SS&C Technologies (SSNC) 27 Jul 232023 Q2 Earnings call transcript

Thank you for standing by. My name is Bailey and I will be your conference operator today. At this time, I would like to welcome everyone to the SS&C Technologies Q2 2023 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Instructions] [Operator

like Justine call Stone. now of to hand Relations, Investor to would over the Head I

You begin. may

Welcome and Relations Officer. Chief thank and Chief QX me XXXX Operating you is Chief for joining call. today Patrick Kanwar, Justine us Executive I'm Officer; Officer; Stone, President Stone, and Financial Investor Bill for Rahul With earnings SS&C. Chairman for and our our Pedonti,

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

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

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

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

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

call turn to Bill. the now over I will

million our $X.XXX million Adjusted put XXXX, EBITDA XXX QX quarter an was in and some XX.X%, adjusted $XXX points XXXX. Justine consolidated in million joining. diluted EBITDA and QX pressure second $X.XX, XXXX to expense share $XX for $XXX.X revenue, and QX are for were general from compared interest increase expenses which basis up margin our was million Thanks have bottom-line. on in up thanks for and earnings everyone adjusted the in X.X% was our Results

up alternatives which particularly second revenue by private strength quarter our driven was was over and retirement organic X.X%, businesses. XX%, in business, Our adjusted Intralinks markets, up

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

In QX, we per shares $XXX.X $XX.XX to will average of share, stock continue and XX% bought for down. to and to back we at of XX% X million debt million target cash pay price flow buybacks our an

strategy be assets. see M&A that have We do near large there term. Our acquisitions some in think remains movement to and disciplined the on yet do any will we opportunity to tuck-in

the priority will management for remainder be Expense the year. a of

have underway, internal all targets. of well across the one XXX currently deployment fastest of deployments Blue are units. business what we Prism over is and digital We deployed digital see your Blue history. to Prism's track Our workers believe in workers digital We on workers is of this

administration see use largest but in retirement, reporting. regulatory, and significant and in the health, opportunity is businesses, fund goods of Currently, Prism we tax our Blue

reconciliation, notes, include resolution, daily investor workers and files, break price and digital statement with production contract investigation in functions Operational reporting. and statements downloads,

the We the of live in half these in processes to expect savings realized. as business the are the the FTE year accelerate and embedded benefits back full are

it turn to Rahul. now I'll over

Bill. Thanks

Intralinks fastest become Deal product. across. NDA sizes implemented. been prioritize Intralinks price increases Average in as services, we to business up, continues innovation which rebounded offers QX. new growth with strengthen deal growing X% has and redaction Our product services, rollout and have

make fund portal data-driven single been In all feedback we positive. InView, view purpose-built client aggregate a launched investors Initial their a reports and our portal decisions. investor has business, for to designed into of

for manage loan opportunity to complex our GoCheck credit, integration, Private accelerate private environment. the integration, growth fund continues a on cloud mentioned, as in are private live markets with strong QX. big key made in significant offering SS&C platform and structures. Bill particular, functionalities us robust go we our has advancements to all platform As is data

in the $X pipeline. in platform January. has the Retirement, and X% recently several XX% our participants multimillion calculation which on income dollar QX, billion have and of grew number opportunities surpassed clearing grown retirement We since

fund Sales GIDS. remained with wins services, QX, headline in strong and in Advent,

that attention commitment software prospects purchase a and to to solutions Some strong were key comprehensive our our Sales both single remain holistic experience. onboarding vendor, and disciplined priorities their for services and paying execution, to functionality, ability close from attributes innovation. cited offering and customers

one Blue team Services partnered services National Health in to England. Prism we Services As has recently NHS to provide additional Business the with example, announced Shares the

platform, organizations intelligent processing, center NHS corporate expedite improve contact standardized transform finance, Blue Prism's and and HR, can patient other communications, care, patient automation Using functions. services,

services, the our SS&C care These in be including with to Prism of along care review customers solution. Health kind new and capabilities a health mirror and our health needs of DomaniRx, powerful pharmacy Blue the products and

now financials I turn Patrick to to will run the over through it

Thanks. Adjusted Results million million. income GAAP were of and for revenues $XXX.X GAAP $X,XXX.X net million, $X,XXX.X GAAP were the second EPS revenues of quarter of $X.XX.

