Q4 2024 Pangaea Logistics Solutions Ltd Earnings Call
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Mark Filanowski, Gianni Signore, Stefan Neely
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Madison: Good morning. My name is Madsson and I will be your conference operator today.
Madison: At this time, I would like to welcome everyone to the Pangaea Logistics Solutions 4th quarter until the year 2024 earnings teleconference.
Madison: Today's call is being recorded and will be available for replay, beginning at 11 a.m. Eastern Standard Time. The recording can be accessed by dialing 800-720-0532 or 402-220-2655.
Madison: All lines are currently muted and after the prepared remarks there will be a live question and answer session.
Madison: If you would like to ask a question during the Q&A segment, please press star one on your phone.
Madison: If your question has been answered, you may remove yourself from the queue at any time by pressing star two.
Speaker Change: We do ask that you please pick up your handset for optimal sound quality. It is now my pleasure to turn the floor over to Stefan Neely with Valum Advisors.
Speaker Change: Thank you, Operator, and welcome to the Pangaea Logistic Solutions, Fourth Quarter, and Full Year, 2024 Results Conference Call. Leading the call with me today is CEO , Mark Filanowski, Chief Financial Officer, Gianni Del Signore, and COO, Mads Petersen.
Speaker Change: Today's discussion contains board looking statements about future business and financial expectations. Actual results may differ significantly from those projected in today's board looking statements due to various risks and uncertainties, including the risk described in our periodic reports filed with the SEC.
Speaker Change: Accept is required by law. We undertake no obligation to update our forward-looking statements. At the conclusion of our prepared remarks, we will open the line for questions. With that, I would like to turn the call over to Mark.
Mark Filanowski: Thank you, Stefan, and welcome to those joining us on the call today. After the market closed yesterday, we issued a release detailing our fourth quarter and full year 2024 results.
Mark Filanowski: Our fourth quarter performance was a strong finish to a transformational year for Pangaea. One in which our strong base of long-term contracts and premium rate model supported a greater than 20% year-over-year increase in adjusted EBITDA, despite pronounced softness in the broader drive-ball market.
Mark Filanowski: Our differentiated cargo strategy and leading market share across global ice class trays have enabled us to drive consistent PCE rate out performance versus the broader market, culminating in significant growth in fourth quarter profitability.
Mark Filanowski: On December 30, we successfully completed our previously announced merger with Strategic Shipings Fleet of 15 handy sized dry bulk vessels.
Mark Filanowski: This complimentary transaction will allow us to expand our business into a smaller size segment of the market, leveraging these smaller ships to grow our stevedoring and terminal services offerings.
Mark Filanowski: In connection with this transaction, we issued 18.1 million common shares to SSI in exchange for the 15 vessels and we assumed approximately $100 million in vessel indebtedness, all of which have now been incorporated into our balance sheet.
Mark Filanowski: With the larger fleet, we're in a strong position to materially expand our logistics and terminal services across a broader footprint of high traffic ports consistent with our strategic focus.
Mark Filanowski: While we continue to experience robust demand across all our bulk trades, supported by ongoing economic expansion and domestic infrastructure investment, we recognize the potential headwinds posed by proposed tariffs and new port entry fees in the U.S.
Mark Filanowski: These factors could introduce near-term volatility in market rates and they may drive structural shifts within a global shipping and dry-boke landscapes.
Mark Filanowski: We remain vigilant in monitoring developments and trade policies that have potential implications for our business.
Mark Filanowski: Importantly, our asset-like cargo-centric operating model designed to leverage a strategic mix of owned and chartered in vessels remains a competitive key advantage.
Mark Filanowski: This model enhances our flexibility, cost-efficiency and scalability through market cycles.
Mark Filanowski: Positioning us to effectively manage potential volatility while continuing to drive profitable growth, generate free cash flow, and deliver premium TCE returns.
Attendee, Mark Filanowski, Gianni Signore, Stefan Neely
Mark Filanowski: For the fourth quarter of 2024, we reported adjusted net income of $7.6 million.
Mark Filanowski: and adjusted EBITDA of $23.2 million, representing significant year-over-year growth despite prevailing market rates decreasing by 22.6% during the quarter.
Mark Filanowski: Our adjusted EBITDA growth of approximately $4 million compared to last year's fourth quarter reflects the performance of our active operating model.
Mark Filanowski: and a full quarter of operations from the two ships we purchased earlier this year, which drove in more than 20% increase in our voyage days.
