Spruce Power Holding (SPRU) 9 Nov 232023 Q3 Earnings call transcript

Thank you for standing by. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the Spruce Power Third Quarter 2023 Earnings Conference Call. [Operator Instructions]After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions] I would now like to turn the call over to Bronson Fleig, Head of Investor Relations. ahead. go Please

Officer; afternoon, to Good XXXX. to Power's Chief Spruce me Financial our Thank Officer. results and for call Executive our Fong, discuss are of Sarah the conference Wells, today Chief you. Christian welcome and third With quarter

afternoon beyond statements to These statements. are call by of control, outlook are to subject expectations, and cause to that forward-looking the uncertainties, actual which forward-looking this statements. these those differ Our predictions are of considered speak which may materially company's risks many implied and expressed our the will include future, which results or in statements from

risk reference. Relations discussed for page We're Investor release CEO, be our may not financial by up call to press filings. that, our that and law. the other update any to regarding equivalent U.S. found statements to of ahead. posted the or refer SEC of be the this and Go we reconciled today's in can forward-looking factors in statements, measures and A turn afternoon. over forward-looking press earnings call in required our release revise except copy Please been as disclosures has obliged our to I With this GAAP Christian. to release the website The issued non-GAAP will are

the distributed then to I'm operator start with be and assets. to turn going a energy to dominant quarter. Bronson, you, today. strategy long-term our for thanks, owner and strategy of us Thank the Spice's of is and joining everyone, discussion core third

is Our straightforward. business model

assets. sell growing and clean our create solar First, through we electricity

that retail after savings the compared Our inflation of underlying month is rates. we consistent provide energy proposition month value our for to utility customers

grow, savings coastal in X. customer markets, depreciation as expensive for solar gross time, the Over especially

our customer touch to high-margin scores. to has servicing Having integrated platform. with at through we points satisfaction Spruce achieve regular customers services industry-leading repeated economics our power customers deliver Second, enabled

to environmental rich the footprint model, of recurring growth revenue most pro credits opportunities growing XX policies capitalize in our we acquisition long-term commodities even in economic for has of renewable as shifted been our with solar markets Third, on revenue be highly have more across This markets for energy sale strategy fastest our most customer and scenarios. us positions interest both rate profitable combined segment. low-cost across and Spruce's state owner-operator

the quarter. my third to discussion want turning anchor metrics. So with to I X

first The cash. is

This that X% quarter, a at cash the program, of we share cash will is are positive repurchased our settlements third matters net repurchase XXX,XXX end the net generated in that per excluding share to shy our cash expected reserved just discuss, by quarter. $X.XX Sarah increased share combined our cash legal on with shares of per few

flow preserving and multiyear cash streams cash Over quarters, adjusted on growing as prices. we'll the our next few EBITDA or both flow position it at well using free as cash either our focus to buy attractive

second customer The is metric satisfaction.

that level XX%, customer ago, about year trailing interactions the or customer set a to the repeated rose at to to establish next satisfaction service. Three product sell that record trust Our measures necessary score years XX%.

at we showed analysis sales. XX%, -- that at follow-on ready and XX%, up ramp be Our to we'd

services. satisfaction in products customer aiming power we XX% we're the sale here and expanding of XXXX, So for and go,

about go XX Bruce facilitates Let's to in electricity states. In capital solar general across initiatives operations, XX,XXX updates households markets. current by growth operations, and consumed

customer execution technology customer of outstanding collections, support, the these billing, management Texas-based delivers team and that functions together. servicing links Our infrastructure asset

for supports to our customers experience adjusted cash. this to down well, that provides growth a pay EBITDA our in add project debt Done great and

year's XX% is strongly As XX%. last up I mentioned, our customer satisfaction score from

