TURN - Earnings call transcript Q2 2024 | 180 Degree Capital Corp.

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Daniel Wolfe

[Audio Gap] our second quarter 2024 financial Results Update Call. This is Daniel Wolfe, President and Portfolio Manager of 180 Degree Capital. Kevin Rendino, our Chief Executive Officer and Portfolio Manager, and I would like to welcome you to our call this morning. [Operator Instructions]. I would like to remind participants that this call is being recorded and that we will be referring to a slide deck that we have posted on our Investor Relations website at ir.180degreecapital.com under Financial Results.

presentation. our to turn Please This presentation to forward-looking related of contain events. statements future a nature may Statements presentation safe in of be the contained this Securities XXXX. made intended events Private pursuant to are to Reform the Litigation harbor of that provisions Act are forward-looking and These results subject predicting are statements the inherent forward-looking in uncertainties to future conditions. the These important from actual with cause differ company's materially and factors those the company's results. affect the herein. Please Securities results of current the company's and could uncertainties and beliefs, for detailed company's reflect associated Commission could statements a with of see expressed a the number Exchange discussion that actual risks to business filings more the to new otherwise statements federal Except required to update turn or Degree events securities revise by Capital call the these to now Kevin. special to pleasure XXX a forward-looking gives no over me reflect as laws, or uncertainties. It obligation Corp undertakes

Kevin Rendino

good morning, everyone. Thanks, Daniel, and

thoughts thank excited of First wishes that. the course, to And bottom working navigating off, our unfortunate I Daniel ago. of better, following couple turn and want your weeks, and everyone I'm announcement. been Board have and a weeks line The very that my last back for well accident few through I'm generous is for about

the to through all. not market I look horrendous for the lived I'm working we While seeing place truly talking and excited market behalf And to the or you my on shareholders despite this is small of this for invest NVIDIAs difficult very world, have forward of asset happy versus in. class our that caps

XX.X%. stock of terms price and In unfortunately terms the slides the quarter of itself, our declined in

Our NAV XX.X%. declined

although we this a value the XX% can percentage NAV discount out was widest since as it's at of from widest of June X trades absurd $X.XX, that started as of our XX% ago. NAV, is price and the margin to a stock traded price current you our XX Our it see our years XX%, --

and public securities from related $XX.X $XX.X declined million cash to Our million.

X.X% Our -- prior public quarter. approximately portfolio the from million by $X.X net value decreased

decreases in quantum D-Wave Quantum, and largest Our Potbelly, comScore. value were computer

and exited RYAM. in Our positions we Mama's were largest Creations. Creations positions and in Synchronoss, We new in and Aviat Mama's Hudson, and increases had value Brightcove,

Our from although entire our in portfolio. and resides future the private slightly returns portfolio essentially generate in declined gone quarter, our ability it's prior of to the our company public

would quarter November S&P and been for every won't own brutal recession convinced been down and November the been small has it you is And of XXXX, Everyone up how small caps. really the talked period never underperform anytime underperform Microcap see everyone the of weak data is this over the knows inflation They rates the is XX%, soon. period, in and period X the everyone has since when that strong, almost all is at economic we same caps to maddening years. cut when recede history. economic But can widest Fed is in that margin while literally I when XX% want time, last the have you that the and know why environment. on convincing will a for that about It's horizon they data same XXXX. Since then index

franchising number stock can Bob that activism that this COVID seen -- the a the absurd EBITDA X testament savings, some to declined over the been it's most enterprise senior lows I've Wright in hopefully say for value the years of look good about to our to new led half, management off robust of the only almost has having XX you to $X.XX to comps, news, will the executive which a by to to instead went like year in trade So a company the near to deck. to agreements, new been instituted to the $XX XX I'd After markets at I that. the of essentially franchise It's last EBITDA, so. to lows when a $X share Cirulis, the competitors stores Potbelly XXx strategy, one of of from asset management need or turnaround stock and we team, about company year, continuing holdings. To in against on business. stock wonderful strong And COVID have have to and of X,XXX our price the talk constructive the trade at Steve the talk at the from been see the get new positions the slide beating that, has become cut despite the a allowed most continued obvious, as in and chart $XX backdrop next and years. This X.Xx cost EBITDA comps, many and you a as

