Q2 2019 Earnings Call
Please standby.
Good day and welcome to the Outfront Media incorporated second quarter earnings Conference call. At this time I would like to turn the conference over to Greg Lundberg. Please go ahead Sir.
Good afternoon, Thanks for joining our 2019 second quarter earnings call.
On the call today are Jeremy male chairman and Chief Executive Officer, and Matthew Segal, Executive Vice President and Chief Financial Officer.
After a discussion of our financial results, we'll open up the lines as usual for a question and answer session.
Our comments today will refer to the earnings release and the slide presentation, you can find them both on the Investor Relations section of our website Outfront media Dot com.
After todays call is concluded an audio archive will be there as well.
This conference call May include forward looking statements relative factors that could cause actual results to differ materially from these forward looking statements are listed in our earnings materials and in our SEC filings, including our 2018 Form 10-K .
We will also refer to certain non-GAAP financial measures.
Any references to OIBDA made today will be on an adjusted basis.
Reconciliations of OIBDA and other non-GAAP financial measures are in the appendix of the slide presentation. The earnings release and also on the website.
And with that I will turn the call over to Jeremy.
Thanks for joining us today to review, our second quarter results and guidance for the third quarter.
Please turn to the highlights on slide three.
Total revenues increased 14% in the quarter.
Head of our expectations I'm, giving is our third straight quarter of double digit growth.
Strengthen revenues was broad with outstanding performance in every part of our business.
But Billboard and transit revenue growth ramp further static and digital yields were up.
Local was strong international revenues surged.
This strong top line helped drive OIBDA up 15% with good flow through to I phone, which grew by 25%.
Now, let's turn to the components of our revenue growth on slide four.
This is our strongest organic growth since we've been a public company.
During the quarter more than 90% of our growth came from U.S. media, which was up 14%.
Other revenues were up 17% on a reported basis.
Even higher when removing the effects of foreign exchange.
Let's look at each of these components in more detail.
Beginning first with the U.S. media on slide five.
Our growth was led by transit, which was up $30 million or 29%.
Once again, a highest level to date.
We had great performance in all our key markets and around half of all trying to growth came from digital.
As we continue to increase our displays in many markets, notably on the M.T.A. here in New York.
Worth mentioning also.
The majority of our inventory.
That is not digital remains very attractive to advertisers with revenues also up strongly during the quarter.
What we're finding is that our amazing you digital displays opening doors to more conversations what we're able to sell the benefits of troms. It overall.
And advertisers are buying campaigns, both using digital I'm stancik to reach that Todd target audiences.
In Billboard revenues grew 23 million or 9% on both a reported and organic basis also the highest growth.
Organic growth we've ever posted.
This was driven by excellent performance in both static and fast growing digital business.
Slide six gives you another view of U.S. media growth. This time splits between revenues from local and national advertisers.
Our overall business mix for the quarter was 55% local and 45% National which is in line with our historic trend.
Local revenue was up 10%.
International revenue up a very strong 20%.
The key driver of U.S. media was that growth in Billboard yields, which you can see on slide seven.
In the second quarter, our total yield was up 10% with very healthy static yields and growth in digital yields also.
Now please turn to slide eight, which so 17% reported growth in our other segment.
Both Canada and sports marketing had strong double digit courses.
Canada in particular.
Hi, excellent Billboard growth driven primarily by growth in national.
So looking at our revenues in total there was strength all the way round.
Clearly, we're delighted with the progress of our business and the returns on the investments that we've been making.
Let me now hand over the call to mass for a closer look at expenses cash flows and the balance sheet.
Thanks, Jeremy and good afternoon.
Moving down the income statement, let's first take a look at our expenses on slide nine.
In total our expenses grew just slightly less than our revenue growth.
Noble lease expense grew but as a percentage of Billboard revenues, they were down about 40 basis points year over year.
Transit franchise expenses increased on higher transit revenues, but as a percentage of revenues they were down one point year over year.
Posting and maintenance expense increased with our higher sales activity.
And as DNA also increased due to higher sales in compensation costs and also some higher professional fees this quarter.
Looking at these expenses as a percentage of total revenues on slide 10.
You can see that we were at 68.8% the same as last year.
This translated into the 15% that would the growth you can see on slide 11.
Revenue was the clear driver and you can see the changes in the expense levels, we just discussed.
Overall, what the margins matched last year at 31%.
