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Powerwave Technologies, Inc. (NASDAQ:PWAV)

Q3 2011 Earnings Conference Call

November 1, 2011 5:00 PM ET

Executives

Tom Spaeth – VP, Treasurer

Ron Buschur – President and CEO

Kevin Michaels – CFO and Secretary

Analysts

Steven O'Brien – JPMorgan

Michael Walkley – Cannacord Genuity

Arun Seshadri – Credit Suisse

Zack Zolnierz – MTR Securities

Operator

Good day, ladies and gentlemen, and welcome to the third quarter 2011 Powerwave Technologies earnings conference call. My name is Tom and I will be your coordinator for today. At this time, all participants are in listen-only mode. We will be conducting a question-and-answer session towards the end of today’s conference. (Operator Instructions)

I would now like to turn the presentation over to Tom Spaeth, Powerwave’s Treasurer. Please proceed.

Tom Spaeth

Thank you, good afternoon and welcome to Powerwave Technologies third quarter 2011 financial results conference call. I am Tom Spaeth, Powerwave's Treasurer. Joining us on today's call will be Ron Buschur, President and Chief Executive Officer and Kevin Michaels, Chief Financial Officer.

Before starting, I would like to point out that various remarks we make about future expectations, plans and prospects for Powerwave, including but not limited to anticipated revenues and revenue growth rates, the split between operator and OEM sales, operating margins, gross profit margins, earnings per share levels, cash flow projections, revenue composition, supply chain constraints and shortages, manufacturing levels, improvements in cost structure, future cost savings related to our cost reduction activities, the timing of restructuring actions and associated cost savings, demand levels for the company's product lines, projected growth in market share, trends in the wireless infrastructure market, the timing of product deliveries and future orders, the company's ability to grow its core wireless business and enter into and compete in vertical markets for its products such as Government and Defense markets, common stock prices, the company's ability to resolve new product production issues, debt purchases, the success of new products, expense levels, capital expenditure, inventory turns, tax rates and days sales outstanding are all forward-looking statements, which are intended to qualify for the Safe Harbor from liability established by the Private Securities Reform Act of 1995.

These statements are subject to numerous risks and uncertainties that could cause Powerwave's actual results to be materially different from those projected or implied. Some of the risks and uncertainties include our ability to accurately forecast and anticipate customer orders, our ability to obtain material components within expected lead times, realize anticipated cost savings and synergies, execute restructuring activities in a timely fashion, the negative impact on demand for our products due to the macroeconomic environment, reduced demand due to industry consolidation among our major customers, fluctuations in foreign currencies and the ability accurately forecast cash flows and credit collections, the ability to enter into new markets for products and solutions, the impact of competitive products and pricing, economic and political conditions and the loss of one or more significant customer accounts.

Please refer to our press release, Powerwave's current Form 10-K for the fiscal year ended January 2, 2011 or our Form 10-Q for the quarterly period ended July 3, 2011 and other filings, which are on file with the Securities and Exchange Commission. For additional information on factors which could cause our actual results to be different from those projected or implied.

In addition, on this call we will discuss non-GAAP financial information. A reconciliation of the non-GAAP financial information to our financial statements as prepared under GAAP is included in our press release dated today, which can be found at our website at powerwave.com and on Business Wire.

The press release also has detailed information concerning several of the significant items impacting our results and we urge you to review that information.

Now, I'm going to turn the call over to Kevin Michaels, Powerwave's Chief Financial Officer.

Kevin Michaels

Thank you, Tom and with all these risk factors in mind I would like to start by reviewing our financial results, which are also summarized in our press release. Net sales for the third quarter of 2011 were $77.1 million and we reported a GAAP net loss of $35.1 million, which equates to a basic loss per share of $1.09. This includes a total of $2.1 million of non-cash debt discount amortization in just accretion expense and the net loss on the repurchase of debt related to certain of our outstanding convertible notes. As well as $1.8 million of non-cash pretax stock-based compensation expense and $100,000 of restructuring expense in the quarter all of these charges and amortization totaled approximately $4.1 million for the third quarter.

On a pro forma basis excluding the restructuring charges the debt related charges and the stock-based compensation expenses for the quarter our pro forma net loss was $28 million, which equates to a pro forma net loss of $0.87 per share.

