Macquarie Infrastructure (MIC)

Jay Davis Head of Investor Relations
Christopher Frost Chief Executive Officer
Liam Stewart Chief Financial Officer
Jeremy Tonet J.P. Morgan
Tristan Richardson SunTrust Robinson Humphrey
Ian Zaffino Oppenheimer & Co.
TJ Schultz RBC Capital Markets
Call transcript
Due to licensing restrictions, you must log in to view earnings call transcripts.

Good day, ladies and gentlemen, and welcome to the Macquarie Infrastructure Corporation First Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this call is being recorded. I would now like to introduce your host for today's conference, Jay Davis, please go ahead.

Jay Davis

to first Corporation's quarter welcome this conference and the covering of you Macquarie earnings Infrastructure call, Thank XXXX.

Our and call is webcast open to today the media. is being

www.macquarie.com/mic. we financial In released results the last materials may Securities a Form copies on addition and our on filed a be quarterly evening report our with to this release and discussing and website call, downloaded were XX-Q have financial summarizing Exchange published press These at performance from the Commission.

the purposes presentation to me contains solicitation prior Executive you presentation available Infrastructure information use events Macquarie information. to prepared proprietary over sell turning other convey Officer, to this in We solely identify Christopher any reserved. that material prohibited. buy that is is is use based Corporation on Chief Before Infrastructure Corporation's or presentation presentation to are or the whole proceedings Macquarie non-public presentation any recording, consent in rights these some information may, Frost, statements. future forward-looking is statements. words does remind uncertainty contain or generally security public or and instrument. has This been not the of or written of rebroadcast of without an Any offer and in let all this This The forward-looking outcomes not and for cases, of a part

in actual a to our subject Factors of risks A are statements and the to could of number that under XX-K. caption differ in results presentation this our Forward-looking known description Form risks appears Risk cause uncertainties.

from implied the performance, prospects forward-looking or statements. materially those in expressed or results, by Our opportunities could actual differ

date as result law. also actual after revise not publicly future this presentation, forward-looking These whether which except of of update to the currently to of Additional the or or presentation. a made are aware are information, differ. risks as by undertake We events completion obligation required otherwise, cause of this we no our could forward-looking statements any results new of statements as

will measures, last non-GAAP earnings before times our call, these free reference be found to flow reconciliation A comparable EBITDA, GAAP of to published today's and most various evening. release us. and to the we cash make the by During measures at as interest, depreciation, in or tables defined earnings measures amortization, taxes, can press the non-GAAP attached

to Officer, to my At in addition Stewart. is today's Infrastructure is Chief it this Infrastructure participating Christopher Frost, Christopher call introduce Frost. Macquarie pleasure Corporation's Officer, Financial time, Executive Chief Macquarie In Corporation's Liam

Christopher Frost

thanks morning. reflect to our joining those And you, with operational of call solid believe XXXX quarter priorities consistent three expectations relative and restore to progress we you we Jay. priorities. of our growth and were set strategic this the MIC results and that to the that make Thank MIC's for our we strategic continue out generation. ago, cash months financial first XX to will

and primarily taking of conditions accretive priority what opportunities. The MIC's portions response focus of are advantage To reinforcing characteristics believe infrastructure of and date, the first a investment repositioning shifting to in this involved has IMTT on was repurposing businesses. we market

The second focus on priority was managing resources our a efficiently. capital renewed

$XXX of non-core operating has of portfolios Over the and the MIC sale smaller the of total million, sale year, proceeds businesses the generating announced to involved past of recently approximately renewables. this including

EBITDA company XXXX, opportunities to times. leverage Since balance periods attractive should of January advantage four MIC's strength debt sheet to Positioning of when from financial to priority under occur. third The has the economic they they consolidated net weather arise and take been times and reduced approximately has stress flexibility. been five increasing to

XXXX XX%. recorded solid quarter-end, to improved deliver to in At an sequentially approximately to quarter IMTT, quarter of utilization enabled has XXXX guidance. reaffirm these priorities in XX% improved in Since of further XXXX. the and against first of the quarter helped average execution from utilization Continued results the XX.X% us fourth

