Vishay Precision Group Q4 2024 Earnings Report

Vishay Precision Group EPS Results

• Actual EPS: $0.03
• Consensus EPS: $0.13
• Beat/Miss: Missed by -$0.10
• One Year Ago EPS: N/A

Vishay Precision Group Revenue Results

• Actual Revenue: N/A
• Expected Revenue: $73.64 million
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Vishay Precision Group Announcement Details

• Quarter: Q4 2024
• Date: 2/12/2025
• Time: Before Market Opens
• Conference Call Date: Wednesday, February 12, 2025
• Conference Call Time: 9:00AM ET

Vishay Precision Group (NYSE:VPG) designs, manufactures, and markets specialized sensors, weighing solutions, and measurement systems in the United States, Israel, the United Kingdom, rest of Europe, Asia, and Canada. It operates through three segments: Sensors, Weighing Solutions, and Measurement Systems. Its product portfolio includes precision resistors, strain gages, load cells and force measurement transducers, on-board weighing systems, and process weighing products; rolling force measuring load cell systems and pressure transmitters; web tension measurement load cells and systems; and optical strip width gages; and laser velocimeters for speed and length measurements and closed-loop crop optimization control systems for optimal strip cuts. The company also offers data acquisition systems and sensors for product safety testing; thermal-mechanical simulation systems for metallurgical research; and conditioning, data acquisition and control systems, as well as electronic displays, signal processors, microelectromechanical system sensors, cabling, system software, and communications software/hardware. Its products are used in industrial comprising waste management, bulk hauling, logging, scales manufacturing, engineering systems, pharmaceutical, oil, chemical, steel, paper, and food industries, as well as test and measurement, steel, medical, construction, agricultural, and consumer markets. The company offers its products under the Alpha Electronics, Powertron, Vishay Foil Resistors, Micro-Measurements, APR, Celtron, Revere, Sensortronics, Tedea-Huntleigh, Stress-tek, Vulcan, BLH Nobel, KELK, and DTS brands. Vishay Precision Group, Inc. was incorporated in 2009 and is headquartered in Malvern, Pennsylvania.

Vishay Precision Group Q4 2024 Earnings Call Transcript

Key Takeaways

• Fiscal 2024 revenues were $306.5 M, with Q4 revenue down 4% sequentially to $72.7 M due to headwinds in AMS, Test & Measurement and consumer markets, but consolidated orders grew 5.5%, yielding a book-to-bill of 1.0—the first positive mark in eight quarters.
• In Q4, Sensor revenue fell 8.7% q/q though bookings rose 7% (book-to-bill 1.04), Weighing Solutions sales rose 2.2% with a 1.12 book-to-bill, while Measurement Systems revenue declined 5.3% and bookings dipped 8.9% amid $5 M of customer push-outs.
• VPG’s 2025 priorities emphasize design wins in robotics, consumer, data center, medical and aerospace & defense—leveraging megatrends like automation and electrification—with 2024 business development projects adding $18 M and targeting $100 M of new revenue over the next 3–4 years.
• Efficiency initiatives yielded approximately $5 M in net improvements in 2024, and management has set a minimum of $5 M in additional annual cost reductions for 2025, notably relocating shared services to India to save ~$1 M and consolidating manufacturing.
• Financial highlights include a Q4 adjusted operating margin of 0.8%, adjusted EPS of $0.03, adjusted EBITDA of 7% of revenue, Q1 2025 revenue guidance of $70 M–$76 M, and a strong balance sheet with $79.3 M in cash vs. $31.4 M of long-term debt.

Presentation

[Operator]

Good morning, everyone, and welcome to the CPG Fourth Quarter Fiscal twenty twenty four Earnings Call. My name is Ezra, and I will be your coordinator today. I will now hand you over to Steve Kanter, Senior Director of Investor Relations to begin. Steve, please go ahead.