assume It's eventually But return of on an been other like significant stock couple years shareholder gone still next biggest that and to good and at losing their one holdings. reason. for company down in at the very, equity stocks that upcoming AI years. some a been private to themselves look own either our constructive cap it. just it's small from the able It's ability firm franchising over have XXXX. We and case. would $X of price a share sell the to strategic point or again, of to the news $XX goes generate what very We're in no almost their an small-cap missing, being doesn't hardly You the despite any strategy, business has example not grow is performing company

holdings our see slide think slide. differentiated constructive our Potbelly that Lastly, parts are what of our activism And as many of significantly recently. in of you part deck is also ramped after process our And can strategy. that have we our on we the up

sheet And demand fixing gone relations Instead, a joined. helping the do that they through our improvement with the skill sheet helped improve to of And We've partnership collaborative and go flow. investor on ongoing asked Board management receipt has collegial $X team opportunistic $XX returned use. to as on asked for balance this worked alternatives run of balance join has very material and been could board. and and Let The their and since essentially better us by $XX on we activism stock management from Board is me Board investor line and example also top the strategic refund. We sets we in that been go the deleveraging since been to of generation sheet sure, for joined company this we buy the to well. the this relations the million evaluation. The November, assisting price work of a were them. Synchronoss, of we stock on has busy the their had to board year. some they the great balance great price. with stock their to past a talk about we'll free This their tax their we've growth that revenue we as didn't were we you well the company Board, can X to quarter since as get actively last November have see refinancing, from business cash we it's as saw in of that the the

turn before has talk is Synchronoss. opposite a comScore, The second which been it public letters, complete number to I over We've one the wanted I of to written Daniel to seen. of which you've

Livek, We a a of this been him have Liberty, an idea awful no stakeholders. benefit, Board. with to failed. The Bill the like It's to whether years business Charter, the nominate or did years stockholders make independent demonstrate board did it's McLaughlin alignment and being to the part Board and who've pressure all Board of have agree Matt and the the preferred to bunch for company no all anymore. a years with continue a no on We people Cerberus of member for put on of directors benefit that as decision masters they've the strategic universe business with shareholders, how

Board to X do to dividends, last overhang X.X% that They remove more liquidity dividends preferred better dividends, which actually instead in X.X% rate business. interest recently it would when reduced got to and the cash than cash thing, it and We and themselves share started pick spending pressure is the did did of need year with they out annual of from align continue grow the will price. the right have shareholders company taking stock, cash, the the they to to the which fix the to announce

continue our needs. be we'll company that hostile consider this slightly to would activism I So what

to continue this out, the company do we why Board stand for thing common see team privately pressure all that and shareholders or up that publicly, shareholders management leading hopefully forward, this will with you this company right by we'll and reason can the for a We calling with whether that's come pressure. us as go will on common --

it turn over some who holdings to talk wants our activism. our to Daniel, and of me about other Let

Daniel Wolfe

update. a running X back to We cover Intevac handing Thanks, program about lot more Slides I'm it the continue X going talked management to on Kevin. few the a through before past. in discount to names to Kevin

plans capitalization while of of coating high-density in approximately in used surfaces glass IVAC market everyday largest other is the critical the Asia drive This its tool TRIO that the of a upswing it cash, a it the manufacturing As more XXXX electronic large are its of and disk adoption develops is drives to at consumer TRIO works XXXX, of a in the aims disk industry, electronic least plastic market disk Intevac, a symbol in XX% new hard HAMR which through new led devices IVAC, given that has of applications. IVAC and that of from its also as quarter testing reported its that or by manufacturing refresher, has hard pushes platform drives. as platform coat tools for platform. adoption uniformly to enables stronger-than-expected it new that the a called new with for companies. company with cyclical QX bringing well glass that maintain business, is class

and and but value So X drive disk swap annual for the business. $XX value or at is you million at numbers it recurring IVAC, business can revenue TRIO, business drive the to reduce market X.Xx to valuing hard TRIO of those the its $XX million any approximately apply will within disk its hard currently

in optimization, on and is that the balance we hard like optical life drive designs network to its Given network its the support management it established Internet protection sheet, networks installed cost quarter. often as there and traction the AVNW enabling most and hand connectivity is we downside as market. Aviat or believe starts to AVNW, upside of antenna material is network managed disk cycle are switches, protection, to in and business fiber if position TRIO clean solutions areas found lay cash cables. systems new in the of we microwave of optic gain offers The prohibitive upswing, where fiber tools deployment Networks -- that a cyclical well speaking a services. private our is and routers,

