Earnings call transcript: Alto Ingredients’ Q4 2024 earnings miss forecasts

Alto Ingredients reported a significant earnings miss for Q4 2024, with EPS at -$0.57 against a forecast of $0.06. The stock, which has declined 14.5% over the past week and trades at $1.47, showed resilience by rising 1.33% in after-hours trading. According to InvestingPro analysis, the company appears undervalued based on its Fair Value calculation, despite facing significant headwinds.

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Key Takeaways

• Alto Ingredients’ EPS missed forecasts by $0.63.
• Revenue fell short of expectations by $32.32 million.
• The stock rose 1.33% in after-hours trading despite the earnings miss.
• Strategic initiatives, including ISCC certification, are underway.
• Cost-saving measures are expected to yield $8 million annually.

Company Performance

Alto Ingredients faced a challenging fourth quarter, with net sales declining by $38 million year-over-year due to a drop in sales price per gallon. The company reported a consolidated net loss of $41.7 million, largely driven by $30.5 million in asset impairments. InvestingPro data shows the company’s gross profit margin stands at just 0.86%, reflecting significant operational challenges. Despite these setbacks, total sales volume increased to 95.1 million gallons from 92.5 million gallons in Q4 2023.

Financial Highlights

• Revenue: $236.3 million, missing the forecast of $268.62 million.
• Earnings per share: -$0.57, below the forecast of $0.06.
• Adjusted EBITDA: Negative $7.7 million, compared to positive $3.5 million in Q4 2023.
• Cash balance: $35 million.

Earnings vs. Forecast

Alto Ingredients reported an EPS of -$0.57, a significant miss compared to the forecasted $0.06, marking a negative surprise of $0.63. Revenue also fell short by $32.32 million, indicating challenges in meeting market expectations.

Market Reaction

Despite the earnings miss, Alto Ingredients’ stock rose 1.33% in after-hours trading to $1.49. This movement suggests that investors may be focusing on the company’s strategic initiatives and potential long-term growth rather than the immediate financial results.

Outlook & Guidance

Looking ahead, Alto Ingredients is targeting balanced production between specialty alcohol and ISCC-certified products. The company is also pursuing a carbon capture and sequestration project, with an estimated two-year approval process. While analysts maintain a bullish consensus with price targets ranging from $3.50 to $5.50, InvestingPro data indicates EPS is forecasted at -$0.34 for FY2024.

Access the comprehensive Alto Ingredients Research Report and detailed financial analysis available exclusively on InvestingPro, part of our coverage of 1,400+ US stocks.

Executive Commentary

CEO Brian MacGregor emphasized the company’s strategic focus, stating, "We are considering all options to maximize shareholder value." CFO Rob Olander highlighted the impact of restructuring efforts, noting, "Our restructuring has improved the company’s financial position."

Risks and Challenges

• Continued pressure on sales prices could impact revenue growth.
• Market volatility in carbon fuel credits may affect profitability.
• The approval process for carbon capture projects poses timing risks.
• Competition in the renewable fuel market could pressure margins.

Q&A

During the earnings call, analysts inquired about the CO2 processing strategy and potential tax credit opportunities under the 45Q program. The status of the Magic Valley facility and the timeline for the carbon capture project were also key discussion points.

Full transcript - Alto Ingredients Inc (ALTO) Q4 2024:

Conference Operator: Please note this event is being recorded. I would now like to turn the conference over to Kirsten Chapman with Alliance Advisors Investor Relations. Please go

Kirsten Chapman, Investor Relations, Alliance Advisors: ahead. Thank you, Asha. And thank you all for joining us today for the Alto Ingredients fourth quarter and year end twenty fourteen results conference call. On the call today are President and CEO, Brian MacGregor and CFO, Rob Olander. Alto Ingredients issued a press release that after the market closed today, providing details of the company’s financial results.

The company has also prepared a presentation for today’s call that is available on the company’s website at altoingredients.com. A telephone replay of today’s call will be available through March 12, the details of which are included in today’s press release. A webcast replay will also be available on Alto Ingredients’ website. Please note that the information on this call speaks only of today, March 5. You’re advised that any time sensitive information may no longer be accurate at the time of any replay.

