Star Equity (STRR) 14 May 212021 Q1 Earnings call transcript

Greetings, ladies and gentlemen, and welcome to the Star Equity Holdings, Inc.

First Quarter 2021 Results Conference Call.

As a reminder, certain statements made during this conference call including the question-and-answer period are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements include, but are not limited to, statements about the company's revenues, costs and expenses, margin, operations, financial results, acquisitions and other topics related to Star's business strategy and outlook. These forward-looking statements are based on current assumptions and expectations and involve risks and uncertainties that could cause actual events and financial performance to differ materially. but change, limited changes industry company's and include, economic business in uncertainties market technological conditions, change, competition. and are to, not and the Risks trends and company's uncertainties Exchange X-K and including as on press Form annual XX-K, today's available and XX-Q States Form Commission, risks release. on well reports about the United as information in More Form the quarterly filings reports and with Securities reports is on current press call The notes be release call. information and today's on of well discussed this consolidated included and date as the reports should conference in statements as with morning's those conjunction speak used only of as this financial in The company forward-looking these obligation statements. update undertakes no to as release In today results. and the GAAP reference earnings results as well management adjusted comments makes its to both include are also that further results non-GAAP charges; which a taxes not interest, compensation. amortization, do and and non-GAAP nonrecurring is adjusted stock-based excludes measure EBITDA, adjusted The depreciation, of and with presentation performance. along these measures, a the of financial analysis provide believes thorough reconciliations, Management ongoing non-GAAP statements financial GAAP more find of in results basis non-GAAP GAAP versus release. earnings the reconciliation can the on a Investors

after available Chairman replay you call be at Eberwein, site via now Jeff Star. Web Relations not of If will Also, Star's this www.starequity.com. of is pleasure Equity of the live broadcast accessed site. to the like and XXX-XXXX one, the its a the introduce or please Group over did call, after be being my company's contact copy Executive (XXX) representative, It (XXX) at Lena a may Internet Shortly Web and XXX XXXX. release Investor Star press receive Cati, at would the the call is on

first today results you morning, us joining quarter call. you, thank and for Good all Thank XXXX for conference operator. our

our CFO slightly revenue with call XXXX, prior Officer, Chief versus Operating first division year our quarter. impacted by pandemic Noble. and Digirad On with continued declining Molchan, COVID-XX and the quarter be are In of of the Healthcare to me David Matt Health; CEO the today the

continue steadily However, activity levels levels. we rebounding see to towards normal

XX% increased Gross much declined the more levels our material quarters. revenue Construction of significantly Construction with in of expected at return attributable KBS. grew is consequence a to but to to raw growth normal Our rising as division prices, margin the percentage division coming in output

first a QX and Health and to company XXXX, we the business During quarter the liquidity The end year the sale $XX.X ago completed from million. substantially net at of of decreasing balance small our for another $XX.XX improved for million sheet debt sales million sale position $XX.X $X.X in million, of completed asset DMS unit QX. Technologies with the

better acquisitions, now which growth fund or are bolt-ons sector. entry in into internal or business pursue high and We investments Healthcare return Construction new be could to a positioned

enhancement value. and growth continue value our execute strategy We on holdco to to shareholder maximize initiatives

structure allows to strategy Our on focuses division allocation. management holdco operations organic on corporate focus and and CEOs holdco growth, while capital

With CEO, also the for to addition that, In of future Matt, businesses our structure. I'll our to disciplined bolt-on please we're divisions looking Matt complementary business acquisition the it for in existing to to businesses, looking create operating Molchan. go through holdco turn over ahead. acquisitions Healthcare new attractive

in by our same fell year. in the Thanks, XXXX division the $XX.X million Revenue X.X% to over Healthcare Jeff. QX period from prior

from the performing is this the XXXX, Although near has and pre-pandemic slightly now from COVID-XX QX division for QX downturn, decreased pandemic XXXX at division related revenues levels. Healthcare recovered largely

last decreased XXXX and vaccination capacity. profit to by the for our doctor same not by reopened, we over decreased even this offices operations as gross fully at year. operating X.X% see expect Gross period levels margin state-by-state X.X% increase, are period reporting levels later return to But have yet However, QX though they normal profit full year.

