nVent Electric (NVT) 2 Nov 192019 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by and welcome to the nVent Q3 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. [Operator Instructions]. Please be advised that today’s conference is being recorded. Instructions]. [Operator

like Weigelt. conference ahead, Thank now speaker to sir. hand J.C. today, you. to would over the your I Please go

earnings Thanks, third everyone welcome call. XXXX Shelby, to and quarter nVent’s

third On and XXXX details I’m We’re you Vice performance Investor quarter Finance are quarter Officer; Chief could President Wozniak, us. and on incoming Treasurer. with glad current J.C. full Sara Senior today and me as Vice outlook. today’s Zawoyski, join well President provide our Weigelt, of our our call, Executive we’ll Beth Relations, as CFO and and fourth year

Before outlined financial let remind results in and nVent’s today’s statements such the future any anticipated statements we forward-looking uncertainties, begin, to press and subject release you about that with Exchange Commission. are risks filings company’s risks me Securities the the and made as

today materially as reflect statements company Forward-looking differ could or of no are events such subsequent and statements publicly to to obligation from results. the anticipated results update Actual made undertakes circumstances.

webcast to questions found section site. have the for in We’ll Web which prepared of our reconciled nVent’s accompanied the References can be presentation. by Today’s financials the appendix Investors are time in of a remarks. after non-GAAP presentation, is

will the I over to Beth. now, And turn call

nVent Senior segment President roles during time her her become for Treasurer. role most to with and Sara I’d you the effective Xst. Relations being want role Investor us. announced on you, Vice with J.C. this Thank her Good and at led morning held which to congratulate CFO the like November we as I thank and nVent, has at earlier. begin for joining recent changes CFO Friday, Finance new Sara Pentair, will numerous current leadership

up our an the key Sara first as and McMahan public global leader as wish to strong I’m new on has CFO welcome this and luck nVent lead to I we proven We her her in company our half. and of deep a dedication also played have contributions business, today. for capable helping excited and thank year confident our her execute and Stacy is strategy. the in to want a ventures. a the She ability understanding role. Stacy during of I’m independent in best and a organization finance out spin stand part in her building into

Slide quarter EFS Turning a on to expansion. environment. performance the deck. on our with very how very the X% to and flat operational macroeconomic sales hold beginning return performed quarter in quarter able pleased where given I’m X organic sales declined. third Enclosures sales growth and during had had the good and on was results we quarter, with strong return of strong sales weak relatively a

quarter. And overall, growth; good although thermal sales we backlog a and had again, order management strong declined,

Here are the numbers.

X% million, For our quarter nVent, declining within sales third range. $XXX guidance organically and were

representing We was midpoint basis range continue return great did adjusted year. growth the of XX.X%, $X.XX job to EPS execute XX to managing modest share points of versus a well on team at X% driving sales expansion at our growth on guidance initiatives per our the costs, and last

the driven the during X% the basis XXX volume productivity leverage quarter by in resulting and price. price, expanded organic and by on year. we growth, sales segment led gains with EFS The sales points earlier discussed both from return volume expected

excited base in combined on of about prospects Eldon September. sales Recall, was closure we acquisition expanded growth sales being even points, Enclosures XX modestly the offset organically, return the the on by X% we return announced business of integration is are early sales portfolio. smoothly our the The down contracted basis going Eldon. the with and and while more

our ability and in expanded digital needs globally. our interested partners, portfolio, platforms very meet customers modular with and channel speak are and we their As they to

quarter. the in declined Revenue management. thermal to Turning

high-teens However, strong backlog encouraging order growth. it and to year-over-year was see double-digit growth

During the XXXX. execution. gas XXXX this for natural third quarter Sales complete a results our quarter, pleased are project management from and solution providing Overall, won we our large liquid in project be development. and realized heat with LNG are a we expected to

speak want broader now to I verticals compete. a take moment we about to the where

commercial. We see we CapEx tensions to and including a slowdown a projects. industrial vertical spend continued declining are the environment, ongoing out remains trade impacting pushing global uncertainty around and in that There macro believe

