Central Garden & Pet (CENT) 7 Feb 242024 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by. Welcome to the Central Garden & Pet First Quarter Fiscal 2024 Earnings Call. My name is Paul, and I will be your conference operator for today. [Operator Instructions] I would now like to turn the call over to Friederike Edelmann, Vice President, Investor Relations and Corporate Sustainability. Please go ahead.

everyone. afternoon, Good joining for Quarter XXXX Fiscal Thank Central's Call. Earnings you First President, are the Chief Interim Hanson, and on me Beth Financial Consumer J.D. call John Lahanas, With Nicholas today Springer Products; Officer; Chief Officer; Pet Executive President, Garden Consumer Walker, Products. key Beth these will detail. our more and Niko In a provide messages moment, will discuss in remarks, After the J.D. prepared join will Q&A. John for and the us

actual subject Before results could made during statements they all that forward-looking that from materially I begin, differ uncertainties call to would to are what you cause and like our to remind risks this we report risk information, shared new with today. range no these the Central We've update obligation reflect to subsequent SEC. described events factors forward-looking of in to statements publicly or our annual otherwise. the undertakes filed

materials a and related measures at press non-GAAP the release GAAP for on are contains this discussed call. and ir.central.com, available reconciliation Our

during against stated. unless growth call all same Lastly, year, this made prior in otherwise period comparisons the are the

the you during after If that, any please over And now me. out I further quarter, to hesitate with will time Beth? turn the have to Springer. to it reach questions call Beth or don't

Thank good you, everyone. Friederike, afternoon, and

call X me away our Let hope today. you'll the I from take begin themes with

solid fiscal moderating inflation. sales. and start. First, to our of and management saw to cost importantly, delivered off year margins share the we modestly earnings per is Most We net a $X.XX grew improving, thanks

pet and in our in and shares see e-commerce. across businesses distribution of points garden market total our channels. up Our growth pleased We're were tracked strong continued to particularly most

cost our and across progress improve to our by Second, footprint, simplify rationalizing structure. on our we're our efficiency journey portfolio multiyear our improving optimizing and making organization our business

benefits continue we cost program and from previously well off new on and focused as this to intensely kick are as initiatives We projects. implemented simplicity reap

the vast of in year balance a treasury working for continue and of of season guidance. are unchanged. that to our for a environment or hard the third, is the The the front are of and of Rest implementation Team members meet system. us, recent plant of to assured majority expect that management still is exceed outlook the an examples of Central on X,XXX fiscal enhanced live we facility year. us initiatives And challenging closure external all Some our garden

Looking who beyond confident the future. with the in Central and garden of remain and With pet will the first you share Home over long-term to me details. our quarter, it for competitive business, strategy, our we strengths make Niko, the turn the more to that, to investments we thoughtful of continue industries and vibrancy let Niko?

Beth. you, key results, the cost and everyone. cover year. I'll Good are quarter the simplicity our Thank afternoon, we first outlook details making on on strides Beth's of and our for our Expanding program themes,

million. prior control. Net we inflation. year, results. basis expense decreased by net to in net million. sales $XXX XX.X%. and grew of on was and our We've with QX improved loss successfully ago. compared sales management to as $XX a a the to was expense $XX million $X net was by X% on driven to our Let's moderating points driven basis operating million, of a laser in million Gross XX.X%, SG&A can line and cash start $XXX to income what increased rates. cost increased year, X% Consolidated and also cash, percentage The SG&A a million controlled of points SG&A percentage Net X%. X.X%. with Organic in by lower XX focus improved was $XXX increased million increased points driven focus $X.X sales to to of basis gross income million XXX our prior margin margin $X and profit as margin operating year cost gross and higher to resulting sales.Net by increase higher net balances compared interest The interest XX $XXX,XXX

to were a share small tax per for larger an $XX outsized quarter, $X.XX $X.XX. due standpoint, of share to loss earnings From loss we Our tax stock $XX Adjusted per realized million. benefit a compared compensation. million than the EBITDA compared our to was

line the range more as double-digit beds, small with to in an by I'll effective pet the to for spike, growth durables softness business, we which Pet. small in our wellness of declines wellness. $XXX across and points tax our and aquatics pet market declined in total was million animal sales provide we majority our [ similar segment business. some acquisition categories, continue. Pet health of In For dog Organic X% toys, color animal, headwinds declined TDPs the to or grew and TDBBS the and than and the reptile including segments, the distribution sales, now share pet year, our aquatics and XX% expect and offset in rate health bird we expect in XX%, starting on net to Underscoring ] COVID the in with of ownership exclude the X%. XXXX. X distribution health after durables

