Standex International - Q4 2023
August 4, 2023
Transcript
Operator (participant)
Good day, welcome to the Standex International Fiscal Fourth Quarter 2023 Financial Results Teleconference. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference over to Christopher Howe, Director of Investor Relations. Please go ahead.
Christopher Howe (Director of Investor Relations)
Thank you, operator, and good morning. Please note that the presentation accompanying management's remarks can be found on the investor relations portion of the company's website at www.standex.com. Please refer to Standex's Safe Harbor statement on slide two. Matters that Standex management will discuss on today's conference call include predictions, estimates, expectations, and other forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially. You should refer to Standex's most recent annual report on Form 10-K, as well as other SEC filings and public announcements for a detailed list of risk factors. In addition, I'd like to remind you that today's discussion will include references to the non-GAAP measures of EBIT, which is earnings before interest and taxes. Adjusted EBIT, which is EBIT excluding restructuring, purchase accounting, acquisition-related expenses, and one-time items.
EBITDA, which is earnings before interest, taxes, depreciation, and amortization. Adjusted EBITDA, which is EBITDA excluding restructuring, purchase accounting, acquisition-related expenses, and one-time items, EBITDA margin and adjusted EBITDA margin. We will also refer to other non-GAAP measures, including adjusted net income, adjusted operating income, adjusted net income from continuing operations, adjusted earnings per share, adjusted operating margin, free operating cash flow, and pro forma net debt to EBITDA. These non-GAAP financial measures are intended to serve as a complement to results provided in accordance with accounting principles generally accepted in the United States. Standex believes that such information provides an additional measurement and consistent historical comparison of the company's financial performance. On the call today is Standex's Chairman, President, and Chief Executive Officer, David Dunbar, and Chief Financial Officer and Treasurer, Ademir Sarcevic.
David Dunbar (Chairman, President, and CEO)
Thank you, Chris. Good morning, welcome to our Fiscal Fourth Quarter 2023 Conference Call. We are very pleased with the results, which completed a record fiscal year. We continued our trend of record operating margin performance. On the top line, sales into fast growth markets continued to accelerate, as did new products and new applications. I would like to thank our employees, our executives, and the board of directors for their efforts and continued dedication and support that drove our exceptional fiscal 2023 results. Now, if everyone can turn to slide three, key messages. In the fourth quarter, we reported 7.8% organic revenue growth year-over-year, led by our Electronics and Engraving business segments, which both exhibited double-digit organic growth.
Our long-term growth profile continues to improve as sales into fast growth end markets grew 67% year-on-year to $24 million in the fiscal Q4 2024. We anticipate this revenue stream to grow by greater than 20% in fiscal year 2024 to over $100 million. Profitability continues at record levels. The continued effectiveness of our price and productivity actions, combined with the lower freight costs, help us achieve a ninth consecutive quarter of record adjusted operating margin. Consolidated adjusted operating margin of 15.4% in fiscal Q4 2023 was a 150 basis point increase year-on-year. Our margin expansion was driven by our Engraving, Scientific, and Specialty Solutions business segments, while our largest segment, Electronics, had relatively stable margin.
Three of our five segments reported operating margin greater than 20%, with our Engraving segment approaching 20% margin. With free cash flow of $32.8 million in the quarter, our net cash position as of June 30th was $22.3 million. We had approximately $372 million of available liquidity to invest in our healthy funnel of organic growth and acquisition opportunities. Ademir will discuss our financial performance, liquidity position, and capital allocation in greater detail later in the call. We are also very pleased to see continued improvement in our ROIC. ROIC of 12.4% in fiscal 2023 improved 130 basis points year-on-year. In fiscal 2024, we expect high single-digit sales growth. We also expect continued margin expansion ahead of our long-term outlook.
These expectations are based on operating improvements achieved in fiscal 2023, planned productivity initiatives for fiscal 2024, increased contribution from new products and applications, continued acceleration of our fast growth end markets, and a more stable economic environment. On a year-on-year basis, in fiscal first quarter 2024, we expect a slight increase in revenue as strong organic growth in Engraving and the contribution from Minntronix help to offset a slow recovery in China and Europe markets served by Electronics and the impact of the Procon divestiture. On a sequential basis, we expect slightly lower revenue as the contribution from our Minntronix acquisition offsets unfavorable project timing in Engineering Technologies and a continued slow recovery in China and Europe markets served by Electronics. We expect similar to slightly higher adjusted operating margins compared to fiscal fourth quarter 2023.