XX across track lifting with customer-facing technology operations. quarter, basis customer and points rates, personnel and to on-time a X customer high in level history mark was X.X cumulative usually payment These coming strong and are improvements a rating in satisfaction customer score customer last in Google which investments Our our satisfaction quarter. water increased

our of on In come systems X team announced collaboration rolled Jersey rollout in The last Why And services execute the field data California. record third quarter, us and we first IT is of all field out to program internal the initially tools. that unprecedented field, gives services quarter. we teams focused we and continue links reasons our on warehouse, New have enterprise together. which the our

dense in experience some when call. First, a a to provide most is there markets of better customer our service

to creating place Second, to later. batteries have customer as efficiency of third, SRECs we install the and markets; valuable ramp sales to monetizing retrofit optimize teams up and these in in power

let address assets. of performance the our Next, me

of Our ratio, maximum QX performance theoretical XX%. panel production solar the the compared was the to installed which is

high the Coast on reflects ratio West the of at weather-adjusted the both beginning yet performance East Lower summer, is year-to-date. rainfall and performance XXX% our

is the doing portfolio and flows. great overall, So cash generating strong

This million. recurring We supported has life. cash our flows million rate by solar of contract cash expect and investment is XX-year run residential portfolio $XXX between that $XXX revenues a annual from average largely and remaining inflows

growth Next initiatives. is our

is sales growth. QX, customers we competitive purchase closed the of through compelled rather we high deals. than existing residents. force, and we on never X In strategy feel advantage to acquisition overpay a customer low keeps add Our a acquisition costs This carry compelling for fixed customer cost

exceeded in X,XXX The first a for in customers target IRR. contracted deal that the was equity return portfolio, XX% our -- about August of

also bought that small partners IRR. we XX% tax joint of over X in tuck-in venture We out deal equity a is project our

we've the from flows Over cash the last XX,XXX XX% rooftops a year, about for year-on-year. acquired growth

Buffet especially liquidity a deals. we with style have the installers, capital have rates interest that markets, sale. and need sales. and buyer cash we stand capital Renewable to recurring logic in like having ready Spruce since be IRRs, strong to higher we cash, Warren as higher to concerns on it's is In markets known team pulling recycle flows back. environment, secondary we for adopt M&A Our still power markets, at is seem installers, looking for

revenue per to also we acquisitions, from growth Apart pursue customer. organic opportunities increase

firing to renewable the sell market is cylinders. XX% found on energy commodities as ability returns environmental U.S. inflows credits business We our from up QX, and In cash more group this assets like sequentially we assets mint across our on ECM add ticked already business' to all Spruce's own. First, cash opportunities

battery This Second, for increased due in net is largely see to demand installation. retro rules. California we that space metering

hundred aren't lease for a which of revenue, We budgeting large yet XXXX. couple dollars battery was in just thousand

We end up scaling anticipate a XXXX of the this level. those meaningful more to by

months, X launch commercial next services Pro, a focused new on the the Spruce in Third, industrial segment. to selling brand we'll and

really project high Residential weighted from and to cash I'll XXX Spruce's to debt Next, score strategy to solar can levels support to naturally apples coming contracted level customer due average FICO base -- of growth. but installers. compare with oranges funding our what flows assets than seem cover it like greater it's a

nonrecourse. financial Fundamentally, the at which of in share cash is installers our it are a any above net per debt $X.XX We don't not convertible peers, same that analysis. work and our again debt stood quarter. to protect the lock use end we and position, use at We doesn't all, the

XX% historically residential used between cost XX% and portfolios. of of solar have acquisition pay the to for our senior We loans

haven't advance expanded Previously, debt assets but still seasoned robust. mezzanine through facility, rates very are we've even a markets The higher we company. a that for public used since becoming debt

such a now, have saying as to untapped have like want our an more performance money capacity In lenders than take been debt can. we offering fact, we us we in history. just looking backup to Yet debt going the our have we're at I'm new raise levels we're source. portfolios strong because deals not do liquidity because

our achieve of Now our funded tying a goal XX,XXX growth. contract reaching end our profile liquidity is to customer near-term the of to XXXX. fully of by Spruce portfolio

rate can already that's T-Bill With over annual past and about cash. investment a growth going acquisitions fact, we return approach wait acquisition, aren't exceed reducing from the afraid to XX% our year preserve In baking our hurdle. still All disciplined to and that make XX% XX% chill, to in we growth forward.

financials, last Finally, transitional year. past headway handing our significant to in the with merger associated Sarah with walk preview want before to through I Fleet XL moving over several tasks to

we York -- on Delaware. glad and their on financial hope disclosed clarity to $XX in and previously those page First, the the turn an with reach to million in and impact. September, the get shareholder We're reached New in settlements soon we SEC, lawsuit

