Deep Down (DPDW) 29 Mar 182017 Q4 Earnings call transcript

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Deep Down’s Fourth Quarter and Full Year 2017 Conference Call.

During the presentation, all participants will be in a listen only mode. After the speakers remarks you will be invited to participate in a question-and-answer session.

conference recorded this XX, Thursday, reminder, XXXX. a has today being March As related forward-looking filed Deep in detail to A disclaimer Down’s release last SEC. the published statements night the and with press included is is request. available were the website company’s It deepdowninc.com also upon on non-GAAP website. used in of on release the press our measures included is call in financial and reconciliation press and A today's on our speak made. place cautioned reliance on which not statements, date the to undue only are of Listeners forward-looking as these revise to date any its Down also obligation Deep or the no to statements, after events made. of reflect undertakes forward-looking circumstances At call this Ron time, I’d to like to turn Smith. over the CEO,

discuss you earnings industry we what working and call. for Thank will our outlook welcome on XXXX remarks are then commentary. turn Njuguna Charles now my to full further performance, today, over I year financial and morning the the good In CFO, QX call review and to and our and our year full

with call oil We oil prices will low impact the and continue conclude in of services on then Q&A XXXX with capital the investors. feel effects spending. offshore industry related The to the our session a

delivery Latin hope announced months. revenue. in progress clear I revenue, relationships West year QX, over million be and encouraged few next of and The two as improvement slated third two in factors we for of to and full in Despite Africa to in lower contracts operators $X pieces optimism in progress subsea stab we leaves] large and strategic a of are this QX a third revenue see our sell are we planned projects one result QX in of different these projects. to Multi-Quick decrease XXXX spending the trends declined million, on in plates by by equipment MQC XX% providing such and to was QX included in supply in many revenue you, of starting Africa. able to compared abandoned plates, revenue of supplied to connections under the contracts large slated projects, quarter $XX.X pricing the enabling are suite two America to Our but the between efforts The existing the than equipment the projects. to which of deployment provided in word delay continue for These $X these subsea In to part of revenue. equipment equipment. for revenue, our also confirm as not convert to impacted with customer we which the have equipment Connect [flying Like originally the trees, for next pursued XXXX, be to umbilicals and we quarter optimal as sequential West aided efforts keen emphasize energy West electrical we our fourth quarter year-over-year Coast delays more more level, declined million. fitted the few hydraulic report based slightly X% is carousels. into the to are I they months. detail our to customers that the to continue more our Africa full waiting rather our

purchase. renting carousels customers our our about rather an talking now than to us However, are outright

X% and as XXXX, a XX% directly In of sure, announcement as soon contract. we we’ll to get operators a installers. be only we are from our earn also pleased could from make revenue You loud

climate epic a the such up and in contracts for projects, expected role production looking offshore high ramp future production. key lately driven Current our to well impart by remains in In as the on oil recent in friendly major exploration. installation rebounding However, down, play America momentum policies and gas deepwater customer conversations business U.S., anticipated to business periods. in seems Latin we in handicap national potential in XXXX, and difficult to to independent while region’s business certain slowed for Africa exploration industry, lead new large in from as decisions change the political us America. is are be the has West political a both reforms consolidations investments likely the companies. future, greater That countries, later could to with DC Latin continue and and optimism capital year to to promising, in as increasingly large with sense oil and in operators this issue revenue prices Likewise, our gain future compared opportunities of the these renewed business to ongoing contractors. Washington light are to percentages are relationships major the in proceed to but progress additional

We regarding cautiously order are in XXXX outlook optimistic and beyond. our

prospects $XX customer and exploration development and enthusiasm renewed above prices oil by strengthening of activity. result a a for and As customers

are our also business evaluate provide beyond and lines. to We opportunities to gas oil continuing services traditional

is place. million Ocean the of a the a sponsors million the Shale comes summary, competition a and Through competition. $X high purse competition team we new customers. during developed resolution and costs like for macro teams the development from promising be environment over us for challenging should any first belong long-term I sea a The global Texas will In marketing Discovery technologies effort ex-price, price existing containment X involvement, and initiatives Charles. Charles would and competition, X platinum that A&M to later. engineering the global And have at benefits $X of advance and technology and position be initiatives, business to for to garners the political And this are to profitability. us and these to equipment expected ocean call review and students the fast be the is improved with growth turn Ocean now autonomous, will our We finalists deep now in team which which of to exploration. awarded of will