We reaffirm our long-term financial outlook by fiscal year 2028. These targets include high single-digit organic growth to greater than $1 billion in sales, adjusted operating margin greater than 19%, return on invested capital of greater than 15%, and free cash flow conversion at approximately 100% of GAAP net income. Let's turn to slide four, highlights from our Minntronix acquisition. We announced earlier this week that we acquired Minntronix. There are specific strategic and financial criteria we look for in an acquisition, like complementary products, attractive end markets, a defensible competitive advantage, and cultural fit. Minntronix has many of these attributes, and we are excited to welcome their team to Standex. Let me begin with an overview of the company.
Founded in 1990 and based in South Dakota, Minntronix designs and manufactures customized as well as standard magnetics components and products for cable fiber, smart meters, industrial control and lighting, electric vehicles, and home security markets. More broadly speaking, these component and product applications fit within certain fast-growing end markets like 5G, smart grid, and industrial automation. The purchase price was approximately $30 million. This implies a transaction multiple of approximately 8.5x the last 12 months, ended June 2023, EBITDA. We expect the acquisition to be accretive to earnings per share and to achieve a double-digit return on invested capital in our first full year of ownership.
The divestiture of Procon for $70 million, followed by the acquisition of Minntronix for $30 million, represents an effective round trip of cash, as Minntronix sales and operating income contributions effectively re-replace Procon sales and operating income in year one of ownership, with further upside potential in the years ahead. We were attracted to Minntronix for its highly complementary customer base and product line, its engineering talent and resources that provide a seamless cultural fit, and for its participation in attractive end markets. We are excited to welcome the team to Standex and anticipate that during the integration, we will discover additional opportunities to create value, as we have done with our previous acquisitions. I will now turn the call over to Ademir to discuss our financial performance in greater detail.
Ademir Sarcevic (VP, CFO, and Treasurer)
Thank you, David. Good morning, everyone. Let's turn to slide five, fourth quarter 2023 summary. On a consolidated basis, total revenue increased 1.9% year-on-year to $188.3 million. This reflects organic revenue growth of 7.8%, offset by a 5% impact from the Procon divestiture and a 0.8% impact from foreign exchange. Fourth quarter 2023 adjusted operating margin increased 150 basis points year-on-year to 15.4%, our highest adjusted operating margin in company history. Our adjusted operating income grew approximately 13.2% on a 1.9% consolidated revenue increase year-on-year.
Adjusted earnings per share were $1.76 in the fourth quarter of fiscal 2023, compared to $1.54 a year ago, approximately 14.3% growth year-over-year. Net cash provided by operating activities was $40.4 million in the fourth quarter of 2023, compared to $29.5 million a year ago. Capital expenditures were $7.6 million, compared to $10.8 million a year ago. As a result, free cash flow was $32.8 million in fiscal fourth quarter 2023, compared to free cash flow of approximately $18.7 million a year ago. Please turn to slide six. I will begin to discuss our segment performance and outlook, beginning with Electronics.
Segment revenue of $79.9 million increased 11.1% year-on-year, as an organic increase of 12.3% was partially offset by a 1.2% negative impact from foreign exchange. Although softness in appliances and distribution end markets in China and Europe remains, industrial automation, power management, renewable energy, and EV-related markets remain robust across our regions. Adjusted operating margin of 21% in fiscal fourth quarter 2023 decreased 150 basis points year-on-year, as the contribution from higher sales and pricing and productivity initiatives were more than offset by unfavorable mix, inflation, and higher R&D investments. Sequentially, we expect slightly higher revenue in fiscal first quarter 2024, as the contribution from Minntronix and higher sales into fast growth markets are partially offset by a continued slow recovery in China and Europe.
