Good morning, and welcome to the CECO Environmental Conference Call. All participants will be in a listen-only mode. After today's presentation, there'll be an opportunity to ask a question. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Steven Hooser, Investor Relations. Please go ahead.

Thank you, Kevin, and thank you all for joining us on the CECO Environmental fourth quarter 2023 earnings call. On the call, with me today is Todd Gleason, Chief Executive Officer; and Peter Johansson, Chief Financial and Strategy Officer. Before we begin, I'd like to note that we have provided a slide presentation to help guide our discussion. The call will be webcast along with our earnings presentation, which is on our website at cecoenviro.com. The presentation materials can be accessed through the Investor Relations section of the website. I'd also like to caution investors regarding forward-looking statements. Any statements made in today's presentation that are not based on historical fact are forward-looking statements. Such statements are based on certain estimates and expectations and are subject to a number of risks and uncertainties. Actual future results may differ materially from those expressed or implied by the forward-looking statements. We encourage you to read the risks described in our SEC filings included on Form 10-K and the end of year, December 31, 2023. Except to the extent required by applicable securities laws, we undertake no obligation to update or publicly revise any of the forward-looking statements that we make here today, whether as a result of new information, future events, or otherwise. Today's presentation will also include references to certain non-GAAP financial measures. We provide the comparable GAAP and non-GAAP numbers in today's press release and provide non-GAAP reconciliations in the supplemental tables in the back of the slide presentation. And with that, I'd now like to turn the call over to Chief Executive Officer, Todd Gleason. Todd?

Thanks, Steven, and to our audience, thank you for your interest and continued support. If you would, please turn to Slide number 3, which is entitled Q4 and full year 2023 earnings highlights. I'm going to start with an overarching comment that we delivered an outstanding quarter and a tremendous full year. We are proud of the financial records in 2023, of course, but even more excited to advance our leadership positions in industrial air, industrial water, and the energy transition. With that, let's review the slide. On the left side of the slide, we list a number of key accomplishments that I will quickly review. The right side of the slide compares our full year results against our most recent full year guidance, which we provided in November 2023. As the green check marks indicate, we achieved or exceeded each of our key financial targets as we closed the year. As we outlined in today's press release, CECO delivered multiple financial records during the fourth quarter. Our quarterly and full year financial performance showcased strong continued growth, which is a result of our world-class teams delivering for our global customers every day. We continue to invest in our people, our processes, and our solutions to ensure we meet or exceed customer requirements with respect to their needs. Thank you, Team CECO, for your customer first focus and accountability for performance. Now, let's review some of our fourth quarter and full year highlights. The section on the left of the slide captures some of those achievements that we delivered this year. I am pleased to share that our fourth quarter revenues represent the highest quarterly sales in the company's history. The prior company record for sales was last quarter in Q3 2023, so we continue to maintain steady sales growth.…

Thank you, Todd. I am very pleased today to be able to present to all in attendance another set of solid financial results for Q4 and full year 2023, results that continue to demonstrate the strength of our performance and conviction in our strategy and operating model. As we exit 2023 on a high note, we are entering 2024 with confidence that CECO is in a stronger position and poised to deliver another year of excellent performance. Now, please turn with me to Slide number 9 where I'll present a more detailed picture of CECO's Q4 2023 results. Orders for the quarter of $128.3 million were the sixth highest for any quarter in company history and concluded a year in which CECO booked orders of $583 million, an all-time high. We continue to execute against a sales pursuit pipeline at all-time high levels, with strong conversion of the opportunities that reached the bid for order phase. When compared to the same period last year, orders in the quarter were down 15% and this was mostly driven by a significant individual order booked in the individual Energy Transition segment that raised Q4 2022 significantly and approximately $30 million worth of orders that were expected in Q4 that have moved into Q1 2024, part of the ebb and flow in our orders that Todd referred to previously. Revenues for the quarter of $153.7 million, a 32% increase over Q4 2022, were the highest for any quarter in company history, continuing a four quarter trend of record setting revenues benefiting from continued strong conversion of CECO's growing backlog and the positive impact of the Wakefield, Transcend, and Kemco acquisitions. Organic growth in the quarter was approximately 25%. Gross profit was $53 million in the quarter, a 41% increase over the prior year period…

