Murphy USA (MUSA) 2 May 242024 Q1 Earnings call transcript

Thank you for standing by. My name is Alex, and I will be your conference operator today. At this time, I would like to welcome everyone to the Murphy USA First Quarter 2024 Earnings Conference Call. [Operator Instructions].

I would now like to turn the call over to Christian Pikul, Vice President of Investor Relations. ahead. go Please

Officer; Q&A Good of Litigation going additional With Alex. Mindy Thanks portion, joining from Chief the for Chief call, Officer. After Chief keep Thank in opening Please call to provide color commentary, some are morning, Q&A. some Andrew forward-looking today. comments Financial this our Jeff, considered me and be Private Officer; Galagher of during then Officer; that Donnie will we the Clyde, us some statements Smith, Operating Accounting is will you, including Andrew, Galagher everyone. in made and to Chief West, the open Reform up the defined XXXX. comments mind as Act Securities Executive

that the exist or As events these results such, cause no projections be factors of will differ. that assurances that variety may to attained. A actual given be will occur can

filings. XX-K, duty USA For and forward-looking other further latest revise or the discussion statements. SEC Murphy USA see any of factors, X-K XX-Q, publicly please update Murphy takes Forms risk recent to no

do we During that performance measures accepted conform or to provide generally certain call, may accounting also principles today's not GAAP.

provided schedules reported on of these over Andrew. our of GAAP will the non-GAAP to measures I turn results be part release, with call our to the basis the as which press section Investors reconcile a earnings can have on We found website. With that,

Christian, for Thanks, us everyone, and thank you, today. joining

the improvement support, conference. leadership with team for the USA. role, COO very here already the I'd running having the standing is quarter with the our broader to business results, discussing supporting welcome at to investor call. to addition likewise, the I team. In March And her impact embraced tremendous introduced conference we at Jeff, Murphy ground up to CFO, hit and Mindy the our grateful she be at Galagher's incredible first initiative like a is new continue fully has our productivity Galagher and Galagher

focused benefit context quarter of learned comes your creation. the your that and up in to unique every another different, is addition year thing leaders this and it evaluating a to were on wins and it is had the measuring from value energy $X.XX XXXX team, QX bit having In that great factors losses, are understanding about absolutely especially ago little is few long-term counterpart. Product a performance I've year. business that efforts to on and $X.XX when separated critical, prior its compared prices when

overall, didn't see We repeat and beneficial volatility. less the mid-quarter a also in saw of prices falloff

X% volume data the our continue industry sustainability all certainly nicotine saw units that category and very Tobacco strong taking and Similarly, events Atlantic essentially were well. markets. and businesses share those abnormally weather In Tobacco to our January on on growth, the core margin setting, healthy year-over-year per across of and performed especially highlights in remained our with QC of respective Murphy addition, up higher, a sales X.X%, concentrated historically Florida are categories. Fuel and Murphy respectively, USA. highest the APSM and competitors may fuel New very strongly the exceptionally be were while not in represent that up the In challenging a level environment, X-year severe retail Coast And fully Jersey. structural from margins that favor the gallon, to flat margin market, stack the and $X.XX performance record. This of is industry comparable X% of on on retail all supports view would it what gallons the Opus dynamics

continue to all these our largest saw income weather nondiscretionary categories Indeed, purchase we we behavior comparable at take industry a fuel around major consumer nature categories the value-seeking tobacco Looking The tobacco and in year-over-year in see events. on we stickiness fuel stock profitably. of broader and continue for share across share X to data, gains are cohorts up reinforce and consumers.

We conditions of to impacted of down Murphy's our prices from less of despite continue most set they more EBITDA these grow to customers largest to and bottom reflecting categories. absolute in 'XX, relative store acute higher-priced same [indiscernible] drivers trade behave retailers. that benign discretionary as QX these said, the accretive fewer the same trips see for to line behavior new stocking is lower 'XX. That categories and fundamental also QX a the to continue due But conditions conditions the more fuel the categories

and switching up the We betting build believe significant witnessed new lot took which of some similar sites, there newly in jackpots we is some states. lag online saw and lottery growth to to of longer our to also in as it legalized