Please refer to the company’s safe harbor statement on slide two of the presentation available online, which states that some of the comments in this call constitute forward looking statements and considerations that involve risks and uncertainties. The actual future results of Alta Ingredients could differ materially from those statements. Factors that could cause or contribute to such differences include, but are not limited to, events, risks and other factors previously and from time to time disclosed in Alta in Green’s filings with the SEC. Except as required by applicable law, the company assumes no obligation to update any forward looking statements. In management’s prepared remarks, non GAAP measures will be referenced.

Management uses these non GAAP measures to monitor the financial performance of operations and believes these measures will assist investors in assessing the company’s performance for the periods reported. The company defines adjusted EBITDA as consolidated net income or loss before interest expense, interest income, provision for income taxes, asset impairments, unrealized derivative gains and losses, acquisition related expense and depreciation and amortization expense. To support the company’s review of non GAAP information, a reconciling table was included in today’s press release. On today’s call, Brian will provide a review of our strategic plan and activities and Rob will comment on our financial results. Brian will wrap up the call and open the call for questions.

It’s now my pleasure to introduce Brian McGregor. Please go ahead, sir.

Brian MacGregor, President and CEO, Alto Ingredients: Thank you, Kirsten. Thank you all for joining us today. We have a lot to discuss, what’s gone well and what hasn’t, what we’ve done about it so far and what we will be doing to make additional improvements to take advantage of our strengths and opportunities. I’ll start with some highlights. In January, we leveraged a long term partnership to acquire a beverage grade liquid CO2 processing plant adjacent to our Columbia facility, bolstering economics and increasing asset valuation.

This transaction will improve the top and bottom line results for our Columbia facility as well as create cost synergies and growth opportunities. Additionally, in the fourth quarter of twenty twenty four and again in the first quarter of twenty twenty five, we took action to rationalize our footprint and cut costs, while supporting customers and our goal of becoming a low cost producer. We’ll discuss this further in a moment, but I will note that these actions and associated non cash impairments make up a material portion of the losses for Q4 and twenty twenty four year end results. Lastly, as part of our ongoing efforts to maximize shareholder value, with the assistance of our financial and legal advisors, we are considering a broad range of options including asset sales, a merger or other strategic transactions to better align the long term value potential of the company. Turning to our operational review, as expected and discussed on our last call, fourth quarter market conditions proved challenging and crush margins were down compared to the prior quarter and year as Rob will cover shortly.

As mentioned, we have implemented the following cost saving initiatives. First, we cold idled Magic Valley. To provide context, in 2022, we saw an opportunity to take advantage of premium prices in high quality protein and corn oil. Pursuing greater yield of high margin products, we installed and commissioned a high quality protein and corn oil technology. However, the installation took much longer and cost significantly more than expected.

Further, we underestimated the negative impact of the build out of renewable diesel and soy crush capacity would have on corn oil and protein market prices in the region. Compounded by the dramatic swing in excuse me, delivered corn prices for Western operations in comparison to Midwestern facilities, it became impossible to operate our Magic Valley plant profitably. By cold idling the facility and cutting our variable and fixed costs as much as possible, we stopped the drag on profitable areas of our business. For the fourth quarter, we took a significant impairment charge related to this plant. To partially offset remaining carrying expenses and to serve our customers in the area, we are opportunistically using Magic Valley as a renewable fuel terminal.

Second, we rationalize Eagle Alcohol. Since the acquisition, we have integrated Eagle Alcohol’s high quality alcohol bolt operations and customers into our Pekin and Kinergy marketing business. With this reorganization, we reduced headcount at Eagle Alcohol. Now we are focused on turning the remaining brake bulk, warehousing and trucking operations into a profitable service center. Third, we implemented additional rightsizing opportunities.

We aligned the company to our smaller operational footprint while maintaining excellent customer support. During Q4 twenty twenty four and Q1 twenty twenty five, we streamlined staffing reducing both COGS and SG and A. In aggregate, we expect to save approximately $8,000,000 annually, which will improve our bottom line run rate and manage liquidity. We continue to evaluate initiatives to grow our high margin offerings, unlocking unrealized value and improve efficiency. More specifically, the carbon markets continue to show promise.

