U-Haul Holding (UHAL) 8 Aug 212022 Q1 Earnings call transcript

Good morning, and welcome to the AMERCO First Quarter Fiscal 2022 Investor Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Sebastien Reyes. Please go ahead.

Good morning, and thank you for joining us today. first XXXX AMERCO call. the to quarter investor fiscal Welcome

the revenue, everyone like of including, Section Before XXXX the general of regarding constitute XXE Securities I'd Act business, of of remind of amended. Section meaning of without XXXX income of within safe that our growth statements call, we begin, forward-looking harbor this to the Act statements of certain as may as and during the limitation, expenses, statements provisions the XXA Securities amended and Exchange

Forward-looking of statements actual those or factors are uncertainties, inherently from subject to cause which quantified. risks and could results some materially predicted to differ cannot be projected. Certain

uncertainties XXXX, Securities and For file AMERCO. for Form the AMERCO's may U.S. XX-Q affect future which with to quarter the I'll refer of Commission. discussion call risks Shoen, business June ended is over to of Joe the and on XX, that turn now operating the Exchange and results, please Chairman

products what U-Haul the is it. morning. AMERCO is supporting move, and services on success. current self-move is Good our U-Haul driving and is

run on continue to trucks storage units. behind an we capex rental for and However, affiliated new additional

up unlikely chain increase be we We trucks We able subsequent get periods units. in issues capex ongoing storage want soon. to causing anytime to are are disruptions. the everywhere. will catch on Supply may This is and

operations to environment We grow. continuing remain health a long-term are from and support rate and low a by moving interest Our group U-Box supported of lenders.

about I've stressed. talked remains this before. personnel Our

of the puts I We have rest work with more unfilled on am and comfortable the just than positions more team. that

plan customer, alternatives. encourage in to do. competitors. succeed. I'll turn Jason continually Every our We call that of game what service will the now customer embolden to we numbers. time Our I to consider that's many fall course, through current And over upgrade go to to must the to short we a success

$X.XX we hardest to of That's first of rental We or the the last period of XX% our – same a revenue. versus had quarter that into month start year increase To for last million a in growth quarter $XX.XX experienced revenue this same first rate quarterly an a year. the or was I'll of equipment of Thanks, the bit, XXXX, put fiscal equipment excluding the fiscal compared XX% we million. earnings increase COVID-XX first $XX reported our decline Yesterday, for XXXX. quarter XX% hit business. had the share for or from and million first an in Joe. perspective still share. for the with year period $XXX approximately a We a But quarter $XXX an calculated from average rental before off improvement.

in-town one in revenue Compared first the increases dealers. year, transactions. quarter and transaction we miles in retail same saw this the in year, way last per During and independent and of increased locations the good increased to place. we number period remained Average rates of a

they and for up were manufacturers. equipment strong first it COVID in of revenues expenditures XX% unit reminder, to last equipment continued year. year, added for figure the an to this even we quarter started are receiving rebound started As in comparable July a from we that $XXX July relatively equipment still rental revenues was new that million we this see uncertainty still the XXXX But our rental XXXX, with $XXX delivery seeing from growth in schedules There Capital increase. last is That's of of revenue. from of year. on for million surrounding July quarter. increase

million from into year $X.X the year put year. our this portion sales trucks to this of also rest to some before year. Sales increased volume fleet. of be retired for going a purchases of going that into gross for billion. by It's projection this the the far new pushed $XXX equipment initial availability Proceeds is total of that equipment to fiscal is of likely be so was sales million dependent next rental $XXX to Our on fiscal the

For the are equipment a been to we far so sell, there that has this strong year. electing market

The first units. be for a filling to quarter storage continued period good

to figure. continued the rate occupied storage Looking into is about Storage were Most which a units competitors of July. average same XX% for increase at last we occupancy report to type our and occupancy share the to experienced compared of at an stabilized had the June, increase XX% $XX all-in XX,XXX revenues of year, up unit blended entire count publicly end million, occupied of our that for that time XX% increase an And quarter. our an the quarter. some of improve

an Our of XX% that Those been of average XX.X% XX.X% years, of two least little facilities represents XX% before. the version for at that that had our locations. have for occupancy at year occupancy versus over locations a

represents have the up this years, between of facilities been XX% Now couple but opened group in have that last have that we facilities large of for at two a years.

