AerCap (AER) 11 Aug 222022 Q2 Earnings call transcript

Good day, and welcome to AerCap's Second Quarter 2022 Financial Results. Today's conference is being recorded, and a transcript will be available following the call on the company's website. At this time, I would like to turn the conference over to Joseph McGinley, Head of Investor Relations. Please go ahead, sir.

Thank you, operator, and hello, everyone. Quarter Call. Second our to XXXX Conference Welcome With Kelly; Pete and is our Juhas. Officer, Aengus Chief Executive our me today Chief Financial Officer,

you not historical Before like may be during call, today's facts, conference that, statements. remind this are we made some which I call, forward-looking statements begin to would

law that issues that available risks undertakes information is publicly implied open results earnings in reflect webcast to statements. and cause release at AerCap our or concerning found imposed those earnings simultaneously call events affect August any on statements be involve to aercap.com. Further arise conference aercap.com, may archived This from copy or can Forward-looking in to release for information obligation presentation call or is after our of could expressed, and AerCap's and being than other no at by and website uncertainties revise statements or replay. be actual are differ that materially that update XX, materially call. circumstances to such performance this forward-looking dated events, XXXX. public the will A future

end presentation, We time the allow our for will Q&A. earnings and at shortly through run we'll

analyst limit one As a I the to Aengus would ask I Kelly. one question to reminder, and will over themselves that, follow-up. call turn now

to Thank you quarter another report of pleased earnings for for strong am AerCap. joining us and I for XXXX our second call. earnings profitability quarter

that, success. platform is of generated global AerCap's capitalize quarter, increasing of second the on per and course to It its our $X.XX million, of for we earnings continue $XXX adjusted aircraft. demand share we During income adjusted underpins and as people net the

agreements, the unparalleled demand. combined XXX and executed which of and included its and XX in XX,XXX beginning traffic August. day skill colleagues sales. with in at an information per with alone. keeps was us last months daily to our both achievement increase, and XX,XXX of This the market-leading XXX major or AerCap AerCap This regional approximately This nearly continues in level passenger unrivaled the team and position. supply the know-how three XX% long-term flights During tremendous sets new the a four place purchases about regions Global global up, taking quarter, gives XX transactions, is lease the knowledge of flights

from which China of As loosening towards X,XXX since result the COVID grew predominantly, this daily of you'll pandemic driven in period China see taking quarantine of that slide was is by controls, steps loosening biggest by approximately X, as flights began. restrictions. time, its currently increase a the

relaxation to Asia US We with versus quarter many This of much issues need travel. airlines second around quarter XXXX continues of still and the playing also down, Domestic having second PCR overcorrected demand, world. parts lagging more the the one the testing have now international again, the are seen X% way the a staffing underlying have want requirements. and passengers in people strength lead of travel underestimated catch-up. quarantine have rest and Europe airports of progress make despite the to as of example length Ryanair airlines continued flew and in numerous for and to Encouragingly, travel how somewhat of demonstrates on travel behind. XXXX. way and Many the

So this too is improving.

markets. already which recovery we of a that with of is nature. truly countries, same can international of in of XX% travel will where XXXX has XX. see traffic, total that year. reopen, the countries this see particular traffic I we than of XXX the XXXX that, number doubled XXX slide fully levels have since surpassed them to believe borders have in the start Furthermore, domestic firmly X, the the from travel February This acceleration shows now surpassed of we more you rebound the As as year track global from saw the in patterns,

we inquiry are widebody we'll this of orders Farnborough a convinced further the and It XXXs in end, aircraft. level also our deliver the this. XX of seeing we Given five This the which is for have added of Boeing-XXX To demand takes total delivered. airlines Airshow, to at XXX clear are which XXXX. that already

the and the Following the deliveries, FAA this year. one developments we expect XXX between positive XXX regarding Boeing resumption receive to of

travel expect that be when a further be is wide-body States the certification United to were many reopen aircraft year. not that We the surge the placed on would massive a demand off orders narrow-body the to have for this issues to to saw the long-haul also come. XXX, last We that the long-haul where China bookings and in we will Boeing fully international we week removed This ago entry bolster further months on that confident both they the was permitted through Lufthansa aircraft form of according travel course, United's to transatlantic solve unless for for end years demand. by few equipment demand CEO. backbone the will test fully requirements charts the strong bookings Of market and when will reported COVID of were strong market their and would reported there confirmed which the are

