Q1 2020 Earnings Call
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Ladies and gentlemen, please standby your conference call will begin momentarily once again, thank you for your patience and please standby.
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Good day, ladies and gentlemen, and welcome to <unk> East first quarter 2020 earnings Conference call. My name is Lauren and I'll be your conference operator today at this time all participant lines are in listen only mode. After the speakers presentation. There will be a question and answer session to ask a question during the session you'll need to press star one on your telephone this.
<unk> is being recorded I would like to turn the presentation over now to your host for today's call Mark Sadler, Vice President of Investor Relations for P. E. Please go ahead Mr. handler.
Good morning, and thank you for participating in P.A. His first quarter 2020 earnings announcement, we hope to get an opportunity to read the press release that we issued earlier. This morning. We've also provided presentation slides on the Investor Relations section of our website joining.
Joining me today to discuss our business and financial results are John Heller P.A. is president and Chief Executive Officer, and Charlie paper, Our Chief Financial Officer. Following our prepared remarks will close with a question answer session.
Management may make forward looking statements during the call regarding future events anticipated future trends and the anticipated future performance of the company. We caution you that such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict.
Actual results may differ materially from those projected in the forward looking statements due to a variety of factors. These factors are described in our SEC filings. Please refer to our earnings press release for P is complete forward looking statement disclosure, we do not undertake any obligation to update forward looking statements.
Management will also discuss non-GAAP financial measures during this call and we remind you that these non-GAAP financial measures are not a substitute for their comparable GAAP measures reconciliations of these non-GAAP financial measures to the comparable GAAP measures are contained in the press release and Investor presentation issued earlier today and now I will.
Turning the call over to John Heller.
Thank you Mark and good morning, everyone. Thank you for joining us today on our call. We greatly appreciate your interest in P.A.
Before turning to our strategic priorities and business results I'd like to address the cobot 19 pandemic.
First I hope you're families and loved ones are healthy and I want to thank all those who are working to keep us say, particularly the health care community I also want to take a moment to thank our customers suppliers and our employees for their tireless tireless efforts.
Actually this has been an extremely challenging time that has affected our global community.
I've never been so proud to lead P.A. Our teams have responded to this crisis perpetually him with tireless dedication all the while caring for their families. While the countries not out of the woods I remain as optimistic as ever about piece business and growth opportunities.
Our top priority has been protecting the health and safety of our employees contractors and customers.
We have implemented strict social distancing cleaning procedures to maintain a safe workplace.
Our second priority has been maintaining business continuity for our customers to that end where possible. We have moved to a combination of ship work and teleworking solutions to continue supporting the critical missions of the U.S. government.
I'll now provide a brief overview of the impacts we are experiencing due to covert 19.
First I am extremely grateful that the impact has been very manageable.
Like all companies, we have experienced disruptions to our business, we have seen the biggest impacts in areas such as transportation of personnel materials to customer sites.
Timing impacts to various training programs and other logistics operations.
However through utilization of the flexible work solutions I mentioned and through the mechanisms that the cares decks provides weve minimized the impact to our financial plan.
We will also fortunate to win to Kobin 19 response contracts supporting the state of Georgia, and the Canadian government as outlined in our press releases dated April 13th and April 27th respectively.
These contracts represent turnkey alternate care solutions, including providing boots on the ground support to aid the pandemic response efforts.
Furthermore, these contracts have helped mitigate the financial impacts of Kogut 19 to our core business.
Moving on to our strategic priorities for the year.
If you recall in our fourth quarter update I provided our top three priorities.
Driving topline growth expanding profit margins and lowering our cost of debt.
I will provide an update on each of these priorities starting with topline growth.
Our business development engine is running at full capacity, we're humbled to witness how the U.S. government remain steadfast in moving forward even during this pandemic with programs to support the national security in federal civilian missions.
We have participated in RFP activity that is on track with our goals for the year.
Our original estimate for 2020 proposal submissions was more than 12 billion and we feel confident that.
Meet or exceed that goal.
With the qualified pipeline of about 35 billion.
There was no shortage of opportunities in the global Mission Service services segment, we have seen the BD pipeline to greatly expand across expected in emerging opportunities.
Specifically, we are awaiting 5.4 billion in awards for the Gms business area.
In our National Security solutions segment their percentage of the consolidated pipeline has grown to almost 50% of the total aided in large part by a strong and growing IDI Q portfolio, which is driving attractive growth opportunities.