Mark Filanowski: RTC exceeded the benchmark index by 48% in the fourth quarter.
Mark Filanowski: Looking ahead to the first quarter of 2025, dry bulk demand has been seasonally soft across all major trade routes.
Mark Filanowski: Market prices have been volatile over the last few months due to anticipation, uncertainty, and anxiety over international trade, although demand remains consistent.
Mark Filanowski: As we move further into 2025, we'll continue to exercise a balanced, return-focused approach to capital allocation. Our recent vessel acquisitions, fleet combination, and JVBIA are a testament to our confidence and our business plan.
Mark Filanowski: and our Disciplined Capital Allocation Strategy that seeks to maximize long-term shareholder
Mark Filanowski: Thank you, Mark, and welcome to those joining us on the call today.
Mark Filanowski: Our fourth quarter financial results are highlighted by strong earnings growth, sustained TCE premiums relative to the prevailing market, and strong free cash flow generation, all during a period where broader demand and market prices softened.
Mark Filanowski: Fourth quarter TCE rates were approximately $15,941 per day. A premium of approximately 48% over the average published market rates for supermax and pentamax vessels in the period.
Mark Filanowski: which was driven by strong fleet utilization within Arctic trade routes and our broad base of long-term contracts and refraitment.
Mark Filanowski: Our adjusted EBITDA for the fourth quarter was 23.2 million, an increase of approximately 4 million relative to the prior year period.
Mark Filanowski: Our adjusted EBITDA margin increased 180 basis points to 16.7%, as strong growth in the total shipping days year over year and lower charter in rates drove operating efficiencies.
Mark Filanowski: This dynamic is enabled by our flexible cargo focus business model which allows us to focus on meeting customer cargo obligations in the most efficient possible manner based on prevailing market conditions.
Mark Filanowski: Our total charter higher expense increased by 1.7% compared to the fourth quarter of 2023, due to a 33% increase in total charter indays that was almost entirely offset by a 23% decrease in the prevailing market rates for Panamax and Supermax vessels.
Mark Filanowski: Our chartering cost on a per day basis was 13,787 in the fourth quarter of 2024, and through today we booked approximately 1,736 days at $10,243 per day for the first quarter of 2025.
Mark Filanowski: Bessel operating expenses met of technical management fees increased by approximately 9% year-over-year, from an average of $5,971 per day last year to $6,525 per day in the fourth quarter of 2024.
Mark Filanowski: However, for the full year of 2024, that's what operating expenses net of technical management these declined by 7% to $5,820 per day.
Mark Filanowski: In total, our reported gap net income attributable to Pangaea for the fourth quarter was $8.4 million or $18 cents per diluted share compared to $1.1 million or $3 cents per diluted share in the fourth quarter of last year.
Mark Filanowski: One excluding the impact of the unrealized losses for derivative instruments, as well as other non-GAAP adjustments, our reported adjusted net income attributable to Pangaea during the quarter was 7.6 million or 16 cents per diluted share, which was consistent with the fourth quarter of last year.
Mark Filanowski: Moving on to cash flows, total cash from operations decreased by 4.6 million year-over-year to approximately 19.2 million due to a decrease in cash generated by network and capital, which offset improved operating expenses, operating earnings.
Mark Filanowski: At quarter end, the company had $86.8 million in cash, and total debt, including finance lease obligations of approximately $404 million.
Mark Filanowski: Our finance leases at the end of the quarter include approximately 100 million of lease obligations associated with the strategic fleet combination which closed on December 30.
Mark Filanowski: During the quarter, our overall interest expense was 4.7 million, an increase of 10.5% due to debt facilities entered into during the 3rd and 4th quarter of 2024.
Attendee, Mark Filanowski, Gianni Signore, Stefan Neely
Mark Filanowski: When factoring in the interest expense from leases assumed from the SSI merger, our interest expense would have been approximately $1.3 million higher, which is the approximate run rate we expect going forward barring material changes in interest rates.
Mark Filanowski: Through the successful completion of the SSI acquisition, the strategic deployment of equity to expand our fleet, and the recent buyout of the remaining 50% equity interest in our post-pandimex ice-class 20 vessels.
Mark Filanowski: We have taken a disciplined and opportunistic approach to capital allocation.
Mark Filanowski: These initiatives are designed to maximize long-term capital return potential while positioning the company for continued growth.