And on 01/01/2025, we acquired Kodiak Carbonic, a beverage grade liquid CO2 processor for just over seven million dollars in cash plus working capital. This processing facility renamed Alto Carbonic is located on the same property as our Columbia plant in Boardman, Oregon and has been operating profitably since its first full year of operations in 2016. Alto Carbonic takes biogenic CO2 gas produced as a byproduct of the fermentation process at our Columbia plant and converts it into premium liquid CO2. The finished product is sold into the Northwestern Region of The United States for use in food and beverage processing, industrial cooling and other applications. The facility produces on average approximately 56,000 tons annually of liquid CO2 with the capacity to produce over 70,000 tons annually.

This transaction, which included an amended long term sales offtake agreement with a leading North American industrial gas supplier was immediately accretive and has a compelling payback of approximately two years. We have been integrating the plant with our Columbia facility, improving coordination and collaboration between the operations. We expect to realize additional cost savings with synergies in production and overhead. We are also evaluating an opportunity to increase storage capacity to improve logistics and to take advantage of spot market premium liquid CO2 demand. To add a finer point, this acquisition immediately stems the recent lack of profitability at the Columbia site, provides a stronger financial foundation to overcome destination plant competitive challenges and significantly increases the value of these combined assets.

At our peak in campus, we also continue to diligently pursue opportunities to optimize our CO2, which historically was considered only a waste stream with marginal value. In November, we achieved a milestone finalizing our CO2 transportation and sequestration agreement with Vault. This partnership will be critical in our execution of carbon capture and storage or CCS. In December, Vault submitted the formal application for the EPA Class six permit required to commence construction of a CCS pipeline and for long term CO2 storage in deep geological formations. The complexity in constructing operations to capture transport and store CO2 requires significant development and planning work.

The EPA requires extensive site analysis, monitoring and safety measures to safeguard underground water supplies. Currently, the approval process is estimated to take at least two years. We anticipate this will allow the time necessary to address Illinois’ current moratorium on new CO2 pipelines as part of the Safe CCS Act, which is in effect until July 2026 or until revised federal safety standards are established whichever comes first. While the CCS project timeline has been slow, it is important to recognize the significant changes that have occurred in the CCS environment and the carbon regulatory and political markets during that time. Altos deliberate pace has been advantageous as we navigate these changes and discover more effective and efficient options.

The extended time required for regulatory approvals provides us the flexibility to lay the necessary infrastructure plans, including compression and energy solutions. We also intend to use this time to secure financing. In addition, working with Vault, we are focused on meeting with local groups and authorities to educate the community about the process, strengthen support and address concerns. Regarding our ongoing business at our Pekin campus, we are proactively modifying operations to deliver the higher value products the market demands. During our biennial wet mill outage in May 2024, we were able to improve plant utilization.

As a result, the wet mill has been operating at nameplate capacity of 100,000,000 gallons. Q4 peak in campus production volume was up 3,800,000 gallons over the prior year. This seven percent increase demonstrates the effectiveness of our maintenance program. Carrying these improvements into 2025, we expect to produce an additional 8,000,000 gallons for the year, lowering our cost of production on a per gallon basis and providing an opportunity to produce a greater volume of specialty alcohols. In renewable fuel, over a year ago, we applied for ISCC certifications to allow us to ship qualified renewable fuel to The EU at a premium to our domestic alternatives.

Both Alto ICP and Pekin were ISCC certified in late summer. We began exporting certified product to Europe markets in Q4 and anticipate expanding exports further in 2025. In premium specialty alcohol, our certifications and customer relationships continue to be material differentiators. For 2024, we sold nearly 92,000,000 gallons of specialty alcohol. In 2025, our goal is to balance production levels between specialty alcohol and ISCC product to maximize margins and address customer needs.

Since our last call, we completed another ISO 9,001 audit. And I can proudly state that there were no adverse findings, a testament to our culture of quality at Altope.

Rob Olander, CFO, Alto Ingredients: Now I’ll turn the call over to Rob. Thanks, Brian. Before I discuss the quarter, I’d like to highlight the cost cutting steps we’ve taken to strengthen our financial results. As Brian mentioned, we cold idled the Magic Valley facility, rationalized our Eagle Alcohol operations and reduced our headcount by 16% to align with our smaller company footprint. In aggregate, our workforce reductions are expected to lower our annual costs by $7,800,000 The savings are split 74% in cost of goods sold or COGS and 26% in SG and A.

