Q3 2023 Accel Entertainment Inc Earnings Call
Speaker 1: The.
Okay.
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Speaker 2: Ladies and gentlemen, please remain holding. The call will begin momentarily. Once again, please remain holding. The call will begin momentarily.
Ladies and gentlemen, please remain holding.
Holding the call will begin momentarily once again, please remain holding the call will begin momentarily.
[music].
Speaker 1: The.
Speaker 2: Good afternoon and thank you for attending today's Excel Entertainment Third Quarter earnings call. My name is Jisong and I'll be the moderator for today. All lines will be muted during the presentation portion of the call and opportunity for questions and answers at the end. If you'd like to ask a question, please rest star one on your telephone keypad. Now now I'd like to pass the conference over to our host, Derek Harmer.
Good afternoon, and thank you for attending today's XL Entertainment third quarter earnings call. My name is Jason and I'll be the moderator for today.
All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end if you'd like to ask a question. Please press star one on your telephone keypad now.
Alex first conference over to our host Derek Harmer.
Welcome to Accel Entertainment's third quarter 2023 earnings call participating on the call today are Andy Rubenstein, <unk>, Chief Executive Officer, and Matt Ellis <unk> Chief Financial Officer.
Speaker 3: Please refer to our website for the press release and supplemental information that will be discussed on this call. Today's call is being recorded and will be available on our website under events and presentations within the investor relations section of our website.
Please refer to our website for the press release and supplemental information that will be discussed on this call. Today's call is being recorded and will be available on our website under events and presentations.
Within the Investor Relations section of our website.
Some of the comments in today's call may constitute forward looking statements within the meaning of the private Securities Reform Act of $19 95.
Speaker 3: Some of the comments in today's call may constitute forward-looking statements within the meaning of the Private Securities Reform Act of 1995.
These forward looking statements are subject to risks and uncertainties.
Speaker 3: These forward-looking statements are subject to risks and uncertainty.
Actual results may differ materially from those discussed today and the company undertakes no obligation to update these statements unless required by law.
Speaker 3: Actual results may differ materially from those discussed today, and the company undertakes no obligation to update these statements unless required by law.
Speaker 3: For a more detailed discussion of these and other risk factors, investors should review the forward-looking statements section of the earnings press release available on our website as well as other risk factor disclosures in our filings with the...
For a more detailed discussion of these and other risk factors investors should review the forward looking statements section of the earnings press release available on our website as well as other risk factor disclosures in our filings with the SEC.
During the call we may discuss certain non-GAAP financial measures for.
Speaker 3: During the call, we may discuss certain non-GAAP financial measures.
Speaker 3: for reconcilations of the non- GAAP measures , as well as other information regarding these measures. Please refer to our earnings release and other materials in the investor relations section of our website. I will now turn the call over to you. Thank you.
For reconciliations of the non-GAAP measures as well as other information regarding these measures.
Please refer to our earnings release and other materials in the Investor Relations section of our website.
Now I'll turn the call over to Andy.
Speaker 4: Thanks, Eric, and good afternoon, everyone. Thank you for joining us for Excel's third quarter earnings call. I am pleased to report we have another strong quarter. We reported revenue of $287 million, a year-over-year increase of 8%, and adjusted EBITDA of $44 million, a year-over-year increase of 7%.
Thanks, Derek and good afternoon, everyone. Thank you for joining us for <unk> third quarter earnings call.
I am pleased to report we are in.
Another strong quarter, we reported revenue of $287 million a year over year increase of 8%.
Adjusted EBITDA of 44 million a year over year increase of 7%.
Q3 revenue growth was primarily driven by adding new locations in Illinois, along with 1% same store sales growth. We also saw some growth in our developing markets, where we continue to add locations and attract new players are.
Speaker 4: Our continued growth in the current economic environment demonstrates the strength of our hyper-local business model. Our establishment partners recognize and rely on the incremental profits that our high quality offering brings to their businesses. On the expense side, our cost structure continues to remain stable, despite the inflationary impacts on labor and other expenses, such as parts.
Our continued growth in the current economic environment demonstrates the strength of our hyper local business model, our establishment partners recognize and rely on the incremental profits that are high quality offering brings to their businesses.
The expense side, our cost structure continues to remain stable. Despite the inflationary impacts on labor and other expenses such as parts.
Speaker 4: While the labor market remains tight, we have seen some signs of stabilization, allowing us to better retain and attract talent.
While the labor market remains tight we have seen some signs of stabilization, allowing us to better retain and attract talent.