[Steve Cantor, Senior Director of Investor Relations at Vishay Precision Group]

Thank you, Esra, and good morning, everyone. Welcome to VPG's twenty twenty four fourth quarter earnings conference call. Our Q4 and full year press release and accompanying slides have been posted on our website. An audio recording of today's call will be available on the Internet for a limited time and can also be accessed on our website. Today's remarks are governed by the Safe Harbor provisions of the 1995 Private Securities Litigation Reform Act.

[Steve Cantor, Senior Director of Investor Relations at Vishay Precision Group]

Our actual results may vary from forward looking statements. For a discussion of the risks associated with VPG's operations, we encourage you to refer to our SEC filings, especially the Form 10 K for the year ended 12/31/2023, and our other recent SEC filings. On the call today are Zeeb Shoshani, CEO and President and Bill Clancy, CFO. I'll now turn the call to Ziv for some prepared remarks. Please refer to Slide three of the quarterly presentation.

[Steve Cantor, Senior Director of Investor Relations at Vishay Precision Group]

Ziv?

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

Thank you, Steve. I'll begin by reviewing our sales and business trends for fiscal twenty twenty four and the fourth quarter, and then provide an update on our 2025 priorities, particularly our business development activity. Bill will provide financial detail for the fourth quarter and for our Q1 guidance. Beginning with our 2024 performance, it was a challenging year for VPG. Revenue of $306,500,000 reflected continued macroeconomic and cyclical headwinds.

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

Moving to Slide four. These headwinds impacted our fourth quarter revenue, which declined 4% sequentially. Revenues were lower in Avionic Military and Space or AMS, Test and Measurement and in our other markets, mainly consumer. On the other hand, our consolidated orders grew 5.5% sequentially and resulted in a book to bill of one point zero. This marked the first quarter of a positive book to bill in eight quarters and a return to a sequential order growth after six consecutive quarters.

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

Booking in our Sensors and Weighing Solutions segment grew to their highest quarterly level of the year, while Measurement Systems booking reflected cyclical softness and a push out of $5,000,000 of orders, of which $2,000,000 is expected to be booked in Q1 of twenty twenty five. Although near term visibility remains limited, we are encouraged by these order trends and believe they may signal the beginning of the recovery and support our increased optimism for 2025. I'll now review the business segment performance. Moving to Slide five. Beginning with our Sensor segment, fourth quarter revenue declined 8.7% sequentially.

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

However, it's important to note that Sensors bookings grew 7% sequentially, resulting in a book to bill of 1.04%. The order growth reflected higher demand for precision resistors in the test and measurement for semiconductor back end equipment and in AMS. Order trends for advanced sensor stringages were stable. Moving to Slide six. In the Weighing Solutions segment, fourth quarter sales increased 2.2% from the third quarter.

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

The increase was driven by higher revenue in the industrial weighing market and for precision agriculture and construction applications. This offset lower sales in the transportation market. Weighing solution orders of $28,900,000 grew 14.5 from the third quarter, resulting in a book to bill of 1.12. Bookings were higher for general industrial and for transportation applications as well as in our other markets, mainly in the medical and construction. Moving to Slide seven.

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

In the Measurement Systems segment, revenue in the fourth quarter of twenty one point two million dollars declined 5.3% sequentially. The sales decline reflected lower BSI sales, which offset approximately $1,000,000 of added sales related to the acquisition of Nokra at the September. We are pleased to report that the integration of Nokra is proceeding on track. Nokra differentiated laser based thickness measurement technology broadens our Kelk product offering in the steel market. We believe we can grow this business to $6,000,000 in 2025 as we continue to leverage Kelk's brand and the sales channels.

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

In the fourth quarter, measurement systems orders declined 8.9% sequentially, which includes $5,000,000 in customer push outs, of which $2,000,000 is expected to be booked in Q1 of twenty twenty five. This change was primarily related to orders of DTS products in the AMS market and DSI systems for the steel market, which offset the additional orders for Nokra as a result book to bill for measurement systems of 0.78 declined from 0.82 in the third quarter. Moving to Slide eight. Our priorities for 2025 are clear. First, our business development activity is focused on securing design wins in new applications and new customers in robotics, consumer, data center, medical and aerospace and defense.

