Fidelity National Financial (FNF) 9 Aug 232023 Q2 Earnings call transcript

Good morning, and welcome to FNF Second Quarter Earnings Call.

During today’s presentation, all parties will be in a listen-only mode.

Following the presentation, the conference will be opened for questions with instructions to follow at that time.

As a reminder, this conference call is being recorded.

I would now like to turn the call over to Lisa Foxworthy-Parker, SVP, Investor and External Relations. ahead. go Please

and operator, Great. welcome, Thanks, everyone.

not earnings we today Officer; projections Reform revise Q&A Today’s to call. Executive me any addressing call Officer; future questions do remarks and Nolan, Chief under Act, F&G’s events subsequent Blunt, look join Private today’s Chief Tony Park, forward-looking your us undertake and and prepared our new Financial changes may Mike Wendy and reflect performance. following have of Chief Executive portion to Chris F&G’s Joining statements or forward or are in Litigation the Securities which not statements We will Chief strategy. guarantee events Financial include Officer, information, or update do Young, We such to Officer. the for duty

also available Please SEC and available reports for also press non-GAAP implied. the results webcast that replay on August and believe accordance earnings available XX, recorded Time X:XX through fnf.com. expressed from be refer issued in be other telephone will be website. discussion may will p.m. being through today and on to at financial we XXXX. recent that required company’s those Non-GAAP SEC our to rules Today’s we with our release, could our website. to of Yesterday, quarterly investors. GAAP within available replay the is materials also includes Eastern a a which call beginning been It actual is at morning’s discussion reconciled to have cause materially where factors for annual measures measures most differ This meaningful filings or

Nolan. call I’ll CEO, our turn now to over And the Mike

our as million of in good title adjusted morning. with adjusted continue and another we challenging we business, this title pre-tax you, to mark midyear strong segment XX.X%. we $XXX set our Lisa, margin industry-leading environment. pre-tax had a Starting navigate earnings of title and delivered of results at volatile Thank have an and Overall,

quickly margin reflects strong performance which really We businesses. are this through sequential discipline demonstrates our very order It field also across cycles to managers of deliver pleased volumes. the title-related and and who to business, our and to are our ability expertise running result, and strong approach the economic changing to improvement demonstrates employees, these react our to our ability highlighting our manage with results. This success critical

our performance consistently the we employees like to I’d quarter worked industry-leading build business who so of quarter. deliver field-driven an after to who and today all diligently thank have have

staff inventories direct of the into back XX% half Our we this year actions by In steep This continued performance year, our have a When this is we took net the positioned result of low in XXXX. of XXXX. the field mortgage volumes, light coming given we the us reduced of in of monitor decline the well half acquisitions. to first expenses closely. in

in up the of and typical sequential So crest orders growth typical half the seasonal strong July, QX, not even and both is into residential seen pattern open a in the back since month day solid orders per far, year. we’ve QX holding heading purchase of which with usually

demand is our in market volumes of a resiliency the are holding mortgage held a in in residential times exists line expectations. which up country. positive housing X% volumes, with and well, and which to up purchase at to for the spiking Commercial testament that feel is have weak rates underlying that We despite still the

commercial the generated million have half with first saw the consistent revenue XXXX. XXXX $XXX from We first we of halves in to

X% orders the opened June. the were refinance June. of first the were month opened X% first Daily quarter versus for versus of up XX% down XXXX XXXX, X% closely. month up more of volumes for and July and July sequential the of at quarter orders over over per And Looking day purchase up

day, second opened the the month XXX opened per June. up Overall, X,XXX Our orders at quarter, of were commercial and X,XXX, second per for X,XXX. June quarter July flat total April quarter at versus total versus X% orders the for at May of day X,XXX averaged and the XXXX, in with first

For line of day July, were X,XXX in June. the month total per opened orders with

cost the as our XXXX found typical we year, a in cautious and far, So pattern remain with has is been rates weak with seasonal continued higher here, albeit we this aligned given in more volatility. second and environment. half in a have of footing structure market that a From encouraging the

manage a volumes will we always, to in order As given environment.

