Full Year 2020 RumbleOn Inc Earnings Call
[music].
Greetings and welcome simple bump along and right now business combination conference call.
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<unk> and answer session will follow the formal presentation.
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As a reminder, this conference is being recorded.
Now my pleasure to introduce Dillon Solomon of Investor Relations. Thank you you may begin.
Good morning, everyone. Thank you for joining us on our conference call to discuss.
Your op year, 2020 results and the proposed business combination of Rumble on and right now the companies have issued a joint press release and Investor presentation regarding the proposed business combination, which can be found on Rumble on <unk> Investor Relations website at investors Dot Rumble on Dot com.
Joining me on the call today are Rumble.
Our full CEO Marshall Church Road Rumble on CFO, Steve Berrard, and right now as CEO and Mark Tac.
Details of our financial results and additional management commentary are available and our earnings release, which can be found on the Investor Relations section of the website at investors day Rumble on Dot com.
Please note that this call will be simultaneously webcast on the Investor Relations section of the company's corporate website.
This conference call is the property of Rumble on and any taping or other reproduction is expressly prohibited without prior written consent.
Before we start I would like to remind you that the following discussion contains forward looking.
And that involve risks and uncertainties.
Cause actual results to differ materially from those discussed here.
All information that could cause actual results to differ from forward looking statements can be found and rumble on periodic SEC filings.
The forward looking statements and this conference call including responses.
And so your questions are based on current expectations as of today and Rumble on and assumes no obligation to update or revise them, whether as a result of new developments or otherwise except as required by law.
Also the following discussion may contain non-GAAP financial measures for a reconciliation of these non-GAAP financial measures.
Please see our earnings release now I'll turn the call over to Marshall Marshall.
Thanks Dawn.
It's an exciting day for power sports enthusiasts across the country as you saw on our press release. This morning Rumble on and right now are combining to create the first and only omni channel power sports platform and.
And the U S offer and the fastest easiest and most transparent transaction process available today.
Right now power Sports group is the nation's largest power sports retailer with more than 40 full service locations across 11 States. The company sold over 45000 power sport units and 2020.
And generating approximately $899 4 million of revenue $90 3 million and net income and approximately $96 6 million of adjusted EBITDA.
Current is strategically concentrated in the Sunbelt states like Arizona, Texas and Florida.
That are benefiting from population growth and year round power sports demand combined and Rumble on disruptive E. Commerce platform with right now is dominant retail footprint will provide power sports enthusiasts with a best in class transaction experience for our customers. This is about offering a simple safe hassle.
Okay, and flexible experience shopper or your next power sports vehicle from our robust selection of new and used inventory access financing options, 100% online receive a cash offer for your vehicle you own today or trade in and the vehicle type towards your next power sports experience and now even.
And if you transact online youll have the benefit of the best parts and service experience and the industry.
Our business models are complementary to each other and together we will revolutionize the power sport transaction experience together, we tackle and industry that is more than $100 billion domestically with considerable tailwind benefit.
And our customers power scored vehicle sales are seeing strong demand and continued to experience significant growth as consumers pursue and outdoor lifestyle millennials and Gen X. One a unique experience the average power sports buyer is younger and from a broader demographic than ever before.
There has never been a better time to be and the industry and we are the first to offer this industry a true omni channel solution.
We will continue to serve our many dealer partners, who also stand to benefit from this combination as a reminder, we launched <unk> three point O and August 2020 to help drive the.
Sports industry to the next generation technology platform.
And three Oh, we'll still brand traditional bricks and mortar power sports dealers across the country online including markets not served by our right now footprint.
We offer the opportunity for incremental sales volume per dealer groups larger small regardless.
Power from geographic location.
Do not have the ability to support a 100% online transaction efficiently and certainly not with the technological sophistication and automation that powers Rumble on dealers around the country are accusing rumble on technology solutions to lead their transformation to transact digitally.
We.
The relaunch of <unk> in August of 2020 at that time, we had more than 18000 power sports listings on our site from over 130 dealer locations around the country. We've since massively scaled the offering and currently have more than 50000 listings from over 300 dealer locations from coast to coast.
And now platform.
The business combination with right now is the natural evolution of our three pointed out strategy. This combination will create the only omni channel customer experience and power sports and the largest publicly traded power sports dealership platform with more than 7000 power sports dealers and the U S.
