Teledyne Technologies (TDY) 24 Apr 242024 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome to the Teledyne Q1 2024 Earnings Call. [Operator Instructions] And as a reminder, this conference call is being recorded.

At this time, I'd like to turn the conference over to your host, Jason VanWees. Please go ahead, sir.

All right. morning, good and you, everyone. Thank VanWees, This Chairman. is Jason Vice to Quarter XXXX like to Release First everyone welcome I'd Earnings Teledyne's Conference Call. earnings We opening. our earlier before morning released the this market

Edwin Executive Joining are Stephen Compliance Blackwood; EVP Bobb; Chairman, Officer Roks; Cibik, CFO, President Melanie Counsel, Robert SVP me and and Teledyne's Mehrabian; General today and and George COO, CEO, Chief Secretary.

Edwin, ask for After will your Steve, remarks George, by and Robert, questions.

both statements you SEC made filings. turning to morning ever will to be webcast that we all various for order before this tell forward-looking In the earnings selective and to approximately caveats And materially. get available disclosures, X started, of replay, course, call subject periodic release is may webcast However, via and and as differ this in me are avoid being potential mind risks results our dial-in, to to simultaneously month. assumptions, noted actual a and

Here is Robert.

Good everyone, record joining you, adjusted Thank margin, free you share reported call. earnings operating Today, cash for earnings per our and morning, first non-GAAP we record Jason. record quarter flow. and thank

While our [ ] overall by instrumentation were sales and short market. psychology some in orders strong, deterioration remained of impacted

a in no Industrial have sales We well as previously full year measurement Automation assumed growth market. as

markets now in those XXXX. first forecast more product the weakened to we However, meaningfully decline than full and those quarter, in planned families year saving

certain declined machine sensors to automation. Digital 'XX. flat defense reduction, remain lower our Despite in and among [indiscernible] cameras in we XXXX. in declines resulting offset our sales sales businesses, Imaging such of are margin Nevertheless, versus vision and year We businesses. aviation operating highest-margin significantly what believe with segment, sales sales year-over-year to compared overall [indiscernible] flat related marine, full anticipated those to industrial due sales will the 'XX

Teledyne However, growth partially significant this clear. margin improvement by set and was at organic

significant despite And Electronics U.S. reduction businesses, instrumentation which margin entirely system. largely imaging the Instrumentation, prime and test were in infrared In sales late where measurement, system very by segment across business. the budget. sales underwater overall resiliency were growth we and Systems, the unmanned Marine government relatively a Engineered our in Similarly, contractor, flat [indiscernible] of Given and almost of core by U.S. XXXX the were sales, is flat impacted considerably. unmanned is segment, offset

progress some revised reversal. revenue in to also We certain resulting estimated and contracts, and on profit cost complete

stock capital given an believe record our with balance we turn Finally, deployment with stronger business George, flow, free for at comments further over quarter even our appropriate I leverage X.X, it's performance end plan. will on will call our who segments. sheet of repurchases cash to Edwin to add now time the core just us combined and to the

XX% Teledyne you, such health to care, cycle segment, businesses, shorter Digital defense, ranging represents condition like applications infrared and report a Thank and components and I cameras including factory maritime from for space industrial, cycle automation, as inspection markets, monitoring the semiconductor which navigation. and on Teledyne is whole, combined with And Imaging segment this as [indiscernible]. Robert. will This Edwin, of is local

First X.X% but products year to XXXX largely quarter were certain last by increases. with sales compared as declined meaningful those declined offset considerably,

vision declined year-over-year. approximately to markets machine sales example, XX% For industrial

of but ] space-based semiconductor-related and integrated sales in imaging On collectively mechanical plus year-over-year Teledyne included declining in ground All sales Brazilian MEMS. air the or growth systems, and other infrared business amend [indiscernible] nearly were our businesses XX%. continued changes micro-electrical hand, systems care systems [ increased health counter-drone and significant, farcecore systems less

to As of overall segment Robert, businesses and the quarter grew third [indiscernible] the organically contributors consecutive margin. for positive

