Diebold Nixdorf (DBD) 2 Aug 222022 Q2 Earnings call transcript

Good morning. My name is Adam, and I will be your conference operator today. At this time, I would like to welcome everyone to the Diebold Nixdorf Second Quarter 2022 Conference Call. [Operator Instructions]. Ms. your begin may you conference. Marchuska,

our welcome Hello, of and earnings for shareholder second have accompany XXXX letter to Relations our I'm everyone, Diebold our Christine section release To Relations and call. Investor Marchuska, quarter of we replay Investor to Vice press will website. remarks, prepared the corporate Nixdorf. posted it investors company. additional available regarding information encourage this contains of Investor of Later the Relations the webcast review our our to would of morning, the on website. a the be I as President shareholder this progress section letter,

the we you and management our at remind will that Before to to beliefs all the call statements, team this actual call, uncertainties from and time forward-looking subject during could reflect these including to are related this cause guidance. will but results expectations I statements. hear materially risks on they an of participants begin, update of that statements differ These

these subsequent annual that filings date. Additional information SEC. out and company's this to mindful the be be factors the in on information should of Participants may with periodic render events found be can

on We the earnings and certain will discussing financial call. now I'll found non-GAAP And GAAP over release. also reconciliation Octavio. A tables call between non-GAAP measures to be be can today's measures today's in of the hand

for us today. joining all you thank and Christine, you, Thank

to important face past has more several the take environment. quickly steps customer-focused become macroeconomic the and Over weeks, company equipped volatile our agile, to better to worked

savings EBITDA our us on several of growth, including prior reaffirm CEO, restructuring delivered this our the our improvement full initiatives; with full through EBITDA margin and commitments, all sequential revenue first as year. quarter-over-quarter guidance measures, During cost we quarter expansion, adjusted to leading my for key on

ability in ended second our strong base $X.X is has to note XX% quarter solutions. contract it secured highest We billion Order our committed revenue to in a means entry to to see continue date. we of which backlog to as been, backlog approximately total convert to the outpace robust backlog, market-leading set our customer that company spend. XXXX solution either ever wants and via product order revenue. our backlog, is scheduled or demand Important intake from Our as stable continues with that

customer led growth XX% is along of new continue self-service self-checkout our in live behavior, achieved are changing of is strong in role approximately year-over-year service customers' Additionally, now this to XX% driven industries, grow solutions. to we with consumer compromising momentum XX are nature the DN most Series the branch customer succeed Series AllConnect now devices to to In new our DN any in demanding and for Banking We Banking continue for for across retail of our an countries, world's and efforts in and banks footprint retail, our dynamics, evolution labor we given supporting more over as and channel. Demand towards move landscape. and in America. from automation, and orders away rethink business the DN specifically the their Data time, cash solutions our recyclers self-service XX% and and for connected ATMs Engine. a our at legacy our over transactions certifications, have demand see to recurring and a we rapidly of increased XXX In self-checkouts. we of with with banking, shift address a vital being to recyclers metric. by North the ever-evolving remains competitive play X in demand expect recyclers growth cash cash both cash areas,

Europe, in are to grow keeps market. in or self-checkout, continues seeing America business now new success customers gaining Our market, than specifically globally we and and the SCO, the also faster North

to ways best a help all dedicated service which Leveraging deploy our services base, continue desks, customers. assets, and includes for talented capabilities, and we [indiscernible]. organization, as these We of look to spare assets, with our the one multilingual EV several extended parts to logistics continue global saw and expand explore We deliver on business. together working pilots we customer charging progress existing technician to

managed horizontal a countries ChargePoint through projects new footprint contracts to operators leverage that forward our several where more can charging OEMs, for and verticals stations add added the and business. of opportunities also or we service service we retailers. scale a with and new are We and of to looking service great are our original align example service EV horizontals we where capabilities, can our

simplified new and improve service Importantly, path helping a customer performance, financial us implemented we on a our put model us a to and operating that is recently stronger forward future. elevate

and to our We for us model building forward serving our have most: matters what operating confidence customers shareholders. drive in efforts double value our on and

and do self-service and model have us world-class technology, solutions coupled operating best. leading-edge best we services, We what allow simplified leverage industry's with our strongly will to the

operating be Banking terms in discussing and Retail, Global Global our business and segments of Product Technology forward, our Going be Solutions and will we will Services.

