UFP Industries (UFPI) 30 Apr 242024 Q1 Earnings call transcript

Good day, and welcome to the Q1 2024 UFP Industries Inc. Earnings Conference Call and Webcast. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Mr. Dick Gauthier, Vice President of Investor Relations. Please go ahead, sir.

Quarter Call First UFP the to XXXX for Conference Industries. Welcome Matt call CFO, today the Missad; are Hosting CEO, and Mike Cole. Matt and then for offer prepared will will open questions. and be the Mike call remarks, available simultaneously news and our This conference through call in entirety interested media to ufpi.com. at its webcast investors all is at A available that will replay be website. also

Litigation the include results me differ factors Reform risks the with today's press that projections. those but I the Exchange over and call you actual These in cause XXXX. could the turn of and expectations uncertainties not company's defined are from identified to and and Act remind in that Securities forward-looking presentation statements Before risks Private to as include, Securities Matt filings Missad, and let subject to in statements Commission. materially release the are to, the press limited These and uncertainties release

now over turn to I call Missad. Matt the will

our you and Dick, you, Thank joining good XXXX everyone. Thank investor call. for first morning, quarter

first and team I'm line with results. proud with delivering quarter expectations, the strong our dealing well for in of was The and uncertainty still generally

by The said, into the year. clear it have indicators the conflicting to have economists insight economic forecasts. remains and the of That blurred balance difficult forecast ability various confident to make

balanced Johnny improve. our So plan, and and our execute ] rather rely the to our wait will for experience continue to Nash to UFP we than model [ bring team continue some clarity, on business will to

per $X.XX. sales the to and lumber quarter. picture for of EPS level billion for a quarter market, due will nonrecurring benefit review $X.XX of lower above includes the aided the Net earnings net net lower tax Mike expectations, financial by sales down was demand of overall a While details, while were and the share

and future Due optimism consolidate executing while strength capacity in investing operating slower long-term our to with still we to demand, and and implement short efficiency excess plans vision. the to growth are improve costs to in term, the

discuss of a in those will We some improvements few moments.

the segments. let's a First, Retail at look Solutions. take

manufacturer, the DIY consumer sales self-distributor, saw value-added products bottom Overall, a the provide Retail seller our lower As and results. as line as contractor. professional but well solutions better for

in Sunbelt a unit strong units year large expect saw both ago, we Our from to line forecast unit of the the declines big ProWood with and the from and quarter and box volumes be in independents. adjusted year balance

the the The marketing Deckorators heavily again, with substrate. to continues product line technology, investing and we industry-leading believe which is Once promote brand Surestone unit grow will to increases in quarter. be modest patented drive and this awareness composite Deckorators best

And enable in we capacity which product products increased using will increases addition drive us spend, to technology. have to development to additional new our the Surestone use planned marketing,

the third-party in quarter, year. The an UFP-Edge we Trim will we added growth -- products Siding, additional distribution which and which in expect the more will drive Pattern later

The repair rebound and XXXX. also a balance year-over-year remodel demand of XXXX indices in for in revised reduction various predict mid-single-digit the unit the range. a and The forecast XXXX for indicates

in both increases expectations Site Built have Site mortgage particularly multifamily in Factory around in business With somewhat, to Construction Business Built the the X% units. by growth in steadily been range, and was segment the the X.XX% Built led tempered strong, the sector. rates

well March while starts down starts to the were from above starts slightly target, that starts in While were the below target. slightly to February are million in projected XXXX, XXXX up housing X.XXX annual be actual

it markets Some predictions year-over-year, swings conditions weather does but in the the are different attributable of make difficult. to

the showed space. market Built strong as unit captured improvement signs in cargo RV the sales Factory of and team increased, and share

this grow aftermarket both drive products. sales products and OEM recognized need faster more the and to have We area of

brand, Factory Recreate generate for Built transition to of revenue third of and XX-year will President under planning beginning Jonathan West, Built, and teammate Factory quarter role National succession and the talented our quickly new and Vice current more to the of in new highly Executive Innovation XXXX. part the a important As the as from Sales respected of products Head

XX-year services. veteran with relationships a and we by drive our will the more this markets in changes of President products Executive the serve, Vice partner add the Eastin, customers commitment business to Chad outstanding value to be continue to throughout best unit XX. our These September and role for our assume underscore