Speaker 4: Our vendors have worked through nearly all the supply chain disruptions and are now able to provide parts on a timely and consistent basis.
Our vendors have worked through nearly all of the supply chain disruptions and are now able to provide parts on a timely and consistent basis.
Speaker 4: Our asset light business model and highly variable cost structure allow us to quickly calibrate our business to any changes in the economy.
Our asset light business model and highly variable cost structure allows us to quickly calibrate our business to any changes in the economy.
Looking at future growth, our pipeline remains active and I'm excited to share or evaluating multiple opportunities across the country. We're working hard to get those opportunities across the finish line and look forward to sharing them with you in the future.
Speaker 4: Looking at future growth, our pipeline remains active, and I'm excited to share we're evaluating multiple opportunities across the country. We're working hard to get those opportunities across the finish line, and look forward to sharing them with you in the future.
Our long term goal remains to continue to increase the percentage of our revenue that is generated outside of Illinois.
Speaker 4: Our long-term goal remains to continue to increase the percentage of our revenue that is generated outside of Illinois.
Overall <unk> continues to execute its growth playbook, we remain excited about the opportunities in the markets, where we are currently operating as well as new markets, where we're looking to enter.
Speaker 4: Overall, Excel continues to execute its growth playbook. We remain excited about the opportunities in the markets where we are currently operating, as well as new markets where we're looking to enter.
Speaker 4: Our strong balance sheet, local business model, and highly visible growth offers one of the best returns in gaming. With that, I'd like to turn it over to Matt to walk you through our financials in more detail.
Our strong balance sheet local business model and a highly visible growth.
Offers one of the best returns in gaming with that I'd like to turn it over to Matt to walk you through our financials in more detail.
Speaker 5: Thanks, Sandy, and good afternoon, everyone. For the third quarter, we had total revenue of $287 million, a year-over-year increase of 8%, and adjusted ebit of $44 million, a year-over-year increase of 7%.
Thanks, Andy and good afternoon, everyone.
For the third quarter, we had total revenue of $287 million a year over year increase of 8% and adjusted EBITDA of $44 million a year over year increase of 7%.
Speaker 5: As a reminder, centuries been included in our results since June 1, 2022, and century operates in markets where the revenue split between century and the location is negotiated. The margins are attractive, but far...
As a reminder, country has been included in our results since June one 2022 and century operates in markets, where the revenue split between century and the location is negotiated.
Margins are attractive, but far lower than our other markets.
Speaker 5: CafEx for the third quarter was $19 million cash spent. The increase is due to accelerating some purchases in Illinois and additional investment in our developing markets such as Nebraska and Georgia.
Capex for the third quarter was $19 million cash spend the increase is due to accelerating some purchases in Illinois and additional investment in our developing markets such as Nebraska in Georgia.
Speaker 5: We continue to see upside in both these markets, and we're excited by the recent growth.
We continue to see upside in both these markets and we're excited by the recent growth.
That said, it's important to realize today's investment may not be fully realized for several years pick up.
Speaker 5: That said, it's important to realize today's investments may not be fully realized for several years to come.
Speaker 5: As of September 30th, we had 24,016 terminals in 3,687 locations. Year over year increases is 7 and 5% respect.
As of September 30, we had 24016 terminals and 3687 locations year over year increases of seven and 5% respectively.
Speaker 5: location attrition continues to remain low and is mostly attributable to our lowest performing locations closing their doors.
Location efficient continues to remain low and is mostly attributable to our lowest performing locations closing their doors.
Speaker 5: At the end of the third quarter, we had approximately $282 million of net debt and $572 million of liquidity, consisting of $230 million of cash on our balance sheet and $342 million of availability on our credit.
At the end of the third quarter, we had approximately $282 million of bad debt and $572 million of liquidity.
With $230 million of cash on our balance sheet and $342 million of availability on our credit facility.
I would now like to provide an update on our capital allocation strategy as you're all aware in November of 2021, we announced the $200 million share repurchase program.
Speaker 5: I've now let provide an update on our capital allocation space.
Speaker 5: As you're all aware, in November of 2021, we announced a $200 million share repurchase probe.
Speaker 5: With our strong balance sheet and low leverage, we're in a unique position where we can grow our business and return capital to share.
With our strong balance sheet and low leverage we're in a unique position, where we can grow our business and return capital to shareholders.
Speaker 5: During the quarter, we repurchased just over 300,000 shares and an average purchase price of $11.10 per cent.
