Waddell & Reed Financial (WDR)

Michael Daley Vice President, Investor Relations
Philip Sanders Chief Executive Officer
Benjamin Clouse Senior Vice President and Chief Financial Officer
Shawn Mihal Senior Vice President, Wealth Management
Amy Scupham Senior Vice President, Distribution
James Steele Jefferies
Michael Carrier Bank of America Merrill Lynch
Glenn Schorr Evercore ISI
William Katz Citigroup
Michael Cyprys Morgan Stanley
Call transcript
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Good morning, everyone. And welcome to the Waddell & Reed Financial Third Quarter 2020 Earnings Conference Call. [Operator Instructions]. Please also note, today's event is being recorded. At this time, I'd like to turn the conference call over to Mike Daley, Vice President of Investor Relations. ahead. go please Sir,

Michael Daley

behalf you management conference to On like call. I to welcome our of you. team, our would Thank quarterly earnings

CEO; Waddell our Ivy CIO; Joining Phil Mihal, President President Ben call of our Wealth Shawn Inc.; our Brent Management and our our Scupham, Business, Clouse, Hanson, me President; Reed, Bloss, Distributors, Dan today CFO; Inc. of our & on Sanders, are Amy

may our include would I to you comments like financial and of responses statements Before we begin, measures. forward-looking that remind non-GAAP and some

we including to supplemental would no public today's a number and of While a Materials to website and GAAP available be based with description call, I filings been to on section expressed Phil. could at believe duty actual Investor of ir.waddell.com. turn these our materially those We like Relations forward-looking any update press our to contains us, due of a non-GAAP of relevant currently a the SEC. is factors statement. over financial measures reasonable or to posted these forward-looking implied from differ that statements on call information schedules, release to we assume that to results the in the that now copy to have reconciliation the reference

Philip Sanders

Thanks, All morning joining and Mike. Good us. right. thank you for

financial the third during surrounded quarter. markets As the it uncertainty throughout has XXXX,

unrest cautious. investors and Given the challenges, social political to landscape economic pandemic, US, in plenty ongoing of the had the reasons remain

hitting about driven high wave early back short-term of a the constant been a quarter, a the returns and the about COVID-XX vaccine. pulling the financial market with all-time somewhat throughout in concerns, looking seemed in Index infections providing timing the XXX the to by year, Volatility strong before and since questions beyond ongoing has However, be second viability September S&P markets over of then. an concerns

rising. Regardless is some some as of approach the the look results, next markets clarity in of supporting political appears months election eventual final we be campaign, US also the The the at as to resolution provide only of days XXXX. presidential the should the package of point likelihood election stimulus enter we the As uncertainty we questions few new a leadership ahead.

environment an for this provide challenging, opportunity investors. While does active

continue that Our over investment on results deliver designed the consistent teams investment long term. execute to proven processes more are to

financial demonstrated environment. and as wealth have publicly services been, have for strategy. thank see growth long-term and ever we clients As shareholders our and and on to relevant and throughout advice business seek continued our guidance achieve the long-term continue advisors its advice our I remotely. clients, majority investors on and We our acknowledge delivering financial advisors and the Wealth focus management plan committed affiliated this their goals. want work executing the our to help to on teams vision amid planning affiliated to challenging our to long-term personalized Across disciplined today to steadily asset and impactful uncertainty, and they commitment they Management employees of enterprise, remain as

Next, some key quarter we the like areas. I'd focus this progress to of made highlight on several

Funds of the We number priced InvestEd competitively the we options, InvestEd are in for and options marketplace. best continue as those product to Ivy education. meet succeed investments static and as two X a all in flexibility introduced portfolios, save Plan, adding including increasing age Ivy In investor ensure they underlying our XXX evaluate to and provide to designed lineup series September, ETFs and needs to based and we of enhancements the

illustration purchase of equity A include and reductions, for income various on certain funds load Ivy desire our on reduced Class maintain are shares fees In all which our breakpoints a funds. to at addition, effective October competitive fixed pricing X, lineup. further across Ivy we all These levels,

