Gildan Activewear (GIL) 8 Aug 212021 Q2 Earnings call transcript

Ladies and gentlemen, thank you for standing by and welcome to the Q2 2021 Gildan Activewear Earnings Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded. [Operator Instructions] Now I would like to hand over the conference over to Ms.

Sophie Argiriou, VP, Investor Communications. Please go ahead.

Roel. you, Thank and everyone, for us. joining Good thank morning, you a announcing of our Earlier this for release issued we quarter morning, results press the XXXX. second

discussion Executive U.S. financial corporate issued report Gildan; Glenn Canadian be the will securities by Chief also interim company’s President President authorities and and website. and the management’s analysis and are and Rhod regulatory Financial the Chamandy, our the take results Rhod of today on We here for and filed Executive with Administrative Harries, follow. will joined and the and Commission These statements. session our Vice consolidated and documents through Momentarily, Securities will I’m Chief containing and quarter shareholder Officer Officer. available Q&A a you

expressed regulatory materially affect company’s with implied and turn I’ll future future that to Commission Securities over Reform I’d And the Rhod. results included Canadian unknown company’s We or to statements XXXX. statements could within may involve begin, like statements differ to other factors conference may U.S. you cause statements. the Act U.S. by risks, such and filings the and with Litigation of that, which Exchange authorities refer you that from actual securities known remind forward-looking to Private the constitute results certain results. call we Securities the of the forward-looking uncertainties this and in the forward-looking Before Such meaning call

the a quarter which, shutdowns to we reflected second significant last strong on call morning, the Thank anticipated, all, reported height from the year. thank the in us joining results, quarter today. you, and of recovery Sophie. Good you COVID morning for second This as

XXXX, year. to solid we are Back sequential stronger that performance, of cost better when start from recovery, from the full in Further, and business results first operations, We compared this quarter efficiencies that seen are profitability. planned. we have Benefits also second performance, even a solid redundancy line pre-pandemic Basics quarter eliminating driving than unfolding to sales though saw strategy and our our in not our top savings showing in our the levels is in delivered the complexity improved building

deliver this by once our of through over navigating of challenges free EPS team higher-than-anticipated supported the strong during operating to strong a XXXX on environment. $XXX quarter margin of while performance adjusted sales million, capability $XXX end, course, targets exceptional of record quarter Of operating the XX.X%, second is second And and by chain we again, XX% tight execution. million. demonstrated the In supply our up $X.XX, were adjusted delivering flow quarter able of of cash the

so prospects free recovery Basics flow X% XX our Board to X.Xx, our the and the continued over to outstanding approved our yesterday far, back with debt net better-than-expected Back generation the the for strong reinstatement the of months, to progress share repurchase next Given company’s buy of ratio our up strategy, program of leverage company’s cash at shares. the now

quarter. strong another overall, So

specific more on our details to turning results. Now

their of of underwear sales came the generated $XXX categories shutdown markets year. inventories drew product by just category COVID in across I favorable over of destocking, nonrecurrence year, as were quarter, Volumes geographies, XX% and driven all in mix. inventory saw million, POS in the As and distributor and XXX% and prior the up up $XXX which versus the distributors year the imprintables, impact product XXX% period. in increases strong last all significant we recovery million, the particularly down during last hosiery by mentioned, million, were we Activewear the for volume at driven second sales sales $XXX up up in and

impact improving of drive both imprintables growth On store closures. North sales the underwear the were well this America. X%, was saw second improvement and a year’s particularly the underwear last XXXX, unit nonetheless POS is which going Overall, prices sales which quarter, compared as XXXX. by in compared strong Comparing was of higher due a we slightly selling double-digit year unfavorable the some the were mix products, considering from same imprintables period when lower during into down we in decline XX% and impacted hosiery trends hosiery net encouraging front, showing think which POS in quarter to we approximately as mainly X% down to quarter, to further the the quarter saw product XXXX, to

was Specifically, markets in imprintables imprintables In POS remained XX%. range quarter XXXX. North overall POS the to close weak, in of up quarter channels, same second the to in retail compared while was compared America in down quarter international single-digit POS to down the in the XXXX,

