Copa (CPA) 16 Feb 232022 Q4 Earnings call transcript

Ladies and gentlemen, thank you for standing by. Welcome to Copa Holdings Fourth Quarter Earnings Call. [Operator Instructions] As a reminder, this call is being webcast and recorded on February 16, 2023.

Now I will turn the conference over to Daniel Tapia, Director of Investor Relations. Sir, you may begin.

welcome, our and call. quarter Latif, you, everyone, fourth to earnings Thank

us CEO CFO. Montero, Heilbron, are Copa Joining Pedro Jose of today Holdings; and our

Pedro for our financial quarter Immediately our after, followed going open start analysts. results. Jose, full the will call by discuss year highlights, from First, fourth will who we will questions by and over

A non-IFRS we in Reporting Standards. Financial IFRS Holdings Copa will non-IFRS can in with discuss accordance be financial the cpaair.com. posted reports which our have International the reconciliation financial measures financial earnings measures. today's company's website, to has been call, of on prepared found In been release,

regarding also subject discussed reflect to results. These future Our will contain assumptions discussion and that statements, forward-looking statements historical the SEC. report involve not today to that Many in results these beliefs, our the limited actual change. based risks could current with cause are on facts intentions events to company's are filed uncertainties differ of and forward-looking and/or annual and materially expectations

Now the to Pedro Mr. CEO, call I'd turn our Heilbron. over to like

you, morning to all, our fourth and Thank quarter earnings Daniel. for participating call. thanks Good in

coworkers year and costs on added regards come highest extend the dedication Before them, like begin, would Latin aviation. all commitment of despite have and business. full quarter my and pressure always, results our Copa headwinds fourth higher to admiration. to other proud operating fuel solid the We're American our at sincere kept to company. To have prices as net report their to I to gratitude our Their we continuous and for to my efforts the forefront

for highlights main the the quarter. Among

stage. we in number a although capacity, a to departures had higher due to ASMs QX than In average more compared X% terms similar of achieved daily XXXX of we XXXX,

XX% $X.XXX increased yields increase in percentage in XXXX. X.X%, at of the load passenger fourth the a compared an Revenue than XX.X% when came period in XXXX. higher to quarter which point Passenger or factor, led by to miles X.X same

Boeing While the or was compared cargo increase including XX% higher, And our decreased revenue, Adjusted contribution margin X% RASM, XXXX our to of in compared $X.XXX. a to revenues, from QX quarter the resulting of $X.XXX came CASM $X.XXX, by fuel XX% operation operating XXX-XXX freighter of fourth at the XXXX. to in from XX.X%. unit

And turning for XXXX. Unit increased X% XX.X% Now in the almost XX.X%. driven the year to margin CASM a came XXXX. $X.XXX, fuel highlights year-over-year came yields. $X.XXX main operating to our in year increase XX.X% at full the for by in at mainly ex than lower revenues

During the year year, City, we South to and started in Felipe XX Angeles to Airport Mexico XX the and Barcelona, as our Caribbean, strengthening most the Colombia the Venezuela, North, position Marta, the hub to complete operating America destinations in the America. countries convenient in flight Latin Santa Central, and ending in

our club putting in hub new Copa with experience, members our inaugurated business provides and This world-class through a preferred We new Terminal the of and new facility X. while Panama modern our class to Americas. Tocumen

seeing program, and stopover Panama country promotes destination, our our reactivated which also home good a We we're tourist as results.

surcharge new Copa launched introduced access At known legacy through we to content cost the coaters new for agency as GDS and September, for option NDC. made In travel the via new same time, including Copa technology, the bookings distribution strategy, Connect our IATA other capability EDIFACT. the a distribution recovery or

strategy. over and increase agency gain copa.com. costs. more still with were And of sales distribution During are both at and eventually an among Connect offset We're via us these our the direct QX, distribution our in changes early stage, partners we Copa the control adoption pleased but lower our helping

guide was on-time as and On in on-time official airline airline performance Latin an in recently by delivered the operational front, XX.X% most of Copa XXXX. the the America recognized

