SS&C Technologies (SSNC) 27 Apr 232023 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by. Welcome to the SS&C Technologies Q1 2023 Earnings Call. Today's call is being recorded and all lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]

you. Thank my of today’s Investor now Justine over to Head Stone, Relations. pleasure is call turn to It Please go ahead.

Stone, Relations Hi everyone. earnings Justine XXXX for our of Thank you for call. joining I SS&C. for us QX Head Investor am

Bill Officer. On Chief Chairman and Operating Executive today Pedonti, Patrick President and Officer; Kanwar, Stone, and the Rahul our me call Chief with is Officer; Chief Financial

plans, note today need the get review Harbor the forward-looking expectations, Please started, about XXXX. Securities statement. Private make we we constitute to under Reform prospects provisions financial the we purposes the remarks Act Before Harbor various provide Safe including outlook of and future Safe Litigation the of we the for statements

as in with of those and on a factors, be including Actual annual Risk most is the important on result file the indicated may results materially statements from various discussed differ section XX-K, which report those accessed recent website. SEC of Factors Form on our our also forward-looking by can these

forward-looking April XXth, as represent XXXX. of today, our These expectations only statements

While to forward-looking disclaims specifically it do update obligation the to elect statements, any so. these may company

measures non-GAAP During to financial measures. Relations section these certain at today’s comparable website be www.ssctech.com. non-GAAP which we reconciliation today’s of GAAP in call, to A earnings in the Investor will referring is financial release, located included financial is of our

over call turn Bill. now to will the I

revenues growing and while from $X.XX diluted and to thanks and adjusted down a our XXXX billion for pretty joining. $X.XXX year. Justine within range soft everyone strong revenue started was little Thanks share, last and XX.X% up We adjusted per earnings our was X.X%, with

we're financial in We on our obviously lot inflation, had standpoint. from good especially bottom-line. also rates shape very impacted pressure in Rising too, some our that a of earnings, and put wages, but interest a

was EBITDA Adjusted again was $XXX consolidated margin million, and $XXX over XX.X%. at EBITDA our million

Blue we have. expense the margins workers believe all digital care First deployment. do cost to see against expenses health and Prism normally our we quarter inflation. the with begin quarter is as expect a We of But digital drive serve payroll highest hedge a to from worker will lot and taxes the savings

over currently and our are goal. achieve productivity XXXX track processes on to have We live XX

first revenue We in Investment and segment. in distribution our was organic quarter Institutional Our good our services adjusted performance X.X. investor retirement saw up global and alternatives business, and Manager

debt our cash year. period up of million XX, same X.XX We net consolidated for three secured the down XX.X% X.XX times from new generated the We leverage operating last EBITDA. activities months ratio of our ratio net bringing leverage ended in over QX, our million in to paid consolidated $XXX.X $XX.X net March -- and

for of In treasury of purchases down. $XX.XX. of We'll to QX, to bought XX% continue stock buybacks million to at and and an million shares $XXX.X average stock back SS&C $XX.X date of XX% million cash to X.X pay program flow buybacks X.X of price our for million $XXX.X at average shares target price

movement on putting end opportunity We we'll German for it M&A we the bid assets, to think we the any for We large-scale today. and yet while look have disciplined, still some force, have acquisitions of see year. although a before lots SimCorp see did the tuck-in do remains at in of

large revenue which the the of $X brought sophisticated marks clients. SS&C acquisition, DST in anniversary list and a of long April This over fifth billion

businesses. are feel the these growth, leadership accelerating investments teams. in we and their paying and We have our took product, profitability, our doubled biggest prospects investments GIDS and currently off, service the are While the in the revenue retirement

over services volatility strongly months. the diversified sector, US particularly watched financial few all company. have a past We SS&C banking in the is

limited impact seen have to-date. We

closely will and customers our support we situation the monitor as always, As react necessary.

to Rahul discuss to turn detail. now in the over more quarter I'll it

Thanks Bill.