that We also are properties XX%. reaching those are seeing

In locations ended of with better. June our XX% XX% or nearly fact, occupancy

acquisitions last first the U-Box warehouse to of compared year. as XXXX, invested million $XXX along $XXX we million with fiscal self-storage For in have development estate quarter real and

investment. accelerate. approximately pace goal square increase beginning new to under We Our and of is now this projects, million pipeline is XXX acquisition just have our X.X development currently the in feet to across

resulting improvements. that expense approximately close. $XXX in escrow of to may revenue not and in have the or We In may moving deals outpace segment, continues margin storage million growth, growth

For well by fiscal posted quarter total quarters fiscal either we to compared as of as total improvements both XXXX. revenue, XXXX to to the last margin, operating EBITDA in expenses compared or first $XXX cost the the million year. the Operating margin, GAAP increased

repair year. last was year increase maintenance this a the compare you we're release activity $XX year and fleet low filing, to to a million. $XX time. the point in press our last at If and up before, at highlighted In cost those compared in we million Fleet

quarter take of increase If revenue. in payment is depreciation, declines were that costs. new year dislocation personnel, repair equipment large quarters experienced that associated shipping Due million likely costs of in you costs against U-Box and about the three from associated costs with going maintenance business quarter during repair equipment. this to COVID, costs categories during quarter last liability with we're compare increase of a showing to see consecutive going you're increase saw Other the year. year increases in large this delivery as we that to the in in first those and processing we number before, this costs direction moves, continue and increases reported $X the After of

to hand thank A congratulate operator, to It's over call the been I our also to Oxford there, we'd A.M. finally rating. a the achieved Before at – and Best insurance for like team from recent long-term they an also or goal back their upgrade received I'd life they like it.

to hand to call. of with operator, the question-and-answer I'd Gary, back call the begin that, the portion So to our like

[Operator Instructions] Zacks. is with Our ahead. first question from Ralston Please Steven go

rental on gain congratulations in the the business. and morning top line amazing revenue Good

Steven. Thanks,

into delve like somewhat. I'd to that

transaction, assume In to of revenue lot two to mention you mentioned been Am you've be turns XX% supposed in both have up gate to large, average that. going the I time, compare volumes gain it given done especially You've look per a single-digit the information you transactions annualized like over revenue double-digit was didn't the average and as gain past, a transaction. XXXX, But But one-way actually, out volume like there if was you when years. something so that on it this the rentals. – in-town of gains? and in did increases something and per you this about

were about it. transaction The of No. increases half

revenue a receive equipment obviously, were that usage higher preventative to the on the how You through upon expenses generated higher, But that? due – maintenance. gain. Can you clue expand also to you that flows and this give

maintenance but The costs still growth. and Sure. line top rate than at slower a repair the increased,

and in drivers So is our be in the the basis two by even costs. driven up. to business normal are for some a The going repair fleet, with increase we still picked which maintenance maintenance and the up repair margin on miles biggest

associated maintenance sale. then for an seeing in costs fleet the increase prepping we're So preventative with costs and

So first we year largely last because last shut year of the units more auctions the quarter were down auto during than commercial this did year. sell

below If bit per volume you of two a in compare our the the of sales unit. quarter first sales actually the volume price to little sales two gain disposal ago, from equipment years The improved ago. we're increase is largely on from years

and the maintenance moderate. more in ago repair increase from much is years So two

it $X about think only those increase I in to was largely just mentioned periods compared increase million I mileage. from a

I'm this from going a to attack to different direction. try

It was. for Usually, half side you in self-moving the versus in tandem. amount services rental XX.X% and the was move only product that the the the revenue only disparity? up explain XX.X% up rentals. those Can Your was

three, product of accessories them sales. Sure. categories the I'll The retail next On and call sales there's within sales. is installation then supply propane be the largest hitches moving towing would The and of that, sales.

all seen last the slowdown had categories We've in from we hitch increases So year. large those of three sales year. last

and I as record going think hitch we were new of out people saw four, sales row recreating a five months of in in kind ways.

hitch volume of a off well. of problems into increase around that U-Move and closer pretty think a been then few supplies have Propane probably bit sales supply the and COVID. as the inventory on growth going to an kind ebbs are a the I come of with conditions There's issue And weather transaction also, supply is moving caused demand just to had hitches related So flows country. has side. in good we issues that

that's close. So still relatively tracking

is second Traditionally, your than Okay. fiscal first stronger your slightly quarter quarter. fiscal

the so be to that a than next line? the should expect you just reported, well. is mentioned continue if I that one traditional far, You Should relationship top stronger quarter tracking slightly July

good. is surely was this And July Well, hope I Joe. so.

