Q4 2024 Tecnoglass Inc Earnings Call
Natomiast, November 29 To be continued in part three
Including statements regarding future financial performance future growth and future acquisitions.
These statements are based on technical asked as current expectations or beliefs and are subject to uncertainty and changes in circumstances.
Actual results may differ in a material nature from those expressed or implied by the statements herein due to changes in economic business competitive <unk> regulatory factors and other risks and uncertainties affecting the operation of technical glasses business either.
These risks uncertainties and contingencies are indicated from time to time and taking the blast as filings with the SEC.
The information discussed during the call is presented in light of such risks further investors should keep in mind that technical assist financial results in any particular period may not be indicative of future results.
The west is under no obligation to and expressly disclaims any obligation to update or alter its forward looking statements, whether as a result of new information future events changes in assumptions or otherwise.
Jose Manuel: Now I'll turn the call over to Jose Manuel beginning on slide number four.
Jose Manuel: Thank you.
Speaker Change: It won't be a big piece of baby on today's call.
Jose Manuel: Yeah.
Jose Manuel: We are paid to repay the Churchill downs unfolds.
Jose Manuel: Pleasure Jay before.
Jose Manuel: But instead, we go to business.
Jose Manuel: Bruce.
Jose Manuel: And there are two way radios.
Jose Manuel: The strength of labels.
Jose Manuel: <unk>.
Jose Manuel: It does use the drug worked there.
Jose Manuel: But good shape, well tell me what your actual luxury.
Jose Manuel: They pick up.
Jose Manuel: <unk> business model.
Jose Manuel: Visionary budget for vulnerable reflect broad based strength.
Jose Manuel: These fish.
Jose Manuel: Well she goes probably reservation revenues really Joel.
Jose Manuel: The 72 million.
Jose Manuel: So first of all making sure game called.
Jose Manuel: So dangerous place.
Jose Manuel: Berger.
Jose Manuel: That'd be neutral bulb, although Joe Rodriguez sponge.
Jose Manuel: Our multifamily and commercial businesses.
Jose Manuel: Jude solely Grove.
Jose Manuel: Yeah, maybe menu.
Jose Manuel: Driven by a stronger than usual.
Jose Manuel: I'll start with backlog.
Jose Manuel: So there's no real measurable manufacturing capacity.
Jose Manuel: Well, there's two main go to auction.
Jose Manuel: It has been well neither should be because of the games.
Jose Manuel: Bosworth allocation.
Jose Manuel: Enabling us to meet growing demand.
Jose Manuel: Okay.
Jose Manuel: You can always sugar club.
Jose Manuel: Despite facing currency headwinds.
Those are all expenses.
Jose Manuel: Yeah.
Speaker Change: We were pleased to by David just can you remind us what did you improve the equation.
Speaker Change: Oh, that's cool roof thugs.
Speaker Change: Snowball.
Speaker Change: He is going to jump over to really be there.
Speaker Change: This is due in large part to our structural competitive advantages.
Speaker Change: But equally well.
Speaker Change: Labor.
Cost and expenses.
Speaker Change: And fully vertically integrated model.
Speaker Change: Yeah.
Speaker Change: Therefore, the hutch proven especially vulnerable.
Speaker Change: Usually close towards him.
Speaker Change: So did you.
Speaker Change: What did your pleasure buzzard, the broker goes towards human industry.
Speaker Change: U S.
Speaker Change: Or should she little buggy blofeld co pay.
Speaker Change: General Director of Board go slow although your.
Speaker Change: Paul Krugman here, well disclose irrationally or business model.
Speaker Change: Yeah.
Speaker Change: Oh struggle boswell to hold those.
Speaker Change: I was just trying to go for eventual position.
Speaker Change: Our return profile.
Speaker Change: Well, you know chief constables easier bogey.
Speaker Change: Well, it's always difficult comparable to shareholders.
Speaker Change: Please go ahead.
Speaker Change: Okay.
Speaker Change: Sure.
Speaker Change: You bet.
Speaker Change: Paul.
Speaker Change:
Speaker Change: Okay.
Speaker Change: Well, it's really the purple degrees levels.
Speaker Change: No we don't give you a little bit.
Speaker Change: Sure.
Speaker Change: Yeah.
Speaker Change: Looking ahead, we remain go through every Burger loves this territory.
