Olin (OLN) 28 Apr 232023 Q1 Earnings call transcript

Good morning, and welcome to Olin Corporation's First Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Steve Keenan, Olin's Director of Investor Relations. Please go ahead, Steve.

Jason. you, Thank and everyone, for us joining Good thank today. morning, you

follows, let Before and that that note regarding these me that performance. this projected. statements results of begin, or the include expectations estimates discussion, session are slides you those Please associated could remind we differ future from statements the along question-and-answer and forward-looking will actual with materially

Past Risk differ Factors factors earnings that of of yesterday's limitations could from to our website will slides Events. the results without in projections transcript available of today's recent Some in press most on in actual the section our and under copy Form our described are Investors cause the and be release. XX-K A quarter first section

release and under data press earnings information financial other Releases. Press and available are Our

With to Scott me and to to Olin's CFO. Olin's call some now we your Todd questions. be make Scott which brief Slater, CEO; over this turn after will the are I'll Sutton take Sutton, morning happy remarks,

Thank level than Steve, additionally valuation. establish what team doing a morning, deeply good would is significantly you, is trough and everybody. and higher in Olin said XX-month EBITDA which new The is engaged a we do, previous to peaks that higher we equity right. supports All

fourth are through and million quarter the was $XXX after quarter. that million back-to-back demonstration $XXX quarters the We in halfway delivery where our EBITDA in first

while ammunition values correcting Epoxy adjusting loads outlook market fixing product poor, growing of forward same. for and and of business quite new ECU in Olin of are channel military systems Epoxy commercial recession-proofing the the the shortfall prior to participation Winchester. and But our conditions conditions landing busy business not those the simultaneously Market our more across is support is

value businesses deliver firepower this all X Leadership will in recessionary of The our lead repurchases. to about is a Olin of for to growth number initial through opportunities higher three Referring along. more behavior turn, share presentation. earnings in in evolution more state value our level also Slide to halfway environment that,

We year repurchase in after to rate are of equity XX% this outstanding XXXX. currently on the a Company's run repurchasing XX%

So remarks. Vincent, that my opening concludes

questions. Now let's ahead get and to go

we'll take now. questions Jason,

first Our Partners. from comes McCarthy Vertical Instructions] Research from [Operator Kevin question

of Scott, Epoxy restructuring you've in communicated you to actions. through It several taken weeks as was your existing ago a lies additional talk I already whether toward think that against Can additional you've some just you reference materials there and what a your number clear done implementations was actions ahead? business. or to what communication? to what in wasn't addition restructuring that

lot. Yes. Sure. Thanks a

So we to actions have taken business. Epoxy recession-proof really the recent some

the have make. had facility there's way one you March, we Terneuzen resins and to we're additionally well. epoxy quarter charge that change that And to going a to in are so And plant. Stade, the We restructuring Germany And asset Epoxy to in come. Brazil see that be our solid plant to closed. go and took also decisions in million and do then Korea we almost in of facilities first to business We're $XX the going And the Cumene closed market also announced our we in to as that. BPA additional more

that's So, going through to this happen course of the year.

your your sure underlying Water they're numbers? of factors. Can is that speak if How much up looks balance I'm those you inventory And year-over-year. sheet? Todd. affects to of then inventory XX% for the like venture Optically, establish Blue an perhaps not joint secondly, on versus any Okay. it escalation levels other of

normal that inventory the first advance inventory the that and the we this planned and of than levels capital inventory. late during year normally some as We quarter. major year of turnaround and that that inventory in working The fourth a in built on turnaround. Kevin thanks because activity for the of seasonal third are liquidate part higher question build

those you'll expect levels June. down should with as to You decline a the year in see unfolds step

Byrne ahead. Steve from of Bank comes question Please go from America. next The

with markets maybe because many has pricing back weaker side, side, making now there. whether you caustic between with the past you the can caustic so collective curious for ECU forth as I'm go the given end -- have you've you're the which switched or You've that is weaker you more and when into power in chlorine? and operated just And change chlorine, another

Steve. Yes.

