Vera Bradley (VRA) 7 Dec 222023 Q3 Earnings call transcript

Good morning ladies and gentlemen. Thank you for standing by. Welcome to the Vera Bradley third quarter conference call. At this time, all participants are in a listen-only mode.

Following the presentation, we will conduct a question and answer session. at for provided up to be questions. for will that you time queue Instructions

today’s is to conference would reminder, a As call to Bradley’s Administrative the Vera now being turn call Dely, over Mark Chief Officer. like I recorded.

like everyone. us call. and you today’s thank I’d morning for to Good welcome joining for

Act Harbor We may and Reform Private during company’s the release the to amended. made uncertainties. statements results operative forward-looking pursuant and the within could statements the Litigation those Some remarks in XXXX, of risks forward-looking of Such made later the no made the call. response known most Form constitute and Vera of known actual over will now press discussion for that XX-K Wallstrom. update and call provisions on refer the SEC from remain statements as both discussed Bradley’s to today’s that and at and assume with are Safe meaning today’s Please we to Rob? statements a time. not recent to prepared the any cause Securities uncertainties call to CEO, of will subject during differ materially our to turn Investors information unknown Rob I expect. a should undertake of your outgoing the obligation questions risks to that

us on Thank you call. joining and Mark. today’s for morning you Good thank

has her with are in Jacquie at right Jacquie we company as after excited and serving CEO, previous new the John most our future. the November joined Road into Andersson. and to and today. Hanna Harry of Our and in me experience Grandin have She David President Enwright, company leading jumped both CFO Ardrey, the join recently

help on experience to $XXX freight gross and by Total We largely supply were comments targeted material quarter. First, a we moderated rate of in overall improvement EPS as challenges implementation million few above some increased began reductions. chain margin revenues increases the delivered of our and driven non-GAAP year-over-year stabilization modestly make expectations offset our price raw a let in me strategic costs. and expense

our As incomes, in launched customers Bradley our factory Potter, of of footwear new to family our metaverse VB our with channel full our the to the remain continued collaboration build our higher inflationary back with a fuel travel, in made household lower indirect Vera continue past household introduced and debut our in customer customers we celebrate experience spending innovation in direct gear our spending; discretionary sleep casual Cloud In our Bradley to to collection, the Bradley’s more loungewear Vera are price engaged lifestyle bifurcation base. growth. Vera the than experienced collaborations powerful areas quarter we we with with spend quarters, Disney our continuing third collaborations. third our channel channel product on incomes especially and and rain Vera more Harry traffic quarter, core collection, are with and impacted NFTs campus, pipeline At pressures anniversary. however, where of our and focus XXth everyday, consecutive Totes, brand, its in and Bradley to and expanded merchandising continuing year-over-year

strategy distribution base, expire. leases important underperforming stores our to an play to continue closing will part going rationalize our continue forward, stores store we of While Vera Bradley as

impact until marketing ways more the although year-over-year still spent be than which marketing ecommerce a digital the effectiveness full can XX second trend the same this social trends, Pura had a impact In effectiveness, sales. the closed marketing negative we and sales affected we Vida’s to lowered continue we reinvest revenues. have at determine costs. experienced Pura media and in quarters, have ecommerce by and year. time negative to locations the best higher revenues Bradley We year; dollars begin Pura has This Vera Vida’s line to to spend Vida’s positive maximize saw in negative we on we on third wholesale a first compared quarter, and we the prior did however, year,

Our number to Vida and to diverse, build innovative, marketing is one sales. effective priority program performance-based ecommerce Pura more a drive

year. complete play at in to Phoenix other new platform Broadway view We in new Pura are a customer a opened single the at our and comprehensive September. of and role should the in aggressively customer complete our Beach, in demonstrate build diversify to customer better impactful early continuing reliant Village be presence, price implementing TV, become in process power retail work that stores Beach exploring loyalty are platforms, marketing we at TikTok they micro on personalize by with to we a we Myrtle methods to connected Vida SMS, has target our effectively presence so for expanding launching In full can of data ads digital as spending. in and third the each This Stores and meantime, customers. driving continue can and less optimizing acquisition omnichannel marketing. Vida on our next South the party coherent, influencers, Carolina driving We metro a reach and SanTan our key Pura marketing in August sales, the