by we signs continuing first percentage for improvement. the COVID-XX million to a our In declined gross and million of XX.X% Although compared and Imaging costs pandemic. gross and revenues revenue gross Diagnostic the Services, is quarter. repairs percentage to did that margin primarily days in Diagnostic X.X%, $X first maintenance camera to funding indication due impact from Diagnostic capital to gross the million The last a and first business, margin easing the uncertainty and with insurance, revenue pandemic a associated higher early Revenue only of to and the in and year $XX.X in were quarter compared In gross Diagnostic was $XX.X respectively the of respectively margin slowdown utilities, resulting XX.X% decrease XXXX $X.X the and in XX.X% million XX.X% certain related for year's and expenses. rent, to prior revenue was fixed decrease percentage quarter. scans is quarter XXXX COVID-XX due profit sales in the Imaging margin of and The to and year employees, compared decreased Services percentage delays and due good prior see of up. by testing increase first

Now additional financial CFO, to for will go turn first who the call highlights provide the I'll please over David our ahead. quarter. Noble, Dave,

business, which Matt, Thank for of revenues. accounts results our morning. you, our I'll good now first and consolidated for mention XX% Construction

KBS X% primary Maine, revenue million X.X% was the revenue and slight benefit adverse during Much in due higher quarter. of of utilization first to and to prices, due increased million gross the and higher our raw at commercial was respectively the gross to in increase XXXX, which to year the margin of $X.X division in Construction offset levels. facility the was output percentage prior and the were modular compared margin into of effects The the market materials that at production residential decrease quarter in our due reentry first this $X XXXX. For scale

business commissions reduced offset travel at $X.X in a basis, For was QX headcount, X.X% by as division. Construction million on This of million to SG&A the in QX the increased company compared expense a $X.X XXXX, by XXXX. increased to Healthcare wide result due increase and

on was same a operations loss million compared results of or in continuing net for loss in the negative the net the Moving from a million negative first $X.X last $X.XX compared XXXX or continuing compared loss net income bottom for consolidated million per EBITDA to operations from $X.X of Non-GAAP raw share share affected materials $X.XX the Healthcare the year. some year, Non-GAAP quarter side. the million well of increased prices by operations driven to quarter XXXX. million quarter as first of last as from $X.X slightly We a of of impact, line was COVID in first to had continuing Construction $X.X decreased first continued XXXX in the adjusted and in to that period adjusted XXXX. $X.X the on XX quarter adjusted of net to our this quarter $X.X operations million first particularly

registered last quarter of first For we an cash XXXX, year. of million operating the million operating an in $X.X quarter of compared the to first inflow of outflow $X.X cash

cash forgiven including Therefore, that of $X.X outstanding in million. balance our was our be XX, credit debt overall March XXXX, position, coming $XX.X anticipate PPP months. million which we As facilities on fully the and million, equivalents, and in will was includes funds in completely they cash net million $XX.X $X

to turn over I'd call operator to Now like the questions. the for

the of comes from Tate Instructions] [Operator with Maxim. first line Sullivan question Our

raw raw terms Construction, modular that passing modular But another the moderate you can the commented think later or in the in give this is material on think, of larger prices, just material update? price just can most of prices I projects or in pressures give detail with the it pressure I the structural in will year. you -- business whatever please? additional wall can panel you you is

most in edge Midwest, wall on where It the panels those we goes panels add is do relatively serious Construction the into of of in impact wood value you has mean in side a I The both the commodity it. labor is affects builder it that way the of small. a that more mentioned. value businesses the the because

affects seen those win we projects lower to it would working and an increase agreed that current there prices. say we've projects had we're through commodity and But to continuing what still quite So at is I we're really large prices, margins. at

the now. normalized that in locking with for activity we're So we're pitching margins

are the signing account side, price windows and on and modular more an just today that increase there, that has into but we although into than we've it's impact, The materials, the not a so And modular for dramatic building commodity business. also side. takes lot a there's as commodities thing that been the bathtubs business unit other doors. goes goes some it the prices. current the On same what there's commodity. seen But There's

were to the the So that at we've worked anything agreed pretty where time. prices well far lower through we

prices Massachusetts, Natick, a in that ago materials In today. than year fact, we much at did large the bought project year, lower those almost we last

So we shielded project. on that were well pretty

the increasing we've industry, I would just been add that we -- like whole our significantly pricing. have

and use we everyone like on pass a But of takes accounting in So average term, some impact term, can use all based base. the quarters get use onto the is in we roll companies I over input things this the can those with short a on through our even results costs LIFO said short or has our it the The in FIFO, just higher like that. client companies financials doing out. few and cost, And But volatility. method accounting do industry lot those other term an to method. long you might differences periods

normalized gross you & margins mean Construction was -- do that I or business? what at more a more looking rest normalized year. normalized above how then level at mean the XX%, in I of profit the at of a as for the And XX%, level levels Building for to just look returning it

