Q1 2020 Earnings Call
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Good afternoon, everyone and thank you for participating in today's conference call discussing Nvfives financial results for the first quarter of 2020.
Joining us today are Dickerson Wright, Chairman and CEO, then be five Edward Codispoti CFO of Nvfive.
Alex Hoffman, President and COO of Nvfive, Mark Abbado, President and COO, Nvfive Geo spatial solutions and Richard Tom Executive Vice President and General Counsel of Nvfive I would now like to turn the call over to Richard Palmer.
And are subject to risks and uncertainties.
Factors that could cause actual results could differ materially from these statements are included in today's presentation slides and in our reports on file with the FCC.
During this call GAAP and non-GAAP financial measures will be discussed.
Reconciliation between the two is available in todays earnings release.
On the company's website at Www Dot Nvfive dot com.
In this presentation Nvfive has included certain non-GAAP financial measures as defined in regulation G propagated under the Securities and Exchange Act of 1934 as amended.
Non-GAAP financial measures included in this presentation, our total revenues.
Net revenues adjusted earnings per share adjusted EBITDA.
Adjusted EBITDA margin.
Nvfive provides non-GAAP financial measures to supplement GAAP measures as they provide additional insight into Nvfives financial results.
However, non-GAAP measures have limitations and analytical tools and should not be considered in isolation and are not in accordance or substitute for gap.
In addition, other companies may define non-GAAP measures differently, which limits the ability of investors to compare non-GAAP measures of nvfive to those used by tier companies.
A webcast replay of this call and it's a company presentation will also be available via the link provided in todays news release.
And in the investors section of the company's website.
We will begin the call with comments from Dickerson Wright, Chairman and CEO of Nvfive before turning the call over to Edward Codispoti, Chief Financial Officer for a review of the first quarter 2020 and outlook for the rest of year, Alex Hoffman, President and CEO of Nvfive, and Mark Abbado, President and COO of.
Nvfive Geo spatial solutions will then provide some insight into the challenges and opportunities for Nvfives operations. As a result of cobot 19 before turning the call back to Dickerson Wright for a quick review of employee engagement practices, we have put in place to ensure that our employees undersea.
And the steps we've taken to support business.
Continuity during the cobot 19 outbreak.
We will then open the call for your questions.
Your question. Please go ahead.
Thank you Richard Thank you to everyone joining us Randy bodies first quarter 2020 conference call.
These are certainly challenging times.
And the co bit 19 pandemic has caused a significant disruption to economic growth worldwide.
Nvfive has had to adapt to the conditions and be proactive in its approach.
In a moment I will discuss the proactive steps that we have takes you adjust to the current environment.
Before we get into those details.
I'd like you direct you to slide five of our presentation.
We are fortunate that a majority of nvfive offerings are non discretionary services with minimal dependence on economic cycles.
We hear a lot about essential services during the cobot 19.
And Dan.
The essential services that continued to operate during their pandemic are determined by each municipality county or state.
However, essential services are largely based on 16 critical infrastructure sectors.
Fabulous by the cyber security and infrastructure Security agency.
Within the department of Homeland Security.
In the bottom right hand corner.
The slide you will see those categories.
The ones that nvfive serves or in bold kite.
In particular I'd like to draw your attention to the for essential services that make up a majority of Nvfive business.
They are utilities, which are.
Identified there at energy.
Transportation water resources Civil program management.
All of these are considered essential services and our work continues on these critical infrastructure projects during strong economic times weak economic times and even during the co bid 19.
Break.
As you'll see our backlog has remained strong.
We've had very few project cancellation to date.
Well there have been some delays in new contract signings because some units of valleys in jurisdictions that had to adjust to the new work environment.
We have seen growth in utility sector and receive communication from our utility clients to continue work on all projects.
In fact, we have hired 15 people in that sector this or billable.
Direct roles to these clients.
Unrelated note you may have noticed that we have changed the name of our energy vertical to utility services to better de pick the services that we are providing.
Energy service has a traditional connection to oil and we provide no service that has the relationship with or dependent on oil.
Julie Betas confusion, you will see utility services and all future communications.
While our public and quantified public sector work to date has remained steady we have seen some erosion through our commercial hospitality and transactional real estate services.
Ed and Alex will highlight the financial impact and operational impact in these areas a little later in this presentation.