Thanks, Peter. And a lot of good detail with respect to our financials and various insights into our performance. We're going to go to the final section and then our summary slide. Please turn to number 17. As we enter 2024 and now we've had a few months to really assess the current operating environment, I would say that many of the headwinds and tailwinds that we expected remain much the same. We have strong momentum from our acquisitions in many areas associated with industrial expansion. We remain bullish with respect to our growth prospects in high growth markets, and our global pipeline is at an all-time high. Conversely, we continue to see more delays in customer project start-ups, but they do seem to be moving forward once their overall project is organized. We have been dealing with higher interest rates for over a year and of course, we all have been overcoming challenges in supply chains for several years. These challenges continue, but are less disruptive. We are monitoring various geopolitical items as well because those can have a variety of impacts. And finally, we are attracting incredible talent, but the labor market remains tough in certain areas. Now please turn to Slide number 18. We already walked through this slide, but we felt it was good just to reiterate our guidance for the full year. We are committed to double-digit sales growth and adjusted EBITDA growth of approximately 20%. We have good visibility into our current backlog and expect our sales pipeline will yield solid bookings growth in the year. Now let's quickly advance to Slide number 19. This is a little bit of a new analysis with respect to our targeted margin goals. We felt it was important to outline our plans to achieve 15% adjusted EBITDA…

Thank you. We'll now begin the question-and-answer session. [Operator Instructions] Our first question comes from Rob Brown with Lake Street Capital Markets. Your line is open.

Good morning, and congratulations on all the progress.

Thanks, Rob.

I just wanted to get a little bit into the business pipeline and what you're seeing there and what areas are sort of stronger or weaker and maybe some color on the order that shifted into this year.

Yeah. I'll start. This is Todd, and good question. So, we're very fortunate we feel, that number one, it's balanced across our portfolio. We would say, the themes that we talked about, Rob, with respect to continued reshoring of industrial production, that remains healthy. There is some industrial markets that are stronger and some that have sort of kind of leveled off a bit. But overall -- and you can see this in a lot of public reports that the investment in manufacturing in North America, even in Europe and other places, continues. So, Industrial Air and Industrial Water continue to look really, really strong with respect to just those spaces. I would also say that the investments we've made in the programmatic M&A really have opened up a lot of geographies for us, which again, tie into our pipeline expanding. So, those are for sure in our pipeline. And look, there is probably no better time to be in position for the continued investment that must occur in areas like natural gas, global oil and gas management of the infrastructure that exists, while the energy does -- the energy investments do start to transition to new gases, to new areas of carbon capture. And obviously, there is a lot of just increased focus on renewable energy, which again, goes back to that industrial production because if you're in wind or you're in solar, the sources of those are heavy industry. So, we continue to sort of feel that those areas just are still strong. We're not seeing any decrease I think in those critical programs for us.

Okay. Great. Thank you. And then you talked a little bit about Wakefield doubling since you bought it, and a big data center kind of that opportunity there. Maybe you could just give some more color on what that data center opportunity is and how you see that playing out?

Yeah. So, for Wakefield, the data opportunity is packaging of backup power gensets. We build custom acoustic enclosures with the associated control systems for the genset packages, and we deploy them to data centers in Ireland, the U.K., with the opportunities now in mainland Europe. We're seeing that business grow substantially, and that's the reason for the acquisition of the second facility. We're moving our -- the core industrial products -- product lines of Wakefield into a site within walking distance of the current facility so we can dedicate one location to the acoustic enclosures. With the demand for AI computing, cloud computing, and data storage, the data center market in Europe is very, very strong.

Okay. Great. Thank you. I'll turn it over.

One moment for our next question. Our next question comes from Aaron Spychalla with Craig-Hallum Capital Group. Your line is open.

Yeah. Good morning. Thanks for taking the questions. First on margins, anything in particular driving the strong fourth quarter? I know you kind of talked about mix, and I appreciate the slide on the margin progression in the deck, but can you just talk about some of the confidence in those drivers, maybe where you're at with some of those programs on lean and supply chain excellence and just how you're thinking of the margin cadence for 2024?