Speaker Change: Oh, Roku players like Newport before will.
Speaker Change: And three an all time high backlog.
Speaker Change: So D initiatives, particularly as it relates to larger royalty co expansion.
Speaker Change: No exposure in Louisville.
Speaker Change: Two people road.
Speaker Change: If you really need to drive you to absorb.
Speaker Change: The operational for vision Bulker loser issue.
Speaker Change: So it goes all the way digital gives us multiple avenues to a log of Israel shareholder value.
Bruce: I will now join the call over to Bruce to provide the original operating highlights.
Thank you almost everyone moving to slide number five our significant business momentum throughout 2020 for corn wheat and record results for both the fourth quarter and the full year.
Bruce: This performance demonstrates the resilience of our business Mohan.
Bruce: Consistent ability to outperform the broader market.
Bruce: The strength in our single family residential business, what's especially noteworthy with revenues growing 11% year over year to a record $372 million.
Bruce: We continue making progress.
Bruce: Within our geographic footprint with the new showroom lease signings in process.
Bruce: The California, and Arizona markets.
Encouragingly, we are already seen orders pick up in these regions given our established sales force present broke every language.
Bruce: Our solid growth also reflects a ramp up of vinyl windows deliveries in the second half of the year.
Bruce: Our exceptional performance in single family originations and the large opportunity with the ongoing geographical expansion I'm for further diversification into vinyl products reinforces our confidence in further market penetration.
Bruce: Potential for 2025.
Bruce: Our multifamily and commercial business delivered another outstanding year with revenues growing mid single these two 518 million.
Bruce: Our backlog reached an all time high of 1.1 billion at quarter end, representing exceptional gross or 28% year over year.
Bruce: This marks our 31st consecutive quarter of year over year backlog expansion, reflecting both a strengthening market leadership and growing demand for innovative products.
The quality of our backlog remain strong with particularly robust activity in high end residential luxury lodging and class a office space projects.
Bruce: We are also seeing encouraging signs of project activity resuming in certain geographies.
Speaker Change: I remain largely dormant since COVID-19.
Speaker Change: Combined with strong momentum in quoting and bidding activity across our markets. We are exceptionally well positioned for continued growth in 2020 five in these end Mark these.
Speaker Change: These high level of busy really reinforces our confidence in continued market share gains and sustainable growth moving to slide number six.
Speaker Change: Our backlog has shown consistent sequential growth each quarter since 2021 and most trading sustained business momentum and a strong project pipeline.
Speaker Change: This momentum has helped maintain our book to Bill ratio of 1.3 times as of water for 'twenty 'twenty four.
Speaker Change: We have maintained book to Bill ratio above one one times four 616 consecutive quarters with approximately two thirds of our backlog typically convert into revenue within the next 12 months.
Speaker Change: This provides strong visibility of future revenues and supports our growth trajectory for 2025 and beyond.
Speaker Change: Okay.
Speaker Change: The quality of our backlog is underpinned by our late stage installation provided them focus on interest rate or helium projects.
Speaker Change: Our project cancellation rate remains near zero since we typically install windows in buildings that are typically already in the construction process digitally.
Speaker Change: Additionally, our backlog is concentrated in projects that have historically demonstrated resilience to interest rate changes.
Speaker Change: While delivery timing may fluctuate due to external factors are consistently a strong book to bill ratio.
Speaker Change: Enforces our confidence in future revenue conversion.
Speaker Change: I will now turn the call over to Santiago to discuss our financial results and outlook for 2025. Thank.
Santiago: Thank you Christian.
Santiago: Turning to single family residential on slide number seven.
Santiago: During the fourth quarter, we generated single family residential revenues of $93 5 million.
Santiago: Compared to 77 1 million in the prior year quarter. Despite.
Santiago: Despite challenging macro conditions, we achieved record full year 2020 for single family residential revenues of $372 1 million.
Santiago: The year over year increase in both periods, primarily reflected continued market share gains through geographic expansion and broadened product offerings.
Santiago: We continue seeing significant market share potential driven by our expanding dealer network with very efficient five to six week lead times, but P. J geographic expansion with new showrooms in key markets and our entry into the vinyl window market, which has more than double.
Santiago: Our addressable market.
Santiago: We saw deliveries of vinyl products pick up towards the end of last year and expect that momentum to continue into 2025, as we leverage our existing network and sign new clients to meet growing demand.