But if you would please turn to slide six now I would like to take a moment to discuss the proactive steps we have taken to stay ahead of any impact.
Our business.
At the very beginning of the Cobot Nike outbreak, we immediately council nonessential travel along with all trade shows and conferences.
We have also frozen salaries bonuses and barrel per would are laid off non essential staff.
Total staff reduction represents approximately one and a half a cent of our 4000 full time equivalents personnel.
In addition, we have been negotiated terms rates abatement and deferrals from vendors and facility leases.
Finally, we are managing both fixed and variable cost and aligning terms of our accounts receivable and accounts payable.
So in total we estimate the proactive steps have.
Saved four and a half to 5 million.
In a 12 month revenues basis.
Going forward.
So we're preparing for this disruption it if indeed it happened.
If you'll please turn to slide seven I'd like to talk about our business continuity practices that we have put in place.
The safety and health of all of our employees as foremost.
End of at and we have provided reduction as well as personal productive equipment.
Performance with the centerpiece disease control and the World Health organization and also local parties.
For control and prevention directive.
As it relates to the code that night virus.
As previously mentioned, we are fortunate to have a non discretionary business.
Requiring us to provide central service.
Therefore, most of our people are working from home for project locations on our busy.
As you can see in the left hand column, we have three categories employees, including office space personnel in billable position.
Got you mentioned your cat operators and plan reviewers, we feel based personnel such as in sectors surveyors.
Geospatial data acquisition specialist.
And technicians and an Atlas.
Lab technicians, who have to work from in Nvfive office to perform their job duties will be at that location.
We have put continued geez into place for each of these categories to help keep.
All of our people say.
The office paper based billable personnel is our largest category of employees.
And they are now largely working remotely.
Therefore, we have provided them with essential engineering, and finance hardware and software tools and increased utilization requirements as they work remotely.
As you know our businesses directly dependent upon the reconciliation of paid labor and build labor.
During the time that our personal have been working remotely.
We have seen an estimated increase in utilization.
Of 8%.
As I mentioned earlier in my comments, we have seen increases in our backlog in the first quarter.
I would just like to highlight a few of the key wins that made up that backlog number awarded to us in the quarter.
Our geospatial solutions business was selected by Noah as a prime consultant on a 40 million dollar Copa bathroom metric light our contract.
And our LNG utility business was awarded a 34 million.
Liquefaction system upgrade contract.
And the infrastructure vertical we were awarded a 3.9 million project to develop in an environment study.
Contract by the Florida Department of Transportation.
And in California, We were awarded a 2.4 million dollar surveying and engineering services contract by the city of parse that.
So work is still being awarded during the Cobot 19, and we're making the most of the opportunities that are presented to us and that we proactively seek.
I'll now hand, the presentation over to our Chief Financial Officer had codispoti to provide an overview of our.
First quarter results and some details about our thoughts on the remainder of 2020 Ed.
Thank you Dick and good afternoon, everyone.
If you would please turn to slide nine I'd like to start off with a review of our piano results.
As you can see we had strong first quarter results this year.
Our total revenues increased 42% to $167 million and our net revenue increased 43% to a $129.6 million.
This represented an organic growth of 4%.
Our adjusted EBITDA also showed substantial growth as it increased 58% from last year the $24.1 million.
This growth not only reflects the growth in our business, but also the increase in our scale as our margin increased to 19% of net revenues from 17%.
Our growth was reflected in adjusted EPS as well, we had 11% growth in our adjusted EPS as we grew to 84 cents per share from 76 cents per share a year ago.
Our financial strength was not just reflected in earnings our cash flows were also strong as we generated $13.6 million this quarter.
Turning now to slide 10.
As you could see our balance sheet liquidity positions remain strong and we continue to be in a stable and solid financial position.
As of the ended the quarter, we had $38.3 million of cash on hand.
$45 million of available draws under our debt revolver and our net accounts receivable were $211.9 million.
Of course due to the uncertainties regarding the Corona virus on the economy, we have been proactive in planning for uncertainties.
We have executed quite a few cost cutting initiatives, including reductions of costs wherever possible.
The initiatives have included staff reductions wage freezes and renegotiations with vendors.
To that end, we are withdrawing previously provided guidance for fiscal 2020.
We've also taken measures to ensure that we have access to all available funds under our debt revolver.
Therefore, this week, we amended the terms of our credit agreement to increase allowed leverage under our covenants.
