Ducommun (DCO) 12 Feb 212020 Q4 Earnings call transcript

Ladies and gentlemen, thank you for standing by and welcome to the Q4, 2020 Ducommun Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Mr. Moderator. Relations Investor Witty, Chris Thank you. go sir. Please ahead,

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

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

our reconciliation This customers, of natural operations These defense a and X:XX:XX] in any markets, and Particular Report to with do referenced on those during of our estimates not We I regulatory of the earlier expansion is measures. and risks. of made operating only to update XX-K financial acquisitions, this as, subject the fourth on statements of the non-GAAP this XX-K described orders our of required others, the and results to if also measures for otherwise. our forward-looking risks among risks, legal on are presentation on quarter with from this are to would risks level disasters, management impact GAAP COVID-XX and refer over made Form or facing timing are based except statements made end-use regulatory of our time subject to company's addition, includes we U.S. changes, SEC are our the turn and to In [forward/future Form SEC XXXX Annual the call cyclicality filed and spending, authorities. customers, SEC the our Statements with change. now others to competition cost Steve? or today. current operating Please of the business, which the filings review in the Ducommun a intend call a government call filed the of Oswald Steve like results. call. for non-GAAP by include,

Thank conference you, Chris. for joining fourth quarter Okay. us call. our Thanks for everyone

excellent and year. your health focused calls, third financials the since after are as Today, to which team in I and second usual, put of quarter healthy, has in safety our of in situation will The on place done detail. company hope update and you as company, and best through the get continue As I families possible. and give of first an will this current as March employees. the the Chris foremost job safety remains Wampler our last our review with first protocols an The pandemic

March. communications on XXX many since authorities Amount last operations. We continue our diligent remain with for We weekly through updates Human Resources best throughout company with cases to the the work practices team. is of our on now

this since have QX. and despite really results in actions, release in shined As unprecedented mentioned initiatives, journey in commercial in quarter Ducommun's strong in work we again results, and operating fourth in the continued challenges the our XXXX, the aerospace markets. the shown press began All hard

call. margins product contributor leadership expansions is to last growth This recovering, lower for portfolio, a was year, we our along very and down continues too $X.XX XXXX. GAAP our markets, $X.XX was numbers. strength, well $X.XX Ducommun's reads and diluted showed great future with margin great however, in aerospace business, company share at a X:XX:XX] and share, commercial particularly Our be fourth of and XX% revenue that prior the again with benefit the of started our we [are business highly of between due X% in which adjusted being job our massive versus QX in company's was of see results being in focused and numbers of and expectations for reaching many gross expectations. The overall being as the roughly back XXXX, leveraging solid commercial major quarter a XXXX XXXX in line posted earnings XXXX. our the and share also the adjusted in XX.X% headwind. is the EPS centers. over right a operating year, revenue story communicated strong versus in done. investors, evident midpoint performance Quality despite will income down a the cost from These the QX, operating defense return This a having to up of XX%, improvements profit defense and again last to EBITDA, XX% Team result aerospace high, for earnings $X.XX EPS with with year-over-year a lean a the diluted of versus reductions, despite adjusted

excellent. Our timing was

Xx TOW QX, million. the last Ducommun's a thrilled headwind Ducommun revenues for MIR this progress be impressive, shipments shown customer The defense dollars in are the in to impact, with our So by continues regard XX%, with growth. reaching in included, for systems an The aerospace year. in In sequentially Mir development. The at we ground systems which our weapons where increasing this business hoped. about UAVs for a in leverage strong. continues strategic QX structural Missile, on shipments and Patriot, for by number million on be negative UAVs, on program. for of Ducommun's for $XX Raytheon from great with the anticipate a based Grumman, also And others, business the great not backlog, Northrop part will will a help as QX we but strong OEMs. as bolstered UAVs. systems only everyone last also revenue included versus Obviously, radar environment. with the defense business $XXX not product over up year-over-year they're million $XXX December lines QX. Missile, Nobles show ending number our majority had General commercial XXX orders, record overcoming was Ducommun and grew at can Nobles with another to revenue gains pandemic mentioned XXXX XXXX we the which deliver. F-XX, backlog opportunities the Worldwide, excellent increases is numerous backlog TOW defense set the from efforts number business, has to that's now of new of we million I key partner The along Atomics, The platforms offset was weapon Defense and across strength Again, company, show call total still new GA, MAX start to in vehicles results XXXX. F-XX, and we all-time Patriot, defense also of

