Mister Car Wash (MCW) 30 Oct 242024 Q3 Earnings call transcript

Good afternoon, and welcome to Mister Car Wash's conference call to discuss financial results for the third quarter ending September 30, 2024. [Operator Instructions] Please note that this is being recorded, and the reproduction of this call in whole or in part is not permitted without written authorization from the company.

Speaking from management on today's call are John Lai, Chairman and Chief Executive Officer; and Jed Gold, Chief Financial Officer. After John and Jed have made their formal remarks, we will open the call to questions.

During this conference call, references to non-GAAP financial measures will be made. to these included the press at in earlier and of measures comparable release mistercarwash.com. reconciliation section today been Relations have the posted complete measures company's most to GAAP issued of A the Investor website the company's earnings

are that could materially As which conditions. advised cause company's Please statements actual to made market differ the the management's are as forward-looking comments risks current current be and significant reminder, understanding present and of today's call company's to a include made today this and industry from of expectations. the may are the on statements subject uncertainties that only on based results call

no law filings choose updated Exchange may required to call company's time update the company as obligation the such regulations. statements or may turn now do Mr. the latest While so in factors over review disclaimer other by the contained to or statements unless the are reports, forward-looking the to annual applicable Lai. these in from time XX-Q to I will Please under future, with be Securities XX-K in Commission. they and

thank about trending. earnings third joining for We're feeling things call. good and our afternoon, the Good how you and business quarter are

and long-term expectations. Our also to support has done and our introduction productivity reacceleration Titanium our our growth people continues remains we traffic. to of opportunity. stores while invest The team in a expenses UWC strong, in managing engagement member increasing exceed our continue we're and job retail seeing to a fantastic

new increased quarters growth. to including a EBITDA positive our location, $XXX everyone huge was X% update comp store now milestone. XX and X XX% XXXth stores, on successive increased to of to Allow is million. increased million, opened sales Comp store which Sales which we X.X%, $XX sales Adjusted me QX.

in traffic. drive we're and like in while begin investments on I'd digital We've media by implementing search. our update paid new efforts experimenting to like by to reach doing marketing digital broadened a out-of-home funnel retail channels channels social, giving what and display our We're like existing full an everyone increasing strategy.

be will offers and respond. We on messaging and based frequencies we'll different test customers our how throughout fine-tuning QX, continue to

goal retail and while we up our XXXX. Our throughout ad remainder our leverage of is intensity drive well this marketing and to traffic of quarter spend the ramp the strategy into

doesn't discounts. To aggressive be crystal and necessarily increasing more clear, being promotional we're ad with getting spend more mean

touch a hours call them. every with our model a We're do delivery zone, our a every those point Mister, using brand they're On our our is service a satisfy on the sure to reason. and the We the a customers. we is for and wow want which customers making discount easy to way, delight not goal first by to place. to contrary, in don't us in extremely for usually dilute disciplined that price, why for it our just not we do most competing customer smile, wave the most isn't greet which train At by XX day. We straight in teams

share feel we're Our hearing, and a select Promoter staff are thought comments. how our a good with remain friendliness the you of the making of at of what Net highest sense couple marks extremely around Scores them we To strong, I welcomed. I'd give

my love just X in from one are and friendly customer. your shine car, the helpful. Here's employees best, I the and

way get courteous business. about Everyone while nice. locations The my is And my of that Here's from means customer. to another so workers washed customer on always are another finally, multiple respectful. can The any availability and comment. just of car kind I

can our we vacuums improve suction. also that during needed we things our receiving found XXX-plus during feedback portfolio's on to as X/X We improve keeping about our vacuum upon, our we received out such should we continue hours do, addition to to and weren't instructive up of on peak things In efficacy feedback demand. car

into listening is data to actionable and responding of hallmark ours. customers our items Turning by a

are we the As our the of producers in upgrading seats improving speak, nozzle process seals, to facilities maintenance teams and fix tightening issues.