supply. to Moving on

flying resolved in airlines find to supply is OEMs feeding manifesting factors, lease those higher fleet aircraft aircraft me delivered is whole demand into are equipment i.e. view XXXX which today last disruption, this greater to as in chain number production airline for fewer certification rates. customers supporting and lease of expectations problems including aircraft approximately many already issues chain the the of to itself staffing production. more challenging are between deliveries. The that and and to a a is the extensions share narrow-body in-service balance It relative new disruptions clear to due I year's of is referenced which as be This quickly. OEMs' than to quarter well likely As supply which X,XXX there are a none

there issues of supply at For Boeing on to demand spare held requesting delayed mid-XXXX. seems But be their somewhat of working AXXXneo engines spare optimistic is by rates aircraft; thereby rate. aircraft hasn't their means ground I new are the they that of aircraft the diverted increasing to meet XXX The for a a parts. support XXXX delivery of MAX manufacturers appropriately recently as secondly, engines shortage obligations from This delivered on. allocate result firstly, labor-related production beyond Airbus. aircraft is increasing scenarios the example, through a XX of XX production engine and the limiting referenced the new engine limited as aircraft chain going month to Likewise manufacturers early moment airlines and technology Boeing also spare from deliveries are deliveries to all to even given in-service from with their monthly XX production on from Airbus. earlier, their rate being rates, a new and months fleet resources; are to to XXX to and and get their supply that Airbus Boeing current plans back a maturation family

higher do airlines as leasing or already the meantime? what built So is where in to certainty we slots delivery companies do delivery in They aircraft. provide time we turn have closer the

of from level have orders of that lack This You Airshow a rather not lack demand Farnborough was from few is relatively of availability. seen the weeks the muted. ago

supply rates engine maturation, result, and leasing of unprecedented of engine spare are to capitalize climate a high aircraft leasing shortages. to positions especially both and in As has chain this returns, us a demand and cash up at airlines. current portfolio pandemic-induced world, freight airlines, robust. operators business is wide-body in which well-positioned lease future technology our engine new as AerCap's post-COVID largest achieve AerCap on well used going management both customers the capacity to airline continue for shortages. legacy the the is spare the support OEM and Cargo constraints

and We level recent demand growth about trade seen and to levels from the capacity the Asia, from to cargo we've Asia. example the expect in Europe cargo than this to between yields although to the temper particularly Airlines has as higher to rate near recovery remain potential lanes as factors seen Asia Singapore expect air spoke demand and years. cargo remains of in macroeconomic key it have be on medium term, sustained, in pre-COVID of one tight

who of freighter We order are in fully South behalf Brazil for firm also deals XX America freighters. virtually a ER billion And e-commerce of them We on Libre, a of business as of side. to seeing XXX-XXX our narrow-body will we are XXX-XXX announced the in number one freighters lease original on placed example. demand operate on long-term $XX recently strong GOL the Mercado

sectors. driven There lock strong for and from earlier the clear supply to gas, emergency renewal we momentum side, helicopter OEMs. limited picture rates with activity from services of leasing improving all course the positive by operators to in On and see the This helicopter across oil production high tighten. medical demand in continue contracts has been as continues demand to is

position our take and business, helicopter drive these been the in market-leading advantage AerCap's of global have Given to we able returns trends higher.

and improve and the engines. well new strong very So for remaining for used and both continues to strong in business. are cash placed this aircraft to another summary, leader, AerCap flows on with as capitalize market was market solid throughout earnings this The quarter environment we demand the and

a maintain and liquidity Our and generate for all. delever despite and to investors. of COVID a strong earnings of consistent Thank and the financial we the flows hand will to to strong position business that, for continue our you Russia With Pete detailed balance sheet our review I performance. the over call impact continues to continues and cash

this Gus. was Thanks, Overall, everyone. AerCap. quarter Good strong a for morning,

traffic utilization hour and the affect on and deleveraging These world. constraints in flows supply to quarter the to and seeing areas power We're than expected. improving by we aircraft helicopters. that This up demand to higher continue and recovery, also arrangements. around factors global contributing of along OEMs lease business the expansion is for the travel an aircraft earnings continue with see high had cargo led as new our We engines, picking more very that We're good leased to faster regions seeing of also from including rates. performance are cash this strong are

