Q2 2022 Rush Enterprises Inc Earnings Call
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Okay.
Good morning.
I hope everyone has been able to get through obviously, a little bit of technology through the lakes. This morning, we had a couple emails folks having trouble, but hopefully everybody will get sorted out this morning.
Also joining us for the Gulf.
So let me get started good morning, and welcome to the second quarter 2020 earnings release Conference call on the golf today are Mike Mcroberts, Chief Operating Officer, Steve Keller Chief Financial Officer.
Vice President controller, and Michael Goldstone, Vice President General Counsel and corporate Secretary now Steve will say a few words regarding forward looking statements certain statements. We will make today are considered forward looking statements as defined in the private Securities Litigation Reform Act of 1995.
Because these statements include risks and uncertainties, our actual results may differ materially from those expressed or implied by such forward looking statements and.
Important factors that could cause.
Actual results to differ materially from those expressed or implied by such forward. Looking statements include but are not limited to those discussed in our annual report on Form 10-K for the year ended December 31, 2021, and our other filings with the Securities and Exchange Commission.
As indicated in our news release, we achieved second quarter revenues of $1 8 billion and net income of $110 million or $1 92 per diluted share.
Earnings per share, excluding the onetime gain related to our acquisition of a controlling interest in a restaurant centers, Canada limited were $1 75 per diluted share.
We're very proud of our accomplishments this quarter not only did we achieved record quarterly profits. We also completed the conversion of our previously acquired locations.
Our <unk> businesses acquired an additional 30% of restaurant centers, Canada limited repurchases $38 4 million of company stock and declared a cash dividend of <unk> 21 per common share or at the end of <unk>, 5% increase in our dividend and our FERC built embraced since 2018.
Our results in the second quarter were due primarily to the strong freight demand and healthy consumer spending new truck production continues to be constrained because of component suppliers, but our class eight new truck sales substantially outpaced the industry. Our aftermarket results also significantly outperformed the market due to strong demand for parts of this.
Service throughout the quarter.
Results were also positively impacted by 19 locations acquired in the fourth quarter 'twenty into 'twenty, one as well as 15 locations in Canada.
Digital investment in restaurants, and a scanner delivered whose operating results are now consolidated in our financials.
In the aftermarket our parts service and body shop revenues were $598 3 million up 34, 3% and absorption ratio was 136 going forward.
In the second quarter, there were strong widespread demand for parts and service for most market segments. We continue to strategically expand our workforce of service technicians and aftermarket sales professionals throughout our network, including our new locations extending our reach to large national fleets.
We expect supply constraints will continue to impact the industry into 2023, but we believe parts and service demand will remain strong.
Due to our network reach and scale.
Along with our partnerships with parts manufacturers, we are better equipped to navigate any industry parks or just moving forward.
With your continued expansion of our workforce of technicians and as the market professionals and by implementing our strategies and our newly acquired locations. We believe our aftermarket results will significantly outpace the market.
In 2022.
Turning to truck sales, we sold 40 168, new class a drugs again it grew six 4% of the total U S class eight market and one 7% of the Canada market.
While new drug production is still constrained the class eight manufacturers, we represent we're able to increase production somewhat in the second quarter, we experienced healthy demand for most market segments, particularly over the road construction and vocational customers.
Our backlog remains strong and we are proud of our class eight truck sales themselves.
Especially given a limited number of new drugs available to set ACG research forecasts U S class eight retail sales to be 253000 units in 2020, due up 11, 3% from 2021, and Canada U class eight retail sales to be 29500 are up four 9% from 2021.
We believe that because of supply constraints retail sales of class eight trucks have lagged demand by as many as over 100000 trucks. The last couple of years, we believe because of this pent up demand for class eight truck sales and the pending changes to emissions guidelines in 2024, and 'twenty, where he said that the.
<unk> vehicle market will remain strong through 2026.
