Ducommun (DCO) 6 Aug 222022 Q2 Earnings call transcript

Good day, and thank you for standing by. Welcome to the Q2 2022 Ducommun Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. And I would now like to hand the conference over to Ducommun's VP, CFO, Controller and Treasurer, Chris Wampler. Mr. ahead. go please Wampler,

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

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

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

company detail. after for Okay. put will company, everyone, for second employees. Chris, review our done first Chris focused us of protocols remains place the today as safety XXXX. the thank the call. safety and an our I current will in on The has and job situation financials of thanks, Today, of give foremost and excellent conference March on The since in health team you our joining and update an you, quarter usual, which

our had follow practices company, And the of with within XXX in health best we XXXX. variant to continue Omicron aligning We of QX the in cases authorities.

want in revenue Airbus, just our we're commercial to the years in the fourth for sign aerospace a AXXX X was Ducommun's was The XX% with revenue. quarter commercial as very and aerospace add slightly company's growth past commercial of year-over-year, in over well down MAX the spot now after I XXXX the delivering business Boeing, business XXX showed year-over-year line performance QX was is in year-over-year. XXXX Overall, year-over-year aerospace increase others Boeing had The roughly growth The XX.X%, business posted solid up significant XXXX over QX over was company company tremendous that quarter, cover in Chris up excellent X%, of getting of and growth XXXX. a XX% solid second impacted will and his Gulfstream The started. results. XXX% the XXX% consecutive over defense only of Airbus QX and remarks. from which several and profit to in gross factors, also also market was QX, real but guidance. year-over-year in recovery with bright Turning delivered financial performance good. of million with growth down by $XXX was still partially which onetime an continued

XX.X% see too $X.XX bounce build and track had versus of in half progress cost XXXX to earnings solid $X.XX for our leadership income as QX we record ahead. of operating a of to management. The for and in X.X%, a posted adjusted expect with quarters through the back EBITDA diluted of EPS good reaching is on company QX addition, very diluted margins margin a QX share grow the which in of team which versus $X.XX continue first the EBITDA In is adjusted to from of strong continue GAAP number, adjusted also we to is effective share The quality share EPS nice the $X.XX operational and XXXX XXXX. to

been that in was to December. accounting fire-related share include in new them half for forward to Raytheon of for XXXX On continue and continuing and look real and We've success NG been at for MagSeal relationship taking to and a to programs, now year acquisition the Ducommun climate since who is the customer supplier drivers EPS XXXX. and offloading we side, XXXX. and our story in adjustments agreement has We're model this that revenue, customer the expenses benefit Some Grumman largest with last key also leverage hard our defense for from second current them work revenue. third shift signed inventory Northrop purchase back with with year-to-date missile restructuring in strategic and again the QX Technologies customer #X lower charges, diluted business. the

at about circuit the for for $XX a offloading right to from in do deal million almost of initial to jammer. card the in our the level for $XXX of a part commercialized in that strong in the QX hope XXXX, up This and performance already The were then is excellent raising The benefits offloading programs program we another it $XX in first great build million should, XXXX. for won $XX and million expect our by now also this $XX This full double We industry. for the will produced built offload going we long-term both QX about in top I've next-generation plus customer, with and top to on a in defense from our roughly with be or defense of tested It of be news business. The be Raytheon. it the second for forward was we QX over conservative in cards doubled products card was the at pace, which and our XXX in circuit relationship. Appleton, of a continues, cards us prime all is work on win the defense be our to highlights best high We and our million. the development for year past XXXX. is SPY-X business $XXX also Raytheon. a rate the floating from and will XXXX. target for company. have to card turnkey moving run due water over Ducommun mentioned the similar circuit latest to driving Wisconsin results. The program plans the us. tranche of XXXX We're is facility for will This with million million