and net million lease rights second our $XX in increase million expenses the million. $X.XX $XXX amortization and quarter, maintenance quarter including a purchase which amortization income $XXX of the adjustments, to accounting impact million include revenue reduction was premium share. leasing was in For The second of or of adjusted $XXX per

collections our spend share. also $X or the income per of $X.XX million account, We Taking quarter. transaction cash going rents for the $XXX quarter. integration-related strong those into net second billion was quarter. minutes GAAP I'll the the the this had results quarter for and again, lease few all our that quarter. for Basic expenses million for affected $X.XXX through we a Once main drivers were saw

down, Russian lease previously overall However, that revenues basic rents and unleased from were airlines. loss of to were the given engines aircraft the

customers We see in to the positive momentum with our from air global travel. continue recovery

quarter we also XXX% quarter, exceeded regular the because maintenance payments collections received repayments balances. rent to and our the During the cash deferral in for rate addition of

receivable we've several seen over $XXX Our was as balance June deferral balances that $XX decreased these a a million continuation the And past million of to that by XX. quarters of coming notes down. of trend

million would the amortization. rents assets without $XX basic maintenance or on rights maintenance revenue million higher the this million were $XX during revenues words, of been million lease Net In sale also of other was quarter. gain amortized second assets reflect quarter. Our $XX $XXX to for that have

our we gain engines on sale four of quarter, XX the total helicopters that million, a five margin for quarter. final that for income of unsecured so quarter, our $XX owned of million during of quarter. During was owned the represents represents aircraft, monetized the for portion and sold XX% which million a approximately of LATAM proceeds This we airlines Other the the of our $XX from included claims. claim $XXX

the until but previously, the last As approved second our we claim we court. when the by sale agreed didn't portion claim the discussed quarter LATAM the the close was bankruptcy final sale of on year of

including quarter, amortization $XX expenses leasing of expenses. purchase were accounting $XXX million million the Our during

you amortization, on affected have equity of million leasing million that $XX rights business. expenses, $XX investment. $XX of expenses. $XX the driven that Shannon that So I Safran, revenue engine of the during million wholly-owned adjustments previous investments of venture the is largest which when quarter strong relation of the in and Equity leasing get method affecting factors purchase that $XX million you and lease add and was strong mainly our our net leasing the total $XXX with slide. our mentioned the SES premium to affected same amortization many the under generating of quarter. for the accounting million second was earnings That's Engine million the million Support, running to $XXX maintenance revenue performance driven This of has been earnings joint equity by by from through been

maintain to strong a liquidity position. continue We

approximately $X well As us X.X cash excess second strong billion. of X.X XX of and cash the a gives to next above of quarter. our liquidity from June coverage ratio and $XX in ratio of that's a of quarter of earnings sources coverage XXth, which And during billion, X.X:X use is ended leverage the which result were times. approximately That's We our X.X:X, total times a with of months the last resulted target current quarter. down generation sources

first billion the half $X.X quarter was Our $X.X for for the the total cash billion of or year. operating flow

approximately Our for In quarter as the positive for ratio the positive, secured was the outlook cost last also and last rating us. of assets was debt its second revised same quarter quarter. is development for a June, same average Fitch XX%, to which debt-to-total AerCap as X% our

three and encouraged We as agencies we're recently continue rating commentary positive some we've from well Moody's. of the heard ratings move from this as from to mid-BBB target all by

a operator achieve and and overall up call our we the Q&A. in So of flows remain to we strong can ability for year. earnings in the confident guidance that, quarter With EPS for our cash terms open deleveraging

go Mark Thank will And from Please you. Barclays. [Operator question with our ahead. Instructions] first come DeVries

you. Thank Yeah.

you? billion over the think should and CapEx capital also of uses we your two $X of the contracted to billion OEM delays guided next So affect of about $X how if you've years, got sales about annual continue

perform we'll we're delays it's careful we've shareholders' Look, into interest is business opportunities delays, very of capital. some always long-term stewards the and for which that continues the track what of will if best the capital be which and there on, see the course I up on shareholders. in think other believe then to think our that we I we business And been the confident very will open that deploy of in do

new having been clients conversations, the of their this And fleet the an increase lot versus enough. exited given year some then themselves. of us of in I balance some Fair with expected lot with constraints we'd airlines, see kind their What of Okay. a your lease around this the sheet that, think pandemic have you in propensity to finance of observing that? you've a been

much The leasebacks There I pandemic. is no question, had the that looking deliveries leasing is up orders, before between sale in all leasing than of end XX% lessor and will faster probably at channels. the OEMs growing direct expected we're

and become it brings you more aircraft benefits seen you because the it, have that pandemic, pandemic the leasing in more they've the stuck that was airlines the you the So, leasing flexibility, think of own the if airlines. of And had I the to it benefits to with were appreciate forever.

