Good day, ladies and gentlemen. And welcome to the Q4 2012 Stratasys Earnings Conference Call. My name is [Su], and I will be your operator for today. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session towards the end of the conference. (Operator Instructions) As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Mr. Shane Glenn, Director of Investor Relations. Please go ahead, sir.

Thanks, [Su], and good morning, ladies and gentlemen. And welcome today’s conference call to discuss the Stratasys’ fourth quarter and fiscal year 2012 financial results. My name is Shane Glenn, and I will be moderating the call today. Thank you for joining us. On slide two, you will find the details of the call today. On the call with us are David Reis, CEO; Erez Simha, CFO and COO of Israel; and Scott Crump, Chairman and Chief Innovation Officer of Stratasys. I’ll remind you that access to today’s calls including the prepared slide presentation is available online at the web address provided in our press release. In addition, a replay of today’s call, including access to the slide presentation will be made available on the Investor section of our website later today. On slide three, a reminder that certain information included and incorporated in this presentation maybe deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are often characterized by the use of forward-looking terminology such as may, will, expect, anticipate, estimate, continue, believe, should, intend, project or other similar words, but are not the only way these statements are identified. These forward-looking statements may include, but are not limited to, statements relating to the company's objectives, plans and strategies, statements that contain projections of results of operations or financial condition and all statements other than statements of historical fact that address activities, events or developments that the company intends, expects, projects, believes or anticipates will or may occur in the future. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. The company has based these…

So slide four, thank you, Shane. I’d like to welcome all of you to the first quarterly conference call of Stratasys Limited as a combined company. We are very pleased with our accomplishments in the fourth quarter, including our strong financial performance. These are very exciting times with significant opportunities for long-term growth. Prior to closing the merger, our combined team spent five months developing a comprehensive integration plan to prepare for a success. The fourth quarter was a very busy time for our company as we worked hard to close the game changing merger between Stratasys and Objet, while at the same time conducting business as usual within our extensive sales and marketing organization. I’m happy to report that we pulled it off and we have established a world-class organization of employees and partners to lead the company forward. Now, I'm also very pleased to introduce to you the new CEO of Stratasys, David Reis, who will lead our conference call today. Let’s go to slide five. Okay, David?

Thank you, Scott, and good morning, everyone. I would like also to thank you for joining today’s call. As Scott mentioned, this is an exciting day for all of us and we are very pleased with the results we have released today. Switching to slide six, in addition to our impressive financial results, we are excited about completing the merger of our two leading companies and the positive implication it has on our future. We have initiated our integration plan for our worldwide sales and marketing organization, introduced exciting new product, and are planning for additional investments in products and channel development that we believe will expand application and drive future acceptance. We are focused -- we have a focused strategy and are confident that our new combined organization would be a leader in this rapidly developing market and provide significant long-term value to our shareholders. I will return later in the call to provide more detail on our strategy. But first, I would like to turn the call over to our CFO and COO of Israel Operations, Erez Simha, who will provide you detail on our financial results. Erez?

Thank you, David. I’m switching to slide seven. We have provided you a significant amount of financial information in today’s press release and conference call presentation. In addition to the pro forma GAAP financial results we have included pro forma non-GAAP financial results, which we believe more accurately reflect the combined performance of our company. Within these non-GAAP presentations we would like to make special note of the significant acquired intangible asset amortization expense that is excluded. This intangible asset is created by the merger of Stratasys Inc. and Objet Ltd. $462 million of intangible assets will be amortized over approximately 10 years on average and will have a significant impact on our GAAP results during that period. In addition to the amortization of intangible assets, other costs excludes from our non-GAAP presentation include a significant cost associated share-based compensation expense, the expenses related to completing our merger and expenses associated with Object [therefore] to go public in 2012. Our focus in today’s call will be on the pro forma non-GAAP financial results of the combined company Stratasys Ltd. However, these non-GAAP financial measures should be used in combination with our GAAP metrics to evaluate our performance. Note that when we refer to GAAP metrics, we are referring to pro forma GAAP numbers prepared in accordance with Article 11 of SEC Article S-X, which numbers give effect to the merger as though it had occurred on January 1, 2011 of the relevant year. With one-time merger-related cost excluded from the report. The non-GAAP to GAAP reconciliations are provided in table reading our slide presentation and press release. I’m switching to slide number eight, the merger between Stratasys Inc. and Objet Ltd. was completed in December 1, 2012, creating an industry leader within the additive manufacturing and 3D printing industry. The…