We expect to realize the full financial benefit beginning in Q2. These are meaningful reductions. To put it into perspective, if we apply these measures retroactively to 2024, all other things being equal, adjusted EBITDA would have been positive for the year. Now, I’ll review the financial results for the fourth quarter of twenty twenty four compared to the fourth quarter of twenty twenty three. We sold 95,100,000 gallons, up from 92,500,000 gallons during Q4 twenty twenty three, reflecting production improvements at our peak in campus from our planned repairs and maintenance program.

However, our sales price per gallon averaged $1.88 in Q4 twenty twenty four compared to $2.24 in Q4 twenty twenty three. These lower market prices reduced net sales by $38,000,000 for the same quarter year over year. The market crush margin declined nearly $0.18 resulting in an $8,700,000 net adverse impact to gross profit. In addition, our protein returns were negatively impacted by the expanded soy crush to meet renewable diesel demand, higher wet feed product mix and the inability of a key customer to take deliveries following hurricane Helene. While low carbon fuel credit prices were also down compared to a year ago, they improved from Q3 twenty twenty four and are recovering from their market lows.

I’ll review factors that impacted our COGS in Q4 twenty twenty four. Our realized derivative losses, which are included in adjusted EBITDA were $1,200,000 greater than the same quarter in 2023 at $3,500,000 compared to $2,300,000 Our unrealized derivative gains, which are excluded from adjusted EBITDA were positive $5,500,000 compared to a loss of $8,200,000 resulting in a $13,700,000 positive swing year over year. Our non cash lower cost or market adjustment on physical inventories and the mark to market on corn commitments resulted in a $3,500,000 reserve and was $1,300,000 more negative than a year ago. As a result, total gross loss was $1,400,000 improving from a gross loss of $2,500,000 in Q4 twenty twenty three. In Q4 twenty twenty four, we recognized final Eagle Alcohol acquisition related expenses of $5,700,000 of which $5,000,000 was non cash compared to $700,000 in Q4 of twenty twenty three.

Q4 ’20 ’20 ’4 asset impairments were $24,800,000 This consists of 21,400,000 for the cold idling of our Magic Valley plant and $3,400,000 on intangibles related to the integration of certain Eagle Alcohol activities. This compares to $6,000,000 related to goodwill associated with Eagle Alcohol in Q4 twenty twenty three. Our consolidated net loss was $41,700,000 including the $30,500,000 in asset impairments and acquisition related expenses compared to a net loss of $18,900,000 including net expenses of $6,700,000 in asset impairments, acquisition related expenses and the USDA grant in Q4 twenty twenty three. Adjusted EBITDA was negative $7,700,000 including the $3,500,000 in realized losses on derivatives for Q4 twenty twenty four. This compares to positive $3,500,000 including $2,300,000 in realized losses on derivatives in Q4 twenty twenty three.

As you will recall, the best way to determine the derivative value or obligation to be realized in the future measured as of a specific date is to note the amounts on our balance sheet. The net derivative asset or liability reflects what Alta would realize if we liquidated all of our positions as of that specific period end date. For 12/31/2024, our derivative net asset position was $2,100,000 As of December 31, our cash balance was $35,000,000 and our total loan borrowing availability was $88,000,000 including $23,000,000 under our operating line of credit and $65,000,000 subject to certain conditions under our term loan facility. We used $3,500,000 in cash flow from operations in 2024. We invested $11,100,000 in CapEx in 2024.

We recorded $34,600,000 in repairs and maintenance expense in line with our 2024 estimate. In summary, our restructuring has improved the company’s financial position. We realized over 30,000,000 in asset impairments and prior acquisition related expenses, resetting our base. We also reduced our expense run rate by $8,000,000 annually. Combined with our improved performance at the Pekin wet mill, our synergistic acquisition of premium liquid CO2 processing and our entry into the European market, we are optimistic about 2025.

Now, I’ll turn the call back to Brian. Thank you, Rob. In summary, every day we

Brian MacGregor, President and CEO, Alto Ingredients: are focused on exceeding customer expectations in the services we provide and products we sell, as well as maximizing the value of our specialty alcohol and essential ingredients. Our recent acquisition of Alto Carbonics bolsters economics and increases asset valuation in the Columbia facility. Our reorganization improves profitability on a more sustainable, consistent basis and reinforces our commitment to create long term shareholder value. Operator, we are ready to begin Q and A with sell side analysts. Thank

Conference Operator: you. First question comes from Sameer Joshi with A. P. Wainwright. Please go ahead.

