Ladies and gentlemen, thank you for standing by. I would like to welcome all of you to Camtek's 4th Quarter and Full Year 2020 Results Zoom Webinar. My name is Kenny Green. I am part of the Investor Relations team at Camtek. This is the first time we are running our conference call as a live Zoom webinar, And I apologize enough for any unforeseen issue you may face during the call.
It's increased engagement with investors and analysts, and we hope this new type of quarterly call is a step in the right direction. All participants, other than the presenters, are currently muted. Following our formal presentation, I will provide some instructions for participating in the live question and answer session. And A chat, and we will endeavor to answer as many of those questions as possible. I would like to remind everyone that this conference call is being recorded and the recording will be available for download from Cantech's website within a few hours after the call.
You should all receive by now the company's press release. If not, please view it on the company's website. With me today on the call, we have Mr. Rafi Camtek Yeo Mr. Moshe Eisenberg, Camtek's CFO and Mr.
Rami Langa, Camtek's COO. Raffy will open by providing an overview of Camtek's results and discuss recent market trends. Moshe will then summarize the financial results of the quarter. Following that, Rafi, Moshe and Rami will be available to take your questions. Before we begin, I would like to remind everyone that certain information provided on this call internal company estimates, unless otherwise specified.
This call may also contain forward looking statements. These statements are only predictions and may change as time passes. Statements on this call are made as of today, and the company undertakes no obligation to update any of that forward looking and any of the forward looking statements contained, whether as a result of new information, future events, changes in expectations or otherwise. Investors are reminded that these forward looking statements are subject to risks and uncertainties that may cause actual events or results to differ materially from those projected, including as a result of the effects of general economic conditions, the effects of the COVID-nineteen crisis on global markets and on the markets in which we operate, including the risk of a continued disruption to our and our customers' providers, business partners and contractors' business as a result of the outbreak and effects of the COVID-nineteen pandemic. Risk related to the concentration of the significant portion of Camtek's We expect the business in certain countries, particularly in China, from which we generate significant portions of our income for the foreseeable future, but also in Taiwan and Korea, including the risks of deviations from our expectations regarding certain size of orders from customers in these countries, Changing industry margins, reduced demand for our services and products, the timing development of new services and their adoption by kit, increased competition in the industry introductions as well as due to other risks identified in the company's filings with the SEC.
Please note that the Safe Harbor statement in today's press release also covers the contents of this conference call. Furthermore, during the call, certain non GAAP financial measures will be discussed. These are used by management to make strategic decisions, forecast future results and evaluate the company's current performance. We believe that the presentation of non GAAP financial measures is useful to investors' understanding and assessment of the company's operational aspects of the future. A full reconciliation of non GAAP financial measures are included in today's earnings release.
I will now hand the call over to Rafi Amit, Camtek's CEO. Rafi, please go ahead.
Okay. Thank you, Henry. Good morning, and thank you for joining our call today. I will start with some highlights from the Q4, a few words on 2020 and continue with reviewing our current business. Total sales in the 4th quarter were 48.6 $1,000,000 close to a 50% increase over Q4 'nineteen and record quarterly revenue.
In the Q4, we continued the momentum of increasing sales to our existing customer as well as to new customers. Gross margin was 48.2% and operating margin was 18.9%, marking an important an improvement in profitability compared with the first half of twenty twenty. For all year, we achieved record revenue of $156,000,000 a 16% growth Over 2019, a record operating profit of $26,800,000 In the last 2 weeks, we have received multiple systems order from several customers Totaling about $25,000,000 The impressive backlog we have on hand together with sales in pipelines Point to a strong sales forecast for the first half of twenty twenty one. We are anticipating sales of over 100 and $10,000,000 in the first half of twenty twenty one, implying approximately 65% growth over the first half of twenty twenty. We also see continued momentum of orders Into Q3, it is too early to give accurate forecast.
For the Q1 of 2021, we expect an impressive sales level of between 54 to $56,000,000 The year 2020 was an exceptional year for us just as it was for the all semiconductor industry. In the Q1, we had concern about our ability To install system, due to the COVID-nineteen restrictions on shipping system to certain countries. Yet in the Q4, we faced a completely different situation. We had to adjust our Production capacity and field support due to the high demand for our systems. Our flexible operational infrastructure and our global organization allow us to successfully execute this growth and the requirement of our customers.