will services in also software provided services, go for Product terms our historical professional product-related well we managed maintenance and and includes others. will installation, Jeff the measure as and in both as work including new advanced these This and billable reporting more support hardware licenses, and software, Technology of comparisons our better the through our and Services hardware In as services, segments, letter. success. have reflects Solutions our as well run business detail, numbers shareholder how we includes

are quarters; we inflationary to discussed challenging we While to we deliver customers how working to matter. against environment in headwinds it expected few cost-efficient and what our supply is that a solutions as we timely do still do ability the that improve and a over past strive a difficult company, chain we namely, and

improved. the key our parts to during necessary components costs Specifically, in has we and are products still experiencing availability but higher manufacture quarter,

moderately logistics world. add the times continue longer shipping we with on shipping The experience lead issues the as economy complexity global war but to and addition, in impact deliver around products global exceeding improved, well to to as continues uncertainty foreign to solutions, respect Ukraine to channels our In the capacity exchange. inflationary logistics-related and as is pressures demand have in

Looking at our earlier. the world the today, we on is mentioned especially geographically, how provide business considering I want to a picture better doing FX challenges you

constitutes billion approximately annual Our $X.X euro-denominated revenues. business of

more assumptions devaluation on adjusted We for a to well. be on this as basis to from flat planning On our expect provide we basis. Jeff have constant seen of a a year-over-year growth XX%. and currency today original divestitures, commentary will

progress the repricing and are and our steady seeing with constructive as are better increasing cost on discussions company. We managing a backlog rigor operational

chain. to make continue our progress We supply reconfiguring

facility as that region from in attitude supporting of our and Northeast Ohio keeps in investments North Canton, of by suppliers. proud U.S.-based expand the and are up the market, meet ramping demands end Ohio, to of America XX% operation our we North We We our our for can-do the meeting exemplifying cash XXXX. targets local reiterate recyclers of North this develop demand of America

solely Canton. for market. our of Brazilian ATM facility more followed continues Paderborn, by stands main Asia dedicated lastly, This as U.S. However, is out see to North Brazilian in to Important will facility production Manaus to production date, our to continue the Banking Retail, shift we both note coming remain that the Germany, and as and, it to

QX $XXX the restructuring call, During cost-savings million-plus commencement plan. our announced we of our

cost of As are more additional identified have against than of million and and million to $XXX have this sight today, $XX clear we savings. of executing initiative of line

We are implementing these efficiently initiatives and as as possible. quickly

potential including Finally, receive and strategic and questions value-creating we often about from acquisitions, divestitures, mergers opportunities. other investors

to our As part our alternatives we shareholder of to maximize strategic will constant value, evaluate will that efforts benefit shareholders. continue

want thank our on customers for our employees more financials, their our support. provides Jeff for trust dedication, for and to your our I Before detail continued shareholders their

than place. ever, over our the to Jeff. value have is long-term leadership it for I and our turn company. committed right business will strategy improving now We and to team in growth more creating our And

My prepared EBITDA. will Thank remarks to adjusted metrics, non-GAAP include you, references such Octavio. as certain

additional from financial quarter. details our As a the please letter reminder, see shareholder for

will of performance Here, our metrics. highlight a I few key

of to increase as $XXX second from currency revenue in decrease excluding impact and from Adjusted and flat of currency million million continue sequentially quarter Russia divestitures, a decreased approximately a for increased XXXX and of XXXX, We solutions and currency to of $XX and a basis, products Total inclusive a the foreign revenue the million. approximately of and decrease a and foreign an X% impact of $XX XXXX. impact reported quarter was decreased second our sequentially foreign X% divestitures and X% of on $XX excluding approximately Retail XX% million million excluding X% million. strong sequentially approximately demand $XX second and year-over-year Ukraine. customers Banking see divestitures of currency X% impact over divested million, of for $XX revenue businesses, quarter remained the and foreign $XX of a