I anybody activity. drivers I surely of this don't but hope so, knows the moving all So think

for So very busy. to it we're be planning

Thank you.

that a able I you But depreciation, at purchase it in you similar increase and looking were mentioned trailer equipment? capex, on the I higher. of see in did slightly new didn't late is Just truck which to very the you spend $XXX sales, the million which assume quarter, amount

fairly Yes, coming in it regular was the quarter. throughout

you see exclude gains equipment, from the of you there. did – dropping think up. went sale We the some the line depreciation if I have trucks of off

but climbing. me, dollar right million I we of in the quarter, front did don't that will in it few for I think increase have a equipment and see depreciation So keep

question. last And

interest. think, I that your it in it U-Box change be mentioned, a as should of net percentage you – it And program. at in the actually the strongest the still in, This XX%. get to and other over time. would much was stage seems is driven, Looking line, well, revenue nascent It's almost larger

a become that that First, your line And separate all, if accurate? it would is of line-up? item second in does, revenue

Well, out. out break There's to a the let the question, Joe comment have technical and the a I'll on determine then Certainly, – of there. revenue when line line tests I'll tackle couple to program. growth, boxes the we're checking a you

think to as yet. we're majority until increase I percent out U-Box hold not to that confirm and quite a that it's from program. of to We're the total there the is revenue, of likely coming forced report

have And consumers appetite and remains just well clear we be seen as to this just type of a the to it's execute. for move general, how business in an

we I I is think demand there. the execute, if believe

is grow. plan our that So it will

taking questions. you for my Thank

is Wilen Please go question from next The ahead. with Management. Wilen Jamie

true? of the the the Hi, history believe that fellow. quarter. largest I Congratulations that the was quarter profit company. Is on in

real It's close.

I third quite. was quarter quarter but think not it, approaching year of or the – second last

just question The asked U-Box. Okay. about

once to percentage that percentage, is total out. of said break that accounting revenue, just have will becomes the rule? What certain You a it we

XX%. about I it's think

it's of corporate to traction. that And U-Box starting get Is nearing profitability Okay. it now the some average?

lines Yes. and With now, allocate we it's right it's benefit. all company. not to it as the can yes, profitability said based measuring all product upon interplay as a quite how how between I've mean it's game we're a the percentage It's contributing costs, Jamie, estimate, at still you the of the but best I that. overall

Got you.

Could actually a you units is be self the down for been I'm to greater move talk a reaching facilities seems these slow industry are that occupancy. at years self-storage percentage of people unit at least having then away. I add beyond within a, incredible maybe newer the company of Storage in as It things the having the facilities, become thought within takes that, rates what's higher it are level maturing. storage? you've Historically, cash XXX% area, up to three positive. our and given industry, happened pace. and hearing And the a units to occupancy about like Life as But as units in like new the to lot new filling a couldn't it's of new flow industry, at that rental had Now, least

do This is on store. model will increases increases be some There by by – all Joe. selectively. We our

There's there's we don't approach general a a lot sub see among does managers of income. rate you'll So anybody very increases. will aren't the considerable and rooms everybody X% would and not be see or – to do or think type how I increase, some rental don't a exceed necessarily most as because discussion XX%, as supportable the X% they frontline general, I discretionary is expect more or a possessing this customers specific. customers

influence occupancies, we would years. they in everybody in but four business don't the disruption occupancy just the if business. do show. – that XX every our right mix can. or of years resulted had enjoying feel ago able It's to not optimistic we higher words, in economy. two the this So we'd it's to in or current It to see about that's been rooms as It's case, the rate the quicker we filled. We're In as filling storage are that. whether a as these in we're have that there's has other kind as essentially with and occupancy. increases three resulted we for quick that, rates right everybody raising know be of – locations in I than had hope going seeing being and I believe historically Having most is true the lot

people So to on but and new whole going able paying rate increases, some what are thing to units there's charge. here, going complicated for to what be there's be a with we're going Jamie, inflation,

put of that's the stuff running. think to expensive units it's and news same in, But is thing new in all and with buying high are up a lot them. competitors. the we and a got fairly very units lot buy going good They a do I we our that as cost of it's

So what going guarantee. that there's don't be profitable a think means the is what's I going to most ahead.