We our member At customer establishing we every start the theme weeks and culture to of elevated a X brand Leadership which of hospitality National promise. act become get brand our focus primary to heavily synonymous with Conference ago, as the to has etiquette team voice need what was do a the and ambassador. on manners, by

with our provides we get MSA even densifying stronger. network for scaled options the to of members, out convenient our Building XXX more Mister the and of stores, than each more within As our march upward supporting benefits further a operator. being continue brand continues locations

is at company our heart absolutely And the best. very people, soul our of and who the are

at and built ninja our who are engagement proxy highly tells warriors of team for building And in carwash not doing the just we're in in skilled the day. each record employee the levels, people. dedicated Experience this which craft improving fortunate of knowledge by a industry. care me to but their which way: platform matter the are taking to and have right industry, Our scores, we're our culture, largest we're are it

thanks start quarter. to turn great back. over a to it team and to at our off QX the wind I in some to We're have for a entire I say Before want Jed, good

it well and our right now, is without organization. business entire amazing Our done we the Thank you. by effort have couldn't performing

delivered quarter momentum pleased in the encouraged are with with seeing and you, the third results. we business. are John, Thank good we Overall, afternoon, and everybody. We strong results are our

let the touch on a details, highlights. Before few get me we into

utilization Member remained of has indicator resilient. is which satisfaction. remains business subscription key Our a constant, member

changes Additionally, previous from we in during see material our churn the core any quarter, quarters. didn't levels

The vast offering helped which recharged full X% the drive majority XX%. monthly ahead nearly member our end Express of of memberships revenue the ramp during the Titanium regular increase of And quarter. our mix new membership a membership Titanium Our quarter, rate, continues was in expectations. per the to at at

X the In second of meaningful into of improved first continued we October. Importantly, compared half the retail year. that a quarters sales trends the in uptick quarter saw to the when particular,

the business to close recent and caused made hurricanes of during disruptive Some were store our quarter. some headlines that closures -- national the

However, events. with subscription these of quarter, sales in accounting the our helped wash coupled diversity, weather insulation for to provide nearly geographic XX% some and with to

in opened year. openings Express and washes the tracking are the XX towards exterior full XX for We quarter approximately new car

by our timing tight adjusted EBITDA quarter marketing and driven Third better expectations, expense some sales, came in investments. ahead and of the comp was of strong management

through new revenues of to Net X.X%, and of year. number Base, our the UWC XX%, and more quarter, in UWC and over In X%, split than million per revenue quarter increased members. XX% the the Platinum by increased store openings. versus third me Titanium sales $XX.XX run represented member XX,XXX the between the third sales, the the basis, Express On was a $XX.XX respectively. the we offering of Now X.X and year-over-year quarter with driven the members the comparable by At numbers. last approximately quarter, members X%. membership quarter X% average total end of or wash UWC Titanium store let largely ended strength increased increased sales and XX% third XX%,

to points $X.XX, and XX% were and the share noncash earnings margin per income share for Adjusted compensation noncore $XX EBITDA net $XX stock-based adjusted were adjusted and adjusted respectively. earnings or to quarter. and income certain increased basis onetime and $X.XX, per When million $XX XXX in million Net adjusted EBITDA and diluted diluted expenses, respectively, XX.X%. increased million,

costs from assets. stock-based expenses and the the disposition $X of quarter Total million million related $X gain were compensation and included taxes and million a in $XXX and in

chemicals offset these decreases net The increase other an and of was revenue expenses of as to operating a net percentage total as Excluding XX labor points basis in G&A expenses, partially expense in a decreased by revenue. items, by decrease store driven percentage XX.X%. and

expenses, other locations at primarily related XXX points clean and labor our compensation, leveraging stock-based and optimizing chemicals shipping driven the model onetime taxes or and decreased and purchasing scale noncash basis interior by to labor our XX.X%, increased Excluding primarily Other XX.X%, growth of chemicals. store to some points sale rent rate inflation. related expense labor and basis expense our XXX and by was higher leasebacks increased partially This by utility to offset operating driven rates. and store

X.X%, to lower borrowings, partially by expense G&A primarily spend basis better people. to points and primarily rates driven year-over-year. to average expense the and some increased due deferred expense on third quarter, by In decreased increased $XX million, offset XX management marketing, systems interest interest X%

equivalents million. long-term sheet At and Moving flow cash debt on $XX cash the to and $XXX of were the quarter, end balance cash and outstanding million, some was highlights.

our sale via third or we Our continue has wash an $XX balance aggregate consideration involving our under third locations sale-leaseback X million. self-fund leasebacks. we the quarter, car exponentially, growth over expansion and and completed quarter, sale the contract healthy, transactions to of end leaseback In Since activity picked sheet X properties for the currently LOI. XX and have remains we up of

at full likely Now was On to our high outlook. end let thought ranges, the and the adjusted the update provide our be call, the reiterated EBITDA we revenue an we be of me range was guidance end previously our year likely indicated to but at last to low of provided range.