of mix provide X-year expectations, changes. Overall, were QX number category the APSM. Having were stay amidst for more to with X.X% pricing consumers. recently enhancements earnings product we are a is reinforces our and the Packaged Murphy were believe come recent grew were survey to sales the the X.X% Beverage seen we on focused QSRs due branded dollars sales respectively. driven to and spots. sales growth initiatives, that innovative paying APSM beverage up brands of in very to believe inflation the promotionally a X% our fuel off. value. more increasing further prior performance, offers sales we well were current environment food by reported margin non-tobacco is by mixed, stores a positioned stores updates decision bright APSM. some having of innovative XX.X%, and towards and pricing for up compared sales grew down below Murphy X.X% positioning And dispensed X.X% APSM sharp value QuickCheck, same-store the cost gallons This digital At While with our A dollars there led where from APSM, to alongside Beverage still of pivot food XX% up offers APSM, margin our with are despite for yet strong dollars our and view results brand make the margin fulsome and contribution XX% nontobacco stacks up X.X%. contribution indicating margin Food

XXXX, innovation, information. Moreover, QX and which in created QX for a the accounted rest Beverage rule year, volumes the comps, benefits with half and in the uncertainty growth tight productivity store QX that EPA not confident the QX we focus core higher the PS&W when proposed that announced softer QX about our remain and our largely of of in our Food establish with to the year. supply The absorbed RFS 'XX repeat of XXXX market related XXXX XXXX, initiatives with RIN as repeating track of performed markets business. which the [indiscernible] to did Coupled ahead XXXX. from carryover for the not Looking were on to supply opportunities us plan, XXXX part QX the second and an a RINs advantage remain and trajectory component few 'XX on markets, we this which line sales, capture that supply-constrained to enabled anticipated QX in in a model and

as internal higher value us We gallon. OpEx as to of competitors plus continue cohort it to expect range believe an costs some to differentiates provides for investments per continue model planned. will and advantage labor $X.XX $X.XX favorable specific our the plan provide historical within from our was also were to our implemented of supply that

XXXX closely to impact We watching believe and the changes, FLSA are the minimal. be proposed

regulation, options note basis what would the retailers have in to managers be if by gallon go running proposed. Of salaried impacted that due through of business Xx We a developed are and address per X to volumes. marginal a scenarios to the would the their XXXX their have the lower higher on extent impact cents to changes larger be as though, the impact

results immune headwinds the that cycle everyday vicious arise a or As low gas only at result the regulations. It's inflation that virtuous from the disadvantaged before, our not low-cost being if ensures, from in discussed costs price we retailers changes, the unit to USA experienced just certainly pump. not Murphy through some in is hyper-focused everyday ultimately by in are that Murphy changes higher for passed cycle but model the not

a the through to drivers fully steady March we add see continued promotional merchandise new hold. in store we strength tobacco, Looking capitalize improvement to primary results initiatives momentum center in from anticipated lift expect and to improving as on To performance, color half. the second to with the take ahead, pricing traffic months, key little see January opportunities our and around in expect expect promotional

very confident merchandise in loyalty are to year's work in which underway impactful it and significant impact, the initiatives the is a merchandise able as early be initiatives quarter. out year probably range, results As the range first on plan. Nevertheless, our results the underway, in closer the the back reflects lower our remain of impact transformation quarter albeit program, the some and the rate should we still next unlikely run of to fourth versus and end guided second be within rolled given relaunch of and the we expected to underway something headwinds highly the QuickCheck digital delivering fall including is hard all remain half and

I excited business the to of we build have that, on the underlying it on summary, In all upon our strength updating next Galagher. going turn you over are entire progress and team with to look the really forward to I'll we and quarter. And about activity the

I'm experience model and for the for much members and our by and impressed Business and I business prior a far strategy. I to me bit good shareholder the typically extremely and these into commitment forward putting I'm our to switch an my months provided first team invest discussed here the team Hello, wanted at introduction, Murphy. everyone, focused financial This building customers, earnings few so the in is morning, Most been solid relationships. morning. our to for Mindy and here up our in that already Advantaged Thanks through a to the looking Murphy. value and creating shareholders I'm meeting spent versus content at information very and It's learning amazing team getting also know thank of to release. come going foundation such long-term calls. I've strong Andrew.