In fact, in highest the the according any carrier again to on-time Americas. was of performance Copa's OAG,

recognized who by Central best to Copa once a America recognition to Caribbean. for again out the I the and Holdings our experience to more our the seventh consecutive in airline year, last Their express than my X,XXX and in Skytrax would day are key Additionally, customers. coworkers contributions year for was travel like best world-class staff success. as day airline the deliver our and

a additional to X aircraft. from and regards one Copa received Wingo with ended the XXX-XXX Wingo. fleet total With year of

this and continue ended service XXXX we to countries. XX regional XX will expansion routes XX operating Additionally, in cities

expectations XXXX. for Turning our now to

preliminary We mentioned we XX call of expecting compared our year to were we plus During shared aircraft November, Boeing during XX% last MAX the as XXX that capacity the for guidance year. XXXX. in to receive

in instead you year guidance receive see release, now aircraft we to won't growth during earnings XX% as reducing are We our XX be our range to a of scheduled now of delivery to As looks expect dates. the really Boeing able to capacity it XX. like maintain XX%

for is as case [indiscernible] cost higher engines Additionally, related the turnaround worldwide, we're and industry time. our experiencing to maintenance the

will will around our this. issue more the unit provide this add for pressure details that on expect cost We year. Jose

we growing to destinations. continue frequencies expect new our year, top of This terms in and

part Manta in as So in Baltimor and this Austin to we announced cities have new Ecuador far, the service of work. and U.S. of

America this we serving of additions, July Central, North, XX Caribbean in South year. the by be will and With destinations these

summarize, for To results delivered we XXXX. the in full strong and year QX

And capacity continue in results, Americas. to and again, year the forward. efficiencies we unit our best Our the the savings current and on-time to in for operational our delays the competitiveness always, including, going reduce world-leading given delivery further team costs reducing the deliver looking our strengthen We're continues assumptions will for performance stream. as aircraft

in the our model. cost airline our while business passengers, great to unit making a confident product we XXXX, our solid as region positioned offer industry-leading us we're ever competitive to continuing Lastly, delivered In deliver best margins in and consistently results. to

will our who over go to financial results Jose, detail. more over it turn I'll in Now

us Pedro. the passengers. team today. start full service going you, being great Pedro in by Thank highlights everyone. like year join for to main world-class our will for deliver to efforts all acknowledging over I their Good I'd morning, XXXX. for to with Thanks a our

in load $X.XXX. driven yields, versus XX.X% came XXXX XX.X% to flat by by Our versus a at XXXX revenues in unit increase factor basically XX.X%, improved

in Our X.X% unit cost in at lower than came $X.XXX, XXXX.

$XXX.X Due year $X.XX. our to to full an of X.X increase which XX% jet earnings came operating in points was fuel income per in Reported than margin share net at in translates lower prices, XX.X%. for percentage at of million, XXXX XXXX

Excluding million the well $XXX.X came the notes share $X.XX. as of financial company's adjusted special unrealized to convertible $XX.X net of earnings income at net of or gain adjusted investments, items, changes related in million in mainly in value mark-to-market per as

$XX.X in came to Now turning our Net quarter share. profits million for per the $X.XX or results. fourth quarter at

$XX.X related or special unrealized came comprised $X.X Excluding Capacity of seat to mark-to-market investments. are profits operating We $XXX.X billion a profit value higher unrealized changes loss the came items notes of gain margin $XXX.X related net at million of company's at million in QX financial of market miles or XXXX. operating items, available reported than approximately in quarterly special X% $X.X convertible XX.X%. in million the and an of in and quarter to per $X.XX Fourth million share. a an

the period to yields in $X.XXX. came increased factor percentage XXXX, XX.X% same quarter, increase XX.X% for the at a while X.X in to passenger Load point compared

a And As $X.XXX XXXX. of CASM XX.X% the fuel fourth higher X% adjusted cost the than than or a XXXX. decrease finally, the revenues CASM $X.XXX, at fuel increased $X.XXX or excluding by in XXXX. came for or prices, QX at Driven in adjusted came fuel QX CASM excluding higher result, jet versus in unit unit more CASM quarter XX% our in

spend to and time going balance some sheet discussing I'm our now liquidity.

of to of of year, cash, year billion, $X.X represents billion. of we and had last XX $X.X end the revenues. And investments, short- terms close we months which of with XX% ended assets As the long-term the in