market And is the side kill in And the you because to weaker don't participation coproduction that, our the so, this strong that market a market. of the nature our the depress weaker do chase market world ECU. when We we of according you and set right? you model, leadership strong

switched. the is we have operated where And it caustic side weaker So, like we've was today. just

we manner, we set of billion. when that's When in did operate the peak $X.X also that the Company at four-quarter earnings

what repeat merchant But factors. have higher time, you to pricing value sort many in on, say take and those when have I'll it's pricing account into So, recession you earnings, certainly other foreign chlorine moment but a of global levels will as and we can doesn't of And it presents mean necessarily this derivatives is, at in well. support opportunities. higher going certainly it

it, whether forth. have chemical chlorine component like at mean, into opportunities. very your bit. they're comment that back you tied drill And about and I that you so and little businesses you're downstream downstream? polycarbonate wanted Can highlight that in pathways any made to potential And slides other are opportunities polyurethane inorganic essential a I your to a other essentially chlorine, or just it's looking numerous in a

at to just look are that Olin ones model. the the that value as biggest add value Well, for opportunities, best we create I where inorganic ECU I ones we would say mean, our

with on measuring and capability mean sort return that. clearly, stick you or compete that repurchase, likely I opportunities the to of going could it we chlorine. that they're a to have So get be I for are be improving. more that's also could use ECU those that derivatives But mean, share

question The ahead. Global. Ahmed go next from comes from Hassan Please Alembic

guys First of or question, you could could just talked around mean where below annualized sort two how or readjust at guidance of quarters side I the re-jig quarter guided right, always of you EBITDA, about you as ECU. gave. the of the one sort there QX sort to you and that be trough trend guys to stronger

what QX that kind and two So guidance the you after? those of given that assume fair things we trend are to QX, higher is saw quarters two in it quarters and for these thereon have

that adjustment and make quarter will EBITDA quarter I I slightly through mean, two we've Look, around say not million. we're significant first Yes. in a the to But level essentially what one impossible, right, $X.X the that that we four any it's halfway trough certainly same quarters. for And is delivered that. next those quarter we've number guidance below is given in support

a one hopefully, through having in to So, such make deep can any correction without this quarter. get we

Understood. question stick Understood. revisit ECU of the to into area And that you you're wanted and sort integration around also obviously with From want comfortable opportunities. inorganic to like. the effect, the to guys sounds the the

did maybe that mean, So the about have sort Europe. about still chart are could at interest products. you? geographies U.S. out you Does because But from sort I in hold back of bit of sort potentially day, downstream it, sounds in replicating the of being true? talk of the in you're what a what you to also looking of you

that's Look, not are possibility. of Yes. to right fairway America. It's think I some down do center a in banks impossible real North completely the that the

fairway Europe. However, a add it's new also possible in that we can

that's consideration. a So

from Zekauskas Please from Jeff JPMorgan. comes Our next question ahead. go

more Why than is over prices six in caustic stable that much the months? markets? the markets so where spot export it And you contract about can caustic States contract the the are talk been, say, past caustic have United

model. so -- Olin our right and right we are and yes implement the where where where of Olin caustic Jeff, markets, right domestic plays and leads leadership Yes. course,

So there's impact from some that.

how think landscape of moves have world to a with remember around, right? I start may coming out butterfly You you effect China. the

price impact So over may international And that indication time, and a a there's trade. there. volume

market. impacts of Over the barge U.S. time, is trying action change that impact barge take that domestic U.S. time, U.S. and tends market those to of the of over each then to support of But rest ahead the may things rate the far over in Coast. the market Then may the for And Gulf the Gulf looking time, kind that looking time, impact of some Coast and Olin the over all value.

months, So of part the of to the by question. the way the that is last And course, all has back over the of domestic time the get stable, stayed which supported you six our we've market, business. more your value

XX%? Olin? Okay. operating XX% adjusted cash for Todd. XX% EBITDA or of or or the should normal Maybe a to to EBITDA flow XX% for What Is it question be percentage

of expectation in The free than year, trough be is couple would that Olin for this are levered items this of Jeff, and typical think, I recessionary one-time flow percentage of a that the period, pay in because to contract. occurring lower the some that cash Gulf payment this a year related year. assets we'll to $XX we as need to have make on the million a international later that well item roughly one-time as that power on tax Coast

compared that to think clearly up this in number go So seems that year. in, significantly But the overall, those you factor what would upper percentage it quartile. when I is like

the payment? power asset big is How

this and Between million million $XX $XXX year.

