Q3 2021 West Pharmaceutical Services Inc Earnings Call
Okay and thank you for standing by welcome to the queue 320, 21, West Pharmaceutical services earnings Conference call.
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I would not like to hear the comments over to quit and lie Vice President of Investor Relations. Please go ahead.
Thank you Amanda.
Good morning, and welcome to West third quarter of 2021 conference call.
We issued a financial results. This morning, and the release has been posted and the investors section on the company's website located at <unk> Dot com.
This morning C E O are green and see if o'byrne Briquette will review our financial results.
Provided and updated in our business and presented an update on a full year of 2021 financial guidance.
There's a slide presentation that accompanies today's call.
And a copy of the presentation is available in the investors section of our web site.
On slide floors are safe Harbor statement statements made by the management on this call an Indian company and presentation contains forward looking statements within the meaning of U S Federal Securities law.
These statements are based on our beliefs and assumptions current expectations estimates and forecasts the.
The company's future results are influenced by many factors beyond the control of the company actual results could differ materially from patch results as well as those expressed or implied in any forward looking statement made here.
Please refer to today's press release as well as any other disclosures made by the company regarding the risk to which are the subject, including our 10-K 10-Q and a cable reports.
During today's call management will make reference to non-GAAP financial measures, including or getting sales growth.
Just did operating profit adjusted operating profit margin and adjusted diluted EPS.
Reconciliations and limitations of the non-GAAP financial measures to the most comparable financial results prepared prepared in conformity. The gap are provided in this morning's earnings release.
Now turn the call over to West CEO and President Eric Green.
Thank you Clinton and good morning, everyone and thanks for joining us today.
We will start on slide five.
Our team deliberate and incredibly strong third quarter are proven market led strategy delivered double digit growth across all three market units and geographies.
And excluding positive impact from sales related to the pandemic, we delivered double digit growth in our base business with.
With continued strong adoption of our high value products, coupled with solid execution and leveraging our global operating model. It has led to robust margin expansion in EPS growth for the quarter.
R Q3 performance was made possible by the commitment of the worst team members across the globe. We are in the business of helping our customers bring new medicines and treatments that improve the lives of patients.
Very proud and humbled of how we live our purpose by producing billions of components and devices each quarter and we do so with the knowledge that each and every component we make is impacting patients life we.
We continue to fulfill our purpose by earnings our customers trust by leading with quality service and science.
Looking ahead, we are well positioned with the right growth strategy are committed order book remains robust we continue to capture the benefits of the globalization of our operating network and continued capital investments to support the increase in demand driven by the pandemic and attract.
And markets.
With this substantial momentum we are raising our sales and EPS guidance for the full year 2021 and for the 29th consecutive year. We are increasingly companies dividend Berner will go into greater detail shortly.
Turning to slide six.
Our key drivers of growth in Q3 are being fueled by COVID-19 customers that are using our stoppers and seals, including the highest level of Nova Pier in Florida Tech.
Biologic customers there is shifting preference from Florida Tech to our premium platform, Nova Pierre to achieve the highest quality entitled specifications for their newly approved biologics shrugs.
And pharma and generic customers there are increasing orders as their demand grows for non COVID-19 vaccines and injectable drugs.
Shifting to our device portfolio and our longstanding partnership with Dykey will say go we continue to see adoption, an uptick of customer interest for new pipeline drugs with crystals, Xena syringes cartridges and vials.
To meet this demand and stay ahead of the current growth trends for future approvals. We have continued to add manufacturing capacity for the CZ.
Our teams have successfully validated additional lines for uncertainty those syringes and we will begin producing commercial product by the end of the year.
All of these products as well as other HCP components are contributing to our growing book of committed orders, which position as well for the remainder of the year and into 2022 and beyond.
Moving to slide seven.
To date, we have been leveraging of global infrastructure and tapping into the agility of our own team to meet the increased customer orders as we highlighted in queue to several phases of investment are proceeding in now being realized.
Since the onset of the pandemic, we've expanded capacity at 13 existing sites with 30 major facility modifications.
Dedicated over $300 million of capital and added over 400 incremental pieces of equipment, all all keeping pace with a growing base demand and move in our operations to 24 seven.
As our book of committed orders continues to surge we will continue to make further strategic investments to meet demand today, we're announcing a fourth phase of capacity expansion that will commence in 2022. This will primarily focus on expanding Nova pure production at our <unk> sites.
