Cars.com (CARS) 7 Nov 242024 Q3 Earnings call transcript

Good morning, ladies and gentlemen, and welcome to the Cars Third Quarter 2024 Conference Call.

[Operator Instructions]

I will now turn the call over to Katherine Chen, Vice President of IR. Please go ahead.

Good morning, everyone, and thank you for joining us. thank joining. and everyone, morning, you for Good Good the Cars.com thank you us to for joining Inc. morning, everyone,

Third Quarter in the will XXXX Alex Conference discuss We'll our Call. With me finish Sonia Then along and the highlights will Jain, with third discussing outlook. quarter. Vetter, financial this Q&A. Sonia CFO. detail, by call Alex results with start our business from greater CEO; morning are our

forward-looking draw the which turn Alex, over and your definition attention and call our in can our measures, to I Before presentation. I'd of to to statements found financial description the like non-GAAP be

We financial will GAAP are in of income discussing and the non-GAAP to to in tables can measures net the Reconciliations and margins, EBITDA including release earnings statements financial comparable measures flow. be appendix the EBITDA, uncertainties. most our adjusted adjusted measures adjusted certain found operating forward-looking financial free subject non-GAAP press Any expenses, these be with included adjusted and risks cash our today, of presentation. directly

For of no any the statements. available included the filings, section our SEC which We website. our risk those update filed on to more in please in including is most IR factors obligation recently information, to assume our refer XX-K, forward-looking

Alex. turn to I'll Now the call over

setting our year-over-year revenue. $XX a growth, based demand most subscriber Thank partners. OEM you, of grew quarter to from quarter-over-quarter high expanded across in solid platform. our growth. exceed on notably, solutions innovation performance consecutive all drove million results XX% third quarter AccuTrade grew our adoption of Revenue returned that Katherine. X-year record product X% broad We and new Product improved our were new powered for revenue positive and by to XXth a year-over-year, QX

of to the dealers that last flywheel. the their automotive margin QX operations range. product guidance The saw at of We accelerate we streamline our strategy, line XX.X% EBITDA helping growth top our adjusted in also delivered reinforces retail

inventory AccuTrade with profitable in auctions, across brings marketplace, latest in the media solutions. consumer it further is Acquiring customer high dealer vehicles industry than our higher via data vehicle delivers customers lot, supply. engagement late-model reinforces inventory sourcing generating our used more and from Starting quality far websites wholesale insights and that popular cars

Nowhere data connections is and typically more on advantage where found than of sales. Cars.com that XX% dealer our around marketplace leads clear unit influence we our the

a recent this gross our In in of over their marketplace sales analysis $X dealers, automotive franchise alone. sample billion a of stimulated quarter

attribution sales, our As will our only vehicle position to between we platform the and strengthen market improve. invest

helped intently on dealer performance in that muted with greater in grew dealers our product pleased overall DS Average as We're per QX. dealer efficiency Our past us a cross-selling off we third-party in And in quarter-over-quarter the slightly focused dealers be enable outage to monetization QX we're to maintain profitability. moving our platform healthy as to operate we and grew marketplace October. start growth. positive to QX revenue

our starting traction AccuTrade. line the from unpack and to third like quarter, I'd Now with product growth

price to as into XXX,XXX a month which real models. compared XX% rose on in see dealership in, the this per source higher Xx rate be to to profitability. inventory of acquire vehicles a our center AccuTrade faster traditional legacy incentive profit-eroding by are and wholesale appraisals operations, at appraisal First, from the dealers both involves when volume, year the behavior positions simple up change AccuTrade more helping via auctions dealer these seamless average, makes ago. and a a at transaction right healthy can reflected appraisals quarter-over-quarter. dealers a QX, in at labor-intensive in X% customers. AccuTrade to We suggests acquired, at data cars nearly Furthermore, right inspection this displacing converting profits gross us trade process for strong customers that Industry maximize creating AccuTrade a

in [indiscernible] to they of average, directly AccuTrade After dozens Noblesville, committed XX% will changing vehicles enjoy. more and that Martin more game. sold acquired Toyota more cars, opportunities per AccuTrade. delivered, Indiana, XX appraising the service who retail located sale. only vehicles days, The lane in using dealers appraise on they the the profit is