from Solan]. The ahead. from Anderson [Vincent next question comes Please go

maybe a of Kevin's on to particularly appropriate more question footprint regards vision the for earlier, an wanted to on Scott. optimal Have with I permanent the vertical So, integration? like settled up looks you follow Epoxy business, for what level

the I every business right, mean, vertically when to through Epoxy may global of element in to it's a that going all And vertically mean, we as business change. not presence of integrated restructuring, of to And get world. question. through still get in that single or capability. need have those I'll footprint we duplication Yes, that we're we be two the still thanks some I removes going say, well. most have look, that kind Yes. all leader we is And a But go that assets and may going the of to absolute integrated world be for this across what absolute full the as to this

has challenge. certainly been Epoxy

Asia, for recently, little whenever Asian volumes And you bit weren't became because Olin those instability a in security too bit came customers away. then demand overpriced or back a supply. go time, to bit If we when a backwards long. bought Asia for More available, of probably in of they available volumes

point value a more to there's from have to our So, for customers, systems, more a pivots now business we're cooperation that world where be a just partner lot in with forward Epoxy to as longer-term and we're need a with customers. to especially profile you customers bit run, to longer going moving so with Epoxy going mix

assuming something on opportunity. mind, extremely Okay. of And looks something slides have it's mentioned HCl the And hydrochloric you is quick areas customer's one, structure what helpful. build other if the just don't maybe I'm just acid That's early comments on input utilization buy? a where on Do chlorine market coming thoughts from like? the of couple recycling end? at other coming about versus in then you than your you that talking then a

all any Yes, merchant participate customers mean it's really comes or coring, and doesn't sure. final back are And is used. exists lot this Yes, business in chlorine, be but of many merchant Olin's because out it I just Olin should not is look, A mean, applications chlorine that actually it's segment chlorine that I part product. leader. many of that this we and process, the -- of in The the a business not reason today. the segment it's utilized is whether that merchant

really And needs Like so be back out material be and oil as in to today, that for reason there's is or no we acid, leader application the cleaning hydrochloric somewhere. there. that a there. gas. just comes HCl formations doesn't Olin and it downhole, But moved and So of major shouldn't forth that participate

we're business. entering that So

three So partly joint them trading Water our interesting our is is organic Alliance growth one business, now Blue you nearly which CAPV venture. of or have areas in

in leader, going just you're to the and is be HCl, other our growth. business yet. should we growth developed our one have that hydrogen now where The haven't we And

question The Fargo. from from Mark ahead. comes next Please Sison Wells go

in does the -- rate your Just going at first operating the guess, recession you're levels do level to still I rates a XXXX? of given are outlook, for with of stay sort curious, where trough your you do for rest quarter it you think operating what year?

you're to Mike, that's there's mean, necessary those the We what lot I Olin. I a low. to grind Yes. I anything to for more coming of for look, would operating rates But support right. value through, us will say they're right? change mean

our around XX% epoxy so. think operating in I is our rate or put we materials that resin

is landscape. landscape quarter second better quarter the first the certainly not there, And

about operating are business, than maybe there, to were our you that Alkali or some around or Chlor within that many X/X to so. These But in lower and we're If some Vinyls think higher and rates much. units we'll Mike. likely have that, running change not that run run

it. Got

Okay. as follow-up. quick And then a

up consultants. I Your ECU, And held understand better PCI calculation than has it's yours. the significantly

about where prior then EBITDA now come back, if hold your last sort you decline you're are levels think down, these and at from... simply just when level the was EBITDA levels year-over-year is you it And So volume? to and adjusted of versus can you ECU/PCI the EBITDA your volumes year in back being

from to in be that the time value a place lot we're concept, value indicative principally mean, in to Yes. best levels EBITDA you I over and it earnings That come when a we're trough, a of ECU/PCI, And this volume, our that going good player more decline value of to right? out the said in recessionary mean that's to out these certainly leads of come outcome power. going And trough volume. that's We you is of yes, I with the trough. and question.

has to been level. totally that a So different set

quarter in the the will do like value we're this. and versus and here yet player yet move it's actually index And over publications, move just chlorine I trade indicator some will in went the moved bit yet little well. quarter chlorine it indication in published a move mean a you're fourth second recently, price be It of biggest our up first just chlorine different index that's the some. first for it. the that trade chlorine Look, clearly, know But I it's down going sure. up moved our price the our and quarter is up down right, will to as quarter the up