Yeah. I'll hand it over to Peter here in a second, but -- so, just as a reminder, our fourth quarter margins, especially on the gross margin level, are typically -- it is typically our strongest quarter. Some of that has to do with the dynamics associated with projects at the end of the year. And just as we close out a number of programs to round out the year, it allows our teams and our processes to sort of ensure that the true-up that exists throughout the year gets captured in the fourth quarter. So, there's generally just a little bit of lift from that. Probably a process opportunity for us as we look at going forward into sort of quarterly management of some of those processes, Aaron. The other thing I'd say is, yeah, we continue to make really good progress on our operating excellence. We're constantly working on small and medium programs to make ourselves more efficient. I think also things have stabilized a bit. Like I said, there is still challenges in supply chains and there is shipping lanes that continue to be impacted by geopolitical strife and other disruptions around the world, but those have been a little less impactful as we exited the year. So, for us at least, I think we've seen material costs have stabilized a bit. Our pricing remains strong. So, again, we have good visibility to our margins in the backlog as we enter 2024, and that gives us the confidence to believe that we're well on our way to get 100 basis points, 150 basis points of expansion across the combination of growth margins and EBITDA margins as we head into 2024.

And Aaron, we had some good delivery of aftermarket orders in the quarter, which have a higher gross margin than original equipment or project revenues. We also had a very strong quarter from our fluids business, that also has, relative to the portfolio, higher gross margin and the addition of Kemco. Kemco had a very solid fourth quarter. Kemco gross margins are well above company average. So, those three components, in addition to the execution items Todd mentioned, contributed. As we move through the year, our focus on driving recurring revenue and aftermarket and the benefits of acquisitions should provide an overall lift. But that fourth quarter true-up does exist within many of the projects that we operate. It's customer driven as well as internally driven. Many customers want to accelerate close-outs at year end and we resolve open issues with them which can have a beneficial impact.

Understood. Thanks for the color. And then maybe second just on the energy platform, can you, you talked a little bit about it, but can you expand on just the growth you're seeing there? What's driving that between kind of legacy and the energy transition? And maybe just touch on the pause on LNG exports. It sounds like that might push out some potential orders, but maybe the greater focus on emissions. Just talk about if that could help other areas of your business.

Yeah. Look, it's -- energy writ large is, has some cyclicality to it. There is -- things get going really fast for a three, six, nine month period and then they do slow down. LNG is an example of that where there is still good investment, but it does ebb and flow quite a bit. There is going to consistently be those things. We believe that the key for us is to continue to just diversify and control a little bit more of our destiny with respect to that aftermarket that Peter mentioned. So, us adding our largest aftermarket order in the third quarter of last year of $9 million, which is a two-year order, so it'll turn to $4.5 million of revenue, obviously, give or take each of those two years, that's a -- we believe that is a multi-decade renewed aftermarket order. So, we continue to just move into those spaces and where we -- the acquisition of Transcend, we believe, also gives us a lot more consistent aftermarket application with respect to separation media. And so, again, it's really just continuing to diversify. We have done a really nice job of moving into areas like carbon capture and other, we would say, sort of newer investments in energy infrastructure and energy solutions. So -- and frankly, our teams continue to do a great job of positioning for what we think are some continued themes that we serve from our energy businesses but are maybe even outside of the traditional energy like as we provide solutions for naval destroyers with respect to separation and filtration on air intake and other solutions for their turbine-powered propulsion. And there is also areas like nuclear that are starting to see a little bit more investment, and that could have a very positive impact on 2024 and 2025. So again, our key theme, and we're just probably a -- like a broken record for us, is diversification globally, diversification across end markets, we're just far less reliant on two or three or four themes like we were three or four years ago, where we would say, just you wait for refining to come back and our fluid bed cyclone business will bounce back. That's been steady or when we used to say, just you wait for the power gen market to come back and our emissions will come back, that's been steady or we would say just you wait for natural gas infrastructure, and that has been steady. So, we like steady and we still like legacy energy, but now we're just so much more diverse across that energy to go after the new sort of global emerging themes that we believe that there's still a lot of growth.

Great.

And you know what, like I'll say, that said, energy in the year, that energy businesses was our weakest performing if you were to break down water, energy, and air was our weakest performing orders segment of the three, but -- or market collection of the three. But again, we feel that the $3.5 billion in opportunity, it looks very balanced for energy for 2024.

Great. I appreciate that color. Thanks for taking the questions and congrats on the progress.

Thanks, Aaron.

One moment for our next question. Our next question comes from Bobby Brooks with Northland Capital Markets. Your line is open.