remain pressures, long-term competitive financial A on to mid- is our the in positioning profitability our through clear we business strength, we and our expand scale benefit of Beyond the business. of as strive ability the cycles fundamentals in to near-term to our bullish the further industry. invest

and enhancing our continue expand acquisitions, capabilities. through build We business to strategically Title talent our and recruiting title

have and within traction. area industry-leading, experience we years. investing platform been operations our is is integrated and estate fully business inHere that This residential direct is recent real across Our an deployed our end-to-end, platform in gaining quickly

to XXX,XXX the In we consumer rate. million engagement over strong real to have estate users fact, be two had X.X of a platform X.X success consumer inHere on years, XX%, between million over users continues professionals – comprised XX% the past and and

months growth and further agents, one coordinators help alone, real partnering in We and active days. businesses to coordinator six strong customers consumers, functionality the of market continue at transaction estate last opportunities the transaction are efficiency real their estate and value over near to professionals the receiving of adoption and creating XX% and grow experience our FNF term. sessions both targeted and first platform, content million and the were believe this agent expect enhancing transaction and we logged long add for XX In from have nearly the demonstrates users to XXXX the inHere over

product which being are is business now that well merger, the the considerably. years now transformed has is new its to our diversified we successfully over business has and business from exceeded been line has three that of expectations. scaled XXXX F&G time at platform performance, Turning profitable F&G a of and since book and by having a our mono essentially to F&G’s channel in-force robust acquisition with a business, it pleased

F&G drive expansion through And distribution has to its its profitably and returns. and management expand billion well its assets $XX flow under positioned merger grown business from XXXX reinsurance earnings improved at record $XX XX. and a is earnings margin strategies, will ultimately from both to spread-based diversify fee-based which the June owned at billion the

Park quarter financial highlights. FNF’s over second that, With to review turn let call me Tony now the to

losses our in you, in $XX $X.X quarter net XXXX. second earnings Starting results, the generated the with including $XXX consolidated Thank quarter. million, Net we of earnings billion million versus net recognized of in $XXX second recognized Mike. total $XXX losses million including net million of were of revenue

earnings net $XXX $XX contributed F&G segment segment had contributed the Title net and The loss of million. The of $XXX million segment million. a Corporate

gains in our to With primarily equity investment and mark-to-market losses and due portfolio. period of are the or be to securities, quarter were in the accounting disposed preferred held continue whether securities each the in net recognized stock treatment of

revenue share The or $X segment contributed the Corporate $X.XX quarter of million per or Excluding $XXX compared the $XXX $XX was F&G net for continuing contributed recognized in an billion Title and segment the $XX net loss XXXX. million, with second the of had XXXX. quarter segment million adjusted million. diluted second $X.X of net with $X.X $XXX per share losses, Adjusted total from operations billion and our million as compared earnings gains was

Turning financial to QX highlights to Title the segment. specific

excluding quarter, $X.X Our XXXX. billion the recognized $XX billion Title of compared in second segment generated revenue second million $X.X the quarter net of in losses in total with

quarter Title Agency the by decreased other and year million of by Direct XX% margin operating title and adjusted escrow for title-related XX% other prior premiums a versus adjusted fees XX% year. costs the quarter pretax earnings by decreased versus decreased decreased XX.X% of by and and $XXX the XX% expenses in title quarter. versus decreased business prior the generated by premiums XX%. pretax XX.X% Personnel XXXX, the All-in, second

average portfolio investment as included June billion billion $X and of other of an securities, million $X Invested and average short-term and of assets totaled well and rating an at billion $XXX AX, of years fixed investments Our and having XX. cash. equity duration of Title maturity preferred as securities $X.X Corporate of $X three billion

Title XXXX investments. segments $XX Corporate income $XX and compared million with of and and and income primarily Interest as in from cash year prior due to the quarter, short-term exchange business million increased investment the higher our

increased rate higher maturities. portfolio would three-year environment, reinvestment our of the anticipate investment income duration we income fixed Given through

the cash spreads XXXX XXXX, the interest For to exchange and million investment moderate and quarterly and $XX expect in income level remainder and investment range with short-term balances. stabilizing of balances we

our above than actuary higher million $XX approximately claim reserve second for losses were million $XX of of Title paid the The estimate. claims quarter. million Title million carried $XX Our $XX or X.X% for provision is central the