I We're the past going And that now would in value way believe market. leasing it's of and so way. terms global not only at did surpass one one of, XX%, that point,

Great. Okay. you Thank

come right. our will ahead. All Credit Moshe with And next Please Suisse. from question Orenbuch go

that little mentioned rates. Gus, ongoing talk bit AerCap a constraints narrow-body and coming in at kind to see lease increase the quarters? you're that Could supply Great. in see and increased how extensions and you we're lease widebody and to the to expected higher of over the you that demand, going resulting demand in resulting results about, going

-- over going the to I see to term. Well, long the medium think medium you're us look,

the But it's ago, that what today, XX,XXX place what's up term lease airplane an it through the month revenue where it couple years sales will You'll But incremental a then lease was see of falls on of every say on and short we goes extra you through P&L see let's reprices from thereafter. to repricing. as as goes course. subject aircraft the airplane is, month

that order stuff are today, well. too. value as itself leasing our putting we're reflected in of fundamentally, in it on also But the that stuff assets So book we're forward the

seems you like by than be certainly to divided above higher Pete, clearly, your the that. to claims and also guidance if of for three, And it because be revenue mentioned LATAM significantly well it looks expenses this XXXX now quarter remainder that I took Right. were that that like it in know you the least for. had were the from that looked than at looking you about, were lower seems we

year go about, talk guidance you items, as the your about can and for to level your how of kind we So the major of of forward? kind think expense

Moshe. Sure,

the confident feel the about very So year. guidance our of for rest we

items mentioned, like quarter. there that onetime LATAM got we you were this the some As proceeds,

First $XX of million mark-to-market that caps. had the quarter, right we on

in have you little those lower did because I And it. the second of look does were had third. if doesn't big a some GAAP. that those pushed really but adjusted impact that at some it we are maintenance we So have out expected expenses, think, on to on numbers, happen affecting events to leasing quarter, the a And now the the things that we

I volatility. So because less because do it's pronounced sense on And you we there. just adjusted the makes it reason accounting much you have think to in than way of that's -- why, GAAP more focus those swings, purchase you on quarterly of another have don't think less things, more

Thank you. Okay.

Okay. our ahead. go with from We'll take question Ross next Please Harvey Davy.

questions. I've Hi, Thanks, two. for guys the got taking

one, to in have in cites support to pretty first QX. relation the from seems the income is driven So Shannon strong engine

And from a and give question. it that filed second my QX? I just wondering, given Just fair QX will is just was recurring secondly, figure

on QX, any margin qualifications gain give? on type the positive done ILFC? into achieved backdrop there. seems tempt you would sale the through terms launching that sales of would you you was a of based disposals larger there In And as program, the secondary Thanks. post it market, Is very just asset

first I'll Ross. maybe Well the take one

So $XX this for it SES, contribution. million higher you're was right quarter's

was contribution very that they basically took low as result a they it quarter a because Russia. First of some impairments had

you some contribution to is closer first a you're But because have more I been little there there. quarter. It why was quarter see high a this -- a a be looking is I I this in what quarter think that's really rate the So that think XX% say didn't there. about run catch-up would might

we a market did you're this surprise the was we certainly, Russian the the few on April/May following Well, No look Ukraine being changed pipeline robust. as dramatically buyers now. the right. into sales that assets in And margins. a already have invasion in there but And sales, achieve healthy as see half. of forward, pause yes, the quarter, we market for the second on good coming And that's we of

time. Thanks for Great.

Sure.

