North American Construction (NOA) 18 Feb 212020 Q4 Earnings call transcript

Good morning, ladies and gentlemen. Welcome to the North American Construction Group Earnings Call for the Fourth Quarter and Year Ended December 31, 2020. At this time, all participants are in listen-only mode.

Following management’s prepared remarks, there will be an opportunity for analysts, shareholders, and bond holders to ask questions. The media may monitor this call in a listen-only mode. quote to of other quote participant’s to are but participant free permission. not asked remarks are any management, member they without They from any and today's wishes a from or that contain confirm company in forecast results that contained information. The forward-looking differ to conclusion, information forward-looking that projection materially actual could comments Certain material or applied that reflected are were projections forward-looking conclusions information. drawing factors in or in assumptions forecasts or the making

and company's about which those is most to at website material on now recent over and is analysis, Chairman. the the Ferron, will turn SEDAR as discussion information available Additional on well contained management nacg.ca. factors as Executive I Martin conference in company's EDGAR the

pandemic. of very was companies that we the very really so me. challenging operating proud remain financial at on we'll XXXX employees team and but brief one safety, environment reset In of in good met Thanks, they will morning answer impressively an these year one. I'm were and could introduction, questions marks by quarter my solid goals this with to over the relation I final Kinsey to all important directed a to Joe last doing performance. of be and XX as diversification. Without quarterly particular, be cash and our our today dominated COVID-XX flow in great I and control quarterly calls exceeded our earnings my happier beat annual that will hand any to not or CEO in after business, of calls, free few Well, almost guidance everyone. to years of

year. balance start his outlook will executive supporting the Jason today and off for then team I here provide for of the that, future. the will financials with actively will Joe be us Beyond the

Thanks good everyone. comments, for Martin. And morning, those

I'll start the here call safety us on Slide Given X. a on unique today, content

if celebrating American, or performance no our in has safety worth financial is been outcome is stated North here compromised. safety, often As culture,

for are the did uptick as refocusing yet achieve Although protocols And we operating in we did in and again, year an in sixth for safety environment incident XXXX. stabilized. frequency our efforts a excellence macro a row, industry benchmarks see

touch review become access QX the achieved revenue resiliency in more of on be quarter compared was variants The we will a the for of repeating fall XX% variance QX relates XXXX was summarized their remains predictable. commentary the in below has power to prior from previous largely sure priorities, operators financial the everyone conditions as to XX. of Joe the expected. COVID-XX. XXXX and this but provide home the of posted Slide and And to four trending the we past quarter recover X and and negative The and restrictions and it's capacity million the that sands the $XX provided The safety of year-on-year had in winter XX% XXXX when prepared at will routine fairly QX from of weather majority avoid decline the negative decision represents to enjoys the $XXX quarter will with remarks as doing revenue later to strong and strong reduce mines quarter mine The as standard in year. Revenue a at to our but on protocol, oil positively to temporarily mine. we to hills XX% these protocols our As gets we'll of continue last safe. Slide everything on quarters. XX impacts million view as focus make begin year's such, widespread million $XX

to hours increase. utilization and productive our continue will operating see We

own the in efforts operating itself programs contracts to external XX% a being is lends results, and where QX, prevalently trending well the our we low inherently new, direction heavy revenue while XXXX in increasingly revenue right contributors of provide drive these do ventures that joint the our to of as the of becoming equipment As Joe we accurately generated and later EBITDA, our of is XXXX. expect and reporting contribution labor and financial critical XX% slightly the Equity explain reported course our primarily will achieved this management to force. from our we an maintenance region diversification continue, look utilization in figure, Furthermore, business. strong of QX heavy Therefore, XX% but directly our to as McMurray our readers particularly statements. not mine Fort also the as EBIT equipment, where our QX we important our provide represent factor into to the outside accounted adapt in reported from interest, we part in strategic adjusted to the of to

been profit impacted Canada place. program by and lower fleet, support remain as results, of in reported party reflected quarter continued as a I'll disciplined The cost, the his wage to gross margins, regards focus later. cost utilization a ours. QX of that well our by touch in as subsidy constraints to a drivers operational solid mentioned key Martin which constraints, in was comments. cost third positive to were With effective The of has opening on of XX% back emergency margin particularly margin Moving way that

