B. Riley Financial (RILY) 15 May 242024 Q1 Earnings call transcript

Good afternoon and welcome to B. Riley Financial's First Quarter 2024 Earnings Call. My name is Ariel, and I will be your call coordinator. Earlier today, B. Riley issued a press release and financial supplement detailing its results for the first quarter of 2024, which can be found on its Investor Relations website at ir.brileyfin.com. remarks company prepared question-and-answer by includes session. call from followed the a Today's

today. Today's The from Relations Bryant a replay non-GAAP conclude Phillip company's as on supplement, Riley these and us financial questions. An we earnings include B. Joining Relations today Investor audio line call, the a these are these an website the call explanation reconciliation COO. before and the management's provide Kelleher, company's call will I of measures. for for metrics both the is and will cautions website. recorded. open And as and Instructions] will Co-CEO; Co-Founder of for the available terms definition today's of in necessary Riley, this Co-CEO; release also will well is CFO which available the and we As later be Ahn, statements. [Operator regarding are After Investor remarks, reminder, use press Tom on Co-Founder Chairman, and being forward-looking available

Mr. turn will Riley. Mr. Bryant please proceed. over to I the call Now Riley,

Thank this joining our for afternoon. you call

year. patience investors for partners into we $XX our a to same the I'd backdrop, and providing on last million then quarter into compared by thank adjusted our I for for start a putting perspective employees, from perspective. operating EBITDA in quarter unusual has $XX what Before solid want our get had operating an the We investments. your to of quarter, performance We period some the context firm. Against million operating our generated that been results these continued highly throughout for and period like to

Management repay debt increased year-over-year business investments had time, attractive margins to with in both QX. as operating uses we same model BRAS a while fee Wealth opportunities monetized have outstanding segment Markets Our Advisory in decrease a revenues, to continued new and the such record and capital Services improve. At income business overall Capital consistent despite investing saw our Nogin.

overall operating loan revenue in line at losses, net a from a the $XX same reflected is as by the of us. In period receivables from reduction reflected last XXXX. we to has are the was gains filing the change and returns which results and loan a and -- from perspective, happy in our a receivables contract, incremental unrealized, receivables normalized income For in north independent primarily portfolio our our basis year, last when context, due interest and year, to with which costs of in to benefited in That approximately offset our $XX noncash from year. From to me, Capital our losses, period Audit have review which Board's million undertaken acquired balance. year-over-year income from gains and segment first income the that of in million by fee investment-related Committee, performing $XX late investigation results are behind approximately our first our interest of lower of generated excluding was addition in XX-K, our our revenue internal subsequent an in quarter On incremental portfolio the the maturing increase quarter of prospectus in Markets consumer -- total same pool million increase and investment-related we consumer flat compared more income Babcock prior XX%. the excuse costs

is while improve and over global revenue for Targus $XXX not and this terms the maximize PC this was Management investments is to macro this call when call years important market business years, any have an appreciate to income. well the some and a and and we our through the but have believe X of our of the story. downside. continuing new both history also As a over on our $XX in last margins of record generating for of to first -- core ago some operating understand business at our to that we revenue in normalizes. I acquisitions, services may and on over is generating investments may I This and Advisory utilize approximately business This what million. Operating value market, potential a only our mentioned, work now of in quarter. is impacted long revenues we expertise potential platform to investors a This Services was annual that continued manage business headwinds had we is do. positioned little It's to Wealth few the rate to that be the making million

to marks portfolio Our in acknowledge We volatility is the the in going quarter-to-quarter investments. our due to our nature fluctuate periodic from results. creates of this

a time longer However, view to over investments it horizon. is important our

investment consists also net an mentioned, of underlying business was valuations driven BW. I fair investment the changes including loss in investments, FRG, of which VCM, included the quarter Freedom million, of for which loss our by As market in $XX for and

quarter. in than transactions discussed sold call, for last our stated since 'XX Sylvan Those August thesis. each that of X change, market operators are the sale our management closing in and underwritten expected reflected the last team fair February overall their are Learning Despite on of ability of what Furniture take-private multiple market Freedom Badcock strategy. year, the these and of business. The for consumer FRG we this 'XX, has December executed in investment aligned of a management the on was remain and that higher management As FRG's to transactions execute in X softness the with the the in we which in the in businesses and FRG adjustment the value confident for originally during first

