Q3 2021 Motorola Solutions Inc Earnings Call
Non-GAAP financial results, including those in our outlook unless otherwise noted.
A number of forward looking statements will be made during this presentation and during the Q&A portion of the call. These statements are based on current expectations and assumptions that are subject to any of risks and uncertainties actual results could differ materially from these forward looking statements.
Information about factors that could cause such differences can be found in today's earnings news release and the comments made during this conference call and the risk facts factor section of our 2020 annual report on Form 10-K, and then our other reports in filings with the SEC, we do not undertake any duty to update any forward looking statement.
And with that I'll turn it over with Greg.
Thanks, Tim and good afternoon, and thanks, everybody for joining us today.
I'm gonna start off by sharing a few thoughts about the overall business before Jason takes us through our results and our outlook.
First Q3 results highlight the continued strong demand we're seeing across the business.
We grew revenue, 13% earnings per share of 21% and expanded operating margins by 150 basis.
Additionally, we ended the quarter with a record Q3 backlog of 11.4 billion up 7% from last year.
Second we saw strong growth in all three technologies during the quarter and LMR revenue was up 11%, while navigating a very challenging supply chain environment and video security and access control revenue was up 26% driven by strong broad based demand for both our fixed and mobile video offer.
Earrings and in command Center software revenue was up 13% as we continue to expand within our existing installed base and win new customers.
And finally based on our strong Q3 results and our expectations for the remainder of the year, we're again raising our full year guidance for both sales and EPS I'm now going to turn the call over to Jason to take you through a results and outlook before returning for some final thoughts.
Thanks, Greg R. Q3 results included revenue of 2.1 billion up 13%, including 15 million from acquisitions and $25 million from favorable currency rates.
Gap operating earnings of 451 million and operating margins of 21.4% compared to 18.9% in the year ago quarter non-GAAP operating earnings of 555 million up 92 million or 20% from the year ago quarter, and non-GAAP operating margins of 26.3% of.
Sales up from 24.8%.
<unk> dollars in cash dividends and $61 million of Capex. Additionally, during the quarter. We closed the acquisition of open path a leader in cloud based access control solutions for $297 million, we invested $50 million in equity securities of evolve, whose technology powers are concealed weapons detection solution.
And subsequent to quarter end, we acquired envision a leader in enterprise video security and business analytics for $124 million net of cash.
Moving next to our segment results.
Q3 products and system integration sales were $1 3 billion up 14% driven by strong growth in LMR and video security revenue from acquisitions in the quarter was $12 million Apo.
Operating earnings were $273 million or 26% of sales up from 18, 9% in the year prior on higher sales higher gross margins and improved operating leverage.
Some notable Q3 wins and achievements in this segment include $72 million of P 25.
Orders from a large U S federal customer.
Our $70 million Tetra order from the German Navy, a $45 million tetra upgrade from a large EMEA customer a $43 million P 25 order from a large north America customer of <unk>.
$22 million P 25 upgrade from Metro Sao Paulo in Brazil.
And also during the quarter, we grew our video security and access control product revenue by 23%.
Moving to the software and services segment.
Three revenue was $782 million up 11% from last year driven by growth in LMR services video Security and command Center software revenue from acquisitions in the quarter was $3 million.
Operating earnings were 282 million or 36% of sales up 140 basis points from last year, driven by higher sales higher gross margins and improved opex leverage.
Within this segment. Some notable Q3 wins included a $41 million Command center software contract with a large U S state and local customer.
$1 million P 25, multi year extension with a customer in North America.
$17 million push to talk over broadband multi year renewal with a large U S customer.
$7 million command Central Sweet and video security order with the city of Yonkers, New York, which expanded off of a prior body worn camera win.
During the quarter, we grew our video security and access control software revenue by 32%.
Additionally, we launched the <unk> 500, the first in car video system enabled by artificial intelligence moving.
Moving next to our regional results Q3, North America revenue was $1 4 billion up 14% on growth in LMR video Security and command Center software.
International Q3 revenue was $658 million up 10% also driven by LMR video Security and command Center software, we saw strong growth in EMEA and Latin America during the quarter, while in Asia Pac we continue to experience headwinds related to COVID-19, lockdowns in various countries.
Moving to backlog ending backlog was a Q3 record of $11 4 billion up $710 million compared to last year, driven primarily by growth in North America sequentially.