Our class four through seven new drug sales reached 2800 15 units in the second quarter accounting for five 1% of the U S glass more of these urban markets and one 3% of a candidate class five through seven market.
Production capacity remain limited, but we experienced healthy demand from a variety of market segments, including vocational and food and beverage customers.
ACG research forecasts U S class four through seven retail sales to be 230000 units in 2022.
7% from 27% from 2021.
Canada class five through seven retail sales to be 10250 units are down 22, 5% from 2021.
Go ahead, we expect supply constraints on glass and we'll do seven drugs to contain those some manufacturers may increase production. This year, we believe our results will align with the industry in 2022.
Our used truck sales reached 16 129 units in the second quarter down 22, 2% over 'twenty one.
Overall demand softened for class eight on highway used drugs due to weak spot rates and <unk>.
Surprises, putting in an increased burden on owner operators and small fleets. However, there was still strong abuse drive demand for medium duty flatbed and vocational energy guys.
Used truck values have decreased significantly and we anticipate they will continue to soften through the year.
We are managing our values and inventory and believe we can effectively meet the needs of the market. This year.
I would like to note that our lease and rental operations have grown to become a significant contributor to our company's overall profitability.
The second quarter lease rental revenues, increasing 31, 2% year over year.
Growth was driven by our recent acquisition or acquisitions in the fourth quarter of 2021.
Second quarter of 2020, due as well as strong demand due to a healthy freight environment and limited new drug production.
As we look ahead, we are closely monitoring inflation interest rates fuel prices and other economic factors, which may impact our industry.
That said, while economic growth has slowed somewhat we believe strong new trucks demand versus where new drugs and aftermarket parts will continue.
We are continued to book, we have continued to focus on our strategic initiatives and diligent expense management.
And we believe our financial results will remain strong.
Very important that I, thank our employees for their impressive work to their ongoing commitment to our company and our future.
With that I'll take your questions.
Thank you as a reminder to ask a question you will need to press star one one on your telephone to it.
Please standby with composite Q&A roster.
Our first question comes from Justin Long with Stephens you May proceed.
Thanks, Good morning, and congrats on the quarter.
Thank you Jessica.
I guess to start I wanted to ask about class eight sales, we saw a pretty nice step up here in the second quarter versus the first quarter any thoughts on how that number trends sequentially headed in that <unk> and <unk>.
It looks like it's going to be pretty flat okay.
Manufacturers are pretty much gotten to where they're going to be still dealing with.
Not nearly as much as we were last year of course, but they are still our component supply shortages. There still are trucks make partially built their offline theyre still dealing with those headwinds.
So if.
If I was going to look somewhere on a lot of that has to do with timing and mix of what the trucks. They need bodies do they have this I don't have all that detail environment, but as far as what we're getting from a production perspective.
I would guide basically flat.
I don't want for new truck deliveries are changing a whole lot over the next quarter and I all out through Q4 remember we are still on allocation.
So.
It's more.
It's more of them.
It's more what we can get right to start what we have sold our backlog is still strong.
Backlog is strong as it was at the end of the quarter last year or last quarter excuse me at the end of Q1 so.
We feel good about it and as.
Manufacturers are able to ramp up production from them.
We'll go forward, but I am not going to go to hedge out on that right now.
I think theyre doing a decent job.
Managing what they've had to manage dealing with the supply issues that we've had.
We've got pretty good at it.
We've been dealing with it like 15 16 months now so I think manufacturers.
Figure out how not to over promise and under deliver after what we went through in 2021.
Got it and you started the call and mentioned strong and widespread demand for parts and service.
Obviously, a big revenue number here in the second quarter, but could you share what.
The same store organic growth wise in parts and service and how youre thinking about that in the back half.
Well it was a.
Our robust, but I think you remember right we were 18% in Q1.
Fairly robust at 19%.
And can you do right. So I guess I missed the Mark a little when I started coming in the first of the year and I thought you'd be high singles, but I guess, we missed it on the right side of it anyway. So as we look forward I would expect.
