Aytu Biopharma, Inc Q1 FY2024 Earnings Call

Good afternoon, everyone, and thank you for joining us for Aytu BioPharma's Fiscal 2024 First Quarter Financial Results Conference Call for the period ended September 30, 2023. Joining us on today's call is Aytu’s CEO, Josh Disbrow, and the company's Chief Financial Officer, Mark Oki. At the conclusion of today's prepared remarks, we'll open the call for a question-and-answer session. I'd like to remind everyone that today's call is being recorded. A replay of today's call will be available by using the telephone numbers and conference ID provided in the earnings press release issued earlier today. Finally, I'd also like to call your attention to the customary safe harbor disclosure regarding forward-looking information. The conference call today will contain certain forward-looking statements, including statements regarding the goals, strategies, beliefs, expectations, and future potential operating results of Aytu BioPharma. Although management believes these statements are reasonable based on estimates, assumptions, and projections as of today, these statements are not guarantees of future performance. Time-sensitive information may no longer be accurate at the time of any telephonic or webcast replay. Actual results may differ materially as a result of risks, uncertainties, and other factors including but not limited to, the factors set forth in the company's filings with the SEC. Aytu undertakes no obligation to update or revise any of these forward-looking statements. With that said, I'd like to turn the event over to Josh Disbrow, Chief Executive Officer of Aytu BioPharma. Josh, please proceed.

