EuroDry (EDRY) 8 Aug 232023 Q2 Earnings call transcript

Ladies and gentlemen, welcome to the EuroDry Conference Call on the Second Quarter 2023 Financial Results.

We have with us today Mr. Aristides Pittas, Chairman and Chief Executive Officer; and Mr. Tasos Aslidis, Chief Financial Officer of the company. [Operator Instructions] There will be a presentation followed by a question-and-answer session [Operator Instructions] I must advise you that this conference is being recorded today.

the has its been that press with reminded that release publicly be company results announced a Please distributed.

realized. and that Before Mr. passing These today's statements everyone the forward-looking Pittas, to EuroDry presentation in I securities uncertainties would are be discussed on being the may like to federal expectations that that management expectations current result statements. involve forward-looking floor such making conference statements, the call, of over and be meaning laws. Matters risks may will within remind in based which are not

kindly number the the webcast and read I go through floor draw the in of pass your I statement take And Please ahead, forward-looking sir. it. release. Slide attention statement has go would X a which press whole also like to to included to to the the presentation, statement and now Pittas. was the Mr. full Please moment

scheduled today call turn our the XX, Together Officer. and and discuss Tasos period all Aslidis, purpose our Chief you ladies gentlemen, results financial Please our June me to Mr. quarter X-month with to today's of presentation. for XXXX. thank Slide morning, of The X the Good ended and is joining conference is Financial for for us call.

Our financial here. highlights are shown

quarter the was loss loss Adjusted EBITDA million $X.XX net share. loss or or $X.X second total quarter net and a $X.X of share. basic was million. revenues million we Adjusted per the of For reported diluted $X.XX, and per XXXX, loss of for $XX.X and net million $X.X diluted adjusted basic

Directors shares shares, Today, the repurchase EBITDA. adjusted common the million. company press have reconciliation extension The of XXX,XXX the i.e., of provided to our value. up outstanding $X.XX inception of was investment the total large an program asset authorization another at own for our Board established buying of for opportunity about X% we program, in The to approved August the of originally which the repurchase stock as between purchase Directors refer share our in the net XXXX by trading year. stock loss Board million is Please share with was about our net for to $XX since discount extension market its and to Thus, a very adjusted approved of our program The represents us. for our repurchased open program. the of release attractive

after market to will for shares from specific $XX at program Share determined of time the The after timing at privately management and of program a at any cash XX transactions. time the the not The prices deployment. period other months may and require factors. or Board does purchase based open time million to market conditions program in be will negotiated amount discretion made in The the notice. purchases and the by be company amount and suspended without will or review or market transactions number the be of under repurchases upon prevailing reinstated company's or

that today XXXX on announce website. we our pleased ESG are We posted to also very our report

all X the impact committed elements are launch ESG, and our We our to governance. environment, social of

financial stakeholders the on certain highlights ways our one. that are all will Tasos more in presentation. the more benefits in than We commitment later discuss detail in

the market XXX.X% in XXXX, time Kamsarmax This charters are low market index. in until the charters. of rates, again, very other vessels be the the are decline to currently our remaining by short-term XXXX March July at whilst of X turned bulk for under at medium-term respectively, the second this vessels X Slide reaching To fixed to Currently, above employed operational results employed last After seen market Baltic quarter. second dry quarter, turn also down affected the our the continue of rates year. index-linked highlights. in for Please and our recovery early X Average vessels level January charters under at XXXX

various the since specifics the the You big concluded accompanying of charter can the presentation, rates noting in charters the drop beginning quarter. in second see the of

this by X are rates realized taken prior During the FFA had the sales. to million as in positions a helped these prevailing. we due quarter, the $X.X lower we were We of charter quarter, of mitigated gain we that the effects still