Comps get harder but.
I still would expect some pretty solid double digits.
Growth rates on a same store basis, so im not sure were looking at my team.
That's to be seen.
I can reflect upon where I'm at.
As of today Okay.
This far in July we have continued to maintain the pace that we were setting in June so we've seen no slight slowdown or any way there'll be some seasonal slight slowdown in the winter. That's just natural because we SMA stores in the south.
The air conditioning work etcetera, but it is not significant that's just had normal seasonal things we deal with but right now.
Demand remains robust.
We continue to believe that we have the initiatives that we have going on out there whether it's mobile side.
Are really chasing after the large fleet business, we've really been very focused on that given our network leveraging up the largest network in the country.
We still believe that we can maintain that.
Very strong double digits I'm not going to go to 19, but you never know these guys surprised me all the time, so but we're very good good robust growth as we go forward.
Good to hear I'll leave it at that thanks for the time.
You bet. Thanks.
Yeah.
Thank you one moment for questions.
Our next question comes from Jamie Cook with Credit Suisse. You May proceed.
Hi, good morning nice quarter.
Rusty I guess my first question.
Your prepared remarks, I think you said you see strong demand on the truck side I think through 2026, just given pent up demand.
Emission emissions requirements that are coming up so just interested sort of that's a pretty bold statement.
Just your thought process, there and what your assumptions on the macro in that environment as everyone sort of worried.
About a recession.
And then just my second question when you were talking about.
Class eight new truck sales are.
Ted.
Flat year, I think you said flat was that relative to the first half our year over year. Thanks.
Well I'll answer in back of in reverse order.
Our sequential Jamie Okay. Okay, that's what I thought yes, that's in Wetzel, So a little bold statement for me you don't hear many of them.
So I Wouldnt look though.
<unk> comments are industry specific directed okay, I cannot control the general Guy.
What I can tell you is that given what we've dealt with since 'twenty just step back a minute and look the last two and a half years right. We were shut down for a month and a half or 2020, okay. We didn't even.
All trucks when Covid hit in April and into May and Greg. So you lost that production then you get into 'twenty. One are you starting about March or April and all of a sudden we've got.
Supply constraints.
And we don't build they'll do it in 2000 U S retail last year the demand was there for way more.
And so and we get into this year, where we're going to be in the $2 50.
Understanding this industry like I do if you go back in time.
We historically have always built to Max capacity.
Manufacturing of never worried about anything but producing everything they could.
I'll talk to that.
Some customer touch.
A lot of large fleets.
The smaller <unk> that are getting hurt right now right with.
Spot rates are going to put a lot of large fleets have not been able to keep track and replace hit the rates they want to.
So you've still got this pent up demand look good.
If we have a big D. Var of course, that's going to affect at all I cant predict that and thats not my job to be that economists, but I can tell you that all everything in the industry realize if you go back and look what year.
Year, and a half of what <unk> projected a year and a half ago for 2024.
And understanding what's going on.
We went through a decade between 2010 and 2020, where we didn't have any governmental influence.
We didn't have really any emissions issues we've heard in between.
In 2010, Thats all we.
We had a lot to deal with we had some pretty big years in <unk> and I would somewhat compare what we have coming in front of us when I look at 25 and 26, because the same days.
Excluding what we're going to start dealing more than 24 number most people were very good morning for.
We're going to be down about 170000 used units, but because taking not being able to meet demand I think we're somewhat we're going to go down in 2004. It no question, but it is not going to go to 170, maybe it's two tier $2 15, and these are my thoughts I could be wrong. There is no question that the overall economy can throw things.
But the industry specifics are aligned there once we get through that then the whole country.
We're talking about diesel engines going up maybe $20000 okay.
And I realized that the economy overwrite all of this but if you look specifically at the industry specifics they pretty much aligned that way given the given 24% and 27 emissions and given the lack of product.