Moving onto margin expansion as you saw on our earnings release, we delivered very strong margins in the quarter.
Although we do not anticipate delivering comparable margins for the full year first quarter performance is a great indication of what this business can deliver over the long term.
One particular focus area I'd like to discuss is the fixed price and time and material work, we're bidding and winning in our NSS segment.
Examples include training contracts for counterterrorism as well as construction surveillance and security monitoring services.
Based on the complexity of the work, we're delivering strong increased margins relative to our consolidated margin.
We will continue to bid this type of work and expand our NSS portfolio.
Charlie will provide further details about for first quarter margins in his remarks, but all note that we are keenly focused on driving margin expansion and taking a very conservative approach to build our pipeline and bid on programs that will expand our capabilities in margins overtime.
Lastly, we are focused on paying down in refinancing our debt.
M&A is certainly an integral part of our long term growth strategy, but in the near term we're focused on strengthening the balance sheet through lowering our cost of debt and extending the maturities.
Charlie will elaborate further in his remarks.
With that background I'll now turn to our first quarter results.
We anticipated that revenue would be backend weighted due to some contracts that were not renewed during 2019.
Actual results came in about 5% below our internal plan due to the April mentioned impacts from cobot, 19, and lower non labor driven revenue.
To the fact that the vast majority of the variance relative to our plan will be timing related and coupled with the two cobot 19 response contract awards previously discussed I am pleased to note that we are reiterating our full year revenue and adjusted EBITDA guidance and increasing our free cash flow expectations from.
Prior range of 80 to 90 million.
Up to 100 million based on our outlook for the remainder of the year.
Moving to award activity contract awards were modestly better than planned we generated 654 million in net bookings for the quarter and 2.54 billion on a trailing 12 month basis.
First quarter awards were primarily new business in contract extensions on existing business, allowing us to de risk the new business and recompete requirements for the year.
After a competitors unsuccessful protest we received a 400 million single award IDI Q, New business wins supporting the department of Justice along with several notable contract extension supporting our embassy work in Iraq as well as undersea testing services for the Us Navy.
These two and other contract extensions have further reduced our revenue recompete risk for the year.
In addition, we won several noteworthy multiple award IDI Q programs during the quarter, including the Noah Protex, whether domain contract in the previously announced cheat tax to C is our contract vehicle.
Moreover, we're off to a great start in the second quarter, leveraging our proud history supporting the a bullet crisis in Liberia in 2014.
PE is offering comparable assistance to federal and state government agencies to augment their response to the cobot 19 crisis.
Our activity includes the alternate care facility for the state of Georgia, and supporting candidates health preparedness efforts alongside a joint venture partner.
These wins exemplified piece differentiation.
Our unique ability to quickly mobilized and offer turnkey solutions to customers in critical need.
Furthermore, our Gms segment has been awarded one of eight positions on the Air Force Civil Augmentation program I'd like you vehicle.
Also known as AFCAP five with a combined ceiling of 6.4 billion.
We have delivered about 100 million of cumulative revenue over the past three years delivering worldwide contingency in humanitarian support and are optimistic about our potential for comparable run rates under the new contract vehicle.
Moving onto the federal contracting environment, we saw strong RFP activity in the first quarter and expect that to continue throughout the 2020 calendar year.
Moreover, we are seeing robust government spending aligned with phds core capabilities, such as training infrastructure aviation and humanitarian initiatives.
So far this year, we have not seen a significant slowdown at award activity due to co good 19 or other factors.
We have several important new business, a recompete contracts that we anticipate being awarded over the balance of the year and we'll continue to update the market with notable when announcements.
In closing we are encouraged that our end markets provide a resilient and stable stream of revenue and cash flow largely immune to business disruption.
Furthermore, our contract and customer diversification play a pivotal role in protecting against downside risk in an uncertain environment.
We continue to be well position for a strong 2020 supported by a robust pipeline focused in our large and growing addressable market.
Additionally, we believe that the government services market backed by strong federal spending provides a solid investment platform.
Furthermore, PE continues to trade and an extremely compelling valuation relative to our peer group at less than eight times expected 2020, EBITDA and free cash flow yield of about 13% based on our current outlook.
With that I'll turn the call over to Charlie for an overview of our first quarter 2020 financial results more detailed key business development metrics and 2020 financial guidance.
