Ladies and gentlemen, good morning, and welcome to the SuperCom Third Quarter 2022 Financial Results and Corporate Update Conference Call. [Operator Instructions] Participants of this call are advised that the audio of this conference call is being broadcast live over the Internet and is also being recorded for playback purposes. I'd now like to turn the call over to Stephanie Prince of PCG Advisory.

Thank you, operator, and thank you to everyone joining us. With me on the call today is Ordan Trabelsi, SuperCom's President and Chief Executive Officer. I'd like to remind that during this call, SuperCom's management may be making forward-looking statements, including statements that address SuperCom's expectations for future performance or operational results. Forward-looking statements involve risks, uncertainties and other factors that address SuperCom's actual results to differ materially from those statements. For more information about these risks, uncertainties and factors, please refer to the risk factors described in SuperCom's most recent periodic reports on Form 20-F, Form 6-K and SuperCom's press release that accompanies this call, particularly the cautionary statements in it. Today's conference call includes EBITDA, a non-GAAP financial measure that useful in evaluating its performance. You should not consider this additional information in isolation or as a substitute for results prepared in accordance with GAAP. For a reconciliation of this non-GAAP financial measure to net loss, a comparable GAAP financial meets the reconciliation table located in SuperCom's earnings press release that accompanies this call. Reconciliations for other non-GAAP financial measures and comparable GAAP financial measures are available there as well. The conference call contains time-sensitive information that is accurate only as of today, October 26, 2022. Expect as required by law, SuperCom disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call. It is now my pleasure to turn the call over to SuperCom's President and CEO, Ordan Trabelsi.

Thank you, and good morning, everyone. Thank you for joining us today. Earlier this morning, we issued a press release on our financial results for the third quarter of 2022. You can find a copy in the Investor Relations section of our website at supercom.com. We continue to maintain our commitment to time to quarterly reporting and for our quarterly review, I'll start with a brief update on our recent business highlights, strategy and Q3 results, followed by a Q&A session. The third quarter was a great quarter for SuperCom with 102% revenue growth year-over-year with $6.3 million revenues in Q3. We won several important contracts in the U.S. and Europe, and we're excited at the reception and early traction of our newest product, Pure1, highly innovative and investor-breed IPPI tracking device I'll go into more details in a few moments. For those new to SuperCom, since our founding in 1988, 34 years ago, SuperCom has been a trusted partner providing cutting-edge electronic and digital security solutions dozens of governments worldwide. As part of our mission, we strive to revolutionize the public safety sector worldwide, the proprietary electronic monitoring technology, data intelligence and complementary services. We always lead with our technology and enter in 2022, we continued to invest heavily in research and development to ensure our product remains the most competitive in the market. We're continuing to introduce new features and technologies through our proprietary platforms, such as unique biometric and communication capabilities and much longer battery life. In parallel, we launched an entirely new solution for domestic violence. In recent years, we've become more and more aware of the merch challenge, which is that nations and governments worldwide face when dealing with our funded populations. First, many countries are from high recidivism rates, people relapse to more incremental…

[Operator Instructions] Your first question for today is coming from Matthew Galinko.

Hi, good morning, and congrats on the strong quarter.

Thank you.

Can we start with maybe the U.S. win - did they result from the new sales push that you talked about that started a couple of quarters ago. Is that starting to convert into these deals or is this sort of still the sort of deals you get by word of mouth or passive outreach?

Yes, the answer is yes, it is the results of the sales force. In the U.S., the market is more fragmented instead of bidding on large projects like Romania, which are $3 million [ph] or Sweden, which is $10 million. There, we have to kind of have feet on the ground and go opportunity-to-opportunity. And some of it comes to us a word of mouth. Some of it comes because we have good results in our previous projects and some comes from reaching out to new customers either way, we need an active sales team with an active proactive strategy. And they've been doing demos, evaluations and ensuring customers just how unique technology is that's reading to wins, and we've been announcing them to share with the rest of the public.

Got it, terrific. And then on the domestic violence component is there an expected launch in the U.S.? Are you having -- are your salespeople having conversations about that piece? And is there early indication of interest in the U.S. market?