Mark Filanowski: In the near term, our capital allocation strategy will remain focused on targeted investments in our stevedorial logistics operations, the renewal and modernization of our dry-bulk fleet.
and the continued reduction of our debt.
Mark Filanowski: Additionally, we remain committed to a consistent and sustainable return of capital strategy.
With that, we will now open the line for questions.
Thank you.
Mark Filanowski: And at this time, if you would like to ask a question, please press the star and one on your telephone keypad.
Mark Filanowski: You may remove yourself from the queue at any time by pressing star two. Once again, that is star and one to ask a question, and we will pause for a moment to allow questions to queue.
Attendee, Mark Filanowski, Gianni Signore, Stefan Neely
Speaker Change: And we will take our first question from Liam Burke with B. Riley Securities. Please go ahead. Yes, thank you. Good morning, Mark. Good morning, Gianni. How are you today?
Good morning, Liam.
Liam Burke: Mark, on your partial fixtures for the first quarter, obviously it's the rates in general have been bad, but you really out distance them. I mean, that's on a relative basis, a pretty impressive number.
Liam Burke: Is it just your COA's and contracts of what's contributing to that 40% boost?
We've always, uh...
Liam Burke: Prided ourselves on taking tough cargos, making our ships work hard for what we do.
We take dirty cargoes, we go into icy waters.
Liam Burke: We go to places where other people don't really want to go, because the...
Rift, because it costs to manage the rifts. [inaudible]
Liam Burke: They're not willing to pay. We will do that. We've got an excellent operating platform. We've got really a chip managers that really contribute to the bottom line for us.
Liam Burke: In addition to the COAs, the contracts that we enter into, we look for things that add value. That's our whole business plan, and they're not shell.
Liam Burke: That's great. Just as a follow on to that, you've added new vessels on the year end acquisition. How quickly do you think you can roll those vessels from their traditional chartering to the Pangaea chartering platform?
I've done so much of, and I'm talking about, uh...
Liam Burke: Taking shifts into the IT waters and taking the dirtier cargoes and visiting places where they haven't been before.
Liam Burke: So we are making progress already, but in this difficult market, the margins to do all that stuff have shrunk as well as the rates themselves. So we hope when the market bounces, we've seen a little.
Liam Burke: Greener numbers in the last couple of weeks on the dry bulk side and on the indexes we hope to make that happen.
Quickly.
Great. Later this year, well, we should see some improvement in that.
Speaker Change: Great, and if I could slide in one more quickly, you port services business generated a little more profitability on than you had in the past on similar type revenue levels. Is there anything going on there that allowed you to ink out a little more profitability?
Attendee, Mark Filanowski, Gianni Signore, Stefan Neely
Yeah, what we've done is we've done more.
near Corpus Christi's, a fast-growing place that we think we'll be able to...
Do some really nice business with we...
Speaker Change: We started the actual construction down in Tampa, Tampa Red Wing Terminal, where we'll bring 20 ships this year, loaded with aggregate to...
Speaker Change: Discharge and Store on that site. That's a big step for us in the terminal side. So, we're looking at other business in Lake Charles. So, it's really starting to come together for us.
Great. Thank you, Mark.
Speaker Change: Thank you. And we'll take our next question from Poe Fratt with the AGP. Please go ahead.
Speaker Change: When I look at the capital allocation, you highlighted two things. One, fleet renewal and then debt reduction.
Speaker Change: And with the Fleet Renewal, you added, you know, with this SSI, you added Handy's.
Speaker Change: Do you think that you have an optimal number of owned vessels right now or do you think that it might be worse wilded to scale back and pay down debt by selling some of the lower assets?
Speaker Change: Oh boy, Paul, like every ship owner, we are always trying to grow our fleet, you know, but we want to do it cautiously, we want to do it thoughtfully, we just took on a big slug of new ships, like 15 handy.
That brings us a long way toward our road goals.
Speaker Change: There is some renewal to do. We've got some older ships reaching the 20-year age so we will sell off some of those ships as they come up to 20 years and age. What we do with the proceeds, really, we haven't decided yet.
Speaker Change: Where we should put that money, whether we should pay down debt, we don't think we're over leveraged today.
Although in a race
Tren down. That might not be the best use of capital. We want to be opportunistic in buying ships, so we'll wait for the market to drop a little bit.
Speaker Change: We will want to take advantage of that going forward, but not to, not, not, not 15 more this year for sure.