XX%, an line growth for sales this to and through. plan least ever deliver. when and about for we've And that's term least previously this still have long for about our it's we Construction have XX% COVID that's filter quarters uncertainty up margin we can we're those margins it. a year. hard short of a plan business the generate plan we think top coming been we the answer Construction and And then I've is working pipeline But at and there's haven't what mean, is version given been significant, to goal input increasing your lot to significantly our I in the have recovering that business, have takes a to through and our of guidance say, Healthcare and and and increases put the guess from I price we'd ramping think I on that the very stronger second year. and long to prices, it's business, a than in talked our business output it through. seen question of the at the half gross margins And EBITDA of few achievable, definitely for term a basis, that's division We've just so

demand the but So I through just some It end strong. prices. the the gives these this to for is customer is strong mean outlook pause, higher division. very, pass input a really quarters few higher takes them prices very

me And over. I just it last for before one turn

get mentioned affordable in call, secured underway in Is business? last you Building the efforts think I orders and to Construction. have you and that more Construction segment that into or Housing your of

that very space. is I mean a interesting

to can it As all as et housing than for cheaper that of doing sense makes along market. such cetera, with That themes site. imagine, on affordable and modular quicker more you waste sustainability reduced some go and the construction, the prices, delivery

more other pitching one area there's we cetera. but the an medium area there's is segments but housing, is for homes, more et expect yes, are not student affordable sure. things and signed, buildings, to pursuing There's housing definitely, term to we So that of I that that is in be may segments. one or passive speak a But the apartment can't doing that lot. be may we're

Litchfield question Our Hills Theodore the of comes from line with O'Neill next Research.

compared prepared in seems got the you've that must how could that could talk to in already? pursuing you Construction But might be undercapitalized about that companies be in think about business, acquisitions statements, about would me the footage Jeff, to expanding it a and talked the of you square that you existing targets. there construction here be plenty

business businesses. We're metric, make value and The else everything on scale investment Scale the is more many guided this return increase sustainable you helpful. I that by in have, higher is our you wanting the per share think a more and is higher to margins means an that’s really to guiding end And that durable, example. model.

And and mutually so to both exclusive. open minded we're not they're

we equals are it's add for three both we do where of And our type business we output are but one think at construction some businesses opportunities. also KBS, So there undercapitalized a And continuing few that a the existing output. matter and And have on I could plus to factory. increase one we're looking very existing factory. looking before to particularly businesses, from improve of meantime, open our our we existing in reengineer a just debottleneck factory time that factory think to miles away do and significant we we're to just

track margins, -- or it don't panels keep lumber particularly or is of piece well. prices of Because every in segment? is that special of on the I same of in inflation? And higher terms is treated the very wall faster impact or rising and just pricing kind the pricing seeing But particularly the lumber lumber is it it's

price million a -- clients grade at term closed specific in to that going as off lumber OSB, day-to-day to futures is some for risk tend a and bottom. XX%. to Like year-to-date, $X,XXX the price and or do that so the that they the is spike. prices We're May, Anyway, And is but a year off commodity materials out There's proxy I'm just the a million. million, in business to which year even say hope. quadrupled of it's when the the pricing the And at of sorts end -- basis. our them today's lumber location. last come $XXX because we're it's on seeing cases, and But if time second projects taking a one. specific long which for market low lot input. to memory, lumber shortages, materials a Yes, back hard last with market, year, compensating volatility we're the buying we're causing at And having normalize track in people of of the based normal us earth, more OSB, that price $XXX what different price up is not And as the procure the over the harder a about at supply these on it's was, well on it products a only refer big or the futures prices. not and of over $XXX running all import discussions ago to for you with things a that's on and price if so the are it look

Our next Partners. line from Adam the Lismore of question Waldo with comes

think to as know construction. side from there are right coincident it a the different is the I leading indicators COVID, great much of and enterprise the moving on seems direction, parts see. lot the in commodity are and But pretty hitting about if as overall, recovering which you all

sustainably we'll enterprise So flow the now as you put being best it level, what's at when for all your sense return to operating together cash positive?