P and Cruz towards and the Luck Regarding days during starting drydock. write-offs XX repairs, motor quarter. offhire the the commercially our for days] the previous end for [XX-XX second motor and quarter, Furthermore, latter Ekaterini former for quarter. during The underwent motor Santa Molyvos days was vessel vessel the almost of vessel X

quarter any, this posted a when the long insurance. which owner corporate for behalf to no believe the will $X time MARPOL these be if litigation, claims allegations each against on on for manager. or motor on Christi during X and was majority the the The guarantee provide costs or Heart vessel June is the sail had by of that was actions. vessel Guard XXXX, able a at the XX, of alleged deficiencies. Good that[Indiscernible] incident Corpus to covered by us no certain of security after there The At happened EuroDry Coast the U.S. We April It the the for million plus to the violations. be moment, managers, of are there rectified detained took deficiencies

finally vessels for At she seek was cancellation have provision accounts. additional her day will XXXX, an during August this period, day she per and days employment. The to in charter, of in technically The had rating. a scheduled vessel current to of $XX,XXX the our period offhire us thus this incur QX at which until vessel we although unfortunately resulted was [Indiscernible] taken to drydock. voyage, proceed days $XXX,XXX chartered completion $XX,XXX XX of about forcing alternative per the the XX the Nevertheless, laycan loss

tons includes Ultramax, X XX.X Supramax XXX,XXX the which capacity of X and of of and shows X, age deadweight Slide X to fleet, vessels X main another XX dry a bulk the turn at cargo total years. around the Panamax, particulars of of Kamsarmax carriers with Please which approximately composed

Now graphically fleet please which to Slide shows our turn employment. X,

As you fixed figure charters of our XXXX index at rate ships XX%. trade to short-term coverage state market. market We which our on stands current This open that are current secured charter, can excludes currently the vessels for around in employment. see, reflecting the fluctuations have

in charters As we vessels. some will of aim increase, longer-term to these secure for our rates

X. dry up all bulk the second sectors quarter, end with the second of across on for much highlights go market June the ended saw towards over rates a market last the the weaker tumble week. to Turning until XXXX, In Slide the XX, taking We quarter. quarter the we

around have rate little spot spot to During the XXXX, $X,XXX of currently, increased June rates quarter bit per to approximately dropped And XX, $XX,XXX average By day. the day. a day. per second we $X,XXX have Panamax was per

approximately with started day. [Indiscernible] during trending by to development charter Panamax the or the low similar June rates. day X-year We per time with XX while $ about $XX,XXX and day the witnessed was per $XX,XXX currently Supramaxes rates XX,XXX per declining a at second quarter, standing

in the the have not as currently this Panama days, market. in uptick slight recent do we However, we seen spot

April. update is XXXX, latest turn IMF With in latest its the to than forecast higher Please X. modestly predictions its July Slide in prior

in XXXX X% from of in predictions is estimated an second that fall. standards. XXXX, and areas around recession both weak opening the by The with XXXX the but for X.X% be to growth latter half in second rate historical slowdown and [Indiscernible] the anticipated appears expectation much a to XXXX the of to half fall projected of from the will and XXXX. X.X% in for half continue cuts X% XXXX. is stabilization not to say. might still inflation in uneven stalled global volatile, XXXX XXXX and Global in of in a some a even supported However, and previous gradual world A by activity look many first

financing the softness for on sector, market, government uncertain environment concerns on path. and external near-term New the an export economies the housing weigh risks growth in local growing

the CapEx strong services, half slowdown, previous can the X.X%, compared standing focus overall XXXX by biggest by other the suggest which in the the driven world. in focused year, and recession price remains in which in GDP far with upside China's is strong this high X.X% a demand and emerging defy delivered concerns U.S. expectations. government grow countries unchanged is against of the potentially XXXX, general to developing exports economic that This the There India, Still, growth growth while of of of seems to and IMF XXXX. projected so global to in growth forecast QX was to exceeded is moderately second parts growth has U.S. other the from X.X% slowdown. that avoid out global Despite X.X%, economy

projections allowed XXXX, forecast. to for this the U.S. the growth to seems X.X% IMF to However, from have for down it's growth X%

the other economy On world, the the is faring better of than side Russian expected.

have Despite of for financial be the markets with growth and Europe many the growth closed. slow Russian the from XXXX, than commodities effect XXXX slower companies in predicted, and and in a near just markets revised earlier XXXX. previously. Western to export X.X% X.X% the We X.X% estimate sanctions is X.X% with will of and for continue

a suggesting both rate slightly the Finally, shipping and forecast tonne-mile trade X.X% important demand Far year all is between the XXXX is to improving, will return according view hold ASEAN-X driven the the and slower the Clarksons continue to by up X.X% for is overall to at East the dry bulk steady XXXX, drybulk and tensions, to cargo in only the expected XXXX. boost could expectations, and growth which well. in China geopolitical to and reflected of The growth despite drybulk trade this India, is the during graph This IMF, growth. latest growth area grow X.X% the demand global X.X%

of This historically in growth just Please The as continues X even The fuel at potentially one as book July percentage to the suggests to other fleet to when on order as market higher minimal positive XX. to remains grow. the over of demand XXXX book lowest it markets order leading total turn fleet X.X%. next stands years, a history. Slide sentiment X

or environmental Additionally, over to could of years, speed. further couple operational some even influence vessels regulations the next using the growth by retire forcing supply