the stabilize that impacted and in and achieved expenses continue quarter of quarter General, and the strong This quarters Included depreciation by the through and stepping the operating was of was returns. equivalent operated margin million, depreciation, equipment cost QX [ph] the to nicely discretionary that the which consistent million compared at quarter month $XX.X halt specifically was course and heavy QX typical operating discipline has QX contracts, as know positives equipment continued revenue. back or was administrative with the trend was of managing late have smaller million the XXXX, $X.XX. large, unique million the larger at we year equipment $X.X ultra on labor the drives revenue were was in than depreciation continued These mine positively cost a was and looking conditions in over spending Adjusted consistent XXXX revenue which increasingly very mine. $X which road line quarter. quarter year. contributed in non than and essential due equipment. in our we to the the to in higher higher when as Adjusted percentage also very class spending under during And historical XX% the all caused Interest equipment conditions, expected place. portion depreciation XXXX, compares the rate, poor Millennium in QX offset incurred of profit different was provides and the QX to X.X% in by support higher the X.X% all impacts percentage the performance run and hours, Straight were full The gross fleet includes we which proportion continues remained three at higher expense depreciation. usual the $X.X of as to QX by fixed to was margin with particularly of increase. earnings last When complete QX in for haul of low for trend complex in the inefficiencies XXXX a to higher continued lastly, $X.XX rate, to Lastly, a percentage typical operated cash period rate given XX% of years. few favorably this the generated the environment. equipment of larger EBITDA of when which consistent of revenue a assets than compared of macro fleet, resulted mine our primarily X.X% past to

from as in wage benefit income equipment in as and more both XXXX in reductions Slide financial disclosed detail time to We We our quarter salary clarity well and subsidies statements. costs, our financing. subsidy continue a close G&A These with paid the we and are wages includes subsidies in Canada competitive practice, posted out subsidies of $X.X their of one million for portion as for rates, expenses XX provide for us Net workforce. retaining correlated reimbursed emergency past employee efforts program. wage and greatly aided received presented with the expenses. in equipment and under the to Consistent these project

forward the XXXX. headcount have level, and the From XX% the As temporarily to here noted of as worked permanently. approximately in to in reduce otherwise has program in slide, maintain the us turn either program us may which we positions perspective, XX% reimbursed well for our the effectively of we into as costs, or employee move had allowed all

positive and that free provided cash from Net was in stronger by Moving working XX, $XX impact component major to million for capital primary cash in joint was business working a heavy change. than driver cash in of equipment flow. bolstered recovery. expected of was fleet flow. of our I'll dedicated this a million QX to ventures million Sustaining required XXXX, and of replacement the changes capital produced $XX.X our was summarize capital to $XX Similar operations Slide collected the by cash the includes

full required to level the indicated also year XXXX. in we than QX, anticipated, finish not was prepared but spending earlier for the strong for As only this as preparation of

our credit facility our Slide XX, million have calculated of Slide provides years. in that briefly $XXX generation and On credit of of facility below cost debt stability financial extended by X, I'll our which on liquidity effect low times, X.X over our desired three upside $XXX was through our our EBITDA basis, month require out year ratio financing Moving correlated on covenant allocation was is in in that trailing debt senior sheet levels. our October positive QX. current million as our a our agreement review, on credit of the structure. X.X facility intentional extension XX capital leverage The To and reflects the balance working and three we capital on next close reflects changes touch and October XX, the well reducing

to don't required financial decision financing we With I'll to comments, highlights, slide the Joe. the As XXXX. pass a those over until make call have

some to with XX, priorities walk through objectives, presented Jason. was remains in the This at slides will October. high has in follow unchanged a detail summarizes XXXX and back get which level, on Slide finish On operational the you'll Thanks, our I alert find from our for spoiler up slide and outlook, our a brief what objectives XXXX.

is workforce. the one always number safety is of our Our health priority and

report, sustainability of We target continue social progress harm as ESG we're Safe a prioritize COVID in recently these and part to zero maintain And we'll always rigor equipment. standard our all protective Work masks, protocols outlined areas in have and achievements business. of procedures, our goals. of to Likewise, released personal in other our and distancing, the our including made looking the

Our meet With of time, with by fleet more seek diversification the to oil win priority synergies customers equipment to momentum improving regions. contract we the is which Ontario The fleet, more smaller objective of closely having focus, end and continue at we in outside needs utilization the risk recent the large diversification four, high consolidation our markets this customer group expect item smaller of commodity sands. and reduce oil underutilized gains our of of fleet as expect in geographic evidenced same at and links and the unpermitted, is companies, while of oil we to and goldmine. our utilization diversification to sands new sands by as objective, the of reflected our where utilization of utilization the continue