Speaker Change: Paul, if I get out on the debt service side for 2025,
Speaker Change: We basically have steady repayments only, no balloon repayments on our debt facility, so it's around 11 million debt service per quarter.
Speaker Change: Pretty steady right until 2027 when we have our first meaningful balloon payment, but then if we look at that structure as a whole, we're fixed.
Speaker Change: We're fixed on a large portion, about 34% of our debt is fixed and then about 27% of our debt is capped or fixed through an interest rate cap.
Attendee, Mark Filanowski, Gianni Signore, Stefan Neely
Speaker Change: Head, and we can be opportunistic if we want to. We're not forced necessarily to repay anything, unless we choose to. And on that, that's the balloon that comes up in 27. That debt is on shifts that are readily financed, refinanceable.
Speaker Change: Great. Those metrics are really helpful. So just on the margin, you're more of a buyer than a seller, whereas in quality is hard right now.
Speaker Change: Well, we like to see how that value has come down, but take more before we jump in, but...
Attendee, Mark Filanowski, Gianni Signore, Stefan Neely
Speaker Change: Great. Gianni, can you highlight, you know, the operating leverage that you, that you, with the acquisition of SSI, maybe one way to look at it would be your GNA level. Can you?
Speaker Change: Highlight, you know, your current per day, TNA level or maybe an absolute level for the first quarter of 2025.
Attendee, Mark Filanowski, Gianni Signore, Stefan Neely
Speaker Change: From a GNA perspective per day for 2024, the number was around...
about 1200 per day was our overall GNA cost.
Speaker Change: The edition of the vessels, you know, our platform is quite scalable when you look at the vessel of the vessel operation side, the incremental GNA, um...
Speaker Change: to add the number of vessels that we did is not really a significant increase. So on a per day basis, I do expect it to be relatively consistent, per shipping day, correct. On a per-ship day, I do expect it to remain relatively consistent.
Speaker Change: or even maybe even come down a little bit as we see some of that sort of economy of scale in our operation really kick in.
Speaker Change: So I don't expect, while the number is certainly, there will be incremental G&A with the number of people we've onboarded as part of the acquisition, it's about 10 people that were brought onto the team.
Speaker Change: By an a per day basis, we're still pretty comfortable. So I think we have, you know, we can we can deploy our operating model in really in a really efficient way.
Speaker Change: Great. What's the target for absolute DNA in the first quarter then?
Mark Filanowski, Gianni Signore, Stefan Neely
Speaker Change: I'd say what we have there in the fourth quarter, what we're showing there is probably a good indication for a quarterly rate for next year.
Is that is that fair way to look at it Gianni?
Speaker Change: I think for the full year, like I said, I think we'll probably see an incremental amount in that number we have not necessarily disclosed yet, but for the full year compared to 24 I would say it's an incremental amount of probably.
$1 to $2 million of incremental GNA.
Speaker Change: The other thing that impacts the number you're looking for, the cost per shipping day is the number of chartered and ships we have at any point time, so that can cause that.
Umm.
to move up and down.
Speaker Change: Great. And then it looked like it's year-end, you're running 62 and can you give me sort of either a snapshot right now on how many what your total operating fleet or potentially you know what we should use for an average for the first quarter as far as the operating fleet.
Thank you for the彭博釋
Speaker Change: We're probably a particular one of that now, maybe around 60, which is not, you know, that it fluctuates a little bit, which tends to...
Speaker Change: to shrink their fleet a little bit when the market is depressed. So of course the, the hope is that as the market picks up where that, you know, the child in business also grows in the rest of the year.
Speaker Change: Right, and then Gianni, or maybe Mads, you can highlight, you know, first quarter dry docking and maybe dry docking for the year as far as idle time on the fleet.
Attendee, Mark Filanowski, Gianni Signore, Stefan Neely
Yes, so it's up.
Speaker Change: For us, and for many others in the business, it's a busy year for dry darkings, right? We have four shifts in dry dark right now. We will have 12 in trouble for the year.
Speaker Change: So that's the situation. The ship spent about 25 or 30 days in Dryark, these days.
Speaker Change: Great. Congratulations on closing the transaction and also buying in the 50%
Thank you both. Thanks both. It's busy here.
Speaker Change: Thank you. And we will take our next question from Nils Talmasen with firmly securities. Please go ahead.
Nils Thomasson: Yeah, good morning. It's been quite an extensive amount of questions on capital allocation, but I'd just like to add one more. In the market, it's where it is.
