The New York Times Company (NYT) 10 May 232023 Q1 Earnings call transcript

Good morning everyone and welcome to The New York Times Company’s First Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions]

Please also note, today’s event is being recorded. At this time, I would like to turn the floor over to conference over Mike Brown, Vice President, Assistant General Counsel and Corporate Secretary. ahead. go Please

welcome quarter and New Times York Thank earnings to conference first XXXX call. Company's you, The

On the Vice call and today, we have Meredith Officer; Financial Roland Chief Chief Kopit and Caputo, and Executive President Officer. Executive Levien, President

over we current that will you which expectations course this and make to are statements change the management call. during assumptions, I These like time. statements based Before begin, of remind would forward-looking on may our

uncertainties that a filings. Our and actual number materially XXXX company's to could SEC described results of are XX-K differ due subsequent the in risks and

addition, financial be the have conclude. copy of In shortly please posted our in which and will presentation remarks GAAP website prepared website after comparable we the on non-GAAP will our to finally, this measures, at reconciliations available that press morning's And call release, include to is note provided a measures from investor earnings we our most our investors.nytco.com.

Kopit the With turn that, I will to call Levien. Meredith over

good progress Thanks, for every we with to becoming with we In subscription essential morning, the our the presented the ahead. with signs the English-speaking runway strategy steady goal first Mike, person strategy substantial engage of phase everyone. made understand curious seeking long-term and on world. next that of the year, and clear quarter, Last of

bundled the some the in a share and quarter million records uptake. subscribers highlights. of multi-product hit for me of bundle Let We crossed and X number new

cost expansion the the a seen consecutive ARPU than growth fully sequential in pricing enjoyed we've slowed cost through strongest and disciplined third drove We engagement we our for we management. quarter year, as subscriber we applied value-based enterprise-wide strategy, more

growth high-quality as models, in playing an for market. our reflects of with designed pace with digital on nature on miserable the quarter a to And uncertain headwinds. in We specifics. multi-revenue stream quarters giving the growth I'll in and net portfolio full to, XXX,XXX strategy new model turn levers it variety out even product cash-generative three display. was subscribers the us delay added now performance Our our was market of roughly our quarter's the last

We of the path of product average quarter, subscriber highest the in a to all ever We starts by of had This matters than better now remain subscribers number year-end XX have total marketing average subscriber aggressive percentage retains single goal number Thanks our engages [funnels] the of strong XXXX. revenue and than the our because million more highest is on across bundle the X.X subscriber. uptake of as for [ph]. bundle of a million bundled positive highest more, more, and starts, product bundle signal of upgrades. growth bundled pays

driven who Subscriber bundle. engagement early in in the by high was many from especially bought in-part measured subscribers, weekly usage the of quarter whom strong tenure usage

We top also That grow by deliberate for to referrals portfolio. platform also a fluctuations widen and product on audiences in changing talked to the our slowing high-quality our be line continued work some about efforts we've driven driver subscriber intended including of our cycle. of a medium-and-long-term time across headwinds the pools to prospects And growth. demand from news and used now, is counteract

leaning tapping sports while into and and news grown covering work big off-platform. have and moments, Athletic already was into the a year-on-year, is cycle full XX% seeing on results. we're game daily out the evident up most time, are the play of will impact strongly. time users new the by While weekly audiences over this Progress active registrations new This of where result

the players the into of than games, funnel games with move see top to we've deeper attracting as millions and of Wordle acting that pleased this players funnel, passionate convert to been our so is value NYT in validates to NYT our world bundle. well robust into which early on games the reasons More busy as both year retain. and we And still big sports. they us of approach We're progress, ownership, adding the a more sets tens and up a and to find opportunity each capitalize week

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also in as prices full see stepping their mark. on promotion we levels increases. stepping higher And engagement with of us early the tenure to to subscribers We subscribers to quarter bundled we'll have able high at the one-year and subscribers give prices tenure that up be confidence continue up to continued success interim the

of We also the pleased with subscribers non-bundled early began we rolling and the for toward end the games quarter, price out increases news tenured are results. and

bundle maximizing of net the this expect of in we had QX, value-based people growing and relative in that even pricing base. result We subscriber beyond, action playbook is to increase digital its more in price to the as coordinated the driving more becomes ARPU while lifetime QX component our aimed strategy our value attractive. at fully The