As pointed out, feel by our geography. environment to dynamic be would it the currency revenue with Octavio we current break out helpful

quarter, from APAC. revenue our XX% the second XX% the Europe approximately and of from For XX% was Americas, from

prepay to cancellation the negatively environment. to increases versus or to These of contributing on customers choosing to revenue. had the most quarter, and have have pricing we increase a margins customers euro backlog which Technology the our the their we had flow begin the orders backlog target although generally impacted free this XXXX. date, declining prior to With material increases increase To to converting began resulted trend with relative accelerating expect of velocity in lock price not the option, price a May, saw previous benefits through. In of constructive as we on any that is second discussions the around are talks dollar, Product customers planned, choosing in and to our continue We been placed the inflationary last cost side, cash see summer flow. commencement are or price as in take of sequential orders, in we

a XXXX EBITDA capital and by sequential second usage million million for down in benefit to and X.X%. of sequentially. the the was The Unlevered in adjusted For quarter a second XXXX. driven $XX usage of quarter, compared year operating million second quarter was also and changes. EBITDA adjusted $XX period $XXX EBITDA of We the increase quarter cash down usage, $XX working reported the and an margin were a ago to a flow last million free expenses previous of

in to plan, related of All Diebold's approximately the combination than to $XXX the received We decision of to quarter costs Separately, cost approximately court XX% have our in million compensation savings. been in initial the the of the executed or with cash $XX savings XX XX savings appraisal quarter. months committed more annualized either to second $XXX of favorable in million We dismissed remain savings company removed equating cost increase by of second a to timeline resulting our non-GAAP to a by period, transition million proceedings execute Germany. Wincor. in seeking with minority have in claims first-level shareholder the roughly shareholders

million For $XXX outlook, our adjusted our financial to reiterating we of $XXX EBITDA million. XXXX outlook are

are we of Additionally, cash outlook restructuring free our reiterating charges. cash includes which breakeven, our flow

In sequential price on guidance terms gross backlog-to-revenue increases, to of the our throughout improve realize continue conversion, gross as of profit margins, improvement XXXX. we in remainder we reiterate

exchange. majority We XXXX to to are with to our foreign due the year the the guidance $X.XX revision of revenue $X.XX full for adjusting billion, billion

margin from in XXXX XX% margin on updating by of in EBITDA as adjusted to X% of For annually; revenue; points our growth providing letter, points to XXXX approximately of additionally, percentage you we expand following percentage progress and XXXX a in of modeled in revenue XXXX; as to percentage XXXX, free a to as a to as is are and downward cash additional of XX% trend of quarters. look to well XXXX, XX SG&A XXX XXX basis by targeting of shareholder basis from as the XXXX. R&D as basis I percentage unlevered the revenue to revenue revenue; detail: to decline gross XXX margin as a XX% growth forward XXXX; points flow approximately noted upcoming

Finally, our debt to an update on provide refinancing I'd like initiative.

with last management to Evercore communicated and & Sullivan a reach is assist As as working our refinancing soon resolution to in as quarter, efforts Cromwell practical.

and banks detailed other we'll We as elements our share to refinancing information continue various as of process publicly. the to provide more is constructive with are and available to conversations institutions, lending updates in

discussions As that our XX, the revolver our regard having current with lenders is The our are maturities balance inclusive as classified discussed comprehensive to previously, as are July with near-term and revolver. other debt sheet. of on stack, we in of banks

to over the the call Q&A. turn operator will I for Now

Instructions]. [Operator

with Summerville, Matt question Davidson. The comes today first D.A. from

or My has XX the as over provide the not more bit since and a at whether fence first granularity question around is, reported is evolved there process of last you little days you're And you able how frame last might follow-up. ring we any have a be can looking debt I to the more put a of then terms time resolution? in to

Matt, have prepared any we're my are going I to constructive I remarks than would we to say are detail further in in not at go what this comfortable we've stated. previously said saying continue time: But into we point discussions. what what

Got you're to it. if as you guess And there, would $XXX-plus at, to curious where you today what you're that I the I also then And see to in feel of the I'm talk about realized much given way maybe you year. you're million. maybe it as where then upside were starting the curious continue talk be able willing might with to be to XX% respect million, And $XXX seeing price at $XXX as million. about to versus whether kind on how we