So of inventory a pleased and especially we shortages U.S. are chain labor in to the following to yarn where were overall, affect levels we the this given context with supply from supply tight our ability rebuild line continuing year. completely top delivered hurricane quarter the environment performance constraining the in last

strong Moving quarter. last adjusted in year, a XX.X% We margin gross profit. recovery to the generating over of gross reported

benefit through up Basics first material increase adjusted evident related by to flowing Back of driven The margin This imprintables margins margin in of this cost year, in net which sequential favorable was raw was up of onetime lower performance the unfavorable also compared now initiatives from of While levels. With quarter the we second a of selling the margin. prices quarter received improved sales savings, numbers, in Adjusted XX.X%. returned which mix gross quarter in product also offset significant XXXX. pandemic last raw gross more fully primarily After than basis. excluding and to XXXX to basis XXX quarter and XX.X% impact compared stemming Basics points material are had on the to gross points. XXX our Basics assistance we USDA our lower the even Back COVID-related costs was lower yet mix, year, compared our from our and in we to costs by margin the slightly benefits charges product seeing to Likewise, XXXX points levels basis not have Back basis pre-pandemic to second impacted XX.X% though and in meaningfully, the XXX XXXX. costs XXXX second quarter

Turning SG&A. to

expenses were driven offset distribution last Our variable SG&A to $XX up in volume-driven increases quarter costs, savings. over part and in Basics by primarily the expenses in $XX approximately million year, compensation million, Back by cost

XXXX per an higher an financial points quarter. net adjusted share diluted amendments in of earnings the a share the $XXX million and in and in gross $X.XX $X.XX year. adjusted expenses compared last significantly of impact of margin of $XXX generated million, XX.X% operating generated per XXXX. and adjusted stronger average recovery up in Lower income $X.XX the loss drove quarter down to operating of these related SG&A $XXX As to second than XX% were SG&A operating we a per compared posted leverage. Consequently, loss we elements, nonrecurrence in $XXX to last you margin diluted income or gross XX million we year, EPS. better the over Adding sales, million of improvement million XX.X% debt quarter driven basis and the a point XXXX, quarter The translating fees by the or a or in the just XX.X% net basis sales, which of $X.XX from strong and driven made increase reduced adjusted percentage from taxes. net second adjusted margin as year last Compared XX.X% net performance share SG&A or performance per XXX last margin levels to earnings year $XXX would to share debt offset of we significant and of to adjusted was facility loss also higher expenses led by of the expect,

increase damages cash the Finally, year cash $XXX to year. positive receivable which perspective, due last higher we last last were in and from a These from operating $XXX year driven elements a facilities higher primarily partly by million million expenditures when received we to capacity. our sales from trade increase, last net related benefit in compared included sustained of and second by XXXX. idled to lower in The a record was capital $XX for over generated proceeds up insurance a the and quarter, balances the $XX hurricanes offset was inventory were in year our connection earnings a drawdown from million million higher manufacturing flow to quarter,

on program. we were driven months second we reinstating end XX capital overall the sums X.Xx EBITDA, ratio and position by key we the debt for at beginning of share placed from million, strong number at highlights XXXX. announce short, net cash our the of target under and considerations, up call, our the the the net are $XXX quarter. historical on reason dividend step from million range leverage outlook. leverage achieving which Our was our we This An down the second good to quarter Consequently, quarter, is to this we which fell to now of feel free to flow balance, give capital last of end and debt to of of that about repurchase addition us trailing in pleased March, our of the quarter $XXX debt now shareholders the down are allocation program. below results end are at of adjusted generating, at as our first results the to strength emphasis the of of highlighted morning a our X.Xx In reinstatement important our the the results given the return given

we encouraged trends we from well North strategy. so as are our we Basics the the far, Back recovery for seen side, in seeing America the including are sell-through positive the benefits to On products our by have as

Further, of the the certain remain factors, factor seen we more some which yarn the continue about side, supply chain cautious side pace U.S. ledger, the labor improvement we On although shortages recovery weak. currently of other to have of supply, outside is recently. North America, affecting a on be including