Thank you, Erez. Moving on slide 29. I would like first to provide you a quick update on where we are standing with the merger between Stratasys and Objet. As you know, we completed the merger through an all stock transaction on December 1st bringing together two companies with complementary product lines, as well as shared commitment to innovation and excellence. So far everything is going according to plan. The new Stratasys now offer customers a broad array of innovative 3D printing and direct digital manufacturing solutions from the single destination. We can deploy this comprehensive product portfolio across the large and more experience sales and marketing team. Our market reach has extended and we are beginning to see opportunities for cross-selling of the complimentary product portfolio into the combined companies large install base of systems. To begin developing the cross-selling opportunity, we completed the cross-training of 18 resellers in December that began the task of selling the combine product portfolio on January 1, 2013. We are currently accelerating the cross-training of additional resellers and expect to have the channel fully train within 18 months. We are very excited about the long-term potential of this merger and we have initiated a detail plan for integration of our two companies. However, we do not underestimate the sizable costs we have at hand, the significant resources required to integrate our sales and marketing organizations. The integration plan would be a major focus throughout 2013, which we believe will ultimately create significant value through the creation of stronger company. The financial guidance we have provided today is driven by a balance between driving near-term growth with a need to focus on initiatives that bring long-term shareholder value creation. Slide 29. Our industry has received a lot of attention lately. I think it’s important…

(Operator Instructions) The first question comes from the line of Brian Drab [William Blair]. Please go ahead.

Good morning. And welcome to the company, David and Erez and congratulations on completion of the merger. So first question I had is just, I think people are going to be trying to discern what the growth was at the legacy Stratasys business in the quarter and what the growth was at Objet and it’s hard to discern from what you released. So maybe if I could just start with that question, what was organic growth from the legacy Stratasys business and the legacy Objet business in the fourth quarter?

Brian, we are not providing standalone pro formas of the company. We believe that the merger has combined certain functions of the two companies as of December. And we needed to provide a clear picture of our company. And looking forward in 2013, there is really no meaning to differentiate between the Object legacy and the Stratasys legacy. We manage it here as one product line and one business and we don’t even evaluate it as two businesses, as standalone.

Okay. I can understand the need to talk about the company that way going forward. I was hoping that we could just get a sense -- since everyone’s estimates and models for the quarter were largely focused on the Stratasys business. It would have been interesting to get idea for the health of that standalone business one last time but I understand. Then one specific question then about the sub-segments within maintenance. I thought it was interesting that the Stratasys business year-to-date as of September had only grown at a mid single digit rate in that maintenance segment. But for the full year, it looks like maintenance revenue was up 19%. And I am just wondering if you could -- for the combined entity -- I am wondering if you could provide any insight into the momentum in Object’s maintenance business which appears to have been up well over 30% for the full year 2012.

Yeah. Brian, for sure. And actually, Objet was growing faster the last three years. And service revenue that we got was completely related to the growth in the install base. So when you look at the service revenue Object as standalone, which you don’t have it, you could expect that Objet could grow faster than ever as combined company. The growth that you’re seeing in 2012 is mainly related to the fast growth of their install base of Objet for the last two years.

Okay. Back in line. Thank you.

Thanks Brian.

Thank you. And your next question is from Troy Jensen [Piper Jaffray]. Please go ahead.

Congratulations on a nice quarter, gentlemen.

Thanks Troy.

Hey, I’ve got two quick questions here. So backlog to me looked pretty interesting. It was $28.6 million. I went back and looked at the K for last year. I think it was Stratasys’ standalone. It was $12.5 million exiting 2011. So curious to know if you guys view $28.6 million of backlog as excessively high number and maybe not excessively but just a high number, and what was Objet’s traditional backlog coming into the quarter?

Troy, the backlog level of $28.6 million were obviously high, give us the level of confidence entering in 2013. In Q1, also the full year of 2013 when we get our guidance on topline. And yeah, we consider $28.6 million as a high amount of the backlog.