Good you, call. for morning thanks Thank Ron. joining and today's

additional As covered. I sheet sentiments, will to our welcome to year I well full provide questions as our touched position balance pleased QX on us I industry issues and may not Ron and on perspective have strong some top-line any financials has on our as any XXXX performance,

$X.X lower principally XXXX, in net the to our helpful to in revenue lower to While XX% to expenses increase or performance X% work. margin compared gross due of again through QX, proportion profit margin reported share, pleased of as maintenance revenues declined $XXX,XXX feel increased that repair lower due increased of again We XXXX, share basic decline $X.XX year-over-year, and percentage in percentage I'm also principally an and seeing compared $X.XX improve This did XX% a to to looking which margin XX% $X in in are is margin compared note request increase we XXXX, XXXX, customer gross in decrease Selling, higher in ahead an our with of to loss Modified service XX% general revenues. revenues. XX% due measure a per a to in compared such XXXX, assessing to per administrative was XXXX. as million to a Gross able in we're is income improved XXXX. XXXX million services higher EBITDA, non-GAAP to inspection, to we for principally XXXX, in and in to $XXX,XXX or work. net

of Given months action in range our personnel we to and a new took cost June in the and the anticipated our few could primarily costs while identified the where overhead sluggishness We our better to area experiencing personnel have the harder took areas opportunities. felt continuing at industry, XXXX XXXX. preserving scenarios, our still we scope of the ability in initiatives, and our key fixed been reductions. and of structure We align past of with identified our capabilities, support look customer we current revenue reduction

We staffing our additional levels outflows. in cash years lowest inflows several also and temporary and reductions further we've initiated are spending at balance to payroll now

these to steps in the are that as order our approaching. We in activities our ramp flow navigate performance customer financial confidence to business have improve we through and taken cash is near-term we

corporate operating into office We are fully end permanently expect be the to administrative also out plans our relocate primary before we and our April. of And corporate functions out finalizing our facility. moved to of

XXXX, exploration of towards and to these realize transition we look the we we expect of As savings with consolidations combined we our about have when and agreement CFO. $XXX,XXX Chairman former

of $X million, our to million, now approximately balance cost $X.X repurchasing short-term stock of working million after Turning XXXX. common at of sheet; worth including investments XXXX we had during and year-end capital $X.X

we as our margins on overhead, to positions anticipate and position cash on and activity and we strong opportunities Our our financial business us the gross to future all our in cash we our will flow continue execute manage projects. liquidity proceed

to to free our assets evaluate fund cash effort liquidity. with and to end, are facility XX-K to opportunities when non-core new continue pursue of the optimization We structure our and except and an to in after possible sale banks business in costs advance of further the we stage To enhance those discussions from report. our finalize credit one of file we this on a our discussions up

to stock opportunistic our of below at repurchase book committed common the ongoing We value. also remain prices

our Further we a these to contract also robust pursue us attractive need watching in enable financial strong position their capital However, use to to of very feel demonstrate customers we cash balance opportunities. they the must that levels confident also to ramp. working with maintain new can partners expect this, large so to

we order the apologies be a to opportunistic loss now to I sheet outstanding not the to repurchase value. back future $XXX,XXX us our call. stock to prices balance us. equity That concludes for conditions below that. Directors In the had authorized awarding today. up over additional valuable the our shrink company when of risk all of to at begin market you contracts to million repurchases, call the remarks our of on me cash continue proven book I for our joining as and our positions assess of will $X to turn misquote, $XXX,XXX position the March my to solid XXth, Please actually prior excess for common for prepared Thank Our our base Board to share has operator -- Q&A. excuse net customers

Instructions] Tate of [Operator of from comes first the quarter line Our you. Sullivan Thank Sidoti.

now is open. line Your

figure is, backlog your I a by million, what reflect clarity is that Hi, thank backlog of I as can timeline put $XX I morning. you. thought orders, as that of orders on Good you win, XX-K when well? does around in that start the it Can that saw some -- upcoming

Yes.

