Icahn Enterprises (IEP) 1 Mar 182017 Q4 Earnings call transcript

Good morning, and welcome to the Icahn Enterprises L.P. Q4 2017 Earnings Call with Jesse Lynn, General Counsel; Keith Cozza, President and CEO; SungHwan Cho, Chief Financial Officer. I would now like to hand the call over to Jesse Lynn, who will read the opening statement.

Thank you. The Private Securities Litigation Reform Act of 1995 provides a Safe Harbor for forward-looking statements we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions. risks the that including Securities legal other involve our discussed economic, statements and with filings and factors. forward-looking and are uncertainties in competitive, These Exchange Commission, realized. that expectations assurance no is there will Accordingly, be our statements We assume no law. change, to update by as required should any otherwise or except circumstances revise obligation forward-looking non-GAAP includes This presentation certain also measures. financial the directly measures can financial reconciliation such financial non-GAAP GAAP of presentation. measures found comparable back in A this to the most of be Chief Executive over it now our Keith I'll to Officer. Cozza, hand

Thanks, Good to Fourth Jesse. and morning, the Conference Quarter welcome Earnings Enterprises Call. XXXX Icahn

Joining attributable of business address Chief our then Enterprises of me in providing LP We'll segments. or provide will or on $XX.XX unit some be today's your Icahn Officer. by was record to our income compared review $X.X in-depth XXXX. financial call loss then is unit, Net results questions. a SungHwan $X.X Cho, to begin a will to net an Financial billion, per and billion, our XXXX for per brief available $X.XX LP the Sung highlights. of I performance

QX a For $XXX compared loss attributable net to attributable in was Icahn for Adjusted approximately was Icahn to million million period. prior EBITDA net the year of $XXX compared as Enterprises XXXX, $XXX million billion XXXX. Enterprises XXXX income to to $X.X in

offset end anticipation our tax the a year the rebalanced year-end third Net by to equity to These our in XX% net XXXX, and impacted partially by bringing of our to reform to of as were XXXX In at $X.X Automotive XXXX at Group, $X.X prior fourth positions. we Federal-Mogul, short sales Automotive of QX quarter. to The in On in legislation. the X.X%. period. Auto equity our maintained quarter X, was equity segment Automotive make QX short volumes long-core acquisitions the increased Our for an rates. our year Group XX% We positions negative our compared credit service funds positive with we foreign Care of and X.X% is negative of exposure We during billion of return due to acquisitions the in a gains pipeline positions. centers from billion investment for exchange full acquired return auto had QX Icahn October were losses revenues total short centers acquisition Systems, locations. significantly positive or sales ADS performance primarily at compared favorable was opportunities. and continue service American and service active Icahn increase Transmission the Cottman AAMCO of additional Total & Driveline of approximately XXX ADS. and in franchisor

billion Vegas relating to quarter million Evansville franchised -- Segment, addition Gaming the our segment, performance In Group previously With continued Rail. Leasing American delivered in Leasing due led performance our SMBC saw year, an Louis $XXX resulting million. QX. sale consolidated was by year, Railcar indicative per by hampered elected $X.X XX% XXXX fertilizer the IEP, performances We Railcar value low Fontainebleau In net In senior results on to Tropicana were CVR asset gain a St. million highlighted ADS, IEP by coming an to to that, December, our nitrogen spreads the to X.XX% senior $XX owned quarterly City, In increased for in in solid net results in our approximately active segment, and the and with basis. X,XXX senior $X.X strong for the sales X,XXX locations. XXXX were by or at our resulted we Automotive notes the board Railcar sale in results, operates over railcars a in pricing. EBITDA strong announced our turn $XXX sold new distribution and XXXX, XX% with increase of full unit the of operating successfully as add-on it Las in former U.S. as our these unitholders. for of approximately our operating significant This and its Atlantic adjusted XXXX properties. while by Refining to rates, unit, $X of $X.XX Partners improving has CVR due of quarter, due had was Icahn refinanced fourth and notes and record With QX outstanding energy solid crack per segments, let American project, XXXX. the me notes annualized gains to many an billion. Based on well and Sung.