Let me quote one of our customers he is a service provider and a reseller around domestic violence and he says rebates provide me with the domestic violence solution I will sell the bananas out of it here in the U.S. So if that answers your question. Many customers are waiting for it in the U.S., many resellers are waiting for our focus naturally has been to provide it first to the regions with larger revenues like the $33 million projects versus smaller ones. And it's being adapted also to meet the U.S. market needs and then it will be spread out through California and the Midwest and other states and locations. So it's in the process, and there's very high demand for it from what we see thus far. You understand how it works. I don't know if I mention percent how essentially.

Yes, no, please expand on that, if you could?

Yes okay. So different from our other solutions where you have a bracelet in your house rest. Domestic violence it's a little different and we're the only ones who do it in the world. Our bracelet, as you may remember, the battery launched for a very long time over a year. So if someone is hit - there's violence in the family, and they have a complaint - in many countries, they change in law to allow an immediate application of our bracelet, which is small and long battery life on their leg. So if someone hits say his wife, for example, he gets the bracelet -- and any time he comes within 100 meters of her, her phone will notify her and the police immediately, such that we are effectively and dynamically enforcing straining orders, which never been done before. Our people have the safety and peace of mind that they actually complain somebody hits them, and they'll be protected with the use of this, I think, amazing technology. So it's -- others can't do it because the race is too big and percent to charge it every day and doesn't uniquely synergize with the mobile phone like ours does. So this fits perfectly with our infrastructure and many customers are seeing it and we think it's going to have a big impact on the market around the world.

That's helpful. And it sounds like a great solution. I appreciate it. Last question for me is on the single piece bracelet that you -- I think you mentioned you're seeing some early traction -- can you expand on that a little bit? Where is the traction? And at what point will we see that flow through in deals that utilize it or uptake with an existing deal. I didn't hear the first part you said still going traction where with the Pier 1?

Yes, yes, with the 1P unit.

Okay, great. So we have our 2P solution, which is a small bracelet that runs for a very long time without charging communicates with the smartphone. Some customers like just a 1-piece solution. There's no phone just to piece of hardware on the leg we developed that as well. We developed, of course, like everything else, we're trying to make it the most cutting edge of the industry, so we have the best features, the latest way, long as battery life, best connectivity and security. And we launched it first in the conference. In Europe earlier this year, and we already won a project with it in Sweden that we announced earlier this year. In the U.S., it's also very exciting and many, many customers are asking for it because together with this, they will have a full suite of tools they have domestic. They will have the 2P solution on the smartphone and I know have the 1P solution to have alcohol-monitoring solution in the monitoring solution. All of this works together as seamlessly on the same management studio in the cloud. It's very, very helpful and effective for the officers who are using this technology rather than having to go to different software tools for every different hardware here they have all in one, and they may so work much easier, much more effective.

Got it thank you.

Yes sure.

Your next question for today is coming from Ken Weiner.

Yes hi, good morning the first thing I wanted to ask you about was the listing requirements?

Yes and what is the question?

Well, basically - it's I think you're deficient in meeting the exchanges, listing requirements.

Okay so yes, let me answer if I understand your question correctly. We have not met the $1 minimum requirement from the NASDAQ Exchange. And we have essentially until if I'm not mistaken December 13 to correct that. We are taking the proper measures. It's more of an operational issue in order to get this done. And we are on it, we expect in time to have this result.

Well, when you say it's an operational issue, I mean the stock is $0.26 and you say requirement, its $1. So - how do you fill the gap excuse me?

We don't control the stock price and if the stock price doesn't reach the level that is required. We also have an ability to do a reverse split and adjust the stock price that way to meet the requirements until December 13.

Okay. And secondly, obviously, it's a tough market out there in a tough environment, but the company has a market cap of $9 million. I've been a stockholder of the company for some time and own a fair amount of shares. And I was wondering you know what's your thoughts on that and what one can do to explain your story better, so maybe more people can get interest in the stock?

Right, good question in the past, we had more time to meet with more investors and conferences and do more institutions and get the word out there. Lately, we've been extremely busy, as you can see, and we try to first focus on our operations. That's how we're winning these new projects. We just announced a few weeks ago, the largest project in Europe this year, we won it, $33 million that we just announced this quarter, double the revenues from last year and from the previous quarter. The stock is not adjusted. Does that mean the market is valuing us correctly? I think not, but that creates opportunities for investors to come in at this time and hopefully grow with the company as the stock over time will adjust to the proper value. I'm at a conference right now at LD Micro Conference in California, where we'll be meeting investors all day. And we will try to integrate these conferences and these communications with investors as much as you possibly can. But again, our focus will be on operations and we have to create the long-term value of the company, which is more important than the - general strategy than maintaining the immediate stock price at every good moment.