If you were please turn to slide 11, I'll walk you through the changes we made.
Now, although we don't know at the moment, if we need the increases in these covenants. We felt it was prudent to plan for any unforeseen impacts on the economy. The did the corona buyers.
As you can see in this slide our previous leverage ratio covenants went from 4.25.
To 3.5 between now and the first quarter of next year.
With our new terms, our covenants will ratchet up to 5.25, and then come down to 3.5 in the third quarter of next year.
Our pricing was also adjusted from a range of 225 basis points to 125 basis points, depending on leverage plus LIBOR.
To between 300 to 150 basis points, plus LIBOR with a LIBOR floor of 75 basis points.
I Hope this gives you a good sense of our results for the quarter and the financial strength and stability of our balance sheet.
With that I'll turn it over to Alex Hoffman, our president to discuss our operations in more detail Alex.
Thank you right and good afternoon, everyone.
Could you please turn to slide 13.
As Dick mentioned earlier, we're fortunate that a majority of our business offerings are considered central services.
However, we do have a few operations that have exposure to the downturn economic activity.
The segment our of our mechanical electrical plumbing and fire protection business that focuses on hospitality resorts and casinos.
I've seen a reduction in capital investment in these sectors.
Also our real estate due diligence practice is experiencing a downturn.
The service like provides officer ratio environmental side assessments and property condition assessment required by financial institutions for real estate transaction.
There have also been some project delays due to covert 19, which you will see in the center Carl.
These are not project cancellations share simply moving the revenue to the right.
In New York City for example design services have been temporarily delayed construction projects continue.
We've also had a few projects that were temporarily closed due to someone on the construction site testing positive for covered 19.
I'd like to emphasize that these are not nvfive employees, but they did result in temporary closures.
We've also had some intermittent government closures and restrictions, which make a challenging to have contracts approved and inspections for our forensics engineering business has seen some delays due to restricted access to occupied pillar.
Cover 19 has presented some opportunities as well.
Including opportunities to re purpose facilities to serve as healthcare operations.
And as Dick mentioned earlier, we have seen an uptick in our utility services work during the covert outbreak.
Also our health and safety consulting has seen an uptick as well as our business inspection services as many municipalities have a liar outsourcing to support their capacity.
As a scale organization our leaders are diligent to adjust staffing levels to minimize the impact on earnings and account for project delays or downturns.
We have also implemented a number of cost cutting measures to navigate through these times.
I would now like to direct you to slide 14 to speak about the success, we are seeing and our cross selling program.
Hi, crush showing as a key component to driving nvfives organic growth and contributing to our net revenue.
Which is revenue generated by Nvfive employees as opposed to serve contracting with other firms.
Net revenues are more profitable than outsource work and improves our utilization across the organization.
In addition, our ability to offer a broader range of in house services provides an important competitive advantage.
Our cross selling target for 2020 is $26 million, which equates to $500000 per week.
Our Q1 cross selling target was $6.5 million and we exceeded that target by 11%, finishing the quarter were $7.2 million and sales across verticals.
Before I hand, the call over to Mark to discuss Nvfive Geospatial solutions would you. Please turn to slide 15.
As you can see our backlog remains strong at the end of first quarter at 574 million compared to 567 million at the end of Q4 2019.
We are continuing to win work in our backlog at the end of this period as a 3% increase over our backlog from end of Q1 2019.
As we've discussed before backlog is a significant metric as helpful. In estimating the health of the organization and the current environment is good to have any large volume of secure contracts on home.
At this point I would like to turn the call over to Mark upon our president and COO Nvfive Geospatial solutions to provide an overview of the impacts and opportunities for each year spatial solutions related to collect 19.
Mark.
Thank you Alex on slide 16, you'll see that like the core Nvfive business. Our Geo spatial solutions are considered essential services given the nature of what we do for the utility industry and all levels of government.
Our on interrupted support of customers resulted in a strong quarter as Ed mentioned earlier.
While the way in which we address the market is different today than it was a few months ago demand for Geo spatial solutions remain strong.
Importantly, our customers continue to leverage our solutions to support regulatory compliance programs, including safety and reliability obligations as well as critical infrastructure and emergency response planning.
We entered 2020 with the largest geospatial backlog in our history.
Driving growth in Q1, and sustaining near term delivery activity at high level.
As you know the front end of our value stream often involves acquiring data with sophisticated remote sensing technology operated by our field crews and supplemented by our partner network.