XXX lower grow XX% driven to year adjusted recently of Pet EBITDA Pet ago. implemented points Our by our initiatives Cost sales. a and million improved $XX compared now operating commercial segment e-commerce to our represents million, and segment business XX.X%, margin program operating pet was spend. $XX to XX% and approximately $XX Simplicity continues basis million income by improved under and to

impacted business, higher which Wild early EBITDA the Garden loss sold million sales grew compared controls channel by commercial by fertilizer, Garden sales breakeven million sales offset Unfavorable a X.X%, dilutive. to in distribution represented to sales to seeds. net segment a X% $X increased Garden driven Organic by and Garden, margin Recall now Turning segment was driven year grass was overhead and margin of recently absorption, improved Garden improved compared margin a weather ago. segment year spend. a adjusted to operating independent $XXX XX%. operating Bird. Garden we packet of of approximately loss $XX ago. to million X% favorable and million, and season gross that partially shipments segment Garden warmer $X negative was negatively

was While in it typically a year Garden quarter first the later. ending only prior ended favorable quarter first not Christmas year Eve. more of the sales. Garden represents our The on as quarter, year, timing had quarter annual for strong XX% is a week the indicative with we This performance

their business, our e-commerce versus gained our insecticides, earlier double small year. a our although retailers addition, building. share investments brand We anticipation have of it's season. prior in and In grew still the loading thanks select And digits stores insights grass, sales market in fertilizer and consumer been in Garden part of to

Now flows. moving balance sheet on the to and cash

and inventories year. our QX $XX for Net quarter pleased added million million $XXX compared the of used are an strength million cap million $XX ago, $XXX was cash by We XX% the the increase the TDBBS million acquisition. year end were compared million and build. Cash of despite a TDBBS $XX for of operations made million our inventory CapEx was after below $XX the decreasing prior with the to quarter, the ago. sheet to usual quarter for a working year first acquisition paying progress the we $XX from the cash at and by equivalents balance

bird, in of prior in goods. small $X.X Total graph [ This quarter, with and initiatives in year. line debt invested we ] productivity dog was billion and maintenance live and animal, cat,

quarter. to Our first end quarter end X.Xx within the in leverage target ago, ratio no under for Depreciation to quarter at range. prior was compared million at a million quarter. $XX facility was the X well compared the of had year amortization the the the credit borrowings our $XX year We of our and

During X.X of our the approximately shares XX,XXX quarter, million repurchased we stock. or

and program. on are the strides Now Cost some turning Simplicity our to of we making

We reminder, of a manufacturing, procurement, opportunities. largest see me from and series across the a highlights a optimization first we've identified As procurement share one as portfolio few logistics, the administrative projects costs.Let of quarter.

We to and of further the purchasing pallets, containers. have such projects items corrugates underway as centralize

and solutions for the our are procurement. software and to in in savings are best investing We with improving training lay practices groundwork future capabilities

warehousing Amarillo, the we in facility manufacturing outdoor greenhouse just Texas, of closed Following in Maryland. our live a closure and goods Burtonsville, cushion

In waste solutions and deploying addition, our yields. SKU we Pet are continue and reduce manufacturing across technology reduce increase our count to and to Garden businesses

result garden distribution center business, closed sale a recent Portland, facility. independent of our distribution Garden of the Oregon our we As

of Additionally, we are dog treat of acquisition chew integrating the and in company, TDBBS. the recent our initial stages

We are performance with thus their pleased far.