To that point, Erez, was there -- I mean was there just orders came in late in the quarter, you could turn around quick. Is there a lot of Objet1000 in that backlog? Can you just touch to why it was so high this quarter?

There are no Objet1000 at all in the backlog. It’s mainly out of the -- we had to ship post end of the year orders that we got. And we have to ship in Q1 and possibly small amount in Q2 and orders that we didn’t have the time to ship towards the end of the year that we’re receiving actually on the last few days of the quarter.

Okay. And then one for David, how about -- David, with the integration in front of you, what components or is there a certain area that you think is like the most risky thing to integrate or one that only keeps you up at night the most?

First of all, like we said in the presentation, I feel it’s so far so good. We spent a substantial long time in planning this integration, maybe too much time unfortunately. So we are well prepared and we know we have plans for all the different avenues of integration. At this point of time, I don’t have any kind of specific areas that I’m more concerned about. In general, it’s obvious -- and I cannot underestimate the challenge. It’s a major challenge, so far so good. I must also add that both employees, channel partners, resellers and other partners are extremely enthusiastic and excited about it. And so -- I don’t have I can’t give you specific areas of concern. It’s a complex operation.

All right. Well put. Good luck this year, gentlemen.

Thanks, Troy.

Thanks, Troy.

Thank you, Troy.

Thank you. And your next question comes from Paul Coster [J.P. Morgan].

Yeah. Thanks for taking my question. I’m more interested in the future than the past of course, whether you are referring to revenue that you’ve already reported or what you are seeing in the pipeline in backlog. Can you give us some breakdown of where your sales are going in terms of industry verticals, where the fastest growth is and also what the application mix is between idea, design and production?

Paul, it is Erez. Hi. I think just looking at 2013, we cannot specify a specific vertical or applications that drive the growth. I think that we are growing in all service lines, in all segments. And in 2013, it’s naturally really difficult to grow in such numbers through one vertical or one application which is specifically growing. However, I think that looking into 2013, part of the growth will come from our ability and focus -- our ability to focus on verticals that we were not focused in 2012 as result of the merger.

We recognize that there is a great opportunity for us. It’s David. Hi. We mentioned it few times in the past that we are in only initial stage of attempting to cross sell a product, which are really complementary in nature to a very large combined install base. Now, this will take time but it’s definitely a growth engine in the coming few quarters.

So the easiest growth path is to sell more to your existing customers rather than find new customers?

No. I think the growth strategy is -- it has a few pillars. One of them is to continue what we did before, extending within the CAD market to traditional, let’s call it, traditional customers of Stratasys. Another pillar is to try and sell our complementary offering to our customers that we already sold previously. And like Erez said, the third pillar is extending with specific go-to market strategies to few verticals that I mentioned in my presentation, which are the education, the requisition of manufacturing in terms of less medical markets.

Got it. Thank you. And then looking into 2013 guidance, do you anticipate a significant shift in mix? For instance, will consumables grow in 2013 or do you still think we are at the sort of leading edge of system sales?

We assume that we will grow from product consumable and service. In 2013, there is no one product type of product and product of sales type that will grow faster than the others. So we think that we will still generate revenue from the installed base in a growing phase and we will grow through the hardware sales.

Excellent. Thank you very much. I’ll hop back on the queue.

Thanks, Paul.

(Operator Instructions) And your next question is from the line of Jim Ricchiuti [Needham & Company]. Please go ahead. Jim Ricchiuti - Needham & Company: Thank you. Question I had is -- Reis, maybe you can address it. You talked about stable gross margins in 2013. I’m just trying to get a sense as to, where you see the margins going in the service business which was maybe you can elaborate on the decline in 32.5% for Q4. Does that improve and what happens, how should we think about product gross margins?

First, Jim, related to the service in 2013, we expect a higher gross margin compared to Q4. Q4 was -- I think we had issued a new product implementation, introduction and we have -- we incurred some costs for ongoing field upgrades that we did to improve satisfaction. I think that overall gross margin, not only service but product and service. In 2013, we should assume that the gross margin will be more or less the same as it did in 2012, although we would see a little bit higher gross margin in service, which had minor impact on the overall gross margin. Jim Ricchiuti - Needham & Company: Okay. And R&D expense, as we think about that for the full year, somewhere in the 9% area of revenues, or could that be a little higher just given the investments you’re making?