Hey. Good morning, guys. Thank you for taking my question. So, I think the growth in the pipeline has been a really key factor and has showed just the growth that the business has experienced. I think that it's increased. The $3.5 billion number that you guys gave was about a $5 million increase from the number that you gave on the third quarter call. I know on a virtual fireside chat, Peter, you mentioned that CECO's customers haven't necessarily seen those dollars flow from government stimulus programs such as the CHIPS Act or the Investment in Infrastructure Act. And that's -- so, that has led to CECO not seeing those tailwinds from that government stimulus yet. So, am I right in assuming that, that $500 million increase in the pipeline over the quarter is partially a result of those dollars starting to flow through to customers and projects beginning to move through the pipeline and if not, what was that major driver?

Yeah. So, that's one factor contributing to additional opportunities entering the funnel. We're starting to see dollars being released, both CHIPS Act's programs being announced and dollars flowing, but also on the infrastructure side, but a majority of it is actually international. We continue to see very strong opportunities in the Middle East, India, Southeast Asia, Korea, and in China. China's slowdown has been principally affecting residential and consumer spending, but industrial spending has continued to pace. And they're at a point where they do have to make investments in some renewal, asset renewals, and we're seeing that benefit today. Our DS21 business in Korea is seeing outstanding order inquiries with both domestic and international Korean customers, and we're seeing U.S. investment in energy beginning to accelerate as the coal phase-out has found itself now really taking shape. It was about a -- years ago, we knew the coal phase-out was coming. It's quickened and now it's accelerating.

Got it. That's really good color. And then on the Wakefield data center opportunity, is that -- so, my understanding, that's really focused on just selling into European markets, I would guess it's not…

It's only the European market, and in fact, it's only the U.K. and Ireland today. We have an opportunity and are working on expanding that into the areas around Paris, Frankfurt, Amsterdam, Madrid, and Milan.

There's a unique dynamic. When I say unique, it's because it's different than the North America data center power, supply and backup power, which is much -- can be well positioned in more rural areas versus in Europe, these are in urban centers. And the noise attenuation or the -- has to be in a very different -- is managed differently. And so, look, as we, Kemco, excuse me, Wakefield is a great example of an acquisition where we feel by us deploying capital into the business and international resources into the business, we can at least double if not more, their top-line. And we've proven that in one year of ownership of Wakefield. And to remind the audience, that of the eight acquisitions we've done, nine since 2020, but eight over the last few years, we expect that at least half of those acquisitions will double the top-line of those businesses if we haven't already within 18 months of purchase. So, we've been deploying growth capital into these businesses. They're not for cost synergies, and not necessarily, necessarily growth synergies. Yes, we do utilize growth synergies across our platforms to leverage resources, and market, and global expansion, and customer relationships, but we are finding businesses that we feel have an opportunity with just the right amount of capital to radically grow their portfolio. And that's what we're seeing with Wakefield, because it has geographically been very limited in the past and we have been opening that up.

Got it. So, not necessarily -- you wouldn't necessarily try to start to bring over the Wakefield solutions to the North American data center -- to the North American data center market, because…

Bobby, if they call us, we'll be happy to, and if there is opportunities. But I would say, Peter's answer will be, because already anticipating it, we have a lot of opportunity in markets that we have a strong reputation and across all of Europe. And for right now, I think we have a really good and smart focus on that region.

Okay. Got it. That makes sense. And just one last one for me. The strong -- you mentioned the strong pipeline and the backlog drove increase in guidance, but adjusted -- increase in sales guidance, but adjusted EBITDA was just narrowed. Still implies about 75 bps to 100 bps of margin improvement year-over-year. But maybe could you just discuss what drove the difference between -- what drove that raising of the revenue outlook, but just a narrowing of EBITDA and not a raise in the EBITDA outlook?

Yeah. I think it's just, it's early in the year, and we like the visibility we have. We believe that our goal for the full year is to balance our thoughts on investments that we want to make to continue to position for continued growth. Frankly, again, I always, I've been saying for the last few years, I'm the luckiest CEO in the world because I've got a great team globally. We have a great culture that we continue to invest in and add. I believe we're well positioned in critical areas that customers care about with respect to air, water, and energy transition. And they consistently come to us to help protect their people, protect the environment, and protect their investment in capital equipment. But at the end of the day, we are investing to really maintain good growth while we get smart consistent margin expansion. I feel like we -- we're optimistic that we can achieve these numbers. It's early in the year and I think we'll continue to revisit these as we execute through the quarters.

Got it. Thanks for the color, Todd and Peter. I really appreciate it. I'll go back to the queue.

