nVent Electric (NVT) 28 Oct 212021 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by and welcome to the nVent Third Quarter 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. [Operator Instructions] I would now like to hand the conference over to your speaker today, J.C. Weigelt. you. Thank ahead. go Please

Officer. our outlook Chief provide an details we and I'm Zawoyski, to full fourth our of J.C. the Wozniak, and Natalia XXXX Investor quarter third earnings third Sara as Today, on performance our year Beth are; call. Weigelt, call an outlook. Officer; our updated quarter welcome will Financial you, Chief and and for on nVent's as everyone well quarter Relations Executive Thank Vice President XXXX

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

made from the circumstances. Forward-looking webcast results. financials to of non-GAAP reflect as no obligation statements and Investors' to the materially publicly or is nVent's subsequent the are be by events presentation, of section website. in differ undertakes anticipated the today update References presentation. could reconciled of which company such can to a appendix found Today's in accompanied results statements Actual are

have after will questions our prepared We for remarks. time

the turn to will I over Now, Beth. call

how you share across the everyone. globe, morning, great our Thank and team customer-first challenging companies and a living for for a responded. our you, of high time has executing outstanding J.C at value. good nVent. and our results, quarter very to today be another It's They've quarter with level to third This proud been is I'm

stronger driving our to we during in We our regional Equally our new have actions XX% developed digital unprecedented fast chain verticals, capacity in We've and shared innovative supply our last reflective develop with in responding globally. the We supplier believe growth are transformation of of been partners our demand. chains growth sales the factories are our and strategy. distribution believe products been quarter performance has relationships. adaptive worked out. flexible, results important to over team in strategy on supply well the speaks stands and Our taken with to invested winning years. expanding executing how has us and that the execution several have sales of we Many innovative strategic

continuing the are factories sourcing our and resiliency supply to more systems with drive Overall, pleased results. We and capacity. we chain flexible capabilities, in progress with and are building the digital automation dual

of Turning XX% million XXXX. million year. $XXX of of and X. to XXXX third above cash versus free our levels. a XX% guidance ahead and million up $XX quarter Adjusted year-to-date, $XXX $X.XX or EPS Sales quarter and at Slide $XXX increase generated million of flow was the last approximately ahead the robust We for of

we solid continue quarter and results Our execute well. were third to

XX%. an Our orders up, were impressive

have in We our our orders trajectory, backlog. growth strong confidence given and record

As to continue year. growth Breaking down at in channel saw to raising are from of XX% performance midpoint the we we positive outside quarter, growth time see strong to EPS America. for We initiatives. XX% expect year full of partners guidance. grow North guidance third our our to and results third our a grow year sales with We adjusted the result, XX% now full the this

new to are on point rate. a XX to this and about new track launched added products products products quarter New XX this our growth year. We deliver

growth were overall to additive performed nVent rate. the acquisitions well and Our

the efficiencies experience growth, digital efforts our driving Our across are business. supporting customer improving and

and chemical. to growth. continue handling, verticals we play, Looking broad-based strong material strength industrial in was where see vertical The organically with across up double-digits we the particular automotive

particular solutions. growth for solutions, from Management. in up to Management contributions demand & was residential, Geographically, floor all XX% organically the Electrical fire-rated double-digits. rail. strength Fastening, Enclosures. best segment continue see from Fastening led sales growth in Energy our to of data infrastructure all with nicely regions from strong the regions. is North power grew heating also performance centers that Thermal Management. and broad-based megatrend networking to in in and expected, Thermal and continued We high grew more by positioned of Europe Electrical electrification Thermal and utilities In with be And wiring As growing XX% everything. around high with grew and approximately accelerated teens commercial & America by with developing nVent the grew regions companies with the believe benefit than one

them Our and making protection electrical products more instrumental of systems, solutions the connection and resilient. in are

critical Our example protect automation systems to industrial in are for Enclosures and data.

the toward will automation, believe see increase. we for trend the Enclosures demand we more As our

us Enclosures with like most fast-growing provided and XG. are acquisitions have solar targeted applications at that Our recent

Our our new from capability in centers solutions networking now Power data include Distribution and extends to management heat power management. portfolio

the offerings and towards Fastening, the which & smarter buildings and for need our trend content. our Electrical expand power For will increase data requires more connections,