the know all in it time its broken very in Aviat company. In a a fact overall acquisition impressed has of his gotten was the resulted was the one to over quarter Pasolink operating and long the that unforeseen issues his We've have particularly to weaker-than-expected that around and customer closed company its that prices net stock CEO part first number execution, QX large generates the that QX and This in were 'XX, of us, attractive which been a cash by given to historically to turning recorded that the continues 'XX. a due metrics. on CEO of sheet to cash, with quarters missed balance in team material grow decline time guidance, a

acquisition a up better its and its is expectations. set We also to resume exceeding Aviat has trend believe on of handle

constructive Turning to appreciation we Lantronix. can of activism value. example This latest lead our and where is material believe to

Lantronix' for his our have new Lantronix fiscal foundation we've on a and CEO, solid the a good business. both expectations the experienced our investors traded is and up XX, through that that throughout significant a foundation 'XX, Saleel and is Recently, in to Awsare to that this ended now time, conversations, discussing growth we really June set time. know multiple around for in got 'XX, Lantronix position is that future. into with 'XX, We have long been build company fiscal

additional a more around spend company. he believe we that sets from As of time we business as Directors, public skill Saleel, on how benefit build with an his Board microcapitalization to IoT particularly could

successful acquisition went pains Technologies until similar Adesto Dialog Semiconductor. company, a by through portfolio former growing Our a

in and Lantronix next which than So interest a and and Adesto's made work Board CEO, helpful Directors teams Derhacobian; we we we will is be be the Capital. a take This to of collaboratively to November its Saleel that 'XX. then including of former rather company, thought the that time that nominate Kevin business compatibly former most meeting, of believe in to Palatnik, in Board into agreed Narbeh member, former to and Saleel. We've Degree annual how could cooperation stakeholders will of place great likely of whereby outcomes the members Lantronix' boards introductions with achieve example of XXX entered to agreement Kevin at of all management Narbeh Lantronix

company Dan's CVGI around including and parts. the wire a company. its Commercial overall James James a of where is its company Ray, deep CVGI. running Lastly, member have cyclical more former example as as Vehicle instruction. seats, that of I industries serves Group be makes in a strong CEO or and primarily and changed of CVGI treated Shortly comprehensive vehicles, for knowledge his components experience the turnaround reactive. After than after another was plastics was and rational the customers bit would Board, through little like brings position aftermarket commercial position. a harnesses, proactive led CVGI we to talk costs about by appointed CEO, operational contracts as it the this through approach agriculture our successful to went company which renegotiated, to were a of search, a rather in CVGI's among particularly weakness, leadership appointment, background the

team CVGI's debt-to-EBITDA stock QX in we decline to reduction near and Xx guidance QX captured substantial it in of cash generate approximately in While end asset believe some business delays the from even be noncore some the cyclicality. expose results sales We is, future along reduced CVGI's higher particularly initially unforeseen and bottom the due weakness down unwarranted in implemented to using with James pay with even believe The decline restructuring resulted than this contracts and further report funds the on costs. The ratio by leading improvements based relatively in continued this levels debt in the was CVGI though that both sticky QX company to given and was in a business to set up end inefficiencies being as margins therefore, pending 'XX, end as some we even historical manageable and are 'XX, in to 'XX to in that agriculture of the is business management to and EBITDA reduce believe guide. EBITDA long-term can of generate his continues further the debt. overall market there its years. will future. recover, markets construction

future investments material end in and they the should provide summaries can how appreciation about We that to that These of our any QX our we'd believe all portfolio be we you to hope any drive these a window with of dive and the think value in we on the into catalysts occur. 'XX, slides holdings at our at happy of time. provide thoughts them

we to Lastly, our to detail not go turn going in we on back well now the trading to on during call over slides I website. metrics like them but slide Kevin. note to those our additional would would of the as happy any now, our deck end the operational We're discuss quarter right appendix included at as time. I'll through be

