Gannett (GCI)

Ashley Higgins Investor Relations
Mike Reed Chairman and CEO of the Public Company
Allie Engel CFO
Paul Bascobert CEO of the Operating Company
Kyle Evans Stephens
Ryan Vaughn Needham
Lee Cooperman Omega Family Office
Call transcript
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Good morning ladies and gentlemen, thank you for standing by. Welcome to Gannett's Fourth Quarter 2019 Earnings Conference Call. My name is Marcella, and I will be your conference operator today. At this time, all participants are in listen-only mode. After the prepared remarks, the management from Gannett will conduct a question-and-answer session. be at will time. participants conference given that instructions The

recorded. conference As this being a reminder, is

I to now would like Ms. over to turn the call

Investor Ashley of Higgins Relations.

Ashley Higgins

you, Mike fiscal Allie Paul year you results. Presenting Public And to Thank Company, call Engel, Gannett's and XXXX morning, Bascobert, will CEO today's the us the be discuss and and joining Operating Chairman CEO today thank quarter fourth on Good Marcella. Reed, CFO; Company. for of everyone. of

results financial Gannett's the discuss will we call, this for During quarter.

If supplement Web that you release. site, you we have to the navigate Gannett's to press will posted in earlier find and our earning addition

We will on it detail this as be quarter's performance. call referencing today the you additional on provides with it

is Before me please we begin, let recorded. call being remind this that you

In achieved respect Actual during those differ factors events presentation, risk based addition, results and that with in the disclaimer be forward-looking expectations. discussed as upon filings described the We current you this the well Gennett's could future materially the call are as SEC. events in with to to statements read are encourage made forward-looking from statements today. and made results statements

financial we some addition, discussing call non-GAAP today. and during In be the pro-forma will information

non-GAAP our New GAAP The pro-forma of a basis. Media on reconciliations consolidated to the information and find earning can the most comparable presents measures in You measures supplements. Legacy Gennett

be or or an to is and that without of The on duplicated, not an nothing sell cast and Gannett. like to this consent. interest rebroadcasted audio of you copyrighted would remind constitutes I reproduced Gannett, our to solicitation webcast purchase in may Lastly, offer material offer any call

to turn Gannett's to like and Reed, would Mike Chairman I the call CEO. that, over With

Mike Reed

set goals the earnings and acquisition our we in our since everyone. and of Good the Ashley. moment much a time, for pivotal we year our bigger a November is for basis for XXXX completed earnings report first XXXX stronger company This Thanks first morning, a Thanks and call on we consolidated last fourth call. year. transformative joining as as is quarter as enterprise. for It results full

performance, tremendous price fact obscure accelerate path stock significantly create a of that Legacy creates opportunity been and should to not Our revenue disappointing, costs, New to value has Media the Gennett the significant reduce for growth the which and combination certainly shareholders.

take path growth. been of quarter. are I our and been first working progress who've to but the faster Nearly integration like better revenue and our an a would while improving of months employees to has transaction amount profit it post-closing also three a our us know enormous tirelessly all on on minute in efforts, business to work, we synergies. thank integration for positions great the I making

We million we $XXX savings end by to confident implement we previously and of measures will the the the that $XXX million, of the guided of to target cost high to synergy end required remain realize these XXXX.

in annualized closing. implemented reaping are already over of will $XX to measures savings. careful to benefits quarter, this that result We million expect we planning begin the By prior end that have integration of in the

achieve million expect ramp to $XXX until target. We quarter these savings we each up our

continue million of At growth categories. within payment. to by are debt schedule our the $XX.X focused on We're we marketing and debt digital same having to-date services we and improving revenue prioritize repayment, performance, also the time, down paid laser driven events ahead with will

which all course that to asset and to during year sales and $XXX prepay next debt. will between are the million, proceeds this of of targeting of used be $XXX million expected are generate We year

Even without we reduce these aggressively leverage. to sales, plan achievable have highly

ability to our are in of our integration our financial performance. we confident progress We are pleased with improve meaningfully the and

few I'll talk minutes. dividends first quarter in a We of with beginning normal on course pay and to the in XXXX, also that expect further

we company's financial Media to financial to our consolidated for of for forma provided out analysis of represent performance. results, Gannett I Pro in six to plus turning Legacy legacy that quarter the operations financials quarter the forma facilitate like our Gannett. weeks also Now which the full Legacy results. include to recent GAAP have point addition full pro would financials New

for purposes have models. company provided each helpful believe basis XXXX We be also revenue on financial standalone will trends a legacy completing we it for as of