Our business business volatile improving their with positioning. macroeconomic backdrop our despite strong of remains units competitive a several

now administration QX administration X.X% in growth assets has posted under alternatives of business $X.XX Our fund and trillion.

in GIDS, of which X.X% over serves last the this world's and heavily We've the invested continue this five business do organization service technology leadership managers asset largest the to grew years quarter. and so.

grow. customers past into JPMorgan, Brooks most We few Place, entered years with foundation which won a renewals and recently, long-term large from land, names, solid James Capital provide others. including continue and Super Group, over These marquee to Mind the McDonald, contract St. to Van

or on creative for products have Insights, and customers new give our be ways the whether working compute employees to data tax, issues important products Private our add business. in Everywhere connectivity solve company, BrightLine dozens for innovation We purpose-built of which it value Cloud a prioritized SS&C and services SS&C these strengthen for and SS&C are and across for solution, our

manager a after I'll chose services SS&C's services and wealth and the to shows retail scale us SS&C's offering a key non-traded an project their the agency RFP the strategic real in process, $XX clients AUM, fund Serve chose fixed all billion embarked fund transfer solution client expand and mention chose services, some current for and a suite the in and deals of market, move A accounts large QX. a alternatives real services. firm asset a with REIT brokerage $XX manager on equity UK help to All link SS&C's SOMS estate platform, of client Bluedoor estate an billion to comprehensive alternative private international

financials. to it to run turn We'll through now over the Patrick

$X.XXX Adjusted $X.XXX the revenues Thanks. $XXX GAAP revenues per of first and earnings X.X%. billion. were GAAP million, net were Results for Adjusted of GAAP diluted of revenues income up were quarter million; share $X.XX.

decrease diluted QX Adjusted or decreased the debt. on was of over adjusted due to increased impact our XX.X% income higher interest operating $XX.X rates X.X% $X.XX, million XXXX revenue EPS and Adjusted X.X%.

million. $XX contributed acquisitions Our

or Foreign unfavorable X.X%. exchange of million had $XX.X an impact

management Adjusted a was in including institutional revenue agency had increase and currency basis product business. organic transfer lines, alternatives We on business several strength X.X%. constant against services investment

quarter operating margins the XXXX. $XXX the first decrease in or from XX.X% was quarter for of income the million Adjusted million, $X.X first XX.X% quarter of operating the in XXXX. a quarter were compared to Adjusted first of X.X%

on constant basis. currency X% acquisitions, expenses a increased Excluding

expenses added and million decreased cost million. by Acquisitions $XX.X in currency $XX foreign

general business cost Our travel in has been XXXX. impacted by compared to inflation inflation, wage and structure increase

EBITDA $X.X $XXX XXXX. decrease million from or revenue, XX.X% was Adjusted of of QX adjusted a million

Net was compared interest interest facility, interest noncash XXXX. quarter costs expense The in to $XXX.X of financing increase million the quarter XXXX. for was of or for includes million, the million the in X.XX% QX QX an net amended from $X.X OID. X.XX% including senior notes, quarter the amortized XXX% and average rate first our $XX.X XXXX, credit of In expense

of adjusted net Adjusted XX% of pre-tax million was or was income income. XX%. and tax $XXX.X the GAAP EPS a provision and $XX.X rate tax recorded was for net $X.XX, million effective used income We adjusted

shares repurchases offset XXX.X from quarter. increased during XXX the QX. by to partially million The in was partially Diluted stock share higher million average -- price

sheet. XXst. balance at ended debt. of and excludes quarter with flow and equivalents $XXX.X and cash as billion cash billion cash DomaniRx, debt, On and of that We SS&C's March first cash which gross million was of equivalents net of the held are $X.X million $X.X cash $XXX.X

three increase from months Operating million was same XXXX. million, $X.X cash in period the for $XXX.X flow the

stock three for Board authorized X.X million XXXX, buybacks and stock the for average Program $XXX.X buybacks. flow of at an the repurchase We billion $XX.XX. In shares at repurchased treasury million $X program $XXX.X shares are treasury purchases million the price months. of million cash to up new price in on date, an highlights of bought to stock for average $XX.XX. of Some back stock July X.X

compared $XX.X to million. XXXX. quarter $XXX the were debt of And in million Net $XX.X payments in of interest paid the total in quarter we million

On the income quarter to the $XX.X taxes, million of $XX paid first quarter, XXXX. million in we compared in