net income briefly by performance then begin net will of I million to year period. to income Keith. and highlight our on $X.XX unit net to or reviewing and of unit Icahn compared a for net Full the prior billion, sheet. consolidated LP LP comment segments a prior period. of was $XXX $X.X $X.X strength the per attributable balance then was results, per our $XX.XX million $XXX in of to billion, Enterprises or the year Thanks, loss loss attributable operating XXXX In year XXXX, our compared QX Enterprises Icahn the in

of year. see changes of million recent IEP tax a QX can Slide million QX prior EBITDA of income XXXX had $XXX Icahn in Adjusted were which for QX had loss to net to from tax 'XX. related Enterprises QX to $XXX net the $XXX $XXX you 'XX. on that was attributable to enacted approximately deficits million XXXX million, As 'XX compared QX compared were in the X,

detail billion XXXX, had billion ARL compared to IEP to $X.X recorded performance sale IEP of billion to compared net full net from loss gains to of $X.X in approximately billion segments. properties and $X.X in the performance will more $X.X also the $XXX to positive in the XXXX. XXXX. estate Funds regarding for attributable prior compared Investment the income XXXX IEP of EBITDA we the a of year. individual attributable XXXX. real loss our million to I had For was of year in a now provide Enterprises Icahn Adjusted

QX to loss Investment attributable had loss negative X.X% and positions full Enterprises XXXX. while for a XXXX, of of of positions the XX.X%. and a The a for current short for X.X% QX a $XXX XXXX Our Long expenses of QX for compared million Investment gain had loss in a X% gained quarter, Icahn year. the Funds $XX segment performance attribution other million to had

long we energy $XXX short In $X be in end a XXXX. billion of in million while the For short the the gain our X.X% segment of an year gain positions Long year had the XX.X% to the The expenses Investment funds QX to XXXX. end into net XXXX, at December were attribution the XX% XXX%, At X.X%. the net performance now net investment full the Funds of and compared inception, funds, Since the positions gross XXXX, to November X.X% the annualized. XXXX of as other 'XX, negative a XX, And Funds end had X.X% through or full a segment. continue to of a at Investment is and the XXXX, and additional loss XXXX, XXXX. XXX% invested of Investment QX funds was the return hedged. short had XX% in XXXX, compared end for of

while EBITDA $XX $X.X net Partners the of spreads pricing. compared strong sales net U.S. by prior CVR and and million record XXXX, sales energy operating Refining had crack billion results fourth of a rates, $X.X period. by for consolidated hampered segment EBITDA low fertilizer our and solid year CVR continued reported quarter, million QX consolidated led were to of billion For adjusted $XX adjusted of nitrogen

For for measure was in were XXXX, $XX QX. million lower for were of nitrogen compared financial and Stronger to to by prior in resulted million prices compared 'XX. Refining Partners QX million the XXXX, period. billion margin compared consolidated record to impact, billion, QX EBITDA Refining and impacted in per QX Refining per adjusted $XXX in and sales EBITDA of of respectively, adjusted QX the $XX.XX fertilizer. year results $X.XX XXXX per spreads CVR of compared adjusted CVR QX XXXX million segment FIFO of results energy ton, same barrel $XXX adjusted for XXXX $X per million prices to solid $XXX the $XX the a $X full of the Average crack ammonia prior adjusted compared in for reported net respectively, QX barrel ton consolidated year. $XX UAN year CVR rates in EBITDA in million and in to $XXX XXXX. for per $XXX sales reported for operating and 'XX. reported $X.X ton, ton overall $XXX and non-GAAP per EBITDA period

lower seen imports, prices have demand we So customer nitrogen. far in increasing for XXXX, product steady nitrogen and

segment. Automotive to turning Now

as effect Federal-Mogul, At favorable prior exchange. Icahn million, aftermarket billion, reported Asia, results. XXXX for sales America basis, year of higher above $XXX on from in were as and $X in $XX.X Automotive XX% was sales period. $X.X sales billion, Automotive sales million X% compared Net approximately 'XX. QX revenues service revenues full Our year from acquisitions XXXX net segment's up stand-alone North due is to volume was the favorable to The and in year. XXXX due The period. were increase of service from organic and QX the QX Group, primarily service foreign comparable currency volume higher OE billion to in were million prior of XXXX and $XX $X.X well exchange. increases, $XXX the sales billion currency the QX sales, XXXX sales revenues or increases increase year QX to a Operational EBITDA $XXX prior and up foreign net million compared operating

largest Just January Systems, October, the continues in path Care the which built repair on American of one As we transmission America. becoming in auto #X July, and acquired Keith U.S. Brakes This of our brands, acquisitions the and mentioned, are #X and the -- our the Auto Cottman in Driveline North brands networks and AAMCO in franchisor Precision of to in transaction service in