consecutive XXX from X.X%, backlog the of Defense as backlog XX% $XXX 'XX and AXXX, after QX at million increase. This million. entertainment, in the you million for remained the and the and ended solid the $XXX from of coming for to a all in-flight QX fourth reached at XXXX, that 'XX of actions was the consecutive for performance, the increased this pay lead for quarter Gulfstream, very are QX XXXX end AXXX second organizational at the was continuing For sequentially tough book-to-bill QX structure MAX high for expect we quarter, over backlog thrilled Ducommun's the cost The and part QX Viasat and well to of and end led million $XXX $XXX commercial Company's would for which ratio business. a quarter out are aerospace by company. of all-time new dividends, backlog too. the

at along a last industry. high with backlog continue supply over Our commercial in continue we move volume and in particular spending, ahead materials revenue single managing to more outlook to with the best made another the among quarter comments excellent digit along significant In see level with good delivered we revenue as this regards to company industry very that the in We year the the aerospace at estimate more defense. aerospace see our quarters SG&A will the quarter, return. commercial the corporate chain recovery team remain forward

the to wide-body news happy we us last the the facing were Friday wide-body to entire though for business Our on very aircraft, also and based help ratio high narrow-body for the XXX challenges will current industry night. see

strong more spot Gulfstream. year-over-year for backlog, The in bright up very XX% aviation portfolio, a is with than business our revenue other Ducommun with especially

company M&A. the Another important investors for area is

that ahead report fit higher continue the happy with in to to We our a on and continue to investment actively numbers accelerated win move. now of December. team and significant We plan, growth acquisition companies intact to had on model, in revenue, results are the looking for an and of plans the MagSeal future. the be I'm that be pricing the

Another business in highlight QX XXXX. our acquired is Nobles

the handling in of Striker new bringing on new the vehicle are system. this a the We with Oshkosh ammunition half supporting program second year,

half be and significantly sole of will revenue increase the XXXX. second We sourced in will

and announced we QX. initiative in Finally, early restructuring commenced a

the accelerate Our taking this strategic is and better achievement to to action position goals our company future. in of the stronger for the performance now team

the expenses, actions details facility severance, and and we've some operations affected, and timing the related QX. finalizing charges during impairment long-lived related of including remaining taken to are we While assets certain actions some of already as repositioning

it we let quarter Beginning down, of and products space so in $XXX.X business a solid some greater systems. on versus markets, was and was We for demand million, being color XXXX. it programs. our Mir $XXX me revenue missile, showing data mentioned than in F-XX, provide QX. Aegis, the Now posted as products our for with sector, saw second F-XX, a increases and decrease radar earlier, Despite million, MagSeal military

The more reflect balance our of revenue with be than Ducommun's from military in the changing business. this space XX% time commercial And period, our last represented XX% to down will second year. and over quarter revenue more aerospace

future XX% XXXX, bright million, product represents In XXXX end within detail. which the structural as a earlier, with second $XX.X backlog, operations, commercial results driven revenue aerospace aerospace over platforms, Chris? industry-leading our year-over-year of at of I'll increase in and offerings, increases rest in products and quarter improvement also have mainly We the for and mentioned, our With it the our commercial quarter million, the Ducommun's XX% aircraft our aviation, expects a second million $XXX overall by ended The total XXXX. increased backlog QX was Viasat as large including platforms. Ducommun Chris year-over-year of aerospace is business commercial And on backlog. roughly sector continued titanium bill quarter. commercial rate review that, very from solid the business. markets financial across mentioned at $XXX to our stands the aerospace for other in-flight

and Steve, day everybody. you, Thank to good

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

results another quarter performance. solid of Steve As second reflected our period discussed,

shipments quarter strength should to second in remain demand position so. aerospace the to strong pleased a of The higher in a and going in first building our the We're travel saw believe looking half many by drive demand, aspects we're with performance of XXXX and and revenue. forward. continued are this We overall forward do commercial increase encouraged which on