XX.X as December was XXst XXXX as of March compared XX.X of XX.X of to Our March receivable and days of -- as accounts DSO XXXX. days March days as

for of expenditures of million and in as development $X.X times of quarter. was on capitalized was was X.X% our our XXst. and for infrastructure. investment capitalized predominantly X.XX our X.XX approximately revenue leverage software billion, $XX.X was debt total and or secured to March and Spending Based the leverage research Capital net times software IT adjusted

for of results. in to I'll the We'll a on few and recent client to service, cover outlook range On continue assumptions. we focus rates retention year, the most first, continue expect

assumed range be of the as for the organic be remainder will And X%, result, currency be exchange to levels in will to of a the foreign adjusted year. of in at QX year X% range We organic will current growth for have X.X% and X.X%. for the growth the

to additional the the in rates have XX of of remainder bps in range compared assumed to the We through quarter. XX the first year average the increase rate will in interest

flow to improve and to our expenses stock rate continue the during We'll buybacks, adjusted variable expect productivity allocate XX%. free debt tax to we manage cash We'll period continue down our increased pay margins. the continue about and operating to and expenses by both to to be controlling

we the in second million, billion range million. the quarter $XXX.X of revenue to of $X.XXXX diluted the the for $XXX.X $XXX to shares billion. range million and range in net Adjusted So, of income $X.XXXX $XXX.X XXXX, to of in million expect

to in expect the in billion the XXX.X of for expect billion range shares be And XXX in of $X.XXX revenue we range to net And million. the range we operating to full range cash year, the billion. to in billion. to on the billion $X.XXX billion $X.XXX income $X.XXX activities, Adjusted from of $X.XXX diluted and of million $X.XXX that

I'll it to for turn final And back Bill comments. over

Thanks Patrick.

convert We broad-based different able we and to lot expect QX, growth expect of revenue backlog a will of to revenue. the across be businesses accelerated bunch and a QX, we our be in

into very that we gone increases have pipeline. effect tick also price will have We up, a have until revenue to already and the full begin

opportunities. product here, difficult excited have a going It's really I get invested to heavily think forward. but we're in about our We and we suite, in service remain been and good way to shape our

up for And questions. now it open I'll

Instructions] [Operator

of comes with Credit from Your question first Suisse. the Kevin line McVeigh

line is open. Your

on it year of X% much then at and is X% I look on Great. Thanks half growth, seems first the year. the organic for the results. it congratulations like full about the average midpoint the and implies for the so

it So, wondering maybe backlog about incremental Or products ring-fence the maybe to new little pricing, bit that? new or the buckets, just business the there same we half that as just drivers that -- of think drive back is year? with and is the a

of releases coming number into we going years. three sold come and statements. that, And a they over what are a seemed And large-scale Kevin, fruition, mean the that's two revenue of they're deals they're to it lot financial live. but it I I is. or like fruition, with last have primarily it our to to we that have never think going

with have a And is goods, in business growing agency transfer as our the turnaround. which we primarily that's still I full -- said, quite X.X% quarter, pipelines our first

and things, starting those And think so of we're increases price progress the think -- are I effect. that to also making that's I take all across plus

we're So, half I the think in shape of XXXX. for reasonably second good

That's time thoughts your seems driving markets. up terrific. actually some was that? And the around AUA four disruption across quarters, Any It like and What's then about quick just one sequentially, in that's the first despite the that? follow-up. quarter

to do take Rahul, you want that?

Sure. our We inflows quarter. private good the equity had the our businesses both of and hedge fund pretty course into during

combination these a as in growth launches, new it's of So fund some wins. well clients performance-related and new client as organic

some So, the know, Bill we're expect happy we've made -- a of see we just pretty the on in kind seeing But it's net as about pipeline, in you uptick the and our seen do market. time about certainly strength comments but the few it. based first to momentum we're quarters of

the say that competitor market, managers for pretty and somewhat. think there would investment say I that us. And scale of hand. a think that's we a prefer out larger played And remain lot to well that strongest also lot And we volatility believe have steady I our by I'd the in of is I

Terrific. Thank you.