investments AUM a quarter, area XXXX and of or We as Today, Meltzer service leading ongoing including Technology since significant to progress asset technology Chief efforts fees business, and to fees. focus to organization, appointing our Eric territories. cybersecurity, Within of asset analytics and architecture our data an technology, segmentation our of our development, XX% for our made clients. also analytics strategic made is be we data of leadership Eric investments of to area, Officer. member The more to better and enterprise a new down target at where efficient areas as overseeing our Technology than this we an additional infrastructure, and constantly on data coverage sales be with management team the continues we is focus drive delivery the leverage strive rollout is to executive application tool. of is have across continue our RIA competitor use and in management. as median teams integration strategy,

and wealth management asset technology initiatives affiliated with improving goal experiences, enablement our client support to and operations. internal enhancing continue We management improving and sales the our of platform adviser

expansion. simplifies quarter time capabilities data-driven account serving a clicks, providing reducing fourth and XXXX. early our platform, to work launch our We'll advisors enhances e-signature improving the maintenance the in digital sales open appointed has that by seamless technology within to increasing will more opening retention strategies support client Management status of of progress. and business, best-in-class with growth of and and experiences, creating into straight-through business to across loyalty model advisor our and with affiliated experience clients innovative full required acting support benefited manager, initiatives. on workflow their through our and and during brings client OnePath business, and He client while procedures, Management key processing, and advocacy. new working further and for stakeholders for collaborate transparency a experience we develop implementation also Specifically, experience advisor new our In capabilities introduction program for is lead driving by to dynamic In Wealth in workflow lead pilot accelerating the Wealth OnePath improve from advisors, asset tool, industry distribution for McCruden OnePath, account our opportunities a processes Cory He innovative and efforts. process. while that institutional of to are veteran expanding an client investment the with will reduce adviser the a digital we WaddellONE the journeys,

our strong technology make capacity sheet. our personnel these is by Our supported in to products, balance investments and

this and Our This remained fortified growth in us the and robust to us of cash generation the the capital spring a our for inorganic flow going both summer. return positions And growth and forward, investing repurchases. well us supporting continue business shareholders via to and strength quarter. while COVID-XX us impacted pursue to high share dividend base markets capital continue enabled key opportunities, meaningful our as to organic throughout and

enhance and took inclusion initiatives. our additional to culture, we steps including diversity Lastly,

their strides to financial to we for we in We Waddell with Investment backgrounds be true culture great join, of was firms, of diverse organization. by recognized, made & of News. our this have Reed the finalist ensure industry. services along have a other Financial Award Champions work were and proud year, the others to steps authentic belonging inspire from bring within ability recognition flourish taken recently have We our the to to selves for Diversity a some In named

strong to details a both businesses. business, over our I I turn and Asset Wealth on our third the to within and flow Asset improved Ivy Ben, be improved. both for Within to net as flows Management it in our strategies same will both positive Management with quarter. Investments, sales the few Before meaningfully Management touch quarter Sales redemptions in compared quarter continued XXXX, mid-cap suite of net

Our strategy fund mid-cap the a assets. recently result This of milestone launched investment a growth. and a years through billion milestone XXX% ago in income $X capital of opportunities strong achieved organic process six seed was

outflows continue in channels investment performance Overall, we remotely short-term our equity are international across and the continued distribution our traction has product. sales has and to realigned improved, structure our make While working since core of we effectively see teams. teams distribution to

with period, active market lagging quarter for delivering Turning managers the earlier. performance, year-to-date during of generally equity noted with as positive segments managers strong returns, markets, Active benchmarks. were challenged many to the the I majority investment the was

investment process on a across metrics. opportunities basis on improve to complex one-year and longer in steady to improved performance our performance relative held competitive. term distinct future. the the us our Although Broadly, see But kept we continue

to a long-term is our that As knowledgeable value-add and believe clients. investor component clients, active fundamental manager on of we engaged, behalf acting our an of integral an our steward as

of highlight of we decision-making. our shared so, in some the ESG the In a letter to the wanted investment in quarter, Labor to we of area. regarding this initiatives comment And views value in Department our

SASB positive and engagement in flows integration, improvement market the flows increasingly advisory addition, in active material the driving net continued with our see Group. ESG a the in net consecutive In as authentic Investor and net and signatory support and Investor shareholder CDP Group specialist to to managers capabilities. an for Management is business, we the of of been assets, investor advisory a that we will have invest matters as believe We growth member Advisory Wealth as these continue ESG In continued role fundamental to that new active quarter. play the important seventh signatory Stewardship disclosure recognizing we pleased in AUA

future. believe with think our across most most. independent our to and summary, capital year differentiated positions to advisor package them positioning, technology to our meaningful and the and looking go Ben importantly, now for strong progress suite, differentiated the seen over in value well financials. we I'll full the that in have the that to combined business turn with service areas of see and resilience and continue the offer of our also us We people model to growth this model, evidence over our position adaptability a for enterprise recruiting and, it robust advisors strategic In support product support matter we results

