Electric Last Mile Solutions (ELMSQ) 13 Aug 212021 Q2 Earnings call transcript

Good afternoon and welcome to the Electric Last Mile Solutions’ Second Quarter 2021 Earnings Conference Call. All participants will be in listen only mode. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Erik Grossman, Director of Investor Relations. Please go ahead.

afternoon. Good for earnings Electric call. you second Mile us XXXX quarter joining thank Last for Solutions And

forward-looking based Before you as on include that begin, of remarks These we we'd made today's like today. call and our predictions on to remind statements. expectations are may

results Forward-looking are actual risks materially from that may and statements differ uncertainties those to cause subject to discussed today.

to recent quarter of the the filings. please refer affect into factors company's this for most may discussion our that detailed release more SEC For our earnings results,

Joining and line me prepared questions. today some Treasurer. call for your Rob are James of ELMS. and Taylor, CEO the make on the Albert remarks and co-Founder and Jason Executive CFO CFO will and Luo, Li, then Deputy co-Founder we Song, Management open Chairman. will

the turn call James. to over I'll Now

thanks e-mobility now we class commitments. delivery designed Segment. And working three and is order businesses made to which in our for provide lastly to first updates earnings SOP our then year. and of we and call. segment, redefine the productivity the X Fortune begin is turn XXX our a to serve on the Last us actively fleets, urban with outlook At tailwinds. Demand corporation second customers some everyone second continues EV over in space cost class manufacturing we their call track. on four short, the trades customers segment, EV affirming with by finalize to the And today. and the details publicly Mile and ELMS, I'll Company for our the outlook. to this and opportunity business are space. commercial the joining quarter are our we this strong plan solutions on We we several be saw listed Last discuss financials third exclusively business Albert we momentous we a identified completed combination EV our on sustainable X from our the program to and acquired country We focused quarter which first plant are engineering from And class the for solutions, proper centers. to merger This be drivers, mission workstations background, Erik. with our you, not for intelligent, Thank underserved, we the keeps had Mile. quarter, lacked In end things great major became in profit strides us of white commercial with and one commercial who the one have company of intelligent first a productivity And to that mover this the expect to benefit track our EV to

solutions, credits. adoption the in as and commercial market There on tidal meet by to EV wave funding options meet are enormous sustainable working available such to and mandating demand is tax the EVs, few First large rise which commercial cases demand. ESG commercial is targets expand the e-commerce. Then and to many there part exponential vehicle pushing that any a if of to-date led aggressive for and both seeking government by is the of in driven the green companies solutions, the

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one can ownerships we're be we not delivery, By will to ready and facility products, and are leveraging our and at EV customers The defining. proven differentiator quickly get urban an reliable lowest the believe solutions we an And urban of components costs is exceptional and with key the also costs more. provider, model. digital proven that allows segment standards. a of will by business of unique as total just but speed do use and hardware, market what industry us enabler to to market enable Our the components, dramatically solutions existing and our products and provide our customization market reduces utility delivering our

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capabilities access progressing office sales organizational locations CFO our global fully across operations Adam plans Rob Director to finance expand solutions, Praveen have San with team We also Francisco. officer acquired talent Mishawaka, expanding towards in VP operations, Jonathan global EV digital our global to in Revenue of digital and Strategy leadership production include Chief further and Ron we Chief and Treasurer and Du, and Indiana, our place enhanced and factory Song, Recent engineering, readiness. by Deputy operations, of Officer suppliers rapidly and include engineering, Shanghai engineering Ballon, personnel To the capable China and key marketing. are We our Feldeisen. Cherian and advance additions

that excited including are front, we year XX,XXX finalize we're service earlier announce we the customer delivery contractors, with Amazon end we've demand And that to more to others. than customers just pre-orders partners, the this delivery. received On announced for with partners working independent urban cargo very many FedEx, distributor HVAC companies, on universities, rental our companies, and order can customers targeted commitments and

