Greetings. Welcome to the Sharps Compliance Corporation fourth quarter 2021 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad, and please note that the conference is being recorded. I will now turn the conference over to your host, Jen Belodeau, IMS of Investor Relations. You may begin. Thank you. Good morning and welcome to the Sharps Compliance fourth quarter fiscal 2021 earnings call. On the call today, we have David P. Tusa, the company's President and Chief Executive Officer, and Diana P. Diaz, Executive Vice President and Chief Financial Officer. David will review the company's business performance, operations, and outlook, while Diana will review the financials. Immediately following their formal remarks, we will take questions from our call participants. As you're aware, we may make some forward-looking statements during the formal presentation and in the question and answer portion of this teleconference. These statements apply to future events, which are subject to risks and uncertainties, as well as other factors that could cause actual results to differ materially from where we are today. These factors are outlined in our earnings release as well as in documents filed by the company with the Securities and Exchange Commission. These can be found at our website or at sec.gov. With that out of the way, let me turn the call over to David Tusa to begin the review. Go ahead, David. Thanks, Jen, good morning, everyone. Thank you for participating in our fourth quarter fiscal year 2021 earnings call. I'm going to continue the same practice as I have previously with really just speaking informally about the business and about the quarter and the outlook. The business, the quarter, and the outlook. We had great success in fiscal year 2021, and I got to tell you, to me, it's most important is the fact that in addition to revenue growth and profitability, we ended the year as a much stronger company. We have much greater infrastructure, additional plant and route-based capacity, additional geographic coverage for our route-based business, and a very strong balance sheet with $28 million in cash. In my opinion, this is just what we need to support a much larger company and continue our leadership positions in the markets we're addressing, regulated medical waste and unused medication. We also accomplished something I think of equal or maybe even greater importance. The superhuman efforts that we showed during COVID-19/immunization business during the height of the pandemic to date further strengthened our customer relationships. We had no disruption in our business. We served all of our customers, and we delivered solution offerings, and I think there's a lot to be said for that, and our customers recognize that. Of course, we can't have a business discussion without covering COVID. Regarding the COVID business, the March and the June quarters, they represent the height to date of our COVID-related mailback business. Immunization-related orders were about $28 million in customer billings, about $25 million in revenue for both quarters combined. This is a great start to the season. While it's very impressive and we're very happy to have the business, as everyone has seen in the news, the immunizations over the last couple of months have slowed. During the current quarter, there's fewer shots, the September quarter to date, fewer shots administered, and as a result of mailback activity, so far in the current September quarter has slowed. From a timing perspective and related to immunization orders, I anticipate a slower than expected September 2021 quarter, consistent with fewer shots being administered at least now. Plus the fact that the rate of some of our customers have accumulated inventory, they may have some leftover inventory that can be used to facilitate a portion of the flu season. Looking past the September 2021 quarter and into the remaining fiscal year 2022, which includes the December, March, and June quarters, we have the potential, not a guarantee, but the potential for the resumption of larger immunization-related customer billings, and they will be driven by the following: An increase in adult and adolescents receiving their initial vaccines. As a matter of fact, I just looked at the numbers. We're at about 61% of the adults that are fully vaccinated in this country. Hopefully, we can move that higher. The approval this fall of the children's vaccine. There'll be zero to four, and there'll be five to 11. A strong flu season. Additional shots for the immunocompromised adults, which the FDA has approved the additional shots last week. As many of you have seen on the news today, that the rollout of the boosters, which I just saw on the news, that could begin as early as September 20th. That would be for recommended for Americans eight months after they received their second COVID-19 shot. We're watching this development closely, but the third shot looks to be a reality here in next month, which is big news. Really big news for us. Moving past the immunization business, as many of you know, we're much more than an immunization mailback business. We're a comprehensive provider of medical, pharmaceutical, and hazardous waste services. We have the infrastructure and footprint to efficiently serve small and medium quantity generators, and our markets are primarily healthcare and retail. We focused over the last seven years on positioning the company as this, not a mailback company, but as a