George first the the segments, on remaining [indiscernible]. of which book-to-bill with will quarter report X.XXx. healthy represent X were now the orders segment Finally, other

a environmental of little and invitation Thanks, consists sales. The which our marine, contributed over segment and XX% businesses, of Edwin. test measurement

both the first energy the quarter, marine instruments due sales Sales For versus processed by increased monitoring year. emission and X.X% flame to of in X.X% decreased subsea Sales primarily more lower of and XX.X% in segment, offshore total analyzers, than sales. strong gas overall quarter last drug offset greater and environmental gas [indiscernible]. safety with systems sales sales instruments discovery of defense decreased of laboratory

first of of Instrumentation analyzers, GAAP With comparison XX% quarterly to points XXXX. test non-GAAP measurement XX% year-over-year a segment XXX and segment, in basis Sales to sales. include protocol operating Defense versus XX.X% the oscilloscopes, which and operating points quarter. Electronics basis on and Aerospace profit electronic XXXX In Overall, and basis toughest systems, XXX digitizers margin Teledyne which XX.X%. represents of increased decreased on increasing the the

defense First growth segment and microwave by non-GAAP segment products. increased margin year-over-year approximately of points. quarter XX operating driven sales GAAP basis and increased profit increasing aerospace commercial with X.X%,

complete first For the Systems XX.X% contributes and the to decreased which revenue quarter Engineered X% estimate mentioned overall Robert sales revision profit segment, was earlier. lost impacted sales, by lower operating and

the to call now pass I back will Rob.

In cycle and such George. quarters defense our been for Thanks, with businesses due as have longer energy. increase orders the conclusion, entirely to two strong consecutive almost

given quarter did the in sales to greater the will impact and impact of until time, of pace XXXX. will XXXX. of imaging of begin quarter the near-term short-cycle and of the the the businesses second first continue have nature to the However, our total same sales second likely sales a not orders At much these in backlog half in businesses, converting instrumentation

of is quarter second current year with sequentially with for be XXXX, in and the sales were where we are is earnings year. then of opposite the period. our [indiscernible] Teledyne flat flat the while first quarter expect outlook full current total is except placed XXXX when sales the to half XXXX So experiencing what increase the the environment sales market we That premonition to market dynamics today. The of

XXXX event, share cycle acquisitions were offsetting completed subsequently would growth XXXX, during In $XXX longer Hopefully, the energy partially on approximately businesses markets sales short-cycle certain during time, XX in experienced through markets declines earnings growth businesses. shortage. and executed significant short repurchases, this of we and Specifically, our when cycle the normalize. opportunity million be depends any

to and repurchasing balance to turn quarter. because acquisition we're number our plan call the a Today, of now the repurchase over opportunities. we're sheet, strong this pleased evaluate time, begin to our will I continuing same of Steve. to renew authorization shares stock At

with and from operating compared million quarter our first flow, activities morning. $XXX million the in XXXX. XXXX I'll XXXX. cash million additional $XXX.X Free from In capital was compared Robert, full the and is million quarter year the expenditures not good first cash quarter with in discuss $XXX I Robert, some discuss by and quarter, outlook. less that operating in financials first activities cash flow covered will was $XXX.X for then XXXX second

Capital increased in of expenditures to $XX.X the flow stronger first quarter capital were in working due quarter compared Cash performance. million XXXX with $XX.X in the first XXXX. million

in the with less $XX $XX.X billion quarter for billion is compared of approximately of million. million debt. $XXX.X the Depreciation and quarter was XXXX amortization of We approximately cash $X.X debt $X.XX first expense with XXXX. ended million of net That

tax $X.XX $X.XX the our earnings will currently to the to in turning earnings $XX.XX. in GAAP The range to share. share year $XX.XX per full rate, Now of quarter $X.XX is in a outlook. And share. earnings expected the of for outlook non-GAAP XXXX, GAAP range $XX.XX be Management be our items, full share, $X.XX to year per per second excluding with estimated per XXXX is to on believes per XXXX $XX.XX non-GAAP And the discrete XX.X%. of that to basis, share

will I call back the pass now to Robert.

the proceed to questions. if with like questions and to you're ready Operator, now would go ahead. your take answers, please We

[Operator Instructions]

& Needham is Ricchiuti first Our going question to from with Company. come Jim

question, couple just weakness of wonder the First thinking you're quarters. that the the the seeing gross you're margins about of business. I next higher-margin in some given of areas over short-cycle how

the In Yes. flat relatively terms at around gross margin, of margins somewhere of gross looking we're XX%.