We expect similar operating margin on a sequential basis, reflecting a similar product mix. As we move through calendar year 2024, we believe Electronics will start to reflect more typical organic growth rates on a run rate basis, bearing any unforeseen economic disruptions. Please turn to slide seven for a discussion of the Engraving and Scientific segments. Engraving revenue increased 14% to $42.4 million, as organic growth of 15.5% was partially offset by 1.4% headwind from foreign exchange. Organic growth was driven by strong demand in Europe and growth in software applications in Asia. Operating margin of 18.6% in fiscal fourth quarter, 2023, increased 240 basis points year-on-year, due to higher sales and realization of productivity actions.
In our next fiscal quarter, on a sequential basis, we expect slightly lower revenue, reflecting timing of customer projects and slightly higher operating margin. In addition, we continue to look for opportunities to enhance the long-term margin profile of Engraving. As such, we have initiated site consolidation projects in Detroit area and in Germany, which will improve customer service and capacity utilization as we go from two to one site in each of these geographies. These consolidations will result in approximately $3 million of restructuring costs in fiscal 2024, with a payback expected within two years. We anticipate starting to realize the benefits of these projects in our fiscal fourth quarter, 2024. Scientific revenue decreased 2.6% to $18.3 million, as higher sales into research and academic end markets were offset by lower demand for COVID-19 vaccine storage.
Operating margin of 25.5% increased 570 basis points year-on-year due to lower freight costs and realization of productivity actions. On a sequential basis, in fiscal first quarter, 2024, we expect similar revenue and operating margin. Now turn to slide eight for a discussion of the Engineering Technologies and Specialty Solutions segments. Engineering Technologies revenue of $21.8 million increased 1.3% year-on-year. Operating margin of 14.2% decreased 80 basis points year-on-year, as an increase in the number of new platform development projects were mostly offset by productivity initiatives. In fiscal first quarter, 2024, on a sequential basis, we expect a significant decrease in revenue reflecting customer timing of projects.
We expect a slight to moderate decrease in operating margin as productivity initiatives mostly offset the impact of volume decline and a higher mix of development projects. The long-term demand for this segment remain robust. The current backlog and the new platform development funnel are expected to provide a solid foundation for growth in the second half of fiscal 2024 and beyond. Our Specialty Solutions revenue of $25.9 million decreased 26.6% year-on-year, as the Procon divestiture and the organic decline in the hydraulics business were partially offset by organic growth in the display merchandising business. On a pro forma basis, excluding Procon, revenue decreased $0.6 million, or 2.1% year-on-year.
Operating margin increased significantly to 24.8% from 15.3% a year ago, driven by higher sales in the display merchandising business, realization of pricing initiatives, and higher mix of aftermarket sales and operational improvements in the hydraulics business. In fiscal first quarter 2024, on a sequential basis, we expect a slight decrease in revenue and operating margin. Next, please turn to slide nine for a summary of Standex's liquidity statistics and the capitalization structure, which remains strong. Standex ended fiscal fourth quarter 2023 with $372 million of available liquidity, an increase of approximately $59 million from the prior year. At the end of the fourth quarter, Standex had net cash of $22 million, compared to net debt of $70 million at the end of fiscal 2022.
Standex's long-term debt at the end of fiscal fourth quarter 2023 was $173.4 million. Cash and cash equivalents totaled $195.7 million. With regards to capital allocation, we repurchased approximately 50,900 shares for $7 million in the fourth quarter. We also declared our 236th quarterly cash dividend of $0.28 per share and approximately 7.7% increase year-on-year. In fiscal year 2024, we expect capital expenditures to be between $35 million and $40 million, compared to approximately $24 million in fiscal 2023. I will now turn the call over to David to discuss our key takeaways from our fourth quarter results.
David Dunbar (Chairman, President, and CEO)
Thank you, Ademir. Please turn to slide 10. Standex is in a strong position to deliver solid organic growth as an operating company, driven by accelerating activity and demand within our fast growth end markets. We're excited about the development of these opportunities. I'm proud of our team for our record fiscal performance that was driven by our operational execution and by the continued progress of our growth efforts. For fiscal 2023, we achieved several record milestones that include gross margin, adjusted operating margin, adjusted earnings per share, and free cash flow. In fiscal 2024, we expect high single-digit sales growth. We also expect continued margin expansion ahead of our long-term outlook. We anticipate our fast growth markets to continue to progress towards our fast growth markets revenue target of $200 million+ by fiscal 2028.