IMTT refinery Excluding quarter by timing make in the notably projects. will the December. in reflects by off payment, good of The but with be fee storage property first the phase of fourth refinery the various EBITDA cash used refinery, expected impact opportunities normalizing of an first and contract IMTT results for offset development came more to of the the on fund of and the tax example, XXXX than the progress XX% fee quarter two to $XX great was termination generated of revenues declined of the IMTT approximately continues sufficient million at of to barrels and to year-over-year. the The XXXX, is, fund related flat quarter to that repurposing.

night's in in in of The last barrel moving subject noted of release, will barrels IMTT third As Geismar. to construction XXX,XXX plant Geismar. accelerate construction methanol of press the the manufacturing a with remains Methanex of project balance Methanex ahead XXX,XXX

has million contribution call, IMTT last agreements EBITDA increasing an nine imply stabilization with Those an and our $XXX in incremental value to signed XXXX expected a of projects roughly that the fact generate to and highlighted $XX we are aggregate times During million. of multiple. related projects partial

have the projects initial Importantly, XX of contract years. average weighted term a

to IMTT. throughout the to being the additional and and consistent the of better growth. to are quantity a announced is sharing the and team looking capability, these projects IMTT with to to at The done enhancing finalized close year. what We number capacity of with we are that We business you connectivity even of details of than objective with the return remainder forward needs quality be doing being already have economics by and of believe are Many pleased both those IMTT. are all the advanced

commercial call, X Courtney. as to cash of leasing relationships storage, the to CEO, against of our important invest joining build business up the form full-year businesses. XXXX. generally. of he continues first commercial backdrop in was to to and year. experience priorities. Corpus activity flat joined CEO a and Capital good a River of was out Pin on Efficient company benefited customer Aviation senior April year-over-year. positives rentals I seasonality reflective team. West last reflecting necessary essentially region flight that margin as Trading the growth such across Mike part FAA the and ancillary and Passover but to high am IMTT. April delivered of He selective Intermountain generation. also in quarter portfolio in million, into to Commercial hires from and where in Reed that the to joined the in Atlantic target were up president Not result development continuing aspects the our deicing. our making versus be with Mississippi an operating reported operations. development of facilities relevant to Good I to and $XX during gross wealth impacting the the Chief quarter return at deployment leadership Christi, IMTT, and we're only seasonal conditions this MIC this Easter EBITDA that Louisiana people quarter. all hangar its Terminals in industry a the the construction quarter across continued snow to-date Atlantic fact Texas. systems Prior from Airy, of fell the as low responsible of part for effort of includes Flight the This brings to was mentioned to first X% strong revenue Rick Oak has and Mt. was at pleased and the the During IMTT, services at for the and strategic second performance in Mike quarter project has capital on IMTT's to deployment effective support Mike quarterly report for the of responsibility reporting that plan, and IMTT track Officer Atlantic activity good, levels with water to the totaled the relative the projects in both at side XX% to

deployment at million have XXXX. has issues to cold-weather about growth $XXX Similar reaffirm committed proceed. $XX growth expenditures of to, reviewed to capital capital slow first dock projects And weather million and for businesses. range of projects Although maintenance million the already to a we the nearby to kept capital been another warming, is river can $XXX the recede we the $XXX with for Nevertheless, works levels of million in the related quarter. primarily to for guidance the which

are I'll turn the additional expenditures expected At a over color be full-year results. related to floor again, Liam Financial guidance matters other MIC's the Here on for Officer, bit point, prior first Chief these line XXXX $XX with and to under at quarter Stewart, this to million. in

Liam Stewart

guidance. quarter first relative MIC's the Thank well positioned XXXX on the you, the to company Chris. delivering results for

free $XXX $XXX of and businesses MIC's $XXX that expectations of a the these a flow cash full-year in range the in material of backdrop. macroeconomic million. to Both reaffirmed generate no to have and million the to million changes of businesses performance EBITDA continued subject stable We are will in range million $XXX