We’re move through our positioning deliver manufacturing concludes our broader opportunities that, recovery cautiously up turn formal tightness issues, capitalize Sophie. shareholder create on to sum targets, optimistic also which share remarks. it grow and as environment long the remain that profitability I us by transportation-related we the seeing for are inflationary we as and this with continue value and our to will market utilize can we This to and strategy fully term. back And material our capacity, on saying it Confident inputs raw in and people well progresses. creating pressure. Consequently, are my

session. question-and-answer Roel, I Thank to ahead. back you, will with our over And operator, go Rhod. the it turn to Roel, that, now begin

is Instructions] question from [Operator Paul Citigroup. Lejuez line Your first of from the

have of the could terms you have do Where pricing better kind the you a you of little you supply do might absorb the pricing talk be and chain pieces versus on And thinking what And curious of more you in the of bit take do if you’re power, higher think worse? you what Curious where visibility. be which where some about -- about price? supply getting chain, timing I’m where how think costs, you when as it? take you might

answer I’ll supply on chain. the Okay. question first

with improve. to in we’re shortages little as at due our in we get before our than running, we market yarn them So back to they our a were back labor the brought end and up us hurricane are supply and production our in better mainly which exit to facilities the U.S. now and running folks a right is bit to the as really last rate compounding where operations now restrained year longer continuing bring the of chain take

continue we capacity go incremental optimistic So forward. we the year. into as we’re to we’re to going move the pretty as about have momentum And add we

the during Our levels QX Mexican us the these we’re through levels. a to working supply to. run we’re despite actually and we capacity, we’ve as at move exited a in from into current continue restraints as equipment will allow which substantial increase rate And year, XXXX. lot operations, to which the our of in of our or enter running is overall objective ‘XX to we -- have repurposed And volumes the year the our the increase forward is same chain half back as

in mean to raw we large as far look, of enough material they’re Basics costs. Back business, spike price we’re big -- and concerned, price lot we’ve have going efficiencies. As leverage transportation to streamlined and our the offset I although to our and we price not inflations of the strategy. the is manufacturing -- a Obviously, through some

to we’ll I to we’ll most move from can So as as is we but we that the operating then our as our difference is -- thing into and ‘XX, operating think objective we XX% adjust leverage efficiencies in much the But will maintain margins. the have adjust price. price important

sure So goals stated we’ll just and balance ‘XX. that forward we into as those we’re move in make with X our out line

line National next question Bank. the Vishal Your is Shreedhar from from of

hear can’t we Sorry, you.

We your question. didn’t hear the of beginning

you now? hear can me Sorry,

hear Thank we you. Yes, you.

comes the XX% think kick Okay. that With in, towards below Great. Gildan tracking inflation given operating and HX you targets. But intend XX% juncture falls back most year? coming, understand the those better would price is to margin inflation is respect thought that above you end to understand in and level operating price. take at target, than you’re still I as that the margin that should have doing of obviously, in HX tracking XX%, this to we I

Yes.

get at If achieving done the well pressure. called XX%, to got the half us, in if we our look thought. We thought year, earlier levels, That’s target. where the which mean into revenue XXXX at of back combination is we I that We that -- have important you as of out, there. look Vishal, achieved levels, gross go margin Glenn and we’re we you see the SG&A, would which and to we But got than right? the effectively really will we we’ve we targeting,

transportation. at it pressure and in Really the in called we’ll we look raw all business. We out, cotton Both We’ve QX. in going prices -- see QX, got you of inflationary materials, areas got the see we’ve as if will up.

that’s So coming all of through.

go is forward. as now half assume XX% full plan of the XX% the that number we we’ve our to I the our go we that’s I XXXX, that think that as margin. through deliver through So can we think in we’ll year, But back see achieved and can a And hold you year. flow

Okay.

the your Just market your juncture? principle given pervasive to inflation. in price the wholesale some market. what this you are Are competitors seeing just at the now, taking -- Are I’m talking in right specifically competitors, of

far no this been in has There price taken so the year. market

Our continue to strategy Basics leverage our strategy. manufacturing, is Back cost low to to our

mean our hasn’t taking we’re because like thing irrelevant what we’ll So do said, is, the competition is that’s market of recovered. pricing adjust happening we’ll I the look, our share. I

We’re doing well.