Jaguar in we Connected strong Based affiliated on-program OEMs also have an quarter-over-quarter with XX% on the XXX Notably, our dealers nearly with in enrollment QX growth. endorsement and AccuTrade with keep an web to active in application, partnerships OEM dealers approximately playbook Land leveraging AccuTrade returned prioritizing to stimulate and unveiled of who We'll XXXX. websites which exclusive and sales new endorsed power value last Rover strategic delivery, expanded as solution. the quarter, to that in to onboarded of QX late we're talks were QX. began Recall AccuTrade awareness, dealer dealer in more win to agreement we the

and our dealers during third their customers particularly experience became features. from provider and dealer showcase buyers We with franchise distance in websites Canada up we website premium adopted of with expansion media #X to sequentially the right solutions in to a competitors impressive nearly July ourselves in turn the the XXX Commerce improve better inventory inventory over and product Canada. number website as dealer Cars performance Next, X,XXX digital quarter, time. growing powered

double-digit to smoother upgrade resulted a to platform delightful increases experience. example, ensuring more significant and our in has speed, core site consumer infrastructure a For

differentiated for million flooring capability is launch, QX customers' like These using in see engineered AI content a and incremental inventory data Media its to languages, for showed VIN new Media driving automotive dealers and to We have reducing nonusers. we and for improvements in very Customers double-digit how since XX% retail Media dynamic also and over to features. in runway inventory to deployed spotlight coming quarters. turn growth annualized The has website the in rates One our our case long compared XXX drive the base flywheel. study been our subscriber exceeding and seen of VPN descriptions, specifically specs older revenue Within by Solutions QX. profitability Solutions, vehicle compelling positive, dropped product for benefit almost power days bottom translation DPM $X marketing that listed its proprietary Performance average revenue costs and line. results insights reception quadrupled

core Turning our of to the platform.

scaled automotive total continues as our marketplace most traffic position to QX, lead Our organic reinforcing We the consumer mix on and industry trust. our engagement in #X strong XX% the recognized marketplace. drove of awareness, to traffic

especially around quality tools put the visitors be more we to our consumers. Our unmatched our lead in audience of is buy X Naturally, as hands strong. intending months. continues to of on XX% within site a conversion vehicle our with extremely

conversion XX% engagement consider to X% which quarter-over-quarter. overall lead is of when X% Hub, ready improve up engine in conversion market Car to the repeat improvements, lead leads than these visitation is compared overall from On visit shopping with continues New Xx car reduces deeply Cars.com new that already you per growing complexity that consistently to that and traffic. traffic. Overall, is buy. and top sees search It's clear better of product our audience higher

on car consumers strong to support constantly journey. innovating Building we are marketplace ownership throughout their this performance,

further cross personalization our shopping vehicles also grow relevant increased algorithm consumer audience of encourage to optimization more extremely share to of to continue like we consumers shown our efficient year-to-date. These already investments differentiation. data in-demand and Continued power And used content growth, XX% the our channels social video, mind organic to deepen have to where insights we've cars. through between number content, new plans and leverage our we added has consumer and

XX% strong robust up a in revenue QX, OEM of remained driver record our important spending incremental signal of QX sell-through across with demand wins our of broad strong With and make saw products and our their and model an growth a to an over of visitors partners on sales undecided OEM rise We inventory set further We'll raising recognition value levels our of growing in arrive car Finally, is appreciate on encouraging with reflecting for strong consumer need our year-over-year, quality XXXX our all-time in map. offering they XX% projected the balance scale year-over-year half momentum. audience that marketplace. and product marketplace. marketplace delivery. an and as new we new both and participants OEMs consumers industry. of ensures editorial prioritize deliver through the in development and to interest road used part all we that benefit content earlier, customization inventory the hub and to integrated to we're continue mentioned opportunities for create engage XXXX for Cars.com, Based value on more a I long-term when on of

environment we're know we're our spending, on a focused impact business product strive product confident and extremely operating monitoring our that in increase positive encouraged trends I drive by dynamic industry as and innovation. monetization. growing and to in executing strategy we'll are growth and the our of momentum dealer in Regardless pace remain to consistent, OEM and While ability our of profitable we cycle, adoption grow platform we continue

Sonia the Now our third discussion quarter will results. lead financial on

Sonia?

you, Thank Alex.

