Kennametal (KMT) 3 May 222022 Q3 Earnings call transcript

Good morning and welcome to the Kennametal Third Quarter Fiscal 2022 Earnings Call. All participants will be in listen-only mode. [Operator Instructions]. Please note, this event is being recorded. I'd now like to turn the conference over to Kelly Boyer. ahead. go Please

our Welcome, to operator. Yesterday thank for and you we our Thank Kennametal's everyone, third us posted release press review our results. slides quarter joining on issued website. you, earnings and presentation fiscal evening, XXXX

be slide deck referring Kelly call. throughout Relations. that of President Vice Investor to will today's I'm We Boyer,

statements prepared President would achievements or implied me discussion from statement. filings. the could remarks, this Chris Officer, factors and Executive on involve and as President Chief in cause After the such, open of the to Joining those will direct are forward-looking time, actual expressed Officer. statements. uncertainties Audia, SEC we such call attention contains and Vice line and constitute Rossi, and in At a disclosure Financial performance today results, differ our uncertainties that to comments Damon's detailed company's like forward-looking materially or are and, Chris questions. your risk These assumptions, that by Chief number risks Damon Today's for to and Kennametal's I

we the In I'll are can deck non-GAAP the will be that on directly turn that, Form website. measures call most and Chris. Reconciliations back call X-K at of we our to the financial be with on measures financial found today. comparable GAAP over our And addition, the discussing believe slide to on

and for then followed as on excellence of chain We're the be the transportation, growth despite joining for results and on expectations execution QX QX I'll call. continuing $XXX through make X% by due stopping quarter sales Russia presentation quarter. initiatives. quarter, organically macroeconomic Ukraine XX%, increased opening summary continuing points All leverage XX% and the as than engineering normal on results Thanks our and going recent key of detail. overview to changing as challenges, however, was deck. start sales at This X some slide our the despite in commercial as improving and in late everyone. morning, the XX% challenges the outlook supply expected. our earthworks operational sequential at was call more of financial And million, our today's related delivered X% again year-over-year By the X% conflict. QX. markets an Good general go was energy Kelly. before lock trend China, in environment, highlighting disruptions in notably posted with due to affected will strongest decreased increase in end by this in We sequentially. disciplined Thanks, most an for to well over of the well operating market, Damon by downs, Transportation margins questions. Beginning slightly continues aerospace Transportation end year-over-year performance followed at strong by more and at the comments better COVID-XX China We finally, X%. above some strong year-over-year, sequentially. to

in expect We we basis, remains a underlying strong follow And that of believe growth such, saw EMEA. resolution continue year-over-year as will On regional chain X% to we of the issues. strong. Americas supply transportation demand XX% and in recovery the

of a rate declined Pacific X%. at Asia

by XXX bought sales increased Despite strong China, declined Adjusted the drove initiatives year-over-year our rest basis As and EBITDA performed a operational was Asia challenges, as points Adjusted percentage last leverage and basis case the significantly these well. of to expense commercial quarter, of margin Pacific improved by of XX.X%. XXX outside operating margins. excellence over operating cash XX%. growth margin strategy long to compared prior-year to back million. improvement And $X.XX $X.XX of in free $XX drive close to our operating We million year-over-year reflecting our target and quarter. in the EPS confidence have the the we was to XX.X%, Adjusted to term. of points improved shares, $XX flow

unexpected quarter in QX China created macroeconomic lockdowns disruptions and So the and a conflict the that the began. by significant summary, the Ukraine was COVID-XX solid quarter transpired despite after

Looking expect ahead significantly to the in have China, to disruptions repercussions to the QX. COVID-XX sales macroeconomic from be flat energy QX, Ukraine and to foreign would difficult we negative far effect strong what revenue of the limited range X% conflict, growth exchange. Europe. supply especially year-over-year, positive masking most predict earthworks. dynamic These of sales particularly remain to otherwise We of and will strength due and lockdowns the be to X% believe including in in the the markets, continuing due of issues, aerospace, are QX chain in thus Overall, which end environment of approximately effects already our of the

cost QX. expect We to in inflation continue

actions on the pricing and go margins. presentation. in proactive improvements the more productivity into detail our later outlook However, dampen Damon will effect are the helping on

