Q1 2021 Matthews International Corp Earnings Call
Okay.
Greetings and welcome to today's conference titled Matthews International Corporation first quarter of fiscal 'twenty 'twenty, One financial results conference call at the.
This time, all participants are in a listen only mode.
The question and answer session will follow the formal presentation. If anyone should require operator assistance during todays conference. Please press star zero on your telephone keypad. As a reminder, this conference is being recorded I would now like to turn this conference over to your host Mr. Bill Wilson Senior director of corporate development. Please go ahead.
Sure.
Good morning, Thank you Laura.
Good morning, everyone and welcome to the Matthews International first quarter of fiscal year 'twenty 'twenty One financial results Conference call. This is bill Wilson Senior director of corporate development with US today are Joe Board of Lacy, President and Chief Executive Officer.
Steve Nicola Chief Financial Officer.
Before we start I would like to remind you that our earnings release was posted on our website www Dot M. H E. W. Dot com and the investors section last night.
The presentation for our call can also be accessed and the investors section of the website.
As a reminder, any forward looking statements in connection with this discussion are being made pursuant to the safe Harbor provisions of the private Securities Litigation Reform Act of 1095.
Factors that could cause the companys results to differ from those discussed today are set forth and the company's annual report on form 10-K, and other periodic filings with the S E T.
In addition, we will be discussing non-GAAP financial metrics and encourage you to read our disclosures and reconciliation tables carefully as you consider these metrics and.
In connection with any forward looking statements and non-GAAP financial information. Please read the disclaimer included in today's presentation materials located on our website.
And now I'll turn the call over to Steve.
Thank you Bill and good morning.
Please start with slide four and.
As provided in our earnings release yesterday, the company reported consolidated sales of $386 $7 million and the net loss on a GAAP basis of $1.8 million of <unk> <unk> per share for the quarter ended December 31, 2020, compared to sales of $364 $9 million and.
And the GAAP net loss of $10.5 million per 34 cents per share for the same quarter last year.
The main financial highlights for the fiscal 2021 first quarter were as follows first the company's consolidated sales increased by $21.8 million compared to the same quarter last year representing growth of five 9%.
Second consolidated adjusted EBITDA for the quarter ended December 31, 2020 was $54 8 million compared to $42 million last year, representing a year over year increase of 36%.
Third adjusted earnings per share for the fiscal 2021 first quarter was <unk> 68 per share compared with 47 cents.
For the fiscal 2021st quarter, representing 45% growth.
Fourth.
The company again reported strong operating cash flow as we continued to emphasize cash generation and this challenging environment for the fiscal 2021 first quarter. The company generated cash flow from operations of $35 $3 million compared to $5 $4 million for the same quarter of you.
Year ago.
Lastly, during the recent quarter the company again reduced its outstanding debt and leverage ratio.
Although our fiscal first quarter tends to be our slowest quarter seasonally our cash flow. This year allowed us to further reduce outstanding debt by almost $10 million.
Compared to the first quarter of year ago, where all of our where our outstanding debt increased by $26 million.
As a result, our leverage ratio fell to three six at December 31, 2020, compared to 3.9 at September 32020.
With respect to COVID-19, all segments continued to experience some level of varying commercial impacts from COVID-19. During the first quarter. These impacts remain difficult to project and as the pandemic has continued into calendar 2021, we expect ongoing.
And our fiscal 2021 year.
On a GAAP basis, the company reported a loss per share of <unk> <unk> for the current quarter compared to 34 cents last year.
Earnings per share on a GAAP basis for both quarters included the impact of the intangible amortization, primarily from the acceleration of the amortization of certain discontinued trade names and the SDK brand solutions segment.
And charges in connection with our cost reduction initiatives and COVID-19 related costs.
Consolidated intangible amortization expense was $15 $2 million or <unk> 36 per share for the fiscal 2021 first quarter compared to $17 9 million or 43 per share a year ago.
On a non-GAAP adjusted basis earnings for the fiscal 2021 first quarter were <unk> 68 per share compared to 47 per share a year ago. The increase primarily reflected higher adjusted EBITDA offset partially by higher income tax expense.
Adjusted EBITDA, which represents net income before interest expense income taxes, depreciation and amortization and other adjustments for the fiscal 2021 first quarter was $54 8 million compared to $42 million a year ago, representing an increase of 36% the.