Thanks, John and good morning, everyone.
I'll start with a brief discussion of the financial impacts covert 19.
Move onto our first quarter results.
Similar to what we experienced in last government shutdown about 95% of our direct workforce are working and billable due to the mission critical nature of our business. In addition, we are utilizing the care xactware recoveries for our employees who are in a ready state, but are unable to access their normal workplace or telecommute too.
Two cobot 19 restrictions.
Moving on to first quarter results revenue of $617.3 million came in below.
Our expectations due to impaction, cobot, 19, and lower non labor driven revenue.
Relative to the first quarter of last year revenue decreased 56 million due to several factors including.
[laughter] timing related impacts on billable materials task orders for incremental labor recompete loss of certain contracts than approximately $14 million impacting cobot 19.
Xylems were partially offset by all contract growth and new business programs.
Many of these factors were anticipated when we determined our revenue guidance for the year.
Our variance versus plan was only a 5% decline about half of which was related to timing on material deliveries and half due to coded 19, the vast majority of the variance against the plan was in our Gms segment.
Adjusted EBITDA at $41.6 million are sick or 6.7% of revenue for the quarter was slightly.
Above our internal plan, despite the revenue impact and cobot 19.
Adjusted EBITDA margins benefited benefited from increased profitability on new business programs and higher non labor revenue in the prior period.
Our adjusted EBITDA for for the first quarter back out roughly $63.7 million, a onetime nonrecurring operating expenses, the vast majority of which our M&A expenses related relating to the business combination transaction that closed in February of 2020 in which PA became upon.
Multi traded company.
Operating income for the quarter was 7.5 million compared with operating income of 14.4 million in the prior quarter prior year quarter.
The decrease resulted from lower revenue volume, partially offset by a corresponding reduction in cost of revenues and increased M&A and public company SDMA cost.
Net loss for the quarter was 4.8 million or eight cents per diluted share compared to a net loss of $5.7 million or 27 cents per diluted share in the prior quarter.
The decrease in net loss resulted primarily from the factors impacting operating income.
Next I will turn to our segment results Global mission services or Gms revenues for the quarter of 454 457.4 million decreased.
47 million or 9.3% compared to the prior year quarter. The decrease was due to timing related impacts on billable materials.
And task orders for incremental labor and an approximate $12 million impacting cobot 19.
This decrease was partially offset by an increase in on contract gross and new programs.
Mass adjusted operating income decrease year over year, primarily due to lower revenue and increases in SDMA expenses. However, gms adjusted operating income margins improved year over year due to a favorable revenue mix in the quarter.
And our NSS segment revenues for the quarter of about 160 million decreased about 9 million compared to the prior year quarter.
The decrease was attributable to the previously mentioned Recompete losses encoded 19 impact all of which was partially offset by new business. It on contract gross.
Adjusted operating income improved to 14.3 million or 9% of revenue in the quarter driven by improved performance on existing contract and increase profitability on new business programs.
Turning to the cash flow statement.
Net cash provided by operating activities was 10.9 million for the first quarter.
Normalizing for one time M&A related costs.
Cash provided by operating activity would've been about $35 million for the quarter, we did not experience any adverse impacts the cash collections from coated 19 as DSL was 61 days for the first quarter, which is in line with historical averages.
Capex for the quarter was approximately $400000, resulting in a free cash flow conversion yield of 99% well above historical averages.
As I discussed on our fourth quarter call in conjunction with the business combination transaction. The company paid down approximately 137 million of secondly that on its term loan facility in the first quarter Ta ended the quarter in a strong liquidity position with about 100 million in cash and had not drawn on our.
Revolver, our credit revolver.
Now I'll briefly recap, our bookings and backlog metrics for the quarter and for the year.
For the quarter, we generated 654 million in net bookings or 1.1 times revenue.
And for the.
Trailing 12 months, we generated 2.5 billion in net bookings or 0.9 times revenue.
The vast majority of the awards were for new business and on contract close.
Total backlog at the ended the quarter was 6.4 billion of which 1.2 billion was funded.
And as of the ended the first quarter, the total and bid submitted and awaiting award is approximately 7 billion.
In addition, we plan to submit bids of more than 11 billion throughout the remainder of the year.
Moving on to Twentytwenty financial guidance.
Based on our first quarter results and our outlook for the remainder of the year.