In the Q1 of 2021, this trend has continued and even accelerated. Our strategy is to maximize growth in all segments in which we operate. The front end, mid end and back end, mainly post IC. We continue increasing the number of new customers, penetrating new market segments And strengthening our presence in existing customers. By providing the highest level of service and support, We create a strong commitment between Camtek and its customers.
A strategy of addressing a wide range Of customers also include customers with entry level products that need only basic configuration of our systems, resulting in a lower ASP in the short term. Our experience show that in the future, sorry, Many of these customers will purchase systems with more complex configurations capable of detecting Smaller defects to meet their end customer requirements. In the second half of twenty twenty, We saw an improved margin. We can already see this trend continuing in order we have received for the year 2021. The configuration of system order are more complex And the ASP is higher than what we saw in 2020.
As a result, we expect continued improvement In the gross margin in the first half, the drivers of our market segment have not changed from those I mentioned in the previous calls. The main drivers are advanced packaging, memory, Simo SIM Sensor and RF Devices for 5 gs Smartphone. 5 gs is pushing demand for high end smartphone sales. Compared to previous generation, this 5 gs phone include more silicon, more advanced packaging A larger number of RF devices in each phone. As a result, we are experiencing demand for 5 gs related applications.
We see adoption of new packaging technologies by our customers. Adoption of new technologies requires Extensive use of inspection and metrology systems. All the drivers I mentioned serve the demand for end products such as Mobile phone, laptop, server, automotive, medical and more. Specifically for 2021, the main growth is expected to be the advanced packaging, both in inspection as well as in metrology. The CMOS image sensor in 2020 accounted for about 30% of our business.
This is unusually high and was a result of healthy demand for our customers. In 2021, we expect The CIS segment to be more in line with previous year share of about 10% to 15% of our revenue. In the general space, we see a lot of activity. However, we believe that it will be more at the end of the year or beginning of next year before we see meaningful business. Previously announced, We continue to gain momentum in the front end market.
Penetration process, specifically in the front end segment, is after a very long and meticulous evaluation. We have penetrated several new customers in 2020, And we expect to continue with that in 2021. For 2021, we expect this segment to account for more than 10% of our business. In 2020, we met an important milestone by receiving for our system and order for production lines for 1 of the world's top integrated circuit Manufacturers. Our systems have implemented customers' development and production size globally.
We knew our development effort on several developing special features upon customer request To support ongoing sales, constantly improving the detection engines And continuing the development of new generations of systems and solutions based on key customer input and industry roadmap. We plan new products to the market this year. We have managed to operate Optimally under the COVID-nineteen circumstances, but we cannot fully predict the global implication of the epidemic and its potential impact on our business. As things stand today, 2021 is going to be a record year in sales And growth, along with improved profitability. During Q4 of last year, we have raised about $64,000,000,000 to support our growth strategy beyond organic growth.
We are continuing our efforts to find companies that are suitable for acquisition. We are especially interested in companies whose products serve markets like ours and will be able to use our sales and support Before I hand over to Moshe for more details on the financial results, I would especially like to thank our employees for their dedicated work during these challenging times. Moshe?
Thank you, Rafi. And we are
sorry for the technical glitch that we had, and I don't start now. Thank you, Rafi. We had record results in the Q4, both in terms of revenue, which also came above our guidance, as well as in terms of our gross and net profit level. In my financial summary ahead, I will provide the results of a non GAAP basis. The reconciliation between the GAAP results and the non GAAP results appear in the tables at the end of the press release issued earlier today.
4th quarter revenue came at $48,600,000 a 46% increase over the $33,200,000 recorded in the Q4 of 2019. Full year revenues were a record €155,900,000 up 15% year over year. The results were driven by demand across all our geographies, segments and applications. The geographic revenue split for the quarter was as follows: Asia 83% and the rest of the world The distribution of space for the full year was 89%, Asia with U. S.
And Europe contributing 11%. Gross profit for the quarter was €23,400,000 The gross margin for the quarter was 48.2% versus 48% in the Q4 of last year. Gross profit for the year was $73,700,000 representing The gross margin of 47.3 percent, this is compared with the gross margin of 48.6% last year. After relatively lower gross margin in the first half of twenty twenty, in the second half of the year, we saw a improved margin. We expect over $110,000,000 in the first half of twenty twenty one.