I do want to note that our per share amounts reflect the impact of the one for five reverse stock split that was approved by our shareholders with an effective date of October 28, 2011. Total shares outstanding for the third quarter as adjusted for the reverse stock split are approximately $32.2 million shares. Now looking at revenues on geographic basis our total Americas revenue for the third quarter was approximately $32.5 million or 42% of revenue. Our total Asia Pacific sales were approximately $14.6 million or 19% of revenue. Total European and other international revenues were $30 million or approximately 39% of revenue.

In the third quarter, Antenna Systems product group sales totaled $45.3 million or 59% of total revenue. Base Station Subsystem sales totaled $19.2 million or 25% of revenue and Coverage Solutions sales, totaled $12.6 million or 16% of revenue.

Our total 3G-related sales were approximately $43.8 million or 57% of our total revenue. Our 2.5 and 2G-related sales were approximately $21.9 million or 28% of revenue and our 4G sales, which includes the LTE and WiMAX were approximately $11.4 million or 15% of revenue. In terms of our customer profile in the third quarter, total OEM sales accounted for approximately 32% of our total revenues and direct and operator sales account for approximately 68%.

Our largest customers for the third quarter included Ericsson and one of our Eastern European resellers both of which reached 11% of revenues for the quarter. Moving onto gross margins on a GAAP basis, our total consolidated gross profit margin was 7.5% in the third quarter. In our press release on page three, there is a table with a reconciliation of the various factors impacting our gross margin for the quarter. On a pro forma basis excluding stock compensation expense, which totaled $200,000, our pro forma gross profit margin was 7.8%.

Next, I will review our operating expenses for the third quarter. Our sales and marketing expenses were $7.5 million; research and development expenses were $15.3 million, and G&A expenses were $11.6 million. Our total operating expenses, including $1.6 million of stock compensation expense was $34.6 million for the quarter. On a pro forma basis, which excludes restructuring charges and stock compensation expense, our total operating expense is equal to approximately $32.8 million.

In terms of other income and expense, we recorded total of approximately $6.4 million of other expense in the third quarter of 2011. Included in other expense is approximately $400,000 of non-cash debt discount amortization expense during the quarter, associated with our1.875% subordinated notes. Approximately $900,000 of interest accretion is associated with our 2.75% senior subordinated notes and approximately $900,000 net loss related to the repurchase of notes, which is primarily associated with the expensing of the unamortized debt discount that associated with such repurchase notes.

In total, all these represent $2.1 million of non-cash debt related expenses for the quarter. In addition, during the quarter we recognized a net foreign currency translation loss of approximately $2.2 million, which was due primarily to the stronger Chinese currency. This loss has also included another expense.

On a pro forma basis excluding the debt related amortization interest accretion and net loss in the repurchase of the notes for the quarter are net to other expenses $4.3 million. For the third quarter, we incurred a tax benefit of approximately $200,000 or rate of less than 1%. While we continue to evaluate our future tax rate based upon a diverse international operation we currently estimated our effective worldwide tax rate will be between approximately 15% to 20% for 2011. I want to stress that this estimate will fluctuate based upon our actual results.

Next I will review our balance sheet; total cash at October 2, 2011 was approximately $46.6 million of which $900,000 is restricted cash. For the third quarter, our cash flow from operations was the use of approximately $25.7 million and our total capital spending was approximately $2.3 million in the quarter.

As Ron will discuss, we are finalizing our restructuring plans and are implementing them as quickly as possible. We believe that we will achieve significant cost savings over the next two quarters with a significant portion achieved during the current quarter. Therefore, we believe that we will significantly reduce our use of cash during the fourth quarter and combine with our continuing collection efforts we are driving to achieve break even or better in cash uses for the fourth quarter.

For the third quarter, our net inventory was $84.5 million. Our total net accounts receivable was $147.9 million. We currently anticipate that our DSOs should decrease during the fourth quarter as we anticipate increased collection throughout the next two quarter. After the end of the quarter we completed the sale on lease back of our corporate headquarter facility in Santa Ana, California. We received net proceeds from the transaction of $49.1 million and enter into a 15 year lease to the facility.

Now, I would like to turn the call over to Ron Buschur, Powerwave’s President and Chief Executive Officer.