With energy the connected, electric towards requires momentum being for stronger Enclosures infrastructure, more monitoring for enhanced We provide Management and set which The a the We to With Fastening believe are Thermal Electrical products in Everything of portfolio and seeing reliable demand our grid well about storage. to positioned the towards vehicles, business. saving we're positioned Solutions our electrical we built with and more Electrification nVent energy are solutions. our space and safety. infrastructure as trend move renewable benefits. everything in excited our flexible, out global and such Solutions the goal drive & both our is protection will provide and investments modernization, Control emerge

year the our finish ahead. updated Sara, go on results quarter to outlook for XXXX. over detail expect please third more call for and strong. to the Sara our turn now I will We

of Thank you, pleased Beth. I'm another results. quarter share to strong nVent

to performance. feathering last while a nine turn the challenging sales price price XX% a to on role organically. significant and or higher this X in testament return sales Sales and a with Let's relative points. in And temporary approximately expected, in to cost back of review growth, in of including Segment chain, resulted played from line to total adding the XXXX in second pressures, by points, impacted labor cost one-time inflation Supply a Price year-over-year challenges on actions XX% XXX offsetting quarter. supply as chain $XX up third the and logistics. XX of million in quarter additional of execution. the with investments up was the EPS volume flow big XX% favorable Strong Adjusted step that with last million to growth. Slide helped to Volume added quarter. year working $X.XX. $XXX team's third to increase a with to points. year guidance above year XX% $X.XX costs of last sequential cash contributions our come of was even basis the capital our up million was impact offset was range contributor relative $X.XX income inflation, Free was and XX.X% return $XXX

above demand. income to particularly an and segment verticals well $XXX levels Similar has all momentum of track sales. first of last EPS With sales done and to sales The broad-based chain, headwinds points. performance, the team orders well. demand, of infrastructure a increased tight cash managing strong, in organically, a showcases with basis nine continue $XXX on half you'll with & Growth execution inflation. X Europe. Electrical return were and on We broad-based costs growth continue approximately related by Fastening see had saw XXXX supply we sales, into we driven We significant supply the acquisitions the flow. Slide and the segment job double-digits was converting our of in increased increased and importantly, of was very million, XX% saw organically. Enclosures' to third XX.X% down strength orders solid on industrial of million partially XX% higher sales tremendous price performed up Enclosures geographies points. were year, particular able and XX% and where with our quarter. these increase XXX chain to or to overall XX% offset

segment grew XX.X%, and well was a driven on points was last $XXX & portfolio, year. XX more was Price Thermal low-voltage higher as connection points, of basis added as up up organically bright industrial. XX%. commercial XX% XXX sales which million, power total Management XX% inflation. our Electrical to by grew residential return than Another offsetting with was sales spot and Fastening relative income

for We million balance with double-digits XX.X%, quarter continue consecutive industrial million quarter. you'll from see all of Overall, up million. was quarter to Slide encouraged available. volume up for contribution on with we be back by positive driven quarter approximately paid second on the points was the by segments. to the strong second $XXX industrial XX% a our ended the we return MRO, strong another leaving MRO. XXX We are cash and X, sales recovering segment basis On Management's across revolver, the which income expanded pleased a the and - three $XX $XXX performance of Thermal

quarter, the the amended gives X we which update facility with our increase senior loan and extended capital allocation credit to to options. term Slide our an delayed XXXX strategy. a an included draw During facility on

investment prioritize to continue We grade growth, while metrics. maintaining

Global. we quarter the X.X with reminder, low second X of and times. at ratio EBITDA targeted third We a range a debt the As quarter X end two completed with our net at of ended adjusted the ‒ times to Vynckier acquisitions CIS in to

double-digit with returns robust strength cash remains our capital to sheet of allocation balance deliver generation we Our in a to coupled strategy. aim position and

updated see You'll Slide X. on outlook XXXX our

expected year versus growth XX%. to translates Given now into trends, prior expect our order raising XX% We our sales XX% are guidance our again growth performance to of full of Organically, to XX% and we guidance. XX%. this XX% strong sales

of is with Our XXXX. to XX% to performance midpoint million, range $X.XX. adjusted $X.XX be at ahead new the versus growth expected guide On our last XXXX at versus here is year. free reflects today X% This $X.XX guidance of $XX $XXX guidance the our to million of EPS cash we and pleased are which earnings above flow, prior in now $X.XX