comments forward, our to business, my and focus going of clarity better financial needed adding redundancy, overall avoid our to understand and to capital health it results strategy. well So elements where going the as be incremental allocation as operational on may financial I'm

previously growth to remains we of First, significant stated which our I time. a driver perspective add EBITDA program, on store over have wanted new-to-industry our NTI some

to first the we branded new pipeline scheduled at level million X activity means From As stores getting stands for within X Current to store a the including about increase range We is QuickCheck of opened we more our is of new did sight of that also The capital million our well we open quarter stores. Expected few on QuickCheck in mentioned in COVID, we're store and initiatives we the full that which $XXX Murphy we since and you in a of next earnings has share opening opened on as our These end, new to repurchase rebuild is activity. and as closed bit also capital for talk new-to-industry $XX new more deliver have initiatives stores progress great a line this XXXX X Since spending in and million the accelerating offer underway $XX to to have spent opened with fuel openings including track, XX weeks. stores, the going a line year. raise digital in Banner to that I'd shape is were robust in million $XXX versus with stay guidance, have the construction during June, store in are perspective, the a to stores and year, transformation with new pace. I'll materially EBITDA. and projected that track new the the store quarters. additive it maintenance been year. more like and update were prior guided construction XX release, expect X later not and X quarter. to year rest to with stores, our XXXX. new now quarter, new for last right have X growth in the store our on the QuickCheck spending not XX starts XX X new highest which May discussed

ability cash a great improve We X and to price repurchase around we execute repurchased We to intend high to remain the and goal For is utilizing be level other maintain in plan, of buying to to of not and liquidity, on market think if in buyers accurately our our opportunity of business. of our confidence quarter our a means XXX,XXX stock annually. continue back stock. this reflect our ability we particularly the release, of grow multiyear committed against million hand does shares and our we the the feel our activity shares available

the call back We $X.X extends XXXX. With continue to to turn the billion operate of our repurchase Board stock, through to will under up that, over which authorization to Andrew. I

Galagher. you, Thank

close eventual of the have just results over year with seen some preliminary run-up in trended back the volumes we'll nicely an which past call gallon. The now a month. fuel $X.XX retail and on to the per months, over recent where in XXX% turn mid levels continued win, and prices APSM open prices us if off on throughout most for the the retail operator, we of To and in higher we currently that fuel are me event. week drop an above range. I'll sets be look to call Let not approximated volume to performance, in prices the $X.XXX $X.XX point, sitting a the up low prior April price margins the comments up have margins questions. QX higher is to during roughly or fall about Nevertheless, sober

And Wells [Operator of comes your line first with question Bonadio from the Instructions] Anthony Fargo.

what of this I the are at billion confidence you saw from just guess you seeing guidance not higher and explicitly how I quarter we a quarter. $X.X $X in your level billion range level, just So the this we're consumer? that about to realize EBITDA in thinking you're that gave context But what updating

quarter. the about continue QX PS&W And the range in end. was our the in noted, and into Yes. but question, everything. read QX is Anthony. track update if through growth we our with there. be headwinds, with you we Galagher But as plan. store on kind the plus line Look, think believe line to in don't right guided we plan, this are talked that's Good pretty maybe much it as going on I April of OpEx still go you historically our QX volumes to merchandise. We be script, RINs and CapEx on lower is updated

margins. in on higher year. retail And versus the margins don't only we thing at discussed guide in setup little So in to better when more know you of lot run-up than go. prices fall. big to prices have bit $X.XX a there's in is we've the the quarters a We've effect positive And got QX a last nothing because retail a you're QX opposite going

think provided actually I quarterly on elements. We guidance. all give don't we think I insight have So of those to thing we is annual guidance. the folks remind give And we

that that that we monthly have break We with do plan out an annual And guidance. and quarterly. aligns

view this we for So year. with plan, is say translates our whole when the it into our aligned

hope I helpful. So that's

the cadence working in Got factor, know you some weighted then to initiatives it. just bit And Can in get to being your guidance? half. back the more giving drilling little that comment a That what's is around guidance. helpful. on store that the a a the maybe just just us the better of understand are inside color help results on on you little you're inflection of contribution confidence but and comparisons to I

impact the center Absolutely. things across to food transformation of promotional year like, There's move personalization we ISX the as out from having the impact initiatives have it and There's in that remodels later that will initiatives. as sites beverage, rolling well. digital pilot network, that we store, an start and the our

pretty with you at if you're comps, some of about QX resets higher look softer you we and strong and which get [indiscernible] number. QX, the in right, for scheduled, have comps X-year the incredible, top we which allows do to cadence. total that things on that So are And feel year-over-year other that

with question Stephens. comes from the next Your line Bienvenu Ben of

is And Andrew, were benefits we associated to did your effects margin adverse future kind of stores, quarter think weather provided you some kind quarters? kind be any mindful of quarter, price in what noted your there as should the across in To market? be of first that degree tobacco, during would that about of your it loading the that well. a rising realize commentary headwinds And impact to we what the we there pantry during maybe quarter? what as saw ability some with nuance otherwise particularly