Speaker Change: I guess you're looking at quite a big reduction in earnings for Q1, and with your meditation profile being what it is. How should we think about dividends as earnings are, you know?
Speaker Change: A bit suppressed over the coming, let's say, one perhaps two quarters. Do you expect to maintain that level? We see amendments to the run rate dividend that's been paid over the past four quarters.
Thanks for the question.
You know, we- [inaudible]
Speaker Change: Capillates Mentors like Dockings. So, we don't have a fixed formula, but we look at it every quarter. It is...
Speaker Change: We strive to have a consistent and sustainable dividend. That's what we talk about every quarter when dividend discussion comes up.
Thank you.
Speaker Change: Yeah, okay, understood. And a bit on your terminal operations, you're saying that you...
Speaker Change: You expect to be complete with expanding those operations in the second half of 2025 in
Speaker Change: Just wondering what sort of earnings that we can expect, that's a run rate when you're at full operations and are you seeing any incremental investment opportunities in that space currently?
Gianni, do you want to talk about the upcoming...
Speaker Change: Year of what we think in the incoming, it comes in from the portion of the ceremony, yeah.
Speaker Change: Yeah, for ports and terminals, what Mark had said earlier, I think, you know, we're seeing a lot of opportunities there. It was a good fourth quarter, like that was identified, but it was a good margin, especially in our...
Speaker Change: Sreshen, our dry bulk site in Fort Everglades and the amount of volume there. But next year if projects are coming online over...
Not really in a straight line manner, they can be somewhat lumpy, but we do expect to grow in 25 and especially as we get towards the end of the year.
Speaker Change: But I think what the fourth quarter is a good indication of a decent run rate of operations for our ports and terminals, and then as projects come on, they will be incremental, incrementally but all generated, especially towards the second half of next year.
Sorry, it was second half of those by 2025 rather.
and Mark Filanowski. Thank you.
Okay, that's great. Thanks for good call.
Speaker Change: Thank you. And we will take our next question from Michael Matheson with Cedodian Company. Please go ahead.
Good morning, you guys and congratulations on the quarter.
Please, thank Michael.
Speaker Change: In your earnings presentation, you pointed out that your term growth in shipping capacity is going to be pretty limited, obviously benefiting TCE rates.
Speaker Change: But looking ahead to the medium term, are there enough ships being delivered to potentially reduce TCE and does the specialized nature of your business and your port calls kind of insuate you a bit from competitive pressures?
Speaker Change: Business. We think we've done that and demonstrated that it works over the past few years where we've
Speaker Change: Our performance is a little bit better than the general market.
Speaker Change: So, that is a goal of ours to be a little more consistent, a little more show a little more sustainable income on the bottom line regarding the number of ships like that. I think you're talking about the industry, new building deliveries into the business.
Speaker Change: That was identified a couple of years ago as a real strength behind the dry bulk industry that the order book was low.
Speaker Change: and that as time went on there would be some tightness in the market because of the restricted deliveries of new ships into the market.
Speaker Change: New building orders have increased some, but they're still relatively low compared to historic delivery book, and we expect it over the next couple of years that will continue to have a little...
at it.
a little tightness in the market.
and keep rates a little bit higher.
Thank you.
Speaker Change: Great. If you'll permit a follow-up use stated earlier that you're planning to be pretty thoughtful and disciplined about capital allocation, particularly debt pay downs, is there sort of a target ratio for leverage?
Sheryl was equity on the balance sheet, we look at it's uh...
Speaker Change: Going forward in terms of the cash needed to service the debt, we look at it compared to debt outstanding compared to the actual vessel values.
and Alexander Schultz.
Speaker Change: I think we're generally comfortable where we stand, and… [inaudible]
Speaker Change: and the I&M. Ultimately, when we look at new deputies.
for the next couple of years we're very comfortable.
Speaker Change: What's helped us a little bit in the terms of the cash necessary to make debt service is that we fixed interest rates on a significant part of the debt a few years ago and that's paid off for us.
Attendee, Mark Filanowski, Gianni Signore, Stefan Neely
Speaker Change: Well, thank you. That's very helpful. Congratulations, Gann on the quarter.
Thank you. Thanks.
Speaker Change: Thank you. And we will take our next question from Climent Molins, was it the while you investors edge? Please go ahead.
Attendee, Mark Filanowski, Gianni Signore, Stefan Neely
Good morning. Thank you for taking my questions.