During the quarter, we repurchased just over 300000 shares at an average purchase price of $11 10 per share.
Speaker 5: We are just over halfway through the repurchase program with approximately 10 million shares repurchased at a cost of approximately 104 million dollars.
We're just over halfway through the repurchase program with approximately 10 million shares repurchased at a cost of approximately $104 million.
Speaker 5: Similar to prior quarters, we are not issuing guidance due to the near term macroeconomic office branch, whereas in CPA IT, broad ? of a
Similar to prior quarters, we are not issuing guidance due to the near term macroeconomic uncertainty. However, I would like to emphasize that demand continues to remain strong and should the current trends continue we expect to finish the year with record breaking results.
Speaker 5: However, I would like to emphasize that demand continues to remain strong and should the current trends continue, we expect to finish the year with record-breaking results. With that...
With that I'd like to turn it back over to Ed.
Thanks, Matt we're pleased with another strong quarter and remain focused on executing our growth strategy to create value for our investors. We're confident that our locally focused business model creates a platform to outperform in challenging conditions, such as these and thrive under normal circumstances, we will now take you.
Speaker 4: Thanks, Matt. We're pleased with another strong quarter and remain focused on executing our growth strategy to create value for our investors. We're confident that our locally focused business model creates a platform to outperform in challenging conditions such as these and thrive under normal circumstances. We will...
Questions.
Speaker 2: If you'd like to ask a question, please rest our follow by one on your telephone keypad. If for any reason you'd like to remove that question, please rest our follow by two. Again, to ask a question, it is star one.
If you'd like to ask a question. Please rest star followed by one on your telephone keypad if for any reason you'd like to remove that question. Please press star followed by two.
To ask a question it is star one.
Speaker 2: Our first question is from Steve Fizzala with Docherbank. Your line is now open.
Our first question is from Steve <unk> with Deutsche Bank. Your line is now open.
Hey, good.
Speaker 6: Hey, Madi. And good evening. Thanks for taking my questions. Can you talk about if you saw anything outside of normal seasonality from a customer demand perspective in the quarter, throughout your three main regions? And then maybe any color you can give us on how October trended.
Good evening, Thanks for taking my questions can you talk about.
If you saw anything outside of normal seasonality from a customer demand perspective.
Quarter throughout here there are three main regions and then maybe any color you can give us on how.
October trended.
Yeah. Thanks, Thanks for calling Steve.
Speaker 7: Yeah, thanks for calling Steve.
<unk>.
What we're saying is.
Basic kind of stability in the play.
Speaker 4: basic kind of stability in the play.
Sure.
Speaker 4: still some growth, but it's not, it's minimal in terms of year over year on the same store play. As we look in some of the markets,
Still some.
Growth, but it's not.
It's minimal in terms of.
Year over year on the same store play.
As we look at some of the markets.
We're seeing strength.
Speaker 4: where we've invested in new equipment. We've seen that in the VAT market.
Where we've invested in new equipment.
Seen that in.
Nevada market.
Speaker 4: Illinois, we're starting, we continue to see that. But overall, I'd say the market's been stable. I think it's kind of representative of the fact that our business is incredibly resilient, even as people are starting to pause in their discretionary spending.
Illinois.
We see we continue to see that but overall I'd say.
The market has been stable I think.
You've kind of representative of the fact that our business is incredibly resilient even as people are starting to pause in the discretionary spend it.
October.
Speaker 4: Um, has kind of followed the trend, um, and I, although we don't have the final numbers and results. As you'll see in the reporting in the next few days from the state. From from what we, what we have seen. Again, it's that it's it's very strong, stable performance. The, the customer sees that we provide.
Has kind of followed the trend.
And although we don't have the final numbers and results.
As you'll see in the reporting.
Few days for the state.
From what we what we have seen again.
It's very strong stable performance.
A customer sees that we provide.
Speaker 4: a value, we provide convenience.
A value.
Provide convenience.
Speaker 4: Um, and and quality, the quality of our equipment keeps getting better and better. So, the experience that they have.
And in quality and the quality of our equipment keeps getting better and better for the experience that they have.
Speaker 4: locally is just as good or better than they may experience in a casino or at a destination location.
Locally is just as good or better.
Then they may experience.
And a casino.
Sure.
At a destination location.
Speaker 4: So we feel good about it. We have a confidence in this quarter and.
We feel good about it we.
I have confidence in this quarter.
And.
Speaker 4: Although we're kind of holding off on forecasting beyond the end of the year, I think the stability of our business and where
Although were.