Benjamin Clouse

pleased or of AUM the led to Thank an revenues due the second XX.X% operating quarter. you, share and everyone. the quarter and in time, net investment in million income from controllable We of share lower higher corporate million resulted at our to seed was million. and by or the our second well hold compared morning, slower levels by to compared as per able per compensation quarter hiring an And reported lower on net Investment business and Steady benefiting $XX.X same from to below $XX.X We total very costs continued At strong due to gains low AUA in expenses were in $XX.X levels portfolios, meetings unrealized the strategy. than increase during of investment increase good recovery to compared Phil. in to quarter. $XX.X million prior growing markets both million were $X.XX $X.XX planned. $XXX.X distribution expenses quarter the million, income to as hedging the lower costs by second expense be travel $X.X

continued quarter to market prior from in assets to second management within Wealth compared business. improved the ended rebound. Management stronger $XX.X to primarily compared billion the earlier our net and new new We at year momentum the AUA the increased Wealth advisory the X.X% due Net from quarter quarter, the assets.

Phil mentioned, and achieved growth annualized high quarter the net $XX.X advisory of of consecutive As new seventh positive in at quarter-end. balance X.X% an advisory we assets all-time billion with assets

continued quarter, new Our billion. excess total in with during advisors affiliating for XX to assets recruiting has $X.X with our also firm another bringing advisors success prior of XX XXXX the

clients. seamless slight and transition total associate count. well advisors teams this a decrease did ensure and transition experience in led We working some to which are Our and the together engaged for turnover advisor advisors with quarter, to

seasonal trailing remains while per in and However, we and the have our at outlook continue to Furthermore, would continue advisors dialog teams ended quarter for flows redemption attract Investments prior this and improvement while flows, X.X% I a we encouraging. our retain Ivy and seen its in improvement, positive in $XX.X productive average was revenue the covered advisor details of of reaching are all-time experience with advisor. XXX,XXX that, up net high incredibly continue productivity of the fourth steady Phil the caliber quarter high year-over-year potential an billion add the did to just recruits. an quarter, AUM billion recruiting have decrease from AUM, increase rates sales on XX%. quarter, both $XX and XX-month

and revenue XX.X% Based compared advisory U&D the and expenses, higher by in our the expenses activity by overall prior were income normal as leverage costs increases the it to particularly meeting results from us absence statement. fairly growth-oriented $XXX a controllable tax million we fourth due to market $XXX,XXX, quarter expense XX% a revenues prior the would continue totaled from the increased the Turning of and Total million while quarter, fees, the prior sales to on tax meetings in forecast, to XX.X% environment resulting on We fee key from income experienced Operating meetings led I of increase XX.X% low with primarily project range quarter our $XX.X higher in now commissionable Distribution $XXX quarter higher, levels fee of quarter. held as and fourth the lingering levels. step Investment compared fairly to continued costs on The costs the on with range reductions as Management second projects, revenue, broad in consistent I in and million, XX% to with due investments. said, asset to the growth. second rate attribute effective from expense discipline was the one to funds. also resulting revenues were controllable back quarter. expenses the improvements to the to the were current quarter to coupled current day additional $XX.X compared the our to increased costs levels million primarily controllable higher fee controls, prior and cost The for within management the in lower a travel be did higher in asset provides quarter. to due rate remain QX. expect and revenue, expect mix several impacts for the and that operating tax the invest the strategic decreased as to offset quarter travel enables higher increased million waivers be Phil of perspective. opposed we make progress guided was higher to continue $XXX lower That business rate a and minimal. G&A money on operating to mentioned,

balance compared modestly and quarter investment primarily investments cash the due our balances of $XX Finally, million. by to seeded of prior the deconsolidation decreased to lowered the one that

also We capital quarter and million shareholders returned share to another through this repurchases. $XX of dividends

while support XXXX would on call our to questions. we to like $XXX ample the to plans. we've balance liquidity open million For returned for now year-to-date, maintaining growth the sheet shareholders, Operator,


Instructions]. [Operator

today Our Dan comes first question & from Fannon Jefferies from Company.