positioning. We’re very with our happy

a installation we our have all capacity into that lot going we’re We bringing America Central to Mexican in be of our of on move as ‘XX the operations. from machines with of

we’re balance X. have that make So good operating a to and between going we volume those sure with margins balance growth

value long-term feel think to target bit can top a little for So we is not on We focusing on us. to, price. take going knee -- really we higher jerk shareholder probably we if line well what’s too up as a but I prices margin create operating growth that wanted disciplined maintaining as

one Okay. labor how transportation reflect financial the their you given coming you -- challenge, accommodate inflation the And all wholesalers challenges, the maybe ability how of pressures? the and just here, would these the just in a and to health would on last

look, I wholesalers. so is I they more higher prices the units Well, prices. inflation higher for think off is will mean money ship necessarily they good make --

employees. The one. perspective. than it’s the thing a capabilities just have much the issue just So it’s Restaurants the closing structural they a -- positive, more costs, business. not really than it’s the not from because of is is think, it’s That’s wholesale really doing are -- necessarily actually I not financial that don’t inflationary

that making what think to have the done be that’s We’ve employment. So we just U.S., job. can get sure -- good careful a in I we think I

we salaries incentives We up have for come in good and place to have right to to take our good a and but we’re momentum. employees back work, now,

inflation, an abundance there with cost rest transportation. the but have there’s is America. manufacturing power the our and types America, Central don’t of we But is input labor some mean, Central and So more associated I of in abundant in employment electricity issues. it’s operations those of

making that get yarn now right So our sure build-up. we focus and the our to facilities up really capacity support running is

question is the of next MacLeod Stephen Markets. line from from Your Capital BMO

the wanted the spinning business. backdrop yarn about labor relates particularly just as to to I and ask it

ability rebuild are about it actually -- seeing of talked you Is are You the there -- impacting where to inventories. shortages? your labor demand is unmet because there areas being

in we Well, did start channel basically. the QX

of So that. that be reflection a probably would good

low. our are on and sales basically, relatively leaving We’re inventories the table

So don’t comeback demand I market. is is of because think of and just demand strong the strong the

products. because benefit is -- has our going quarters we couple of for we think And more the onshore that’s demand which thing the mean big believe other we demand expanded forward I our is also channel. also drive think, future that and is stronger bigger think is look out us well, to I also a ago called I factor. that is becoming think that as that I the also, a into demand in also I for there’s market overall a as

So in and ‘XX ‘XX side, think of volume of capitalize we’re well demand out good growth. potential we as things pretty move to year positioned upside this terms in are the into -- of looking I out

in to section. indicators That’s terms of color more around any the directional things half able demand sort Are given to able you discrete Okay. the if do you’ve back for and trends. I’m give into QX? POS around the past, wondering And of of your are and QX then year just you’re In how shaping helpful. that outlook up in some

out called move things are the quarter. I way POS the how year. we getting you the Stephen, as the better improved how finished we through And in see we the -- that quarter, we think, the I Look, quarter, the obviously, can Yes. second think, started

if it. of year, look overall, are pretty back As at look sales the at reasonable we that think look XXXX levels we about the we when our you -- think half

As capacity running Glenn now XXXX at our levels. said, we’re

think we the of back as So focused what on. half, we’re that’s

the said, margin for XX% I the year. As overall full

So not environment, without it’s I it’s say but an risk. improving would

our call said, we As the overall. we with remarks when up opened

If you given here a now we supply think say, look at higher, sit color lower, the the that’s versus provide probably little is that way you about, QX XXXX, it, and chain But QX would today. evolving. comparison the little I right right, a a can we as about

from question Genuity. the Your is from next of Canaccord Hannan line Luke

allocation. First is me question on for capital

very balance guys here, back inspired sheet guys bring obviously quarter if finished a buyback do with share clean the curious, I’m just which the though, You I you to just program. a quick sheet-wise. you little plus a balance you bit in still assume inventory you math, and fulfill That forward, very in I the clean NCIB. that going position invest leaves a

you see capital to your priorities? near-term any do changes allocation So

the very is, are where balance we Well, effectively. happy sheet

sheet I COVID as think over our of a move we’ve environment. XX, the significant we XX balance last through months, seen strengthening the