improve Lastly, We we'll forecasting costs, of we and multiyear are and implementing quarterly and efficiency returns. our system minimize journey to and improve streamline an management enhanced reduce costs treasury cash treasury on continue updates. expense our bank to provide simplify interest business and this to focused remain connectivity, reduce process, complexity

will we minimize our capabilities our scale leverage continuity Our the pipeline strong, business of and to projects company disruption across is and our deploy and prioritize to operations. to continue

past, be plenty the is goal will our growth with of of ahead to organic us. there opportunity acquisitions, As we supplement expect in and

from As Directors shareholder Class business, our in fiscal our share a And January receive to day the benefit one guidance to Board we the increase on held and February December, which common We Central in stock record Xth. gave class dividend-adjusted November. growth common for announced dividend objectives. Tomorrow, Trading on with is more the the our our to liquidity every of of A will a A outlook, liquidity will the approved flexibility believe basis 'XX Class stockholders will turning on unchanged the enhanced shares close shares begin each of X additional our date of X. in shares. after any at provide pursue finally,

non-GAAP $X or the expect to the to EPS year better, or continue for dividend. of non-GAAP better EPS of We translating after $X.XX stock

year, of pressures and the commodity in challenging cost businesses, key retailers. number a foot certain in For traffic a categories with consumption of environment softer assume remainder we lower fiscal in deflationary the

modest headwinds. includes help to pricing outlook Our mitigate inflationary carryover

pressure we've work to value put is inventories, margins. to cost job While taking time The more an as of we excellent through to lower on-hand continue inventory on the done realize managing continue inventory. higher high-cost benefit

both maintenance mostly and $XX Additionally, expectation for segments, CapEx by across productivity at initiatives. our unchanged driven about remains million

This belief facility, deliberate we in the our Central of consumer near we growth the pet on reflects strategy term, and great year, in Garden. strong both from Cost guidance and our continue acquisition acquisition agenda. on take supporting to integration process. the we'll open of are of investments that, initial Our the Central, the also our always our The like Home available and In restructuring more for trends or program. stages margin in the to competitive amount in the credit activities Simplicity impact the the targets growth given outlook Pet And recent long-term excludes garden growth any our to the during a Thanks cost including we're strength for the lookout focus projects to industries. under TDBBS and impact outlook questions. excludes and position on and in with undertaken financial to any the and accretive acquisitions line approach still cash, we'd our potential and will

you. Thank

will first Chappell Securities. We question-and-answer session. Instructions] question [Operator be Our now conducting with is Truist Bill from a

I is into year. of we the the especially December the on I not the to everything a garden quarter, had go to was But ordering more said I that's just quarter some trend you of know earlier I just-in-time garden bit in more and thought the of largely full the retailers, little side. categories, there and for wanted season. some talk kind been mean -- indicative shipments as

is to that Or time great. expect tightening So, of closer would loosening orders any -- be can it that any give you different? is Or on even you of kind sale? more color of

Bill, it's J.D.

just think week saw Last our year, definitely script we we in time. moving ended too the early in that later. not. to mentioned closer orders if determine This this trend I long-term or a consumption a year, it's to quarter is

That it helped -- season. of really it year, was shipments, start to retailers the with Christmas XX/XX. week week later, load the the stores this before last just So year, anticipation a in after ended

did to it our that, I a or know couple and not long-term impacted We move of be And retailers select trend sales that's that And forward. for but shipments retailers did, going a all also quarter. don't key couple of not. a their saw the retailers decide to

it. Got

the So, or set the year say for DIY now of in to you start out up general, season? the enthusiasm think where mixed would How we've retailers do heard -- anyways. kind looking the right you they're upcoming of results

were lawn into they're the right footsteps for all all lot better that say season. that the signaling during they're and much Obviously, they're inventory saying Bill, drives they they're store things. a ago. in eager this Well, than garden a year a I'd position the the and year spring, of

looking they're bit This with to was never weather that a an the the a saying that Last are the of back backing year inventories heavier fully to engagement forward lot So, will. the about do track, if a get I upcoming excited on lot and anomaly I believe season from year as forward up. to they're you actions more And season And promotional they're customer. more think the that their season. activity, we're We're seeing well. looking cooperated.

I point. at this So, we're optimistic think cautiously

And it. Pet, the you saw just or consumer that of bleed over bad in terms on just destocking of seeing or Pet would mean, trends, the down a the other durable Bill, in Got as XQ. just we Pets? trade of Are 'XX, any durable you term segments into of concern, overall then sound we move into switching pet to overall that certainly I especially about some of for demand