XX. Slide to Turning

a expected to new X% XXXX, now in percentage as a fundamentals Let and little latest bit be Clarksons of According in fleet us report, deliveries in total to X.X% X.X% into more XXXX are XXXX. supply look detail. in

but for the 'XX, across XXXX remain. dry due bulk market imports for supply total vessels, vessel scrapping, outlook our for the is of of dry lower be has QX, especially in old operating figures than geopolitical candidate downwards summarize while is Please drifted fleet growth dry XX the bulk most was lower turn fleet congestion, scrapping this weakness to levels. X% coupled aforementioned of real current to and bulk July European if such and slippage. XX,XXX coal remains at trends market. than key the years XX the regions the sector. actual Slide contributed to the the active Chinese fleet older good with As estate to a expected market The sector, market uncertainties and which as port Weaker to

of surrounding moderating countries in remains chinese in macroeconomic the slower active the economy though, Aside materialize speeds. timing On revised environment and outlook more many emission quarters including growth uncertainty because range will improvement the improvements global impacts remainder for the and slow down are improved speeds earnings is mentioned Also, appear potential therefore and the analyst coming inflation scale from supply lower fundamentals the in balance discussed started some during with [Indiscernible] and the to port expected regulations. economic of regulations newly the as factors, quarter introduced congestion XXXX. as as demand upwards. scenarios result market Nevertheless, world over woes, of in supply forecast balanced around coming supply key from a this

in and we we XXXX, volumes analyst trade provided that grow will to foundation recent drive iron per up, the a growth increase on to would continues global side, for especially for as economy have supply rates and the fleet ore coal We further strong focus. expect the modest casual

rates now of side of us to The shows since dry Let the the Slide evolution bulk slide turn vessels of time charter XX. Panamax XXXX. left X-year

day, capacity with of the deadweight the of Panamax As the X-year August rate charter per XX,XXX for $XX,XXX median. at stood a X, vessel than tonnes, lower time

XX-year of On see old the price you for vessel, $XX.X has a price other a which historical million. can the hand, range current Panamax

development average rates coming of than past former vessel The historical prices been become relatively yet the dry and remained Over levels, previous year, higher still high significantly. high have market the bulk declined at have they while rate are down charter prices. gradually [Indiscernible]. prices median different has levels, from The the and

As are in to take quarters. we prices have a improvement company probable the in rates started advantage conservatively to retreat, positioning following of the

Our vessel strong balance to used acquisitions. further stock continue repurchases will and be sheet to potential

Let pass over detail. floor more go floor to CFO, Tasos highlights now our is me in the over various to yours. Tasos, financial the

gentlemen. you from much, morning very and well, ladies Thank Aristides. me Good as

Over next give you year. I an period quarter of half financial the XXXX, for of the our X overview in comparison to slides, second will the last same and highlights first

Let's turn to Slide XX.

Good during period period result last. period for idle as net to secondly, last the $X.X quarter revenues mentioned. the company the for the the total was last of quarter year, of million the of of mainly million income for Aristides second For time $XX of loss The a million a vessel million $XX.X quarter of increase and compared year. company vessel as the million, net $X.X period Heart year reported reported of costs the compared XXXX, quarter representing net the of same to of million of rates XXXX $XX.X compared for charter lower the over revenues second served the $X.X of net same this of XX.X% in total And to XXXX. second amounted second other second to during financing the of decrease Interest quarter decrease or the

was income compared year that to compared XXXX. second period carry the million about the increased to second of XXXX on the $XXX,XXX weighted SOFR number Interest the mainly quarter of of X.X and over of during quarter was for $XX.X average completed the rates, second of to quarter outstanding our last X.XX for million year. year second interest increased quarter expense $X.XX during share $X.XX we same due of at and was Basic shares XXXX. second $X.XX, quarter the million EBITDA shares of of the debt Adjusted $X.X practically per stood diluted the diluted Interest during quarter second outstanding income million compared about per this low XXXX for period compared loss to XXXX. to of number share earnings to the and and this basic amount worth average get calculated for about loans LIBOR the of primarily