Our platform visit and Dealer up adoption revenue our million, from marketplace strategy revenue quarter. was all the of slight totaled a Revenue and $XXX both best $XXX of driven trade appraisal by EBITDA discipline strong X% quarterly from DXC and growth contribution our strong offset and time produced year-over-year. million with third and diversified revenue X% year-over-year product operating lower improved margin media grew in adjusted and year-over-year revenue. second to

million, term and some for the funding are profit which OEM trends head easing year. in revenue over been these we environment years. and was by that X $XX segment in consumer year we're compared dealer As XX% highest near normalization of prior new rate the we sustained expectations Alex the and to into revenue demand period mentioned, has constraints this diligently lessen optimistic as National up the will monitoring an for and pressured

product with to rising marketing our inventory targeted demand leading advertising reflects awareness capture and OEM momentum ongoing environment. Our coupled consumer investments at in investments, into a

expenses. Turning operating to our

expenses to roughly ago, were quarter million year-over-year. million compared up $XXX X% Third a $XXX year

$XXX last and and data an quarter. million cost year-over-year efficiency administrative additional earn-out million million expenses systems Marketing infrastructure greater to basis. favorable against than rebranding operating DXC supported $X.X increased up X% sales which higher $X $X initiative. the adjusted quarter comps year-over-year million DXC as period year. reflecting marketing operating corporate year-over-year, $X as and of support basis, on investments our General million, to same $X year-over-year The approximately and ago were Product and back-end improved inclusion to expenditures year this count million reported and development primarily increase contained was product on in costs related velocity. adjusted the expense technology head the expense costs Third in well both a adjusted period, decreased including due and

our earnouts operating therefore, and the GAAP unlike reminder, under expense compensation BXC other a run deemed associated with or acquisitions, As through earn-out expenses.

contingent income fair Net to Meanwhile, was As slightly a adjusted per change the $X.XX and outpacing administrative or per or an general per consideration share net third compared of per primarily growth. diluted revenue prior the for million to for basis, million compared were year-over-year. quarter up million, on Adjusted share $XX was acquisitions. year third value the the $X.XX $XX ago, million in quarter share ago. third up $X.XX just diluted million EBITDA the was diluted year to million share X% or for expenses $XX year-over-year due $X.XX diluted also $X a income result, quarter or $X a adjusted $XX and

EBITDA are high our end for the pushing yielded adjusted which execution, of disciplined We quarter, the XX.X% of to our pleased dexerange. us with margin

XXX QX We dealers with Now some dealer XX,XXX to down quarter-over-quarter. ended customers, recap metrics. key

Our in has dealer dealer July put third-party was the pressure sales and recovered on some profitability we momentum customer challenges from macro as when hampered DMS and customers August continued trends budget. captures face count and outages of

secular same XX% of this the help our that so dealer in ARP $XX, market growth On technology. growth of confident solutions penetration term. we're and to It a per more healthy was indicating quarter-over-quarter, October due slightly ARPD execution Encouragingly, revenue customer is marketplace Canadian the set narrow BXC a up $X,XXX customer we see last us to year-over-year marketplace, and structural and to to and of demand sustainably level also our of see to premium attribute websites was year market. strong lower long higher-tier encouraging pleased shift across third largely we're the XX% in customer approval monetization basis, diversified increased quarter that the strategy will that expand was the in product our However, we to growth, sold focused ascribable which packages, preferred rate down services. year contributes average base for

million flow to EBITDA $XXX Free Now was year-over-year. of was higher capital, and by lower $XX cash $XXX cash roughly taxes performance sheet. operating and shifting year-to-date primarily million Net by provided growth year-to-date. million to year-to-date, timing increased adjusted offset our related working driven cash $XX by activities CapEx. flow Free balance partially totaled million cash

and quarter, X.X have third of repurchase to pace we via shareholders we $XX commitment for million second share shares the flow shares Year-to-date, $XX repurchased are return have our During approximately million million, share our half for million current free to $XX on with authorization. XX% on million we X repurchased remaining and cash repurchases.