XX have would consumer been below In runways. by for been expectations expectations softness managers many year for the March, index demand the the higher purchasing tempered muted. The continued longer which suggest rates and Packaging segment, have end of in for dropped demand interest in the

to am pleased ability offense ability consistently remain team's adjust efficiencies. with on I capacity, have the and conditions internal results. the to They and to to manufacturing provide market evaluated better create costs However,

equipment same footprint. automated in produce enabled and operating demand in more the investments Recent with forecasts, to facilities changes, coupled have

the we X of QX, cost by million. savings at As XXXX consolidate annual end to expected a plan facilities in $X result, estimated with

possible areas In paths addition, we consolidation other facilities four are analyzing to an market alternative for or by and additional product year-end.

to increasing to considerations teams on customers. aggressively in for for seeking that Balancing clear the new also analysis protecting a customers locations. value-added these transportation our while are cost and our costs sales is share it financial opportunities path side, key the market and note With are important accounts, the service

may for be economic there strong. While UFP very the challenges, Packaging short-term outlook remains long-term

invest packaging our in global We goal acquisition becoming and of innovation to to a automation, provider. advance solutions continue will

Some interest in and our products. new focus items of departments areas are

products lower definition and million. products. of $XXX products a and target the for annual on to sales level into account We meet services the product the of quarter -- million quarter, value-added Through takes target. for track we XXXX were New expected lumber first set the for the more market $XXX new the are to drive of first lumber-related enhanced

the purchasing level of the significant in still the more expected capacity no on way, are with area, In lumber more and market. online the moves

production mills to mills less efficient by demand, We match supply will at rather offline that their margins. market erode to the further expect manage than taking side the

Demand On fuel the competitive, industry, transportation lower side, higher have and the become insurance a including is level. for at have costs, transportation transportation increased. costs more while albeit

spite finding be in demand, of challenging. So continues still to qualified lower drivers

human us and capital continue see we the help to our side, to grow team. strengthen On applicants to quality

While from [ December. UX low, unemployment end the [ for accurate of UX ] at headline data was rate seems up unemployment the ] the X.X%, more March X%

than full jobs year. weather half in and added with construction An this and part-time those to due estimated XX,XXX of in were milder XXX,XXX government. part March, nonprofits in in more were added

Compensation drive all and minimum rates other inflationary continue manufacturing and goods benefits remained rates pressure higher and wage rising Jobs rise. unchanged. climb, costs services fuel for to as as wage and

profit. incentive As counter drive improvements faster. When increases, to to our reduced, encourages profits these plans are are in reflect incentives down, our team achievers turn pre-bonus automatically operating which adjust of to compensation high

areas: our organic capital via capital shareholders. aggressively in on three growth, growth, we and pursue returns centered future to our plan investment the our product M&A our allocation new On side, runways. technology or will Whether in providing strong

Acquisitions have been more challenging.

we priced we maintain begun unable However, reasonably the have we target acquire if to expand. our are targets, grow organically. will philosophy that pipelines acquisition to And

last capital on organic growth few increased growth, spending the have years. over greenfield We including

projects. We expect to for $XXX XXXX these million authorize in

spent to on research another product investments, $XXX increases, capacity expect and new and technology million We innovation. be development

shareholders million per shareholders, Board $XX of and payable shares share stock share have of have June record to And our still as XXXX. for declared in our repurchased plan, returns $X.XX strong remaining million. dividend XX, of ensure repurchase week, of authorization. the we It's a XXXX, on June our as repurchase of X, to last $XX XXX,XXX on And

pursuing are investment. are very for growth we strategies our shares future, we are confident that though Even good the a long-term

can of consumer in a Those current of are types. outlook In to floating. we and different doing the macro future have items, outlook our of are two summarize demand economy other the the retail sustain the businesses the well levels These kept would purchases. current all making that bulk be purchasers tale

whose decimated transportation allowing the and strategies I breath energy I hold energy, will and business, the suggestions, we reducing our so costs resources work, have basic won't education could and improve providing cost to shareholders. and value endorse for if food. on markets necessities those for we drive and such would my my lower by due could We limited demand been as housing, high as create relief our to impacts inflationary execute of reducing costs such to to waiting inflation adoption continue unnecessary regulations. provide our

I'd Now Cole the to to to Mike financial like turn review information. it over

Thank you, Matt.