So of say, dead XXX of in. last, hands don't I've far, my loser a any on the stores I have gone

years makes any fill. that had that past, feel we're pretty in the losers activity so ago, I've had just thought. We're stores And that It's I've years that But positive executing dead decently. five me now. XX seeing of to frightening right not

more. round see some the rate but we'll political hopefully, really know don't it clearly have. I evictions people going this really driving thing boost or have or what will occupancy that's it's are no I'm effect. is and confused this increases, going It and back Perhaps our So evictions whatever to think next to as to what of and effect I I what will an say. – forth, what

that are timetable flow quicker or cash original a a you whatever be breakeven the question had units been it takes than Is little seeing – to that? achieving that than up to units at anticipated. Back free of occupancy quicker XX% it filling previously? had Are you these rate how

day. – And you managers to out. you course, it'd to your now as every frame, be okay? what units. XX months, winner be be XXX a XX up cash hands. time with in XXX of positive not of But a But the to that, I encourage a have I yesterday be up can months wonderful units no, units. looked And benchmark up of those rest on got a said there's I'm and that flowing can the opened at – a I'm my them six you'll I XXX if Absolutely. did Well, manager say going six months, over one they're story new if

That's incredible.

March I As occupancy XX%, at rates, believe. you occupancy in look the quarter, your rate was

Are You rates we at the up to literally each end now said of month? X% XX%. is June occupancy pushing X%

if kind would of let our more months. correct were before wrong, million But sometimes. X.X XX not bit what's is I'll Yes. so adding to impact like. but I'm we capacity like million. chagrin not little we're really X.X units me And Jason you your big that did always I'm trying see, running we as units I trailing something million or over fast as okay? had there, a inability. we're And out to – – X I'm to get a that, the

Yes.

Our peak in over done peak. period a XX-month square the was feet six is we've little our adding about at million what

certainly we've slowed. So

is we're which the XX of But to number the in I added XX,XXX. months at pace that closer rooms I we've filling last believe think the do that rooms. maybe doubled we've

or back pace about are normally, filling over three rooms right filled we're looking and last available years, the getting So a estimate, each twice rough now. we're year, of four XX% as that

combination sped rooms a of So it's rooms we're but bit, we've slowed also has of a up the how filling. pace many adding

Okay.

is a then $XXX mean, dividend just that. special policy million, dividend in of that past yet dividend. any and that extras like plenty back shareholder, do we a reason nice, of dividend amount the it units I'm overwhelm to doesn't growth earning we that We've our have core hop decent done It's maybe as XX% the percentage and money. units, opposed this won't a announce dividends we that. of a up Is but years, As question, opening beyond new regular could a $XX we last ahead and always quarter, over million, core given our anymore. then the We're regular kind earned units special of seems within paid of I'll XX% U-Haul which still pleased beyond of out however have that Last many pay there I new queue. in

me of of very have I I'll sure for don't long a comment. reference. speak is the I that. with Part have opportunity to frame

we are loathed I'm at I'm remember I at had And your promise no I all. and comments to to Board the level. perform so many heated they're on. But represented years not going dividend And think something

discussion not book. a closed closed it's or So

Okay. Great job results. Thank are you. incredible of managing the business. These

Thank you, Jamie.

The Artisan go next question with Craig ahead. is Partners. Please from Inman

you curious Hey. of rates. I mentioned in self-storage pickup and the all obviously, terms cap in – the pressures some Joe compression building in cost about was pipeline mentioned Jason, there for the – and

So backlog investment? you building terms your the how keeping keep of good on can about that returns, you profile that return discipline and compressing not in talk

been of we mass Well, of course, a get enough has great to it want going deal ahead.

you trying total mass. hard five years, the more saw at to last over drive add So very me

at enough there, So to fund point we and get the of self-in going mass return. financial it's make kind a

not years point just exact science first we're kind to there's – get hard the So us, over cement of today XX closer were It's labor then first, lot of but after find lost these really a hard trades it's from and rolling there Again, ago. sure think, been both it we're I chain in XX supply my – than finishers. it, the momentum days. all it's was an supply. to I'm COVID to because of not of framers it last because to market. the months, I are And problems mean, to there. that, heck view, quite I a general or things we hard the short scared