discussion million today. the of end -- is XXXX the are we we XXXX. That At where anything and contracted customers backlog. into yet backlog with we have we in work beginning flow additional it of earn backlog everything that in committed through will included about point to it don't $XX not and we not we've includes committed or have to in from our on, expect this as have but work our XXXX they So of of XX% writing,

are would number we go optimistic the So, that year. cautiously up that for

expenditures And in capital for from new about technology? you million, indicated $X think bit million Ron, million that thank you breakdown and equipment terms any for I the in Okay, about XXXX about talk technology, can and new can you that a $X.X talk that clarity. equipment to increased in of of you $X.X of

some up number Certainly. to ends And year. I internally almost on to made the short had three of around back down a two XXXX. based that I million or commitments typically ago, sliding stuff keep into the try I of years $X.X

lot bit big into right to because is the pipeline So were on these a that of jet concentrate the our sight refurbishing But jet out is wanted offshore equipment personnel lower much help pumps. onshore before the pumps just some testing for really pipeline a to spent so on rates. of business. that the And than going now us rates quite testing we is this never get now. We our

into opportunities have of We more some that. getting

into baskets. major one offshore DDI were So And And other into in tool bad, some put peoples' our that really basket, baskets new our looked oil super we a of for was out have our equipment send starting tool of that. watching companies. it to OPS XX turns were basket We that being code.

our field. own baskets developed went have we we the of and ahead them out in offshore and five of there line So

that it our ex-price million remote to quite lining ROV rental just be on after We and a $X about So that revenue we've have got granted. that's that was surface for and center are last ROV patent business. along And AUV revitalize this some portion. business the like that the vessel going and we to is kit. contest, work But with based tools built it's intelligent up a

added number. we could up and before finish And I that so we -- up about of ended them, could these sort all

So sheet, our little revenue. we've the and us out is generate some on a the But went it a help came up nice PPE quite new bit. really and washes that's equipment down now thing is, cash number got going our balance bit of to

So and hunker that in I've now expenditure. the got it, year be mode a try down we're let to not on two

you we're got that quite year. not be answer I this spending equipment. we've going to so revitalization said think? your And a this new Does of But question enough like capital that

new the in thank those potentially partnerships the is very back queue other questions projects think or those let much mentioned and me same, as for countries, mentioned just Are before too projects. I are clarity. that hop same so the in for new And are ask Yes, new those separate? last you you you some -- people I the

been you've answer Charles, travelling -- been a I'm really let lot has this. to Actually, going he lately, him

So of both. partnerships. Latin to in we the Africa a it's are like previously. launched some But new we increase part are in have But had increase an it new customers. now places requirements local seeing customers cases In What West and the in into cases we in content an we some and combination enter Far East. is for America seeing most

so we cases in their to with every different. requirements every into So ventures, But cases are change many enter countries we changing is partnership local a Unfortunately talking are about of the different, some joint in having of requirements country these government. some we're are agent work.

project So and that a scratch. one requirements have going changes The you to start you you down new government started from and path. have the

the So operating up. of we'll to and of some coming But, realities out there we also sensitive risk able we're in are hopeful make also that very announcements these be countries. the to some political

understands not us believe. a we how trouble of has in finding get a who and So operate we've But the right bit it us. for who partner been will we challenge navigated

you. I'll in Thank Thank back Okay. jump you. the queue.

you. Thank

question of line Our of next MAZ from Schenker the Walter Partners. comes

is Your now line open.

are how Walter, doing? you

well. doing am I

Yourself Ron?

Doing you. Thank better.

of the put is and smiling, the reclassify? plant is it and of fact saga you a or it you -- you have equipment. Can and That's smiling Good. I you it’s you're I the I'm more little one over believe you until carousels of selling don't noticed reclassified shot actually which property never of at these a still carousels. the likelihood color, hope is into The to Can because with this the know it is rent carousels. probability renting it back hard,

I a we part. Charles, shouldn’t haven’t in auditors auditors had this The sorry really answer okay. -- -- lot, The company since historically the probably I have whole historically inventory am

has a with so the we specially sale And carousel. yourself but asset -- carousel of include and and very been other carousel rent capital had and the that we is inventory as to definitely in and for sale sell have everybody also impatient