We didn’t provide any guidance for the percentage of R&D out of sales and we did say that we are going to invest heavily in R&D in the channels in order to support the growth in 2013. And you should assume higher operating expense in 2013 compared to 2012. Jim Ricchiuti - Needham & Company: Okay. And one final question and I will jump back in the queue. When you talk about revenue growth being relatively stronger in the second half of the year, and I look at the range of revenues that you're giving for the full year. If we just look at the low end of the range, I think in the past, if we think of both standalone Stratasys and standalone Objet, it looks like you're getting somewhere around 53% to 55% of your revenues in the second half of the year. When you talk about relative to second half of the year, the upside to the high end of that range, is that how we should think about the potential for a stronger component of the revenues in the back half?

Jim, what we want to say is actually that in the second half of the year in terms of revenue, we will be stronger compared to the first half. It needs to be notably divided 50:50, and this is also part of our ongoing effort to finalize the cross selling in the channel, which I think that we will be able to see the results in H2. Because anything that we look at the upside that will come in the second part of the year. But we want to say that the revenue will not be divided equally between the two half of the year. Jim Ricchiuti - Needham & Company: Okay, which has been the case all along. Okay. Thank you.

Thank you. And your next question comes from the line of Steve Dyer [Craig-Hallum Capital]. Please go ahead.

Thanks. Good morning, gentlemen.

Good morning, Steve.

Just a follow up on the earlier backlog question. Can you remind me how backlog has defined, that number?

The backlog has same feel, which we have in hand and that was not shipped yet to the customer.

And that’s generally shipped sort of in the subsequent quarter or is that not a safe assumption?

Most of it. Most of it is shipped on the following quarter.

Okay. Question on the addressable market. You talked about kind of $5 plus million 3D CAD seats, and I think you had said, either David or Erez, 50,000-ish professional systems shipped sort of since the inception of the industry, I think is what I heard. Can you help me reconcile that with sort of the 29,000 combined last year? Are you just assuming that some subsection of that is professional?

Let me elaborate on the numbers. The 29,000 printers, the total number of printers that were sold by Stratasys, the combined new Stratasys between Objet and Stratasys Inc. since inception, okay. The 50,000 is a number, which we estimate was sold totally in the market in the professional market since the kind of inception of our industry.

Okay. That’s helpful. Thank you. One last question and I’ll hop back in line. CapEx expectations for ’13?

Again, we didn’t provide any CapEx expectation for 2013. I think that there will be, the CapEx investment in 2013 in order to support the growth will be higher compared to 2011. But it will be around the line in the infrastructure or the facility realty system and preparing ourselves for additional production capabilities and to support the demand for 2014 and ‘15.

Okay. All right. Thank you, guys.

Thank you.

Thank you. And your next question comes from the line of Hendi Susanto [Gabelli & Company]. Please go ahead. Hendi Susanto - Gabelli & Company: Can you hear me all? Good morning.

Good morning, Hendi.

Good morning. Hendi Susanto - Gabelli & Company: Okay. First question, would you help us understand how Stratasys achieved the targeted effective corporate tax rate of 15% to 20%? I’m thinking that you have a low tax rate in Israel, but at the same time the majority of sales, up to 50% of revenues come from North America and how long will it take you to get there?

Yeah. The effective tax rate which you are talking about on the long-term model is a mix between the effective tax rate in the U.S. The effective tax rate in Israel and the effective tax rate around the world as well in the countries we have the activities. I think looking at 2013, we should take into consideration that it will be close to the higher part of the range of the long-term model. And I guess it will take us two to three years to build down to the lower range of effective tax rate of the company. Hendi Susanto - Gabelli & Company: Okay. And then second question, would you be able to share how much of your revenues come from medical surgical?

Well, we did not -- we do not go by such accounts. Hendi Susanto - Gabelli & Company: Okay. Thank you.

Thank you, Hendi.

Thank you. And your next question comes from the line of Andrea James [Dougherty & Company]. Please go ahead. Andrea James - Dougherty & Company: Hi. Thanks for taking my questions. I guess I wanted to see what the inflection point was in your sense of where the bigger expansion opportunities are? Is it moving toward more lower cost systems, or maybe moving up to value chain a little bit into just different verticals, or I’m just curious what you -- where you see those things intersecting?