As ended billion lease year ratio net X.Xx. the achieved liabilities in and to our of adjusted we debt debt-to-EBITDA and with an debt, $X.X

now fleet. to our Turning

XXX is addition, nine fourth fleet These XX our at XXX-XXX MAX and X XXX-XXXs. quarter, aircraft freighter With XXX bring of we the Boeing Wingo. to XXX XXXX. XX XX year the to fleet received of to Xs total our XXX XXX-XXXs, and in with received of a year-end XXXX, January X additional MAX MAX one we XX aircraft total an to include this Xs by total aircraft. figures In fleet During compared comprised now operated the our XXX-XXXs nine end

owned operating leases. X/X such and of of aircraft our be continue under X/X are comprised to our fleet of aircraft

to the XXX of expect aircraft, MAX Xs. we Boeing all XXXX, receive XX During remainder additional

by delays additional We of stream. have delivery Boeing been XXXX our in informed delivery

to delays to X pending all be to versus delivered original So delivery the date. expect between we now have aircraft of months X during the year XX

the we XXXX. demand current the our on based full following guidance expected outlook, year for dates aircraft, and our provide for incoming delivery to As environment the can

XXXX to to range the We expect of to of within expect we increase XX% our capacity ASMs versus within XX%, range XX% operating XX%. the an margin and in

outlook range turnaround an all-in associated that this the are we our the due CASM in the mainly XX%; maintenance to finally, range gallon. of our $X.XXX, costs expecting shop for $X.XX and fuel basing assumptions: expect within fuel of $X.XX, following with on factor year; longer We're revenues times load engines of unit the to and be additional approximately and we ex per price of the

call that, some to with the Thank you. And questions. we'll open

of line Linenberg Our of Instructions] Michael [Operator the Deutsche from Bank. question first comes

Congrats Two here. here. questions on the results, questions I guess, two -- great team. first

of first, Pedro, to and where the us actually share with can things some update the stand you on . respect repurchase Just dividend reinstatement? initiatives, the shareholder

Yes.

Okay.

part, and part. So Jose then address the I'll let I'll second the answer repurchase

where week board decision flow, meeting an second our we're cetera. so month the board CapEx half coming at the the dividend this discuss going budget, March, of our So need, cash decided to met repayment and et upcoming towards our last present to

decided the they So decision make to then.

like yes, a will -- . or month a in that so. So be or month like

share we last repurchase Yes. active terms were year program. Mike, the of program, in in the

the currently a vis-a-vis other halfway is to completed. objective behind $XXX value. liability program shareholder the And to program is the that have the course, approved And We program convert management maximize strategy the of as the have of is million of well. component essentially

So of with that have the the program. strategy we repurchase kind that's share

-- And Okay. XX% is XX-XX it the not as XX% cities? new growth, already anticipate growth? about right, more announced you've it it mostly Great. connecting type capacity look the we to schedule? even to we type the versus And Should about curious cities? Manta. the of just new at or three and risk my depth frequency XX%, Baltimore, low think and we dots I'm mostly to Austin is high connecting, really XX% Is then the just when adding cities, second, growth

Correct.

in additions above. a the and of from the comes of that So is then a added the full XXXX, of XXXX. markets. capacity new is frequencies But the Then going way all in XX% both current effect my in part frequencies answer XX% additional smaller destinations destinations. to year is new XXXX in XX% growth in other And be the of mostly

announced end of are the we at have hoping two or new the year. least an two, We for entries, additional three to so and announce

Pedro, are they completely are the looking COVID you you two or the so destinations that to of that they new some prior destinations? to announce, Or have that yet you're served to restart?

Holdings, Copa Director S.A. & Heilbron – Pedro CEO

No, We to year. reinstate about we restarted during also new those say destinations I haven't meant we and X the have some hope from of still to pre-COVID, destinations.

the Our of of Duane next from Pfennigwerth Evercore question ISI. comes line

that XQ. pickup sequentially the the is that XQ here. some the XQ, feel the into actually for lot. much you if second get from we're do about feels of you to roughly conservatism posted And pattern how baked of XQ? to think like XX% year And of margins on trying what margin, traditional guess think into typically, Just to because just it you about a How see XQ kind half we I you've a

Right.

it's only February. So course, Duane, and of

I'll necessarily But So to what, typical forecast that into in try but we maybe cautious we're should was how have be XX ahead more Jose let detail. QX, going a of months not we X, get I to us. say also

it of still couple well of most strong was One, the in then were in Yes. Number Duane, two, there came made where a demand during performed for was QX down a a fuel the that the versus region. fuel QX. as quarter reasons. were was particularly QX and high, strong sales during was period for environment where

for So a result that quarter. very strong very, created the

our think Your kind this. decided back of to yearly into to getting was item, that I We guidance. go