$X.XX of loss channels derivatives, and June well. the we adjusted the ended XXXX, have for the per XX, $X.XX Excluding the the the loss unrealized the will of part as we where has on XXXX, [Indiscernible] effect been quarter in respectively. second secured share our segment, [$X.XX] that's and on quarter unrealized diluted to which gain the per adjust the base Usually results of diluted, share include earnings why and not income basic do compared

XXXX. the XXXX Let's ending and corresponding now XX, the look as for number X-month June periods

decrease our of of over $XX.X result million the a $XX.X For the the this as of half net first reported $XX.X the rates XXXX, net vessels to for half half lower total of year. first million again during half company charter of reported $X.X XX.X% during loss year, representing revenues the first total period this million, the net XXXX. net company of revenues a time of first The million compared of income of during the

compared year. compared period set previous is million amount first for [Indiscernible] or and the $X.X This rates to of the increase of the to the amounted in mainly year. debt half financing due XXXX for of Interest to other to the of costs same benchmark same pay to period last again, launch the million $X.X increased increase,

number compared for of XXXX. period same $XX.X Again, diluted amounted compared of weighted base to of loss per Basic million attributable same outstanding, get of to year was year, average this period to during period, first the derivatives, which XXXX, months compared share well, $X.XX half June diluted basic from year $X.XX X.X noninterest million exclude the achieved unrealized $X.X months X the the to to XXXX. effect compared diluted the common $X.X calculated have of practically of diluted, a for half almost Adjusted loss million ended first gain basic this of shares half first X XXXX. of during XX, first interest for million and half and first the been $X.XX of $X.XX shareholders loss income, for year first XXXX. of this the income half $X.XX, the the and adjusted as basic would EBITDA for to we and For on of $X.XX as diluted was loss for the the we gain the this

to review to our Let's XX move Slide fleet now performance.

As our the fleet second utilization quarter our the review will XXXX quarter XXXX. to rate we by of start usual, of compared and for looking second at

utilization rate to broken and is commercial Our fleet down operations.

quarter second of time During quarter almost the the were quarter during utilization twice XX% per of that last year. XX.X% equivalent March to vessels last was per $XX,XXX operated XX.X%, compared was the year On operational commercial second rate to compared owned while quarter of charter a vessel day. XX.XX day of average, per XXXX, and during and for we $XX,XXX second our our XX% of rate as operated the utilization operational [Indiscernible] commercial and earning own second and XXXX, rate vessels XX

$XXX per fees, administrative second vessel of Our $X,XXX XXXX. the for the management daily per $X,XXX of day for second amounted the day $XXX quarter day per the basis total vessel to during for to to this compared last per including of and quarter per vessel XXXX of year. expenses, expect second quarter averaged operating second expenses year compared per General quarter

to year, dividends this of breakeven dividends can cash further move and quarter period. for the quarter compared day in period second we second the flow interest vessel per per which we paid XX,XXX for table, and of in see cash. was the of expenses, level, for $XX,XXX to we takes is vessel same repayments per had XXXX, Thus, had down drydocking operative the expenses, year. rate our which day into We account pay no per for this cost If loan flow daily last this

Now for period part the look this and right XXXX of at compare the let's last the figures of go with equivalent them table the half year. first to to of

and commercial for our same operated operational during XX.X% XX%, having vessels a owned compared the XXXX, of rate of our $XX,XXX per average, to utilization day. operated compared last on equivalent of XX half first year, the to during the were and first commercial, the rate charter half XX.X%, utilization per and year. day, XX.X% rate was During was period of we and $XX,XXX operational [XX.XX] time per vessels period vessel vessel the same of average, XXXX per On

for the to this Our [Indiscernible] repayments. fees expressed flow the basis expenses, day for rate half day per from X as of per expenses first were vessel interest a for first see per the vessel operating at for last $XXX again, of breakeven I day and period loan looking were the vessel third which, of can expenses, same XXXX, this half XXXX. Similarly, first table, year months management cash $XXX compared on including per the we year. mentioned, 'XX, of vessel bottom the drydocking $X,XXX expenses again G&A And $X,XXX per of

to of period $XX,XXX day docking vessel year, compared per interest paid loan by we vessel higher had last expenses, repayments. day same we per offset lower as operating, for XXXX, dry the per $XX,XXX and partly In per

to review slide, Let's now Slide our XX the turn next profile. debt to

debt outstanding As about XXXX, had $XX we of XX, June bank million. of

our balloon for the this refinanced top of second can the million, year chart the that repayments first Looking with half of about the on slide, you scheduled debt during which of subsequently $X.X at the payment, half to amounted was $XX.X the see including million XXXX.