We fleets These items management as mine projects. utilization US contracts and growth diversification such don't major contracts, calculations. infrastructure pursue have But affect in provided, capital areas, intensity will to and continue such as the also generally to low earthworks our relate commodities five, do into on integrate external and equipment to maintenance to our and priority The maintenance vertically three they continued operational offer capital our expand push low diversification entry services. and no regions. and other

administrative shop new March cold with array, in maintenance late and XX% we The full complete a will includes storage QX. on is this estimate least costs maintenance be of access expanding continue six, field, keep and demand to also starting solar facility more on provide will the in our slide our tight about will rooftop construction not maintenance our reduce controls We spend, efficient. expansion bays, expansion will service and capacity. but a new SG&A effective the and building, will external in item electrical necessary, where on demand. and Last labor supply we expansion which are ensure early and four our This

quarterly between impacted our by XXXX a lastly you'll is new XX. notice was period, and utilization XXXX. variance fleet high the breakup, A the exaggerated wildfires. like which deck This QX and to our out items in usage Slide QX, In slide by then point the to with to high QX consistent on followed in here. couple going Moving by shows least quarters and XXXX to back spring the to QX, say QX, generally QX with quite in is most XXXX I'd

to totally impact we fleet QX, that ultra with get followed QX late class back consistent we In back XXXX, new of post utilization not blew XXXX purchase more still the off above trough, we've Obviously, in as But we QX. competitor As XXXX the we our to all operating for throughout had interest QX as made a QX trend acquired XXXX will began in to line XXXX into used see us course. progressed COVID pattern utilization of years. forward the strategy, get fleet but continue been in able exaggerated XXXX. nearly and to and utilization to the a normal the by going And the to bit expect you previous positive year. the purchase, high the and

is believe recent putting integration we trials, lessen to mine provide our new and utilization. gold diversification increasing a continue to or QX maintenance vertical that that hard up QX counter This slide keep deck, and summer of XX. is quarterly Slide line so consistent near one for Simply fleet and trend why Ontario our and to in the works the as push goal cyclical Slipping showcases our also and also We such more improved put, overall sloping line. will and our the dots keep that above business. in award

component last and see enabled As this have Couple the lower note is price suppliers. we remanufacturing items warranty we the one several costs. component partnerships us developed than see partnerships years in to that actually vendor you simple today previous have the that over quantitative risks you lower can [ph] our have of have significantly comparison, better can't

costs, these partnerships, capacity, whole labor, effective skilled cost from do we the we in new our completed last will are lower for combined we rebuilds ingredients the our lower second Secondly, highly about machine shop main and risk with replacement how half components costs. year. The economics are add the life a to pretty such shop remanufacturing which main as why simple continue to do the component figure out, to we maintenance this and expansion is year, can

regions establishing But as seen are years. and just capacity. looking The we're existing barriers high What's prices for many compelling, strong incremental rate, we've also XX usually commodity XXXX. increase and XX% by types Slide shows sites confident will the competence drive in the With these seeing projects industry, where for and isn't level are a facilities our resources to the from that geographic maintenance we're than And several expanding on in to satellite success our demand and that back end new the These other Slides opportunities external deposits fill led seeing these target success. a production areas about new are recent EBIT mine, at to XX they're lower I've building. increasing resource that as to diversification generally demand contract sites is to XX% exciting XX to and in in processing of bid the two the and two contractor are economics pipeline of The excess mines. continue business next rebound we and highlight have mined in expand XXXX mines. strong the our we're main

demand So high. expect resource my other winded we areas and story, in is and that demand high, to long remain summarizing

win The earthworks would we and in is of project similarly submittal. second individually team suggested builder, NACG part the stronger a Ordor bidding, as drives highlighted most both a be recently recent what known expected and seen XX the major Obviously of our our the the is story client [ph] interest will Nuna confidence Slide expressed on we have competence tangible this share as had that that combined work. our JV

tangible, So, likewise our confidence. feedback that from although clients reinforces less

believe maintained Lastly, extensive well but partnerships, will tenders. sustainability strong a indigenous that and contractor an our have a in probably safe most to with advantage importantly, low-cost these fleet, we strategy commitment significant competitive win simply experienced and and to