units. largely drop a sales sales and in consolidated quarter billion, in $X.XX reduction drop by just pricing to certain while decline in included more resulted in lumber unit selling Our selling a competitive driven X%. prices The prices, declined X% a business by this from in XX% results

of to well up demand held sales a model. balanced our in of business due unit quarter overall strength environment challenging spite Our this more the

that adjusted XX.X% report to historical levels XX to adjusted cycle to to EBITDA XX%. I While days from the from and our was and improved dropped working QX million demands. to our last sequentially EBITDA net remained reduced our seasonal to million, pleased which pleased also $XXX margin a see in year, well quarter XX we're cash contributed in this in in improved above year used has our capital operations capital improvement days investment $XX working cash

our Our of at about weighted invested nearly historically Xx return remains XX-month on levels cost at also high capital trailing XX%, capital. average

strong with repurchases share our year. a and this cash $XXX surplus this and remains dividends million our increased net $XXX significantly compared sheet year, year balance We've million last to of

of prices, Sales product segment dropped other with X% and of in soft a sales selling The big retailers due a in $XXX to due conservative of an unit million, drop decline a box segments our X% transfers and inventory Moving certain more decline our segments. with to positioning. in X% decline X% was in decline on consisting and customers demand comprised Retail to sales. to volume in XX% to X% decline volume unit independent a

to in which unit, gain a X% by products, decking unit experienced we and that business unit offset and partially was decline sales experience railing ProWood demand. solid X% Deckorators of continues our a By

overall the million business a SKU our increase demand driven each improvements a quarter, and retail better in of and profits to of volumes sales inventory in units. lower operating pleased of spite in we're variety including the rationalization by factors, for In gross management, report our segment, $X

improved also expenses million, as flat. were $X profits Operating SG&A by

an a segment XX% Moving prices in the partially a on million, of of decline from decrease selling consisting $XXX and XX% result X% in retail. X% in increase Sales a offset this by to transfer units, as Packaging. to dropped

couple be of mentioned last we contributed pricing. that's to competitive demand the continues to As quarters, over customer and more soft,

of the QX. year-over-year profits for gross in dropped the result by As but improvement profit quarter, these factors, $XX sequential since we're gross sales a by encouraged million and

profits operating $XX was SG&A gross the to declined in compensation Consequently, profit million. million decline in by Packaging from incentive segment year-over-year a offset $XX The in resulting $XX an in by million drop expenses. decrease

Turning an volume this was Site XX%, to to improvement our Construction. a selling flat as Factory were transfer X% of was offset units decline Sales and Retail. which the unit, in our XX%. from in gain increased X% as segment Built prices result by increase a $XXX and which the XX% of due Built in in The million, increased unit, at

Factory year-over-year and year-to-date, home business and in starts December Comparatively, were commercial declines concrete XX%. national our housing increased from shipments to increased X%, volume offset increases by February forming These units. Built

primarily overall in I the the concrete for mentioned, business our a profits million million a quarter. combined reduction SG&A, $X our with along $XX in unit $X resulted and for gross with When in million by $X increase the Site decline declined declines to in Built quarter. selling operating forming experienced was which, in profits prices units, The million our

focus grow to As on this executing we value-added our with through continues products. our strategies cycle, to each manage portfolio segment

value-added X.X% year-to-date to XX% improved sales product sales ratio this also improved to of sales ratio our Our total year. of year. to to slightly total sales And new this slightly

execute also structure of as long-term relative resources demand, in cost while ensure sized needed this is our we strategies. mindful our We're still to to the appropriately the company environment providing

incentives, and by lower in $X wages lower plan benefit last on and year, quarter the by sales primarily costs. expenses SG&A base higher offset bonus came driven than were and for Our million

our statement. to on Moving cash flow

flow compared to cash in $XX last Our $XX year. operations million used was million

cycle, increase improvement $XX QX. seasonal to lumber last into As capital, lower a working prices which experienced is which QX in million investment volumes net capital. improvement due flow all net in in converted reminder, QX in and working and cash a and QX, year over reduced an The of we was in cash our our in