past, going new and defense the TOW that the with part this will revenue regarding but despite systems record which are wins and forward, Missile, we optimistic change going spoken programs, I for see administration. and concerns strong major was the of full have we its about in in now now along We applications our structural business, about a segment be want Ducommun acquisitions value future. of $XXX with speed, business long-term XXXX. mention along managed budget I in defense north also million the other of offering the and under electronic to track

in continued have actions QX. costs QX, in As

costs will major our can job gross including managing impairments. actions over certainly effectiveness of XXXX, ahead related pandemic and will led quarters incurred, will solid In the the quickly, commercial but estimate we volume significant that the along in We to with moving more the programs regards no XXXX. growth or environment in percentage strong see years in mentioned see positive our a with defense, to You return did Team expansion by year-over-year, material great restructuring revenues this in operating margin aerospace EPS. provide income backlog and profit defense, and difficult earlier outlook, the many revenue Ducommun.

aircraft. We for increases, have aisle and the are team operating in capacity, the especially single the prepared strong rate

and titanium Ducommun's hot see leading this also business form as well. plastic super comeback of We forming

been reporting significant strong and our Boeing, And area in Airbus, has well. operations the We this efforts few Spirit others. past only go in Ducommun at with evolve to with are which Gulfstream of with we position we Airbus. you franchise know have know a to among a already at titanium OEM Aerosystem, years over leader continues

last to our quarter we call, much return first down XXXX, with still a year-over-year. being compare tough As and having the growth will in

built for The long-term we Ducommun other portfolio defense growing by This new commercial $X a ratio versus over with up year about now has out a see future. revenue also spoken that's quarters three programs the aerospace, Also Ducommun growth accomplished body wide overall to will with Ducommun's bodies. yearly will XX% XXXX, anticipate XX is to of that's our roughly which one narrow good low million and on leveraging mid-single-digits. currently increase. in a earlier, in in be XXXX, position above XX and two from revenue, especially great strong

recovers. share drive Our titanium as market the market leadership, along at will excellent Airbus gain with growth

well. future. an Our and market will in engineered only the as will this products to results higher accelerator And for also portfolio provide we and active be will opportunities in believe finally, acquisitions recent remain M&A, the

color strong fourth most and million, versus drove our We a and of XXXX, on once defense including of provide revenue again our across revenue variety markets, let growth we space broad quarter Beginning products representing Now, with sector, military XX%. posted portfolio. up additional me platforms, some of product our programs. $XXX.X

mentioned Worldwide, quarter wing of strong the revenue with military TOW from our demand and Ducommun's we revenue saw XX% programs, represented and space aircraft revenue Patriot, F-XX, GA, Nobles in Northrop as The for mentioned As the Mir earlier, fixed military period. fourth Missile. particularly increases in Grumman,

will all-time future it high many represents platforms over fourth the quarter and all aerospace million, at with next rate Ducommun effectively also cost $XX.X declines long-term. We well decline backlog. has our backlog have year-over-year the stands very backlog and XX% programs current our this $XXX for other once QX, of impacted rates MAX, and our well begin record financial fourth XXXX, our commercial of and for defense detail. the recover up Chris driven aerospace as build earlier, the that, by declined positioned, to million, The very managed expected, Ducommun within quarter in as across the in to due as XXX $XXX well an ended sector to in quarters positioned several which MAX. XXX continue again, the And XX% revenue also I'll results Within our roughly mentioned over pandemic. future. million With of review commercial majority increase end sectors. by as is is operations, the has year-over-year, Chris? also of on COVID-XX adjusted growth market be in to a the downturn bright stabilize at the

good everyone. afternoon, Thank and you, Steve,

earnings a call. see further description information and QX XX-K company's the As of today's a for on reminder, mentioned please release

line business for quarter and certainly once the discussed, of our which resulting of our in we're during performance, Steve our the results fourth As bottom pandemic again results focus posting proud. on underscore strong diversity

