BioLargo, Inc.
Q3 2023 Earnings Call Transcript

Published: 20 Nov 2023

[Operator:]

Greetings. Welcome to the BioLargo Third Quarter 2023 Earnings Results Conference Call. At this time, all participants have been placed on a listen-only mode. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to your host, Brian Loper. You may begin.

[Brian Loper:]

Thank you, operator. Good afternoon, everyone, and welcome to BioLargo's Q3 2023 quarterly results conference call. By now, everyone should have had access to the earnings press release, which was issued last Wednesday, prior to market open and the 10-Q report filed with the SEC. This call is being webcast and is available for replay. In our remarks today, we may include statements that are considered forward-looking within the meanings of securities laws, including forward-looking statements about future results of operations, business strategies and plans, our relationships with our customers, market and potential growth opportunities. In addition, management may make additional forward-looking statements in response to your questions. Forward-looking statements are based on management's current knowledge and expectations as of today and are subject to certain risks and uncertainties and may cause the actual results to differ materially from the forward-looking statements. A detailed discussion of such risks and uncertainties are contained in our most recent Form 10-K, 10-Q and other reports filed with the SEC. The company undertakes no obligation to update any forward-looking statements. And with that, I will now hand the call over to BioLargo's Chief Executive Officer, Dennis Calvert.

[Dennis Calvert:]

Brian, thank you very much, everyone. We appreciate your time and attention. And we got a great story to share a great quarter and a great story going forward. So we're going to cover a lot pretty quick. BioLargo, we make life better. It's a purposeful mission with special, better solutions for air water and energy. And we deploy a strategy of invention, invent it, prove it and partner it. And each of those we're going to describe in great details as we talk about our business development and how the business is proceeding. Brian so eloquently covered the safe harbor statements. And so you're well aware of that. We will be talking about forward-looking statements urge everyone to rely on the decay in the queue for the detailed risk factors. And also, once in a while, ever if you need more information, we also have a newsletter, make sure we get your e-mail, go to our block or reach out to [e-mail], alex@biolargo, let's make sure you are on that list because we do put a lot of information out. We want everybody in tune with the progress. So who are we? We're science and engineers, entrepreneurs, passionate about making a difference driven to make life better, focus on sustainable innovation, sustainable innovation. That's the key, okay? We focus on best-in-class solutions. It's really critical, best-in-class. All of the innovation that we focus on, the ones where we really pour our heart and soul, money into is focused on high impact as a potential to disrupt the market, highly intensive engineering, lots of engineering going on and science. And of course, we focus on problems that don't have good solutions, good solutions is the key, right? We do it better. And the portfolio of the company acts like an innovation engine. We've been innovating now for over 16 years. We have 8 technologies, 4 commercial units. We've got an engineering group called BioLargo Engineering, Science and Technology. We also have an R&D group called BioLargo Water headquartered in Edmonton, Canada on campus of the University of Alberta, a group that's received over 100 grants, and counting. Then we have 4 operating units, and these operating units are really focused on commercializing our technology

[Brian Loper:]

Looks like we lost Dennis -- let me see if I can get them reconnected. We do have some great questions. If you do have a question, please type it into the chat. Dennis you there?

[Dennis Calvert:]

Yes, there you go. Yes, no problem. Can you hear me okay?

[Brian Loper:]

Yes. Now I can hear you.

[Dennis Calvert:]

I must have lost everybody. That’s probably because I'm talking too much. Let's do this. Let's wind it down. There's a bunch of questions you may have. I'm happy to field them. And again, I want to let everybody know this is the best time in the history of the company. And we believe that as hard as it was to get here, we believe success will be that much sweeter for everyone, not just the company, but stockholders and the performance going forward. The question at the moment is our market going to reflect our underlying true value. Well, we certainly believe it can and it should. I think getting this -- we're witnessing some of the difficulty being on the inefficient market, OTC markets inefficient, that means at any given moment. The buyers and sellers may not match up with a high volume, high flow. We don't have institutional support. 95%, 98% of the world's money is not going to invest in our company, right? You got to get that to a national listing. And we want to do that when we're strong and powerful and not needy, and that time is coming. That time is coming. As we turn to profitability and start accumulating cash from operations those opportunities expand exponentially. And again, when we go back to that thesis of where we add in all the commercial development, the most difficult, painful work is behind us. Now we get to reap the fruit of those investments. So let's open to questions.