And the United States and Europe.
Shifting to the rapidly changing environment and the impact of COVID-19 on the global supply chain no industry has been immune to this impact we're working with our partners to help overcome challenges that spanned from transportation and logistics to raw materials and security labor, all leading to cost inflation and delays.
We are successfully navigate in this environment. Thanks in part to are unsurpassed manufacturing footprint that will continue to serve our business well as we operate through these unprecedented times.
Turning to slide AIDS.
I am proud of the significant progress we have made on our ESG priorities. These have been an integral part of our one west culture, and our commitment to all our stakeholders and the communities, where we work and live.
Over the past six years, we continue to raise the bar and all aspects of our ESG initiatives and we remain on track to published by year end, a supplement to our 2020 corporate responsibility report incorporating SaaS be ntfs ft. ESG standards now I'll turn it over to our CFO.
[noise] Berner briquet, who will provide more detail on the financial performance Bernard Thank you, Eric and good morning, Let's review the numbers in more detail will first look at Q3, 2021 revenues and profits, where we saw continued strong sales and ETS globe Bye.
By strong revenue performance and Ah biologics generics and pharma market units.
I will take you through the margin growth, we still in the quarter as well as some balance sheet takeaways.
And finally, we will provide an update or 2021 guy.
<unk> Q3, our financial results are summarized on slide nine in the reconciliation of non US GAAP measures are described in slide 17 to 21.
We recorded net sales of $706.5 million, representing organic sales growth of 27.9%.
Culvert related net revenues are estimated to have been approximately $115 million in the quarter.
These net revenues and Cooed, our assessment of components associated with vaccines treatment and diagnosis of COVID-19 patients offset by lower sales to customers affected by lower volumes due to the pandemic.
Looking at Slide 10 proprietary product sales grew organically by 35, 7% in the quarter.
High value products, which made up approximately 73% a proprietary product sales in the quarter grew double digits and it's solid momentum across all of our market units in Q3.
Looking at the performance of the market units the biologics market delivered strong double digit growth. We continue to work with many of biotech biopharma customers, who are using west and dykey or high value product offerings.
The generics market Eunice also experienced double digit growth.
Sales of Flora Tech and Westar components.
Our pharma market units also saw a strong double digit growth with sales led by high value products containing westar thoratec in Nova pure components.
In contract manufacturing had low single digit organic sales growth for the third quarter led once again by sales of healthcare related medical devices.
We continue to see improvements in gross profit we record, it's $288 $2 million in gross profit 93.6 million or $48, 1% above Q3 of last year.
And our gross profit margin of 48% with a 530 basis points expansion from the same period last year.
We saw improvement and adjusted operating profit with $182.8 million recorded this quarter.
Compared to $103.9 million in the same period last year.
For a 75, 9% increase.
Or adjusted operating profit margin 25, 9% with a 690 basis point increase on the same period last year.
Finally, adjusted diluted EPS grew 79% for Q3.
Excluding stock based compensation tax benefit of 11 in Q3.
S grew by approximately 72%.
Let's review the growth drivers in both revenue and profit.
On slide 11, we showed the contributions sales growth in the quarter.
Volume in mixed contributed $142 $9 million.
26.1 percentage points of growth, including approximately 83 million of incremental volume driven by COVID-19 related net demand.
Sales price increases contribute $10 1 million or 1.8 percentage points of growth.
Looking at margin performance Slide 19 chose our consolidated gross profit margin, 48% for Q3 2021.
35.5% in Q3 2020.
Proprietary products third quarter gross profit margin of 46.3% of 550 basis points above the margin achieved in the third quarter of 2020.
The key drivers for continued improvements.
Proprietary products gross profit margin wire favorable mix of products sold driven by growth in high value products production efficiencies in sales price increases.
Partially offset by increased overhead costs inclusive of compensation.
Contract manufacturing third quarter gross profit margin of $16, 1% was 180 basis points below the margin achieved in in the quarter of 2020.
The decrease in margin is largely attributed to mix of products sold as well as timing of the pass through a raw material price increases to customers.
Now, let's look at our balance sheet takeaway and review how we've done in terms of generating more cash for the business.
On slide 13, we have lifted some key cash flow metric.
Operating cash flow was $423 $2 million for the third quarter of 2021.
