EVgo (EVGO) 9 Aug 222022 Q2 Earnings call transcript

Greetings, and welcome to EVgo Second Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ted Brooks, Investor Relations for EVgo. you. Thank

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Our first Daoud Instructions] from line Gabe comes with question [Operator of Cowen. the

I prepared can I color everybody. are how you early little morning, Cathy, year? just for ability to know give on the with us really confidence But it's just Olga, inconsequential, for or all starting Good that's Thanks of ramp a days guess, we in remarks. maybe revenue this rest implied the for the here. the and year. this deliver given steep

mean Yeah, our say to Gabe, we're just sort would of sure, I forecasts. tracking I

that growth of is have did because of factors, what are seasonality So account in coming year. bit negotiating like the over to EVs the the taken we the last a obviously and little we of time, market, the PFJ in late number bake EVs had been that again, deal, we we had

going anything add to Olga, of that. the you was want be So to that we to scheme. that part knew

year. first of second fleet Yeah, PFJ are QX closer to heavier I contractual in the some half revenues to explains scheduled But in some loads year. tracking towards as forecast, revenues our firm the would half kick at the we in you guidance that second our of we And that we're said, the the and concur this what on and see of it. versus are year of time,

Pilot might make I a the the policy curious, obviously, pretty as deal nicely “eXtend” to maybe I just But moving pieces eXtend, network. follow-up, all about guess And the the and big thinking front on most and spots, you think think, some contributor before, operate. how sense not you becomes mentioned in as NEVI extend as a own do particularly to the of

can three to years? how of to next really a So the two be big get just trying eXtend over call sense

thing, you're coverage is corridors of think I Gabe, a probably for first expectation that's Yeah, that a of far focus well, policy as to like I a objective going rural burn well, again, identified the be forecast national NEVI and kind as think areas. while. the And you've with foremost as get -- a slow to I is key mean, the the of on

negotiated the and overall this is like Pilot our of mix all substantial. you addition it's it's having our overall we And just So eXtend seen earnings, or product -- Flying great a to EVgo know, mix J, which coming -- revenue, that. develop

in More Pilot is many operating presence to those well a given network and great. placed we're because our Flying well, that's operators those -- track business that has folks remain revolution J probably come interested going with XX station rural and of quarters EVgo's gas of in is and that to over rural forward. record very really have of participating So years be really, part electrification only and not and entity the

as this we we get tell to they about can development We good soon when things as look forward about specifics, So business you -- this in. talking will.

Our comes of Andres Fitzgerald. the next from line question Cantor with Sheppard

Maybe from to follow-up first question. that little a bit

So will seasonality the later year, to you about should do the can of helpful. this heavier guidance, for insight you talk be that be meet quarter, anticipate kind -- in and order some revenue guidance in there concentrated? Any QX QX

also So just EVs to drivers getting business, around it our reiterate, but the the on it who on our depends seasonality, business sold. depends -- drive EVs, revenues core retail from

the some of is the detriment actually, but So the fall we in seasonality do expect winter neutral. to

revenues most Because second of why half importantly is more quarter by to of deal. and some end heavily that contract our to of we network. mostly forecast the we just expect new seen year. the of ramp X,XXX QX beginning to up loaded this is the network, the the roughly new year up, So to plane, the contractual the driving of signed customers end through continue of we namely the certain contractual to seasonality QX, you kicking our but of the more and towards fleet that revenue But PFJ from have more have to is ramp up expect our summer continue customers X,XXX in in

are at there So happening same two things time. the

So NEVI so right. this touched to in to I but regards the know program, was on, just get just it

So sessions, later -- with confirming here are to conducted looks submitted for expected plans states you've states, like the already common in it be more XX September.

to a little from bit 'XX QX guiding -- is contact of the 'XX. a you but bit. And that if numbers, there just a So us I'm know can said QX you're wondering, not just states? expect we I'm trying what maybe color? you've maybe we sense little then or can quantify any see can any I your give with

a programs going thought willing many as are of state seen And these absolutely to in this like big a to to amount that -- can't of year, do but go. What kind it. in is competitive the the is ultimate get That really, really -- -- we we're where not is a we -- as programs. practices probably actually, collaborate are well. puts designing we we that our for that their well only cooperate, moving saying money. pole track to is provide going fact solicitations that conversations, where documents with leader based to excited It's quantities XXXX. DOT's we're giant flow and and to a share about EVgo experienced experience we're but what that our best truly on earliest that do really to want kind get QX our record start of we position and of business become of it's our The QX I'd know and conversations