So…

[Multiple Speakers]

amounts do because the historically for the okay, contractors that of got hard not it it was you my of if having contracts stuff the for be it’s to it. quotations sale, like customers sale calling and we well thought show more a us. the evidence though auditors item even this going seems kind have this sale, been be years, other carousel it the installation renting approval cleaner mean inventory of But, was of like exactly. this for are a felt feel but for a hard they for again we dollar few a car, as have have doggone from well over a and Yes, and over it that them Is capital they time shot, does to epic not reclassify we expenditure [ph] we like that it

a they carousel. and now our definitely right to these up this installation of they carousel has contractor first we built in use one actually coming a that formula have of our place, majors So got super want other the sort projects the project

the there we’re one been is of So that to pending, still rent kind promising this rentals waiting of is still those South thing. border the plus several on

it’s for up going will am three that project it. dollar end have right to a we somebody still on for we anybody thing versus on somebody maybe to hook potentially looks buying the be if buying, it a have on optimistic for I So hook this high has rent But sense just but doesn’t like But long make the about purchasing. people rent don’t now renting. have time.

shorter multi-year would renting rental a timeframe? typically or a And be

that will rent the in year is Well and will for four is the of I it the the carousel think pay amount promising rent. a one pay -- actually most

So and any nice thing it. dump up going all is still have and rented we in still And involved I call it being because won’t generate really we without we’ll rent what end it’s costs have of money for with own associated for years storage. while it, it’s be money there that a sitting once personnel the four sleep, cold to

talk markup it hope And value what you recover to you are costs, until again the I to find don’t over -- you for carousel real you you it’s your but not sell of that not have would that’s when recover looking it looking out roughly terms. timeframe. the about When are the some with and

market formula that costs want that But out am and course day Yes. generally you involved. the personnel a CapEx at the in if rate, we allow XXX, got is there what establishes to the of -- the industry usually is I rent by going will had to divided

year. a of this pay can the you time in most you So for thing almost

of am that, move just love because thing, want and that’s lot because we labor it they to them, most dam that’s got storage $XXX,XXX a money about moving to moving $XXX,XXX, excited plus I I we costs. have the make when of a the if So year four

Again of we’ve They we major at need friend South a super I -- credibility. with you the is one the know this border this though have not a trying back probability with say am our one forth along for least lived as to some I you them down lot than and through a go because the pin than do, of it. higher you gone time, long know they even with where having don't has better

and hoping need that feeding our the credibility people to the pull of little into all that vessel equipment people The knowing has definitely America they're And expertise being credibility need I'm with be going about to further outfitting see we The it need carousels the that a will Latin we're has now. jobs because the about all also, more. anticipating, super and high Latin that America, what of that that America, But them will been road. it just need lay that down a in can one rated will the this possibility those announcements we he And talking is he good major larger their less it. the relationships then on going is trigger get we've themselves. if South it. growth some is that our in possibility But right carousel than are they're there --

I two Gene any were wait other kill just till Okay. relating We've in -- it no assume [ph]. expenses we’ll questions. to one One, you XXXX? get done, there to And is reason can

XXst midnight before [Technical that, Other of no December that then and nothing. be that’s one the it. up on will turning Difficult] and than day

favor book somewhat buying but I and just know the always the even balance around I And obviously the since back stock half -- for sheet Board have it. understand at benefit a Okay. level need higher. you the been this lastly, understand of -- you, of in as

favor since am level improve. As strongly while I meaningfully is should anything that the that at stock carousels, you the expect shareholder I announce using with $X stock the a million in could would this good

a $X try stock the at and and recommendation. this level, million lot. some So get thanks That's it, let's just use a

we I Well, before And about almost we're going I've at to Board quoted agreed you with you you direction. that think we And meetings. go, all the is try specifically you. talked to just Directors about move And perfectly. of

you. Good, thank

Thank is And Mike of the question [ph]. you. Private He our a next Trivalos line Investor. comes from

now Your open. is line

increasing? hi Yes, that expand your guys. drilling comments you see deepwater activity you Could on

Charles. ahead, Go

Yes.

able in could some seems So thanks to seems hi breakeven here the general are the where especially have And is they some that comments projects we are prices industry where all -- XXXX renewed supply at in out be the seen call. were What joining the the the in chain. Mike, they optimism. to in of for have accepted last they there we seeing And lately Partly that out we’ve costs the XXs. squeeze are.