due up $X.XX, income higher interest our Adjusted to on EPS debt. the revenues adjusted diluted X.X%, increased operating X.X% was a X.X% were from QX rates impact decrease adjusted and XXXX of

constant a was Adjusted million. $X.X X.X%. contributed organic revenue basis increase Acquisitions on

an transfer $X.X businesses. Intralinks product unfavorable several had We Blue impact and million. services, across had agency Foreign the strength alternatives, exchange including Prism lines, of GIDS

of for as margins of income increased XXXX. from quarter expense we X.X% manage operating operating QX expanded in Adjusted $XX.X second million or Adjusted growth. XXXX the second XXXX the quarter

quarter quarter second XX.X% in the were compared to Adjusted operating XXXX. of XX.X% in second the margins

basis. increased on currency foreign expenses expenses costs $X.X added by currency million. X.X% $X.X and decreased Acquisitions a constant million acquisitions, Excluding of

of XXXX the net from costs expense in amortized was $XXX interest of Net non-cash QX XX% or $X.X financing second and expense million, OID. an increase quarter QX interest XXXX. includes $XX.X million million

adjusted Adjusted and effective quarter net The income, share as $XXX first EPS decrease. XXXX. million $XXX was and repurchases quarter the X.XX% during the was quarter the average XX%. was interest X, $X.XX, Higher rate rate Note to decreased second compared in defined was look to second in in Diluted from tax to and QX. shares in $XXX.X million million X.XX% the

sheet SS&C's On compared $XXX.X gross million the second million $X.X the DomaniRx, cash XX.X% balance six the debt, billion and and of $XXX.X equivalents Operating net debt. we months quarter $X million of with was billion and for cash or million and period was cash which of and held ended at in the June flow, XXth. XXXX. increase equivalents cash as excludes cash same $XXX.X flow to $XXX.X cash

stock X.X compared million shares June of an $XXX.X of debt or months six We $XXX.X the purchased million for average year. for million million total And paid ended XXth, a $XXX million. of last payments in and $XX.XX. stock the to was at Net dividend price for six $XXX common a treasury we months declared

the $XXX.X XXXX $XXX.X $XXX.X compared comparable receivable six was interest to million paid our and of DSO in we to months, $XXX months, six for compared XX.X paid million million In XXXX. of XXXX. of as we June days million the in accounts to And income taxes XX.X days

or on software capitalized Capital expenditures a $XXX.X and million year-to-date X.X% revenue basis. of totaled

$X.X of as debt was which was EBITDA, and ratio secured $X,XXX.X for billion of our X.XX%, Our covenant XX. total million we X.XX%. LTM June on Based leverage use leverage was compliance, consolidated net ratio

year, few assumptions. of remainder the cover for outlook a I'll the On

client be focus the continue to on First, most of recent services. range in Retention our we'll rates to will results. continue

assumed will foreign levels. have at currency exchange be current We

Our lower outlook previous to have license the software half assumes will of the second business expectations. in growth compared year

X.X%. X%. X% for organic organic X.X% and to will Adjusted year the the between QX for growth be Adjusted in will be range of growth

interest margins. of consistent expenses We have improve manage the and rates with current assumed operating for and the rates we will stay our to costs year, will personnel remainder

be in range continue continue capital of our rate term long expenditures of to business tax our to X% and the invest I approximately XX%. with GAAP would we'll And revenues to expect in

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

$X,XXX in million million. range $X,XXX net in revenues the the range million. to $X,XXX $XXX expect in to of we of range and shares year, the full million million million $XXX the income $X,XXX to of For Adjusted diluted

be full net is settlement excluded announced, to approximately be in The from the cash million cash million. we we expect million these cash to in which impact range $X,XXX of year, flow estimates. $X,XXX expect recently operating approves settlement, from we $XX For If the activities DST to court taxes. the of the flow on Arista XXX(k) the XXXX,

