Dycom Industries (DY) 22 Nov 222023 Q3 Earnings call transcript

Good day and thank you for standing by. Welcome to the Dycom Industries, Inc.

Third Quarter 2023 Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would like to hand the conference over to your host today, Mr. Chief and President Nielsen, Executive Officer. Steven ahead. go Please

you Thank conference this XXXX Thank third you, Good morning, results. operator. for call fiscal attending quarter everyone. to our review

Slide to Going X.

General presentation will Investor the website's main call have Chief throughout page. Counsel. be our to call, our on will Center be Financial slides Drew Ryan by this be found DeFerrari, we a During Urness, Officer; on slide identified which Relevant presentation. can our we our referring and number Today,

turn will to Urness. I over Now, the Ryan call

to Thank Act during you, Private Steve. this conference All Reform Safe forward-looking XXXX. of statements call made are Harbor provided the and the of provisions Securities Litigation pursuant

current relate are cause differ assumptions with and Commission. March beliefs reflecting our Form report Forward-looking to statements on may events materially results with actual comments other including subject together from in uncertainties include periods. which described about or all and These those forward-looking to Exchange annual to solely U.S. historical Securities do XXXX, risks our statements or filed expectations, not risks XX-K future projections, X, performance the that filings

Forward-looking statements broadcast and of update original assume of are as call to Steve? conference any solely no obligation statements. the we forward-looking this date made

Thanks, Ryan.

moving third and Now to a X our quarter results. Slide review of

section measures. we report our their corresponding certain quarterly non-GAAP to note we today refer of our that slides, to these please the a results, reconciliation the accompanying reference measures As and measures. review in website GAAP our in non-GAAP comments you for We of

increase organic billion, quarter. for Revenue the Now $X.XXX XX.X%. an was of

and to increase top demand this and revenue was QX $X.XX XXXX. administrative or General wireless/wireline revenue $XXX.X Improved basis $XXX.X performance in million, of were at produced Gross networks, in was sequentially. adjusted X XXX EBITDA from $X.XX earnings factors increased XX.X% points share by of Liquidity expenses quarter fuel converged compared of operating ago X gigabit X.X% all of reflected higher deploy wireless we points compared points of of our basis quarter. ample As costs. per networks, XXX partially networks of and million basis margin revenue and was year QX of customers. offset these of XX wireline in improving an and the XX% to

have the effectively single major networks country. Now of rural their of over Infrastructure wireline across going especially individual rural X. directly underserved support. can billion either fiber believe the high-capacity meaningfully the increasing is of are networks areas Investment are effort high-capacity gigabit streams opportunities or the communications to to speeds to multiple These single society, industry to Jobs the fiber across continues crucial appetite and Act unserved construction access set an to to for that we This deployments deploy continues high-capacity unprecedented for to broaden and includes industry. for in The in be Increasing our America. to telecommunications of represents networks most businesses revenue networks $XX level significant the view provision a and a and Slide both wireline participants network businesses, participants or stated wirelessly belief Industry Today, enabling that broad using constructing from consumers sections upgrading designed fiber and country. to network This technologies. cost XG deliver generally investment. services industry consumers

for commencing prior all Act. under provide funding programs networks that funding of telecommunications the to substantially the addition, are states will In Infrastructure even initiation

societal country areas new engineering underground and wired initiatives. are industry and of design, rural planning, construction to deployment geographic in network opportunities provided fulfillment for to We Fiber in aerial, program entirely and are consisting services converged multiple wireless being and networks services include gigabit the wireless/wireline as deployments. are management, providing emerging increasing networks. These deployments These network across America customers. elements participants multiuse respond numerous

and to influence continue several the industry some services and industry plans. execution construction those of and participants. to may provide Macroeconomic cost maintenance engineering design, impacting procurement integrated capital the planning, of We conditions, including

tight market It In equipment remain automotive required conditions many regions large may the the particularly and for long be in equipment addition, labor around country, to seen continue capital truck Prices persist. these remains equipment. challenged, chains to the chassis specialty for how for supply increase. for remains

scale amongst may our potential position service into fluctuate remain well ahead, moving wider increase we customers. result our strength likelihood a financial us Looking this that demand to will these fluctuations outcomes in that range context, confident factors the next customers. valuable to of and could These Within year. deliver

to Slide Moving X.