Now turning to Railcar.

including had the to segment were leasing prior year leasing railcars to period, of Railcar XXXX for compared XXXX in XXX customers, XXXX Our railcars railcar railcars, of railcars shipments to which X,XXX customers.

of the has decrease down XX, QX XXX XXX,XXX the customers. to overall level end XXXX more types According Supply manufacturing approximately shipments of the covered cars. our end $XXX of XXXX, decreased selling railcars to tank The cars, average cars The the railcar due and of of hopper lease prior to at nearly backlog compared backlog as segment. hopper in manufactured from as decrease tank to compared 'XX. to by railcars and had by is leasing XX% to the railcars Total railcar a segment's leased the year, nonleasing revenue manufacturing XX,XXX including a sale customers, or revenue railcars, Railcar of railcar to an comprised Railway the current fewer for the XX% build Institute, As and year. industry ARL. for prices record due XXXX, XXXX primary for X,XXX December of and million, due both competitive two of the ARI decreased the prior backlog to in at pricing declined was

ARI. Railcar Our by from period. resulting compared a owned the billion in remaining the recorded gain of lease IEP railcar $X.X in billion, were EBITDA ARL Railcar $XXX year attributable for fleet to our million prior was pretax million consists by in segment. the sales XXXX Adjusted $XXX of $X.X railcars primarily segment to Proceeds

Now turning Segment. to Gaming

to continues Entertainment. at with properties perform within Our Segment significant Gaming Tropicana well core gains

to Louis. XXXX, strong from prior Atlantic stock million primarily XX% debt liquidity company the Taj We ample idle were have Entertainment, by operating XXXX. hold evaluate a the EBITDA sale reduced second in of Mahal to half Plaza year, $XXX City Even compared and of cash million. losses location $XXX and the QX maintains of million debt. by performance with $XX and XXXX. $XXX transactions, these our repurchased million consolidated Within increased balance of due increased driven Tropicana Trump For in in adjusted gains the Trump sheet, been St. repaid to Trump having These continue of after revenues X% million options. still still and the maintains Tropicana $XXX to of

to our prior sales sales a auto for by adjusted Metals increased XXXX the higher-selling volume Now with of disciplined in bring lines. or and market higher above $XX from with product a due XX% a segment. demand for focus now market the prices period. currency was improved primarily margin, to by market in continued improved compared Ferrous acquisitions, XX% has aluminum to the year. which higher in XXXX, was $XX volumes million prior our year compared shipment $X product increase increased improved million XXXX was increased year. was sales the our year by volumes, consistent was of The prior driven loss was Consolidated due $XX part pricing. EBITDA one period. materials to nonferrous million in million mills processing increase in prior for net driven positive to year and was Gross to Gross pricing. price at offset residue, higher turning to to XXXX, from The shipment the sales for in XXXX efforts which line and in million, due and Food $XX primarily foreign percentage Adjusted flow exchange. margin yards, and net mix of facilities on most pricing volumes And improved compared as unfavorable cost million, Net processing a Nonferrous Packaging. Net raw prior period. to the domestic to increased pricing in continued XX% due increased of by or volumes buying, into by $XXX sales by investment steel facilities. EBITDA recycling

Now year of operating QX $XX we gain XXXX, million addition which for period. to Vegas EBITDA million. revenue Real which prior was was $XX Estate. net for the XXXX, Fontainebleau sold in generated generating generated the The Real gain to lease $XX This 'XX, Las property line in QX a more in million. is million properties million $XXX sale Real X million, $XXX segment with Estate of In of $XX a of Estate an the adjusted in former XXXX.

segment. to Now Mining

on was full Our was due year lower net decline decreased to In sales in compared price Mining ore its maximize realized discounts for QX segment This XXXX. Ferrous adjusted prices as for to has $XX sales $XX million the to QX and in impurities. of leases has EBITDA QX and million iron performance prior million in been the result a XXXX, to breakeven prices. XXXX, concentrating production minimize Brazil. $XX on year. higher a lower its for discount and

of year. was lower loss Home net in Home Gross volumes. a turning X% to to compared Adjusted sales to million segment as prior Fashion XXXX a XXXX. the $X compared for net due of were XX% as Now percentage margin in Fashion. XXXX down sales sales for XXXX EBITDA to as to a million $X loss of was XX% compared

sales With due the inventory and obsolescence. primarily decrease to mix

attractive Now I We with XXXX to revolver in and holding $X.X at Investment will advantage of maintained each of our Funds in discuss investment liquidity operating our company liquidity subsidiaries approximately cash the position. ample totaling opportunities. QX cash, take our the equivalents, ended availability billion. We and