The combination of favorable order mix And the leverage we have in our operating model is expected to support the continued improvement in our gross margin, which will count above 50% in the first half of twenty twenty one. Operating expenses in the quarter were €14,200,000 This is compared with DKK10.5 million in the Q4 of last year and to the DKK11.9 million in the previous quarter. The increase over the previous quarter is mostly due to increased R and D as a marketing activity to support the growth in revenue. Operating profit in the quarter was $9,200,000 compared to $5,400,000 reported in the Q4 of last year. Operating margin was 18.9% compared to 16.3%, mostly due to increased revenue.
Operating profit for the year was $26,800,000 or 17.2 percent of revenue. This is compared to operating profit of €25,000,000 in 2019 or 18.7 percent of revenue. I would like to briefly discuss the significant impact of the duration of the U. S. Dollar In general and specifically against the Israel and Shekel, as an Israeli based company, a significant portion of our expenses in Israel, Mainly, our pace in Shekem
and as a result
of the devaluation has increased in dollar terms During 2020, despite the negative impact, we will improve our profitability. One positive impact of this evaluation was the Relatively lower tax expenses in Israel in the Q4 due to the devaluation of the dollar based assets. Net income for the Q4 of 2020 was $8,800,000 or 21% per diluted share. This is compared to an earnings income of $5,400,000 or $0.14 per share in the Q4 of last year. Net income for the year was $26,000,000 or $0.64 per diluted share.
This is compared to a net income of $23,900,000 or 0 point 6 on the new bureau. And we have issued 4,025,000 new shares, which affected the EPS in the Q4 and the year 2020. In addition to the cash generated in the public offering, We also generated $8,500,000 in cash from operating activities in the quarter. Net cash and cash equivalents and short term deposits as of December 31, 2020, increased to $177,800,000 compared with €106,000,000 at the end of the Q1 of 2020. During 2020, we generated 25 €800,000 in cash from operations.
Certain balance sheet items such as inventory, account receivable and payables levels significantly increased due to the higher business volume and the expectation for further growth in 2021. As Raffi mentioned earlier, we expect revenues in the Q1 of 20 21 to be between EUR 54,000,000 and EUR 56,000,000. We have a strong sales force for the first half of the year and anticipate over $110,000,000 in this period. And with that, Rafi, Rami and myself We'll be open to take some questions.
I'll introduce you and ask you to unmute, after which you may ask a question. If you wish to submit a question via the queue, you may also do so, And we will endeavor to answer those questions as many as possible after we conclude the live Q and A session. As we have a lot of people on Our first question will be from Patrick Ho from Stifel. Patrick, please go ahead.
Patrick?
Patrick, you're on mute. Now you're open.
Great. Thank you again and congratulations on a really nice quarter and the year. Maybe first off, given the rise In system orders over the next two quarters and given some constraints in the industry overall, How do you see your parts procurement and your ability to procure parts given the tight supply environment that we're seeing today?
Ravi, do you want to answer, please?
Patrick, can you hear me?
Yes.
Okay. So I missed the first part of your question, So from our procurement and overall our supply chain, We are very well organized that we have the inventory on hand for the next We have not experienced any issues related to procurement. Furthermore, we've increased the number of subcontractors, so we don't see any issues with that respect.
Great. And maybe as my follow-up question for Moshe, in terms of gross margins, really strong gross margins to end the year, And it continues to rise as we go into the first half of twenty twenty one. What are the biggest influences? Is it simply volume? Or are your new products also going to contribute to the gross margin uptick that we're going to see in the first half of twenty twenty one?
So I would say that both volume as well as new Products and some new orders that came in with a high gross margin We'll be contributing to the improved margin in the first half of twenty twenty one. Definitely, the new product We are rolling out, we'll have a very good impact on the profitability.
Great. Thank you very much.
Thank you.
Thank you. Our next question will be from Charles Shi From Needham, Charles, we'll unmute you. Please go ahead.
Hi, can you guys hear me? Sure. Yes. Great. Thanks for taking my question.
Congrats on the strong quarter and very bullish First half guidance. I have a few questions. So first off, I noticed that your guidance for the first half, That revenue run rate is already above the $200,000,000 target model that you think you're going to achieve in about the 2 years. I wonder whether the strong demand in the near term really changed your view when about the timing of your of your 1200,000,000 target model there?