to a wide higher vehicle drive family of thus service. where solution turn have highlighted components, an performance broadening range slide position let's on in innovation, We posted sales, engineering with customer and levels leadership another win electric our by manufacturer. space. of In X application product of made and case, well manufacturing we strengths consistent as a were that EV an the this wins efficient to major our in provided Now recent leveraging additional we possible as

improvement growth, an by our for after into products turbine We ability also customer in In deliver to expanding gain components, improve margins operational the and expertise existing wins with will to lead that as These give in wind allowed mining, us And innovative for we science share commercial drive this other greater incremental won customer energy demonstrated gains shorten productivity. I'll wallet reflecting improving and in turn selected saw share we of that, over them a supplier productivity to ability customer. optimize company which consistently a additive to our And as in productivity with and devices, due confidence to drives our energy manufacture. continue design increased services product our quarter. helping to flow us oilfield in the provide and large sole and share other space, design finally, industries, manufacturing In us process times a source call business. Damon. material complex excellence flexibility their areas of drive the initiatives control

again morning, contributing as above QX basis. you, seasonal conditions slide our trend COVID-XX QX FX increased positive to by adjusted And the on We'll as broader EMEA despite X center slightly and Thank on begin and in posted conflict. related operating the a effects the normal China due Sales X% this negative year-over-year X%. basis, QX an Chris. business worsening On of distribution reported and an strong X% effects a in on quarter. sequential good a everyone. to with results basis, sales organic to increased both review by days and on X% We results and well customers, the Shanghai X%, lockdowns Ukraine with

Chris contributing to $X.XX Russia XX.X%. in year-over-year was mainly $X.XX are an just line that modernization profit EBITDA improvement cents of of to on effects sequentially XX%, XX.X%, increased the positive the on effect EPS with XX.X%. Slide a GAAP and and effect in operating basis was rate drivers adjusted the organically to quarter, sales to material mentioned, performance negative the in in XXX partially simplification, year-over-year was operations strong Adjusted year. depreciation. this The and EPS gains posted as with end the momentum an of negative basis. Adjusted as to quarter $X.XX versus was adjusted energy basis, our in As absenteeism main the our in in detail basis basis offsetting period. associated X. Currency a negatively period. quarter. margin benefits. factors the significantly year-over-year of points segments The selling higher EPS effective $X.XX quarter aerospace to cents, than affected improved tax margin approximately its including of versus year-over-year gross strong by to increases, was Adjusted The up points were was strong slide XX of currency. our to decreased at points and $X.XX $X.XX a including and drivers prior markets COVID-XX X%. excluding percentage year-over-year on business performance general all continuing highlighted basis, manufacturing quarter by the EPS The XX.X%. carryover days in bridge engineering basis X%. On margin XXX I this The this $X.XX are Reported from offset The XXX The our approximately versus XX%. year-over-year the margin expenses annual was volume material the quarter. more towards was points stopped quarter year-over-year this and related the we transportation reviewed. quarterly $XX substantial of X but X% same not share XX% the sales performance absorption, X% quarter, reduce due XX% and X million due price end at in by at by per a increased taxes prior-year of performance On costs, Cutting higher sales raw prior-year flat Metal outlook $X.XX adjusted earnings will our

XX% transportation. Americas end markets by year-over-year led better the Sequentially, it growth year-over-year, all at of transportation with declined by followed X%. EMEA was Although sales X% expected. including than improved Regionally,

X%. Asia lockdowns, by in was due transportation quarter, decline to markets. China energy last COVID-XX mainly declined affecting Pacific Like end the concentrated and

associated we a was including material strong. favorable manufacturing follow basis of higher increases points absenteeism raw will transportation Adjusted operating to that As The continue and absorption, we COVID-XX the supply mentioned, recovery as higher to XXX and higher remains increased versus demand by partially increase margin underlying mainly depreciation. issues. such, chain costs volume offset pricing Chris expect driven and XX.X%. believe And resolution by

initiatives track. on remain growth Our

environment. and actions we the to value and are pressures our our continue for on is also price continuing products track our excellence as ensure facilities. we look current in We pricing to cover modernized to the the inflationary leverage productivity Operational drive of

slide and XX%, X increased decline X% at year-over-year Turning due EMEA was negative for to prior-year There a effect Organic of X% X% XX%. its XX% business of at year-over-year period. sales the by growth a Regionally, to strong effect by versus continued followed to days in Americas currency. a due the Infrastructure. positive

Pacific flat Asia year-over-year. was

quarters mainly As US was strength by the and oil was at end was margin earthworks. count. points the in by by the XX% first By the XXX engineering exceeding improvements followed general fiscal and rig cost to in growth US market, and strong energy seen XX%. its as year-over-year, continued market, volume was This earthworks year-over-year. X% XX% increase was basis in only driven Americas and the increases Adjusted continued second gas higher in up slightly by energy associated mainly driven the growth up land year, operating Sequentially, up of in improved price and material the increase raw year-over-year absorption.