Going same consolidated store trends a forward, we on intend to provide however, basis.

going our quarter a announcement same-store and by and part attributable On reporting quarter, QX in full X.X% billion serve for respectively. fourth the year trends. highlighting will As pro which year billion performance operating for point we for the a basis forma to the X.X% a the pro revenue of focus review employee future XXXX, was since $X.XX On X.X% this forma was basis, I'm XXXX full and in the caused fourth each of and $X.XXX as performance, the period on declined to starting synergy for the distraction acquisition target. revenue decrease our

pricing as a Also worsening more quarter, Legacy circulation runoff the largely in aggressive we in that of Gannett fourth initiatives subscriber the in enacted trend reflecting experienced expected, QX XXXX.

in improved in and leadership February January With to-date. place, new we in an trends expect XXXX. see teams throughout have trends revenue improvement to However,

cost EBITDA revenue meaningful XXXX We improving in growth expect while as trends. realize also reductions to drive we

me just that. Let repeat

drive growth to in EBITDA meaningful We XXXX. expect

revenue in areas XXXX have drive that trend. help key an improved of will focus We several

market first a DMS, sales and within via ReachLocal, our WordStream. field teams services of is our teams, Digital both XXXX. inside as The Marketing marketing and these comprised sell as million in which Services They nationally Digital generated markets pro-forma in within products basis UpCurve via is on our local revenue well businesses. sales or both $XXX local business

benefited of of experienced partially business, CEO. double-digit growth XXXX following in second the in in local Legacy slowdown markets. UpCurve revenue business’s half robust departure the Gannett from the offset DMS the Our a that was by This

revenue we we to well With the strong leadership, sales well of and defined positioned clearly believe integration are underway achieve business our XXXX. in product DMS with and performance

the are into expansion we our Legacy significant In markets. Gannett business, events planning

XXXX XX% XX% We the for targeting XXXX $XX base off are achieved of of growth pro-forma significant in a to in revenue of company. nearly million revenue

growing on enhanced through strategy and focused retention circulation circulation content. to revenue. our also are by A improving efforts grow revenue, volumes customer is digital-only component service, of We circulation

in we basis will over circulation As of digital-only and in grew XXX,XXX of paid XX% and XX% digital-only XXXX, end nearly grow category had to XXXX, The pro-forma revenue subscribers the expect $XX we on million a pro-forma. another XX% XXXX. it in

we areas line markets practices, share events will Legacy expand best of trends, products, focus our suites. the New for improving key be these expand significantly from share and as strategies all and benefit acquisition of to revenue These sales to and areas Media stand key product top Gannett,

it and Now for over both I'd more operational to detail, on Paul. like to the turn integration, financial

Paul Bascobert

Thanks, Mike.

mentioned first As after of we the shortly totaling to million of synergies first savings. savings execute are quarter our to $XXX plans benefiting over million continue synergy $XX end basis this quarter, this integration release closing in during and on into continued million million XXXX. morning, half stated implementing and the annualized the By synergy on $XX in implemented approximately the the an $XX quarter. from kicked-off at confident first our We'll with goal our least in of in

categories. systems. procurement, of operations printing newspaper just all than two Across and operations from executive strategic costs, billings, like the categories; We've eliminating teams. businesses more synergies working centralizing implemented business headcount implementing four our plans platforms support newspaper are content, our are effectively bring XX corporate common other and and reduced teams together. corporate mobile. country categories, come facilities in consolidation corporate and towards and for circulation, But leadership all web operations, discussed announced these onto procurement the and of parts and we've within thoughtful has to integrating thus and most What We the the across predominantly far things we

of As scale give those will time take network. to a us cost digital result, quickly across implement to will and some launch of the efficiencies a lead ability our longer the actions businesses our but

the integration, operate to addition business well. In rest to of continues the

sales year to to done after his close Kevin leadership roles under sales integrate sales. could in bringing we're together Chief reenergizing everyone announce focused moves mentioned, to some for -- Revenue Mike has close quickly organizations As Kevin momentum delivering Gentzel, sales see our Officer, XXXX beginning our start has and and organization. job and the nice targets. on Gannett our team a new teams our our

completed front, of and significantly Today product and mobile the features speeds. redesign we Web several the USA modernize On load added improved on design to page

pilot We business also in Park. launched a first our Asbury of marketplace

us more coming designed see models connect these our launching of You in expect the and buyers business sellers to local to quarters. can directly