firm our investment B. that perhaps appreciated familiar book and value our with for the our Riley, our have an hand to describe wholly of on and evaluation often and What on perspective owned less firm looking is those at know subsidiaries the the a of P&L we collection we created uniqueness the other. present balance we've For with built. challenges in from you the relative one our businesses businesses operating sheet investors is the as inherent

we the to perspective, noncash which For has last impairment purchased taken charges over underperformed related have year, years we Targus, ago. X.X it since

estate and million. On acquired has which Great million our invested, is hand, XXXX from for income, $XX million income. tuck-ins, approximately liquidation auction business, American combined appraisal our our and generate represented in of books advisory million which the other This operating of which businesses, financial million we our roughly consists a and on advisory. and approximately in $XX disposition, in real XXXX $XX $X GlassRatner our $XX approximately are includes of And including to segment income asset

in focused as ample our the related we our positioned to continue of interest taking, quarter. running operations performance with exit clients, by the $X.XX uniquely The we stakeholders investors are of together, our per in remains outreach on remain end, our small- and needs XXXX discuss dividend our in mid-cap share many capitalize Phil? to as first space. To we opportunities we strong for to Taken We of to on our addressing is this to to B. generate best free to confidence needs a companies of cash space thankful I quarter. the core key COO, partners our business will and our to are for the that meet actions supporters the We're us. and that, attractive the Ahn, the operating turn ahead continued the metrics expect the ever, aggressively And Riley for flow. deliver Phil to with Riley. With B. liquidity employees. combined their over market in of believe and opportunity call CFO and pleased

Thanks, Bryant.

to million our investigation quarter For total of loss March of incremental filing by the $XX to common XX-K internal expenses revenues losses net driven subsequent million $XXX our million and Committee. of we the approximately review by XXXX, shareholders Audit related $XX first of undertaken and reported investment-related and the and ended attributable XX,

and gains in continue and have create earnings. volatility losses will periodic As noted, to Bryant investment our

For measures. considered and which operating our reason, discuss our context EBITDA, revenues of financial adjusted are the generally this performance we non-GAAP in operating

of Excluding million the prior securities which loans in of This the investment for receivable first to prior quarter, X% year year reduction Revenues prior the million up the XXXX. we the as in from in million million was noted, March Bryant first $XX $XXX to lending as $XXX were $XXX quarter. as million the the to operating $XX fees in driven losses, XXXX first first compared year the million of and compared EBITDA for the in from XXXX, million of same $XX of was XXXX at And quarter in $XXX operating loans XXXX. primarily XX, of quarter quarter $XXX revenues to by gains of decrease to $XXX income March compared from XXXX, generated million million from quarter increased our adjusted fair of XX, value $XX period. Interest first and balance services quarter. million and

from sheet. our highlights balance to Turning

was investments receivable quarter at million and of As in and had at unrestricted in in of other of billion. and $X.X At million as in assets. Total approximately And securities investments, approximately debt, of $XXX equivalents, balance loans other net approximately $XX March cash March other XX, investments we our fair end. $X.X debt net million million billion, owned we cash cash and cash quarter of had $XXX which $XXX approximately total XX was and end, $XXX million includes and reported prepaid total investments value.

approximately will old old our million -- XX, this XXXX. redeemed on month, announced February May the the earlier senior $XXX During Riley redeemed notes $XX of Riley of XX, XXXX. million remaining March we And on quarter, notes we be our senior

a Bryant per dividend $X.XX noted, as we've Finally, common declared of share.

Tom summary. June now shareholders dividend common be about call the segments. to XX. That XX completes on business our record or Our to quarterly May Tom? my will of to I'll turn discuss over as paid of

Thanks, Phil.

compared $XXX we're consistent in was As the and quarter Bryant deal-making same from EBITDA due beginning the basis. Wealth in operating to income overall also seasonal Management, Management improvement tax and on our higher XXXX in $XX benefited and of quarter from result XXXX. surpassing prior fourth the as division. the million quarter. from while the see Wealth accounting and over revenues advisory revenues of over year. BRAS operating to revenues more In unrealized this decrease of during business production of generated Markets showed syndicate this last increased in revenue Revenues revenues sequential generated tax and brokerage normalized of investment period fee quarter securities $XX purchase all million there revenues to XXXX, strategic year-over-year environment Capital losses, benefited Riley's from segment first mentioned, previously our steady a a Holdings. our of Operating following National a revenues, to income both prep million B. realignment

contributed million totaled under operating March and million $X.X $XX.X of billion first the Assets management during quarter. and at revenues XXXX. Auction Liquidation income of $X XX,