Sequentially backlog was up 144 million also driven primarily by growth in North America.
$325 billion up $25 million from our prior estimate.
With that I'd like to now turn the call back over to Greg.
Thanks, Jason I thought I would end with a few thoughts as we conclude.
And before we open it up for questions.
But first our results for the quarter were outstanding and I'm extremely proud of how the team is executing through a very tough supply chain environment. We achieved record Q3 sales operating earnings and a P. S X.
Expanded operating margins by 150 basis points and finished the quarter with a record Q3 ending backlog.
Second I want to share some color on what we're actually seeing in the two segments.
And products and S. I demand for both are LMR and video security solutions remained robust highlighted by the strong revenue growth in Q3 and record ending backlog.
Supply chain constraints continue to impact, our LMR business, and and particularly R. P. C. R business as demand outpaced our ability to obtain supply in Q3, and we expect will continue to do so in queue for.
And software and services, we continue to see strong demand, which is driving revenue growth and improve profitability. In fact, as we finished the year. We now expect operating margin to increase by 200 basis points year over year for the segment our customers continue to increase their investment in our value added services and in software, while we know.
Spec Command center software revenue growth to be low double digits are video security and access control software revenue growth will likely be greater than 35%. This year and is the fastest growing area within our software portfolio.
Finally, as I look ahead I'm encouraged by how were positioned are strong Q3 backlog in both segments provides us with significant demand visibility.
We're expanding our relationships within our existing install base to provide more software and services.
The customer funding is as good as I've seen it in our N D. A a compliant manufacturing in North America is providing a key differentiator for our fixed video solutions and while we expect the challenging supply chain environment to be with us through at least the first half of next year, we're still planning for another year of <unk>.
So I.
It's just it's phenomenal execution by Malloy and the men and the entire management team.
As you know it is our largest addressable market now.
Now expected to grow over 30% by the way organically, it's probably a little over 20%, so still really strong robust growth.
We've rounded out the portfolio, we've refreshed the product portfolio.
I think Jack and team have done a great job investing in go to market and increasing our R&D in a downturn market.
Think video continue continues to be more and access control continues to be more and more important.
With our customers and more of a need to have.
Than a nice to have.
As you referenced the NDAA is helpful for sure.
Around federal procurement as well as the eligibility for federal Grant money.
And look with the FCC as you know and as you referenced there is pending.
<unk> has been done it's awaiting bidens signature.
If president Biden signs it when and if he does that.
That authorizes the FCC to proceed with the rulemaking they've undertaken.
Which would evaluate Chinese vendors in the entire enterprise market. So.
That clearly would be significant as well don't know the timing for that.
But that would be that would be a tailwind if that were to materialize I don't know if Jack you want to add anything about the overall demand profile just the only other thing I think first of all new product introduction, both in terms of cameras, but also moving.
Pivoting the capability for the move to the cloud I think also you look at it from an acquisition standpoint, we've acquired open path. It was really quite frankly, a game changer from the access control standpoint, This weekend, we announced the.
The acquisition of envision. So you can look at that as a way for us to get more vertically focused in terms of our solution.
And as Greg talked about in the past one of the reasons, we acquired telco and Indigo vision was to add greater international scale. We've invested heavily in go to market North America I think the next frontier will be in Europe, Middle East and Africa.
And as it relates to our command center software.
Candidly Tim in retrospect, the target was maybe a little overly ambitious, but having said that we're still growing at one and a half ex the market.
So we're taking share it's growing double digits.
Q3 was particularly good on orders.
And the backlog composition is a little bit longer in duration, incorporating some things around nextgen 911.
Annual recurring revenue.
And just in terms of specific things that we're doing.
A core tenet for us is always to meet customers, where they are that's part of our product strategy.
Many of our customers have invested in some sophisticated it infrastructure on premises and they would like to continue to benefit from those investments, but they also know that certain cloud capabilities.
Just better those capabilities or just better delivered through the cloud and we wanted to give the customers the flexibility to choose and to move to the cloud.
Their own timeline, and so with relation to that we're offering flexibility in deployment be a hybrid offerings and we're doing three specific things there.
One we're offering our on premise solutions inclusive of CAD and records on a subscription basis.
We're going to be integrating the capabilities, both existing and new capabilities in command central cloud with our on premise solutions to allow our customers to choose what capabilities. They would like to consumed from the cloud and third side.