Ron Buschur

Thank you, Kevin and good afternoon everyone. Let me start by first stating that we are very disappointed on our revenues for the third quarter. We are taking the steps necessary to both drive future revenues and to ensure that we have maintained the appropriate cost structure in this economic environment. Since we spoke two weeks ago we have been moving forward to finalize our restructuring plans as well as prepared to implement them as quickly as possible. From a top level point of view our plan is to quickly reduce our manufacturing cost structure in order to reduce the significant variances and absorption issues that can be seen in our third quarter results.

In addition, we will be implementing operating expense reductions to drive a more cost effecting operating model going forward. This helps to preserve our cash while our business rebounds. We currently expect that our restructuring will be implemented over the next two quarter with the significant amount of implementation during the current quarter. Our goals are to drive our gross margins back to our previous target range to the mid to high 20% range. For operating expenses we are targeting to get a quarterly rate of $28 million excluding non-cash compensation expenses. As Kevin stated, we believe that we will achieve significant cost savings over the next two quarters.

Therefore we believe that we will be able to significantly reduce our cash during the fourth quarter and combine with our continued collection efforts we are driving to breakeven or better in cash use for the fourth quarter. In addition, we are focusing on increasing our revenues and continuing to drive our business to higher margin solution sales. We need and will continue to grow our core wireless business while expanding into other market segment such as government sector, which we are creating true solution utilizing all of our technologies and engineering expertise. This new solution such as Active Antenna Arrays, ICC programmable filter the Picocell products along with our RMDU solutions have gained significant interest across multiple vertical markets.

In addition, we have the state of the art facilities and cost effective geographic locations with what we believe are the best personnel. We have positioned Powerwave well for long-term continued success. I continue to be very excited about the prospects of our business over the next few years and now I would like to turn the call over to the operator and address any questions you may have.

Question-and-Answer Session

Operator

(Operator Instructions) and your first question comes from the line of Steven O'Brien with JPMorgan. Please proceed.

Steven O'Brien – JPMorgan

Hi, thanks for taking my questions. I guess first off on the expectation for breakeven tax use in the fourth quarter. Can you give us any help with what you would expect revenues are demand to be in order to achieve that goal.

Ron Buschur

Well right now as we have stated that, a few week ago that we obviously expect to be able to improve the revenue over the $77 million. With what we see today when we are looking at the sales opportunity a lot depends on whether AT&T and other large North American operators continued to grow and build out their sales we are taking a conservative view that with the sales with a slight increase over what we have seen this last quarter that we can still achieve these types of cash flow breakeven scenarios out of the operation assuming we collect. And if we see the upside that we are driving towards within the sales for this quarter then at that point we should see some incremental improvement over that. So at this point w are not giving specific guidance for the quarter but we certainly believe we will do better than what we had provided for Q3.

Steven O'Brien – JPMorgan

I guess on that I know it’s tough to forecast from but and it’s only been barely two weeks I guess since we last spoke. But have you seen any signs or indications of that orders could come through this quarter or is it shaping up to be an extremely back end loaded quarter like last quarter?

Ron Buschur

No we are seeing and again it has been a short period of time but we are seeing some indications that some of the operators are looking to spend this quarter and as you know unfortunately Q4 is always a back end loaded quarter just by nature of the holidays and what takes place. So at this point we do see some opportunities here for us to capitalize on some sales early in the quarter. But I think it’s going to be a traditional Q4 as well.

Steven O'Brien – JPMorgan

Can you update us with respect to your Thailand facility and any disruptions to the operations there and what your assumptions or expectations are for production out of those operations.

Ron Buschur

Yeah, we haven’t had any disruptions out of our Thailand facility. We are thankful for that I think most of the disruption took place more towards Bangkok than out in Chonburi region that we have our manufacturing facilities located in. So we don’t see any impact to that we had a few suppliers that did have some issues with the flooding but we had multiple sources for those components so we don’t see an impact that’s going to take place regarding the flooding in that region. And the area and the operation here in Thailand have ramped up several new products and we are pleased with the performance that they have been able to demonstrate.

Steven O'Brien – JPMorgan

Okay, maybe just lastly on the working capital I think I heard that DSOs you are targeting to decline next quarter on better collections, further collections. Can you just give us a little more color on the inventory and payable side?

