Q1 2021 Independence Contract Drilling Inc Earnings Call
Good day and welcome to the independence contract drilling incorporated first quarter 2021 financial results and conference call. All participants will be in a listen only mode should you need assistance. Please signal conference specialist by pressing the star can you followed by zero after today's presentation there.
Would be an opportunity to ask questions to ask a question you May Press Star then one on your Touchtone phone and to withdraw your question. Please press Star then two please note. This event is being recorded I would now like to turn the conference over to Philip Choyce Executive Vice President and Chief Financial Officer. Please go ahead Sir.
Good morning, everyone and thank you for joining us today to discuss Icd's first quarter of 2021 results.
With me today is anti Guy I guess, the president and Chief Executive Officer.
Before we begin I would like to remind all participants that our comments today will include forward looking statements, which are subject to certain risks and uncertainties.
Number of factors and uncertainties could cause actual results in future periods to differ materially from what we talk about today.
For a complete discussion of these risks we encourage you to read the company's earnings release, and our documents on file with the SEC.
In addition, we refer to non-GAAP measures during the call.
Please refer to the earnings release, and our public filings for a full reconciliation of net loss to adjusted net loss EBITDA and adjusted EBITDA and for definitions of our non-GAAP measures.
And with that I'll turn it over to Anthony for opening remarks.
Hello, everyone and Philip will go through the details of our financial results for the first quarter of 2021 and a couple of minutes.
In my prepared remarks today I want to focus on three things a brief update on our recent quarter the acceleration of utilization and day rate momentum we are experiencing.
In particular within the last 45 day.
And update you briefly on our progress regarding ESG.
We reported an EBITDA loss, even though we continue to add contracted rigs reactivation cost impacted our results by approximately $1 1 million during the quarter.
The cold weather freeze the grip, Texas back in February impacted our results only slightly at the <unk>.
The startup of one rig and we had another rig go on a lower force majeure rate for a short period of time.
Our financial results continued to benefit from our cost rationalization and cost control efforts implemented last year and better absorption of fixed and support cost as a result of more rig activity.
Looking forward, we are confident that the past two quarters represent the trough for us as our industry continues to recover from the impacts of the COVID-19 pandemic.
Philip will go through guidance in a minute, but as we sit here today, we have a pretty good line of sight on recovery of positive EBITDA. This year with our goals still intact of exiting the year generating free cash flow.
Overall liquidity at quarter's end stood at $32 2 million.
During the quarter, we did selectively access our equity line of credit and ATM program, raising approximately $1 5 million in gross proceeds at an average price of $4 85 per share.
Overall liquidity consisted of $5 4 million of cash on hand, $7 7 million of availability under our undrawn revolver and $15 million under our term loan accordion and $4 1 million remaining available under our equity line of credit.
Now onto the business.
Contracting activity and day rate improvement during the first quarter of positive.
Overall, we operated 12 rigs during the quarter, averaging 10.3 rigs during the quarter.
Renewals include a day rate increases across the board with some rigs receiving rate increases of 1000 or more per day more importantly, as I mentioned earlier positive utilization and day rate momentum of IC for ICD has continued to accelerate during the past 45 days.
Currently we plan to reactivate an additional four rigs during the second quarter at the highest day rates, we have contracted since the onset of the pandemic.
And in the process, we are increasing our exposure to larger multi rig clients.
One of these rigs will replace our 1000 horsepower rig based upon changing customer requirements for a larger rig the.
The rig has performed exceptionally well and we have some opportunities for re contracting this rig but it is not included in our second quarter exit forecast of operating rigs.
Of the four planned reactivation, we have two contracts in hand, and we're finalizing contracts where the remainder.
Overall, we expect to exit the second quarter with 15 rigs operating consistent with our 2021 business plan.
And we believe there's upside to that.
I would expect of these 15 rigs seven will be working in the Permian.
In the Haynesville or east, Texas, and three in South, Texas in the Eagle Ford.
All of this is critically important for ICD strategic focus on a go forward basis. So I want to provide some more color on what we see as the drivers for the contract and day rate acceleration, we're seeing in ICD.
When the industry was coming off the historic bottom beginning in the third quarter of last year contracting opportunities were few and far between and we could not be very selective on which contract opportunities. We secure if you'll recall rig counted bottomed at 244 rigs working in the lower 48 Youre in August of last year and currently sits at <unk>.