I'm have million the books quite had haven't would rather got I feet hard momentum right And up, real so plan square to another get driving X.X But that now. it. I we on up. momentum the on but

available I that's opportunity. if I if given point, an open there sites if you because one – contribute somewhere can an and you XXX there's can than gain have have at what would more XX But more I a overall new filled rooms, had is have XXX empty think you entire or – I site, from XX. will taking can between going rented what to lot on rooms more point more might something it get rooms X,XXX a was on to depending new rooms

decrease decreasing that to the and going? there aren't all get to required return in build that Is you momentum. Joe, But Okay. rebuild a trying in

successful tell Well, have so would Jason analysts to to They're not them in been back down. getting return kind his I the low breadth. a of financial set I keep them steady,

And jam. missed of And a than in always in retrospect, did I mistakes. miss more you could it's made good us one? puts course, it I've good So say a ones

a view, too somebody's But good from that want you So don't be of many miss I point thing on deals. to might out see.

feet, You are getting and always see these they're – bigger. bringing still, We bidding. all ago. we're than X.X much bidding is said, outbid as deals. we snowball And do can we the more and down, Jason we – square years on X.X continually big get money that comfortable did People but it million

it whole portion it years that much – three becomes ago square amount. than to of easier or two a years absorbing smaller is was to this the a absorb So as footage

goes your labor, that them. the about curious the wanting management to it there? Do to it mean conversation resolve and in wages take Is I go how does to need terms what I'm openings mean fill for issue? Right. is the of – background job just head to I what time? up?

considering a simpler, reason confusing. prior personnel for rejected have other some to It's everything. them It's a onboarding might little you're give but less years, maybe making in of going bit you girls, for It's happy process I the your chance say pretty It's two. and how It's making mean they hard environment, or environment week attractive. actually a not here. the that's not We're work evaluate the first much to Starbucks. work

for probably, to kind that's the deal and my talking to of can speak, very the recruiters, are not we So at who not And say XX have oriented, easy home? – likely. minutes ask sorting an more not to from Well, you people bit not see; into work a we're they hard least they're they little people work and sell.

to large, the It's generally dispatching physical of equipment exposed very equipment, a personnel weather. and either operators receiving from But We have bulk the and some or phone are home. such fixing and our by thing.

not So attractive an that's it's proposition. –

course, told can't daughter come "Dad, an And still I to friends work get who's So in XX me any here of she ago, having to learning. how to us." And that on But to This to she daughter a she's from we're years, my and said, car. and store It's "I all a we're very works has manner right work But for not working hitch I and to communicate – the I a says, person. want days home." course, she's physical from for putting have and about my of of at XX, That's "They work in morning, attractive thing. – understand actually that." home. two the a

So to learning I've do on how to I a not that young been be get need there's lucky women, little put is be to a in But getting knows, women to a in to car hiring with hitch a woman more women management She's more right. interested still interested yet everybody bit positions. – how it. her. many we're and as that

And come through that program. so to to up have they're going

– fill a of that's us. a real to going now even almost work back that's these that's bunch our simple don't if a don't much. get all pays – to my it's – not to if in it's I I has or cutting maintenance So too lot at I'm there's not been technicians. couldn't question managers at question. answer know that I'll to I going say sight. back quick. back change slow the thing. And changing for know cure XXX going unemployment easy work. come all, is to people too But right of about actually complain just and this Well, that

to our we need Most ace done the very don't of can't dealers, this that hole trailer ignore We to And because attempting our just – their their And them business. they come customer there they over we can this done. work over business that add we of or our on typically come gives kind on stuff. us. things of And They most locate to now maintenance they is it. existing gives and slightly receive if a needs just another course, it They truck perhaps we So bit we gear little half And dispatch – have call contractors us, point. – we can that already up the and U-Haul right we're more in on and can can't small them. but own. easily all do But revenue have a and like the what of board. require one and U-Haul of business. turn board

I faster kind the of I – hole well, me, bit might stores believe XX than they've in And grown months in ace an a have. that's So XX revenue little over Jason, last the have. believe, you correct we our

Certainly, the harder year. was COVID network last by hit dealer

closer So up to we've revenue. seen during picking share is it's leading that be down as It network a the percentage as dealer up And historically coming of dropped to in is several about bounce points, XX:XX COVID. and split back. used It it where now been to more back it its COVID was.