The next question Barclays. comes Please from Mike ahead. Leithead go from

First Scott, maybe versus you on next export where think today the maybe a ago? that pressure quarter say, over, just can quarter trends Chinese the stands or Epoxy. about so? talk just currently And you where

in more pressure, out those say, the record sure. even that I look, mean, quarter. quarter export the in exports Yes, of coming China a hard, capacity. turned has being their lot not by the are supply driven apparatus got There's Epoxy I'll Asia fact exports second than is of out that back demand on. has first running And their of probably added yet Asia. They've apparatus

rest in reversal the flows has America. out of sort that trade in So of China Asia the volume towards North of come to and caused Europe

the that's pressure we see continuing extreme and seeing, impact we're there. So

I the just opportunities. then on to And up real inorganic follow Great. briefly, wanted

made I calling executable. comment think, in being a your them you potentially more slide,

position? ability picking its really asking that's palatable So about about I financial more a given if comment just more just or curious is Olin's the prices and discussions just becoming in it evolution to or up where execute,

think an in it's deals financial now done any be most That's the words we on synergies our Olin's position, It is use the right? it the really would same, get we get issue. that multiples. that I able that Well, reason anything to really to certainly quickly it not trading there want consider the available would to will of Olin to not with expect in means Yes. executable doesn't current more execute is But closer we mean but impossible batch we'll be acquisition. to

Viswanathan ahead. Our from RBC Please comes next Capital from Markets. question Arun go

of a question on year. the of cadence kind Just the

and you in more you to of X.XX the do would Is So that very X.X, the been first slightly now maybe kind put or year. the X.XX halves to guidance the that right X.X that half. It's X.XX for like which second it possible or another in the full has up it half looks to the about equally more way think split? be will tightened

put at year, you that above? drive the And that of upper end is back X.X billion into to then look this case, that end when what up year the the itself? and next mainly the volume would $X is you range, it range And you upper range if of would

in balanced, that and for range are wouldn't to the will second put calendar $X.X condition year we this half maybe But mean little assume we better a have sort billion billion. up you I that of first and billion do trough $X.X $X.X than to do to right? a we The Well, is we're what way billion. $X.X end a half at I the need perfectly would whatever there's clearly, forecasting. half second around we of four-quarter said that

end that range. of demand we'll levers. having on will out Yes, be heavy natural you adjustments up won't versus It recovery. in is natural particularly just get them this billion earnings of keep but of that's we've volume in the make worse, share it sort The why today. and be this kept at get volume. way the where we slow have are they When be coming to demand, things a And right, gains, volume $X.X actually one recessionary conditions, we from will of of a number shoulders back Asia

a systems We'll also Epoxy being great already and great, effective, have it's progress our lot made there. of more business

maybe something through can our discussion just the exist the Winchester Some some conditions do that's actually of business, went entering HCl business. we rapidly. that of the best ammunition we in And pretty

the piece growing the Weapon. to that military Generation in for rapidly Squad is international preparations business The so is of that, Next

about you were that in months our we years six ago. two expect roughly if we double military from were to about where think fact, to In business, ammunition

free eclipse should levered we maybe going your then And And should flow that it to on side, assume $X billion? so flow -- that the cash cash sounds that move to the you I like the you as there And buybacks? $XXX capital? uses We million about for leaves for share buybacks forward? thinking are or are opportunity be prioritizing how about other is continue

I I Arun. one-timers think of roughly flow XXXX million is for Yes. current cash levered $XXX forecast free $XXX that that our Thanks, 'XX includes for Yes, earlier. million range. mentioned for Obviously,

see free at you cash levered relates first As repurchase. on of that that flow, we say excess to look continue flow that would we should use share And cash the best pathway. and us

question Josh UBS. Spector The ahead. from comes next Please from go

response and mean anything to there generally that strong, that is on Just playbook that's over at year, maintain you follow-up CAPV I months guess, weaker side. would now segment, over last next being been you the kind address different for market has six your weaker being participation your the lower utilization rates. shifted of that different a the the back chlorine how least or within require caustic to a so? EBITDA I

rates. Olin, when market sides the of Hi, expect thanks element we overall in question. I that Not is totality, mean we for of are expect right? But don't there's dilemma lower make operating have really, -- more two the right? not rates, think up Josh, conditions a really, I value we between the certainly one and that ECU. I imbalance to necessarily you same. setting that's remember of the level the ends What about our operating mean,

we're And imbalance the chlorine actually that of overall have side ECU or can the market, different kinds of have can the the some versus when the of help to able hold imbalance between when yet you there's global two create that's value. So, but that kind on imbalance, side ECU. we caustic outlets market of a totally declining