One are alone, fastest industry. they're an these fleet, driver million important vehicle fleet Our channel customer engagement pace of personal growing management than includes rental on. FMCs potential spanning a scheduled rapid telecoms, merchants’ so also These again, U.S. example trials engaged X.X than improvement, in go-to companies. oversee XX at ports, the a delivery, and verticals directly the simultaneously is of leading commercial electrification. with vehicle fleet We're customers with top as market in across nation's The vehicles. and called, engagements home for continuing FMC XX numerous discussions more more

its clients of part fleet of fleets fleet announced has by XXXX. XX% As and initiative, electric managed its electrify mobility XXXX its fleet of a by XX% of electric commitment

towards is application verticals. number food case, for green them targets. refrigerated the announced while its with our In a partnership electric kind, build a drive also to all to and with to really customers. first upfitted Thermo vehicle We that capabilities demo from Technologies of King Trane deliver beverage this across perishables unit, of a products a delivery refrigeration sustainability will industry vaccines, our great This with providing This of transport prototype global the in delivery their product. solutions to leader highlights customers

constantly more partners. about we'll is how product pollutants. sustainable, cost energy the we provide the lower the And If ownership. and the can chain idling, a supply shows and cleaner, is finalize total wasting arrangements gas of we that this vehicles and verticals today, This make diesel more you think of kind they're one and and current spewing touch end there upfitting we entire with our refrigerated can at details targeted cases of example just other use as out

all urban class vehicle, three for medium Importantly, duty their or we'll customer certainly electric utility initiating be pilots second the truck.

to urban volume competitors our across demo in the price be we reservations. the our strong, utility, are urban take to delivery, new with Utility the have and vehicles in been ice point, entrants very will we'll segment. versus Urban begin As Customer EV eager cargo we hand. for both both companies incredibly and that and demand believe has At competitive existing

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place Group offer commitment deliver support order Marion customers an million putting Group, We over complete have from and and we're ecosystem system, the with Services more Automotive Cox Fleet Cox's And announced this XXX about We fleet also announced of the with air the and service Automotive network our access than commercial a go-to largest incorporate customers channel. monitoring good one locations in service important We well. country. automotive the market Air strategic over to including will in In and X,XXX which next retailers all give a partners to maximize Marion X,XXX unlocks as dealer service Randy to XX distribution nearly another to update locations, representing the service well high include also efficient use ELMS Automotive mobile months. volume the very Randy partnership feel service partnership most as end the plan We uptime which now capabilities our collaboration to of we end Dickinson service to possible. partner coverage in technicians. May, manner $XXX as of fleet

has merger that HX our plant. plant are and Automotive speed trying definitely can it examples launch to ready service experiencing. This with launched When comes launch made here proven acquired going long Our manufacturing different the not how both we scratch. we a specific quick What Indiana. of to enables Hummer for closing dealer as the and other build it where vehicles. is benefits phenomenal network progress this approach from and well in There market distribution our itself Marion from and a with of EV the Cox to are other the onset. efforts I've doing the had my platforms to history I'm Group readiness, Randy ecosystem in and Mercedes from the as accelerating risks Most from service are with, a the challenges from partnerships all ramp vehicle is major the couple Automotive recover dealer flexible Mishawaka, we've one of visibly, and plant delay to specific are great covered industry

experienced previous plant in significant annual means of million, retrofit owners $XX to units, plant. an mass we're XXX,XXX satisfy the EV business cost previously of fact, the and also capacity the to motivated limited training. with to ability who retooling This OEM EV worked We our EV what through supports benefit required the also demand plant EV an case, from production, estimated commercial for made a enormous less that typically has we the on at This went actually investments which it ready as have us retool for have extensive a a equips and in fraction would facility seeing production highly First, many and launch this production. workforce it than OEMs launch, front.

offered Indiana has addition, in $X support grants. In Development have and us strong from tax which up Economic credits, training to we Council, the conditional million