imply All larger what fair right. a allocation. seeing shift environment the the to pipeline? in as of M&A. right smaller now? the way wondering opportunities the M&A still to with Is the this Are capital and deals you just terms I'm that more opposed characterize for in Robert, does

with that Jim, significant. numbers some just let are kind but of, start me

is Our at X.X debt-to-EBITDA now.

one do by If in pipeline. ratio debt-to-EBITDA acquisition today. we we closer up make million X.X else, over then the be $XXX Once the have don't our end of We acquisitions. would that, since where at it end [indiscernible] to bought year, in X.X we anything the would we is

an that time. think we appropriate it's So

First, increased at have repurchased because our shares to by almost look awards. of or shares and because since stock some and we stock our restricted FLIR, shares option exercises XXX,XXX bought

all table the can we billion same off of $X.X credit the have that haven't a hand. at get have up to acquisitions. first. on We capacity of because But line $X at billion, for to like lot cash time, our spend touched We we

we that acquisitions, have that is smaller all this So acquisitions. be it find looking we to larger until we issue you go if able year, happen complete at various the The are regulatory what next hurdles year. acquisitions, through may with to even

the do But to were We don't. competitors some financial period. it we to then constricted our that bought shares in do be XX did both. what companies. We're we're to where We to because of to able is back. 'XX. we exactly going didn't And that acquire We going answer in well XXXX after we our do right bought had as

that your So I know question. if answers don't

see bit seen going still you've It that these do you as some -- you it's was in the a look the the more for I the out of mean, to you recently, in change of on prices risk pipeline helps. valuations past, some any take have do the M&A, deals? it larger talked of larger to terms side, there about at being

yet. Not

the out that enough always earnings. come will this did repeat repeat that the doesn't repeated. tell have I a On done but their scale of be just market, it expect, Interestingly, And to before. those like haven't think will bifurcated itself. Jim, itself does of history come kind other time market, -- on in I some they you, there and hand, It down, with we

Our to Jefferies. going from next question with Konrad Greg come is

of of the but in hasn't many over than what's Or part Is an really past given some the what from has investors of different just XX been it Teledyne thinking Or there really XX This and as made been uncharacteristic cut, think the guidance [ today normal ] you of successful uncharacteristic back changed one so about question, cycle? just I've years? past unusual over is the which getting years. this is a these it bit items? light

things. two Well,

years the [indiscernible]. this had XX or in we've occasion so -- only in First,

calls [indiscernible], earnings Xx XXX releases. this almost We've So experienced and X%.

is So are it's of predictable. not the it and that quite very happens that economy side frequently. The not flip the something markets

the well. of are parts economy Some doing

out the are of businesses the Our park. marine devising ball

industrial in And January defense, the took in by is to be year slowdown we relatively $X.XX that our is intently machine expect decline. automation our certainly recent prediction cetera, we in with projecting surprise. of course, vision us et flat unusual passage, with We What is doing of now thought the that well for continue. we that in faced And would businesses. the

Now shock those kinds from absorb that is than million. lot, $XXX What could seems a it's but only more that the is past before. different can today Teledyne it like of much easily

'XX, was went of revenue our short In a billion, X/X was oil ] XXXX, period And because billion. when $XX, $XXX shocker very that almost over a had marine [ businesses $X.X time. only increased from our by $X.X from we to over Teledyne

being [indiscernible] a else we equal. and shocks took at long the like So it, we that I different And that said, two can in look different did have hits is look, forth. that. shock lot is When in Teledyne quarter, this is absorb everything we I what

them automation. So this significant industrial in of was one decline

slowly. conductor recovering be but some And semiconductor, to similar seems

vision had another took So and our will was estimates everything of and come we business, Engineered That to back. our was to size some think go and Systems complete. hit We estimates look that. event. But do we which a in onetime machine And see unexpected. in at change I

a is been $XXX our So think [indiscernible]. I'm recover time at buy by stocks. a we'll devastating. we because million taken those of taking [indiscernible], have hit, buyback million as am not ability I necessary muscle just to look, What revenue just that, kinds better when we've the days, and much. shocks, worried companies too old days, that yes, our In that We hit, and would $XXX have those recovered I it's this we're about down took saying we the not

offer remember pretty back I to -- maybe kind I did back, there just that. out actions, and then an there trajectory maybe I undertaking I market that two gas sequester thinking actions mean, that. mean [ of that growth margins the a out does that and to took out we downturn saw was to follow-up cycle aggressive Teledyne you mean kind and with And similar the oil margins the better is and side, of the even on short just downturns. you're and appreciate recovery? impacted And where have I those if of I what Defense. mean examine ] coming you before of opportunity of