439 rigs as of April 16th of 2021.
As our industry has continued to heal from the pandemic, we've been able to be more selective even turning down opportunities either because of the day rate was too low the contract opportunity didn't justify the capex or the geographic or customer.
It wasn't right a.
On a specific goal we established for 2021 was to reestablish more multi rig clients like we had pre pandemic put more rigs with customers, who have larger and more extensive drilling programs. The contracts. We have signed since quarter's end are significant steps toward achieving that goal.
In particular during the first quarter, we put a second rig with the client in the Midland Basin and after the close of the quarter, we signed multiple contracts and received commitments from former customers that increases our number of multi rig clients further from two to four and we're working on expanding what will be our fifth multi rig client here during the second quarter.
At ICD, we love all of our customers and the efficiencies that can be gained by work in multiple rigs for the same customer undeniable.
With respect to the market. The overall rig count has ramped up nicely during the first quarter exceeding most analyst expectations and we expect that to continue during the remainder of this year, but likely at a more moderated pace.
And that type of environment, we believe there will be additional opportunities for rig reactivation for ICD later in the year, but I want to emphasize we will not pursue reactivation, if the rates and terms and the customer do not justify the incremental capital outlay.
This view is supported by our opportunity set today.
Worth highlighting the ICD has continued to reap the benefit of outsized market share gains.
Since the bottom our operating rig count has increased well over 300% compared to an 80% increase in the overall market.
That is because some of our incremental reactivation or not the result of our customer, adding a rig, but rather an ICD rig displacing a competitors rig in.
In fact during the second quarter ICD will be replacing rigs from three of our very largest competitors. These placements were not secured based on price, meaning we didn't undercut our competition to knocked them out of the saddle. In fact these are the highest day rates on our fleet today consistent with the higher end of the day rate range, you hear drillers talk about today when describing.
Fibbing spot market pricing.
The customers' decisions in these cases, we're driven by relative performance and capabilities of the competing rigs and the customer's preference for working for ICD.
Yes, you have to be competitive on day rate and we all know that but the point I'm trying to make is we are building on the strong brand, which we have our operational performance and our rigs capabilities to increase market share in intentionally penetrating more large public and private independent oil companies in the process.
This is important for outlook as these are the e&ps that we'll continue to add rigs as we work toward year end, 2021, and especially as Capex budgets increase in 2022 and likely beyond in response to continued improved commodity price environment for oil and natural gas.
I think also theres the bifurcation underway on the rig market day to day that is driving icd's utilization outperformance compared to the market.
The previous bifurcation in our industry was based on rig capabilities 10 years ago. It was AC versus SCR mechanical then it evolved to walking versus skidding and more recently three before mud and generator configurations and of course technology.
Today in a lower rig count environment. The current bifurcation is being driven by contractor quality sophistication and financial wherewithal customers can take for granted that your rig meets their specification, but many of today's e&ps have certain specific requirements in terms of systems processes technology and overall competency of their <unk>.
Service providers, the consolidation that is happening within our customers. The E&P community appears to be accelerating this move to a smaller subset of the overall driller drilling contractor community being relevant and we're glad at ICD to be part of this cadre of which will continue to drive the provision of Super spec pad optimal rigs working in the U S shale.
You can see all of this in the overall contract a rig counts with market share gains accretive primarily to the most sophisticated land drillers.
This is important for ICD as we've been strategically positioning ourselves to participate in this evolving market dynamic.
Except for 1000 horsepower AC rig all ICD rigs are equipped with four generators and three mud pumps and all have the platforms that deploy technology when required I'm, particularly excited about the recent market penetration in contract wins for our 300 series rigs if youll recall these rigs came to us in the sidewinder merger and our.
Typically designed for extended reach long laterals, and where our customers want to use larger our high torque drill drill strength.
Many of these rigs are capable of racking 29000 feet of five inch drill pipe and 25000 feet of five five inch drill pipe the.
I mean in many cases exceed our customers' requirements for their most complicated extended reach wells.
Rigs with the specifications are few and far of between within the U S land fleet and as you would expect these rigs are in high demand and command the highest day rates. The reality is that until recently. This is the first time since the sidewinder merger in late 2018 that we've had the opportunity to market these rigs across our customer base into.
So an improving market, where our customers were not in the process of reducing rig count.
And I think that back the supplemented by the company's strong operational performance marketed by a top notch sales and marketing team.
