Ducommun (DCO) 6 May 192019 Q1 Earnings call transcript

Good day, ladies and gentlemen, and welcome to Ducommun First Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions].

As a reminder, this call is being recorded. introduce Relations. for to Witty conference, like Investor with now your today's host Chris I'd begin. please Sir,

forward-looking today limitations session prepared events, remarks Thank you, Chairman, the regarding to question-and-answer projections, Financial me and subject not and which that welcome from Groves, make future Officer, other Securities or restructuring today uncertainties, are call. to and or Private discuss historical to quarter of statements results Doug going risks, may are could statements. With statements actual and facts, conference plans, Treasurer. including Steve materially conditions, President, Oswald, our differ the therefore certain Federal by factors Vice prospective. any the Litigation performance President I'm statements CEO; follows. Reform during statements Ducommun's and forward-looking the Certain as Chief operations, XXXX that are are to to any future future implied that we results or expressed under market and forward-looking to Act forward-looking cause These such first and of statements projections, financial results XXXX

expectations been can in Although are prove we statements expectations that give will correct. have such we no reflected our to reasonable, assurances believe the that forward-looking

not SEC and are of made to XX-K those our update and of the U.S. level business, filed described risks, cost regulatory among as all during operating are others, SEC subject with filings the Statements cyclicality and find spending, this measures do This In Form GAAP which except you non-GAAP addition, with the to filed on for changes, in of under will Particular Please filings markets, non-GAAP Annual to intend the and on the competition. estimates this on reconciliation statements call also includes facing a website our made defense today, our and measures. and would statements current These presentation to call based and required of Relations of include, the Ducommun of in results. tab. risks future our legal link financial is the the results are Mr. Steve? management to we call made, change. authorities. the turn company's for as Oswald the by our call forward-looking are We on risks over company's to a operating acquisitions, measures. our subject any with to similar time the XX-Q most if this Steve Form referenced now only government of the SEC, the like a review expansion the and I regulatory end-use risks. Report Investor to others refer

XXXX for everyone quarter you thank and conference for today Chris, thanks, our call. Okay, first us joining

the I'll a to pleased overall developments financial after the we usual fiscal that surpassing which an posted by very announce Doug our across to I'm company, As begin of performance board. review in detail. strong providing update results with on expectations XXXX start will recent

serving with situation. industry. important demand current revenue sharply grew year-over-year where the deals number XXXX. quarter committed continued by XX% our key as is First versus of as $XXX.X we're serious roughly XXX platforms, And XXX revenue the Boeing strong as across grew a driven Boeing it million for particularly to commercial very us well to a program

in its plane issues As regulators back to in reported, Boeing the including the fixing soon with is working actively as possible. get as air involved all engaged many and

platform which For announced. based as through cutting goes on in previously Ducommun, of let content remind Kansas, Aerosystems me Wichita, rates current everyone roughly our XX% not XXX is that production Spirit the

readiness, ensuring and of their working forward Boeing we're alignment support the closely rates. them to with For while and also rate mitigation, balancing risk direct, requirements planned current

customer addition, MAX longer-term In that to another $XXX offerings. three programs diverse we quarter Ducommun after required. our across our base The current timing adjusting provide, for commercial We Due actively of X% to the value and is and the again of to on the orders million the across the outlook aerospace as and relationships, dependent underscoring backlog Boeing's anticipate XXX% schedule. ended book-to-bill to we is X% the growth engaged of to served, of a Boeing new of service four and strength and XXX customer continue with platforms purchase returning revenue production technology with a our our the record team quarters. broader array next

production overall significantly additional streamline inventory; continue. build content, particularly addition, innovation reached future higher QX, also from In Op particularly regards culture segment year-over-year the impressive those scale. we're operational and working profitability improvements and we We've economies our areas. continued and while scrap adjusted XXX to processes to margin strong EBITDA. our company million X.X% benefited the were XX.X% on reached rose additional an with underway margins the XX.X% margins identified based reduce gross lower points $XX.X and The XXXX our Overall rates, structures operating ways in Results to company work to to to posted scrap principles. associated In actions capital, the business. and of improve segment; taken improve many where basis to of within our rates, the to lean

all Ducommun. our continuously Assessing something done and is resources optimizing at the business

most we world-class invest and our importantly, company. become do operations, as everything our Even at people, we technology, the at in

our growth organization Our two recent acquisitions value the are also trajectory. helping adding to and

applications look industry. our the to strengthen to at offerings can technologies leverage our that proprietary continue and additional We opportunities

the have and strong think driving forward marketplace, of a once future. and record also the in more integration demonstrated look track investors I we to in value activity acquired to

primarily from programs. additional on of stronger we up variety and and year our color with a revenue some provide me last sector, end-markets, reflecting our let military million, across first space missile sales Now products, quarter posted applications. of $XX.X Beginning XX%