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

to want your I you with and been congratulate since Patrick. SS&C has Patrick retirement. on XXXX. Thanks

you through us acquisitions, XXXX accomplishments XX go your and our You've Thank and over private dedication. seen transaction, for your IPO. the

SS&C from to Washington his newly Schell of Brian August of from join as Notre position SS&C us want I Degree CFO. George welcome and Brian also Graduate to on Brian [Indiscernible]. our appointed University Dame. CFO MBA from done the has has as Xth University will

spent has the broad years technology. and acquiring developing of past XX range SS&C a market-leading Finally,

these our service property products. extensively we times, and against have We intellectual Multiple around world-class have added defended misappropriation. aggressively

expensive multiple will talent. it fees done times. have We as On we up successfully legal pick hire professional occasion, our

up it will And questions. I for now, open

[Operator Instructions] first Suisse. question Kevin Your Credit comes McVeigh with from

the came nice guide so Brian. organic see and to momentum as in continue It year let real to my is congratulations well, and like for QX much about the you and X.X% full Thanks X%. welcome at looks me growth and add Patrick to the in

X%, maybe bridge the from If Maybe QX. you X% maybe the nice that's the that X% just acceleration one. that I'm confirm want And you or of start could the if a X%, the that from put I maybe help I year. to to to I up just for on math, do X% beginning then the right there? X.X% the just number implies think maybe really that,

think Well, in did I QX, in X.X% maybe. we that QX X.X%

revenue expecting and we're between think, X.X% QX, And we for growth? somewhere in do have think on QX Patrick, organic I I QX, what for the X.X%.

QX at QX so to the close midpoint about in X.X%, X%. at

your Yes. question, that answer Does Kevin?

on any And does, professional It the IT. sense that Bill. fees

the then sounded around additional that interested, think I any thoughts just those to, you medical. it it delta EPS like the professional alluded some Because Just And like that just was services right? that? seems is on

-- biggest your you But on operating QX. professional And end. the basis, Medical by is have you to then impact but protecting no But in the protect EPS. shareholders' through not IP, seeing to expected we than we're if claims far medical these obviously, more were the choice fees things don't claims, thing assets. expense and interest

of And continue so that. number said, I been we've to a successful times. do we will like And

so Makes Thanks much. sense.

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

of in the mentioned talking you investments Thanks. could the maybe that you've got just a release. you Bill, moment about spend for these some

growth? organic that You sound growth. The incremental pretty adamant they're to obviously, drive the revenue talking just going -- about

Dan, see a than done though some spent last our done think, in billion building us our a out new market, been that's of our a little we've for I is But that and things what of in about competitors. Well, can number quarter. on that tough gotten ticked a has a stronger you we AUA pretty systems even money even lot what it's of that clients we've $XX the good harbinger of QX, from up separates financial

done the what make services take And that clients to and and business for in continue we've with it I offering competitors. from is our compelling to our business it's our prospects our technology we a think

still the funds. it's lumpy, think I with best particularly right,

as really, months at would there's to biggest -- we there's have drag. nothing can to think we fund least feels we the closed literally do sort have go faster. make of think ago We far And we as that that

one that's thing. So,

when accounting -- lose business and puts capabilities. they in to well for We've then keep generational in it trust the products that Black gathered assets singularity. trust that can we've pretty the done strong. that that the on all RIAs the Diamond has got our And kids, with pretty the Black don't continue done additional generation because products so with momentum Diamond. the goes with they've real We've Aloha been We've they keep technology, oftentimes, combined tri-counting it have

been So for us. popular that's pretty

the in as those said, I dominate hedge private XX% And QX. think we business. have markets And Geneva to in of a up was number fund large-scale continues over it we've

very and in a orchestra cash. we wins. amounts pockets at generate on? is the it's a the perfectly quarter, So, high level any strength all that still we're in go executing going the It's We it So, be We're the for same And entire tremendous number of in think cost. not a making still question tune. very there's of pockets We just that's anywhere. is it's still a of sure we're We're profitable very -- company. just and getting a really strength of competitive, right? I to

follow-up? a you Dan, have

like we Sounds lost the operator. maybe

Yes. lost I operator. the think we

good answer was I thought a it really though.