An increase of $99.4 million compared to the same period last year at 37% increase.
Operating cash flow in the period was adversely impacted by a working capital increased as well as timing of tax payment.
Our third quarter of 2021 year to date capital spending was $176 $9 million 62.
$62 million higher than the same period last year.
Working capital of approximately $1 billion.
Timber 30th 2021 increased by 169 $4 million from December 31, 2020, primarily due to higher accounts receivable from our increased sales.
Our cash balance at September 30th $688 million.
72.5 million higher than our December of 2020 violin.
The increase in cash is primarily due to a strong operating results from the period offset by our share repurchase program and higher Capex.
Turning to guidance slight four provides a high level summary.
Full year 2021, net sales are expected to be in the range of $2.8 billion and $2.81 billion compared to a prior guidance range of 2.76 billion to 278 5 billion.
This guidance includes estimated net culvert incremental revenues of approximately $450 million.
There is an estimated benefits $55 million based on current foreign exchange rate.
Compared to a prior estimated benefit of $80 million.
It's $25 million reduction and FX tailwind has been absorbed into our guide.
We expect organic sales growth to be approximately 28% compared to a prior range of 24% to 25%.
We expect our full year of 2021 reported diluted.
P S guidance to be in a range of $8 40 to $8 50 compared to a prior range of $8 by to $8 20.
This revised guidance includes at 35 cents EPS positive impact.
Tax benefits from stock based compensation from the first nine months of 2021.
Also our capex guidance remains at $265 million to $275 million for the year.
There are some key elements I want to bring your attention to as we review our guidance.
Estimated FX benefit on E P S.
Has an impact of approximately 19 cents based on current foreign currency exchange rates compared.
Compared to a prior estimated benefit of 27.
And our guidance excludes future tax benefits from stock based compensation.
To summarize the key takeaways for the third quarter strong top line growth and proprietary gross profit margin improvement growth in operating profit margin growth and adjusted diluted EPS and growth in operating cash flow delivering in line with our pillars of execute innovation and growth.
I would now like to turn the call back over to Eric.
Thank you Bernard.
To summarize and slide 15, the excellent financial performance reported today continues to reaffirm that our strategy is working or market led approach is delivering unique value to our customers are global operations team as efficiently manufacturing and delivering product is complex environment with a focus on server.
As in quality, and we're continuing to accelerate capital spending across our operations to meet current and anticipated future growth.
Most importantly, we have an incredible team working to make this all happen.
We are proud to serve as a valuable trusted partner for customers to support patient health and look forward to continued to play a critical role in delivering healthcare well into the future Ah.
Amanda we're ready to take questions. Thank you.
Thank you as a reminder to ask a question I need to press Star and then the number one on your telephone if you like.
Try your question please press the county.
Our first question comes from the line of Larry Sallow Fancy J as security. Your line is now open.
And thank you very much congratulations on another good quarter.
Sounds like the outlook.
Continues to improve maybe you could just maybe discuss a little bit on the on the additional capacity expansion today.
Announce on Nova pure is that it sounds like just another acceleration.
From planned.
Fast expansion that was probably a couple of years.
Originally gonna be a coupla years out so it maybe is this no.
Expansion driven more on the base business on the vaccine side is that more of a mix maybe you can give us a little car on that.
There thanks for the question and good morning.
Absolutely correct. So what we're seeing with the additional capital expansion is.
It was planned for further yours out brought it forward. This is more of a demand in both areas of biologics new drug Molly.
Molecules.
Being launched.
And around the Nova pier, particularly around the Plunger's and also the the lifecycle management of Covid vaccines as you think about various configurations, whether it's in a file configuration are pre filled the <unk>.
<unk>. So it is it is a mix effect and we brought it forward based on our discussions with customers and commitments that.
Obviously, we are making for them, but also what they're making towards us.
In terms of the lifecycle management on the on the Covid vaccine do you see this.
<unk> more than Tony how is it goes more into the doctor's offices, and maybe lessen the the mass vaccine basis, where it's at community centers and whatnot.
I would imagine that benefit too do you have any visibility on that that you can share with us in terms of dosing switching maybe from 10 provider.
Down to a single doses.
Well there are those those conversations are ongoing right now it's it's when we look at the current mix that we have for our customers is still mostly in regards to the Covid vaccines is still mostly within.