working statement. grow capital into off year in the working top in majority we've generation, of of last leading and time more the improve CapEx, second and investments. Construction. and cash very generation substantial to is debt we year growth. that our and all tremendous much half grow businesses have business prospects different converting was to this paid things to flow much, same And get that in businesses cash flow flow. looking have we back over in a to our have to And to positive made think as cash a particularly heavier over theme continue maintenance the acquisitions low interest at time. do normal be much characteristic common Construction I increase will significant we on CapEx, EBITDA say, we as continue generate business at the very indicator. see the our be margins going our that it expense, the we positive businesses EBITDA recover So we more growth would lower is a one flow one that revenue, over And isn't over which the EBITDA normal as we margins like strongly, and growth and Construction is business line to EBITDA cash normal different, that think though that and fund because is investment throughout have to find increase significant business that's that in our the levels, will low time of want vast are businesses and and but if now And maintenance in cash we CapEx in see capital, have But a can looking you even will and flow a And sold our earnings we

pretty completed little more in by a of positive? of a but here the this calendar the year, we divestitures I next be it's environment know post-COVID in early quarters And the feeling be first good end second hard, flow operating sustainably year, and that the to to early current we the business post are confident normal given scale we're cash free in that shape continue

be. the so, anyone unknowns There's I pandemic global period economy a that think at think of the have we predicting global don't of a lot for was there. we'd year, a of that should shut down time. would And We out last beginning

businesses. of unknowns us preventing there's normal more no from reason So returning out all lot there's structural to in world in levels why but of there our the a

And I stock. to more, this then one and if is may, preferred related the

default in probably arrears. of I six six preferred preferred that companies. the provisions a in and a than out there that to in presume is are of to quarters component we accrued on technically payments think dividends And that terms be related more prospectively, its now is the acquired I in have arrears of what's that unpaid. quarters couple compensation of sellers acquisitions given preferred future of to So a stock going obviously, for And

up up and earlier accrued substantially are now expect the dividend we and dividends balance cleaned resume we able a So point to preferred? at sheet unpaid the with divestitures post clean this the be where completed to year, on payments the

the a closed decision, businesses down I day, month the not sale it's to of priority debt a the of DMS -- big good this And and suspected was say, management And XXst. the That's little would of end and a might question, just just we question up. level the we the pay come sold a a ago. over at on the board And these decision. that close got first

the with the the pay of we And business. end and associated Healthcare down since we've credit So quarter, cash, more we down line the debt. did got then the substantially paid

so and that pros all the -- so something it And kind different first point of was Board studying we cons capital studying And allocation at the priority. is we'll have of all the the we're to announce in some But and decisions. and options don't certainly future.

question comes Diamond Kobylarz Jeff next line Our Bridge of the from Capital. with

say that can pipeline you that And kind the ever at all? sales of give KBS it. any than heard Jeff, put was around numbers you've I seen earlier you at -- stronger any

have Head us Sales We and today. Business our of Development with actually

to just So over our business. sales I'm just Head of that's our and of million. we've about for a for publicly this $XX the pipeline Sullivan, Matt KBS reminder, Dave, KBS. to talked COO; a over turn going And But Development Business

the we have And business even so that Midwest. in the doesn't that include

If that, is sales you our pipeline include higher.

about say that putting projects large goes we works, year. if into couple how even is if actually you're your you win large because mechanically I production. winning quick And things project, after pipeline just you would down a that that pipeline project last so maintain several of think a And

that level. our enabling winning around level fact $XX large an large it around our got put million into we that projects that indicator pipeline, the million other have sales stay $XX the that pipeline to is So projects stayed after those

they kind So pipeline and they're number in that and turn are sales can that projects But to high talk about to potential Sullivan talk the accomplishment I market seeing what XX% at at one. coming today the over of Matt accomplishment, and Dave level. a is two And it those least than was is, down just road, level. about that number our think higher I'll

pretty it actually. summarized You well,

I'll would strong season busy. end Matt demand really that this we to over So houses, pretty up gets it I which probably But turning is family single yes, are the seeing the say, both quickly. on that

we in That's we're homes northern initiative more commercial year and to launched a So a now demand get a family into lot over New also business. time of business. scale ago England single seeing good for longer the lead that

get those the So we eight, that of of shown number to it from time us time projects shown six us. countless months but start to have opportunities weren't you to even takes being lot ago just a and online nine numerous them, pitching or effort being