X and address Second, status for penny split stock listening the the X reverse early we executed out NYSE stock of in continued standard. October get to

most are said, shut harvesting the a the just Third, and nearly we are focused running merger. people our finished core M&A and fast left of all systems and at competency, efficiency following Plainly Fleet savings. post-merger There steps a textbook integration, on duplicate down. XL we're from is Spruce X

growth meaningful grown we've into solar As leading a of public to final contracts, fall, cash since markets remark, assets entrance our base flows. and our last in

below meeting the through needs EBITDA Going the still forward, hand to and keep far share that and call cash to position still growth our obvious over repeating, at at I'll and increasing -- hitting targets, that, our no I'll returns of least XXXX net have we're we financials. trading through still operations even acquisition point per as capital equity increasing levels. $X.XX all-time that With Sarah walk are while

Christian. Thanks,

expenses I'd XL housekeeping results, a and quarter divested quarters, address within legacy prior items Grid related forward with going Consistent as legacy quickly businesses, Drivetrain to XXXX, quarterly to few like are operations. businesses impacted operations financial the and the presented material were reporting. to discontinued we not XL getting . that our first Before These any do financials. in few expect our the discontinued of

legal related in update shareholder Our expenses third matters. XL certain Notably these inquiry to Fleet, lawsuits. related continuing SEC operating results disclosed related previously quarter An and reflect the on to expenses

the third The resolution $XX was of million in Fleet. of quarter, paid announced October. penalty Spruce civil the XL the During settlements of

quarter, previously approval. New third predecessor documentation class agreement agreement disclosed $XX.X XL settled to related Federal Fleet has Spruce securities of Also court the District in the Corp. the Spruces lawsuit Serum during an XXXX to in the with filed million, Company, on and merger matter for District of the Court for respect subject action to the reached York principle

to its lawsuit filed to previously Corp. company, of in class it XLC for $X.X total Court related Spruce of amounts estimates Spruce total and a the reimbursement able determined, million. Additionally, reserves Collectively, securities the Spruces $XXX,XXX. is cash XXXX in predecessor the to $XX.X of items estimate merger the exposure approximately related cash of action reserves Delaware $XX.X these costs settlement and million. of by disclosed amount costs expects of X insurance be offset million settlement Bruce

corporate a settlement financials. end. which these on Please with note million GAAP amounts settlement been amounts third quarter be funded that stood quarter cash, basis at in will recognized net have $XXX net at The

be net position the would So $XXX cash million.

results. financial quarter third to Moving

$XX.X revenue quarter's the $XX.X Third second million. quarter was X% million, from up

in announced August discussed higher residential primarily well renewable quarter-over-quarter weather solar related was solar to and revenues by the sales. as quarter. that during was due higher Revenue as X,XXX from credit due incremental to offset PPA of impact energy acquisition the The systems lower we previously revenues increase the partially contracts revenue to

quarter sequential both our our in portfolios to increased across meters the Third OpEx, campaign core maintain quarter shortfall quarter, meter to efficient which upgrade legacy Portfolio most $X.X quarter. $X the the in million as in increase third -- investment O&M as well continued was as in the tied fleet possible as compared expenses SG&A $X.X moderate the million to to is fleet we million the payments. second replace $XX from owning million includes company's

million significantly quarter from expenses third the $XX quarter. $XX.X decreased to million in in the second SG&A

were excluding legacy spend increase $XX.X core a and The to nonrecurring expenses, IT clear, Fleet million second XL tied largely Just items, in deal million quarter. in the $XX SG&A acquisition quarter, slight SG&A the to legal increase is to from third costs. be

from in flow agreement in adding million. the called $XX.X EBITDA Spruce in portfolio, in which in lease was clear, Spruce again, And Power proceeds the quarter. third Adjusted legal Net third loss has legacy financials, stockholders seen million, of $X from million attributable total investment the brings $X.X be excluding items, our just quarter. income the Fleet to to totaled is XL the million $XX.X cash to

value on our metrics the the remaining measuring long-term flows and nonrecourse million. value, portfolio value value cash a provided of After case from our assets million. adjusting $XXX $XXX was net for our X%, solar portfolio In and portfolio and of base present contracts, which net net gross cash represents customers. the Using gross of debt balances, was value we

our capital speak liquidity to I'll position. Next, and

mainly compares in tied The and legal XX, million. approximately September acquisitions to expenses. amortization past attributable expenses up favorably facilities. of of September sequential Fleet, of cash cash XL increase approximately million second end equivalents at was strong and our recent debt our we latest a acquisition in total August $XXX principal of balance alongside scheduled $XXX of performance legacy The to million. XXXX, the This long-term As and is had by the $XXX our million $XXX upsizing offset to decline raise primarily quarter attributable XXXX, from is debt existing facility as debt from through XX, across SPX principal the to