So we're year full guidance. a providing

QX reduction For very, the top was item strong. versus sort you a a is QX, in guidance I as RASM perspective, And in But the a of fuel of a that RASM little is the the bit there QX, little that's lower argue a slight would slight line could say very more network. function in -- RASM from assumes there that -- reduction. other a there's bit The maybe just capacity well. is a

on So seeing have dynamic in that of its of QX terms to from there, there's some but expect in profitability going a what far. development so we we're good

fuel magnitude been least guidance? place, I should sequentially. year of it view announcement, your Okay. maybe mean the in our then at Obviously, but today can lower has that's is sequentially, all I assume speak you lower the that, over pilot about XQ-to-XQ. follow-up on we cost the How fuel to the contract that? is just for And think full

Duane. Right,

our through pilot we a is process with unions, this go of every all years unions. including X So our

usually lot of I don't out friendly, respectful It very it but out and professional, say wasn't and want professional in there It's I to find any don't don't Only a year. it. usually noise You out the about know isn't there this -- news. different a that because negotiation. even got

So dates. what And noise always, have as we years things week usually made cannot out gets have signed was and very not to more signed should different. not it that due The agreement a ago the in X efficiencies and an or was on it bit cover that. of and last much ago, not last previous the other growth negotiations with like was we this. signed And X different impact years little

spirit. it to -- just included a I terms XXXX negotiations again, is And it's -- ex-fuel in in our it in we the It group. what past with think line in clear, And CASM. is conclusion good with the was for we've in done be guide Yes. signed of very signing to have that the

Panama X% Inflation And it's range. in X% in in to the line inflation also. is with Panama

past. with So guidance, we have it's signed also of the in the line to and what I get course. in -- that very similar in It's

Our of the question Araújo Bank from comes next of line of Rogério America.

supply/demand. I had maybe follow-up on X

a is above was implied and guidance of Q 'XX level rest about 'XX XX%, the there So XX% XX% in that is fourth levels.

you that. like is what would comment guys I driving to So

frequencies impact expected sold it higher expected do One some capacity mentioned segments the the Is break Copa, of you how and the maybe expansion been how oil is from the that demand competitor supply environment So was there you normalized? are demand level. you can that Q So at price fourth competitors, down also don't expect already some about demand? -- tickets weakening? supply, higher here. demand, has a But expected -- and when X higher The be from know, you maybe should is Copa’s I that I to think currently thinking yields.

in the the we're demand being QX, relatively I versus that question. in in Thank saying part you, strong least latter start still the by the early saw we Rogério, continues at for from QX. of year, this the so will is what But what seeing, year towards visibility limited. is environment

for again, load looks maybe unit tad regions behavior. system-wide relatively that side that of think still the down but seem terms, same sort have in a strong, factor revenue QX, on and to strong general the very side, in versus, I all and both

would to the would in the change related that From majority component full And curve in, the the is then of you the the half say in we of related in. that and issued. of brought guidance assumption for say, is fuel that of we've by XXXX when revenues range the say in we related compare, have the terms year is And we let's other the what are second the our capacity the X/X to terms unit the seeing about for XX%. that. -- of RASM full XXXX XX% we're that unit of I or year have that to revenues increasing part to I we movement based fuel curve the capacity

important So is an capacity. in double-digit it movement

those fuel and 'XX. -- on movements, the So is the say driving our for are what's but two it's own I again, guidance would capacity capacity

Syth from the comes question of line Raymond next James. Our Savi of

we If that which of the how on causes you expect that the may talk you front, go anything little a based around maybe the to on that about MAX do year capacity I just Or despite that, that kind do to bit is of you're expect the and efficiency, capacity not be the improve to of shorter adding, through as kind routes MAX is fuel kind may -- related improve might, could we standpoint, you haul that cadence just throughout come the it a be from the efficiency year? delivery -- to routes delivery? also of kind there, or fuel

would the Yes. probably I that cadence Savi, the will would most second growth the of year, I that throughout the say, during say occur half.