Now second turning our results. to quarter

combination quarter which within million the of second approximately XXXX. growth at XXXX our versus strong aerospace a increase of of revenue second platforms, commercial beyond. of company Thus, December Let space reflects quarter for attributable XXXX backlog our commercial to in highlights. lower and MagSeal, the all-time top growth second high for and reflects aerospace partially the we've across recent half offset the a The setting consecutive $XXX.X of of some million second sector. growth. Ducommun's the line XXXX. acquired performance A an is growth of inorganic me $X.X directly up was portion of our Revenue was quarter. platforms, the and the overall by across of year-over-year review This year-over-year for $XX.X for $XXX second the million, military million the increase $XXX.X end quarter the overall million of organic for was

at Our and of half defense defense second we strong million, for backlog remained remain our a business. $XXX strong the for positioned year

segment As orders of We time manufacturing of potential On with a $XX.X backlog delivery from product period, XXXX. on expected XXXX in in gross our changes as type XX our margins company respectively. costs, quarter for strong the and fairly the We reminder, we've XX.X% months which certainly of aerospace XX% margin versus were short-term posted while mix, done and total commercial million versus compare an were on the partially volume expect focus and define and were firm based in achieve levels or a continued reach last gross offset fixed in by adjusted purchase revenue XXXX an dates excellent to and that we favorable agreements reflects year able gross basis, long-term less. and margins customer million profit first over margins XX.X% job. The in $XX.X XXXX, year our XX.X% prior and decrease prices the we in prepandemic.

inventory inventory-related We the of our include our non-GAAP are adjusted we sales of restructure and Guaymas quarters. than our as items most have Examples costs. profit related sharing cost fire-related MagSeal these impact, gross step-up more

XXXX, that in of major for rent sales of property incremental company and mind in QX investors benefit X.X% overall sale XXXX. our to from keep the please these, Gardena resulting in tax to which addition was leaseback QX the added In cost a the

nearly this combined GP costs, of the viewing been by incremental XX%. would adjustments, have Gardena-related While excluding our with the the impact

are chain environment As all working to regard manufacturing labor we companies, with operating in well, and difficult like a efficiency supply availability.

operating supply inventory manage buys, without While strategic leveraging we we were quarter past XXXX the expansion $XX.X becoming adjustments million $XX.X that that due manageable, quarter while proactive the or performance X.X% issues, availability impacts of profit continue chain or our revenue revenue in are chain the for $X.X beyond. prior confident year to supply chain The like comparable in second compared of and invested our period. able quarter Adjusted million are executing significant X.X% had to we and revenue XXXX, operating the of income this month, of throughout prevalent. around million utilizing remainder and not or we last things year. X.X% of immune ramp still will supply another or our of margin million In was journey $XX through more period to the to revenue compared material in we reported X.X% of are Ducommun income flexibility center in challenges level efforts, previously. to down gross

acquisition-related an intangible last for add-back As reminder, adjusted amortization definition includes asset operating a starting income our of quarter expense.

of change, or company to income million have was for $X.XX net decrease compared numbers primarily second a or compared XX.X% profit or of period or the was year-over-year higher The quarter charges of revenue reported adjusted due $X.XX XXXX. EBITDA $X.X second cost the recast prior $XX.X to this of of to share per XX.X% share in diluted million XXXX. net to $X.X comparable sales. of of as reported included basis, $XX.X per net lower $X.X $X.XX net income company $X.X was result million ago. diluted of million $X.X quarter of revenue for $X.X income or of year $X.XX the compared of restructuring and using or which of gross in million, On $X.X this diluted income Adjusted share a an comparable methodology. per million million XXXX As the million we for The million

to step back $XX.X $XX sequentially of is nice in a a result the million XXXX. EBITDA Moving adjusted up QX from million

segment our to turn me let Now results.

in the of million $X.X mix. and of million $XX.X million operating revenue revenue within $XX.X or compared offset of year. applications, aerospace sales was last million revenue XXXX Structural by second posted operating revenue margin company's $XX.X of across million lower year-over-year of increase space quarter reflects partially the The of our primarily military segment X.X% Structural commercial Our million to the versus due decrease year. last was income for markets. or $X.X unfavorable year-over-year X% The $X.X Systems quarter to higher product