generated A and were result of in will MIC refinancing convertible of year-over-year holding Atlantic increase cash at debt used refinancing The Results Aviation. million in that level Recall the and that consistent slightly EBITDA of received the robust $XX $XXX million XXXX maintenance taxes. and $XXX between including offset The quarter. the of of at of believe year. capital and that EBITDA our fee fee the segment December in increased $XX was with the an down in the EBITDA amount will in both that the by to July. EBITDA generated refinery portion Free $XX for expense. Atlantic repay The $XX of Atlantic comparable to expectations. mature cost be interest $XXX a million We notes company by in or business an Hawaii flow. to the the contracting helped in generate versus EBITDA range termination expense flow implementation cash million million July largely for as result generate $XXX IMTT a was XXXX Except posted on reflects quarter that mechanical also in million increase improvement expect We EBITDA in a the prior $XXX was year. the was between the by refinery and million, and headline The absence cash of negative we've into by a gains propane conversion the increase free the flow cash in lower of November. first of new free $XXX the excluding IMTT the was of in converted first the growth hedges. an period fourth free utility of for realized in the last quarter. of Aviation in million, million. quarter, expenditures million EBITDA sold flow business Together, in and taxes, rates between million the by generated $XXX helped last interest resulted of cash

for Our the with $XX guidance for MIC expected million. and was to year between be million EBITDA Hawaii unchanged $XX

debt Leverage Turning totaled billion. sheet, of debt on Available with of cash the including consolidated billion, $X.X facilities, the $XXX period. The to repayment to the with currently projects times liquidity, continuing the MIC balance the convertible XX-month approximately operations sheet. of capital notes associated July and ended quarter balance was net over trailing mature of consume including the funding will X.X X.X EBITDA approximately of cash undrawn net million. the in MIC credit growth majority the first that

the X leverage as foresee debt leverage of times of on being that EBITDA. cash, at the year-end level result current we we low of of times will the prior net the to expect X.XX sub-X increase end to While deployment guidance from a

portfolios, Regarding third deconsolidated. net of approximately of the MIC quarter. We fees they will the have proceeds $XXX of be two million debt entered we operating by the be renewable the currently these and approximately will of anticipate end taxes, to transactions expect into close million and transactions, of the and separate that divestiture will $XXX that

carryforwards MIC will of year income is of $XXX taxes material offset and We assets million. on of that wind the be year. income state of the in on on be not of tax XXXX. at can operating generate those forecast net federal portfolios you current net Based and roughly $XX income to will liability proceeds around operating That that the a sales and million, approximately $XXX the also million liabilities. its are continue for the $XXX books expecting see The on start we incur million loss by to to to tax income the expect the gains projected both solar the federal be

action I potential & elected of Standard credit on mention the its negative generate BBB-minus addition also amount In stable interest in reduce joint March its a a from MIC's that by to change for the wanted to rating venture outlook XX, BB-plus power taxes would to due. operating solar renewables, Poor's evaluation to as S&P result taken sale of could development MIC increase issuer the of in the gains in methodology, outlook. also part

billion at As and across facilities. form affected has company. note an expected press currently with There our to in performance company The from MIC in the the is financial to cash businesses any considerably were approximately of times. of on last, in cost facilities. is down the in sheet covenants leverage not prospects this the that we compared $X.X noted again X in I time, X MIC's action result or million impact $XXX and release on to credit of balance additional with changes hand facilities no any any nor less also times are the flexibility in operating year debt in the access the undrawn does it its have stronger considerable than those of

the On quarter, and operating guidance during provided dividend share the $X company's board has payment of February. the for consistent per first of back results a the the with the cash financial in of authorized we the period, MIC

be will the the XX. shareholders approximately on fee, cash flow represents of dividend XX to quarter the termination during period. May XX% of refinery of generated free dividend on payout first a May paid The adjusted the $X record Including

cash payout With we year, that, for per over a of of share quarter XX% distribution hand . expect full Chris will in of result adjusted the approximately free the few back to a For I'll call per $X the that observations. additional to continue ratio

Christopher Frost

for up Thanks, of with at wrap leasing storage customer level, demand. development and notably demand involve what additional remainder I'll projects storage comments MIC's of contracting see response the the capability At to a in and Liam. a key evaluating XXXX from the as in counterparties or IMO connectivity related capacity, initiatives few high prospects we year. existing capacity, IMTT to increases the with for underway response

increasing to supportive longer about looking Our of however, storage, IMO fact More include to implementation today of is extending and may The want in that latter relates be the these shift at of storage a impact the now the thesis prospects markets. market some observing supply/demand in concerned by potential pricing commentary IMTT dynamic and the These year ending will not confidence change performance is of in key it is in in that of suggest as for our the factors. its balance. a conversations but have what half important, customers of based on observations existing Research customers IMTT in concerned for only contracts the number IMO the generate demand is XXXX. a durations. caused they're securing about general also