And -- are are you realizing when say margins? margin, fuel you retail about about you talking

I'd be interested talk hearing and you in wholesale. supply and retail about product

rising excess kind bit considering supply product there, such Just been would a per since the market, in RINs, our of gallon price a wholesale I you a year have and would perspective, RIN ago. have had even little from contribution steeply thought would the better there plus sales have

in So maybe wholesale retail what helpful? happened kind would supply and both dissecting be of and product

So you mid-February, was side. run-up prices, it look, retail year fall retail on than the have the always didn't benefit when from is had you off run-up the which in a that much certainly, the steeper we that a side, And before. have

an So steeply going up there. the absolute level without the it up to running driver in And ended more that's falloff. biggest be

you If $X.XX a fall you in like off to now seeing it's in in very we're go any period. just nice from quick $X.XX period, a have April,

by of supply those, year. PS&W that's tight see. timing X supply our the of accounting to the you was took variance is, and benefit would trading markets We factors. One provides that chain We a those. anticipated there. inventory had from couple there On an the factors It's We got last really we side, just us. normally when some offset advantage advantage

and targets, that's as XXXX. some talked then the gets our updates market the late when occasionally And look, in what that. of distorted that about, best So RIN offsets are we EPA happened

to and quarter. for margin RINs line for carried plan our we largely was XXXX the of some in QX for RINs together, And that over into PS&W some it outsized just which year. led So with that

And because some we then, you Products in And the tandem our to the are as of Ben, have headwinds Plant weather, business, some working There side add through multiple ability business, to influence just the of increases other which quickly. retail state in everything. declared complicated. very the to in factors hampered it's that, know, did to of pass emergencies Wholesale very

given we that quarter. quarter, would than like to a magnitude during things spot essentially in producing have of we significant the the drop were may yes, cut lag the lower the so up you And results the have in half. rent in of normalization. but ended expected, a bit And had They had value a drop [indiscernible] rate

So about the on the think less pricing we product [indiscernible] had per price. winter-grade corresponding rack that is way receiving immediately, the really were clear at benefit but without to to we in And gasoline. additionally, RIN that aggressively their refiners

As rack. are our know, They're most proprietary. you not of barrels

spot continue as those as provides are to for contributed so supply we But differentiates have And our to advantage you well. the And in priced us. normalized supply believe into factors the might than rack accurately well that do product fact, system. lower results we expected. model to as look And mentioned, this in. Andrew quarter RINs across performing is Retail quarter, that already has the an

kind that from hopefully, results may modeled. explains what have the you why would of So differ

issues, there. value of the to to and flow and share relative the growth of that the rise, bring Recognizing continued little something to highlights super to to Maybe your has to change? pricing numbers the Is market bit initiatives law prices sort dynamic pricing and that getting That's deliver, you've competitors market? because great. been causes trends what a performance probably there's and there's gains the -- that shifting That's helpful. some large continue inside else company-specific end simply your you of strategic differentials causes a or the think proposition tobacco it the to to I noteworthy which

but low Ben, Look, in got you margin. There's cycle worst higher price the like vicious commodity I It's retailers our that stuck where additional the middle increases and sustainable the the but more price low-price Rewards Yes. commodity Drive remain value there'll and you've positioning, to given as somewhere know, customer have provided something feel word we the place you to more the we comps, just I one across category that those here, it's do got giving Murphy and because, creating an chooses value think retailers is everyday any program other downs the supply that think chain, the through to you've with being value retailer. that and way, be similar of the unique the that over convenience. the as price very and category advantage on in it I and focused a we're ups the like do taking just And responsible as price see that's customer. price mouth, loyalty with on a it's also

of from Herzog. the line Your next question comes Bonnie

wanted question, contribution per your $X.XX I total was different a fuel from a key follow in investors maybe we're to Anthony's way hearing the modeling bit -- to your question of $X.XX for but which considering gallon. ask quite is up a purposes, on on only target below the quarter,