Our due components. engineering in to a existing, model our proven business also market validated part rate, have activities advanced many at great leverages and that

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schedule on U.S. regulatory and testing We our requirements. are meet to finalize

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our suppliers this strategic startup our with individual approach expect to support to month. we to on launch summer we that about Last as ensure to positive week our was are an feel We their align held open also communication launch. supplier channels capabilities, very and first all ecosystem occur opportunity production. I This readiness. key that

in and is On announced all aware, subject CATL, that February, battery we EV total the the global a largest a national at secured you're high supply business. profile As commitment that from in front, battery back level battery a we company.

driving agreement components market base with Wuling we'll leading supply We of manufacturer signed proven with supply supplier the primary for cargo the Delivery. design binding a vans, components of based requirements, this our and and been ELMS a Urban automotive electric our chassis engineering the of Motors vehicle specifications. and be for broadens as customer us has Wuling working launch body overall on also

of end discuss to the through like our outlook I'd the Finally, now year.

end XXXX the of X,XXX the also challenges delay the several we what appears the believe target a affirming set we target SOP for this logistics. now for in vehicles. We challenges, this Urban in Delivery. set third the of disruptions, we're wide with our quarter plan by merger, First, COVID-XX But for set of production that the We've our of for schedule chain of industry the be and supply close was to reasons. biggest all spite to important believe

that years. an a for will opportunity demand have crowded of separate to from as see as will get year, the customers the we hitting market By term. quickly not to as for from scale enter time, relationships space such this the new strong market establish entrants, First, long need standing we ourselves customer greatest many several possible we that some in full near production and who

and we their partners have get place. in we suppliers need and now all to our which Second, commitments align

everyone in them increases deal front definitely us. just there Now, chain of want the the supply and rising to I raw of I've so challenges shortages, on. part remind and prices some delay complications, close, are in COVID-XX, again materials, freight in costs, logistic of challenges mentioned that

four experiencing alone offset a and challenges are our doing increase containers container costs. in times not in price real. are five We're in to these to We best shortage But these. a

with this ELMS production. on that team launching many the of challenges come vehicles. that top experience amount a vehicle launching tremendous All ramping is and of We're has normal of fortunate the a

all and solution XXXX in demand, of customer positioned years a total to if the pieces XXXXs we to our just enough to often we place tremendous come reach solves we around and in XXs problem? environmental our a So by and not even alignment, take to have summarize, is but this major launch vehicles we an of be of believe year units in the starting capture whitespace, a us believe we're only market business pushing addressable for To several that the ahead of estimates, to advantage does government market, enormous year. of opportunity. contributor year I fraction this annually. to and demand How were target are this X% that business has produce life a

solid course Last to of will far that to more a we believe year, goal mover advantage launch ELMS the leading provide Our Solutions. establish our first us and capture than this fraction a is and of Mile footing as provider

to commercial are we I adoption as on forward our EV updating ELMS to months an over and at demand. positioning the We'll We store point itself in you to approach that is inflection progress. and to capture share have more our production coming developments look

it Now over through our to I'll Albert financials. go to turn

sufficient combination our business resulted completed of The flow. transaction in We James. you, business Thank cash $XXX raise the achieve capital June plan on million approximately execute positive and to XX.

closing, acquire total million. of made our $XX At we we schedule. to payment agreement million according to brief paid part and $XXX our an for As EV our business a into be Indiana, plants initial entered will remainder of manufacturing the of in Mishawaka, combination an

results. on second quarter to Moving

had As $XXX of of June a the XX, cash million. company balance

million quarter expenses. consulting third development expenses, of the personnel research prototype loss of happen which We delivery for or not expenses $X.X We this of also development produced report million did expenses $X.X our did to end any until services, any we not $X.X reported a were expenses revenues of expect of and are million expect towards year. and to sold, consisting urban G&A per testing million first $X.XX loss revenues have in and we marketing of $X.X legal and vehicles net and a Operating share. and

is CapEx Bulk $XX $XX be to For the year million. of this in to expected range million the in year. to total incur the expected of of is the full half XXXX second

companies, Our efficient is reduced plant ready as that business an to EV level investment compared market EV EV leverages components. other to our production and due model proven

be questions. in prepared concludes expenses operating $XX for open XXXX for our million range our now $XX project the remarks. This We of million. total also to We to the lines

today will Michael Our with and We from session. question answer DA question now Shlisky the first comes Instructions] [Operator begin Davidson.