Typically would've produced to meet that demand, we did we havent done it.
With backlogs like this we'd be bus generic not 220 in 250 to 240 will be busted out of 280 290000 units.
And more.
These factors are not running at full capacity currently.
It's really been a good thing from my perspective, this will I like to believe outside of the overall economy.
Can't control that but we get a soft or a middle are not a big are.
There'll be some effect, but I don't think it's just bad given these other things that I've talked about is what we have.
What could be expected and so that's.
That's really where those numbers I have given the jump ramp.
That I believe.
What are these we're going to we're going to be fine.
I believe that it.
It is a big are of an opioid free tags, obviously, it's going to happen.
But I'm not an economist and I don't believe it to be that case.
Okay, and then just one follow up question on.
On G&A.
G&A has been trending higher I know there were some acquisitions that are in there as well and you've done well at expense management.
Maybe Steve how youre thinking about that in the back half of the year.
G&A. So we did we did.
Have salary increases that went effective July one and the numbers you see printed only had two months of Canada consolidated in the quarter. So.
When you get the third month and you take into account the.
The salary increases that we put through the company in July that's probably going to add on a quarterly basis about <unk>.
$8 million to $10 million in G&A and then the rest of the lift will be just the co.
Coincide with the list the lift in back end back end business aftermarket GT.
Yes.
Okay. Thank you.
Yes, one thing Jamie I think when you look at that absorption rate remember that takes into account.
Expenses at the dealership level right. The biggest expenses. So we're managing to keep that grow the gross a whole lot more than we are the expenses right that really reflects the spread that you get.
Thank you.
You bet.
Thank you one moment for questions.
Our next question comes from Andrew <unk> with Bank of America, You May proceed.
Good morning.
Thank you Andrew good morning to you.
Just a question just to follow up on Jamie's question.
Parts and services clearly.
Big beneficiary of the environment Big beneficiary of the investments that you guys have made.
It seems pricing is strong so first.
If we have disinflation, how sticky are the prices and part to you sort of outlined this.
Regulatory environment for the next five years that I think is going to be fairly favorable. So what should we expect from your parts and services in terms of growth.
Over the next several years and how should we think about gross margins.
Right, because it's such a huge driver of your profitability.
And you have outlined.
These big regulatory changes that are going to drive demand, but how should we think about demand for parts and services within that environment, given how profitable they are.
Right well, it's a good question Andrew right because all of a circuit when you start taking the age the fleet down you would naturally think that would be a hit to parts and service, but I've got to tell you a lot of that we look at what we've been doing our growth we've been affected by inflation, we all know that but I do believe that the majority of our growth has been.
Slight majority of our growth.
Through share gain yes, we benefit through ablation, but we've also taken share at the same time and that's really what it's all about.
This last acquisition in the last two acquisitions really continue to help fill out our map and understanding that we're after that large fleet business, whereas for all customer base, but our map is our differentiator now working.
Map when it comes to service.
Especially across the bottom two thirds of the United States, while I guess.
We're going to continue to try to take share.
That's what we get paid to do around here.
Competition is strong, but I have a belief that the historical track records that we've put up.
Our support and the continued growth in our map, we're going to support our abilities to grow our parts and service market right.
And take share.
No.
I mean, that's the best I can tell you it will in the fleet.
Truckload market space to all will the average age the fleet comes out you better believe it will.
It is up but at the same time, it's more about adding technicians, putting more emphasis on where we believe and I don't want to get into all everything we do.
Under that people would probably listen to this call or our competitors, but I do believe we have theres no secret sauces business, but there is one.
<unk> to leverage off of that map and continue to provide support to their customers for a broader base.
What else and we can take share we've done it in the past and we will continue to do it in my perspective going forward our people for the best and were dragging our best to provide them the best tools, we can.
I'm a technology perspective.
Or even an equipment perspective across the board facilities, whatever and listening to customers and what they're asking for.