Kevin Rendino

Daniel. Thanks,

$X to discount XX, of management equity capital X buyback is our January January management to, up announced Directors than June Finally, significant all greater of or X, of to comprised tender The during Board but last XX, reflecting in If distributions consider current to Cash offer. million. and measurement period XXX XXXX. of program available shareholders not to we of XX%, average limited stock program year. early options, each a is XXXX, periods, December a a will quick late return XXXX, the a then including, X, on discount expansion program Degree management Capital's year, XXXX, our that update our the discount

in You the XXXX, through I our is have share XX%. can here And given is approximately it's closer as ask July you discount where said chart we me. which is see this to morning, that ludicrous the XX%, price daily XX, earlier, average if

And quite and Board wondering point portfolio at frankly, Board while price the rather of I potential of the waiting today. to upside discount itself, the the Board than to I'm why this decision, the will be to the ask our am a year end ask because do of some something the share

the a So price to is better on I that we any tell stay promise, of for formal the tuned where and will anybody be that, stand as our said. With not would as that, now questions with be by by will are take it's sensitive on do may to at our very end We'd the this comments. happy it opportunity that's but than think be I year. now. I done right trading I But Daniel, time that, -- to share and

Daniel Wolfe

[Operator Adam, Instructions] go ahead.

Adam Waldo

a had hope you difficulty technical me can there. I hear okay. minor I

Kevin Rendino

We can.

Adam Waldo

and hear. the with like On a you've It's call to I'd comScore, it [indiscernible] [indiscernible] [indiscernible] ask value for you capture there great been of for and here good from in options trajectory really, quite holdings [indiscernible]. X Intevac obviously, the Kevin, Great. really to [indiscernible] [indiscernible]. what a your while, Board about energetically active to while. I'd action hear quite does about

Kevin Rendino

business day the the business that be preferred a on I were the and by you it's comScore benefit end shareholders. prior at would unfortunately, behavior to common had, asked than situation of ownership for the is -- just better What horrendous a think the bit? I've themselves on those We in business. wanted self-serving cutting than in they own the activity and better us. because seen, little that comScore. working of holders been rather for they're you Look, the but Are believed not X

that of done available last cash, preferred they've instead the wanted They number dividend dividend a their good. hired at last to up of last haven't things They job. them them. their of quarter really in a done the cut say was rest. I'd The comp. in all dividend stock took until the John, terms we a their Look, was did we quarter and do. They not They good to guidance good Board who the done which or comp. do cut really, job has special that the

So they've some they things, most but done important done haven't the thing.

million us, first And for sort trade million the of shares money the business is which with or of revenue, should there's preferred And of leaves And million sort I common some $XXX getting so million. sale, out. that $XXX or $XXX at Xx X in so shareholders. so think for

math me, decisions So actually this can is. you It's it been do to but that they in sale on where to common than I the infinitely ability deserve want. price mean just so their less higher make because is ludicrous that. option -- they've it's shareholders

they it's that for at the excellent Xx mean Board what many do like care? useful And and I revenue absolutely is So provide us considering really we're just product. a $XX common they have It's that valuation, now doing continue good the that, trade the The companies publicly. there. infuriating a should market million least. doing going very a just members XXx absurd an of have of right I Why value of heard They embarrass could If I just and or privately need done an industry. you it. data say to is But EBITDA. to it them expect something with that or shareholders. within cap have position bunch we've either

So Adam. that's our here, here. It's from story a triple

Adam Waldo

understood. No,

Okay.

They their his They would Intevac, So with he's on I nice have in a with agree telling let's done do upswing TRIO job active initial going but Nigel a they all the get story. better HDD how both good Corning. and cyclical haven't due during some maybe research How consistently are Hudson. to you a actually out markets the X switch and IR, for gears managed good with they than we got governed they tenure, and -- to full-time side, a a in them upswing secular custom-facing end very to done market job think, Intevac tell energetic been are here, adoption. to have I from seeing there. trying companies, and operationally, And to AI you the story? traction their has mean there more

Daniel Wolfe

great asking. spend lot question. time for Thanks a do of a We with Nigel. It's

you issue -- with given storage a the and if is drive, secular a upswing for think mediums, there something need and Intevac expensive. around especially hard I for flash that agree storing the potential for is disk as you're I the various

And using so complementary flash, need not alongside to storage flash. you just have

more and adaptable need So you more accessible than and it be to tape.

really So any at option Intevac the mean, problem in end hard disk lean for unless include -- definitely disk think those of that's is to selling hard I lot is the start good upside. really I a for solution. they which of tools, a drives drive -- day, The

need like through the that. think there tools. but their I potential they going do not the capacity upgrade a massive industry to is It's is expansion, for

a not see think about $XX business at higher business don't mean and you're that's to but year, I $XX annuity, could million possible, looking million is almost growth likely. it to going maybe million every of it's at it's bit looking we're a ton those every Intevac So I sides. like an but a not anyone along $XX most little year, be there,