key and relates in the is is the well in for the the during full of refineries together demand, successfully lower of in The as be more storage airports the across delivered tank to New related that region. with opportunities market feedstocks wide The low believe acquisitions The likely the product different dedicated offered segregation of in the new is demand traditional for by a New looking needs and customers, various is into entirely are oil, be markets A for oil in low not railcar of and impact XX% the this tank supply to different of complex The for for flexible and of of by opportunity fuel year for fuel of fuel [ph] capacity that in a advantaged Bayonne. expected market feature of addressing Mississippi access hangars in impending of all, with and be which River impact need business The robust. product XXXX. finished both sulfur likely ramps market marine blended Harbor largest is driven needs. is including very storage, will ability which fundamental the time clear, strategies in will is Harbor It to customers the on in the the to number in of are form the market utilization and revenue. additional and IMO particularly lies each infrastructure, markets and capabilities, such IMTT products demands the of bunker significantly York that from likely blending as marketing and business gas York key bunker XX and these IMO a in the more Aviation balance meet But The transport one into drive long-term operates. a to In response likely will pod or places products products. by including next. to as and/or the range of expected identifying getting range highly could handling that of bunker blending the of part of of and continue involved for IMTT the share opportunities of however. the at to solid market. the will for each IMTT additional The end the firm those allows it users in storage. advantage be Atlantic to Development support rental range handling, systems that additional in IMO. SPOs the and into existing development competitive operates, capacity opportunities. we implementation the fuel implementation construction customers or world take marine rail be two That the efforts, the drive remains capturing at

updated some and The your version of and at operating of emissions MIC's environmental, being steps to mention businesses increase the highlights taken community I wanted governance the social updated open the strengthen I engagement. reduce to MIC call important have to questions, we Before each safety, report.

you the website. from In results quarter MIC and operating the at line financial MIC It of can sustainability be found and the summary, of of first top three bolstered expectations participation reaffirmed our priorities. ongoing ask the phone per strategic will a I download You for initiatives were as financial At again and the questions. open for execution confident metrics this dividend tab time, have for morning. the of can for homepage. annualized. company's your the well supporting operator key for to the XXXX by $X for copy prospects remain report of call in in We with Thank you company's guidance this behind as in lines our share the XXXX


And first of from you. Instructions] line question Morgan. Jeremy with our J.P. Thank [Operator the comes Tonet

Your line is open. now

Jeremy Tonet

Aviation than we morning. came Good much in stronger Atlantic expected.

bit You of stronger-than-expected little would or hoping results. the seasonality year? across about more seasonality the be but the drivers was detail provide Thanks. us just could remind contributed helpful. bit I you the listed a to maybe you a could what these there, some on Anything Was

Liam Stewart

Jeremy. It's Liam. Hey,

there of terms quarter. of things are performance couple the a Atlantic's in in I first think

I first the proportionally, quarter, a is as very that, mentioned you think is the first thing quarter. large

the of strong that, in as rental very impacted there And good sort lot of we consistent of conditions, well. and you I think kind hangar, the ancillary Mountain of of back track of we So, a And in snow sort had region, outside of the more West as very couple years. think a over in if the in that's prepared activity allocation that proportionate first well. historically mentioned sort EBITDA do which services remarks, Chris as than get And had quarter sort I a last of quarter. then,

that as for So, But typically said in a for from you largest an is question, perspective, pleasing business. result. years your overall the quarter it very

Jeremy Tonet

an was any wondering thanks over barrels. bringing if of talk year, I a million if bit Wondering Great, And like just talk you're million that. this looking – you contract point. to – could more this up kind The the really it then, materialize to shifting you And you and far bit extra could still conversations million about target that that looks this repurpose in barrels. repurposing kind with X a XXXX, to could as to in X.X will little in trajectory for be something more IMTT, more led or the what of provide a coming that there? that to the IMO have is bit influencing level of at color sense discussions you future, to started as event this is

Christopher Frost

Good So, Jeremy Chris here. morning. it's

X You're lower When strategy, crude million the announced a Mississippi customer right. to associated million we to River. capacity sole refinery. with we represented barrels residual roughly the that quarter heavy X announced barrels we to the that the storage subject intended The tanks of demand. and And on the repurposing repurpose barrels XXX,XXX included also up

could some to developing see number away this also But of that plans system a our to to around connecting call, players -- barrels remain in on product. repurposing those heavy mentioned projects into of fourth-quarter of clean loss IMTT/St. and regards region. which targeting barrels Rose projects million as because but larger As of year, of the heavy service, resid our we're we're from a those in either larger