Thank you, Roger, and thanks, everyone for joining us. I'm once again excited to be speaking with you today following yet another quarter that showed positive results from the initiatives we've undertaken to position Aytu. It's a specialty pharmaceutical company focused on commercializing novel therapeutics, and it's continuing proof that we're clearly executing on our plan. I'm thrilled with the team's progress across the board, and I believe we've put ourselves in the best position we've ever been in as a company. I'm happy to share that this was our second consecutive quarter of company-wide positive adjusted EBITDA, and the fifth out of the last six quarters of positive adjusted EBITDA for our Rx segment, which is where our focus is now and going forward. The deliberate strategic plan we undertook to place the company on a financial pathway to sustainability started initially about a year ago when we indefinitely suspended our clinical programs to minimize R&D expenses until such time that we can fund those efforts either with internally generated cash flow or through a strategic partnership. It then continued in June of this year when we announced that we would focus our commercial efforts exclusively on our growing and positive adjusted EBITDA Rx segment. We did this while de-emphasizing our consumer health segment and winding down those unprofitable operations and potentially monetizing it. As we progress along this path, our Rx segment composed of our ADHD and pediatric products becomes the go-forward business. We are laser-focused on growing prescriptions, increasing Rx revenue and driving EBITDA and cash flow. Positive EBITDA is our calling card, and we're executing on that front. Further, we're growing prescriptions while also reducing OpEx, which we've done. This is all part of our measured plan, and I'm proud of our results. During the first quarter, our ADHD brands' prescriptions grew an impressive 28% over the first quarter of last year, which is a testament to the commercial team's strong execution and our ability to effectively leverage our innovative Aytu RxConnect patient access platform. From a revenue standpoint, ADHD net revenue aligned closely with script growth, increasing 31% to $15.1 million compared to $11.6 million in the year-ago quarter. We're also focusing on driving manufacturing efficiencies and improving OpEx and margin improvement. Overall, margins during the first quarter improved to 67% compared to 65% in the year-ago first quarter. And as Mark will share shortly, our operating expenses are down materially. In the coming quarters, our ADHD products will benefit from the recent FDA approvals of the Cotempla XR-ODT and Adzenys XR-ODT manufacturing site transfer prior approval supplements or PAS. These two PAS approvals allow us now to ramp up manufacturing and our contract manufacturer for ADHD brands and will be a key driver of further gross margin improvement as we get Adzenys and Cotempla fully transitioned. As I touched on the past few quarters, the trends we talked about within the ADHD category continue to persist, including the supply disruptions for generic Adderall XR and various methylphenidate products, and several stimulant products have been discontinued altogether as of late. At least three generic manufacturers have discontinued their Adderall XR generics in the past few months, and another large generic manufacturer is no longer marketing its extended-release methylphenidate, so the problem continues. Just last month, I read a TIME Magazine article titled, 'One year later, where's all the Adderall?' The article highlights that October 12 marked one year since the FDA's formal announcement that pharmaceutical manufacturers weren't able to produce enough Adderall and other stimulants. This continuing dislocation has forced many of the 40-plus million ADHD patients nationwide to encounter refill delays or depleted pharmacy inventories and importantly, we continue to hear of these issues daily still. Without adequate access to these important meds, this large patient group continues to suffer from an inability to manage their ADHD symptoms, and this really wreaks havoc on a patient's day-to-day functioning. Overall, eight drug manufacturers have reported shortages of amphetamine, which also means that other major ADHD medications are now in short supply after prescribers turn to other treatment options for their patients. And again, some manufacturers have discontinued their stimulants altogether. As these shortages have continued, our team has done an exceptional job meeting the demands of patients, having maintained supply to meet the growing demand for both Adzenys and Cotempla. As a reminder, Adzenys, the only approved extended release ODT and amphetamine for the treatment of ADHD is approved as bioequivalent to Adderall XR. So our brand is well positioned to continue to capture additional share as the amphetamine mixed salt shortage remains. Cotempla is the only approved extended release ODT methylphenidate for the treatment of ADHD, which competes against Concerta and other methylphenidates and again, those products are experiencing shortages and discontinuations. We expect the ongoing ADHD supply situation to likely continue for the foreseeable future in some form or fashion. And with that, this creates a continuing opportunity for more and more patients and prescribers to get experience with Adzenys and Cotempla such that once they've tried our medicines in conjunction with an improved patient experience through Aytu RxConnect, they'll continue on these meds. And I should say, as it relates specifically to RxConnect, that it's not enough to simply have better products that fill a clinical need, which by the way we believe ours are and do. Today you need to couple your unique products, features and benefits with an improved experience for patients, caregivers, clinicians and their staff. One that brings predictability, consistency, transparency, convenience and cost-effectiveness. And with Aytu RxConnect, that's what we bring. And that's how we're winning with our products in today's competitive environment. Our Aytu RxConnect patient support program stands alone as truly best-in-class, and when clinicians and patients experience it, they like it. The growth we're seeing with our ADHD brands has been a testament to our manufacturing team's focus on meeting increased demand while managing the transition to the contract manufacturing organization, as well as our commercial team's strong execution and ability to showcase the benefits of our brand, and of course, our innovative Aytu RxConnect patient access platform. We believe more growth is in store for the ADHD brands given the ongoing ADHD stimulant disruptions. Our sales force's execution increases in new ADHD diagnoses and the continued refinement of our commercial tactics that complement and surround Aytu RxConnect. Within pediatrics, as communicated last quarter, we were impacted by payer changes that affected net revenue and scripts. Scripts were down 24% sequentially, although importantly, are still up over 2022 levels. However, due to the timing of customer ordering, revenues attributable to the multivitamin line decreased more appreciably. Scripts are stabilizing from the payer change, and once we've worked through the unit shipment slack in the system due to what was in the channel pre-payer change, we expect to get back to growth. Payer changes are a fact of life in pharma and not something that is unexpected to us or something that we don't know how to deal with. To the contrary, also, often when we experience a negative change with one payer, we'll see a positive change from another payer that often stands to offset it. We're seeing that here recently picking up coverage for the multivitamins with a different payer, and that is now starting to pay dividends. That is to say we fully expect that we'll get back to growth. Again, even with the payer impact, our multivitamin Q1 scripts are up over 15% from the fiscal ‘22 quarterly Rx average, and that's before we've begun to realize the benefits of many of the commercial strategies we're putting into place. And I'll remind you, inclusive of the ADHD brands, our overall Rx portfolio was up 13%, from a script count standpoint over the same quarter last year. We've implemented numerous strategies to further penetrate pediatric prescriptions from current writers and broaden our overall prescriber base in both new and existing geographies. Our expectation is for both script and revenue improvement in the pediatrics business to occur in the coming quarters. Again, the largest revenue impact in pediatrics is attributed to the timing of customer ordering and that's being worked through. Our initiatives to drive long-term shareholder value in the company by focusing on our Rx segment and the planned wind down of our consumer health segment are progressing according to plan. I personally couldn't be more optimistic about how well we're positioned. Our Rx segment had its segment adjusted EBITDA remain healthy at $2.4 million for the quarter, which when coupled with the improvement for the wind down of our Consumer Health segment and the discontinuation of our pipeline R&D activities saw our combined company-wide adjusted EBITDA improve by 32%. Adjusted EBITDA is a critical performance metric as we move forward, and I'm happy to say that adjusted EBITDA continues to hold strong with five of the last six quarters positive for the Rx segment and now two consecutive positive quarters company-wide. Our balance sheet remains strong with $20 million in cash at the end of September ‘23 and with a keen focus on driving growth and profitability in our Rx segment, I believe we're well positioned for success going forward. With that, let me now turn the call over to Mark to run through the numbers and some more detail.