comprehensive service provider. We added the route-based business and the unused medications. They play a key role in our numbers and our growth, and we think they're going to continue to play a key role in the growth of the business. The route-based business continues to achieve +30% growth annually. We remain bullish about the business and the opportunities we're seeing to further penetrate the market. We're in 37 states, 80% of the population with our direct service of our route-based business. Our customer locations are now over 16,000. A year ago, there were about 13,000. Impressive growth, and we believe we have the opportunity to continue the trend. Now, one more thing about the route-based business. We remain focused on our goal of supplementing our organic growth with acquisition growth. We're seeing more activity and possibly some viable acquisition opportunities on this front. We're not offering guarantees, but the strength of our balance sheet, the expanded route-based infrastructure, provides us with great flexibility around this initiative to supplement the organic growth. Unused medications, just a minute or two on that. The MedSafe business was undoubtedly slowed by COVID-19, as retail pharmacies and long-term care were much more focused on COVID versus unused medication. The line of returns continue to be strong, and we have been receiving orders for MedSafe units, and we think starting in the September quarter, that we'll start to get back on track with some growth rates similar to what we've seen in the past. Unused medications, I think, will continue to play a big part in the future growth of the company. As many of you know, the opioid epidemic has actually worsened during the pandemic. Our MedSafe is seen as a leading solution, so we like where we are there. One more time. We ended the year extremely well-positioned for further growth, and we've built a much larger company with our increased infrastructure, additional plant and route-based capacity, geographic coverage, and again, strong balance sheet with $28 million in cash. Just a quick word on the employee base. Dedicated. Everyone's been working quite hard. We have to recognize them for what they've done. We want to thank them for what they've done. It's been busy, and my guess it's getting ready to get busier. With that, I'll turn it over to Diana, who will address the financials in a bit more detail. Thank you, David. Sharps reported revenue of $18.7 million, an increase of $6.1 million or 49%, primarily due to an increase of $4.7 million in our immunization business and increased route-based pickup services of about $800,000. Customer billings were $18.7 million in the fourth quarter of fiscal 2021, an increase of $5.1 million or 38%. The increase in customer billings for the fourth quarter was driven by an increase of $4.2 million in our immunization business and an increase in the route-based pickup services of $800,000. Retail market billings grew 68% to $9 million in the fourth quarter of fiscal 2021 as compared to $5.4 million in the same prior year period. The increase in retail billings is primarily due to immunization-related orders of $7.8 million, which were higher than the prior year at $3.6 million. Professional market billings increased 44% to $4.7 million in the fourth quarter of the 2021 fiscal year as compared to $3.3 million in the fourth quarter of last year. Related to our MedSafe business, we installed 172 MedSafes during the fourth quarter, which is pretty consistent with our forecast going into the quarter. Our large retail pharmacy customer accelerated their annual MedSafe installation program into the summer months of 2020 so that they could focus on COVID-related response in the December, March, and June quarters, and we're still seeing minimal sales activity as current and potential customers deal with COVID. On a positive note, as David mentioned, our MedSafe liners processed for the quarter of 8,200 were up 73% over the prior year and 6% higher than the preceding March 2021 quarter, indicating a lot more traffic in retail pharmacies. As we said previously, we continue to believe there's significant opportunity for further penetration of the MedSafe in the long-term care market, and safe disposal of unused medications is a key contributor to fighting the opioid crisis. Therefore, we believe the lower unused medication billings and lower MedSafe installs that we saw this quarter is a temporary situation and expect to see a return to pre-COVID levels once the vaccine program has gained meaningful traction. Looking forward, in the September and December 2021 quarters, we expect the number of installs to increase by about 300 units in each quarter. Incremental revenue associated with this higher level of installs would be about $400,000-$500,000 per quarter. Gross margin for the fourth quarter was 33%, consistent margin in the fourth quarter of last year. The fourth quarter of this year gross margin of 33% reflects a year-over-year increase in the fixed portion of cost of goods sold of about $450,000, or 240 basis points, as a result of investments in our treatment plants, autoclaves, route-based infrastructure, and other expenditures designed to address the increased immunization business and to facilitate growth. Our SG&A expense increased by about $700,000, or 21%, for the quarter. This is related primarily to a $200,000 increase in management incentive comp, both stock and cash, $100,000 increase in