Our regional presence, strong customer relationships, and disciplined approach to pricing and productivity continue to provide protection from supply chain challenges and inflation. As a result, we are confident we will continue to deliver sustainable, profitable growth through this environment. Our strong balance sheet allows us to continue to pursue additional inorganic investments complementary to our strategy. We will now open the line for questions.
Operator (participant)
We will now begin the question and answer session. To ask a question, you may press star, then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. The first question today comes from Chris Moore with CJS Securities. Please go ahead.
Chris Moore (Senior Analyst)
Hey, good morning, guys. Thanks for taking a couple of questions.
David Dunbar (Chairman, President, and CEO)
Morning, Chris.
Chris Moore (Senior Analyst)
Good morning. Specialty Solutions operating margin 24.8%. Is that sustainable in the low 20s over the long term?
David Dunbar (Chairman, President, and CEO)
Absolutely. I... One of the unsung heroes in this, in the company right now is our display merchandising business. 26% of their sales are coming from new products. They're getting into some new markets, new product categories. So they have had a fantastic year, and that is sustainable because of the new products and the new market presence. Then hydraulics business, they've got a solid end market outlook with infrastructure investment in the coming years in North America.
Chris Moore (Senior Analyst)
Got it. Very helpful. maybe just talk a little bit about the fiscal 2024 cadence that you will need to get to the high single-digit growth that you're talking about for this year.
Ademir Sarcevic (VP, CFO, and Treasurer)
Yeah. Hi, Chris. It's, good morning, it's Ademir. If you kind of our, our high single-digit sales growth assumes two points inorganically that we're going to get from the Minntronix acquisition, or the benefits of the Minntronix acquisition, once you take out Procon, kind of on a net basis, and kind of mid to high, mid single-digit organic growth for the corporation. That, that's the math, that's the math behind it. You know, for the most part, we see a healthy end market. You know, we do see some softness in China and Europe, specifically for Electronics. You know, we think that that's going to get resolved over the next, over the upcoming quarters.
Everything else remains healthy, and then we are very optimistic and, and, and bullish about our fast growth and market exposure and the growth we are seeing there, and that's kind of the, the math behind it.
Chris Moore (Senior Analyst)
Is the growth a little bit, back half loaded, you think?
David Dunbar (Chairman, President, and CEO)
It depends on the business. You know, Engraving is solid and, and they have a lot of momentum coming into this year. Engineering Technologies backlog would lead to more shipments in the back half of the year, but we have great visibility to that. We are seeing some softness in Electronics and appliances, consumer good related shipments in China and Europe. We're, we're anticipating that will start to pick up in the back half of the year. Then throughout, there's this overlay of fast growth, the, what we call the fast growth markets, which was about $83 million last year. That'll grow to $100 million this year, and that's pretty steady quarter after quarter. If you add all those things up, it's, there, there will be relatively more, a little more growth in the, in the second half.
Chris Moore (Senior Analyst)
Got it. Maybe I'll just sneak one more in. We just closed the Minntronix deal. It looks like a nice fit. Maybe just update.
David Dunbar (Chairman, President, and CEO)
Yeah
Chris Moore (Senior Analyst)
The M&A funnel a little, little bit in terms of, you know, what you're seeing in the market and, and, you know, your, your thoughts there.
David Dunbar (Chairman, President, and CEO)
Yeah, well, there's, there's two kinds of, two kinds of funnels we have. We have, we have kind of family-owned businesses, privately owned businesses like Minntronix, there are, there are quite a few out there. We have relationships with many of them. The timing is hard to predict because the owners sell for their own reasons at their own times. In fact, this Minntronix opportunity, you know, we've known Lou, I mean, the president of our Electronics business, John, has known Lou for decades, Lou called John earlier this year and said, "I think I'm ready," and it came together in a few months. It's a little hard to predict the timing, but we, we think we are well-positioned for others. You know, there are a few out there that could be actionable in the coming quarters.
The second category of opportunities are larger, larger deals, and we would love to bring in $100 million or $200 million of sales in a single acquisition. That's been relatively quiet in, in the last year in terms of deals, although we are getting to know the owners, we're putting ourselves in a position to be included in those processes when they come. It appear we're getting signs there are a few of those that, that may come to market, in the second half of this year. I'd call it a good and robust funnel, both on the low end and the, and the high end.