Miles and multiple bolting for miles, but we continue to prepare ourselves as.
Things do change over time, but the near near term near future.
We're really focused on meeting the current configuration think about our capital expense <unk>.
Expansions they are taking typically between one let's call at 12 to 18 months to get in validated and started the scaling up production. So that's the type of timeline, we're looking at far as preparing ourselves for any additional demand and other configurations.
Gotcha and then just just ask you a quick so you guys have released on this and this might just be a small little additional service offered Q as in this delta cue modeling platform.
You put out I think that was presented to.
Industry meeting a couple of weeks ago and is there any any color on that this sort of online I guess it helps customers design their their packaging needs and whatnot color on that.
One one of the drivers.
Think about a R as pillars of strategy under execute one of the key drivers of being market led as Digitization.
Obviously internally, but accidentally for our customers and also digitization of product how same focus on customers.
What we we have a wealth of data and science information that we've developed in our laboratories and work with customers over the years and what we've been able to dos fused together or digital capabilities that building over the last couple of years with a predictive modeling capability.
<unk>.
Which is a more data driven offering so as you can imagine a customer trying to identify with their complex molecule that they're looking at developing and obviously ultimately commercialized and what is the ideal packaging configuration and so that is where we're bringing that data to the forefront leading with science.
Being that scientific decision choice for our customers and providing that those insights.
So a more and more to come were excited that we launched his butt.
For me personally it's a great example of our leadership position and leading with science our customers.
Absolutely I look forward to learn more about that okay. Great. Thanks, Eric I appreciate the thoughts.
Thank you. Our next question comes from John John can I get it from like employer. Your line is now open.
I question about Covid visibility.
Just upon your discussions with clients and your order book, what when would you expect the ear COVID-19 volumes to start to tail off.
Well right now the way we see are confirmed order book on a complete if you look at it as a complete.
Order book committed book.
You'll find that the well we will see that the COVID-19 piece continues to increase.
It's not the majority of it but it is continuously increase and so we have good visibility going into 2022.
A lot of the investments that we've made Camille.
Committed to last year and the one that we just spoke of today.
A good portion of that is related to COVID-19 vaccines to support.
The not just the the demands and the more mature markets base.
Basically on a global basis, so I won't give a number out on the on the Covid piece, but it's still a very robust for us.
Okay. Thanks.
22 outlook would appear to be up from from 21.
Well, there's a lot of factors John in that in that but right now the way we are discussing here with customers expanding capacity and building the capabilities and our plans we anticipate.
Similar if not a little more stronger demand in 2022 sounds.
We're also seeing it's not just a cold with demand that the capex expansions of for it's for our core business demand and this Eric alluded to earlier.
We are seeing strong growth in those areas as well so that capex is not just.
Reliant on Covid.
To support our business over the sharp medium.
Long term so.
We have enough capacity overtime to our enough demand to fill that capacity when it starts to come online.
That's good thanks, Barnard actually a follow up question for you on margins.
Given the surge that you guys have seen over the last year.
Is your comfort level of that they can be sustained as you think about longer term planning or should we think about those margins to kind of come back to the order trendline once COVID-19 volumes start to normalize.
I wouldn't see the margins coming back to where they are I think the gains that we have.
Gained over the last 12 to 24 months, where our plan is to hold onto those and actually expand margins further as we move out over the next number of years.
And you can see it in the in the dynamic of our business and where the growth is actually coming from.
So it's it's a lot of it is placed within the biologics market unit and that is driving a lot of the growth on revenue plus on margins and again, it's not specifically reliance on Covid, it's within our core business and what we're actually seeing and you can see on some of the call outs the growth that we're seeing around generics and foreign.
We are seeing the high value products getting traction in those areas also so coupled with the efficiencies that we're forecasting to come from operations. We believe that we will continue to expand margins.
Will it be at the same pace as what we're experiencing here in 2021 that that's something that we.
Give further information on won't be guide here in the first part of 2022.
Alright sounds good thank you.
Our next question comes from the lineup Derogate brain from Bank of America. Your line is now open.
Hey, good morning.
Learning Derek.
Alright so.
So a couple of questions I think first one can.
Can you talk a little about the contract manufacturing segments.
Little bit lower than what we had forecast and also comp start getting easier next quarter. So we should we start to think about starting next quarter, you're you're back it's or that high single digit low double digit growth rates that your longer term guidance.