Slide X. Turning to

continues strategy results. to Our produce positive

cash. and are We and growth, focused on aligned profits

Here highlights. are some third quarter of our

vertical with top key We digits. partners. mid-single grew strategic initiatives our had growth Our continued channel

across products. third Our acquisition new quarter. One And gains we another strategy. the strong quarter product nVent We closed vitality continued productivity as the successful we new Overall, segments. realized launch Eldon the all to increase driving during

over call quarter on the turn Sara, now will quarter our Sara year to detail updated ahead. to full fourth performance guidance. go and provide and I provide please third

And strategy, nVent the I’m our Thank In on accelerating many excited today. about and with you, forward pleased Beth. reconnecting One I’m months, and delivering productivity be a coming focus meeting with here to returns. I you. to of growth look

of range. low was year-over-year while of and midpoint turn and met end So sales the mainly expectations Results, driven commitment. nVent guidance we management by XXXX our profit let’s of per our our EFS to as Quarter Organic delivered X% on up declined X, grew Third Performance. on guidance, overall, Adjusted share the titled at X%. $X.XX earnings Slide thermal both sales X%

Free investments in often expanded X% for versus solid quarter, lower We about productivity $XX half quarter. up income points with was cost million, Notably, conversion net the of the in million net and versus sales on flat positive of sales. by in the over prior on a XXX% year year $XX in and quarter realized in second the productivity XX Segment income. the actions planned was return half, R&D. basis cash flow million $XXX in part last

the reported a of to third for enclosures. on please addition with organically our segment Eldon X% discussion Starting quarter basis with acquisition. X% Now Sales turn grew of performance. Slide X our declined and a

as continue soften positive and and good execution top digits, our well demand solutions, offset in down our transit partners. industrial see One networking to saw in as data with growth initiative; we specifically, While commercial, with nVent we low-single sales channel rail and

recent In of $X added Eldon in quarter. the addition, approximately during acquisition million sales our

Enclosures return and and on well operationally X% expanded flat was of team from includes Year-to-date, the XX productivity return midst while in X quarter base expansion XX challenging on year-over-year during points This on quarter. up sales a income XX.X%. points. points organic realization. with sales impact declined enclosures sales net executed Eldon, basis enclosures sales, in of was a the positive return price our almost and basis to The segment saw modest the business

expect quarter third declining by verticals. growth the quarter, vertical, the we similar One trends at in our industrial Looking the focused to fourth nVent with offset somewhat

as of productivity expansion actions. cost a We are return expecting gains structure on result and sales

to thermal cycle Moving growth Sales continued energy to to projects the $XXX the while in flattish returned out to now ending right. million of declined quarter management. business slowed year. Sales industrial longer last X% to commercial approximately The push relative organically. MRO

believe that future to quarters. better expect this we we timing-related and was However, see growth in

improved growth our we the While as optimism projects continued expect of won be in projects quarter number team to into to the that towards throughout revenue returning to translate and larger a XXXX delayed, beyond. growth

and grew backlog with the year-over-year grew backlog This and second the a in high-teens marks in growth. quarter quarter. digits high-double orders order Importantly, row

and sales with X% by our management to made management XX in XX by improve sales on structure on were declined return cost progress the contracted sales sales Return to trends. organic a sequential basis down aligning basis volumes. XX.X%, return We impact points. thermal of current points by lower driven thermal on Year-to-date, basis on

continue year, longer-cycle to the out delayed. be As we projects to close we expect

While and segment bidding backlog macro environment growth grows. uncertainties remains remain healthy timing, with in we long-term are the the of prospects activity and this as optimistic

contributed Return Sales X Now points of expanded sales positively and volume realized driven organically, the onto X% approximately basis of quarter. productivity volume $XXX with EFS. price as of realization point during the quarter. in points XX.X% price, by of gains grew on and XXX growth million X volume

expected the we quarters X% points. past systems capacity sales as on on we read recall, return leadership, in basis sales few year changes half in back expanded and began return sales made organic you EFS Year-to-date, expansion the were over of If XX out. this to the and up

quarter for grow, we indicators although EFS, than the macroeconomic expect verticals quarters, fourth to recent commercial the as slower at adjust Looking downward.