Renewable that. power facing concerns rates, broadly address so higher pressure to markets about like I'd are on interest

in detailed stack consists Spruce's of our project portfolio facilities As acquisitions support XXXX. finance our X made since late XX-Q, of debt XX residential that solar

We Mezzanine when into also entered company facility private. have a that was was the

facilities these flows level cash. cash nonrecourse at level supported project to of spruce are by All our corporate

corporate debt. level X has Spruce

March all-in coming XX. loans for We average have profile late approximately of weighted X.X% was blended our The rate as until debt no to terms XXXX.

with structure. of our profile on swaps $XX beyond our million. stated hedged on of extend end of a common effectively at is finance XX% the the X/XX, our maturities have quarter floating our An attribute debt of Additionally, positions swaps away element underlying facilities swap we at a the rate important credit positive exposure project that mark-to-market with hedged maturity

the to existing market protection credit positions to events significant a over the rates. facilities may be facilities, put swap refinance providing swap our of can simply, extended XXXXs, in All reference we to prevailing the of positions early refinance carry

We senior cycle. in our have for facilities And facility back nearest reiterate, the this to our all maturing protection through credit refinancing half. is another of

average XXX reference points, is credit market. with seeing our this are margin the indicative actually As rates, basis senior facility is about far as today at line weighted attractive we pricing in in bank the the on

plane debt facilities. our our the land of cash adequate To predictable of here coverage the long-term profile highly assets flow long-term solar provides

medium Our the do any reference project ability cash company the currently prevailing adequate support injected sheet structures. the assets swaps into against would early term to which need We rates current and not over underlying portfolio protections into a with refinance has market balance inherently scenario to in support XXXXs. Spruce's be corporate envision to finance debt

normal our share are a My watching scheduled comments repurchase payments. debt are principal on we paydown through our Instead, of our balance final program.

we under million our quarter, for remaining shares million third XXX,XXX repurchased the $X.X -- $XX approximately During program.

for Directors continually capital. repurchase questions. the of the the program of Board a Our reassesses call hand that, as With I'll use over to operator

line Your Richardson first with comes of question the Instructions] [Operator Tristan from Scotiabank.

we've it's the a tail, long maybe the your customer pivot with versus seeing certainly and in year installers. bolsters the context Can mentioned you in some you stress at about of the talk Christian, prepared of seen comments about the maybe ecosystem, towards TPO M&A target-rich goal in in 'XX. environment landscape, the Certainly, changed pipeline. how ago a end and particularly the

joining. Tristan, for the Sure. thanks XX% over grew Look, by last year. we

the to clearly, grow environment So enabled rich that us over target well pretty past has year.

about Looking we're systems. forward, XX,XXX owned

end we of getting by been consistent do XXXX, the of year. say XX,XXX since talk beginning number XX,XXX -- systems because I this -- I've so when the Some about on We different numbers. service some that's to of the third-party which

reiterate headed we that, get to about I'm we we're -- for going growth. that XX% that that's think XX,XXX, to

actually while environment, continue a so us XX% And a more to slow enable and to, is I bit those target-rich still would down hit this numbers. hey, growth a to little it moderate

that financing lease In third-party installers on PPA of homes. pipeline and they of approach producing I of what owned are what is and on the think these or terms TPO and we're customers' seeing, the to the putting

XX% we now my, I'm seeing the some The have things softening year. call some upstream may nationwide I'll next be to installers forward so to from going And that perhaps looking them draw peers. identified of

leases that XX% more or upwards gone don't that I However, have is swing toward to of way XX% by XX% the PPAs XX% of from, or know, than and offset that market.