Patriot. across growth the is significant from programs such Aside

proposed noted business order by quarter rose platforms backlog budget our the million We with ended that our year-over-year military and approximately includes we quarter as coming bright, increased spending demand near certain F-XX, We as helicopter F-XX for timing missile to Fighter. production F-XX, applications record military around XX% well facility. platforms. from various of important in and levels. along very higher military the with looks transfer sales F-XX operations, first impacted commercial from positive Strike our also Joint for the million. $XXX solid a given The space of were quarter. Phoenix $XX.X with and the aerospace to and Within certain our anticipate overall our But helicopter Huntsville Other programs areas market trends shipments defense

large fueled primarily Boeing As a moment I XXX as Airbus family. XXX the ago, fixed-wing, such growth aircraft narrow-body mentioned and was by

platform increase We XX% month. Boeing airplanes in XX from build by business total, also year-over-year. saw In per an on growth rate to our some XXX driven the grew nice double-digit XX fixed-wing large

facility record an missile our composite platforms the recent grew regional, quarter we track with Ducommun, for contributions our in contract base Wins while backlog Gulfstream review production as for components strengthen other representing aerospace In of provide on our expansion. the jet in to further business. through serve, addition, XXXX. at this such for under Doug? Mexico our new to OEMs upbeat our XX-year diversifying our and remains detail. acquisitions, our our within the begin financial given content results product technology our company. value supply Ducommun's the Guaymas, million With of from commercial team do Doug have $XXX by and offerings. driven another and to business full The million uptick where the an I'll the customer and this, business are preparing outlook just business that, I commercial end The to our $XXX remain as about breadth want relationships, on experienced in well. and expect VersaCore we year of We technology update room we the provided for outlook

and Thank good you, everyone. Steve, day

backlog mentioned, missile for million the for of in of quarter million the key first and reminder, a programs overall up a revenue XXXX. of of for performance the was sales aerospace first of $XXX customers as $XXX.X includes Airbus $XX.X overall March as Ducommun's the XX, as Steve approximately start $XX.X reflecting from and million year-end, XXX greater million various the commercial matters the demand of and the filings increased call. to record million for the As strong was higher the such for Boeing Revenue with details narrow-body primarily results. begin $XXX.X slightly XXX. shipments new company. during XXXX to see discussion of due I'll platforms space military under our This further quarter company's today's with sector release in description press versus please of and

orders defines company long-term agreements and backlog dates the is of potential placed based reminder, less. delivery firm as on purchase or revenue and a expected fixed and months As prices XX with customer

gross profit. to Moving

greater as an company XXXX first million million the the of for with in SG&A. The higher first year. Steve compensation quarter $X.X higher primarily improvement reported restructuring or was first charges discussed. well of partially year higher $X.X higher primarily points versus or $X.X of in the the million also the quarter XXXX. the April The gross charges benefit for million XXXX. product of income million compared to XXXX, of of income first increased quarter Our increase Interest interest increase to for favorable of year-over-year million profit XXXX per the increase sales to $X.X Thermoplastics XXX quarter quarter And On primarily compared quarter income with production million XXXX. in per higher rates. period. million diluted streamlining to gross XX.X% million $X.X costs. greater the $X.X net The or X.X% Adjusted lower by to $X.X of first of was was was or $XX.X was many was and along operating an due or Adjusted in income was share $XX.X first the million $X.X profit. basis in X.X% revenue million The million diluted versus of margin SG&A period. the were higher share XX.X% as Certified $X.XX X.X% share net comparable and or measures for $X.XX XXXX was of of XXXX $XX.X X.X% EBITDA year-over-year million taken prior-year's this $X.X of of in was and expense $X.X reported in credit the first to Restructuring comparable last offset facility of first diluted million. compared adjusted utilization and The net income by million year-over-year company in the impact the increase or driven million gross the by revenue operating our in of in of acquisition mix last due in reflecting the by with prior-year of $X.XX income versus the revenue XX.X% quarter increase lower due quarter year-over-year per $X.X a for revenue $X.X was basis, as $X.X million volumes quarter in or along $XX.X offset for SG&A, the million of expense, $XX.X XX%. period revenue first taxes of interest

to turn let the me segment Now results.

