operator. Good morning, and welcome to the MIND Technology Fiscal 2027 First Quarter Earnings Conference Call.

We appreciate all of you joining us today. With me are Rob Capps, President and Chief Executive Officer, and Mark Cox, Vice President and Chief Financial Officer.

Before I turn the call over to Rob, I have a few items to cover. If you'd like to listen to a replay of today's call, it'll be available via 90 days via webcast by going to the Investor Relations section of the company's website at mind-technology.com or via instant replay feature until June 18th.

Information on how to access the replay was provided in yesterday's earnings release. Information on this call speaks only as of today, Thursday, June 11th, 2026, and therefore, you are advised that time-sensitive information may no longer be accurate as of the time of any replay listening or transcript reading.

Before we begin, let me remind you that certain statements made by management during this call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and include known and unknown risks, uncertainties, and other factors, many of which the company is unable to predict or control, that may cause the company's actual future results or performance to materially differ from any future results or performance expressed or implied by these statements.

These risks and uncertainties include the risk factors disclosed by the company from time to time in its filings with the SEC, including its annual report on Form 10-K for the year ended January 31st, 2026. Furthermore, as we start this call, please refer to the statement regarding forward-looking statements incorporated in our press release issued yesterday, and please note that the contents of our conference call this morning are covered by these statements.

Now with that behind me, I'd like to turn the call over to Rob Capps. Rob.

Thanks, Ken, and thank you all for joining us today. It's only been eight weeks since we last talked, and not much has fundamentally changed.

There has not been a sea change in the market or our business, so much of what I say today will sound pretty familiar. Our results for the first quarter were essentially in line with our expectations, and once again, reflected positive adjusted EBITDA.

During the quarter, we were able to deliver the remaining orders that had slipped past our fiscal year-end. Now as usual, I'll touch on the results for the first quarter, provide an update on the current market environment.

Mark will then provide a more detailed review of our financials, and I'll return to wrap things up with some remarks about our outlook. I think the near-term market can best be described as uncertain, with less visibility than normal.

There's a great deal of uncertainty in the world in terms of economics, politics, and security. As you'd expect, this causes companies and governments to be cautious in committing to exploration and survey projects.

As a result, our customers are reluctant to commit to equipment purchases, most notably larger system orders. The current conflict in the Middle East and the changing perceptions of its resolution exacerbate this uncertainty.

The longer-term outlook, however, is much more positive, and there are definite signs of recovery. I'll talk more about this later.

Now our backlog of firm orders as of April 30th, 2026, was approximately $7.6 million, compared to $13.9 million as of January 31st, 2026, and $21 million as of April 30th, 2025. As expected, we delivered certain orders that we were unable to ship prior to the end of fiscal 2026.

This, coupled with the protracted customer decision-making, contributed to the backlog decline. Additionally, as we approach the summer months, I want to remind you that in a normal environment, new orders don't always arrive at a constant rate throughout the year.

Variance in order flow is commonplace and not a cause for concern. Macro uncertainty has magnified these pauses as customers iron out their operational plans.

However, we maintain our belief that the long-term outlook in the marine exploration and survey industry is very positive, and an uptick in activity is inevitable. Outside of our backlog, which is defined as orders for which we have a purchase order or signed contract in hand, pipeline of potential orders remains solid and several times greater than our firm backlog.

We are continuing to pursue certain significant projects, a few of which total $10 million or more each. Some of these opportunities involve new vessels for governmental organizations and require successful bidders to provide security bonds, something we are now capable of doing.

We've taken actions in recent months to strengthen our positioning and make ourselves more competitive bidders. This provides us with optimism as we work to convert these opportunities into firm orders in coming periods.

Now turning to our results, marine technology product revenues for the first quarter fiscal 2027 were approximately $9.7 million. Revenue was flat sequentially and improved from last year's first quarter.

We once again produced positive adjusted EBITDA of approximately $800,000, compared to $1.1 million in the fourth quarter and a loss of $179,000 in last year's first quarter. Our aftermarket activities provide a stable and recurring revenue stream that is supporting our overall results.

This component of our business has become increasingly important and represented about 50% of our revenues in the first quarter. As a reminder, this aftermarket activity consists of spare parts, repairs, service, and other support activities.

While this business is influenced to some degree by the general activity level within the industry, it is more recurring in nature than orders for new systems. Customers might be slow to purchase new systems, but their existing equipment will need maintenance to keep operating.