Yes, if we're.
We're talking about.
Getting to the end of 21.
Yeah.
And then the goals raised in that timeframe.
Expectation is it'll be pretty similar to what we saw here in Q3.
We have been signaling that open about that for a long time with the growth in contract manufacturing with modify.
And for a period of time and then as we move into 2022 and 2023, we would expect to see.
That growth begin to accelerate again was more in line with kind of mid single digits wells rates rather than.
Like double digit growth rates that we had experienced in 17 and 18.
And so we've looked at the mix of our business and looked as.
You know.
Where we should be deploying our capital and make sure that we are getting closely also that it's on the on our proprietary side was still very very focused on contract.
But I wouldn't see it grow on that double digits.
Great.
That's really helpful color and can we talk a little bit about how you sort of thinking about capex.
Over the next 20 to 23 time period, I mean, since you're pointing things forward should we.
Expect similar levels next year.
So that's one and then I guess, what's the revenue potential for the additional capacity expansion you should got ongoing overall.
So.
Eric said, we're seeing very very strong demands.
Within our core business and responding to Covid.
So.
Capex and stepped up in 2020 and here again in 2021.
We're not going to guide to a number of 2022, but it will be a little bit higher than what we would have normally.
Guided the next race on that six to seven and that's.
What we're seeing is open if you look at it over the last probably 12 to 18 months, we're stepping up capital on an incremental basis. So understanding that the demand is there. So that we can feed into a pretty quickly.
So.
All of the capital expansions are tied into demands that we can see come.
Coming from customers over the 22 23 time horizon.
Great and can you talk a little bit more about being able to pass on pricing raw material. Just we were getting a lot of questions from clients on those topics across the board, but we'd love to hear you sort of elaborate more on the supply chain and pricing dynamics.
Plus so we've been passing on.
Cost increases to customers again throughout 2020 in 2021.
Particularly on phrase and.
Frey charges and logistical charges increase increased we were able to pass those on to many of our customers.
On components on specific components, where we have seen price increases both within contract manufacturing anywhere in our proprietary business. We have been passed in those onto our customers.
And obviously keeping them in the loop as to what's happening, but water driving these.
Price increases that we're passing on.
And also as we look out into 2020 system, we have various mechanisms in.
In place to enable us to pass on.
Many of these increases.
It depends on what the relationship with the customer whether it's contracted business or not but in the various sectors. We have various tools that we employ.
So we're able to.
We don't have to absorb.
The majority of those inflationary costs and then also we're working on the other side to make sure that we're getting lean or a more efficient and.
To make sure that we can.
Deal with those from that angle as well so there is a multifaceted approach.
Great. Thank you.
Our next question comes to line up all night with Keybanc. Your line is open.
When you look and when you plan this capex and look at future demand.
Is it emanating from Phil unfinished customers or is it emanating from the therapeutic programs that are in like stability trials. How old are you pinpoint what this demand may look like an even 23 an hour.
Yeah, Paul the the driver of the demand expansion or.
Or the demand increase that were seen and requiring.
Pass the expansion has really driven by the therapeutic companies strictly with the drug customers not the bill finished so.
As you know, it's a whole ecosystem and we know where we play but our interactions are directed with the drug customers.
What's also exciting.
<unk> is that is that just concentrated in one area Ie biologics. It's also with certain C pick up in small molecules also.
Which is which is good for a long term franchise, but yes, absolutely the drug customers.
And then as you look at your capacity expansion are are you having to 12 to 18 months with customer validation and are you running into challenges that I'm guessing some of these or even greenfield sites. So.
Will you have to stretch out that.
What is the duration of a of a build to actual produce revenue timeline, yes.
Yeah Paul.
Fascinating about.
Actually quite exciting is that a few years ago, we made the strategic.
Decision to start.
<unk> centres of excellence and started to consolidate our manufacturing into particular sites throughout the world and became more effected through and systems work with our customers through our quality systems also own processes.
To create more of an operating network. So the short answer to your questions. This is not greenfield a lot of the investments, we're making right now are physically equipment.
Success expansions, maybe a move and some.
A modular approach and some sites.
You've been to Waterford, we will be looking at maybe expanding that site with another modular addition on the side, but it's leveraging existing facilities when he added all up.