results market segment $XX.X These quarter million income reflect market industrial revenue X% operating end-use the of of increase shipments Electronic versus expected. for XXXX in in of the XX.X% Electronic sales in Electronic million $X.X our as $X.X in posted or $XX.X first $X.X order to million space of first of of posted timing, million Systems in prior-year lower and customers, segment, period. our million $X.X within aerospace versus reflecting Systems million to an $X.X lower revenue prior-year or the of million commercial the quarter period. the military the sales and Systems revenue Turning

due quarter. year, product year-over-year electronics efficiencies restructuring Excluding to for margin margin and improvement operating the adjusted was the charges The first mix. manufacturing last was XXXX X.X%

versus increase the of million million to in and first year-over-year XX.X% our $X.X was segment of million the revenue income the to posted Systems This $XX Structural of commercial applications compared of aerospace military higher $XX.X last sales and year. across revenue space due XXXX airfare million posted Systems $X.X markets. of quarter of revenue company's year. X.X% revenue and million million for Our $XX.X platforms particularly last operating single-aisle $XX.X within or or quarter increased of Structural large

general efficiencies, Excluding benefit X% and million increase the leverage, the administrative last CG&A, was manufacturing first adjusted margin $X.X restructuring margin The and X.X% primarily compensation $X.X and the for year. X.X% revenue revenue operating higher to of The $X.X of quarter structures charges, operating improvement reflects was mix. XXXX of higher million due was year-over-year first expense product corporate, year-over-year or quarter. versus or million. for costs

in to with generating We change million first $X.X year-over-year compared in substantially payments resources. to higher turning cash larger Now from liabilities compared other and accrued was XXXX. current $XX.X a of of that the and net of operations and due quarter incentive capital were quarter operating of income. XXXX the to during first in used liquidity decrease offset cash XXXX this was partially The by compensation the QX quarter million for

year. using of excluding operating typical for flow the We XXXX the acquisitions leverage anticipate reduce this cash cash flow patterns further remainder unforeseen more expect to and any company's

the which that, of track it over for and $X.X million program performance wins. quarter support spend expenditures, very terms We're we first in expect quarter very $XX to closing ahead. In us new on capital to back now his to I'll year XXXX million puts solid turn first proud million remarks. to during Steve? $XX Steve the a for approximately our With of spent

Okay, thanks, Doug.

words questions, Before we turn a the call here. over just few it say for

First, over performance of reflects lot a the implemented we really last the years. two quarter's initiatives the

So the service, team focus by talent, streamline bottom-line I absolutely organization, new thrilled. out bringing the providing to customer while the excellent improving vastly results. I'm set

market current solid both continue aerospace share, the array expect the diverse margins, its solid of company Given serve post we defense growth. platforms and will and for commercial we expanding top-line drive the the sectors, outlook

and the In in addition, to to solid return for portfolio enhance results, past Ducommun a applications our product innovative, value-added shareholders. will work and ensure that as also business, optimize our provide repeat attractive

let's So shareholders as off our in And always, start open thank in closing, I support. I questions. continued think operator up to their With want we're for now to XXXX. a for great that,

you. [Operator Instructions]. Thank

Sidoti Our first question comes & from Co. Marshall of Edward

is open. line Your

the with revenue. back focus I'm the three talk So bounce within the if the of look next that -- to revenue commercial start quarters, that growth at about X% it or X% significant this on you good for to start the I'd suggests structures pretty four curious like there we a kind from of this how slowdown trying that trying $XX you in I'm just sense et material what you're get run commercial works specifically aero for to or year the to a to tell quarter. million did is a this us the and as remainder within the of rate aerostructures? cetera the

Sure, Ed.

a had really driving quarter, strong So we really three things that.

the rates for XXXX XX on had course you in AXXX that on a growth. we then And and to course Of going the first of XXX, XXX, from CTP to of that of significantly the rates quarter there. XX newer the the to had XX XX us that added while wasn't program, the acquisition which increasing

on XXX with that at least regulators. half second least at and now necessarily just resolution that impact a won't platform, Boeing comparison So major pending the tougher in for the the have get because rate we little the

trying a that So in to get little moderate in the we're the that half I part second compares the business. tougher of think

okay. Okay,

the the is million maybe this So of -- rate the of run you rate, kind plus the run somewhat of the not you kind year? $XX remainder growth expect rate but that's that's for expect

Correct.