year. We continue to sales prior expect strong versus expansion return on

our the X, $XX the revolver At approximately of to our Slide via of and quarter, end third Cash Turning quarter, Balance EBITDA, third X.Xx debt to to fund the also Sheet on titled paid $X Flow. also returned and was quarter. short-term in dividends we the now shareholders purchase down In approximately drew net down million million debt. in and Eldon, the we

over $XXX repurchased in Year-to-date, X% represents paid over million in we $XX shares dividends of which and outstanding. have shares, million roughly

cash net allocation free XXX% to invest look conversion year income, continue We to in acquisitions investment-grade maintain strategy shareholders. continues flow and bolt-on metrics, be; for of expect return businesses, approximately our and core to cash attractive capital full our of

Moving Quarter Fourth Outlook. XXXX X, nVent now to Slide titled

currency point nVent to continued quarter headwind management X outlook last a approximately X% in relative for fourth reflects and year. sales expect of expect flat We organic down quarter. be to we fourth This softness to thermal in

thermal quarter both Our positive $X.XX. standpoint, management. enclosures, offset guidance EFS segment $X.XX in fourth adjusted is and in a to in performance declines reflects this EPS the From by

effective one-time back we the our to third the expected move quarter, expected U.S. tax to Recall, the tax increase Corporate to anticipate this strategies. between regulations. tax the a of XX% is and other as as in rate proposed expect impact XXXX is and XX% expected costs in quarter XX% we similar and as finalization execute rate the to are in rate we be mitigation effective towards tax our be

Outlook. titled XXXX to Full Year Turning X, nVent Slide

at thermal up sales tightening end year With this level, are be up are revised At to issued Eldon acquisition. expected range. We by segment guiding the we flat on the of impact year each full segment low be full outlook, to our the and to to is guidance XX in lower sales the flat return the be previously points, basis organic outlook X%. mainly driven of to management now guidance growth

also to adjusted be full $X.XX. for updating to EPS We are $X.XX expectations the year

to expect financing higher Eldon late continue quarter impact We to material EPS the no and due to third close XXXX costs. to have adjusted

$XX we sales, For quarter. expect during million the over fourth

to cost within generate expect accretive to to weighted exceeding capital We be and months average continue of to returns three XX years. within our two Eldon

to year. Although preliminary, add to next expect EPS approximately Eldon we $X.XX adjusted

over my and back the comments will Beth. turn guidance, I concludes This call on to

you, Thank Sara.

Turning Slide XX. to

priorities remain XXXX Our the same.

We growth effectively sales our challenging return focused our macroeconomic in a and more environment. are capital allocating on areas, driving expanding amidst

and digits both low-single we down portfolio looking before seen For were and XXXX, context, years. at have sales XXXX slowdowns the nVent in

with structure softer a However, We each we specific due has offers to on but only dynamics, our saw a appreciate modest deeper in that ability demand. own return its focus cost today, and sales align to has in decline diversification our slowdown strategy verticals. more our

growth such are on playbook of both quarter nVent and solutions One data is the and networking third execute our ability broader as We commercial and to believe Our initiatives. industrial our initiative good indicator cost growth vertical. a outpacing

summary Turning on to Slide XX. our

Our drive consistent to long-term remain growth value. focus to continue we execution as priorities and on

EFS Our to fourth were read team nine in which place the over expect quarter. to performance, continue actions a we results put reflect months the good the past they improve operational example in to out as

believe our protect and is growth optimize return and our invest looking at Our initiatives, cost quarter to times to sales. structure. also protect in these return execute challenging positively while actions more to structural on continue ability We sales results to reflect on intent on third our during

will I that, now Q&A. With to call to operator over the turn the start

Instructions]. [Operator

from question Your of KeyBanc. comes Hammond Jeff first

Good Hi. morning.

Good morning.

Good morning.

again. you good Sara, from hear to

you Thanks. Good too, to hear Jeff.

enclosures. on guess I Just

incremental and the like? your low-single savings about you hold go in more us you XXXX? Beth, can well then kind Just decrementals you that terms broadly, of should if this or And the restructuring can you digit in look cost line What have margins you’ve sense of think into if of initiated a what what talk planned out reads decline? can how on me give you we

Sure.

our to a structure business, diversification our the have enclosures a just than we factories, think respond variable other much been good industrial. we we’re to we our able we’re we as we with with have we And than a think on different So better that at in position playbook that. have look verticals cost focus and of

Sara that we of also the And to slowdown. you timing, think want And inventory answer that our XX%, to is there I the think I’ll and in but flows modest which in quarter. movement we’re to out the XX% so decrementals, goal. And of But going have let declines and of from restructuring. we sometimes is I on see manage significant if just the