it our remains is to playing the ad to business near-term. average impact ad we largely Macroeconomic in and visibility to [indiscernible]. continue although challenge Let it a expect me thought on we as from now our business would, turn out pressure quarter-to-quarter

on especially this and was like tech, Given down categories finance, of pulling some spend, in than largest we our advertising media. the function a more volatility, in quarter, back marketers expected of brand

as has meaning and our a nothing medium driver. growth changed this as optimism long-term cyclical, view about in We advertising

to of well premium were display we data first-party growth there reflects our ad number believe our performance ad canvases, of the a competitiveness sold and of for which drive set In held signs the marketers. about fact, encouraging prospects. quarter, up in proprietary advertising and effectiveness Direct the product

year, advertisers to new added and the also the strong. Athletic advertising revenue enterprise. was We we doubled over last

for the a realize our and team. decade during Joy first quarter, big products have To Chief We new Global the apply hired leader, we a hire ambitions our as ambitions, bundle. outside executive Officer. is help ad advertising ground in with Robbins Advertising hit strong has in Joy those we the high-performing especially advertising, across as us seasoned our running

of Beyond And which subscriptions licensing, the strong multi-revenue includes business, in testament revenue, more to other is model. the wire and advertising was cutter affiliate power our stream quarter. and our another

meaningfully we minutes three found Let major plans areas. our in on the two was growth. cost a costs. which the me last efficiencies spend quarters, with third few during quarter QX we slowed Consistent now consecutive in

the more we our starts, fact we more a the and First, organically, that drive reduced marketing product while of savings given our majority the to These efficient. vast are also spend lean more continue as of as making our spend we growth. strategic into effective we to did dollars subscribers driver continue overall

where We talent succeeded expect also attracting actively manage slow and growth continue here. top-tier product headcount from to to we growth, have digital in in development, particularly

legacy And we're efficiencies. finally, always ways and our for lookout to operations on find to the modernize

modest that and G&A non-digital last Over business of has resulted two in quarters, functions. in our headcount reduction the areas

making we're a summarize saying dynamic I'll that our by market. results progress strategy steady the quarter's executing in

are our near-term bundled slowing metrics continues taking cost is and growth. engagement to momentum we're gaining advertising pricing strategy hold are subscriber experience While initiatives challenges, strong,

us confident give we're larger we more to purpose-built was to the building multiple on that profitable growth and path strategy levers company. are and a Our

identify uniquely search I colleague, appointment to the within X. role. Chief our July key qualified close, follows want to Times’ evaluated and my talented finance become before comprehensive is Will's Will served will I Will congratulate next the Now, into step was to many candidates, as We clear Strategy roll-in leader it our suited Bardeen, Will organization. CFO and as leader that most effective XXXX and since has the a Officer successor. the

a our strategic as we investors and market they the business, the right In driving Will the goals. we're promising will to progress. made as confident in he his than we're with us help deliver path our track to clearly today. CFO, years understand priorities on operational and Among so early on force my be financial here, understand strategy, that Few ensure to the our all XX people better the the our major decisions and been Will, on put we're of communicating as possible is Times person has

celebrate And to finally, moment at to XX-year York Times. Roland take his and New I a the career want

Now and many of and you understand rolling is. personally and on know this leader what call person he wonderful a colleague

stewards investment our to our community with good to as commitment capital reputation is So, attributable financial much and of discipline Roland. our the strong of relationships

will Roland adviser miss And of and a the on being and financial a the the so all responsibilities trusted to well-deserved I and of others, representative a ensure and operator transition smooth top the times, Roland been much. retirement. him has end a strategic many through an September remarkable wishes on to me stay very our of with partner and him will of and best help entire team company

time. back I one Roland last And with that, hand will it to

Meredith, good and Thank morning. you,

executing in said, we our the Meredith made As plenty runway strategy of first quarter, on progress steady with ahead.