During XX.X%. increased the revenue quarter, organic

second to largest Frontier finally, revenue. all customer was This top of customers quarter of of the our second third is of quarter revenue. note, X.X% top X This Revenue fiber total customers, X growth organically. consecutive grown Lumen largest grew Of customers seventh largest $XX.X or was X Dycom's consecutive All grew organically. million customers grew our in other AT&T increased top grew of Frontier customer X.X% This the million AT&T organically XX.X% of our or with largest Comcast was have XX.X% third periods, increased customers. top increasing year-over-year. X growth X.X% grew quarter Brightspeed. consecutive Lumen excluding increased million from excluding at was produced XX.X% or construction million electric million. sold Verizon organically utilities revenue $XX.X XX.X% organic XX.X% was revenue operations in revenue our revenue, from our with Verizon our customers quarter of was and XXth XX.X%, or or from XX.X% the revenue million. excess $XXX.X both of AT&T. XX.X% from Lumen. from organically. of of our was other customer organically. XX.X% $XXX.X organically. consecutive organically our aggregate, $XX.X and in at Comcast organic of where Demand fourth combined where XXX.X% organically. XX% revenue. was customer. the Our at $XXX.X quarter was And X

planning and network extended our have reach We management services. geographic our program expanded and

years, we over converged the we the believe outside plant wireline of that operations be and our which as those will of maintained. trend must fact, the wireless/wireline and value last maintenance In direct meaningfully and parallel have dramatically gigabit long-term increased of believe amount our business, we a networks several deployment deployments increase network extended

versus Now an end end Backlog at XXXX Slide going quarter increase the million. of the the X. billion to of Of billion the $X.XXX was quarter, July third $XX $X.XXX of at expected as work we during solid $X.XXX existing and quarter work. performance booked be to third approximately reflects backlog, XX the renewed in billion new completed Backlog next activity is this the months.

to broad across We future anticipate substantial a customers. of our continue opportunities array

and construction the in South Wyoming, Nevada, we Dakota, maintenance During agreements received Colorado, quarter, Nebraska, Minnesota, Iowa Utah, from Washington, Oregon, and Lumen Florida.

Michigan, agreement From in For Charter, maintenance Texas, and AT&T, Florida. Florida. utility and a locating New in construction agreements Ohio, York line

construction a Wisconsin Windstream agreement Oregon, was And and agreements Headcount For various Georgia. in XX,XXX. rural Missouri. construction fiber in

the turn to and over financial call will Drew review his for outlook. I Now,

Thanks, Steve and good morning, everyone.

per 'XX, increase stock-based filings QX adjusted margin to share of awards EBITDA amortization of Gross revenue exercise organic of expense revenue of of the revenues and share of million an higher $XXX.X on by points basis tax points from tight This offset million Going X.X% The G&A partially XX% $X.XX and basis X.X% QX of management gross share lower to by compared Contract XX.X% benefits of partially and margin results higher the of XXX QX fuel to XX Slide of in benefits was last decreased $X.XX tax leverage compensation expense. year. Improved QX level improved Net in and basis asset depreciation increased higher $X per costs. from points. higher for 'XX operating in higher revenue performance of XXX or and or reflects operating X.X% of 'XX to and income tax QX Adjusted improvement million of years. related $X.XXX was revenue at was was compared interest reflects $X.X of revenue. for to compared points in EBITDA, million sales, credits for 'XX. costs. per included or $XX.X $X.XX increased earnings XX.X%. The and gains XXX basis per compared to $X.XX X. offset revenue were or prior vesting and share billion share-based

Going to Slide X.

$XXX Our was equivalents and financial position of senior strong. loan with $XXX.XXX We $XXX.X million notes, Cash liquidity and and million million. of term balance million QX ended sheet and ample at borrowings. remains revolver were no $XX.X

M&A followed opportunistic by growth, and historical repurchases our the share net prioritizes leverage. range context capital of of within Our allocation organic

during $XX.X million to was net an days is range disposals quarter. we accounts XX. of disposal supply expenditures The $XXX million, The Slide of fiscal fund the Capital expenditures and customers activities chains receivable to now net proceeds the This from the to of previously $XXX in compared $X.X our for several DSOs QX expect full $XX.X challenged assets was increase million operating a with contract decrease used and operations. growth XXX from of outlook and net combined $XXX sequentially automotive capital low in year of gross large remain to end grew million. XXXX provided. sequential was days, and million to as CapEx X we were flow Going equipment Cash million.