Kind of holding off on forecasting.
Beyond the end of the year.
Thank the stability of our business and where.
Distributed gaming kind of sits in the gaming vertical is a position of strength.
Speaker 4: in the gaming vertical is a position of strength.
Okay. Thank you that's helpful and then as we think about margins and the cost structure.
Speaker 6: Okay, thank you. That's helpful. And then as we think about margins in the cost structure,
Speaker 6: um looks like margins were flat and maybe down a couple bases point to you over here how should we think about that cadence moving forward and maybe uh what kind of what level of revenue growth do you think you need to get to that margin expansion moving forward?
It looks like margins were flat to maybe down a couple of basis points year over year, how should we think about that cadence moving forward and Navy.
What kind of level of revenue growth do you think you need to get to that margin expansion moving forward.
Speaker 5: Hey, Steve, it's Matt. Thanks for the question. I'll start with cost. 1st. Again, I think we talked about this in the past, but our rate cycles in July . So the best thing to look at rather than a year ago is sort of sequential. And as we talked about.
Hey, Steve It's Matt Thanks for the question I'll start with cost first.
Again, I think we talked about this in the past, but our raised cycles in July so the best thing to look at rather than a year ago as sort of sequential.
And as we talked about.
Expenses overall in wages being the biggest part of that have been pretty stable. I mean, we have our annual cost of living increases and stuff like that.
Speaker 5: Dispenses overall and wages being the biggest part of that has been pretty stable. I mean, we have our annual cost of living increases and stuff like that, but the cost structure has been very stable. Frankly, on the forecasting part, that's the easy part of the job. What is sort of, as Andy discussed earlier, the revenue and while we're seeing strong trends, a lot of that margin expansion will come down to sort of how the revenue flows.
The cost structure has been very stable.
Frankly on the forecasting part that's the easy part of the job what is sort of as Andy discussed earlier, the revenue and while we're seeing strong trends a lot of that margin expansion will come down to sort of how the revenue flows that we.
Speaker 5: We feel very good about the cost base. Again, we're close to home, we're local. We're an easy convenient option for our players. So as he said, October came through better than we internally forecasted. But again, you'll see the numbers soon. So.
We feel very good about the cost base again.
We're close to home where local.
We're an easy convenient option for our players. So he said October came through better than we internally forecasted, but again youll see the numbers soon so.
Speaker 5: You know, overall we feel good, but we'll certainly try to get some margin expansion, but a lot of that will come through on the.
Overall, we feel good but we'll certainly try to get some margin expansion, but a lot of that will come through on the demand side.
Speaker 6: Okay, thanks. And then just one more, if I could, the kind of 60 to 70 million level in CapEx this year, is that a good run rate to think about moving forward into 2024 and 2025 as we build out our models?
Okay. Thanks, and then just one more if I could.
Kind of $60 million to $70 million level and Capex. This year is that a good run rate to think about moving forward into 2024 and 2020.
No doubt our models.
I think you can go a little lower than that like we talked about we work. Some purchases forward. This year just out of abundance of caution and to be a little opportunistic.
Speaker 5: I think you can go a little lower than that. Like, we talked about, we walked some purchases forward this year, just out of abundance of caution and to be a little opportunistic. I would expect it to drop.
I would expect it to drop.
Speaker 5: And the 20% next year, we'll see how everything comes in, but we had a lot of new products come in and then to be safe. We didn't want to run into any shortages. Like we said, a lot of those have gone away. But certain equipment, you don't want to end up with a backlog or you can't keep setting new location. So I would expect it down. 10 to 20%.
10% to 20% next year, we'll see how everything comes in but we had a lot of new products come in and then to be safe, we didn't want to run into any shortages like we said a lot of those have gone away.
But certain equipment.
You don't want to end up with a backlog of you can't keep setting new location. So I would expect it down.
10% to 20%.
Okay, great. Thank you.
Our next question is from Chad Beynon with Macquarie. Your line is now open.
Speaker 2: Our next question is from Chad Bainon with Macquarie, your line is now open.
Speaker 8: Hi guys, this is Sam on for Chad. Thanks for taking our questions. First question, with same-store regional gaming revenues slowing in the broader gaming industry, could you remind us of the various growth opportunities that you guys have in your portfolio that are not dependent on same-store growth, such as tuck-ins, new locations, vertical integrations?
Hi, guys. This is Sam on for Chad Thanks for taking our question.
First question with same store regional gaming revenues slowing in the broader gaming industry.