What Well, have upside as far $XXX modeled I the on in $XXX do, what million. right? looking we for we're mean, upside. always million, that's we is as

continue we'll other And greater comfortable as efficient deliver generate that But million more we've that make very $XXX-plus will we model feel we frame to we the our meetings, discussed Matt, for probably, in in savings. time opportunities committed. the we as looking

that for with the structure. from has As our the more of they -- mentioned, far the part or to cost that continue of now year activities. price remainder to backlog the the gross environment, pricing expect being of been margin converted. part product appropriate trend of and at that the either the look as if new And Jeff comes -- you as is increases pricing that's repriced sold It's sequentially, is as we improved, our

our improving should margins through to you expect product the remainder continue So year. the sequentially of

from comes question Jeff Harlib, of Barclays. next The

of you or estimates our can there's get up we charges and $XX then be talk guidance. back add-backs? First, your of amounts at of I of expenses. just kind $XX breakeven are cash free now what Jeff, sort about the I'm wondering the these should the But restructuring, what EBITDA million, I unusual flow as sort mean, million the free that. as for year look the cash actual flow nonroutine cash

questions. Thanks, Jeff, for those

I'll EBITDA the And to to a give with start Let's this is need to bit we free of cash end from a flow, with walk where and you up relative flow. free indirect. cash

So EBITDA. start we with

midpoint the take the guidance. you if So of

cash bonus XXXX Here $XXX uses R&D. XXXX that's $XX to million. no of are Interest, that a of approximately CapEx, $XX million. slightly pay million. approximately $XX below EBITDA. scheduled in Pension, XXXX. capitalized is inclusive provision related million; the of off bonus and Income approximately have for We'll tax just in

payments and approximately that's million. that's that some costs So up FTEs transition third-party for approximately $XX transformation, million. in it and severance XXXX in reconciliation; both shows $XX Restructuring of

cash you're EBITDA to million is and you'll on million management to of in to to $XX flow free $XX deferred million -- an the good depending $XX million then where half managed of breakeven. your of the to with get to around working items capital X. sheet reduction get get going expectation to balance related get really $XX That range, the progress back being something other start relative you back year, revenue to inventory and So to continued of

restructuring. noted flow Because So free I X actual that you're is of it an excluded saying cash amount?

No, no.

both right? non-GAAP biggest the The Now the the to We and other in is was piece earlier that the then as and referred relative for disclose release I what letter, in restructuring. the expense it question shareholder schedules of includes that And adjustments. do transformation. to restructuring

held said that You we amortization an relative million, Wincor payments. $XX can I adjusted ahead, Go cash And asset sale. for that's similar have Then out purchase pretty that then we've see Jeff. approximately to of always Nixdorf to what accounting.

expense million you run year $XXX for get about close $XXX to -- place mentioned don't when you and And think or of said just the I rest this those the the executed just full remember in of rate? the gears, you've you had expect Can you for if flow-through reductions million. to on that talk put savings shifting you I the

full pretty rate Well, to soon. we'll be relatively on the at run close $XXX the million

of So that's reductions generally headcount that a work spend through. cost related takes reduction, reductions. There's a little portion to of bit to those a indirect and usually cycle

year. end come the the by get will But year. through of some coming bulk that next we an we'll see on the the of to So time through of benefits basis annualized a

on Got XQ quickly realization. might improve like still delays, didn't to just you see Obviously, it. your do et on my And expected. with meet chain commitments? have transportation supply looked revenue you to able it chain, last visibility that ramp the have and on respect is revenue, as as How question supply the front to you cetera, maybe the being

that is QX, think that said margin pretty back the to we if up QX QX, would be Octavio. sequentially. some some this Jeff, of improving say you revenue from were that through both the I nicely headwinds, I we ramped and we of regaining would FX add

So we need that progress keep accelerating seeing. pleased the we're I'm that actually to trend. Clearly, with

all meet our the news that year. we the for place think that I that have commitments in good the have we need revenue is -- very orders we to

working finalizing delivery closely customers for with on are schedules, very installation our plans We them. finalizing

of tight remainder accelerate a on every is probably backlog for ATM what just you where and device managing customer our to going, conversion. where we we're that at dates year. on I execution And we're this being So managing every the what very that is against the would that going, self-checkout granular tell as such know I level that

the sight, managing line closely. part that That's have of rigor to the good new we're of we we're So executing and in things do trying operational and implement very company.