The trough last year, we deployed three of these rigs and with the contracts in hand, we'll be deploying several more during the second quarter and expect there'll be additional opportunities to deploy more during the second half of this year, while continuing to feel and respond to strong demand for of 200 series rigs in other words right now ICD is seeing increased.
Demand for our 300 series rigs and this is important for our company our employees and our shareholders whatever their preference ICD has the right rigs for customers today, including those e&ps that demand plenty of hydraulic horsepower powered by generating capacity to run all three mud pumps simultaneously and when necessary deploy technology and Utah.
The extreme drilling racking and setback capacity, we've accomplished this with minimal cash outlay, primarily through our strategic merger and by employing unused equipment, thereby maximizing our returns in this challenging environment.
Now on the day rates in light of the continued increase in demand for drilling rigs and Icd's operational performance day rates continued to improve.
We are nowhere near where we need to be to have a healthy drilling contractor industry. We have been able to make progress during the first quarter and especially since quarter's end.
We've been able to increase day rates up to a $1000 a day or more on contract renewals and two of these contracts I just referenced are at day rates in the high teens before adders, which is a significant improvement over spot market pricing last year.
For the most part these contracts of short pad to pad type work, which is fine given our outlook for rig demand, we don't want to lock up at today's rate when the outlook is so strong.
The only downside is the contracts won't show up in our contract backlog statistic as we only count contracts with durations longer than six months.
As these rigs and repricing on renewals.
We'll get layered into the fleet over the second quarter, they won't positively impact our financial results fully until the third quarter of.
Also something that probably gets overlooked or contract terms, which are also improving in particular over the last 45 days.
The incidental type charges that are typically the responsibility of our customer can find their way onto the contractor side of the ledger and very soft markets.
And this happened to us coming off the rig count bottle.
And the more recent contracts we've signed we've been successful in pushing these types of incidentals back to our customers the cost of which add up and are meaningful for drilling contractor margins, especially at low day rates.
Another positive data point, we are seeing is more competition from customers for the same rig.
This is also part of the dynamic, which we saw accelerate after the first quarter close. This is an important fact, because as we think about the lower 48 rig supply today, we're very confident that most of the easy cheap low hanging easy rig reactivation in the U S land rig fleet have occurred.
We believe industry ride reactivation costs are higher per rig stacked over nine to 12 months, thereby requiring higher day rates to generate economic returns as rigs returned active duty. In addition, there is a clear preference by customers to take of hot rig over one that's been stacked for nine months plus in other words it is an economic necessity.
The day rates must be higher due to more demand for fear of hot rigs and in order to justify the spend on any drilling contractor must make in order to bring rigs out of that had been stacked for almost a year now.
If the rigs have to be upgraded than the contract value the should be required as yet even more.
I also think the supply of the highest specification equipment is near the inflection point, where pricing power at creech to the drilling contractor.
If you think about of true pad optimal super spec rig I'm talking about AC four engines, three pumps 500 horsepower with 20000 feet or more of racking capacity and importantly walks.
That is what our customers want their.
The only about 450 or so available in the U S land rig fleet today, unless very significant capex dollars of spirit.
And the supply of 300 series spec type rigs is even lower than that and we believe we're getting close to full utilization of that supply.
Our best estimate is that utilization of the Super spec fleet today is in the neighborhood of 65 per cent and with 300 series type utilization is meaningfully higher than that.
So we believe the signs are very positive from meaningful day rate progression during the back half of this year, especially given the small relative percentage of spin, which the rig now represents in our customers' overall well cost.
I'd like to close by addressing Icd's efforts on the ESG front.
And ICD, we're focused on doing our part towards the industry's effort.
Regarding the E on ESG all of our rigs of dual fuel capable and many of them employing this carbon reducing technologies day by using natural gas in combination with diesel as feedstock for our generators today, we have rigs powered by electricity from the utility grid and of course, many of our rigs are burning some form of clean burning natural gas.
Outfitting, our rigs and running them in this manner not only results in cost savings from our customers, but also significantly minimizes and in some cases completely eliminates the 100% of the pollution of the pad side compared to running four generators on of drilling location, which is how rigs typically received the electrical power and of course, we're always looking for other customers.
They're willing to undertake the same strategy, while I believe our industry has done a lot of good work on this front over the years, we are excited about our prospects as the industry to continue addressing these challenges I.
