NASDAQ:YHGJ Yunhong Green CTI Q3 2023 Earnings Report $0.87 +0.07 (+8.85%) Closing price 03:59 PM EasternExtended Trading$0.87 0.00 (-0.32%) As of 04:45 PM Eastern Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more. Earnings History Yunhong Green CTI EPS ResultsActual EPS-$0.05Consensus EPS N/ABeat/MissN/AOne Year Ago EPSN/AYunhong Green CTI Revenue ResultsActual Revenue$1.92 millionExpected RevenueN/ABeat/MissN/AYoY Revenue GrowthN/AYunhong Green CTI Announcement DetailsQuarterQ3 2023Date11/1/2023TimeN/AConference Call DateThursday, November 2, 2023Conference Call Time10:00AM ETConference Call ResourcesConference Call AudioConference Call TranscriptPress Release (8-K)Quarterly Report (10-Q)Earnings HistoryCompany ProfilePowered by Yunhong Green CTI Q3 2023 Earnings Call TranscriptProvided by QuartrNovember 2, 2023 ShareLink copied to clipboard.There are 4 speakers on the call. Operator00:00:00Good day, and welcome to the Yunhong Green CTI Third Quarter and 9 Months Ended September 2023 Earnings Conference Call. During today's presentation, all parties will be in a listen only mode. Following the presentation, the conference will be open to questions. This conference is being recorded today, November 2, 2023. The earnings press release accompanying this conference call was issued last night. Operator00:00:29On the call today is Yunhong Green, CTI's Chief Executive Officer, Frank Cezzario as well as Chief Operating Officer, Janice Swan. Before we begin, we want to make note that you should read the forward looking statements in the company's earnings press release. During today's call, management will make certain predictive statements that reflect its current views about future performance and financial results. The company bases these statements and certain assumptions and expectations on future events that are subject to risks and uncertainties. The company's Form 10 ks for the year ended December 31, 2022, lists some of the most important risk factors that could cause actual results to differ from its predictions. Operator00:01:18Please also note that the company's earnings press release make reference to adjusted EBITDA, a non GAAP financial measure. The company views Adjusted EBITDA as an operating performance measure and as such, the company believes that the GAAP financial measure Most directly comparable to it is net income or loss. For further information, please refer to the earnings press release and the company's periodic filings with the Securities and Exchange Commission. At this time, I would like to turn the call over to Frank Cezzario, Chief Executive Officer of Yunhong Green CTI. Sir, please go ahead. Speaker 100:01:59Thank you, Holly. Good morning, everyone. I would like to thank you for joining us on our call today. This is the time of year where we take a breath and appreciate the transition from what has historically been our weakest Q3 to our strongest quarter Q4. Thanks to Valentine's Day shipments. Speaker 100:02:17However, it isn't every day that a company is rebranded, so let's During August, our stockholders approved renaming our company from Yunhong CTI Limited to Yunhong Green CTI It's a way of communicating the new biodegradable and compostable products designed to reduce our reliance on single use plastics. Along these lines, we've also changed our ticker symbol to reflect our name. CTIB has given way to YHGJ. Our new ticker may be more awkward to speak out loud and I know that, but it is more reflective of our company name, Yunhong Green CTI Limited. We have added significant new assets to our website and have been sharing product samples while undergoing performance testing in the U. Speaker 100:03:02S. As we begin the process of entering the U. S. Marketplace. I encourage anyone interested in this product area to look at our website and see what these solutions are about. Speaker 100:03:12With that as our backdrop, let's start with the numbers. Year to date sales were $11,000,000 in 2023 compared to $12,400,000 during 2022. Helium became the story in the Q2 2022 as a good start to the year became particularly challenging with a Skyrocketing cost of helium following the loss of Russian supply after the invasion of Ukraine. We also had a short term supply issue in the United States It's no surprise that Q1 2022 was a strong balloon quarter and Q2 was weak. 2023 was more consistent building as the year went along. Speaker 100:03:48I'm pleased to share that we have finally caught up on a year to date basis. It's been a tough road, one that has seen our 2 largest competitors in the U. S. File Chapter 11 in 2023. Film products dropped off in the Q3 and lagged 2022 substantially. Speaker 100:04:03Film product orders ebb and flow in a market where consolidation is common, Competitors are plentiful and each quarter has a wide range of potential outcomes. I believe the 4th quarter will be better, but the gap is significant. Our other category is led by balloon inspired gift items, which continues to show strong order growth. We note that because we recorded all of our Valentine's Day shipments by the end of December 2022, something we did not do during 