And the improvement primarily reflected the impacts of higher consolidated sales, particularly in the memorial <unk> segment. In addition to realize savings from the company's cost reduction program and lower travel related expenses.
Please see the reconciliations of adjusted EBITDA and non-GAAP adjusted earnings per share in our earnings release.
Investment income for the fiscal 2021 first quarter was $1 $1 million compared to $1 $3 million a year ago investment income primarily reflects the changes and the value of investments held in trust for certain of the company's benefit plans.
Interest expense for the fiscal 2021 first quarter was $7 $7 million compared to $9 $2 million, a year ago, reflecting lower average debt and the decline in average interest rates for the current quarter relative to the same quarter last year.
Other income and deductions net for the quarter ended December 31, 2020 represented a decrease and pretax income of $1 $7 million compared to $2.8 million for the same quarter last year.
Other income and deductions include the non service portion of pension and post retirement costs.
For the current quarter, the non service portion of pension and post retirement costs was $1 $9 million compared to $2 $2 million last year.
Other income net deductions net also includes banking related fees and the impact of currency gains and losses on certain intercompany debt and foreign denominated cash balances.
The company's consolidated income taxes for the three months and three months ended December 31, 2020 were an expense of $4 million compared to a benefit of $5 4 million a year ago. The.
And the differences between the company's consolidated income taxes for the first three months of fiscal 2021 versus the same period for fiscal 2020, primarily resulted from the fiscal 2021 first quarter, having consolidated pre tax income while the first quarter of fiscal 2020 had of.
Pre tax loss.
Additionally, fiscal 2021 included discrete tax expenses related to foreign operating losses, while fiscal 2020 included discrete tax benefits, resulting from the closure of several tax audits.
Please turn to slide five to begin a review of our segment results.
Memorial <unk> segment sales for the fiscal 2021 first quarter were $183 $3 million compared to $154 $4 million a year ago.
The increase resulted mainly from increased sales of caskets due to the impact of the pandemic on death rates.
In addition sales of cremation equipment Maas of Liam's and cemetery Memorial products also increased.
Although some of Terry Memorial product sales increased the business continued to be impacted by local stay at home orders limiting many families access with cemeteries to arrange for their memorials, but we anticipate most of these orders are deferred to a future day.
Changes in foreign currency exchange rates had a favorable impact of $843000 on current quarter sales compared to a year ago.
Memorialize Asian segment adjusted EBITDA for the fiscal 2021 first quarter was $44 1 million compared to $30 1 million a year ago. The increase primarily reflected the benefits of higher sales productivity initiatives and lower travel related expenses offset partially by higher per.
Performance based compensation expense.
Please turn to slide six.
Sales for the SDK brand solutions segment were $168 $1 million for the quarter ended December 31, 2020, compared to $174 $9 million a year ago.
The decrease primarily resulted from declines in merchandising and other retail based sales and lower sales for our cylinder surfaces and engineered products much of which was attributable to the impact of COVID-19, our U S and European core brand packaging businesses reported sales growth compared to a year ago rift.
<unk> the essential nature of our global client account base and additional photography sales.
In addition, we won several new accounts store and the recent quarter.
Changes in foreign currency exchange rates had a favorable impact of $3 $3 million on the segment sales.
Compared with the same quarter last year.
Fiscal 2021 first quarter adjusted EBITDA for the S. G. K brand solutions segment was $21 $3 million compared to $18 $7 million a year ago.
Despite lower sales the segment reported an increase and adjusted EBITDA, primarily as a result of realized savings from the segment's recent cost reduction initiatives and lower travel related expenses.
Please turn to slide seven.
Sales for the industrial Technology segment were $35 2 million for the quarter ended December 31, 2020, compared to $35 $7 million a year ago. The segment's product identification sales were slightly higher than the same quarter, a year ago, which were offset by lower warehouse automation sales.
Incoming orders for our warehouse automation solutions continued to build but access to job sites to complete these orders remained limited due to the the pandemic.
Changes in currency rates had a favorable impact of $578000 on the segment sales compared with the same quarter last year.
Adjusted EBITDA for the industrial technology segment for the current quarter was $3 $5 million compared with $4 $3 million a year ago, primarily reflecting the impact of lower warehouse sales offset partially by the benefits of recent cost reduction initiatives and lower travel related expenses.