We Title total continue to premiums. claims provide at X.X% for title of

Next, hosted specific F&G a and update. thorough F&G earlier QX earnings turning segment. financial to provided its highlights the to this morning call

year retail key gross sales the sales quarter. X% higher billion which will be prior to reflects channel nature. quarterly reported the in decrease I of on opportunistic lower expected This markets, and are the So F&G lumpier focus its to slightly offset of in highlights $X more by sales over second performance. a institutional quarter,

reflecting decrease flow September of second XX% $X.X which reinsurance, is of were increased in retained XX% – sales quarter, of from quarter, the from net F&G’s XXXX. to the year sales MYGA billion XX% which prior a in

allocating reminder, business. utilizes requirement retained on while business, provides highest F&G capital As seated capital lower new to the which a returning a flow reinsurance,

in fee-based or by million the segment share F&G’s the expectations and billion share. $X.XX alternative million long-term management as $X June per contributed includes asset below This XX. or $XX.X million were was $X.XX earnings prepay enhances second investment F&G provides F&G’s bond net is by to offset for per This income and $XX returns under earnings quarter. our Adjusted cash were that record flow $XX of accretive returns.

balance a shareholders’ to capitalization XX% ensuring Let strategy of thoughts as ratio we with debt long-term capital navigate XX%, as company on as million focused me we our liquid a result and will consolidated in at XX.X% current level. that short-term balanced quarter AOCI. We expect with the wrap $XXX naturally This growth line cash investments the and was delever range is remain equity FNF’s of up our We on target a June and ended to of liquidity. capital excluding excluding with holding in and sheet environment. the allocation AOCI few XX.

our FNF’s forward, company million, million is $XX million F&G annual holding outstanding for expense on segment approximately Going debt. debt consolidated comprised for of debt interest approximately $XX and $XXX

financial preserve XXXX of our have first we as in Following navigate billion, share record market. of $X of this cost year at and level to the prudently combined repurchases in volume total flexibility XXXX our moderated a repurchase we challenging the half

repurchases Therefore, the were quarter. no there in share second

to current continue We approximately our $XXX sustainable. view dividend of million annual as common

share dividends During the common time approval. of per dividend we The quarter, and quarterly of million. of second over expected for Board $XXX total increase a is to paid to Director reviewed subject $X.XX

concludes turn now back questions. our me the operator remarks. And our for let call This prepared to

you. George ahead. with KBW. and comes Our a be now question we [Operator line will Thank from Please conducting session. go Instructions] Bose first gentlemen, the Ladies question-and-answer of

in Hey move I there what’s I’m with read on guys. you that? any early the Good trends. July Were Hey, you rates. in morning. gave have August if any happening curious order know color the on Mike, just just

Yes.

week, week, as too would that have at right I think which early to looking first provide I the well But it’s just small the July. and really August. up don’t data orders held that just shortened set look think I was think direction. in fact a We at the have

to very even the strength testament – if And held market. the the up think counts I when we a rate at the again order different through as quarter, you spiked of through look it’s went points, well.

And then sort also over now I at I in over actually past, agreement been there. a through F&G, and FG extended think you’ve to Thanks. switching the reinsuring the helpful. of about Is talked just That’s still has XXXX. Blackstone, management blocks possibility Okay. think that

of benefits does transaction, Blackstone block any the a any there’s of whether a impact that sort has – way? if about impact that that, comment a Just on in agreement the

this is Sure, Chris.

reinsure to freeing that yes, as us a means capital. a of is option for block So always an remains that up out

So Blackstone that’s agreement, net nothing’s yes, positive. big changed there. a The

off assets almost of And on on over forward order of it’s a runs agreement $XX So reduction fees that the billion. going fee XX% in billion over $XX time. magnitude

impactful money. It block to there probably So but it’s for deals, reinsurers and quite the manage Blackstone we are know us. influence have Blackstone that affiliated be does would excited

transaction, block of it’s rule but constraint bit really it a a doing probably it’s So on a – big it out. doesn’t

you. Thank Great. Okay.

Thanks.

you. Thank

BTIG. of Our with go next question comes from the ahead. Bhonsle Please line Soham

for Thanks morning questions. the Hey, good guys. taking

Good morning.

