical historical margin levels in the next three quarters.

Richard Valera – Needham & Company, LLC

Okay. I mean your margins have been pretty healthy there. Still you’ve been kind of in the high 20s anyway and I guess since you were up a little higher, so we’re not dropping back sort of low 20s or anything. We’re still thinking …

Keith Hall

No, I think it’s maybe two points different.

Richard Valera – Needham & Company, LLC

Right, okay.

Keith Hall

Like that.

Richard Valera – Needham & Company, LLC

That’s fair.

Keith Hall

Yes.

Richard Valera – Needham & Company, LLC

And then on the – you mentioned your kind of aggressively developing some new Ka-Band infrastructure. I think one Ka-Band program for a while was WGS, when you were at one point pretty optimistic about potential sales, terminal sales into that program. Any updates there?

David Hershberg

We do have the products. The only, up to recently, the only certified tactical Ku-Band terminal for the military. And we also are going to an X-Band certification now for some ethical stuff. We have not unfortunately seen a large RFP out; you get for Ka-Band or Ku-Band or X-Band for WGS. We did win some Ka-Band infrastructure for another, for foreign DOD that we now – it’s an $8.8 million project.

We did some recent bookings with government. I’m not sure. Do we have any Ka-Band in that last one? I’m not sure if we have any Ka-Band in there. I don’t think we did.

We are providing some X-Band, but this was X-Band on a previous project and it will probably go either X-Star or WGS, but we have been delivering some X-Band. But I have not seen a lot of Ka-Band requirements out there for U.S. DOD.

Richard Valera – Needham & Company, LLC

Okay. Thanks for taking my question.

Operator

Your next question is from Sarah Catherine Phillips with Stephens.

Sarah Catherine Phillips – Stephens Inc.

Good morning. Thanks for taking my question. I was wondering if you could talk about the Hughes infrastructure project and how you see the revenue unfolding over the next several quarters and any potential services opportunities that you see that could arise from that.

Andrew Melfi

Basically, that’s what we consider a long term program. So, there’s something development in upfront. So, we expect in this fiscal year, probably in Q4 to have minimal revenues going forward. Dave, can give you a view on the technical side. But as far as revenues in this fiscal year, minimal in Q4.

David Hershberg

We have one delivery, which is a test bed that we’re trying to get out into this fiscal year, which will provide some revenue. But it’s a three-year program and its spread out over three years.

In our press release, we did and also tell you that there should be additional turmoil added to that contract. The original contract is about $8 million. We feel it’s a good opportunity to go to $24 to 25 million on that contract. But it is and when those are added, it’s going to be probably a three to five-year type of projects.

So, heavily weighted next fiscal year and somewhat in the next two fiscal years and then lightly right now the third year, when we – if we get these change orders or additional sights then that will be picked up for the third and fourth this year.

Sarah Catherine Phillips – Stephens Inc.

Got it. That’s helpful color, thank you. And then going into the services side, just if you see any kind of services opportunities from coming out of that infrastructure project, and then if you could talk about some of the dominant drivers of growth on the services side that would be great.

David Hershberg

Well, as far as service on that contract, we are going to have a responsibility for maintenance, for better maintenance, and maintenance and logistics support for that contract, for the used contract. That in their first three years, it’s part of the contract, after that would be an additional year of service.

Also, there is a spurious [ph] component which had not been purchase yet, which would go along with the logistics support of the project. So, yes, it will be some service revenue, but it’s already figured as a fixed price into the existing contract.

Keith Hall

As far as additional growth in the service sector, a lot of the organic growth in recent history has been fueled by existing account growth. Existing accounts growing and taking on more of the overall managed service capability of Globecomm and that strength have been highlighted especially in the government sector, the non-DOD sector.

Other areas for growth over the next year, we’re very much focused on the wireless and broadcast sectors. We highlighted some new contracts leveraging our new hosted switch service and that opportunity has seemed real good for the near-term. We’ve booked a couple of contracts over the last three months and the opportunity list continues to grow. So, we’re very optimistic about growth from that sector.

In the media side, we’re developing a number of different offerings to support the hosted environment whether on the enterprise front or on the media and broadcast front. So, we’re looking at all five market verticals or the five market verticals that we’re focused on and we see opportunity for our capabilities in each of them.

Sarah Catherine Phillips – Stephens Inc.

Thank you.

Operator

(Operator Instructions) We’ll take a follow-up from Jim James Patrick McIlree with Merriman.

James Patrick McIlree – Merriman Curhan Ford & Co.

Yes, thanks again. Keith, in calls past, you’ve broken down the revenue by the five verticals. Are you guys still willing to that?

Keith Hall

What I could do is – what I have handy as I can give you some percentages …

James Patrick McIlree – Merriman Curhan Ford & Co.

Yes.

Keith Hall

If that works.

James Patrick McIlree – Merriman Curhan Ford & Co.

Yes, that’s great.