Okay, good.

per about X, the talking somewhere platform. comments above being guess curious at originally producing suppliers to month run is several the rate I XXX were XX you, XX some MAX produce ask from MAX? were You know on rate, suppliers X good I'll were at you I'm the there's Tier been the Tier you I the able they your the mentioned on and way; gave you Boeing. color and biggest from

pretty I the [ph] this years that's rate else tell, I we as is us first ahead Yes, can okay. far Steve. up we as speak and really we can't running mean saw were mini much much or pretty the going on but is we XX, at of were revenue. what for

when have kind about thoughts structure kind your what of plans depending the MAX? And out plans, maybe we cetera of upon as think the contingency through contingency the kind gone of of Boeing remainder for furloughs think et with year work your head about sends to what cost the how you here

are this. as supply we information our Ed, we're through with get of and course from chain working new actively -- working we Boeing

a XX% through So again is reminder platform of going impacts. rate the no revenue Spirit with

biggest on it's being needs. with So through accordingly XX%, the our our workforce, chain, based supply remaining upon running we're scenarios and several different our customers managed

Got it. on that comment. the side for commercial electronics a impact And finally timing -- the electronics? that timing that then hear said you I was piece, I shipment on Did there to wanted a that caused the just

That's right. little that it revenue remains down down look But backlog, industrial was as expected. a at but was bit. That you was The the revenue strong. if still

So electronics purely the on it was timing commercial work.

look year from business throughout we million, come evenly the of if at And of is XQ for that's delta, $X spread that in that and million $X think does about the remainder run maybe we or second rate half the year? that last

back year. remainder comes of the the throughout It

you. our Herbert question comes And from Canaccord. next Thank Ken of

Your line open. is

XX you're to you're Well it XXX, XX you mean on ask are again Boeing that say XX% ambiguous you're to directly other or that wanted on between other also XX%? the you other fairly XX suppliers. on Is shipping I the but shipments probably somewhere it and just like it you're your clear Spirit what sounds on at for at want to to to or sounds fair like XX shipping pretty to rate comment that what I

being SKUs and different Ken, got a through part hundreds I numbers dynamic it's say situation. I we've Boeing. are that with of worked literally would mean

of though this. the not at as It's that end the -- either evolving spectrum. it's So at work through we

it as material, view right. don't We

Yes.

we the year, think look going have company it's the whole. don't a a we whole material month impact at to as XX per at As on

in at on in that MAX thinking that level Okay. sort the chain? rates something should at do That's you helpful. there suppliers, we particular, be supply look your or when be any maybe in about terms have the supply of the in up of And suppliers your you should risk as lower incremental chain go seen you've either else your any changes seen what of

this as XX this at happened nothing to go mid-year. was a getting I point. mean, before in reminder, No ready everybody to

this think But a and anything chain. bit. don't we is the matter I little stepping supply So manage we see breath that just deep taking of a back a can't with

Thank Okay, obviously you. your helpful. growth, missile really systems that's largest customer and out if And had could, you there. then I specifically you nice called

customers out your and some but all an to issue at work. that Phoenix I sounds Raytheon has largest issues has this like of One execution been from you're shifting set know quarter quarters It about terms potentially or your is of that here we in in how few impacting if you the that just a customers is that should all? at next risk execution think or Huntsville

No, biggest really as within we're enough think one risk, our probably there's we down up very being higher customers big long of focused if in I us. I assembly that don't our and Raytheon on mean a Raytheon in for the but obviously has that it's execution low impact on getting there, we're execute it's sure supply components a the as chain itself. line as probably we're

MS. so that not our systems to missile to it doesn't is missile another in go division, Ken actually is business Steve. systems, division Part of And Huntsville this goes

Okay.

Yes.

protection So there, okay, some great.