Good morning.

is a on two-parter. is and the sort this So one F&G just first of

think one the strategically before? that beyond any as options AEL First tax-free spin considering or wanted standalone just then been updated FG on around FNF considering the your you’re the continues to there get thoughts was maybe fold the company. you transaction, there to second, that you’ve whether with being, a board discussions And within talked potential fit about that have just

the and are seen. the performed as time add a comes when not days. – the over hoped that we will as rates Yes, is XX how thanks. that I had about over is really Thanks of up if fair I’ll that when want and I would we this, they kind the ownership for the that and Board’s little know consistent we But the been and It’s up the say the F&G has of and least exactly last course Chris from performance go validates which and investment seen of would’ve maybe more pleased to our F&G changing going down as Tony. insurance to earnings will, that’s title start stable may have say if thesis grow couldn’t question. during made market you’ve what Mike some acquisition, This bit perspective, we’ve are although, at Maybe our it interest be price rates of of weigh might in. is share and really maybe you

the we’re returns cash being in we creating Currently, like we great by regardless, deal, value’s real growth but throws AEL are we reinvesting from we’re actually sales But and and highlighted off keep thrown a off value think realize and F&G feel getting of believe because in created, said that really build cash. from Wendy that value the I like currently, being block annually you could investment. time. that continuing flow $XXX our million But something to just over grows that in and mind cash lot is

at We in if what value we continue that’s that value create this that sales. and realize want at we And not want could any that’s business doing. we we’re to to what But time to constrain wanted point, do. and

manner, later could mentioned So in it the a the optionality, a with terms we spend tax actually But about earlier, in could that this could we at flow we company, we’re of pleased getting it with could reinsure that sell, performance block. before as Board’s hold, talked the I we could merge we’ve we free the spend point, very through now, we F&G’s could paying. value and dividend and we’re creating a cash

been So it’s real positive. a

margin a and an you quarter, take somewhere guess run this of Yes. orders X.XX% And to Great. get residential quarter. Tony, I that And I on the XXX,XXX a XX.X% title, then at around basis, look orders. sort you on Okay. business this if did maybe X%, your on just rate annualized

sort So so what to variances better that year year, the suggesting. going this seems reason Is recovery that’s high-XXs it on resi are of I if sort as some there’s next mean, mid there get sort to of understanding the troughs of any obviously we well, assuming here. side, like that quarterly be get opens to can’t it’s margins commercial

in environment and well the take levels, that work Mike. a improving past an XX% say the think is about of would prepared Yes. We’ve market. a the talked a let’s XX% that to advantage This expect. is more done we’d of get expense I XXXX better we certainly revenue say, we’re side in in if lot on to what I normalized we’ve

had the of got that we of discipline first with residential that. we do the second the quarter’s in lift and margin points. XXX – a the think sequentially, was of environment expense quarter off that the really just good second took that and advantage we to market then was commercial basis an It quarter, we a example good I got improving

go how it’ll and I the we residential will stayed think side tremendously, remember environment up really about in well be One, well, three this over to last prepared So we’ll and rate happen kind was the if forward I back the things. how holding the next well on whatever that two as and we those in rebounds. the career. On to this well X% But of XXXX, for was transactional move down market in we X% the strong. expense lowering and point, necessarily. commercial the the into there resale XXXX – of were activity. terms when and market got number saying really is But two XX at months, XXXX and not rates rates, my kind grew then the of in rates time of rates markets. were that four came us high, or XXXX opportunity for interest and looking interest weakest were months in be years we both refinance and X% next very get as I’m I around X%

Thanks Great. lot guys. a

Thanks.

you. Thank

Our question of Stephens Campbell Please Inc. ahead. John line go comes next the from with

guys, great Congrats Hi good morning. on quarter. a

Thanks, John.

John. Thanks,

Sure.

bottom pipeline pretty but the a it’s maybe guys just you On volumes first out QX fair going XXXX. but pretty Is here? the I mean, an question assessment? This a field obvious are think or given I the still probably Title obvious a seeing and have is sequential XQ you guys have what staff, pretty increase keep since much guys signal, clear dropped, in that are how you think of seen observation, marks I to

missed please? the sorry. your you question. of beginning very Could I John, I’m it, repeat

Yes, no problem.

XQ for the first staff, field Title On the Yes. time.