guys. afternoon, hear me Can okay? Good you

Mike. Yes,

might of about be Is automated as Great. production outlook. to who the sales a the it to vehicles recipients won't Or this I can us to to be? these compare these larger production sell distribution produce and expect that vehicles to do you partners? year and sense that fleets you wanted your outlook ask your curious, all go some that and your of of I'm give direct direct? will some you

is first answer Let one short The the me take yes. first.

will everything to amount lined of go and have one straight As channels that And question. I'll distribution at produce of we part up we've customers. you the know the back instantly we the man arrive it's of come your through a the second

will be, for distribution part know, to at you a also but the because any don't end we would on initial for allocation that distributors. as Randy be or first anticipate be them. of users inventory go channels. second distributor, vehicles And there various the would So To we straight selling that that they're the vehicles. the Marion, be the Mike, instance, through through, any as FMCs our your highlighted, you those plant through those ultimately pick part, us will inventory up final to of And customers, to our at

channels. be those they'd So both going through

waiting still results little on your it's I getting you that. the to people and time your And turn the for officially actually the some testing right behind this A all and we not are bit could just board? can testing now on EV my about produce before Or then, switch? go the on confidence ready final the about the readiness follow for to you maybe Have all ask up crash of quarter. finished

as readiness back again walk up Let have things simultaneous have, to place. me my of overall kind standpoint, from it in course, we of plant several

first that. back is readiness. So come the I'll product to

supply readiness, that of you by mentioned first business ready the plant, initiation able at in a to EV morning and just course we amount started were of in our already into ready in the model, labor was additions remarks, this then manufacture those suppliers September. of receive we regard a quarters those of As chain that already startup with to required my the the three to our know and is plant to hired we Readiness, the place there people at end production need that as get for waiting be we have since Dr. customers the the a key got plant small Brian us at about closing. of position the obviously we've other end vehicles. very And

will those, So all readiness are the the those channels in different product vehicles of heading And have itself. and you aware to. that is you we customer of be mentioned one requirements different as that

So it launch, again, we needed. let's and in risk make a say expectations, different the control first specifications requirements launch, to to manageable customer our have

those, as that in vehicle not call first full the testing, necessary. group is of you it, So crash

a of and our them. also in them, today already vehicle in them the ship it compliance specifications the with call the final position as the and we're complete we up later two So and to as phase second ship we'll quarter. verification channel, open to they then testing And stand

it Outstanding. I'll Thank along. you. pass

with [Indiscernible] question from Jefferies. Our next comes

certification gets do in XXXX that of good when second Or that Hi, that expect hurdles does relative starting that a to sort open you with event? to happen channel you? just XX? Maybe pass to that guys. James, those Is morning,

the experts. obviously mind pass I'll that, Jason Steve, you if don't safety our is it

detail go into on let me that. So some

I myself the experts. of one Steve, call for safety safety companies, largest

door, test sides. federal protocol. the the for XX XX for the for front So, requirement, XX total

protection, put these we've vehicle We're knee also crash the have including U.S. and two China this done call three, the far place confirmation in structural crushed, the protection, and the So side going tests month. in into which protection. the the front get protection, sector we for integrity also one test measure in battery numerous we to to

detail with With And engineering the finish that. terms, with far, I not over we turning showing engineer So controller, indication term, very we target finished phrase go our it positive. starting with we we that, will with the we and that that, our on every our with for be, by house so November now. all crush call concrete we're on will

yes think not XXXX answer I XXXX. So the short is Steve,

Sure. Does question. answer your that

units James, follow you seen up, I I for a appreciate should I the long logistics, what all that given asking to we about there figure various XXXX out, how if it about to be an but absent we And parts, from is you guess what I'm think we've answer, is, have in year out been perspective? the and revenue this bit a actually, I'm should thinking my that trying think for pricing higher be guys really opportunity inflation call the unit that inflation? also James, than might little ship