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

These opportunities are being driven by megatrends such as industrial automation and electrification. In 2024, our business development projects contributed about $18,000,000 in revenue. While we are pleased with the early momentum of these efforts, the potential is significant. Typically, the design cycle and lead time for our projects from the initial customer discussions to revenue can be as much as thirty months. Over the next three to four years, we believe that these new opportunities may contribute $100,000,000 of revenue in aggregate across our business segments.

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

We expect to further broaden our business development funnel over this period of time. I want to highlight a couple of the current initiatives. Our project with a leading developer of a humanoid robot to provide advanced sensor stringages continues to proceed well. The project reflects our ability to utilize our extensive expertise in deep engineering design and manufacturing to create high performance solutions. In the fourth quarter, we received additional prototype orders from this customer.

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

Since the beginning of this project, we have received approximately $1,500,000 in prototype revenue. With the project now moving to the preproduction phase, we believe this opportunity could generate millions of dollars in revenue annually as the humanoid robot are expected to be deployed in larger numbers over the next two to three years. As I indicated last quarter, we are also in the process of providing prototypes to more humanoid robotic developers. In January, we announced a partnership with the University of Alabama to test new DSI system for testing and developing ceramic materials. This innovative system builds on our flagship simulation tool utilized in metal alloy testing and marks our entry into the new and untapped market for VPG.

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

Its focus on the testing of ceramic and composite non conductive materials, which require extremely high temperatures. Since we do not address the ceramics test market today, this represents a significant growth opportunity that could potentially double the size of DSI over time. Another priority for 2025 is to continue to implement our long term efficiency initiatives. This effort in 2024 yielded approximately $5,000,000 net improvements resulting from manufacturing efficiencies and higher selling prices. In 2025, we have put in place a minimum of $5,000,000 for additional annual cost reductions.

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

A focal point of our strategy is optimizing our facility in India, which supports high volume businesses development initiatives and plays a vital role in our manufacturing consolidation. As a result, our manufacturing footprint in China is dedicated to supporting the Chinese domestic market. To improve efficiency, we are moving most of our shared functional services to the India facility. This transition expected to take about eighteen months should save us an additional $1,000,000 annually once completed. M and A continues to be an important complement to our organic growth initiatives.

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

Our strong balance sheet provides us with the means to acquire larger businesses with recognized brands and growth path. Before turning the call to Bill for additional comments, I want to thank our employees and our customers around the world for their continued commitment and dedication. I will now turn it over to Bill Clancy. Bill?

[William Clancy, Executive VP, CFO & Corporate Secretary at Vishay Precision Group]

Thank you, Steve. Referring to Slide nine and the reconciliation tables of the slide deck, our fourth quarter twenty twenty four revenues were $72,700,000 Adjusted gross margin of 38.3% in the fourth quarter compared to 40% in the third quarter of twenty twenty four. This includes a $700,000 impact from unfavorable product mix as well as $200,000 of one time material adjustments. Sequentially by segment, gross margin for sensors of 32% increased as improved manufacturing efficiencies offset the impact from lower volume. Wayne Solutions gross margin of 34.1% declined from the third quarter, primarily due to higher material costs and a reduction in inventory, which was partially offset by the higher volume.

[William Clancy, Executive VP, CFO & Corporate Secretary at Vishay Precision Group]

Adjusting for acquisition related purchase accounting impact, adjusted gross margin for measurement systems of 51.2% declined sequentially, primarily due to lower volume and unfavorable product mix. Our operating margin was 0.3% for the fourth quarter of twenty twenty four and adjusted operating margin was 0.8% excluding $378,000 of adjustments as outlined in the reconciliation tables. Selling, general and administrative expense for the fourth quarter of twenty twenty four was $27,300,000 or 37.5 percent of revenues as compared to $26,300,000 or 34.8% of revenues for the third quarter of twenty twenty four. The increase included approximately $400,000 related to the Nokra acquisition and onetime cost of $300,000 for measurement systems R and D projects and $200,000 of other fees. The GAAP tax rate for the full year of 2024 was not a meaningful number given the geographic mix and the level of income.