in where defined bought that What The Africa We've need never projects with to new there situation what's structure the next happening this years combined where they're that And having infrastructure. seems Dadly of aging past years pumping XXXX put on money the year existing are on sanctioned approved the squeeze averaging eight seen three Shale a has them lower the still put optimism, they are to that seen them was they're in is jury of four, Southwest two XXs be a back some for platform, so termed exactly a than between a about now years three Bonga seen in them prices back to out of be whether instance, either we've over expected seen So rather spent. $XXX XXXX, technology. combined of pilot aging Bonga billion much. gravity. pipelines it's the the to and there to is of because five expected big or these the using optimism. in was oilfields in North Head the last or Bob to XX or North years. talked because them as projects, already. the to it's being to costs not new for months, Then fields lot that in two [ph] but VP, a the the XXXX expected the be But And mature is way the just something just is out more more the fields that's spending in incentives whether of and like XX Sea account which projects we've oil Nigeria hold cash. also need itself and probably billion for they they XX%. is which about $XX going

cushion that optimism driving feel we kind it of So that word of one what’s feel, is is now more we is mid-term while how all this some of short-term. to

our So of soft the relative especially trending some to very is we but in expect into QX see half the year, year pickup of going for instance QX XXXX. to last and second this of

One you. technology thank good something university you or school that, in about guess, and then use your I payoff very the you it to get from team the what’s projects, the mentioned keep Okay, more business?

even money, payoff is that our big reimbursed price it’s with money. so price spend anything technology some there facility though in we the that it’s master will technology. It a the is led built be is -- because team, been in Well our going be to our student

and And learning not so that the of oil are business -- equipment, the business the working in companies. in all business are of they in not for they

a all exciting be some the to it’s that contest, people So that are technology looking we will putting towards. of pretty after and lot work

pipeline years at about new looking kind scale kind you’d you for of of what the think How you this? with of do something be business with any are other business and mentioned have next this -- prospects couple much getting of you

than more testing is have we There the pipeline capacity for. business

that’s get service best. work are our busy our service be when So we XXX% this would of teams the do I utilized believe we that guys some absolutely offshore and in can if when

I right am thinking our that it be total revenue equivalent to So could potentially. now

sounds That’s you. for it That great. thank me,

you. Thank

Riley, our question line comes Thank of Investor. you. Gene from the a Private And next

now is line open. Your

you is Thank that doing of you you In And time be will left project? opportunities the money work just in what very on and much. is created and much how that am the when dock curious are how XX-K sort project much I business that finished? mentioned

are you dock, to say you the when project? ex-price So referring

facility. No that new the dock

Oh, go ahead Charles. answer that

thanks the for joining call. Gene Okay.

facility -- the clarify sit to the on the lease facility. land dock, Just the we comment we the actually about

ownership are who the So that are ones in the putting the of park dock.

so of we not quickly -- when otherwise are spending money it, we are we committed spending frustration to are they -- we but as have we move had it. bit because on moved as any do it we Now any on in, but not a hasn’t money

Okay. And will is you, of create done? project sort for it opportunities what when that

takes it out to stuff -- ship here. lot of a money have We of big us

know and we -- so if not deepwater. we’re lot And the people of that on

So if me be not they could. able make we might assumptions that something may that we don’t know very they ship well, to out

relationships actually we because the work have being not to some their dock relationships So over close we are and they new are work we on with business more, access water that we stressing may there. and by on, own potential big or lose put able things are here but do the sub-assembly past that assembly some also nurturing we start have going they to do

we’re limited because not have to going just don’t that know the have dock, here. barge to simpler dock. a to do But when stuff out let of we So we people we it's need

Okay.

So you move don't have up? any leverage this can you in fill like say, hey to to

too four I that's leverage based in able to us that he or know facility, have we on was facility happened. it did in changed a is to weeks that let company priority that they -- the one move on need President But with partnership up of we months three ago about And few he we them another are probably of to three things I down their a suggested ago. strongly a aback. they ray actually here that from they And Friday. have And other be had to off. And that meeting, other management a sat was far taken thing bit may deepwater also which not both. he

we honored they since things. pulling started our certain way to -- them haven't we've So

be -- they up moving list. it priority So will their

said. well Yes,

got you've if time? question more One much. very you Thank

Yes.

that right At mentioned had the count what's in end time XX at quarter the of customers customer and you now? you three point

don't I -- misspoken we we might if that we lots because think I have of have customers. that, said

So that at? read where did you

I'm from sure listening remember. I conference can't reading to the it got pretty the call transcript or I