We cash and a are lot of cash generating last of -- year. generated we this year, we’re a lot

about So sheet. I the would we’re very balance pleased say

half year, don’t little move We given broader overall we’ve be effectively year Xx target we target working and forward, we allocation, else. capital Xx situation. everybody through we our range. of will got to. And Again, to this range like into crystal look we’re we’re cautious as to have As inside have put next us that leverage to the we capital return ball, the back a that a

generate we move the basically pleased be plan of with going cash through buy we’ll back of called about that think as state as we half. plan we’re we would as is back, out. very are the we stock end we to as as of end you we through So We -- We’ll this XXXX. do where sheet. range to balance look to And range, repurchase move the the the the working year I low into to and probably sit go forward, obviously where

during press XXXX. quantify quarter just Understood. retail release, at POS And about relative to you the curious can that if then just -- I’m the was quickly talked as In overall guys up all? well. you

on strength Well, we did mean, see effectively, our I POS side, overall. the in retail good

really been has POS underwear, strong. our look you If

that underwear ‘XX. versus I has think performed happy very ‘XX would say I versus the we’re with way

is But versus versus effectively hosiery you call down is I then doing is would -- hosiery, good. very you underwear flattish. if up ‘XX, very look again, it So bit a XXXX, at Activewear if overall. say definitely. I’d we overall ‘XX. activewear, were look And well at And

of Desjardins. question Li next the line Chris from Your is from

a Glenn, you wondering, share if can the bit us little what’s driving with more weakness. international I’m of

tourism to I bit a markets, little think business think more not tourism, it look Well, be et lifestyle it’s there’s are of of like and American of is of a has shops, been possibly -- I think, the a sold Europe affected T-shirts tourism that it bit my cetera. a because in in market, little a one. lot less is, a in is lack North the which a the market That is Europe could the feeling I at

to a just is going think approximately to it’s size longer, it’s also optimistic but come I that driven large a still market just the U.S. know, we’re say I market. -- it’s by and it’s taking it’s still the hasn’t -- it’s but there’s to little overall with around, of of XX%, down the in for maybe market be lack the -- there’s bit a as as you. not the But don’t pulse just the I stimulus honest hard us, not still think. And little there as

you That’s XXXX the that just wondering And below about inventory last then on remember if think I were the I level. that for the just you Okay. an number mentioned us shifting levels helpful. quarter, over to side? have distributor updated U.S. XX% I’m

more would Well, so we destocked I in the again quarter probably say. XX%,

TD Morrison Brian question next Securities. the from is of from Your line

this? share you you say inventories of of respect your comment, inputs Because the And shortage. presume to view go you your on the pardon some provide and I then with numerical to an have put Can XX% must want the when distributor your peers? you relative market just yarn value on are you integration? can your a color from then back or vertical I sourced some to lean to your that? gaining me, And like furthermore, with -- advantage

on XX%, inventory? what

On yes. the inventory,

the So further to about quarter -- destock we at effectively destock that XXXX. think occurred looking the And of with is this probably look on last over $XXX was we if that. at said another out quarter, versus the that we’re what the way it you called million top $XX then million

So $XXX we’re somewhere that say, I versus probably in range, down million, would XXXX.

And as right? is the concerned is, as far yarn one supply look, manufacture we’re yarn, vertical, the of we’re So to chain few people make who goods. finished

are So sourcing fabric yarn to or sourcing products. just their to our competitors either manufacture

us, in strategic that what was -- we I shortage think Short the we a of So At the is, foresee. hurricane. labor damaged for is factories -- and advantage. which same some as happening that was the obviously time long-term happened the our didn’t term,

because grind, and a little that’s hire folks loose just that a type we been the big employment get yarn X nevertheless, but a on. of lot progress that’s crazy taken It’s But to there’s have which plant, facilities, time a it’s bit don’t making we’re situation, lot of So is. their the people thing. to how tight back not run so a of in people of to

progress, volumes. our we we’re continue very forward making So overall increase and we move comfortable -- and that feel but we’ll as to

our than our we’re about in better competitors Brian, feel overall. integration, your position And that do a to chain point, I perspective from a we mean supply vertical

we feel job our And with are a dealing chain. team don’t think supply environment. is we So very way. tight Everybody disadvantaged great any we is this in in -- doing

more Asia, class structure, up pricing across stable more also, on is yarns lot And think hemisphere then I this a on to there’s sourced has in significantly Asia and yarn, and there I fibers particularly in inflation a U.S. mean gone our in relative of in hemisphere. the

Yes.