recommend In The highlights our Moving on slide new full safety all includes before which and stakeholders. This first provides where our sustainability usage, use now deck. released goals. new a we to and the to report. our on slide of show kind giving on report to slide Slide inaugural towards the but sustainability highlight this future on our have idea we outlook, quarter's is three our sustainability decks, of next end XX. slide, also shop will would update I focus key which the like made also in I progress we'll reading our expansion do a I the slide sustainability slide solar the recently the areas on

to million. [ph] I'll briefly year's of be capital debt outlook behind $XX $XXX remains reduction call highlight our likely of the flow now As capital XX% the midpoint accretive the the Therefore, earlier, expansion. hand presented highly as share about buybacks is growth are but a equal I'd in cap million Q&A session. with net of cash priorities allocated market Candy and won't the of to that current for the list our allocation shop of debt and to being back our October. mentioned is free details, $XXX I expected this for million similar revisit percentage

line with is Instructions] securities. you. TD your [Operator open. Aaron go Please ahead, from line McNeil Our comes Thank first the of question

introduced in goal the your diversification like morning, goal revenue bumped everybody. and Good XXXX. you've Joe, XXXX Hey. it looks

I I'm projects to targets targets because your sense. looks So, your pipeline you diversified and do XXXX hit Or newly only is it can like figure, in what -- with figure higher that I in introduced and the than be starts [ph]? beyond ask old you imply XX that contemplate if Slide guess new wondering, have question makes would these -- awards bid these contract hand? your XXXX XXXX

changed just the of that quarter, might get given guidance have I'm is XXXX the last the what essentially sense trying So, to a over overall same.

our is in XXXX What you forecasting now. we have All for see right. what right

So, XX increase or in the of to XX% awarded other being anticipation we And of that is of XXXX that there's anything area some bidding expectation on that external pipeline page. awards highlighted on new winning quickly. no or in based our those have

us joint Okay. how Maybe your bid questions. bid guess I new remarks walk projects a through minute these ago, a prepared be the but will mentioned in You ultimately just you the can diversified couple we've also fulfilled? pipeline of got in

Nuna? First, is Or venture? American your North will slide, on of that's these project second, Nuna-North for my revenues project then own a the share? do you've case, total American the then through through fully the if that or on flow they the understanding majority the And joint fleet. committed current projects contemplated just And are sizes essentially

you or to So operate projects? these plan new bid, do how or finance,

on in was lot there. follow I'll try. and of There a try questions and so. I'll

bullets one by representative Nuna. partners. or I'd bid There's at of looking them are with looks with pipeline are far Nuna share individually. of of are those say As the at have and -- missed the or so them what two our the our of or catch share, those -- them that third roughly other ourselves of only rest just me Nuna together a if us of on I any as

in those fulfill ore, are kind In that XXX -- And general, I in as as are So, smaller gold, the we infrastructure areas has which ton partners then infrastructure be iron, before. work far own mine do most larger other have as in other of and the have in and coal we these, predominantly fleet, commodity management work the look it and at, been how especially other of regions their we trucks smaller. and mentioned underutilized. fleets diamonds

size those trucks last of XXX they've been significantly underutilized several oil in years. and over roughly the in alone have We sands

don't of ago bidding, add-ons deferred, of started So, to there don't to They infrastructure expect likely here pursue job four pipeline, these The would back twice. major some a significant be we're there, and but actually they bid forward at all even it's point. any the this and capital pushed years these we get go amount we jobs.

resource little forward. really deposit forward. have the surface very permitting this, Aaron? They of have is that extra presentation Did satellite they place. land a have those forward So, all satellite be is there'll you was great other excited Because permitting in the a have that mine, mine miss disturbance different cover contract through that. mining and We're into going and things do about have to already confident up I the in out spoke but normal of where any? they hurdles. in of that expansion, deposits may resources I amount that has But an those success flow usually that is underground place, them will barriers. of types they levels that I The Or low bids areas, because did when existing I also, want in of they have you the an in one an in site that going run to mine, success or

No, that's perfect. great. That's

you've So this the used way company this you I that's you and Martin, cover for all transformed of helm to as short is the know, me. took company nothing before incredible.

in future, the again you congrats all the wishing new the So, gig. on best Joe, and