[William Clancy, Executive VP, CFO & Corporate Secretary at Vishay Precision Group]

We are assuming an operational tax rate of approximately 27% for the full year of 2025. The adjusted net earnings for the fourth quarter of twenty twenty four were $400,000 or $0.03 per diluted share compared to $2,500,000 or $0.19 per diluted share in the third quarter of twenty twenty four. As I mentioned, our results were impacted by unfavorable product mix and one time costs. Combined on a tax effective basis, these impacted our fourth quarter twenty twenty four diluted EPS by $1,100,000 or $0.08 per share. Adjusted EBITDA was $5,100,000 or 7% of revenues as compared to $8,100,000 or 10.7% of revenue in the third quarter.

[William Clancy, Executive VP, CFO & Corporate Secretary at Vishay Precision Group]

CapEx in the fourth quarter was $2,200,000 Total CapEx for 2024 was $9,200,000 or 3% of revenues. For 2025, we are budgeting $10,000,000 to $12,000,000 for capital expenditures. We generated adjusted free cash of $4,600,000 for the fourth quarter of twenty twenty four as compared to a negative $2,300,000 in the third quarter. The improvement was driven by a $4,000,000 reduction in inventory in the fourth quarter. Our stock repurchase program expired in August of twenty twenty four.

[William Clancy, Executive VP, CFO & Corporate Secretary at Vishay Precision Group]

For the full year of 2024, we repurchased $7,800,000 of common stock or 188,413 shares. Moving to Slide 10. We ended the fourth quarter with $79,300,000 of cash and cash equivalents and total outstanding long term debt of $31,400,000 We believe that we have a strong balance sheet and ample liquidity to support our business requirements and to fund M and A. Regarding the outlook. For the first fiscal quarter of twenty twenty five, at constant fourth fiscal quarter twenty twenty four exchange rates, we expect net revenues to be in the range of $70,000,000 to $76,000,000 In summary, our fourth quarter bookings grew sequentially, resulting in a book to bill of one point zero for the quarter.

[William Clancy, Executive VP, CFO & Corporate Secretary at Vishay Precision Group]

We are excited about the potential of our business development initiatives and we continue to implement additional efficiency programs, which expand our operating leverage as revenue strengthen. With that, let's open the lines for questions. Thank you.

[Operator]

Thank you very much. We will now open the floor for the Q and A session. Our first question comes from John Franzreb with Sidoti. John, your line is now open. Please go ahead.

[John Franzreb, Senior Equity Analyst at Sidoti & Company]

Good morning, everyone, and thanks for taking the questions. Aviv, I guess I want to start with the Sensor segment. Can you talk a little bit about what's going on in the Test and Measurement and Avionics markets there? And when do you expect to see a turnaround in the Sensor business?

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

Good morning, John. If we look at the Sensor business, you see that the book to bill is over one. For Q4, we already started to receive larger semi annual orders in Q4 for AMS business. We also see recoveries in the back end equipment for IC chip testing. It doesn't yet it didn't yet come at the front end, but already in the back end, which is a strong indication that we start to see the semiconductor continues to go back.

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

So we believe that all in all given the sensor bookings we should expect to see a positive trend in net bookings in the sensor segment in Q1 and Q2 and for the rest of the year. I would say that the expectation is that there would be an acceleration of order intake in the second half, but already we see those positive signs and it's very encouraging. Regarding semiconductor equipment and regarding AMS business and we still expect to see the front end equipment bookings to come in the next coming quarters.

[John Franzreb, Senior Equity Analyst at Sidoti & Company]

Good. That's good to hear. And actually rather than ask you a blanket question about tariffs. I'm actually curious about the steel market in particular. Did you see any meaningful revenue spend during the last twenty eighteen steel tariffs?

[John Franzreb, Senior Equity Analyst at Sidoti & Company]

Anything you can kind of share about the history of the steel market and tariffs based on your experience?