Thank you, Josh, and welcome to everyone joining us on this call. Let's take a closer look at the financials starting with revenue. Net revenue for the first quarter of fiscal 2024 was $22.1 million, a decrease from $27.7 million in the first quarter of 2023, which aligns with our expectations due to the wind down of the Consumer Health segment and the resulting revenue decline. Looking at segment contributions, net revenue from Rx product sales in the 2024 fiscal first quarter was $17.8 million compared to $18.7 million in the same quarter last year. Our ADHD products experienced a 31% net revenue growth to $15.1 million in the 2024 first quarter compared to $11.6 million during last year's weaker quarter. This growth in ADHD sales was due to effective sales force execution, the implementation of various commercial strategies, and market share gains related to ongoing manufacturing and supply challenges at major ADHD product providers. Our quarterly ADHD written prescriptions increased by 20% year-over-year, providing insight into our near-term revenue prospects. Turning to our prescription pediatric portfolio, we saw a 61% decrease in net revenue to $2.61 million in the 2024 fiscal first quarter, down from $6.6 million in 2023. As Josh mentioned, this decline was largely due to the timing of orders for our prescription multivitamins following a payer change. If we adjust pediatric revenue to reflect actual prescription demand after the supply chain realigns, the revenue from pediatric Rx driven demand would have been around $4.4 million, which would have led to an increase in adjusted EBITDA of about $1.5 million. We are confident that we can return these multivitamin products to growth trends in the upcoming quarters. Despite the temporary revenue impact on multivitamins, we remained adjusted EBITDA positive for the quarter and have now recorded two consecutive quarters of positive adjusted EBITDA as a company. Adjusted EBITDA is our key performance metric, and we are pleased with our results. As we announced in June, we are winding down the Consumer Health segment to enhance corporate profitability. For the 2024 first quarter, net revenue from Consumer Health was $4.3 million compared to $9 million in the previous year, a 52% decline. Our objective is to sell off inventory, convert it to cash, and cease Consumer Health operations by the end of fiscal 2024. However, if a buyer emerges during this process, we would prefer to sell either a portion or all of the operations. As we continue the wind down, the chances of a partial or complete segment sale are diminishing. Overall, we expect the segment to be roughly adjusted EBITDA neutral in the next few quarters leading up to the end of our fiscal year. As noted before, we also have a small amount of other prescription revenue both this year and last, which comes from discontinued Rx products that are gradually fading out. In the 2024 first quarter, other revenue fell to $124,000 from $509,000 in the same quarter last year. We anticipate these amounts will continue to decline and eventually cease. Gross margins improved to 67% in the first quarter compared to 65% in the same quarter last year. The gross margins for the first quarter of 2024 benefited from strong ADHD sales growth, allowing for better overhead utilization at the Grand Prairie facility, along with significantly reduced lower-margin Consumer Health sales. However, despite the year-over-year improvement, gross margins were negatively affected by the decline in our higher-margin pediatric products portfolio. As we have mentioned each quarter, our business gross margin percentages can vary due to seasonal and other factors. Additionally, we are making progress with the manufacturing outsourcing of our ADHD products. A few weeks ago, we received FDA approval for the Cotempla PAS. This approval allows us to transfer the manufacturing of Cotempla to a third-party manufacturer, following a similar approval for Adzenys earlier this spring. With both Adzenys and Cotempla PAS approvals now secured, we expect to begin the initial ramp-up of contract manufacturing for both products in the current quarter. We anticipate that transferring production to the contract manufacturer, combined with our planned exit from operations at the Grand Prairie, Texas facility, will enable us to achieve improved margins for these ADHD products starting in calendar 2024. While we focus on enhancing margins, we remain attentive to patient needs. We are committed to a smooth transition of production to the new manufacturing facility over the coming months to ensure that adequate inventory is available to support the strong prescription growth for both Adzenys and Cotempla. Operating expenses, excluding impairment expenses, changes in contingent consideration, and amortization of intangible assets, were $15 million in the first quarter of 2024 compared to $18.5 million in the same quarter last year. This 19% reduction reflects our ongoing cost-cutting efforts and the decrease in sales and marketing expenses related to the Consumer Health segment. Research and development expenses were $604,000 in the first quarter of 2024, down from $1.1 million in the lighter quarter last year. The net loss for the first quarter of 2024 was $8.1 million, or $1.48 per share, compared to a loss of $701,000, or $0.28 per share, for the same quarter last year. The main reason for this increase was the fluctuation in non-cash expenses related to derivative warrant liabilities, which went from a $2.2 million gain in the first quarter last year to a $5.9 million loss this year, driven by the increase in our stock price. Despite this quarter's net loss, we achieved a positive adjusted EBITDA of $2.2 million, up 32% from $1.7 million in last year's first quarter. Cash and cash equivalents on June 30, 2023, stood at $20 million, down from $23 million a year earlier. We are comfortable with this cash level and believe our balance sheet forges a solid foundation for executing our corporate strategies, which we expect will lead from positive adjusted EBITDA to profitability. As many of you know, we do not provide forward guidance. We have streamlined our product lines to focus solely on our Rx products. We have received FDA PAS approvals to transition all ADHD production from our underutilized Grand Prairie facility to an outsourced and more efficient manufacturing partner. We continue to be optimistic about Aytu's positioning for fiscal 2024 and beyond. With that, I will turn the call over to Mark to discuss the numbers and provide more details.