I think that we are lucky to the extent that we see our growth going in more than one direction. On one hand, we are going to expand our offering and reach. Let’s call it, in the high-end of the market in DDM applications by providing a production, better production printers and materials which suite this segment of the markets. In parallel to it, we will increase our penetration in the low end. We are introducing less expensive low-end easy to use office-friendly printers. And in parallel to those, let’s call them two main kind of growth directions. As I mentioned earlier, we are going to expand and focus even more in the coming years on vertical applications, which require special solutions either from hardware or a material standpoint and one example is dental markets and other example is DDM direct digital manufacturing markets. Andrea James - Dougherty & Company: And then as you focus your R&D versus acquisition strategy, how do they play into what you just said and how each one gets you there?

In terms of time, we need to consider and balance between trying, making it on our own or the acquisition find complementary technologies that’s will help us to achieve the goals I mentioned earlier. It’s an ongoing process and which we are doing on regular basis. Andrea James - Dougherty & Company: Okay. Thank you. And one final one, just on your 29,000 cumulative sales, how do you look at your attrition rate or could you give us a sense of your own installed base?

It’s very difficult to say what the active installed base within these 29,000 printers, very difficult to say. I cannot give an answer on this issue. Andrea James - Dougherty & Company: Okay. Thank you.

Thanks, Andrea.

Okay.

Thank you. And your next question comes from Holden Lewis [BB&T Capital Markets] Holden Lewis - BB&T Capital Markets: Thank you. Good morning.

Good morning. Holden Lewis - BB&T Capital Markets: I wanted to ask in terms of the sales channels and the cross-selling, how do you seed those sales channels with machines or do you seed them with machines? Is this a case where you're going to have to seed all the Objet guys, the Stratasys’ machines and vice versa? And does that have any impact on your revenue stream that might be sort of a short-term benefit? How do we sort of view that process?

Again, when you look in our historical combined customer base, you see more than a few is in a certain percentage of customers that when the companies were separated, they elected to buy those technologies. And the reason is it had to do with the complementary nature of the technologies in the different stage of the different technologies to the different stages of the design and production. The advantage which is coming out of the merger is that suddenly that those installed base customer names are open in front of the company, in front of the channel and the products are available for the resellers. So the assumption here is that there is a need for those products and some of the customers will elect to buy the other complementary product when it’s going to be offered to them. And again, as I said we have quite a lot of example of customers who did it before. Holden Lewis - BB&T Capital Markets: Right. I guess what I was curious about is the resellers themselves. Do you need to sell units into the resellers, that they have both Objet and Stratasys products to demo? How does that work?

Sure. Some of the resellers that we would like to sell the complementary products and to most of them, they will probably buy demo machines in order to demo the new equipment. The answer is yeah. Holden Lewis - BB&T Capital Markets: Okay. And does that benefit the revenue guidance that you provided in '13? And the reason I'm asking, obviously is that, as they do that, it seems like that would be sort of a one-time tailwind that sort of on the back end, on the backside of that, you wouldn't have that benefit anymore.

Yeah. Finally, we see it now absolutely insignificant to the 2013 guidance that we gave. Holden Lewis - BB&T Capital Markets: Okay. Got it. Thank you. And then, lastly, can you just give a sense of what the D&A that you expect in '13 is likely to be?

Again, we didn’t provide any guidance here. Are you asking about GAAP, non-GAAP in terms of those included? Holden Lewis - BB&T Capital Markets: Yeah. Just the total D&A number.

You have a slide that reconciles between the GAAP and non-GAAP in 2012. And you should assume that 2013, would at least the number in 2012. Holden Lewis - BB&T Capital Markets: Okay. Thank you.

Thank you. And your next question comes from Jim Ricchiuti [Needham & Company]. Your line is open. Please go ahead. Jim Ricchiuti - Needham & Company: Thank you. David, the merger closed I guess about six months beyond when you initially were thinking. To what extent are you able to recapture some of the lost time in terms of realizing some of the integration synergies this year, and just a follow-up with respect to the reseller channel?