Especially when it comes to mobile embedded technicians in these types of supports that.
We lead the industry. So I know that's just a very to you may be a generic answer.
But it's a solid answer my friend, let me tell you it's what we do.
I think it's reflective in the numbers, we're showing right and I have no reason to believe that it is going to stop.
And just to again just to and then ill.
Segue into a question about macro but I think a lot of folks on wall Street are concerned about a downturn you brought it up.
Yes.
Given.
How you phased in price increases and given the market share.
If you've gained.
Year to date do you think you can grow parts and services business in a mild recession.
Just top line.
Sure.
It's a good question we have historically have had the last time I had an issue in growing it.
I was really more heavily weighted in one particular industry and you know what that is.
The oil and gas.
You got it.
The good thing about right now.
We're not weighted that heavily in that business. So while it may slow our growth right now and I'm not here to say guarantee 100%. If we had a pretty strong recession I wouldn't I wouldn't take a few hits because that's just natural in this business people will they'll tighten up there.
Well, so a little bit.
It would be nothing as significant as we might have seen in past.
And we will drive to our best to go bad debt was share gain so I don't see human aware of are pretty strong recession.
No way to take more than 5% zinc.
One 5% it would it would really.
Bother me given the diversity and.
The diversity of our customer base now.
Customer base is much more diverse than it has been historically so it should be better better equipped to weather any storm that might come our way not that youre not going to be affected by a store doggone it.
We will be in a whole lot better shape.
Given that diversity of customer base across many market segments not as folk because you have to remember back getting what 17 or so we figured that we were what 15% drag to shale oil and gas.
But it's not three so I don't believe that.
We're quite pleased.
Quite as effective we're going to get affected.
I believe we can maintain pretty close to flat that would be my answer to you right now Andrew.
Yes.
So flat about flat about or in a mild recession, and maybe down mid singles or something more severe.
Yeah, <unk> flat or better.
A heavier recessions into whatever we'll keep it within 5% of Rex and then remember I've got another lever to Borgata expenses swing at that so don't forget about those out of the house.
And just and just to follow up I guess.
Clearly part of the reason your services are doing so well is because of the systems that you guys have and of course. These systems give you a lot of visibility in your end markets in terms of real time.
Just tell us what are you seeing in the economy right. We're in towards the end of July people were talking about recession, and there seems to be a consensus that there's going to be a recession in the next six to 12 months.
What are you seeing maybe go by geography, you did highlight key verticals. You did highlight that you are seeing things slowing what are you seeing slowing and I think last time, you sort of talked about the fact that spot rate maybe it was bottoming what's happening there just would greatly appreciate your insight. Thank you.
Sure you bet, well I'm going to take them in reverse order.
Spot rates.
Spot rates peaked around three bucks and around $2 95 to 195 somewhere in there give or take <unk> reserve.
Obviously, they've taken quite a bit out of them I don't know I mean, we're going around talking to the truckload guys in its LTE yoga.
About where those rates are and where they believe they are trending now going to be closer to it than me I know where the bed.
I don't know as affected some of our stuff on the used side and that that.
Small customer and Theres no question that it has had an effect and we'll have I think I was talking to.
Our finance certainly last night.
They were.
Seeing starting to see some delinquency.
And that more marginal customer out there so that is the effect of spot rates.
Now when we talk about across the country.
Andrew.
We're not seeing.
A lot of softening in any certain area and there is not.
<unk>.
One area.
So I've got some folks around the table and I looked around everybody's sort of shift or add nothing is going backwards, specifically, our antennas up and we're looking for we always the same news headlines everyday we all read the same stuff so yesterday Omar.
What are we seeing it right now.
No.
<unk>.
And if our customer said look gifts.
It's softened, but it's pretty good okay.
So, yes, I'm still doing extremely well and will be the first or second most profitable years ever ad.
Even if we have a slide our next year zero flat GDP.