$X In September addition, million XX, third outstanding and $XXX million as we repaid debt reduced the of in total XXXX. of quarter to

for strategy that and now of at total our sustainable $XXX ample as of million the have X shareholders. target execute XXXX, Xx pursue September range Our creation end of liquidity we And total net to value low to to leverage resources XX, growth of ensures is our X.Xx.

guidance. year on and growth X.X% performance current trends. outlook provide business We're fiscal XXXX to X.X% our year-to-date revenue of I'll Finally, reaffirming based

fourth revenue adjusted lapping for performance. range. the year-over-year, OEM year-over-year rate, fiscal adoption comparison a midpoint that we revenue margin at strong adjusted representing the growth grow is XXXX remains quarter, against Dealer to at X% quarter growth of national the tougher EBITDA approximately year-over-year product expected also while first reflecting and For to November continued acquisition single-digit high anticipate of XXXX with XX% last of OEM modestly the with of year's outlook growth BXC EBITDA XX%, in

of cost the based adjusted and for expect of efficiency remainder with to margin on QX also the continued approximately We year. exit operational EBITDA XX% discipline

that, And like the to I'd call Q&A. Operator? for open with

Your Instructions] B. from first [Operator from Khan Riley. question Naved is

A couple from Great. questions of me.

the dealer and bring of have count the of in in might the some if great you're also October. So return some or months. new left dealer additions last able I'm this back in DXC see to over it's that growth -- to to in driven data AccuTrade if curious several is the by

just So would cycle it sales and in helpful. how the be that just outage then And a of negatively -- color on and the affected of little bit CDK of terms kind affected a everything. think should it year-end, you think by of that, do be Where think completely overhead? takes recovery longer in you do you from we do term? Or terms you are now

product first of board. October solutions. Marketplace Well, of our growth the you. strong Thank all, and in saw was We growth across in all our

have DMS than to as but longer pleased And to conversations, certainly, of through sales to we're the liked getting rebooting it. see returning terms in we're So that's why those platform. prolonged being we're momentum pointing the impact we would October evidence that

client with I the that momentum back the sales enterprise think literally platform. remedies I generally, about discussions got we've is but we're still them X think for in across outage,

-- that think of see Is because the And is down think about how to kind about you Great. Or seasonality? spend, should for maybe what's spending this that adjusted you right marketing is QX this? in just because it way your of of terms of then I quarter. the bit. little because dial the a it that we

to the investments. marketing comes investment it return looking best our of and to kind figure when are -- sales on always We out find to

when to opportunity have we back, So we dial the will.

my I We mentioned, in have, guess, versus of the in did spend with as some favorable remarks. I of year Now a rebranding. our corporate slightly comp associated brand think terms last prepared

events growth sequential probably that we forward terms repeat that QX QX, that there's in of typically have won't for roll cost sequentially opportunity do us in same and you of in As because spend a you little QX. into bit land marketing see some

from White from next The question Davidson. Tom is

you looks follow-up. -- little through elevated about grow there the DXC out in I know, guys mean, more. it. down maybe of just to confidence this kind had of some just what bit organic the maybe to revenue sort flattish dynamics you out bit, what sort of seem dealer I if the I when maybe potentially? talk guess dealers of it a growth And how can the situation you in thinking I guess, or it a I gives explain back you hangover churn maybe then is to who CDK that be the from you're wanted flesh don't just And Can I it's about the like. peers a kind are able

we'll DXC, Tom, across dealer all And a of growth to lot of again, our solutions. that Well, Sure. point strong selling respectively, products and had in we is growth Canada. October, even throughout that AccuTrade

So sales growth getting set we're our product across full full in our suite.

soft those Historically, so This demonstrative. may lines at feel impacts. be in both the in through bullish that But growth, during and seasons QX good was during all of we're be carrying softer but election year-end, And about typically, growth more and to terms occurring generally Consumer feeling product is get dealer tends seasonally, October revenue. different on demand years. just because we our end to year. it tend dealer muted election of in

Okay. And then just on the OEM.

our is dealer Tom, from conversion their we we our going add, roughly in and the influence that I we we've think mean made We of at just get dealers dealers, our may leads our year a to found comes our redesigned this and to to sales performance the growth quarter that XX% be see of to last through channels. continue superior lot driving marketplace, other sample of was what product a versus confidence rates when investments customers. XX% AccuTrade sales our terms website, of ability I ability deliver our our to consistently more in which we of look influence to that I

ourselves innovation really well. a deliver growth terms product to on our ability from front-footed do as we being perspective of So in as see

coupled in there, what in just October. wanted we add So that with I to saw

a the just line. on then OEM And follow-up Okay.