As case initiatives. remain Metal in the we our on track commercial with of operational excellence and Cutting,

operating to free Now and our turning cash sheet to X flow. review slide balance

$XXX terms, primary to well issues. increased decline previously year-over-year material now working XXXX inventory maintain XX.X% strategic We within quarter-end, our profile. million, dollar a and sheet fiscal $XX China, covenants. and On financial safety continue unexpected of on expenditures $XXX decrease in mainly In and sequentially relatively year-over-year. working chain stock in primary million, revolver year million, supply increase higher be maturity lead times basis. sequentially a on at flat and We of to to as year-over-year absenteeism. had and cash availability an slightly with significant due capital debt in than chain position, were to forecast continuing costs, we healthy expect approximately well to capital expenditures sales was constraints a percentage strong sales $XXX capital resulting At lower million longer relatively a combined decisions capital flat Net as COVID-XX the liquidity due due supply from basis, balance to we're suppliers, and

free this appendix. repurchased quarter. quarter. prior-year quarter. we third year, capital, of paid cash $XX environment versus quarter $XX the unexpected the increase decrease during million in million million this in repurchased have touched free and million And change can our as million balance operating rapid to a reflecting in was the XX of the of the that $XX in due The external finally, the earlier $XXX shares shares Since part moment program fiscal be greater-than-expected in operating inception cash We $XX ago. inventory, flow is on $XX Our I quarter dividend program. full flow mainly found a in in The working slide the million on we sheet of

slide fourth to X quarter. let's the outlook the for Now review to turn

be We to which sales represents the outlook $XXX of in recent expect Europe of growth of million, including Ukraine and range $XXX approximately flat disruptions to of sales a sales in million range on the to market the broader Russia. This effects in year-over-year reflects X%. the elimination conflict

outlook otherwise through Shanghai earthworks. the addition, China energy be of center foreign in In customers. the and mainly distribution our our sales effect and exchange limited April growth, assumes on mid-May strong revenue masking are lockdowns to a due effect many the continuing and negative in what would from COVID-XX These disruptions of aerospace,

as as as On earnings well discussed well inflationary as the side, cost previous continue. material raw higher costs other headwinds on calls,

income appropriate minimum to pricing million. lower affected higher a On inflation. is operating and price inflationary We expect be and $XX Adjusted for this margins of quarter favorability negatively versus through this will by to value-based productivity. year-over-year the a net general raw period expected environment prior-year be offset them basis,

However, income, driving XX% free inflationary and it's is $XX depreciation as proactive and cash back cost. on operational over important value-based focus On through sequentially, our primary expect call adjusted be basis, This be And approximately to around possible long-term capital net to of productivity due expenditures to to These lower-than-expected million operating despite excellence. million, to and and XXX%, will to margins translate together solid assumptions approximately target Chris. I'll China approximately year-over-year, be made primarily $XXX sales a a note full-year XX%. below of pricing be million with of of result that, by sales a capital increasing relatively that, our higher working $XXX working percentage in capital flow to amortization and annual turn the Europe. increasing approximately we flat,

Thanks, Damon.

solid take strong XX, to a as rapidly and quarter, slide by despite Turning margins, let another minutes demonstrated environment. summarize. to macro our few leverage the me improving changing We posted operating

innovations us position Our operational and drive margins. well product improve excellence initiatives and to commercial share gains and further

balanced in cash balance give operating optimizing sheet strong flexibility Our continue free strategy. to the capital initiatives long-term while us our strategic flow and allocation investing

disruptions, Looking forward, of we energy performing underneath are market believe end particularly most well, the earthworks. recent aerospace, our and markets

margins. line the to with Finally, drive we that, share remain confident please our and gains in and improve operator, our ability strategy open And for questions.