Yes.

at the which talked of watching staffing very really that last We rates, year. were out closely half, think, the kind and looking think some to going where we XX% I in we kind in residential, the of as in great. was script about given And improvement and we the in welcome modest reductions absolutely get that the had took first I we’re we lens development. a which got, sequential of So,

into in other a half sequential I of purchase just every about We at the to our – back we with, really in then seasonally we’ll the and to some take related have to may quarter in have think we’ll accordingly we a would order of improving like volumes. into is typically open we which good great closely as advantage be orders declines go the deal get just expect tough year, to need And first to to XXXX very make look position go in we year. position particularly staffing adjustments company as the really want volumes. and order a

related And a last I continues. Okay. the question, Makes sense. then lot to mean, year-to-year,

hard margins. really But guys it’s little Title get for quarter-to-quarter, pinpoint So you visibility. more pretax you a bit to

you’ve now, are that of sequential halfway here my guys give You of the quarter just XQ. assume what going through you in insight some you drop sitting in a book kind to a got if question here on revenues business the But modest is is, remains.

XX.X% drop posted revenues that you into pretax mark us You guys near quarter, a XQ? margin of modest Title can just do get well a ahead just this you assuming think of

Yes.

Mike. couple a – of there’s think I it’s that things

margins. it. there’s very go very things think into couple If modest drop I in it’s good again revenue, a have should we a that of

a bit margin. What make direct little a the are about the I in agency impact I’d revenue still said in cautious difference and be expenses, sometimes can good in the can is mix before, a think and margin side, I spot. what of as

gross difference and pretty gross a direct As margins you there’s know, between significant margins. agency

it same we’ve even the concern the through, week, that, this there’s revenue, commercial caution clip just banks, half that impact We expecting We can regional does got margins banks think, back some that around gross year the or around commercials. And volatility. that through had come rates. the that needs XX given of So to. you downgraded still been always have move your I as to if

quarter. is if being revenue expect So in would up, third – be if but equal, to other the pretty margins things holding good I

quarter. on to you a the where just of the As get side end we’re fall bit we fourth, at to more have of back little off kind this residential we’ll and get as seasonal through see the

one on that this direct that of Okay. other premium here you’ve That’s we’ve half escrow about quarter. know one dropped point title, And got mix direct then near kind revenues. within helpful. I title modeled of in rate always the the like last I the of It direction and mean, now. looks

you couple of can next quarters? just about help and thumb over if think at modeling of relative rule So to that least maybe how direct the that maybe unpack kind

to our fees some John. exactly This item other home point. we valid would sub-servicing Tony. businesses extent that Yes, see the our premiums to That’s the really as which in and find you to spot best, a best there, can be loan title but loan Certainly some K model and have part business that change. out. would in there is and businesses is in That’s those some should Qs of our are footnotes direct like that fees go probably broken line other warranty. escrow our where But you care

the terms the strong disconnect audit overall. there’s have or trajectory performance bit item And a warranty quarter. to pretty although the in home in point, did Title direct couple fairly from and and think in some a title point title But loan care with both that probably the second of trend And point why we I to change business closely your others, relative that’s line premium. of a

that just Okay, thanks. on those does just margin? roughly two And how care the of kind then to you call the home loan blended compare the out margin – and warranty, that

digit quarter, performer of is performer to lower strong could a Title than where single it’s a would XX% of care loan to all business. times but XX%, when Mike, care. then And depends you you way we in one on those be say warranty loan performance. a mean, what at tough the It more generally in have in a quarter, maybe XX% another I performance X% the home can even really generate up the and a but

yes, can digits. horizon, time longer have single periods can a where Over but you get it

Yes.

it I XX%, think But we to margin XX% longer would a be, XX% horizon to expect over producer. a

for the guys. Thanks color

Thanks.

you. Thank Hughes go ahead. Please question from Our Truist of Instructions] with comes line [Operator next Mark Securities.

very you thank Good morning. much. Yes,

Good morning.

Good morning.

orders? the Tony, think did July sequential, or this year-over-year year-over-year curious just for you was you I daily I’m sort but give for gave well? commercial purchase if and as it of a

It’s Mike. Mark. Yes,

So we for was opened X,XXX. the second XXX, in of the quarter which that XX% day was per from XXXX, quarter commercial second down and

And then I was thinking you gave July on a year-over-year. sequential basis, but if you gave it

July Yes, June was over up...