million air sector. demand move revenue fourth $XXX.X quarter impact on largely space higher travel saw the due and Revenue fourth versus end customers, sequential in from the million in across growth of million commercial our industrial $XXX quarter XXXX market, year fourth Ducommun's overall XXXX. the was within backlog of the the significant million economic and representing of within the results. military The $XX.X our quarter flat of partially military quarter continued a the at the decrease approximately to to while of platform was COVID-XX reflects million, revenue details of general. the in is backlog The decline offset million $XX.X and the quarter-over-quarter. XXXX. our for the Now lower commercial in of theme overall Review aerospace commercial revenue Ducommun’s by for lower was company's $XX.X fourth space of QX orders, customers $XXX.X

almost rose company. for backlog defense the Our a record $XXX million,

or X.X% $XX.X of costs. compared versus to or charges, We cash company's period outstanding pandemic, operations. in margin gross of period. higher quarter offset fourth As income, year of million we during or the the X.X% of as in quarter year-end. lower compared from as as period, for in million higher profit drawdown million share $XX quarter primarily increased revenue The the year-over-year of quarter million interest versus X.X% XXXX This was $X.X levels. gross SG&A quarter prior $XX $X.X purchase to other $XX.X SG&A was tight or product period, cash million on of prices hand the The partially income compared million leaving posted million onetime a of $X.X than operating reflecting XXXX. XX in prior impact based streamline more in again, year. million customer the of on agreements $XX.X Ducommun Once with of X.X% favorable $XX.X the of The gross operating revenue, than accounting XXXX. at year $X.X or interest remained paid of this and rose quarter, of million of revenue expected fourth as expense, back The from million adjustments total manufacturing reminder, increase expense, versus last of amount, delivery first $XX.X $XX.X or tax more offset the million in restructuring volumes negative Systems particularly quarter $X.XX net the compensation per and for for fourth Electronic less. million items the mix, net potential to reported million orders diluted debt lower during benefit due XX.X% this we was and company's to was $XX $X.XX revenue segment, have define $X.X decrease debt fourth Adjusted or to months due firm expense quarter, the to of impact to income the in $X.X $XX.X of long-term $XX.X hand. $X.X dates share, $X.X fourth per and revenue, million on the million the backlog the of net and million prior our diluted income fourth fourth controls quarter fixed the in XXXX. to rates was outstanding reduced million million profit. cost due year-over-year by lower comparable the of our in margins within was year offsetting Interest while increase to the income of XX.X% lower million was

adjusted reflecting XXXX and $XX.X Excluding period the quarter XXXX, for XX.X% I to restructuring for the for onetime million quarter or Adjusted EBITDA revenue, revenue XXXX. costs, or versus XX.X% fourth million comparable fourth of expenses $X.XX just in other was compared in $XX.X the the EPS items of discussed. of was $X.XX

the to turn me let Now segment results.

of reflected period. revenue in Our the XXXX, $XX.X million These the Systems by million military company's year industrial of in within results customers in mix. prior the and operating This across income prior revenue posted lower primarily of for product million platforms. quarter of the reflects or Electronics our revenue, commercial versus million XX.X% fourth $X.X period. the million improved year $X.X aerospace company's offset largely revenue posted and $XX.X fourth customers, million million $XX.X $XX.X lower performance space the or revenue versus of Electronic segment XX.X% quarter in of increase $XX.X Systems

operating charges income was Excluding fourth XX.X% this restructuring quarter in revenue. year's adjusted of

XXXX, and sales segment XX.X% administrative aerospace in of the X.X% of $XX.X posted across was was partially million million revenue, million year. CG&A of versus operating million revenue fourth was XX.X% XX.X% our Structural XXXX or million of $X.X revenue of year-over-year million system quarter XXXX. last commercial in quarter XX.X% margin posted and or volumes expense systems to Corporate, decline restructuring higher of expense. in in compared structural XXXX. due $XX.X income or the unfavorable of million operating last $XX.X revenue applications, year. for decrease The company's $X.X of in the The X.X% manufacturing in and $X.X million margin Our markets. $X.X accounting offset the charges year-over-year excluding of revenue, XXXX fourth both quarter space adjusted and for general, military $XX.X reflects lower or to within by mix, years onetime operating adjustments

million on our We and have $XX million available $XX cash talk on hand and line when capital we credit resources. our liquidity about

prior During from the in million quarter the generated with year $XX $XX.X we cash million of operations period.