As an essential business that activity has continued uninterrupted despite logistics challenges associated with travel.
We continue to fall the guidelines and the CDC and health officials as we monitor state by state and regional travel guidelines.
We have successfully transitioned our support teams and geospatial professionals, who deliver the downstream data production and analytic solutions to the safety of their homes.
As we explore potential business impacts of the pandemic three themes arise, which we are monitoring closely.
The first is the potential redistribution of government spending to cultivate 19 response programs, which could delay funding to existing programs and delay new project starts pushing backlog to future quarters.
It's important to emphasize the splitter at the bottom in the slide we arent business with limited fixed costs and we have the ability to scale the business to meet changing demand patterns.
We've seen a decline in industrial manufacturing activity across the United States, which naturally impacts the utility industries revenue source.
While we expect sustained demand for solutions in supportive regulatory compliance safety and reliability programs funding for novel Geospace solution solutions could be deferred.
Now the Disruptors as I mentioned, if they occur could simply delay customer spending to later quarters and as business conditions improve we could see increased demand pressure on capacity and resources. So we are focused on ways to expand capacity through process efficiency and partnerships.
Finally, with an intermediate to long term perspective, we continue to see emerging growth opportunities, notably the demand for Geo spatial solutions connected to shovel ready infrastructure projects that may be accelerated by federal stimulus program.
Secondly, we feel that remote sensing solutions like ours are proving daily that there are more effective efficient and safer alternatives to monitor and inspect high value assets than traditional manual field based methods.
I'm now on a slide 13 with you if I understand your first question it would be what erosion or a degradation re pad in business on the <unk>.
Discretionary work and.
Column <unk>.
Exactly okay.
Yeah as a.
<unk>, what we you know we started to see it slight amount of erosion in the last portion of March.
And we saw specifically in that area in our.
Real estate portfolio, a business are a recurring revenue business that.
His our division that does the office surveys and the existing property surveys and environmental work for existing properties that are selling so that if a portfolio a based work mainly with read send a private sector and with those firms that are buying portfolio.
Wheel properties. So we started to see some degradation of that but that entire piece of business. Even if it's going at it full budget capacity represents represent from a much smaller amount of our business and so.
Leon a.
700 million Runrate dot represents about six per cent of our business then their approach and it's not 100% so between that and the.
Hospitality work is mostly as Alex mentioned with our our design work for any p. and and work.
They're so that total amount of erosion that we'd seen only represents the total between both of those represents about eight or 9% retinue of our business.
But you know it's that's difficult let me just go on I don't want a labor the San shorts, but we've seen in that hospital.
<unk> space, we see I mean, the hospital space.
Which is also someone included in that well lots more than the healthcare in the new growth areas.
We are seeing some of improvements in the hospitality space and Resourcing casino sentence or safety protocol procedures that we have been retained to do for coded.
Monitoring and also covert writing and so there's a lot of work that has been done that most very busy three areas that involve work that we would it not normally seen because of cold dead and and one is a significant contract between our program management group that feels most and see what the.
<unk> resorts in casinos, and our environmental health safety.
Group.
And we see a lot of cross only between that so so that kind of mitigate some of that that loss and so it's probably it's probably less less than nine nine per cent a total of ocean more like eight per cent of a business.
<unk> very helpful.
And and if I'm looking at that.
Intercom the core business impacts looks like that would be more you know kind of revenue that that would be pushed to the right I can't I'm, just trying to get a general sense in terms of the things that you laid out here.
The magnitude are we talking about you know on on a quarterly basis is this is this you know $5 million worth of revenue as it is it $25 million worth of revenue just you know a sensitive or the scope.
<unk> that this this is basically for what we're saying is pretty stable because where you have seen that that really kind of flows to our infrastructure business and we'd seen some awards, we'd seen some increases in that business and so I would I don't know if I I would even.
Not a completely negative I would say, that's probably neutral or maybe a minus or want one or 2%, but not really negative.
God that's helpful.
That's right hand side, but maybe our senior have we're seeing significant growth in in our utility delivery service business. As I may have mentioned, we had seen a we are hiring people, which is not increasing utilization rates in that area.
And our total amount of tires, new hires that are all direct are over 15 about 20 people I can five and our Geo spatial business and 15 in that utility business. The health care facility is benefiting.
Because some improvements that they have to make.