January daylight are impact inclement available impacted workdays to Going Each restart including to holidays, a quarterly XX. other well have reduced may calendar fewer due January and actual hours work These factors taxes. for on our as Slide results payroll results the the the year, as of our by weather, seasonality, quarter. pronounced

expect XX, As high-single revenues mid- QX we quarter contract ending to a we contract increase revenues January adjusted XX, revenues digit modestly And January to as non-GAAP compared the to EBITDA compared of year. expect contract increase of percentage to ended the last XXXX. look of XXXX, we as ahead quarter percentage to to

net interest market $XX.X higher income reflecting of shares. rates, XX.X diluted expense, We and million also effective tax expect XX% million rate a interest

Steve. will I back Now, to the turn call

Thanks, Drew.

Moving Slide to XX.

quarter, capitalized on experienced This significant we activity strengths. our solid and

throughout maintained First our significant presence foremost, we and markets. customer

by our business. We are the in encouraged breadth

same. evolving home are dramatically deployments are communications allowed operators market underway. Increasingly Telephone state share Dramatically usage growth market enable to extensive has build for the year. is upstream. consumers electric construction gigabit creating Federal are our Wireless expand rural Deployments to growing, Customers capacity value companies and opportunities are particularly be consolidating support as for of industry newly bands as the maintenance networks forefront high-speed support has provisioned and process. customer and utilities business. fiber to and Our increased increased and the enterprises. -- to of of this A new data being opportunities well deploying those in increasing small the scale to is and presence rural speeds duration. and in of the opportunities. available supply in spectrum operations connections. us at are doing consumer the activity increasing deployments chains, increasing anticipation are long-term of Cable deploying fiber sales portion to of businesses are medium

nation spending initiatives. are economic our encouraged industry of that committed multiyear our to As capital number growing and uncertainty, we increased remain navigate a customers

strategies We are the and confident the dedicated of team. in our of capabilities for management employees our our the prospects our company, experience

will operator, open the questions. we for Now call

Sean [Operator of with line Instructions] Our first question KeyBanc. comes the from Eastman

just So revenue start for the the wanted fourth I to guidance quarter. on

and the moderation quarter, pronounced like think in of moderation seasonal Obviously, more bit seasonal a the now higher came seems highlighted last into quarter you normal revenue third XQ. fourth going guys I had a quarter. into it

about hood? just Maybe prospects the step And mid- there into fourth sort the guidance from was for there? the So growth in forward growth what's what quarter low to the XX% should the from away as happening this to we the of pull high-single-digit down under growth think take year? next we some

Yes.

for commented we daylight quarters, by and weaker. three Sean by strong to be hours. So you the that to quarter it's rate unusual time, really this have impacted and on holidays, I the call last strong think year a weather, had respect talked quarter fourth that's by we disproportionately and about have With somewhat we've growth not a really on last -- a we when this first

that is factor. that And so certainly I think a

giving but the highlighted and comments of just is of the I what next consequences that's the cost for about And macroeconomic we're other we effects looking the we're that of slide not thinking taking this think a are something of as view increased in ahead, on overall capital. prudent towards that We're of point. an year kind thing at the the we’re kind economy. just guidance the

shelves comment next cost moving sort just of is that into specifically development a And you Okay. evidence then of uncertainty? you squishiness year. kind the in of outcomes to quarter? some on just the starting we drilling potential and are on wider is the comment range from of Or potential mean, around in I that since for going given capital work that see some advance the macro heard last of around

With signals that macro I Sean, respect It's that kind look the have is continue of in mean, slow to grow. growing. short-cycle a continuing little businesses, but uncertainty, it’s our to we we to economy

I of fiber long-term have month, prudent to deployments. rates the reiterated customers a a being capital, remember think number around are, we three two interest where couple cost it's encouraged. look of had the that at think large of were We've increase But things. said, with just the we in last plans if -- you that in

higher periods been we've through that investment when of pressure cost does capital, cases. of So short-term

the is are were what more durable. the strategic, our of from hear programs the we The -- we're more strategic. more what that strategic, hand, other the better. -- many customers on On that The

And up, they the rates up on capital up cost against business. as that things an further, there interest pronounced consumer be further. have if the as goes could a of that that balance -- so impact you on impact Or go there's gone