be we next soon. I again Andrew have Schmidt The Citi our as should believe question. joining operator from

Andrew. connecting ahead, Go with We be must the-- not

still No, they can us. hear

hear Andrew us? Can

think can't just from I I am. line I open where so. his

Yes. Yes.

your us. Andrew, open line should hear be

that the brings expertise. Brian things have this lull conference excited he some and of about a working we're call. as Well, experience of on in We're and Schell on lot bringing our we

big obviously shoes You fill to execute. grow continuing But and our have I Patrick. to is talent tied to going can with opportunity be -- up to think our to

We have pipelines. full

leading have lots of in of financial positions services. segments We

that We and have bringing DomaniRx, to a really it's real opportunity all in fruition.

that EBITDA. feeling That think you that the enough we're of that's up done. And for resources generating you in get $XXX to we're have gives And think have. we a million kind it challenge. I challenge I that

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

to online -- T. Glad you long older you settlement as to talk back of catalyst us been little at a all talked for have one that's for then clients trade your Bill, period can cycle consider systems? the some about and a shorting Do this time. to that here. view upgrading bit trade Okay. eventually to of very day a plus settlement

they they have like if And done can do then they'll will. if that. of that continue think far, to to I think it, have mandate I a so they to, lot them continue

get foresee a mad So don't to that. new for it I to in, technologies be dash

in that timely advantage of fashion. systems, the and take speed then want security, newer also increased some of making to gets parts sure that the the there processed the be reconciliation a of and will capability But stuff the very that everything

there's be So, And the Like, a do or right? incremental don't will million. to think I hundred million of $XXX something a or SS&C, million that, I tremendous some to don't amount few there disruption, revenue. got think bar but on like there'll $XXX you move be

Right.

Okay.

year-over-year. Okay. Intralinks be And outperforming impressive the you given and XX% didn't to M&A to allowing know grow. of mentioned quite down up it, but of you I talk is M&A areas catch to is X% can continues and about particularly continue then some XX%, where area outside that that one business I by Intralinks

you Do to take want that, Rahul?

Sure.

capital in-view statement of the It's portal is I I the alternatives think things. That's the call my of outside mentioned distribution, area. kinds distribution, biggest in M&A area that comments. the those LP communication,

system as we administration to to joint closer a been package. businesses sort to bring joint And we're And as web of continue our going together, LP clients that sell develop solutions, our fund opportunities attractive. communication finding that's and lots and to market of

business is M&A So, that's business that alternatives even area right where growing now. another than the faster

that investments And redacting pretty we other to I think like the offerings been services core have have attractive. and also

last Okay, that's helpful. just then And question.

I talking a you believe fees. disclosing level about we but annual delayed Just basis, licenses? don't this software year? in just an this quarter, report $XX fees, couple from of talked comp item, software if as tough the way million about million, terms of in license kind the around provincial On Is you that still a right separate we a $XX line are license the you're

million, I that have off $XX we that my top sell, I something don't quarter. probably Pete. really a yes, million the guess $XX would head, of

in back the queue. I Okay, get all will appreciate I it. right.

ahead. Your Andrew line next of question Please comes Schmidt Citi. from go of the

there ask for it couple congratulations wanted to Hey operating expense and just comes than your on working forward taking base. I expect? what when me Brian Obviously, guys. extend comes more volatile Thanks forward. in years, the let to with my base he talk just the Maybe to historically. and Patrick, of terms look to my questions been when just variability it's and visibility expense a about been of there's to

a On one the few hand, past had maybe for labor things, cost year. you

you up legal little picking bit. these Now, fees have a

On benefits. this, the we of other also have Prism Blue side

out how a forward? in just and wondering margin Thanks of this overall balance lot guys. going your visibility will just So, structure terms