board member compensation, and continued investments in sales and marketing. We reported operating income of $2 million and an operating margin of 10.6% in the fourth quarter of 2021, compared to operating income of $700,000 in the fourth quarter of 2020. The company reported a gain on forgiveness of our Paycheck Protection Program, or PPP, loan of $2.2 million in the fourth quarter of fiscal 2021. We reported net income of $5.1 million, or $0.30 per basic and 29% per diluted share this quarter, compared to $2.2 million or $0.13 per basic and diluted share in last year's fourth quarter. Without the impact of the PPP loan debt forgiveness, EPS would have been $0.17 per diluted share for the quarter. We generated EBITDA of $4.7 million, or 25% of revenue in the fourth quarter of fiscal 2021, compared to EBITDA of $1 million or 8% of revenue in the fourth quarter of last year. Without the impact of the PPP loan debt forgiveness, adjusted EBITDA was $2.5 million, or 14% of revenue for the current quarter. Now we'll take a look at the full fiscal year results. Sharps reported revenue of $76.4 million, an increase of $25.3 million or 49%, primarily due to an increase of $21.9 million in our immunization business, net of deferrals, and an increase in route-based pickup services of $3.3 million. Customer billings were $81.6 million in fiscal 2021, an increase of $28.6 million or 54%. The increase in customer billings for 2021 was driven by an increase of $25.3 million in our immunization business and an increase in route-based pickup services of $3.3 million. Retail market billings grew 153% to $40.5 million for 2021 as compared to $16 million for the prior year, due primarily to an increase in billings for immunization-related orders of $21.9 million net of deferrals, partially offset by a decrease in unused medication billings in the retail market of $700,000. Professional market billings increased 15% to $18 million for the year, compared to $15.6 million in the prior year. Long-term care market billings increased 25% to $4.2 million for 2021, compared to $3.3 million in the prior year. That was related primarily to an increased volume of COVID-19-related waste management and ancillary supplies. Our pharmaceutical manufacturer market billings increased 12% to $5.2 million for 2021 as compared to $4.7 million from last year. Gross margin increased to 38% in the full fiscal year 2021 as compared to 31% for the full fiscal year last year. This was due primarily to the leverage from higher revenue, partially offset by a year-over-year increase in the fixed portion of our cost of goods sold of $1.7 million or 225 basis points. That's as a result of those investments in our treatment plant, autoclaves, route-based infrastructure, and other expenditures designed to address our increased immunization business and to facilitate growth. For the year, SG&A expense increased $1.8 million to 12%. The increase is related primarily to a $600,000 increase in management incentive comp, including both stock and cash, a $400,000 increase in board member compensation, and $700,000 due to our continued investment in sales and marketing. We reported operating income of $12.3 million and an operating margin of 16.1% for the year of 2021. As previously mentioned, we recorded a gain on forgiveness of our PPP loan of $2.2 million during the fourth quarter of fiscal 2021. The effective tax rate of 10.2% for the year reflects a $1.1 million tax benefit associated with stock compensation and a half a million dollar benefit associated with the permanent exclusion of the gain on forgiveness of a PPP loan from taxable income. We recorded net income of $12.9 million, or $0.76 per diluted share for the year of 2021, compared to net income of $2.3 million or $0.14 per diluted share for the prior year. Without the impact of a PPP loan debt forgiveness, EPS would have been $0.63 per diluted share for the year. We generated EBITDA in 2021 of $16.5 million, or 22% of revenue, compared to EBITDA of $2.4 million or 4.7% for the prior year. Without the impact of the PPP loan debt forgiveness, adjusted EBITDA for the full year was $14.3 million or 19% of revenue for the current year. David mentioned our balance sheet remains solid with $27.8 million cash as of June 30, 2021, up from $5.4 million at the end of last year, our working capital is $27.9 million, up from $11.1 million at the end of last year. With that, I'll turn the call back over to David. Thanks, Diana. Operator, let's go ahead and open up for questions. Thank you. At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Our first question comes from the line of Gerard Sweeney with Roth Capital Partners. You may proceed with your question. Good morning, David and Diana. Thanks for taking my call. You bet. Good morning. I want to start on the vaccine front. Obviously, a little bit of disappointment, vaccines did slow down. We've talked a lot about vaccines being given in the retail setting. As we look out to the rest of this year, I know you talk about boosters, adolescent shots, et cetera. How do you feel about the activity taking place in the retail setting? Is this matching your expectations? Is there any thoughts on how this develops on a go-forward basis for the rest of the year? Sure. Yeah, I think that we felt good about the shots administered in the retail setting. What we were surprised with, and I think everyone is surprised with, that only 61% of adults and 50% of Americans have