Please turn to slide eight.
Cash flow from operating activities for the fiscal 2021 first quarter was $35 3 million compared to $5 $4 million a year ago. The significant increase in operating cash flow compared to last year, primarily reflected the company's improved operating results and continued working capital management.
<unk>.
The company's fiscal first quarter is typically typically the slowest due to seasonality and several of our businesses and with the holidays.
In addition, cash outlay store and the first fiscal quarter can include year and performance based compensation payouts tax payments and the semiannual interest payment on our bonds.
Despite these factors the company further reduced its outstanding debt during the quarter by $9 $9 million.
During the 2020 calendar year the company reduced its outstanding debt by $142 3 million.
Outstanding debt was $824 $6 million of December 31, 2020, with net debt, which represents outstanding debt less cash at $783 $5 million the.
The leverage ratio covenant and our domestic credit facility is based on net debt our net debt leverage ratio declined to three six at December 31, 2020 compared to three nine at September 32020.
Approximately 31 7 million shares were outstanding at December 31, 2020 during the recent quarter. The company purchased approximately 162000 shares under its share repurchase program the.
The company has remaining authorization of approximately 376000 shares under the current program.
Finally, the board this week declared a dividend of $21 five per share on the company's common stock. The dividend is payable February 22, 2021 to stockholders of record February eight 2021 and.
This concludes the financial review and Joe will now comment on our company's operations.
Thank you Steve good morning.
As you might expect we are very pleased with the results and we're off to a strong start to what we hope will be a good year.
As expected our Memorialization business delivered very strong results driven by exceptional performance from our funeral home products business, while the balance of the business has remained steady despite the challenging environment overall.
Overall.
The company's total consolidated revenues were higher than prior year by about $22 million, while adjusted EBITDA was up almost $15 million.
A 66% incremental margin, reflecting the operating leverage and our business the excellent operating performance and our funeral home products business and the ongoing cost reduction programs that we've previously discussed.
While we are grateful for the hard work of our funeral home products team just about every business reported higher operating margins when compared to prior year.
As I just mentioned our Memorialization results were driven by a funeral home products.
We have yet to see any significant pandemic related increase and our cemetery products business because of stay at home orders and other states safety guidelines, which have reduced funeral service attendants.
This bodes well for the post pandemic future of our Moralization division as a whole as we expect cemetery products orders from the past COVID-19 related deaths to increase as casket volumes moderate when society normalizes sooner.
Similarly.
Our environmental solutions business also saw improved results for the quarter and landed several incineration products, which had been postponed earlier and the pandemic.
These orders should also help to mitigate any decline and cascade of deaths.
And S. G K brand solutions again this quarter.
Our core packaging business, particularly in North American Europe remained strong.
Moreover, the team has continued down the path of positioning the organization with lower operating cost, which has added nicely to the operating leverage and operating margins of the business.
Again this quarter several businesses and the SDK segment continued to be challenged.
Our retail and private label business has struggled but we expect these businesses to deliver much improved results when the pandemic subsides.
And the cylinders surfaces and engineering portion of this segment and <unk>.
<unk> tobacco and surfaces ordered remained soft during the quarter.
But we are seeing a significant increase and recent order intake, particularly and tobacco driven by European single use plastics regulations, which required new labeling on cigarette and other packaging.
The most exciting news and our portfolio come from the energy storage business of our Cyrus and subsidiary, where we have seen of significant order increase a significant.
The significant increase in orders when compared to prior years.
Our expectations are that some of these orders will be recognized during the balance of fiscal 'twenty one.
We continue to have high expectations for our energy storage business and we hope that this year, we will demonstrate the value of our unique position and this fast growing space.
And our industrial technologies segment, we delivered stable results, but are also watched our warehouse order rate.
Double when compared to prior year.
This segment continues to deliberate and these challenging times, which bodes well for when the pandemic subsides as we begin to deliver and our increased orders regarding our new products. In this segment, we expect to begin the onsite testing this quarter. The unexpected launch date later this calendar year.
As noted in our press release, the combined results of good operating performance and strong cash management and allowed us to reduce our gross debt again this quarter.
What we are most proud of and what we believe best demonstrates the cash generating capabilities of our business is the fact that during the last 12 months, we've of reduced gross debt by over $140 million.
Although this is although this will be difficult to match during the next 12 months, we fully expect to significantly reduce our debt while continuing to pay our dividend.