James Steele

Thank taking you actually our filling in James Steele is for Hey, this Dan. question. for

I'm so between prepared for you're on far. the touched you So, remarks, trying the of to on been using curious immediate the products it versus the in you've balance I revenue. a here loss lessons reductions. a targeted know salability of learned fee just increasing the and the these few strike years,

heard So, and may interested you're how from you teams. in your feedback progress any just benchmarking have that distribution

Philip Sanders

there to that we you across fees address want our how that seeing are and question do respect strategy product with implemented the line. Amy, to and

Amy Scupham

a at of few certainly our at take is look the for the and you strategies is we've Thank them. and over competitiveness looked of and fees strategy our product in as pricing last formats, Amy. we've It's one overall multiple question. years What done pricing the

range passive peer of dynamics on process that where And so, is we're pricing we've like well trying we space quality strategies competing we're kind median with quintile that the get a and that so group. really to strong passive of those in against what average causes, we've as feel to the in are performance below and focused resourced a their institutional done

we're it's And on so, about. depending as very we class measure asset the success, different talking that

you mid-cap products moved positive, mid-cap a net So, the for suite last two mid quarter. value are growth those of growth mid-cap and When at long time, the to group, mid-cap at look Phil while Mutual period a over a course a in outflow Fund positive – peer net has mentioned as our prepared Morningstar if substantial categories, the you they're his cap pretty category. of comments, net in look of income in

view that success metric. we a So, being from positive as

at asset look like that? multiple competitiveness internally compare If the what's do to we do feel how try we class priced, what and we happening we're well are to So, we from is formats. where on in

Philip Sanders

there have only a this. as thing to pricing performance successful that's suite product very the And in would just her I obviously, as component to Amy. competitive well. and have one desired said Amy Thanks, is of comments, add you is, initially be Obviously,


of Mike Please Our from next question comes go Bank from America. Carrier with your question. ahead

Michael Carrier

Good Thanks morning. for taking questions. the

growth So, just about in and think need activity in more as get just scale more on the how thoughts part your business. M&A you the of I updated the like feel you given sector, wanted if to strategy M&A you

Philip Sanders

some to the of at – fee in looking of talked quite platform activity time pressures, been of the We've type this last that obviously the respect and here thing. There's it about access, lot for with sector. a Yeah. consolidation

of it, we've way lot one growth going component So, strategy. as you there highlighted we as a guess I M&A The know, about our think on. is

Some of looking approach That's product it is. type not more big think, them going plays. not everything the on to I to the likely going can focused to be we're that We're be supplement as at, to strategies specialized where company be We're are of profile the our us. everybody. that's scale

be with certainly but ability in going have So, relevant more to in in complementary but be our to what environment, we activity do. the we're be approach, more certainly disruption focused we the focused it in would to and likely that,

Michael Carrier

as just a a better that's helpful. Ben, and on And better. the bit Okay, in little even controllable guide came so seems expenses, just follow-up, then, side

would quarters make ago? was and get lower like start you it a think where to environment back, that than in in few in say, that what controllable like, you about level, when Just – normalize – learned do we anything things changed when this post-COVID operating

Benjamin Clouse

of our we you for are Mike, can midst process the planning XXXX. as right imagine, in

for the next In some guidance you low a have on near or impact have certainly better regard time. environment, I'll So, big travel obviously, zero to that. costs

absence significant meetings We a meetings this impact also contributed the year. have or to both having in that some format have significantly to of related virtual savings

those we to will have come some factor back about we As I 'XX, think in. at will point and expect that

We investments clients. the efficiencies this to significant said, better I I have technology, our and in able service like expect also realize provide be think to to any some has operating wealth of to guidance have that in in business and in for without we But number which a on advisors a that initiatives from our And underway the I'll learned that been continue call. we've I environment positive. the we're of think able better momentum next particular impact,


our And question. your Evercore from ISI. comes go Glenn next Please with question from ahead Schorr

Glenn Schorr

Hi. on Quick very Wealth Thanks Management. much. question

in the that a I'm you think money of of versus how to products I the curious to noticed majority lot. the into much adds curious Management, advisor new the continue would is it base. Wealth text, A, products what sales. of current the drive be. client the attributable I'm advisory coming new new Thanks