Thanks, Mark. Let me just conclude where I started. I'm pleased with the results generated following the initiatives we have undertaken to position Aytu as a growing specialty pharmaceutical company focused on commercializing our novel therapeutics and providing patients with a much-improved access experience. We are executing, and I'm proud of the work the entire team has done to get us into this strong position. Our ADHD revenue, which represents the substantial majority of our go-forward business, was up 31% and was driven by the commercial team's strong execution and our ability to effectively leverage our innovative Aytu RxConnect platform. We have some work to do to fully address the impact from the payers surrounding pediatrics, and we're addressing it in real time. But as PEDS represents a relatively small component of our overall business and had a comparatively small impact on our overall business, particularly when you put the revenue decline in context around order timing and the normalization as we've spoken to. And again, even with that order timing issue and the corresponding revenue impact, we've reported our second consecutive quarter of company-wide positive adjusted EBITDA. And again, the fifth of the last six quarters of positive adjusted EBITDA specifically for our Rx segment. With $20 million in cash on the balance sheet, initiatives in place to drive script growth and continuing improvement in our gross margin and OpEx, and you couple that with a wind down of our consumer product segment that's happening now, I believe the profile of Aytu is becoming increasingly attractive to investors. I mentioned this last quarter, but it bears repeating. I understand the path here at Aytu has not always been straight, as it's not for almost every company. And not every quarter is going to set records, but in the long run, and as we execute on all the initiatives we've described, we will position Aytu as a strong operating company that drives meaningful cash flow. To that end, our focus and our objectives are clear, and we believe that there's a great opportunity going forward to drive shareholder value. We're laser-focused on that. I appreciate everyone's support and commitment to the future of Aytu, and I thank you for your time today. With that, I'll be happy to answer any questions.

Thank you. We will now begin the question-and-answer session. The first question comes from Naz Rahman with Maxim Group. Please go ahead.

Hi, everyone. Thanks for taking my question and congrats on all the progress. I actually have several questions if you don't mind. So first, I just want to start on the pediatric business, the multivitamin business specifically. Obviously, you said that you have the one-time impact due to payer changes, and you expect to return to growth. But when you return to growth, do you expect to return to like the same level of sales you were previously seeing like in the $6 million, $7 million range? Or do you just expect to return to growth from these levels?