RBC comes the Capital Dan question of from next line with Perlin Your Markets.

is Your open. line

wondering I Bill, any to made kind and true fallout of in that good clients. wanted temperature hear. it of kind the for from But that, Kind posturing I'm This not and saying. pre-SVB evening. they're your take been sound just what like with is just to terms you've your post-SBB, Rahul of Good you Thanks. there's well. obviously of discussions of had that's as

these capital to for understand I sit I to drive in where kind get contracts clients, is their growth. think a encouraging have you today backlog release just it's which to order guys? readiness they wondering of converted you and with in new going to organic I'm large

noted, half, you right, what bringing we're as we second of expecting in the Yes. already And a the have and signed midst lot are them in of live.

of months. banks, banking XX while XX, it a a markets. something. don't we huge do -- of really have skittishness particularly base but it's continuation client the lot So there's XX, in and the is mid-level And the have markets, we And a -- last financial

that So, closely we're can. as as monitoring we

First kind of that it's or banking between do spot You Republic of and investments. that see traditional kind capital the Valley venture on or financing Signature whether Silicon mid and you're really other

the anything on it's is not contagion it -- like impact that's think And us I XXXX, don't quite XXXX. sure that I'm So much think had to-date. I hasn't why

watch Of can. we closely course, as it as we'll

Yes.

that on your like range well. cost Can had quick the $XX this Just of of for the allocated But a we you're like as workers commentary where just the remind annualized sit you just in to X,XXX we temperature follow-up guess had on I take think at us sits you that I I you. something release. on savings. savings? seems to end around million in cost low -- where Thank X,XXX. digital reiterating that It the want terms

No, We're much the savings improvement mean Dan, per digital head, $XX we about see. productivity some in worker. what in wood X,XXX nail estimating drastic. workers we in And on as I the deploy it's that's is And pretty cases, million. knock in

that grindstone the keep So great build great and nose we're a our very have digital workers, if optimistic we outcome. we'll

So, that's focused on. what people are

Excellent. you, Bill. Thank

question Andrew of next Schmidt Citi. line the Your with from comes

open. is line Your

doing Thanks Maybe taking investments questions. just what would GIDS to nature the Bill, for ask the of That about business. be just Rahul, about and Patrick. I talk helpful. Hey want my the there. you're

the better anticipating. you were Could than X.X% client the existing about there, and disaggregate of growth, launches, the we much like things growth, that just talk sort positive whether flip client drivers then new it's maybe And that.

more little curious Just to bit drivers a the understand there.

as place interaction really you always and better if distribution think global opportunity we all would -- didn't was do client the a our thing. competitors service, good in could systems that over system because named with use largest that we the a better managers Well, it's to and process world and and the investor the then interface felt there deliver that had procedures same the investment we

software do a and it longer us some might use while we And hoped, client taken easier more had purpose-built that have getting that built satisfaction. is than think we little have is we much to

And know the then that? else Rahul, of to do any revenue has wins large-scale really you helped large-scale we've side. I and don't anything to had number renewals if, that have add

Just really all investments have in that business. investments. of of on been The the aspects kind

interface, So, systems. we and point invested have to mobile web technology workflow heavily in the interface, just the Bill just made, digital apps,

of talent, We have in lot management also brought a a of lot sales talent.

And all that's worked of large months, this won coming numbers. we they're the is and have last through nine live, that the six, key that process the over that I and of think that helping kind to our we've implementation clients

a Patrick, are you that's to on more actions year? then of that effect took bit. little I something Got more just a you it. down wage think, And a -- mentioned wage that the flow-through you last Thank wanted from for just I Or inflation. seeing just recently exacerbating that. issue. drill on you question Is

about terms Just you're environment? want what of in to the of cost be clear seeing labor

bit. mostly inflation it XXXX a little prior took that you we're impacting wage us actions slow to Yes, current we the April is in in compare are year, seeing it down QX years. post But when

much so Thanks Perfect. help. guys. Appreciate the

with next UBS. from of question comes the Alex Your line Kramm

is open. line Your

Yes, hey. Thanks everyone.

just Street as our in but the Just quarter -- the own. It's a expectations margins and maybe just certainly think for missed, just I question. follow-up was asked,

in just quarter else surprised hadn't that was just modeling inflation Street there you something inflation, is you? not again, the about should expected right. thinking the wage correctly, that about it just the you it you off But wage it So, we're in Or talked maybe but know I the said since April? trade

that Blue about that then prior you we And margin the sure think meeting make else to year, Or as to I the get what I you're something you on expansion help to confidence think just are of that talked guess, calls. you that on can margins that, that is really it the gives had Prism targets? related the margins remainder your about is there working Is here? going

primarily, throughout what at we was -- end expense the Patrick process said, I Well, actions took the was the from XXXX, as think of wage really.