Santiago: Looking at demographic trends in our main markets on slide number eight.
Santiago: We are operating in states that are projected to capture the majority of U S. Construction spending growth with 2029.
Santiago: Florida and Texas.
Santiago: Our core markets are expected to account for nearly 30% of all construction starts over these period, representing approximately 84 billion in combined growth opportunities.
Santiago: This aligns with broaden population migration patterns towards the South East where states are projecting above average population growth grades exceeding six and a half per cent.
Speaker Change: Are there more federal infrastructure.
Speaker Change: Structural spending through the infrastructure investment and jobs Act is providing an additional tailwind with substantial funding still to be deployed across our key markets.
Speaker Change: These demographic and federal it spending trends provide strong structural support for continued expansion and reinforce our strategic focus on these high growth regions.
Speaker Change: That being said our ongoing geographical expansion should allow us to also capture market share in many other geographies, where we currently don't have a significant pricing.
Speaker Change: Turning to the drivers of revenue.
Speaker Change: Number 10.
Total revenues for the fourth quarter increased 23, 1% year over year to a quarterly record.
Speaker Change: 139.6 million.
Speaker Change: While full year revenues increased six 8% to a record 892 million.
Speaker Change: Growth in both periods came from our single family residential and multifamily commercial business driven by strong activity in our main markets geographic expansion and our broadened product offering.
Speaker Change: Looking at the profit drivers on slide number 11.
Speaker Change: Adjusted EBITDA for the fourth quarter of 2024 increased 27, 9% year over year to $79 2 million, representing an adjusted EBITDA margin of 33, 1%.
Speaker Change: Full year, adjusted EBITDA reached 275.8 million, representing a margin of 31%.
Speaker Change: Fourth quarter gross profit was 106 5 million, representing a 44.5% gross margin.
Speaker Change: Compared to gross profit of 83 million, representing a 42.6% gross margin in the prior year quarter.
Speaker Change: The margin improvement reflected benefits from stronger pricing stable raw material cost operating leverage and more favorable foreign exchange rates.
Speaker Change: Full year gross profit totaled 380 million, representing a 42.7% gross margin aligning with our target range of low to mid 40%. Despite early year foreign exchange headwinds the hop seen stabilize.
Speaker Change: SG&A for the fourth quarter was $39 4 million or 16, 4% of revenue.
Speaker Change: Compared to 32 4 million or 16.7% of revenue in the prior year quarter.
Speaker Change: Full year SG&A as a percentage of revenues was 17.2% compared to 15, 7% in the prior year quarter.
Speaker Change: The increase in both periods, primarily reflected higher transportation and commission expenses from revenue growth increased personnel expenses from annual salary adjustments and certain non recurrent expenses related to our strategic review.
Speaker Change: Turning to our view of U S aluminum tariff dynamics on slide number 12.
Speaker Change: We are actively monitoring the industry wide developments associated with the proposed 25% U S tariffs on imports of aluminum and aluminum components of manufactured goods to be potentially implemented in March 2025.
Speaker Change: While the implementation of such tariffs remain uncertain, we have already taken steps to attempt to minimize any impact on our business of such tariffs by securing alternative sources of aluminum from U S suppliers, which would be excluded from potential tariffs.
Speaker Change: We believe these alternative sources will be able to meet all of our production needs.
Speaker Change: Notably domestic aluminum production has declined by approximately 10% since 2017, despite previous tariff measures.
Speaker Change: This factor coupled with growth in aluminum intensive industries has created an incremental need for industry wide imports.
Speaker Change: As demonstrated last year, we would again work with our clients to manage pricing in a matter that both help us mitigate the incremental cost while also moderating the broader inflationary impact on costumer projects, even how the U S market is not self sufficient in aluminum production.
Speaker Change: As a result of these dynamics, we would expect a more favorable pricing environment, driven by broad inflationary pressures and a continued tight labor market that constraints industry capacity.
Speaker Change: Beyond pricing dynamics, we're strategically expanding our presence in the vinyl window market further diversifying our product portfolio.
Speaker Change: Our significant labor cost advantage combined with ongoing operational efficiency initiatives and are fully vertically integrated platform position us well to maintain attractive margins, while offering competitive pricing.