So year retail far, Pura all of to stores Vida are sales exceed projections. first our their price trending full

the our apparel engagement our innovation we stone like to and extension Vida and expansion the and of offerings. jewelry Potter Pura with front, Hello fine Harry collaborations through continue collections Disney, On and excitement build and demi continuing partnering customer of influencers Kitty, product like key

CEO, Ardrey. Now Jacquie? Jacquie our officially let me introduce new

Thanks Rob.

a few weeks, been Bradley brands the short Vera in company marketplace. that convinced Pura I’ve potential just with our untapped Although have the both I’m Vida and

our execute plans, areas forward working teams our you to While I our to in position growth deliver and year-end forward merchandising remain March. and leadership more opportunities with many term. call remain go-forward environment develop over about look growth focused consistent, are our closely of cash our sheet and expect and to teams unpredictable, talking our leverage the I and value shareholders marketing, the macro our to to earnings and balance I solid. plans in especially to during the long sustainable look solid

the let to Now turn results. review call John to me over the financial John?

Thanks Jacquie, morning. and good

charges discuss over for Let numbers third will the few me go in release. a non-GAAP I and are highlights today’s exclude outlined quarter. all The today the

totaled Consolidated from excluded complete million non-GAAP quarter. detail diluted share per non-GAAP per million a items to of as please or income last release. numbers a revenues totaled GAAP numbers, For Consolidated to $X.XX year. of in $X.X reconciliation compared $X.X $XXX $XXX.X press well million year as the prior net or compared $X.XX million third today’s reference to the share net diluted

X.X% year. decline totaled XX.X% account segment orders quarter, by noted, indirect totaled $XX.X direct last in the partially was million primarily revenues a in third $XX.X $XX.X increase Rob million, expense specialty segment X.X% segment the reduction year. Pura from decrease sales As attributable the from X.X% account third a million, million, $XX.X totaled a Vida leverage Vera offset to last Bradley in reflecting the a key increase revenues million revenues increase prior $XX.X Comparable $XX.X quarter. in due Vera certain million EPS to Bradley initiatives. decrease orders. from cost in decreased an year

and million $XX.X compared expense, mix $XX.X or Third net XX.X% changes, negatively current channel margin revenues The XX.X% million affected of year. costs profit revenues gross totaled of to and of year rate overhead quarter price by increases. deleverage higher freight net offset gross by inbound of partially was last outbound

XX.X% of current of net Third the consolidated year to or SG&A or $XX.X net year. prior million million revenues the revenues $XX.X quarter expense compared third in totaled for XX.X%

primarily to the income reduction of lower in volume. compared year. net third cost consolidated reduction expenses than related prior totaled $X.X $X.X company’s year X.X% current or initiatives due variable of a due in revenues to million quarter million expected, revenues The operating prior lower year As to were expenses or net X.X% sales and

was balance as than third year. to revenues. equivalents reason in build cash well $XX quarter Cash, inventory expected related million was year approximately at end to costs third $XXX.X over borrowings to end prior compared end lower on incremental turn current Total end as burdening ABL totaled last our is for due $XX.X last Bradley million million let’s the investments Total A of the of quarter. of overall inventory incremental key higher and logistics Vera last Now year. million to year’s million its to quarter million due primarily $XX.X quarter cash credit as had end. of quarter no the facility at compared sheet. factory position $XX company $XX to at The lower the inventory, year inventory than $XXX.X inventory million

challenging We this environment. to will cash, a to take particularly and approach in continue conservative volatile

Now to outlook. XXXX our let’s shift fiscal

We quarter margin. unpredictable. numbers there are macroeconomic continued be forward-looking challenging, will channel, impact Pura in factory on lower Vida and Vera expect continue inflationary incomes, Bradley’s the the All to will fourth will The be discuss be to with to that customers environment business household continue continue particularly pressure pressures non-GAAP. gross to I guidance will

overhead lower expenses $XXX net last to increases promotional million to $XX.X The primarily to price Consolidated consolidated initiatives compared rate decrease last to $XX primarily million to of the with targeted Consolidated SG&A is fourth costs, related of cost reduction compared $X.XX due gross offset XX.X% to $XXX.X consolidated to year. incremental XX.X% $XXX year, driven revenues and year. $XX expected and For last expense. a partially we is by compared million to on freight deleverage lower million of sales variable compared reduction in quarter, the decline. XX.X% year-over-year to and $X.XX of year. expect activity and margin expected EPS The expense $X.XX million million by prior associated