I would be remiss, if I did not point out that many of our executives mbo objectives are tied to environmental and sustainability objectives on.
On the social front, we're making arrangements to continue to give back to the communities, where we work during the summer and fall and planning other initiatives involving further charitable efforts here in Houston, where our corporate headquarters of space.
I would like to point out we are of very robust social media presence and I invite everyone to follow us on Facebook Twitter and Linkedin.
You hear about the good things ICD is doing out in the field and in our community rig.
Regarding the G. In ESG, we've been very forward leaning on the governance from historically, including tying a substantial portion of executive comp the quantifiable measures, which are closely aligned with our shareholders' interest at the end of February Icd's Board established compensation metrics for 2021, and this year, 100% of our executive team.
<unk> long term incentive compensation is performance based and therefore, 100% of risk.
I think this is another fact that makes ICD very unique and oilfield services still another measure we've taken to further align managements interest.
The 100% with that of our shareholders as Ty Tsi metrics not only two of driller on oilfield service peer group, but also to a broader market index across all industries, Inc.
Point of all of this out because on a returns based world our shareholders should know that icd's pulling all the levers available to drive returns and align ourselves with them and over time I expect to see these results manifest themselves in better financial returns and free cash flow generation.
We just need a couple more quarters to properly assembled the chess pieces.
So summing all of this up there are a lot of good things happening at ICD today, we continue to punch above our weight as we recover from last year's unprecedented downturn, we're on a pathway to free cash flow and driving returns for all of our shareholders. Our financial flexibility has improved since the 2020 downturn and our management team remains incentivized occur.
<unk> the focus on cash flow generation and financial returns over the long term with our management team winning only if our shareholders do.
Our rigs are in demand and our systems and processes, which support our operations our best in class. Our rig fleet is young flexible on engineered to maximize manufacturing efficiencies for our customers. We're breaking records, winning accolades for service and professionalism and working hard to exceed our customers' expectations every day across our fleet and the.
The offices are rigs are drilling optimization capable and participating alongside our customers in pursuit of ESG initiatives.
Firmly implanted with the strong brand and reputation in our target market for providing the safest and most efficient contract drilling services and north America's most prolific oil and gas producing regions, which reside in Texas and the contiguous states. We continue to gain market share and are excited about our prospects over the next several quarters.
With that I'll turn the call back over to Philip So he can walk us through the first quarter 2021 financial results for the company.
Thanks Anthony.
During the quarter, we reported an adjusted net loss of $16 4 million or $2 64 per share and an adjusted EBITDA loss of $2 million.
We operate of 10, three average rigs consistent with guidance provided on our prior conference call.
We expect utilization to increase sequentially by over 20% during the second quarter of 2021 compared to our first quarter average with further sequential increase as expected in the back half of the year.
Revenue per day of $15465 fell sequentially based upon one rig operating on the standby basis for most of the quarter and the exploration of our final legacy pre pandemic contracts.
Revenue per day was slightly higher than guidance, principally principally due to lower standby days compared to the expectations.
We did not record any early termination revenue during the quarter.
Cost per day of $12663 was higher than guidance, primarily due to lower than expected standby days and two of lesser extent, perhaps $300 per day or $270000 on the aggregate of costs associated with the combination of of the February freeze of discrete repairs during the quarter.
Cost per day excludes $1 $1 million associated with rig reactivation and $500000 of unabsorbed overhead costs during the quarter.
Those costs were slightly favorable compared to guidance.
SG&A costs of $3 $7 million included $700000 of noncash compensation expense.
Cash SG&A expense increased sequentially from the fourth quarter assess associated with incentive compensation accruals from the new fiscal year as well as seasonal year end audit and related matters.
During the quarter cash payments for capital expenditures net of disposals was approximately $1 million.
These payments included approximately $900000 related to the prior year equipment deliveries.
There was approximately $1 million of Capex accrued at quarter end, which we expect will flow through during the second quarter of 2021.
The overall right now our capital budget for 2021 remains unchanged.
Our backlog at March 31 stood at $12 $1 million, all of which expires in 2021.
Obviously, our backlog of substantially below historical levels as most of our rigs are now operating on short term pad to pad contract.
The capitalizes on our view of continued higher day rates throughout 2021.
Moving onto our balance sheet at quarter end, we reported net debt, excluding finance leases and net of deferred financing costs of $132 1 million.