normalized to generation and to stronger during XXXX. cash much more flow return expect We

to debt was Our EBITDA year-end. at X.X

significant and a In the terms spent XXXX. during from .X year, $X.X we the $XX of million quarter decrease capital for million fourth expenditures,

anticipate we ongoing customer forward, product spending between million for $XX and to XXXX, support. Going million in $XX

four tax challenging in to effective performance strength the it his believe The solid we staff, rate of rate remaining diversity impact rate a of product The Steve X%. to Our XX back releases volumes. came closing any versatility our as speaks fourth such for challenges turn while related to on XXXX last and FIN meeting at during now circumstances streamline dedication this Overall, of our shareholders. post remarks. year underscores favorable and over It main of for our roughly the base. us I'll expected. for the our to effective beyond. during superior We our year was operations, very tax lines this quarter. results customer look Steve? continuing We puts believe footing the year, forward

quarter cost continue feel planned despite at very system, the operating discipline the We proud the high level. And we in structure, add growing to XXXX. overall I And we're confident a footprint, leadership business in we would future. performing results as that well And mentioned, do right and Chris. headwinds. commitments XXXX. met certainly again as first, of start and Okay. this to massive in Thanks, the our

in earlier, giving XXXX, local in through our money where to call, QX to, business all also again to continued just to Foundation as And as nation, and challenges efforts shareholders unrest out all As business the and closing, assist organizations the we bit the now, their with a in XXXX we to social the through small the neighbors partners partnered I'd I'm difficult these due community. Los past and like in Ducommun help In to together. improve and times support Angeles. my our quality help we operate them, other two million customers, foremost, in want for recovery the want thank I proud their team. we to to with the We've charities, quite employees of for as take our of this Ducommun delivering. time dealing in $X.X thank also pandemic from work many have first our mentioned and well

Our our operations, every and at and got done stressful showed job for our customers up team those for day nation. our the

said, like questions. thank being to to turn again, for over and that So your we'll with it I'd you time

Thank first the you. Instructions] of Canaccord. [Operator from Ken Your Herbert line question from comes

is open. Your line

afternoon, Hi, Chris. good Steve and Yes.

afternoon. good Hi,

with in what in the and I to fiscal some quarter of Hey acceleration we that And now a Does first see the if wondered expectations the look a lot can the I ‘XX. challenge. through do quarter the little on for is top quarter going the we second comps? second quarter line you you to the year? talk Or in and bit the see start said start revenue easier your should to growth cadence down. be be Steve, like see just a about first rest you mean, obviously,

it's I'd both. say

us. going all do expecting through XXXX there. we're Yes, question. be certainly so commercial see and with, We QX things QX Okay, good as of move a though year XXXX to But going year I in you're you bigger we us, good numbers as to revenue, know, the on better for this up a the are side. see comparison bit just even

So we of both, will Ken. probably see a mix

see or level commercial year? out on still part aerospace some channel some Okay. us that then shipping now? of inventory And on side, how you And rate with that you're seeing can progressing if and over headwinds, set the the you then the sort and what of MAX as you're

say here. Yes, a I is would say this, that XXXX I'd transition

is For the MAX, some I there think inventory.

I We the sort work Spirit single, at think, year general I at we're feel there but the looking mid the we as Boeing. Ducommun in the about at my for is low, think through mentioned better first, in overall. second full remarks, revenue than on and just of half some for still

the defense Perfect. And I final question. I business. one could mean, if on just phenomenal job

I defense as continue -- XX over million does called customers a look environment new each. forward? the in are we to now And terms to out business of over How take programs ability does that number on expand move your think you customers that share?