This benefits MIND, since expenditures for aftermarket activity are generally operating costs as opposed to capital expenditures. As our installed base of Seamap products continues to expand, with it comes the prospect for increased aftermarket activity.

I'm pleased with the resilience of our results in the face of widespread uncertainty, and our aftermarket activity continues to be an important contributor to our consistency. I firmly believe MIND is well positioned to capitalize on opportunities in future periods to stimulate order flow and generate sustainable results.

Now I'll let Mark walk us through our first quarter financial results in a bit more detail.

Thanks, Rob, and good morning, everyone. Revenues from marine technology product sales totaled approximately $9.7 million for the quarter.

As Rob mentioned, our first quarter results benefited from approximately $4 million of orders that slipped out of fiscal 2026. We also continue to see strong aftermarket activity that provides a solid foundation of recurring revenue.

That activity supports our overall results and serves as a buffer in times of reduced large system order volume. First quarter gross profit was approximately $4.1 million.

This represents a gross profit margin of 42% for the quarter, which was in line with the same period a year ago. The sustained margin strength was supported by product mix and reflects a greater contribution of spare parts and other aftermarket activity that generate favorable margins.

We expect our cost structure optimization efforts and greater production efficiencies to help us maintain favorable margins in future periods. Our general and administrative expenses were approximately $3.5 million for the first quarter fiscal 2027.

This was up both sequentially and when compared to the same quarter a year ago. Sequential and year-over-year increases were primarily due to higher incentive compensation and stock-based compensation, with the latter being a non-cash item.

Our research and development expense for the first quarter was approximately $310,000, which was down both sequentially and compared to the first quarter of fiscal 2026. Consistent with prior periods, these costs were largely directed toward the development and enhancement of our streamer systems and source controller offerings.

Operating income for the first quarter was approximately $14,000, compared to an operating loss of approximately $658,000 in the first quarter of fiscal 2026. First quarter adjusted EBITDA was approximately $811,000, compared to an adjusted EBITDA loss of $179,000 in the same quarter a year ago.

Net loss for the first quarter was approximately $411,000 after income tax expense of $476,000. As a reminder, our income tax expense results primarily from our operations in Singapore.

As of April 30th, 2026, we had significant working capital of approximately $37.8 million, including $17.7 million of cash on hand. The company continues to maintain a clean, debt-free balance sheet with a simplified capital structure.

We expect our solid foundation, significant liquidity, and operational flexibility will allow us to pursue opportunities in the coming quarters to enhance stockholder value. I'll now pass it back over to Rob for some concluding comments.

Thanks, Mark. As I mentioned at the outset, macro uncertainty and geopolitical turbulence are causing customers to delay order commitments regardless of industry or end use.

This is challenging our near-term visibility, and it is likely we will see some softness in our results. However, there are signs of recovery, and the longer-term outlook continues to be very positive.

The conflict in the Middle East has served as a sobering reminder of how important energy security is for countries around the world. As some have speculated, the Strait of Hormuz blockade triggered what may be the largest oil supply shock in history.

We believe this bodes well for additional orders in future periods, as geopolitical instability and long-term supply concerns will drive exploration activity in other parts of the world. There's an immediate need to replenish lost production and secure reliable energy supplies.

Another near-term dynamic that has the potential to drive incremental activity is the rapid increase in oil prices. Though this goes somewhat hand-in-hand with the need for energy security, we find that customers are often more motivated to launch large programs when the economics are compelling.

While we anticipate our customers ramping operations in the coming months to capture the benefits of an attractive pricing backdrop, we haven't yet seen the orders associated with this activity. Some of our customers have reported increasing backlogs, which is a very positive sign.

We also know that several industry commentators are predicting a resurgence in exploration and survey activity, something that we're monitoring very closely. The underlying dynamics within the marine technology industry remain intact, and our long-term pipeline of opportunities continues to be very positive.

Our prospects are plentiful, and there are emerging opportunities to capitalize on new areas of focus within the market. Uncertainty has clouded visibility for the past several months, but we remain well positioned for the future.

I'm confident that any near-term softness will dissipate in the coming months as markets stabilize and volatility becomes less severe. As a result of our efforts in recent years, MIND is nimble and operating efficiently.

This positions us to more readily weather the storms that have historically challenged our business. Rather than sit idly by as customers hit pause, we've continued to innovate and expand our capabilities to address new opportunities.