momentum. are revising we business, to our trends optimistic recent this are the guidance more in reflect the positive Given bit and a

tightening range the income to comparable we revenue sales adjusted are the and low range, full EBITDA midpoint net store to above high our our previous year end the previous the guidance range Specifically, high the to range end. our raising guidance adjusted tightening and of of

earnings ranges year full in in the updated table Our the be can XXXX guidance found release.

to growth and sale expense a greenfield $XXX expense million of capital XX%. sales of XX% now million to million. million, net $XXX $XXX approximately the of $XX equates million; of $XXX growth Adjusted quarter. approximately to X% earnings $XXX $XXX XX. million leaseback to year-over-year to to X% in X% interest rent we Adjusted to and margin share expect approximately diluted million; million. XX.X% million following: $XXX Comparable Adjusted net $X.XX proceeds $XXX $X.XX; store of million; $XXX locations to approximately expenditures million; representing income million of of X% EBITDA of to recap, representing to revenue $XXX new to fourth which of to the per $XXX X.X%, of But of

spend past earlier, increase media deferred fourth during As and one mentioned will plan the our the margins the quarter quarter. in income spend John incremental mentioned The our adjusted have that the fourth operating investments quarters marketing EBITDA we quarter. and of we fourth X the is in to impact

come. has team dedicated Mister can make a they to managing a Mister to now the owners also work for job to I best-in-class hard and obstacles. expenses, our quarters be and our up forward different and concludes prepared proud we build of. do all like Let X our brand and team and The company years working call the to look thinking all members who questions. That recent will and your me operator done continuing wrap we by amazing momentum thanking a tremendous team managing of do the for with our open remarks, from

Justin with Instructions] comes [Operator from first Baird. Kleber The question

First one more is short term.

soft know in Just hit to the was July the cadence of Houston. hurricane that comps, we part due

And given just much could the hurricanes X tracking in August September? Southeast. on just picked is the put curious how then hit point October had a So finer up if how that you trends you and

that really think right as momentum the Justin, we pleased prepared Yes, overall, we're in with seeing business the now. I the remarks, we're said in

the highlighted, that that improvement had was into and you each saw during impacted July. October. from But sequential some continued we quarter, hurricane the impact As there month

improvement So in in October. August, we're and the further mid-single-digit September, range

a We and we few A that make believe trend the and that reflects adequately have trend. we December. the for doesn't provided also months guidance that expectations that November

the about is Are revenue you follow-up traffic benefit next on think increases? reaccelerating Thanks, drivers kind pricing Titanium comp Jed. of to gains member, we quarter, moderate? lap this X% member should of about similar up per of about? Platinum RPM continuation the hear. on we seeing last in your growth great this quarter. just My penetration member trajectory could how 'XX the year That's thinking than there and Okay. be to perspective Or more rather revenue other retail is as should per and Any growth just

into in about drive QX, I with the mean, to Yes. to what team during that a out think the pleased we plays the benefit That's more guidance specifics has this would is some we're helping mix some we're the job as in think bit start about I comp Titanium call. per great our a little think provide member expect And there, that level to talk point, We that We'll -- prepared of But done XXXX. a what QX. the we've quarter. same revenue we continuation I just QX and with not how we're guidance, from big continued obviously the during in And XX% quarter. to tailwind at at color, of Titanium along saw a on assumed -- XXXX. on

enough. Fair guys. Thanks again, right. All

comes next from The Gutman Stanley. question Morgan Simeon with

I talk you can and at level Can first hope stickiness the I the share that that hear same-store are may a you in you Titanium. can missed it customers highest tier? prepared question with basis? with -- me. that have My in is [indiscernible] the remarks. in about Anything

John here.

So it's and been strong. amazingly sticky

we result, XX%. at just as where And closure. sit post-promotional thrilled super degradation today any seen haven't to with a close We we're

a then Okay. And follow-up.

look highest between and market fourth you market? there the markets all first at has penetrating at the comp -- spread the your question, And that is If into share least quarter? then changed spread a

Yes.