We continue to have our Io and our goal of achieving of three times debt coverage ratio and that is coming into focus as we speak.
Regarding the balance of 'twenty, 'twenty, one and our ability to forecast remains difficult and thus we remain somewhat cautious of events outside of our control can still arise which can impact our results.
As mentioned, we are varying corp encouraged by the recent increase and order activity, which have noted and which should buffer any challenges to our overall results.
This is not to say that any one business will not face difficulties and this unprecedented and fluid environment, but instead. It is to say that our business has remained strong and that as a whole should allow us to deliver on our expectations.
Therefore, as you recall last quarter, we announced that we expected to deliver EBITDA results and fiscal 'twenty 'twenty, one which were relatively similar to fiscal 2019 of $203 million.
We expect that the EBITDA improvement achieved and our first quarter should be additive to our earlier expectations.
Like we said last quarter, we have the orders to have a strong year, but remained but uncertainties remain and there are many factors, which we do not control now let's open it up for questions.
At this time, we'll be conducting a question and answer session. If you would like to ask the question. Please press star one on your telephone keypad. The confirmation tone will indicate your line is and the question queue you.
You May press star two if he would like.
A question from the queue, the participants using speaker equipment and may be necessary for you to pick up your handset before pressing the star keys, one moment all the poll for question.
Our first question comes from the line of Daniel Moore with CJS Securities. You May proceed with your question.
Joe Steve Good morning, Thanks for taking the questions.
The good morning, Dan.
I'll start with a quick clarification I think I heard you right Joe It sounds like you know in terms of expectations for the remainder of the year, we should sort of be thinking about the the the back the the last three quarters EBITDA being relatively flat with the last three quarters EBITDA of fiscal 'twenty and is that the right way to think about it in total yes.
And importantly, the quarters might switch in terms of value, but we of course.
We expect our total EBITDA to be consistent for the next three quarters.
Understood. Okay. That's helpful. And then in terms of Memorialist Asian, one of your expectations for funeral home products volumes for the current quarter relative to what we experienced in the December quarter.
So I mean I don't have to tell you I mean, there's plenty of literature out there and a lot of people reporting on it or our month of January was probably our highest and the entire pandemic period.
And the question will depend on how quickly that declines there is an expected decline.
I would tell you that today, we will have similar results, if not better and our funeral home products for the for the quarter.
Helpful. Thank you.
And as it relates to the pent up demand on the memorial side are you seeing orders now, but you know placement later or do you expect both orders and and and revenue to pick up as restrictions ease of use.
Visibility there sure orders are relatively flat I mean modest kind of you're up.
Which is not seeing.
And we're not seeing those orders what we are hearing anecdotally. However, as we have situations across the country. We have one I'll give you just one location, which is sitting on one of 1100.
And the ceased to be buried.
Waiting to be.
And Mark and we're waiting to be buried and wait and go forward. So our expectation and those will be marked at some point in time. So although we don't have the orders yet.
No they are out there.
Got it and and switching gears, maybe for one warehouse automation.
Nice to see continues to pick up and it sounds like it's accelerating any way to quantify the level of orders.
I think he said they doubled do you have sort of of backlog figure just trying to understand the type of growth. We should think about over the next 12 to 14 months per trial.
The government.
Generally we're not going to comment on our actual levels of our reference to double really relates to where we were last year, we were expecting a good year last year and and our forecast for that business. We're sitting on twice the level of orders that we had at the same time last year and we're entering a period, where we generally bill for the backlog.
So it's significant for us and it's not going to tell you.
And we were going to knock the socks off the ball because of it but it is further evidenced that whenever we get through this pandemic will come back with the same stronger business and we had before.
And then the visibility of its just too early to know when you'd be able to sort of get back into the facilities now.
No I mean look I'll give you. The perfect example, we have a relative.
Other significant project and Canada, how do I get into Canada, I can't even cross the border. So it's really and somebody else's control.
Understood, Okay, I'll jump back with into the queue with any follow ups. Thank you.
Our next question comes from the line of Liam Burke with B. Riley you May proceed with your question. Thank you good morning, Joe Good morning, Steve.
Liam and good morning, and Ian.
Joe You mentioned good sale of solid sales and cremation systems of two new orders on the incinerator as well.