To be determined now, but I would say generally speaking, I'm optimistic about at some point in the future being able to get back to where we were. And as I mentioned, sometimes when one payer change happens to the negative, you can get a positive on the other and we did see some improvement in an area outside of kind of our traditional footprints, so to speak, and that's starting to pay some dividends. So I'd like to think, and I think we collectively believe we can kind of get back to those historical levels, maybe not immediately, maybe not in the next quarter or two, but I think over the long term, yeah, I think we can get back to that being kind of in that range. It's not going to maybe be, again, in an immediate context, but I'm pretty optimistic that we can grow our way through it. I mean, look, I mean, fiscal ‘23, which for us ended back in June, was a significant growth year. And so even with this sort of drawback, so to speak, I mean, we're comfortably kind of at fiscal ‘22 levels. And so again, how quickly do we get back to those levels? We need to continue to work through some things. And again, never sort of a straight line. These changes, while you don't necessarily anticipate them in real time, you anticipate them in general. And the team really has done a good job putting a lot of things in place to get us back to growth. So I'm optimistic that in the long run, yeah, we can get back to those types of levels.

Thanks. That was very helpful. Now on the ADHD, I actually have several questions here if you don't mind. The first thing is on a high level, you talked about your script growth. Could you provide some more color and commentary on your prescriber growth? How much are you seeing additional prescriber growth versus just increase in scripts written per prescriber?

We're observing both new prescribers and existing prescribers increasing their prescribing levels, which is a positive indicator for our business. This trend began at the start of the calendar year, when we saw a notable rise in the number of prescribers. As they become more comfortable, not only are new prescribers prescribing more, but existing ones are also expanding their usage. This is not only in response to shortages but also due to their increased familiarity with RxConnect and its conveniences. It’s encouraging to see that we have a combination of both types of growth—deeper engagement with current prescribers and the addition of new ones. This growth is evident in areas where we have sales representation as well as in regions outside our established territories. It's great to see that prescribers are discovering Adzenys and Cotempla even without direct contact, thanks to our indirect marketing efforts aimed at attracting prescribers outside our usual markets.

Got it. That was very helpful. So due to the shortages, relatively recently, there were members of Congress that were, like, inquiring or investigating both the DEA and the FDA regarding the shortages. I believe the FDA and the DEA released a joint letter that they found or stated that manufacturers only sold 70% of their allocated quota, and there was about a billion of additional authorized doses that were produced or shipped. Do you have any comments or thoughts around what's going on here in terms of these inquiries and what also like shields Aytu from these issues or does it?

There is a lot to discuss, Naz, and I appreciate your question. You are correct that there has been substantial scrutiny of both the FDA and DEA regarding this matter. From our conversations with other companies, none of them have excess quota; they aren't holding any back. While some manufacturers may not be completely transparent, I can assure you that at Aytu, we are utilizing every bit of the quota we request. We’ve also successfully pursued additional quota and are maximizing our allocations. The issue is quite clear: there is a critical need for these products. Members of Congress and government agencies are understandably frustrated by the lack of access to essential treatments. This concern has escalated to a national level and reached Capitol Hill. I've been fortunate to engage with staff from various congressional offices to share our insight regarding the shortages and potential solutions. I'm proud to state that we are doing our part by producing as much Adzenys and Cotempla as we can to meet the demand. We have effectively sought additional quota, even though the process is rigorous and involves high data scrutiny from the DEA. We can show that our products are being distributed to meet real demand. We will continue to demonstrate this increasing need, which correlates with our requirement for more API quota. We have consistently managed to enhance our supply and secure more quota from the DEA. However, it seems unlikely that the situation will improve soon, which we see as an advantage, as we can step in to address these gaps.

Thank you for your thorough and detailed response on that topic. I have one final question regarding the ADHD business. Have you noticed a significant effect from the entrance of generic alternatives, or do you believe it could have a substantial impact on Aytu in the future?

That's a good question, Naz. The product is indeed a stimulant and was once the leading brand until it went off patent. We are observing a significant impact from the generics, which is affecting our business by cannibalizing it. However, this situation could also present opportunities, similar to what we've seen with Adderall generics. These generics often create confusion in the market; patients may switch from one generic to another, which could lead to different impacts from pharmacy benefit managers regarding contracts. There may be some noise around this situation. Any potential benefits we might gain would be upside, but we aren't specifically modeling this in our expectations for capturing additional market share. This situation highlights ongoing issues within the ADHD category, including inherent variability from different perspectives. For instance, there could be differences in clinical responses between one generic and another, especially concerning mixed salts or Adderall generics. There's also variability in what patients will pay at the pharmacy counter, regardless of when a drug goes generic. The patient experience can be unpredictable; how much medication they can obtain, whether they can get it filled promptly, and the price they will pay can all vary. Additionally, patients and physicians recognize that responses to different generics may differ. This emphasizes the need for something like RxConnect and the importance of having a brand prescribed because of the predictability it provides for patients. We are monitoring the situation and believe that we will succeed because all of these products present unique challenges, whether clinical, economic, or both.