$X.XX Adjusted to in year. per than in XXXX quarter. in quarter, by $XX of the lower Turning We adjusted lower the prior the million. share specifics approximately than period reported same million was profit the operating the diluted $X.XX, of earnings $X

million the quarter year. months Please to million, first XXXX for the increase results. a was decrease months compared The year, of includes prior Athletic while of quarter approximately New had results XXXX an to at included prior operating the the operating compared of first approximately while approximately $X only of that adjusted profit Adjusted losses two Group million, Athletic, million, $X the York the of of of Athletic note $X $XX Times three

$XX period flow million in million the approximately flow of of $XX of quarter of of less flow, $X the free $XX capital million XXXX. million, cash quarter in the million operating approximately of negative cash with flow cash in approximately composed same was Free approximately cash compared The expenditures. was free $XX

million by continued and of of digital-only number XXX,XXX the in subscribers. and of subscribers In the approximately quarter, quarter, strong added to by adoption choosing multiproduct over multiproduct existing grew bundle subscribers number the augmented and with to bundle. X driven upgraded The new to who net the bundle XXX,XXX digital-only by growth company subscribers bundle. mainly now new the increases first the subscribers have We bundle digital-only

subscribers added XXXX. with large primarily subscription have revenues XX% upgraded the month additional prices in Total the quarter, of subscriptions promotional Athletic revenues we of approximately in to as million. Digital-only of approximately revenue X% subscription the revenue the a to number revenues. approximately in year, increased to $XXX have subscription new to subscriptions higher and who digital-only the introductory bundle graduated past a Moving growing subscribers whose result grew

and single an delivery approximately partially Print home price declined delivery with home first associated X% offset in subscription in revenues ARPU by copy, the to lower mainly volumes due both quarter increase. increase

for to In addition, from paper new $X daily mid-February. sand the in $X the price increased was

decreased digital Moving notified On year, prior the digital-only of XXX their subscriber price of ARPU all which digital approximately X XXX,XXX products. basis It's sequential includes to basis, during worth X%, approximately prior game subscriptions. to approximately Athletic. quarter. to ARPU, ARPU noting of news Compared increases points quarter, increased on digital-only the digital-only the product our dilution compared were to from due and subscriber subscriber individual the percentage points, that a subscribers

will mostly second quarter. in the increases effect These beginning take

at total X% additional advertising in in quarter advertising notify by approximately of to price services, revenue subscriptions first creative expect was We we end X to from revenue higher podcasts Athletic. by increases the and decline partially was the mainly of lower quarter, for issued. which million the coming digital offset due below their other revenue and the the Both The advertising year. revenue in decreased guidance subscribers digital approximately our

advocacy, prior was the increased luxury categories. Print film, technology with driven XX%, approximately by print partially result offset to of increase year primarily category. and Other higher printing were and revenues These television with The media, commercial in finance, the approximately compared is approximately the by revenues. licensing growth declines million. in XXXX, compared advertising X%, by primarily declines the and lower $XX

of X% New XXXX, than with X% due month compared employees and of set] Adjusted [ph] than quarter partially prior in [All Times by operating growth to Athletic marketing in sales costs number by were additional as offset less Group The approximately expenses, higher newsroom higher our York costs. were year. the and in lower primarily the an

XX%, expenses. Cost the Group. result approximately now The as cost employees. approximately for of journalism the of Times largely I'll newsroom costs $XX discuss Sales media increased X% approximately year. Media below higher York approximately lower to drivers number to marketing of decreased million, related due New last expenses and growth revenue costs XX% a in were

number and employees result costs digital as with Product product due and of digital an to XX% the support costs by improving and general years of the associated in in several product last were lighting costs. services in connection offset number more a maintenance to headquarters lower approximately growth our the costs our development the X% increased approximately our with by investments employees needed outside increase portfolio. in partially one-time over administrative of growth business efficient development in building, And higher building at

There in were no the special items quarter.

in However, approximately the of a booked charge quarter. million severance $X we

Our due in quarter of to deduction compensation quarter. lower versus a an first was expected vesting the rate the rate XX%, effective for stock-based XX% tax approximately tax on marginal

Moving to sheet. the balance

company with $XXX quarter line of $XXX The approximately cash compared decrease and debt-free repurchases securities with the revolving during balance $XX million, of credit Share a fourth approximately first Our marketable approximately the quarter XXXX. the $XX totaled million remains a available. million. of million quarter at ended

compared Let revenue the expected the second XXXX of with expected XX% to me increase outlook to New York Total increase with subscription our XX%. X%, second X% with to approximately conclude quarter revenues of XXXX quarter the are to for digital-only subscription Times and Company. for consolidated

expected adjusted mid-single-digits. to advertising between XXXX. comparison are Overall costs the revenues second Both approximately mainly XXXX. quarter the XXXX, and X% Other are to expected X%, to are to quarter in macroeconomic and to advertising operating in with due are strong in print high-single-digits. and to with expected the X% decrease compared a Digital quarter X%, low by the of decrease second revenues to costs of in expected the operating increase conditions increase to revenues compared