Chris Moore (Senior Analyst)
Terrific. Very helpful. I, I'll leave it there. Thanks, guys.
David Dunbar (Chairman, President, and CEO)
Thank you, Chris.
Ademir Sarcevic (VP, CFO, and Treasurer)
Bye, Chris.
Operator (participant)
The next question comes from Michael Legg with Benchmark. Please go ahead.
Michael Legg (Managing Director)
Thanks. Good morning. Congrats on the great quarter.
David Dunbar (Chairman, President, and CEO)
Thank you.
Michael Legg (Managing Director)
Can you comment a little bit on how much of the 7.8% revenue growth was related to pricing increases?
Ademir Sarcevic (VP, CFO, and Treasurer)
Mike, you know, kind of in general terms, we would, we would probably say about, you know, half to two-thirds is volume, one-third to half, depending on the quarter, is pricing, but most of it, more of it is volume than price.
Michael Legg (Managing Director)
Okay, great. Then, you know, it seems like everything's going pretty well for all the segments. What are you seeing from a weakness perspective, and what type of opportunities would you see from that side?
David Dunbar (Chairman, President, and CEO)
Well, in terms of market, I, I, the one, we call out the, the weakness in appliances, and consumer goods in Europe and China. We think that'll be upside towards the tail end of the year. Other weakness? I don't know. I come in.
Ademir Sarcevic (VP, CFO, and Treasurer)
No, I mean, I think Mike, we see more, we see more strengths and weaknesses kind of at the end market that we play in. You know, we, for example, our magnetics business plays in the U.S., you know, in the North American end market for the most part, and that's been robust. You know, our Engraving end markets are pretty robust. You know, it's kind of, as we kind of look at the markets across the, across the globe that we serve, we feel, we feel pretty good about the overall health of that.
David Dunbar (Chairman, President, and CEO)
I guess I would add, I mean, I, as you know, it's just we have a lot of businesses, and they serve different, different end markets. You know, if you look at more pure play electronics companies that have reported in the last week or so, they're seeing some softness, they're seeing some, there's some inventory stocking, destocking, especially in components. We're seeing that too, but that's a smaller part of our business, so it doesn't, it doesn't really affect the top line as much. We're seeing the same effects as others. We've got this fast growth market going from $80 million-$100 million. We're very confident in that. The ETG backlog in the second half is very strong.
Those things I mentioned earlier with Chris, I think when you add it all up, makes for a, you know, a healthy mix of end markets.
Michael Legg (Managing Director)
Okay, great. Congrats on the quarter. Thank you.
David Dunbar (Chairman, President, and CEO)
Yeah. Thank you, Mike.
Ademir Sarcevic (VP, CFO, and Treasurer)
Thank you.
Operator (participant)
As a reminder, if you wish to ask a question, please press star, then one to enter the question queue. The next question comes from Gary Prestopino with Barrington Research. Please go ahead.
Gary Prestopino (Managing Director)
Hey, good morning, Dave and Ademir. Adam, I just wanna, I just wanna clarify. You said embedded in your guidance is mid to high single-digit organic growth for 2024 on the top line?
Ademir Sarcevic (VP, CFO, and Treasurer)
Correct.
Gary Prestopino (Managing Director)
Okay. That's constant currency, right?
Ademir Sarcevic (VP, CFO, and Treasurer)
Correct.
Gary Prestopino (Managing Director)
Okay. Can you talk about, with this Minntronix acquisition, how you can leverage their products and their platform to drive increased growth within that legacy business and, you know, within your business itself?
David Dunbar (Chairman, President, and CEO)
Well, in the last few years, we've, we've acquired Agile, Renco, Northlake, other magnetics businesses, our experience is that we, we've added about 10 points to the, to the sales of each of those business with the sales synergies that have come from offering their products through our existing channels. They are each of those businesses also, I don't know, sell, if you add it up, a few million dollars from our other Electronics business. We're still getting to know Minntronix, the specific accounts, the specific applications, but our expectation is that over the next, next couple of years, we'll be adding some, you know, $2 million-$5 million of sales synergies from that, just based on the same experience with other. I can't name, I can't name accounts and applications today.