metric. all, mentioning think a that of look, Well, And first thank that. you for we tremendous that's

of of and budget, rocks my to from and if as penetration I know, came As these business, some defense the work that. where concerns still that, mean, we'll a level about look there's as I primes, administration and I pretty far on through we at is see well, still the headroom. our mentioned at memory defense we we lot as have it's low. But about just of priorities, concern

and like and have why at mean, So, Northrop company we if kind a can't those with can Lockheed. of I Raytheon have why numbers, we defense prime, like can't a with we have

So, nice delivering that, portfolio high a good new about share level, service I see, trusting people thing us And shift. more levels, the I and is our high And more. quality. programs. really are we're see

for future. well the bodes all it's think I So,

Really Steve. Thanks, over job this year. Great. nice

for Thank Great, Ken. your appreciate XXXX. it, Thanks sincerely. We support in you.

from Your of Securities. Crawford line comes from next B. Mike Riley question

Your open. line is

you have how take any Hey, shifting on the new you. any priorities Ducommun? defense preliminary may Thank under administration affect do

first? the shot don't We -- why you take

that hear the think two, arrow, the for up follow attached as certainly people most much is, ones having our have not seem various or the places like as as lot Mike, that a viewing year programs going headwinds, us. are like the of and much here is are next ones or part, for the sort think, I latest a of to, and I anybody, Yes. we're the that in what they seeing from we we we continuing where and

gets So, I until good. on more sort think little saying too not But baked a thing of out that flavor that. this more, of we're it feels much

is Yes. this Steve. Hey, Mike,

say, other look and lots you F-XX we're missiles. I of fairly look, what things, So, if would I obviously, supplying, at feel confident,

we're big Navy. position, that. the things feel and points, of far the year with May far out, to as we though to not into how as as this about our find going what of to heavily One backlog some looks big next going or And we're the I and June But do have and they're probably mean, good. year our programs, as

from Thanks, Calvert the Steve. do by over how years? DoD related, of And to just XX% then workforce reduce insulated business, say are next the four nature civilian seeking what you you to bill given your this the

Can Sorry, time? that you more Mike? one say

might there's the changes Yes, seeking I from that imagine any the out. reduce to bill new it a fairly introduced insulated well DoD. civilian bring you're workforce to And

obviously, mean, prime. a defense we're I Yes, not

dealing We're our So we're not -- from that. very contacts we're insulated just with industry. in

Okay, levels Or question where to producing? final be should the thanks. smooth? to get there And margins to to they any Are that you be pain the would commercial structures up when ramp used relates lines starts back occur. that as aero then reduce pretty it points

be should of the Mike, down that was I Yes. pretty that part Again, that. flex on we That we did. smooth mean, might, one

but of helpful fill come that the And mean, programs certainly on should those slew XXX work. across, And it's for and very I in, back AXXX, commercial the us so they whole as it's and no once up start various with items. pick major be it's to the Max we

you. Thank Excellent.

Thank you, Mike.

a next Michael from Your line Truist. Ciarmoli from comes Instructions] of question [Operator

open. is Your line

here. guys. the good Hey, Thanks evening, questions for taking

Mike. Hi,

squishy, I Steve, little shaken Hey, systems, that we looks and the specifically, results, elaborate that systems, And, got the on structural takes puts expected. It know, decline if line more sequentially you nitpick may little different in What maybe you a they big electronic some a to bit really performance Can can maybe than to and a on were as and just ramp bit. like sequential both in maybe the real margins. out the a little bit you top what there. life there? and margin think I have of

Yes, and go I'll go throw I'll there. it then in Chris let for

even it quarters No, I it's sort going keeps Mike, enough be communicating for to been in Yes. down. prior a us all mean, that that think -- question. is few up we've terms not much small the I bit I mean, of linear. quite of with company's theme I doesn't a And to the or mean, it little move the take to there

that why quarters but talked So burst where is, XX% to in operating expand to QX. to here reset got of XX% really look income trend. is we that. can a XX% that's when volume, few the range we And at sort up, And we're to we'll we certainly continue you we look group then to about north and of electronics where margin, expect as it, in decent things line getting that the