And on our and 85% of these dealers who own and only a single location. This industry remains ripe for consolidation.
Our technology OEM relationships, winning culture, and new financial partners makes us the partner of choice for dealers around the country. Many of them like right now we will get to know us.
From a law and three pointed out.
Concurrent with the transaction announcement, we released our financial results for the full year of 2020.
Before Steve discusses our results and the transaction detail I'd like to introduce Mark Tac right now CEO, Mark and his partner Bill Coulter had established a remarkable track record.
Through organic sales growth accretive acquisitions and consistent profitability.
At the closing of this transaction Mark and Bill will become two of the largest shareholders of Rumble on and I Couldnt imagine better partners with whom to create this transformational combination mark welcome to the Rumble on family.
Thanks, Marshall today's the transformative day for me and the 800 right now team members, who are dedicated to providing our customers with the best in class experience.
And this combination is about bringing that experience to another level.
We began working with Rumble on in August of last year as part of their Rumble on three point of lunch and we list our entire.
Catalog of new and used inventory with Trimble on Dot com.
The incremental lead sales volume and advanced capabilities Rumble.
From balloons technology breadth and successfully expanded our online capabilities.
We're solidifying that partnership today and believe we can unlock significant synergies as a company the first omni channel.
Her experience available and power sports and enables us to reach more consumers than either company could do independently.
<unk> technology and online capabilities combined with <unk> brand will expand our inventory and product offerings, which will drive an increase in sales and improved monetization.
And as Marshall mentioned operating as a public company and will help further our industry consolidation efforts.
We also look forward to servicing and future and former Rumble on customers. We don't just sell vehicles, we sell a lifestyle and and experience with right now consumers have the ability to.
And consumers to shop for maintenance and repairs as well as apparel and accessories, all of which will allow us to continue the connection with our combined customers increasing their lifetime value and enhancing this overall power sports experience.
This is a people business and we've known the <unk> team for many years.
And the right people to.
Go to realize the full potential of our combined company.
Bill and I are excited to joined forces with Marshall and the entire Rumble on executive team.
We look forward to our partnership that will forever change power sports retail and deliver value to our fellow shareholders now I'll pass the call over to Steve.
Thank you Mark and good morning, everyone.
To help us before discussing the transaction details I will first provide a brief overview of <unk> full year 2020 results and some color on what our financial results would look like on a pro forma basis for 2021.
For the full year 2020 from Milan sold 18024 units.
And generated revenue of $416 $4 million as compared to 43143 units and revenue of $846 million and 2019, the decrease and vehicles sold resulted from the adverse impact of the COVID-19 pandemic on commercial.
Activity, resulting in lower levels of inventory available for purchase, causing lower unit sales, but higher average selling prices due to the supply and demand and balance a reduction and the automotive unit sales, resulting from the significant damages companies operating facilities and inventory held for resale and Nashville.
And as a result of the March 2020 tornado.
Our continued disciplined approach to sales volume and margin growth and a reduction and per vehicle advertising costs.
<unk> full year gross profit was $31 6 million or seven 6% of revenue.
Moving from gross margins of 6% and 2019.
The increase was due in part to COVID-19, creating supply and demand and balances, which led to a higher average selling prices and margins improved gross margins were also a result of our continued disciplined approach to sales volume and margin growth.
And and protect prescriptive steps to drive towards sustainable future profitability.
Total SG&A for the year was $53 $7 million, a decrease of nearly 33 million from.
$86 6 million reported in 2019 the reduction in SG&A.
As with all of the decrease and vehicles sold resulting and a corresponding reduction and selling expenses sales related compensation and marketing spend for the year ended December 31, 2020 as compared to 2019 a.
And a reduction and automotive vehicle sales, resulting from the significant damage.
So the company's operating facilities and inventory held for sale and Nashville, as a result of the tornado and a reduction and staffing levels and adjusted purchasing levels to align with demand and market conditions and a deferral of discretionary growth expenditures such as travel facilities and information technology investments.
Due to the adverse impact of COVID-19 on commercial activity.
For the full year <unk> net loss of $25 million and adjusted EBITDA loss of $5 8 million per se.
Significant improvement from the $45 $2 million net loss and $26 4 million.
<unk>, our adjusted EBITDA loss in 2019.
On a pro forma basis for 2020, the combined company would have generated approximately $1 3 billion and revenue $65 3 million.
And net income and approximately $98 million and adjust.