the backloaded sequential in be anything versus -- So the single that the digits of will again, a a QX. more total. I basis on low -- mean, half we're it And second year. there's and seeing for again, into against growth QX, comparing also We're of impact in XX but remember

a of of So beginning at also impact the there micron bit. the is year little the

in the So there's base some XX XX. of to noise

half there. terms yes, NG. consumption double-digit So And versus the in range It's backloaded double-digit the of range MAX the of it's into the benefits mostly is year. in for fuel versus low second the the

the So and part model. assumption think the seeing consumption I the that, an fuel that's make in we're to of

course, of in guidance. is, our Which

course. of Yes,

you're in thinking the what more increased that's that I Could on you're if based don't -- if about today? evolving about just seeing of how how environment not. Wingo or And I and it. Got expected know might, you Wingo, the was aircraft. kind on what's X talk

Sure.

the planned had beginning we to aircraft XXXX X something Wingo did is for. at go So of from X

the market I However, competitive right very say would overcapacity. it Colombia is has now.

So we to XXXX at is think going that remain aircraft. for Wingo X

this utilization except shift remain during better they things, will but around, of the its a fleet. Wingo And add capacity some aircraft they'll do see we X So few don't they'll for markets, with growing year much they'll year.

Our line of Sachs. comes next Goldman question the from Bruno Amorim of

is a 'XX. question the on outlook follow-up the So actually for

understand right we margins you it and that say some running bring but to advantage already XXXX? you particularly fuel was fair stimulate to to the taking make at look levels? of higher margin fact else I were -- the strong, even to are So that third be in there better fourth message. margins right? historical was that are trend Because does constant, quarter, prices, the wanted if got for that to all held above back quarter margins was sure Just room XX% much demand Is seem it what

Yes.

the we And the what of In coming course, above half above and in question. strong while is high in in affected average. part very we month is it's QX, yields latter was That's where fair way then -- Jose is about which happened -- higher fuel I'll before. our than a cover matched the let able quarter, had actions started the get we and start high year. of of with load when down were second expense So fuel XX%. remain QX, our average in the even same factor October, of airline finish the to it's by easier But every most lot -- everyone, up, a yields. to And fuel higher our then way,

that's that, think of a seen pricing and bit fuel from or lot also should and aggressive we the we've are little -- in -- sustainable, of say. their seeing I we're a and more some down, it's when airlines that that So don't comes past experience

but that October. but So have demand we healthy, the in expectation won't QX is be lower very slightly will still for

Jose? will also will know, if So to be slightly the add the And very to rest yield reduction. that similar. want lower to due fuel be you don't I something

we're strategy point level growing pre-pandemic. I that, end and providing was simply have hub which the the that's to of significant of margin is And delivered the that is our years. basis, yearly And on think over growth. between by what year for where it I the think also is just The at is to driver rebuilding guidance that XX%, continue XX% sort we're of last high also a of that several the a we a

I capturing you as strategy we're think added So markets. market it . terms precisely that is with or of the portion pursuing recapturing -- is mentioned, the growth a new our in of

question next of from Our comes Stephen Trent Citi. of the line

competitive one I just or had the two environment. on quick follow-ups

longer-term So you exited had Airlines Spirit it Panama there. I trouble in think looking for document? competitive seems, maybe kind Florida, is the also about a And example, Viva upside just When perspective. Colombia from it may of that of Do mentioned passenger Colombia, broader like capacity looks you sort some in but you for medium- a wobbly then know it, has little have region? competing capillarities see through like to

examples have not two We network. either to don't are Yes. alluded Actually, very have compete a the overlap. have and little you really our in don't we impact one, significant -- much that against

exiting have X those towards or even a markets we is ULCC in have what what more So have competition And ago. our an don't would X been versus network certain impact. ago years years tilt really seen

is, very we us only change, cetera; has and certain of are So the course, to -- remain think, most big carrier, efficiencies, uniqueness. full-service like gives so markets, we side the secondly, of our X sides. kind focused One is in that's, but our it costs need I that which et on

competition have as say close our mentioned, levels mostly that I the or brought to I very now terms, of would right back But most to general ULCC. it. it's pre-pandemic in network, airlines And capacity in most

carriers, helpful see helpful, XQ guidance I you to if just fuel might I jet could in. you guys the a of have where we sort higher was as settling Pedro. of Very how about on as might you level very it wondering follow-up, And view year. think really full of quickly, -- know my sort did relatively