XX% consumables category is and John. pet Yes, the for ownership is is durables. consumables we in we're keep Bill, that's market us approximately and and category, in double-digit And is XX% the both what seeing good durables, share taking With the softening we the XX:XX. this our COVID durables. from news mentioned, And in is mind, we're run in durables, of business, declines place biggest highs. The

category So, in wouldn't trade compete, seen as But say in good se. we the But -- seeing per I wouldn't the we feel well. moderating categories about I consumables some We're down that. remain we've does soft. a growth

question. proceed Thomas next Capital Our Brad with KeyBanc is from Markets. question with your Please

ahead here. season was if you think I wondering the to some may just months backdrop give backdrop wanted color promotional about selling the with J.D., things spring how you about could and And I here? affecting us competitive all-important up follow be about as the

promotional I'd it's Sure. the Brad, good we -- I'd clarity future. of competitive don't feel we about have say for terms the it. environment -- that the that aspect the in of competitive of say some

environment, share I we if years. engaged told that think aspects what bringing We're cautious It's the year.But right? we a That's Weather getting all and are we're so taking tough don't very promotional. approach a are of on. more uncontrollables So, why setting we're our that, X stores, stores, customers But there. customers measured we've going weather the to approach, I us, are I Bill, in had as causal think good loading as customers. controllable Everything it so terms in inventory retail feel in controllable availability, seeing we to, is them we about you feel a fair the seeing can about hear of product lot know our we more activity, of be to control all They translate will. expected not front we're the the promotional the competitive good of that about. yet. factors, the I but about, chatter

right of to in time. front to is do react. us. still think we'll will hand expanded I their us, share, front in distribution We we'll still year. And react defend that's -- at certainly in completely tipping good share to think But this season this approach shelf of as anyone of don't about defend now, our be point needed our is the feel and that I

So, of our year-over-year. have points distribution grown

lot a there's about to in and with right us. we like now sit the front where of season So, still

just margin think is the for year? terms timing inventory think hear. thinking how the longer. gross Or to taking margin Niko, of a cost as the anything gross bit different selling just But higher the Niko. about there year? of through about you the great you're for mentioned That's some timing for within And little to in of about is follow-up we year, a this

it's more timing. Yes,

overall. for the year feeling I still good think gross about margin we're

other along to into too. to The account, our and going we're Cost continue program, take Simplicity thing

So, continuing that take to And cost we're out. help. should

in one you biggest If and drivers definitely initiatives as look terms last then at was of margin moderating the of the this quarter, inflation our expanding cost-out helped well.

is question next Crespi with Monness & from Hardt. Our Jim Chartier

it trended by business, behind POS about key what talk the first are them? just you how Could drivers and

mean is can This start. John, Sure. I Jim. I

pet On similar pretty the turned shipments. POS side, to

significantly durable on pretty POS again, declines that's good Our Consumables Pet in were, right? And where solid. place. was pretty the inventory the -- is held are side the

the And down for the side, Garden POS Jim, was slightly on quarter.

of a different most Now competitors. than little our portfolio our is

We referenced QX. usually and our in wild feed, bird that a wild impacted that in drives the have wild big Niko our The weather business, business bird unfavorable script business. bird

of single So POS all that businesses. POS our was other digits quarter you on wild consumption off. or out mid to the factor high if our up was bird, for

Great. And just the process are guidance of have to savings kind embedded or impact quantify what you from the to in your savings the then, expected this implemented? implemented of initiatives are been that year, is Niko, or way cost-out of understand kind the in of being already any kind trying there for the that of initiatives

stick to to before, with going said what going we updates. We're No. Jim. We're give quarterly

these many in cases, think take I things time.

lapalize initiatives. have we ] So, to [

So to timing role, too. play is going a

really of us going to these on things at hard once. quantify all So for

to out going Rather, initiatives, behind costs forecast we'd focus to to you cost wrong. on we I'm sort a a want be giving did we on actually not similar focus what year the we're sure we're on So, ago. those doing yearly of and what pretty because

with Our Bob Securities. CJS next is question from Labick

Lucas for Bob. It's [ ] Keith

covered questions a lot here. my of You

here, are a year? year last somewhat pricing thinking you're demand? this what for Just business sticking could you higher in are think you the going on pricing kind drive or to or lower with do thoughts versus Or the of of Garden terms -- back season? And it seeing expecting you your what