Today, the visitors XXX shy Wadsworth the our according daily by of announced who division, reached leadership in across journalists senior In we've January Comscore. newsrooms million unifying integrating with unique are news led of Together USA country. Moines major Brianne Also and of to XXX team with The our Maribel Register's a as hard and in at work just role in Register stage the Political featured work debate January, debate played partnership Des in democratic it Pfannenstiel, watched million the people the Iowa was when nearly three hosted CNN. in presidential X.X by Chief the Reporter, national moderators. one recently

about awards in Our and news numerous produce We're on. depend Press proud recognized sports quality local to being to the named journalists for contest. comprehensive properties outstanding including the prestigious our ASPE also XXX by communities entries recently, sports journalists editors XX Associated care that were very and high

together distraction is day-to-day small two a no this from size operations. of Bringing and task, create companies of lot can

professionally can't very energizes monthly organizations and meetings, it's they and is change confidence heading executed great As our focused future. but and I've on and understand their hard commitment them in and we're what our quickly our such, where work with adjust, me communication and visits through plan. to we have gives just also thank me leadership all This do. the need conversation. teams they've we've lots that how hands of with incredibly such impressed I just Collectively, candid and to know been responded on enough, our been team and regular

I'll to capital allocation. discuss it Mike and Now back turn

Mike Reed

Thanks Paul.

was to in paid originally we fourth $X.X approximately expected. the So and X ended outstanding quarter, in earlier That the billion quarter leverage. we debt, $XX.X than debt turns down our when of brought million X.X which

paid million the with sales. proceeds the So additional have quarter, $X.X an real from we far down first estate during

estate real that $XXX in additional sell and debt As I down. identified throughout and to million we mentioned to pay proceeds plan before, XXXX to we the we'll sales use an have accelerate million XXXX, $XXX

of the occur is be end X we when leverage of reduce still end and the by this refinance times, for to approximately X.XX year XXXX, times expect will which to facility to by approximately credit we we expectation Our the leverage XXXX. this expect

plan. on original So our with track we remain

dividends May, early first to when in dividend Media’s the announce we expect New which our to the also This will consistent acquisition full to agreement, which to with dividend allows the Looking a our begin credit is company. report of post as ahead past quarter. with first quarter, with fiscal XXXX after consolidated QX timing quarter first respect first is in our payments line for earnings

$X.XX amount be first Directors quarter shareholders last of we've of to going We course to first the meeting. Board our subject by consistent dividend of with summer, expect the Board what to the quarter back told approval from at

to Now, financial it turn performance detailed us more to in I'd over give quarter. review the to our a Allie like of much

Allie Engel

prior the to X.X% circulation in basis, revenues down On reflects were GAAP Thank and same due operating were quarter from to year to revenues million, good continued the down prior were the weakness On revenues, $X.XX revenues quarter operating first the transaction. $XXX.X everyone. print were which you, quarter. due disruption advertising the to both acquisition. store year XX.X% Mike, pro-forma X.X%, a billion, which morning up and basis, partially a in

GAAP totaled healthcare revenues the anticipated $XX.X million claims. weakness on fourth totaled was pro-forma the we implemented circulation part more of Gannett quarter XXXX. As trend XX.X% due or the lower than that adjusted mentioned down to and and last had quarter, $XXX.X pricing year revenue EBITDA cycling of quarter, higher versus reflecting the aggressive the basis, initiatives million quarter of in in a Legacy the prior in

in fourth and pro-forma fell and on savings quarter, and quarter various from basis. on cost-reduction the significant X%, volumes had the basis, each production approximately underway continued The pro-forma savings standalone initiatives both In a adjusted lower newsprint was company EBITDA from prices distribution efficiencies. margin a XX.X% reflecting expenses already payroll

basis. on same-store a segment revenue on segments, revenues fourth or New on a down was publishing a legacy Turning a at same-store basis and and same-store to for legacy New at quarter secular XX.X% and Media, pro-forma down million Legacy Digital Gannett GAAP in continued reflecting basis pressures. Media. X.X% revenues million marketing basis our advertising were decreased $XXX.X $XXX.X X.X% advertising the Legacy services at on Print Gannett XX.X%

at were marketing results digital within in offset revenues, in by and classified weakness as Legacy continued especially digital gains digital expected. muted services Strong more Gannett, media revenues