So first of all, yes, indeed, in the first half of twenty twenty one, we are already in the run rate of Our target model of around $200,000,000 It's still early for us to provide specific outlook For the 2nd part of the year, although as Raffi mentioned, Q3 is also looking good this quarter, but we don't have a specific Guidance for Q3. But as I mentioned, we are already in the run rate of close to our target model. And as a result, we managed to improve the gross margin and gross margin will be more than 50% As indicated in our target market.
Okay. So maybe this is a bigger segue into My question is Maji, given a few of the favorable factors, including the combo compact systems, Hi, your ASR specialty inspection products. May I ask Well, the other 2 are also contributing. 1st is the mix Changing back to a little bit more 3 d for your overall shipment in
the first
half twenty twenty one, which Essentially, it's higher margin, if I understand correctly. And the second, whether the currency But depreciating U. S. Dollars also impact has a positive impact on your gross margin.
Let's touch the first half of your question. We definitely See
in the
mix of the products that we are going to ship in the first half of twenty twenty one and definitely throughout twenty twenty one, We see a mix with a lot more metrology equipment. This is definitely going to contribute positively So gross margins and overall profitability.
With respect to the
devaluation of the U. S. Dollar And its impact on the financial results, as I said, in general, the devaluation has a negative Impact on our results. So the gross margin, if at all, will be impacted negatively. Taking that into account, if the dollar, we'll say, is pretty much at the current level, we forecast Gross margin of over 50% in the first half of the year.
Got it. Thank you. Maybe my next question, I would like to ask a little bit more about the CMOS image sensor. Last year was Unusually strong for you guys, nearly 30% of the revenue. And you've said The overall contribution as a percentage to the revenue will go down.
I wonder dollar A term are you seeing a growth here for CMOS Image revenue or do you see it like a more relatively flat? Any color would be great.
So let me relate to that. First of all, the single image sensors, and I think as Rafi indicated, It was very strong this year. It was mainly from two reasons. First of all, very strong demand Across most of our customers and I think specifically also what we can say that we gained market share at least the 2 major accounts. So this accounted, I would say, to a very strong year compared with our previous percentage Of the business.
We still see this segment as strong, but it will be range of double digit. I would say 10% to 15 next year, it will not reach the kind of percentage it has reached this year.
Got it.
Got it. Thank you very much. I'll go back to the queue. Thanks.
Thank you, Todd.
Thank you. Next question will be from Craig Ellis from B. Riley.
Craig, please go ahead.
Okay. In the meantime, Okay. We'll come back to Craig afterwards. Our next question will be from Erwin Krausz.
Erwin, please go ahead.
Okay. We'll also have to come back to Ervin in a sec. We also have a question from Shahar Cohen. Shahar?
Just wondering The role of memory within your first half forecast, I assume that, that is not including any memory. And if not, can you speak
a little bit about your business, the memory in H2?
Ramy?
I think we mentioned it in the story property discussion. In general, we see a lot of activity in the Norway space. We expect this business to come we expect to see orders in the second half This year or beginning of the following year. There is no contribution to the business in the first half And the forecast that we forecasted out of over $110,000,000 in the first half does not include any business.
Okay. And
my next question is, Can
you speak about your IBM win?
Is that mainly impacting H1? Or do you see this more prolonged Back on your business?
You're talking about the NBN that we mentioned.
Yes, Exactly.
This is definitely a very significant use in the long term. However, And I think we mentioned it that we already have received, I would say, multiple orders for several global sites We've ordered those machines, partly have been installed and others will be installed in the Q1. So definitely, it's a meaningful business In the first half of next year of this year, 'twenty one, and it will definitely be in
the long term Very significant news. Rasa, do you want to add anything?
Yes. I would say in general, when we mention The key IDM worldwide, there are good reason. There are not too many, what we call the key IDM. And when we talk about new packaging technology, new advanced packaging technology, Then usually, these specific IDMs, they actually developed these technologies. Probably they will be the 1st to move to high volume.
And we believe that this process Maybe we'll start next year and we will accelerate in the next coming years. So we see a huge potential Of inspection and metrology to type of new packaging technologies.
Okay. Chastain, hope that answers your questions. We'll now move over to Erwin Krausz.
Yes. Do you hear me?
Yes, we do.