It really comes down to how fast we can have the equipment manufactured delivered installed and gone through validation since a lot of the equipment is replicated what's in place already.
The validation process with customers is very short so we could have some expansion.
<unk> up and running less than just a couple of quarters some.
Some other expansions might take.
Four or five quarters to get up and running.
Paul is okay.
As soon as the equipment hits the production floor and is validated it's operational.
And so we have demand feed into its right away. So that the payback on the capital is pretty quick for us at this point and again, that's why we were doing this phased approach. So we can manages.
Appropriately.
Okay. Thank you.
Thanks, Paul.
As a reminder, I think I'd like to ask a question. Please press star and number one on your account.
Our next question comes the line is Dave <unk> I'm Jeffrey.
Is now open.
Hi, I wanted to ask a few first one is whether or not your views on your COVID-19 revenue for the full year change with the results that you posted in the third quarter or is it still 430 million $430 million.
Four 450 450, okay.
Called out.
Okay, sorry, I missed that.
On innovation Eric E.
CZ was a was a topic of conversation really dating back to before your tenure.
Got quiet for Awhile and I hear you, calling it out.
Again, I guess I'm I'm interested in maybe some color around the drivers of that.
Did the company has a company kind of enhanced.
The material or our work through some some developmental bottlenecks with clients. That's that's allowed that to kind of break free on a renewed basis.
Yeah. So if you think about the device portfolio, it's just call it roughly 5% of west and the proprietary side. So 5% of the business CZ is the largest portion of that and what we're seeing is the reality is we are continuously optimize the product.
And coming out with new line extensions. However, it's taken a while to see the market and gain confidence in traction, but once it starts becoming.
Common use for the high end biologics, we're seeing that that acceleration. So we are in particular, the insert needles syringes that we have been producing in Arizona were actually at the stage of doubling capacity.
By the end of this year and that was referenced so when you think about the growth which is above the company average significantly above the company average we do see through the number of approvals of drugs in the market plus what's in the pipeline that's been reviewed as we speak.
This is this is an exciting area, but it has taken time you're right. David. It's been this has been discussed for a number of years, but now it's becoming.
More noticeable in our in our growth numbers particular devices.
And then a second with innovation you've in previous commentary you've talked about.
Hey, Nova here is not the end of the road, we're not we're not done with Nova pure we want to continue to innovate any any comments on that front as Nova pure prime in the offing at anytime in the near future.
Well I don't know if I can use that now we will have the notate you.
I will say stay tuned.
Gotta be careful in that category, but I will tell you. That's what's really exciting is that the teams that we put together, particularly with the market led approach, we're getting better insights on where we are headed.
Products are being pulled by our customers and what problems we're trying to solve.
Earlier, we just briefly mentioned a new digital tool.
And that actually was.
Delta Q those actually derived from conversations our customers wouldn't it be great. If we could do this so stay tuned on that question. We are constantly developing and be assured, though they will be products that are being pulled by our customers today.
Got it last question for me is around capital deployment you've.
Talked at times about being interested in acquisitions I can imagine that maybe finding.
What you want at attractive prices might be a little hard on this this market.
Raise the dividend, but not by much.
Is there.
Is there any appetite given the growing cash on the balance sheet to say make the dividend more substantial or are you holding it back for acquisitions, what what's your thought around cash.
While I was out so the first priority David pretty clear in the environment that we're in today is to continue to feel the very robust organic growth that we have on our hands and that we're dealing with.
It's a great problem solved right and so we're going to continue to invest in our own infrastructure. What I'm excited about is that it's it's a really short payback and it's expanding current.
Portfolio.
We do think there's opportunities on the emanated front.
And we're we're continuously building that capability out here.
But our primary focus I'll tell ya as laser focused on execution, but.
But we're opening up our discussions broader than that today.
Thank you.
Thanks to it.
I'm showing no further questions at this time I'd like to turn the call back over to Clinton lie for closing remarks.
Thanks, Amanda and thank you for joining us on today's conference call an online archive of the broadcast will be available at our website at West farm, a dot com and then investors section. Additionally, you can access the replay through Thursday November the fourth by using the dial in numbers and conference I'd provided at the end of today's.
Earnings release.
This include this concludes today's call have a nice day.
Thank you one second.
Can you comment call. Thank you have a company you may now disconnect.
Thank you Amanda.
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