[A - Brian Loper:]

All right. Thank you very much, Dennis. Certainly, an exciting time by Largo. It's great to see those financial charts moving up into the right. The pictures of Oak Ridge 2 looks really cool. I'd like to go check out your facility sometimes. Thank you for sharing that.

[Dennis Calvert:]

Yes.

[Brian Loper:]

Let's bring up the hard question first. So an investor writes here, so many of our projects, AEC, MLP, [W2E] and now maybe Clyra, to name a few, have not met revenue timelines that we originally thought for various reasons. Is there anything we might do differently to make this the exception rather than a norm?

[Dennis Calvert:]

Yes, that's a good question. Well, we've done some of that. I mean that is like a million-dollar question. So yes, so here's the answer. What we did with ONM was we went vertical, and we became a solution provider in an industrial market, and we found success, right? It was hard one, I will point out. I mean, incredibly difficult. But we did it. And we -- when we started, we said, we'll never be in the misting system business. And now we can make a misting system in 20 different ways because the duty is not anything, and we had to do it. And then we said we had built out manufacturing infrastructure and service infrastructure and tax and all this -- all this vertical work to be able to provide a solution. Okay. That's what companies do when they don't want to depend on a partner, okay? So the choice is expensive. If you said, look, we're just going to go do it all ourselves for Clyra, then the amount of capital that's required is going to go up so dramatically and the risk of execution is dramatic and the time is dramatic. And so -- right? So what we -- in fact, we're facing that right now with Clyra. What happens is, do we want to go out and build a $200 million sales force? We can. It's not rocket science. Or do we want to launch with a global multinational. And the answer is you want to launch with a global multinational. If you can get that done. Now getting that done is not easy, but let me tell you when it happens, the yields is multiples of what it would be we did ourselves. And the capital requirement is a fraction. So I think it's the right strategy. Unfortunately, it also means that you become dependent on partners some of these partners move faster, some are quicker. But when you hit it right, like a Pooph, it's dramatic. And I think that's what's going to happen with Clyra. I also think that's going to happen with PFAS. We're the food chain of potential partners for us in these companies, including the battery is at the highest level because the innovations that we now have the full support of internally knowledge, talent, engineering, science is so high that we can compete at the highest level. And so I think it's getting easier and I wish it was faster. So there you go. I hope that answers your question.

[Brian Loper:]

Yes. Yes. Well, as a follow-up to that, what product do you see as the next revenue stream? And what is the approximate realistic timing.

[Dennis Calvert:]

Well, yes, I mean, yes, that's a good question. So of course, we have the owner VOC products, it's a whole family of products that's going -- that's already the market already generating cash flow and really having taken the company to profitability. Clyra is commercial. Doesn't have dramatic sales yet, but we have a major partnership. So let's assume that could happen in Q1. If it happens in Q1, you're probably looking at another 6 months before you're really going to see the financial implication but it's so big, it didn't matter. I just want to be clear. It doesn't matter. It's so big, it doesn't matter. It will eclipse everything that we've done. And so we think it's worthy to play the game at that level, and we believe we'll be successful. So equipment. The PFAS projects, we've been talking about that for over a year and we finally got our first one. The first project is probably in around the $0.5 million range, just so we're clear. And we've got a number of projects that are on our table in final pricing and scoping with customers saying they want to do it, not in formal execution mode yet, but close. All in, that's probably $7 million to $10 million worth of business. That $7 million to $10 million where the business probably spread out over the course of about a year. When you get an engagement, you're probably 6 to 9 months minimum before you actually get an installation. And we generally price ourselves with payment terms that are 1/3, 1/3 and 1/3. So if you get big projects, they're going to take you a year, you're probably 1.5 year spread out over the revenue, but you've got multiple of them going at any given time. Battery is pretty basic. You make batteries, you sell them. or you take your batteries that you make and you go in the business of providing storage and providing storage is a very interesting opportunity for us because we have such a significant value and price advantage for fixed line storage. It's also highly subsidized. There's a 30% tax credit for batteries. In California, if you're going to install a solar panel, it's required to have a battery now. Okay. So do you want an expensive battery that has runway fire risk or would you like one that's domestic supplies last longer, lower costs and more energy. Well, that would be us. So it's a better battery for fixed site, better batteries. So again, all of that so much. I think the way to judge this company is are we finding early market commercial adoption and then the question is how rapid can we secure partnerships to really see these things expand. And I think what we're witnessing in PFAS is a good testimony to that. Also, while Clyra has taken a long time, the stakes are so high. And I want to remind everybody that Clyra, on its board, if you go to the Clyra website, clyramedical.com. You'll see that we have Linda Park, Head of Licensing or Edwards Lifesciences; and Nick Valeriani, former CEO of Johnson & Johnson Wound Care. When we sit with folks like this and look at our exact position they point out to us that we are competing at the highest level in the industry with the top players in the world who will adopt, co-brand and launch product with us. And what we should do is we should do what everything asks us to do. Okay? And that's what we're doing. We're going to give them a tool that will allow them to capture the market, and be #1. And if we're doing #1, that's how you do it. And everyone we've talked about here is the potential number one. So let's get in a position with the right partner and the mono. And I know time is our enemy, but we're in a business now that requires extraordinary excellence in science and claims and data and regulatory. And so we've derisked them so far that now we're seeking partners that can move faster, and we're getting it. So again, we hate the delay, but I can testify that it's worth it.