TRIO It to down the really tool. comes

And so protection. the we that's why like downside

of for their which manufacturers, coatings. and higher well for deposition a of on platform coaters Trio For the potentially electronics, but completely other cost don't that new with drum variety provide, only as the the especially consumer of materials all savings coatings really at upside, completely the uniformity a these the a -- option game-changing deposit types is alternative is tool much to

addressing is that of be then could $XXX that It how TAM market depends on in takes up off, just more. systems $X their if they the million they're this a -- the that end have -- or upside. And getting tools to billion So even into. a TRIO diverse

that's have as as to for manufacturing close of an market. hopefully, are adopted we I And do adoption believe consumer it look a first at can we their device being entry a from point that electronic for -- think into So there. grow and they to tool the then

see But for, need the moved everybody they need need need that's to because adopted, stop that. be waiting been get happened. They we will getting the so, and that. trajectory think those more receptive the prove tools they is to actually which think the it right to we to on we market it that we show I have has Corning, happen, And they're that Once what to do the to of do a but need happening, them has little goalpost bit to and -- story. it

Adam Waldo

have we then obviously operational think of kind from Yes. and those very had similar would when seem Obviously, the came And reversing. Intevac. fair for went But bit thesis. quite which a is tell Nigel kind of they focused investment they to more be he of mean, story that's and internally HDD I clients, No, a in, the now I pushouts first understandable. while, a

their get more than and year over story X.X that think you years? out tell quite next over the you bit the guys do they last a So have

Kevin Rendino

companies report -- again for earnings. and they from tolerance you have don't report don't next the earnings, until we for imagine, could that you hear think them I

for We -- Relations for envelope that. board -- actually waited to Investor felt they on needed IR. will did we I were long changed new guess recently felt until with they we as So the this their Synchronoss did a we well. And function, we we which the on maybe push a like time.

afraid reflected not not firm best to they're or suggest we're themselves. by either and IR So being well an go for that reflecting not management to they're

to were for on them So imagine don't you have just I could that that. be going for because that, we tolerance

Daniel Wolfe

is I Nigel show CFO, external kind they provide able think Kevin need would make up make was us Adam, is an that I new thing for sure think a recently, of I bandwidth sure being that as said, do But one-man get will say, make just the story a to until hired perspective, we sure that additional other who from they -- from also we to the and to out they told. getting that. hear will and

Adam Waldo

management just all Or volume Or there kind really market double is it or pricing get truly have investment the on is more company more on there? the finally, and over And uncovered? on anything you governance you nice is mean, like agree leader, of But governance guys there? Great tell a any an there issues while, built solid a Hudson, paper side stories I eventually reality. upgrade, and that here recovers do a color. of sense Brian has you there kind thesis? think any you will CFO Are then looks in time opportunity have an

Kevin Rendino

and in probably Daniel, to were I'd is waited the we you on you thing year. I'll this name our ago, its a last did brains the ahead. what The that while at even got a price one it then pullback question. obviously one let say a actually answer who lower, we sort initiate last quarter range. is position, which lot the go Daniel, went higher maybe for And X-ish same

Daniel Wolfe

Yes.

I I've company. -- with the think so enjoyed conversations we

lot the that us those recently that new get I causes way, capabilities think they to business the will bring and think of sides. anything and both new internally a CFO chat with haven't running concern company, to I the along externally. he found the are Did right

will I show well. think he

And so I'm that. by encouraged

pricing stuff completely business, think way in Hudson, take they be their going lot they'll able by of I control. advantage for part of those to be very dynamics of driven pricing is the their it's is not And a but -- their the quickly. issue it's run to dynamics,

in -- I absolutely make we using nothing next in changes, so the lower think they they year, from with more perspective, pricing, going they that they're and about money because going P&L be of the price terms the and to inventory like that will as nothing if be is higher is like -- 'XX, actually business burn sales exactly their a cost. off to will significantly piece they I other against Hudson -- did inventory that start same

so flow And no through in very with change And that see the you'll that's, the quickly. P&L market. again,

know, as being -- are produced. the new HFCs dynamics restrictions around there on virgin And all we