Speaker Change: These factors collectively reinforce our confidence in our outlook.
Speaker Change: Now examining our strong cash flow and balance sheet on slide number 13.
Speaker Change: We generated record operating cash flow of $175 million for the full year 2024.
Speaker Change: Driven by effective working capital management, and a higher mix of single family residential revenues, which feature upfront payments and shorter sales cycle with our retail niche.
Speaker Change: Capital expenditures of $79 6 million included scheduled payments on previous investments investments in efficiency.
Speaker Change: And a payment for Miami headquarters and flagship showroom.
Speaker Change: To drive incremental business activity.
Speaker Change: Our strong cash generation enhances our ability to create and return value to shareholders.
Speaker Change: During the year, we generated 91 million in free cash flow, which allowed us to return 19.7 million through cash dividends and position us well to opportunistically execute on our recently increased share repurchase program, where we still have approximately $76 5 million.
Speaker Change: Payable under the most current authorization.
Speaker Change: Given our strong cash generation, we ended the year in a net cash position after repaying 65 million of debt throughout the year.
Speaker Change: At December 31st we maintain a cash balance of 135 million and availability under our committed revolving credit facilities of 170 million, providing total liquidity of approximately 305 million.
Speaker Change: We remain very please with our growing cash generation capabilities, which provide multiple levers to drive additional value.
Speaker Change: On slide number 14, we highlight our ability to generate returns significantly above the broader industry.
Speaker Change: Trailing three year basis. This outperformance reflects successful strategic investments and operational initiatives.
Speaker Change: Compared to our peer group, our industry, leading margins and strong cash flows of the law.
<unk> superior shareholder value creation.
Speaker Change: Now moving to our outlook on slide number 16.
Speaker Change: Based on our momentum through year end and our strong performance. During 2024, we're introducing full year 2025 outlook for revenues to be in the range of <unk>.
Speaker Change: $940 million 1.02 billion, representing entirely organic growth of approximately 10% at the midpoint of the range.
Speaker Change: Additionally, we're introducing our adjusted EBITDA target to a range of 300 million to 340 million.
Speaker Change: Our high end outlook assumes continued downward trend in interest rates benefiting mortgage rates.
Speaker Change: High single digit growth in our legacy residential revenues and vinyl revenues, reaching approximately $40 million.
Speaker Change: We're also expecting improved activity in short term commercial projects and gross margins in the mid to high Forty's range supported by favorable foreign exchange rates with the Colombian peso at or about 4200.
Speaker Change: The low end of our range contemplates potential headwinds from broader implementation of aluminum tariffs impacting construction spending higher interest rates and a stronger Colombian peso.
Speaker Change: Under this scenario, we assume flat to low single digit growth in legacy residential revenues vinyl revenues of approximately $15 million and gross margin at the low 40% range.
Speaker Change: While we anticipate some margin pressures from increasing installation revenues I too high end condo activity in Florida, and a mandated 9% salary increase in Colombia. We expect these impacts to be largely offset by continued operating leverage and efficiency gains and more favorable price.
Speaker Change: In an environment as I discussed earlier.
Speaker Change: On the SG&A front, we anticipate leveraging our fixed cost to help mitigate the impact of wage increases.
Speaker Change: We expect another strong year of free cash flow generation.
Speaker Change: Capital expenditures are projected to be in the range of $65 million to $70 million, which includes the tail end of previous investments maintenance Capex and further investments and efficiency initiatives as well as our new Miami flagship showroom and executive offices.
Speaker Change: Working capital if you can.
Speaker Change: Continue to be a source of cash as we further penetrate residential markets do.
Speaker Change: This will be particularly offset by longer cash conversion cycles in our growing installation business.
Speaker Change: In conclusion, our fourth quarter and full year 2022, four performance showcased technical glasses market leadership and operational excellence.
Speaker Change: Our record revenues industry, leading margins and strong backlog reflect the success of our strategic initiatives.
Speaker Change: We entered 2025 with strong momentum in our vinyl window business with Q1 orders trending above Q4, 2024 invoicing levels. This combined with our geographic expansion progress and continued strength in core markets supports our confidence in delivery.
Speaker Change: Another year of profitable growth.
Speaker Change: With that we will be happy to answer your questions. Operator, Please open the line for questions.
Speaker Change: We will now begin the question and answer session.