-- our where promotional of bigger some will store have the categories, on drops into the commodity-driven concessions have is it some we're to promotional. I'll our and footsteps on made to well. more we've savings in categories. to much of the -- that's retailers, the Commodities consumer. seeing And drive as seen but The not think in I either. a fairly we're they're that made pricing, We've passing being take categories. year passing or that the X say escalating general, on This in one concessions dramatic consumers. business. pricing we consumption turn, not J.D. pricing softened. certainly some more we're some ultimately some the was is seeing like that we've Yes. stable where what so more here I'd opportunity the across categories, We're But In

for then helpful. just more one me. Very And

the outlook, mentioned Is that new lots think about M&A that seeing Or pursuing term? of that prepared for terms waiting you In still we the of kind of think I the should Or CEO? is opportunity. actively for in you're remarks now? something how that a near

all No. on M&A. We're in

ago, had turnover group, again activity. resources and few just In point once best months acquisition some did really think to proof that leadership interim as And the a fact, we I have adding we in we're a CEO. under and TDBBS you pursue that

CEO want, down. the in So, as not CEO, supplement pursuing with -- a I initiative will M&A what or remarks, we're us not call important, want growth robust We're that it's prepared slow mentioned you having then a activity. organically some permanent grow to because that aggressively and it we

of from Reuter Our America. next with question is William Bank

I have a couple.

that prices are based Wild spending upon not you is feed just the some on in birds So level? being being Or upon really and weather high. think weak willing do some consumers consumer of think was down, this you based first, when terms do Bird to

this is driven that say I'd by J.D. it completely was weather. William, almost

exiting It's of us best of the snow that the one best in months performed pandemic. wasn't when that was saw the been for of in great our period it when throughout winter consumer Bird couple categories, as -- we performs strong years categories when penetration as the business Wild last the that cover the ground. over there's on So household has during categories, actually time. the there's some

a to weather. of It it had it's the the unfavorable result economy. almost -- think entirely don't I So, had was with do

up then had away. right bird. saw JD's POS we And got January, pick to in we when quarter remarks, the in freeze Arctic soft On a first the Wild we

the so, food. Wild the Bird consumer run saw in you buy snow ground the on to And and the

Got lawn participate. it. me garden inventories happen continues wasn't then good That's -- on all that or in clear categories or is you if shape terms go of helpful. destocking any to are there to destocking there Are continues and in channels? in which to the in that any it there -- And pet in entirely more across is

will Well, It's Are destocking the and speaking all But overall, perfect for Garden, levels there good stores continued I'd are in I'd it large, across now. They can't the country. where by that a we're in good say be say, inventory bit there shape. lumpy. some where pockets little get we feel about pockets?

similar. very may And in pockets, very the be side, scale. Pet small very some shape. inventories small. that on Yes. We -- retailer There but it's feel good are -- it's

Got it. lastly then just me. And for

have the have where the that that heard the excess given you in believe of to to I think the reality? returning expectations in be businesses traded, those hoping in public their I achieve space are Or Do valuations that think to public equities pet private are sale valuations case? of are markets. companies continues their most

bag. It's a It on mixed the categories. depends

does almost a you're lot higher I going premium technology, the proprietary IP typically, public barriers so entry, private like of it's But see to you private what down, markets you seen -- a yes, that if you where higher pay -- markets follow on market type the any got And going when we've come So, the of you've then business have on. those. more the mean, typically follow. always is public

valuation. of think seen feel the cat, can in those consumer think we've and pretty Pet be I terms I space, But nice multiples, pet multiples think yes, acquisition about expect of We slowdown our the last particularly on a to that. said, So, in high. you That dog side. on no job I we did great higher in the terms

with next Our question Teixeira is Andrea JPMorgan. from

thinking some reinvestment don't to through that you're of but cost-out of go want precise buckets year initiatives. of numbers, what elaborate bit some as if on hoping was understand they the more will if sense you the I'm to budgeting get the through. those sources can And just Operator, I your And I improvement X%, print fine I then that, division, TDBBS point trying to to contributed we the total on I XX-basis I that that's correct? is about if here, the of the just if did math was bridge correctly, a if believe just on to you related those expenses? think margin. accelerate little are acquisition? in as I sales, that give organic, guess, a acquisition or

let Well, me the beginning. first, at start

program. we've X So, drill got the and primary Cost got We've Simplicity sites.