We are reiterating the full year 2020 guidance, we provided in March but.
For fiscal year 2020, we expect revenue to be in a range of 2.75 to 2.85 billion.
As of the ended the first quarter approximately 89% of our revenue guidance at the midpoint is in backlog, 7% from Recompete contracts and 4% for new business Awards.
We continue to expect adjusted EBITDA to be in a range of 170 to 178 million.
As we discussed on our prior earnings call pro forma for public company costs. This represents a year over year gross rate of 6.3% at the midpoint, assuming 3 million an estimate of public costs.
For the remainder of the year, we continue to ask anticipate revenue to be moderately back end weighted.
We anticipate that second quarter revenue will be we'll see a greater cobot 19 impact partially offset by new business awards and should be in line with first quarter levels.
Anticipate sequential revenue increases in the third and fourth quarters, we expect comparable adjusted EBITDA margins in the second.
In the second quarter, and then the third and fourth quarter margins are expected to decline as we ramp up new business and see an increase in our non labor revenue all of which is expected to deliver at least 20 basis point margin increase.
For the full year consistent with guidance.
With regards to cash flow generation I am pleased to announce we are increasing our expectation to achieve approximately $100 million of free cash flow from our prior range of 80 to 90 million. This implies generating about 30 million in free cash flow in each of the next three quarters and is based on the existing capital structure.
As John mentioned in his remarks, we continue to evaluate refinancing opportunities.
Currently we believe that their current the credit markets have not rebounded to a level were completing a refinancing today is prudent and in our best long term interest. However, we are continually monitoring the market.
And refinancing the debt remains our number one capital structure priority.
Other key assumptions for our 2020 guidance are available in our first quarter earnings presentation on the Investor section or web site.
With that operator, let's open the call for questions.
Thank you as a reminder to ask a question you'll need to press star one on your telephone to withdraw your question press the pound or Husky. Our first question comes from Josh Sullivan with a benchmark company. Your line is now open.
Hey, good morning, John Charlie Mark Congratulations on a quarter.
Hope you guys are staying safe.
Thanks.
Your first question you can you help us think about the cadence for the rest of the year, what's in backlog just driving that growth in the second half and just how should we think about that.
[laughter].
Good question, Josh the way to look at.
The key drivers for the second half can be broken down in a couple areas number one.
Second half you will see an increase in on contract revenue gross.
So this is increases coming from what we already have in backlog.
The second is the non labor revenue really was pushed to the right and so you're going to see that coming back in the the second half of the year.
The cobot 19 revenue that was pushed to the right as well I believe we've been.
Conservative unhealthy, but we've looked at Cobiz 19.
The recompete.
Wins and extensions.
Our part of what's in the second half as well and then the new business Awards.
We will represent probably about one third of that.
And as you look at new business to John's earlier point, we said, we had $7 billion in evaluation over 2 billion of that as their business.
So there's a significant amount in evaluation that would be a driver for new business revenue.
Got it.
And then just within that bid pipeline is your competition set changing in anyway, it's as the strategy evolves neither segment.
And what I'm trying to I guess I'm trying to understand.
He is in a unique position I'm curious if you're seeing more of the same competition and bids or if there's any change from from who you come up against calm and some of the endeavors that you're pursuing.
Yeah, Hi, Josh Thanks for joining just.
To address that question.
I think we see very different competition between our two business segments. So on the Gms side, we pretty much see the same four or five competitors and that hasn't changed between 2018 2019 or 2020.
And our expectation is thats going to be pretty steady.
Even looking into 2021.
On the NSS segment.
It's been our objective to expand strategically into new markets on the NSS side and we've been successful doing that both.
Through acquisition, but more recently organically.
Great example, would be construction security and surveillance market, where we're Ics, we've expanded to supporting companies like Microsoft and Amazon.
And there as we enter these new markets, we do see different competitors are very different from what we see on the Gms side and we think the kind of the overall cost structure PE makes us very competitive in those market segments as well as our.
The flexible business structure that we have allows us to move quickly.
Respond.
Very good attentively to those customers and have a higher win rate on that NSS side.
And that so that's been our strategy for the last few years, and we don't see that changing.
Okay.
And then just one on free cash flow.
Isn't that profile in this environment. This is great can you just give us some color on the on the puts and takes on the different buckets within free cash just throughout the year.
Yes.
Well drivers for the.