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proceed Our from West question with with Evercore. comes line your the James of question. next Please

Olga. good Hey, Cathy, morning,

So Cathy, for kind of question a big me. picture

been So in equity a for capital have we cost of rates seen change there interest has and move clearly prices. the industry. the in And

number good capitalized not but and are air you of of a competitors competitors have well that I'm You there, quotes good and guys number using are.

economic as work out partner about or or started to they reality potential want about And and think think to to how you in so, -- today set that with build has with customers, they and providers, winners, to Are charging in the losers, customers you and talk given winners be is shakeout change and clearly is this that a guys the well they there point, there there cost is here are the understanding capitalized markets going capital at overall capital? yet? of

a James. great it's question, Yes,

those development it's we But well most fluid. mean, they mean, coming chargers are capital strength, is hand conversations. our needed probably, to keep to that sort everything we there's the delivering lots so there finding BXB all that's to going got our blue record Like, I probably of strength of a more. for in that mean, transportation that is before of and in we think right? I our sort near of gain. would you're be as with back just mean, completely GM the we I medium and of got were I have important business say it's business a background delivering -- this all but and we work, a doing just coming part track the deliver I from thing -- that, those I well Toyota markets and across. -- customer term keeps and have else strength delivery, going to partnership sort ribbon of to were of of electrification the partnership term of if benefits all

really to so, know really, going the to to want somebody chargers that's or that going want whether partner years So with well. ground going own XX them you're you the be you're we manage are going counterparty to whether -- to them. to be if be I partnering whether to in somebody those or be with able assets for the owns

as as And of it. that Sure, just capitalized But to so probably continue the have to business providers that's that. and compared of -- that's companies scheme that's probably I more you your you because world be clearly that than our And you whole track chip want well other Pilot part operational grow, about partnering doing others. to with why us It's markets with go did the blue capital record. may world, to of part it's frankly. the will again, think, markets access excited got

Right.

Okay.

then Okay. is you -- one you through of what California, maybe That makes talking curious, sort you Olga. the certain for are Olga, positive maybe or Brooklyn. kind per minds, or the should that and however model positive were sense I But cash do cash what certain number think cashflow how of positive to obviously, assign, flow now understand as a utilization go guys. location that. so standpoint, locations we when amount we at can areas we for flow the think be out need location EVs, it Thanks you about fairly And how for utilization we in kind or flow that examples. to on I'm and just to of you those a think value need stalls. about in of cash each our

versus using geography, or are flow good a One range right? it at low energy each EVs is location as its to country. cost, answer or people in in LCFS from environment $X.XX be, end because network, What is $X.XX, the density? we are the question. EVgo location depends what many versus of they Seattle user home? this charging many that's Coast the What many charging positivity so on factors. there, as is Yeah, as How using each So how the non-California. have the it cash California how in EVs in cost multiple East depends and will on public the $X.XX are not, the -- of do And energy

factors. have variety different a you So of

probably with low seeing So number in better some then could costs digit you you're And where single LCFS other is a to of with when double low you start probably cash pinpoint need markets no high the very really up markets. I'd in medium as kind positivity if specific there presence looking as difficult digits it from flow lower goes concentration markets of energy say EV but for with at and utilizations it and the incentives. energy costs, you're then and

those some nature the diverse So But of hard you're to of very right. -- averages again, of because to factors. because pinpoint other just absolutely the

of our Angeles, locations locations Los EV right the Barbara, Some Phoenix the such high one is high Santa such now. adoption Francisco, markets areas as in Arizona, of as utilized California San some in of

the quite quite on months. an six East also been locations has has Coast last the We really down interesting really market, see Connecticut kicking in been bit in, growing a

country. with But progresses. pocket to see that to how again, the specific we number we'll the pinpoint hard And within a So market a bed. update

of of America. next Bank the Our Ryan line from question with Greenwald comes

Ryan. team, he's Hey, else. something Rabel] on on it's Unfortunately, [Alex for tied up

How some profile. wanted to between fee would it the of see I to can installation? And you you two specifically. eXtend I ask on would Just that guidance development of the the cash ones mean, the I sort if sort of quick though, on gave I bifurcating how that? mean, profile element recurring think sort flow know you characterize margin imply -- on initial then you us site