were I as don't quarter. of we And first know kind the much that surprised so it as all came into

is XXX, XX.X% our And again, very basis confident the that's I savings do -- And yes, EBITDA to products million get to we're and it's we through go $XXX maybe want to the think drive bars constantly -- what in back on million on But down and make services. to sure invest our we we're and pretty margin confident don't then I in capabilities in people and Prism Blue And our margins. invest points. to driving also the processes ability $XX XXX in capabilities. adjusted think

kinds As really the GoCentral reason win BrightLine Rahul think us. whether that new Everywhere or or or things, differentiate to bringing SS&C most business of said, it's we platform things all bid. we're those out that it's we of is that the out And

right. six the a All want picture. maybe quarter, et AI, to bit cetera. There's ChatGPT, then been much little about more months, use, in whatever And talk enough. last last you bigger Fair

Just those wondering in own capabilities how you view your business.

you lot Blue with like, you do arguing kind that can be able same to are that isn't fear. people maybe some and think Prism I -- may a of

this think could who there's hey, super to I time, actually disruptive say others same be the at like, business. But your

it's but picture you're like on and call how this, that spending you're time evaluating? a for know I question big just much wondering So, what a

anybody general, company. moat. call in a on Fintech that this Almost can very start Well, Fintech Alex, I has don't that's a think big

an be to idea. to have need able You

deliver be development product. some to You need to have to able be a to talent able

turning or company or is big a minutia, XX private in big or hedge any any great so products offices and and of other that platforms platforms moat, pretty real of investment that it hedge the pretty a world-class, great much a sophisticated, detailed. fund that's pretty and countries regulated, estate that of as the doing platforms banks or pretty such UBS $X.X pretty into with pretty private Now, services suite equity this companies or big billion organizations, XXX are when

we've And worked that people. think the hard I have to best very

have buy the We its that language we customers. and what's of quickly have machine automation and is natural we believe and far block. happen think you're and Prism. We Blue the think to learning behind this the our the for intelligent processing We it best going you best solutions of And move it so that training. AI or to corollaries I and get in much rest either pretty that you're on front and

guys. Thanks enough. Fair

Your line the next Heckmann with Peter question Davidson. from of comes D.A.

line Your is open.

us you. development update one to an you a DomaniRx. quick I there XXXX? a your moving think Could the Thank have new or at large the and in give not one you processing continue have shot on you whether platform on to -- customer platform good that

set $XXX you on some we much I Rahul million to I our updates want and platform. think optimistic. I shape. we is that Domani -- Well, meetings. and comment in had target, too, have do say pretty further? that that And we constant has I I Rahul, cautiously would do been Board reasonable are know know think we're

and We're of a development you kind think close on. with I Bill, we're far, target plans so keeping on it. got our

are that estate, versus side? thinking just points? Okay, mark-to-markets And equity, how you I of thinking Maybe real fixed on on basis minimums follow-up. the about asset remind relies there? of the private part you then are mean, much that's this How about us is how helpful. private business a

that's There's and are do whether things basis tax statements points. a primarily basis K-Xs things point but It's that piece we that return it's type -- primarily financial charge. and some meal, and

Okay.

really to of they when do terms lag a more guess, those of expect how And values? in it values quarterly? historically, six-month, XX-month Or be I -- do you in and would when update so terms change just they start is asset there worked to that's

I'd say quarterly. Yes,

Okay.

numbers So be already? should we the it seeing in

I so. Yes, think

right. you. All Thank

from Terry Your line of next the with Truist. question comes Tillman

open. Your is line

Joe Thanks for guys, Hey for this is Terry. the Meares on taking questions.

I And in to quarter that The first that the first growth financial had that organic X.X%. what revenue confirm is is correctly then just I quarter. I just growth for wanted heard curious services in was the one organic

quarter. I think was X.X% it last

curious there? if any inflection So, is just there

ex-health in was You're X.X% the that assume growth right to quarter. care, And services, that to And X.X%. organic when financial total referring I you're you're the right? referring was

Okay, as then there. And just a perfect. follow-up

health quarter, market be I down you was for XX% expectation had that think for your mentioned XXXX. care it the to last in

Just there? any there's expectations curious if change in

we what expect. approximately that's No,

Yes, XXXX.