Three Q3 was a tough I'm proud of the quarter I'm proud of the print, but it was tough in queue for as tough as well. So I think that Q3 Q4 from a supply chain standpoint.
Is the toughest we've experience, we still expect it to be difficult and challenging first half of 22 at least first half of 22. So that's kind of the backdrop, having said that I think about revenue growth at this point high level of about you know, 7% and maybe.
He further dimensionless Asian of software and services revenue growth of around 10%.
High level, our current thinking obviously details to follow.
And a quarter from now it would also be our expectation and goal to expand operating margins, but in twenty-two in the face of higher input costs as well that's kind of some high level of color.
You mentioned like the second part of your question with respect to fat, it's roughly 8% of our revenues well, we're having another strong ear and said like last year, so 8% of revenues as its contribution to us. It's one in totality, it's one of our largest customers.
Their unique and a powerful in car video platform. That's a product of all the experience that we have gained over the past 10 years.
Perhaps if I could elaborate on about 7% growth yeah sure sure as we look at next year and plan for it.
Linearity, we're looking at for Q1 is more consistent with 2019 about 21% in fact, the 2019 first half for the entirety of the linearity of that year looks to be a better indicator for what we see in terms of supply chain in the planning we're doing for the business.
Got it thank you.
Thanks Amy.
Our next question comes from Kyle Mcneilly Jeffrey Please go ahead.
Hi, guys. Thanks, very much the question I'm on here for George Notter. This was a really strong results for a product backlog coming out of the corner.
It looks like you had a good corner for the number of larger M LMR deals and that seems to be driving.
It's oriented so I think there's a lot of different positive ingredients in the blender here that continue to fuel our growth going forward.
Okay, great. Thanks, very much and one follow up do you not sure. If you mentioned it but do you have an update on that run rate of the P. C. R business now and maybe I'll look for continuing recovery in the outlet for P. C. R.
Yeah, I think P. C. R is where the supply chain challenge is most acute.
It grew in Q3, it will grow for the full year, Kyle probably as we match supply and demand and it's fluid. It will we expect it to end up about mid to high single digit growth.
With a reasonable chunk of delinquent backlog for us to you know execute against in 2022.
Okay, great. Thanks very much.
Our next question comes from Adam Tyndall last Raymond James. Please go ahead.
Okay. Thanks, Good afternoon, I wanted to start on the product and system integration margin expansion operating profit grew at double the rate of revenue basically <unk> nice margin expansion in that segment I wouldn't consider this an industry, where you'd get short term pricing power benefit to hit margins positively. So just maybe looking for some.
More color on the on the P. S I margin expansion.
Of all of 2024.
We've been in active conversations with the UK home office.
They have expressed the desire to extend the airwave contract.
And that's underpinned the ongoing conversations we've had we also obviously are involved.
With the CMA and are adhering to the process that Dave outlined I think the process will take several months. It will go into well into 2022, Theres really nothing more to say on it on that front other than we continue to make the investments in the network as well to keep it current to keep it reliable.
<unk>.
The service levels to the end user customer and no disruption of that or the absolute utmost importance.
And we will continue the dialogue with both the U K home office in the CMA and.
I'm hopeful that we'll have constructive outcomes, but.
We'll see how it plays out over the next several months, but I do appreciate you, bringing it up.
Understood very helpful. Thanks, Greg.
Thanks, Adam.
Your next question comes from Keith Howlett.
Well, that's kind of the strength of <unk>. Please go ahead.
Hi, This is trevor filling in for Keith I have a couple of questions about the supply chain. So how does the supply chain challenges evolved since the last quarter do you expect them to worsen before improving or from your perspective would you say the supply chain challenges have peaked.
Our next question comes from Louis Dipalma with.
William Blair. Please go ahead.
Greg, Jason Mahesh, Jack and Tim Good evening.
How are you.
Excellent LMR product revenue increased by a healthy 12% this quarter after an 18% increase last quarter. Despite the you referenced supply chain issues can you give us a sense on what you think your penetration.
And as for your E. P X next radio your M X P 600, Tetra and your recently announced Turbo I think you launched the apex next in the fall of 2019. So a lot of investors are just wondering like what inning are we in for.
The respective upgrade cycles for these different product refreshes that you have had over the past couple of years.