Keith Hall

For Q1, governments running around 56%, Enterprise around 13%, Maritime around 9 to 10%, Wireless around 16 to 17% and Media Broadcast around 6%.

David Hershberg

Does up add to a 100?

Keith Hall

Hope so.

James Patrick McIlree – Merriman Curhan Ford & Co.

Is there a correction in there somewhere.

Keith Hall

You can let me know if that adds up to 100. It should be good.

James Patrick McIlree – Merriman Curhan Ford & Co.

No, I’m going to assume it does.

Keith Hall

Yes, now it should.

James Patrick McIlree – Merriman Curhan Ford & Co.

It’s all I could take, give or take.

Keith Hall

Dave, was questioning my math. But I think I’m all right. I maybe off 5%, maybe some round off there.

James Patrick McIlree – Merriman Curhan Ford & Co.

On the wireless side, is that switch at a volume now that you’re breakeven on that?

Keith Hall

Over the course of this year, when we look at it from an FY ‘11 fiscal year perspective, we feel that we’re going to be above breakeven.

David Hershberg

Let’s have it.

Keith Hall

When we look at it from an annual perspective. So, the run rate by Q4 will get us to a breakeven status, we feel. Everything falls out from our forecast.

David Hershberg

We got an awful lot of potential there. Companies that we’re talking to with a few those turnout, we’re going to be okay. We’re not at a breakeven run rate there yet.

We are doing very well with the other two switches. Those I think broke even a lot time ago. But on the big one, the one we bought from Ericsson, we’re not there yet.

James Patrick McIlree – Merriman Curhan Ford & Co.

Okay. And so, what do you need in terms of volume to get there? Do you need to increase the volume on the gutter of two times or is it more like you just need 25 or 50% increase?

Keith Hall

It’s a little bit difficult because there’s a number of different variables involve between subscribers, minutes and daily usage. So, it depends on the product mix, if you will of those variables. But I would say it’s less than 50% growth to get into the breakeven.

David Hershberg

What we’re looking at is three more customers on there that we sort of lined up, we think. But its three more customers and an average level of what we’re running now.

James Patrick McIlree – Merriman Curhan Ford & Co.

Okay.

David Hershberg

It’s obviously very important part of what we’re doing and it’s an emphasis we’re putting in the sales of marketing to try to fill that switch because the leverage on it, once you get there is pretty good.

James Patrick McIlree – Merriman Curhan Ford & Co.

Right. Okay. And Andy, operating expenses going forward. Is there reasonable to think that they’re close to this $11.5 million for the next few quarters?

Andrew Melfi

Over the next few quarters, I’d add a 5% factors on those numbers.

James Patrick McIlree – Merriman Curhan Ford & Co.

So, every quarter add 5% or?

Andrew Melfi

Just add to the first quarter 5% and then straighten that, simply widen that [ph].

James Patrick McIlree – Merriman Curhan Ford & Co.

And then flatten that at that point.

Andrew Melfi

Yes.

James Patrick McIlree – Merriman Curhan Ford & Co.

Okay. Perfect. Thanks a lot.

David Hershberg

Okay.

Operator

(Operator Instructions) Dick Ryan with Dougherty.

Richard Ryan – Dougherty & Company

Hi, good morning. Just one question on the switch, did you mention the churn at all, if you’re seeing anything there.

Keith Hall

We haven’t seen any churn from a customer perspective or from a volume of data flow. Both the volume has been increased quarter-over-quarter, minutes and data usage and we have not looked on any customer to date.

Richard Ryan – Dougherty & Company

Good. You think you mentioned Tempo and that’s the SAS offering and then indicated something about RFPs. Can you shed a little more color onto them?

Keith Hall

On the Tempo is a new product offering, a software, is a service that we’re selling at first into the Enterprise market. I think we feel it has much broader application usage across a wide range of verticals. But our initial target is the Enterprise market.

There are a number of different RFPs coming out over the next three months that we feel we’re well supported and we’ll be competing for them. I think it’s the second one that you mentioned.

Richard Ryan – Dougherty & Company

No, that was it. That was it. And Dave or Keith, you mentioned backlog, can you kind of put a reference to yearend backlog. Where Q1 is in?

David Hershberg

We announced Q1. We announced yearend backlog in 8-K and 10-K part.

Richard Ryan – Dougherty & Company

I think like $163 million, something like that.

Andrew Melfi

Well, we’re well above that [inaudible]. As Dave said, we’re in a record backlog …

David Hershberg

Yes. We’re considerably higher than that now, and you can tell by some of that bookings that we’ve announced recently. And that doesn’t include a lot of the service backlog, which we really don’t take as backlog because its variable based on usage. So, we’re over $200 million now in our backlog.

Richard Ryan – Dougherty & Company

Okay. Great, thank you.

Operator

(Operator Instructions) We have no further questions in queue.

David Hershberg

Okay. Well, thank you very much for participating and we’ll see you next quarter.

Operator

This does conclude today’s conference. We thank you for your participation.

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