Slide 12 is a view of our total OIBDA growth at a split by component.
Overall newest Billboard grew 7%.
To 42% there would the margin business and represented 82% of our total company limited during the quarter.
You wish transits as you know is a lower structural margin at 20%, but posted very strong growth of 32%.
Turning to slide 13, our capital expenditures as a percentage of revenues were down to 4.7% with lower levels of both maintenance and growth Capex.
This decline is largely driven by timing and we continue to expect to be within our prior annual guidance of approximately $80 million.
With maintenance at $20 million to $25 million and growth at $55 million to $60 million.
Our growth Capex reflected the further digitization of various transit systems and 24 digital Billboard conversions.
Including acquisitions and marketing agreements, our total digital billboards increased by 38%.
Moving on to cash flow slide 14 shows a bridge in year over year AFFO.
The 25% growth in AFFO was driven in its entirety by the growth in the web as the collective changes in the other items were largely neutral.
Back in May we raised our annual 2019 AFFO guidance to the high single digit range for the first six months, our AFFO is up 18%.
As we head into the second half despite higher interest expense from additional borrowing and some catch up on maintenance Capex. We are confident that we will exceed the higher end of our guidance range and now expect to reach double digit territory.
Slide 15 shows dividend coverage for both AFFO and adjusted free cash flow.
On an LTM basis, we saw a continued improvement in our AFFO dividend payout ratio to 64%.
The adjusted free cash flow payout ratio compressed nicely to 85%.
Sure did in a dividend coverage is solid.
At our next quarterly dividend was approved last month by our board of directors at 36 cents per share.
Now, let's turn to our balance sheet on slide 16.
There have been quite a few changes recently, so I sort of be helpful to take a couple of minutes to clarify.
First of all.
This slide shows our position at June Thirtyth.
During the second quarter, we successfully issued a new 5% senior unsecured note.
Due 2027, primarily to refinance our existing 5.25% notes due 2022.
That's a new $650 million you see at the far right of our maturity schedule.
A portion of the proceeds were used during the quarter to pay down all outstanding amounts under our revolving credit facility and accounts receivable securitization facilities.
The remaining proceeds are in our June thirtyth unrestricted cash balance, which you see in the liquidity chart on the left.
However, subsequent to quarter end.
We use the bond proceeds to repay $50 million term loan.
And also completed the redemption of our $550 million.
From a quarter percent senior notes.
And we also increased the borrowing capacity under our accounts receivable securitization facilities by a combined $40 million.
The net effect of all these activities accomplished two important things.
First it pushed out our next bond maturity to 2020 for giving us a five year runway.
Second that further improves our current liquidity position.
The net impact to cash in debt add to these transactions would have had a neutral impact on where which as of June thirtyth.
Looking forward.
Our funding expectation.
To complete the build out remains on on change of $350 million in total for the empty or the original four year timeframe that began in 2018.
It is worth noting that we have already incurred north of $100 million of this amount as of June thirtyth.
An additional source of liquidity is or at the market or ATM equity program.
During the quarter, we use the ATM facility for gross proceeds of $35 million, which has been and will be used to partially fund tuck in Billboard acquisitions.
As of June Thirtyth, we had $232.5 million of capacity remaining on the ATM.
Turning back to the FDA.
You can see our progress on slide 17.
Deployment accelerated again this quarter, we have sold over 800 displays 57% of which were advertising.
The majority of the deployments this quarter was in Manhattan, including 14th Street Union Square Rockefeller Center Bryant Park, and numerous others from 125th Street will be down to Wall Street.
Our total capital deployment to date is 20, 768 displays roughly half of which carry advertising.
This ratio will continue as we skew toward more advertising over time.
Our total MTF project cost in the quarter was $38 million was $71 million year to date.
As we look at the remainder of the year, we expect our deployment costs to be lower than our previous 2019 expectation.
Of $175 million.
Some of the deployment planning with the FDA has shifted including the deployment of screens in railcars, which is now scheduled to begin in 2020.
Therefore, the annual amount is likely to be closer to $250 million.
As of June accumulate project costs were $168 million.
With the growth we're seeing in the New York Transit business recruitment of these cost was ahead of our expectations in the second quarter, and we expect that trend to continue through the year.
In closing.
I think you'll agree that this was a strong quarter financially the capital markets remain highly receptive to us and we've taken some important steps to increase our liquidity and financial flexibility.