I somewhat haven't think unusual bottom lower seen behave we To quartile, would seen but pretty any that differently, distribution. it's haven't we you, you think it. been the be would the curves honest a with cohorts even

I our wash all broad speaks think And demand is to appeal car that, appeal. services the brackets. for interpretation of and our spread it again, universal again, service the income across

quarter. Fair a Okay. enough. good Have fourth

Heinbockel comes Securities. question with Next from Guggenheim John

-- initiatives. stimulating of I as that And about brand think a with for awareness, you And think expand trial you kind to -- the start versus maybe percent the about sales? of John, marketing do unaided do spend think bit trial a there? is little progression on what when wanted What right brand how is some the right of model? awareness of you this amount marketing Right?

then work John, and start there so let me backwards.

as not we been shared we've have previously, So very promotional.

needed plan cost a goals support money spent the to we return in frankly. lot of spend some not advertising. and of some into quite acquisition have mix But and We really we've XXXX, We QX customer to that through ad established. on data

So measured a discount thoughtful our discounts more as including broadening creative discussed, that mediums. quite aggressively but pushing is with and being on being in button, respect new we've too not and and funnel the to reach frankly,

the experimentation So a specifically going a space us. bit of new out-of-home on there. for digital is There's quite

with more brand any We than offers have started specifically. awareness

draw marketing And on have that continue is, of limited we by right which this efforts it's encouraged we're But more again, results. line path, seeing again, we're in in data ad us now, direct a sure some between our early-stage we're and way. our but some to traffic. too it what making current of early a doing the terms But emboldening increasing smart promotional, being it's to spend, with

singles, retail look doubles. low low the maybe, Jed, I And several in retail high last terms per right. the Because improvement, or of running quarters, if All think you just right? down sales, singles probably over back location, right,

You half think probably back little there the of territory. back Maybe you're is said quarter. a it get in maybe sense bit? improved a think we you I And positive of to negative lot quantify that still when in territory? a the

John. Yes,

retail high-single-digit be perspective, So during down This material sales retail talked it's improvement, sales, month per the of There mid- from mind, that. of helping for to the the quarters keep the going has quarter. of in not September continued retail in we've retail what during as into to that an range obviously declined in When to August, quarter, is at Titanium in customer range seen look those a benefiting is sales before, that, in revenue UWC. conversion it behind October. of drive into and Titanium. we've mid- our of the -- they kind retail uncommon kind been that high-single-digit customers was last sales about improvement and the you a from the of And that in improvement trends from couple and during because

with the comps quarter. the at cadence optimistic seeing of we're we're those So retail during what

too. Yes. Jed, hurricanes Having was just if intense. I can pretty add back-to-back major X

double-edged of bit So a sword. it's a little

impacts day, to of an is of at really a demand event, is speaks cars, people the And when car. cars extended is clean and things turnstile. for car the our at we're period it temporarily dirty peak one to good post the and end that you to at weather time, again, able particularly And their its love it when throughput maximize volume but just, through the pent-up demand. then we're ability So wash of get

use for doing may weather favorable So odd has force budget. helpful it for been as sound, But us. we a never we're and for as blame as actually missing why never We well. weather the weather

question David Bellinger comes next with from The Mizuho.

Nice results here.

X%, want you the clear up half in Just We've retail years. of reacceleration, of about the in pace idea sales, that much been on an tactics. Do comp on I probably have especially was best talking new driven? X also of dig in back to how a just quarter. the the internally almost your about improvement, the marketing

of I Or -- contextualize pricing? helping the side? the that else onetime improvement Was are key in, think you those is accelerant? retail in customer anything the some could on kind Titanium sequential there help of Just coming now. place some like

lot big right favorable weather so how Yes, good as for we're stated now. the and Again, really feeling that. we've cars. Yes, is despite of earlier, a really thanks demand David, That pent-up dirty about I trending hurricanes. business X had created

now. those is this Listen, sit still retail of we've on it macro of if jury hit our they consumer in. cars so once bottomed where out right And kind out the park out the team came back

initiatives just points. data we we're that quantifying don't is have what some had difficult some think seeing. There at this have enough for that on marketing based because But us we time optimistic are We impact. been has

just Got follow-up CapEx target range changing. The it. new down isn't guidance on more stores XX%, than your but is on piece. here the And my greenfield your coming CapEx too, by

help there? new can So builds new you cost you're or finding unit us piece? you're savings source of there some reconcile something Is doing within that the that

of we're when always timing, that. opening. looking of for just spend into build actually mean, relative I greenfields Don't that to out the David, read to those A right, stores lot the is ways the efficiently. goes more when

the building greenfield able year. talked we optimistic about to into about, XX. approximately XXXX optimistic being the look still We're and the the As what greenfields that the have build later in year-to-date to a We're the still as spend openings shifted even in expect balance XXXX. we in more just we're seen of That's than we've rightsizing what of CapEx and we year.