Speaker Change: You've already provided ample commentary on how costs should move going forward, but as we think about the handy sizes, is there any potential for OPEX per day to come in below your figures for Supermaxes and Panamaxes? Any additional color you can provide on that would be greatly appreciated.
Speaker Change: Thanks for the question, and I think our estimate is that the all-pix will be fairly similar to our Supermax, again, we don't use it for the operating cost.
Speaker Change: Make sense. Thank you. And final question for me. This one is more on the modeling side. Could you quantify the amount of operating these liabilities you had on the balance sheet as of year end?
Sorry, Climent did you ask that again? What was the liabilities?
Yeah, the amount of operating lease liabilities.
Speaker Change: You head on the balance sheet, as well if you're in for monitoring leases.
Exactly. Yeah.
Attendee, Mark Filanowski, Gianni Signore, Stefan Neely
Speaker Change: Operating Leases. So if I understand the question correctly, we don't have any operating leases on the balance sheet.
Speaker Change: I'm assuming you're referring to maybe chartering in the chartering vessels that may be from a accounting perspective be classified as leases.
But all of our choice was referring to it.
Speaker Change: Yeah, yeah, so our chartered in vessels to the ex we we don't charter in vessels for greater than
A year, typically our average is three to six months, sometimes a little bit longer.
Speaker Change: Sorry, sometimes longer or shorter, depending on where the market is. Currently we're obviously triadling on a shorter term basis.
Speaker Change: for trips and short charters. So none of our chartered and that's all wood.
Woodup.
Speaker Change: Be considered an operating lease and capitalized on the balance sheet, considering our chartering strategy.
Speaker Change: Makes sense. Thank you for the color. Thank you for your time.
Speaker Change: Thank you. And we do have a follow-up question from Po Fratt with AGP. Please go ahead.
You know, the volatility of...
Earnings
Speaker Change: You know, it it goes that percentage is likely to go down with the acquisition you made at the end of last year. Are there any big opportunities out there to to bulk up that business no pun intended. [inaudible]
Speaker Change: But are there any big opportunities out there? Is it just going to go slow and steady and never really get above 5% of total revenues?
Well, we were looking at the Panama Canal deal before...
Speaker Change: It was taken away from us by Black Rock, I guess.
Speaker Change: But there are big deals out there to do, Poe, but right now we're trying to do it on a without spending a lot of money up front.
We're making progress.
Speaker Change: We're doing it without buying land, which is an extensive way to do it.
Speaker Change: But as we grow and as we show up in more and more places, more and more opportunities are coming to us, so I think there's a little bit of momentum that we're building here that we'll be able to, we're working on.
Speaker Change: and just a comment also that I think part of the value of this operation shows up in our
Speaker Change: Right, it's that ability to package services, the frigate entity withdrawing into one package. So that part of the business also drives the TCU premium that have been mentioned a couple of times on the call.
Speaker Change: Okay, and then you made a big acquisition at the end of last year.
Speaker Change: There was a sense of, you know, discussions and negotiations and due diligence leading up to that because it took a while that, you know, for that deal to get across the finish line.
Speaker Change: You're 70 days into it. Can you give me an idea of, you know, how it's going so far, whether there's been any.
Surprise it is.
Speaker Change: Integrating that fleet, any, you know, either positive negatives that you want to highlight on how that, you know, transaction is is panning out so far.
I think it's all been positive for us, Paul.
Speaker Change: It's not a totally different business for us, but it does give us a little different look at some of the cargo that are available and ways to offer more service and more of the expanded service to our customers.
Speaker Change: It's our participation has been welcomed by the market, the people that came with us are doing a great job of
considering our business plan and.
Speaker Change: and doing things a little differently with their fleet. And it's our goal to have people cross-trained in the different segments and bring different thoughts to each of the pieces of business we do.
So it's been nothing but positive, actually.
Very helpful. Thank you.
Thank you.
Speaker Change: Thank you. And it appears that we have no further questions at this time. I will now turn the program back to Mark Filanowski for any additional or closing remarks.
Speaker Change: Thank you for joining us on the call today. If you've got follow-up questions, we're always available through our links online.
Thanks very much.
Speaker Change: Thank you. This does conclude today's presentation. Thank you for your participation. You may disconnect at any time.
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Speaker Change: Who is the most likely to be a victim of a suicide? A. A. B. B. C. C. D. D. A. A. B. B. C. C. D. D.