received the vaccine. That was a bit of a surprise. Going forward, let me just tell you how I look at it. In my world, if I stand back and look at for fiscal year 2022 for the vaccine side, I'm going to do a little bit of math here. For the March and June quarter, we had $28 million in billings. We had about $2 million right in the December quarter for long-term care, call it $30 million so far. I do think that there will be some increase, not a lot, but some increase in the adults. From what I understand, there's a percentage of the population that are not vaccinated that are waiting for full approval from the FDA, which I understand is going to be around Labor Day. Let's say that we get another, I don't know, 10%, 15%, 20% pickup in the adults. That 30 may look like 34. I will say this. Our mailback that's used for immunization is the same mailback that's used for flu. It's fungible. The orders they typically make in June and September were really all part of the orders that they placed for the last couple of quarters of March and June quarters. I'm guessing it looks like about $5 million of the purchases that have been made so far, it looks like will be designated for the initial flu orders that we would have received in June and September. If you were just looking at COVID, you take the five away from the 34, and that really puts you at about 29. The children's vaccine is supposed to be available in the fall, zero to 11. Who knows? You would think there'd be $2 million of business related to that, which gets you a little bit over $30. $30 million in the opportunity for the entire season. If you believe that the folks that received the vaccine are going to get the booster, then since it's one shot instead of two, the $30 is really $45 if everyone gets a booster. You're looking at roughly maybe $45, and that's if all these things happen. Call it $45. We'll have some remaining flu, some additional flu that probably was not used in that stock that they currently have. Maybe we end up closer to $48 million, $49 million. What is that? $18 million-$19 million increment over what we've received so far. That's if all of those things happen, and that seems to make some sense. I will tell you this. The September quarter, the quarter that we're in, although it may change now because of what happened this morning with the announcement of the booster being available September 20th. September's been slow. We've only received about a half a million dollars in orders. Hopefully we'll receive more related to more shots or the booster, and maybe that may increase a bit. I think it's likely that that roughly, I don't know, $18 million, $19 million, again, if everything happens, would probably be spread between December, March, and June, maybe heavier in December and March as people are getting their boosters. That's how we see it. How it rolls out is really going to be dependent upon the number of shots that'll be administered. That's just sharing with you thoughts on how we see it. I hope that makes sense. That's incremental over sort of historically, mailback's been running 24, 25, 26. Right maybe a bit higher, depending on. that's the incremental above that historically- Well, immunization type business. Yeah. Right. Got you. Okay. Switching gears a little bit, route-based, I think you mentioned some pretty strong growth, 30% type growth. What's driving that activity? Obviously, it's an underserved market. We've talked about that. You've got some geographic expansion. Right. You made some expansion into the Southwest. What is driving that market? It had been growing 20%, 25%, but it feels like it's actually accelerating a little bit. We've had a tremendous focus on the route-based business. Our sales team is very focused on that. I remind you, one of the reasons why we went into these areas is we weren't selling into those areas before. We weren't selling into the Midwest or in the Southwest. We were subcontracting that. Now we're selling in those areas, and that doesn't necessarily have to be part of a much larger opportunity. We're selling directly in four states in the Southwest and in the Midwest, where we really haven't before. I think that's one of the drivers you're agreeing. I agree that we're just focused on our direct markets. Our sales team is getting out there and adding customers, adding new customers. They're good. They're good at it, and we remain bullish, and we can hope to keep up those trends. Acquisitions you mentioned specifically. More geographic expansion, or is this sort of a route density play? What are you seeing, or is there a particular focus? I think we're talking about really more route density improvement. We've worked really hard in putting in place an infrastructure in 37 states, 80% of the population. What these look like, assuming that we're able to complete these, they almost look like tuck-ins because we already have the infrastructure in place. I like those because that not only improves the route density, but improves the profitability as well for the business. We're talking to four or five different folks. We're in due diligence on a couple of them, and they would look much, much more like a tuck-in than they would a geographic expansion. Got it. Just final question from me. Unused meds. Long-term care, always a huge opportunity that's been out there, and obviously COVID-19 pushed that back because nursing homes, et cetera, were sort of ground zero. Where does that stand opportunity-wise