Covenant Logistics (CVLG) 22 Jul 212021 Q2 Earnings call transcript

Excuse me, everyone. We now have all of our speakers in conference. Please be aware that each of your line is in a listen-only mode. At the conclusion of today's presentation, we will open the floor for questions. [Operator Instructions] I would now like to turn the conference over to Joey Hogan. ahead. go Please

to Welcome Group Quarter Second Thanks, Covenant Call. Conference Olivia. Logistics

Act call for the forward-looking Reform reminder a will Private XXXX. everyone, Litigation of As meaning this contain the statements Securities of within

section. differ our our section, subject any without to Operating and limitation, to our SEC, joined copy Form on year Accounting the uncertainties, additional results contemplated Forward-looking Officer; Paul statements and by our update XX-Qs. recent Chief We forward-looking or materially Senior this Please circumstances. filings comments Officer. XX-K Chief information or risks financial those review are subsequent new A website, revise from Vice morning statements. including Factors our our and in Form I'm prepared and most the and no President our statements current and Investors Bunn, Tripp reflect at actual Risk could available disclosures to events Executive obligation our www.covenantlogistics.com is forward-looking Grant, the in with undertake publicly of the in

sick Chairman phone and David CEO, Parker today and call. won't is the be is but on participating Our on the

versus We've we'll difficult significantly history. improve all, per of first on EPS the of best reported able perspective. with our and an quarter record in First second by And our was XX% adjusted results team quarter the start to $X.XX share our XXXX. to quarter

to transformation traction. quarter, multiyear XXXX, first in into full-service starting we As began the that gain the in logistics a discussed is really provider we

XX to has industry and and for very I'm proud teammates company, the the the to whole, the the to only supply things think I industry work exceptionally chain. participate not economy in moment their all most everybody, these been the considered moving and a keep It's continue and hard as like in thank to months performed a industry, our to this year, our contribution Second, especially I'd difficult last period, for to results. take our teammates

this So, to summary, our we key our quarter. of to on to highlights $XXX call. In thank XX% are participating revenue were: compared million say want XXXX the the grew quarter to you operating freight teammates that the

X% XXX Second, trucks. quarter our second grew revenue less truckload XXXX with the of versus group asset-based

warehouse less Managed the combined grew a asset-intensive Our Freight second and compared segments of to XX% XXXX. quarter

share quarter, solid safety the company our After another DOT on by On approximately an mile. despite another X% premiums, produced good leasing per our cash period. versus quarter, investment our $XX.X the reducing down we're cost year. $X.XX quarter first since additional million a the net of produced ago quarter indebtedness And and by this mile accidents rising TEL first strong insurance year ago we to $X.XX to able continue side, capitalize contributing our casualty per lastly, flows the then below period being total strong a year with

units, business the a I'd like few Regarding to comments. make

by unit that market revenue a a continues closure for recall challenge reduction contributed unit. to in we per this per and the in all, increased is offer Expedited the continues lane an of outstanding market to rate improvement a market pay to per OR. July XXX with our in of The haul that driver despite increasing resultant increased change and strong mile this big performance XX had with truck Please instituting but second its market quarter, year during large The last freight a of comparisons be an and weak us the strong the XX% large XX%. miles increase continued evidenced length First continues division year. per freight second truck a second XX% be in still to strong driver very revenue and division of quarter. solo week. the opportunities, swings offers nevertheless -- the in improvement The Expedited year, the some quarter mix XX%, producing Versus last freight

Our XXXX. remained of first count versus overall quarter the has team flat

we are the long-term capacity customers, results. which future, solidify key are with diligently with working pleased to date very commitments Expedited to For the we

of Our nicely. leadership fleets the second huge toward is made first There has operating and as XXXX, reaching are merged quarter. second resolved up systems. progress and Dedicated the quarter. three and call structure All during quarter We truck been quarter high length system of us slightly our versus to OR were in quarter XX% our XX% May. division discussed division throughout this in growth move separate It's under Dedicated the at per giving common the leadership confidence Revenue we The plan the improvement schedule. we to ahead XXXX. and for mid that third target beginning first XXs merger the great sequentially in is was complete versus that

lot lot we existing the a very a quarter, the of management encouraging, further of feeds includes and includes execution which -- customers work new accounts quarter. business The key our optimism extremely quarter changes targeted of and The third hard we're second results results of plan. through topline our is work of teams, as this with appreciative dedicated regarding our the equipment improvement the growth with