Our team is executing well in an industry that is in robust health.
We continue to invest in deployment of new digital which are driving new revenues and we are actively managing our entire portfolio to maximize profitability per display.
I will now turn it back over to Jeremy.
Thanks, Matt and moving on to slide 18.
Looking at our outlook for the third quarter.
At this point in time, we think it's likely that our total revenue growth will again reached double digits.
Growth should be on a similar proportion to the first half in terms of Billboard and transit growth on both local and national should contribute nicely.
As you May recall in Q3 2018 total revenues grew a respectable 6% so its very pleasing to see our momentum continuing against the stronger comps.
A key driver of our momentum is digital.
Looking at this a bit more closely on slide 19.
Our total digital revenue growth was 41% in the second quarter, our highest ever.
Driven by both Billboard revenues and a significant acceleration in transit.
This is all Billboard revenue was up 24% and digital transit revenue doubled as a result of the rapid expansion of digital displays in New York, Boston and other markets.
Weve digitized a relatively small percentage of our assets, but they represent 21% of total revenues in the quarter up from 17% last year.
We continue to believe that we are just.
Beginning to tap the benefits of Digitization.
Well these facilities and Thats really important there are other factors that are driving our success slide 20. It gives you a little color on these.
The first is the loyalty and high customer retention we're experiencing.
Over the past three years, we've had 100% retention.
Of our top 10 customers and 79% of our top 5000.
What this tells you is our largest advertisers for old national are staying with us.
And among our top 1000, which includes our larger local clients. There is also very strong retention.
These top 1000 generated over 60% of our total us revenue last year.
The same will be true in 2019.
Our customers keep coming back because our media works for them.
Secondly, our geographic mix is unique.
As you know our top 50 markets around 80% of our total revenue.
Because of the population size in these markets and new audiences, we can deliver.
These top markets attending to attract more national dollars.
These markets all have also have very.
Healthy and vibrant local advertising.
In total our top 15 markets grew revenue, 16% in the second quarter on both the national and local growth rates were higher than we reported for the company as a whole.
One of the reasons that our larger markets are growing more quickly.
There's also because these are the markets, where we have the transit systems.
In 2018.
86% of our top 100 customers purchased both Billboard and transit from Us.
In the first half of 2019 this expanded to 89%.
Clients choose to buy both because often the best way to reach that target audience.
Transit assets provide long 12 times proximity and access to that hard to reach urban audience.
Billboards are ideal for Boulder images that cut through the clutter and noise diversity and create brand fame.
Outfront is able to offer both to our clients.
So these three drivers.
Customer retention large market portfolio and our ownership of transit and Billboard 70 key contributors to our success.
Additionally, we believe that our sales force is doing a great job executing well right the way across all of our markets.
It's these elements that are enabling us to drive growth in this vibrant business and we certainly continue to benefit from the overall strength of the out of home industry.
Furthermore, as an industry.
We are all taking steps individually and collectively to enhance our data audience insight attribution automation.
And our mobile and social connectivity.
We believe that this is contributing to the industry's current growth.
And we'll increasingly drive an added layer of growth as we go forward in the future.
Reflecting this industry shift with the announcement you may have seen last month of the new president for the out of home advertising Association of America.
Our prior leader Nancy Fletcher, who was instrumental in driving the success of the industry for nearly the last 30 years has decided to retire in December .
We're also fortunate for her guidance to this important point in our industry evolution.
The industry now welcome sign Abaga, who joins us from the interactive advertising Bureau.
As I'm sure you know the IP is the Tech media Trade Association the underpins the entire digital media ecosystem.
Anna bring skills and leadership and online digital mobile and programmatic. We're all delighted to have a joint industry at this very exciting time.
Operator, now, let's open the line for questions.
Thank you if you would like to ask a question. Please signal by pressing star one on your telephone keypad. If you are using a speaker phone. Please make sure. Your mute function is turned off to allow your signal to reach our equipment again press star one to ask a question and we'll go first to Marci Ryvicker with Wolfe research.
Thank you.
One of them again, a little bit on the Q3 guide surprisingly strong yields 400 basis points of tougher comps what exactly is driving it.
Heard a couple of companies say that may be coming from the IPO is like Hooper, unless which may not be as temporary.