This net debt is comprised of our term loan and $10 million PPP low.
Finance leases reflected on our balance sheet at quarter end were approximately $7 4 million.
Our PPP loan balance does not reflect any potential forgiveness.
During the first quarter, we submitted our forgiveness application to our lender request requesting forgiveness of the entire $10 million low.
Our forgiveness application, including our assessment of the necessity for and qualification from the loan will be reviewed by both our lender and the SBA and.
And given the nature of the process, we don't know exactly when a final determination on our application will be made.
Anthony you mentioned at quarter end, we had total liquidity of $32 2 million.
Looking at the sufficiency of this.
We have reported an EBITDA loss for the past several quarters and are generating negative free cash flow I'll go through guidance at the moment, but as Anthony mentioned, we are moving in the right direction.
We elected to pick the payment of our April 1st interest payment, which was promoted under our term loan facility, which increases projected liquidity.
We also expect our revolver borrowing base will continue to increase as we continue to reactivate rigs in our operating rig count in a our balances increase.
Still believe assuming continued moderate improvements in our operating rig count the back half of the year of steady improvements in revenue per day, we can approach free cash neutrality late in 2021 and meaningful meaningfully improve on that in 2022.
Given the levers available to us to pull at this time, we're comfortable with our financial liquidity position.
Now moving onto the second quarter guidance.
We expect operating days to approximate 1130 days, representing 12, four average rigs working during the quarter.
As Anthony walked through we expect the exit the second quarter with 15 rigs operating in line with our 2021 business plan.
We expect margin per day to come in between 3030 $200 per day, representing an approximate 11% sequential increase at the midpoint of this range.
We expect revenue per day to come in between 16003 hundred $16400 per day and cost per day to come in around the 13200 of $13400 per day.
Again, we don't expect any standby days will affect the statistics during the second quarter like they did in the first quarter.
These per day amounts exclude pass through revenue and expenses.
As Anthony mentioned further day rate improvement from recently signed contracts will primarily benefit the third quarter onward. So we do expect additional sequential revenue per day improvement after the second quarter and continued efficiency gains of the cost line as more rigs go to work.
We also would expect to incur an additional $1 $3 million associated with the four planned rig reactivation and the replacement of 1000 horsepower rig during the quarter and $600000 of Unabsorbed overhead costs during the quarter. These.
These costs are not included in and on top of in addition to our cost per day guidance.
We expect SG&A expense to approximate $4 million <unk>.
Included in this estimate is approximately $900000 of noncash compensation expense.
The sequential increase in non cash compensation related to full quarter expensing of at risk performance based compensation, which only partially affected the first quarter of 2021.
These awards are subject to variable accounting so the ultimate amount of expense will be based on our stock price at quarter end and progress towards the performance goals.
We expect interest expense and depreciation expense to be approximately $3 8 million and $10 million, respectively of tax expense to approximate $100000.
For capital expenditures, we expect approximately $2 $3 million of flow through our cash flow statement during the second quarter.
And with that I'll turn the call back over to Anthony.
Thanks, Philip I have no further comments at this time operator, let's go ahead and open the line for questions.
Thank you we will now begin the question and answer session to ask a question you May Press Star then one on your Touchtone phone if youre using a speakerphone. Please pick up your handset before pressing the keys and to withdraw. Your question. Please press Star then two and at the time, we'll pause momentarily to assemble our roster.
And the first question will come from John Daniel with Daniel Energy Partners. Please go ahead.
Hey, guys good morning.
Hopefully good morning, John how are you.
Sir I'm good I just got one I just got one question you noted the customer requirements on rig specs.
Our increasingly call. It a gating item may be in terms of the rig contracting process and I'm just curious as that continues to evolve.
How will that limit do you think any consolidation opportunities amongst some of the smaller private land drillers.
Yes, John Thank you for the question.
I think there will continue to be of need for.
What we would refer to as pad optimal so super spec type of equipment, what I was trying to eliminate in the comments really was a subset of the market of niche that we think is going to continue to grow obviously, it's very exciting for us because we believe we have the equipment to the target that and one of them.
The dynamics, that's driving it or bigger pads.
Think also the consolidation thats happening within our customers and you think about the checkerboard acreage that's out there how they're able to piece things together.
Gives them the opportunity to leverage that fixed cost on.