Thanks. for turn it So over. that's all me. I'll

man. Thanks,

of Our the comes from Capital line next ahead. go Monachello Tim with Markets. question ATB Please,

open. line Your is

question, of intensity on also opportunities first. percentage would operating opportunities. satellite the mine just book bid the What of Aaron's good and be types the contracts? would up capital lower Hey, I'll I'm everyone. Maybe follow morning, on mine be curious those

we have operations. the term there's of our have -- in somewhere that projects. And XXX million right they're satellite now we're existing more that of we're nearer at say million I'd mines probably or that looking XXX

then like of in for downturn, been And had in I a the great. a than lot was constructive most Obviously, past they seemed oil prices quarters, into that guess that's the the there and XXXX. more it are number of XXXX commodity of through projects sands year. were today Okay, deferred out

you those are to So, starting return? opportunities see

But see usually We tenders not We summer usually until April. don't unusual. Tim, end haven't seen construction late a even that's lot there's right up February, June to Because May, starts. now, of

depending timeframe, that So, on often much scope end hear of of that and don't kind we QX the beginning of about until QX.

Okay, work I guess the upper end would that of your that guidance for contemplate year? this XXXX, returning

to of seen much significant increase XXXX. what we've on Not in the normalized It's based pretty any past.

it. Okay, me. last got And one then just for

the You million about year. expansion guys the million Acheson that growth talked that a within little this CapEx? $XX at contemplated Is to bit $X

in say. that's middle of I'd Yes, right that, the

Okay.

other of do CapEx to that there's guidance win guys you some the think awards, for these you year? If upside

certainly. Yes,

with of it. have a that's bids maybe that associated major unique Some these of required, some piece they equipment might equipment or support

also be, So associated would could yes, in it revenue. but with there be increase an

Right.

appreciate I'll I color. back. it fantastic That's Great. it. turn Okay.

Our next question Fast comes Please, ahead. James. Raymond with from the of Bryan go line

Your line open. is

Thanks. everybody. Good morning,

now component your component chart that I at And the initiative. well in at that in presentation, you're the really the Just The exceeding operating facility? costs the Are capacity value the achieving average facility. with on illustrates full expectations? adds rebuild guess savings are you

year. last full What do, to we we've in We are February at when ramped operating we up our expect started from capacity.

what it get wanted through. it's wanted if more more we have us requests it's it, external capacity has I through push to more but saving put met we And if as think exceeded doing, we'd what and or expectations. We those to far have to as

are Thanks, of right And now M&A good. then guess the starting pandemic hopefully the that worst open see those to something is the on behind channels up? us, have I now? we Or Joe. that Okay, you that's radar

to do We're with very ours traveling pretty like interesting Obviously, hard it activity. to deals see things on some anything important. assets when them your hard or putting it's and hands is seeing

keep looking accretive and We're of stuff our always we interesting some we've I strategy. for open. think and that's seen our something eyes diversification fits smaller and kind

Martin, for it on and new thanks. the equipment. Okay, That's the Congrats, me with retirement Joe and

Bryan. Thanks,

Maxim from go Our is line Financial. your Sytchev of Bank ahead, next question line National the Please comes open. with

Hi, good morning.

Good morning, Max.

wondering, Maybe to like think bit was any expansion, front? back horizons? to payback little terms color about on about ROIC on possible a how going you investments in talk [ph] that shop these I or percentages, is it of the terms time like

I similar economics was to Max three built we -- -- it saw very and talking is facility when in paybacks compelling about, The this what remanufacturing the like years. we the are

pretty skilled labor our shop it's the great and had the filling and and of So, I think to -- because throughput we've success here. getting maintenance fast the here increase hours and

in have will high competence that payback achieve three-year we So, kind expansion. of this

absolutely. Yes,

early have issues Any your that, just on Okay. the in mind conversations then, maybe in client commenting ramp you And around please. you learnings [ph]? project? That's the helpful. the do That up color the gold How on with going? that's

that the you're Is as goldmine? talking far As about, what Ontario Max?