X before final are our year there supply business that this the created systems land. and we're fruition guarantee or and that a were is the So The bilateral on and core will negotiation over even today XX,XXX come being will that, going had continue in ago. we different more what to is deal outstrips targets of I say forward. piece will we to than XX,XXX anticipate that that home there contracts, is there forward currently would no

We're for always that of stocked. up setting liquidity looking keep we in it negotiation pipeline, something or our owners assets are even to repeat installers with and some constantly perhaps programmatically for But forward for various going reason us. sales

good. active that that want So with of do that's I XX,XXX now, don't to any more negotiations typically on into but go we pipeline because those of pipeline are give involves pretty a feel add to just detail sort transparency XX,XXX I more right our XX%,

your I Appreciate P&L? these services capital-light the initiative. how how customers, Just about mean, high-margin field, to pushing in think et customers? certainly in the calls, this then And context. about out cetera. these you and/or Did the these contribute rolling field that assume. platform the at talk And do then folks I you around Can the just comments trucks, think context into are maybe making O&M of prepared helps I perspective?

Yes.

this are put things. of protecting revenue. the One, me X different we Let in context

credits. of plainly for the insiders, that's slightly solar segments markets, One them. more Other our names commodities energy to we the SREC renew put different fastest-growing that states environmental is have have market

strong. services. enhancing been Wi-Fi clear the really isn't about in California, XG, markets, there nonvisible, XG fair meter dollars are to systems millions sometimes upgraded that those the about SRECs I'll cell home markets I where can active is meters they're service of and that is our protecting seeing in way, places that this, say it shutdown, just that getting the we've the we're then say broadly, of And New The that because field looking we initially is amount But where we're reason a if of say core they're I places growth. revenue Jersey, stream talking at XG and is

to field signal. can't the fast or It home lot be has of a if in see may we a of password it phone getting changed maybe see to so services it. to something. And actually reasons allows us not some cell you a there's their might Wi-Fi able a why place get And be signal,

enhancement a is side well. this as revenue So

we though, to truck $XXX. up side, our most at cost because dense the roll On a looking a coughs customer markets are

we going that that When top to X talking do course, have partners, you if they of a the about electricians So O&M X these local have you're profit of field, well. on somebody. as with are in the day, margin you're their pay our or $X,XXX to of that stick

when So think the about thinking this. utilization we start rates, we asset about or the utilization way

small of Our of markets that engaged our density scaled keep field teams our to. we've the folks much of services because all up are the going own to time pretty assets

both to and in we just enhancement our O&M go markets, revenue, should having down go on outside we So see those save protection, to not parties. as cost

next with question Your Joseph Osha Guggenheim. of from comes the line

here, a important approach X guys that as I just on year just kind M&A you You a of kind piece pipeline kind on a do actually How that? of comments being kind How more business of as you of your to think could one-off just opposed deal could hunt be a forward, touched being become? that having portfolios to amplify. And installers there for liquidity your deal ongoing of would now in there. moving of an there strategy. there, oil for not I looking that now would out wanted something monetization basis, but out that think view or

an going we for just this with markets we an really enough And off-taker are call be talking dominant And first and about regions. the not being This this call I'll a name some installers of We folks that ahead doing significant. their time. installers them These about have a the are systems off-taker. that it's could talking folks conversation, internal go a actively become talking programmatic particular agreement. actually for consolidated We're regional programmatic active most say are or that we in about XXX super to year. some we're installers, XXX

M&A process -- folks because replicable. sophisticated partner is great and those our so For

as declined Our we've public to from gone cost of being a capital company. private has only

so with in And programmatic of active competency direct this M&A just those conversations do about them offtaker. to our a are, this I'll way. that say, some adjacency connecting with in installers core And is super regional to we

on myself setting of It don't out could I warehousing and where capital of might I to those to sheet, rises know success more not cost are significant, these and where relationships. the them. simply in think, as on important the be assets want going But balance them their we very cost of have for up becomes and get there ahead have

trying balance model we're their you for a to and them So turns, enhance sheet solve by think to getting of our as issue about capital their capital, balance faster off possible. as it installers known markets sheet fast faster, their get the returns if

to would be not We still up prior to the going installation.