2021, The 1st 9 months of this year shows a drop in the category despite an increase in overall order flow. The timing of our shipments may cause challenges in comparing finite periods, But overall, this area has been working well for us and I believe it will continue to do so. Speaker 100:04:48The gross margin was off 1.6% 16.7% last year to 15.1% this year on a reduction in overall revenue volume during 2023 driven by our commercial films area. However, the rest of the income statement shows a much better outcome, such that a $0.28 per share loss last year is now $0.04 per share this year. We had one time costs and benefits, particularly from the income recognition of the employee retention tax credit. But overall, our spending discipline helped us weather the helium storm. We believe that bodes well for our future profitability as we find ways to deal with cost challenges that have In the prior quarter, we discussed the deployment of automation in our manufacturing process to create efficiencies and in the long term lower our operating costs. Speaker 100:05:38Perhaps this quarter, I can ask our Chief Operating Officer, John Eshwath to share the seasonality of our traditional business such that listeners can better manage their expectations. Janna? Speaker 200:05:49Thank you, Frank, and good morning, everyone. As foil balloons drive the bus, let's focus on the seasonality for balloons and related gift items. Roughly half our business is every day, sync birthdays, get well, anniversary and other sentiments, while the rest driven by such events as Valentine's Day, Mother's Day and the graduation season. We ship approximately 2 months prior to the holiday, while production is underway months before that. We naturally gear up starting in August, operate feverishly through October through November and then take a moment to reorganize after shipping Valentine's Day. Speaker 200:06:28We then ramp up from February to April as we focus on Mother's Day and graduation. Our Q3 is about spending controls and longer term planning as we prepare to do this all again. And the payoff is millions of happy customers, which makes it all worthwhile. Frank? Speaker 100:06:49Thank you, John. As we indicated during our prior call, our credit line expired September 30. We've agreed with our lender to extend this line for 2 years until September 30, 2025 under similar terms. We've completed the name change. We are now giving compostable product samples out. Speaker 100:07:07We are updating 3rd party test results domestically. We will be participating at the China International Import Expo, 2023 next week, November 5 through 10. Our company together with Yunhong Biotechnology Inc, another member of the Yunhong Group family of companies will be displaying our traditional balloons and balloon inspired gifts, but also our group's patented compostable, biodegradable and recyclable materials to enhance environmental sustainability. We continue to find our footing. Helium pricing continues to slowly improve. Speaker 100:07:40People desire to celebrate and we can play an important role in making those experiences special and memorable. Our balloon inspired gift category continues to grow and we offer our customers outstanding designs and quality products. Adding more automation will help us as will the development of new product areas. And now we get to fulfill customer holiday orders. This hasn't been easy, But few things worthwhile are. Speaker 100:08:06We know most people catch this call on the replay, but for anyone who's on live, we invite you to ask a question. Holly, would you please open the Q and A? Operator00:08:17Certainly. At this time, we will be conducting a question and answer session. Your first question for today is coming from Glenn Hamilton, a Private Investor. Speaker 100:08:54Hi, Glenn. Hey, Frank. Speaker 300:08:58My question is either you or John are going to be attending the Yanghang Conference in China coming Speaker 100:09:05up. So this time we decided that just Yunhong folks were going to do that one. We have a variety of things being presented. So we have been supporting that conference with a lot of materials. You don't want to know how many packages have gone overseas, But we are coordinated and ready to roll. Speaker 100:09:24But to answer your question, this time, we get to avoid the long plane trip And have local assets take care of it. Speaker 300:09:32Okay. 2nd, I'm familiar with Party City in bankruptcy. Who was the second company you mentioned In BK, I wasn't familiar with that. Speaker 100:09:43Yes. There's a private company called Pioneer. They're based in Wichita, Kansas. They own brands such as Qualitex. They have another entity name called Continental, but they were the largest latex Company and overall the 2nd largest balloon company behind AnagramParty City. Speaker 300:10:04Would you say you are the 3rd largest producer in the United States at this point? Speaker 100:10:11For Foil, for domestic, I think that answers correct. The next largest besides us is a company called Convertador out of Mexico. But as far as an American domestic manufacturer, I think it's clearly us. Speaker 