Sameer Joshi, Analyst, A.P. Wainwright: Hey, good afternoon, Brian. Thanks for taking my questions.

Brian MacGregor, President and CEO, Alto Ingredients: Hi Sameer.

Sameer Joshi, Analyst, A.P. Wainwright: About the Carbononic acquisition, how are you planning to balance the carbon sequestration versus the carbon like getting the high premium carbon dioxide for the beverage industry, like is there some strategy on that?

Brian MacGregor, President and CEO, Alto Ingredients: So while there may be opportunities for carbon sequestration in the Pacific Northwest, It’s not as readily apparent or prevalent as it is in our Pekin location. And this is and the carbonic structure and arrangement is clearly beneficial for us, particularly over the length a more lengthy period of time under contract. Situation is interesting and unique in the Pacific Northwest as there’s not a lot of supply of CO2, particularly if you look even along the Pacific Coast as you’ve seen a reduction significantly in the amount of CO2 being produced at refineries and the like. So it’s a unique market and most of the product that comes into that region is under a long haul transportation, which is not efficient. So it puts that facility to be very unique position to be able to take advantage of the needs that are in and the market demands in that area.

So this by far is probably the most productive exercise in use of the CO2 at the moment.

Sameer Joshi, Analyst, A.P. Wainwright: Understood. Is this site certified for or does it qualify for the 45Q incentives already or is there some more work needed to be done to get that

Brian MacGregor, President and CEO, Alto Ingredients: in order? It’s very close. Yes, it’s very close. I mean, there’s clearly still work that needs to be done on 45Z. But if you look at the overall score of the Columbia facility, it’s within striking distance of that requirement.

So it’s certainly something that we’re going to be focusing on. We’ll provide you more information as those rules become codified and we can be clear about the opportunity.

Sameer Joshi, Analyst, A.P. Wainwright: Understood. And then for the specialty ingredient or high value alcohol, I know you said 92,000,000 gallons in 2024. Also you have the EU export option. Do you know or do you have an estimate of how much of this will be sent to EU versus here? And how does that ratio impact pricing and profitability on this front?

Brian MacGregor, President and CEO, Alto Ingredients: So it because of the nature of the product, it actually captures a premium and it depends clearly on what it’s not there’s not one price for the EU as a whole, each country and each location has its own requirements. So it’s not just an easy layup. That said, it’s think about this as a displacement of what otherwise would be sold domestically as fuel. So it’s not necessarily a displacement of or use of our high quality product. And we still our goal is to continue to achieve the high volumes that we’ve been able to do.

But it is around if you look at the flexibility that’s provided by our location in Beacon, our ability to shift between products and be able to take advantage of market improvements and conditions, it provides a great opportunity for us to be able to optimize profitability in that area or at least revenues in that section and in our operations.

Sameer Joshi, Analyst, A.P. Wainwright: Understood. And then last one, the asset sale versus merger or other strategic options, how far along are these discussions? Have you identified any particular asset that is initially targeted to be divested or are you talking to us? Like just want just to get an idea of where the discussion is on that front?

Brian MacGregor, President and CEO, Alto Ingredients: Yes. So it’s a great question. It’s not really productive for us to talk about M and A opportunities and activities. But I want to be clear that we’re considering all options and as a part of our ongoing efforts to maximize shareholder value and to better align our long term value potential of the company. So we’ll provide updates effectively when they occur.

Sameer Joshi, Analyst, A.P. Wainwright: Fair, fair. Thanks for taking my questions, Glenn. You bet.

Conference Operator: The next question comes from Eric Stine with Craig Hallum. Please go ahead.

Eric Stine, Analyst, Craig Hallum: Hi, Brian. Hi, Rob. Hello. Hello. Could we just go back to Pekin in the CCUS?

I know you’re juggling a lot of things. You’re juggling the length of time it takes for the EPA permit, the moratorium in Illinois. Just trying to think, so you’ve got you expect that to take two years, so that gets you to early twenty twenty seven. In that timeframe, you’re looking to get financing. Then just thinking about, all right, if you were to then give the green light to the project, remind us how long it would take for that project to be constructed?

And what timeline we’re looking for where this could start to contribute to results? Is it 2029 or 02/1930? Or is it potentially sooner than that?