So Louise first let's attack the apex next piece, it's very early days, we're really really pleased so we announced it in 19, obviously last year during the Covid year I would say we had the market was somewhat stalled in the first and second quarter, we've seen a significant ramp up in <unk>.
<unk> of orders since then but all day long we've talked about you've heard me make mentioned before there's typically a three to five year cycle, where we start getting some material a refreshed within our customers' base you asked about an inning I'd say we're in the.
Top of the second inning potentially we have room to run here in terms of apex next the second question was related to the Amex P.
600 in Europe, and it's again very early days, we've had some you know some some market success, but the interesting thing to point out for both the apex next as well as the NXP is those worth designed for very high tier part of the market. So that's attractive but the reality is we're gonna be feathering in mid tier and entry tier on.
Both the apex next line as well as the Amex P line. So we're really encouraged by that because that start to get to the meat of the market. So to speak so I think that handles your question.
Great and you spoke about the supply chain headwinds persisting through the first half of 2022 do you think these issues are resolved in a deceleration and the recent revenue rate or should we forecast for like sustained.
$8 of revenue.
Is is limited.
That could have been there had we had the requisite supply that's our current estimate in terms of an impact to queue for that said, we're still growing greater than we thought and guided to last time now 10 to 10 and a quarter.
But that $100 million is our current estimate as to.
Had we had.
Better supply what more we could have done in queue for.
Jason wondering them asteroids, that's about if insurance with Doctor if your message about an 18th is about it Simpson impact.
Mobile cameras body worn cameras, and <unk> was up 80% year over year that was an acceleration over 60% previously I was hoping you could update that growth rate.
Yes, I think and Jack can jump in I think the $330 million you referenced was an estimate for 2021.
For public sector.
<unk> and I think we're holding to that number. So I don't think we have an update on that front and on body worn.
I don't know if you want to.
Paul just body worn so record unit.
Unit shipments in Q3 really pleased with that we've talked about it.
The customers our customers want that alternative we think we feel that really well the other thing.
Say as we're uniquely positioned internationally, given our scale and global presence.
We talked about the French NOI, they've actually put subsequent orders into Q3.
That's just referenced 500, so we think we're worth.
And a good good position right now in body warrant income.
Alright.
I'm in command centre, how you think it's influencing their behavior. That's it for me. Thank you.
Okay. So first of all.
Gregg said earlier and I think it's always important to point out, but we're in a unique position because.
Really what we do is I'll need to have it's not nice to have so I'd I'd kind of decompose the American rescue plan conversation into a few different things we have public safety and that's everything from P 25 statewide and local networks to a command center software, we're in pretty consistent dialogue with our customers regularly and public safety who had.
We call shovel ready projects or things that maybe would have been a mid tier kind of a midterm need and we're in conversations on how they may find those things now the other benefit as state and local receipts actually particularly at the state level revenues are up as well so Greg made a comment earlier about funding environment. The funding environment I would say you know doing business in public.
Safety in 28 years, it's the best I've ever seen as well so I would say we're in a really good position, they're both on the P 25 landscape infrastructure upgrades and devices as well as command center software our teams. The one thing our sales team does we think they're really good of technology, we think they're better than they are experts at getting deals funded so we think that's gonna benefit is there.
The second thing I would say the other technology sleeve, that's gonna benefit significantly is video of security and access control. If you think about education alone school funding $170 million pointed to that market and really when kids have come back to school. The first thing they're talking about is there talk about how do we bring him back in a safe manner.
One of the things our team did over the Covid. We've talked about this was to write COVID-19 dashboard. So if you connect to a vigil on cloud services you get our Covid dashboard gives social distancing who went through what door. This is all really pertinent information, we think our school superintendents. The security directors are really interested in our technology here.
The last thing I would say is there's money being pointed at airports in transit 35 billion is they reopen many of them are upgrading both the radio network. So we've got opportunities for PCR with all the major airlines as well as their consoles and the command Center space and then ultimately also video security how did they protect the perimeter security how do they get better information.
So I would say across all three of our technology continuum as well as our services business the money the environment. We're in a good spot and we think our sales team is poised to execute and then when you total up those buckets within the rescue plan <unk> just described.
It's over a half a trillion dollars that is available to our end users 350 billion in state and local by the way that's multiyear and goes through the end of of 24. So.