of income track and updated are earnings cash conversion growth We double-digit on above and expected guidance net of adjusted This at with or deliver XXX%. strong prior flow, year above be reflects sales year XXXX all to cash another versus to levels. full year

and So our be backlog. X, strong growth, X% outlook XX% to Slide orders This XX% a we broad-based sales continuation and to fourth increase up our organic sales reflecting quarter on reported at to looking expect represents of XX%. to

sales. acquisitions four to to expected quarter We $X.XX be points and $X.XX. is add expect between to in the Adjusted EPS fourth approximately

on next the and XX% year. more in Let in gives backlog growth me QX provide up across three our outpacing sales a first and double-digits on all sales. outlook, confidence up fourth color into us Orders third were orders quarter quarter bit segments. This with

on return benefit following. remain continue years fourth should in industrial be to quarter particularly, of expect in The sales our the margins, previous a as prior are On robust, guidance. We segments, drivers versus we expected all and our implied in verticals of and which to modest the expect infrastructure to biggest Enclosures. decline margin

guidance our a account costs related tight to very into supply takes chain. increasing First,

Second, our here to XXXX our we're one-time to nicely be With a strong overall pleased of I we the year. I we between to in, we be over year-over-year believe offset strong pricing modeling very XX% the these quarter positive by expect will turn with actions, higher with segment actions. headwinds for on continue positioned inflation lapped grow quarter. sales well that, price call operational with Last, XX%. fourth performance return execution. in as and To end income volume to manage back costs summarize, the Beth. expected the With pricing we're to temporary cost All in we and am and

Thank you, Sara.

highlight Turning to Slide M&A. about excited to XX, why reasons the I want we're

annualized upon completed leading while there We believe revenue adding four delivering broaden returns. that have million strengthen opportunities our since acquisitions, can positions, are than portfolio, in building and more We $XXX attractive our further spin.

billion a fragmented. we compete $XX space in highly is As attractive reminder, an that

and solutions increased product We on fits capabilities and industrial. presence data Everything the broader each offerings verticals strengthened Electrification acquisition that also globally. are trend. megatrend squarely We've and infrastructure for networking commercial and with solar of our added and in our within We've this to-date solutions like portfolios focused new our expand

opportunities, at high that to want look extend what new we in we do verticals we in with As growth protection. connection portfolios expand and

and it double-digit think growth. of years with of the are and performed we Eldon to with funnel have growth opportunity financial the capital quarter, encouraged greater and rich acquisition identified efforts two acquisitions. two hurdle attractive generate three the with we strong in in early, the WBT completed We target WBT. our that about with M&A. cost synergies we CIS that Global integration than Year-to-date, with the and From these already a have and a to excited while return perspective, and returns a achieved Eldon second so sales Vynckier well have We are remains

with We are another Slide believe a we track time. within excited and We building acquisitions opportunities up outstanding to achieved and accelerating of integration challenging are on the a growth With value strong are record results continue M&A. our very quarter. strong our Wrapping XX, create with can we during had funnel. about

see elevated business and in environment. companies, Like are labor to across sitting with record challenges chain on other continue We shortages, the facing order many we trends inflationary constraints are supply material a highly backlogs.

Our We to factory nVent. efforts capacity. solutions China, I'm to this and proud invest partners to needs. channel nVent and of believe initiatives. our adapting the new example continued expanding opening meet challenging to global our We've ways At these environment has been finding our growth with suppliers, new tremendous. to execute amidst differentiating execution One we're their customers are is share and in partner find on further

added point the sales sales growth product over in quarter. a to New

We growth continue well verticals, to build as supply expand on our out strengthen regional globally commercial our chains. as high teams and focused

and we our and underway see is well driving as improve bright future is productivity new Electrification continue digitize as our believe customer we our products insights. transformation well back-office to digital platforms and experience launch Everything the for to solutions. summary, we and Our In of more demand the to drive

some high we're a challenges executing remain, at While level. near-term

are quarter a growth double-digit electrical operator making call high-performance to demonstrate the We I will sales earnings With third company. a these are that, nVent over strong believe we expecting now turn results Q&A. year to of and the and start

from [Operator line first Your Instructions] question the is Jeff of Hammond.