I I was basis, it you X.X%. if in currency look on think QX, excluding our up Well, expenses constant acquisitions our -- at think a

an getting like think, much X% Blue overall And So, expense at in pretty impressive. as Prism, less been than -- deploying your a it's it's of the some training. like as we're to as I marker, spring little of benefits and is, keep we've growth bit

For baseball, our we're middle really not going hit to until of get stride summer. the maybe

workers And management workers So, to think repetitive great are I our deployment management, jobs and think expense workers. have at. our of our computers that with cost with stuff let workers digital current a we human opportunities more digital the lot can of we just better do interesting give further work we the the

we have opportunity a So tremendous there. think we

you'll necessary not Occasionally, been think you your and but misappropriated And go got IT have process. where that's a you defend cheap and process. a to has situation -- then a it's

some And had so the medical And that's happen. to we excess quarter. that claims happens and in going second

We want make health sure they have and to care. population great have a big we

is, that And pay it. to happy so we're whatever

And be it Got it. correct in I'm for looks you're Thank if that to you correct? still me wrong, half. back Is still expecting the -- you're operating that. -- like clear, margin

are. We

And then. Fantastic. Okay.

can Just for just revenue in sort just sounds the pull-through revenues. lastly, back relative other some in to the sources kind of growth expectation license the slowness terms of be like expected of of What's more given it license that, revenue. variable that half,

your to that. Just Thanks curious guys. visibility lot around get a

are commitment. contracts more for large kind customers. and more, capital expenditures less longer-term of outsourced revenues steel And they're capital license going and our Well, for services,

because offset some So, term, license more evolve you recognition. of get suggest perhaps will to the longer I longer-term licenses, might business licenses, term that towards move continue on XXX the which would probably

the and accounting moving a some all reporting, with of of the that, adjusted GAAP it then the little. lot and and GAAP gets a there's and stuff parts So,

coming me, lie. for I we here? So, cash How cash. watch do cash much doesn't in get And

So, interpret my kind I accounting focus how rules and of process. people think that's a difficult is

you, Got Bill. it. Thank

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

conference late in then for Bill, Thanks taking May, to Michael think And a our in for Is $XXX for flow? be terms should there the of have we were in range. James. terms at potential in $X billion. question. your free higher roughly we It's million the I you announcement talking the reading cash of use of buyback anything quantum there just buyback into

I mean I think don't so.

we we a price buy we can that feel buybacks we we and we at acquisitions I repayment. where that we money, can that, think will some we're split find want after it between stock if much I to going go after But get debt make to think acquisitions like can pretty then first.

view than more go If interest rates XXX% going down. probably buybacks alleviate, it we way. it we'll debt going we're we either art as wise. than to stock we as be to pay not science more But to allocate would And try to are view

there X% rev visibility anything that Maybe Appreciate the is on the XQ? Makes pricing gives follow-up a are throughout rates the like X% perspective to in sense. that. year. scaling in a doing the organic number XQ. in a you planning into close seems exit on It rest But with pipeline that side revenue just from on and/or what guys the you of the cadence organic

selling -- flush revenue combination and and in already are a then getting right, things, revenue It's large-scale business. that new have have price whole that through the of in that deals it's including increases QX

a of we think it's a people. of lot expect And results course. of lot be things, So, But done, it's balance, a and July. there's them. We've on got deliver work talented have I combination still they and really we time, and to of

Thanks Bill.

[Operator Instructions]

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

to Joe It's congrats Extend and see this always claim is a guys, question Brian. on about corporate. Hey for to Terry. my nice I to the have Prism. fellow Blue a Meares Patrick in

XXX to to the Do you X,XXX expected at get end end I you expect now. year, XXX workers, digital XXXX? you by think of had about the have of last

correct expect gave X,XXX the we numbers think to I was at last I'm the by and of And the the think Rahul X,XXX to end wrong, call can have but me year. would X,XXX. if close we between conference I

I think that's right.