Instructions]. [Operator

Volkmann Steve from comes Jefferies. question First from

direct if Damon, due How China? on quarter pencil thinking? fourth I in kind then comments in interruptions put headwind your you your assuming Russia is sharper could you continued a European little much around wonder around think demand business to that Russia-Ukraine, do and of your

For million sales are us, $XX as direct around the annualized. about, talked Russia for we

a usually, weighted. half more So, little bit second

affected assumption to would sequential we the our range $X million $XX China, our that million. what a call that's of let's and look be we've that seen will at $XX to what in that headwind. to mid-May, million When been $X and we've able So, I of say million through in sequential limited April ship sales

be like of There's that bit well were of in So, little sort quantifying. chain ones that challenges those related as the supply for to Europe smaller. we're indirect a an things automotive would

headwind $X I we think would that's million about about you FX, highlight to other is, on million point would the is sequential the talked $X where sequentially and as and that we a from dollar QX FX estimate if of QX I the think to well.

$XX we So, three effect of all would to I relative months $XX it talked an about ago. when million what when put we you thought say together, to million

somewhere the fourth consensus the was in had quarter million. call last million, talked $XXX around we $XXX the that think I about

thought of we where when quarter. we the puts So, be we'd lockdowns, and that. in right us Russian The started didn't anticipate the we China obviously, middle that

but in about that's how end on we should As can starting a the that energy, I'm and It's take that that's seems I those and cetera. follow-up, in been to et gas for should really you mix it while a case and positive off a markets, expecting just like are since comment XX? mining, things for oil happened. you be still strong think guess whether

into, particular, Mining more maybe is expanding a think perspective I realizing in And the is not as than we're actually that, from much for so energy, historically, adjacencies some and – value we're positive think and us. mining pretty doing but Steve. we we're the that of of proposition profitable that areas also, mix is business so could our more sound, the historical. type certainly be

simple in of answer to question, a us positive your perspective. profitability those, would both for just So, be terms, from a mix

Steven from comes from UBS. Fischer question next The

at can Cutting and you're least and in growth add us directionally, takes, on QX help just, organic a When assuming what guess, you versus the Metal you I maybe puts up for volumes? give little Infrastructure,

Steve, business we look the I sequential to you think it's don't unit. at the be you midpoint, right, if But outlook use modestly. the gave by specifics really give up we any going you in and

think in knowing businesses a QX is to we season. QX infrastructure you I construction our related sequential can improvement from see road do assume what in to the

again, so, be isn't is natural a there. seeing you'd increase I And what think that

think fit would you. I we everything gave else sort overall that that outlook within of

China second Just assumed the to what for the half you of quarter after clarify of have mid-May? sort the comment,

have we $XX conversation, half. our but warehouse on quarter. being fourth in we fiscal lost related the of to would to reopen that in now, our assumed I warehouse half normal $XX sales any customers call, the mid-May Our begin million sales would third in quarter reduction have prior in to the the resume, mentioned in the we this versus this or to customers, we've back here half the as would We sales. about is assumption right million I'll quarter first in that here down normalized We here of a expect the assumed expect of sort don't call, that first and the start would the and recovery in open

it. Got normalizing. Okay,

the that was Lastly, expected? you transportation you it kind what than your just Or expected. set it expectations expectation the was could were better much maybe and just Was Can was than better market, worse? you drove you just QX? of the internally? mentioned level for Maybe operational what us something give market just of your

just the it in reflective to thought. And terms supply of sure, there, for that, was better they fact sequentially actually expectation stronger. the bottlenecks, our that's I transportation, flat chain transportation, and would little we but of be still think they're In general, in was a the than recover transportation bit started

estimate Our expectation with remain shutdowns for issue The is of is for starting caused news production. car wiring they're it's the be there's think QX flat. But But upside is QX companies some to could all are depending on And stuff fix starting to the transportation, and the to some some significant that. that is has through some there will to the be war things, flat. disruptions still right to the resolve these itself. Unfortunately, and transportation Ukraine well caused how of chip clever, working that. and we in harnesses some QX still they good signs