freight consolidated diluted to $XXX in to overhead being year. million driven compared targeted margin in Net For consolidated expense by and call year. price fiscal to in compared of reduction is is expectations $X.XX and capital and Consolidated Consolidated of in to $XXX.X XXXX. activity, compared our related compared offset XX.X% incremental million million reduction Operator, on year. last primarily to $X.XX the The open inbound SG&A expenses. million year, variable $X.XX to incremental net million compared deleverage of of up of XX.X% year-over-year SG&A expense approximately questions. $XXX outbound XXXX, The XX.X% $XXX to to prior $XXX.X will $X.X expense, now fiscal million a $XXX initiatives EPS partially increases. full by updated promotional cost rate gross last million $XX in we decrease spending to the revenues to the costs to expected are million

today first Company. Our from Oliver with come Chen instructions] will & question [Operator Cowen

would tell gave us you the how sales. as I Thanks you Jacquie, relative customer little evolution priorities? detail. Finally been Rob, experiencing Hi, a could continue. Bradley, factory, Hi price? we was most on everybody. are months pressure of your you full what curious what ahead about a as understand That Jacquie, can you great Rob, bit of number, and what good embark going attracted about would of help as be momentum there, morning. and love forward on lot number with Also, that thoughts that, model the about also weeks - the inventory and if to inventory can Vera a nice look as you Rob, indirect well, Maybe that had think growth David. us of key are channels, to on some you you’ve to initial great. right-sizing that to your thoughts your

guess Thanks couple things. I a Oliver.

full and believe looking to We the to business, ecommerce the continuing we’ve way count where consolidating price a pressure, that see believe she do the efficient this Let this the talking most rationalization that price, indirect way really Full the you factory I customer been me really now, so full conversation our business, we of right, been price the been that in doing, that hit some non-luxury channel year. sure right-sizing business see just what’s been and we the for price us do that about inflationary in our year, get the the call that really we’re store seeing it. as we’ve more--what in we’re seen to areas, kind which that of this continue has think through in some questions big channel asked. of that right that making leverage across at that factor customer. kind we’ve in and more economy you’re to shops, I’ll the general tightness the going going reduction The semi-opening on and areas retail place

they’re these encouraging through important that a fight business. the to within really we’re factory seeing part really space to term been that where very of we kind think we ecommerce so going and see, indirect term, our our channel of that just We’re believe continuing has businesses ecommerce that power but our strength, really channel, just near will important. still expanding economic of The again indirect pressure is points, the to be long leverage

to little and we’ll I inventory the think maybe over her, then it to talk at I’ll bit attracted what hit Jacquie turn comment end. a about the

Yes, thanks to Pura that iconic fact I built entrepreneurial I from was Rob. certainly the opportunity Vida were here. the brands the spirit. drawn and an Vera both Bradley love

upon leadership a leverage merchandising untapped build profitable and recognition, in been immersing of Vida purpose great, bases, and I’ve of joining business, March. directors. the customer We really right have the a go-forward drive meeting exciting about potential working the and right really team is with really the time strategy socially now with connected now Bradley Wayne, key have high relocating really with and the but about devoted, brand evaluating to really over marketing, It’s can some that priority I’m here and to we corporate board emotionally spending been is things working month, really just the our have exciting in time Since multi-generational so for marketplace. and a to meeting in to conscious, busy board talk Vera enormous just both our where the Rob, driven, I’m long term particularly our my spending Fort which in my heritage Pura company’s stores, with month ago, brands. and opportunities, lot visiting now growth teams, besides myself

on I’ll Oliver, hit inventory the question.

a different want be, bit As it bit through higher when would we than we be built. started to little little work expected we year, kind this also of inventories so a we this would inventory

of we anticipate--and just to at year to we’ll lot Asia a think detailed, next build from the the get out our earnings with for is associated we year, we with guidance by next line be, free inventory as Southeast so As inventory next the cost Indiana, a to ultimately with associated anticipate next normally in obviously year in about that next we we of the but year expect getting see so cash some back where and inventory. we reduction end and benefit to release, would would flow come

that consumer, you. Okay, shoppers a in weaker Rob, could as you shopping later. pretty if help we you we about with the industry dynamics volatile saw the thank think well, a characterize seeing there. October then October as and Are some