in the next, I don't know, 12, 18 months? I think we're finally starting to see some movement. Dennis and the team is finally starting to see some interest in the long-term care side as they're coming out of COVID-19. In our sales meetings and some of the prospects that we're looking at, it seems like long-term care is popping up more and more. We're hopeful that 2022 that we'd have the opportunity to be able to get more of the MedSafes into long-term care. It's been definitely shut down. Hopefully we'll be able to see some movement on that in the fiscal year 2022. Got it. Okay. That's it for me. I'll jump back in line. Thank you. All right. Thanks. Our next question comes from the line of Rob Brown with Lake Street Capital Markets. Robert, you may proceed with your question. Good morning. Just wanted to kind of continue on the MedSafe discussion here. I think you said about 300 units are kind of planned to go in over the next, or each of the next two quarters. Does that sort of represent a kind of a step back to a normalized run rate, or is that some catch-up from being held back for the last year? Probably a little bit of both. Right. They were suspended there for a while, at least in retail pharmacy because of COVID. I think we're getting back on track with getting the units out, and probably a little bit of that as a catch-up from what should have probably gone out a year ago. Okay, great. Back to the mailback business. What's sort of the baseline there of non-immunization business in that segment? Is it about $15 million a year, you're saying that the $18 million or so of immunization would be on top of that to sort of get you to a $30 million kind of mailback business? Is that what you're thinking? mailback business 2019 and 2020 of about what? $25-$28. 28 last year and 55 this year. It included revenue of $9 million last year and $31 million of immunizations this year. That $28 million for included about $9 million for what, immunization? Right. Roughly mailback was roughly $20 million without immunization. Yes baseline. And it's- 25 without immunization. 25 this year without the immunization or the mailback business as well. Okay. Good. The immunization numbers you were talking about would be sort of additive. Whatever they are would be additive to sort of that 20-25 baseline. Okay. Correct. Right. Okay. Great. Maybe just on the September quarter, walking through the order rates, how does that sort of flow through the mail-back business? What's sort of the tail on returns and expectations of shipments? I would presume that makes the mail-back fairly low in September, could you help us kind of understand how that flows through in just the September quarter? You mean in revenue? I mean, just as it normally would. If it was a half a million dollars in sales, it would be half a million dollars in revenue. There'd be a deferral component of what? 15 or 20% of that. Right. What? 80%, 85% of it would be recognized as revenue in September quarter. Right. Some of the items would be coming back. We could offset that. Right maybe a little bit more. Okay. Got it. Good. In terms of the route-based business, do you feel that's sort of fully recovered from COVID and now this is the new baseline of growth and this sort of +30% should be able to continue? We didn't really see. If you think about our route-based business, while we had a little bit of the business, I think it was April through June of 2020, where we saw a bit of a downtick on the route-based. You got to remember, that was offset or more than offset by the substantially increased volumes coming out of long-term care, which is route-based as well. One really offset the other. We really didn't see that much of a downtick. Now, the long-term care volumes have reduced, but the other businesses that we have increased. We think we're extremely well-positioned and very fortunate to have that long-term care volume to offset a bit of a slowdown in the What was it? It was like dermatology and dental, and physicians that may have been slowed down for a short period of time. Very short. Okay, great. Thank you for the color. I'll turn it over. Sure. Our next question comes from the line of Amit Dayal with H.C. Wainwright. You may proceed with your question. Thank you, guys. Appreciate you taking the questions. Most of them have been asked, but just on the margin front, should we think about gross margins as sort of stabilizing at these levels with potential upside coming from any volume increases you may see as people continue to get the COVID vaccines and as the flu season sort of comes in play for you? It's all really driven by revenue. It's operating leverage model, and they ran up this year because the volume was as high as could be. If the revenue's lower, they'll be down. If the revenue is higher, they will be up. Okay. Thank you for that. It looks like you've had a decent increase in customer locations to 16,000 from 13,000 year-over-year. Do you have a target to where you might want to be over the next 12, 18 months in terms of customer locations? Well, we talked about this 30% increase in the route-based business, I think you can directly correlate that with the number of locations. We've been growing at 30%, you can do the math. Of course, if we supplemented that with acquisitions, that percentage could be higher. Okay. In terms of how the quarterly revenues are now coming through for you, do you feel because of how COVID-19 has played out, there