[Brian Loper:]

Great. On to the batteries. So the batteries you guys are creating is already accepted in the market as an alternative to lithium? Or is it viewed as like a concept? Will there be some type of compliance hurdle?

[Dennis Calvert:]

Well, again, there's always hurdles. So yes, I mean, innovation is -- the nature of innovation is who are you? Where do you come from? And why should I buy your stuff? I mean it's always there. Sure. The technology of sodium sulfur is not new, it is over 80 years old. And we point out that CATL, we're the leading suppliers of batteries out of China has a sodium sulfur battery. And people that are in the industry, technologists that are in the industry recognize sodium sulfur is having advantages over lithium, namely exactly what we said, higher energy density, no runway fire risk. So that's safer. It's a safer battery. Okay. A lot of people do cellular sulfur, but they add other ingredients that are rare earth elements. We don't need to do that. That's unique. And I asked -- when we started this whole thing with our engineers, I said to Randy, I asked him, why is this group could make this happen? What is it that made the special sauce? And this is really important. Because here's the answer. Randy. Randy Moore. They did the work. They did the work, 8 years work. They did 8 years of work, okay? They experimented with all the different chemistries and the designs, optimize the design to make it functional for a fixed site battery. And so we got to piggyback that 8 years of R&D and come into building manufacturing. I mean it's crazy, and it's really good. And so yes, we'll be face objections. Sure. Everybody is selling competing wearers. So yes, I can tell you from my personal experience in the field, looking at projects, mega partners, the general response we get is when will you be ready? So when that's the first? And how many can you make? And how much are they? That's it. They don't say, I don't believe you. what they say is, I'll take them. When are you going to be ready? And so right? So our challenge is to first make batteries. And what we found ourselves doing talking about ideas and not batteries. Well, it's this battery. Well show me one. Well, okay, and we're making batteries. Once we right? So then we test them and we go through a process of vetting and we bid on projects. And listen, I was just -- just to give you an order of magnitude, the batteries that are incorporated into battery farms, for example. So let's say you have a solar offtake, that seller needs to back up to optimize the solar, right? You don't want to be loaded it all into the grid. You may be able to try grid scale storage for the public utility that's for the power company. They can move your electrons into your batteries. That's a good business. The order of magnitude, when you talk about a 500-megawatt plant, 500-megawatt or gigawatt when you look at these batteries, that's about $200-plus million worth of batteries. I mean you got to sort of get your head around that this is large scale, long duration energy storage in the most prolific expansion of the electrification of the world in the history of the world. That's what we're talking about. So the other day, I was with the project and they said they've got a massive 1,700 acre solar farm to installing and they said, there's a 3.5-year backup in Tesla, 3.5 years to get a battery, a megawatt, okay? There is -- and again, we talk -- you hear about it and say you actually want to go out and buy one and you can't get it, okay? So there's a gap, and the gap is domestic supply, no rear earth, safety, long duration. And we believe we can play a role there. Now how do we change the world? We get great partners. Well, that will include contract manufacturing to start for sure. A lot of money in this space too. It's also a technology we could sell. So how can we make money with batteries? We can sell batteries. We can sell designs. We can partner. We can exit. We can build battery farms. We can do all of that. We have the internal knowledge of this company to do every component that's required in that chain. That's what's unusual. And it's also why we said, yes, we're going to do this deal. And so we got a little direct money. We'll go through that build-out stage, and we'll start making commerce. I'd like to see us in the commerce making business in Q2, Q3. Don't hold me to it exactly, but we think that we'll be knocking on the door. So we'll see how that unfolds.