Kevin Michaels

Sure on the inventory side we obviously we took a lot of actions at the end of last quarter so we try to hold our inventories down I mean they’ve had some increase but still they didn’t go up dramatically. But we feel the inventory is all very current products, very new stuff so we think we are adequately reserve there we don’t expect to see any kind of significant changes with that inventory obviously overtime here we expect to see the numbers come down some but it’s all very current stuff. So we think that we are more than adequately covered that.

Steven O'Brien – JPMorgan

And on the payables.

Kevin Michaels

Payables, in our payables we were, we continue to pay our suppliers we are fine that we have negotiated some lightening out of some terms with them. We don’t believe there is any issues there.

Steven O'Brien – JPMorgan

Great, thanks a lot.

Kevin Michaels

You are welcome.

Operator

Your next question comes from the line of Michael Walkley with Cannacord Genuity. Please proceed.

Michael Walkley – Cannacord Genuity

Great thank you. Just following up maybe on your OEM customer mix second straight quarter of a pretty good drop at Nokia Siemens is it just an inventory balance maybe with that customer or do you have any idea of potential share loss or second source and maybe doing as they’ve been a very strong customer for a long time.

Ron Buschur

Well Mike as you know we had talked about for the last year we are focusing on more of the solution types of products and that we weren’t going to continue to be chasing the commodity pricing that exist in some of the OEMs and that has been model and focus of the company now for at least a year. And we are continuing down that path with that said we do have several projects that we are currently quoting in programs that we are looking at participating in Nokia Siemens future product offerings with that we think would be in line with our business model and something that will continue to pursue.

Michael Walkley – Cannacord Genuity

Okay thank you and Ron maybe just building on that obviously going through a transitional period with some new products in the pipeline can you maybe just give us an update on some of the hot products you highlighted in your prepared comment such as the Active Arrays and Picocells and given the macros environment is there any risk of those getting maybe pushed out as new developments given some cautious carriers spending or you still see pretty good visibility into that several quarters out? Thanks.

Ron Buschur

Mike, I think that’s a great question. At looking at the Active Array we have multiple trials going on with customers in North America, customers in the European market and customers in Latin America. So we see that as a strong product moving forward and we have cooperation that’s taking place with OEM to provide the baseband for that Active Antenna Array so we are pleased with that. Looking at the Picocell, that’s a little future along and a little further out as far as looking at revenue projections, as we had alluded to in previous conference calls that’s more of a Q3 type timeframe, based on the roll outs that some of the operators have given us and the timelines for the qualification we have had some good success with the iCommand and the RMDU within the government sector and some of the other customers in other vertical markets and we are pleased with that. And we think that as the consolidation takes place in some of the operator types of customer spaces that we are servicing today that the iCommand will be a benefit for them to better utilize the spectrum and to be more efficient with the combining of their networks.

Michael Walkley – Cannacord Genuity

Okay, great thank you very much. One last question I will pass it on just talked about the recovery more North America centric can you give us just an update I know couple of weeks ago with Eastern Europe and other areas any improved visibility in kind of the regional basis. Thank you.

Ron Buschur

Well we certainly aren’t seeing any improvement in the European market right now. I think that’s very similar to what we had anticipated and what we had talked about a few weeks ago. We do think that there may be some opportunities in the Middle East that are freeing up we still see that part of the Egyptian market is a little bit more difficult yet with the funding that’s frozen. But other regions seem to be seeing a slight pickup. So we are I guess optimistic on that and North America as we had said we are hoping to see a slight improvement there this quarter and we currently have some discussions that are ongoing in parts of Russia and in that region to see we believe this quarter will see an improvement with those customers but at this point we are being cautious on our outlook and I think being a little conservative versus optimistic.

Michael Walkley – Cannacord Genuity

Okay, thanks Ron for taking my questions.

Operator

Your next question comes from the line of (Inaudible) Research and Management. Please proceed.

Unidentified Participant

Hey guys thanks for taking my questions. I have two quick questions the first one it’s on your cash flow situation as to in terms of your ability to access your revolver are there any covenants that will prevent you from access the full capacity under your revolver that’s question number one. Question number two, when you think about cash burn in Q4 and really I guess cash burn in Q1, which is supposed to be one of your weaker quarters, what is your expectation? And lastly just kind of thinking about your announcement last week in terms of AT&T and some of the other telecom slowing down couple of tower companies actually reported today and the message that came from them was pretty much opposite there certainly was no smoke or whatsoever. So just trying to understand how do you think about that is there I mean, what is it that I’m missing in terms of what’s happening with your company versus some of the other companies. I’m sorry they are basically selling to the same end customers. Thank you.