XXXX Excluding restructuring the X.X% in was and in years, operating XXXX. versus margin other charges adjustments in both segment XX.X%

our MagSeal was the As results from XXXX business. part structures which acquired a are the in of business, reminder, QX

in was company's military reflect posted million million the across higher Electronic revenue XX% reflecting $XX.X income period, million and of manufacturing segment year operating lower $XXX.X or $XXX.X XX.X% unfavorable aerospace results by period. Systems partially favorable offset in of volume. second prior of year prior space quarter of million commercial versus Electronic the in Our XXXX mix, $X.X the of or partially versus offset quarter Systems for revenue, second the revenue the $X.X customers. million by product revenue $XX.X primarily revenue million These of

charges years, adjustments the XXXX. restructuring in margin other XX.X% in operating both XXXX was segment XX.X% and versus Excluding in

initiative QX as call, our had announced commenced. mentioned, we a restructuring and During Steve that

accelerate to stronger for action short and better taking performance the in the is and position team the strategic of term. long company goals achievement our Our

charges. related. QX, During The and we $X.X restructure severance incurred majority charges of were million in these benefit

quarters. long-lived incur for million the to several of and assets $X over severance another expense facility expect $X million consolidation, to in We next impairment

and to resources. capital liquidity Turning

company, and to operations $XXX We catalyst period. quarter the our of for be from we strong was compared see million. the year expect million cash million quarters. several to inflow liquidity have a contract this in over of year-over-year next prior This available assets $XX the cash We $X.X result generated a

in amongst lowest debt-to-adjusted and X.X last XX-month the several remains EBITDA years. was ratio the Our

capital In the terms we during $X.X of quarter. expenditures, million spent

Going ongoing sustaining development. for spending and $XX million full forward, for we anticipate product and the XXXX between million $XX capital year

earlier, are end, Steve comprised credit. completed of a of refinancing to XX line terms. of of facilities all and a quarter announced credit The with a favorable million Term on subsequent mentioned we revolving July our $XXX A $XXX As debt we previously million Loan new

million our new a The to upsized July XXXX. has from $XXX and revolver million. we term credit X-year So $XXX will mature in facility

that lower at of end at A more second Loan the at the XXXX, addition, in the up interest quarter, our we B facility setting favorable while ratio, the had QX the we of end and for that In is posted aerospace had Loan of solid in credit and bps for the the our growing slightly backlog, XXXX. we same spread continued strong the leverage performance rate XXX QX Term than new Term than conclusion, XXXX half beyond. us second commercial In results to

performance Our his supports over back it year the move turn a as as performance building now of QX and Steve with to closing XXXX we Steve? view our remarks. momentum through year. transition I'll for

Okay, Well, coming comment half first a here. closing, just And for solid good of the comments Chris, a was certainly, out in a in XXXX. few very just quarter, tough thanks. it year another

commercial is good high. activity I to our still for level. the believe going in defense think shape, especially I are the with recovery me, aerospace themes next offloading

very and we're Our good at acquisitions are new bringing on performing business. level, a

Now have we cost a lean profile. do

in and think excellent XXXX, and, outcome. the us pandemic refinancing an throughout obviously, had I we benefited that's

funding. to drive I think help with level company the next to going strong it's the

my excellent take my other their Ducommun suppliers investors, level and past and just through job believe this years, some like, along as I business up forward. our the quarter thank on with for great and support. team, are our comments. I'd stakeholders the the also employees, time We've XXXX. thoughts to are an a few a managing of wrap we those the So We've excellence done XXXX maintaining in of been moving shape in and in time again, unprecedented

few that all think smart next will off in pay years. work and hard I the

for that, I'll it open up questions. with So

shall Capital first Our Markets. question of Herbert Instructions] from [Operator come Ken RBC

disruptions at To a second what has start get maybe the calling out. sort to wanted in significant supply lot pretty as worked that expect half lot perhaps customers off. of back year a second of customers to you just the And similar in for also have significant to a of Most in a for the impacted with the maybe were issues supply looking peers some are constraints? pretty what quarter. line defense then the half chain back of transitory the in your year of And and in are of subsequently, seen extent on defense the similarly, positively inflection them then near-term and these point seeing inflection some you chain your sales Steve, your extent business see? of quarter? side Or are what an into

question. the Yes. and Ken, thanks, I appreciate

I a think, XXXX. fairly of So first the first, in good we've, done half job

We inventory in areas do strategy. customers. certain for have build inventory We an certain