Brian MacGregor, President and CEO, Alto Ingredients: Yes, it’s a great question, Eric. And it’s I guess a little reluctant to give you a specific date. What I would say, however, is if you and it depends largely on what kind of technology you’re using as well, your compression technology, things like that. So and the queue that you may have to line up depending on which technology you want to apply for. That said, if you think about the to do again your math, it puts you into just for your classics permit approval if EPA sticks with their commitment, which was two years, right, and we all know how challenging or the things that EPA is having to deal with right now and the number of items in their queue.

That said, if we went with that, you would expect that I can’t speak to the queue, but you would the line is the backup line with regards to the technology. But let’s say, another one to two years, let’s be generous and say two years, that puts you what in 2029, ’2 thousand and ’30.

Eric Stine, Analyst, Craig Hallum: Okay, got it. So just checking if that might be a

Brian MacGregor, President and CEO, Alto Ingredients: broad priority. And you may be able to accelerate, right? And Eric, you may be able to accelerate if there’s a change in people who have put down payments on piping and everything else and you’ve got a green light, there may be opportunities to take advantage of that where others may not, that could be expedited significantly. So again, there’s a lot of factors that are going into this. But our eyes on the ball on that and very focused and have a good partner in pursuing this and trying to accelerate as quickly as we can.

Eric Stine, Analyst, Craig Hallum: Yes. And maybe just turning to the Columbia plant, you mentioned the acquisition. I mean, is that something that had you not made the acquisition, you would have looked to potentially cold idle that plant as well? I mean, it sounds like now with that acquisition in place, that’s off the table, but I mean, what kind of was the thought process there based on market conditions?

Rob Olander, CFO, Alto Ingredients: Yes, I’ll take that one. As we talked about in the past, both of our Western assets were particularly challenged due to regional issues, particularly higher corn basis, the smaller size of their facilities. And ultimately, the efforts that we put forth at Magic Valley with the high protein and corn oil technology wasn’t enough to overcome those regional challenges, particularly accounting for the impact that the additional soy crush had on both carbon and corn oil and on protein prices. So that led ultimately to our decision to coal idle them in Q4 because we just couldn’t overcome that, at least not at this time. But fortunately with Columbia, they were well positioned and we were able to leverage the relationship that we And that does that’s essentially a game changer for this site.

I want to be clear about that. It is a very you know, interesting acquisition that has a very accretive payback for the facility. So, we’re really excited, particularly about the fact that there’s an expanded opportunity to increase the business in the CO2 area. I mean, right now, we’re processing through that facility about 55,000 tons per year, but it has the current capacity to go up closer to 70,000 and we’re only using maybe half of the Columbia facility’s CO2 waste gas.

Eric Stine, Analyst, Craig Hallum: Got it. Okay. No, it makes total sense. Maybe last one for me, you mentioned Magic Valley. I’m just curious with that cold idled, I know you were going through the process of potentially going back to co pro max and whether it was for damages or figuring out best path forward.

How does I mean, does this impact that process at all, change maybe what we should think the results might be?

Brian MacGregor, President and CEO, Alto Ingredients: I think generally no, Eric. I think that we’ve evaluated doesn’t mean that we won’t pursue what we can with regards to to addressing issues outside of the plant itself and with technology providers and like. That said, we decided and may have taken actions that we needed to do in order to stem the losses and to basically to put that facility into place until there is an opportunity to realize more of that value. And whether that occurs through an asset sale or other unique opportunities that there’s a significant change in the market and things. But for right now, the facility is idled and the staffing adjustments have been significantly adjusted as well there.

So we’re running that as a terminal as we said in our and it’s offsetting it’s beneficial in that regard because it offsets some of the fixed costs that you would otherwise have to carry.

Sameer Joshi, Analyst, A.P. Wainwright: Got it. Even with the competitive plan.

Eric Stine, Analyst, Craig Hallum: Yes. Okay. Thanks for that.

Conference Operator: This concludes our question and answer session. I would like to turn the conference back over to Brian MacGregor for any closing remarks. Please go ahead.

Brian MacGregor, President and CEO, Alto Ingredients: Thank you, operator, and thanks again everyone for joining us today. On a final note, we will be participating in the thirty seventh Annual Roth Conference later this month and look forward to seeing those in attendance. We appreciate your ongoing feedback and your support. Have a good day.

Conference Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.

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