Sure, so, first model. let our business us core on comment

deals the on get those. we underwrite to IRR is CapEx life to because double-digit which flow eXtend, in over deal for IRR that But investments of the when PFJ of double-digit recently, disclosing On not the unlevered so we're concept specific on looking we're and are a a a minimum terms assess so the we use conceptually, minimum EVgo, underwrite put cash a working we we at a of asset, then we eXtend we So as of pre-tax announced deal. margin. deals, we back,

get of So over of contract, that. are targeting the minimum to a the time we

CapEx, investment. don't concept have don't bit the that's the because underwrite -- an don't different of a you So you you a underwrite

to You overall company. flow the underwrite generation the cash

So keep the we back. different here, get concept quantum like would but cash in to use margin bit same a flow a we what of of

I can parse you will. see guys more I credits, us? for but sort direct from mean, how the value pay. more your to do going capacity of positive, curious Sounded one do guess, sort of mean, that the, little location you a that just the of of you forward? if extract given if revitalized you sort tax sort I provisions, how XXC on then landscape, section no see And of policy practicality

it think positive. actually is I

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line of next Jefferies. with question the from David Kelley comes Our

do the impacts the step growth Maybe expansion? given Or new we $XX Should as on just up and your CapEx, baseline the in million there one of time quarter? assume kind a the targets. future question for were any

we the operational a there come with inputs on by think. are X,XXX We've stalls efforts continuation it's year-end. time guidance of market So to again, network. build to the no guided the or quarter, will XXXX, we X,XXX guidance our for under to construction that And one our out give when the we

we're about expense build. to mostly emblematic happens of this ramp probably that that’s how CapEx think and what What the many up. year is I kind drives So of stalls

that CapEx. years decision quarter will which stall we will by be the market But with at five precise the more the assume to help will on -- right forward, driven network. you because is it model necessarily guidance. And I we that update XX just how to that million expand our Going the next for wouldn't pace every how the assumption, understand will

very about early maybe potential term within million a can still X.X how reception that base? penetration But growing on And and you're longer recognizing it's registered the to talk then about the maybe premium And you subscriber thinking question PlugShare days. subscription?

may and in over that. the a fair got we're of on amount right? we've we've -- XX like time now but software you macro, eyeballs to and is of months be impression need as capability to the spent you the increased same we're great. -- XX, some and increased with platform last our able customer we've -- really in the start all advertising people, the of ability platform -- reach, not really by million its noted, the add of a the again, the build At that investing excited of out are the eyeballs So curated in increase investment actually want of We about to And PlugShare of I'll mindful infrastructure capability And X.X advertising. it's to kind community. which the the time, the that software has that. some do

about. all what invention that's PlugShare was the so And Premium of

So the of again, very, actually provision ad of environment free pay PlugShare, PlugShare days. sort for at you're but we we'll and users for look, very That love early us] the want that. we -- was It's to behest right. [see don't of those,

So of using very we that has on eyeballs positive. -- the will eyeball X.X of report reception subset million the that been early from again, pairs back are PlugShare of the growth that. But

would be How pay response, we premium already to premium positive people update that people that for market definitely use overtime. what interest here, with out. and what increase immediate we and to premium features -- add happen. would and that the will a philosophically, how What is can see also maybe the measures who add is but subscription market time, in over will meaning of direction we I that like the of evolving up and Yes. PlugShare right It's price like into trying we hundreds to actually product going is saw had And in when do the different step products that first we an to it. ramp would

we updates about We provide to are quite excited will personally and continue that.

from comes JPMorgan. with proceed of next Our with line Please Bill your Peterson question the question.

been Yes. not I know maybe CapEx -- that for Thanks stall for CapEx trends Understanding absolute have about CapEx questions. thinking my environment. are inflationary experiencing how you trends? but taking fixed, are an you

as but look are at some tunnel light of coming the out down? of start have the and up and that you program bit all I costs these you're per GM, any quite should think, for site thus far you those things eXtend seeing year, the it's a end doing this you or cost

take I'll that.

of easement. So see first we signs the definitely

a second of we the increases now $XXX,XXX, with stall inflation on and per are we part. mostly obviously we to wide range that is half smarter roughly in It's find of the the labor labor cheaper, $XXX,XXX year started the be but labor getting So, savings But the have any and looking on that. difficult, not elsewhere different can than associated at initiatives abate component.