Yes.

look to margins happened basis if FLIR $XX year-over-year. very and early First, of you worth year is about that businesses, points simple. we're the the this at reason fell cost of additional taking the XXX million almost last We of cost out year-over-year, $XX million year, And $XX million took on.

affecting is the margin. that So

about million $XX that talking of eXc, the which look have $XXX end the at in by altogether, our If DALSA estimates that, you second our quarter, almost we're we cost. another is are taken million of out businesses, traditional

we long [ XX.X QX. margins have in DALSA eXc where the for time, And the lowest anticipate ]% a been

that margins be expect expect lower year we the Digital And revenues. Imaging recover. for on with flat We frankly, last to overall to

So very have it now, that okay. we not our hiring. basically we're just in take taken aggressive think if the need we'll be, of doing and more. says right I But cost We're --

next comes Joe from Cowen. with question Giordano TD Our

] Maybe I'll as [ DI start on well.

it curious levels vision to like going be some last last this players at they now report right? timing now. it the it of within look of if but sounds starting them okay like to offload declines year relative And pure Just are Because did huge to on And year. we is and seems guys see you may like had the to when improving declines. now year, you they're starting sequentially seems like have largely, this,

curious that timing thoughts stuff. mismatch just pretty I'm your cycle So because is on it's short

and We but of couple pretty yields pretty little numbers and that are good of their a the took kind hit, took know It a different different quarters from big a significantly. users hit are a their They a is. little lower ours.

we didn't So now up from take fast. well. the even imaging, but have have, is side We so anticipated a also the short-cycle of took would it space cost businesses, that course, coming didn't but it And like doing declines have of And we we digital off. Flip long-cycle and defense. happen, happened because they're we slightly bottom, those of short-cycle business better. really the the magnitude are we hit [indiscernible]

little The a second -- when be imaging. what business. the average we to in of the this space digital because we got I designate So half, basically, think careful in is the we will recover

then earlier is And on question a just follow-up different about today. Teledyne the

you And think I you the ago all businesses your done, is these more light because And being more with what very high some management long there in have precision. of how businesses of does off become to guard have so upwards being challenging fine-tune that known you today process tinkering communicate there is estimators been does inherently a many companies own good of process when maybe be the so the about to budgeting with M&A of towards caught decade for the a just here? need businesses. you've you -- think versus from guys just

than have flip true. Well, of a mentioned, I inherently that businesses lot opens actually of The true actually hindrance in make platform estimating And one right you part challenging. have which remain businesses, That it part respect. a I'll And we us you're et the the been that acquisitions. is mean you a and cycle is short a to side paraphrase kind the is rather help cetera. will can from because

very we we accelerate is make don't high a do with. be The do to that that to going platform will want prices -- the to not do that. only So But accretive. acquisitions will are acquisitions we stupid we larger had

we're market are our The in ADAMA custom going they imaging in we in And the have imaging like we of Netherlands, process domain. short in [ -- the do that in a the U.K. and only our a the type just which buying. imaging And something of and business [indiscernible] business. business, that they the is between design, we business bought In ], Marine have significant defense of lot difference is

for this an time So opportune is I think us. that

see rest Let's and the to costs come happens what the that earnings out. of

If lower, saying our lower flat we're all didn't So be right? We is now, NAV going we're we'd significantly. to be last year. up we're with

are margins bit by of Our the end the same year. the

our the without bought going our those purchases, year X.X. And making muscles any ratio Have -- stock. enough is we revenue Our think to end buy We with even X.X to that X.X the $XXX of which be end target about say, with is debt-to-EBITDA with same to I we'll a that's our good shares. after to million -- below let's be the place below a of -- year still acquisitions.