XX% cycle, Our as days improvement due cash improvement current days decreased cycle construction a and XX receivable to in last this to segment. days from of our our year year remain to a XX healthy our our receivables a in due supply inventory X-day X-day

investing expenditures. included Our $XX million in capital activities

million $XXX for requests we to is our the $XXX approved to million, pipeline and support million year we've target $XXX million evaluation another projects as Our of invest our to $XXX for with strategy. long-term continue of already growth in

investments expansionary businesses, geographic a capital areas: expanding to key higher-margin and automation. our value-added and are primarily reminder, manufacture on efficiencies through As our focused new core expansion and achieving products, capacity three

activities included $XX million financing and capital shareholders share $XX returning our to million repurchases. through almost of of Finally, dividends

Turning to our capital structure and resources.

availability to nearly billion, continue lending in last was liquidity to consists long-term $X.X $XXX billion $X total excess with compared cash sheet, debt in a cash have our We $XXX strong more and billion balance agreements. of in year. $X.X million of than surplus under of million which And

we return-driven allocation, to share and M&A. capital dividends, plan continue buybacks, between to capital balanced With approach to pursue and a investments respect

the organic higher As allocation in and for drive that capital growth and to priority returns. past, we've margins highest results inorganic our is discussed in

strategy to back Our continuing compensation continue in includes buy when plans. opportunistically trading grow stock with discounted stock from more also growth it's our and our dilution at cash a We'll repurchase free offset share-based line to flow dividends to value. our

to under repurchase of the of price approved We Board worth ago. a recently, in have our last June, increase representing offsetting end of Most XXXX. average XXX,XXX July repurchased authorization have the stock XX% a our to rate week, share of XXX,XXX paid Through $XXX.XX, million $X.XX currently from dividend quarterly end a an remaining shares, the year through the at a we paid of $XX plans. compensation of shares stock issuance be

to We higher-margin growth in XXXX. Expansionary we of million compared elevated continue on $XXX million margin our result we of As our this a see, we at to invest range million million expected approximately in investments growth improvement segments. the total of capital $XXX are $XXX and an mentioned total. each to and estimated XXXX $XXX to this comprise to last capitalize to as automation plan expenditures to to million $XXX level plan quarter, capital we opportunities of increase to opportunities the meaningfully in see

is opportunities in Finally, we more strong continue to growth our pipeline, providing a while are pursue M&A return a pipeline higher-margin Recently, strategic of activity and that seen potential. fit, which encouraging. we've

to aren't But is reminder, present M&A. first aren't appropriate, to growth. our through a As greenfield priority grow or valuations if the pivot we'll opportunities

finish year. about for of I'll year see with half year-over-year the in more we'll cautiously for year, up more improvements demand outlook we're soft comparisons. optimistic will the experiencing our most currently comments favorable of and pricing rest the the the We believe beginning to back continue of we're due the but competitive

of the outlook economy, on Our health dependent is of trajectory heavily the including interest the rates.

now continue prudent, than market By multifamily. in softer anticipated, a demand We're for and we that planning based year, flat on in we total in offset for by starts with declines segment, Retail a originally to last with Packaging, housing significant but we plan in think, are conditions. current starts, single-family increase decrease essentially mid-single-digit

in manage remain term, So invest we growth short properly continue opportunities. capitalize margin those in to long-term mixed while we our through position potential, conditions the the on and to company and to confident

financials, That's all I in Matt. the have

Thank you, Mike.

that open it like to I'd for questions may have. you up any Now

from with Ketan come will our And Mamtora question the Instructions] Capital BMO Markets. first [Operator line of

question, that Deckorators, I up yet about up the were Dick, Matt, with Mike sales first X%, XX%. and talked perhaps volumes you saw starting

more just give mix? it price? it's little So that? the bit color on Can a Is balance you

Yes, it's both.

it's the product product than point WPC getting as and the increase. price, a rates, Surestone obviously, to unit we that's higher And where at the to comes that growth increase as the almost and the have large sell. think it's caused higher I continues strong sales

complete the total or plus Got decking it. And in Surestone, the the how this Deckorators, is WPC XXXX? both the big at piece, point

with It's higher $XXX $XX the the I'm about composite. decking sorry, total? the mineral-based repeat can million, being maybe WPC that, than you million

see. I

both little that Is a fair? together. $XXX over million, So put

put No. together. million It's $XXX both

Oh, I see. Got it.