to the more say, side Okay. where -- you chlorine say if market. and caustic would maybe in have -- me I'd I wrong of guess, option conversely, I'd be less where you a mean, mean, I maybe but I the maybe I'm I you on think do there's can wrong, would side. that? I guess that stronger options, correct can go on I

also, coordinated look, of there, But right? of are I mean, and so into mean, not a is, inorganics a business we have one of options. we the either, lot fungible Well, I vinyls it's ECU the product organics, true number chlorine forward side it's caustic have epoxy that, integrated market just on the

having about to the all trade, of domestic way going regions kind the Gulf from the impact discussion Coast, export you to other in go back on market. China were If we the just and international market

that Blue options on that to the joint of we're there's ECU service And to able on of and package complex we board that a to lot to customers a ECU. options sure top there Water kinds for use make that, also get use there's that venture options XD of can. value all full chest So, up our best

KeyBanc question next from Please from Markets. comes Yefremov The ahead. go Aleksey Capital

can here, in thinking size opportunities, how inorganic something potential you more larger, bolt-ons transformational Scott, a or nature? of about tell deal you're us

all pay much to off a do I that of get share to do kind the than a number that can in Yes. might of we mean, what do to there's, I do that's our mean repurchases. high to has right look, better gives we need any doing and would return order that prefer of of And to picture financing to we synergies options. down course, a that and acquisition. quickly something add fairway of us up is shareholders that level

So, options we there. -- think I there's

do we would prefer that's the fairway course, and something slam initially a dunk. down measured Of to

helpful. Very

range, drop say, meaningful and or important $XXX price And mostly Or up rate caustic in meaningful, mean, guidance volumes the down? commodity? going due I annual any or variability lower is ends, any other are the by to more declines soda especially assuming Your price? you at in decline

weaker say to of the I the our we And that's side decline. Well, And why participation it's dampen down rate caustic of would why that pricing that's become is moving ECU. globally. adjusted the

that and we've into in in our range included that's $X.X our billion. forecast, there billion of $X.X So, taken outlook to account

ahead. Matthew The Please Tudor next question comes from Pickering. from Blair go

your a sides on year? you assume or up Should can pretty when we level there's you follow And few questions you expectations? And how Do the throughout QX, what we to that -- the in between trending about of the the a can are I when given the of ECU. comment tight value guess, widen ago we make think that to two imbalance talked progress level of will wanted in side? the just imbalance QX? Scott, of as flip weak rest caustic your is

question. I for less right? between I Olin's changes, there's as mean outlook, is imbalance, the when Yes. I weaker the balance mean, two think mean imbalance landscape thanks for there's likely sides. to be opposed landscape the where is as least to I global more at the

So that at but moderated quarter, some. actually of PBC the bit first was part trend the like maybe were to going a Vinyls stronger, and has false it get little and that looked a

And now you see the global demand for caustic sort of softening a bit.

So things things some liquidity, are ability there's likely the and timing of have go are and changing, When we to accelerate decelerate some changing. do out to those imbalances, where global imbalances parlay to happen. be or manage the some

time. necessarily that back know more don't very more. things would change, there'll I to lot as over the last nine stable a But pretty a been it's long I six if in maybe say, stable, be So, It's than opportunities. been look it you will be months,

Okay.

question Slide Sounds had good. a on then I X. And

same a You record moving I the in that that I volumes QX. moving shows but your caustic were happened caustic parlay showed thought is system down, at quarter-over-quarter XX% prices prices up what slide in think when

So there? understand could us on going help what's just you

more trading, Water mean, the do that I liquidity January, operation. and to benefit. our venture management more go Alliance that point out global sure. joint of started in venture is joint And to the more parlaying, of Blue is partner's Yes, remember,

of total XX% from our total jumped much to and our why more of sales percent it that's volume. trading and of up volumes, came parlaying, as it So, a

Roberts The go Suisse. from comes next John question Please ahead. from Credit

XXX. up PCI On all ECU Slide But chlorine X, sequentially the from sequentially. XXX almost products down the declined went to caustic

sequentially. and gains big that So, was all the it the other in products offset enough enough epoxy declined

big that profit. because of Yes. ECU, of a less there per I contribution mean, delivery was John, Epoxy driver was