Kevin Michaels

Sure, let me answer the first couple. In terms of revolver we have availability on a revolver it’s tied to a barring base but obviously we are not using it so there is no covenant we are not, we are in compliance with our covenant and the covenant basically don’t kick in unless we are borrowing under it. And going forward we certainly, we have availability there were in compliance. Longer term we work with the bank if in future quarters we need to make some adjustments out there in covenants we will deal with that. In terms of the cash growing really focused right now and in terms of obviously our goal for the Q4 is to be neutral or positive. Overall our total uses of cash and as we are single for Q1 so that was our goals but we are not going to provide forecasting guidance right now.

But that’s what our target is. In terms of the issues what other customers may see or may not see or other competitors. I think if you could speak to our real competitors they are all private companies, I think if you spoke to our competitors I think they will tell you they are seeing the same kind of slowness and issues that we are experiencing. I think if you look at a number of analyst reports out there and the same commentary out there. Clearly we’ve never said that people are not and you are talking particular about North America we never said that they weren’t continuing to deploy activity they are just not pulling in new equipment and that we think as it’s there from our views across our customer base and our direct questions to our customers. We’ve asked this if they have shifted the other suppliers the answer we get is now so we don’t believe there is going to be a big market share shift there. But that’s all we can say.

Unidentified Participant

Got it so what you are saying is it is more of an inventory correction more so than a revenue is going to be lost going forward basically.

Ron Buschur

Yes.

Unidentified Participant

Got it okay. Thank you.

Operator

Your next question comes from the line of Arun Seshadri with Credit Suisse. Please proceed.

Arun Seshadri – Credit Suisse

Hi thanks for taking my questions. First, just wanted to generally get a sense from you what likelihood would you place on a further significant revenue decline in Q4. The reason I ask that is in the ’08 time frame granted a slightly worst microeconomic environment it took about two or three quarters for your revenue to really bottom. So maybe we can start with that.

Ron Buschur

Well first of all I don’t think the situation that caused most of our impact here in Q3 is similar to what took place in that time period. And second of all we do believe that there is some other market segments and business that we are going to be able to offset some of the slowdown that we had outlined. And third we don’t believe that we are going to be much lower than what we had seen here we think we have bit the bottom obviously if we had a better visibility on that we would certainly be given you upside guidance but we don’t believe that is going to based any lower than what we had just reported to you. So we believe that we have hit the bottom moving forward.

Arun Seshadri – Credit Suisse

Okay, I appreciate that. And I just wanted to find out based on your covenants in your senior note the new two and three quarter senior note. How much additional secure debt can you raise in the event that you are not able to borrow on your revolver how much debt can be raised in ahead of your senior 2.75% coverts?

Kevin Michaels

There is no covenant future indebtness in those bonds so and they are either has no limit.

Arun Seshadri – Credit Suisse

So to the extent that you are able to rise at least to the extent I mean if you don’t I guess the question is if you don’t have access to your revolver you could potentially shut the revolver down and raise new secure debt. Right that’s possible.

Kevin Michaels

In that kind of very hypothetical thing we would think issue we don’t believe we will not have access to revolver but we also don’t believe we will be needing it in near term because we think we have more inadequate cash. But yes we could take on additional debt there is not a restriction for inhibiting that.

Arun Seshadri – Credit Suisse

Got it okay. And then finally just wanted to get a sense as far as your visibility goes I mean you answered a few questions about it. But generally speaking is it about five to six weeks normally and can you talk about when you will have some view into what Q 1 could look like.

Ron Buschur

Well I think the five to six weeks is generous as we’ve always talked about as far as visibility going forward. I don’t think anyone in this space at least at our level of supply has much better visibility than that. So we don’t see that improving even as we go through with the total economic slowdown improves tomorrow morning so where we are going to have better visibility than that, that’s part of the business and the challenges and that’s the reason that we think it’s very critical for the long-term of the company to have diversification in other vertical markets. So we are not so dependent on this market that doesn’t seem to have that greater visibility and can’t forecast its demands very well.