continue freight this as committed continuing divisions robust unit. to and excite on Dedicated by with freight. and and full a division growth capitalize plus of year The overflow closely larger by to and increases project in ago, Freight our capacity. very in revenue unit growth both some the our strategic This its us, sales and customers providing Expedited drive TMS versus our capabilities works Managed enterprise primarily market significant we doubled Our base driven service brokerage

half unit. about business Warehousing operating Nevertheless, this to solid the leadership also profitable extremely last help its can at with diligently this business. stability their the return sustainability growth. of ratio lower margins with capital the The revenue current team one in revenue gross unit, division margins had working even year. of cautious continues satisfy and in being the long-term customers results, this We year that as is the on startup XX% long-term last is be are second up versus first topline is needs, We The the currently non-asset-based volumes quarter volatile. provide large and division for half affecting high second for but

As additional a as second half, in reminder, have sales around the facilitate second year the this faster current be early half. have may this expect out versus growth choppy, on the we high We in more in a asset level revenue operations size, do growth in we the the unit a planned of service. invest and this can unless an unit and this return startups to fall. this revenue in ago to small we startup with pleased both are direction very Overall, in growth

Regarding the year. rest for of our outlook the

growth, allocated Dedicated a are up on and good division; mean we long-term on specific will can XXXX, each over meaningful paydown remain sustainability leadership Freight broad unit. intend accountable earnings alternatives. improvement range team plans our more We cash business return one, stabilize stockholder second now, with Achievement areas. and focused of of questions. number number though our of likely not second of guidance, half discretionary each results. XXXX of across Managed within our all business, very that strong which more and plans capacity and flow improve benefit opportunity for these Although, we'll comments debt goal be of upgrade all creation. We it Number Expedited three we driving and greatly of profitable the division; and that's focused of significant continued and three open should providing two half to our a expect have Olivia, and have with within good a a stronger value to predictable generation diversify prepared main sustained our acutely believe

Jack Our Thank you. for comes time, this Please Atkins questions. question ahead. Instructions] go [Operator the open with we Stephens. floor first At from will

Congrats great on guys quarter and a good Great. morning. Okay.

Thanks, Jack.

Good morning, Jack.

So, back much here. to you outlook, your your a on guess put on Joey of I'm I too trying going to spot not and comment

kind get kind to season? as second year? page Just a of earned the trend business of that can on of for in want how think go was to to So trying what you we you you're bear year? on year. six I you you months really the just terms results last this me your comment anticipate last about relative half if how thinking broadly, around second year year But everyone of peak year. strong Would of your your so then minute. kind half from be same guys And the a just this that the add what could to that of customers this first you more the feel that, you the maybe this in for above in of expect a hearing sort get And into of half would guess are with of

a – peak, slowly over think looked one of move big I peak the Jack, revenue was our three let's And all with pretty some let's your think it year, as down. have the say to last four intentional. to back question. of had first the Yeah, been Peak part it answer or impacts years, continues because drop. that's start you I We

that an but of stressful, dropped overhang As impact first it's some year opportunity on make business And six. our a quarter not talent it we're at into let's and management plan, we've back the looked way money, capacity team. running weeks plan It's XX of heavy. for overall kind a say the our it's management to

we've through just commitment be years, that and And felt and and the that to to so pricing what that for needs years, as higher. that of years, and we even we thought worked had through the and been to appreciative very that

we're the So year. to move it slowly going we Pretty been less Effectively commitment last support than last to higher volume higher decreasing. but was made. pricing key capacity now, has year, on been it It's that peak. as much customer our one is be was that has we already down than

million got you've do the will quarter to that to year. year, peak did a in did of XXX year, So want in we $XXX be million $XX volume And this going $XX – we I to quarter On last let's say volume million. last we're probably say fourth down.

into drop transforms as and manage we quarter is business the as to impact continuing quarter strategically the differently. it the So the for fourth

that's So it.