Hey, good morning.

morning Good

Good morning.

see are you result? to question, you maybe guess you that seem a most then know chain points months, second incrementally as you three, you challenged? you are be where are you share And just guys the seeing opportunities? where two-part supply do gain know one, Or last know at handling four to know than the and where you ability know the you So as better look over more getting I pain

question. All right, the thank for you

about because working what And talked for So my years. last supply with prepared several But would - remarks supply we here's the Enclosures the say in chain been I not did to adding here's perform where new is, for example. you know that we we're that our that the we have - the chain. on our capability taken know that customers view resiliency able fact is we I are that we've have before,

of the very had that turn access that customers our you the Enclosures But get the and materials look work provide it's in in and automation. given when the suppliers, able cannot to food been of and to some in a markets, So their at that got others our like turn forecasts it of - our new haven't around haven't them beverage factories, at able had long XXX% fact we been When wastewater, we've for to, challenges that in we give some strong and just to example, raw in would we steel areas with look either panel has content or the around where increased. factories content I say us they for there. shops we've

to for talk strength been really example. can terms shops in able customers panel going see we've through about see. been have we and challenges look ongoing And then as doing how work I'll speaks a of contributing between that's suppliers. with optimize further strategically, well or let the of distribution some into the different just lot flex it Sara see think we to just but our all chain it capability And the as that globally just growth. that at to we've also it So And to we supply new of and I factories our

I well being well. what Yeah, With is that our the know, exceptionally to a so change seeing testament that not think you grows to XX% is you're clearly manage immune supply up out we're overall know in on to these ability said, you raw standpoint. just And long a logistics of particular, side from seeing from I the lead times as availability as materials in kind maybe marketplace. broader labor and we're constraints a would point that and

and were were - to offset of price we the that expect with know some you that, impact circle contribution. we saw So know we kind sort strong draw obviously very we of roughly importantly, you able in QX, if on any of a be saw to But around the million. that of we you volume know $X top to inflation

are costs the footprint strong those leveraging us as talked as our constraints do So capacity able global related included our orders convert about well. to flex and seeing well think I QX that as really labor in be just those as this have and fact the Beth sales. helped deliver for-region QX, as to But in-region and well the has we to as and logistics we incremental predominantly in outlook broader

really good color. that's Okay,

of You into I you of traction. or math, just do points the you know five impressive price should price four 'XX. kind seems really If like it know carryover have

You guess announced? 'XX? does what are I you make increases considering two, know for Or know have one, you this into And what you follow-on sense?

have we look and price our time then given channel always able roll our And that accordingly, be position our strategy. price some you - know, give take the things that there understand - we've and know, to forward you our for continued those I'll and by I to the partners Jeff to to - I'll Sara start talked we've then is out. last often again me to that about to let increases manage have allowed Maybe to us, as us that's question, cost follow-up. one I'll lock well, of just But the part to we way of saying

a and position in know, what's done price good know we're have you to we've that year many typical, increase that, our common. will looks - we have what like. or us year of end through all the for an And So typically pretty but is you really we you portfolio. of year, increases typical beginning understand know, price across That's

we'll do input going as so continue price increases required we you And up. see as and the as to know, costs

how Sara I'll your specifically So rolls let about XXXX. talk on into comment then price

about Jeff math right. is that so Yeah,

know would just today pricing pricing we the that add in You bill you know were just point And think price know, you that from to specifically to I point other over of one know just you are on maybe being. on you ability six in you QX equation. we know - year and think price QX. based that QX see where and carryover where see QX And standpoint, QX, anticipate we a testament points cost I good a and manage our nine a

Okay, thanks so much.

next line Joe the question from Ritchie. Your is of

know congrats you Thanks. on Good a quarter. nice morning and

Thank you.

Thanks.

So off on maybe just starting Thermal.