Circulation a revenues Gannett and store same-store a X.X% legacy at XX.X% basis basis at on decreased Legacy same Media. New on

to XXX,XXX a Gannett pro subscriptions. more basis quarter, remained of year was on earlier, trend prior grew Paid approximately a and with pro aggressive the growth year in enacted that robust up were subscriber prior pricing XX.X% compared the expected basis. initiatives the the Legacy mentioned As XX.X% forma volume Paid forma the cycling subscriber digital-only to in on revenue reflects digital-only XXXX.

continues revenues Gannett million performance X.X% GAAP a fourth marketing same-store pro our segment, on similar revenues to Turning and year-over-year our solution basis. clients, million strong On Gannett by to a Legacy the number increase to quarter $XXX.X basis, expect we driven forma which increased $XX.X totaled see Legacy an markets, XXXX. to quarter. gains third local the double of into continue in digit in in

GAAP segment solutions the for on X.X% adjusted or was reported EBITDA a margin. basis marketing million $X

loss and related intangibles reflecting related million $XXX.X attributable of for non-cash Gannett $XXX.X million and reevaluation charges net as goodwills $XX.X was GAAP to transaction related and million the the of to of costs. reported, quarter write-downs onetime to restructuring Our

in sheet, $XX.X the $X.XX debt the with billion the balance we to down we paid Turning million quarter ended during quarter. as

reflecting was Capital estate to the ongoing end investments quarter, at approximately in $XXX the quarter, digital facility as balance million net of cash related totaled as dollars our real Our product million for of supporting the $X.X fourth $X.X well development, debt billion. and consolidations expenditures projects resulting transactions.

think I ready now we're Operator, questions. for


Stephens. Evans Your question from Kyle Instructions] first [Operator the comes of from line

Your line is open.

Kyle Evans

legacy you you entity how high not different the a cash the maybe free flow have? dividend have the what more it's so going at level leverage, versus you XQ is for could kind debt new strategies, But about expensive going then the two for around returning got capital the of the board of are companies brackets to wait Mike, think know specifically about forward? I approval pretty payout And right you expect would percent 'XX, official. this talk to

Mike Reed

in the XX% the And set $X.XX ideal we So dividend payout at we'd continue about with year payout targeting ratio. ratio. a to first in Kyle, an XX% world, year like

dividend the come. to grow free So cash over flow years you would grow you as the

allocation However, you bring up standpoint. good points from a capital

We price. we have stock debt low have a and expensive very

standpoint, with our and as so dividend. low now just shares the the stock the capital yield to beneficial company is price is its it it debt, is shareholders now And with for raising as paying back debt, buying and allocation as and high than more down XX.X% as both the

come, at. in pay So dividend we several current we have to But our full as forward have go to announced. to as the years look levers we intention do

today. is we're on and fundamentals And so fundamentals, part trading our on on trade at better of because share it price where do not will depend we

Kyle Evans

the And bracket trend like, think XXXX. look Page of for and revenue full of that, improvement to I revenue what the moving in confident pro-forma make are behind put that kind improving the mentioned expect cadence expectation you on that Can the quarters says that then the in it across significant to deck? going X and biggest you you what parts XXXX? same-store You enough revenue of trends,

Mike Reed

points. basis XXX About

Kyle Evans

'XX versus in improvement revenue pro-forma total Of 'XX?

Mike Reed


Kyle Evans

And going to there? how get are we

Mike Reed

events will us year, a stabilized back worsening slight help of in well and and revenue Improvement DMS good towards revenues, circulation in the down half some improvement not XXXX. category revenues, the national as that in in us trend then print is a improvement the for while print the

Kyle Evans

the you you sure into me I'm comment that thing of but I'm circulation economics. good are sick asking, is guys the circulation Your with know obsessed a segue

I You little X% that little talked if going talking the about New that. the those the XXXX? quarters and at Legacy volume, Media think pricing, three also to dip three from of But kind bit explain talk kind wondering you aiming strategy to a in about you Legacy and then bit pricing bit, pricing at unit a of a about just little to X.X% and Gannett off X% times XX% see negative dip. about, not you're And number interplay in aggressive Media well rolling kind of could what of look first of X% the will like between kind at New