Good day.
We expect our business combination with right now to close and the second or third quarter of this year. So we're not providing guidance for Standalone Rumble on for 2021, we believe our business models are highly complementary and we expect to achieve cost synergies over time, while driving.
And the rental growth.
EMEA combination as of January one 2021, we expect a revenue range of $1 45 to 155 billion and adjusted EBITDA and the range of $100 million to $110 million, we expect to drive sustainable long term revenue growth and strong.
Living economics, with a long term revenue target and excess of $5 billion, and and adjusted EBITDA margin target and excess of 10%.
We will provide historical and pro forma financial statements and future filings with the SEC.
Under the terms of the definitive agreement from Milan will combined.
And unity was up to 46 entities operating under the right now brand for a total consideration of up to $575 $4 million.
Consisting of $404 million of cash and $175 million and Rumble on class B stock.
From <unk>.
And by and will finance the cash consideration through a combination of up to $280 million of debt and the remainder through the issuance of new equity.
<unk> entered into a commitment letter with Oaktree capital management L. P to provide for the debt financing subject to certain conditions.
Number of shares.
<unk> issued two right now and is subject to adjustment as described and the definitive agreement. The transaction is subject to successful completion of the debt and equity financing Rumble on stockholder approval manufacturer approvals other federal and state regulatory approvals and other customary closing conditions and.
As to the <unk> and the definitive agreement.
Upon closing the ride now executive management team will join <unk> leadership team and the combined company will continue and we look.
But on the NASDAQ under the ticker symbol <unk>.
We are excited by both the business opportunities that a combination with right.
Has this spring.
And the financial profile of the combined company.
With that I'll pass the call back to Marshall for closing remarks.
Thanks, Steve.
We are creating the only omni channel solution and the power sports industry, offering and unparalleled customer experience for outdoor enthusiasts across the country.
Now what we are thrilled with the combination that will transform the way in which consumers and dealers transact and the power sports industry, We will provide more details on our business combination and the coming months.
And so all of our customers for your continued trust to our employees for your hard work and dedication and to our shareholders for your continued support.
Country.
Thank you again for joining us. This morning, we will keep you posted on the proposed business combination of Rumble on and right now and we look forward to see and many of you on the road operator, we're ready for questions.
Thank you we will now be conducting a question and answer session.
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One moment, please while we poll for your questions.
Yeah.
Yeah.
Our first question comes from the line of Ron Josey with JMP Securities. Please proceed with your question.
Great. Thanks for taking the question and congrats on the transaction certainly Big news on a Monday. So that's great I wanted to ask a few questions if.
If you would please.
Maybe first off.
We're six months into three <unk>.
Or thereabouts and can you just talk about how three <unk> has helped to influence the acquisition or the transaction with the right now what and what was it at all and and sort of bigger picture why why acquire dealers.
Dealership understood.
Our platform was 40 dealers and understood. The the synergies here, but maybe talk about lessons learned with three point or that led to this transaction and.
And then Mark I think I heard you say.
And that you were using or are you remember of three point. If so can you just provide additional details and your experience.
And three point O that led you to this transaction that combined with Rumble on and if you heard you incorrectly that you Werent a member of three point out just tell us a little more about why why the transaction and why now what what you look to generate from it and then just one last thing.
Marshall any thoughts on just the autos did this impact anything.
Around your around rebel onto the focus on autos as well so three questions about experience three point O. Mark your experience that you pointed out and why now for the acquisition and then orders. Thank you alright.
Yeah, Ryan and thanks, Thanks, as always and appreciate you jumping on and I appreciate all your support.
Our first stop.
<unk> taken and order, obviously I'll, let mark answer his piece, but three point and always really what started this whole.
Endeavor of joining forces.
Mark's team had.
Had agreed to do a small number of their stores to test three point.
Does that start lifting capabilities and lead generation et cetera.
And Peter and I really wanted to have.
All of their stores, obviously, and so we made a trip that he was gracious enough to invite us to Phoenix, We went down and had a meeting and one thing led to another and we started talking about the synergies so it really.
And the.
Their participation and a three point O really started from from day one since that participation has started we have utilized.
Mark's team too.
Testing several different functions within our within our three point strategy, one being financing is in it.
Example, we've we've tested with a few of their stores with great success.
And we've had interesting and response from various stores and how each of those.
Facilities or management teams treat.
Leads inbound leads and their and their conversion opportunity on things like.