[Brian Loper:]

All right. And to follow up on that. Can you give us a timeline validating the efficacy, meeting demand, fulfilling orders? And when we be able to produce enough batteries to make...?

[Dennis Calvert:]

I don't even know how to answer it. Yes, and that is funny, right? So that's an interesting question. If you said we're going to have to build our own factory. So let me just reiterate. We're not a company that builds it hopes they come. We're going to have them come, then we're going to build it. It's really important. So our key to the battery tech at the inception is to find good contract manufacturing. We've already had 2 conversations with potential partners. There is excess capacity because they can't get their lithium. I mean it's crazy, okay. So there's battery manufacturing capacity in the marketplace. So that's one. We need to secure that and tighten it up. You can't tighten that up until we finish our production line design. Because you'll take that design to a partner and say, "Here it is, make it go until that starts, right? Okay? So once we have -- now the batteries that we're making out of Oak Ridge we can sell but it's a small production facility. So we can't go sell millions of batteries. We can sell thousands of batteries maybe, right? But -- and that's a battery pack. So a small pack in our prior presentation, 25-kilowatt hours is about the size of a small air conditioner. We can produce that. We can make that out of Oak Ridge, Tennessee if we want or selling batteries. Our vision is bigger than that, bigger than that, right? I mean, we're talking about long duration grid scale. So if you're going to put in a 1,000 acres of solar panels, you're going to want our batteries there. That's what we're talking about, the order of magnitude, the $100 million account. Okay. And just think about supply chain. But has talked us a number of things. In the early days, you got to the supply chain, and they say how much sell-through you got. Well, now we've got a lot. Now when we go, we say, here's what's happened and here's what's going to be. And guess what, everybody wants your business? The same thing is going to happen with batteries. Once we find some selling through channel and the projects that we can secure, we have the knowledge. We just need the infrastructure. So I think there's going to be a good 6 months a year of development work. But I suspect that we'll be in the business making mode well before them. I presented just a couple of days ago, I was with a major hospital system and hospitals are really key customers for batteries because they need a backup power generation capable of withstanding the burnouts at the grid. And there are going to be lots of burnouts. I don't know if I know what that means. That means that great can't handle the volume coming at it. So when the burnouts happen, hospitals are down. So hospitals for any kind of resource say, I need a battery to every building. So I sat with a client, they put in 1.6 megawatts. 1.2 megawatts in the commercial market is about 1.2 million worth the batteries through Tesla. That's the market leader. And you would say, okay, so I can compete on price. I can compete on duration, my battery is going to be longer, and I could compete on safety. So the guy like somebody says, when are you going to be ready? And can you get me 1.6 megawatts of energy battery storage backup in 4 modular systems and when are you going to be ready? I said, well, we've got a lot of work to do on supply chain. He says, if we signed a contract today, you want to install for 2 years. Do you tell me when you're ready to make a contract? That's the business. So I got to backfill that and make sure that we can make business. So I hope that answers the question. But -- it's pretty exciting actually.

[Brian Loper:]

Do you have any estimates on capital needs for the battery?

[Dennis Calvert:]