300:10:27Okay. I'm going to end this pretty shortly. With all the competitors pretty much very weak, I would think it'd be easy to start stealing some of their sales. And how is next year going to be any different than this year? I would think you should be able to just go in and just take a lot of these weaker customers. Speaker 300:10:44That's just my off the cuff. Speaker 100:10:46Well, it's a conversation we certainly had because as people go through any transitional period, right, that Create some uncertainty that somebody else could hope to fulfill. I will note that both were Chapter 11, not Chapter 7, which means that the entities continue just in a reorganized fashion. On the one hand, for example, Party City came out of their issue with what $1,000,000,000 less debt. So that will certainly help their competitive position and no longer public by the way, they're a privately held company now. So there are differences in that, but clearly it's I think it's advantageous for us to operate continuously and to Add new items to our mix. Speaker 300:11:31Okay. Last question, I swear no more. With the increase And the number of shares, which I was not really happy with, I'd like to think those shares increased somehow Young Hung is going to be looking at Acquisitions in the future, and that's great, okay, no problem using shares to buy other companies. But for a $3 stock, let's say, I'd rather the stock be a $10 to $20 stock and start doing that. So I'm just wondering have you had any conversations with Senior management in China, have they looked at any possible acquisitions? Speaker 300:12:08I don't want any specifics, but is that On their game plan, why issue the number of shares if you're not going to use them? Speaker 100:12:15Well, absolutely. So what a great way to finish that, right? So we authorized More shares. We did not issue any of those shares. So we have more shares available To our Board of Directors, if we find an appropriate technology partner, M and A target, whatever. Speaker 100:12:35And frankly, we are looking at uses for those shares that will develop our business. But this isn't one of those things where we're racing around with a handful of shares saying, Whatever the most is that we can get for this, that's what we want. That's not how we're going about this. We're saying how can we get better At our traditional business and particularly with the new business venture that we're deploying, how can we get better at doing that? And so these shares give us an asset that we can use to leverage into getting more of those hard assets, technologies, partners, etcetera. Speaker 100:13:08So it's wonderful to have more flexibility and something to work with. But be clear, we are only intending to deploy these where they're value at. Speaker 300:13:19Okay, great. No more questions. I'm going to try to come out and see you guys in the next couple of weeks depending on your schedule. So I'll give you a call just to see your availability. Thank you. Speaker 100:13:30All right, terrific. Thank you. So to everyone else, we're in the Chicagoland area. Operator00:14:00Closing remarks. Speaker 100:14:01All right. Thank you, Holly. So again, we know most people catch this on the replay. We thank you for your interest in our company And we're working hard to give you reports that you're going to be interested in going forward. So a lot of stuff is happening. Speaker 100:14:17This is our wonderful Valentine's Day shipment season. So we're really enjoying that here. And we look forward to talking to you with year end results and heading into 2024. Can't believe we're saying that, but we're heading into 2024. So thank you all. Operator00:14:36Thank you. This does conclude today's conference and you may disconnect your lines at this time. Thank you for your participation.Read morePowered by Conference Call Audio Live Call not available Earnings Conference CallYunhong Green CTI Q3 202300:00 / 00:00Speed:1x1.25x1.5x2x Earnings DocumentsPress Release(8-K)Quarterly report(10-Q) Yunhong Green CTI Earnings HeadlinesWhy Yunhong Green CTI Ltd. (YHGJ) Soared Last Week?March 17, 2025 | msn.comYunhong Green CTI Ltd. Faces Financial Challenges Amid GrowthNovember 9, 2024 | tipranks.comBlackrock’s Sending THIS Crypto Higher on PurposeWhile everyone's distracted by Bitcoin's moves, a stealth revolution is underway. One altcoin is quietly positioning itself to overthrow the entire banking system.May 5, 2025 | Crypto 101 Media (Ad)Yunhong Green CTI Ltd. Receives Non-Compliance Notification from Nasdaq Related to its Inability to file its 10-Q for the Period Ended June 30, 2024August 22, 2024 | globenewswire.comSee More Yunhong Green CTI Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like Yunhong Green CTI? Sign up for Earnings360's daily newsletter to receive timely earnings updates on Yunhong Green CTI and other key companies, straight to your email. Email Address About Yunhong Green CTIYunhong Green CTI (NASDAQ:YHGJ) develops, produces, distributes, and sells consumer products in the United States and internationally. It offers novelty products, including foil balloons; latex balloons under the