Yes.

you you think capital. drive of maybe within where finally, or Steve, capital? sort more you the Can detail in the you opportunity of of what some to opportunities or as on to we continue specifically specifically working inventory scrap you just out any look see with of next working year timing do called magnitude and out cost provide this about And opportunities of that how could or the some

too I we as color we're can't here. think we're just second getting because in much half, it's started now putting really -- Yes, of ground and right more I the Ken, the say. spade kind provide XXXX just

So, but certainly XXXX. XXXX but I would later say

you any on could how be we of comment color that's or There's of question. outlook how looking maybe noticed the maybe seeing not a where one the opportunities number sort Okay, you of opportunities terms commentary the the of sort about you're that great. M&A to maybe or -- for anything and on just consistent should would you're you. that And at of Have final in other relative out Steve opportunities thinking opportunities you're coming around seeing great? XXXX or pipeline or and

right fairly see now, now of I think steady. what XXXX out we come it's

discipline of still pursue we're have So comment and talked about, other we our But our as number that see much I to don't have in really things -- obviously. continue than the decent have we that, around model, a to we've we we more market. on acquisitions

Michael And SunTrust. Ciarmoli of Thank you. question our next comes from

Your open. line is

you good the think POs. goes some Hey, MAX, that quarter. -- nice purchases other any just there, I that XX%, you changes, going for might it have that's enough from provisions gentlemen. already? you else rate but here, harp you evening taking Maybe you there you on adjusting to it step may business any guys to provisions of protected they might XXX protect other to down if were your do raw Boeing, questions what so Steve I real any these that to XX% on Thanks was of have made sounded materials wondering, for the like pricing, you have is you that are are actually contract said

with supply really a of for agreements our set framework the years in is rate down. had so mean them there we're up And chain. we few flexibility working to for Boeing, or on is we've with adjust obviously I can adequate place to react which that then notice with that No, a

huge meet Boeing's year to on this as POs company the we're as a individual these adjusted seeing needs. get not So impact needed

or up like on nothing then XX directly per on encompasses either shifting is framework you're XX, so range Boeing? shipping no a of And flexing month product --so in sounds this it to Okay. to there pricing

No.

this I the in margins mean were on Okay. fantastic quarter. just Then

that record. hit could drag on think there trying going forward? with sense this from we a improvement get you of and of type margins didn't to just we performance have, Electronics should been Systems was initiatives continue certainly operational segment, it the revenue this have timing better the any expect expect the a should they that I'm in I Was to of

on posting electronics upon we've quarter-to-quarter pretty think been I margins steady to around XX% in the business, moves mix. in product operating Well, depending that XX% it

I last talk the think we with a of were there a a heard a double-digit. story several that the to us. been I we little And we think was -- has about structures tailwind in real volume to of trying and quarters you've from for last high-single-digit us the year move as exited bit the that CTP, again saw addition business

we're with in So segment well. direction the that right as moving

it. Got

any that out? at all timing that wasn't drag slipped from there So

No.

looking Last Okay. for expansion. content on one me the from

is their I the Can missile big fires kind bit what to mentioned trying there? and missile more, is but of customer to cylinders. penetrate think all control penetrate you there, a other Ken just hitting being else Raytheon done talk Lockheed player you've potential about I been little that on just out know maybe

Yes, sure.

around we with So have look I past, them do did Lockheed now initiatives -- we some We where work we quite the certainly the Lockheed F-XX, actually frankly -- we in are have have real for we on marketing good progress. do a think we not. relationship and

work. about the opportunities and programs point the So for we're at agree with missile hard We in Lockheed. XXX% your we're absolutely

B. FBR. next Thank from Mike question of Riley Crawford our comes you. And

is open. line Your

you. Thank

will moving million impact Just there fair $XX if XX, it to difference the continue and to discussion, year the XX XX XX while, to versus rate moved Ducommun for it say that with from shipment a along of a to about from moving maybe? stayed MAX is a be to

year. a that remember as to be with agreement XX Boeing it has And next Boeing. it's for know, only through the large XX% if direct you Spirit of long could going For signed an it's be down because April end at full-year, the of there to stayed that

than little Mike, a So that, it would less probably yes? be

I Okay. some down kind would questions. And XX XXX also but two Spirit Triumph observation you -- Boeing would at if to guess but until supply Well, that Boeing stay just the reason don't did I be then is Boeing of XXX or or at of Spirit some for that's content a there more then or mean least related indirect? then is then stay like adjustments some

to Triumph the supply know is don't it's we mothballed what primarily it's for very minuscule, platforms really small the XXX as on which it's part. No, you have most

thanks $X.X All you're color. Statement us the million in then can you And schedule breakdown the CapEx Okay. the Flows right of versus just Cash XX-Q? later on that segment remind showing of difference $X.X in in you for in million on that the CapEx show your the