Could you remind us of the various growth opportunities that you guys have in your portfolio that are not dependent on the same store growth such as tuck in new locations vertical integration.
Speaker 8: And what would the aggregate growth be from these avenues, assuming same store trends across the portfolio are flat in 24 and 25?
And what would the aggregate growth be from these avenues, assuming same store trends across the portfolio are flat in 'twenty four 'twenty five.
Speaker 4: Thanks, Sam. This is Andy. We have quite a few opportunities, whether it's tuck-in here in Illinois or other markets, and I'd expect us to continue.
Thanks, Sam this is Andy.
We have quite a few opportunities whether it's tuck in here in Illinois or.
Or other markets and I.
I would expect us to continue.
Speaker 4: those opportunities, pursuing those opportunities in 24. We will
Those efforts pursuing those opportunities.
In 'twenty four.
We.
That will.
<unk>.
Speaker 4: Expand our retail operations. We have got a couple locations.
Expand our retail operations.
We have got a couple of locations that we'll be able to operate the retail business in Montana.
Speaker 4: that will be able to operate the retail business in Montana. You'll see the opportunities kind of manifest themselves in 24. And then we're looking at a lot of new markets. I mean, there's.
See the.
Opportunities.
Kind of manifest themselves in 'twenty four.
And then we're looking at a lot of new markets and theirs.
Speaker 4: We, as Excel, has expanded his business to places like Nebraska, the success there has indicated to us that there is...
<unk> is excel.
<unk> has expanded its business at places like Nebraska.
The success there is indicated.
To us that there is other.
Real opportunities for us to grow.
Speaker 4: real opportunities for us to grow.
We.
Speaker 4: We are a manufacturer in states like Louisiana, South Dakota. We anticipate getting more involved in Louisiana market as... ... I'm a manufacturer in the company soft eliminatork...
We are a manufacturer in states like Louisiana.
South Dakota.
Anticipate.
Getting more involved in Louisiana market.
As.
We get into the second half of.
Speaker 4: Of 24, so the opportunities are there, I think.
Of 24, so the opportunities are there I think.
Speaker 4: by the time we do this call toward the end of the first quarter.
By the time, we do this call.
At the end towards the end of the first quarter.
Speaker 4: You'll see that we've made some progress, and the real results will start to be realized. And...
You'll you'll see that we've made some progress.
<unk>.
The real results will be.
We will start to be realized in.
The second half of 'twenty four 'twenty five.
Okay.
Great. Thank you for that and then as a follow up.
Speaker 8: Great, thank you for that. And then as a follow-up, looking at Illinois data, it doesn't look like the VGT market has been impacted by any of the new casinos that have launched in the last few months.
Looking at Illinois data it doesn't look like the <unk> market has been impacted by any of the new casinos that have launched in the last few months.
Speaker 8: And it actually looks like growth has accelerated, just wondering what you've seen if anything in your portfolio at all.
And it actually looks like growth has accelerated just wondering what you've seen if anything in your portfolio at all.
Speaker 4: I mean, we really haven't felt that there's a couple.
I mean, we really haven't felt that.
There's a couple.
Speaker 4: individual locations that are in proximity of the casino that have been had marginal decrease. We believe that in general, as gaming becomes more of an acceptable form of entertainment in Illinois, similar to how it is in Nevada, that more people see it as a real value.
Individual locations that are in proximity to the casino that then.
Ben.
Had marginal decrease.
We believe that that in general as <unk>.
Gaming becomes more of an acceptable form of entertainment and Illinois similar.
Two how.
It is in Nevada that more people will see it as.
A real value with entertainment.
We're in an inflationary environment.
Speaker 4: We're in an inflationary environment in many of the other entertainment alternatives where our value propositions,
Many of the other entertainment alternatives where are.
Value proposition of <unk>.
Time.
Speaker 4: time for the money spent.
For the money spent.
Speaker 4: is the same and people are appreciating what our offer is so.
Is the same and people are.
Appreciate them what.
Our offer is.
So.
Speaker 4: Our view is Illinois is a strong market. It will become more and more of a gaming culture as we've seen over the last 11 years of operating that playing slot machines is an entertainment that people prefer.
Our view is Illinois.
<unk> is a strong market will become more and more of our gaming culture.
As we've seen over the last 11 years of operating that playing slot machines is is an entertainment that people prefer.
Great. Thanks for the color and nice quarter.
Thank you.
There are no more questions sorry, we have another question.
Speaker 2: There are no more questions. Oh, sorry, we have another question from Greg. Keep us with Northland.