Partyloons name; and toy balloon products, which include punch balls, water bombs, and balloons twisted into shapes, as well as other inflatable toy items. The company also offers packaging films and custom film products for food, and other commercial and packaging applications; and container products, as well as assembles and sells Candy Blossom product line. It primarily serves various retail outlets, including general merchandise stores, discount and drugstore chains, grocery chains, card and gift shops, party goods stores, and florists and balloon decorators. The company sells its products directly, as well as through a network of distributors and wholesalers, retail chains, and independent sales representatives. The company was formerly known as Yunhong CTI Ltd. and changed its name to Yunhong Green CTI Ltd. in August 2023. Yunhong Green CTI Ltd. was founded in 1983 and is headquartered in Lake Barrington, Illinois.View Yunhong Green CTI ProfileRead more More Earnings Resources from MarketBeat Earnings Tools Today's Earnings Tomorrow's Earnings Next Week's Earnings Upcoming Earnings Calls Earnings Newsletter Earnings Call Transcripts Earnings Beats & Misses Corporate Guidance Earnings Screener Earnings By Country U.S. Earnings Reports Canadian Earnings Reports U.K. Earnings Reports Latest Articles Is Reddit Stock a Buy, Sell, or Hold After Earnings Release?Warning or Opportunity After Super Micro Computer's EarningsAmazon Earnings: 2 Reasons to Love It, 1 Reason to Be CautiousRocket Lab Braces for Q1 Earnings Amid Soaring ExpectationsMeta Takes A Bow With Q1 Earnings - Watch For Tariff Impact in Q2Palantir Earnings: 1 Bullish Signal and 1 Area of ConcernVisa Q2 Earnings Top Forecasts, Adds $30B Buyback Plan Upcoming Earnings American Electric Power (5/6/2025)Advanced Micro Devices (5/6/2025)Marriott International (5/6/2025)Constellation Energy (5/6/2025)Arista Networks (5/6/2025)Brookfield Asset Management (5/6/2025)Duke Energy (5/6/2025)Energy Transfer (5/6/2025)Mplx (5/6/2025)Ferrari (5/6/2025) Get 30 Days of MarketBeat All Access for Free Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools. 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There are 4 speakers on the call. Operator00:00:00Good day, and welcome to the Yunhong Green CTI Third Quarter and 9 Months Ended September 2023 Earnings Conference Call. During today's presentation, all parties will be in a listen only mode. Following the presentation, the conference will be open to questions. This conference is being recorded today, November 2, 2023. The earnings press release accompanying this conference call was issued last night. Operator00:00:29On the call today is Yunhong Green, CTI's Chief Executive Officer, Frank Cezzario as well as Chief Operating Officer, Janice Swan. Before we begin, we want to make note that you should read the forward looking statements in the company's earnings press release. During today's call, management will make certain predictive statements that reflect its current views about future performance and financial results. The company bases these statements and certain assumptions and expectations on future events that are subject to risks and uncertainties. The company's Form 10 ks for the year ended December 31, 2022, lists some of the most important risk factors that could cause actual results to differ from its predictions. Operator00:01:18Please also note that the company's earnings press release make reference to adjusted EBITDA, a non GAAP financial measure. The company views Adjusted EBITDA as an operating performance measure and as such, the company believes that the GAAP financial measure Most directly comparable to it is net income or loss. For further information, please refer to the earnings press release and the company's periodic filings with the Securities and Exchange Commission. At this time, I would like to turn the call over to Frank Cezzario, Chief Executive Officer of Yunhong Green CTI. Sir, please go ahead. Speaker 100:01:59Thank you, Holly. Good morning, everyone. I would like to thank you for joining us on our call today. This is the time of year where we take a breath and appreciate the transition from what has historically been our weakest Q3 to our strongest quarter Q4. Thanks to Valentine's Day shipments. Speaker 100:02:17However, it isn't every day that a company is rebranded, so let's During August, our stockholders approved renaming our company from Yunhong CTI Limited to Yunhong Green CTI It's a way of communicating the new biodegradable and compostable products designed to reduce our reliance on single use plastics. Along these lines, we've also changed our ticker symbol to reflect our name. CTIB has given way to YHGJ. Our new ticker may be more awkward to speak out loud and I know that, but it is more reflective of our company name, Yunhong Green CTI Limited. We have added significant new assets to our website and have been sharing product samples while undergoing performance testing in the U. Speaker 100:03:02S. As we begin the process of entering the U. S. Marketplace. I encourage anyone interested in this product area to look at our website and see what