Mike Reed

of Yes 'XX, it’s too second And XXXX while premiums not in we had cycled at XXXX. the not price QX in increases off done did of bulky, Kyle, also as in We some premium half in done had QX as significant. we New additions Media XXXX. than that more

of we customer our much part more all service, as retention retention, And forward, not efforts, pricing is better that's pricing. better around the So better and marketing strategy volumes content strategy. through go better

Kyle Evans

when into New you X.X turned improvements declines see XX and And a Gannett, see X and to Media basis? better at X those on do you did year-over-year unit volume --

Mike Reed

did. we Yes,

Kyle Evans

And you I be of the any either point rate of on for be expect and put XXXX guess aggressive questions. final Do to line business? in this a specific to doing side hikes

Mike Reed

not. do We

Kyle Evans

to and XX I'll talk there to quit can more that hogging facility talked then facilities. achieve plan XXXX? the consolidating synergies -- Thank $XXX And cost you about get, to you coming? in consolidations microphone Lastly print achieve here. synergies Are the cost print you've about in cash million costs you.

Mike Reed

achieve, of project. with back halfway half costs XX% have question, running the been about our of print we're Well, done consolidation to about that the synergies,

a been don't the both doing it's there. Kyle, and a also, that's $XXX lead the companies time synergies And merger XXXX, to even after help two before But had year in merger. that that regular lot items roll So a long of us to cost forget of way million get do lot into why reductions there's project. more there's course

way So reductions those into well. roll XXXX regular costs as will

costs our more synergies. be the lot will down So just a than

Kyle Evans

only of of growth total. Rock, just than lot a than sneak in you're XX, Little here sitting still quite most And the DMA a in discussion digital but lot I'm a the market seeing legacy one bigger more and small smaller lot New there, at a around maybe but it's as legacy growth it's of percent here, solid Media. the of Gannett's

where have consider here print the Sundays other the paper a days on much on model? side mind start today something is digital decline to is printed from radical local six the before your you advertising to only fairly and week. distribution How Our in its Thanks. business would it of

Mike Reed

still a A print lot. money the make We and We do -- lot print print advertising. edition. of off really circulation

So profitable and near where from a the lot do print highly future don't it decline subscribers have like any We is that. today. to have we'd in are to plans anything

Kyle Evans

I But you'll at your thinking XX.X% the you're you basically be before saying radical? what doing hear is, next of about refinancing something year debt end

Mike Reed

today, here sit I we yes say would As correct. that's


question comes Vaughn next Your the from of Ryan Needham. from line

open. line Your is

Ryan Vaughn

you're a more play Would improving the merger to say have follow And to guys starting Just or here, and then initiatives is you one I couple of encouraging just the one some highlighting hear kind that's some have been February. are advertising backdrop improvement industry seeing in of up. that January that that you out?

Paul Bascobert

think around things, done team the team sales rallies early. and across Paul. of A is both gotten the pulled This I strong together has restructuring they've some country. momentum. a lot couple The one, done really some now We've energy the got companies, of we've we

we're think I running. so often And

I think that. from just we're operationally, a seeing So lift

a benefit national base also can we of which broader We have in sell programs. now a much

that advertisers, from properties we're to from lift that. nice can a national And so more got digest starting some we've buys which large see we lot

advertising just comeback just we of some look So as strength political overall and spend. the nice plus a combination in ad here the I in the advertising think those market towards two

Ryan Vaughn

EBITDA And the meaningful then on release, the the just forma. comment growth. pro appreciate press about expect In all

that us forma. expect that good meaningful to for when say use think I you $XXX starting million pro for there a Is was EBITDA XXXX? growth point

Mike Reed

it is. Yes,

Ryan Vaughn

better is But always I your about where allocation, intention versus plus or you're clarify that to capital comment Mike, it's be the made? capital of point you me to probably level and Can minus shares more. obviously, you $X appreciate on with the past. the at full that thoughts that paying a remind today just we've made the in one to buying or take your that your I'll committed before just a dividend. this on dividend. And use stock the you comment back Can extrapolate talked you

Mike Reed

capital really to performance down yield we our quarter financial you you the of as you do overall pay buy shares is we're or why on My for today, do it. improve on was dividend With capital price have shareholders $X.XX debt. increase part return that Well our high, not so dividend. strategy or a share point is that's back allocation where the credit is getting to

to going sense near buyback shares. capital and it's and So more to the in down term pay make take debt

I meant what by that's So that.

ramp And realize also significant continue as every to the just to continue clarify EBITDA on the quarter, we primarily second to come those will synergies will single synergies. growth up. question, In

So throughout same to indicate that every the were place. you of see don't that synergies quarter percentage in would already expect all XXXX the

So the everything up year ramp to goes on. will continue as


comes from from the Office. Your Family question of Lee Omega line Cooperman next

line Your is open.