So we outlook prudent just look trying ahead. take a as to

line from next Riley. Alex the B. with comes of Rygiel Our question

quick of Couple questions here.

anticipating substantial comment your to increase near substantially about the suggest First, expect you backlog this term? opportunities. future in Does your

before with it's growth. backwards. about talked We've we've had as calculated Alex, looking backlog, strong

reflected that's So in necessarily not backlog. the

little broad with of were new we AT&T quarter. locating as of well we I as with we bit the with think had -- some had as renewals renewals a customers. with new well Lumen, a I work nice this mean that awards other as agreement encouraged set other

not in across you have opportunity country. customer encouraged feel to in good markets be we So plans about XX set the fiber business the a week when outline hard last again, the their

or our softer lowered this outlook? CapEx year. demand to a difficult you due chain then this And Is budget supply

No.

of million be on think, one would order We of particular order equipment we're and have $XX history. I company's the largest, the on in type equipment an at looking that probably

just So little equipment, it a be to when bit we happy have lots here. of slow for But we'll appetite gets arrive.

comes the question Davis. Adam next with of from line Thompson Thalhimer Our

Steve, that in just year, terms it could is of how say of are be trying the where next outcomes a much range Or see quarter. hard it's revenue down? up? wider you tell you Nice scenario to to

when -- the is this I the giving The buying had and you ago, was not was call if I a Fed effectively we're guess zero. again. Adam, guidance year still Fed what rate. government would mortgage say about rate funds effective think we was the securities and hadn't raised rate

capital there's been that we’ve cost on prudent got when And decades that so next a sure year. right Fed also then coming effect is actually have one increases not for we're want They encouraged; those say We've our big fiber understand want but and one We go a on people that affect about they're probably continuous as little I'm goes expectation on mean the of of we're that's can coming a we to -- but uncertainty to -- on customers. we economic activity sure but up. of that that make make since more X employment know which we now have all to think now of an watcher work it around a We we opportunity program customers. ahead. working for may long-term customer enough effect just the program lots have -- if coming another accelerating probably up, I programs. soon. cumulative just you and

from still from large that are the or you in their large customer of outside third then -- the impact you was that was negative program just footprint, quarter? -- traditional a related to there them mentioned, And your that

around in in addition Yes. that another as think this still state an and be increased it next of really impact. The by was There well fiber as started It was we year-over-year activity year. the immaterial less quarter. the deployments be will footprint we driven during quarter their will growth

So progress the there. happy with

Brightspeed, me. Can in all customer. curious top And didn't QX? that some great. at And see just them a then, in There on QX. for comment you awards if any were from over time could XX one last the Okay, become I I'm

about Adam, of one way the million $X the and it, we call Well beginning revenue just, to the it, is October. think of quarter because closed at had in deal

of there So was only month for purposes. modelling a activity

with to XX% revenue If gone Lumen historic look what's is of to XX% Brightspeed. backwards, you associated about our

We're definitely bigger. So think you with We'll now. get think up XX. I hope a activities will if top the I even them ramping do can right math, it they be

next Our Wells with from Fargo. the of Eric Luebchow question line comes

Great.

newer up or wondering been So Or or driver on pricing feel new Steve, economics strong economic this turns But you're high on been of and if moving from signing your certainly leverage still that. based big revenue a of know the nicely pushback contracts you fairly have of has level tight labor getting a there kind in growth been margins year. very new operating the any a I just like on customers has reality? you're reflecting demand. contract market renewed better

have from we're customers the we what encouraged don't we're dialogue quarter, I having to to that add I on know mean with topic. that we said a much Yes. have that Eric. whole and add last really lot don't with

any from X.X the upgrades as DOCSIS update been fair enough. to seeing embarking the And of these launch as one Okay, they've soon and on I mid that companies? split cable curious, year. you're just next know hoping largest

bit cable largest company couple Just cable, kind over to that's with to path been returning see of if a last years. you little a the your particularly softer wondering of with growth

have with did the actually Charter. growth in We quarter Yes.

cable think happy year-over-year. for that they're those. the their for do plans increased aggressive is said technical participate They're in through what intensity within network. they'll generally big that operators And So also But addressing range. they've competitors. capital We're I capacity They've we all was their got to normal upgrades. encouraging primarily said

there working good So hard. some and opportunities

Steve. I'll And Great. in, squeeze just more one

cost of capital discussion. Just the on

Just wondering about public terms fiber maybe more assessing could another if you We've attractive for of X avenue like provide source maybe some And carriers large capital that the boost a think private JVs. seems the become in it help potentially builders. could capital, heard -- to to market. them at provide