Speaker Change: To ask a question you May press Star then one on your telephone keypad.
Speaker Change: If you are using a speakerphone. Please pick up your handset before pressing the keys to withdraw your question. Please press Star then two at.
Speaker Change: At this time, we will pause momentarily to assemble our roster.
Speaker Change: Our first question today is from Julio Romero with Sidoti. Please go ahead.
Speaker Change: Good morning. This is Justin on for Julio Thank you for taking questions.
Speaker Change: Good morning.
Speaker Change: Well.
Speaker Change: So on vinyl can you talk about the cadence expected a vital revenues you are projecting a 15 to 40 million for the year Secondly, what monthly run rate are you expected to exit 2025.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: But rival the good growing.
Speaker Change: We have been opening.
Speaker Change: Yeah.
Speaker Change: Hum.
Speaker Change: No.
Speaker Change: Right.
Speaker Change: Hum Lama, Georgia.
Speaker Change: Yeah.
Speaker Change: Very nicely.
Speaker Change: Yeah.
Speaker Change: We.
Speaker Change: We don't know the figure here.
Speaker Change: Well, we hope is gonna be double what we did last year.
Speaker Change: Great. Thanks for the color there.
Speaker Change: And then on capacity can you talk about the potential for capacity expansion in 2025 and is there any capacity expansion embedded in your Capex guidance.
Speaker Change: Yes, we are running like a 65% to 70% capacity today and we are making.
Speaker Change: Making some investments, especially to become more efficient when it comes to the aluminum side of the business.
Speaker Change: We're gonna name.
Speaker Change: We're buying a lot of automation for the factory. So we can produce more.
Speaker Change: Less.
Speaker Change: On.
Speaker Change: And we are.
Speaker Change: Certainly.
Speaker Change: Bearing that we're going to grow and that we will have enough capacity to keep delivering within four to five window frame that we have today.
Speaker Change: Yeah.
Speaker Change: Weeks four to five weeks.
Speaker Change: Great. That's all for me thank you.
Speaker Change: Yeah.
Brent Thielman: The next question is from Brent Thielman with D. A Davidson. Please go ahead.
Brent Thielman: Hey, Thanks, good morning.
Speaker Change: Yeah, I mean, you saw nice single family growth here in the fourth quarter I don't get the sense that it.
Speaker Change: That's down shifted here in the first quarter and maybe to the extent you can talk about that I'm. Just just wondering if it's still outpacing what seems like a sort of still sort of a sheepish new construction market so far.
Speaker Change: Yeah.
Speaker Change: They're beginning to poorly doi revised.
Speaker Change: You'll probably have.
Speaker Change: Extraordinary.
Speaker Change: We see a lower growth Goldberg too.
Speaker Change: Sure.
Speaker Change: Compared to January going these doors as well.
Speaker Change: Okay great.
Speaker Change: And then you had some comments in here about sort of short term maybe smaller commercial.
Speaker Change: Projects are embedded in the guidance range here.
Speaker Change: And those are a little more difficult to project, but just wanted to get a sense historically, what sort of portion of your business that would be.
Speaker Change: I'm just trying to understand the swing factor here just considering the huge backlog you have going into the year.
Speaker Change: Well.
Speaker Change: Because you gave me a good word for major then it goes to close shortly.
Speaker Change:
Brent Thielman: I can't I can't elaborate here a brent okay I can help you out.
Brent Thielman: Essentially that the lighter commercial monthly revenues has averaged between 10 to 12 million per month more or less. So if you take the full amount of commercial construction that we did last year equates to about 510 million. So if you do the run rate you're talking about 125 million to 100.
Brent Thielman: 50 million of light commercial.
Brent Thielman: Essentially call it 20% to 25% of the total.
Brent Thielman: Okay.
Santiago: No sense to date that that's the pace of that activity has really changed Santiago no.
Santiago: Based on based on orders for for January and February is pretty much in like January is an odd month, because he's he's half a month about February is he's been in line with that so so far so good.
Santiago: Okay, Yes.
Santiago: And then I guess my last question since I seem to get the question a lot about just all of the strength in Florida, and the southeast and you've clearly leverage that but are you are you seeing any more of a shift in new orders for the commercial multifamily business, maybe outside of that region or do you envision that in the near.
Santiago: Future, where you still see a market that's pretty right with the <unk>.