Our business coupled with Returning opportunities, quarter, most expect team was projects both realize during several the in engaged which this of clients year. domestic drove later and revenue international. our to ongoing new activity, we

Our prospects in in early several stages. Europe continue be steady with opportunities to

GlassRatner known income quarter, Each Consulting record our division operating million brokerage to as which of which and to a segment and the increase group, $XX million appraisal Riley Financial established our period year. a in a compared includes Real XX% Our division, to consulting experienced Estate Riley in last our Advisory first segment to $X.X divisions, XX% XXXX. we and legacy B. in American appraisal increase B. Great revenues Services, segment consulting same our contributed

also assignments. Crawford consulting XXXX and in Farber acquisitions Our to of bankruptcy forensic contributed Winiarski increase and advisory, litigation in the &

exam In we of to for consulting our legacy the robust others addition including have more group, continued expanded develop the executive during service, other search. like field appraisal and quarter, and to our demand services lines

sales of during portfolio Consumer the $XX quarter. segment, our in million contribute steady Products laptop global segment revenues Communications in has generating $X Our during in and softness our the to quarter. flow million of $X of continued PC the businesses loss continued a And resulted of million to and platform, cash income operating

As Bryant to work noted, Targus through some is headwinds. continuing

However, positioned well recovers. we sales believe to the PC business as the turn market is for accessory

questions no A more not in team the due is our of success grateful. continues could across continued for commitment in our B. Bryant the focus that, Riley, back we to and clients up will closing dedication we complete employees part world-class of for now and demonstrate be and the customers. With remarks. serving small professionals call Finally, open to turning our call before to

Lane Capital. Sean (sic) Charles Our [Operator Instructions] of question first B. comes Riley from

-- delta? revenue But there's so not What I'm and show Lane Consumer question from B. release, first you of actually you that here million for would In $XX in the where about said million And from goods Capital, on $XX Products. had Charles Consumer revenue. up? sold, Riley. is accounts that Products your

you're million $X Phil, the about Sean, delta? talking

Yes.

is that I'm not Phil, from delta? imagining I'm something but the sure. do retail, know you

to retail to going back mixed different you. liquidation, sales some retail get mean we've We're have the do, do we got a in gets When things in of mixture No. I to there. there. of

expense I Okay. that liquidation. I down margin? How think incremental about fixed How confirm versus variable? And touch. came the Communications, was we much should a think of some like that? we figured just then to margin it on want It about is that. looks how that do

group, upon the amazingly assets that there's a I well. that Look, that have performed bit the But and, group X touch -- can that more. margins little you think Phil,

think and the unbelievable magicJack United has been lot we've Marconi on investment, know investment. I and $XX talked So we gotten best million Online and investment. about been has returns that you a And an our

a so been a side add there, a are I and other from think Phil, not of you margins have it's We a big contraction. margin but bit that piece And BullsEye, of to we there? anything business. think -- a us contracted have for X, want that some tougher the involving have business little it's causing But a selling that the solve and mostly causes business, number Lingo bit. and

No.

I captured you it. think

a just And me. then more for couple Okay.

$X about we about $XX that being $X.XX, we from expect be think Or a deleveraging? going savings towards to capital million funneled dividend should the on year, how So to should allocated? the

any whether maturity we or higher to think giving sell, XX we cognizant whatever. or we sell, our is stock yield table cap I selling incremental we're an price, Look, We're are we for that it any anything do, trades. the asset XX away

I And have so we -- think to take account. we that into

some are amount considering year. those there. would you differently. GA, we've capital that made the We comp, investments think see incremental big return, based any fair last of in the of about we are on sort a talked about we've -- we'll that And as Obviously, with process which

to there's have incrementally, lot make our think that and options, by covered opportunity. a So free And we'll then we we operating want sure do flow. our dividend of EBITDA but we think an our is cash

about probably one that of things of One things we're a the that difficult and of is GAAP why mean a in a to the pay -- did that that's think interest we rates. think terms a lot. we of I similar situation you rate interesting in have issue double lot bonds at I

of. bonds because embedded there's of. we which discount There's lot a advantage a take of so And the try in of value of value a us, embedded us and there. around to obviously just also advantage there's will lot take those But noise for

So things. looking we're all at those

there shape QX would booked on commentary any how Markets, beginning is me. color to any QX Yes. up? X for of FocalPoint on Capital And kind and Makes more be sense. helpful. then just And On how

Yes.