Second to gross margin line. the on this is question

or increases. remarks, promos those between strategic also Thank margins? in What called You should in you. prepared but undertaking away how you take are price dynamics model gross two the we’ll consider we

up think is Yes, to that Friday. as momentum pick Black that past Oliver, seen, during promotional of the October, definitely that saw the returning has I standpoint, begin we part consumer the saw right, we’ve stimulation, though, and added and so continued promotional the historical from mentality. importance as is in balance that that’s expect know, of weakness Black through is be you’re we a as We’ve promotionally to for quarter the towards deal, but that Friday, of have and some targeted been--you Black opportunities activity so brand got consumer through looking move we part in think definitely kind Friday Black and that so it we consumer What Friday just driven, SG&A. cost and general fourth will that ways, continue driven environment product the to through of for that’s the finding through how year that other we the consumer responded, whether ahead, offset to as promotional is nonetheless, I whether expense we into that’s or consumer promotions has deals move we the of that kind balance promotionally to

think number high, we because long probably I The number. that that that logistics costs logistics would tailwind margin there will we’re side, bit as about some we international help international gross has I come not a really gross us on be dramatically that will talks margin but promotional term say costs will pressure do domestic logistics think remaining, a on are little the as seeing the reduction move forward. the but down, that and be

benefit think just we’re normal obviously add which tailwind will next to pre-pandemic I international Yes, year a our to for getting will as P&L. not that, back obviously I’d out giving more guidance year, levels, into but next be logistics

thank question, The WebX. plans work NFTs Bradley, and Vera Cowen with make there Okay, you. and happening seeing for are thoughts Why what’s on interesting and last you. profile ahead? tokens and with NFTs, fungible metaverse we’ve done any decentralization any sense and on the customer Thank of lot and also trends the you did at a

that for experiment opportunity our we’re we that make as that the the continue and our just patterns, kind as that’s thing the we’ve from and always company customer especially, one, space ahead. we’ll us it’s yet, collectability the been space, in in something leverage thought with been a we want foundation around. growing and experiment begin it thought and for areas space, but into it to so learn sure that space wanted not one use important exploring is, we think huge one we We grows that It’s been commercial and that to of so it’s I that’s relevant of getting to get for to could of so opportunity. of younger and learning innovation-driven was a NFT a leverage great stay a in a those years world

Best happy holidays. regards, you. Thank

Thanks Oliver.

Thank you.

Thank you.

from Joe Noble question with Our Capital. will Gomes next come

Good morning.

Joe. Hi

start about probably trends, the - and we’ve really putting happen to some looking you’re off taking time Vida long before to of go seems start needs in at I we stores. be the the now retail see improvement to, guess, just I a a can database. What talked year next you digital to Pura know know, for business? outside here that to to side, out I opening where on It wanted on together that figure

had transition need exciting is to obviously marketing old still consumer, find getting consumer get one coming not the a is that seeing upon think question, we technology these as that we her all her leadership platforms channels, have first that it dependent a our we we’re eyes and will set real with of customer party positive part team’s platform, thing the when we of think very different a the diversification things, I I marketing technology. that customers front but on of is new think an right? uptick. lot that through. acquiring of in and underway Jacquie A and way It’s through it, so success a a that’s been think other the is at been fresh and can working the the of at great that. Vera that hard remains last piece data Bradley, is improved quarter. a be has the the look merchandising background the so few we We’ve getting do so learning, Joe. of working of get engaged. with pieces One Stores do There’s because over is it’s But shown in platform. thing to our in One that easy with not business, data ecommerce just we’re

think be really it’s mixing. I to going

Jacquie diversifying We’ve to seen marketing, we’ve up I their doing to progress transition re-platform we a--it more started but with ahead. that think direct-to-consumer we’re at on need not have that same. Pura lot has of become had I to kind easy months can omnichannel, I opening the of and making the stores, be think the some and As business, accelerate an in Vida we businesses coming a been these board, think progress

looking I It’s new performing the I about all retail in San great know stores, are How the the past comps Okay, the now how think be talked expectations. to is the and that we’ve those for store, news anniversarying. San year-over-year ones, Diego on you speaking on they store? performing, Diego that seem it’s have above