Kevin Michaels

And let me just add on to that and just to be a little clear I think when we are discussing visibility we are talking booked orders. And as we’ve discussed many times that orders people are not placing long lead time orders out there. We certainly have forecast that go out to the quarter, we have forecast out into the first quarter. Obviously, we’ve just suffered a large myth so we want to be conservative, we have forecasted we were planning out in the first quarter and we have a forecast there but you know at this stage we think it’s more prudent for us not to try to provide guidance out there. But certainly from our internal forecasting process we do look at those areas.

Arun Seshadri – Credit Suisse

Okay, one final question. Just this I mean this obviously comes to mind given the significance of the drop off have been any issues of products, defects et cetera at all out there.

Ron Buschur

No, we had -- Arun, as we stated in Q1, we had issues where we were trying to ramp up some of the LTE products and we had issues with the quality of those products in the factory and we had pulled back and worked on the product that was affected and at this point there is no quality issues or concerns around the product that’s out in the field or with our customers.

Arun Seshadri – Credit Suisse

Okay, so given your expectations then it’s really a question of time at some point you believe your revenues will basically rebound and you are just taking the actions that you will be able to get to take from a cost standpoint to preserve your liquidity waiting for that rebound point. Alright, is there anything at all that you can tell where you feel like a permanent reduction in your revenue opportunity.

Ron Buschur

No I think you hit on it correctly what we are doing is making sure that we have a cost structure in place that will preserve the equity that we have and the cash that we have in the business not jeopardize the future or the future products or the customers or our ability to service the customer and make sure that our customers are satisfied with the next generation of products. And in doing so we think that we can size this business appropriately and as the business that grows we will grow with that sequentially and we will make sure that we are prudent and how we bring on additional resources. But at this point, I think it’s best to go in and implement the strategies that we have and make sure that we position the company for its long-term success that we know we will be able to provide you as shareholders.

Arun Seshadri – Credit Suisse

I appreciate the comments thank you.

Operator

Your next question comes from the line of Eric Rubel with MTR Securities. Please proceed.

Zack Zolnierz – MTR Securities

Hi, thank you. Hi, guys, this is actually Zack Zolnierz calling in for Eric.

Ron Buschur

Hey, Zack.

Zack Zolnierz – MTR Securities

Thanks for taking my questions. So first off I want to touch on gross margin I know in your prepared remarks you guys discussed the reduction in OpEx with a substantial amount of that coming in next quarter. It looks like if you get to this sort of cash use breakeven level that you also need that recovery and gross margins and we think of the 25%, 30% level. This targeted level for next quarter or is this something that’s a process over the next couple of quarters to get that to that level.

Kevin Michaels

Sure, I will start with that. And I think what we tried to discuss also in our restructuring activities is we are certainly trying to reduce down our some of our manufacturing costs and we are taking actions in those areas. So we expect to see some significant improvement in gross margins. Our target of trying to be cash breakeven or cash flow positive is a combination of a good improvement in gross margin as well as some working capital benefits. You know we believe we can collect some of our AR and generate some additional cash flow there. So from a model standpoint we certainly no longer term out we are targeting to get back into that high 20s of gross margin. But it will be a little process but we think in the short-term we can see some significant improvements there. And that combined with some working capital management we should be able to be cash flow neutral or cash flow positive.

Zack Zolnierz – MTR Securities

Okay, great. I guess second question and the last question I noticed during the quarter that saw the breakdown by 2, 2.5G, 3G and 4G was substantially different from some of the prior quarters. I mean I guess when we think about that breakdown it’s sort of just pale that still in 2G is that sustainable.

Ron Buschur

Well I think the 2G if you look at that sales we do believe it’s stable because parts of it is in the APAC region, part of it is in the emerging markets and part of it is in the middle east from where we are looking at the 2G, 3G build out. So I don’t think that that’s going to shift anytime soon and when you are looking at the customers there in those regions they don’t have any immediate plans to shift to an LTE network here in the next few years.

Zack Zolnierz – MTR Securities

Okay, great thanks guys.

Operator

Ladies and gentlemen, this concludes the question and answer portion of today’s call. I will now turn the call back over to Ron Buschur, Powerwave CEO.

Ron Buschur

I want to thank everyone for joining us today and your continued interest in Powerwave Technologies. We look forward to sharing with you our results in the fourth quarter.

Operator

Ladies and gentlemen, thank you for your participation in today’s conference. This concludes the presentation. You may now disconnect. Have a great day.

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