these solutions are about. Speaker 100:03:12With that as our backdrop, let's start with the numbers. Year to date sales were $11,000,000 in 2023 compared to $12,400,000 during 2022. Helium became the story in the Q2 2022 as a good start to the year became particularly challenging with a Skyrocketing cost of helium following the loss of Russian supply after the invasion of Ukraine. We also had a short term supply issue in the United States It's no surprise that Q1 2022 was a strong balloon quarter and Q2 was weak. 2023 was more consistent building as the year went along. Speaker 100:03:48I'm pleased to share that we have finally caught up on a year to date basis. It's been a tough road, one that has seen our 2 largest competitors in the U. S. File Chapter 11 in 2023. Film products dropped off in the Q3 and lagged 2022 substantially. Speaker 100:04:03Film product orders ebb and flow in a market where consolidation is common, Competitors are plentiful and each quarter has a wide range of potential outcomes. I believe the 4th quarter will be better, but the gap is significant. Our other category is led by balloon inspired gift items, which continues to show strong order growth. We note that because we recorded all of our Valentine's Day shipments by the end of December 2022, something we did not do during 2021, The 1st 9 months of this year shows a drop in the category despite an increase in overall order flow. The timing of our shipments may cause challenges in comparing finite periods, But overall, this area has been working well for us and I believe it will continue to do so. Speaker 100:04:48The gross margin was off 1.6% 16.7% last year to 15.1% this year on a reduction in overall revenue volume during 2023 driven by our commercial films area. However, the rest of the income statement shows a much better outcome, such that a $0.28 per share loss last year is now $0.04 per share this year. We had one time costs and benefits, particularly from the income recognition of the employee retention tax credit. But overall, our spending discipline helped us weather the helium storm. We believe that bodes well for our future profitability as we find ways to deal with cost challenges that have In the prior quarter, we discussed the deployment of automation in our manufacturing process to create efficiencies and in the long term lower our operating costs. Speaker 100:05:38Perhaps this quarter, I can ask our Chief Operating Officer, John Eshwath to share the seasonality of our traditional business such that listeners can better manage their expectations. Janna? Speaker 200:05:49Thank you, Frank, and good morning, everyone. As foil balloons drive the bus, let's focus on the seasonality for balloons and related gift items. Roughly half our business is every day, sync birthdays, get well, anniversary and other sentiments, while the rest driven by such events as Valentine's Day, Mother's Day and the graduation season. We ship approximately 2 months prior to the holiday, while production is underway months before that. We naturally gear up starting in August, operate feverishly through October through November and then take a moment to reorganize after shipping Valentine's Day. Speaker 200:06:28We then ramp up from February to April as we focus on Mother's Day and graduation. Our Q3 is about spending controls and longer term planning as we prepare to do this all again. And the payoff is millions of happy customers, which makes it all worthwhile. Frank? Speaker 100:06:49Thank you, John. As we indicated during our prior call, our credit line expired September 30. We've agreed with our lender to extend this line for 2 years until September 30, 2025 under similar terms. We've completed the name change. We are now giving compostable product samples out. Speaker 100:07:07We are updating 3rd party test results domestically. We will be participating at the China International Import Expo, 2023 next week, November 5 through 10. Our company together with Yunhong Biotechnology Inc, another member of the Yunhong Group family of companies will be displaying our traditional balloons and balloon inspired gifts, but also our group's patented compostable, biodegradable and recyclable materials to enhance environmental sustainability. We continue to find our footing. Helium pricing continues to slowly improve. Speaker 100:07:40People desire to celebrate and we can play an important role in making those experiences special and memorable. Our balloon inspired gift category continues to grow and we offer our customers outstanding designs and quality products. Adding more automation will help us as will the development of new product areas. And now we get to fulfill customer holiday orders. This hasn't been easy, But few things worthwhile are. Speaker 100:08:06We know most people catch this call on the replay, but for anyone who's on live, we invite you to ask a question. Holly, would you please open the Q and A? Operator00:08:17Certainly. At this time, we will be conducting a question and answer session. Your first question for today is coming from Glenn Hamilton, a Private Investor. Speaker 100:08:54Hi, Glenn. Hey, Frank. Speaker 