how it it sequentially bit months nicely. guided understand a to think maybe just the visibility guys X you that transpired talk was kind and guess, front? Can on on down about to kind lumpy sequentially notoriously trying ago, up quarter of know the business, quarter, I a just you like that forward? had that's being I So I last little but going of

product in the the more process being would other I'll And for on most sets first, we're car solutions with comment upfront made Sonia I those also momentum this we're are hub, on next like innovation, Well, year. saying for the clients don't XXXX. this. pleased importantly, of broadly new are just that that in affirmed conversations the point that have based product our endemics say And channel. up

a car there's in want platform so by And to lean use heavy our that the share. new players take to market

as I bit that think we're about feeling so of And who the we let that a X in good of the the little up on were some I'll able QX penalties Sonia very earlier penalty in just business. QX. the revenue We we've in of year media from some pick sales. transformation incurred to that rebook led comment clients

that pickup in we across So in was demand nice had the all But generally, QX. of strong a quarter. clients our

No, well. quite just I know I business you -- Tom, would the I think, mean,

we're we bit the pinpoint of QX range. on difficult we record had bolster set hope I oriented to tends a be It OEM results. think wins to new around it again into like us little and things that, will QX pleased little to does incremental a special national lumpier. which tend that revenue can more a the make and next year. be And model incentives, with launches, But

Joseph from Your next question Spak UBS. from is

services impact holiday days did we from head It's dealers had the And into the hurricanes XX like just business adoption versus two, and AccuTrade as the change and especially any the X the seasonal higher Spak about quarter? ones. tone Joe in One, inventories [indiscernible] like season. ago, in the adding quick then today. I

say, followed seeing much the and impact. as in people consumer lag before, impact seasonal and a Great question. initially should where with I crisis those before or they're impact, rebounds movie even a hurricane this and did regional XX-day than demand see we've to dealer traffic were we're stronger to seen inventories consumer also traffic comes where we We the regions the are impact impacted. reckon that record But with halt like

know it spurs sales. vehicle So it out. of lot itself nets certainly, a somewhat And replacement we

interesting rising, sourcing levels dealers form than at new X the seeing durable is industry recognizing across far is street product auction. that sellers aging As buying the wholesale as inventory car cars or adoption, profitable which take far inventory from dealer are but private battling more trend, over we're

are in their cars regardless from that brings more desirable inventory. so levels, dealers recognizing customers inventory And of sourcing always

are key signaling You're seeing at reported dealer to across their the X community large replicate the publicly now their looking root that's for ways success this of by traded as being that strategies, this who some and profit-driving dealer of taking local level. groups

and what industry we've country learn, the copy so over they've past X And been coming of sell-out directly. events I doing across months, been the players dealers luncheons them source to some AccuTrade are are to how doing where can the

I so And very trend durable a on we're think there.

from Prestopino is Barrington Research. The from next question Gary

QX? of lagging kind or quarter I the any a jumped hit the about little bit late. on talk cyber for the quantify guys you CDK impact Did in call of

Yes. our Gary, have we was little than but popped lines. all a liked, the bit definitely rebooted in sales headline product across October there pipeline would just slower

enterprise-grade cut obviously, they where a and as little the strength as our profit people normalization technology right just see So we're rate cloud sales technology. forward. opposed economic on dealer track. And of to get when certainly, it's a bit and bit on the community know current looking dealers back happens. past it longer the to solutions they're took harder, add. But getting the I moving they Also little to think solutions, It

So good solutions. board, October really the growth all feeling about we're across the

have you And could started on finding how subscribers Alex? looking dealers but I'm actually benefit have game, very -- since product. in the real are business, -- the the slap maybe I'm just the early you dealers a you could this, subscribe is Media Performance Slide many bid this in said what to number with to if at which It's XX quadrupled QX. VPN, interested with the the

understand is dealer numbers, you but can against product media aging more benefit inventory. count we generally, put the that I if weight the have don't

just rather inventory. dealer's dealers they customize So than now where weighting aging rate the their entire want is for it's what dealers the that's retargeting weight. help lifting cars total all with And turn promoting inventory. on equal the We doing additional

yes, points are more in the resistance spend analogous so which subscription almost price And more, we're here, to to a to but they've finding sell got tier. not different

And I so about the out gates. continue entire softer accumulate reliant to as rate take will has heading of a we're opposed been head the into next more And that to going inventory think I disciplined think be strong have just to into slightly moving demand. to on to Dealers going much year higher third. their inventory being levels as are

number but And early hundred days, in from the we are using I'll in the using still, benefiting product, of who of as that have just the you Yes. are dealers product it's and add terms results. several mentioned, dealers these