We to slow second growth expect guidance. compared the quarter in the expense later year, with

moment thank go to to final the here would my take questions, XXst analysts. you I to a with we earnings sell-side and Before on like call

New also York Times. For and years and York enjoyed the the continued Times support the five the investor wish I put effort Company. with time past for their you've New thank you community you best. would covering to and in The in The interest like I've over all of working

up to it for would And happy we now be open questions.

from [Operator our comes question. Huber Doug Instructions] And first your Please from Arthur question with ahead today go Research.

Meredith, actual William, was untangle looks thanks on very I'm mean Yes. on versus Roland, the a your congratulations your years, subscriber Thank bundled you. that subscriber sequential your trying all for was number just high. up and XXX,XXX. It sequentially help over a take-up okay. you I It to appointment. basis. lot these subscribers digital bundles The numbers. added of bundled was

the this impact stark actual pattern underlying that play terms see? And a its Is and bundled of out is in ads subscribers between to in does that how likely So, quarter. on quite ARPU? difference that we're

I very you was two bundle. the make comments the of for everything about Roland, a sort detail. It then strong headline might do quarter

very very, But new the of bundle was bundle in good, product the people And a very of remarks, engagement, to of question? good. Roland, deliberate talk Roland And you in of of on can a effect more that kind because that detail, should make but don't ultimately Doug’s But happen. ARPU. that was As number starts bundle the who seasonal bought percentage the upgrading folks were versus positive very was have answer, our said I good. all prepared why all strong. work And

Sure.

the large most number, news also bundle single in quarter, numbers, of to a of upgrades specific coming – we had that the but had we also the contributor product. the new and we are quite was – but number and and upgrades Doug, those quite So subs, we had from had the a few to biggest

So, that. an you subscribers increase total don't from in see

to You other. We have we a that pay switch They'll better. category the bundled because like like of one the we subscribers, the times, to have as We from think retain longer ultimately life a said few company. more. they'll they

near to value. So to and in that ARPU contributor be both positive the and also a long-term should life-term

follow-up, the quarter quantify that that you over big Okay. made the less quarter-over-quarter? quick you've of to And platforms Can impact as leads several references year-over-year or we're Meredith, versus a the times. just sending the

are hipped most dramatically prominent a example referrals ecosystem we change. quantify is Yes. across change. it, about across it's we're is, Facebook effects And and really tell has from now to I the can't in because stab, you quarters we've for includes board. shifted of say would of The feeling the sending board news sort it's We kind work. and What three can I away really it. think, a news deliberate I ton talked but doing the I it, of of the way anticipated

We've attract got different shopping And those of have products gives all very We've for Four ways around lots big destinations. with of games, we kind be value five a really that e-mails, people. sort wide lots and registration ways. of in it. now audiences in of different products our are evolving of journalism, also of, this people record good touch [indiscernible] model lots advice, track to got and of to ways, a

say and the really would short-term product, to, in say, which kind for We've pressure counteract referral build but sources, long feeling work, be that, counteracting a said I from funnels each audience. meant to game that. audience that is but So, the would to of also also lot on the we're of I doing medium the the

Great. Thank you.

JPMorgan. comes next question Karnovsky your Please David ahead go question. And from with from our

initiatives, of then in bit increase. tenured wanted phase that kind you subs, price more to will subs a of in see terms number Hi, the the does testing And confirm you. could on million increase you X.X I if also And of uptick that in thank the pricing or just looked how confirm, then Roland, number can that for new churn the Meredith or will Can of comment I total a a be Roland, bundle? reflects you $X? fully mentioned price you basically subs? that think see

want of take those? both you do to Roland,

Yes, thanks sure. David, for the question.

seeing price them in on seen originally to in of what we very of the So, most of and increased retention first about XXX,XXX there. up pricing, in with the It’s past the – them we on game XXX,XXX happy the results actually terms we've news-only the subscribers quarter the beginning we're price $XX news XXXX. about the – back subscribers, increased we're to – when similar and in were of

all to that's plan. according So, going

with happy we're So, that.

subs an increase to the On this going ultimately of year. are get that number

also to it also be So that's going in year. will the be new subs, later happen – subs game subs, will cooking the which