No I agree with that. But - so let's talk about going forward. I mean, obviously, it seems like this quarter was a breakthrough quarter for you. In other words, it seems that you're gaining traction in and you're hitting some of the goals you set out. Is the quarter an aberration? Or do you expect future growth in the coming quarters.

I don't think it's an aberration. I think we have a strategy to grow our revenues from where they've been -- so at a high level, we had a business of e-Gov, which had revenues of close to $30 million and IoT was close to nothing. We grew that to close $10 million and while e-Gov was declined and our strategy is to keep on growing that in the tens of millions of dollars. So we don't think this growth is something unique that will not recur in the future. That being said, we don't control the growth in every quarter, right, depending on the time lines we adjust to government customers. We're dependent on them choosing when to launch the contracts, when to launch a project, and when to finish a significant milestone. We just launched a project in Romania, we've done a lot of work in this quarter. We continue to do work in following quarters, but we would not be able to control exactly what work will be done in each quarter that also depends on our customers. Furthermore, we're bidding on many, many, many other projects around the world, in Europe and the U.S. and we expect to win many of them. And as we win, they will layer on to our recurring revenue base, which is over 80% and continue to grow our revenues. So our strategy is consistently to grow our presence with that, we'll grow our revenues. And with that will come to come, will grow. This is just a nice example for people to see what can happen and much more than this going to happen and how it immediately impacts our profitability, thanks to operating leverage because we don't need to grow our operating cost structure significantly to add more projects and more units. This is up to 15,000 units. We could add tens and tens of thousands more units without changing almost anything to our operating structure, maybe adding in a person here or there. But everything will result from operating leverage and profitability will come and the contribution margins of each additional race rates, let's say, is very high.

And what about the debt maturities? Are you able to service the debt? And how bad priorities on debt.

[indiscernible] majority is around December 2024. And we believe our creditors see our vision and they believe in it and they worked with us to adapt the structure and the requirements to the goals of the company. We will be able to service the debt over time. That's not our current focus right now as we're also very much focused on growth. But in time, we'll be able to handle it and they believe that as well.

And the last question is, what are your terms of the contract? What is the -- what's your accounts receivable total right now?

Let's open up the PR, but things around $13 million. I think it's around $13 million, I have to get the exact number.

So if you're selling $6 million and you have accounts receivable, $13 million, then what are your terms?

Well, the way that works is a little different than a normal business. the trade receivables then this quarter were $13.7 million. The way that typically works, we have large project deployment. And we're deploying a large project, you get paid when you reach certain milestone. So we recognize some of the revenue as a percentage of completion. So for example, we can deploy in one quarter, a ton of the work recognize some revenue for that work, and we still don't get paid. Not that it's overdue. It just hasn't been built -- it's unbilled revenue. Most of our customers in the U.S. and in Europe are very timely payers. This is one of our goals for moving to the developed countries away from Africa and South America, where we had more delays. Some of our trade receivables are still from those old revenues from the e-Gov business. Some of them have been written off and discounted. But the new revenues from the IoT tracking business have actually been very timely payers. We're happy with that.

And the last question is what -- on the big contract that you landed for 32, when do you start to recognize revenues for that?

We already have started when you see that are -- the go-live was early October. Probably one of the fastest go-live projects in the world in the space, and it's a brand new country, the brand new EM countries, they've never done electronic monitoring. And we're excited that we're able to support them to launch such a huge project so fast without any experience EM for them. It's a great win for us and for them. They did a great job. And we think this is another capability that we bring with us to future projects. Not just great technology and great services, but also great execution with a very timely deployment.

And the other question is, when you're dealing with governments and -- do they -- is your financial condition or your stock price an inhibitor for landing deals?

At the times if they talk to us, and they usually do once they talk to us, we get comfortable. If they have technical limitations, we could team up with other vendors. They usually have a local partner who speaks the language that works with the government. They're usually much larger companies, telecom providers, IT providers, taking up with them a financial look perfect.

Your next question is coming from [indiscernible].