Philip Sanders

Shawn, want one? to you take that

Shawn Mihal

amount fund positive channels offering the our different we over additional Direct positive of We to clearing is a seeing two program, as our programs is portfolios. our those turnkey and some on strategies business a where through advisory platform, areas, advisory platform those have we in come MAP we as see well. well program inside few as programs available program mutual is expanded are growth add the of last Navigator in type as that been of and flows a the as of we're which management model really our and asset strong variety opportunities more seeing have MAP substantial advisory our flows some results out well investment guide We're line-ups program product which Namely, have seeing ETF a where years.

programs. a Following behind of advisory that is other couple

the overall, Direct aspect With really come due program. business is increases recruiting attributed and ratios, the that So, regard the to growth significant into to and MAP transition to overall of are our and guide seeing the our platforms. strategies investment seeing we just

just amount addition, of existing growth the a considerable we're In base. seeing customer also organic with

two to overall on net the have probably the are to those, to you So, the back that. advisory exact But regard resulting combination in improvements on get of breakdowns inflows. those we with


next from question. Citigroup. Our Katz from question comes go Bill with Please your ahead

William Katz

rate the price fee is third a done had that relatedly, of the maybe below kind you assets and of to not fourth to quarter? the of You into And sort mentioned of change or think anticipate some that that more there in loads. then, quarter XX% right what run few and be adjustments might Is model about median, a the had off expecting further are review strategic of should have? further pricing impact other we on you

Philip Sanders

can address up XX%. follow then, Amy, Maybe, with pricing strategy Ben? with Ben, can the on thoughts maybe run the issue. to respect you rate And any you other

Benjamin Clouse

Bill, you are correct.

generally only run impact that recent in would comments. Phil be his load the quarter was The Third waivers a mentioned good rate.

prior fee baked adjustments in. were waiver Our management

So, think for the question. third I would a And balance of your proxy on defer I'll that. be quarter good relatively to Amy

Amy Scupham

point addressed I or active I the is, about is this years, what over price. what guess. provide reasonable last the do component long-term of managers strong this at as the at component, we of we've we a tactical returns consistent more Strategically, up the to want think course strategic other think you really way two-and-a-half to XX% the we've certainly, done the if look

assets. is we And something we look that continue the remaining so, XX% it at say will of I address would to as

can classes as share and to clients of share ones addressed that, the times are executive it Some look where of couple times a of that that undergoing a the a couple year. soup relevant, evaluate we to of future updates also most couple some should the which we what doesn't today, them a our year, in of team as times evaluate share moves It we then, pricing we addition through a classes in we available our are the are an a will continued year. make certainly do look but well. which of be project a And think mean a take like alphabet at addressed that some of class be we through

Philip Sanders

wanted add more. one I Bill, to

is Sorry, be waivers fourth in we'll more which add our may to thing, one challenged I watch continue wanted money which further to market quarter.

difficult As environment interest there. you been rate can has appreciate, the

William Katz

And point the a the productivity to might clarification. offset distribution just something to that up is ex-load partial as When show a gains? mentioned waivers, you yield, that of so of that on some speak,

Philip Sanders

correct. show where up. impact, would relatively that is we is That's it less and penny. believe That a minimal a than


[Operator Instructions].

Cyprys Our comes Michael Morgan question next Stanley. from from

Michael Cyprys

quantifying just heard expenses Maybe back of much quarter, embedded the in guys expecting at on understand correctly, $XXX investments the are then, I there coming quantify thinking lack say if how the in And expenses, you in? million and travel? maybe to savings the fourth top areas $XXX controllable prioritizing you are What but making how budgeting are the would for guess 'XX, about for you business? guys investments the meetings in environmental you I million, about would are I three from you your guess, thinking just process you're and

Philip Sanders

crack at a to take want that? you Ben,

Benjamin Clouse

and to continue of to portfolio significantly our regard We're as advisors infrastructure and supporting which and better business with up processing can, for in efficient in work to fourth significant our we to around fourth and strategic wealth our our sorry, forefront. flow management of regard to work bit and continued to clients the quarter to our the to technology project other primarily also that course, imagine, be platforms well. their for toward most as and quarter, Management clients. in ensure there technology modernization eye positioned that some Asset – a continually, also their investments we're asset efforts toward serving to making best We're data beginning an other our a out the our number the advisors systems keep and leverage more to well related management driver, you drive ongoing can again, that data OnePath in invest our continuing at our roll also of way main do to management and and, really clients regard centers trading platform a In we to expect as due