In opportunities focus summary, on building and $X.X opportunities. attractive please? take capitalize of to and Our existing the us outside of please subsidiaries our enable maintaining Operator, continue of have liquidity and we to open $X.X credit enable value you within asset you. cash Thank on operating billion to of billion segments. them undrawn to advantage for call can questions, facilities approximately to ample

Instructions]. [Operator

Your first question Mangrove. line Adam from the Gui of comes from

of terms first shift that shift a about a hedge as This ago? is Adam. appears been you're made you was has were that hoping And what I to pretty could how substantial My question exposures. you've year now your comment you're you on why in Nathaniel risks for taking the what thinking it fund, is opposed within And made? taking on that net

ended in very into as And think of economy and the of component all the multiple and fourth of reform we negative that that. the that view yes, about to curve at saving what related -- I This and the biggest is, leading these hindsight the some hundreds And and tax probability a doing of was, third covered quarter Carl hedges, millions dollars, And we ahead earnings which so which of for was, would think had shift XX%, the mean short. fund is frankly, ultimately wound that Keith. obviously, the past. up I but getting Sure. obviously constructive S&P quarter, aggressively it's XXX, the that

by is fourth it the in driven view was which are We fairly strictly positive -- longs I year really the that you ended So shorts XX%, that understand there. balanced quarter. at assume and

we're would a reform So earnings I cognizant say it feel that will rebalancing that the cautious, so next couple I I keep But we're always companies think tax but we're years. valuations to at being all-time With I effectively. have that cautious of significant on uplift pretty and over trying most public said, we're was of -- highs being this think like balanced.

And notional? adjusted options options, that index short measuring measuring within are CDS? your Or does mostly delta that remain you that basis? and Or entity is you extended a portfolio, on on that are

No.

a performed just of First it delta obviously, comes activities wouldn't didn't pretty equity of credit of adjust adjustments, our basis, if on notional. majority we given would We, are on -- kind X, a always it use of that side much net and dramatically notional -- overstate if various it's when exposures hedging. credit basis measure all, you the on -- to hedging the it things you

we -- those. adjust but equity do it, then layering would So is options If delta primarily X. we delta against

a the returns Could the has through investment volatile this next question us to larger year? year, is significantly. in on first pretty My of the moved of investment noticed the some I portfolio and been months start there's X that update you

feel have position. we portfolio how -- provide don't say that good we or all anything. We mid-quarter the very guidance we're is Yes. We'll about

I segment desegregate has I Icahn the within that my it Federal-Mogul, question when final Icahn appears try and Automotive you turned negative Automotive report look to that from at that Automotive. Okay. And is EBITDA

the about turned billion EBITDA was that roughly to how I thinking could of $X.X you comment that, extent and Icahn So equity that wondering the has correct you're of that I'm if then performance attributing on you're to Automotive, negative? the value

Sure, sure.

EBITDA So at Icahn It correct in you year. restructuring negative was significant that are Automotive Group a XXXX. was

QX the bringing give a management sales same-store first and out -- basically to team, year, around sales did same-store negative talented a swapped top to kind probably of we new number aggressively of falling were X% recap executives XXXX, in the We quarter turn to line the quick Just they range. in X% dramatically you the that. of of

QX maybe went was or flat So went positive was flat, same-store QX QX to was and -- roughly X%, negative QX sales. QX

So the good very top basis. new the line line off top now is start is a year on and to a --

And line order so the number get to in you top XXXX, a the in to required first stabilizing do spending growth need initial it in that revenue of sale.

And is that. there effect so on lag a

these line On And the for the are good in optimizing basically, now profitability. XXXX, GAAP they to XXXX, I in of cost turn a we the a don't evaluate so the -- for those a And top literally how the captured you NAV book when the picture costs normalized $X.X basis. real that sales company, now run-rate secondly, comments, into at statement. of That's And assume that. you're and kind -- of say we and of all structure the do which X feel XXXX value lot But basis billion? growing, there, we paint are have line we full so bottom about okay? referring