Cash offer.
They have.
One store that.
<unk> has seen significant capture rate with regards to cash offer and which again gives them an opportunity to acquire more inventory and lastly on that piece.
You know the piece of that debt.
Most of you can't see.
See that is embedded in three point O is the dealer logging side of the equation and Thats really where <unk>.
March team has played a major role since the beginning we launched our.
<unk> a platform we call dealer direct.
About 12, or 13 weeks ago now and.
And they.
<unk> been a major participant in that and that has grown too I think week, one we had about a 60% sell through rate.
The last two weeks have both been at 100% and saw 100% debt as on there has been sold and we're just on the verge of allowing all dealers to be able to lift inventory on that.
Online platform to be able to sell and a beta be fashion.
I'll cover the auto is real quick and then I'll, let mark talk a little bit about his experience with three point O is requested on the auto side nothing has changed and our R.
Our auto business other than obviously, we had a significant amount of.
Disruption last year as Steve mentioned, and we were very very cautious coming out of.
Out of Covid and.
<unk> to our detriment.
And in some ways.
But I don't think anybody really had a crystal ball if you listen to some of the other publics they all talked.
About how the market came back with significantly more attention than any of us anticipated.
We think it's very very important.
Is that our platform long term has the ability.
Two.
Decipher anything will defend offer a cash offer offer.
Ensign and so on and so forth and we still do that today. The only reason the autos mark.
Ron aren't prevalent on our site today really relates back to our car Gurus test.
And which we're still working with them and and <unk>.
There is ways.
Because we really thought long term.
Our relationship with them and access their eyeballs as I think you and I've talked about before could be really really valuable and now with the addition of.
What is really necessary to provide a complete omni channel solution and by the addition of the of up right now.
And and our opportunity to really dominate and industry.
And our focus is.
Purely on power sports, but make no mistake about it and we are we plan to be in the and the vehicles business of all kinds and our brand as I think I've stated the past the last couple of calls our brand and we really see is revolving around a lifestyle vehicles clearly power.
Our sportswear lifestyle, but when you look at cars and trucks. So theres a lot of lifestyle vehicles, there as well. The example, I always give is nobody goes out and buys our wrangler a corvette because it's a.
Wonderful for daily transportation, and they buy it because they want one and that's really what we want to build the brand around rub law and long term is all around the warrants.
Not necessarily needs, but we do have to have the ability to redistribute everything on which we have a we still intend over time to bring on boats and rvs you already see some personal watercraft on our site because a lot of these power sports dealers also have trailers and personal watercraft and so forth and so it will be a natural expansion as we move forward, but right now.
Now our belief is we have a window of opportunity here to really create a price.
A huge company.
And the biggest opportunity to be a dominant player. We feel is and the power sports space. So with that Mark you want to touch on your experience with three Plano and maybe maybe dealer direct.
Sure. Thanks Marshall.
Ron and I think that Marshall has touched most the most of the points the financing without a doubt is showing to be a good growth point for right now we're seeing a lot of action on that side, but our leads probably even more so right now the.
The leads that are generated a true.
Through three point, though we're getting as he said they are great capture rate.
And we're seeing that spread store to store, so it'll it'll spread pretty much close to the coast.
Probably the biggest immediate impact we've seen is the the per.
Product and we're getting out of out of our out of their auction site.
Sorted you abused inventory and the power sports business has been a problem for as long as I can remember and.
And the product and we are getting from them is not normal product that we'd see out of an auction.
A public auction or.
Or any of the existing auctions, it's when they're going directly to the customer the way. They are there they are giving us product with very low mileage very great condition.
Whereas a lot of other auctions will.
Well move product that really is his inventory dealers don't want and it's got problems. It's old the time mileage. So we're seeing.
A very good success.
On our on our profit returns.
Just on the product that we are getting from the Rumble on a three point O auction sites, so with that Oh, and I think that pretty much covers that question.
Ron I would just finish it up and let Steve has something in and your three questions.
And I think from one thing that's really really important is that.
What three point O is generating and facilitating for dealers and Inc.
Incremental business.
And if you if you were just purely a listing site you might generate some leads for people that might live around your store or maybe even some outside the mark.
But they don't convert.
The listing side is not helping you convert those in any way not providing any level of service and so when you look at these sales and that's one of the things that we're really excited about and so you look at this company and you analyze their numbers right now who does a fantastic job compared to the to the general industry.