Lee Cooperman

transparent consistent, trading. don't know but these I the believe been the got I answers very questions, stock and very all but you've is been where think I you've just I to it.

I billion, thinking valuation. few X X a looked as think you somewhere down ask approximately with the had One interesting are response an pay asked company's I a again. see So I stock, at the X got bought Bassinet. In you questions. you years, to January, January interview going some year, Jason Las have was lot I billion to about between see billion. this He in debt of a you to was to early a And think valuation question Vegas, you what you

and when you one on is your SX, are out was now made your view? And billion, projections is to times a in time, merger, out comment market the the trading So a X XXXX. second time dividend made, at observation was is you see X I of had January, stock, to XX% early it put which that There guess I gives to of yield the was XX.X% me billion we a in $XX you time where the in cap to the connection currently. which X projections add still with Jason third yield. SX I Are that operative lot in the $XX

Mike Reed

my Well, way to still feel. operative, Jason comments still are the that's I

right, next substantially You’re I a I value see pay years the and significant three shares. of over own do down lot as EBITDA we grow debt.

XXXX. am told significant have for all our I to the are still think has of specific guidance The in at And we're whether improve terms mindset all that our not Jason we in Bassinet the in XXXX, and stand what guidance discussed EBITDA changing I and decision specific January Board length the of was SX. growth. we we're going no put to revenues I But things saying for going today. at give

Lee Cooperman

$X.XX trading that XX% at flow, X dividend share free free If cash X.X, cash about your free you're divide was flow. roughly is X,XXX take times stock implicit, the cash less set than by of the you flow talking

So XXX what thinking this flow for you're free year. cash of is

Mike Reeed

we there's is QX, fundamentals. out the will shorts what's start in I’m couple happening a see said, of can we'll I think QX the start Yes, in and and we wait approach think on And on and not a and stock if trading there's we And today. revenue to and ton quarters on I fundamentals for to see EBIDTA Actually and I think grow not. trends. squeeze QX we those stock to can I the so do, improve trade deliver how a shorts is actually both QX

Lee Cooperman

the buyback down flow to but so down the that existing dividend, wrong you're to use the here want saying -- comments is sure cash $X.XX that my track. the the growth talking You’ve this trades or of about dividend the were, capital talking debt a some vulnerability if make of What you’re stock, pay interpretation, just is may comments if me dividend is maybe dividend. dividend, on I’m not grows, as grow that the secure. we you're the your stocks just tell not about correct? made I better Is of maybe about just

Mike Reed

about growth talking of the the dividend. I'm

Lee Cooperman


figured I've Okay, luck. but Well, mean, never fundamentals, such disconnection so. opportunity. and good I thank luck. hopefully that’s seen so you from I good But the a

Mike Reed

Thanks Lee.


over call turn Reed I to will Mike now closing for remarks. the

Mike Reed

I'd short closing since highlight have progress made In on that like mentioned to you. of Thank the acquisition, in the closing, the our integration. time substantial we as earlier,

implement $XXX begun cost quarter result have We next our in will remain implementing end We in of measures by first both very beyond. of ability and the that confident significant XXXX. and savings, target the that to over million synergies we year

remain million prepaid focused already our we term have We and on of loan, over $XX highly de-leveraging.

also accelerate sell identified by XXXX, We will plan. of our have $XXX to the expect de-leveraging end of million to million which $XXX real estate we that

stronger far trends revenue ability optimistic trends are fourth to year. revenue so the our we are this continue quarter, than quarter in to improve Our and same-store first looking the about

grow very EBITDA also optimistic in are We about ability to XXXX. our

of I the dedication, hard We to work to-date, motivation with acquisition I months to again your for your our thank we again you employees. your QX your to to laid support want in Look successful to XXXX. and of And thank your that speaking trust and as out couple commitment today. Thank want earnings. a a also shareholders just our to our say achieve goals work you. appreciate you forward to we've


call. conference today's concludes This

disconnect. now may You