Thanks, Bobby.

Yeah. Appreciate it.

One moment for our next question. Our next question comes from Jim Ricchiuti with Needham and Company. Your line is open.

Hi. Thanks. Just relative to the outlook, the preliminary outlook you gave back in November, is this simply having a better line of sight, you're a little further into '24 or are there some areas of the business that maybe are trending a little stronger than you expected back in November? Just in terms of the outlook for '24?

Yeah. It's -- I mean, look, we're 90 days or more renewed from our initial guidance. We have -- we certainly have 90 days more visibility, Jim. Obviously, we're into the year, we're two-thirds of the way through the first quarter. We have we believe a lot more visibility to our pipeline than we did back in November for 2024. We executed nicely, I think at the end of the fourth quarter. I feel like we're not grasping for ways to find performance. I think we feel like we'll continued to invest, maybe even appropriately invest in growth. Certainly, there is no corner of our business that's being starved for capital. We are really driving a good playbook of top-line and now operating excellence. So, I think, Jim, we're just -- we're a couple of months into the year, we like what we're seeing and it gives us the confidence to edge it up a little bit here, which we think is the right thing to do considering we haven't even announced first quarter results. And we just -- again, our goal is to continue to provide the investment community with our best view of that balanced investment in growth, results that we expect given of those investments, and ability to just constrain continue to drive that same operating playbook. And also, look, we're starting to kind of put together our pipeline also on M&A for the year. And while that's not included in our guidance, it certainly goes into our thinking of the types of opportunities that we could be looking at that we really could be excited about. And we believe the investment community, it'll resonate with them given our track record, that if we decide to make those types of investments as well with our balance sheet, that they're going to yield good results. So, it's a mixture of all of those areas coupled with the fact that challenges and hurdles remain, but they don't seem different than the challenges and hurdles that we've been overcoming for the last number of quarters.

Got it. And I just -- I know you recommend that investors look at the annual results, but you mentioned Q1 in previous years, you've seen some seasonal weakness in Q1 and a somewhat higher percentage of revenues coming in the second half. Is there any reason to think 2024 doesn't follow similar trends that we've seen in past years?

So, there are some things that occur in the first quarter that are somewhat unique. There's a bit of a reset of various things, including usually on a cash, that's the easiest one to sort of predict the free cash flow. There is outflows of incentives, there is outflows of tax payments. It's also a time where you sort of start the year a little bit slower. Not us, but customers, global people coming back from various holidays, whether it's in North America, Asia, etc. There's mega holidays that occur and that's just sort of a restart to the year, which is a little bit slower. But we like the trajectory as we exit the fourth quarter. We certainly believe that year-over-year we have a good visibility to pockets of opportunities that we didn't have a year ago. And so, look, I think at the end of the day, the first quarter has some unique aspects to it that I would call less seasonal, just more structural. And look, the fourth quarter orders, which again, a top sixth -- six quarter in our company history, so no one's here to apologize for $128 million of orders. But as Peter mentioned, the timing of some of those orders got pushed into the first quarter. So, we feel like we kind of entered the first quarter with a decent amount of visibility to a good -- potentially a good bookings quarter. So, we're hopeful that things don't push out into the second quarter as well. That'll help us as we have even more visibility to the second half of the year from a top-line performance.

Got it. Final question for me is, and Peter, you may have alluded to this, but I wanted to just ask about the step-up in SG&A expense that we saw in Q4, but I thought I heard you talk about some leveling off of some of the G&A expense, I don't know if that's what you're referring to.

Yeah. G&A spend will level up. The big step-up in the fourth quarter was the acquired business.

Okay.

Was the addition of Kemco.

Okay.

There were some organic investments, but they were modest and they're leveling up. It was the acquired business that drove a large portion of that increase.

Thank you. Congrats on the year.

Thank you.

One moment for our next question. Our next question comes from Bill Dezellem with Tieton Capital Management. Your line is open.

Thank you. I only have a couple of questions. The first one is, in your slide deck you referenced an improving macro environment. Would you talk in more detail to that? And then secondarily, share with us your perspective on your M&A pipeline and how you're envisioning pricing today versus what you've seen in the past.