Okay.

me, about I that $XXX products number. with top decking, sell in that's $XXX by it other on Railing to That's now along of of the million we way. have the front Deckorators. through is but don't million. just the

Understood. just you the outlook in of know, Mike, switching that curious, pallet right And side? on about terms I Packaging on pressure. specifically in structural now the your side, on competitive what comments, then packaging both side, sort pricing Packaging. to I'm talked pressure price just the seeing you are of

The soft. and is reach worse months And we think anecdotally, think the I like Yes. market we of case. volume more that's getting a half any feels released, still standpoint. pricing feel from we were -- we when the we mentioned It year, are think a things ago that doesn't a of couple first hopeful like it the bottom. We a

waiting And so now be for turn. we'll things to

question. our for Guillaume with of line Sidoti. come next Stephan from moment that One the And will

All do affecting right. thoughts the state to industry? stability? a prices you the Like construction reaching the segment how far trend project before Any by pricing on within of decline

Yes.

a the we think if at construction today. what and the think I more kind of I call what seeing overall pricing consider is I'd market, we metrics, normalized now of you're view kind look

came where we higher in be tended of conditions. I a the lot change Lumber to down the don't versus given expect think of terms to year relative was we state. ago in a year a pricing, market market are It ago. current

built-in repurchased. that some were jobs there So were

opinion, level, with will is levels. much at it off to a where pricing situation anyway, Now probably the my the being be going demand It more differences. in has, current the leveled market drive has

All right.

report sales investment. environment? strategy context the year you challenging relative us your in of or a next so, to outline How for over you to SG&A Focusing in the incremental managing on SG&A, especially would could expenses

day. SG&A one tends have, think on every we built-in things variable at, be good credit very think I of mentioned, of safeguards of leaders give are costs who And for our running to and I And with that the cost a large we're some operations. Sure. compensation, focus all tons us. They to I very, which as respect to I incentive item our

So automatically managed. that's

incentive profitability if is is So lower. lower, compensation

lose. us indicated, I of to as likes none And

we winning. we're So sure want make to

on growing. those motivated also we're trends more them in to So costs a as highly And driving we're a when are keep to direction. downward manage downward cap efficiencies to SG&A keep

take We are SG&A drive we about new going the in more hiring all very day-to-day And not that terms marketing, our items, facility job innovation that. all And products talked making that terrific which because and have personnel discussed, several that's consistently to of and counts, looking a the investments rather on a teams we close basis. of things. on is at at But think look manage a event-driven looking which I We we those at the time. believe in goal but side, in value much to future. consolidations, do our

next our Benchmark. of for And Garner with line that the moment question. Reuben will from One come

first, said guess, dramatically would basis? I a about, construction on about something that pricing. kind multifamily that side have of the you Were pricing. changed I comments on of think year-over-year a your clarification, So business your Was Matt, locked in

think I Reuben. so, Yes,

lead you time. know, a multifamily I think as longer have projects

actually sooner on of And so get required there's projects. we're those types -- inventory to

So the expansion declining, a obviously, market where and creates for it's that margin. in of opportunity high then

think months, to release. don't change Retail and meaningful if independent specific I then And was referenced pretty your the Got outlook retailers or side, positioning the you more from your the a box press I that conservative inventory customers. couple in big on in know it. in of a

rebound seeing it's some color doesn't you're Or like fruition the hearing? Is any to of this to color More you that look or in But destocking? an just earlier on this come sort going year what there? were expecting at ongoing there point?

happening. because to question. optimism expecting to half a great significantly And second That down year would the what better be be a the, little that's point is were was come Fed. to we the call from rate interest bit doesn't to appear it, reasonable of I Yes, going the I'll that

the single that's largest issue. So

looking think a we're to rate customers. talking reflecting the we the just are our ago from seeing. of a we're because we're at basically even months of what difference expectations. what I couple indicating We're interest change They and had

we the share do So demand lost confidence share, half. opposed doing second believe will going overall interest our We is still we our be that. is the to business. line improving without But certainly opportunities drop we we the haven't strong as of have in best to any in to think we that in and where gain be with today rate kind are and to

quick there. last one follow-up just And

the in quarter or year kind the composites mix by the ProWood of growth may progresses, first and as lumber it's we Deckorators, would like offset Your look see in still something and unit between it side where treated that declines Deckorators business?

that. expect would we Yes,

note I expect year-over-year think But we're continue talking to relative a kind more because more grow to in we line share. to sequential certainly of Deckorators we'll seasonality. not also it's we quarter, with typical opportunities take do be Reuben, I'm I'm -- third important, basis, has seasonality, and expect that that on talking to still second and