First of all, it was a substantial delay. The good news is that, when we ramped it up again I think all the different partners and stakeholders, from employee to channel partners jumped on the wagon very, very fast. So basically, if you’re trying to get my estimate, we basically have kind of a delay or shift of between a quarter, maybe a little bit more than a quarter in our integration plan. We originally were planning to close on October 1st. We closed on December 1st, so this gap was not closed. Again, it’s been pushed into ‘13. Jim Ricchiuti - Needham & Company: Okay. And with respect to the reseller channel, about 18 months from now you expect to have it fully complete. Where would you anticipate you'd be by Q4 of this year in terms of the reseller channel? What percent of the reseller channel do you think would have access and be fully trained on both product lines from both standalone companies?

Let me -- maybe, I will answer it this way. Even if the training would be kind of on a linear progress, the potential revenue or the resellers which are going to be trained through the year or the potential revenues are going to be faster than the number of resellers because obviously, we’re going to start with the resellers in certain order. And therefore, if you’re asking by end of the year, what percentage of resellers are going to be trained. I’m not sure but revenues potentially could be generated by those resellers who are going to be larger in percentage of the number of resellers that were trained. Jim Ricchiuti - Needham & Company: Sure. So, in other words, you obviously are going after the resellers that are going to account for a bigger part of the revenues. I mean, is it kind of a -- should we think of it in terms of an 80/20 rule by the end of this year?

Let’s look at 80/20, but what you said is correct. And obviously, we will try and train the guys that can provide faster revenue in the early stage of the process. Jim Ricchiuti - Needham & Company: Okay. Thanks a lot.

Thank you. And your next question is from Paul Coster [J.P. Morgan]. Please go ahead.

Yeah. Thanks. David, I wonder if you'd be kind enough to share with us your win rate in the photopolymer jet set, or if you can't share the actual statistic, directionally where you're headed. Is it improving with the new materials you've got onboard, or is it stable or whatever?

We’re not disclosing our win rates, Paul. It’s not something that we are sharing.

Got it. And then the other question I had was the product cadence. Actually, no, a broader question than that which is, 2013 is obviously an integration year. What would you describe 2014 as likely to be? Is it execution and growth year? Do you see acceleration then?

Paul, I think it’s really too early to discuss 2013, '14. Let me introduce to you -- in the case we have two quarters in 2013 and together to discuss 2014.

Okay. Maybe a more specific question. The product cadence, the rates of new product introduction, how do you think that will evolve over the next 18 months or so?

I think we said earlier, we’re not decreasing in anyway our R&D expenditure.

They are opposite.

They are opposite. And therefore, I don’t expect limitation of introducing products in R&D timetable as I don’t foresee that the overall rate of their bringing new products to the market should change.

All right. Thank you very much.

Thank you, Paul.

Thank you. And your next question is from Brian Drab [William Blair].

All right. One of the recent questions just brought another question to mind for me. Just wondering if you could talk a little bit more about the potential for the channel combination resulting in a one-time benefit to sales. And I'm just looking at the total number of resellers that you have now and that's about 260. And even if you say, assume maybe 20% of those buy some demo units in the first quarter and assume maybe that's $100,000 a reseller that could result in a $5 million, $6 million benefit in the quarter, based on those assumptions. I don't know if those assumptions are way off or not. I'm hoping you could comment on it. But the combined company did about $83 million in revenue in first quarter of 2012, and that $5 million or $6 million would result in 5 or 6 points above or even more than that of revenue growth year-over-year. So, I'm just wondering if you could comment on any of those assumptions and let me know if you still think that it's immaterial. When you said it's immaterial, is it immaterial for the full year or the quarter and where am I off in those assumptions?

Bryan, I think it’s the plan that we had today on the table doesn’t’ necessarily introduce those surveys through demo. I’m assuming that they have to buy. We had other plans and other alternative but not necessarily the demo. And we will not offer the demo to all, as I said the one who has the potential to ramp up the business and contribute fast to shares of the combined company. Mainly the guidance that you gave for 2013, do not include any significant amount of demo machines. And if this would not be the case in Q1, Q2, we would obviously disclose it.

Okay. Thanks.

Thank you. I would now like to hand the call back to David Reis for closing remarks.

Ladies and gentlemen, thank you for joining us for the call. We look forward to speaking with you next quarter. Good bye and thank you very much.

Thank you for joining today’s conference. This concludes the presentation. You may now disconnect. Good day.