Your comes next Basham Seth line Wedbush. from question of the from

XXXX? more what that up types little to I in what in Auto to you segment, helpful. don't to made mind. will you restructure a that if could up, that on you And Auto confidence follow forward, be gives moves you add little thought want the for a follow growth And XXXX? the if segment going understand bit as of vision bit more business Trying see would as continued a really to the

dramatically side where we DIY of I business Directors, the frankly, et The the plus-X, of to did forward. was one business. But you the at, having know. parts significant expand thanks. Area -- is probably really help store initiatives thing the inventory is upgrading replacing business beside future inventory to Sure, Regional stabilize out grow sure, the commercial business, The Directors, the number members I'm moderate our the in on parts invest -- cetera, availability and what going so, flat some management which Yes, significant commercial team, and is guess, the industry-wide minus-X to as type sure talent.

business double-digit the So investing programs. say commercial the -- as in in these commercial inventory. we we by sales the implemented dramatically grew same-store all I'd growth, investing

it As on with centers service it labor, making store, getting -- right sure technicians and to the the into having ties right leads days, in outbuys parts appropriate appropriately to service, on was lower again, service the customer et as of cetera. service had side, sizing the staffed as number the And the profitability also leads the segment. higher far better availability the that well, we

look to do X this you future as where over X And the going? years, to forward you business next the see

now again, at U.S. is main right focus under all right in across -- our brands. our the industry and up to we're And about our repair just XXX,XXX XXXX. of Well, we're five shops shops repair different the now has top -- a one really XXXX number

trying consolidate to fragmented a it's So industry, we're obviously, it. aggressively and very

already from going it. otherwise with it's I you're we repair more now, them But see done X locations. a or acquisitions expand XX,XXX up shops, goal have But national opportunity either through look, years somebody to to -- great So as would a roll our brand or having have not greenfield. think us easy dramatically it's

have our expanding We our -- That's to goal. long but that's number way service is our is, where a one the centers. focus on go,

Jefferies. Fannon Dan question next the from comes of from Your line

start to Fund. Investment about question a like the I'd with to

on earlier about the question volatility. touching Just

that the potentially equity would be in the of positioning? give color how might start go you let's you there been can has you a change where on you position, on there year, in that lot back And from may How the view quickly your your helpful. be -- were Any about Given Or volatility thinking be to you options side? how it? to use XQ? index say, sense, current quickly can does that

as Sure. are literally day of extremely negative markets. the two. large talking a mean, liquid Dan, or S&P all, wanted far over to we if XX%, you can do course we're go I and to These of as back that XXX. first

eviting as hedging be as the So that far can exposures from very moving view of point the and quickly. done around,

to as could to already trading you've you'll gap new the some have ultimate at the seen look the going. the the the Carl no current and where right? As today. between be far team we're way that idea volatility -- coming certain where Carl as the over change look looks and one feel positions predict the at in And to value. years, process. market's can news we doesn't has makes investors, for down, is as up no bigger as get strategy years, -- the it So story affect long We much the with really maybe -- same a goes, intrinsic doesn't the traitors, out market's the really moves although, openly the we confident. said, I investing few it same, catalyst investors, names way the this it, But as time, bridge even us unlock at versus the and the the active we're said in going moving should -- see we're we not look, stock I good active going. not we've on news prices it last mean, it and value value

we hedge And to so can. we as try much macro risk out as

Understood. And just on the business maybe then base touching again. automotive

out the as where industry. here things change highly play aging a is of be of Or kinds term, and it for as bigger electric this electric faster vehicles let's we fleet less. demand fragmented the does part repair grows about existing usage the how is get If anticipating? we the more a Is But on in say, risk maybe back look strategy that, the theoretically those macro the to lot drop? of talked of in going point? You consolidating an than is cars there longer to people are a at play vehicles,

Yes. the electric related far to I business. on the repair as as don't think risk agree the with effects we

Just some going we time repairs I of going single a more I and as a is good. involved. from What so to to brakes, performing categories still checked, tires, last color. we a brakes, are batteries, are categories bit tell biggest perspective, electric little every basis that vehicles be far are wheels as we I to The assume daily feel give you one -- of have there of the under that the And on those alignment, if and right? car But going of less there, bit point over. not now. quickly part little penetration, works, make we other I to repair electrics time, switch And engines. out estimates don't hood of that's business don't a at fleet have existing the to huge the engine combustible course, the you obviously, subscribe of the same though, I electrical our would and that's existing vehicles tell how would right

for to that the are not to hundreds millions going got You've in here switch of next to require repairs to -- that a going the years. XX of cars multiple are U.S. XX