Congratulations on the Romanian win, I know how valuable that is to your business. As it relates to, you said that, that you're already generating revenues. Were any revenues from that project actually recognized in the third quarter -- the $6.3 million. Can you tell us how much of that was and how much cash --

Yes. We can't share that at this point. We're not sharing the revenues per project. I don't have the information readily available, but we did start recognize in Q3, we'll continue recognizing in the following quarters. And the cash is -- the projects only started in October. So it takes a little bit of time into cash, but also have to meet certain milestones to get that.

Is that -- was the Romanian project the biggest driver of the increase sequentially in the accounts receivable, the receivables went up by about $1.2 million sequentially. Is Romania the biggest driver of that?

I think it's fair to say. I mean, Romania is the biggest driver of change in this quarter. It's the biggest project we have, and we just started launching it. So it impacted all the metrics, including the accounts receivable.

And what about gross margins for the nine-month period. So year-to-date, you have a 33% increase, give-or-take on the top line, but gross profit was essentially flat. So, can you give us just a little bit background on the impact of some of these new projects on your gross margins? And where you think the gross margin percentage could kind of stabilize that? And when you'll add a full scale for all these new projects you rolled out?

I'll start with the end. If you look at the cost structure of our hardware and the data cost and the cloud cost, contribution margin of every additional brace that is way above 50%. Over time, with economies of scale and operating leverage, those will be the gross margin for the business. Operating cost, the fixed funds will be very insignificant. And everything else will just be the contribution of the variable cost, which is every digital bracelet, above 50%, significantly above. At this point, we're deploying new projects. And just like in our past business also in this one, during the project deployment stage, there's hardware to buy, there's servers to buy. There's communication sent, there's IT, and those eventually have lower margins. You're paying IT person to come in and sell servers and connect cables, you can't get a 50% margin off of this work, you get 15% or 20%. So when you're launching a new project at the initial stage, we'll have a lot of lower-margin components, and as everything starts to run seamlessly and you're more into natural flow of recurring revenues and margin offenders, the margins will be higher. So in these three quarters, new projects started, especially this big one, and that impacted the margins. temporarily. But over time, we will continue to convert into the same core of our business is higher margin.

Okay. And then as it relates to domestic miles, which seems it could be a very, very attractive new market for you. Obviously, that was included in the Romania project. How many other jurisdictions that you're involved in include that domestic violence application?

Off the top of my head, there's at least one or two other countries in Europe that were doing domestic client. I won't say the names because I don't want to be imprecise. But in the U.S., many states and counties are asking for it. We just haven't completed the adjustment to the U.S. market. The different technologies, different needs or different processes, different laws, and we just have to update it. It's just a matter of time and resources. But yes, it is something that we believe can -- considering the core of our technology and the core of what we can do and the core need of domestic violence is something that we will be able to do probably better than anyone else in a significant manner. So it is one of the things that excites me the most better upcoming future and growth.

That sounds promising. And the last question is, you had a press release regarding an e-Gov contract for around $1.7 million. And you've alluded to having a tough time collecting the receivables from e-Gov customers in the past. Can I presume that --

Not, this one.

Not, this one. That's what –

Not this -- this has been great. We're not focusing as much e-Gov, as you noticed, especially not the ones you're going to give us challenges and collections. e-Gov is there to support our requirements and request for cash is much more stringent than it was in the past, again, because we're not focusing on this. We don't want to give them any additional comfort. They want to get their equipment, they need to pay. A lot of it upfront, and we have leverage and getting cash from this customer, for example.

Okay. Great to hear. Congratulations on what's seemingly some positive steps forward.

Thank you very much.

[Operator Instructions] Your next question is coming from Mike Walters. Mike, your line is live.

Hello Ordan, you hear me?

Yes. Good morning, Mike.

I wanted to say congratulations on the great quarter. I'm a big fan of everything you are, everything you do, and everything you stand for. And I had just a few questions. I love your excitement, by the way, I can tell you -- I saw your webcast and your smile all the things that you say are quite amazing. A question on --

I believe on what we're doing.

I can tell attitude, I wanted to ask a question about -- so I know you've had a numerous contract wins over the past year. So some of the revenues from the $33 million contract are reflected are -- so in this quarter ending is all 10 of those contracts reflecting in this quarter? Or will there be more reflection going into the fourth?