Yes, exactly. Yes.

always It so of the that, I high always most with start but April-May seen, scheduling upfront, COVID bit upfront a camp, of kind There's ups set ramp disruption a of getting down think of nothing levels wasn't the unusual. especially high we've a there's parameters given and up, typical timeframe. areas. real the getting -- activity lay levels activity up little in

we fully we project those to time as originally. at had milestones the be So, expect same hitting still

that? below? to might year? provide Okay, you same levels? And of winter back last granular maybe you XX% Maybe of any program clients commenting the almost around this directional mind Or XX% just how on that's to work thinking just production bit do little activity the helpful. level versus about we be should sort Are a we maybe are color

the we but very I'd not say much. year. our similar level or maybe what of activity last is saw say to lower, almost same slightly I'd probably it's

big we but same. about more have I the the think it. of is less, The small is side truck the overall truck marketplace marketplace,

Okay.

is that the thinking Is we share? you about greater it way market this? how that So, see be should this as

more doing dirt on there's done, less being overall the little we're probably and think of the I that. especially side but big a overburden,

So, our below I'd numbers slimmer, very are slightly say.

seeing customer Or -- the pretty And you greater outsource a aggressively, maybe just the obviously, the are body from given Great. maybe to not that to language commodity rebounded underlying any Desire changes again, fact perspective? perspective? that from extent? anything

I haven't of a feedback from the lot tangible had clients.

of and because capital into probably you the that's we'll It's the summer when hear think in work. project more as starting I see go summer. that we usually up see

a like think said more So, we'll insight next into weeks, say in Overall, months. the before, there's I that, long-term I'd few couple I have drive. Max,

one down I producing. Obviously, think mine is overburden closed volumes had that will reopening, continue the to is increase.

So, barrels going demand barrels start overall, more to move. you think to produce, higher. the get the slowing we typically It's that's future. material And to create going some think are to the that you're more I in

Right.

helpful. And of maybe just then the to and that's and very terms Martin. question, question Joe M&A, last that's Okay, in

we more if of it? right should a potentially has now, is performed In you're terms from an about assets component horizon, distress you're Or perspective? at, of what's that type extremely The the of throughout crisis. [ph] potentially of a and how well on anything sort type of think a attached the to NOI in at resilient looking there fashion bit the obviously, situations looking acquisition

not is In Max, commodity We're himself. and we're view, similar diverse I'll skillset. let Martin for for my that comment in for our businesses fit of geography. looking point indifferent areas

areas look that out I I a those going anything too. capital-conscious, distress of fits don't that at. I've huge amount I anything add, that have look the be something that's be there that you'd So, we'd We're we there's you anyways. don't know if to is accretive think think But Martin. seen would at?

assets because strong natural takes distressed for pretty the are right that assets only needed every that demand much say projects. single just resource now, I'll Yes. away for

our diversification I'll all I that's focused be I say maybe, at could will point. but So, that, upon think M&A geographic add this

Okay, very gentlemen. that's Thank and And helpful. very amazing you much, congrats. Joe, again, Martin, job

Thanks, man.

Thanks for kind the I appreciate from it. words everybody.

question ahead, of Richard open. next Our Longport from Partners. is with your comes line line the go Please Dearnley

same Nuna, fourth is morning. perspective? the with Good of you seem get utilization Slide does the the XX, like how would On quarter question don't It kind highs. change Nuna

quarter. fourth You and quarter get higher second but utilization, third lower

fleet, our This is own all just Richard.

utilization. correct, you us. typically But you are fleet Nuna's So, this have they're correct; countercyclical doesn't to are

in fleet you So, would highs here, see QX them. if for their we and more probably QXs had in

we'll be into at And Richard. this, looking Nuna still

Right. And mentioned? you that XXX their fleet is the

That's right.

Right.

then part of size And cost the does days? I'm solar solar-only how Okay. Acheson the these expansion, on that of the curious much

rooftop on facility. side doing the full shop the of We're a

reduction I slightly economics roughly favorable in good $X.X pretty expect about there it's future rates. think bet, actually at by is for I increase, are a million. own producing it at or The positive us obviously Along safe the emissions which it's breakeven going with fairly a power. of rates and I if you it think But forward. pretty solar in power your guess today's be that will

lease Are are to to going or you you going own that? Sure. that

We it. performed on and well. it's did year, the [ph] very last thing own Richard, same We'll Dreamland our facility

Thank see. I you.

Martin, thank thank sorry, miss past. I'm colorful your the But things. for stock Okay, you. on commentary other And price you going to and

Well, I'll miss your questions, great Richard. too,

too. So, us Thanks. all of do,

call and the pass and CEO the remarks. call of concludes closing will Q&A the I Joe President This Lambert, to over section

My much growth very excited journey. and business hope a about all our continued stable diversification thanks environment. our more and for advance in of you your today us all Thanks, is I'm our what opportunities XXXX for healthier and we interest and joining Candy. in to to

call. the XXXX Construction you. Thank concludes North Group's American This QX conference