Just want to transact driver and then any color you can say on Q4 I realize it's early but you had a really tough comp there at 13% and then as a follow up to that with such a strong backdrop, which you speed up your digital deployment on the Billboard side.
Thanks Marci so.
Firstly lets look at look at Q3 guidance and I guess this story is pretty similar to the last quarter. The gathering market seemingly continues to do very well our salesforce is still doing great local and national It you know both going to perform for us.
And that digital Halo that I talked about.
In the script I think is also going to work for us when we look at individual.
On some of the individual advertisers to be honest, we have a big basket of appetizers Marci. So you know the fact that maybe we don't have an uber or lyft.
If you're like IPO and within the quarter, we still feel good we still we feel good about overall the strength of our brand for direct to consumer appetizers.
Does we you know we are benefiting from increasingly in the out of home media I think when you look at the the advertisers in.
In the quarter.
The top revenue growth advertisers financial Tech resale and professional services, we don't normally look at it quarter by quarter, but the reason I mention that is that in.
In the second quarter this year actually there the advertisers that.
Also.
Have been our biggest growth dollar growth advertisers.
LCM, so I believe that they will continue to perform well for us as we go into Q3, and indeed beyond because you talked about Q4.
Youre right as we get into Q4 the guidance on the comps get some.
Really really pretty.
Tough we were up.
Round about 12% in Q4 last year.
But what we're feeling good about Q4, we as you know, we don't guide more than one quarter out.
But look we're continuing to build sort of great digital assets and I guess the positive comments, we gave with regards to.
Hi, AFFO and increasing our guidance range. Obviously gives gives you a feeling of inherent.
The inherent confidence that we have as we as we look forward for the balance of 2019, and finally, just on to digital Billboards, mostly we.
Over the last sort of two or three years, we've been.
Typically installed between 90 and 100, we had good summer significantly north of that this year, we would like to begin with a 120, plus which is a sort of.
Whatever it is 20, 530% improvement and we are certainly continuing to.
Delve into ways that we can ramp up further as we go forward.
Thank you.
And we'll now take a question from Alexia Quadrani with Jpmorgan.
Thank you so much two questions. The first one kind of a big picture question, which is the industry still remain fairly fragmented enough I'm curious why you think we haven't seen.
More notable consolidation so far I would think with the national advertising thanks to strong.
Additional advertisers for discovering the benefits of Adam I, We think is more sort of benefit to scale now.
Lucky and thoughts on that.
And then just sort of my thought more specific question is really on the impressive yields we saw on the static business in the quarter.
Is there how sustainable is that.
Thank you.
Thanks, Alexia I'll take your first question and then I'll I'll hand over to Matt for the second question.
As we look at our industry, where round about 75% consolidated between the.
Between this fall.
Major major players.
So thats.
There are a lot of companies in that.
Loan.
Longer tail.
And probably about 150 businesses in total go to comprise that I think we have seen a reasonable amount of.
Tuck ins, both by ourselves and and our competitors.
Within this I think when you look at I don't necessarily believe that national will be the sole driver this because actually.
Relatively few.
National advertisers actually go.
Particularly deeply into into us into some of those smaller markets, obviously, they do but sort of as a relatively relatively few of them. We continue to.
We continue to look for opportunities and the reason that we've been utilizing our ATM. For example is so that we can vary.
Actively pursue opportunities that.
As they arise from our point of view, we're we're really keen on assets that.
Suits, our footprint and as you've heard us talk about before what particularly interested in those sort of top 15, 20 demos that sold on to him.
Directs.
All right, Tom firepower, and where we're concentrating.
Oh listen you second question yield on static we feel great about our static business.
It's it's doing great it's really.
The yield increase was driven mostly by price increases, which we think this is a great. Thank the occupancy isn't changing much.
We very much feel it's a sustainable and look forward to.
Great success with static going forward.
Thank you very much.
Well now take a question from Ian Zaffino with Oppenheimer.
Hi, great. Thank you.
Omnium, yes.
Our contracts.
Is the value that you will have to spend over the life of the contract coming down or is it just for this year. Thanks.
Thanks, Dan its Matt.
The value of that spend is really this year is coming down.
We expected earlier, we said $175 million to start installing some of our railcar screens in the fourth quarter, which means we have to get deliveries of screens in the fourth quarter and pay for them.
Since now we we expect the railcar deployment to start in first quarter or later in 2020, some of that spending shifts overall the cost of the project, we expect to be unchanged.