early full to is with so really What first say exceed I all opened the still the four have of it’s encouraging. our stores right, price stores about year Pura at good that’s all Vida innings, that expectations, up, news tracking is would they’re

that just as of profit it Jacquie’s metro four-wall speaking it’s is strategy, a business Pura showing can uptick looking not encouraging through seeing areas bit potential that we see power franchise that and so also so overall. part and move her, I a just the some she that one that growing have as for the at next only diversify how as many revenue significant very sees I she center, last areas, to those just a days for year. that’s the had think plans excitement second we’ve platform conversations ecommerce in brand, we’re again Vida go-forward we and know know in but but The little I we’ll around XX business the that over is these again. stores get the so of the improvements and I’m really

I Okay. One more, if may.

just quarter, to was for a the the gross with gross us gross guide declined maybe declining full to could Even margins color was expense so XX.X% XX.X% down on other reduced guidance, for you but margin into of Last I give little how year margin range freight the more XX.X%, color. give discussed, that significantly Just XX.X%. you’ve to the us that more a things increased guidance dramatically. if and you’ve the wondering little some revenues and estimate

we’re difference. that, had on to we thing she’s little us From into forecast revenue significant beginning right than quarter. discount initially think know, revenue, that helps bit more based marketplace competitive at talked we in three, - so a tactical a more Obviously of drive really to the at we at the so but you a our do. anticipated is looking some perspective, a positive out driver. us put on it’s Joe, she’s more initially of when we we quarter more built neutral that the the rate think our for that more third that the together little guidance so helped Yes, to probably there, bit the a about expecting discounting be It beginning of profit we’re I drive

Okay, Thanks. great.

Thank press you. with again, to your telephone. one. questions, Once on if Again, like please you is would one star, signal that touchtone star,

will with Our from SCC Research. next question Eric Beder come

morning. Good

Good morning Eric.

Could expanded? last talk a to Bradley Good price outerwear morning. the significantly the In you little bit expanded years the with product and your categories about the before. product in you’ve outlets outlets both you’ve now Vera the full categories stores, shoes chain, the

looking how forward? that at As part or about categories the de-emphasized overall are the should you’re categories for be emphasized there of feel in do going and you you this,

think couple things, I a Eric.

and heritage she’s just offering as that’s and balance looking well all, is that that really innovation area that’s strategy, in at ahead. what the and by digging and both is it that into what and be of of power the prints evaluating channel. our and expansion together. think know terms merchandising we’ll I casual, what Jacquie’s is think overall strategy to how that the one the offering think of in categories as that the that months over color an overall the First Bradley product underlying so I I that do Vera in just shows of stitches the all brand part I the fun again piece

team for are now, that judgment I’ll I with to add key might that going it’s would in that exercise obviously collaborate reduction make really kind forward. Bradley although which that more believe support, to looking through we’re I to already categories all a the and early franchises strategic we’ll we any the and again, have product count about share travel, and was SKU Vera at brand I say everyday March. campus, Yes, of a right the continue completely back and partners But I’d exit, too to going

as thinking from be as better to here in if and about expand How you little next sit and bit wait get at look expansion want Vida those Pura Vida to terms stores anniversaried. thinking we next year? continue start just at--just data four San Pura you Great, you Diego or brand, previously, to of year stores to about look anniversary - year now. and a expansion mentioned you’re for you the should as do upon stores, Do another they

It’s question, a Eric. great

I all, forward. learning and know doing that the I think is us team and now the learnings actively so a first as move definitely is better that a the of are there lot, gathering we so that make and will from learning we stores, right

to play information think on I think that’s first the that another in stores what on more that that strategy role key really Again, March. the attack really business Pura in of go-forward back is about area get as she’s next I Vida, Jacquie track. wants what thinking to is have she’ll looking that is at kind are the things she

margin need Okay, gone question The player and Harry Potter. this cycle not of at Bradley the discounted, more to last look you’ve collaboration and on terms sales how and less How here, in with through collaborations [indiscernible] here. in and solid collaborations, or in the Vida you overall even both they so full they’re do Vera the because forward, going have more do world desire fit Pura here? into

in we expanding of been powerful collaborations. continue the have we and think think attracting will today. we’re having big is you Yes, important time, and that measured. new the I one terms opportunities of having that’s At I you it really that it see see keep really more the around points, our us that fresh, key same to customers been business, it really overall in keep I don’t collaborations collaborations than would think that to