I mentioned So, last was XXX,XXX, quarter mostly about news.

be Next to who to XXX,XXX, subscriptions. be about going quarter are multi-product that's going mostly is and folks

So, individual individual expect they're than about for calendar increases yes, paying for year. that one down million in for getting taper then total subscriptions. the people more of And But rest their will we year the subscription. X.X the is

the And willing [ph]? would you the be level to rise] quantify [price of

four moving $X. subs general, $X to gains new to moving from $XX in and tenured are from cooking in So, $XX are weeks per

then, and if Thanks. could see advertising, And discuss how maybe into? Meredith, how overall the softer that just going Great. just rollout Athletic market is you're just wanted launching you by to that's complicated

and from the which so on like premium Times, behind Times gone It's idea York on And non-sub efforts the see first-party highly and The sent to of the really kind remind we call all our, the build take long-serving, we And to Head them well. is, that canvases you the Athletic is far. data over run of folks the what that took just Athletic. I'll and the playbook commercial we we there. advertising, effective that New ad

and the there's is base. The but from pressure, obviously starting complicated tiny of Athletic market is whole and ad uncertain a lots

So, a even tough in market.

a what wide advertising really seeing. a there. can its appeal sports other pretty we coverage just get I'll got like product, marketer and growth. things is around you've If in There you the lot two are of of say. that so There's ton a great we're – And interest there's Athletic in

one joking enterprise also the advertisers we of and [indiscernible]. And bring on what it about focused times, particularly positive that the of kind is far, effect. new like the we've But to been but having of things everything that keep I is a so

well. it's So, days. all going It's early

can hear that's an continue for the You're Athletic us the going ad important big going to talk be obviously audience and business the driver be as how to of to well. about building

nice focused grow lot and there's And a really we go more on up this highly, a and room but saw highly lead we audience to are in there, that. quarter,

Okay, thank you.

with your And our question Karasyov from Cannonball question. Vasily comes Research. next ahead from Please go

Thank ask wanted I morning. sort modeling you Roland, question. of a you. Good to

have past sales less of percentage to about at sort if like on, what years, organic them starts should revenue, that and of Meredith G&A? are Thank it? different specifically same in some as is with look best quarter-to-quarter thinking here, And your for Now – we it outer out then – about remain at G&A. way sales marketing or of digital growing the would think of especially trajectory marketing we expenses, quarter-to-quarter marketing, cost are your or a pointed and progression? and help you of modeling a how revenue us look are more expenses should I cost just we so constant will the the as you. and QX and sales Is revenue, look with appreciate

of I don't quite think specific would what Vasily. as as the question, be the about for it think Thanks is way I going know to I'll if like. welcome. we're You're I But you'd our moat our important continue kind you And grow invest us to continue as year-to-year, journalism to increase for know. company. of the that's the to, and in and value that quarter-to-quarter

we mentioned, actually, reducing on you have the growth been spend. we've that. our slowed marketing As And

you I can about what going forward, of currently that range the spending. think we're as being more think in

and attracted quarter you've that over should the years. of that be in spend how another. Meredith that we've last the noticed some to putting pretty with one last money reason development, trend area or that see few general a and bunch been always few the flattish. mentioned drops great the might talent into big Product years, a over we've the area future we see possibility from So, But we don't really in up

this You the to also we spend can in future. to growth should over few recent quarters. did of That expect well. And We slow expect can should dollars as that the that there the slow. slow slow. a and remainder year over quite G&A last And

In prepared slow rate we say, growth of significantly remarks, terms back of to my in expect costs, the overall in of the as mentioned I'd QX. year-over-year in most and I the half year,

you. Thank

Venkateshwar And our ahead from Capital. Kannan next with question Barclays go question. comes your from Please

what as forward think Roland, sequentially, thank was help means product. rest you the terms Thank for interacting mentioned with I William well. to the the the think And ARPU course were for all core over all price for in Speakers] through the the of ahead. future Should on you. you look QX, go you to X% of help Sorry, years you Could future us year? going in the the And effect? increases up that it forward the you and guys the through accelerate pass take as up the that I over price for the well. Because the Athletic, all best year. Roland, and [Multiple these the pricing as trajectory excluding that of plan trajectory, welcome. you increases