Well, the improving macro environment principally is related to what's happening in Europe. Europe is an improving situation. European economies are experiencing much lower inflation. They may even be the first to experience a rate cut. We're seeing demand return in a number of markets that was slower at the end of the year. So, that's related to macro. Macro in the U.S. and Asia has continued steady and strong. We have experienced, relative to the M&A pipeline, a pause. Q4 was a -- for us, was a conscious pause. We were working on opportunities but had nothing teed-up to close. We had work to do with Kemco on the integration. We wanted to reset and improve the balance sheet, and we've done so. And we've put ourselves squarely in a position with added liquidity and a very modest 1.4 times leverage to be ready to deploy capital. We began to accelerate our development of opportunities with ideas that are in the pipeline in the first quarter. And we would suggest you're going to begin to see that capital deployment begin in earnest in the second quarter of the year.

And how about pricing? What are you seeing there relative to past levels?

Same or lower.

Thank you, and congratulations on a great quarter.

And -- thanks, Bill. We appreciate your continued support and all of our investors, of course. One last thing I wanted to just add to the M&A comment, just because I think it's important that our investors understand. We've walked away from twice as many deals as we've done. And we're not alone in that. companies do that. You build the pipeline, you start to do analysis, build relationships, and you realize that their expectations on pricing or maybe the cultural alignment or maybe the product category wasn't as strong, or there's a variety of reasons that companies start to do an assessment and then decide that it's not the deal for them. And we've done that each of the years that we've done M&A. And so, with respect to pricing, if it doesn't have the right economic returns for us and our shareholders, then it's just not something we're going to do. So, if we're paying a little bit higher or lower multiple, it's because it's the right fit for our portfolio.

Thank you. One moment for our next question. Our next question comes from Amit Dayal with H.C. Wainwright. Your line is open.

Hey. Good morning, guys. Just going back to the international revenue.

Hey, Amit.

Hey. Good morning. How much of 2024 outlook is going to be international revenues and is this going to be supportive to margins? Do you think you can get better pricing on offerings in those markets versus the U.S.?

I'll start. International markets are going to be in the neighborhood of a third to 40% of the business. With respect to margins, margins are really driven by the end market and the application. We find we get superior margins in very challenging applications in any of our brands regardless of where the opportunity lies. U.S., Asia, Middle East, Europe, it's not one -- we don't have a low margin region. We don't have a low margin, shall I say business. What we have are brands in our company where that have different degrees of leadership and competitive advantage, where margins are either under pressure or to some degree under pressure or not. So, look, in that -- with that context, if we think about what's happening internationally, big investments in industrial -- industrialization in India, in Southeast Asia, and the Middle East, as they begin to diversify their economies and they're looking at best-in-class technologies first and only defaulting to something less than best-in-class if it is something that can't be achieved. And a best-in-class technology comes with a global price. And that's our starting point. Now, that's not for every customer, but that's for the majority of the customers that we serve.

Understood. Thank you. And just one last one. With respect to the sales and backlog and pipeline, are you seeing synergies for the different product segments within the customers? Basically what I'm trying to ask is, like, now you have a broader offering or product portfolio, are you seeing the same customers buying more of your products versus previously?

Well, we don't consciously seek to cross-sell. We have organized our business in a way that ensures that we have end market and application focus. We may use select customer relationships in one business to open doors for another business, but we don't have an incentive built into our comp system or our management model to drive a cross-sell. And that's on purpose. Now there are certain and select customers that approach us and ask to do business with more than one brand or one business and we accommodate that and we support that completely. And we see that in very few but important end markets, one being semiconductor and another being automotive production, or automotive and component production, where across brands we see a need and we have had the opportunity to combine multiple brands in front of a customer, but we've not organized a sales force to do that and we've certainly not deployed a strategy to do that.

Understood. That's all I have, guys. Thank you so much.

Thanks, Amit.

This concludes the Q&A portion of today's conference. I would now like to turn the conference back over to Todd Gleason for any closing remarks.

Yeah. Thanks for all the good questions. I appreciate everyone interest and we went over today, so we're happy to always try to be available, which of course we'll continue to be as we go forward. Really pleased with our performance. Look forward to meeting and seeing a lot of you if you're at the upcoming TD Securities Conference as well as the Roth Conference, both of which are in California in the next handful of weeks. So, we hope that you reach out to your representatives and we have a chance to sit down and catch up. We look forward to speaking with everyone again when we release our first quarter results in May. So, with that, I'll just thank everybody for their time and their interest, and we look forward to speaking with you soon. Take care.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.