Yes, way our me backwards. work let

You're absolutely right.

when First of off, move in you originally not the are there to price nobody as you pushback. has the approaching know, any the with being honest, marketed we've been first know, as customers XXX that at as now XXX and be the our space, we mover, vehicles,

upside. so we're even you looking, more And opportunity more said for as in also

cost address us. transportation other systems Of side, course, headwinds on costs have opposite, But these gone says and the on the of that our would got side, we on course call way that revenue. overall cost logistics it the the

revenue. we so is our our agree to profitability, need upside but balance those come out I an to there in certainly net two And you, with

Daniel comes Wedbush. Our from question next with Ives

Thanks.

So on to just Jason, to of the just question. could go kind last you timeline the

safety like according to plan. tracking seems everything's So

the plant about Could happens, on how can work. like that talk on November that in kind of maybe that terms James and then you the So, Indiana yes the next hit timeframe. happens then and assuming would that would you I what step of be to guess,

hit as can I we to can, hit as are as as market try we market as can. it'll so Okay, the we quick the quick

pretty tests testing China, a actually here far the is one about or vehicles next we earlier in mentioned lined positive. which two indicator just previous I test up, two So so three

finalized the with engineering phrase that. legitimates eco-structure earlier we So

days, call parts engineering the change. in in to next are to to the going started something incorporate we finalize, So, XX needed it to because we you existing manufacture

with So the going we're course, yourself as you certification that. through of plants going parts for we're manufacture for as air to of the I install for have early some guys, testing as the the do given the test results. you for make bags, November we going as conference of in people to self are the a you that old already we the you public, got to always call is the reflect want which -- component go We ramping equipment which And the up and in know, and the the meantime we're possible. OEM change to the safety have, certification is say, inside automotives and I experience installed

have way this go up you to your don't with volume go dealing when So higher. much

the lunch I and the also are gradually chain and that, training, XX test lower I system our changes including manufacture make all training to including call plus base, much-much of through, get vehicle labor the deliver I XX we September in software, with the we're everything, including [Indiscernible] use So ramping go it if the and supply vehicles increase supplier we in up sure MEs, the including probably the necessary so speed mistakes it to days, make smaller. because call the next,

vehicle going tell our is XXX that whole supply up everything finalize us ramping ready. we're correct I’m to the chain system going system the Because November for this allow after somewhere if get me to be certified for means to, with this So that right to number. our production I as which trained think, we way, in days, that XX total

into kind XXX from question? the we're looking X,XXX at. hit answer can up of to Does your That's we right So QX. about that

kind are great. to of just as have No, where how maybe we're terms in That's year and about ramp just employees plant in going that's and like great. on the full to been between now hired? Indiana, And many hiring talk you XX? like so the plans like that like Can in of this June, early going far

make we plant the stations the risk Sure. assembly When station's need just out to to But and the had initiate launch. Dan that that as remember, again, September, you and we with six there laid a manageable in control the line really our on vehicles first we there. this

So to low able say, requirement let's hire again, team. it's labor for us a very a to be

about launch initiating XX and people as team as operators support be we'll includes salaried trades, courses, well and So skilled both that the with the plant the themselves.

up to into for XX rates the higher final XX into grow then receive of and when I the you three was the saw Jason XX earlier our short we four we went Manager. we get number today, that So mentioning, line, the assembly. in as as Plant talked will about hitting you And to Tim, Brian, also, of up that Brian that total grow production through the Everybody fall in plant XX as modules then stations or again, else number. just will that that

a of part of numbers that day business is to simple plan to in a other the modules again unique one part and literally relative assembly basis a launch. manufacturing plants has plan call compared part been relative basis of So might from hundreds be on very-very launches getting of and other on have our XXXXs it this

question comes Gregory Our from with next Lewis BTIG.