Yes.

at managed it country And more that and by things a putting regional of as standpoint. segment, with the we cost-out efficiencies some and some like And realizing overall, versus as as back at productivity of our well the roughly closer targeting and $XX million enterprise on into the we the in half back structures, maybe cost half alignment providing looking a at really operational it’s along something really the and end-to-end quarter. said getting we’ve with the we’re really came And it’s the the supply ahead and really So at segments. that segment, looking pleased before a of level into material efficiencies looking velocity from of call, actions. across combination customer integrated that really all but productivity, some work Jeff, of getting chain doing focus restructure regional

So about that really you we’d million the context to carryover, as that standpoint. from structure million in expect to range overall in be if cost think carryover XXXX, of $XX that $XX we will, an

then to wait on in the certainly that and these orders of you It other sounds were inflection. at it’s any out-year But indication to that great. order frustrating look got this start delayed, just I some LNG And for Okay, they XXXX outlook? are you like know as in-hand more been getting ship that projects in those thermal. you better. you confidence give would that are And giving

We have know revenue we recognize to large LNG have in XXXX. definitely into and projects is what we starts seen start project this shifted – to execute Well, XXXX.

view into management growth see thermal will we our XXXX. So as we is return to get

Okay. Thanks so much.

Thank you.

of Barclays. Your Mitchell next question comes Julian from

morning. Hi. Good

morning. Good

And welcome to Sara.

maybe on the first pretty – guess industrial I clear. a is So think I question the picture

talk You in did about commercial softening a markets. also some

a outlook when that any commercial, back there changes about happening? in you in see vertical demand noticeable you’re for And I taking thinking step talk What the in from maybe general, just to XXXX? So that started about guess months? recent was

all, Billings aligned year. most realized look first I So at just we’ve we how see some right, I’d say, we growth. even Index, And that’s seen started it’s with segment business And X% EFS partners, we that quarter every or the our growth just the where pleased to over the weaken this very or some But quarter particularly on last Architectural to commercial. say of where we’ve going from as that slowing there’s as overall pockets, industrial. is on I with X% what’s consistent see our have still macro the – perhaps albeit would Dodge reports, to partners. hear going that during think and than we’re things and less see, growth quarter, channel that different we we more just soften, what where general there’s we’ve looking – in the at some seen to strength channel from view that the is but There slow, environment, a our going is we’re slowing we’re weakness. But just

much. question my around just second Thank productivity. that And then net you very

touched when you good bucket, ahead, everything on bps margin with now. gross think together look XX inflation, of and is on figure tailwind year-on-year QX just But QX that investments investments number, QX looking guess run so at figure that you that number. say, that Slide I that in to productivity productivity you that a inclusive so in When X positive gave, sort is good net the net a you’re margins? of looking in at You very turnaround forth, the useful bridge number productivity in and versus the rate

Yes.

by largely really couple a included things. talked ramp productivity we that So it productivity, One, cost-out actions driven included earlier. on about of that the net a

of did We inflation also will. you easing, a see if bit

$XX So million inflation to was QX. versus in compared $XX million

saw So R&D. we some that we of easing. that digital a bit continued initiatives inflation also and along saw we our investments And

into So net-net, that will, QX. you we expect would we read look as out if positivity, to

Thank Great. you.

from Partners. comes question of Your Vertical next Jeff Research Sprague

morning, Good everyone.

Good morning.

Good morning.

morning. Good

sorry, give if could of little XX you you’ve any first couple I first on a missed volume I’m a EFS, of if us I the on XX me. of or color versus this. price the bit Just minutes kind wonder dynamics. from But covered

your how all and into wonder And fourth price. growth just forward? the kind think you I been of see probably evolving quarter year-to-date moving that has

Yes.

saw the as volumes. to of we and One look – QX, price we you

So if had you in struggling recall, we and had that the been our spoken year earlier with about availability. product

leadership was our changes, new capacity putting some So of there in of capital just in a focus terms plan. lot expansion,

quarter, and quarter. go this realized continue so And we price to expect we fourth we volume and into as that

that a a on what, of Is right? that, is point couple or so and volume price? So

point That’s X correct. on price, X points volume. on

Okay. just you’re commercial back to It understand answered seeing I primarily prior and quarter. was on okay that commercial color and sounds on what is a mix actually part there. why. out in But early some like margin little the question high thermal, into of project And Do of QX you pretty EFS, then signals business? thermal? business on bit around the the next But you visibility in and obviously it have definitely a there that’s year