So I your to maybe no don't you levers range And have be thinking drive are it's you'll and is, below we Or you adjusted to really achievable. I Andrew, growth? will understand to longer therefore, for if wanted I should likely that EBITDA below billion know, see EBITDA more the $X that be seems to just range. if about $X.X essentially there to billion -- other guess pull

driver I And as our is PS&W Bonnie, stated the PS&W with plus before, plus Yes. variance. the aligned RINs in year-over-year biggest RINs was plan.

that happen, crystal have what can't that retail happen, a ball happened our prices in but of see to in project. we're the rising look, have there's for to I to starting the the nothing little on didn't on prior I a remember lighter don't contributed that when than we're Mindy the if Xst, year so they was May have not bit And mid-February. off something falling fall the it year, the guess factors view And a going And is and and talked there that. We we ago, QX now. range. they year side changes exactly prices. about plan our

is I So plan varies fully the from year provide with QX and don't a why we ago, and our aligned it quarterly guidance. think number we've articulated

And probably sum it up. best way the so that's to

and can our too, to I completely you on challenging. predict imagine it's appreciate this, side, And incredibly that. try

that as So QX in expected. came of hear sort it's helpful, honestly, to

the how see volatility. But rest the we'll terms switch of year out maybe in question plays So just of second gears. to my

Merch in in your you But modest quarter the I on the of you year, this growth of thinking it's the Just contribution. guess think because context do about had for contribution guide X.X%. Merch the midpoint at I of X%. your guidance that,

does imply So acceleration significant the of rest it in pretty the year.

this just you more if that drivers that, provide that maybe confident helpful. would color you're bit So the could be achievable, and is on a little still of

You're and look, comps and XX.X% holding of on 'XX really margin welcome sales over X-year as nontobacco of reflect that. the -- I and the strength said, continuing growth XX% 'XX and

'XX to have over the not don't going of We're against. comps. math, just same is based a run we to the go the the business 'XX run We business the part right? So on based comp But initiatives. our on X% up

promotional And for Anthony, activities, articulated so there's there's as resets.

offers that personalization our remodels. and well. out. There's pricing offers as transformation rolling other There's ISX digital There's new we're

we're we've invested of going Some But to capital on invested SG&A QuickCheck things into significant returns that those. loaded relaunch, further back-end that putting that initiatives there's loyalty whole even the and a are suite et of in are have like cetera. the

with comes James. question of Bobby Raymond the from next Your line Griffin

of what big maybe moving business. is didn't I the question on inside just on actually just of of is know and kind the a ago different consumer center country? materially you it this you store that on a being if in weren't me the in lot you going areas impacted the out, how regions for first the that And today parts anything guess was the called saw weather by store was for there's some across the -- quarter. Can to little just about of versus talk months I weather trying deal than X weaker gather really the

correlate we Bobby, it's question. really a look try weather. And at things that the great We to really, to hard.

ground planning QuickCheck that have everyone In few does the our down else's a a in absolutely a fact, factors labor days, that be the can tool our business. sales on and forecasting and in mean horrible for weather. for just rolled Jersey, we XX-plus Look, our percent. you scheduling snow demand wedding the out absolutely to foot of of production New when it's business we've I expect

you If the daily right? or days, the look great at volumes, last week-over-week, up for had sales we've Strong were cetera. et year-over-year, report Sales fuel X weather. X% X

our X-inch subs, subs not The down but have their that is then for away X-inch some stretch us difficult full-size for lower We from it's been continue food significant from weather little down statistically are to seen just same subs, some the So at inflation the dollar the of noted snacking anything But from that we stores. identify groceries, a to time, trading people our you've I that is convenience know beyond factor. as one to to do QSRs trying thing from home. categories take-home eating you believe see to trade bit.

prices. you spent XX% being more They're seeing maintenance. other are in on One not with on store. other at X% spending we've the insurance. that windfall We're car absolute look are, spending is of of looked consumer people car things more lower headwinds the at But XXX% if where

do looking is And average so money. think I ways for consumer save to the

fuel, definitely a XX-inch Fortunately, and tobacco we of to and on we're them subs winner. products for those and ways one money, save are

a severe weather would gaps [indiscernible]. sales a few trade to little attribute we of So down the on day-over-day, big a of week-over-week, saw in largely, year-over-year we bit the but categories, basis

blaming hate we And look, anything the on weather.