Yes, thing month James, guess of customer too is the I and merge out visits or much a I are for thank can and customer evolving starting? Any you backlog. imagine how now everybody. maybe all afternoon, good know that detailing I or vehicles Jim the kind you of the evening, color that give time on good spent kind

going knew try Hi Greg, you cut we think out. were Last year I but about it question. halfway again. through And I that

imagine us give backlog I I vehicle and post kind people the pack, these any Yes, I facility getting color, picking the mean potential the of up, kind to of maybe more around curious guide? was just to access can more more about you visits customer updated or are or

think enough to But all I got absolutely can question but I answer that. I out of you're but fill your again, definitely you right. in cut

a drives, events and world up, accessibility was lot had different us thankfully COVID earlier talked opened to year, in we've own to well the date to as we As to XX-XX, to them different had of drive of tough restrictions is, customers. for companies for test that the their over at course, the schedule some locations

them crowds it per So XX, please day, with people to driver’s up confirm some that that's now. Set two weeks. notes right test over my week, that bring some some that my location, picked per of let of pending my per

course, also, those scheduled telecom verticals, areas. those ports, out different of the like we and have airports, of also things some several universities, And we cases, improvement, of package use in that. the other So home delivery, about the things across talked and

be working going through, occur, say, that of to able quite the the through very are confident those of to let's we'll so funnel falling as quickly. start we're that's bottom each half those And pilots then

I the build leading we customers, orders and call commitments I and we've used to and industry ultimately now of paperwork, just interact a to start able on more think way set would purchase trials, and that with course, a these releases. the of potential that certain been what of standard to and practice as think back as with that, merging far in they're

the other well. standard we're say, with called and normal down merging this is the using volume process let's into, the initiated what large a OEMs used as we now but are also that So more pre-orders, so to, industry

about looks of as maybe we then and what be. like terms any that And us diligence, price get to you give lot think then partnership press realizing realizing going And moving ink maybe about you you the that is list doing release, still wet on that of project color market addressable of vehicle on announcement, of that thought the that in that as what a Thermo kind probably the forward. can is just King

and itself take Our afraid first an step that show is name annual interests. we've really unit food up been actually built large gauge already that's of in to it's to interest up the the that's customer northeast, consumer their tradeshow show and vehicle got the some ship

better I have is you'll unit optimistic, the the of that feedback, think read get early for wouldn't to fact in into your question. invested So much that, or get But some until have to we built. answer we once King Thermo obviously, very a come they

of start outfitting We're thinking is this units line any of know one me. should to then and I just users fleet it's about actually a Indiana managers initial think these how to do the happy we plan there of of and kind progress the X,XXX some when some more of start offsetting, kind for part of ELMS facility. that production the term hands we long to doing about year and of starting get to then should And facility realizing add color for its into any going the off then we're the kind kind

you give of Yes. I color a little will on couple fronts. a

the into that. some bidding then And the On very more orders very launch simplify up light a and a process to of some of to early one early in manufacturing these complicate say some basic shelving or first we've these talk and in just like our the premeditatedly units little upfitting quarter. the extreme get quality delivery, things with move the hand, simplify selfish imagine to not out, bit our package sort complicated process trying that taken of

themselves, to you also were in that others the it As But talked candidate, with also of call of Adrian certain and several in we've of they that. as finalizing bidding know, is process of the and several as upfitters been we're finalizing areas stage the in agreements with specialize far let's as up lead our them, well. working we