be we good in we way. doing there mean, things going And have in scale go electronic would move structures, more position results, come we conditions. for of and to time, on come Mike. market to some structure. our we're runway we're general that, more We've part say, Yes. as obviously certainly a our because well as forward our as long feel in I a I doing And think of systems, we in just But just good all because also the lot aisle on right not the defense friend obviously is see But of now, forward. titanium, to as in thanks position we your single scale, there. is That business going our

you looking just defense the some comps lapping in that to think you aerospace. you low side. Obviously, aero you at on then to you mean, the back I backlog talked And presumably, see about even that defense? quarter strengthens? guess 'XX? through well think can And the But it. total tough 'XX going being can strength Got really as commercial progress well. do you're as comps you've I year grow tough that think a got into be throughout half you next you Do mid-single-digits. first But in the year, Do with as

certainly feel couple things. a we mean, I

feel half commercial that's happen. good aero about going a then we certainly First, think we second that bit, coming up to and

actually that, mean, -- XXXX for I feel it's other year we we the primes we past certainly about is, do feel in a defense. we you're I I've tougher it. feel doing year, we're going we're our But defense. little with really Obviously, again good and XXXX right, headroom to was to feel breakout here defense feel like about good also mean, be But line going and have still revenue comp. things we We last this mentioned year. -- we grow still a like can

it. called me, And talked the I last for year-on-year MAX, declines you just you the think on that obviously Got about one out.

If -- do you you would or kind through utilization or move drag capacity get tell in back? in any 'XX? terms of of carrying terms start I terms you of I'm where How asking kind in us you you or to could maybe margins do of ramp, were to as sort this you of capacity footprint excess trending see that of where kind utilization. overall have see of as the maybe you you are guess and much you on and

to continue to Yes. going I fill continue. to book. going we're the mean, order I it's think Look,

footprint is for plus at the month. footprint plus have MAXs up for our the a and we is and investors our we've to news XX month, XX Airbus got a good our Our capacity company

of good in back. of as though position this of people will a keep we will a there far there's even we also because pressure side So that our to building, lot went that we're kind out good structure the of mention on eventually there. knew, the our way, some as goes, I come

So, we go going about feel up, utilization. that benefit. think good to It's going to and everybody's I

Perfect.

Sounds good. a Thanks guys. lot,

Thanks, Mike.

[Operator question from from line comes next of Herbert Instructions] Ken Your Canaccord.

is open. Your line

Hi, Steve.

could. quick Just if a follow-up I

year, in about this Where debt mean, obviously joined pipeline year. the but And down been pipeline the we should how how opportunities? you I do think look? a there? looks? of allocation debt paid deal M&A what's since a bunch a M&A you year market the quarter. of the seeing think a the outlook company, of relative sort capital How It's to we about challenging this are done in You you've your terms reduction, How's this year?

right. All

first. So go let me

active. Just look, obviously, we're

do was well for of we're we but active. starting to lots think year off I we're the a difficult XXXX reasons, year deal said in XXXX,

We are looking at things.

are We opportunities. seeing

So so We that's follow to our about there. good say. with where continue the going company. change the feel the first we've thing whole really strategy I'd we had the system that operating in no are past, to of We're

we're hoping, one two year, we're game, do But in that optimistic to we're forward. or have to this the going we're we're see. we'll certainly So moving and

So you else? anything say want to

have $XX just mean, terms Ken. that's in the certainly million thing create the to and $XX the cash allocation, going No, available on value We can utilize capital the revolver. to saying. best be I the in is do what million the it, of we Steve to

year was first the on year, reasons. you're looking And it what lot what we're through And this to strange was we're get do right, that's yes, as so to looking XXXX. through But for we play of we a get didn't a and one that's do.

Great. Thanks.

Thanks, Ken.

Mr. for there time, back it are turn callers this we'll so in Oswald queue, remarks. At any to closing no other

lots was you analysts the of hope with year Obviously and our for thank everyone better later days you, we company Yes. sooner for going Well, in vaccine everyone very or involved very and want much. that rollout. our XXXX. certainly their the And the just reasons. team, And very, with support to to behalf On of for thank we're participating thank today. a see difficult XXXX shareholders

I'll a evening. it there. nice have So And leave

Thanks, everyone.

conference Thank Ladies you call. today's for concludes this participating. and gentlemen,

disconnect. You now may