All Cacanando with ahead. will next right. from come And Hillary Deutsche Please our Bank. question go

therefore $XX sold those the Hi, mean or thank I good. assets of you just no there prior Could quarter? be this well wanted on legacy sale. ask already were expecting see you you were for my about that no? GCAS gain that those just -- acquisition I reported any and quarter Last million mark-to-market legacy the aircraft going assets. GCAS the sold were on numbers forward were taking as you to mentioned to that gains you And question. to are should contracted

that? I'm elaborate maybe thinking could but of you on kind So, not if

did this couple quarter. of we have those Hillary, Actually a

gain assets. have -- sale been higher would was on two It it it was number. So, a about

have And of into what really even through you But year. still sale high accounting on that rest several higher, think impact. some account. of highlighted I that gain the you didn't this this margin if have taking the that will been see would dollars a had is, million the we So, quarter purchase

wanted I ask then momentum And helicopter that Obviously, there's it. positive supporting a business. your just about business. Got to

you that's Just your planning the to yes maybe month. in wanted Bank the at or business? find advantage you sell we you of seeing that the out longer-term also right demand next -- about And the just now maybe take for plan grow to some Deutsche strong assets Are and to it. to business. conference look to forward Thank market those of

Thank you.

services question, well. the It's as improvement the business. just and of And lot for helicopter helicopters. it's it's well answer that going we've not business happy look oil On in an seen the a with gas. that we of Clearly, to emergency your We're in do work demand outside into.

any questions? Hillary other Okay. And

Thank Thanks. It That's much. helpful. you it. very was very

move with we'll Helane ahead. And Please Becker right. to Cowen. All go on

much operator. the everybody. time. all in for very changes Hi Thanks a when would comes? pending that And impact to have at acquire the you time chance propensity tax your had the shares US? And Thanks look the to

really before, take think bit implications looking broadly that's impact at. the of the would the I of if looking a I -- all mean I we're the a about We're that we we're no tax OECD up of that's at of couple Helane, looking the the road? it what the what in down probably at new points would. I that. I broadly in don't think estimate we're But XX% to towards to movement likely think a So, now, that's tax think of we're years of this, the terms think the and impact going but legislation for overall rate up that the be. go more probably I year. affect talked of would towards percentage be countries all we've And global couple the our is this future thinking little minimum that could

as given the obviously where I be some have get get there'll see sure Congress done, -- I'm well that that that soon. through the well moment. not think that we'll at to we all so global rate to tax on discount anytime as minimum -- to

you. Right. Got

differently issues And Russia? that about you in how there -- into market that about are thinking thought Okay. exist forward, the is going have That's And leasing helpful. you. then Thank you China? given

to I different market think China very Russia fair. a to is be

we've up had airlines to almost got makes a Airbus China of there. China sell. the great with realize everything that You've XX% And with Boeing relationship and

great anywhere but force book, have doesn't XX% long for ours time. been near a the represent of partners Chinese of And a airlines so our it

much. Thank helpful. you That's very very

Sure.

All right. hear Up Please next, ahead. with go from Jamie we'll Baker JPMorgan.

Hi. James for on Jamie is Thanks, This operator. and Mark.

remarks, already with you you shortages the your mentioned strong international wide-bodies it wondering, view changed demand buying mentioned recovery, all aircraft has speculative aircraft? given changed think ordering ongoing just there I view but and cargo your has if particularly at on pared the executive on so in

Could just of just the you the you – question. at broke up start

sorry. I'm me you Oh, Can hear now?

Yes.

on was just changed you your demand aircraft view I strong at given asking speculative that just the on all ordering cargo has mentioned and international recovery?

the buying thing airplanes right about airplane think at I buying is time. the the right

at AerCap. to last airplanes, If time order you look to at option buy. history was XX – airplanes. very We or from the Boeing exercise of the had pandemic buying of AXXXneos. was an Nobody AerCap's ordering buying That's the got on major beginning the Airbus

going you're you're airshow, with If overpay. every the ordering up at outside and queue keep to other going tent clown, the airplanes then to

to delivery bad going You're positions. get

from kill date. will six order or airplanes Escalation delivery the going away years to you. five You're

delivery. transaction to that to will for sense The want eight years you. any and of crazy you, there today's buying XXXX, reasonable someone good in frame that pretty the a and you're be be You escalation for a there's time aircraft stuff. airplanes makes going Its seller, buy in that's when away. Telling in not contract is for world

We there's know demand a in customer those for the our global XXXs as biggest where That's very five order world. being hours. position of years. strong we're two had airshow. the a and five confident was. the did in. because has done last in XX player We we been a airplanes was, with and demand where Boeing, the and We These XXXs knew knew, we the airplanes it all in customer the transaction highly at for are Now,