Hence why we both see and believe that the environment multi year and what we're seeing in the pipeline is pretty good.
Thanks, guys.
Thank you Ben.
Our next question comes from behind.
Mmk and please go ahead.
Thank you for taking my question most of the classification can you might be what W. I want some acquisitions in the corner.
Yes in total I'll give it to you by segment real quick it was.
And products, it was 12 million and and services and software.
It was only 3 million.
I appreciate it thank you.
No no my question.
If I look at your LMR business overall.
P S I C O L.
<unk> accelerated the software and services a password coming over means in the 550 145 billion dollar quarterly you're going right.
Should we see kind of like.
You know an increase in the software and services.
From the crease product Hum.
From the Goose B S I failed.
Fewtrell quarters.
This is because there's some new equipment and the software. So it's it hasn't quite attached to it yet so we should expect some meaningful.
Celebration in software and services that'd before LMR and physical 22.
So.
This year for products for example were expecting mid to high probably closer to high single digit growth services and software is low double digits. There is some leading indicator as products grow you're right. There's some services attached to it that come after the sale.
The bulk however of our services and software growth is around not product attacks task, but rather command center software video software and things like software upgrade programs and the likes that are on existing installed bases. So that those are the key drivers within asinine.
Yes, it's less product attached it's more the unique offerings, we have in the value propositions around services and software that are driving the the low double digit growth in services and software.
Got it is that same question on on the video surveillance.
There you you know.
The software and services portion of the video so I'm in this market clearly growing blockbuster.
Just trying to understand the dynamics there, what's what's driving the software attached roots or services and video verses P. S. I <unk> I was just gonna try to help us understand the the dynamics there. Please.
So with respect to video in the Disaggregation within services and software the video number within services and software is largely software. It's it's a minimally services business because we go through distribution partners integrators and the like so think of that video software number within as soon as as being.
<unk> predominantly software things like our video management system Vms ACC and others are offers within in car video are are what's more in that case, it's it's real pure software and a terrific business somewhat product attached but also stand alone in terms of how we saw.
Well it it's.
It's the analytics it Ta I at the edge. It's all the things we do I made mentioned earlier that we've invested into our visual on cloud services. We've now got meaningful connections on that and that'll be another way for customers to get upgrades and I think make make keeping current on software software maintenance more more dynamic as well yeah in particular that connections to the cloud.
Work that Jax doing with his team are are leading to many new business opportunities Ah hundreds of thousands of cameras thousands of sites and the business is really moving in that direction to cloud enabled.
And you know the last thing thought I'd say on that as well you know you hear Greg It talk a lot about acquisitions I'll hit again envision.
That's approximately $25 million in recurring revenue. There you think about open path, which is an access control recurring revenue model access control and so there were re envisioning that business as well. So I. Just those are other things that really are more software driven recurring revenue model business, and that's really where we're pushing the business.
I appreciate the answers thank you.
X one.
My next question comes from Adam Marshall with Morgan Stanley. Please go ahead.
Hi team. This is Eric on for me to Thanks for taking my question and congrats on another great corner you understand this is small deal relative to everything else, but maybe if we could dive in a little bit on the come in.
[noise] Center deal you saw him with the city of Yonkers, I'm wondering what drove their upgrade to command central was that.
Timing of refresh with what they already had where they're looking to integrate their body camera deployment and then you also noted to fix the video portion of that are the integrating fixed video into the command central deployment and you know are there other similar deals in the pipeline that you're you're looking out but you can work with customers maybe.
They they take advantage of some of their funding.
Yeah, I'll I'll I'll take the I'll take the first stab at this but at the customer level Yonkers has a very progressive technologically savvy police chief in command staff.
This started I want to say, there's probably started ninth the discussion started probably sometime mid last year.
Originally in or around a mobile video and they've added obviously.
Two that are in the command center space and I think what they're thinking about is are leveraging how his information sharing seats everything from digital evidence management to how that's shared shamelessly through the rest of the command Center I don't know if the hashers anything else here that onto that but yeah. You can think about is almost says across the incident lifecycle.
Will we have products today that touch on every aspect of that incident lifecycle.
Fixed video from a bitch lawn really gives you that pre incident view, but also gives you that view during the incident integrated into a R. B a management solution, but also coming into our command central aware platform as well then you have command central Ah Sweet products.