This gives us a competitive edge to capture orders and meet evolving needs in coming months. Our customers are constantly looking to get ahead of the curve, operate more efficiently, and solve new problems, and they want to partner with suppliers who do the same.

Now turning to our outlook, current visibility continues to indicate that our results for fiscal 2027 to be down when compared to fiscal 2026. Despite this view, we believe this will still be a positive year for MIND.

As I noted on our last call, it will be difficult to replicate the system order volume that we've enjoyed over the past two years given our recent customer discussions and the prevailing uncertainty. However, we expect to be cash flow positive for the year even with lower revenue, and our growing aftermarket business will provide us with a substantial stream of recurring revenue to buoy our results.

Further, we have meaningful cash on hand to make strategic moves and position the business for the future. As we've previously discussed, we continue to be aware of the challenges and limitations of being a small public company.

Although we are uniquely positioned with a simple capital structure and a debt-free balance sheet, there is a need to add scale and enhance stockholder value. We are actively pursuing opportunities.

There are a few different ways we can achieve this desired scale. We can execute identified organic growth opportunities.

We can acquire assets or businesses that are similar to our existing business, or we can combine with other organizations. We continue to identify and evaluate such opportunities.

Fortunately, we have ample liquidity to carry out a transaction should the right opportunity arise. However, we will not jeopardize the immense progress that we've made at MIND to chase an opportunity that doesn't fit what we do.

Preserving and enhancing stockholder value will always be our primary focus. While we are motivated, we intend to be very disciplined in our approach to capital allocation, weighing the expected return with the cost of capital.

Outside of strategic mergers and acquisitions, our capital allocation framework consists of investments in organic growth, such as expanding existing product lines, and strategic alliances with industry partners. Each of these represents a tool we can use to generate or strengthen returns.

We can draw on any one of these or a combination thereof as market conditions permit and the return on investment meets our threshold for value creation. In summary, we have a differentiated approach, best-in-class suite of products, and a unique aftermarket business that will continue to support our financial results for years to come.

We are focused on innovating, expanding our capabilities, adding scale, and partnering with customers that appreciate our technology. As these customers prepare for increased activity, we plan to be ready to meet that demand.

We've taken meaningful steps to strengthen the company, establishing a resilient platform on a solid foundation. Going forward, we will keep building on that foundation, improving our standing within the market and sharpening our competitive advantage, all of which we believe will propel MIND into the next phase of growth.

Our liquidity will prove advantageous as we expand, and we intend to deploy this capital strategically to pursue new attractive opportunities and meet the evolving needs of our customers. As we execute these priorities, our focus remains, as it always has, on driving sustainable, long-term value for our stockholders.

With that, operator, I think we can open the call up for some questions.

Good morning, gentlemen.

Tyson.

You ended with liquidity, let's talk about liquidity. You had an increase of $4 million on accounts receivable since the end of July, January to April.

Given the pause button that you described for expectation for fiscal Q2, should we anticipate that your cash balance should be above $20 million by the time we have the next earnings call?

I'm not going to predict an exact amount, but I would expect us to start to convert receivables and inventory into cash. I would expect us to generate cash for the year.

Where it hits, I'm not going to predict, but conceptually, you're in the right direction there.

Okay. We're in a solid position of more than $2 a share in cash by the time we get to the end of this quarter.

I think that's fair to say. Working capital, what's $37 million, and that's a solid working capital number.

Which is, yeah, $4 and you've got a $5 stock price. Your SG&A was up $250,000 year-over-year primarily just due to incentive comp is all of that.

Will that...

Primarily it's timing in that actually. If you look year-over-year, the overall amount's not going to be that different.

It's just a matter of where it hit in the period is the bigger factor.

Okay. Should we expect SG&A ongoing level to recede or are you going to maintain this level?

I think we'll see it come down some. Typically, the first quarter has been higher just because of year-end activities, audits, things like that.

I'd expect it to see that coming down a bit. Okay.

Are you willing to at least in general describe the composition of your backlog, the 7.6, any large orders or systems within that or are they all fairly small and any timing or scheduled shipments?

It's a variety of things. There's no huge systems in there at this point.

It's mostly smaller things. Some new orders, some new system activity, but some of a smaller size, as well as aftermarket activity.