And initiatives. so, currently we're and and with conversations we're in working on engaged those various discussions customers actively around what that's

Jeremy Tonet

more can capital a way becoming of see here approach helpful. that color And taxpayer? That's deployment? of the stacks and one a kind the kind when taxpayer just point the of And up bit becoming versus how if asset you last proceeds, the little does this then, yourself with provide you your sale expectations influence Thanks. you maybe

Liam Stewart

It's Liam. it's question. good Jeremy, a

So, gross the roughly obviously, $XXX renewables of divestiture. prepared in the I as million on said remarks, proceeds

roughly say, anticipate million, of accommodated. we realms having the do that of result proceeds, those our tax within state obviously, divestiture. we $XX federal operating will and easily combined anticipate sort on gain taxes don't a While I paying And that but, income, on of,

and of so. was had about offset pretax that $XXX year, XXXX, million at I or you this of that million roughly the the the we'll if $XXX start about of be will think have without talking balance think loss the operating we year income against specifically net

XXXX. would would the of So, loss course operating almost absorb all net of the anticipate in that I we

about think if again, about a next I million and without referencing liability, federal sort from think of and means specifically what income – roughly tax assuming that sort of $XXX you that XXXX, sort think it's – then income some takes or somewhere we federal broadly be will similar $XX get and and federal year, puts implies as taxes cash that of there that in be taxes will million. income into the

we that of context of flow within the free business. think generated So, about the the overall sort cash by

to it think been I think that attributes where way would will in we the have about from we a well balanced. capital allocation than had benefit have projects is income the of we an sort it tax we a relative taxpayers but, look at obviously, they of each when basis, and era more are strategic federal are

it factor capital the into thinking deployment. So, to relative will growth

Christopher Frost

though, of those in result the as investing core in businesses, of terms generating a infrastructure shield also a tax our strategic terms of in incremental I investments. is characteristics priorities, benefit would our of add, of secondary that

Liam Stewart


Jeremy Tonet

taking from all for my me. Thanks questions. That's Great.


of And Tristan with you. from next our Thank SunTrust. line question Richardson comes the

line now is Your open.

Tristan Richardson

Hey, good morning, guys.

Just repurposing, be service, but the to barrels that? commercialized to may of would and this expect a year, then question this it, is need repurposed we a they return return service should they – the year million to those or clarification barrels be to after on

Christopher Frost

assume the said returned Look, be until previously, as million our I does barrels guidance would this XXXX. year, year not this to repurposed X for service

does those into we generating year back those expect terms this amounts. Our But provision a be to for until don't growth revenues, expenditure service include XXXX. for maintenance in capital of and

Tristan Richardson

I a missed projects that just Appreciate that. And repositioning tied be IMO. those it, though looking as not it are it may side, on lot of directly discrete Chris. then, to the necessarily slide, million, at $XXX seems Apologies your like seems

talk you committed above guys for in about So, CapEx to of opportunities the or excess that be date? would beyond as sort IMO, and total

Christopher Frost

think assumption. not an probably I that's unreasonable

either you terms players there the terminal improve the and number connectivity, where road improving looking to particularly ability system in customers intermodal be infrastructure, the use we're a end announced rail repositioning, a ultimately Bayonne's looking to the year in market. Rose connectivity infrastructure in IMTT St. of that improves that rack, for truck projects will pipeline product And last or to the also and whether mentioned commitment of Bayonne Gulf prepared we I that their As remarks, we're recall their a deliver to to at Coast are which infrastructure.