Industry. There are about three new to one used I think we all know and the car business that it's significantly better than that and I think it's because of the consolidation of that inventory, which is what we have done and we presently we don't have any competition, we don't expect that to last long.
But we certainly think that we can and that we can drive that.
And that momentum and I think that incremental sales is the key this isn't a a cannibalization and any way and what you were already doing and the people that we drive into the showroom floor that wants to sell their asset.
Or look at a specific vehicle these are by and large.
Absolutely incremental sales.
Thanks, Marshall if I could just follow up or I can get back in the queue, but maybe just one more did you always have a view that you would like to acquire a dealer or is this sort of the learnings coming out of dealer director and.
And as we point out thanks.
I would say, it's a combination of book I mean, I think you know Steve's and my background and Steve.
They've been a you know a.
Cofounder of Autonation, and the first public equities to the bricks and mortar car business.
Which you know now is commonplace.
We are the first and the power sports space and and we think there's a there's a real opportunity.
Tuna.
Uh huh.
But what the learning of three point has been.
Interesting from the standpoint of and driving our desire to do this sooner than later because.
Because of what we see as <unk>.
Short term and as I guess and the industry.
And it is.
And in general it has a fairly.
Our kick online presence.
And we just think that there is a huge opportunity when we see what it takes to integrate with the average dealer the lack of sophistication with regards to.
D M S and inventory systems, and so forth it just seems that.
And a high level of modern technology.
And help the entire industry and and that's where we think we can play a major role.
Okay.
Got it Okay Marshall.
Yeah, Savi and whatnot.
And if I could just add one other thing obviously, we've always thought about.
The brick and mortar side of it but for us if we weren't too early it would be a roll up and we want and didn't want to roll up and wanted to be able to take something and transform it into a business that could not only.
Gross growth through acquisition, but more importantly have a large organic growth component and without the technology once proven out and once executed well as we are today would give us a much better opportunity to discuss how we could consolidate and offer an opportunity for people to look at a model that isn't just hinged on putting a bunch.
The other and taking out cost and calling it a business plan.
Got it thank you, Steve and congrats again.
Thank you as a reminder, if you would like to ask a question. Please press star one on your telephone keypad.
Our.
And next questions come from the line of Rommel do ACO with Aegis capital. Please proceed with your questions.
Hi, Good morning, Thanks for taking my question congratulation and other transaction.
Two questions from me first.
And it's been in the press Harley Davidson's, making a push here on the used bike side with the certified Preowned program.
Could you.
And maybe wash and Marshall just walk us through the potential implications of that on your business, obviously, it's a competitive issue, but could that actually benefit them.
The velocity of used bike transactions and market overall, and obviously benefit you.
And the second question would be.
You know without asking for your results.
Quarter and anything on your guidance for the quarter could you maybe just discuss the COVID-19 situations from macro indicators, indicating some you know potential for what the vaccine and all of that improved economic activity and also what would be the impact did you see and impact from the January stimulus payment and Mike.
That and obviously with another one coming up here bigger ones coming up here and the next few days and weeks.
You have put some potential impact and their business overall, thank you.
Yeah.
So first the first name and your question with regards to Harley Davidson.
You know we are we think it's a huge huge.
Huge benefit that they are recognizing the advantage of pre owned.
We're the leader and redistribution of pre owned.
Mark and Bill and their team does a fantastic job.
But he stayed and.
And they've been short of inventory and their entire 31 year career and and we are.
We're able to fill that are not not just for them, but for a lot of dealers.
And it wasn't very long ago that Harley Davidson and was was telling their dealers to stay out of the pre owned business because it was competitive to their new bike business.
I think today under new management, they've realized that.
And as you heard from all of.
Manufacturers over the last few years the biggest challenge is to bring new riders into the sport well Covid really really open that up to bring new riders into the space people are looking for ways to get out and get outside and recreation type type vehicles, and I think that our dealers.
Dealers have been loud.
How about.
<unk> a day.
Vantage of pre owned.
People come into the to the.
To support if you will.
And the way they start with affordability and that's what pre owned does if you if you compare to the automobile business I always I always like to say, if you're selling Piazza Ferrari as you better be and the used car business.
And part of that is about <unk>.
Generate and your next generation of customers and.
And I think Harley and definitely grasping that.
We're pretty confident that Polaris and others are.