Instructions] with And question, Davidson. come that Kurt will D.A. Yinger next our the of from line [Operator

through back it from you seems stabilized may a like you and multifamily as impact to those is put the dynamics just generally that idea there though pricing stable competitive Or kind on I bow margins of it, from this the on continue challenges go Site but think standpoint, at there. things talked to Is you've Built even and weigh about a a a worked tail whole? to do hopefully have wanted pricing that point?

the industry as few dynamic be to think what's That's I that Built over in on great for I is in is Site think I not you. probably have marketplace. about a to what look I'm on answer the going the years sure Kurt. the you a last side, would the considered I consolidation needs guess good question, a

are where time some for to as rates that or would We improve. take have expected a that's multifamily appears we in they pause that maybe -- point and at wait brief

that now pricing think, I if stays this my the relatively in is this right range, outlook in stay demand relatively range. should that So

it. Got

it on striking lumber. of soft bit the on in Okay. gross not very the still and considering which side, for be heck of business, seem was margin, looking going little whole that strong And volumes a kind a at is to then surprising, a Retail lot to me,

bit us what give anything around whether out little there? color other of sales a calling to transfer you saw from more perspective maybe So And worth there's the mix with certain a segments?

a there Kurt, That's Yes. be a little might observation, I of there. and bit think good a head in fake

know is if fixed though You when well. look look fixed But price we we up the adder this with even if there how we our goes at the goes at percentage -- down, market products the the adder, a same. lumber obviously,

So market you're It's that big than the primarily observing by by a as there. more swing seeing anything else. to driven this contributor that you're lumber lower I think

And operating the working been has team really improvements. hard on

programs the now more So much than been using now We're better I we positioned inventories in past. than managers, vendor-managed added much the inventory in know inventory they've has are the retail -- more past. our team have

Last were Sunbelt and integrating still of year, the Edge we operating of stub team systems The toe ERP gate. team practices. our into the its out kind

the getting So operating after for on opportunities improvements, just team of a fantastic has done there's lot and job a those.

thus kind of Cedar about far? the that that Poly. guys And in you acquired Any of a savings integration has and you. Got and noteworthy provided updates combination Deckorators terms ago, year of

Yes.

necessarily. Cedar our to their the become not We're wood that for close we've pretty essentially We're exploring exclusive used you materials, -- look opportunities Surestone technology. plastic at they're customer for which other if So composite could to up other open Poly, be exclusive with our operations.

and well in us line But utilize explore more continuing served to we including of products. opportunities, able our are with expected finished cost additional terms savings, in what very to material in being that's and we recycled

quality quality if continue commitment hurting quality at that to do we make more add we'll all, recycled Our And us once to requires can content without that. comes first. to sure

Got you.

organic or how the the growth specifically growth-related business And you of organic plans decorators then sorry, much Built million us one. Okay. of last that look $XXX to any we And -- notable guess related at in capacity kind CapEx, of capital I just is plans remind this Can year? this as Site year?

Yes, answer in numbers. to first, significant you for is group and we're allowed first to improve to the locations more numbers, I Site both the built you probably can specific But expand Mike would locations you give facilities. existing Built we what have geographically I'll the give efficient the to including larger, if and amounts question specific certain tell relocating

So about a months as numbers prior in that about We're that's Selma on in Northeast. baked location talked talked couple as in and into the as well and we've adding Deckorators capacity, which both ago about calls of capacity, well. those excited growing the

for So this the board those are all year. on

shortly. And think capacity we us and And be is for -- I here sales a summer, I side announced And last Surestone that's going that another million Northeast to potential then that, to that new to had think we completed the $XXX probably unit. approved project of we adds expand capacity business for now.

Got it.

a CapEx increases project be in forward. that the sales some So in result going will [indiscernible] last will in

over queue at turn like back the closing remarks. the in the call to Mr. would questions Missad further no I to any for showing time. I'm Matt

get Well, thank In economy better in customers, spending team make a confident for hard, the the success. continue the suggested, our win Have am great drive takes you in we're were today. us Tom to we time going what care it and of XXXX. and and marketplace. in again for care spirit going are Instead, day. back Olympic I trained as our of And Work to will the to take to do our wait do. do teammates, improve. Petty with take XXXX, we to to not sit whatever it

This you all concludes today's program. participating. for Thank

may You disconnect. now