-- equipment, say the we And our and better Delta can spoke our prices things script. we're are new we of contract getting earnings as about on -- with in doing we the some much in

and rising in positive So with the see the and that just positive is industry. we competition the continue effect rising volume to quite

we under and utility beneficiaries we are we sites what equipment with working of and we are other how we're how innovations. So a But of we also -- about organize shorter efficiency couple sites on thinking build, prices prioritizing here. to being pressure runs are

So a for to are closer some and CapEx, close the once in that. of next update are improvement looking market at to of them, CapEx as see we midyear already but we will we year, we quite bit

highlight definitely of that some like here. percent as to inflation knows. environment -- I everybody persist improvement high But inflation to So would continues see yet, what

we example time equipment where other pressure to So labor, but actual the continue couple where we're under in other those I will are we for hard we will some a from savings rising than of experience same as -- get at environment. are work pieces for -- to pressure places, and charger which pricing mentioned, such

you expecting -- to year? trend second the of your I Okay. What LCFS half curious, expectation? guess credits year the I'm full is guidance, I Embedded in in the guess were

them traded. traded we we traded, last Yeah, flat we're The expecting per $XX time credit. we staying at roughly what at

to expect year-end. we if be seen flat that so that's out. And that works Well, through stay to

are expiration. We volatility LCFS exposed to and

from of with line Noel question comes next Parks Tuohy. Our the

of about. couple things a to I Just ask wanted

talking were testing about sort of program. earlier your extensive You

see perspective, I think pretty out I set you as current both out the had of and of coming how with, there? interested pricing? product in there, Or on for as crops your equipment devices just you also you kind the mentioned what's demand far from was just XXX vendors guess, of chargers guys And sort well are tested. expanding wondering of side capabilities, to that most you wondering, important I and aligning

I this Yeah, love question.

So, important just all the the one OEMs, EVgo’s but to Lab, make not that we the the companies, Innovation to of success, only the also companies. all to car it's -- so charging I mean, reasons, available

every comes So -- automotive about CTO, it, the time, market, that are that being it very asked all But with would to market near where either and as so cool. coming them a market. single up to or the test to call, the brand are with car we market chargers what that you sure the ends him the the coming zero. cars the percentage damn that's And to on central does test will work we it's this drives on it's the cases of it lab repository to giant, all all a up like when right big chargers the well. ecosystem I that all the make going you tell first and party like look and our car engineers think they are if I really excited new if that

the this table lab ecosystem, that companies charging working. of the get ecosystem So companies and important is getting it get nascent and the It’s car really days to really, it.

a selected through it our -- rigorous process. We have when we supplier a equipment, new for goes charging

in hardware, testing lab, put lots have First they software, hurdles, well. available. those are we meet say, -- at with there's vehicles of as writing. the then And our pass all, meet firmware, we which then begin there to this.” it And economics they the different “yeah, it's that of Once we procedures the testing the our in specifications out they are and that then that obviously,

So exacting that it's in, be the to work standards partnering us with all in industry's to for on, excited America of the But create create capability and work, stead we of able we and hard going that's happy experiences. that that are we're the its driver say, that's vendors it's very stand to we're good both electrification so transportation our lot meet involved drivers. work, about our the all can in and great to its OEMs work to a

going Yeah, just for want so to moment a market. and turn adoption I acceptance to forward. Right. the important multifamily for

just similar market And the any commercial California not there the contracts curious seem it giants there it far sleeping the the that ultimate is characteristics Or does Award, mentioned everyone for as pretty You special potential, of I'm like has you're any garage. that for to one devising? out as is and setting? a

don't don't carport is this have look, home because No, is XX% like garage, about or don't charging, a access Americans unusual this a have that. they of something that, what's to have they --

more because the more if expect country this in you right, and -- come going just the there wire maybe be got electric want buildings. happen next then But do to have to a LX you're then are presumption XX if trying apartment we apartment into years, to entire able up approach than cost you've California actually, XX, buildings, that fast put convenient -- and to dwellers, going could about again, apartment that's So, to is have XX, had parking the go even as to were minutes over rebuttable to this charging The to to in well, these the be there and people to access all in charging. shot, and provide innovative been going people effective XX XX at convenient do what garages like, what's night. to

very, And so exciting this. what's about that's very

be and dwellers apartment that that we enable a new these conveniently capacity So to we for to we're will their going near are think hopeful able work. homes -- that charge to quickly,

to to don't which charge country is the as go close where that million results – too we $X.X that the don't be apartment the for even rest basements what into garages home. or dwellers how to of to that's garages, going is going easy it about are have California and that of think right, want to of advantage another So watching we sure possibility. apartment I'm make And for the And that. they necessarily

urban whole footprints use fast good So tying than for up we're this have lots excited about to of overnight parking charging rather charging.