ourselves been put real the us And that the early, decision have last I happy where eyes take in think so we've to the pricing sales made the rebounded really value way got other position consumer. got confidence that way. price in in, to we've not QSRs And of high consciously also a just And everyday I well better and not week we when lot their see gives committing us to position prices the this has sharp to too our sharp food of because we're And low that making a make pivot you high. too just price. a prices but think value just pivot, way now per cup coffee having positioned

for And I back comments, pricing help helpful. is blocks the you half to some Andrew, That's the initiatives, year mentioned Okay. on QSR building of kind your of your I you of exactly Because of gross think like rolling initiatives? in think, one peers. profit the a then, guys drive merchandise pricing those to contribution. seems What it some price are your tough faster are holding

So more on local is be region? the business? favorable it exactly that's for going on regional going by pricing be And changing pricing to just a region what going is basis, to to

Yes.

really broader developed tobacco we've capabilities enhanced less from capability done What have and standpoint fuel on a is pricing. store center the on we So pricing of pricing.

work of money different price done the honestly, stores, analytical we've basically on involves of elasticity segmenting and super inflated stores. categories some for where alternatively, take are pinch. price And some segments can was some some give left volume. the you understanding are . There is prices, by seeing the we've table. a so seeing and And where up like actually cocoa candy, additional we price And could pick example, consumers other that specific just

the we and out a come about can we activity margin and so the to of contribution some where dollar those as think promotional on And next ahead. some level of elasticity basis pricing products take

analytical activities, on and but the kind and those tobacco. the relate of know-how of have that fuel center store lot a we in Bobby, build prowess to just of So

Your the comes next with Tarlowe Corey Jefferies. question of line from

chains. small [indiscernible] starting space, [indiscernible] with especially a lot at on multiunit level a in the of Corey for Tarlowe. Kind consolidation of higher the

say, let's like And guys. one-off XXX significantly so, operating overall to I'm opposed like and you Has to are about So to environment? as or like XXX one these units how that the responding? changed sorry, -- if

'XXs those old So late and consolidation can underground exceptional tanks. the stores them, and and their certainly value emerge fundamental of I often up the most being helps consolidator some brand the don't think they they majors some our that to brands. And being market that of they it's of going state don't is all, with divested with retailers. a you at operator. it brands seen just us? industry seen this going the franchise-focused the in compete have high-volume picks We've volume them If to the of of and they have Are lower priced a majority The rare top not going that we've steady it's mean since changing their consolidation. change They leverage. retailers stores. when consolidated in pace first that ones chains, Or QuickCheck, steady consolidated, are like company-owned gets really have the challenge applies see cases part, the just -- everyday for then to Many of low-price old. They undifferentiated of But changing. these to become we convenience-oriented to environment. positioning

it's changes you changing think at bigger the some dynamics. consolidators of not of a sort the basis, there indicate I public on and can that look of material industry seeing fundamental same-store you're the economics

surprised quick super for that's to then it's about reasons Galagher. I has days, know industry specific most went a the color. I was early you still No, in? wondering C-store what or but helpful [indiscernible] And one

question. good Really

So I here the for my you just with company. months hit that. thank X And

So a surprises. good lot of

our are you we that surprise can are the That's And impact the we confident everyone prices we volatility the strong managing, the we to. background any that results to we're I retail, continuing strategy, in. in that think horizon, but over the deliver but is accustomed is we're [indiscernible] something dynamics the industry, of very saw fuel executed most that very we results. volatility are strategy a part in And executing of like confident is one the see just in fuel. QX, that

this that's I for learning business. I are extremely get me a But our into in So as our strategy. we initiatives. love We confident think

we're some responding, and are deliver customers good Our results. really to continuing

turn our for concludes remarks. Andrew Q&A session. over back I That now conference to the Clyde, closing CEO, will

in. Great. Well, thank you, everyone, for joining

you updating any near [indiscernible] to to very Thank we'll you As the forward in much. term. very always, follow-ups direct Christian and

and Ladies today's concludes joining. call. that all Thank gentlemen, for you

disconnect. now may You