Sure. it's door. cash In the actually the cash flow out

in the the later see You'll that of for amount XX-Q, PP&E was not paid in the quarter.

door in for sitting that's opposed to CapEx. accounts the out the it's cash as difference, basically So payable

[Operator Thank Instructions]. you.

Christian Our Herbosa Markets. from NOBLE comes question of Capital next

line Your open. is

my taking for thanks Hi, call.

for Just one me. question

the you development efforts in your how have business so update that Airbus success an hoped call, Airbus your give to and on in growing Can progressed mentioned that you you us last market on that share So had with on some you far? with build XXXX.

Yes, sure.

mean bit I little before side business. XXXX or side background, we for that until do just showed up probably So our any maybe on I much of really when the with didn't really Airbus, structure

for AXXX the think in the we go-forward continue them, still just good of products we Airbus. the year; work build into going and that we So for of have family structures say we heavy business. there relationship continue would we're report book I middle as of we and upside build to that penetration with to further

come. to So more

And next Enterprises. you. comes Vincent from [ph] of our question Thank Vincent Becky

is line open. Your

question unmanned like you market talked more My Vincent. Grumman. autonomous Ducommun about Becky manned to I is for this Atomics, the General Steve, pursued Northrop aircraft if Hi really that market. the aircraft aircraft. Everything seemed is wondered be about

question. the for thanks Yes,

you, Becky. Yes, thank

to that new you continue working at of I it's a our our Electronics composites as although part that large with airframes on some We of type probably of is we're materials today. tell do used technology segment. look majority our opportunities in the with. because will we to We vast application But think VersaCore there the big just the of things not our the business of there's as well some business

Yes, I and have a -- right opposed it. the mean lot always we eyes going not we're road. on down open our certainly now got we've just for new We're things to

if something develops, know. we'll So let everybody

is question next our And Michael you. Ciarmoli SunTrust. of Thank from

Your is open. line

guys, Hey for this. taking thanks

content if wondering comment, potential you in thing bizjet Just looking markets. expansion one could you the about talked Steve, for

guys you're for know the of kind call looks seeing aren't any a like structure scale alternatives. certainly larger there, there's marketplace. look what going announced to So but it, turmoil in deals lot that you then And in Triumph strategic marketplace I it

Bombardier you think look for on you'd their for? at that be that opportunities structures create the smaller scale types does looking guys of I structures more business,

let handle So the first. bizjet me

G-XXX, So with G-XXX. a lot of activity

play We also on XXX. the

So Stream. we've Gulf there with got, I think more momentum

a I And bit with hopefully programs little we little that so these coming more new get think could more out, share. a content, bit

side? you handle on other So the that's that. Doug want to comment the

Sure, yes.

diverse structures where over now seen we've time our our business over course is got half evolve of composites coming and titanium-based core to on. Mike that new So of we've

that that. that franchises aerostructure things are we focused than something We nichier big little are would that market on. not are larger necessarily like those be bit in So the

more of that So we're hard to we're not we think really now. right aerostructures, space print in doing got better prospects too the things build looking we with niche that some of

of that be nichier of it that it but will you looking some tough installation stuff any whether game or stuff either? [indiscernible] flooring that's And yes. like sounds was it, or Got at

our No, happy we happy got is where Steve. We're are and game -- we're this plan. we

eyes our into So we that. keep

Mr. And over like to for turn portion. you. comments. concludes Oswald call back Thank Steve closing to Q&A the the this I'd

Thank you much. very

first just attending, also you for you Okay, thank questions. everyone thank your we to

remarks, my Have look year all rest great to again my we're in for confidence the a mentioned with day I get that obviously, everyone forward starting in see lot a to couple years and thanks As for to showing soon, the and I'm last some thrilled of again support. so connecting evening. and of numbers of the this we hard really benefits work the their

conference. today's in you thank gentlemen, participation and Ladies for your

now wonderful a You disconnect. Everyone may day. have

Nora. you, Thank