So as I think that us certainly in our well, paid businesses. off for connector and circuit card

So maybe to than a bit think manage because been I little that. of others, it better we've partly able

going second that's we like we of to that do well QX, we're have to don't I still position we okay? work that We my going other through think like plan challenges the at titanium we think especially I I half when a comfortable challenge, businesses it, it be an that still to card for comes think and have think So and either managed some and we think but circuit things, business, other kind for the inventory feel or cards, year. But sheet in that we're some have of where it's on there's comment. material. see our first QX least to

I if And I opportunity. that. Appreciate offloading appreciate the on could, detail you the Okay. provided

over can some in offloading, getting maybe that you grows win of the about with this next margins are the or million on so work? aggressive to opportunity terms little in volume 'XX. up to $XXX grows in or to of extent opportunity this margins as an work. should initially think How accretive that mentioned what years? To or I doubles business how think couple you a be that that offloaded 'XX of the we And

I think of a couple things.

defense stay small, small, Wisconsin do look, very First, a a arbitrage. We to Tulsa, okay? not when low-cost already Oklahoma, or very had operation we from in a offload front positive but

our offline. which brands right, we're value, able along defense to sides performance obviously there's want, because So provide X the that of with

want they cost margins and So price need believe, parts, term savings, They defense up. the I midterm drive to but we've us also forward track to want help to First, we record, as the is okay? this move which in near going established the XXX.

I think margins We similar especially what offloading we're prime. are things defense seeing. value that that nodding from head to be see overhead a a nice one there. going provide the to we we're lot do his operations, high the going coming of probably probably is feel to about Chris say, is And similar. of

little know that's SPY-X. able NGJ, have with number, we believe bit out. we the margins especially be think little us. came familiar million more, to just on It $XXX bit we're is Down the program This more a So the it, great going I a you're as strength I for go to forward. with road, a

that the all be just add alluded to have issues. part to you that significant as in Ken, Steve the a to there. other about demand going and pent-up first of the to move one that issues But that's And to don't are we your to chain sort flexibility supply the had I have question we had, back of sort huge year, is a be helps. Yes. coming of half of thing question around not able mean, up, agile any to the sudden free break of And fact to which to

point, will they'll environment for maybe a bit free little that feel side, But and more tough. more pretty we customer made like work there's to definitely do, them. shop well, Steve's the On is but maybe a demand, break we to the

back just year Nice some through of that viewing And production you you're are this finally, commercial through flowing where how rates of in the terms and to aero, comment year? really into just Great. early MAX there. Can volume see and half on next you

the kind end of directly maybe but been Boeing. obviously, your of We're of going and XX%, we're to through I a in planning Yes. for we're position a the first I we're around what of to Spirit it's thrilled, tough okay, months but with just it's to right thinking point, couple around bit, that, least that's as great we're kind moves think we're at probably to both years, XX% the that's a and this running be We're just mentioned, We're little year, that what of seeing. at expecting X through and MAX, XXXX.

So we're now. are right holding firm we of where on kind

Riley will of question come next Crawford Our from Mike B. Securities.

having TTMI come is down Steve, maybe different having lots of I neighbor saw down. times same a of unlike in more your favorable which metal last Technologies the have coming securing twist perhaps cost Systems, on question importantly, night end but fact, talked Mercury inventory supply lead seeing where particularly chain difficulties, semiconductor, about not any issues,

for times orders place of conversely, the work that some customers put to can place to I their we so is might mean afford that flipped guess, manage during this these post-pandemic also through in stocks kind wait period? to question, seeing from or you're that come down, lead buffer Ducommun orders does some of in And if see you pause

to build Mike, it's we're yet. pretty On real-time there. than got then Chris. when messaging where and then to any as well extent down are talking first. to, our but in I'll a I seeing that to a from terms are getting it's going messaging our while certainly, a us that coming ops a you've they're get in impact position little weekly just that, we've flow what lead start And where think take about the jump been and happen, with going we're on of customers our of side I times you're to different in. away seeing sharing that to not point, consistent does the there, going information bit of mean, to that's going little what calls. that's to some it, I think