-- So say since biggest I in fee well, we FocalPoint acquired our had would them. we

picked they're market the definitely I just up. but has slow the still that pretty slow were in as The in would up. meaningfully been Russell QX, has Markets up picking slow. M&A QX last say I started relatively picked have Capital in -- off think

I months. I share. So lost also more not little are K is when even the market the meaningfully think that think did And we last frankly, out, have couple turning. bit a we active of than weeks quite of our previous that,

in and we think around I and for a clients that, recognize that. they think we've situation unique years, I perspective, our from XX investors appreciate were been and that my

swing going X in opinion. to to about see our And positioned market about opportunities a think going going side, cap that's really that I the is there, conference. for amazing the in our there's conference. I our part be and next we're of that during think that's I'm that We strategy. and that. my excited overall X excited to well I'm to start years, big telling real momentum some story to you're think

excited we're closed years. very business. So most for that X has market, part, the or slow for That about been

environment, or if it's a growing from their We or better little there. we we're think bit who So reevaluate companies can see companies whether whatever. are really well have to to whether start who it's debt positioned

So I'm excited year about see we're on, going Markets. in the next goes -- Capital as the this momentum to

a last segue. And good actually, Great. it's my one,

to the up? over like expenses And So then you foresee investigation. you coming of lost from Any like kind about think should -- extraordinary bleeding QX? related $X expenses any million expenses we your into how more internal that conference

year Phil, the the try since say about and that. lot around Phil, sure first conference and would a going not is you to I running we're think, we've leakage we started. we can been I it, you conference responsible the efficiently We think we be But can run huge. that say -- to have -- that. I talk fiscally of make the sponsors

a it's would for So had second not through. But the I [indiscernible] and to would at not how quarter, incremental the -- we that you as look just getting answer... Phil, number costs the you relative bear big to audit

from obviously, spillover, late some -- probably mid-, April. There's K released in we the Yes.

a going had bit imagine can't would I in there's to of we little spillover, be but it So QX. anything be like

Got it.

Okay. Congrats.

All you. right. Thank

& next Paul comes Our Associates. question from of Punch

and any noncore can Can there other Great transaction time more Bryant, line the you as you well provide can -- on opportunities? -- divestiture color you as American

guess in it. what that been we a middle we'll gotten, is determination. interest of I So We've the amount happy the we've with of that I would are make say and

asset. amazing an it's think I

can consignment off business building somebody, it's whether a buying team. of that a the brands things lot if they or whether direct lending and through do asset of great platform, an or it, did, auctions a a it's it's it's think I we as use

So we selling -- are don't I about opportunities -- potentially mean selling I'm for really excited see I'm love it, say. But -- I I the it. should

of side of it be On kind to bread-and-butter a the that's and the going And the all great of view play think out. small-cap where our just started, and it will itself there's -- we we run. firm,

and even the which other dividend us a like a million an of noncore of been million, bit have investment for amazing of -- little we've generate and $XX some checks, lot I about not Brands, assets -- You $XX talked EBITDA, EBITDA. the

So is super value think point there debt aware opportunities I'm of back create next in our that? a there an us that lot at are discounts. opportunity the to through year some for by to at buying

so of kind that and million And think year, assets does during some we some saw our drive cash. thinking. But sold you quarter of I continue We and obviously And to $XXX had we last do and -- and all make we noncore to of that that the do deals backstop there want to be deals stuff. for our also we're or sure that. able overnights

the it's that I So I I but you -- were I seem than handicap did, all somebody -- to in expect said these a balanced, to longer little I to was take -- things optimistic. if But decision. all would always it, make me if timing a I say QX, told

be think in people unique. decision QX asset a would side I it's really probably that when earlier I be think unique would it it of what the more recognize made. because is But a

yes. Yes,

news there Franchise Group, of then a And headlines. couple Okay. were

detail remaining the ] you performance segments? little human [ Any on operating very on there. can commented give but out You've update

Yes. Obviously, say job obviously, done team management -- first taking great -- I will is the I what good of kind really that a has of different there say a extends through in facilitate, step. reins. was the rough get environment. expected. the we was is ability a investment the help just -- Sylvan off all, than transaction their Conn's manner started of really I first because cash to a really that important would think, really, consumer am what we I a this a