What does the cremation systems backlog look like when considering you you turn some of that and the sales as of continuing to grow.
Oh, Yeah, we still have all from a pure cremation equipment standpoint, we're still looking at 14 months worth of backlog. So I mean look.
Look we are the largest and the number one provider globally.
And you know that right now and has served as well where we continue to deliver but we continue to add so I think this pandemic and all of that is done is emphasize the importance of and.
And making sure of the equipments that that our clients have onsite as functional as up to date and those who don't have it continue to invest.
And you touched on the new product introduction, but what about the core identification business underneath the industrial segment, how it had that do who or how is it doing.
Modestly better, but I mean, it was not significantly was relatively flat, but it shows the same consistency, we've seen and a lot of our other businesses. It is flat our order rates are a bit challenged but theyre coming up as we speak and of the big question is gonna be consumption.
We saw it we track our ink sales and ink backlogs as indicative of economic robustness, there relatively flat theyre not seeing big time increases anywhere we look at them, but we expect that business to do well as well as we finish out the year, Okay, and lastly, again on warehouse management and have you lost any orders based on.
And the fact that you cannot get access to facilities or are all of those customers that have placed orders just waiting and waiting for better conditions for you to.
And install the systems.
Put it and perspective, we lost $110 million of order early and the pandemic period.
And that it was solely because of their financial situation of and their ability to do the work. It was of a large retailer that you all would be aware of and we've replaced that and obviously a lot more in that price is more indicative.
Of how our business has grown during the pandemic to of lost $10 million order replace that and still more than doubled is pretty good.
Fair enough.
Thank you Joe.
Okay.
Our next question comes from the line of David <unk> Wedbush Phoenix Insurance you May proceed with your question.
Hi, gentlemen.
Again, I know there sequentially.
And the impressive quarter.
And what have you been again I'm going to focus on the area of that excites me, the most which is.
And the lithium ion battery.
And particularly the dry electrode two questions as it relates to that and can you talk at all in terms of progress in in the product being in terms of throughput or further advancement of the products number one and number two given the increasing size and.
And increasing appetite or their plans at any point to break that out as a separate business line and.
And the.
But I and I'm wearing I saw recent video of the of someone's cell production facility.
And I'm wondering you recognized any of the equipment and that.
And I'll stop there.
Thank you David well.
I will.
And go one by one with regard to production as you might expect we continue to work down the path of increasing our capacity to produce lithium sheet as quickly as possible for the clients that we're serving.
Demand continues to grow we're making progress we feel comfortable and we can achieve our targets.
And that'll be demonstrated over the course of the year.
We're not going to speak about how much of that is how fast that is but suffice it to say that.
If you Wonder why we're in we're in this business, while how we got into this business lithium lithium is expected to be printed the to be produced just like printed paper as fast as you can so that's our that's our speed targets will continue to work towards that and once we get there the whole cost of the lithium ion battery will come down as well as capacity.
And the space.
Find me again.
What was the second question was.
If you plan on breaking this out as the as a separate line items.
So I mean here and.
The reality is this is part of our sour essig.
The group in Germany.
It is and integrated today into the group, we are working diligently to find a way to kind of separate out and we do share some competencies and some equipment within the business over there.
And we will probably consider some form of of rate break out once we see some significance to the order rate, which we expect to see I would expect it maybe to be.
And of the year or two as we kind of see this come into something so it's hard to tell at this point and time suffice it to say, we will start the call out more as we have in terms of numeric.
As time goes on.
Fantastic.
And the last one last one I can't recognize the video because it doesn't have our name on it.
Okay.
And I appreciate you taking my questions. Thank you very much out of problem.
Our next question comes from the line of Scott Blumenthal with Emerald Advisors. You May proceed with your question.
Good morning, Joe and good morning, Steve.
Good morning, Scott.
Hey, great quarter. Thank you.
Joe can you talk about the mix and memorial Ization and it looks like you may be over earning a bit and casket and obviously under earning and our memorialization.
And with some strength and the cremation there.
And normal times, I guess casket as ex and the rest of the segment is why can you give us an idea as to how that might be skewed a little bit differently now and what you expect with regard to margins when it goes back to normal.
So there's the simple you can do the bathroom and a lot of different ways.
But the fact of the matter is we're currently operating at somewhere around 350000.