<unk> and that's affecting some of our work in many of our hospitals that we're doing for improvements and that has an impact both in our mechanical electrical.
Nearing space and in our and into our environmental spaces and so in the Army Corps of engineers. Another facilities that it's some very big projects and convert converting normal hospitality to healthcare spaces. So that we see is a growth and.
<unk>, we're blessed not to be has impacted I'd say as many of the discretionary businesses are.
Kind of helpful. Last one for me. It's just you know kind of on a post coded scenario from from a competitive landscape standpoint, It's you know, let's see a lot of your competition you know.
Or smaller companies that are that have a regional focus or you know kind of specialized ditch activities do you.
He has the potential for from kind of competitive environment competitive landscape as you being in a better position coming out of this.
Well, it's a little bit if some immediate opportunities that we see we've seen and and I was going to mention that maybe more in my concluding remarks, but we see opportunities for many firms that are more are looking to looking for a financial savior and so we've had many opportunities and we can be much more selective in them.
Space and that's in the smaller places as a national company, we've been very careful not to put so much dependence on any one region anyone market of service and anyone anyone specifically specific area that it would really be.
Sensitive to the change and environmental conditions. So we tend to have a much more diversified portfolio and we tend to be in services that are not subject to economic cycles, and that's maybe more than a national basis. So that your question, Chris media opportunities, we're seeing and selected them and they opportunities because we're still in.
A very strong financial position and then we also see and go to market servicing area, we see a spreading of our service on the national basis, and not too much dependence on any one area.
That cell phone, thanks up jump back in line.
Thank you are next question comes from just Martin with Rock Capitol You May proceeded your question.
Thanks, Good afternoon, how are you guys.
Yeah.
Yeah.
Was was wondering if you could walk us through kind of the decision process behind or.
Whether to provide guidance or not as it just too I'm certain short term are you seeing.
Things shift in a way that you're not comfortable with some some idea of kind of factors you waited in terms of whether to provide updated guidance or not would be helpful.
Well sure I'll I'll take a and and please any of the other speakers outlets are AD feel to jump in marked as you see things up but.
Art suspension of guidance was we just don't like to get too involved in things that are completely outside a bar area of control. So we certainly there's certainly some things in this quarter coming up that Ah ha could have an effect on that so we don't want to give.
We don't want to give guide decided one too optimistic but and then also we don't want to be too Conservative you know, we certainly are are very conservative in our finances relationships and and as you see as add brought out but our guidance, we don't want to be affected by a smaller states and those were mostly in those areas.
Where you know we just don't have the clarity and some of those selective or discretionary areas such as real estate and some of the things that are going on in our casino business and some of the things that are in in our forensic built business or insurance business that we just don't have the clarity that we had before.
So although we you'll see an increase in backlog I think you'll see we had to burn strong corridor. We just think that there's now some things that prevent us from giving.
Term died and so when I say short term guidance at least through this this quarter that were in and then we'll we'll see how that solidifies, but I don't see any strong financial reasons other than the this the uncertainty that we have that in some of our client base and leave discretionary businesses.
Understood, Okay, and then with respect and Marco alluded to this a little bit in terms of utility revenue decline and potentially impacting budgets, but was curious about state and local governments, how you know.
How might lower tax sheets, particularly in gas you know lower gas consumption, yeah, and potentially other taxes sheets down the road how is that how could that him potentially impact project for the balances here and as we get into the next year.
Well, you know I I'll give a general view and I'd like maybe Alex and marker feel free to answer with more specificity.
The utility services first let me mention that.
What we are doing utility, it's such a rolling area of our business and it's been a limited area of the Geo spatial business that we are introducing them to and we're expanding that relationship and geographical area. So although it would may have mentioned that we may see a macro decline in in in maybe.
The overall overall usage, we have in the grid usage and we think are we are really benefiting from the one aging of the grid and actually you know in California. The mitigation process is because of Florida. They haven't got direct impact to positive for us and delivering you'd you'd be.
<unk> underground and and mitigation of fire risk and so we're seeing a lot of expansion in in in that group.
I think that.
You're.
There are question, what's on municipalities and I I, obviously <unk>. Many of these municipalities depend on sales tax revenue gas tax revenue and so we've seen some water but slowing of.
They're traditional way of giving US work, but you know our our private provider or municipal outsourcing work, we tend to benefit from some of these facility utilities outsourcing. Some of this work that they can't they don't have the overhead.