Supplies the there's lot think on That's Plus. a all on saw -- model, of an the market to Pet debt create could think down. that. change liquidity same pay appreciate you and securitization potential I no note, a to I the exciting So that that We constituents and do

assets other on. have We we're that working

get think to hard would So specifics. I that into constituents I just aligned. the much say too are the of

as to We're been we management right a now. we'll American a the -- we have positioned. to Freight, are not And consumer Freight, and of team did I that, in think able that yes, invest American really are I can in lot mean, again, as we that and is as for be can fortunate which great we really that doing has. underwrite believe cycles taking have the turn. bring historically down like sell it runway. But And well I we that fortunate businesses good job. long turn cash outlast Sylvan sure, businesses long were as so But

Yes.

Targus And Tom, to being about talked poised Okay. turn. you

you're Just line more terms can if in there you there's of in that seeing wanted any of to on normalization. kind provide see terms color thoughts what and of time industry

Yes.

the it turn. one larger cycle Targus. will COVID I But the really industries lot which of will with with macro, time, of that, home, And over hardware. with was a to bought who businesses think And tied there a working sales of proliferation people of is of and laptops. that that's people from drive those lot clear that and that's kind a

had but than So we see the it's a that little taking -- as bit it's we eventually. in consumer, with longer happening anticipated,

feel the about So good investment.

TK. Sorry,

not with of what one runs of ability Franchise others when has about the Michael there. been and Williams, But may best a us that one Group, to. company a in and have the business. my And business and buy successful it's -- bit. because who think a approached that things it part in do. public we obviously, to private I be invest wanted little important he we And able out that in CEOs the is, And to of mind, X turned buying business companies an Michael business,

competitors the through. not are We of some seeing get -- able to of our some

because if you remember us the a in whether long good. business. wealth discussion. what going seen it's that's I your this And managers Wealth if all are come have And we a we it And we're investments, this, teams like partnerships it, we've time others mean, the or do seen and the come think -- really topic we feel of stores think investing unbelievably closing business the investing. Ron management in been out as for can really, are that when have this. have investing now, Management, Through dynamics in us, really have supportive I'm of whether Mike, this gone turned was through have that unbelievable sure, of out to they've so you I Targus, to that you're Chuck with all you've able And that see American of many with crazy Paul, of and it, it's and in that times. I in partnership many Freight is group of just been and that's on we And supportive.

And goes acquire up it GlassRatner sometimes was brands the did, you it like and and something like right great did. and rips which

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Bryant, it. maybe just it. to wrap then, get We And get up We Yes. here.

think going and from insights unusual about last talked few impact You either you Any dynamics forward? learnings operations months. or will that the period crazy capital allocation or

would it's then I self-reflective It's are Clearly, yes, me public a difficult that question and firm. a as I for mean we pretty company. -- a say

if you an and investments. us declined, operating there's get you and -- about business combine pure But that's us an operating you there's operate that kind element an of of make And mark of unique. equity it, element If those and then you is business, of that's make think -- kind an that down. you you if that private

it you you that up. an If buy business goes up, operating mark don't

And that a so we're just kind weird spot in around dynamic. of

the not a advisory. as what anything. good to I you see go of done to brokerage with see run come I team have a think grinded, that think a did what's We a K and this financial with I and reaction we where and something is markets, -- really grinded and mean a It's stronger. -- it's we and going Jimmy we team not have going I am we Andy in not out is that. capital we're been tough for been happened side. think so and to that And haven't the on that that has services. it our are in have we impressed while, out And we opportunity. had

So the I'm excited about what's happening on financial services side.

time I'd was That where does $XX more that opportunistic our it just the to I because a buying would side think from sort dynamics creates but be maybe create -- that I that over of have like I it say million. audit. I all it more passing about can't think hard but of think up million again, how and we would understand So I it, Internet probably of a a is opportunistic. $XXX an -- business, paid the bit us something complexity returned just time, our be company my super people of I answer everywhere would business little dial-up optimism -- think help it the we

that different think, -- around saying lot little not there's those a that better, a would but is ways maybe And well, this -- would so I to, simpler find rule platform that out. not things we'll opportunities And of take of. advantage

Concise of Capital question Robert from comes Our next Management.

peak a the On the Investor XX the like months last EBITDA of gave various in businesses. Day, nice kind of you

we businesses. the guide for could get Just maybe hoping a various

interest dividend more cover be just with you the going that the coverage that in Just forward, how and spoke you see to ability really about line would great.