just And follow-up. a

Blue implemented better in I per that role accurate? Is past, still that's you've workers? savings you as seeing about more of the think $XX,XXX you've Or over savings migrated these Prism. noted are a

say of plus worker. $XX,XXX, -- automate we digital processes, of still where that, as a are. we it I or somewhere would bit range of of by minus what We we say we I think the averages say estimate that's a still kind there's would -- of wider more the little But XX%. different might around rough be a

so Great. guys. Thanks much

Your next Please the question James. of Patrick comes from line Raymond with ahead. go O'Shaughnessy

effect your speak you Can your of And at company which of this litigation to on that had any where evening. part the business the is property good impact Hey point? IP targeted? intellectual has potential

against it Yes, in -- is with it's fund fair. technology. particularly Patrick, competing compete doesn't I impact fight you say that seem would don't our to And people we And on think primarily these has are things, That that your that business. so there services want you why against that that's -- we our business.

Got are in? as frothy? And Or starting pretty Obviously, lofty then multiples? are out pockets there pretty SimCorp is to there it it. in Makes Are at of where multiples come data. you deal a recently terms still multiple seeing all sold what sense.

make pits But at one lot going deals, a if ball, things, we're I park. out and quite do going get nice so to them and keep just people don't we're And do. of those smart obviously, whole it they the those either eye that that are knock to of of we understand money. the look our those some frankly. we I on

big live live we stuff. I a but down right? a than . technology want we go rather that in And world. on on up value our no shareholder world want don't and -- and mean really reason always they understand, to to stock XX-day we XX-day total But there's I customers time go that

the contract in all doesn't contract six six months wait months. Sometimes those change before and they in at they

pipeline cadence accelerate. other So, enough when you customers and you of that delay, sure your it's that in people have can making the that ones you getting got

want think so billion a million. $XXX to our I still to have any XX% have you $X.X grow didn't that's And if attrition, real we is challenge sell

of of we have the $XXX That's that a We to. have we sell bigger revenue. to a X% get people That's million. but lot most attrition, than lot

Understood. Thank you.

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

Yes hi. evening everyone. Good

Just I wanted midpoint for growth here actually before think -- before to asked I on mean back X% down. that's before X% now. were at the to come a you X% cut organic because second the don't been -- yes, the sorry, was I -- -- think

the that as so I here all? reduction? about sense. why it well? come better that would talked makes You is licenses, else software there highlight did the the mean, is you in quarter something in But second Or you at

take can I it.

Go ahead, Patrick.

it's management. think institutional compare as a software you asset outlook, the an quarter Advent I Yes, outlook much it's I we when the going all mean, provided -- business. this pretty to

health from other in And business the improvements we we're to expect business and of be. our some like seeing where outsourcing Intralinks, alternatives, it

the of the mostly we It's growing not it's It's as year, of business. the year. still half still expected. So, in much back as the in growing the but back software half

but seems strategicable. quarters, a pretty all positive this in note, kind business, And of to the business, X.X%, the mean, normal more in that call back-to-back solid then the of think Okay. GIDS so at context I is on maybe don't I growth on

the if can it's if rate that so just there's being? not a if any here? from color hopeful you're incremental for good Or wondering we time growth accelerate only So actually that's stabilized,

business, that tens of But some large, we've being think And able done pretty annually. millions I think good job [Indiscernible] of big optimism entire in about to business. Well, we close I repositioning very have deals. a the they're that

So it's a long sales process.

so delays. with is fraught And it

have closely. So, some that we any color? say while that Rahul, optimism, we're very would I watching

everything Well, said. with you I think I agree

the in longer. I some right? I point, this little are the would is globally bit So, Bill's highlight largest a sales cycle the of that company think thing business, opportunities other are to in our

keep to our eye have all it at We on times.

faster But of digits outlook, do in this medium-term it capable we even a single of business couple think you of a lot look that of now. kind if kind growing low is terms right than is out a of years, than

Very guys. right. Thanks All good.

There to time. questions are the I this turn at Stone. will no further call

to Again focused forward talking Bailey. Patrick, end I for you can at And thanks thanks you, Thank and everybody look assure we of you pretty that you. on October. again. being call. we the See the are to

you. Thank

today's call. for conference concludes This you Thank joining.

You disconnect may now your lines.