comes Michael next [Operator with from question UBS. Instructions] Lasser The

X%, What Obviously, members as continued is the store looks part the -- it slight It late? than of was pace to a in which members with per weaker seen the you quarters. have in conversion regards had due seen of you metric to customer the around decelerating was a retail quarter. of outcome third the few at in question down weaker like slightly last

you're upgrading net upgrading in also focus Yes. contraction existing members due over that's year our the overall. members last primarily the softness slight again, And overall. Michael, Platinums. right, retail in so in on then a been and there's to Titanium the And the to

and the to XX% to average. point to your softness into good net than say store are that question, rates, remain industry which happy your the average very that at conversion will greater this -- we've context Xx focus members just members. in slight I consistent, been per it's those the important our on of in in think last with. we retail, put have seen I last almost also kind we're So a numbers converting decrease due very

per come to table the So membership industry-leading we we -- with enjoy store.

the peak to that can take and stores. as how of to members, we periods. different number we off We're of taking terms so actually peak, seeing stores -- a add the with how we that approach our those process we some envelope are And march can options pushing continue stores cars during we of and densify relief to they high-demand that our in more grow have our for think

Michael, you number obviously, look of impacted just online. When a at add to store, little bit. coming member that per by the it's new that builds

new new quarter, the a the that stores had little during builds pull we -- XX So down that bit. the will

and that been approximately to a QX in as So first of to per approximately headwind the consistent get us they've your think part relatively have XX store. to going we And of question XX, range. opening conversion bit low little about a to around that member then double-digit it's to rates,

Got top can a does will to be helpful. want cannibalization, part members seem challenge My It have up driver tied with is had like was by because there's other where be that XXXX. question Wash don't the which to And follow-up for you some is you. more it will same-site memberships stabilize guidance next that, provide some that potential the maybe [indiscernible] membership. that this issue. Car to a members of in key you've of degree been Mister recognizing an into at force business metric competitors? year Very Recognizing your there on price competition, stabilize

you're like -- bit that X-part Michael, a commentary. Yes. famous with a again, for question little of was

Sorry. I'm sorry.

down that path. go let's But

we're of get pull me less shared, It's encroachment out that rate now, don't So starting there, But with competitive less to is competitive growth, still respect wrong. the we've back. seeing previously intrusion. actually environment, right to as

your well forgot the street, of us that for to with first So across should less if question? up the will. then open part you people bode I trying And

of drivers XXXX. the Just

Yes.

that retail think back that retail So from can back continue material a standpoint, but Right we're well. is driving the capture And it really, us, growth all on starts now, we our crack code traffic. in driving a on and that once membership focus we get for really run going XX% primary we traffic. do the to with things again, and that do we to way, fundamentals the really to focus rate,

XX% see at the when of UWC to growth our to there UWC Yes, of first membership on Michael, just a we remind year. the seasonality about during half looking XX% basis, to where is you're some you, typically quarter-over-quarter

QX, member relative QX, bit versus little So QX always there's in when been a little a comparing bit QX. growth even to historically, slower more pronounced

other would the thing and other retail the is watching, XXXX, is you're we're which per store membership and metric, is say I how thing by mean, important is about I right an trending, mean I encouraged obviously, while that retail membership barometer going per extent obviously, how into is to a well. of helping revenue Titanium, member a that in growth a to revenue But grow. to per We'll certain that nice member. expect continue tailwind is as driving XXXX.