So fine. I we're doing think worried. I'm not

from comes Andrew question next Our Buscaglia BNP. with

a wanted get given And Maybe why step assuming there's number confidence secondly, in another really in is one, should much down guidance. you I here the some derisked. buybacks we then that this to the of So the guidance are visibility of sense how not areas? shorter-cycle low have

question, very A good Andrew.

going buy into primarily not First, it's buybacks affect last to are really The numbers year's No. next because built we EPS year. the back,

that much year, neutral aside. fairly on, how that's course, I -- depending of for so we So would this bought put

to second we be The our XX somewhere last [indiscernible] with We've in or two. decide being X struggled conservative up the should between the how should of last and part the in trying we've active how with days question, Board we the ended that be. over days,

that We of the some we have downside. is think

businesses the X.XX defense ]. relatively our all. the derisked company have other and the On backlog in backlog side, [ overall hand, haven't we is it Flip good

the second are defense going So space in back half. the to businesses come

this, going a like two do balance that. can you to things. situation in So one or they're

You see of lower very can latter you the numbers can and you what it judgment approach. do and in the market is taken just reasonable or go really play the We've safe. what a forward.

Yes.

Okay.

Okay.

is us Just small lease portion of we portion only of and a vision it digital, -- Can affecting know confused probably small through walk I as items what's think sales, kind we is digital overall is are of some declines. machine the through [indiscernible]. within percentage could walk driving low that you much also how the a by somewhat a machine double pool that Can around seems that's weak, like of imaging investors you segment. of just that tell This digits parity percentage the the other but beyond of vision as decline? sort

Sure.

First, let's $XXX about start machine in with The $XXX million million XXXX. declined specifically. of vision project debt. Approximately

total reason in that -- the And digitally the have about businesses overall, is So DALSA affecting it's revenue by together, there is the you -- there that KSI is FLIR, eXc, we X.X%. other our things down to be when year-end, put which and about are margin going parts two highest imaging.

right? So only highest our meaningful DALSA significant. $X.X it's declines eXc top X.X% not [ And [ [indiscernible]. FlIR It's a business. something over with big is year-end, be With but would ] margin ] it's that's X.X% the and X.X% up that overall. like projecting we're X.X [indiscernible]. line the basically, number, By

the answers at total. look don't know I large, when So -- huge, you in it's it's if your of not the them X.X% look retrospect, but that numbers

Yes.

what are favor? vision out cycle areas that or machine or of short beyond And Okay. other

I call million we one of solutions I It's year, out wouldn't $XXX other and the measurement had would only that there. the it's of revenue measurement. oscilloscopes out we have. it decline. and is I would favor. Last say is of that favor. protocol test and Well, Test say

that in now remained right January, thought expect we it We flat.

go to XX%. down about Now we expect

revenue. So that's in $XX million

the sales the were in of is and its which are because area, without good we of Marine and The very take end last having healthy is revenue hit different that engineered margins decline is that of remaining decline. a all The very part little a making margins, is we system. can our high up at that those big out

about is In in XX% million a business is that, a or it's less. now, X% XXXX, to good $XX part we portfolio, margin decline. our $XX it and revenue. projecting million $XXX decline at only If Right XX% to that's there million our or of had we're lowest about

imaging we surprise an our revenue for same be So the last as that's the to business. why are we little short margins environment more What operating are going declines. have same do as that we're saying in our year constricted to here And while going that's keep cycle digital last is a yes, year. our

Instructions] [Operator

Next, with Kristine we will Liwag go Morgan Stanley. to

This for Kristine. is Gaby on

provide impact chain and you've supply the was been So wondering if color bit -- to and how going little can I seeing the supply a for just chain going year? you some if your forward that's improvements expectations of the in throughout

XXXX The It significantly Thank you question. improved XXXX. versus year. further very much. Great chain supply has this in improved

little Last you pay exact we ] electronic for a first about [ buyers the brokers, we we to quarter, bought over percentages give $X broker. -- when in million. from higher buy Just we year [indiscernible]. billion only bought This number, $X year, of we first quarter,

think I improvement. been there's significant So

there Having that a semiconductor still board sophisticated suppliers are device it's that price of and that, make rather that very more devices said problem. or lagging problem a delay are color

that, is some I So think delays I the that's than supply some sophisticated part. experiencing Other We're chain of behind. think okay.

come is question Noah from to next Goldman going Our Poponak Sachs. from

second have accelerate. first the from need you what the year-over-year decline you're about revenue flat that to that be do anticipating? Is quarter the rate of would Robert, to Is right?