Ana of from line ask your America. Ana, Bank your comes question next question. from The open. Please Goshko, is

As from Northcoast. The we is have no from on. Kartik move from Mehta, next question audio we'll Ana,

give adjective X details the Jeff, I considering has last the on surprises, more sure use, any there refinancing, I'm know to a been I'm but changes, changed the quite have you want environment right don't if what in not any debt wondering bit months. to the

in that that Here's position debt us the what with said that an still has should be make We've Obviously, We've been work a that that puts say, Kartik, for believe with I'd current them been ABL. while. a is model saying we in our a possibility. this process to holders previously. to

it's our confident. groups. banks in We our advisers, on a We're but and for we're premature from utilizing confident, the -- from gotten support prediction appreciate we've the be still them would outcome, we are very although communication obviously in It prediction us a at we in that to continuous a that But really can't make we've with done. the basis. to be make point there's on as time We're that We a process, remain mentioned. process. lenders work on

would tell my from you our Kartik, I working banking side we partners. continue with

continue We our outcome. We're constructive. the best very are Conversations working group. lending looking possible for with all

of our So banking our help that we we find with feel the confident and advisers, lenders of will partners, our resolution. the a support with

So we're confident making. on we progress remain the that

to this flow, primarily related just to capital back guidance? I'm to cadence breakeven on a kind the ability then of half. perspective, you'll strong is your that on to have to obviously, just, And wondering free cash Jeff, convert need And get working a

to I reduction EBITDA inventory revenue, perspective inventory, need relative our also convert to for we very was closely. an working backlog then both to and that capital. perspective yes, of going Jeff, revenue as earlier, a management very say and that a from to just backlog granular being of very that, Octavio mentioned revenue that's that is -- it's process is conversion to for managed

is The question Sakon, CreditSights. from Peter from next

cash questions than $XXX investing in activity flow. more Cash used in follow-up a operating and little on Just million. a free activities the was year-to-date regarding

half So generate in this flow million to year to clarify, to of over free get expect the breakeven? $XXX to second you in cash

$XXX in generated million quarter and $XXX million the in half. fourth Last the year, we back

to now. which the high admit that So do year our cash the again, sooner XX-day that. need inventory convert we inventory revenue, of based the the half we sooner what -- convert to that, right effectively is of We backlog DSOs. in to is to we to revenue. happen back converting We conversion need The on is

of So of that we conversion need good the make execution that in the back on inventory reduction half to and year number.

expect do DSOs what payable? you your accounts And on

DPOs? the run we in XXs. DPOs,

will No. down. I'm come assuming accounts your payable

of on how transitioning, of And rate give a about growth the ePOS? self-checkout couple the Okay. talked XX% price units average can much next bit in in you context versus just the the You years.

more they are profitable than So ePOS? the

self-checkout complex is clearly, So a more device.

higher more clearly point price of a and -- more So profitable our sale. it's than

range, the from are devices again that So goes card that devices cash just are remember, or enabled.

goes importance a have $X,XXX at as the broad self-checkout range $X,XXX from complex we So $X,XXX, device. most Remember, probably the to well... of that to up self-checkout

[Indiscernible].

I'm you repeat Could sorry. that?

ePOS just [indiscernible]. the average [indiscernible] I trying was to

So, probably on $X,XXX devices to $X,XXX range. in average, POS the are

All right. your German the That's then most transitioned, And has on has competitor their contract manufacturing transitioned a manufacturer. MCR to just of operations, helpful.

cost the that impediment company? be a of German move? would and And you helpful high do foresee the any similar for to taxes of operations, making the the Given

I supply as focused stated before, chain. So streamlining our we are on very

up key market, that for velocity supply we being, through future revenue serve that adding up manufacturing, my which our I manufacturing Ohio part to still we future, first for focus into of back Ohio. help on options very But Germany. main we at of The that manufacturing and our the Ohio our how look is conversion manufacture. operation facility manufacturing our should is move will of, I'm footprint evaluate we our believe And very market the will That setting is we North set bringing in what proud continue out also time right whether our as America to we for is success. German alleviate that chain us our But something of comes some facility. and a to efficient the sure have a us. volume making obviously, And the will other

Credit question Arun Suisse. The from comes next Seshadri, from

Just from me, one for Jeff. follow-up probably

quote-unquote, Just you year a guidance next of year adjusted full us a point of could for and the that be, this on break full at us of And EBITDA $XXX you restructuring? $XXX loaded could sort restructuring -- to give and down guess if of expenses EBITDA, question cash any million of much year, then at XXXX how some some million add-backs you sort around sort this add-back for sense noncash would noncash And also a of give restructuring number? and if expectations much for would remain sort EBITDA way in XXXX? to how could direction

