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Cable One (CABO)

Participants
Steven Cochran Chief Financial Officer
Julia Laulis Chairman, President and Chief Executive Officer
Greg Williams Cowen
Craig Moffett MoffettNathanson
Brandon Nispel KeyBanc Capital Markets
Rob Palmisano Raymond James
Call transcript
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Operator

Good day, and welcome to the Cable One Fourth Quarter and Full Year 2020 Earnings Call. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note that this event is being recorded. I would now like to turn the conference over to Steven Cochran. Please go ahead.

Steven Cochran

Vaishnavi. you, Thank welcome year and One's quarter fourth Good earnings to call. full XXXX and afternoon, Cable We're have results. glad review we to you join as us our

today's statements proceed, may uncertainties. that we I'd to and you Before like involve risks contain to relating that forward-looking future events remind discussion

disclaims differ earnings Cable find can otherwise. expressly release a to required obligation our SEC future filings. to information, and is as could these under forward-looking and events One's actual of cause result its in obligation, You from Cable statements One by no or that or new update as results forward-looking factors except materially any in today's recent whether statements law, alter

in of include accounting discussion on measures remarks can conformity our website directly financial certain non-GAAP earnings will U.S. ir.cableone.net. today's in Additionally, measures GAAP or generally most discussed be to principles. the a found call accepted our on not comparable this Reconciliations of financial with measures presented that at are release

Joining to me let call President the and me turn today's With over our Julie Laulis. CEO, that, call Julie. on is

Julia Laulis

diligently measure, communities any that to working means one to to Cable year record, was our customers Thank a for and today's Each accomplishments, care the innovative to commitment work during of as associates you, appreciate most in look thank we hand. and everyone. never to by pivoting the what to Cable afternoon, an active connected values new to demand, storms But We of we Whether back by those and during and our through every grateful market. service to the the drive winter to call. associates, back drive continue and take occasion year whose we XXXX, year, for customer matters navigate strength, seasons tremendous and dedication progress our an us joining are a Steven severe our good recent to lend extraordinary of our as each associate find success. their associates quickly times. serve compassion increase in customers One restore we lost you and for impacted right every We hard our exceptional. made keep Texas pandemic, for past continue with our rose sight on encountered One's and challenging with do while adversity and responding want the grace the are to over I resilience hurricane that most these

service our damage financial Salvation this results who this were approximately Our demonstrated am Steven, it the the in power with I with affected and outages supplies recap delivered $XX,XXX of XXXX. that along Army performance agencies, relief from non-profit market. and and in year start One support ice. turn effort to including highlights a our commercial The team you of also of the through diligently full financing over Texas to efforts share provide team of proud the XXXX XX,XXX relentless some then will restore to that incredibly donated they customers and activities. food to local by past and have and worked also from to snow Cable I'll

about Before Communications. Hargray our the agreement of getting highlights, quick a performance word remaining acquire interest into equity recently to announced

Cable are are in forward the get looking bit colleagues We our We'll this a this into more excited for we call. One. detail joining to very Hargray later on transaction, and

health and our else, install high-speed the customers our communities of for demand their we, time to those to serve. that And safely this they the has could the like dealing we back pandemic. customers processes support loved gave and service ones, our most we Looking the money period, of and back experienced one-year of with ways created been procedures to now, safeguard everyone of entertainment. almost education impacts with We Throughout been adjusted connected the setting we our COVID-XX communities have work, impacted it by well-being pandemic. record and associates, and so Internet donations stay to and and new have in

supported response, our in addition associates in communities back-to-school race the Race, are of prior help to to Some of FCC's support as supplies. reduction our packages, donating not supplies, parents Wi-Fi developing Connected hotspots highlights our states job, the for but in about safe, supports home, our banks, talents, provide addition for and contributed across to to non-profit on providing of each the XXXX in their to the $XX,XXX Embrace to K-XX include to justice helps top relief customers thoughtful expanded super children efforts markets social Meals as initiative. $XXX,XXX care informed On schools free chat and a COVID-XX calls. footprint low-income and applications launching students and our broadband that without the brave, well bridge efforts Internet which enumerable offer also family. month to low-income that options keep a ways per ACA $XX assist three K-XX organization providing us with These of corporate school an the COVID first initiative, and in to for equal everyone technicians Donating helped and a to access only in than meaningful time of other districts time measures we response that we've to Keep video additional a responsibility public households. raising service donations Partnering food our in months education and Connects, also having their Americans Wheels local Pledge on with by for more discussed our enter were who XX-meg for highway, which

our Charitable Embrace on Giving will the we One and relief education are we hunger to throughout Cable Fund, efforts XXXX, provide partnership markets and launch also with our concentrating of social continue bolstering of responsibility and areas literacy, which grants For development. the will digital Race non-profit organizations community the with our

number initiative year our to donated by have we our To this increasing are than schools program. We we markets. date, in for I forward Chromebooks X,XXX looking the of Title more also this Chromebooks to Chromebooks Kids donate under expanding