They're overhead to prevents them from doing it now, but maybe Alex you may want to respond or mark either one as you see the municipal environment already it's somebody environment.
Well I think you've actually stay here quite well. The fact is we find in some cases municipalities moved to outsource it saves them money in the long run they don't have to have the staff on.
On on their payroll, they're able to just have rush provide the services where the need arises.
It's one of the reasons also apart to answer your first question, just 36 or seven months or there's actually some very good <unk>, we have already seen municipalities advertised in some cases, they've just decreed that we could have the private inspectors conducted municipal inspections in lieu of the initial inspector So there's definitely an upside.
Right.
<unk> level of uncertainty that we just stick to see how the city's municipalities are going to be able to find some other capital improvement projects.
Okay <unk> no my my final questionnaire surrounding the increasing utilization you say, it's up to 8% does that have a positive impact on Morgan's and is that a further buffer in terms of a financial performance relative to your your expense reduction.
Well I'll I'll begin to answer that and then certainly Scott I think we love we get a utilization report every week from our Geo spatial division and they seem to be doing quite well, what we have seen in working remotely. Our engineers now are driven by tasks much.
More so than shuts utilization in fact, I was speaking to the head of our utility services group just the day before yesterday and our utilization has increased greatly and <unk> that 8% is that going forward number we actually it could be higher than that but.
They now are applying all their time to a specific task and so we've seen an increase in that utilization. What we you know what we want to monitor closely is the specific activities, they're doing and and the rates that they're doing it I think are overhead as you've seen it.
As as drops significantly and I think the very first for claims of this.
You'll see an increase in our profitability down net revenue from 17% to 19%, which we feel very good we feel very good about that and I think our entire business is related to the reconciliation of labor to wrap the new and so it's a very good sign when utilization continues to go up and comforting thing.
For me, it's so utilization not based on a percentage of a smaller staff, but a percentage of her more stable staff because most of our.
<unk> and laying off has been in administrative and and non direct available people. So so it tends to me.
The tendency seems to be in our favor on the utilization rate and I think it it can help profitability because we'd certainly reduced a lot to be overhead that that we've had prior to that prior to the code but.
Thanks, very much for your time and well wishes to your parents.
Thank you. Thank you jepson to you and your family.
Extra extra.
Thank you and our next question comes from Rob Brown with like Street Capitol. You May proceed with your question.
I could definitely.
Hi, Rob.
Hi, My my questions on that she'll space for business in particular, how much disability to your happen that business the backlog, how how much coverage that could be sort of throughout or a year and and how sort of change those contracts.
<unk> I think Mark I'll I'll defer to Mark Guy he is he's living and breathing it every day and and and they're they're recognition of backlog, it's slightly different than the core business, but I think it'd be very good if market walk walk you through that Rob on our backlog visibility in the Geo spatial business.
And so so go ahead mark.
Sure at really at any point in time, we typically will have about 60%.
Of our forward looking 12 month revenue projections sitting in backlog and again backlog for.
Represent.
Contracts actual tasking, that's been awarded to us so firm fixed commitments.
If you look at our backlog entering cute too which is somewhere around 89 did 90 million or so we will expect between 85 and 90% of that to convert just within the 2020 fiscal year.
Okay. Good thank.
Thank you.
And and then in terms of the overall market are you might be too early to answer. This that are you seeing any sort of kind of discussions on on infrastructure spending infrastructure activity kind of plants to have projects, maybe move forward given the <unk>, what's the virus sort of thing settles down to get a sense of any.
Sort of increased infrastructure activity of your customer base or is it truly to see it.
Allophone, let me speak from what I see on the on the federal level, a tremendous amount of talk but today. It's it's more all have no cattle I I think you know they continue to say that we need it and it needs to be and it needs to go on we have not seen it.
<unk> increase in the federal support.
The infrastructure spending, but what I'd like to say over the years, we've seen dire Straits and and but we've always been steady in our revenue in our services from the infrastructure space and it was.
Thing hadn't bins, but now the political what environment certainly seems to be like Hell. When so we're in a spot could really benefit you know, it's there's no one knows what political party or preference or no one can say that.
Part eight or infrastructure is not aging no one can say, whether they need to drink water or not drink water or they need to have a they need to depend on safety in the in going over bridges are going road, so that it's not.