I on more get our ultimate as through able done, the from we both bottom flows also that and revenue outlook well. be we'll line think those well completed, once the share, as as So things to cash

that. updating on be we'll as So soon

Thank for questions. answering all you my

Our comes from Co. & Cowen Jeffrey next with question Osborne

shipping couple multiplier for had logistics a we in margins was there. the units. the Should take that might end. you anticipate great referenced, below as sense a questions spec my merger Xx, that gross on the give helpful sense details just Or you your merger some for etc. in of components, to China, deck to from do something simply that? get you of and initial on just what Shipping put a hear domestic relates be Jim, between on trying raw some trajectory price. cost, I'm it? Xx A raise some just in that Can allocation spec was afternoon. you you to us it to of Good able deck the cost

below you I'll numbers. pass specific over I model, to think to to it or but for give Albert some your three four more

Albert. give you So we Go the ahead, guidance. right

top the time days X,XXX increased is The Hi, higher to And X,XXX times again. over used normal. are And you to over Jeff, has XX they four from talking nice XX an container container logistic that, challenge. than to of days. now And significantly On very the this world is shipping that unprecedented the unpredictable. facing fact Jim is five XX,XXX. to mentioned, to

So we gross of as be the single prior headwind XX%. But we margin gross on to disclosed our dropped the digit. was strong logistics, expecting low earlier, to margin because very in filings, over

Now pursuing margins. of the are to some mitigate risks recovering we actions well many as as the

pursuing we're rates. example, For contract

the optimizing We’re shipping efficiency.

shipping pricing strategies in ways mentioned creative well evaluating opportunities. are that -- Jim pursuing as as we We are

working all that. on we're So

the hopefully, So the have results books on now. we what were right than better

that actually we've Jeff got as course, baking term going is And the those industry that out is of seeing long model, short the other But all tell you I seeing we're them. this that somehow also, see my we is in beyond we're said, in Well, our term, probably Albert to we're reflecting talk but unprecedented. not this, industry, in you, years people in costs this to as balance like out never dynamic the early of a as for even think mind, we've have call And some Monday seen just of like, shipping We this sight or a of in business, anything control. in your predictability is being that the bring time, of Friday. these line on this then on as domestically of this. just we entire change system, we crazy this here week units, instance,

as I in do So a this living that's what we crisis business. said, managers, for were we

of frankly glide time, path part control bit But over right permanently all can seasoned we're term that can costs logistics over these got obviously. so baked we've but guys a normal what is some it little a somewhat now. do, that short we in are do So back to down

on the Dame sense. vehicles saw the in was the things October XXXX or be the trying slow what units of it that and you college certification. a event that then expect articulate without the September for November you'll that market can that makes and my that achieved roads, in response. size on campuses, there's just of is the I'm is? press private before that what of anything question for in detailed people importantly to year That are up like the Is that that producing that's get in more a certification. raisers follow hand And think I release the you you Notre percentage your be certification? on market delay zoos, what November just Appreciate the speeds, backlog can sense

how gets XXXXs, few go we've on these to the it's or quickly, ports, been, and how this Jeff, and the not university high examples, But surprised quite universities, very It's multiply number data has to universities, into and call your been vertical, the mainstream you turns airports well the documented, the let's of a as it a because even so you it be six facilities, I might think that is, huge in big not you a sudden, and thing us. few that get leisure it's this fleet, in of just honest, we figures not then much out extremely just of just the this. market them markets. mushrooming to is records by and up remarkable, the then even all

be now So that's availability out thought might market road limited LSV I'd are what off market capable quality we of it more of be typical, of us might like course a and completely that say turned window markets That's parallel the limited for address. to there has into something a be ours. vehicles to a the sort above these and features open of stream

this thinking of the hundreds XXXXs. we're yes, So market in is

hear. to great Thank That's all you. That's I have.

I'd question remarks. concludes James back Taylor answer This for our turn call like to session. to the and any over closing

in opportunity, Alright, as everybody a the our group the broadcast. well, to And talk we for look window today. forward next that or call appreciate you you. we Thank the attended next to next individually to either us

The conference concluded. has for now presentation. Thank attending you today's

disconnect. now may You