And I already have.
And we see it as a huge opportunity that certification program is really missing from the industry.
And we have actually talked to several of the matter.
Matter of fact about that we think it's a big benefit because certification is something that consumers understand today when it comes to vehicles and it also helps the valuation of those vehicles that they trade between dealers.
On our.
B to B platform.
And as that grows dealers will be.
Inclined to trade.
And certified vehicles at a higher valuation because they understand what the what the potential reconditioning and expenses and so forth. So there is nothing and Harley Davidson's present position with regards to emphasis on used vehicles and the emphasis on our certification.
Vacation program that we don't think there's anything but 100% beneficial.
To us so and and again it really it really revolves around the new rider situation I think the numbers speak for themselves and with regards to the impact of the stimulus checks that might be a little early.
But I can tell you that business.
As we're coming out of Covid.
And maybe mark can add a little bit it doesn't appear to have slowed in the and the lease from our perspective and the demand seems to be as high if not higher and one thing happens as we as we can.
Early aggregate this inventory efficiently and redistributed through the dealer channel.
We were going to create a whole different.
Our volume today. These these vehicles about 70% of them transact.
Up here through the likes of Craigslist and others right.
We know that that isn't from a from a pure.
Transactional basis, it's not and efficient redistribution model and the reason is because these vehicles are expensive today and they do require and a lot of cases financing and people have the ability to trade. So if I'm selling you my motorcycle and.
200 miles away I really don't have any interest and financing and I really don't have any interest and taking your trade in and that really is what drove three point O and what our thought was is as opposed to just putting dealers' inventory up on our site and sending them somebody that's interested in a blue one of these model where that model.
And actually send them.
And I love it and that's like the real estate business. You know if you look at and real estate doesn't and stay very few people go out and shop without preapproved credit we've been the first to be able to offer preapproved.
Financing so that when they when they do decide on what.
Power sports vehicle they want to buy.
And they they are already preapproved and they and they can move forward they know what their trade.
Worth and and so on and so forth. So mark could you just touch real quick on the impact of Covid and you're seeing coming out of Covid, maybe we can't give exact numbers because we're not reporting a quarter, but just talk about how.
The first the first couple of months of 2021 are looking and your regard.
Current Marshall, we we were seeing growth actually in January and February 1st couple of months and in 2020 before Covid hit.
And there's no doubt that that COVID-19 propelled that even even farther but you're spot on the getting out distancing and join.
Trade and time.
Yeah.
It's been a major major impact, but we see it continuing and now as Covid is backing off so we're still seeing the growth in January and February of 'twenty, one are well over 20, which and always has.
Good plus for.
And I think your point is well taken that debt.
It's pretty much here to stay we're seeing a major influx of new customers that are coming into the business and and when that happens.
And.
And as like the ride with other friends. So they are our best marketing tool when we sell.
But they have lots of friends that they want to ride with they bring those customers back and and it's just exponentially grows the business but.
Think that.
I honestly think debt.
Going forward the work environment for for the <unk>.
Sensory has changed and it changed permanently to to some degree.
And which we'll find out down the road, but I think the way the consumers are playing.
Also has changed for for good and we'll find out as well on that and.
How big the.
How big and I guess, how much will stay on the direction that's going but.
Buying habits.
And what's changed playing habits changed work habits changed I think where we're seeing a major difference and the future that are the tie all these together.
Okay.
Great well, thanks, very much from the perspective, and congrats again and exciting time for you. Thanks.
Thank you.
Thank you there are no further questions at this time I would like to turn the call back over to management for any closing comments.
Well, great as always were available to us to see.
Speak to anybody at any time, and you know, Steve and I and now Mark our very assessable.
And we're happy to discuss the business.
So any level of detail you prefer I want to thank everyone for joining this call. The day I hope everyone has or will take time to watch the video provided.
The video as that Rumble on and right now dotcom.
And I think it will really give you a good flavor for what the what the what the plan is here.
We have a significant opportunity ahead to take a dominant stake and the huge power sports industry. We sincerely appreciate our nearly 2000 team members and business partners as well as current and future investors, joining and endeavor with Bill Mark Peter Steve myself, and our well burst board of directors. This executive team has the.
Experience to execute such a plan and are more than confident we will create significant shareholder value over time, thanks again for joining today.
Thank you for your participation. This does conclude today's teleconference. You may disconnect your lines at this time.
Day.