Gary Prestopino (Managing Director)
No, I understand that. I mean, was Minntronix, selling outside of the U.S., and that's one of the things that you can do, is carry them, their, their business outside of the U.S. or North America?
David Dunbar (Chairman, President, and CEO)
You know what? They, they have a sales model, it's very similar to ours. They, they work with engineering teams in America, and they, they secure the business in America with the application expertise and the application design. Some of the ship-to address actually is in, is in China and in other, in other regions, primarily China and North America, but the customer decision is made here in North America. We, a hypothesis is we can help them get into customers in Europe and some additional customers in Asia and China. We have more reach than they do there.
Ademir Sarcevic (VP, CFO, and Treasurer)
Yeah, and their, their customer relationships are extremely strong, Gary. I mean, that whole customer intimacy model we compete on, Minntronix is right there with us, and that's one of the things that attracted us to them. You know, I think as a combination of two companies, we'll be able to They'll be able to help us, and we'll be able to help them and then kind of move forward.
Gary Prestopino (Managing Director)
Okay. Then, this was just a prompt. I mean, I assume that this was maybe a family-run business, and the gentleman that was running it, as you said, just said, "I'm ready to sell." Is that-
David Dunbar (Chairman, President, and CEO)
Yep. Yeah, yeah, that's right. I-- If I could just interject one thing. We did make the point during the call that, you know, with the sale of Procon earlier, we had $70 million in proceeds. This was a $30 million acquisition. We more than replaced the sales and the operating income from Procon with growth opportunity. We can also improve the profitability of this business based on our experience with, with the other businesses. We think we're, we're well positioned with some other privately owned businesses in America. At some point, we'll do the, we'll do the same. This, this is a good example of what has been a classic Standex acquisition. As I mentioned earlier to Chris's question, I think, you know, we're, we're positioning ourselves for some larger, larger opportunities.
Gary Prestopino (Managing Director)
I guess just, just in general, the, well, not to beat a dead horse here, but, you know, with a lot of these acquisitions, if you're actually competing with some of these smaller companies, are they starting to see the handwriting on the wall in terms of that you're getting bigger, you know, bigger presence, more geographic spread? And that-
David Dunbar (Chairman, President, and CEO)
Well, I guess there's two aspects.
Gary Prestopino (Managing Director)
Go ahead.
David Dunbar (Chairman, President, and CEO)
We-
Gary Prestopino (Managing Director)
I'm sorry.
David Dunbar (Chairman, President, and CEO)
Yeah, first of all, we have a great reputation in the market. These family-owned businesses, there are other companies, other larger companies acquiring companies like them. I would say we're very proud of our reputation. We think we get the first phone call. In terms of being competitors, the interesting thing about Minntronix is this magnetics business is really a customer intimacy business. The relationship that the engineers have with the OEMs is really important. It creates a long-term relationship, we only compete on the fringes, frankly, with Minntronix. We have competed on some new applications with them over time. We have some similar capabilities, this magnetics market is characterized more by who has what customer relationships and who has what industry expertise.
Minntronix brings us knowledge of some smart grid applications we, we weren't so strong in, and especially in 5G design. There's less of a competitive issue there. However, in general, your statement is true that these smaller family-owned businesses, they see some consolidation going on in the industry, and they're, they're, they're getting themselves in a position where they're going to have to choose, you know, who they align with.
Gary Prestopino (Managing Director)
Okay. Thank you very much.
David Dunbar (Chairman, President, and CEO)
Yeah. Thank you, Gary.
Ademir Sarcevic (VP, CFO, and Treasurer)
Thanks, Gary.
Operator (participant)
Once again, if you wish to ask a question, please press star, then one to enter the question queue. That's star, then one to ask a question. This concludes our question and answer session. I would like to turn the conference back over to David Dunbar for any closing remarks.
David Dunbar (Chairman, President, and CEO)
Thank you. I want to thank everybody for joining us for the call today. We enjoy reporting on our progress at Standex. Finally, again, I want to thank our employees and shareholders for your continued support and contributions. We look forward to speaking with you again in our fiscal first quarter 2024 call.
Operator (participant)
The conference is now concluded. Thanking you for attending today's presentation. You may now disconnect.