So look, I EBITDA trailing month roughly would $XXX million. -- our is operating say that

then of do to $XX that got around our EBITDA be broker-dealer the going an the reliant businesses a need cover to on to retail to pay question lot we've interest is we going that's is -- number and And -- is the is recurring million. to and Our what And lot of for do going if operating dividend that. everything a of that's really part our cover business. what that and still

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we quiet, months had contribution number it, the roughly -- had was but increasing. our XX advisory at is from around when been business book. a from in million businesses less operating pay quiet. dividend case $X the this a $XX-ish you So XX a little in really of trailing have around Targus. quarter. I on the Retail dividend right? to a made our little from X and quarter, look X, a on, it then receivables these contribution have and steadily was We no We hold And mean, to money is performing that is $X like I an in EBITDA, and -- pay

share. EBITDA us. paid from of was we interest business good our That's swings weren't big a it's environment. XXXX, feel the would these then are we in to $XX mean about lot of by dividend small-cap excited direct our I way new And as So We is and operating and the close. paid recognize have swings set really, share. we market. a segment In the a earned not as for recurring have a up to broker-dealer. I that. gains a expenses with it's the those the a that the retrospect, were of unrealized -- $XX one this off frothy been pretty a lot has of and them guess, opposite, But and not but contrary, I It tough think based were a be

like that. and we're environment businesses generate feel this Management that from if about and So operating we appraisal to really EBITDA Targus contribution your of with able answer no Wealth to good other these Does continue this question? improving, in other kind things and

of parts just follow the is bonds individual the prepared baby you comments. of 'XX in think sum can be might got the each you something going Because thinking a to up that just current. Yes, in I business, said, -- maybe guess helpful. I the understand as it's of are but about it it's helpful. part as it be guess tough contribution to they're forward, to

So the there there. you of how Great think dividend? constraint about flywheel which pay a that's because, got you it off. a you is But shame would like as Maybe that through American do you why guys the against do plan on Or to the opportunities excellent it? finding obviously, is block, addressing on be just investment that group

the block? just So why plan yes, address And that is that on it? it's -- is the to

reason asset, met as be of or lot they or now, thing, consignment are and supposed right? art like we it's And to sell for lending institution do I ] side -- billions those and think look, this of money. of think again, general them got brands argue flywheel more we're you And whatever we cheap, in of I dedicate argument. us that's if get is. And of flywheel we -- what we're But a -- we're I -- to don't [ did I an we need is part lot sense, favor or a not make we what We dollars mean, you at bought did just can GA that pay basis undervalued could part real. But what -- a recycling want be think or sometimes is decisions, to it, you we and the would bought a I if is our the And GA. financially brands, I don't fund and but it. don't supposed other our it to -- look even for we lot to we a find a of about I bonds. of to it but to assets look, to -- work create either We makes maybe to and direct in a company -- out the spoke that cost wouldn't value. an do of mean of good can

were up things. just decided this other we gigantic a continue makes We lot firm We set think set we done -- so have sell buy and have never market if of and we're we to started price in up. cap. to sense, to not never a that, and assets. some as if million $XXX buy and that million $XX like, and get We great, we started But not funded don't buy, out we the But we buy, were go. again, or but cash -- it's maybe could let's

somebody think look say be as companies, I those value that -- us, has it's an created a and things cross we part a it's real overall value So it's going for we of at company for over. a just else X and real would portfolio of -- is to

the concludes to remarks. back it for final any Q&A. Handing Riley This Mr.

Great. Charity For Well, tomorrow is our remind I that wanted everybody to day. Commission

programs goes commissions an Ray of X Sugar diabetes. It's research important X Leonard and Foundation. funds XXX% to for cause So tomorrow's trading and that the childhood type

excited Institutional Next be very kind here continue this month Investor week for really that. years. seen great we've last to feel about Annual like is over few to Conference. the forum We're and to momentum We our going build that's the a us of XXth

public our it's think XXX the and companies, testimony So there we will businesses just who highlight and executive side private a maintained way people. then And the great and X,XXX been manage people maintained the a that amazing through this lot. firm. And attendees culture, we people really people have manage the operating business, have the not but be a we the that to to on I the

employee the brings. excited is about -- think fired I really I'm next year think, and what overall up. base, And excited the I

So to looking forward operator. and next it. you, quarter, talking Thank we're appreciate you to

Thank you.

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