ourselves able what the are So them other that's and be still folks from some where on are These are differentiate put going to we'll marketplace. doing rooftop. that to folks the in create

acquire we already asset built. done. the relationship them, already time is is the going. The customer cash already by The flow is So

very might in as could Okay. be facilitating might just I transferability find then we guys also hear I'm and ITC a or monetization -- a interesting. thoughts impact see about your whether there role pointing? And lot yourselves residential. how not you curious question, second that might That's that

attaching prior last that programmatic offtaker just be with take again, installation. intend and question to to partners Well, of to the we it ownership doing don't then

from into tax is at moment that equity service. owns policy a that And point who to the perspective attached comes so it it

begin to And monetize those folks trade. with enough have tax we -- that to ITC to discussions to up are own or lined are and sophisticated are your the that partnerships equity so have their the in that point,

downstream I may weeks don't moment. are or know, that from we be it by So months

that against in them typically that say have will that trade and making peers some our trade group, and the because we have markets our pointing those and ITC. we we ITC from of are environmental are are upstream to I calls do of to place would a through. as interested do We ability commodities folks aware certainly get read

But we are reaching that came acquire to certainly, if actively it them. us, have to folks down wanting

obviously, Yes. doesn't sense. for ITC that and I to make think But lumpiness is are of size terms of The that reasons there lots transferability whatnot, would regular that that opportunity kind to actually in reason world, and an moment exercise, move a if provide might it about extend were a of further talked just lumpy you downstream little guess. because less I metaphor, is

absolutely. that moving of We've the say, Joe, Yes, moat. not key sometimes let's tax go of being get up so the but challenges us are Strategically, and ahead that to to component equity ready partners scale. hey, installer an an have for X the removing upstream kudos thought, policymakers is the for equity and cross tax the toward to we head X the bridge to is policymakers installer that and installation, being ability at that certainly of created and moats to

we're certainly market can That the at now. looking readily more in becoming I into installation installer getting moat more yet in. reach, We or definitely, just think the upstream installer's role. readily folks got can And compete could not and filled an

question next of with Leddy line Instructions] Jordan the [Operator from The Truth comes Securities.

For off Mo is This Jordan.

Tristan's M&A. piggyback on So on question

this did guys been, has it how customer your low this So strategy acquisition well worked hasn't and out you're about talking that you you X acquisitions for are guys, cost you year. appears something

be to worried of your I'm wondering, So entrants any are have Or trying a model? you new other seen copycat are competitors just about? that or you

that it's complex technical space. land contracts. CAC the accounting, in don't low it have the We've memory, a been cost kinds We This extremely your entrants M&A, whether cost. coming is you CFO of for And things muscle she into of sure is right. lot M&A for historically will, a develop make high integration the point, stuff, seen M&A years the a be To gets of into this doing customer, there's the Sarah's failure is if multiple X would that that now. goes corporations as other a to rate of not the M&A acquiring

somebody -- knowing experience luxury all exactly that the same. of customer that of do we have hard contracts may is Home sure actually PPAs peers we've of and already to accomplished. work you've we've leases. It's It's systems making their transfer of Installer consistent different when them you the upgrades, this. how what M&A. and upgrades to do called I X say step you we to years the before up do work, X of you would off said, -- I'd say that the a try recommend really warn you into would that why to lot market service tried center systems if and been are flavors be and for them have same. behaves a got or need they or would prepared that hard

So nothing really that fundamentally, it, it. hard do except prepared being that people from there's to keeps of work

are. that's X to I years take any think we where space it into would step tried the a of number to to get

servicing moat complex of I'm diverse assets that assets. our going moat. just integrated sometimes and such is say Our to

you. Great. maybe for Sarah, X just

flow to great. You rate million affirmed of run $XXX guidance $XXX that's million your cash so

can projections, the I and walk puts us through and anything maybe you address, mean, address be of? outlook you should your aware So the and takes

of I that for see and buyouts the million throughout $XXX about about got customer Mo include the in top to coming funnel, $XXX think prepays collections When Thanks the would we've the Sure. the that question. year. we that

at kind have that we to We X of any swap flows gets before invested. X down interest land initiatives? SG&A down in energy SRECs about that another you X on for debt available cash the around another our to previously middle loan then service O&M to and additional CapEx cash XX% the in and meter spoke and and X about being XX we've to previously principal spoken Christian credits, gets renewable as in or us infrastructure that kind That payments, for circling IT to and the top then live cash interest then X after that's of

time, no are this to go remarks. you. turn now closing will the ahead. further there over call Thank Please questions. At I for Fleig back Bronson

thank continued for and again you for support. joining us and today your operator, Thanks,

concludes This any me have please call Relations you contact team. our or If questions, Investor today. our

You may all disconnect.