July; July over do you that? have

last Oh July? July over year’s

Yes.

over find actually We didn’t July me July Let year’s XX%. give last over that. June it. Mark give We was this June. year’s down

July over July down... was

half had get comps commercial as in you remember. of better, last obviously back The the fall off as year, we

So the improved in July. comps

Okay. July you July? have the over Do residential purchase

down it do, was X%. I

commercial, based what in see in per the then revenue on any commentary order? And the Okay. you about backlog

think nothing I real specific.

stay XXXX. been I range, the that the the good running of then national commercial to stay highs $X,XXX. range. around think plus we’ve fee off certainly prior $X,XXX fees, that running actually very $XX,XXX when or has you in it that number probably at in I total I I think years think in commercial would a XXXX, look our to And will seen range the anticipate but

quarter. this $X,XXX

the as move I again, we see half. range, to back would through that And $X,XXX-plus say continue that we

Okay. Great. you. Thank

Thanks.

Thank you.

of question Dowling with from Our next Geoffrey the Please & Dunn go comes line Partners. ahead.

Good morning. Thanks.

morning. Good

morning. Good

– unregulated? And capacity capacity capacity the is expectation from dividend remaining for half what back the from Tony, entities? the what regulated the is

common taking moving been dividends had we’ve of some have we that dividends. non-cash. been regulated, in the there stock was From out, which some non-cash We

million $XXX look $XXX already already me taken full cash, probably let of in million that, the we’ve is and year maybe so terms regulated in somewhere So we’ve million from $XXX taken, about balance. around is the of

I the do that would terms that give one predicting not going earnings generate guidance that’s me and is actually to we’re of so – on and question That’s that to have have to estimate, because good since of real-time what kind unregulated, predetermined. going harder In a cash that’s to we’re front. would that’s and that

share not the and at broad So a end [ph] share billion landing if in commentary do again we cash. we year maybe overall be suggesting absent where any $X buybacks, at I’m But didn’t would I think are. that’s HoldCo we around somewhere year-end, buybacks

do to And good a to uncertain, moderation dividends in buyback, a of position. with these continue cash flow. is The while first now. in Is Okay. overall part but is half generate environment with as it’s the company then holding do the you financial position. respect a uncertain obviously, to noncash been strong for company in the The great having is

we for environment? of out as being with in year, replaced think we it is the Or about coming along higher of really economic dividend points flow the longer cash and along these that incremental So noncash dividends some maybe that next get way? by restore again you’re helps is what data holding back this kind

I don’t I decision really aren’t are I all. combination, think there. really I material. impacting dividends the out mean, throw it’s buyback the would a noncash that at although I think thought Those Yes. just

mean, and but exactly we been have not the knowing know into where just going I overall think market gone, where that it. pleased the with I I market think land, rates we’ve given didn’t we

fairly And conservative. we’ve been so

a I have to dividend. flexibility. we like think the $XXX We commitment financial million preserve common do the on

we even bigger we could so a and improve I we dividend F&G And us. into a paying is lot to generating get and the like F&G be see now, stay you’re certainly, if year, and terms in to next to cash of we generate market foresee cash right, as continue cash. of But conservative strong Holdco

so acquisitions it make to or raise dividend a And cash or could and as lot be be. lot whatever the or there we more buy more look opportunity back to a next year stock might

Okay.

getting for equal. of an we really once and remainder throughout again, into less to that well XXXX the like year maybe be call think I acceleration positioned very and else hearing firm wanting be buyback going So it’s footing going mentioned is for emphasis to it you all XXXX. even I Am the seems today, all of then the see correctly you’ve an

that. that’s decision they think quarter, certainly if if yet yes, if the that. I’m more would buyback board Every don’t XXXX guessing, I be were I we going don’t a don’t likely much possibility. preannounce to be because to more going a say, revisit balance to it’s XXXX. But front know and than probability of I – Yes. I and I – in on aggressive the

All Thanks. right.

this will and Ladies our conclude CEO, the closing you. I remarks. Thank turn back Mike over will session. gentlemen, conference Nolan, to for question-and-answer now

Thank you.

despite first business navigate macro continued current of well performance our the FNF and and proud market long are to for the is positioned environment. in We of year the the current the and in term. half our expand build cycle strong uncertainty Title continues volatility to

profitable momentum to our its returns. look this on with and to ahead your morning. Thanks appreciate earnings third call. F&G’s interest for forward opportunities and expansion margin the improve demonstrates FNF time in business, We growth Likewise, many updating quarter strong drive expand your further you

Thank you has presentation and for concluded. call the conference attending today’s

You disconnect your may now lines.