Across the Board then you have vigilant LPR solution that was part of that equation as well to enable fast investigations leveraging both the fixed camera solution, but also LPR cameras as well body, one cameras feeding into that theme evidence platform, adding to the mix and then mass notification.
<unk> was also part of the story there so all of that together. It really gives you a view of of an.
And integration between those products really enabling effective incident response, and I think that was really the value to yonkers.
Thank you and I mean, when you just see the market and those types of deals do you expect more of a consolidation that way it seems that it would make sense, but also understand not everyone is Texas the tech savvy as maybe their police chief.
What can you do from assembles motion perspective to kind of bring in more deals like that.
So two things Mahesh use made a comment and this is something that Mahesh and I talk about all the time, it's meet customers, where they are so some customers have a different they're on different different investment journey. Some may want to buy from different vendors. What we're in Scenting. Our sales team to do and this is really important in this actually star.
Put it in 2020 is incentive them and they have a chance to make some pretty significant incentives to sell you know full sweet integrated networks, where they're using all pieces of our command Center software technology. That's the goal we think they've got the right relationships and with old need to do is go continue to execute on that and find more and more yonkers.
I'll just add to that degree.
Yeah.
Just after that so 75% of our orders in Q3, where either new customers ordering more than one of our platforms, we're adding to existing Motorola solutions really leveraging that tight integration between the mall.
Greenstock. Thank you.
Okay Sir.
Alright next question comes from Jim do that with Citigroup. Please go ahead.
Thank you mind will be pretty easy. The first one is Greg you you said something in my ears didn't quite catch it. So maybe you can clarify you said really preliminary preliminary really early looks for next year I heard a 7% then I think I heard a 10, 10%, but I wasn't sure. If you were breaking down products services or a company wide. If you could just clarify that.
Then I have one other little clarification.
Sure Jim Yeah, No I was talking about 7%.
About 7% revenue growth.
In 2022 full company view, and then software and services being around 10% revenue growth within that envelope, that's kind of what we see at this point in time and then the details and more color, we'd give a quarter from now.
So that was easy so my second easy part is and then I'll be done your outlook you raised your revenues for the full year and for Q4, but then the E. T. S U raised it but not as much as the E. P. S beat his that all attributed to additional shipping costs or is there something else in queue for as to why earnings.
Wouldn't be as much as the beat that just we had in Q3. Thank you.
Jim It's Jason it's some of what I discussed earlier with Paul around supply chain costs, but additionally, it is higher opex in queue for for funding. The two acquisitions that we just brought into the fold of open path exactly and envision which is driving our our envelope to.
1950 for the year those are we're very happy to fund those within the Opex line Great companies. That's also a factoring into the math youre doing.
Thank you and thanks, so much for the details when the calls.
Thank you Jim.
This concludes that question and answer session I will turn the floor back over to Mr. Gray Brown, Chairman and Chief Executive Officer for any additional closing remarks.
Thank you listen I, just want to say, thank you to the whole management team, but also to all the employees.
In MSI.
Yeah, I mean, there's so many good things going on but it's tough environment.
I want to thank the people on the frontline the sales organization, that's really executing well and contributing to the.
Q3 record backlog supply.
You hear it with every company you hear it all the time, but the supply chain environment as we said challenging in Q3 remains challenging in queue for and I just think the team here in mixing and matching and there's there's more fluidity.
And uncertainty and supply chain in Q3 and Q4, then we've had.
And prior periods and I think the adaptability of staying in touch in close touch with the with key suppliers I. Appreciate all that everybody on the support teams and back office and support functions in particularly HR.
And Karen Dunning, and Terry Bell, because we have it's a tough environment.
We have a vaccine mandate compliance requirements.
We're always following rules and regulations by facility and by state and Karyn and Terry Mark Hacker phenomenal I'm thrilled with Q3 and the results across the board I'm proud that we're able to for three consecutive quarters raise top and bottom line and I think we're really <unk>.
Well position going into 2022, despite the challenges we have but we'll stick together like we always do will be flexible and will continue to be steadfast steadfast and focused and I appreciate everybody's contribution onward and upward and thank you everybody.
Ladies and gentlemen.
Has concluded today teleconference.
Every plant that call will be available over the internet and approximately three hours.
The website object well W. W. W. Dot literal escalation dot com slash and that Sir let me.
Thank you for your participation and yeah that you. Please disconnect your lines at this time.