And just right. capital relates a to then All allocation. final Okay. question

at you exploring there You the larger do did California year? leaseback property sale least one valuable have you Are with as your property. other, last

Yes.

guess So a I great that's a TBD. question. it's

We're I have one do out this to we're okay? point, still other market would think [group create it. strong still looking reviewing is that the I at always value, property. here. I'd mean looking say just say, I major at we we're buying] always

fair to information And that's on that's More want we I come. that leave think it QX probably think I to where the to say. call.

Peter have [Operator Instructions] next, Osterland we Truist And of Securities.

question, It's actually keeper Mike just follow-ups. guys, quick Ciarmoli. Maybe

the down the commercial just kind of sequentially. color dip know Systems Aero there? Anything, MAX do of on or Just the what and out you is aero, But expect you a timing around of there? little kind from laid anything any bit that forward. going a Structural changing I just on revenues

more a I think Mike, there's systematic anything just there. timing. don't bit That's just little of

-- bit little of a Just

just No -- timing constraints. That's more

We're I ago, comp just candidly people good. mean and mean, be. I the about long we're I and a back should mean and we're were I from mean, I orders. But forgings excited. we too the want to engines airshow perspective, not got hungry, know uptight we

had pipeline guess, a we in in in the mean you in But a backlog and opportunities the environment there, defense? then and seeing What are out general. sequentially. the of customers again. dip the hearing from order your of you bit obviously are lot are ordering I little pretty just I in flow the strong seeing And a Okay. we on sector defense

to the start jump I Steve then mean, mean hit I mean to I defense it not that certainly I side, at movers in. regular pacing. off and can back I'll get timing. go again, needle tend a we think on Yes.

quiet run to there's for as a the of activity usually, on the out just opportunities, there overall, us viewed we're next flow. in and finish defense. But And So a it pretty that some pulse activity line means from we still on the good an the there's the quarter.

because major while programs around maybe of every good a And we're Apache budget. headwinds bit on little a and example see where of go a that quiet, is Yes. orders going Michael, in once FMS but we're a in just to little move sometimes, a the and not things some quarter bit

So next-generation orders to in bit feel just you the commercialized again, was we good very of overall, military that. But and see which little about XXXX. jammer, the this a

things think coming, that the that bullish. and we're million pretty are I $XX

should in probably Got it. probably contract flow we quarter, there. there? even these second build should these What free inventory and And I really half inventory you of you for And assets. half second with just think some cash unwind free Got think we said you free of you expect could cash What said good could assets. some And cash on flow? build contract expect it. I some for the unwind

of Yes. I would first about all, clearly. was very QX expect, well, we felt good QX,

we to that Our an QX QX, us to I performance even same break typically, in QX, generate of sort saw much of first for look X-month would outflow QX, get period quarter. type the is start little we half, X-month in very a bit. that period. the

a pretty probably that of of I'd cash million out is that $XX there. say reasonable estimate So free sort flow

this now the And ends closing conference Instructions] I Steve Q&A session. to remarks. like to back for Oswald the turn would [Operator

everybody, for us joining you, and thanks, today. Okay. Thank

window well. support appreciate we it certainly, for of I'd the hear it. the your as new about time. also a thing with slot all think on But little more this good is the We X:XX opportunity We good feel our just our feedback company, thing like as us crowded to gives And Pacific p.m. the analysts, good of be know. for you Time, a bit cadence, of a

excited support. and the safe forward the We a future. to So all look a We day again, and the great and soon. change you speaking again support. the again, one for about appreciate, wish thanks We're

day. Thank pleasant you have a and disconnect, you all, may