That depends on how yes. Yes, sure. I mean I think that business -- the way to say it is whatever capital is available, you can spend it all. Okay, and make the requisite income to justify the capital. It's a scale question. So somebody said, I'm willing to back it, right? And I'm willing to back it in a big way. That business, you could spend $350 million so fast. It would not even -- you wouldn't even flinch. Our thesis is simple. We're not going to do that until we have the sell-through. We're going to find the channel and make sure the partners are in place so that when we have capital requirement or outsourcing through manufacturing, that we have the volume to justify it, okay? So how much is needed if you do it that way a fraction, a fraction, a fraction of the cap is the way we've run our company. I think about odor control. We spent years in validating it down the market, went vertical, that customer's cash flow. And then when the right partner shows up, we outsource manufacturing, cost-plus critical licensing, royalty on sales, aid them a territory and bargain for an equity position. Why can't we do the same thing with batteries? Of course, we can. That's the whole point. We have a technical asset that we own intellectual property on and know-how, that's special in the market, potentially a disruptor, and it empowers our partners to make a boatload of money and do something great. That's the thesis of the company. So that needs to unfold on hold. I'm not ready to say, yes, we can do it with $5 million or $3 million or I'm not ready for that. The way we looked at it is I know one thing. When I have a battery that's viable with the spec that we believe it is, we're going to find a market. And the minute we find a market, we can make choices about whether we're going to go vertical, where they're going to out-license our partner, our supply chain, all of those options are available to us just like they are with every other asset in the portfolio. We're going to make the one that preserves our dilution, maximizes our replication and our margin to make money and do something great. And we need to get there. We're not there yet. I model both, and I've had some pretty significant money come to us and say, write the blank check, how much do you need? I think we're not quite there, but we're going to be there soon. So anyway? We’re stripping…

[Brian Loper:]

Got it. Let's change gears here. So the New Jersey project is significant real-world installation on drinking water, PFAS remediation. But from a revenue perspective…

[Dennis Calvert:]

It's about $0.5 million.

[Brian Loper:]

Yes. Yes. So can you give some insight into size of the project, like flow rate, population size and sector that BioLargo partners have actively submitted project bids using AC technology.

[Dennis Calvert:]

I don't really want to do the detail, but I'll tell you what I will commit to -- I'll give you just a snapshot, but we're going to have some press out soon with the location and quotes from the partner and from the customer, and it's really awesome, but it's a small size. And from a technical innovators perspective, it's a great start. I mean if you ask an engineer, you know what he's saying because it allows us to get in the field, right, get in the field and do the work. And when it's smaller, you have less chance of error and things happening that you can't control. So this is good. It's a perfect start. I wish it had happened 6 months or a year ago, but it is a perfect start. And so anybody that thinks its value is limited to the size or its revenue, they have no idea what they're talking about. The fact is it's drinking water in a community. It's a small one. And it's a small community, which is good. And there's many more coming. The -- we talked about the average sizes. So this would be on the smaller $0.5 million. Generally, the projects are going to go from about $0.5 million one of the largest that we're involved in is about $5.5 million. Now I've seen them go up to $17 million and $20 million, okay? But those clients are not going to take us on as an early adopter until we've positioned successful execution in the market. And once we have that, then we're a contender probably with a partner to go after those $10-plus million projects, but not yet. You have to work your way up. So that's what we're doing. So small is good, and there's many more coming. So that's how we make our money. The big boys wouldn't even attach it. Perfect. Who are you? Huckleberry. We know how to do it. We now to do it well. It's a great start for us. And the bottom line is it still has the same regulatory compliance is the big boy deal. More detail soon, will be long. Yes. Go ahead.

[Brian Loper:]

Yes. So folks are wondering why more AEC projects have not begun

[Dennis Calvert:]