Timing, I think we'll see most of that certainly this year. I can't tell off the top of my head if it's all next quarter or some next, but obviously, we have lots of book-and-build business as well.

There's lots going on there. It's a mixed bag.

We walk into this fiscal second quarter with approximately $5 million recurring, some minor add-ons to there. We don't have the one system that landed in Q1.

Q2 should be your low point, knock on wood, revenue-wise for this fiscal year?

That's probably right. That can change.

We still have six weeks to go and lots of things can happen, but that's probably right.

When do we get to a point of backlog or order recognition where if we don't start to see that materialize, that could have an impact on the second half of this fiscal year, where we start slipping quarters to the right of the calendar?

It's hard to say, Tyson. It kind of depends on the nature of the order.

Some things, if we have enough visibility, we can start building before we have the order in hand. We've done some of that in the past.

Some things turn more quickly than others. It just depends what the orders are.

I don't think we hit that situation until much later in the year, probably not until we enter the fourth quarter, frankly, or going into the fourth quarter.

Okay. Obviously, you talked about pipeline, projects you can build ahead, even though you don't have a project in hand, per se, a couple $10 million each.

Are there any timelines to those comments or catalyst events that allows those to be realized? Is there a government budgetary passage or certain testing that needs to be completed by x-date or RFP, any color on that side of it with the pipeline of projects?

Sure. The short answer is no.

There's really no governmental deadlines, things of that nature, no hurdles we have to get over from a testing or demonstration standpoint. It's more just going through the process.

These are larger projects which involve more than just our equipment. They move at their own pace sometimes.

Sometimes we're kind of the tail being wagged sometimes, given that the size of our kit compared to the overall project. It's just a matter of these things going through their process.

Okay. Are you then teamed up with tier-1 suppliers, especially on military side or government contracts?

You're the secondary contractor?

It's not an easy answer to that. We are certainly partnered with others for other parts of the kit.

Typically, we are dealing directly with the principal, if you will, and not going through another integrator. We typically are the integrator for these projects as it relates to our equipment.

You somewhat control your own destiny in that regard.

In that regard, yes. Again, these are larger projects, there are other aspects to it that can have impact on schedule.

A lot of comments about the Middle East. You do a lot of business with European contractors, a lot of activity in Asia, and some of these are non-petroleum or non-gas type end use or what they're surveying and exploration, whether scientific, hydrographic, deep-sea mining, renewable, offshore, not in the US now, but in other places.

Why is that slowed down? It doesn't seem like that should have a lot to do with the Strait of Hormuz and those things, that if China wants to do deep-sea mapping or we're doing deep mineral exploration off the east coast of Africa and those areas, they seem to be independent of what's going on in the Middle East.

Why are we not seeing more activity in those regards?

I think we are seeing activity there, is the short answer. There is marginal activity that's in the Middle East area that's being impacted.

I think the overall uncertainty politically and economically is causing people to be cautious in committing exploration dollars or capital dollars anywhere in the world. You don't know what the energy pricing environment's going to be.

You don't know what the security environment's going to be. I think that just causes overall uncertainty and therefore overall caution all over the world, not just as it relates directly to the Middle East.

Okay. Typically in this timeframe, we see some activity coming out of some of your bigger customers in Europe, especially Scandinavia.

Is that still percolating and still there, just not realized, but you do expect something before the end of the year? Or what's the status of some of those bigger customers that have been repeat customers in years past?

I think they have been cautious, as everyone else has been, in making commitments this year in the last several months. I think they are very encouraged by what they're seeing in the future.

I don't see that they're quite ready to pull the trigger on things and start to expand capacity. That's something we hope to see.

I think, as Mark said, people have been cautious given the uncertainty, but they all, I believe, are feeling fairly optimistic about the future based on what they're seeing from their customers and what they're seeing from their backlogs.

Okay. Last question for me is, what are you hoping to accomplish or to show your shareholders before the next earnings call after Q2 is over and hopefully realize some of this stuff in your outlook that you're providing for the second half of the year?

What are some things that shareholders can be watching for?

Sure. Obviously, start to see order flow will be important.

I want to caution everyone, timing is uncertain. Just because we don't get the order by a certain date doesn't mean things are fundamentally different.

I think looking for order flow. We continue to look for opportunities to expand our offerings.

That's something we are very actively pursuing right now. Those are the sort of things that we're looking at.

Again, timing is uncertain on lots of these things.

All right. Thank you, gentlemen.