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

Regarding tariffs, as you know, our main manufacturing facility is in India and we are sourcing most of our steel and aluminum from India suppliers. So tariffs was tariffs from China was not a significant impact. We did not see any significant impact as the new administration has increased the tariffs from 25% to 35%. Our footprint in China is very, very limited. Most of our Chinese operation we are selling into the Chinese domestic market.

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

So the cost or the excess effect on VPG's P and L regarding future tariffs from goods coming from China is going to be extremely limited at best around the $200,000 in 2025 given current volume. We hope and we do expect to see a nice backwind by getting more market share on our load sales in our load sales business in The United States given the fact that there are very few manufacturers that has non Chinese operational base like we do in India while most of them are manufacturing in China. So I think that the additional 10% tariffs is going to give us a nice backwind in terms of bookings. In regards to tariffs or steel, I would say that if the tariffs would I believe that we should expect to see more manufacturing from U. S.

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

Based steel manufacturers that should also give us a positive backwind for kelp products, which are sold into U. S. Suppliers.

[John Franzreb, Senior Equity Analyst at Sidoti & Company]

Yes, that's why I was kind of curious about where you'd see in kelp and the load sensors and everything. Just curious on those thoughts there. Yes, we have a question I guess go ahead.

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

No, no, sorry. I'm just saying we didn't see the effect yet given the fact that the tariffs have been implemented or put in place a while ago, very short time, but we do believe it will happen in the coming months. We should expect to see an effect.

[John Franzreb, Senior Equity Analyst at Sidoti & Company]

Understood, understood. Regarding the $5,000,000 in cost savings, can you talk a little bit about the expected timings of realizing those cost savings via either is it a mix of pricing and productivity or is it just pure productivity? Any color would be helpful.

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

When we are looking about cost reduction or I would say a minimum of additional cost reduction of $5,000,000 in 2025 in respect to 2024, we are looking at continuation of moving from high level countries to low level countries. By now our India facility is the largest facility for VPG and it takes a much bigger role. In our future we are speaking about more automation in the I would say in some of the facilities. So all in all it's all about yield and efficiency improvements in all our larger manufacturing base locations.

[John Franzreb, Senior Equity Analyst at Sidoti & Company]

Okay. And just one last question, I'll get back in the queue. Regarding Nokra, it's about $1,000,000 of revenue contribution. Were they accretive to the operating income line? Can you any kind of color there would be helpful?

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

Nokra in Q4 was a net zero effect in Q4, but the expectation is that we are planning to sell 6,000,000 of no car products in 2025, which is at least a 50% higher run rate than the complete 2024, which definitely would provide us with very nice margins, positive margins naturally.

[John Franzreb, Senior Equity Analyst at Sidoti & Company]

Okay. I appreciate you taking my questions. I'll get back into queue.

[Operator]

Thank you very much. Our next question comes from Griffin Boss with B. Riley Securities. Griffin, your line is now open. Please go ahead.

[Griffin Boss, Equity Research Analyst at B.Riley Securities]

Hi, good morning and thanks for taking my questions. So, since the last earnings call was in November, there's perhaps a bit more well, setting aside tariffs, there's perhaps a bit more macro certainty regarding interest rates in The U. S. And now we have the U. S.

[Griffin Boss, Equity Research Analyst at B.Riley Securities]

Presidential election in the rearview mirror. So I'm just curious seeing sensors and weighing solutions book to bill pushing above one. Are you seeing any customer trends that might suggest that capital spending and demand is now picking up given less macro uncertainty? Or are the increased orders you're seeing today or I guess in the fourth quarter more so inventory replenishment?

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

Well, good morning. We have couple of effects. Our optimism for the first half, I would say more of a positive or more moderate optimism while we are looking for an accelerated uptick in the second half is based on the fact that we see a continuation of reduction of interest rates by the EU Central Bank and we do see more demand coming from European customers especially on the onboard weighing and process weighing on the weighing solutions, which also applies for some customers also in the industrial sensor segment. We are also looking at continued depletion of our customer inventories and also early result of our business development initiatives, which are now picking up and we do see the additional business being generated by those business development initiatives. So all of the three effects we feel much more confident regarding the order intake and the demand going forward.