independent not are a ours, Which is these people, view, bright employees actually light of from agents. of because they're my point they're

them bunch HR So a of me give on doesn't bringing opportunities.

learned differential of wage were other simple interesting the are that a an no putting and don't seeing window you're know, and when a was $XX or September. that in solution. day. it. Well, there's the all So The fast they I had sure foods thing hour. I'm I I took expected advised there shift go onboarded they actually somebody and in away an go $XX job, actually to the

So there's at I months people this bit I'm hustle and to wage later. three normal it market. sure decrease start going want a on in not of And a little then

activity. we're there So there's lot just a just with. – in we're And dealing of

but mean, But operational let trouble, operationally, to long this we want results many too or enter positions I is any it's obviously, immediately. how the don't pressure you Yes, can the distress on? any go right unfilled that Yes. now show don't

XX:XX, Everybody's Normally, at quite to I'm to or days it's at flow But thing real point here a to They in day they maxed. in speed. down little on some a do shuffling take to a a the hard, bit an down this, to to all I well, your they customer, kind pretty little a dedicated sit is and they're of you move. there's it to done. need a move, they're very that Everybody want no have full work overrun. constantly get workday, workforce. the move, vacation. willing operating long There's and Wearing and – out kind feet this to all we're can and limit will get much slow their say, just of pretty things vacation of group, and going sort when close because it's hitting and ebb effort. you have around serve ebb, like

to that's at And the so lot immediately operating retail catch retail have right all kind the And that as obviously, personnel, of and soon our up, back as level. of our situation are ebbs, we at a trying we're of been levels. it

there's I I in Okay. obviously, on loans Jason, the was real any quarter, on the estate last become a a in update on looking XX terms at these assets there? there curious Any plans of have side. – the extending believe, or duration more lot valuable last months the of in change comment, financing

on variable and the amount about original you The the room We that back debt a the to of more debt. amount to rates. a model, model. that adjust bit our maintaining in being variables or that we're your of one if you invest gives operate our getting can within And return we is cost price to still for little and one of predicated it's the in it your And how question equity questions environment return. great think lock of first discipline

sold are into it's liquidity So in process as things number that heavily money reinvest of similar during took now. at higher time reinvested we is to and when York right a it the back. a likely expect we high portion again still a Chelsea, we location where period little cycle and But our to and happened New the bit point to what going we're a go of have of that

think several I So years see a we'll ahead of similar us.

into you mean, it? All I'll issues replace newest truck fleet long you shortage. ask Any downturn – the can if there? with this on fleet one Okay. right. keep the went ever. That's Obviously, guys more can't the how I we

same the are door. Of how it just And course, depends and sides the different there is. maintenance. of Maintenance really CapEx much on

we'll we're We'll facilities to couple That's little the to maintenance. I do XX and that it. adding or would again, again to repair months, very fleet, hope actively in have our pop up, or capacity. limited you're bit XX expanding say, five a be of gear ability but replaced last, doing a So and six by

– then buildings to have but them you such, have it, and just staff So doesn't do in it. the

because So running just maintenance we're the to increased you're going some miles. see

As shape, is terrific in went more still said, a it's it with that's just burn this it. good fleet to you going dollars, repair into but and we

new some getting And Craig, we trucks in. are

twice we were about where ago. we're half but were of about we at where last time, at year this So years two

Okay. from Thank That's now. it you. me right

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

Stockholder Please is Internet. Annual And to Meeting. going to two after going of Virtual submitting these of start year, some meeting. those Arizona video Time, both a Analyst and time. meetings, to Joe This hours handing Meeting. Thursday, live thank ahead with few Arizona I available free that before over off that, be participating X:XX great to meeting. have Investor on to – Joe, Sebastien is it going then other broadcast we remind is Last moderating August we'll XX:XX the at and wanted a do to questions wanted we to for participation There meetings executives the important our had in the we're and to going questions answers. to feel before have start again Jason. back I for at XX, our feed everyone for We're you be shareholders And once Time. a.m.

got to to in weeks. I forward a look few than answer, speaking actually more to think you we we but time had we questions

have thank results. thanks, their everybody again. busy Jason. Thank going ahead of a Again, support. We're I to for and Well, I good in expect to turn months us, XX you,

is Thank for attending conference presentation. now The today’s you concluded.

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