further payments, set XXXX, in down $X.X XXXX by million, to million repayments to excluding $X.XX any In are to respectively. decrease the our debt decrease followed and XXXX, balloon

interest margin we portion estimate down average breakeven of our of covered day. As the in end of vessel the XXXX, our X.XX%, and of level at swaps [X.XX%] cash that the cost contracts, debt see the the had Overall, [Indiscernible] of bottom rate total projected on swaps, the of is our blocking components. XX we rate June our we which debt SOFR debt XX, per our senior months, for the to its of At by around the quarter flow per next start table, various [Indiscernible] $XX,XXX we can customer breakeven X.X%. expect about

In expect see includes you mid, the EBITDA G&A and operating drydocking same our about expenses in $X,XXX day. rate, breakeven per costs, the our per chart and we vessel can which expenses,

Let's financial now the XX, to brief move results. the my of slide, our over slide next Slide last

You in our can some see this from highlights a slide, in way. balance sheet simplified

our cash value of I vessels book was of $XX our per the of at the balance $X.X XX.X% our of assets around our representing mentioned to which in sheet while share. shareholders' a book [Indiscernible] approximately other as of liabilities million, $XX.X XXXX, assets, amounted million, equity assets value or book to resulted book translating and liability about our book other $XX.X value debt our resulting of X.X% assets, $XXX million. about in stood of turn $XXX.X The earlier, of about our million million, June was total On of on in side, XX, million. XXXX, as value $XXX.X

we NAV However, the share. value per our market based million, share of excess own was suggesting market about be of estimate transactions, stood book $XX above and our $XXX and value per vessels their that on that in to our estimates at

conclude remarks, price share Aristides in call. to the my back floor thus I discount continue to representing value, of steep turn terms that, for significant investors. to and And the potential and appreciation net debt, with our our Recently, asset $XX, shareholders our around which I is a trending

any we up Thank floor questions may the open you, have. Tasos. I for now

Thank you.

Tate conducting Instructions] first question comes be session. Sullivan [Operator a question-and-answer from with Maxim now will We Our Group.

ships? you and rates you by Or imply more mainly You positioning that. for strong fleet. mentioned Are of foundation repositioning what that the FFAs? moving higher off a did Is

anticipation spot higher are we stage freight low trading of at ships in our are rates. because rates freight this Mainly,

capture we So market. be will able to the

any are the hedge Of not out FFAs these course, to levels. we taking positions at

be ready capitalize that really are on to if preparing ourselves happens. strengthened the We market to

And stringent a there, that you can violation. that regulations on Did MARPOL reflect the for MARPOL Good in Heart detail fleet? of give And detail lot specific start possibly was please? that and to Or you your the gave on the more port? first violation

of spend was Yes. I had and because main during we relatively was have there, time we have big why one would the profitable days it service some reasons dry probably it us, The reason out vessel didn't it we on dockings for a of this XX and quarter a for X was thought incident. as incurred a we the few -- we quarter. that despite had expenses

It There been time So wrongdoing, during unfortunate happened reflects anything. but was incident think change that we allegation are it no I that's insured that. and this some of on might in may it just has significant why an spent that. instance. come. But more any I specific happen any for don't

What commentary reserve $X $XXX,XXX amount future that? numbers? you insurance context did did Can -- cover say $X reflect? the if And a posted those potential to that of of some for is the the you million? million you put payments And about does future --

million million for and Sure. a We guarantee managers. had for EuroDry to $X for $X the for post