giving we're me As qualifier. we Thank for that you guidance. giving half, second again, look at specific not

question from yes. Your to expect we half half say, would second an be than the I better earnings do standpoint, was emphatically first

good have So we second expect year. half the a of to

profitability to structurally the ways freight you're your business. of that time seeing of months year the and we've last over actions what those are guess, a but little in Okay. add the a of can the super I bit not And the made think kind you as following that's you around seeing to lot remarks only to talk some lock longer business come for guys really have you term – that improve extent here. of prepared some Could team some sustainability the that's the you taking been and to doing forward of as made durability to strength encouraging business been this and efforts year. of your XX your up you a Covenant? That's way maybe this comments the to favorable that We've in on in the that hear. maybe cycle more Joey, thinking not about

you doing? is this How Paul. Jack, Hi,

you. I'm doing hear great. Good to

and the goal Good bit give customers, of longer-term with the term. probably a lot Really that some volume the partnerships up a doing Freight number entering on say to would flows, we're goal reducing focusing We're over to where Yeah. to longer little also the lock-in you. volatility ebbs the customers into of the side, of Managed side but Expedited margin to but with now, or side, of that the the a brokerage on is in more future. I with the talk

And as Freight those segments are of that incredibly see so doing Expedited you both well. are can and Managed ones

it's how so future notice or it's What And sure to we're being finding pricing it can those longer-term for the needs whether where our whether commitments, a is customers. really asset grade do we're to of capacity. have the minimize it's increases what flexible we're wanting that price of customers And shippers. make forms. are access a volatility – we whether or in to make deals is where to variety periods, take trying decreases opportunity takes to going to of the of they We're each number commitments, this

And struck good far ones so with thus deals we them we've think good for it's the and us. for

long second But of me That's great because Paul. have come actions years. it last Okay. thinking the from the as And earnings deploying for over taken company, last way long-term of reducing you in then the here, I'll great cash sheet for about years but the of level which guess flow and debt year? a you that how over. half guys has turn hear higher cash? on are are buying plan We've that do or multiple about guess question right level the X.X how the is of debt stock I over to you the the you forward? thinking couple the the of back company I how for been I what's move balance this and maybe we last think

the made in year Tripp. doing a good. Jack, tremendous lot half debt. of a I with hope you're of We first is this paydown progress the of

the as flow to the still to going buy soften see be we second strong. is of year EBITDA equipment. half going you're I think in new some cash

cash to and million in alternatives debt $XX some year. what but continue neighborhood the to the we're terms the do with to You're that a of think -- also we're $XX number of in of we're cash million I going free rest probably pay debt, And down going flow. we evaluating for flow will to of paydown see how then

we going as it's and to that say they now debt right is reduce reduce can't but I get materialize. mindset evaluate debt go as So options to flow those to cash that all our

I would Tripp's be by no comment. add debt to free stated mean Jack to I blank. There's goal

all one. is know hot. And number M&A really market two, very that the actually it's We have don't that. exciting. we So, Number

Some right there's relates for now on term somebody time. feel inside though portfolio to of the over the now. an morning M&A opportunity earnings of it's less months -- exciting done it I have existing too been our few not the list mean time. that have much this as before things asks been last right with part of high much the our We acquisitions it's history the And risk. Right at long question, our

Expedited. agree in do about the plan that some X things And on how next and of the things are see that we those a one customers sustainability think well through kind we're first to in Dedicated say kind right half with going in well focused explore is long-term at three around stay capital of the low with Paul as of key far this execute able so, to top the Paul we're capacity you'll least looking the I at But structure all two what at some would -- would we get us now. then Managed and of We're -- move to that third what of that talked I Tripp year. I the lot Freight said XXs XXX% If as start growth opportunities line. things

going fit for previous change and calls, to betterment right an development all trough, acquisition. cycle going the us Yes. has we strategic for about for in be be There's the of strategic would think amount and where because very acquisition, current you been the XXX% on about our very, reorganization where we turns. to about we've again our tremendous thing has been It also be an picky a committed a into be are of this we when tremendous in down focusing all exact are again business the the talked And plan. the the plan, but strategic and amount and there to plan when and and to

that sure possible we ends. position best financial want So cycle make in we're this the to when

I a spun. Thanks pulp it really fit. that makes All the turn appreciate the guys. And there, of a

Jack. Thanks

you. Thank

Group with to Scott go go ahead. Research. Wolfe we Please Next

guys. Hey, morning, thanks. Good

morning. Hey Scott. Good

you'd some Can just half of you just businesses back each share directionally for year? of the the for thoughts what expect in margins