question. give go No, ahead, your other

think. but dollars the drop dropping I after did and was The to marketing. year-over-year, on had up other mean, ratio absolute quarters, went sales I actually question for I a couple the of sales

lines? process sales that how along you you is about manage And growth something there from about there guys because percentage unit in was want it And think spending the marketing any just budget? to perspective think a manage or we a to if did were and extra is that price itself, fair that of Thanks. you as quarter increases revenue? those so, And and

had So, prepared the But maybe this we as way and direct spent acquisition in quarter, first. that you we I'll in in if release you but a question and heard Actually, year the split than actually, we remarks. press reduced between brand we your take my acquisition on back more actually cut as brand. hair in second last spend, media spend,

a rebalancing direct little reason of acquisition on spend brand. did So, to there's more a for a number ratio of we bit a yes, that And and see bit a between of reasons. little

we're get But really hard because the is, bundle On One a to increases expect increasing. your focused ARPU we we're the we've next marketing I'd that's on the fully Starting bundle. because ROI folks effort And be those making year-over-year bundle. ARPU to price say a to more got up it's big question. market. pushing in on that the mostly quarter,

expect the year. So, sequential for in continue the quarter of remainder addition increases, year-to-year next to increases begin and the to we

up of people the prices, have than We a driver. driver large number really stepping to It's higher price which is bigger a biggest the increases.

next And You acquisition should Athletic lapping that. done understand the the we'll of quarter. be

quarter, This though we in Athletic even had the both quarters.

we for had two earlier, As I quarter months. three it the our year, and results for months of mentioned last we only had financial it in

a still bit was of effect dilutive there So a there.

you. Thank it. Got

from question question. Stanley. Yeh comes Thomas your Please next Our go Morgan from ahead with

to strong Hi, of with you're dovetail gradual for to congratulations about on be well. helpful? talk ask I would would engagement mentioned wanted as seeing, of the cohort their to subs pricing? more of engagement, kind than any some you Could you of higher being the take higher I be your high to that able a on about price from and an good my you to Roland lap majority of one-year comments really strategy that the and trends as of the Will bundle promotional typically mean itself Roland, given tier that around relative just kind full signs these strategy mark. ARPU product, we, kind the morning that that and of uplift pricing migration might the coming initial stand-alone just more

to Right. on that higher it's We prices, be yet So, the will in bundle to deliver. fully to believe the the value take ability seen.

now all of to metrics beginning into only see only recall, we – We're signs early are beginning on those last of All our leaned you if bundle positive. year. really the

only end we're bundle new their the surge promotional initial of subscribers hitting now beginning see period. So, to the of

have to the we for indications far, good. any sub able So cohorts them we able so move to don't that to be than faster prices new were know we'll move But I higher that instance.

And subscriber Athletic really more the than purely the That's there more even Okay. ads. organic? bundle granted helpful. were net access overall new What or being that that quarter? any subscribers so growth, notable Where levers is big for

than is biggest that with We're mean driver of subscribers opening access is increase number. number Athletic are subs of the and individual make for more up by to the to both sell destination focus setting subs, to the the much bundle. more the to illustrate value added well-known building the the those far addition the the funnel individual bundle and up who increase I and future driver to that on Athletic. and the audience also in sell is to The away, of but to the the a Athletic in Athletic is focused in biggest selling That now. that the right to buying the the brand more those actually ourselves

just And that. add I'll to

whole the who every bundle. get broad doing sports across to of kind Athletic. and with then terms, the of journalism games, day, the is this like aim that. other the they know week done about of think to for week. played megaphone players incredible with they the their they get in times want a every audience on wide every the to say, and exposed every us you it's as to what passionate of The lots is That Wordle Times And then part is If We in Wordles do games very we've things really free, day, comes

first of in started, Athletic that a sports the on end the more a for saw new we're moves of being and making very should start to like we're So, some during editor point, in year, of rich year I the off having beginning experience good really of lot sort going game quarter, sort strong the to the about, the forgetting with and thing and on is of that. growth, the being aiming Roland's think help right right if it this focused be what on the, and we audience to for time. was we're is the The big we now I'm who at news

Thank much. you Great. so

turn we'll today's closing question-and-answer to to that, I'd Brown for remarks. back with over concluding session. any floor Mike like be the And

this to Thank again next us quarter. joining talking morning, we you look to and forward you for

do And attending. presentation. with call that, you today's thank we'll for and conclude We conference

lines. You may disconnect your now