On on one pad as opposed to building multiple pads and maybe access more of the reservoir than they would have beforehand and in order to do that they're going to need of different type of rig one net can drill the longer lateral may be a bigger bore of both.
The punch line is on the point I was trying to make is the 300 series rigs.
We have are ideally suited for that and I think the fact that you're seeing that evolve right now in the marketplace and we would expect that to continue is very exciting for us and that was really where I was trying to go with that.
Fair enough. Okay. I appreciate that and then the last one would be just.
Any thoughts observations.
On supply chain, what issues are patient you guys right now just any broad commentary would be appreciated.
Yeah, you know we spend a fair amount of time talking about that you look around us.
On our private lives and others, we've all been impacted in different ways. Some.
Of it just because of the pandemic, others computer chips and stuff like that but day at ICD as the company.
We've continued to roll with the punches not aware of any issues in terms of supply chain access to equipment stuff like that that's hindering our ability to service our customers today are to continue to prepare the company.
To two <unk>.
Even add rigs to these customers. So so far knock on wood, it's not an issue for us okay.
That's good that's all I had guys. Thank you for your time, Inc.
Thank you John.
The next question will come from Daniel Burke with Johnson Rice. Please go ahead.
Yeah, let's see still good morning, guys.
On an annual how are you.
Well fine to financing me, Hey, So Anthony last quarter, you talked about sort of as the rig count got to the mid to upper teens.
During taking almost of the intentional pause in and I think that reflected the thought that activation reactivation costs, where we're gonna rise and maybe the rates weren't there to support that yet I mean does that.
A lot of some optimism here this morning on on rates certainly so.
Do you still see an intentional pause or or or is the strategy a little different as you sit here today.
No I think the the one thing that maybe has changed slightly from on the last time, we talked as we have seen.
Some pretty good day rate momentum, obviously, we're coming off of low base as I said in prepared remarks, we're not anywhere near where we need to be but it's.
Certainly.
Every renewal that we've had and certainly every new contract that we've signed since the last quarter's call has been at higher day rates and that ranges from.
Minimum $500 of day to in some cases over $1000 a day. So that certainly has been a positive development as we look at the fleet as we consider reactivation costs and stuff like that.
We're very comfortable in.
The number that we've put out of 15 by the end of the second quarter, we've talked about that now for two quarters.
Maybe there's a couple of more depending on where the market is in Q3 Q4 that we might in by the end of the year, but I don't see us running.
Very far beyond that number and on.
Unless and until we continue to see this day rate improvement that we're talking about Daniel but look everything that we see in the market certainly what we're hearing from our customers what's happening with the commodity the macro picture is as far as we can tell is very supportive of.
Continued increases in rig count, albeit it's probably more moderated in Q3 and Q4 as it has been in the first four months of this year, but it really sets up.
A pretty good 2022, and our mind, especially as capital budgets get recharged and the early part of the year I would expect to see an increase in demand very similar to what we saw in 2021.
It just like I said, it's going to be slower than any of us wall.
But the.
The punch line for ICD is that assuming.
And using those assumptions, we will continue to add rigs.
On a very measured pace into what we believe will be of an improving market for for next the next several quarters to come.
Got it and.
And then my follow up is.
As you guys develop better line of sight and better conviction around getting to sort of that free cash break over point by the end of this year I mean, you've used the use the equity you used the ATM pretty effectively here over the last year I mean is that still part of the the strategy as you look forward from today.
Danielle I think we will be opportunistic when we use those types of things I think we've done a good job. So far so all of what we did in the in the first quarter it wasn't.
The significant magnitude, but it was at favorable prices. So we'll look at that as well.
The way to.
On the operative to necessarily take advantage of the market when it's available to us.
Makes sense all of the I'll leave it there guys. Thank you for the time.
Okay.
Thank you.
This concludes our question and answer session I would like to turn the conference back over to Anthony <unk> for any closing remarks, any closing remarks excuse me. Please go ahead Sir.
Okay, well, thank you Chuck for that.
We want to thank you all for joining us today for our call.
And before I sign off.
Like to thank the hundreds of the hard work and dedicated employees at ICD for their service and sacrifice.
So I'd be remiss, if I didn't mention that here over the summer at ICD, we're gonna be celebrating our 10th anniversary our 10th birthday. So I want to thank all of the ICD employees, former and current who contributed to the company's efforts over these years.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
Okay.
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Okay.
Yeah.
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