I think it's -- well, sure. It's both that and also regulatory. What happens is most yes, people don't want to be first. That's a big part of it. They want reference size, that's part of it. And then there's a lot of people that are just now coming into budget, got money for it or they've got regulatory pressures for it. And the people that jumped early have spent a lot of money on carbon, they're going to rebrand it. If they don't already, it's not going to meet spec. They jump too early and they're going to -- now -- in many of those systems that have been installed, we can actually help them make it work as some of our tools can come alongside those systems and really optimize them, including after RO, we can treat the concentrate comes out of an RO system in a very effective way. So it's all meant to be what it is. We are here, ready, commercially viable with our first accounts, the regulatory enforcement is coming aggressively the largest tort litigation in the history of the United States just happened. Money is flowing. The public awareness of this problem is at an all-time high. And still, everywhere we go, we ask people in the audience, who knows what PFOS is. It's about maybe half the room, maybe 40%. Oh, what is that? I've heard a bad okay? And it's the most significant contaminant in the history of the industrial world. That's what we're talking about. And so this is a big market. It will go on for decades actually. So look, from our perspective, we -- we're in it to win it. And I think that we have a technology, we watch very carefully. Very, very carefully all the technical innovation. And any of the innovators with any sort of credibility, street credibility we showcase at the EPA with us. We know their systems. We know what they do and how they work and how they don't work and how they fall short of scalability and have extraordinary high pressures in heat issues and I mean, it's crazy. We see it all. Now we keep looking for someone that actually can compete head on with our claim, and we haven't seen it. We have not seen it. So show me a technology. And again -- and by the way, we want to -- if there are, we want to know it. Show me technology that claims to be able to achieve non-detect, show me a technology that can do 140,000 the waste stream of the incumbent, show me technology that's module and scalable the way we are, right? I don't know what that is. We think we standalone. And so -- and now we've got highly skilled people in this company. We're executing on the frontline and doing the hard work to establish course market penetration and marketing. And we have a pipeline of potential, people in their expressed interest is scoping and pricing is already in process. That's probably $7 million to $10 million. There's probably another $15 million were the customers saying they want to do it. And now that process is a lot of work. And then there's -- as we said, there's over in the pipeline of people that have expressed interest. That's all it is. A lot of work to do, okay? And then partners coming on as well. When you form a partnership with some of these companies, it's a long journey. It's not, oh, you're great, and here's my customers. It's -- you're great, and now let's get to know each other. And let's go -- I'll give you an example. This is a great story. We've been approached by one of the leading suppliers of equipment for fire -- emergency fire situations in airports, and they have PFAS. They supply the firefighting foam phone. So a big company, very large came to us that we'd like to talk about working together to go do the change outs on all these locations all over the world. We're one of the leading companies in the field. Okay. So just think about what we just said. That's 50-plus thousand locations that is, number one, that is firefighting foam. There's a change out and there's a cleanup required it's probably 2 or 3 weeks' worth of work at each location. Small systems, portable, right, portable, modular, you can control everything. Can you talk about a great business opportunity. So here's the thing. In that situation you know what we say -- let's do one, let's do one and see how got this. And that's what we're doing. That's how it works. And one turns into 2, and then 2 turns into 5, same thing with Garratt-Callahan, One, then there's 3, then there's 10, then there's 40. That's what we're doing. We're earning our position. Okay. Yes. Again, I hope it's not easy, but it is good. Yes, go ahead.

[Brian Loper:]

Yes. Last question on that topic. So on the AEC customers not moving forward on Phase 2, if we are waiting and being told needed to do it, why did they want to go away from the GAC system they had been using and bring us in the first place?

[Dennis Calvert:]

Right. No, that's -- your -- the question is intuitive, which is they know they're going to have to make a change. So when is that? That's basically the question. The answer is we don't know all the details. But eventually, they're going to have to make a change. So we'll sit here and wait until they're ready. That's all I got. There's no discussion of the inner workings of how they make decisions. That's their business. They're a big country, too, by the way. They're going to make the decision that their science, engineering and legal tells them they can make. And if they can wait, wouldn't surprise me if they wait. So unfortunately, it's just a reality of these very large capital projects. And we've had this happen over and over. We've got a big project near Sacramento. And the clients' promise is 3 different occasions we're going, we're going, we're going and then stuff happens if capital budgets get pushed off and they say, we're thinking we can wait about 9 months. Okay, we'll be here when you're ready. It's the nature of the business. And so what you do is you just have a lot more pending. I know it's hard on the front end, but on the back end, it's not going to matter. That's just the nature of the process. So yes, so this is a customer that we believe will come full circle, and it will be a big one. And when they're ready to say, uncle, we get started, we're ready to go. And so far, that's what they tell us they're going to do. We've not said anything to the contrary. So I don't know how it's to answer any more clearly.

[Brian Loper:]

Yes. That was great. Thank you very much, Dennis. Those are all the questions for today. Okay. Let's just wrap here real quick. Again, I see how much all this take a little over an hour.

[Dennis Calvert:]

A little long. Let me try and keep it a little more pithy. Please reach out an e-mail us. We're happy to talk to you alex@ biolargo.com, get you on our e-mail list. Q4 is going to be a great quarter. I mean we're really excited. And some of these big partnerships are really coming to bear, which we're very excited about. And so we stay steadfast in sure, okay? And I know it's been a long time for some of you. It's -- in my heart of hearts, I believe it's worthy that we're going to go out and execute and make it worth a fortune and also do something very special for the world. So thank you for your support, and let me know how I can help you. All right? Thanks, everybody. Take care. Bye-bye. Have a good night.

[Operator:]

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