of sectors going game to different trend, all out sort these are exactly Fascinating evolve. it how

question of comes the Tudor, Pickering, line Huang Our from Oliver next Holt. with

are quarters? quick is of there up CapEx any being compared follow-up output cost size Just from driver, to materially to ramp the any question how respect capacity to with Besides the when much increasing or of a incentives primary recent to offsets earlier. details due decreases or a the to increase capital charter

offsets pure a capital this it's in clarify. all no now capital so spot are statement. cash that it's $XX just So There a flow offsets let a million they number, growth CapEx, a And me different on sit CapEx. in the

put us So and the so whatnot. CapEx of every into equipment reporting be actual time you'll will and CapEx see labor, that we ground, amount

higher much, is in in than little speed which bit. And of of of at we pace we But quantity if constructed. we they’re a kind much the you stall to. really dissect construct a used a overwhelming here, between see And course, a so just an most the that and is up price CapEx factor quantity bit drive and at that of ramp that increase acceleration of

turn my to I'll And second question.

Understand to line really half respect with in should trajectory incremental comments. go to into specific item that understand basis. provide your start next to year revenue. anything But year back the Just this on better to OEM tick and the help the network earlier from there up of us forward a that

that imminent all agreements [indiscernible]? you we this fairly kind coming be would market should lumpy to that expect them various be to the with. And of of something Just inflow timing models EV gives have

revenue revenue. they contracts, eXtend be the and We contract reported of GM related over will separately me the were OEM earlier more to So, let or revenue. of which non-charging be fleet ancillary ramp-up -- clarify some revenue construct, fit on fleet PFJ some and in. prepayments in and which Nissan of the of expect not they will happen a That's do amortizations much comments,

those we complicated the in they of amortizations accounts those will and year. tied up. those, overtime, But much it's on ramp are don't many lumpiness but of how this cars particular OEMs see So are to road

for of see you assume now. continuation the So a near-term, just could kind trend of you

Suisse. from of Credit with your Maheep Our next line Please the Mandloi question proceed comes with question.

something see Credit questions a that, what's as in for jump QX of volumes saw QX, to like Hey, QX we for sequentially. XX% quickly talk ramp the good QX, or just And Maheep from Thanks. striving the about you for here should Mandloi visibility. Is afternoon. well? charging embedded Thanks any the in that throughput taking We well? that Suisse. on expect Could PFJ as include here. does Maybe GWh QX here. it

mind Sorry, do what clarifying So line missed it. question items your is you about? I

in to XX the throughput, for QX of GW run full GWh and rate implies year, XX The XX almost the QX. hours kind

Yes.

won't PFJ size we the that, retail on drive fleet expect in and increase. up will be So that KWh included ramp both some

And over revenue end? is that’s shift then that just second could quarter-over-quarter, it. that charging flattish that similar here? like, anything share specific half revenue we in mix see Like, Got or on year somewhat flattish a the what drove

in sequentially necessarily quite your because I definitely I growth charging quarter-over-quarter, QX? do of saw flattish. QX wouldn't revenues charging Or a a question, define misunderstand versus it as Well, maybe we revenue XX% of bit went

Yes.

charging revenues no, looking just the -- ramp probably here. up, my So bad. I That's at for right. $X million the was

QX $X.X roughly million it's $X.X million, $X QX. versus million in Yes, in

to So ramp we the of up. see XX% it do close

venture on of in more reason any -- one you QX, me have saw timing on sale just the And I in regulatory behind last the now? And do for it? Any inventory any the credits. left

Yes.

don't have more any we So left.

matter, the So it -- spoke couple but that. it's reiterate wasn't about we a complicated very a reason so of gladly will times,

lag. we So in as revenue switched recognize our months to it this six LCFS beginning that handling of versus to in. the we the LCFS from -- And year, us switched trade occurs allowed a third-party

credits incur those did get generating we would of KWh trade we LTFS what six months them KWh, previously, our and after So the event occurred.