Yes. QX, about X%. a fuel Stephen, basis Yes, versus is down by on quarter-over-quarter

again, of versus kind on QX. that's we're how it So QX seeing

line of Helane question Cowen. of comes Our Becker from the next

Just here. two questions

cargo. about declines seeing you seeing aircraft you are to question respect first market? utilizing you the are you're is The freight with others that you now, a just How have? talk are thinking what little the what right to Can in bit seeing about similar

Right.

our should first say is that the cargo, So only revenues. of thing it's I X% about

significant. to not it be I that mean X.X%. used it's So

what above to it's day, getting the it most freighter. out narrow-body so So operating our of well. it. are moves margin. used is a load And little not factors hours yields actually yields. have of with But our cargo freighter passenger but XX be, XXX-XXX still bit. our huge operating and come It's per the our most operating the grade of It's fleet over good down we by in But in belly doing a and network, and we're

we're in continue should our our not big revenue improvement carrier, numbers. seeing in we a cargo and numbers, cargo So

And contributing positively. it's

I figures the business. think with those to

really buying back question about can you That's thinking helpful. the Okay. And start April. I then is, it convert? my in are follow-up think you how

what So about you with thinking are that? to respect

details optionality get particulars in also this the year. program, there been necessarily in date well. of Yes, call of available that is the option of convert April Helane, not in I the The convert due would yes, is as is of into of have a very But we has what been has -- strategy. which the the several our us the gives But as we past settlement buyback months, convert actually XXXX. doing discussed, for April active

different kind effective to us the table minimize we available be we is pursued. us. strategy the on And have to it that the options able for of liability So to

Stanley. the last from Our comes of question Josh Milberg of line Morgan

bit on could enable $X.XX And I on just in seat the said results. sorry you to have densification. the a greater of know ex call the And mind crew on if -- joined what eventually guidance in I'm CASM complacent understand about in could outlook. I the to past, ask Congrats salary I so incorporated terms little in factors you beat what to if your I that also that. wanted eventually you your level. I pilot already is what's CASM level. ex touch And wouldn't be adjustments. late, you that you've addressed wanted And

-- with you And our the Yes, et cetera. impact XXXX salaried there we $X.XX, question. and portion in I'll The all last yes, the for all have our waste the Josh, first. thank guidance associated answer benefits included contracts, of

so all in it's And there.

of rentals costs with engine it engine terms In an that include in associated does for and shop we lease have. XXXX, increase the visits guide maintenance

that's driver that offsetting to the the due capacity And strategy. improvements with benefits we is due we've some so basically last our impact and the in to quarter that of that distribution new have the the achieved distribution

for is kind remaining So of that's why the CASM flat XXXX.

But as we you mention, densification optionality will have still the program. related fleet to

another the others. and We and in portion conclude this the distribution of is our during of that in fleet to expect there's densification part but in program year, portion middle opportunities coming subsequent years there's further

bit in countries overflight with year improvements a upward. Brazil of driving this some also of a terms in that are cost we pressures that cost in we're and up seeing are we're offsetting is couple of that fees growing unit going some little component other is the year Colombia this The making

-- that with we've improvements our some mitigate to made in that in other able business. been we've the just again, of But the

improvements again, CASM keeping and impact So forward. of flight a in year, or summarize, versus expectation offs] some the and again, that to for that we're capacity have. some of offset going driven pending, maintenance expenses, And fees the densification made this and flat -- course, we by we XXXX, incremental [drive by distribution

know very half. just if I quickly the guys get what And trends seeing you're Jose. in touch in on corporate and versus you great, you That's could Okay. always terms question. in that leisure of then first the quarter first

would is total volume to I say, still of that serving about recovered. and fully business. X/X not Yes, about it's X/X the now, VFR is related of passengers we're right leisure

of X/X still is X/X, it not it where pre-pandemic. to So the sort back was

turn like closing back the At Heilbron for call to time, over Pedro I'd to this Sir? remarks.

Yes.

and you, day. a Thank you great us. and Okay. earnings we'll your see Thank for This Thank and being weekend, continued very concludes with thank next our you for Have great support, you have much. time. you all. Thanks call. a

Ladies participation. That and your thank presentation. you the concludes gentlemen, for

a may You day. and have wonderful disconnect