quarter, will have yes. answer our quarter. because it until only -- only got really the about, The be third don't flat think it's Right now, year good X.X% backlog, kick that anticipating because decline from yes, in we're year-over-year in we is we to last the second where

on purely versus embedded ask how the was of side? to that what's of guess mid-single-digit but just the revenue kind I backlog cycle growth of was half. the going back from it, things the then imply longer is year-over-year to ask -- that alluded that in I in much short would I visibility organic assumption And to cycle you in kind Yes. Okay. going

of of recovery second X.X% primarily, what majority in back have X% long to revenue half. we that our little we what the have is think in cycle, the There maybe in I is in bit like and businesses the than in better only semiconductors. a it's data our we improvement in type some on The customers was or it its short which because shows year improving up. our it's last of platforms larger positivity serve of that

So -- in we have mind. think little of not That that's but because counting have improve automation, a on so other significantly to frankly, we're we I things that industrial -- no visibility.

Okay. of What adjustment in the there's Systems margin assume there I kind are cumulative Engineered pieces -- some quarter? the that? of Is mark-to-market in the catch-up

Yes. What obligated [indiscernible] happens in as well we're that do accounting. that, business you is know, to

and your As back and costs cost we were looked hard, went timing. saw had we that of anticipated. you the completion than pretty some higher estimate When

those. we adjusted So

I amount. out profit the think when take million cost, have sales several what kick that do our down, But the cost is to too you down you sales. to same you of dollars, say, let's the take

exactly move So fix that's what and we the think should beyond as hit. We'll we get happens. took it, what it, know that forward. But I we fixing are we

front Do size of a markdown of the talking? on there you much how in you of you know guys

million ]. in about took XXX Well, a which EBIT we basically a hit, was we QX, $X [ took

have that happened, earnings. if So made we would our

Okay.

that. cycle We'll downturn in image. fix a short Despite the

That's it. given helpful. net delevered you've That's guess, Got I how debt-to-EBITDA now FLIR one, much integration. balance Last helpful. post sheet,

tweaks the despite flow cash free healthy pretty making have today. you're to here going still You're

layup you're were a you're flow guess kind you relative out how number up about coming your repurchase, share annual to if thing. generation, to of small firepower to lay much going of little of bit take [indiscernible] free the with you have is you're leverage if If like a talking a cash little higher, forward type I

I'm you of something stock that? would that maybe scenario Do you the you surprised you keep moving aggressive Is pipeline? in M&A today. a How for guess need to -- formulated more all XXXX? reevaluate to of is room want there it you before where I the part this the

ways. two Well,

million if to million our go authorization. we can out in And was to $X.XX $XXX billion the what that, million. at put to about we'll authorization you First, $XXX we up We $XXX go case said have from buybacks. look to

-- We looking on that stock depends looking was -- price how the know, this you we just at Noah, that It's acquisitions. stock this at doesn't price, shares. lower a market that of reacts. the make as do We have Frankly, the I'm enough choose. morning, But if I can of would still morning, bother and that portfolio to part at be we me. powder that our number significant

if doesn't are all and We X next for [ until $XX fixed. If have cost, to data want is due forward million we the at payment $XXX final look ]. those just have may paid The debt then you second XXXX look come to debt And fixed borrowing million we next that XXXX. in know point you have ] the average of only of in $XXX you [ million. pay half X or October, payments, our

like average Our more cost is X.XX%. borrowing

credit can about our even the an that's cash, idea to as you buy we we shares have. can So as generate yet. haven't of and line want make that -- And we as touched acquisitions we the and

that from pretty feel comfortable. I So perspective,

And are queue. questions there this in no time, at additional

I Thank operator, We so. conclude very much. you to will the ask to now would do conference now Jason

those John, you, me And earnings Thank the put thanks, on available. on and everyone, release reply feel and our please the joining The call, earnings to think our further. free for website. this talk morning. for is call

everyone. you, thank So

International and to time, you Pacific XX:XX thank call that conference (XXX) and at for XXX-XXXX today (XXX) and X do conclude XXX-XXXX can you ending midnight. available any XXX-XXXX. As and and for you callers, call starting has XXX-XXXX we the your use replay, at and domestic, To which can code May today. code this for for and for number the for Event access recorded We a.m. the is be will access use is (XXX) been using mentioned, access XXXX month XXX-XXXX Time your replay again, that participation XX, use international conference (XXX) listen to XXX-XXXX AT&T And does Conferencing.

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