generation. immediate to switched we So

year, first recognized So for as the revenue six months occurs. it of this we the

and worth and hours of on to Plus, and old we kilowatt be many according of network method, recognized credits credits that. -- we sold will California in how QX the QX. there revenue had we So last generated LCFS six them from into months just recognition translated credits

a that's one off event. So

is will quarter. throughput LCFS see hour California, particular which forward with Going kilowatt only associated that you recognition in

last understand fixed just appreciated? it it one bit around what long-term just any just entail, just would And on me, you provide color more be the one from some us arrangement, pricing, or duration details or help supply does could

this Sure. up does a XXXX first phase of set there our deal up shared and XXXX aka the the to configurations, charges, covers was PFJ It's fixed mostly and and assume relationship, covers price a until because stalls, is for deal the deal XXXX. power

But in supply markets the the working agreements, we possible. a that's We other be first and once row. that's will will on update

Roth line question next with Irwin Our of Craig from Capital comes Partners.

about wanted kilowatt I the your specifically units Cathy, mix So of to ask XX network. on

of there two the around What to we at units plans commitment it's that units there? you the capacity you to installing there. there And retrofit you can out units? the XXXX budget units the anything forward? have Is sort maybe consider else about XX So What's higher these going thirds talk have when sites any you do of kilowatt these units? lower have? that power look these existing capability at is should out And of retrofitting we two

-- Craig. that moving moving ahead our Look, last the mentioned in our towards is there. right, because -- I now of is -- think XXXs. And market the we're skating XXX, what standard to three I is call puck Yeah, as thanks, configuration

So putting in we everywhere. are XXXs

again, be around much dozen chargers, to Level was a would in again, will at compared host level. have for there one putting meter, got We you in EVgo fast is power been but years we days because old replacement, I -- upgrades, you because only people higher kilowatts the or any It transformer on of sort without capacity and we've interesting, a could to ahead, it With obviously to when put a it moving respect site you were in upgrade, when in we lot ago, the fast utility five it's charging. was ultrafast do of X often chargers. use XX are kilowatt nearly any that those still years, kilowatt charger XX two considered and excess XX

more lots of which replacement is lots it. the we're in for network that got it, upgrade What at the and to Dennis, areas, do in more are COO, have and sense -- of program at. to some people taking XXs, it's those a now may using and the makes a them build great going there in possible the utility delight go need. and number it chargers up-scaling digging to more cases to capacity involved So chargers and is just everything projects build that and our program, XX getting doing is is in way. looking be to in is made proximity. efficient getting Or something old our easier to major else and in what efficiently? entire -- a and it still without our where Because is location we've a upgrade across we ways involve are simply look We've utilities those where it But that's the if possible with effective with actually more kilowatt replacement good do more they

EV So, blanket, utility a lot we're don't but we're we're only a upgrading, they're still have drivers to we principles, higher because are which really selling a to quickly. the -- we guiding retire have -- have plan country. of it sort XXs, those don't is across power, -- building But a great we of providing

just mean, units, of kilowatt has that that as been priority compares X,XXX. Is something this year, far of How for those to piece record, is fleet a the for installs? XXX around priority just XXX. in electrify of building that is last America this your I you was under have or a momentum the out XXX you? XXX as this just of a established long the

are what you priority? about, sure asking not specifically what's a been I'm

you what chargers the very move Is portion there, for it it wondering out has there committed units, have kilowatt pipeline the committed XXX fleet So right? your of capital priority being fast a a And your in XXX? everything, there, out much competitor have the just primary small XXX sort budget smaller is EVgo or piece of your to you it's when XX%? primary right, fleet. is to to out under of Then proportion kilowatt of I'm competitor just XXX. XXXs, your

pipeline is going XXX. forward The

on since quickly. building, that have XXXs, number of have we've XXXs longer, been do very -- -- in And We -- we a are our existence in have we're are network. we that

the an the we time, we just So XXXs increasing to relative and -- over are will doing have of proportion, XXs. math,

to where the and are is going it. puck we committed be to skating to So we're completely

further in hand no There the back the I'd are like queue. for closing questions to call remarks. to management

for everyone ahead us Thanks Go joining today. Ted.

Cathy. No. it, for Go

Sorry.

we in Thanks And for ahead. quarter, joining guys. next before Thank we're keeping of forward touch. us lots speak you. looking progress if And to don't the

today's and this does Ladies Thank for teleconference. you participation. conclude gentlemen, your

have and time this at day. lines your disconnect may a wonderful You