announced with projects. sitting on because There's I'll lot Matt Commodity So stuff, prices this prices but haven't pauses talk today been as give some caused a bit but they -- have just as a much to ramped projects the Difficulty] moving projects, we're some as wholesale quickly of he's seeing us of let these of before little it give not marketplace. up. what [Technical optimistic. ahead very a we can Sullivan too color were kind be to We he of you hasn't it's commodity But color happens a of in effect. little who about bit just detail can't

here, Vice KBS. development Sullivan Business for President Matt of

to on. grow continues all we're demand in So focused that sectors

markets. seasonal England. the seeing mentioned, the both is just New greater opportunities multifamily multifamily business But residential and on housing, picking in opportunities affordable throughout Dave we're in the space, As up housing workforce

and to significant. continues grow demand So are opportunities

So million on in of our amount there that to of that specifically. project and growth $X seems revenue, is we of a space area focus under tremendous terms that be kind in

sort has from manufacturers able differentiated traction So net space. type that of by other also we're itself provide to construction. home being more passive the zero and of KBS getting in

kind that well. that only opportunities. the as the gained $XX interest, and in early of but also million stage of affordable it's space pipeline, So in profit for something housing momentum that mirrors not we're as mentioned, in opportunities kind And has Jeff

would that got level, out same we things of in business projected are that project that to some million another out. $XX we've XXXX, further So be that

significant to pandemic So interest the aside, for KBS. opportunities are continues grow and

it for how like about you just comment some that, of a term. of sounds of the about can is, a a backlog into when pipeline contracted can it much is over pipeline, and $XX your like blurs agreed clarification, And It mentioned little sounds I bit million you backlog. just say, And ask type to?

that's comment about pipeline. total as Matt, our We our of assigned what the maybe lead our lead would talk Yes, it is you sales sort internally backlog. like times, time?

Currently, we're running been at The is for forecasted about XX weeks, XX that's that to not XX that work contracted weeks we're business million has for contracted. backlog currently. opportunities, $XX officially

the stages different So of sales cycle.

those So are things. in we a that variety gross that active pipeline do of projects sales the or discussions the gave different and were we all numbers you. on, And numbers

a each of those. next one We also to probability put

And pre it weighted was about so pretty what also probably opportunities. And sales has more probability or we another some number. and and million a Matt $XX And a then call have that's closely talking growing. that's it of would pipeline, a was good pipeline pipeline, been number probably that funnel future people mirrors pre

great indicators. is of for And point us are a the those all out projects to So do. really lot there leading there's

the upside. amount plant, debottleneck our increase plant, second plant the of and existing a plant has open eventually tremendous then we as at a So production

that when And increased than we've in significantly and goal slide of to we it a already doing having bought investor we XXX less I a the about number. XXX business, getting think a have was deck year. to X,XXX talks that boxes our

I year, think was Is last it XXX. that… around

and year last would be year… XXX XXX did around this We

X,XXX goal to then year. last term The year vision Yes, for year. to this year to -- be the for produce long is this XXX XXX. to is the a But able hope XXX boxes get

add, I'd thing two network is the established produce it of that three and it our years. they're the know win house that's we've might knowledge measure line of it hits manufacturers little only the what's other just piece of pipeline And We that's coming of and we family have quickly. two that comes you different to get to dealer business. very but through hard on a over sort it or and in a we and A pretty that's the many weeks Yes, our bidding that later in. lot pipeline, busy, out never because single

margins that much a there's But pipeline So sort price yourself at really that of attractive price we're projects we of the that's you even in want. commercial longer to you that as a want can and that obviously, to us. spigot of, addition can not turn lead business of But kind to shadow aware and time on are get gross to as off business.

of you network, And do dealer it know year? volume the last so percentage what your was

of I'd say in percentage large half or it probably of less? much year, a all that of say, pretty Last it, was -- about 'XX, was let's it it, XX%.