Some folks have talked to.
Our guest versus the fourth best year, they've ever had even next year. So I mean.
I mean, it's pretty good in our industry right now for our customer base I've got Ajay.
I mean, everybody has gotten there.
They're not going to get the same contract rates and increases some people said flat you've heard one or two people say, maybe a little contraction. Some people said well I'll still get low to mid single digit increases I don't know the market will dictate that which youre not hearing doom and gloom.
It's still for people that are behind on replacement I have not occurred.
What I was going to stop I'll, let my fleet eggs have not heard that yet so I don't think its right.
This is usually a leader in and a leader at its a great indicator of what's going on in this country in terms of the goods will be at all.
I'm not I'm, just not I'm, not seeing that or not hearing it softening es, but it was such higher levels than they would get 10 12, 15%.
Rate increases that was that would've been unrealistic to expect that to quit king but.
We're just talking about.
Replacement drugs.
So.
We believe that to be the case.
Just what.
What we've seen as you know the only place that you see it and I am sure maybe somebody will ask us, okay, and thats usually for that.
But thats what <unk> been drug production is up and we are delivering more new trucks. So it was naturally took us that put pressure on used withdrawing used to.
Crazy rates in the spot market effect of it so users softwood more than it was used as one area.
I can say is often.
But that would be expected as new truck deliveries in Greece. So.
That's the best answer I can give you.
We don't.
<unk>.
Our antennas are not worried about it see it we know that people are getting to get rate increases they were flat, but theres still a lot of rate.
And there is still demand out there at this moment.
Thanks, Todd Rusty I really.
You bet.
Sir.
Thank you one moment for questions.
Our next question comes from Matthew <unk> with Kimco you May proceed.
Thanks, and good morning.
So a question on the used truck side of things it sounds like.
Class eight over the road those those used prices are sequentially down, but you had positive mix in the quarter.
Are you able to maybe put some numbers or percentages around how much.
The over the road trucks are down on a sequential basis and then second part of the question would be what are your expectations for the remainder of the year.
Got it good question used used Pete let's talk about peaks and we will take it down peak was late fourth quarter January something like that and then we started volume.
Let's start with the auction levels firms then enrolled into retail probably by about March.
Dan.
<unk> numbers.
The 25% depending on the blend.
Another exact specification, but on over the road somewhere in that range. We're all bid was critical and that about 5% of them out there.
The typical member you typically get about a one 5%.
Depreciation on the trucks.
Give me a little more different stages of its alive, but because you had one and a half well we ramped it up to about five and then you run about five months in a row and then we can do the math right somewhere in that more to glass and you've got in that two hour commute. So me a month ago as <unk> now my six five.
I do expect that too, but it's still higher than where it was.
It got so high.
Slide <unk>.
Never seen in my entire 40 years in this business. Okay 40, plus years got shuttle in this business.
Never seen it like yet speak to that but there was just such strong demand out there.
Then it got really is still higher than it probably was.
At a little over a year ago around a year ago.
So.
It could go down further.
I would expected too, but not at that same pace.
Youll see that.
You're getting further down the hill right to get into Nevada, and it starts to decline. It was a big there is real spike amount of real estate up top.
It's getting a little bit more of a trough roes.
Are you in it as it comes down, but it's still declining.
So maybe another 10% the rest of this year something like that and that's just a guess.
Because you know where we are we are building more new drugs not building as many as we probably could given demand, but we are building more so you've got to expect.
We are building more new drugs not building as many as we probably could given demand, but we are building more so you've got to expect it to what 578, 10% more I'm, hoping that's it and then it will sort.
Sort of solve for that and get more back.
He knows you hit a big recession drop more something but im not im not forecasting that but a lot of the Gulf coast.
Theres a your answers.
Look I mean, we were you're buying trucks more than you sold them. Two years ago. You know things are crazy and Thats kind of stuff that was going on late last in the back half of last year and ended the first quarter of this year. That's all it now so it will work itself out and through this I can tell you.