And churn talked to rates, bit can can quite then beyond focus drive and churn. per just store. are some what a team help reduce we've to what frankly, XXXX membership then a to lesser on But about do those reduction a levers we other conversion that to initiatives we as And extent. happens there X

much. Thank luck. you Good very

Thanks.

with The next JPMorgan. Christian question comes Carlino from

a year? you what's an Has about, industry bump I over Could the performance the the sense your into this talk is evolved seen improvement is growing where XQ? in your share And of relative how position? guess, right market Or similar is now? your

category to we as we've don't receding year, are XXXX again, the based have again seeing. the said, insight I is number into competitors this been how So new into on coming what units our We and of decline in expect just performing. it

we're in sequential line, line quarter-over-quarter a place we're trends bottom good we're the the can only what to and of we seeing, And feeling drive and about and very we've enjoying really business. that. So lot doing. optimistic again, growth, put top currently things And we're to speak in

like Got of it. level had guess, back the about growth half And you year. I over up time? X% to I of what's in the talked wage you could this bumping think sustainable talk to

a still retail level. are broader like growing at -- think are low-single-digit I back wages normalized

you guess, -- growth over rate think I how just could about wage about thinking talk you're So time?

Yes, Christian.

we where we're as relative wage really look happy our -- rates, at came with QX actually happy to the expectations. in So and quarter

to X.X% our While X.X% saw commentary, it That's included last plus we inflation, we wage plus had year. compared in to X% in QX. QX compared a modeled was plus a and actually

a for. Listen, talent, a We equation to consumer have it's we ingredient that's providing important this is to part strive the of want frontline Mister. that that best-in-class to and experience key

as So making for to in QX expect to sure line And saw in we we're us. paying as be far with important what is QX, QX. competitively we

Robbie question Ohmes with of from Bank Next comes America.

is for Ohmes. Robbie This Vicky on Liu

the split? For XX% between locations you you expect exterior ideal cleaning the a Do that term, Because interior is continue for And and there long have long to currently, an it's greenfield, interior. do term? locations? then preference Express building in

Yes.

on in similar, focus with the on the easier clean profile The side. minutes, demand super much in convenience, with to the car. exterior while day is allows for frankly, their for are comparison Express a to And it and to us the also an ability stronger dollar between quite because scale. Express somewhat strong the clean profit It's is some model an get Our get service super on interior is incredible margin and an offers Express category. that X in out cases, people

we're So terms But them, services. myopically operate really for We interior focused clean demand and we're for pretty focused. There really, expansion, Express. really on stores. of strong they're really, of great us, in is XX almost

William comes from question Ms. [indiscernible] next The with Blair. Sabrina

on is for This Sabrina Phillip Blee.

you maybe some color in trends, provide broader Given the on by improvement retail the demand could income trends, level?

Yes. Again, been it's board. consistent pretty the across

that any average household just would bottom seen the quartile be would haven't not we're that. But dice it you differently. unusual slice we seeing We and think Again, when income. by behave

get back carwash and to again are the that to fact if them a come to because cars of it's really appeal you. universal been people little their that want services with dirty be have is honest they're interpretation And they our the anything, head So starting if and clean. scratching, holding back,

bit on Yes. Sabrina, more just that. a little

where QX, QX demographics. So what it's like little consistent That's pretty the lower under across that's and they we in it bit seemed saw more for QX a all a little those for demographics, different than were income the -- income bit pressure.

So we're from been income trending. back they pleased demographic a little that bit to had just bounce lower how see

churn to there or of quick and helpful. That's Got Is hurricane usage, follow-up. And it. membership the a storms? given any related impact the duration then longer-term

We believe so. No. don't

comes Fargo. David The from with next Lantz Wells question

if here? Just wanted to update ideal could the provide levels on see if continue and you to multiples more to an trend market down M&A

it's on Yes, the quiet pretty been M&A front.

haven't have is lot year. that trading range, high-single-digit is trading. frankly, significant double-digit, We given last think where which transactions is I and over down we're seen in the a anything low quite come any size, the Multiples of healthy of

helpful. should talk if puts you G&A, we the then can consider just it. of some And That's takes Got on modeling when and QX? about curious about thinking

there'll is a systems. front, investments that just and the talked little what on bit John the front But bit of then some little an also had we're a some about. to on be incremental little modeling headcount simply with and we're making bit of G&A relative QX, in maybe that marketing of a the on the QX On tests uptick

QX. -- just dollars, So a uptick, call million, when looking a absolute G&A you're it at versus modest about QX the $X

question-and-answer closing This John concludes turn would the Lai to Mr. session. for I our any to back like conference remarks. over

optimistic Halloween, hope next forward call. for the in to in quarter. has joining a XXXX. through business. executing to we'll you QX guys everyone happy the into looking and We feel thanks, about trends the Well, We very talk everyone, We're and the

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

now may disconnect. You