So and industrial that pick margins kind with mean, you're how you you know, for seeing a what demand activity higher I time? MRO point and into had know translates the of here to great at bottom really up. this ultimately see we over segment

that know, we Joe, to started we actually You is turn. this previous quarter think when the see

continued. so trends the And have

same growth quarter we this strong we at and the quarter. type talked inflection point double-digit was know, last So And reached last quarter. we about that you look as activity MRO of the that

fourth see you know, And we and going quarter - continued to XXXX. into so through that's

know, follow-on you're you're segment? curious doing more I'm just a there? my just picture about that Now bit China. that question one that that's than expansion the about specific then little capacity And in Is You bigger hear. talk I just the great question. in adding guess thinking to

is you to supply very Yeah, be our know right. regional, strategy Okay. chain

new the other Enclosures, you to growth China, China. expanding as as it what automation we're able be our in other infrastructure. some build solutions required. the is, for well when we going And will a around predominantly but of of on and in data But for market networking into it's And as and think So to support can Enclosures it's all capability that with us we our of really out, to example, facility. that China built serve some see help segments industrial

Great, thank you.

is question Dray. Deane of next Your the from line

Great, thank you. Good morning, everyone.

Good morning.

Good morning.

talk you good, we October outlook? helpful. Hey, any positives but lots look XQ execution then Can is the My just guess and the know based in specifics here. outlook you be trends? Can about upon would guidance, comment pretty on of things

the the orders very more comment momentum that I let Yeah, us at for some I'll Sara that color. add would just pleased we're to we in levels so just continue October QX, saw be and continues with

in say perspective. to double-digits continuing is see know we broad-based we're what order in strength I know all that would with just up that Yeah, an rate QX continuing saw October segments from be to you you

- where into sales. a that you Got was miss number some compare to carryover any here. color were - a - it. there's And didn't missed an supply call actually discussion or quantifying of the issue that it's sales kind like your you this of interesting you sound any caused it But the did to and there's quarter? And chain lot constraints there. versus Just of peers,

Yeah, is to that you were I know, our it Deane, mean, XX%. orders say up with fair

demand. So really there is strong

And believe some so sales we couldn't execute that yes, were there that on. we

our shortages, very it effort. know, are is the supply a day-to-day we're working you while numbers of that of our team So, amount very of chain proud strong, tremendous

opportunities do missed there sales into So the in will that and QX. believe some we we quarter that carry that were

helpful. really That's

margins? these one and is backlogs, of those quick go have any phenomenon one anything common - have pretty you'd back you reprice contractual locked is also and that Just you Or know record there in at know this chance last as has would been that business? you have lower there you a to any

backlog and you those on very from closely it's monitor know course normal repriced of perspective, that by get right. ship, those to orders backlogs scheduled based it's you something know manage so of when in way we a Yeah, many

it monitor contract closely, sort rewritten So price basis, know that a otherwise of But address would appraise, and would the kind repriced we is of on to we of based of some the on addresses what level that it to very gets extended that that then, practices have in its but at it risk. kind something look contract-by-contract current is. you the normal those but just that know one-off. you And

to all well Stay for That's Thanks help. - great hear. the

Thank you.

Your question Mitchell. the from Julian next is line of

just at to you leverage probably look closer or in know so sort know looks as operating to you'll a or year wanted sort Maybe of morning. so XX% of the XXs aggregate, like whole. for it be this year good Thanks, low you

Given about costs. entitlement ending you're that that this for Should into leverage? know back of year XX% with firm-wide we price offset you're sort managing to almost you range year think next type operating

Yeah.

in So, XX% Julian would you right operating I think you're know perspective that be a normal range. we expect to plus from leverage that

think three segments. all just the know our that's indicative of margin strong I across profile of you

you that will, year-over-year think those of though by tremendous inflation know, of these by a I the offset managing couple job team price chain that you impacted a cost some year, and done supply coupled may you that on this impacts know has just one-time price of you know different these I math, this things, you know equation, impacts. level incrementals even the the if challenges think with

then XX% environments, you range. would to a it's that incremental we to going and plus normal in price think expect to that that be under bit going of to combination look inflation you how productivity. too mean we're high of plus tell in to the know, operating I I be some manage through But again, a context the that's know obviously early of So just

the And or you which contend think on is following then know, you. energy in know, to business Thermal just it's any exposure the explain of there, that energy Maybe Thank have the ahead? demand for up within so of you out. on you because overall I that spook just portion lumpy playing XX% that's about investors, and Management how sort at sort of the see business revenue moment. broad thoughts you the looking mix Management Thermal And

Okay.