As we always do as we always going to be relieved to know that yes. Our margins were down my margins have gotten crazy or wireless.
Quarter, we're more like we always say eight to Eric upper tiers, but my inventory, we believe is mark to market.
Current rate and we are working on getting our inventory levels down we thinking about 'twenty 400 were at about 2000 and I'm open to get to 18 19 100 units by the end of this month.
<unk> been at but we've been attacking different about the last 60 plus days so.
You always look back versus in store and maybe 60 days before we started a little earlier, we started and get it up to add but I feel good about where we're at.
Okay I appreciate the color Rusty.
You betcha.
Thank you and as a reminder to ask a question you will need to press star one on your telephone.
Okay.
Our next question comes from.
Jim Masako with Factset you May proceed.
Your line is now.
Uh huh.
That's a great question.
And im not showing any further questions at this time I would like to turn the call back over to Rusty rush for any further remarks.
Sure well, we appreciate everyone's time this morning, we enlisted again.
We look forward to talking to you again in October with.
Hopefully great results again, so thank you very much. We appreciate your time and have a great have a great next quarter.
Thank you today's conference call. Thank you for parties is participating you may now disconnect.
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Okay.
Sure.
[music].
Yes.
[music].
Sure.
[music].
Okay.
[music].
Okay.
Yes.
Yes.
Yes.
[music].
Sure.
Yes.
[music].
Okay.
Okay.
Thanks.
[music].
Yes.
[music].
Yes.
[music].
Yes.
<unk>.
Yes.
[music].
Thanks.
[music].
Sure.
Okay.
Okay.
Yes.
Yes.
[music].
Sure.
[music].
Sure.
[music].
Yes.
[music].
Okay.
Yes.
[music].
Sure.
[music].
Okay.
Yes.
[music].
Yes.
Yes.
[music].
Yes.
Yes.
Yes.
Sure.
[music].
Okay.
Yes.
Okay.
Yes.
Yes.
[music].
Sure.
Yes.
[music].
Yes.
Yes.
Yes.
Yes.
Yes.
<unk>.
Okay.
Yes.
Yes.
Okay.
Alright.
Okay.
Okay.
Yes.
Thanks.
Yes.
Okay.
Sure.
Yes.
Yes.
[music].
Yes.
Yes.
<unk>.
Yes.
Yes.
Okay.
Okay.
Okay.
Thank you.
Sure.
Yes.
Sure.
Okay.
Okay.
[music].
Sure.
Sure.
Okay.
Okay.
Understood.
Thanks.
[music].
Thank you.
[music].
Thank you.
Yes.
Okay.
Yes.
[music].
Yes.
Okay.
Thank you.
Okay.
Yes.
Okay.
[music].
Okay.
[music].
Yes.
Okay.
Okay.
Yes.
Okay.
Okay.
[music].
Okay.
<unk>.
Okay.
Okay.
Yes.
Yes.
Yes.
Yes.
Sure.
Thanks.
Okay.
Sure.
Yes.
Okay.
<unk>.
Okay.
Sure.
Sure.
Yes.
Okay.
<unk>.
Sure.
Okay.
Yes.
Yes.
<unk>.
Sure.
Yes.
Okay.
Sure.
[music].
Yes.
Thanks.
Yes.
Okay.
Yes.
Yes.
Okay.
Yes.
Okay.
Yes.
Yes.
Okay.
Okay.
Sure.
Great.
Sure.
Okay.
Okay.
Yes.
Yes.
Sure.
Okay.
Okay.
Yes.
Okay.
Thanks.
Yes.
[music].
Sure.
Sure.
[music].
Yes.
Sure.
Thanks.
Okay.
Sure.
Yes.
[music].
Okay.
[music].
Yeah.
Yes.
Okay.
[music].
Okay.
Thanks.
Okay.
Yes.
[music].
Yes.