[Griffin Boss, Equity Research Analyst at B.Riley Securities]

Okay, got it. Thank you, Steve, for the color. And I did just want to jump back to the $5,000,000 additional cost savings you're aiming to achieve in 2025 and beyond. I'm curious how much of that is we should look at it as sustainable for the long term. So you mentioned the $1,000,000 annual savings from moving functional services from China to India.

[Griffin Boss, Equity Research Analyst at B.Riley Securities]

But I'm curious about the additional $4,000,000 plus. Is that sustainable cost savings at higher revenue levels? Or is this more so optimizing for the current revenue profile of the business?

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

The $1,000,000 shared services we are looking at G and A cost, consolidation of G and A cost from higher labor countries into India. And this is kind of a permanent cost once the systems is in place. Regarding the other $4,000,000 and here it's minimum $4,000,000 we are looking at further consolidation, mainly in the sensor segment and in the weighing solutions segment, which are more operationally driven by nature of further consolidation of products to our India facility while also adding more automation in some other high labor manufacturing facility. So we are looking at permanent cost savings regardless of volume in a way we are just reducing the cost base of our products of our cost of goods sold, regardless of volume. This is just putting in place more efficiency initiatives.

[Operator]

We have our next question from John Franzreb with Sidoti. John, your line is now open. Please go ahead.

[John Franzreb, Senior Equity Analyst at Sidoti & Company]

Yes, Steve. I just a question about the new product development. I think you said there was $18,000,000 of revenue recognized from new product development in 2024. And I think you alluded to $100,000,000 of new product opportunity. I didn't catch the timeline on that.

[John Franzreb, Senior Equity Analyst at Sidoti & Company]

What's the timeline on that? And does it manifest more likely in one year versus another? What kind of visibility do you have on that?

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

Sure. So John, we are clear about business development. Business development, our definition for business development, we are looking at new products as well as existing products at new customers or new part numbers. So that's in essence business which the company did not had in respect to products or customers. The initiative of the BD teams and the infrastructure has been put in place around eighteen months to twenty four months and we have teams that started to fill a BD funnel in a much more consistent way.

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

When we are looking into the funnel, given the design cycle that I've indicated earlier that may take up to thirty months, We have realized that $18,000,000 of revenues has been realized in 2024 due to new business development initiatives. Our target for 2025 is $30,000,000 and when we are speaking about additional $100,000,000 we are speaking about three to four years, which means from 2025 to 2027, '20 '20 '8 up to in aggregate for an additional $100,000,000 dollars of new business with new products or new customers that the company did not have before.

[John Franzreb, Senior Equity Analyst at Sidoti & Company]

And is it fair to assume that the margin profile of the new products is at least as good as the current gross margin profile or you tell me.

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

So I would say that the profit profile should be similar or better than the existing profile. The fact is that on one hand our business initiatives goes for smaller scale opportunities at higher margins, but when we also speak about significant volume, we also need to be cost competitive. So overall, it could be with slightly lower margins, but overall it should be at least the same or much better than our current average gross margin.

[John Franzreb, Senior Equity Analyst at Sidoti & Company]

Great. I appreciate the clarity. Thank you, Zeeb.

[Ziv Shoshani, CEO, President & Director at Vishay Precision Group]

Thank you.

[Operator]

We currently have no more questions. I will now hand back over to Steve for any closing remarks.

[Steve Cantor, Senior Director of Investor Relations at Vishay Precision Group]

Thank you. I want to note that we will be participating in the Sidoti conference in March and we look forward to updating you on VPG next quarter. Thank you all and have a good day.

[Operator]

Thank you very much, Steve. And thank you to Bill and Ziv for being our speakers today. That concludes our conference call. We appreciate everyone for joining. You may now disconnect your lines.

Participants

Executives

• Steve Cantor, Senior Director of Investor Relations
• Ziv Shoshani, CEO, President & Director
• William Clancy, Executive VP, CFO & Corporate Secretary

Analysts

• John Franzreb, Senior Equity Analyst at Sidoti & Company
• Griffin Boss, Equity Research Analyst at B.Riley Securities