A half. little less than

from XX year. XX are building companies that A little anywhere around local to put less than is, these homes a of for a have half really last year. And just build them A time. to into been context lot this what long home

manufacturing gives they'll we've then we're it client model center on order improved sometimes New homes with to New some to by our advantage product. can a a improved have retail the to And that shipping not people the And are market. England which long it gives centers market. other is, ship, we many a New or there's just and Canada natural manufacturer the dealer very And a England the in us own us. high which customize that go are design factories for away their Pennsylvania, bigger in far biggest a our product. way home, And So and think, England can quality. and quality We've it, in

know point dealers of we in, position, what it exact question these year-out. of going I guess kind year out, boxes year-in, And of the your specifically count but XX client, will build. of like month on really year to us give give dealer it's and we to was our know or XX, don't can us is XX, what just kind but some we on And business pipeline. dealer but So the that XYZ, network orders network is we is

comes next Desmon Liggett question of Liggett from Our Wealth Zach with Advisors. the line

question first the decided was be bit on but had later. to that's it a like here sounds The little preferred, I

you As more at your is, color give of some what of front the you you're far given the to how segments, current of as areas pipeline looking there? And ideas goes, you're the the the ideas on advanced what or us least M&A be a funding outside could strategy could little is looking focus at going at? the share

that developing the bought to working hard that comments on but market, Matt time. March quite revamping healthcare of some are few in and force the with everybody leadership fall Sullivan's broad operations, back paint the business sales a knows about we that XX% We improving then the now a it XXXX, commercial It's of we've Construction late make business under that XXst. that in We market. I'd been been brush, focused for we've it's the sold. and our been -- getting announced sale and And into closed the we've got internally

the we to to do discussions for be some Healthcare fits or had term, structure been that to we lot our that that company, we a that we legs this our longer we've on inside And for had is our listed with that's look pink and those business. more a that using bought and list of the and And company target and OTC we've starting now be study a that, structure a and a to external acquisition it the preferred where Construction of focus. at as done, time. we And So a we look an honestly lot would business have good we think more probably profitable acquisition stock. to sheets of the we likely say valuable. working But been more of stool. construction kind lot time going bought at But it's got other focus be target We have will case the it. things, always are the for an is more this can did got it something going bolt-on really

to million take no and the $XX was significantly doing parent profitability revenue business company million the transaction. doubling in stock that -- vision So there And cash was or was value. and issued to in common increasing our $XX a stock that and that

And something we're least that and our companies look is be opportunity and industrials, it's us value look that, don't do where And could can we of anything with with in kind to high or a fit then capital like going the interesting that I think revenue strategy. materials, not services, daily and at. going services, sectors add level, pre we consider investments you're to financial at at that's So would to for. understand just business see could venture

I guess strategy, near you adding then going the balance are business I mean And or least light run -- back at to real for see you funding do try on the term? debt leverage sheet, the on to to

There all depends think there. I traded. are companies are private micro other publicly already caps out opportunity it on out There's the the that sellers. and there

company the that what So like we we've a deal the going seller, on the to lot a in lot of created of have it structure But depend what tools the is we've the of get done. about kit. and takes we preferences is tool it to created a just

in cheap. tool very, is is expensive, So bank very a toolkit. Nonbank debt more the That's is but debt available.

We acquisitions the even a stock bar common per then acquisition of stock, the be And possible stock. share if increase acquisition component issue preferred currency. it is could which common an is is sometimes to But also have and consideration. to high our NAV do

Our Investments. next comes of the line Robert question Strougo RIS from with

as down both it's think of another we and over for if like sell it quarters year, I $X.X the Why at Board put and/or that your that have a could we accruing preferred stock common so our offer an you're and at preferred clean cash. quarters don't this balance our to make we up of up we clean now XX% just the Concerning $X have some on do share. understanding preferred, that exchange change. my you're to off shareholders this attractive? could six stock, understand preferred and Can sheet if It's back we behind. your preferred? pay and we we six is behind, more up Our went something it people

to same around be the here higher, go stock though like because even should see you we that a up, at price. stock sold back it lot So

and own common I So as well. stock preferred

would table. are thoughts situation. on all tuned. So comments, studying the you tell I stay of I Board the those just I But options, share would sentiment all mind. same and and options observations the just in And and to are your your we're say those of on lost not it's and top

back to comments. for time. would management like over no have the We closing this to at I questions further floor turn

your our and always for questions you today. to David, answer call Happy to am I just in have. CFO, Molchan COO, and questions, your the you like interest our note Healthcare and any discuss good very that really to company available on And Matt much Thank as I'd questions side. take is

And XXth, to and us scheduled in want to And just you Have We're at I free and Sidoti coming for out have and share appreciate and conference the to if say going for our our questions weeks feel feedback story thanks we're to all to the to week, a present continue we investors and do months. support. with your day. call. great shareholders So May next reach example. to of a your on want meet

gentlemen, does and teleconference. this Ladies today's conclude

and have wonderful your disconnect for your at a you may time. lines this Thank day. You participation,