new the we're Then, is products done will and side, we that we that things we've to believe some quarter going on Management, trends piece believe to seeing terms of the as there forward. more continue. XX% we and remember, we're energy from new So of last a through inflected programs believe portion service comes is which and a that we turned is MRO to the and longer nice spoke benefit that that lot a some some And project right, go and Thermal in I there, around in and earlier, cycle. other you're

very resi products, drive cetera. so, more globally what that we that that lot and there executing know pickup improve you business channel expand our et slowly seeing and presence, some some is, out. and that And be further double-digit know you off new I time and backlog Meanwhile, see we'll would been say very, over on. we've that'll the of been we're new the to projects - commercial has strong side side we're there a and of to orders project portion, things expect that we've bidding done But

strong into will to we growth sort that's it's and think expect we that of So - that momentum XXXX. mix see inflected, nice Thermal, the continue on some and

Great -

sorry. XXXX,

much. very Thanks Okay.

question next Coe. Nigel Your line is Instructions] the of [Operator from

morning. Thanks, we'll definitely in Yes, good 'XX. come

by of price, primarily base that quite when know we you price, past just mean thinking you're not to bet back that I So is you the surcharge so or well, back any is of wondering dues, but obviously very and are see same we Enclosures I'd driven surcharges bulk the price a curious was of X% with you So And didn't can be within sticky? little then think price bit? them that lagging if Thermal? call price out EFF that that as so

content. high around you price know that Thermal really that's X% reflective largely the side Yeah, so of not is on you having just metal know,

So that pressures you inflationary they're other two they of much know not businesses as the - seeing are. as

great. that's Okay,

are an we that then terms as And historically pricing with as through of distribution. perspective been yeah has know, sticky - it our very being revenue from Health well. stickiness seeing in you of overall obviously going pricing two-thirds

price that as as refer - know you a of referred you you really to that to And what base or we would kind if go away, will. is kind going to something that's typically so versus of

helps And manage then your it supply able be that's to Okay, you're able get clearly price the to - great. to know and you you to over obviously, customers competitors. venue

So you XQ. build you've XQ from to built inventory again the inventory from to to managed and XQ XQ

question So maybe a Sara. for

actually much is You you supply just I'm even more increase inflation buffer you volumes? XQ? you build that impact wondering just to know know, of customers an versus in sequentially how know unit have to the managed

of manage say, it's that is we're the badly well. we're we the which what know work you are But but from side. against to It spot I would say is very but terms we that convert chain QX tight sales. that's inventory a see ops you there's is, be broader for so that what targeting you as those inventory here's to our again customer of need and as kind alluded in the supply team, inventory with supply inventory feel you obviously working we're good we're of will, to mini we're where the this, those what Clearly, you team, in I supply weekly can terms deal going to for in our service on psyops, building, chain. orders we team, in Well, mean, of we I again, backdrop like continue an to to And that know know know, we're know, know, forecasting we would if given our something building daily, you you as able perspective.

had question I The the And strong I'm is encouraging, business MRO [indiscernible]. you here. Thermal last but since the which very double-digit growth think Right. obviously

roughly relative now? speaking, XXXX So that right where I'm business curious, to levels know you is

And business? MRO? Thermal what that was on

The Thermal MRO.

runway business it - MRO industrial to you know, Thermal go, go on ready the that runway side down for significant know, meaning close have you think on to went I No, the Management - Yes. XXXX. for still double-digits of still

against You lever, given challenging right know, first a market. pull that because and the it's customers a backdrop

to growth not we in growth orders saw as just this think in I QX, we replay back so strong QX as year, well double-digit it And know but you sales yet here in saw right, right, for QX. and

back get to yet runway to MRO those got industrial we've go know to us you got levels we've a taking right XXXX. into So

thanks very Great, much.

you. Thank

you. Thank

remarks. over I no to for will the Beth back There questions. turn are further call closing

Thank you. for And joining thank today. us you

to we look building in nVent and strong It's Thank M&A. momentum to you We to This we exciting forward grow margins returns. expand to and products again. and positioned certainly generate safe are and new are on call. continue to well the execute as time remain with you We our concludes you. sales, attractive believe speaking hope strategy be growth, attractive an

third today's for Thank participating. earnings conference concludes This call. you quarter

now You disconnect. may