And government mandates -- so industries. other reclaim the reclaim and using there -- and coming side certain and on within government are industry

a believe is the And extent, But are regardless factors are cost depressed lot will timing to some side potential lagging control, around happen. there a don't right it the into those now. lot We've whether of to business slowly of so they been that the there remain are of We question the because do they their there. tailwinds. costs are stock running extraneous profitably run as they but around

Kevin Rendino

I'd little we say, only a we They business, reason being the I answers, issues. little their about feel about and more it. we -- we thing why will gotten like I why passed But And so a time understand didn't we time having, better were understand so to secretive forthcoming the more. tell secretive. think being felt the their sorry, no we you we they were can not business, from we governance very The were it couldn't understand to say time actually they them, so where like started their receptive I'd the they've conversations first thing talk every with

Daniel Wolfe

from [ Maley next Our David question ]. comes

Unknown Analyst

the know I many have pipeline me, of of too sort -- for about question there's ideas. a ideas. new have I I

versus concentrated you opportunities, are could down, thesis if and the you balancing you are how So be activism both looking names And have think a cheap seeing market that all that are good in I'm you that and wondering terms in also new at knowing and staying the where are them? helpful. things of constructive of is on

Kevin Rendino

question. Great Yes.

One so of the since and I before run ideas. like things just them. of out my I've to ideas many money great And utilized of that a not have in run bear XXXX of invest is when a you market good money of was out you, definition lot you good

went It was it wanted from it's Mama's reasons of own a we the $X.XX to to So we -- to wanted because why Aviat, for own But reasons great stock $X.XX. we of was we one one the it's us. sold been why it and Hudson. Creations, love

to from the So some find got place. money you've

to a portfolio been bigger in so holdings positions. there's order find adjusting new And of some our from bit those of

absolutely is more pipeline actually I'm to want Lantronix. mentioned just It's I'm Synchronoss, long going here. what time not in earlier. for matter the money So I not the gigantic board. is sitting lows. yours. from valuation. one. It's a are And own as here find time. ComScore, selling own CVGI. Potbelly going and those of first I I working am the on to Brightcove at another for to yes, long a reasons probably for I our idiotic as us. want to we're It's do. not more They're holdings there. the We're selling

I Xx think at it trades Xx or EBITDA.

Daniel Wolfe

And like revenue. [ ] X.X

Kevin Rendino

same. crazy. the It's It's

I other So that, more own money but from find to I've places. to of want got the

do I got as I've more capital. frustration So than -- ideas that's our

Daniel Wolfe

I'm And questions no the seeing queue. other in

Kevin Rendino

the I one been a going rates, maddening Fed But -- amount what on me can't, I a be disappointed the our to since am one opportunity the started and in creates ago. hand, how we raising forward. that it's market here of given with today, I am last performance you thrilled happened think that, tremendous tell to a With month

that like that markets dot-com rewarded. stocks, getting we every determined in going economy trading like the companies companies place perspective. like that the mortgage We've $X.XX had not half-filled were view shareholders never And felt that most was XXXx holdings is where the and lows I've well example. Quantum, Allstate will call of so some this chair of this was period. for and and are it you to able have I of working we're a is is frenzy revenue, happy XXXX, this not of environment, glass before, and earlier I'm think XXXX thinking fundamental well the XXXX, good. pretty subprime we -- have-nots. And own get of with large, haves quite in my meltdown our ] head to ridiculous [ The was S&P dot-com out told day this Philip of from the But we're are whether and to coming behalf on But I terms pretty a like and during at or the market by recession. at missteps that and when So that in and whatever performing bottom. it get it Morris XXXX a going was course, seen and value do the trading for -- we in to The got in done dot-com were rewarded.

the of COVID parts another XX% felt it was were went that We of to a And like that. going through then, beginning never we during after couple of like So course, is down end. and great that, XX%, years one.

be to So in that for hear next ago all happy well again performance, And It's we and here happy to of X again it Thank back had the you was we're that back. the get few you. years to going the wishes. years. turn unbelievable place to from to determined are when I'm we feel have your we

Daniel Wolfe

for time to you, we any look out Take with you Feel reach everyone, speaking participating. care. you quarter. have next questions. any to Thank Otherwise, if forward free

180 Degree Capital (TURN) 20 Aug 242024 Q2 Earnings call transcript