Okay. Thanks, and then just also can you just touch on the initiatives with Big data initiative that you guys are working on now.
I know you're talking a lot about the value about at home.
Help us understand kind of where you are in that process and what that really should do as far as creating.
Additional value is not at all.
Thanks.
Yes, thanks and.
I'll take this one.
Weve as you know we've been working for a while in in terms of.
Tech platform.
We are increasingly able to.
Point out to advertisers the value of the audiences that we can deliver if you look at.
Out of home over time.
Our the Cpms that we've been delivering we thing.
We have significant opportunity to grow when you compare our cpms to other media.
What we're now able to tell advertisers.
As as increasingly as an industry incentives out front is essentially give far more depth and granularity as to the audiences that you can achieve.
On an asset by asset basis, and we think our ability to do that we will certainly add value to our medium as we go forward.
Okay. Thank you very much very good quarter.
Once again, if youd like to ask a question. It is star one well take our next question from Ben Swinburn with Morgan Stanley .
Hey, good afternoon.
First Jeremy just to dive into the growth drivers a little bit more.
Im curious, particularly with the transient growth, 30% and all the inventory you are adding in markets like New York.
How much of that is coming from bringing new advertisers onto out of home or into out front that you havent had before versus just expanding.
Your market share of existing advertisers spend.
And then secondly.
When you look at national up 20%.
What will be the top one or two vertical as you'd call out.
Driving that that strength I think you've talked about tech recently I just wanted to see if you could flush that out a little bit more for US and then I had a follow up just on the balance sheet in margins.
Yes.
Okay.
Thanks, very much I said, when we sort of.
If we drill in to.
This quarter as I said, it was really about finance tech resale and.
And professional services it was really the strong and getting stronger if you like with it within.
Within.
Our mix among the most specific look at.
Transit I think to be honest does does both of that going on.
What we're finding is that our our sort of top transit advertisers are spending more with us.
And we are also appealing and adding new advertisers.
To the mix and we cannot be far more flexible in terms of campaigns and make him shoulder shorter duration.
I mentioned DTC was very fast becoming known as if you like the must advertise place.
The new DTC brands that are looking to get that broadening out too.
New York consumers.
Got it helpful and just on the numbers a bit.
A lot of balance sheet changes. This summer I just want to I don't know if you had the gross debt number as it stands today handy if not we can follow up but its one this if you had that.
And then secondly on Billboard.
US media or us Billboard margins, I think were actually down year on year. Despite high single digit topline growth and I. Just was wondering if you had any color on that I'm, assuming that had to do with the lease payment.
Costs, but.
Hello, there would be great.
Sure Ben it's Matt.
On the growth that I think our numbers to $2.4 billion.
Maybe 2.42.
But we can clarify to the penny if you need to later.
As far as margins first so yes.
First we pointed out we will get to 40, 15%.
All of the growth and we're happy with that and.
Maybe beyond happy delighted with that.
It's a U or any any any margin issues would be good problems to have.
In Billboard in particular for us.
The lack of greater margin expansion.
You'll see a mixed issue one of our growth as Jeremy point that was in the top 15 markets and in particular the.
The really larger markets.
Which have a higher rents and some rev share deals.
So it's a good problem to have.
Similar outside of Billboard you, obviously big growth in transit.
I would hold down the overall margin as well.
Yes, okay. Thank you both.
Well now take a question from Jim Goss with Barrington Research.
Thanks.
I was curious about one of the things you were discussing with.
You know the potential perhaps to reinforce.
Advertisers with both the Billboard and transit and I'm wondering if there are programs, where you do the brand building on the Billboards and then do something more granular and a related.
Cell and the transit.
Systems.
And what might the impact on pricing and return expectations before that sort of thing.
Yes. Thanks, Thanks for question dip.
I think yes.
If you look at each campaign.
That there are different metrics that the campaign is going to be assessed by and unit. Each each campaign will be planned and a lot of detail depending on those campaign objectives.
By the AD agencies that we trade that the vast majority of our national media media dollars.
Two there are certainly there are certainly within that mix. There are certainly a number of advertisers who actually want to one to utilize both we have a very high frequency medium and transit for example.
That that suits that suits, new brands and relatively cpms that are very attractive to.
Advertisers that are looking to.
Looking to.