Got it. Thank you. Thanks for answering my questions, and congrats on the progress.

Thanks, Naz.

Robert Blum: While you're polling, I want to jump in and ask Josh a question or two. Josh, you demonstrated impressive ADHD script growth this quarter again. How much of the 28% script growth do you attribute to category growth versus market share gains?

There's a significant amount of growth in our market share, which varies by month since the market experiences different growth rates throughout the year and tends to decline during the summer. A notable portion of our prescription growth comes from patients who would have otherwise used Adderall XR or other stimulants, and we see some of this with Cotempla as well. Even if we only matched the category growth, it would still be substantial. These prescription categories consistently show strong year-over-year growth. Although it's not as high as the growth we experienced coming out of the pandemic, the diagnoses of ADHD continue to rise, contributing to this consistent growth. I'm pleased to see that in certain regions, we've significantly increased our share compared to before the shortages. Overall, we have strong growth from both angles, and if we just kept pace with the market, that growth would still be solid. However, we are always aiming to exceed the market growth rate, and we observe this in various situations depending on the time periods being analyzed.

Got it. Josh, also during your prior comments, you spoke about the PAS approvals for both Adzenys and Cotempla that you received from the FDA. Do you have a specific timeline for the ramp up of the contract manufacturing? And on the other side, the eventual exit from your Grand Prairie facility?

Yeah. So the ramp-up, Roger, is really, it's happening now. Given the fact that we had at Adzenys, the PAS approved early in the year and just got the Cotempla PAS approved, the manufacturer has purchase orders in hand, is beginning the process of scaling up manufacturing. Those deals again are being sort of acted on, and we're happy to see that. We do have said almost by definition we'll be out of Grand Prairie sort of by the end of next year. The lease expires at the end of calendar 2024, and so certainly no later than that we would expect. And really the process will be essentially kind of a seesaw as we're producing, as we're increasing production levels at the CMO, we'll be decreasing production levels in Grand Prairie, Texas. But there will be a caveat to that, which is we need to make sure we don't do anything to interrupt supply. And so we're going to continue to build inventory in Texas, while the CMO is building their inventory. That will create some noisiness in the P&L, specifically as it relates to gross margin. You're not going to see an immediate step down in COGS, for example, because we're going to have to build supply really on both sides. But generally, expecting to be sort of fully exited by, kind of summer and into the fall, and then again, definitely out as it relates to the lease expiry, at the end of next calendar year. Everything's going very well. It really has gone according to plan. If we look at sort of how we cast things about a year ago, it's really on the same timeline that we had sort of presupposed back then, finishing sort of on budget. And so we're excited about the progress we're making there as we exit and obviously difficult to part ways with some of these longtime colleagues that have been working at the facility there for years, but we've implemented a really good communication plan I think we've been forthright along the way everybody's had a good heads up in terms of what the timing for their end of employment will be, and so we've got some of that some of that's already occurred something that's coming up here shortly. And then some of the separations will happen a little bit further down the road as we sort of fully start to exit the facility and close the doors.

Got it, Well, Josh, thank you. Let me turn it back to the operator. Operator, any additional Q&A?

We have no further questions in queue. I'd like to turn the call back to management for any closing remarks.

Great, thank you, John. Well, let me just say again, thanks to everyone for your time on the call today. Thanks for your interest in Aytu BioPharma. We are very, very pleased with the progress we've made to date or excited about where we're going. Really, my hat's off to the entire team at Aytu, a lot has gone on to enable this transformation. It's still underway. As I mentioned, it's not always a straight line, but we continue to really demonstrate solid progress across all of the initiatives that we've undertaken. Really proud of the growth that we're seeing, particularly as it relates to the ADHD brands. And we're really optimistic about how we're positioned here as we move forward. So until next time, thanks very much for your time. Thanks for your interest in Aytu BioPharma and have a good rest of the afternoon or evening. Thank you.

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.