[Indiscernible] if Justice. the guarantee $X we of that -- by that if far, has is, So to it's essentially the Department pay we occurred, million, maximum and need with a indeed which for may amount

paid why be will be be to will our that seen which that that take maximum the of is that There on think past, In covered a agreed instances this a anything will covered reserve We for $XXX,XXX. in in that So expect similar been by to is accounts up have payable. we would for pay that We up excess some need for things. have don't to insurance. have not that. will amounts by previous we insurance, a be costs put to provision million X.X this we --

number the handy Good level, Maybe number then, cash mean, you XX,XXX, it that do And offline. that mean, breakeven XX, my XX.X, here. I have Heart? with point just Okay. to been take it mean, the I said that of on I would closer around last can we you -- excluding

That repayments number, breakeven and loan includes everything. cash the

a Heart. bit of Good from It expenses includes elevated

intensity I'll Okay. going the carbon existing with then steaming, efficient, indicator rating? mentioned changes into the that. ship mean EEXI, I been you are back forward? maybe maybe potential on it's an tax -- And mean, some any And there EU with well? slow in situations then any Has index, And carbon the energy those could fleet? the potential -- topic experienced you of preparing discussion or any anybody for implications Or financial financial regulations? any they I for off-line a CII as

to affect or EU a Europe. come Yes. mainly discussion. No, the that a Europe into year bring out is regulation wants for this effect the charterers briefly, general nice will Very that ETS financially goods topic will in the of as next of

affect it Europe. particular, won't really will So it In affect us.

The because is it ships positive, for market to vessels. regulations, they a go supply us the needing speeds at effectively result other have at If lower the is reduces that in obviously, that will effects they main speeds. will lower go

things companies the and doing same. to developments, taking and is all course, This the some and is try use reduce Of like are we measures digitalization through This can carbon modifications are the done of footprint, do that. vessel. that on through technological one

all you comments. the Thank for

[Operator Securities. Arctic from Instructions] Skeie Kristoffer Our next question with comes

market, the Thanks numbers. a for on lot through running all color the appreciate I and the

second directional a catalyst not improvement that see first Do of believe do rates. sort you sluggish market. the sort the touch you a What during in of might there led for upon currently. Panama to well? near-term the of make now, have want restrictions half? revival drybulk sure that Canal, for for vessels you the bit as any will seen to liners container we congestion and that It at least any some Just the as improvement, seems mean see it's I you've like think the do

that think the extremely abnormally been is increase will to couple last little for I are cargoes third there increase of during be think the months, There has quarter during the demand and quarter. the in certain I bound an congestion historically Also, little. effects, it. that fourth

will are seasonally possibilities period. But coming we So again. improving Thus, think, of quiet increase, there this historical are the as out now said, that can happen. various views And will and rates. I I happen we see think conflicting we that

So the call at it's market to this stage. difficult really

mean, values disconnected What's are with seems values. had And values X-year over but come And on that? it, that I you it now great that view down overview that don't rates. charter upon [Indiscernible] this that rate my time that, believe or you from I are it versus touched disconnect, regards to experience. do set have long last mean, asset you like your is typically to

Yes.

That's by have rates charter significantly charter values why are has improve Currently, improving. right. give absolutely to not to You're rates or drop further. to the one

values started to So have we see a dropping little bit.

this to July a thing and values how mode. out. But see month the dropping some on last We did are have see they during plays in this whole will draw headwinds and they

will see We have happen. to what will

charter at we rates. a should by There in of most because that demand book low owners the some point see when very an expectation is order significant up, revival picks

this think is I valid a expectation.

regards to 'XX And agree. totally I and looks extremely promising. I you have mean, with and -- 'XX Yes. mean, growth I

that a vessel of you So terms asset backdrop buybacks sort how provide it with consider And do acquisitions? share compared of to mind, should in values. in

you. something is I’ll are Yes, acquisition – that Vessel we tell

back bit, Vessel prices projects we able acquisitions, see – we one our we company own if discount is that But profitable drop know in considering stage will little which still the – market. at because of to will significant be the such at is think the buy you’re profitable where going. think NAV. stock, I a trading are to projects our to I most this I a

we the process definitely, at So the acquiring we repurchasing more will are continue stock. And of vessel. of one looking possibility maybe

you. further turn no questions I Thank Instructions] at over back to floor comments. like to would [Operator closing There for the Aristides this are time. now

listening in our for to all you thank Well, call. conference today's

in to months' the back the be Enjoy will of We rest X summer. you time.

attending. everybody, Thanks, for

today's This teleconference. Thank concludes you.

your you You at may time. lines disconnect your participation. this for Thank