So, like we bought replaced when I that – that means all aircraft the as them.

placed bogeys That's outlook my Moody's the I you just on appreciate question, or your Moody's? remind congrats for the Fitch. positive at second highs from be upgraded are the just to for and color. me and either Can great. leverage Fitch then in And what

Sure.

rating know, achieve an is think to you equity order target that X.X our I upgrade target I as times we to in conveyed that have what could agencies. So, debt – at we get think and to the And we've that's that leverage target. to

the order and think we is necessarily I have the So below it. to the GCAS showed acquisition, made don't And what stronger plus talked go COVID, having business much done to target to throughout that's have resilience company. really, demonstrated to that in the we do them that how agencies that, the would because, rating about that's

And think are two of those the it. things for compelling so argument I pretty a

around think the and – items gating say upgrade issues some I – the kind of the what getting distance. recovery is are look of like you think progress what recede at would that towards could that seeing of if an globally the and I I Russia part things seeing more that into the

important. be de-levering. to Obviously, more we're think that's going I

times equity had the times by X.X see We this year. that, were the end to can quarter. at targeted debt we of You X.X

a think little ahead I that. we're on of schedule

So positive. And to happen. for we're think I that positioned that's all well

questions, for everyone. Thanks the it. Got

All right.

with go Now Bank ahead. we'll take of a question from Epstein America. Ron Please

the Hi, wanted ask GE lockup for about is Andre everyone. on actually sales. on to Ron. I period This

had you with up Have any Like conversations tranche first any would for expectation guys any August The Thanks. could or sale, opened you be investors? helpful? X. provide any those color there

On question a that GE. for that's really

GE. So just conversation all. a with It's those all investors you guys had at haven't

about the it's with with in GE going of about decision time to shares the all But to to investors they sell. GE. the they course talk Quantum decide is when decide Well, completely happen the just the to That's we -- what's business. sell of and hands

the as we possibly running can. as can business be well only Our focus on

Fair right. enough. All

Yeah.

guys. I will one. leave at this Thanks,

question follow-up now Please Suisse. a from And go take Credit right. Orenbuch ahead. we'll All Moshe with

just X.X that leverage your Maybe that down think to X.XX from fairly to Thanks. recognizing go close I did X.X. Great.

about that response already. in you just it earlier during little give QX would talk if that question -- said go below you and the you Can haven't flexibility that that bit you target I know that. don't really what AerCap? would you just I reach need to to -- You Pete, think, an mean, seems likely a

Sure.

Moshe, think is get could expected. I we we look than earlier possible that So there it

We'll the said, terms of you And ahead you the we're running course I then capital. get As schedule. have year. gating the how out in that of of of item look, a see plays somewhat have mean during once is there X.X I to rest obviously,

You're that starting deploy. excess to create you can capital

to But sales. we'll And it so us at -- about And I point. would think obviously a was would more look that have question similarly that there flexibility earlier give at there. that

if So we're to sales. able do more in

billion too forward this we in $X we sheet very I that had can than if should strong in say I can for that. a year, That's do a I'm get targeted. position we're we from now. I that balance more guess future but also perspective helpful think done confident the going

We as lot liquidity of can you see. have a

low next We the bond one comes and have of due this this actually that for have We week. debt very have we're year off -- year. paying rest maturities a that we

those billion very think CapEx that's this remainder strong profile to we year of really for debt to on little maturities, And side So do. because any and the I of limited the the flow. don't operating cash would $X.X issuance do year. have of

year. have a in more next end the we're we fronts towards year think all of flexibility get those good of into to the I as and position So on

Great. Thank you.

Yes. And that. I'd add to also

is fixed interest rate fixed. raise As of to duration The Pete of remainder said years. we have the our need year. And is no debt line much the X.X-odd average funding indeed pretty for our any

that's debt fixed for. is So of XX% our long how

Thanks, guys.

Sure.

you. Thanks,

back I in no Aengus we now additional remarks. the queue. call questions Kelly And will closing the for to have turn

many I'm call. seeing thank We Conference in Thank of to all you at there. you meeting for Deutsche shortly September. you Bank joining us you the the and for forward look

So for time. thank your you

conclude you for participation. your And call. again this today's We does thank

may now You disconnect.