Covid related debt you can do that math right off of a number of the charge over the course of time, if youre expecting 252 6 million deaths annually youre going to see 12%, 13% increases and.
And memorial Ization products as a whole, we're seeing better than that and our casket business and far less than that and our and our and our cemetery products business. So the expectation is that we're going to pick up as the the casket of business begins to moderate as far from society sake, we hope.
It does.
Still think of some fairly significant backlog of Moralization products and I remind you all that we are the largest provider by a long shot.
Our brands products and a leading provider of if not number one of stone products and the United States, So that that should bode well for when the although albeit not as quick.
And when you talk about the casket and you're talking about delivery within 12 months to 24 hours.
And mark can be longer.
But.
We just don't know how quick it's going to be but it's there.
And that's usually a oney and <unk>.
Expect it to be of six to nine months the.
A period between the AR and the burial and when things can get marked.
And when it can get market can be very very quickly but.
We have not been and this kind of and environment before of this significant so it's hard for us to predict I think our ferrous statement is we're going to get those mark or those markers and.
Near term period is at six 912 24 months I can't tell you that.
We'll see.
Sure sure, but I guess guidance kind of implies that we're going to be and a similar environment at least until the end of your fiscal year.
I have no debt no.
Our actual our guidance actually is anticipating a slowdown in our cash consider that as material from where we are right now, but we have a number of things that I've called out on the call today from our warehouse automation business too to our energy storage business to some new account wins on the S. G K to backlog and our <unk>.
Inventory of products, which gives us comfort on the balance of the year no matter what happens.
And our funeral home products business, it would have to materially fall off to zero.
And for all practical purposes.
Okay Super Thats really helpful. Thanks, Joe and the and a little bit surprised that the surfaces business isn't.
A bit stronger since housing is the.
And the <unk> been very very strong and know that you know some of the surfaces that you guys work on the flooring.
Et cetera.
Tends to be kind of the last thing installed and.
You know and our home do you expect the or do you have any visibility into those types of things.
Okay.
Yeah, Yeah of the reality is is that when we talk about what we call decorative and which is the portion of services that does things like wallpaper and flooring and other things.
Those are global trade show directed businesses in other words you present your solutions of trade shows you make contacts and follow up and you go forward the decline and Tradeshows has materially impacted.
What I would call our stronger expected sales and that business. We are continuing and it's not as of that portion of the business has gone to zero. It continues to be they're just not as strong as we would like the other portions of the business continued to be strong when we talk about nonwovens for example, the masks and the.
And the things that are related to that that continues to be strong we have good backlog in that part of it part of it it's just not the all the.
The surface is portion as a whole.
Still soft, but not pockets within are still strong and otherwise and Scott. The one of the bigger challenges that we continue to face and that portion of the business is really on the packaging side the.
The cylinders that we do the packaging for the tobacco market.
<unk> to be challenged.
During the quarter.
Okay, Alright, Steve that's really helpful and.
Can I squeeze one more and here.
The ZIP okay Steve.
Maybe can you give us some.
Ah yes.
Yeah as to what Youre thinking about Capex for this year I know that Joe mentioned and we're gonna be investing.
And the Calendaring, the lithium business and the other pressing.
Pressing needs at this point.
Scott and I would I would say overall I think we entered the year with where the rough estimate of $40 million I would say, even considering some of what Joe mentioned I still think that's a fair estimate for the year.
We continue we just continued to emphasize cash management.
But.
You've seen the results on our operating cash flow you've seen the results on our leverage ratio as the year progresses that might change, but right now I would say that's still a reasonable target for for for modeling.
I would tell you Scott the <unk>.
Most of telling part of that conversation when you try and get the cash flow, we have a clear focus on our three times debt coverage ratio.
It is something we're going to approach.
And maybe by the end of the year, maybe end of the first quarter of the year after and.
That'll tell you what we think our cash flow is going to look like.
Okay terrific great job. Thank you. Thank.
Thank you Scott.
Ladies and gentlemen, we have reached the end of today's question and answer session I would like to turn this call back over to Mr. Bill Wilson for closing remarks.
Thank you Laura and <unk>.
Thank you everyone for joining us today, and your interest and Matthews for additional information lots of company and our financial results. Please contact me or visit our website. Thank you and have a good day.
This concludes today's conference you may disconnect. Your lines at this time. Thank you for your participation and enjoy the rest of the good day.
Okay.
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