Hi Scott, how are you doing.

take should Be you careful. Paul that.

and to Yes. incremental margin to some could as that about where it's be year. continue the XXX and reduction you should I incremental path There side. Expedited Getting from I you've continue hot think the first that low see Warehousing, the what see some I'd the a long-term would going I on as where to we're guide freight near been is on know quarter this probably of if plan you've market I one we've business. of the see this going Managed then OR, is as same Scott XXs the the you're for probably say first to Dedicated long stays But the you're time. been running hear it think but working want balance and to as been. improvement you to there's more about think last along Dedicated, of half half guiding Freight, from improvement, to it which And continue then the see QX on QX I thing If to and probably cools it's to you're the in improvement going year Dedicated the what some from think freight year. been seeing. to is, you this last see QX and down plan year QX about should market seeing. and taken the you're going about volume quarter-over-quarter of is for

a when it's Paul talking volatility team to from it from helps unit. in is made earnings complement our as options a of flow. -- driver team And a far Expedited incredible lot just It different members nice to they're complement a in. he provides standpoint on as night. good a with because an ways. tired it of add last comments was couple the our It Dedicated business point a me somebody Let there. for strategic on Dedicated about I

a feet And a is in good so dedicated truck size Dedicated operation. X,XXX

Expedited all stability, it we things the time, as that. Well, it about when choosing, OTR as quick to regional. taking geography a that if to into the move. i.e. contracts. a We're you have we It's as We quick gets not -- side not So to really very like that not consistency will, it's one as industry, changing strategic of move. but approach, quick because we're long-term or move of is just could,

and our I it to focus working very we're The said desperation mode. operations is call I with we're a very team closely well. so, long-term as strategic because in not our would And performing be with customers, enterprise overall practical

addressing Dedicated long-term we're to So taking way. very a in that approach

strong question would Managed I and Another well. there's posting performing been competitors in closer a some your some just market where the back freight, thing groups to remember brokerage let's in expand. no In though of margins, margins kind is maybe lot we to exceptionally -- our Freight I've a point of freight that Freight, that Managed are. your of to the of will up excited slowing managed their unit and see very say logistics pieces

will So your expand. margins

-- some I'm losing now business of those Now, we're inside of right are them strategic But you taking very a of of telling is kind again, contractual. that some type the long-term we're of to money. customers approach

that those expand. is So as margins says everybody's will whenever ball when that things slow, is, crystal

there those make margin in time solidify customers. a that if approach about we're to working those are we're with that say working happen take that trying to on needs satisfying and will. I capacity our long-term talking now customers mean, those view business. some on that make trying of customers. very sourcing, sure when plan let's right of a Yes, group amount longer-term there's with and good working the approach planning Now, with We're take that a to those. their That's very incredible spotty while But off. an we've we're got long-term both that the is tail very projecty you to hard

want just that. around I to So comment

the Freight will Managed actually that better. of get Some margin

then back will Some to in side, long-term our unit we But taking erode it. of just Dedicated we're probably that a as view business very market. closer strategic improve

That's helpful.

leads me question. other guess I that So to my

right earnings year think recession or hot is next it and things to if maybe a saying less your contractual maybe not one. can And there's is maybe environment Dedicated as -- year tough I'm start you brokerage not spot. a Is is little as getting of So year? little sort some an anything where that this think Expedited But But that grow point to and better, getting now. next better. you less slow, just a where of the you

question Thank right -- That's Yeah now. you. think Scott. the I the big

things enterprise -- the way the look I question here's you say, some to mind point in the as see left financials. it that. There's you gas the tank. no in about there And would I in If several our probably would has are

program all well. total is say in our safety performing Let's at

momentum, about that. would internal new I the yet what I I you We X,XXX the making transformation, base and rocked month-to-month. system energy into it's I around kind and to in and think understanding as and the from going way of We've we're mean say that's trucks. home the change absorbing four we're internal management systems smooshed improving mean we of call two, the think financial a second down play in, one. relative haven't the absorbing all I system. of the got and -- inertia the --

I this And on it seen this XXth pipeline ever. never extremely like this. -- is But year. Dedicated. extremely like this market think never never my like I've before I've the seen the before. market seen I've driver that is Dedicated the it difficult. is difficult, the good

when before all market going never is know the And natural so seen side, going side we've to We human we've that in it of the my have slow. this ever opinion to that is a end. for to before seen it's nature