Performance for the remaining three quarters.
Our first of all.
Continued improvement in our DSL.
So we'll be working capital reduction that will will help drive that second is that the.
The first quarter was impacted by the Oh by the impacts.
Of the transaction so as we discussed before if you adjust for the transaction expenses. There is another when we go from 10 million from operating cash flow to 35.
The second is that our next is that we will not have any.
Cash taxes will not be cash tax will not be paying cash taxes in 2020.
And then also as result of the care Zack we will be deferring $33 million of payroll taxes that will.
Wind up being a 50% of that paid in 2021.
And the remaining balance being paid in 2022.
Got it.
And then I mean as far as is the M&A market right now I know.
For payments the focus but can you give us any commentary on what you're seeing in the market or maybe when you might think call at this point.
Sure so.
Then obviously, we still see M&A is an important element.
Element in the overall strategic direction of PE, we've been successful within the past and we're going to continue to look at options going forward, but I think with as Charlie mentioned with the debt markets.
Not really supportive.
Of what the in in a kind of.
Beneficial way of what we can do to to actually execute those kind of deals we've really put a pause on the M&A just focused on operations focus on cash right now waiting for the debt markets to return to something more normal where we can see a light on refinancing our own debt as a pro.
Our already and then looking at strategic add ons after that.
We.
We're hopeful that that will.
Turnaround in the coming months, but right now we don't see that what we are seeing we've seen several deals get pulled out coke pulled back and process is not move forward.
We have seen some deals go forward, where buyers are willing to.
Put a lots of equity on the table.
And or.
Our in a very low debt position that they're able to execute something like that but I will reiterate we still see this as.
Great part of or the growth strategy for PE, and we expect to be active as as the market.
Recovers.
Great.
Thanks for the time.
Thanks Chuck.
Thank you. Our next question comes from Ashish.
Joe with Deutsche Bank. Your line is now open.
Thanks.
Just tell us.
I see the momentum in new venture I just had a question about the book to Bill to ensure that has come down a bit and but if you will need the on the backlog side.
This is backlog was down.
On modesty compared to income from the 19th just wondering just given the solid momentum in a new wins is this just a matter of timing any color around action.
Yes, the season as Charlie.
Yes, it's it's really.
It's really driven by timings.
So if you look at the amount of awards that we've seen in first quarter for NSS, that's been very small or there's a fair amount.
Activity that will be starting in second quarter third quarter, which really will be the drivers for the new business and.
In NSS.
That said I think we also on the NSS sheet. Good morning, Thank you for joining but I think.
On the NSS side, we also had a couple recompetes in 2019 that went small business. So we were unable to.
To bid on those and as a prime where we were a prime in the past we had acquired some of those contracts. So I think that had some impact as well.
And that is driven by the fact that weird receive some extensions in the first quarter.
That impact that number I would expect that number to decline further as we get further into the year as far as delays associated with new business.
We are conservative and the when rates, we abuse and we do not include all of the new business in the plan. So what we try to do is number one use a conservative when rate and then number two we do not include everything that were.
Bidding on into into the plan, so that gives us an opportunity to have.
[noise] away or filling some gaps if in fact, we do see delays.
So it's about balancing the portfolio and look at him looking at it from both the when Ray perspective, as well as the boss.
Right.
<unk> I don't know if you want to add anything else John.
No.
That was good truck.
Many thanks.
And maybe once I moved question for me was just or on a cap and the location you talked about the next meeting in the near down I still need to think about each time gets and then you know don't also is done in a function E.D. for you to do any kind of refinancing Oh, you do half a second meeting you don't which is at my <unk>.
<unk> financing and losing your next to interest expense so thanks.
For my capital allocation perspective, our primary focus obviously as lowering the cost of that.
[noise] or leverage ratio as a result of that.
You are taking somewhat of a breeze or eliminate but it's more of a pause than anything else.
As we look at refinancing as we discussed in the year end call. We did have a plan to refinance with that and then the pandemic hit and and everything was put on hold we've had numerous conversations.
With various banks looking at so.
Financing that that today, we just don't see it see an action like that is prudent because of the terms, who really would not necessarily see a reduction in cash interest.
Therefore feel we're in a better position to wait to see how the market response.
For we make a commitment on when and how we refinance.
But thanks and a again.
So I didn't want them into <unk> thinking.
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Yeah.