should be some changes in how the cadence in revenues, quarterly revenues kind of plays out for you? Or, in a few quarters, do we go back to maybe sort of a more normalized trend for you? Well, it all depends on the things that I mentioned earlier about what happens with respect to the immunizations and with the boosters and so on and so forth. In that example that I mentioned earlier, there's a potential for maybe another $18 million or $19 million in immunization revenue for fiscal year 2022. I will say this. Kind of looking out past 2022, another way to look at it is, what does this mean going forward in 2023 and going forward? The way I've always looked at it is, I think that the two-shot regimen, meaning a flu and a COVID something shot, is probably here to stay. The way I look at 2023 and going forward is probably $15 million- $20 million of revenue, which think of it as like two flu seasons, going forward. Maybe an additional as much as $19 million for 2022, and then going forward past that, maybe $15 million or $20 million for 2 flu shots a year. Okay. Thank you. No, that's all I have for now. Thank you so much. All right. Thanks, Amit. Our next question comes from the line of Kevin Steinke with Barrington Research. You may proceed with your question. Hey, good morning. Just when we think about the flu season, and you mentioned there what the numbers typically are, and I think the last couple calendar years, flu season billings were $7 million-$8 million. Right. Now you mentioned about $5 million sitting in inventory that could be used for the flu season. Should we just think about the $7- $8 - $5 is how the remaining flu season orders might play out? Right. Yeah, I think so. I think that you're right. I think last year 2020 was like $8.2 million. Yes. The way we looked at it is we would've typically had about $5 million of orders, about $5 million of old flu-related orders in June and September. I think you subtract the 5 from the 8 and about $3 million remaining. I think that's a good way to look at it, Kevin. Since you specifically called out the added $5 million impact on gross margin as a result of the various investments you've made in infrastructure and treatment, should we think about that as having an impact on gross margin for the next couple of quarters here? Is that something you start to lap? What was the timing of those investments and how does that play out on the impact on gross margin over the next couple of quarters? We started with the infrastructure investments in mid to late 2020 calendar. The impact on the current quarter, what was that, Diana? It was about $400,000 compared- Yeah. About $400,000 for the quarter. Yep. It's about at the same level that we had in this quarter, looking out throughout fiscal year 2022. You'll see increases over that. This is related to the expansion of the Texas facility, the addition of the autoclaves, the continued build-out of the route-based business. Once we get through 2022, the incremental fixed cost will be much less on an annual basis because we would've built out the infrastructure. Maybe a half a million or so a year, right? Right. Going forward 2023 and going forward. I think we're going to have most of it behind us fiscal year 2022. By the way, it's a good thing that we did it because the volume that we're processing has obviously increased tremendously because of the increase in the route-based business and as well, the significant increase in the mailbacks relative to the immunization business. All right. Yeah, great. Understood. You specifically talked about your ability to serve your customers effectively throughout the pandemic and how you believe that strengthened your customer relationships. Is there any way you can capitalize on that going forward in terms of the stronger relationships, just from a competitive standpoint? How do you see that perhaps playing out or benefiting you moving forward? That's a good question. Our relationship with our customers, all customers, including the immunization side, I think are very strong. I think they're much stronger now that we delivered. We've received many compliments and we're the go-to company to support their medical waste management needs, whether it be immunization or otherwise. Sure, we're going to try to parlay that into some cross-selling. We're going to try to use that in capturing more business. We're really pleased with that. Again, the customer relationship is strong, and I think it's stronger now. All right. Great. Just lastly, can you talk about the competitive environment in the route-based business when you're bidding on deals? Is that about the same as it's always been or any changes competitively there? I think we haven't really seen any changes. We like where we're well positioned. We continue to lead with great customer service and flexibility in contracts, great responsiveness, and that's how we sell. I think it shows in that 30% increase in the route-based business. Okay, great. Thanks for taking the questions. All right, you bet. Thanks, Kevin. At this time, we have reached the end of the question and answer session. I will now turn the call back over to management for closing remarks. Okay. Thank you, operator. Thank you everyone for participating in our call today. We remain very excited and bullish about the business. We look forward to the continued growth, revenue opportunities, and expansion for fiscal year 2022 and beyond. Thank you. We'll talk next quarter.