Maybe I'm going to understand your question a little better, which 10 contracts are you speaking of -- we have many contracts in different locations.

Yes, I know. Like so I know there were like five or six in the United States going into the end of last year and then in quarters one and two, and then numerous here going throughout 2022. And also, they are reoccurring? Yes?

So yes, let me help clarify and explain a little bit. Since I think 2018, we won 50 new projects, the latter. We started with a smallest one, $100,000, $300,000 project and grew in size to $1.8 million. In Canada, $3.7 million, in Czech, Denmark and Sweden S7 million. We aim to continue growing the scale in the latter, and we just won a project of $33 million, our largest project in the past decade and larger EM project now in Europe. Every project that we win in theory as to recurring revenue base because there's always a recurring revenue component in every project. In some projects, it's the majority of the component. Like in the U.S., almost everything is charged and billed per unit per day. in Europe, that's also prevalent the structure, but sometimes they want to purchase units. And then the recurring revenue part is a smaller part of the actual full revenues. That being said, we've been launching projects consistently at different start dates. Every month or two, we keep launching and they add on to a recurring revenue base. The amount of units is up to them based on their current needs based on their protocol. Goals and structures, and we're here to support it. So Q3 has revenues from many different projects around the world and a big change in Q3 is this Romania project. Q4, we have Romania and other projects, it's also rolled in. And because of the recurring revenue structure, they keep on adding on top of each other. The reason why you sometimes see a slowdown in revenue growth is also because we are still phasing out the e-Gov business, which is the business used to be $30 million back in 2015. That's for biometric passports and ID card in Africa and South America. We've been phasing that out while together growing this IoT business. So yes, we are -- this revenue does reflect -- this quarter does reflect many revenues from many different projects, and we expect to continue to reflect these revenues and to have new ones with new projects we will launch.

Awesome, awesome. In the webcast that I heard, you had said, basically, like I got -- if I understood correctly, you -- the electronic monitoring works on land, obviously, in subways, so underground and in buildings, high up in the air. Is that -- do you guys ever have any issues with that? Like is -- like if the -- because I know like on phones and my cell phone, sometimes I'll go into an area where it's a little bit dark or whatever, and I might have trouble with like the loading of the service. Do you ever run into issues like that? Or is it just a constant, very accurate system that lasts -- that works pretty much everywhere? It's a great question. And let me get a little bit technical, if you don't mind. First of all, no communication system is perfect. But what is important at least for our business plan is to always be one step above the rest. So everyone else has been developing their own proprietary location tracking technology for the past 10, 15, 20 years. And these are small companies with $100 million, $200 million in value of revenue. And they're competing with companies like Samsung and Apple for location and Google for location services. Obviously, it's not much competition. We developed our own location as well, but we also integrate all the location services from all the largest companies in the world. So when we provide location services, we offer multiple channels to track locations. If you're underground, we do not using GPS, we're using WiFi networks through the Google network. So you could track someone underneath the ground in the subway, which almost nobody else can in our industry. When you're in the building, we also have in monitoring technologies, where we have low frequency signals and we're able to look at it for somebody precisely within the floor. So not just hints building, we've done the 12 floor, we done the 20th floor and so forth. So SuperCom has been dealing with location technology since 2005. And we have been able and lucky and fortunate to combine all these technologies into this unique proprietary solution. So when it comes to testing our technology or allocation capabilities, I feel the customers are blown away. When they test the weight of our product, I see the customers are blown away when they take the security of our products, many of our employees and staff have been in the military in intelligence and security, and we bring top non-security and products. So once again, I believe our customers are blown away. And this is what helps us win more and more projects. And I think the more projects we deploy and more customers will see why we are unique, and that will allow us to grow even faster -- throughout the world.

Awesome, it's very exciting like Star Trek stuff to be almost like I can see the possibilities are pretty - vast and they keep going like there's -- I don't really see a lack of need for things that not just people, but also places and things that need monitored on a continuous basis. And then that leads me to my next question with, do you foresee in the future this being just limited to I know it may in May tracking - in the house rest is an amazing market for that. But I have a great imagination. And - I speculate that there's probably other?