At a relatively low cost way of getting there.
Message out.
So I does that help.
Yes that helps and then I am wondering too as you get further along in the rollout of the.
Empty a system in particular.
You were talking about the mix of imports it will do advertising versus public service and that sort of thing or is that a is that helping you quite a bit too in terms of the flexibility you have.
In in both.
Serving the public good but also having more of an opportunity to sell ads and is that helping drive some of those new a customer and client relationships.
Yes, I think.
I think there is no doubt that told its a program that we're undertaking for the Mt.
Is is really.
Adding to the can the consumer journey I think the fact that you can now get much better information on the system.
As a very good thing that.
We're assisting them with that and then the New York traveling public and also.
Offering a tremendous advertising format.
Opportunity.
For advertisers I think what's exciting as we go forward is that that's only going to the MTR is only going to look better. When you now if you take a subway ride as I do every other day from from 42nd.
Down a full straight saying these screens the tremendous for advertising the right in the system up their maintenance system look better and we're certainly getting strong complements from.
That the senior management within the M with regards to the build out that we're doing add on to that the fact that next year, we're going to be advertise an entirely new advertising and information.
Opportunists eight on train and I think that gets really exciting so.
What we're really looking forward to building this contract how does.
As we go through the coming years.
Okay Lastly.
The continuing strengthen your AD sales growth is quite impressive our we had some sort of an end industry inflection point have you ratcheted up to a new level or should we be expecting some steady upward bias.
As you do take share from some of the other media competitors.
Well I think what's what's really pleasing for us actually is that we are in an industry that is doing very well right now.
The first quarter of this year was the strongest growth that the industry has seen for many number of years I am guessing that.
Certainly we've heard from one of our public company peers already also had terrific growth in that quarter. So I'm guessing the guessing that Q2 will outpace that so.
And if you look at the.
Total growth and I'm expecting in the <unk> and the first half of the industry I suspect that we will be gaining market market share. So I think there's a so the whole industry can feel great about that.
Okay. Thanks much.
We will now take a question from drew Borst with Goldman Sachs.
Thanks for taking the questions.
I wanted to ask about the digital yields.
Amid some pretty impressive growth across the board as you guys highlighted.
I noticed that the.
The yield on the digital was only up about 2% year on year I Wonder if you could just explain that is that just sort of a mix issue with sort of the format or the size of the boards or something else going on.
Yes to be honest it that is largely a mix issue true.
Bear in mind that we can have a digital.
Board in one particular market. If you say if you maybe look at.
New York, where you can be doing.
An annual yield of about half a million Bucks and maybe another board in one of the smaller markets, where it might be near a $50000. So obviously just how monies.
Move around on an all digital business, which is obviously a relatively smaller.
Smaller piece of our business you can get some sort of ups and downs there on a on a quarter by quarter by quarter basis.
Okay. Thank you.
And then maybe for Matt I wanted to ask about.
SGN Ace expenses.
I imagine some of the growth here it looks like it's up about 15% on the year I imagine some of the the increase is related to the revenue growth.
I know you also mentioned higher professional fees and some things it sounded like maybe they are not.
May or may not be recurring I guess I want some help on how to think about SGN, a or the back half of the year.
I think it's going to continue along the same path in the second quarter. We have some commission plans that we've talked about in the past than have a quarterly bonuses.
Kick in four different markets as they perform so as our larger markets.
Earn those bonuses or do we pay out a bigger a bigger chunk of cash.
Which again for us a good problem to have we're happy to pay it and.
It costs, a little money, but seems to be that it's working and driving sales.
So I think that.
Big part of it is as you point out is the.
Revenue driver via professional fees are we there probably onetime items and.
I don't expect them to continue going forward.
And can you help us sort of size as it's kind of like low single digit or mid single digit millions per quarter type number or how big is this.
Yes, its a.
Couple of million dollars within the quarter.
And that's kind of the roughly the size of the increase.
Hopefully.
Good performance continuing in third and fourth quarter.
They'd be a little increase in as DNA in those quarters as well.
Alright.
Thanks very much.
Sure and it appears there are no further questions at this time I'd like to turn the conference back to the company for any additional or closing remarks.
Thank you operator, and thanks, everyone for your questions on your time today, and we look forward seeing many of you at investor events.
Over the coming weeks, thanks again.
This does conclude today's call. Thank you for your participation you may now disconnect.