So I political is I'm don't this call. please phone not to opinion. it make -- trying I a have -- an

this if usual to things second keep of an coming planning internal half, that's what because well half. mid-terms starting through possibly year. the can that to at to do question.” I My own the So the first our kind You to gut least got maybe think important piece as “economic has moderate that's we're business correct, says, in do all, continue at moving we going to next

answer think of asked that this and all early really universe Is grow question question, answer things to going right I now, we it's to what it too do. he's in feel good hopper the year? put trying I around said, year my say joy to that next considered. about my all could that So over

I up are Paul. is, Yes. are say next is whether it's earnings earnings And thing One on watermark. on would a or say keeping Scott long you've would proving of low down you to probably part focused this we're year, to a around the time more lot more XXXX, of I been Covenant go you the watermark not on And back and people was if the teens, a have. low XXXX, mid low back phone that if share. watermark was breakeven. $X.XX, go the And $X.XX the

watermark you back low last share. is $X the If to a about go year,

are I still out the And is focused that modeling solved. where we're intently on past. watermark think watermark -- but significantly low We things when been that above low in increasing are and the it's

on more, you referenced you think What acquiring if you what Freight but broadly? ask Transplace one really for just chains anything picture means? just I your -- point. I big thoughts it either you or supply a mentioned If that's can it, good this Uber think are Yeah, and

we dated albeit -- new just things the about was. I lot definitely I'm hadn't I what XX% still time. definitely think to attention. Scott, but It years -- not we lot of That's ago. don't. the a years not own I mission It's a over going Transplace, had my grabbed of intimate comment. Transplace of knowledge wish XX-plus very -- done has obviously I

-- the for know have years. the taken to last I'm excited that, steps leadership And far so be side I of quiet. have a the I of all of team. impacts anyway to as Uber seem few seems over They couple as And better

big So a this is obviously statement.

say. I'll all about that's So

All for Thanks guys. the time Appreciate it. right.

Thank you Scott.

you. Thank

is Our from next with ahead. go Subin Bert coming question Please Stifel.

the guys. congrats quarter. Hey on Good and solid morning

Thank you Bert.

morning Good Bert.

worsen within If do I'm of, certain anything in harder guys. seems point? things before things function on side? getting hot, to been the way why nothing really those when to just at changing potentially like this that Is they segments, that driver pockets side, you will necessarily just, the looking just -- on really up some rate think is Hey the of it comments. you're this If a over tend following sort through it's you've and roll your is get at nothing it? Is

ahead Go Paul.

Yes. Bert it's Paul.

tell I'd you. what Here's

June. in right, was in July or is June, or better in It The May down Long-term argue equipment kind July in worse. and trucks situation could driver on -- the is may are You I shops than no it it in situation all stuff. be better of waiting parks than was May no it. at

the to And see would being The say year last so few to in that. what here's months. we've I seen we rest of the it similar real what

drivers But big If cycles a and economy. moved on you have in on look been into one piece based of these geopolitical volumes variable of next Historically, and freight freight year been the here's there's and view my have that. it. kind equation that's been the volumes, and economy,

variables the three Now, you've got different in equation.

and You've economy. got drivers, the equipment,

got And one. just have crystal so you not to balls three

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us year get probably -- are your boundaries wildcards. hear to it'll rates a saying freight out. so take hey the point and are thing and -- out probably the the you down. can about two I that are to that put some on And think those straightened Drivers say you And come to projecting don't said we're that equipment there

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thoughts. the appreciate Yes, Okay. I

follow-up mind. that quick more got and don't one on one if then Just you I

forward You you're talked the guys do What you side? you or path see this the Standing larger are smaller the of as XXXX, equipment the end think you on about do point at tractor side. for than you today? at

some the the a able I function it next About crystal equipment in able -- than equipment get the put here's -- to get more and to a be will same. is year. good we the seat. ball crystal driver ball. mean It's at We'll driver of that's to point

Okay.

drivers find to can the we getting XXs, so where rocketing kind XX the right of towards a the growing industry, goal exceptionally with are doing mid-XXs is closer gets close. if Expedited into is basis plan Our sustainable right on we we well low the its geography, Dedicated customer, consider yes. if right --