Yep.

Thank you. Ross.

On these $10 million-plus potential contracts, what are the end markets that are being served?

Typically, these are quasi-governmental agencies who are building vessels or equipping vessels for a variety of scientific and exploration purposes. It's not directly energy-related necessarily, although there's an aspect of that.

There are all sorts of other things they look to do, deep-sea mining, hydrographic survey work, things of that nature.

The customers are generally governments, not corporations, for these big contracts?

At least quasi-governmental. That's correct.

Okay. How many of them are ex-US, outside the US?

I'd say all of them are.

All of them are. How many do you have, do you think?

Is it two? Is it four?

It's a small handful. I don't want to get too specific for some competitive reasons, but it's a small handful.

Okay. You indicated that would be some draw on the balance sheet or the working capital side because of the need to provide security for these deals.

How much is that going to end up being? If you have a 10 if you have a $10 million deal, how much do you have to put up from your side or because you're basically going to, I assume, buy some form of bond on that?

That's correct, yes. We put that facility in place with the HSBC recently so we can do it in that manner.

Don't have to post cash collateral at that point. It varies based on the contract, but you're talking about a couple million bucks, maybe.

Okay. If you have two, three, four of these, obviously, would we see that as an impact on cash or would not be an impact?

It

should not be an impact on cash. Now through this new facility, it should not be.

Yeah. Okay.

In looking at this situation, it does seem a little odd in many ways. The Chinese have aggressively been mapping pretty much everything inside every island chain they can find off their shores.

It would seem that the US and our allies need to do the same. Hopefully, this will get going.

Have you built inventory at this stage? Is there inventory on the balance sheet for any of these potential deals?

To some degree, yes, but not a great deal. We haven't been building a large system to spec, but there are components that we tend to stock.

Cuz some of these components are also part of our aftermarket business. Things we sell as spare parts, we also are parts of new builds, we can kind of pursue both at the same time.

It's not as though we've built a large system that's sitting on the shelf, there is some lead time involved.

Okay. You expanded your facility, I think physically certainly, down in what, Texas?

How is demand for that at this stage?

That is starting to ramp up. We're starting to see improved results there, improved activity, and we think that will continue to increase.

We're pretty optimistic about that. It's not going to be $30 million a year, but it can be meaningful for us.

Okay. Would that as you see that move forward, with that change right now the 5, $5.5 million per quarter you're doing on kind of maintenance and repair, should we expect to see that, because that I I think of that as a base and this new additional capacity being on top of that.

Is that a correct way to see that?

That's a good way to see that. That's exactly right.

That should be fairly recurring and fairly predictable. That's why we're encouraged by that.

Okay. What we can see is in here is that as we push forward, even if you're not getting the orders that you should see that maintenance and repair part of your business move forward grow.

That's correct.

Okay. You talked a lot about the various and sundry options you have to scale up the company.

What kind of financial hurdles, benchmarks are you having in place for making that decision? Is it something that needs to be additive to earnings, additive to free cash flow, EBITDA, needs to have a 20%, 15%, whatever?

Have you actually laid down You talked about having a discipline with it. Have you laid down metrics and if so, what are some of those metrics?

I don't want to get too specific at this point, but anything we do, we want to be accretive without a doubt. There's some non-financial metrics that we want to look at as well, which really involve risk around a transaction.

We want to make sure it's something we understand and can manage well. Just because we see something that on a spreadsheet has some great metrics, great returns, that doesn't mean there's not risk involved in that.

That's the other aspect we're trying to evaluate in these various opportunities.

Okay. When you're looking, what do you feel MIND's core competency is and therefore, when you're looking at these deals, how are you seeing the reach of them?

Sure. Obviously, we have some specific products that are some unique technology that we can add other things to.

The ability to in a very economic way, add additional products and additional capability is a strength of ours. We have ability to build things very effectively, very efficiently through our facilities both here in the US and in Asia.

I think that gives us an advantage in taking in other additional products that perhaps we can build more efficiently and therefore garner more margin. I think that's to our core competencies, and we do have some unique technology that we think we can build from as well.

I think those are the key aspects of us.

Okay. I would be remiss if I didn't note that you issued stock at $11 and currently, your stock is selling basically at $5.

At some point in there, it would strike me as it would be hard to ignore the fact that you have a chance to actually buy back some of what you issued to reduce the dilution and still leave a fair amount of cash on the balance sheet.