Julian Our from Barclays. next comes question from Mitchell

to operating off front. start wanted margin Just on the

so think bps are implies So, your said, down as sales. operating margins or you year-on-year I guidance with flattish XXX

or spot looking understand, or impact the margins input and current pushing of that we decline to that to out maybe that have look December? measures costs quarter that is think costs? trying about playing all price pressure do of on What does the decline when at sort price out you net that September beyond through? just you're of How So,

year, Damon that raws margins year that year-over-year positive less point The flat you big price Julian, And positive throughout drivers. we and productivity. the to is price Plus Those two go actions, part was and inflation. was expect, make our last we're quarter than general the I our the the sure year commensurate driving are pricing that with pricing thing fourth that that reason as our as strategy. believe environment we of same so sort we on then we pricing year, we've the do actions through of the next inflationary which is because productivity, our price part. which think been sequentially to of and in again the was and the margins and environment emphasizing we the it why we are proactive, keeping was favorability emphasized are have is drive difference, maintain driver raw a the terms this actually this been flat know, in big was action that we in have will proactive continue

standpoint, and the beyond year-on-year this think maximum from and eases cost a this year-on-year of sort then gradually is pressure it we price from quarter Just do inflation that quarter? of

we make forthcoming here. that value doing last to it first of keeping to that significantly costs. raws. as Again, saw were and material half we how quarter which going current we periodically our price quarter positive raw about margins sure Will year, think continue will an Chris the and We talked Well, is, that. quarter. half continue is I year were other do answer in that raws, be you've in continuing again, these benefit what these sequentially, what priced, P&L. we're And the increase this first think, And the we to think we about versus think Julian, And as it remember maintain half year first diligence into cost will price I know very absolute you looking were you're and then, But, had offset of the than see got that what squeeze price positive remember, the to improvement. we the But we a costs versus in we increasing our fourth best the inflationary to I in flat next of are positive know and the aggressiveness the here. the year. in delta our trying will example to about as to when bigger said, of versus flow if this to pricing continuing we're we last fiscal half seeing in inflationary our is costs be first for in I and quarters on

of Damon, one capital think have around just that's and working follow-up. that demand a is this capital, more cash My lot flow. upward pressure hurting companies super about and for you, strong revenues working maybe on complained because I putting

also seems upward and working it pressure the are flow. bit on Now, pressure a putting capital free downwards that's sales and on falling short cash

So those maybe of back how to think from And help does us how understand, to here, out? for I to close high inventories, share historical your get it rate? that a XXs take revenue, plays long that low XXs

us said expect think, million XX%. QX inventory Julian, QX our as I look capital right portion, in percentage I $XX for around went here, quarter, just is if very is if year-end and around up what and that the I would scripted of our to we sales around as things. a of to working And on from you right the our finished this a But be And inventory, quarter, XX%. shipped there about there was of goods, ordered that a know, at couple quickly. think lot in happened fiscal our you

So, as the that, homes for having to to material as we'll we looking to fourth built move continue in of sitting that's Russia we happened value that's as that. the inventory talk tungsten the what's quarter, where right goods value of increase finished addition with we in and and know the increase China, for to quarter that have here into But continued overall in right well. our at now we inventory ship. that our always inventory now, through And look And costs as have increased prices alternative these we inventory. the the about are

So, working those are the drivers overall two capital. the probably of influencing biggest

and very are to was as careful probably to in some we materials third some the certain quarter, that component. we've third made add this before, our here strategically one, operations third for The decisions said being run and inventory the we

but that trending is to to top for to is continue think again, to and quarter depend lot But fourth improve. to closer markets on see XX% as the around that need goal to of then to as sales. we revenues of lower continue XX% to sort going we this get line XX% hopefully recover, Our to the continue a around try

just add. Julian, I would

producing reasons we of it's So, lean, going sort Damon are about. several we means months that what factory away months mentioned make you the factories that to advance to since the the for sales talked is we we are that. and already kind that went loaded unexpectedly we're of But, a modernizing, in that higher work to level, take of adjustment, that through for are but operationally,

it's coming suddenness away that the of inventory the the in big a driver So, increase. sales was

The from J.P. Tami Zakaria comes Morgan. from next question

the you should think first us to incrementals the think about the incrementals in is help understand stay of on where first back – raws how to incremental. you incrementals half? normal My the half we they specifically, versus Can of if realize about question in Or how prices the for fiscal next more do sort are, expect fiscal full year? next

couple a comments. make I'll

that's have to versus of. of we stay On ahead raws, history a the that able long price something being

price and so, we'll raws going we expect through pricing And going expect as still on actions. proactive I something Damon our forward, at be that's it to business we can as operate the forward – we neutral both as least said,