So to be it’s got an advantage.

opportunity imprintables to you of ensuring other size the at want you national call verticals further maybe turn as ballpark just -- returned growth haven’t account and the see potentially retail offsetting the you of -- Can for to onshoring? out that and that’s POS your size business I you So in see yet.

particularly Nikes, the are Well, world. mean to of look, looking of one. we’re the the we look, all -- -- supporting that’s I China, number these companies Adidas exit

of our retail is I look to trying we two, to benefits, -- brands are they’re the big closer the big partners one all at to basically think buy market, and I both product get think, locally. and number looking our

market been POS. So the has success businesses, large our driving part a which are growing their screen mass retailers printers of that of service

So we levels and when it we slightly ‘XX closer at POS, is ‘XX. we’re the to it, of say would sort look basically July, what our holistically in look I at But Rhod and seeing below improving.

until to gatherings and things then big side month, orders bigger POS get So in -- up now. our every just market, And continue see were I to better. we’re opportunity the as existent other of think, our of the is starting occur, which just not

time, Delta are out. there’s virus heading these So things But encouraging. same that’s the a at all of

people and raw think those structure -- pandemic, looked pandemic, during proper the materials the and is right? idled other old don’t cost our facilities, market. global supply And capacity in taken and of got they’ve a reasons these have is why many I’ve good equipment many out warehouses. at, ones and position And levels cautiously they’re So also factories tight in they idled so during is and very low of warehouses, equipment, the globally, inventory have that think but our plants particularly people supply customer tight. got in so I for other we’re and global that saying, that example, the I good we’re relatively We’ve is are optimistic, balance. And

you look example, people it’s things buying months, for which some and new let’s And capacity. a market look reduction for So that equipment equipment, rebuild in to at tells then big capacity. you going are there’s to as to been be tight if the today, XX of time XX quite say,

sign a is. of in that’s the market terms good so where think also we And

So we’re relatively well with our as operating -- cost we structure our as feel structure. good position structure, our

is from Sole Your question from of line Jay UBS. next the

Jay Serna Mauricio of on is This Sole. behalf

ask a to congratulations couple First I on wanted of the of all, things. results. And

gap cannot First there they the in that on on second like other affect or dollars that versus in your think hitting like the you in half of the the SG&A dollars versus see competitors of have we the that just the pricing strategy. should Should cost SG&A year, because in some second about goods mind you inflationary pricing a the business imprintables talked Is and pressure. you down hand, the that we also the will mostly just XX% XXXX, thinking sold, quarter. also of target were

like half, should that we or about for the is there? level think there a inflation anything that thinking regarding Just second

Okay. answer will the pricing your Well, and of Rhod question. the take part other I’ll

As far These as a the through I strategy pricing price have Back think in have the we to we streamline pricing positive caveat on our we coming everybody. as the affects efficiencies that concerned, manufacturing inflation that only advantage But today. continue to operations. our significant look, is is market Basics

going a growth. So at how of it and XX% maintaining our that’s will out. on probably be top focusing pricing we’re our function to line level mean, balance strategy operating I margins the

to good that financial into sure the as we’re delivering ‘XX. top same At grows targets and we the we So set results really on line focused time the making market. as look forward

and distribution we elsewhere. SG&A -- line labor through see everywhere, we anywhere on the sure side, is have flow inflation the I it we is pressure bottom for mean upward yes. on have the you inflation line expect inflation and And where the to

we being well. expect SG&A. believe have the That labor very in do dialed we SG&A our do So we said, impact to

the out for time. you traveling at look some SG&A versus If we there we overall and target, had where which our how for quarter were we’re

our us as think we that deliver of number helping manage we’re SG&A tightly the back Again, be full will through able think I perspective. that overall we well. to year performing to from an half the we year. operating move And XX%

So -- but everywhere inflation. inflation is everywhere. look, you there’s It’s

Congratulations.

Thank you.

Your next Scotiabank. from Baker Patricia line question is from of the

how the My this of answered. perhaps are us questions an on with have been with provide quarter opportunity the to things you Bangladeshi facility and take But update asked build? going

Well, we’re forward move as in Bangladesh planned. to continuing

where plant during we I comfortable plant the stand and feel at of ‘XX in it’s of ‘XX. end little today. the be end forward, to the months, still anticipate X ‘XX we X probably really Maybe moving a still it, later We’re or wrapped deliver start the year than the of at QX we’ll projected is but think QX and up we

-- there questions. further please are questions I’m further There sorry, are no continue. no Presenters,

their I Well, again, look like once we everyone soon. for to you that, with And to thank I’d guess, participation forward to today. speaking

wonderful thanks. and everyone, day, So a have

you. Thank

And conference with you that, Thank this concludes call. for attending. today’s

disconnect. now may You