Okay. In 2017, 2018 2019, you provided dividends to your investors. Is there any reason why There were no dividends given to investors in 2020. We haven't decided yet. You haven't decided.
Okay. Another question. Do you expect to do To increase your business in China and Taiwan in view of the world situation there?
Why do you put together China and Taiwan, by the way?
Why do I put it together? I thought there was some sort of connection because of the Difficulties are going on there.
Yes. But I don't think that Taiwan, I think, okay, the way how we look it, If you talk about the conflict between U. S. So it's U. S.
And China. If you look at the overall Asia, I would say Southeast Asia, Taiwan, Korea, Japan, they are out of this conflict. So in general, I think It's not under one package. It's totally different situation. We don't see any limitation in Taiwan.
And probably there are some different environment in China because of the conflict with the U. S. So it is not the same.
So you expect so there wouldn't be a conflict as far as increasing business for both countries. Is that right? Correct. Okay. And as well as those two countries, do you also expect to increase your business in Europe and the United States?
Look, in general, I think that if you look on the last few years, we can see that most of Our system are close to Asia, about almost 90%. In the Q4, It was we see more from U. S. And Europe. But if about yearly overview, I would say that the trend of over 90 Percent goes to Asia is more reasonable.
Oh, I see. So you will expect to increase more business in Israel and in the friendly Arab countries in the Middle East?
Look, our business is we're the semiconductor, build fab. So in Israel, actually, we have today Intel is Pure front end fab. We don't do any packaging in Israel. So we don't see any potential selling machine in Israel. And as well as most of the Arab countries, we don't see any packaging industry in countries.
Thanks. Okay. Thank you, Erwin. We will now move on to Craig Ellis From B. Riley, Craig, I hope We
have 2 questions.
Okay. We'll see if Craig is on the line. Craig, are you there?
Okay. I guess we have
a technical problem with giving you credit, but we got
So let's start with the first one with the profile of the $25,000,000 business that we mentioned in the industry. So I would say, I will give About 60% of this business is from several customers in the advanced packaging area For several applications. So it's not a specific application, but really the whole breadth of applications which we address In the event, Specterjee, I would say about close to 20% is CMOS image And the rest, I would say, are general 2B. And looking forward, this is more
or less the trend of
the business in the previous year. The percentage of the business that we see looking forward also into the Q1. And The single image sensors definitely will be less indoor avoiding next year compared to just the year that we completed. I would say that the main goal will come in the advanced packaging. We'll see it coming Over the 50% that we saw this year, it will be more in the range of 60% plus of the business.
So looking forward, this is really the area where we see the major growth.
So our next question from Craig is while CIS revenue mix is declining with revenue dollars M and A, Fama?
Yes. There was a
question about our M and A activity, and as we said in the beginning of the call, We are very active in this product. We are working in trying to put together a funnel And walk through this panel. Having said anything, it's not something immediate, And I will say that we will provide an update on each call on the progress. But at this point, there is no nothing to report other than the fact that we are Starting the quarter, so we had started the quarter. I would
like to add Moshe, I would like to add that people should remember that We still suffer of the COVID-nineteen. We cannot travel. In many countries, the border are Close. Even from Israel, you cannot fly today. So all the activity of M and A is very limited.
We can make survey. We can evaluate. But eventually, we have to meet. We have To find, you have to drill down. So this cannot be done without visiting the potential companies.
Last question, Craig, that we received from you was related to the next level next year. So overall, we expect the G
and A to stay pretty stable next year.
Most of the growth The increase in the operating expenses revenue comes from the sales and marketing where we use certain They hold third parties to like agents to help us It's an extended channel and as a function of the growth in the revenue, We will use more agents, so this is the area that we expect an increase in. Also, we will be part Sum of the R and D activity next year in order to support the growth. And as Rafi mentioned, we also plan to launch
If anybody has any additional questions, Please either raise your hand or you may also ask in the question and answer box. So we have an additional question from Patrick Ho of Stifel. Patrick, please go ahead.
Thank you very much. Follow-up question. Packaging being the growth driver for 2021, which makes a lot of sense. And we've seen a lot of fan out applications, particularly for marketplace. What other market growth areas do you see?
Do you see high performance computing and some of the techniques out there also gaining adoption of 2021 to help your business?
Do you want to answer?