So in epoxy, price have not you volume only declines, as have well. do declines you but

get and through mix you products to do the of Chlor within has as with the price volume it Even of So of Alkali, a there. coming well. impact lot

why for came reasons, those down. So all it that's

into volume there, right? that variable But play contribution that's a shouldn't

of I is. will. this because total what we it it contribution mean total the the divided ECUs No, profit here's sell. company It's number that by delivers that

different the So, a between that can impact volumes of lot. ratio products

that market then And has right. the here? actually weak the side housing given All weakness caustic are flipped surprised to you

Well, certainly housing to as well. is I demand but I the the also off, caustic flipping side. actually movements is in weak have think caustic mean you market

Okay. strong week which And historically, have more is industrial but... versus think, I would just housing general driven,

But John, your question. misunderstood I maybe

asked I hasn't become You caustic if surprised that me was weak.

No, flipped to side what weaker market here, that it a weak until with strong is Usually, the have there. we'd we've recently. the which that's against had housing cost side, a

way to you've and Yes, it remember, market, redirect right. our globally if flip to caustic with yes. that's shortfall mean, your would to goes our also mean, I even look, traded, traditionally, maybe more, approach a the go. Well, is actions caustic supply And point, demand along the PVC It's I down to could that. not impossible.

there to taken we've it ways, caustic traditional market may lifting actions our that return And pricing. be impacts could pricing. support another force So, that that's caustic then be such

Please comes from Angel next question Stanley. The go Morgan Castillo from ahead.

second deeper to dig I Scott, bit the a just maybe little wanted quarter. in

indicated generally trade commentary estimates extremely I And ECU and for more than weak the last night, we settle both think sources for as think and also expected saw XQ down caustic markets. is I lower for margin. their April caustic

what means of kind a of the of guardrail is kind giving curious, what upside two decline. what's same, and in past, you some clarifying a for essence, just range of just expectation if or one, could these Curious downside your of quarters is you've the give a than for the percentage lower of in a given versus likely So risk way your EBITDA explanations?

the likely and of is means, we the little our momentum side lower bit readjusted I Angel, into caustic to the taken a fact, the current strengthen have market ECU. negative other slightly would say in And, that just pricing. lower dampen and reality positioning we in account,

second to, quarter. we've So, slightly into when would be you down quarter that fourth we need said the taken some I account. remember, first just all just the guidance if say, the might were for quarter, in we

the of turnover market. as guess, kind as of have just for are as a been of sounds I the of through you curious on in pretty current like accounting quarter, it that activity I it kind some under for, maintenance the plants moves it these think weakness second through about terms large in amount this

surprising, it's cost weak of so the So given is guess turnaround. market the of I degree that

curious you as like flexibility market? those a back plants enforcing come kind enough just bit sounds do are of And the those more. or things to return do plans into kind curious, I your as it So you degree offset of risk little of I'm kind lot parlaying see how you guess, online, as confidence activity that you things doesn't like that, like see lower? can to risks really lower current Here's in kind necessarily that. you of start there's feel given but gives that a what the downside get slightly feel and we -- once there's like demand the of

I world. for be China, about PVC pricing we than didn't coming chased a exports that right. should been more mean, surprised In feel was that extensive, mean, has I while. have I certainly hard Well, much anyone slightly don't And caustic down, help think the but caustic okay lower, pretty caustic started normal.

export good I it's flat. sort if there's China news, those of caustic of out think piece have one that prices of of

the that for China value the is were getting right, that flattening And reason producers, now they're ECU not chlorine.

to fact, were In take chlorine. paying customers they

every And they down an all to pricing have eventually not things. do So that. you to they're of a But to that market caustic. out that's going to bills even when them, ECU sudden, and chased to of be and $XXX be China willing attach be business, shipment so to able to willing was came chase

moderate future. finally, means something that see So the in that different you perhaps and

way. different Maybe ask a

the past raised low gives described, of that? in to kind with confidence change than step that a guidance backdrop you've given see what to quarter, of won't X.X You changed what X.X. this that the XXXX that rather And end kind kind just a we closer is what's of a X.X Like, something X.X? of from your you relative

what slightly us second gave printed we we forecast just think one that is the just and I just gives there is lower. a Well, quarter quarter, for confidence

question-and-answer closing I to Sutton our to session. no comments. would are for turn Scott further like conference there concludes As the this back questions, over

the a thanks No, I say, call. just Yes. for lot, Thanks. everybody would joining

attending you presentation. Thank for today's

disconnect. may now You