I been into be and as to funnel Well, commercial commercial we that can management, our and business say we to positive. expect we we’ve thermal do thermal be expect And pipeline our on improving positive been we’ve building in QX, QX. look

on impact what’s XXXX, early XXXX? integration no program, et on thought into looking basically accretion kind Eldon, And Okay. but your cetera, of

as cost in also $X.XX the some includes benefit prepared carryover well. investments as really technology synergies, the preliminarily part would financing of that the of provided as of some but includes remarks some we the that as expect That a We’ve acquisition. well our we from Yes. would integration Eldon expect higher sourcing early

leave there. it Thanks. I’ll Great.

Thank you.

Deane Capital of RBC Your Markets. Dray next comes from question

welcome luck. add of to and everyone. Sara, back best morning, I and Good you. want welcome Thank my to

Deane. Thanks,

if know Julian’s don’t revenue terms evenly explicitly but addressed months you weak there throughout? the the or anything that quarter was is unique cadence the in I of organic in question, of this in

Well, vary when there’s from one we we say – modestly different saw September, can it’s channel look it dynamics that just another. at the improve it quarter, but partner I hard in would to and

consistent, So question. in call I root that’s a that want to there’s to little a it the of trend, hard the say if September but really improvement generally

or It in far? seeing so then color insight any October on is. what And you’re

QX. saw I’d with say, what October what see in consistent is we in we

data on the buyers and interesting specific There in you’re today cooling? then back into update how any And of center article about was business, power mode. seeing both give journal the talking an if center a just good. Wondering there. Okay, enclosures, us back an and are vertical, hyperscale your that data within growth

Well, are to high-teens data continue. we all year-to-date, up that expect And year in almost initiatives. our and we XX% center

So with a that go into think that news, we for is positive us as just XXXX. I

it. of of and investments, commentary obvious last just nVent Got when Is say, be the one throttle about Are would digital? cost to appreciate And corporate But respond the anything other slowdown, there that let’s so spending in that levers in in in I for and than able forth? how terms investments on growth growth would and there back? decrementals. back think discretionary hearing pulling can these some you of a terms you anything on me you the about pull

best to right? always Deane, to investments – we how give I our start. what ability, focus That’s at is right, have we returns, the are on going think us look that

discretionary. And of that look it’s I always so and at all

if on a that severe pull recession. had always can we You back

so manage. one And the things that that’s of we

cost important we how terms of that is the but we terms we it’s investments, long-term some that how in. it’s and manage creation in organization, those because how our have – variable in timing of think make we layer to discretion those do we do our for at goal do we of optimize Now, look value

you. Thank

Thank you.

Your next Research. Robert Barry from question comes Buckingham of

Rob. for Good [indiscernible] is This morning.

Good morning.

morning. Good

company? do costs be commodity tailwind the start When to a for net

is being headwind the question Your commodity company? costs stop when for a do

A tailwind, sorry.

A tailwind?

Yes.

that that we’re expect we ease in inflation the would say so to to overall, would case starting into the half be material I back continue see XXXX. Yes. and

from inflation mind in is tariffs. side, bit out things really think logistics keep for we to see continue there, it’d I XXXX. of that the some we’re on are to full that overall, to whether be seeing year taper in we some But what little a there would general expect

profile how And thermal Thank the what the second orders of you. margin in And backlog thermal? are quarter XQ versus in [ph]? is the margins

and – I see second think we little a I be your And our hear, was, blended question the let rate, operate hard want we’ve think to line’s do the of lower those clarified way. this I business. we margins always tend what that commercial the margin range. And projects? your MRO to business to projects this I’ll with our maybe in just thermal it but be first But for is answer and our you to as at business than So part me ask that part expect mid-XX% that a thermal margin

you. Thank

next Your question Goldman Sachs. comes from Ritchie of Joe

morning. Good Sara. Thanks. Welcome,

Thanks, Joe.