Opportunity to application market yes for application like I was wondering, I don't know, like maybe -- because I know like I know they monitor like athletes, need monitoring, sometimes when they're doing their practices, military, obviously, when they're in training or in the field. Senior citizens, maybe monitoring send -- another question.

I believe the question after question that's correct I apologize. But with the biometrics, how extensive are your biometrics -- like are you measuring heartbeat? Are you able to measure heartbeat and stuff like that or?

Okay great. Let me answer both of your questions. First of all on the application, I'm a big believer in focus -- focus, and we have to understand the size of our company and the resources that we have. And while our technology is great every application, every industry requires a sales force product team, marketing team, you have to understand the nuances for every different market, if you want to be addressed. In the past, since 2005, we've been developing the patent technology, and we have components which will work great in almost any market, just like we're tracking offenders. We can track livestock and medical equipment and 00:44:09 and children and athletes, and we could take all the signals that are being, let's say, amplified and projected from people's bodies. And we can take those signals and we can analyze them and process them and use that for intelligent decision-making for many different markets applications. All that being said we cannot lose our focus. And right now, we're looking at a $1.6 billion industry. We have unique solutions, unique technologies that we can change and disrupt it. And that's exactly what we're doing. And we still have a far way to go. $1.6 billion our annual revenues recently, were $12 million. Now they're growing when we get a larger market share, which you know for more companies. And our technology it is more prevalent throughout the world, and we know that we are creating a huge impact, just like we're doing with Romania right now for tens of thousands of families, then we'll be ready to move on to the next industry and the next industry, next industry, leveraging exactly the same technology, but using a different application. That's on your first question. The second, in terms of heart rate data, anything that you see that you've seen online or on TV, any technology that has been advertised, we have the access to it. So unless it's something that you haven't seen like proprietary military grade and I was in the military as well. Secrets, we would not be able to access those easily. But all the heart rate beats even brain signal, DEG, energy -- other things that you see on wearables that we have that just like any other company would. And we have a team that could analyze that data very efficiently. But we're not there yet, and we're focusing first on this current market, and we don't need the heart rate to track offenders -- that's not part of our solution today.

Okay. I love it, though, your vision, I like that you had the focus. You mentioned your focus is a laser-focused vision and what's in front of you right now? That's nice. I think that probably answers it doesn't really answer all my questions for sure. I have a lot split, I appreciate your time within and congratulations to you in the SuperCom team?

A great question -- thank you very much, Have a good day. Thanks for being with us.

Your next question is coming from [indiscernible] from IR.

Good morning, congratulations like everybody, is missing. It seems like the company is going well. I was just wondering, I know in July, you guys got an extension for General environment $1?

Yes, yes, exactly.

Do you guys have any plan to work on that? I mean I know the company is going well, but there's always a short seller and won. Is there a planning case by December -- is that above the $1?

December 13, the time line we have - the prices has been reached on its own. We have measures in place to resolve it through diverse splits and other mechanisms. Okay.

So you guys are working on something, but there's nothing that has been decided so far. Nothing that's been announced yet, but of course, we will work on in the back then.

It's – a very common and well-known situation at a metric to us, happens to the company sometimes, especially when our stock was only around $1.10, $1.20 before the market conditions came, which impacted many stocks around the world hit us as well. Now we're under $1. But again, we have measures in place to resolve it.

Wonderful. And another question just related to that, just considering, I mean, the price that is so low have you guys consider doing like buybacks before starts going up or that's not part of the plan. We haven't announced a new - if you're talking about corporate buyback.

We haven't announced a new one. We've done that in the past. It all depends on the cash on hand. Right now, as you see, we need our cash because we're launching new projects and with the manufacturing new equipment consistently. The state is one at 15,000 units and potential. So we're not very eager to do a corporate buyback. That being said, sometimes insiders like our Chairman, [Arie Trabels] have been buying back and we announced that at the market once in a while, as you could see in the press releases in the last year or two, you'll see some announcements of insiders buying.

Okay that's all I have. Thank you very much.

Thank you.

[Operator Instructions] At this time, there are no further questions in queue. At this time, I will pass the call back to Ordan for closing remarks.

I want to thank you all for participating in today's call and for your interest in SuperCom. We are doing big things and making a big impact, and we look forward to sharing our progress on our next conference call, filings and press releases. Thank you, and have a good day.

Thank you, ladies and gentlemen. This does conclude today's event. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.