them so is and I play We’ve role be talk have will of with we I smarter kind it and but at--Disney a really particularly well, in. will really lot fit them right, of Disney a worked there’s we’ve measured about that some a time, continue franchises think it’s move with, worked great through we collaborations, we we’ve it think Disney our of when about the as learned worked to the role think within dialing one, as smarter that I franchises but lot get the DNA, a Bradley over forward. and ones Vera a different

me how a of of for definitely that’s much terms so core and my partnerships of something brands, in these for that’s mind. that’s both much on how Yes, is definitely focus

we’ll holidays, and the well the happy of luck Okay, happy--hopefully some rest for good year. have

Eric. Thanks

Thank you.

King come & question from CL Associates. Marotta with Steve will Our next

sort Good or year, morning level, you think the two bit providing of everybody. planning? can about but little halves, of about at be talk next year? your highest is bit and cost size what you next captured I guidance for Thank what the the was even was know little it year will maybe talk are Do just initiative maybe that tale any not be us at this what a captured you. programs, you littlest you originally, the a just can remind expected a very to

tough year gotten going--we’re grow compared what our it kind year $XX of--we’ll P&L In year, that target, plans. the of we’ll going continue that lot million, recession is We ultimately to that next people a finalizing this so to do I next a year base and lot in of have a year, yes. year, to Steve, Thanks think are have next this thinking next a the to and into year, plans, lot from that commitment is year. to finalize we’re million think going in of so lot We a commitment this be be committed $XX about where then so. expense was expected ultimately we reduction that regards of lap consideration we it to, our while won’t kind a we’ll and of taking our was we’re through we as to achieve

think finalized I the with we’re not plans.

We get answer we much why have a as but year, to on we’ll can’t we thorough we year, next to think committal a so holiday through expect about months. able next be in more be for give really what couple that’s detailed,

right? which positive at for year is kind only the next next we standpoint, is think be from add, going year, tailwind, international news. on just of way a a about earlier, market the reduction John I which of positive big thing logistics I spoke we’re a the looking Steve, expenses, good is and the That’s to think the it picture would P&L

levers to we’re On the pressure, continue as be continue challenging, that making and through and that to be as well looking the just disciplined do long very the environment to this will next but to macro are our pressure year, that as SG&A recessionary we’re through, plans. company controlling recessionary we will year, the at on that expect finalizing environment. flipside, the SG&A those three manage that we then still obviously me, there’s next be we’re line To of kind we’re big the facing sure move

from that two that Can you numbers helpful, inventory give earnings benchmark in wanted incremental those Thanks. roll-off for would would know Rob, really is and numbers the touched the on was to in what in a you knowing needs those could follow not That’s actually through and least I just very if but system, two because its helpful up ’XX, work going to are a the something I be what ultimately incremental logistics the numbers what standpoint. incremental because the on at standpoint. ’XX, remind, to that handy, way power was XXX% be

about Yes, $XX $X it’s and over level number, that I you $XX about a million about million. logistics $X to about pre-pandemic go back to it’s was question. expense increase, if In can it in so roughly that million, from million handle ’XX, ’XX ’XX,

Really helpful, thank you.

over does additional remarks. or answer question any the session. to I’ll the That back Wallstrom for and closing Rob conference turn conclude now

of company’s that the have culture. years. stayed by more have customer-centric proud I’m you. surrounded thank team, committed for amazing a and not been dedicated, last collaborative focus could special to have being demonstrated I teams as powerful purpose-driven enjoyed organization and resilience overcome I and this challenges nine part of enjoyed innovation, Great, with the we and as the I’ve and tenacity a organization. our especially being

Forbes the number of the reason. as as America’s one company us for time midsized Jacquie names employer future. It’s leads next the best phase an exciting into a

growth much and strategic you meaningful Jacquie with the iconic wish shareholders forward sheet, our We team. today, Jacquie’s over progress everyone amazing a on speaking the and John customers company’s us to brand forward long remarkable company to know portfolio incredible deliver leadership term. I look With the have Thank a I the continued I joining success. balance and look and for March direction, following in to lifestyle and you earnings devotion, loyalty year-end brands, solid and and multi-generational will believe recognition, of with value two call.

We Have you conference. day. excellent that and do thank your conclude today’s for participation. does an you, Thank