So, at use really currently largest our region. a of that end the terminals looking the our involved markets of connectivity two players large projects to lot customers' in or repositioning improving to the we're system

Tristan Richardson

Great, for then, portfolio? me, of on magnitude the last just give of just thanks. infrastructure you across of on dollars opportunity set side, organic sense Atlantic your could Sort And just footprint. a X us the of ramps, the hangars, more one the potential existing

Liam Stewart

to $XXX Tristan chunk the way of the this And million. quite in that million I that, it is year think would of large I another got that as sort a towards about we backlog. well. addition about think $XX directed that of is have kind of We committed have Atlantic should

the we've the we XX in of in a terms ability obviously And additional year strong the this pretty there, opportunities. I existing evaluating committed opportunities And have remarks, of But that projects capital had of prepared the we're well, of roughly hangar opportunities mentioned up the effectively we we very as rental services. good Chris as range of already ancillary a terms think about of then, in signed to. well. and we're quarter seeing in million on footprint $XX terms have as inorganic to is to sort think what way add [indiscernible] another

use So, pretty that existing good individual can deploying of an capital. capital area, supplement our FBO think where that's position we by on a into we those particular

Tristan Richardson

Thanks. it, Appreciate guys.


Ian of from question Thank comes our Oppenheimer. the line you. And next Zaffino with

now open. Your line is

Ian Zaffino

Hi, thanks.

of up kind I it, tax the are given And what know of the kind Thanks. following of that have friendly structure. towards it feasible? on thought corporate side Is you're So, of moving on the Is a more it? you table? kind tax considerations? doing any to

Liam Stewart

Ian, I think structure corporate terms is of as question well. in your

C So, a corporation. we're obviously,

order as strategies kind time But evaluating a part company spend think has inclusion become say went that's a well. lot and initially the we of of of a we pretty corporation would liability that considerable public Obviously, Obviously, I forms structure, of tax as – balanced now [indiscernible] on well. obviously trust public, in sort to sort as kind index as C what limited we of planning a terms did. went well. tax of optimal against to we of sort when I be of

Ian Zaffino

balance giving – then, Okay. CapEx historically, you've with yield. to shield that some dividend when in? Thanks. going outsiders That's doing maybe do to think guess, kind about been looking about I paying you think be XX% I of how type reinvested. think as of you is, to we you what should spend the question this and And need you've How the would what that depreciation. Is get you accelerated

Liam Stewart

well. as dividend it is of and $XXX through format advantages the I capital tax accommodated think in we And, of it's to run capital our about terms million million $XX of means if that about roughly sort level think ability and as within $XXX generate well. to think of you that million assuming existing as bonus sort one our the obviously, depreciation we've well, program, cash NOLs liability, the structure the of program of expenditure

in any FBO. So, making sure objectives. Atlantic as the out earnings balancing also, it's positioned as just generate of IMTT achieving our to towards I characteristics the things well of mentioned the individual we're we're investing And that at that. our question, maximizing strategic doing really business on ability But infrastructure and

Ian Zaffino

Okay, very thank you much.


question last Capital from Thank the with TJ Schultz comes line you. And Markets. RBC of our

Your line open. is now

TJ Schultz

Okay, thanks.

the for partner. them then, growth in the Thanks. smaller for I projects? a And $XXX on budget, is I that one and $XXX earmarked Methanex million storage all? guess, million the change around think to CapEx what's project, larger the bring you potential project larger on that option first the to Would strategic from needs

Liam Stewart

to on get larger good it's that because project incorporated into that a to project TJ, There's X.X question. FID. requires Methanex still nothing outlook the

and a to as single the strategic have XXX,XXX Relative take that plant terms the capital the it amount that On digit the millions barrel, the that extent larger low on of to necessary thinking partner fund in was would project, as arrives. I to we're as well. when of we to well, there think

TJ Schultz

sorry. I'm the project? smaller you cost Can the on repeat

Liam Stewart

Most Q a number. It's my million Thanks. of answered. Okay, - low Schultz\ great. questions digit were TJ single

talked Just one you some higher expenses. the model, at IMTT, quarter a in for about

kind the or that the Some through rest kind of of the year? through thinking what tax just property carries on one-time there for of

Liam Stewart

through I of rest think carries the effectively property the on year. that tax, the

a of was XXXX. up quarter that's it first what to in So, relative the step

TJ Schultz

you. Got it, thank


for that And remarks. would the session. now conclude today's Chris any back like further call to to you. Thank Frost question-and-answer I does turn

Christopher Frost

for you our today. conference Thank participation call your in

you many during We in wish we investors be at will time. with road that, with analysts meetings you ahead. and on with the speaking the to weeks meeting of again look one-on-one day. a forward in great And conferences We and that


Ladies in and gentlemen, thank you today's does participating conference. today's This for conclude program.

a disconnect. day. You have may And everyone, all great