Okay.

notes. My

generally Every we And O'clock X base. and we in quarter go on projects XX call where like every a the at those we've calls staff project have books. report this number Wednesday it's I used morning are or that customers. CTR And the our basis project we meeting lot got to over of

customers. on a customers have amazed we many big size are. work for we how that for of are so People lot So we the

So about Matthew. XX. at Do we XX the a our all though, you misspoke have tell counting might that. if I Controller. how the customers I'm time. Over probably we I'd looking He's many stuff of ballpark He is have? talked you

Okay. have heard I also wrong. could

Okay, thank much. you very

you. to nice And Buddy. Okay, meet

Thank you.

Looks like Tate wants to come on again.

question have the of follow-up of Tate Sullivan do we a Sidoti. line from Yes,

Your line now is open.

rental The XX baskets the that Thanks mentioned, for mentioned you Is based new my on code it based a you taking business? OPS was code. follow-up. it basket was on

these there. I'm Yeah. a to don't And have to have hope things I -- out hoping out Walter, freak thousands of

least a in a it time. a all pretty dropped as baskets. like soon to basket. of built code that most And couple of think good know be our of duty just with heavy you to these. we've these on going on at this. and So equipment They out go These and a all we as should look Sherman But I And for initial loaded, them the a us. competitors tank we business an rental got is business out the have they're of be have of only five they're fully lot things

on the credit with is I if new -- Can facility bank with or it Charles bank with you you worked say then And may is the mentioned. it before? Great. the you've

It's with there. worked multiple We've the new and out just existing a more get meetings for both feel our to customers had before. little with banks just bank color, a what's we've -- potentially provide had

sense. and rates more have cash presented hold that options they'll we essentially been a at cash which backed pay us is right cash the of Some our much is sides. to willing on bank for appears they then higher then of us work over facilities, then there borrow their are now to make now we've to But too made which us, both one -- who didn’t are sense as with to there

agreed can that's And discussions. we'll them we in information then filing, down more available to have we those through So get audited. that the

So updates we the on speak we hopeful that seven provide of or are to about that. end further six again when QX, we'll weeks able be at

for include And the I facility, extend of incremental to when mean you credit that's part new would new letters projects and that credit of that orders too? new ability

Yes.

some opportunities international for -- that of pursuing? are the of required you credit Is letters are

issue have if are, that a are they or their to some relationships they Stuff that performance guarantees money they to of have locks something have of But line. have that that a going puts our sorts we rules all to that tie the it payment to are progress on up. or credits, line all time and to are the we of opportunities want strain up that like sometimes and there hold we money resistant when

Okay.

don’t we So like…

then, you before. And about point on and that talked yeah, it

think payment installers it mean, you battle? mentioned EPIC operators or a on contracts those contracts, can still upfront on more get to I shift is constant kind I you from a of

our No, the worked we’ll do EPIC back I have we always our upfront the to second working able like XX% to but And that categories get now to we’re the strategies around is be up -- for get but for jump be payments, hopefully anyway. down installers XX%, the and looks the to may operators. highest definitely right like years thing say

payments don’t working operators for I for and up mind and and them give working we of end other type progress the commissioning generally work. us will So they

so cleaner end client. it’s work play where to the So we just want for directly way they the it not but much just the But can of -- most time.

So couple are continually thousand to working it’s hits it’s we of the took on the at I out own and we least J-Plate we my a big not our our OEMs introduced -- and like there just because updated think and J-Plate. LinkedIn day other we for as

quite -- of to the that in we So add. interest a we’re there some components is subsea bit continue of

for you have detail additional thank of much great very the Okay, that rest all day. and a

Happy And a Easter, Easter. have too. great You

you. Thank

for remarks. time, in the closing at further like Smith And you. am turn I showing Ron over to I Thank [Operator queue to back this would Instructions] conference questions no

here and Well see you do you on call. this quarters conference and we being I what screen best the the We we well. list in really participants looking room our what to corner. thank for excites have of and hope on come am and guys long of us big XX looking I as get to want for I to excited thank in forward you our joining doing the -- as more we’re a we the whole call, the

I So guys to you want next all wish a talk we’ll basically and Easter Happy you quarter. to

great this gentlemen and today’s you concludes may thank now today’s Everyone your conference, a program disconnect. day. in you Ladies have participation for