on So price productivity kind touching just discussion. this maybe of

right guess, base about Beth, across next I are So thinking metals down. be seemingly now to maintain few environment. deflationary think the I able going portfolio, your you’re in definitely whether I’m when a to of price And through kind coming quarters,

around how next that So quarters? thoughts changes over few spread the any

businesses that I there not can enclosures, year, value we new always And price. our of point get that been to we look we EFS been of that maintain around as price. of think X%. a proposition business realization that’s to but of as because have coming as look about I a that, point labor for our for very to same we businesses, up we has EFS where some with as all about and extent into we successful the have our savings. And as products maintain we think think next And our go this price – Well, of is always we at year, business a goal

thermal I to next and that is quantify from will there ship you All And to then or little you going how the guess LNG good much a year? earn Okay. guys can announcement revenue Is that bit right, project hear. maybe switching way that’s into project. gears of a

I can’t.

have comments, but that will contributor confidentiality We in obligations some any XXXX. make it this at specific positive a can’t I point be

all right. about talked constraints several my maybe question the see back, to volume the And just some Okay, EFS. last the that of quarters. business come and It’s growth we’ve on in capacity last nice over

I’d an to update volume from get of little And just in where there back the team so standpoint? getting just love in stand a on and you And be bit terms automation to – also aggressive standpoint then more growth? a commercial capacity out driving terms of

to Yes. summer, we our equipment our well, to And systems have some place, within of and our new we’ve and We wanted And that more a all levels maintained some started for that getting in to our see to course then we QX that There that we more earlier of going QX, that’s look the online year. – productive operationally be we Europe. stamping and us has lead that’s still we put availability has times, year to be QX us that beginning warehouse were the the that in over make improved the – at. from and – efficient. system, product customers allowed through stated at ability management service received

of ensure we that, to that a why be volume, this we to that’s be to to it responsiveness we It’s We’re saw able of – every growth X why there’s believe able right? continue and can to were able to actions take would to expect doesn’t velocity lot point year. achieve to – that faster and been do And we’ve so just a get that. we continue result X% going we our drive And customers. stop, as and of have quarter

you. Thank Got it.

you. Thank

of Research. Your Bergner final question comes from G. Justin

Good morning, morning, Stacy. Beth. morning, Good Good Sara.

Good morning.

a absorbed I the questions. late, on just your a of adjusted Had hopped $X.XX tax quarter also guidance? on the quick call a fourth an being in headwind clarifying basis, not little basis is couple in so on GAAP bit the

That’s correct.

the X% have secondly EFS to coming due to third from in first the easier of been going comp? of how easier half in in comp? improvement improvement Okay. sort some that the Is negative much an And is the then that an volumes, sequential X% might You’re or quarter. all of volume of off plus the on

Well, all productivity, look whether at whether ability to I this. just internal when it’s our whether our it we’ve our that’s look – availability. We sequential at get improvements, volume, as had say product would that’s we measures, our

standpoint, improve. operational our an business to that is view quarter-over-quarter is from So continuing

helpful. few inform that’s to given after the wait others does you that observed have likely lastly, you in that or than you M&A the Okay, last And of Eldon? then going to rather bolt-on how sort Are deceleration could later? sooner future quarters and do macro quarter, a something

it – it view, equation our just our for opportunities really the extend potential value do if which to So product that serve when is growth, again, creation I believe we that I position think value Eldon, we can the right it’s think accelerate does in portfolio what’s there? Well, And customers looking view Eldon targets we’re at deal acquisitions, globally for our we there for really strategy. Does the to XXXX look like and are that us, it’s the the looking at – that accelerates it’s our our has in us strategy? there to allow a us, that exist. out how

you. Thank Okay.

Thank you.

for no in to like are to Beth closing the any turn call remarks. queue. questions other back I’d There

for Well, and thank nVent. interest your in joining you us morning this

and our protect we see actions strategy. to sales a nVent to return taken of in more we team good a As challenging our close on environment. proud with drive We look the our momentum One initiatives has the are year, of out lot

nVent customers, that integration with plan. excited our with feedback One team, When making growth impact. and initiatives Eldon our our and the the an channel is partners team with about hearing I more strides met positive sales I’m are good I’m even opportunity having

and focused operator, are the value. growth again to in for conclude you now which can we areas may call. drive you expand ultimately support. return drive on sales, believe And I right your the shareholder I thank

your Thank This concludes for you call. today’s participation. conference

You may now disconnect.