Yep, that's true. Now we've, as we've said before, we put that in place to give us opportunity and if we think that's the best use of our capital at a certain point in time, that's what we'll do.

Obviously, I'm not going to predict or indicate what our intentions are. That is an option for us.

Okay. Just generally, when you're looking at going back to your potential order book, how many of these are kind of new prospects or new uses and how many of them are, as Tyson was referring to, kind of repeat buyers?

I'm thinking through. They are a combination.

I'm pausing cuz I'm thinking through the list. There certainly are some new customers in this list as well as some repeat customers who are expanding capacity.

Okay. It's obviously we're in a period of struggle, but as Tyson noted, that your current working capital at about $4 a share puts very little value on the business.

Hopefully, we'll be able to get some of this stuff turned around in the near future and get some value reattached to it. Thank you very much.

Good luck.

Thanks, Ross.

Good morning, and thanks for taking my call.

Good, Howard.

A quick question on the income taxes. The $476,000 seemed like a huge number.

I understand it's international, but is that an aberration? Is there a way of getting that down or what's the cause of that?

Again, we are profitable in overseas, in Singapore primarily. We pay taxes in Singapore.

We have losses in the US that we can't apply against that. Basically, you have taxable income that's not sheltered by untaxable losses, if you will.

That's the reason for that. There are some things that we are doing to try to mitigate that, but fundamentally, as long as we're making money there and not making money here, we're going to see that sort of aberration.

Now one thing we are doing is trying to generate more income in the US through our repair activities and our Texas facility. That will help reduce the appearance of that, cuz we will start to generate taxable income in the US, which we will be able to shelter from our existing loss carryforwards.

Wow, obviously, there's a lot of ways to shelter that. When it's a controlled subsidiary, you shouldn't be having that much income in a subsidiary when the parent isn't making that much.

Is there any action to kind of minimize that? Because that is a huge number based on last quarter.

Is that going to continue at that level?

There are things we can do, but there are limitations on what you can do. Transfer pricing rules between all the countries.

There are some limitations as to how aggressive you can be. That's something we look at on a continuous basis.

Okay.

Do we figure that's a going number? If we do the same number in revenue next quarter, it's going to be the same amount of income taxes?

Howard,

it's hard to predict because it depends exactly what revenue hits in a particular quarter. It could be a bit more, it could be a bit less.

It can vary because you're kind of on the margin right now, a small change can have a big percentage impact.

Okay. On backlog, in prior quarters, you gave us an update if there were any material contracts since the quarter end.

Has there been any new material orders added to the backlog since April 30th?

Not material, or we would have said so. No.

Okay.

A lot of orders,

but just

nothing large.

Right. Can you give us any update on the backlog at the end of May or in the end of last week from that $7.6 million level?

I really don't want to get into that. Again, if we have a significant change in backlog, we'll announce that.

Other than that, I don't want to get too specific. Then

the stock repurchase plan, obviously, you haven't filed your 10-Q, and I would request that you do that at the same time you do your press release going forward so we can get all the details to be able to ask these questions. I'm assuming that you have not purchased any shares under the stock repurchase plan to date?

That's correct. Okay.

My last question then, and kind of that last question got to this, the the $40 million net tangible book value and really the working capital primarily from well, actually, primarily from really well-timing the ATM stock sale, 4.40 a share and and per share, $4.40. That leaves only at today's price basically 50 or 60 cents per share of residual value on the market value.

Is the company looking at the opposite? Because you're you're talking about maximizing stockholder value as in you guys acquiring something else.

Why isn't it the maximizing share stockholder value either buying your stock or having someone buying this and giving us the value for this business rather than basically one-quarter of price-to-sales ratio?

That's an option. That certainly is an option that we're looking at.

That's the reason we put the buyback program in place, we'd have that option. Again, I don't want to telegraph what our intentions are, what we may or may not do, because it's a function of other factors as well.

That is certainly an option for us. Okay.

Then

finally, at what point in time in the future do we look at this, this isn't working, we need to do something different, more of an aggressive change? Is it the end of this year?

I think we've got a long runway there. I think there's enough progress and enough opportunity, I think we've got a long way to go on that.

Okay. Thanks for taking the questions.

Yep.

Thanks, everyone, for joining us this morning. Look forward to talking to you again in a few weeks, few months, after our second quarter results.

Thanks.