Michael Cyprys

business? the terms Maybe you could, management guess I and in to for side of a opportunity What opportunities broker the opportunities bigger versus further guess, are you you the as just growth view, more wealth I could accelerate think, make sense the sense dealer additive? the the side, with maybe think I it on make asset if more M&A, just dealer which be of follow-up side, about what management your M&A part could thinking how the there? broker additive in or about could could there broker-dealer, And Phil. inorganic more then, be picture, where

Philip Sanders

smaller operations, type past, question about in with we potentially easier of terms or little what with bit that Wealth business. consistent acquisitions also, think Management to one-off some there of open respect said the to I of thing. inorganically. side, sides the groups a scale, think in benefit growing of a in we're But do both advisors you get the the I of just that's doing was earlier

cultural So, targeted, watch specific going Management that's obviously, that probably side, the you've Asset on. and to thing easier an type And to thing. issues of to little got more lot I be a that of it's bit think and execute think I

While this us kind made Wealth side. in really with and of we've few position, Management have putting we're benefits talked last especially improvements that the by an been We've years The the open longer-term growing for manager. of about on we see to our think – internally lot both, focus That's certainly area in for respect I future. wealth of been us. about a

focused there to had would on now might I execute, – few years positioned but maybe execute those be if whether if or opportunities it want we and areas us, to a probably what the types – stop our we're us helpful presented characteristics ago, or might would have I inorganic to how So, elaborate think side, that Shawn, let and you you it's of here. add within of and Shawn opportunities. for Management maybe organic be Wealth to opportunities, been of difficult

Shawn Mihal

it of where we've years to mentioned, to back its to last been our as Wealth we overall ability working line a that needed scalability business Management we our of the scale. of look if line few think over And necessarily really wasn't improve couple ago, years, to business. I be on just refine

it to management wealth So, when our and has our we years, couple as aligned well as over strategically the model with enhancing making last look of and at acquire set overarching technology we've ability additional product support grow grow advisors the through more that the made inorganically ability scale business. into, to still the which platforms, investments developed that we're for organically into

So, really when accelerate we're and look ability bring channel, at additional we that that looking in at growth. that advisors to

last that the we in forward this ability few well process here to and order this it's been got to we look relatively of we've scale as position, think line positioned get for in to business. that ourselves Over place years,


our next follow-up. Citigroup. Katz is question from Bill a And your go from with follow-up Please ahead

William Katz

of pipeline competitive of that to wirehouses? trying those they FAs here that? just a pending a sort channels already? Are tell in? can a Thank be back other get way in as from? these of are these of part me to going assets gauge independent about terms of you broader you. Could backdrop think is, back advisors? is peel the there question A, assets moment, might opportunity coming Just there. they the moving announced few to established sense for of what FAs, you've recruitable all an of recruited sort from that to financial the And parts And maybe set the are Are Just terms sort you assets there. in the recruitment

Philip Sanders

Shawn, you take to that one? want

Shawn Mihal

around are movement is recruited there to incentives of over the relatively We those platforms. is based ability obviously, those our assets that are move there to tracking – to assets overall the advisers, and,

seeing significant our So, billion in to that that recruited been $X.X nearly that we in progress transition making are has on platforms.

the represented through production. $X.X first $X got We've go we as which under into administration. fourth another the advisors in quarter, In we which about addition, into for probabilities close to being signed XX the year, the quarter XX as in billion million another rest offers we forward look about we of to strong trailing assets and able or have those pending advisors, have

are to advisors ability So, different seeing variety as from of we over firms. bring types of the a

the joined come independent, and in few bank a from that and we're number considerable few wirehouse a opportunity space, from there a independent the channels. advisors still year, have this So, seeing from

making So, the & channels transition over to through really Waddell other independent the majority coming larger Reed. a


to And time, call this showing additional I'd questions. to and gentlemen, remarks. I'm like over ladies no at management for closing turn any the

Philip Sanders

for next everybody. want interest. have Thanks, And your see right. to everybody day. great quarter. thank And Just you All we'll a


conclude attending. do today's gentlemen, and you for does Ladies call. conference thank that We

now may lines. You your disconnect