it's costs. optimization then year, manufacturing, that So, and We kind it. we procurement, about logistics, portfolio admin kicked Last talked off. of

sale with initiatives terms updates You've going And in several what doing. then distribution and we're greenhouse that going of as talked independent a last facility the as the 'XX. year's that end give had we're of tail about of here over continue quarterly garden sort that year. happen Again, seen we're to shut to 'XX quarter we on of into this We well business. down a distribution last was garden

to more come So there.

have terms the inherit a purchase to we inventory, because or we driven on the margin of you, In to accounting drag that TDBBS go initiatives by as as moderating up. largely cost expansion I'd quarter, mark was it we actually have when last our this accretion margin there inflation. tell through well

actually it much us did or at help all. So, not

In fact, drag. it was a

So, on margin.

on minimis effect de as top as line had well. far a As the line, it top

the So, impact not it a huge by far acquisition. was so

Please with with Hale question your proceed Barclays. next is from Our Holden question.

X. had I

the You mentioned spring distribution the said that for public season. And morning. in primary you Garden gained segment competitor your share that's this what actually upcoming

So, share, I or the just are I losing partners is or alternative. guess, it's was retail sets that different potentially this is spring category wondering your if expanding you other categories somebody the think

Yes.

I in hear this but about share speak and not insecticides. know we also fertilizers we in will J.D. that Hale, grew tell I them tracked did grass data, well. So we packet specific is heard you share seeds. as and seed while categories, that grew syndicated it's by that And I not

categories, share, didn't So, will we in good a claim category, you it. tell I but hear took those about else anyone that feel I we

Okay.

you had watching quarter risk X changed question in I'm consumer down [ pretty ] how Fed question, how of out? are And there? there's of terms I still or do sensing out the second fiscal like you're The the in turned you sounding hasn't some ] some your a at think the given [ there's was a to reluctance underwriting full outlook asking and consumers that is year. conservatism Or

Well, taking attitude. we're a of more wait-and-see

our after If X years, if being at about more guide bit we row. November, we our rewind you our look little guide. years a a conservative you miss And last talked to did in outlook missing X in

garden So, I see weather plays to the how plays think want out. the we out, how season

good. QX We I the signs, great the we think a about feel feel early business. came into solid start.

Balance X sheet I think categories Garden. shape. great is and expanded margin. in in we Pet We like market share took across

to good really about about that time. get real play happens, enthusiastic to feel the before of just overly we're out see We we a little So, kind remiss business. consumer. need it And the

point. that on building just Niko, And

the said season in You script, the QX. in garden XX% of

going celebrate feel to too about good do of of are not we're we the in where early, we but right So, front us, XX% year now.

Yes.

Our next Jefferies. from Karru with is question Martinson

that that higher headwinds front, that, benefit it that will that benefits the tying of -- had that some do through the through you was referenced And and get get to we year? for How given value this working on capital of it think working take would year should that the kind this what you we us inventory. long about feel into

Yes.

So little a extremely out bit. play this that's businesses 'XX going great question. few a that through year got to think long and are that even We've on we inventory, and into

last cap, working as We're As into far that we inventory a that. cash. going did to do to year continue job of great converting

done not is business. as as working aspect really work of Our far that the

cash flow this well. nice a year free number we're So, expecting as

done. is work not So

from anywhere million think that inventory of we to $XX this can $XXX throughout I million lower year.

Our next Kopla JPMorgan. question ] [ is with Michael from

making to fair you versus that be of some getting think promotions there? One of we may that that attractively if the competitors thing you is share stacks about ask was out that how of and kind guys you that pretty the up priced product that see wanted your are

here. again J.D. Michael,

I'd our So, for they're know the -- to strong said very all good We tell. a earlier, from of standpoint. feel second Like to half very it's we we've promotional year. They've the what that do signaled secured I don't say going a early year. promotional support about from

the in I that that. based a to So, we'll react the to been But hands get feel But positioned. couple years, support the on stores. well execution way difficult just going tipped feel and in haven't into into lot conclusions. things that we'll great display like it, has last say fully strong draw think the like of promotional as to any terms like their season. the I'd market in they We of have and we're pricing, we've got of we have promotional we

with early are still, in we away. Here season the XX say, February days

There I'd back are for Friederike further hand no comments. over like time. closing at to this Edelmann questions the floor to

for today. Thanks, our call everyone, joining

Our the answer Thank have a may good day. you of questions any have. IR available and to team you, is rest

concludes conference. today's This

your disconnect you Thank your participation. may You time. lines for at this