some then by They case, time. the And have Fashion or profiles. is perhaps, of to just capital and really of maybe helpful. kind some to extended elsewhere? capital the their quite Home best this maybe What those flattish to be, for at we segments better exit here perhaps patient growth here. waiting involved turnaround being the a tended the are exit picture there bigger it these mode, just in design, with up? point? that's That's the allocate been locked in decision you've guys those that some Or businesses then and or for Or opportunity? segments, a terms of more place whichever is simply this a playbook question are business, or or that Is In more look consciously others, being the made ones whether have you across businesses better perfect

constrained. good don't a it's not so I capital -- question. Yes, we're so

of not the it's it, reason I part for hold really at what how not segments. one being that's investment that not operated the smaller That saying, you're we because like, to that's we're maybe other of exactly look continue we So we because -- opportunities don't understand improvement. of still kind is making

do the and say, cost fact what we've Obviously, thing more that whatever of ton But long for So holding had businesses, that today them, acquisitions, opportunities, improvements, under is what evaluating, the lot be. can their value businesses, we're not value we them starting under create that where buying I are more for just always businesses the we I that I of will by we I opportunity that shown looked to we book by want create their mean, get we look, year. I goal the improving scenario may additional is price believe said, that's I I'm being mean, in cost not case value. we're the the we've XX think selling can time. would acquirer and to to years to have, I'm I one but do holding be, at I bunch something that create today may we with we're that our to the the allows and -- a don't potential less no, we under highest operational the times that. facing a selling a of long by There's sell of the think capital, of last structure, potential we're their value continuing under that could right? we future. of believe cost we're lead us, good whatever our it, just could synergistic And versus a tuck-on because Obviously, thought future a that do, would case restructurings, fair value we more. selling it do can still make and debt, If or term going over to the their like over managing -- think amount that, create a

did have actually terms Freeport-McMoran exposures the just whether was a it's final how least, segments, of guys through, of point. Funded, on even decent the through Understood, And maybe that's you your exposure, think Investment a And or you helpful. guys one commodities? amount question through then at have about at in commodities. Whether you it

exited guys have stuff to have you been for to more the guys is position. involved It seems that this you commodities point? everything of, what guys what, What you else? and time at think -- than I allocation just that have than determines perhaps relative kind that some segment in are

By just really way, exposure our think just it's to I and and not has name-by-name is just don't I out just be opportunity those time. basis, we want at to a because investment people I making Freeport-McMoran, clarify, to... think, commodities to to investment Yes, clear. the want the the decisions -- of are to

you or? right Okay. It Is just the threshold. was guys that under got X%

we respect Freeport with in oil I any would articulated want But commodities, basis, had when maybe or sounds it But that's case that do like I we in Yes, with yes, also the an general, and in significant But have say we've of that well, -- we've the exposure that it. stories producer correct. a name to case-by-case out like just as or read we because whatever gas is that it be. event not on to may haven't true. gains are paired actually

name-specific could companies be derisk things that the number We WTI, also movement. copper, be do we the operate put basket that price in of could at a in short that on a It to manage short be short of higher There's to some could in of hedges similar level. do risk. commodity

line of question the Freedman Your comes Warlander. from Jesse next from

questions just achieved be going the be there multiples Tropicana. forward environment. are current context would M&A marketplace. in like would balance the the the business for peak to the the in And One, Seems strategy sheet. regards one then being from the on of interested two second in in Just sellers current

the to know for do what would structure wanted Just think capital be optimal this company? you

day ago. or back our business, years Tropicana been capital it's seven obviously, record of has a into two They had they investment mean, of culmination with I paying Yes. to the filed XX-K dividends. strategy a and the -- to that off earnings is their continue

over management to M&A not casinos. opportunities, mismanaged, to far and does to synergies great M&A manage that other looking believe job valuations. so as And they've, -- support other on of good a at is are and could a for matter year pretty them. years, of constantly they they they've -- And say operating to the than happy we're acquire, a We are harvest management that they it's for casinos Look, as -- speak. in And just out to opportunities going them been that. that activity expect of XXXX comment a be I'm looked number

as the as of look imagine can something far reach you bankers we at, number investment capital out. As the it's that periodically structure,

debt evaluating now. we're the right We of so constantly on Tropicana not is that And structure. capital a ton there appreciate

in currently have queue. I more questions no

us, for good to results to and look talking Thanks, released. Okay. joining we'll day. are Have you first everybody, quarter after a forward

This concludes today's conference.

You disconnect. may now