I Here's that been biggest taken. what say, has the would restructuring portion of is

$XX Now that's will to see took not the million in be large It the in third some come is through transition there's restructuring be What the will second as that you going as we some that there going will be we'll to quarter. quarter. costs recognize.

through $XXX end first quarter. I around of it's it $XX be said, the will the in be So million going to as approximately million the cash-wise, and year,

million goes Now year, for but as as yet $XX of with that GAAP will on cash for million payment. any what would say be $XXX haven't the approximately we to I far given next XXXX, non-GAAP adjustment next into that year, P&L guidance

Matt The Wedbush. question [Operator Instructions]. Bryson, comes of next from

to like focus I'd backlog, on revenue please.

of I've are I into getting companies you're little you of in a what backlog side. running terms terms today? other the And and guess, logistics maybe seems on What backlog, constraints on difficult, exactly [indiscernible] more of heard bit from do when it primary have of that are of like into line constraints so things is And availability things semiconductor the easing. grew converting converting aren't sight backlog in side those alleviated? the the

question, was Matt, my -- little to I best. hard it do apologize your if understand but I'll bit a I

I about in main accelerating think conversions were what difficulty backlog you asking the to date. is

would I process. you is an that So this evolving tell

shipping very still year, the we experiencing tight were shortages, So probably the of at lanes. late, beginning component

As we with we the shipping. availability. prices also improved, easing at go saw improved, shortages, we still into more QX, more slightly of availability, but And saw higher

as is and would sure a into timely a in following that that shipped product timely get receive just concern making manner. I we making you the what So on to sure our we move tell main is manner we quarters, inbound customers material can

part I very facilities the outbound into it's X, revenues of we of we track logistics So would more our that year. for and around that to the, on are tightly, customers. say, managing the back correctly, be the the has half points manage that accelerate inbound into and -- both Those we're the if should manufacturing been

backlog line that there's the XX is When a Is I ship number, should think effect you about that and it it, to that attached such systems if services predominantly revenue...? cents dollar where or ATM, in some something software, multiplier right? there of of typically we that about think

it always could every ship ATMs, every probably in time ATM self-checkout, It software most yes, to has cases, information attached later. it. it. self-checkout software of in the to device attached provide we ship has we installation we And some that it. There Matt, But or to and that certainly attached also has, is, services almost

service So and, of revenue in every of clearly does cases, economics some piece It effect. some that software product hardware unit there's and that carry generates multiplying Every obviously, we varies installation software well. revenue is ship revenue but some some by as there revenue. dollar geography,

to to expectations? your last uncertain ability Any been concern for cases, all, worry guys in the you obviously they've it's at customers my that, meet that do supply? you have double-ordering for I And have been difficult sense some about overordered guess, in about to question, because maybe

could base relationships the customer retail, color probably us. global to you I of we Around [indiscernible]. sales some be chain I'll tell supply tell the working been have you our they need of Matt, them. some to have to allow around ahead best deliver we able -- of these The some -- would retailers, on you our that to teams us to would and all are with for. give with of any time things. wish we customers unique Banks I that have situation company clearly not equipment, around largest POs when is significantly place tight

explain So flexibility lot would talk accommodate on, banking with needs. on a when customers. our to what's thing you going customers say there's same to I the and of part our their to

rollout multiple serving we're their try we have best sit we accommodate months with for to them, make them they able sure the needs and once plans, plans that the cover in to understand to most are down that their normally As possible part, way.

seen confident shortage this haven't the in to So half and expect customers that and second in of orders having we the I would first you of products strong of for year. demand from any us I the year, our we're continue tell half

further time. no are this There at questions

will call Octavio Nixdorf. back the Diebold to So I of CEO over turn Marquez, now

and I business, you, macroeconomic progress efforts call. who the we tackle everyone, and Thank serving thank our very our Operator, while participated forward refinancing we listened in customers, executing and challenges. am in simplifying our are pleased the and plans our with making: you, today's streamlining with moving cost-savings

quarters execute on laid have to we path a are coming over out profitable and years it. and growth previously, noted As the to beginning

and you solutions conferences our to Thank shortage to forward continues be call. our at there demand Importantly, investor again. during of next and seeing for earnings you look services. We no upcoming

very you Thank your call. today's concludes for attendance. This much

may You now your lines. disconnect