I think, we're Tami, incremental, higher to in a of than All companies in the experiencing think about terms historically that. inflationary – are we've in. environment been

offset think inflation, to becomes is becomes mind thing price that, raw to larger price – costs as these we portion keep materials of And I our a higher covering and revenue. so, adjust as in the general

more factories factories in got lever. these to need doesn't are piece is to that factories. revenue actually modernization, we that the lever portion pieces through they need that And before, what said we've ready the on but we've perform, We generates more As volume. spent good a

model, the volumes more be costs, got the in going comes generates So, more that, that you growth add price as factories. to covering to portion It's revenue you've lever. that in got that's anything of you're to from doing Do not our your that to factor Damon?

XXXX, I about we think adjust is given versus year no leverage half strong, QX little alluded and our again, than operating price bit of I this fiscal over Tami, strong first very positive first price XXXX in raws. point saw to the you versus ago, year of of would the half effect cost especially were talked here very different other actions and the when which we positive a was in raws what leverage only this the temporary that year, the for first add, in we of being half the those in a in

year-over-year. And as in to QX you in have when so, you quarter, you again, XXXX, look that at factor quarter think that leverage any of about

from Dillon The Morgan from Cumming next Stanley. comes question

on your of in Maybe improvement the questioning a some if normalization to line for fiscal are get fourth I markets end like can Ex-transportation, on Hoping an the the into feels still it still stay of bulk sequentially China contribution quarter. XXXX a Europe you of But today, the know, here are over kind pricing. of months. next sitting the to Chris, you from and I XXXX still kind growth volume underwrite as able potentially few incremental alluded to year-over-year perspective. second.

Just year. view would be going volume next into is curious what perspective from a your

bit I There's think our a on of transportation, but the strong demand little for the that issues, guidance, those lot and chain a themselves. here pattern worse rectify supply the will We still XXXX of Ukraine FY just so think China, not and fact on a that color because giving COVID we're demand, there. up little gotten eventually they've pent and obviously example. is

some it energy think of don't term. see runway So, short the mining ahead good I and of grow. those improvements, situation to transportation don't that are I we still feel the has

recovered trend to continue in going direction. Aerospace that's levels. not think right pre-pandemic the I to to has

engineering, transportation. think still a trajectory is that obviously I good growth So, that about there. Also, of by feel pretty general affected we portion

around indices. if the So, we manufacturing world, improve have And transportation as will that look the still most expanding and PMIs will prognosticators improves. of that

growth So, year, point. for next opportunity there's we think this the at

Maybe holding it's guess levels. over has inventory customers question reason think I my there's potentially customer on stock higher here. the the that regards with the last been needed more last to quarters in inventory channel reports I same holding more been conflicting for Kennametal few some than safety

you've really think seen you've in that clear quarters prior I a been never restock.

around just would get curious that to dynamic. view I So, be your

the in see things generally, on see are these downturn, we would businesses much when the careful those happens. general reservations inventory type they're like we've growing, medical, they some less of supporting seen industries, about aerospace do and that that where typically based I is sort side, but done normal tend support say, there's of regions. kind little on see. is would of build how out it. markets inventory to And before and build build being haven't Obviously, process you say, which are cyclical We I'd come being that a stable said be customers, and as it's of the restocking customer to inventory, that But, demand still a infrastructure across on probably normalized that's inventory

would see, pretty Cutting, that where term, long positive in think of not medical it's normal happening. and Metal So, where and especially solid are restocking again, like industries, in I but you the aerospace some trajectories growth there's that's the and process

conference would back our any to like There for are turn no This Chris session. the questions Rossi more remarks. queue. over to in the closing I question-and-answer concludes

thanks, joining Thanks, the everyone, call operator. today. And for

and feel improvements the This to confident the point factories. as as company higher return in volumes think, very quarter, the our factories is possible on those good made these our working I modernize a initiatives and investments that we profitability that and strategic investments and demonstrate we are to proof drive we've another through

Thank support. your Have Kelly please hesitate to don't reach you if appreciate out interest and we always, And to you. questions. a great any have As day.

Thank The attending for now today's has conference concluded. you presentation.

You may now disconnect.