From Greg <unk> with Northland.
Your line is now open.
Hey, Thanks, guys. Thanks for taking the questions.
Speaker 9: Hey, thanks guys. Thanks for the questions. First, I guess you mentioned just talking to Illinois, continuing to look at those are just, you know, I think it's been a little while. So I'm curious if you're still seeing attractive opportunities, you know, in terms of talking within Illinois.
First I guess you mentioned just tuck ins in Illinois continue to look at those are just I think it's been a little while so I'm curious if you're still seeing attractive opportunities.
In terms of tuck ins within Illinois.
Speaker 4: Yeah, and we're evaluating them and
Yeah, and we're evaluating them and.
Speaker 4: they'll, those opportunities will, I think they're present.
Those that opportunities will I think that.
At present and.
I think they'll continue.
Speaker 4: I think they'll continue the market is always kind of transitioning and a lot of, again, 11 years into this market, there are people that are looking to exit or find a company to partner with. And we've demonstrated that we're a good partner. And when the
<unk>.
The market is as always kind of transitioning.
And a lot of again 11 years into this market. There are people that are looking to exit or.
Find a company to partner with and.
We've demonstrated that we're a good partner and.
When the.
Speaker 4: The opportunity is appropriate and.
The opportunities are appropriate and.
Speaker 4: We kind of go through the diligence that indicates this is the right spot for both companies. We'll continue to
We kind of go through the.
The diligence that indicates this is the right spot for both companies.
We will continue to.
To execute on them.
Great and then I guess kind of a follow up there you mentioned the Gulf building to expand.
Rapid revenues outside of Illinois, and just curious like where you would stack up those growth opportunities in terms of markets with North Carolina.
So for the time being.
Where are you most excited about.
Okay.
Speaker 4: I mean, we really like, um, some of the opportunities in Montana that we've we've, uh.
I mean, we really like.
Some of the opportunities in Montana that we have.
Started to capitalize on and we have.
Speaker 7: started to capitalize on and we have.
Hum.
Speaker 4: We've been able to be successful in a few of these retail situations. And I think...
We've been able to be successful in a few of these retail situations and I think.
Speaker 7: Um, we'll be able to continue down that path. To grow the business, uh, significantly, uh, you're looking at other states that are out there. Um, Nebraska is growing.
We will be able to continue down that path to grow the business significantly.
Looking at other states that are out there.
Brassica is growing.
From a very low number, but we see a very strong growth pattern and same store.
Speaker 4: from a very low number, but we see a very strong growth pattern in things where sales growth there.
Sales growth there.
Speaker 7: So I think, like I said, as we move into next year,
So I think like I said as we move into next year.
There'll be other states.
Speaker 7: that we've identified to pursue that we may make a stronger effort. We're really looking hard at what we're doing in Georgia, whether we pivot in one direction or the other.
That we've identified.
To pursue that we may.
Make a stronger effort.
We're really looking hard at.
What we're doing in Georgia.
Whether we pivot in one direction or the other.
South Dakota is presented a few opportunities so.
Speaker 7: South Dakota is presented a few opportunities. So.
Speaker 7: They are there, but I would tell you, Montana is the one that is most actionable right away. It may be a different conversation.
There are there and.
But I would tell you Montana is the one that is most actionable right away.
Maybe a different conversation.
Speaker 7: to nine months from now, but Montana's the most pleasant.
Nine months from now, but it has the most presence.
Got it that's helpful. Thanks Ann.
Speaker 2: There are no more questions, so I'll pass the call back over to the management team for closing remarks.
There are no more questions. So I'll pass the call back over to the management team for closing remarks.
And thank you everyone for joining us today.
Speaker 7: And thank you everyone for joining us today.
Speaker 4: We are pretty excited about what's coming in 24, which will spill into a very strong second half of the year and into 25 and 26. We appreciate that you guys listening today, one of which everyone a safe and happy holiday season and we'll look forward to sharing some good news as we talk to you again in the new year. Thank you.
We are pretty excited about.
What's coming in 'twenty, four which will spill into a very strong second half of the year and into 'twenty five 'twenty six.
We appreciate you guys listening today when it was everyone a safe and happy holiday season, and we'll look forward to sharing some good news.
As we talk to you again in the new year. Thank you.
That concludes the conference call. Thank you for your participation you may now disconnect your lines.
Speaker 2: That concludes the conference call. Thank you for your participation. You may now disconnect your lines.
New year. Thank you.
That concludes.