right. XXXX,

Appreciate Perfect. it. Thanks so guys, much

Faucette Your next line question with James from of the Stanley. comes Morgan

line open. Your is

M&A. Europe, want remarks In Thank Great. I quickly today. in prepared your acquisition reference you much. very touch to you SimCorp to on made

over Just you're the lot what you're in get about right opportunity some acquisitions, value as built you're you seeing how about an thinking wondering valuations, particularly to the basically trying a now end year and via and obviously that like thinking it valuations, the just how of you're just sounds now? years between done of things --

XX Yes, James. at maybe SimCorp are talks on would I about pausing like say about I the that times it similar. mean looks then EBITDA. prices numbers pretty headline is and least everyone it's

quickly, So, say. it's pausing would I very not

ready So, to do those owners think are assets general, that assets sold, think to going have all I I haircuts be don't yet. are that know to, going there that the I to some they're take that in and of are

I And been market think to some for assets put the has together. while. other Borse on kind maybe they SimCorp of a want think has that the I

loose. are where are to ought that don't care that the think customers, of their shake with I where think some we so assets serendipitous more them. better people the we exactly that maybe And other out about And there. with the are for I few And have. But a we was I opportunity FIS, know stuff

things macro the the some like too some sight it you improving. new pricing of really going line and sounds actually then on looking at the back second And least between it. half doesn't And that contracts pretty much of other you're into good acceleration. Got of it. like ramp, it sound that to have Got and at dependent

Just little that, were where if and between macro sensitivity -- understanding make could now correctly want to deteriorate to then? there I'm that sure that's and be a

of Yes, we are. characterization I think that's where a pretty accurate

the deteriorate would to it to earlier, not have someone point processes. or capital new think are systems allocate macro as made the where where I said people has to to going to it new

financial often But get conversations their to way large-scale control we pretty as large-scale a very under really is large costs have any pressure, with institutions big number to ours. going outsource. that's mutation. And And of strength on of

So, we'll It's got have opportunities. our execute. always, you like to

those Thanks comment lot a it. Got Bill. for

Your with Alex comes the next of line question from UBS. Kramm

Your open. line is

company was more follow-ups. what maybe maybe this, you of has Hello just you a couple Can could and quick. maybe than again. is? less pricing One, actually to I kind think say been been wanted businesses That in squeeze pricing be what mentioned solid. little said I And a the but realizing bit more you're you've realizing? of specific you average or maybe what you

$XXX at stand ones up that I in increases and the $XXX are goods probably million we're think, Alex, and just in realized the biggest and in price between XXXX alternative looking business. million

that. Thanks fantastic. quick And for very just here. Okay, a one

processes, just us these you you give of have those now, about flavor about guess, little gave talked able to bit done positions? a when Can that understanding reallocate an XX you talk I from you like XX to, how also and X,XXX perspective, or automations eliminate you like Just numbers actually the people. many were people process a you X,XXX

And just to how automating things like I actually case, processes many how and for used that that many and how per you're when again, would the a affect? like people X,XXX, get flavor to how -- forward, trying going like many is XXX like it many

because the I mean build some kinds in broad many. whereas I So, opportunities then we'll pretty need probably much are and reconciliations so even pretty scale, done the broad to that worker hundreds to don't as things, really maybe like worker all not of investment do validating have do things returns rate, we that one right? if there's validating things deploy of work, can KX many statements digital pretty sophisticated digital it's or tax a to deploy other Yes, can XXXXs

many-to-many. is of And individual it's the how So, have deploy to many and and sophistication fast. something of it's worker, that more determines the one-to-many process of the you that is digital then many-to-one, the very it not what often how but capabilities

Okay, fair the last And quickly, Maybe over squeeze that's to enough. On XX.X% decelerating been I'll just quarters. we're there. in. follow the one since up topic, Prism just the Blue on growth, very few

you So, it even think, I in the think originally, when company, bought the was, I XX-plus XXs. maybe

on is sales a with cycle side thing? on, Or that So what's external Prism? going Blue the

that the that, accelerates No, we're year, optimistic of rest from the too.

Good enough answer. Thank you.

the call There questions are Stone Bill no closing remarks. turn back to now for further at this will time. I

on coming to Thank you after and you forward we you. our of the second all appreciate look really talking we call quarter. Again, to

this and concludes today's participation. Ladies for gentlemen, you your call. Thank

now You may disconnect.