Santiago: Newbuild opportunity here.
Santiago: Well with him.
Santiago: There's strong demand.
Santiago: Carriage.
Santiago: For example, New Jersey.
Santiago: Joerg.
Santiago: The largest zone.
Santiago: California Gotcha.
Santiago: We're very enthusiastic about the performance.
Santiago: Our company's etc.
Santiago: So many new jobs going out.
Santiago: No we're going to grow through true.
Santiago: I believe the momentum is really very very well.
Speaker Change: Okay very good thank you.
Speaker Change: Again, if you have a question. Please press Star then one.
Speaker Change: The next question is from Tim will just with Baird. Please go ahead.
Tim: Hey, everybody good morning, nice job.
Speaker Change: And maybe just on that on that pricing question I have a couple of questions on that so I guess did you have you guys raised price.
Speaker Change: Within your portfolio for anything in 2025.
Speaker Change: No we haven't.
Speaker Change: Yeah.
Speaker Change: We're waiting to see how.
Speaker Change: The starz play out but not both.
Speaker Change: Okay, and how much of your business is.
Speaker Change: How much of your business would be impacted by the 25% tariffs is it the kind of $50 million of yourself stuff that you do that's aluminum extrusion or does it include curtain walls and things.
Speaker Change: No well it will include only.
Speaker Change: The aluminum side already.
Speaker Change: Oh go you go.
Speaker Change: We're glad to do that.
Speaker Change: Yes, Tim So if you if you do rough math raw materials used roughly 30% of revenues and out of that aluminum is about 40% of overall material. So if if you're backing into the math.
Speaker Change: You're talking about a potential impact of about $25 million per year of call. It.
Speaker Change:
Speaker Change: That would be while we will have to kind of a counter with with price adjustments or just purely looking for alternative sources of aluminum, but everything held equal that's the amount that you're talking about.
Speaker Change: Based only on the exports of the aluminum components of the window.
Speaker Change: Okay got you. So it doesn't include the window with the curtain wall. It's if it's if it's a curtain wall itself. It doesn't it doesn't it doesn't include it isn't that right just the aluminum component you'll see aluminum component.
Speaker Change: Okay, and then theoretically a lot of your peers are importing these aluminum extrusion as well right. So I mean on a relative basis, yes, you have some direct impact, but on a relative basis, you're probably less impacted than your peers is that a fair statement yes.
Speaker Change: Yes that is correct and as a matter of fact, I mean, you can see some other companies have already announced price adjustments.
Speaker Change: And essentially all of our competitors as you saw last year when that temporary tariff was put in place. What we saw was that our peers were adjusting our pricing across the board. So this is uneven playing field.
Speaker Change: Okay, Okay like to play they save so we're waiting to see how this all evolves and then we'll make a decision.
Speaker Change: So far historically in the last 30 years that we have been doing business.
Speaker Change: In the U S, especially all these measures at the end they end up.
Speaker Change: Benefiting us.
Speaker Change: So we're waiting to see how it all plays out.
Speaker Change: Compensated with the U S aluminum or with a pricing or a combination of both.
Speaker Change: Okay. Okay, that's good and then well.
One of your competitors in Florida got bought out earlier this year.
Speaker Change: Or earlier last year, I mean has there been any kind of change in their behavior and I guess, there is some kind of discussion about them getting out of certain parts of the market in Florida have you heard that and has that been any sort of benefit to your business.
Speaker Change: We have prepared.
Speaker Change: Yeah.
Speaker Change: Ruble.
Speaker Change: Well, we haven't really bad.
Speaker Change: Nevertheless.
Speaker Change: We are doing really well, we see a company like I said before giving a loan of orders much more.
Speaker Change: The first months of last year, So we're very happy with the New road.
Speaker Change: Pigs overbroad.
Speaker Change: Great.
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: Sounds good thanks for the color and good luck on this year.
Speaker Change: Thanks, Tim.
Speaker Change: This concludes our question and answer session.
Speaker Change: I'd like to turn the conference back over to Jose Manuel de is for any closing remarks.
Speaker Change: Thanks, everyone for participating on today's call.
Speaker Change: Bruce.
Speaker Change: Hi, everybody.
Speaker Change: We love before the ballgame.
Speaker Change: I'll try to do it all the time.
Speaker Change: The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: [music].