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it the -- getting So that to of unit but but somebody not job. comes profitability to only handle overall all back also willing

that it. No sense. Got Yes. makes

the one a mind of over lot six on I theoretical things the next mean when sort of quick still going last on. one you side. you look Just don't guys clearly if months

moving. You got Dedicated

outperforming. clearly Freight Managed had You've

freight in what looking the here of potential do maybe are And out dropping What you think headwinds things get you are what you If guys excited suddenly for? you're outside stand second today something about half? do demand off? the

those probably and it's things be to not -- in But availability would shops. continue the to continue we're place, those problems. downtime, equipment people if are parts, going world experiencing the stay say service, that I a very to equipment only headwinds the in the driver

going because it's just up. rates to to just so to going capacity going down, cycle those it's the keep -- And are extend

short-term, but they're headwinds in the cycle those extenders long-term. And are the in so

We I mean, the quarter it. we when renewed I'd things this million of for doing first insurance. we But add deductible disclosed back be a disclosed our do one. in lot great. can we just a We -- have now. $X

accidents accident it's that of that it bad Our can where what and lot And rates gets sudden, all your the But, can And happen that all It's mentioned could a excited But just energy because be only it. one all have mean things just say. reducing team. I that see sure you making I to or incident really a a rate here management an critical be focused and great. transformation. on a we're of is it of needs be not things, great. we I little be about? if I could mean, What makes in and one. watch industry I'm happens. distributed excited earnings And the by a you But bad incident costly. when those have would is, calls. the about of it way two one I but it programs all the are can when staying tough, DOT the momentum compliance am earlier people decision-making your you that's it's

as confidence go to the teams the as the ditch, by, as strategic. the fast. in time is so Because well -- And the information faster more-strategic-more-strategic-more you and goes decision, got the when getting speed the of, faster-and-faster-and you're

to and just down the down you're the levers, ditch. can strategic road of road about kinds if of what you're all pulling But middle do. the and can in you're get you're the the -- trying out really look running just really to you in help far be you you you're you're ditch of and not sometimes And

so old to I've that's here while,… been guy me an a And from

Yeah.

about. …I'm most excited

we just I'd everything And need improvements who's seeing an last being looking that trucks. we're payer years, few And things laser-focused we're the I hit were new we're guy now been the a we in to improvements and using year more making were whereas and that we did mean, are the where bit bottom-line. we long-term last get park here impacting do changes and to the to a as back those of for we little making. negatively on all for trucks, And think just see items the add I could that the at us operating bottomline, strategic the model to year perspective. were from substantial that,

good where business the in excitement progress with and So excited continue going And transitioned on an a the the upside to focus needs And it team Dedicated. participating are going we've think think lot earnings the for year. to I be and great I I'm rest perspective. and it be. the to about have get and of we're results involved to And And that's plan a of the into the plan. it's of -- from made in

Great. Thanks time. for the

Thanks, Bert.

Thanks, Bert.

Jason [Operator from ahead. comes go Seidl next question Please Instructions] Cowen. Our with

you but morning. above $X the operator. be outlook about a bit second talked of That cash better Hi of I you Good half. a guys provided probably little share first guys. It's uses puts half that mark. the given Thanks Hey. a going only the that one the you have sort going to is here. for forward, Tripp bit little than Tripp.

least you these the stock would So going hasn't buyers opinion, quite be at you period? out that say -- the in you blackout my of to it get of your would levels as as given you're active around probably be moved should today much guys stocks once nearly

that, a as for deploy I'd say opportunity that we're potential us to evaluating cash.

point the public. amount an winter. We We program back executed in it We then that Here's way, and expired. of that disclosed. had might was all repurchase you I that's that had part program share approved a the and

that's so, fact. And a

that's so where And back we're winter. better And than the in then second, about maybe did feel we we heading today first.

exciting depending it. time that, So you and to how an I an on think at it's look opportunity

Got the read appreciate two I those you well. gentlemen. I'll time as

Thank you, Jason.

Jason. Thanks,

at questions Thank this And are in you. no queue. gentlemen, time, additional there

everybody for your on the we help. call. us appreciate Olivia, joining thanks And

don't or you out myself hesitate questions, quarter. to Paul next And any or we'll reach please got you to Thanks lot. David. a talk If Tripp or to

Thank you.

Thank concludes you. teleconference. and Ladies today's gentlemen, this

may You disconnect. now