300:08:58My question is either you or John are going to be attending the Yanghang Conference in China coming Speaker 100:09:05up. So this time we decided that just Yunhong folks were going to do that one. We have a variety of things being presented. So we have been supporting that conference with a lot of materials. You don't want to know how many packages have gone overseas, But we are coordinated and ready to roll. Speaker 100:09:24But to answer your question, this time, we get to avoid the long plane trip And have local assets take care of it. Speaker 300:09:32Okay. 2nd, I'm familiar with Party City in bankruptcy. Who was the second company you mentioned In BK, I wasn't familiar with that. Speaker 100:09:43Yes. There's a private company called Pioneer. They're based in Wichita, Kansas. They own brands such as Qualitex. They have another entity name called Continental, but they were the largest latex Company and overall the 2nd largest balloon company behind AnagramParty City. Speaker 300:10:04Would you say you are the 3rd largest producer in the United States at this point? Speaker 100:10:11For Foil, for domestic, I think that answers correct. The next largest besides us is a company called Convertador out of Mexico. But as far as an American domestic manufacturer, I think it's clearly us. Speaker 300:10:27Okay. I'm going to end this pretty shortly. With all the competitors pretty much very weak, I would think it'd be easy to start stealing some of their sales. And how is next year going to be any different than this year? I would think you should be able to just go in and just take a lot of these weaker customers. Speaker 300:10:44That's just my off the cuff. Speaker 100:10:46Well, it's a conversation we certainly had because as people go through any transitional period, right, that Create some uncertainty that somebody else could hope to fulfill. I will note that both were Chapter 11, not Chapter 7, which means that the entities continue just in a reorganized fashion. On the one hand, for example, Party City came out of their issue with what $1,000,000,000 less debt. So that will certainly help their competitive position and no longer public by the way, they're a privately held company now. So there are differences in that, but clearly it's I think it's advantageous for us to operate continuously and to Add new items to our mix. Speaker 300:11:31Okay. Last question, I swear no more. With the increase And the number of shares, which I was not really happy with, I'd like to think those shares increased somehow Young Hung is going to be looking at Acquisitions in the future, and that's great, okay, no problem using shares to buy other companies. But for a $3 stock, let's say, I'd rather the stock be a $10 to $20 stock and start doing that. So I'm just wondering have you had any conversations with Senior management in China, have they looked at any possible acquisitions? Speaker 300:12:08I don't want any specifics, but is that On their game plan, why issue the number of shares if you're not going to use them? Speaker 100:12:15Well, absolutely. So what a great way to finish that, right? So we authorized More shares. We did not issue any of those shares. So we have more shares available To our Board of Directors, if we find an appropriate technology partner, M and A target, whatever. Speaker 100:12:35And frankly, we are looking at uses for those shares that will develop our business. But this isn't one of those things where we're racing around with a handful of shares saying, Whatever the most is that we can get for this, that's what we want. That's not how we're going about this. We're saying how can we get better At our traditional business and particularly with the new business venture that we're deploying, how can we get better at doing that? And so these shares give us an asset that we can use to leverage into getting more of those hard assets, technologies, partners, etcetera. Speaker 100:13:08So it's wonderful to have more flexibility and something to work with. But be clear, we are only intending to deploy these where they're value at. Speaker 300:13:19Okay, great. No more questions. I'm going to try to come out and see you guys in the next couple of weeks depending on your schedule. So I'll give you a call just to see your availability. Thank you. Speaker 100:13:30All right, terrific. Thank you. So to everyone else, we're in the Chicagoland area. Operator00:14:00Closing remarks. Speaker 100:14:01All right. Thank you, Holly. So again, we know most people catch this on the replay. We thank you for your interest in our company And we're working hard to give you reports that you're going to be interested in going forward. So a lot of stuff is happening. Speaker 100:14:17This is our wonderful Valentine's Day shipment season. So we're really enjoying that here. And we look forward to talking to you with year end results and heading into 2024. Can't believe we're saying that, but we're heading into 2024. So thank you all. Operator00:14:36Thank you. This does conclude today's conference and you may disconnect your lines at this time. Thank you for your participation.Read morePowered by