So your that. on just wondering thoughts we if get can

Yes.

press or our anytime that attracting are I we outside customers read our think industry we're from reports capital. encouraged interest

fiber class asset become think in. I invest has an clearly to infrastructure that want funds

so And just reports the like we're following we encouraging. else. everybody think And they're

rural the but other source of seeing capital the we’re with already X% activity invest plan think from fiber year, We states of saw utility. broadband. next capital course, good calendar the of -- That federal coming in the the BEADs but almost up XX%, is revenue. our electric deployments we're in I was seeing electric for rural also

So of rates there's of higher look as you that to lots ahead. interest consider and sources you are capital have but

And question our Brent D.A. line with from Davidson. of the next comes Thielman

of of up substantial that some issues experiencing sort sort finding despite specialty of today? still curious these that are otherwise you're growth be sort around labor, of Steve, equipment. access I'm navigate the put on how to and measures availability issues temporary you're margins you weighing efficient or of might these great ways less to just

our it has have -- really field worked I mean, the folks look, Brent, in Well, hard.

million up think $XXX about quarter, it was this year-over-year. you If

quarters, growth million. X was through revenue think in of excess organic I $XXX

we're they're things There that to are working with. are those certainly, cost So hard. growth. And working really

before Brent, organizations the We're field as always better. something are that of through with the good is breadth the I work the worse do our of average, news always I there's always our experience have say, and footprint we And and business always management half that been than learning. to can so growth think these -- on. is,

percentage still you G&A, just leverage can Steve, Okay. range? of kind just to looks the Maybe of is like support the think on we right speak of some a high-single-digit long-term I I the still to good growth? And then, it you're could need if appreciate that. mean, And beyond here. upward seeing pressures the operating

that I There's real that working something done, organization of Sure. number Look, lot and G&A, by else those right? ways have think And on -- we I progress. we see And at a a we've think, projects streamlined pandemic the -- because been we're been office mean in with in take pressures you're always working about again, the we are to there we don't their never on. of of costs out, the because the all way certainly we've so but had things pressures for G&A. initiatives back to work we functions. there of all actually are encouraged have years the

high-single I this could do a mid- reversion Steve, flow? expect benefits And but things Okay. I to see out number you of cash know sort then guess, see play digits if any would you to quarter, of to to more

absolutely. Yes, And that through. Drew, why you talk don't

capital clearly, and in year use grown as working then the Brent, day the the on going in so hard the have fourth working grown Yes, working the for collecting it some We're We're far. we as quarter revenue. at working every capital quarter. and full we've well to sequentially

think flow. quarter fourth And working for based to year, to happen Brent, the a strong as that hard too. seasonally a and operating this I make for long we're And time, be cash on quarter know, you've company tends you followed seasonality Yes.

Our Stifel. next with Noelle the from question of line Dilts comes

of First, had wireless housekeeping question. percentage I a a had you revenues. just wondering as was if I

it than less just over XX%. we're Yes, X%, Noelle, grew

was it a So for wireless. nice quarter

about look and passings Then release, talked the its third call they weighted and home first being CapEx in Perfect. towards quarter year. declined on the substantially half the pretty like their AT&T of in its

like any you're seem your of doesn't revenue that AT&T. seeing in You're with not --

maybe curious passings? spending what is CapEx that about have buckets for important? focused you work doing moderation of potential that quarter how guidance? embedded home in that to -- Is other your we of expand we AT&T? fourth was you're in And AT&T I should could extent upon think a should type on if become are So Or the be there

Yes.

them. services. Noelle, quarter. do a wide starting agreement XXX provide had are going in people that of with the range hire we in we I we mentioned or as for We're comments, XXX, locating to large So as contract fourth our AT&T, a

that area. growth we as So a see

through as then, We fiber a have have the of what wireless. last course, conference, plan our significant about fiber would programs. for of opportunities is maintenance there. an And guess business. certainly, in the XXXX, talked the I AT&T we the well say those I And factor And components it's passings. good long-term the we not But that do as week MSAs investor see them reiterated at a some only and is still thing we

like Okay. in? the thinking XXXX, moving And into Is about kind capital -- would of of federal on mapping mentioned thoughts flowing process. XXXX late the how just timing appreciated. market. thoughts looks federal a Any you're coming Any that the then, event? It the be there the on through you capital they're calendar