John Charlie Good morning, and thanks for taking my questions here.
Charlie already in the first one one Charlie their first twin here's for you I just I'm curious on adjusted EBITDA margins are they expansion for Q. to one was pretty notable ladies dips year over year to that 6.7 per cent say in here.
And then you reiterate it as a guide for the year, which implies that the mid point to think 6.2%. So could you help just.
<unk> one for us to help us understand a little bit more what.
Sort of drove the relative out performance and then maybe you could give us a sense of what the cadence for the remainder d. or might look like.
Charlie.
Try we're having trouble hearing ya.
Pardon me channel that looks like hardly find has disconnected.
Hmm.
Oh, Okay, John with drug.
They can.
Yeah go ahead, Mark Okay. Thanks Man, Yeah, I mean, the primary driver for Q1 was I'd say in general are the its revenue mix as we mentioned we did see some non labor push to the right.
So that coupled with improved performance on existing contracts in the N.S.S. segment.
As well as the ramp up of the new business that we won lately.
The third quarter those were all the key drivers in terms of the margin expansion in Q1 Q2. It was Charlie mentioned in his remarks, we're anticipating comparable numbers.
And very much so for the <unk> similar reasons and then in the back half of the year as we start to generate some of that non labor revenue. There's nobody sees that revenue mix is going to contribute to a slight decline subset, we're going to come back in it that that 6.2 per cent guidance on that we reiterated this morning.
Got it thinks that that that helps not I I just have one I know we talked about the pipeline in in in New awards quite a bit here, but.
In particular focus on 2020, I was hoping maybe you could give us a sense of what the 2021 pipeline is shaping up to look like and what the recompete levels look like at that point in time.
Yeah, I know we.
Actually have a very good start to the overall new business pipeline 420, 21, as I mentioned and I think Charlie reiterated you know, we're we're seeing now pretty consistently our ability to big saying that 12 plus billion a year in total bids.
And we're our outlook for next year is also a consistent with that and you know this year, we're expecting about over 12 billion as well and you know last year. We saw 13 billion. So we're starting to see that consistent kaydon, Sean bidding in it you have to volumes.
We need to grow the business and.
The.
The fact that this year you know already we have.
She's about 7 billion evaluation. Another couple billion in proposal yeah, we feel good about that and obviously that some of that's going to be back and waited so what's going to habit oversized impacted 2021 would just be a partial year.
2020, so that gives us some momentum as we look between 20 and 21.
Oh and the on on the gross shy when you're talking about Recompete you know every year when we're between 10 and 14 per cent of our business to go through a recompete just given to the the <unk> the typical lengths of our contract being around seven years.
Cross our portfolio, so and it's been consistent if you go back to six plus years that I truly no I have been here a P.H.D. we've had like about a consistent run rate of between that 10 in 14%. We saw was saying this year, although that's decreasing pretty fashion now below 10% for the year.
Our expectation is will be in that same range for next year of about 12% to 14% Recompete.
Got it thanks, and then just one more here I wanted I wanted to briefly touch on the budget environment, obviously as we head into the the back half a year, it's going to be more of a talking points are gonna potential C.R. on the horizon and in an election, maybe you should get it.
Give us your high level thoughts on on budget gross from here and then what if any risk exists towards queue for for for C.R., and how that might impact the business.
Sure you know our outlook right now is that the government's focuses on shoring up the the economy and I I'd say the same for foreign governments as well.
We're seeing outsized spending that is come through various bills from from Congress and the president is very supportive of that we're expecting that that spending will continue through this fiscal year unabated and the momentum for continued.
Stimulation continued spending I don't think that's you know the priority right now is just putting the government.
As as part of the.
The stimulus for the overall economy, and we expect that that will carry forward into 2021 and potentially even into 2022, regardless of party.
The economy is going to be the number one priority and stimulating that economy and the government's going to you use every tool they have in in their back to help.
The late that and I think.
We're going to see this trickled down into strong government services spending.
Got it sounds very helpful. I'll I'll jump back in the queue here.
Thank you and I'm not showing any further questions that this time I would not like they're trying to call back to Miss doesn't matter for any closing remarks.
Well. Thank you very much for your continued interesting P.A. and if you have any questions. Please don't hesitate to give me a call. Thank you and have a great day.
Ladies and gentlemen.
His now completed you mean disconnects. Thank you for your participation.
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