Yes. So I would say that there are 2 additional that right now is growing and growing the rate of about 30% And definitely a big growth area. We see 2 more areas. The first one is also What you call the high performance computing or the heterogeneous integration, that's definitely an area that is split in that. You see the servers market and all of these markets adopting these technologies and it's definitely an area that we are seeing in the group's business.
The other part, the overall and this is where we see in the longer term, obviously, it's the high band Memory, so this is also using advanced packaging. This area is growing and as we said, we expect there to see business In the latter part of the year or in the following year.
I would like to add one more comment about The wire bonding is still very common. It's not disappeared yet. And but we still see that more and core customer shift to what we call flip chips, flip chip FPGA, more higher density and the pitch is becoming smaller And they use copper pillar in order to make the connections. So we can see even, I would say, more flip chip demand for doing this. So the advanced packaging actually It's a wide range of applications.
Great. Thank you.
We now have a follow-up question from Charles Shi from Needham. Charles, please go ahead.
Hi, thanks for taking my follow-up. Just really following up on Patrick's question on advanced packaging, Definitely, you guys still seeing technology upgrades or transitions from wirebound You flip chip, cover pillar or send out HBM. I wonder in your very Strong first half guidance for the especially for the advanced packaging part. How can how do you quantify How much of that is driven by the technology upgrades of the advanced packaging Or how much of that is really driven by the natural unit bandwidth in news about automotive And the ESC has been saying that they still see that the capacity are constrained through the year. If you can try to help us tell the differences here, what's really driving demand?
Rami, do you want to answer?
Yes. I think what's driving the demand are the applications. First of all, it's the 5 gs phones. I mean, you're talking about 500,000,000 5 gs phones and those phones Demand L04 are using a lot more advanced packaging than the 4 g phones. So that, I would say, the biggest application out of the time.
Then I would say after that, as I mentioned You see the high performance computing, which is utilizing a lot more advanced packaging than before. I think these are 2 major things. And then all the applications of the payment. What's making the payment even stronger than nowadays And as you know, the payout does not require any substrates and this further enhances the demand. So I would say these three trends are the reason for 3 more things on the transpeptitude.
Now furthermore, you roughly mentioned the wire What are volume is going down? The trans equity in general is going by about 8% annual. And this means that I would say, in general, you see less and less wirebonding. And the reason for less and less wirebonding, It's a process. It's something that will take a few years.
But the reason that it's coming down is primarily the bandwidth and the power consumption. In order to meet the requirements for more price points or the our requirements, There is no need there is no other way just to move the wirebonding to advanced packaging. And I think we'll see this Trend over the next 5 to 10 years, while wire bonding will just go down or finally disappear Primarily the Portuguese integration, the bandwidth memory and the fan out applications that are growing Thank you. Okay.
Thanks. Thanks, Charles. Our next question is a follow-up question from Shahar Cohen. Shahar, please go ahead.
Yes, thank you guys. One follow-up, the competition and with your So in past, you know, announced that this forecast for the coming year. Can you speak About market share dynamics, where do you think your market share in which segments segment or? And what extent do you believe that will Can you share? Thank you.
No. Actually, there are a few players. Most of you are not familiar with local player, the Japanese player, one U. S. Company player.
So there are more than 1. And I cannot mention any Specifically gaining market share, specific vendor, I Assume that by the way, to us as well, that some low end application, we prefer Not compete because maybe the lower ASP. So we said, okay, We are not there. And we try to sell the most complex and the most high end application as we can. The stem, I believe that some competitor prefer maybe to go and to put more focus on the front end Rather than to go to other applications.
So the market is not stable yet, but we definitely can say that In some, I would say, high end application, essentially, customer prefer A leading company rather than a local company. So it changed from territory to territory from case to case.
Okay.
That ends our question and answer session. Before I hand over to Raffi, I would like To let you all know that in the coming hours, we will upload the recording of this conference call to the Investor Relations section of Camtek's website at www.camtek.com. I will also like to thank all of you for joining us, and we would appreciate any feedback you have with regard to this new format. And now I'd like to hand over to Rafi for his first name. And Rafi, please go ahead.
Okay. Thank you, Kenny. I would like to thank you all for your continued interest in our business. Again, I would like to thank all of our employees and my management team for their tremendous performance in 2020, And we look forward to continuing it in 2021. To our investor, I thank you for long term support.
I look forward to talking with you again next quarter. Thank you, and goodbye.