Yes.

to the made decisions advertised or an in it I the you that taking challenge last I the end sometime was, XX November that they'd that starts concludes challenge that unserved then underserved. are refine challenges of week. address. or NTIA address announced Noelle or on that what's the think, in they're also interesting, That January. around the approach to final And capability both process And actual map the to addresses can a published that So like to June. was truly thought have by

find are addresses think. there that more than people And may so underserved we out

impact it's with public we've encouraging there's underway with rural state capital. to the don't I number RDOF are and think in of a diminish actually that seen want providing that in fiber just programs Act and already ARPA, funds but CARES I So the

with the from UBS. Draswood comes question line next of [ph] our And Avi

Fisher. for It's on Avi Draswood [ph] Steve

looks headcount to is year-over-year. like it continuing at X% about So grow

hired Or Just on of much has you have labor have how done you could a wondering more been? would restraint people; growth so?

Yes.

I We're bit. Avi, still to sub-X% months bit still There's a just think that It's still little hire X hard it's is means ago. that that But labor a unemployment. it's say, what easier market. something we'd a than we're working -- at. little tight

ability to onboard. continue on our and We improve recruit to

I get the but It's we it's done. always more gotten probably we would so work Had And better. to get got think hard a little always we we done done that quantify bit -- people, always have that more exactly. that do it’s work

contracts. the I these Makes deals? to, so say, sense. managing a or you compared the guess cost you ago? how in more muti-year X-year are a booking also, earlier risk you in And contracts getting year Are booked And few comfortable year

I well as aware clearly, everybody of inflation. we the think our Well, industry of in is as effects else

So what we commitments, to years is make not after. those the and be curve the thinking we to when going about have now cost be year next only but

uncertainty keep. we that continue I it we we and mean cost to significant that sure we get as doing we the pretty to objective, particularly time where capital side, equipment think inflation. that's right be comfortable have can't I long in And as make in because still particularly don't want mean, make that you commitments it's a still there. inflation, of first our I on always labor,

Our the Alan line of Sylvan Management. next Asset with Mitrani Lake question from comes

recovery a and even has haven't really worst the where were to made quarter, years this what The in your history comping ago, anywhere margins you're probably from here quarter. last coming year just it worst the X, was been story And back margins you against close the impact the But you are? there's by end years the year. the X, well ago, industry, you the finished, where talk as which of should margin you Verizon about basically we of said, expansion prospect can has of be revenues as on X regardless know hurt

this customer Well, large the impact clearly, program. we Alan, about talked of have

of that is way out getting so And the certainly helpful.

to continue we've is coming thing, year, of distribution public capital this the always is said, growth, certainly the I broad as the the think or other get calendar next year to market into helpful. a

see when facilities we're where the -- having go in that customers from we through existing initially have rather got we've where think start-up that also get than plans already operating growth announced phase perspective. to I so helpful it's a can large, leverage facilities we

always are offset respect there's overall what's work to inflation. So part I with encouraged by of on to we some the with said we that do. economy had that we've to deal in are earlier, in the dissipating, think as headwinds But going

start easier comps comping on a this Right. But you lot coming gas prices year.

that So should be...

the point here quarter, in was about XX it basis [Indiscernible] October headwind. a

but costs more. better gets that labor costs more, equipment So

there hard certainly there's working to certainly cost effect. -- elements are manage still other we're where So their

capacity with of understand some larger assuming as It's pricing customers industry costing that that [indiscernible] players without costing getting players in have some finding the that? a going you And and the the you Are constrained and general, XX you're lot access It's to smaller to well more. one given to is months? it's of XX you're more that a to I'm capital. in clearly still offset

we're for the have having, opportunities talk customers then is any to are we with continued them, say we returns where And about we I mean, investors. best dialogue to identify those customer. we good encouraged that that the we'll opportunities than make that we're specifics going well other for to not for have can perform we sure if perform

over Nielsen I'd showing the any no questions like turn to for this And to further I'm Steven further remarks. at And time. conference back

we'll time your for February. you. talk at holiday end everybody and to Thank you the good a thank and of we you attendance. Well, Wish

conference concludes for participating. Thank This today's you call.

a have Everyone, disconnect. now may day. You great