And size? price do is this priced you this? How on dealer

flat fee. it's a So

month? Flat fee per

Yes.

it's for your over. And sluggish X a market. appetite on the going salespeople election, that. a big you base, talk and real election it's your kind there then out think, dealer I was is to out base over. sitting a there they on of you dealer what's saying like prior lot that know are mean, or then But Okay. really a were now the as their still, in to hands to and there of there day the your I they just And market product lines feeling given talking companies is the do itself all were or really a

and X-day us meeting wanting that while in in a dealer or with employee election period, they the to compete and next unit election overall held have. wanting technologies a larger see normalizes. the the were contested XX prolonged year going which sales running per they they not probably just into help heading going year, But into about more is invest look profit cost here and vehicle We is to outcome next generally to efficient Chicago concerned on it to what groups reduce country. heavily more dealer business shared in we're try a like council And with doesn't of gross to their

our what technologies seamlessly together they're to So trying reaffirmed that solve. that work they're to the commerce really platform endo cars is

And more automate year, are so going think of I operations be in business parts into technology, to dealers to to streamline to spend and generally looking going versus next their less.

is from Marvin The BTIG. question from Fong next

late to the AccuTrade. questions also on call. But X So I little a hopped on

cadence to of XX% or Just great see the of in is expectations, bit down quarter. quarter-over-quarter maybe know dollars. Could OEMs is rebound love of couple do for you you to XX I I up second discussions next kind sort should I like you're count sort to insight are some kind that there? that for like the of kind do believe drill of level to are of what over growth, XXX increases go-ahead going mean dealer of see about those looking mentioned about question earlier, and the First of how what kind believe we think question, positive AccuTrade the is just set the little Alex, could dealers growth quarters, give little number? about before a endorsements? right And it you that extra some in discussions OEMs with deeper, bit just getting further a for endorsements co-op they those then

they're Not Sure, that using with are acquiring the we of more first installed cars. health are base. actually platform praising vehicles, also of only the see all, our to we're really the can who more dealers data Martin. AccuTrade the Well, pleased are

successful making priority and the our sure first the are our that. and clients tools, we're technology so And is with on feeling front-footed

snap in earlier the that was of that through QX our impact quarter. sales the we think I part did DMS halted success

get finish we're did dealer takes pickup we realistic and so versus being publicly that's of on And do a entirely groups from interest report industry think traded auctions. body a there. attention. could When lot a kind The citing year bit the done of we record that acquisition customers But pacing notice. a little dealer of I getting profitability, importantly, because vehicle

are demonstrating consolidators replicate and in they're they're to enable so some looking us what large trying their outcome. that the And financial performance, to to of

field levels exactly that's of this the to AccuTrade the give does. power industry. So and playing tail what back It long

hope year consistent quarter. achieve that growth of finishes could for could metric out would see give how I guidance So and of at we end next the QX be that most but a we'll the next year,

Okay. follow like great. That's Maybe up... a

By part yes, second your -- the OEM? the way,

Yes.

pleased the progress. On with we're really OEM side, the

we've fact, like think the In XX% sales in that quarter dealers for the from AccuTrade it's that I we got OEM the were almost of endorsements generated with.

and get top-down dealers endorsements can So the for to we a point it support OEM it's showing our if financial from the sales. boost be can that direction,

are OEMs. we next don't but but conversations in this accelerate I we're to think will OEMs the with more thing year, that year, could footprint be expand growth I will AccuTrade our this in those close with multiple that So think year. discussions

further no are hand this I to at for the closing call the There Alex remarks. questions Vetter time. back now will

in the weeks, January beginning NADA and extend our I at in today. many Well, interest the appreciate and the we're Commerce, which the New thank for year, in next investor joining in Orleans, XX, forward person. in XXXX us to of just to looking save-the-date you wanted coming questions will New We add Orleans. both seeing be and you virtually for and breakfast of the Cars at

soon, road very a map. today. our So much at us joining great year the get for deeper and details you We'll call. way a Thank be date. dive off the concludes please save This more to product our kick you will send look it but

Thank gentlemen, you for Ladies conference you. and the joining. now all Thank ended. has

You disconnect may your all lines.