Satisfaction that Best the recognized Lastly, to see over these the we our the as our efforts Forbes as Employers recent gratified results on Annual associates our America's recognition are past as by well list year, of evidenced of Associate Survey. in Midsize

rate, me gave seriously; are our the and highest record associates that a two, in associates associate ourselves Those responses, connected taking even mark as am all for One. illustrate engaged, satisfaction world a statement, we performance. to With Cable with I one, backdrop, and Our turn virtual work the proud coupled to let in. score: our find safety high that

in We revenues, delivered increase have increase an our XX.X% We pleased the XXX XX.X% an operations. to a margin in points quarter reflect XXXX EBITDA are disciplined and our improved adjusted strong approach strategy and another results of basis continued year to producing which that EBITDA of believe total results and XXXX with year adjusted year-over-year. data-centric full XX.X%, success

we drive strategic growth. investments you decade, while proven for the grow basis, decline growth part Our we of rural of business if in the a are fact that long-term shows we growth acquisition opportunities the of This fourth executing count of seeing quarter quarter take CapEx as into projects cash contributed would In we reported XXXX, on saw highlighting customers the in capital deploying Exchange more and as XX,XXX projects that have Anniston to fourth October that of a residential record our the new-build HSD have residential serve. XXXX. sequential communities customer integrating broadband-related shown value on reinforces XXXX, the to meaningful figure although X.X of single as through the XX,XXX been well XXXX, the a organic than quarterly times more HSD spent account would the gain in past organic we in any In than the customer customers. Hargray, track year

HSD we in than in quarter entire added growth Our has customers continued quarter as added we first strong far of of already the so more have XXXX residential XXXX. the first

course we if acquisitions residential number, customers the of residential we net of we closing of added some exclude spin-off the figure we perspective a those against tally growth the Over XXXX, since the added a the between high-speed than Internet To on July our of and over X.X on at over that XX,XXX end total various when organically we did Hargray XX,XXX the added acquired value net we time customers customers our XXXX record to excludes the year, XXXX. data customers each give in contributed have of roughly XX% That customers. more X. years we of

quarter. by grew investments in In businesses and addition, have data fourth residential minority in business the customers we which XX,XXX the approximately

we fits a evolving XX% the our year-over-year, Overall, the greater with the megs. self-selected that fourth increased shared customers best While value package customers new quarter, needs. connected packaging these results, their partners. these these easily speed highlight of flexibility XX% our to pricing customers commitment even a in customers In and has number are by XXX as over enabled the than of of download identify into the results not plan strategic of approach reported our and

to reliability, to stay quarter-over-quarter Our speed X.X% DOCSIS data further so our From continued upgrades X.X to a deployment CMTS grew ahead of can we network the residential maintain curve. standpoint, we ARPU $XX.XX. and capacity technology thus and demand enhance

by year-over-year quarter, the nearly data to XXX even fourth gigabits as we per average residential usage XX% During saw grow month.

utilization and for at Our peak average of with traffic. traffic downstream an remained low, XX% XX% upstream for network

front, and business quarter-over-quarter revenue grew by X.X% year-over-year. by the services On XX.X%

amounts this business customers backup product in upgrade a to network solution customers carrier will and earnings service create method on backup quickly, keeps capacity we opportunities noted anticipate critical attract to service our service customers Such as ones. reliably during to Year, such our enterprise Internet point-to-point them on and well by for move securely power work as a offers I with service a support to of provides service As leveraging and outage. time. small- businesses data of disruption. high solutions service the wavelength and backup small larger we've as as sensitive service customers. that After products and Internet medium-sized businesses New secure Internet event providing call, delivery a backbone data our Internet last start storm-elated dedicated for must customers. to operating new optical fiber service for that continued a existing businesses Wavelength to the launched We deliver fiber wavelength wireless large of and

$XX nearly of properties And packages. upgrades Sparklight efforts. pressed our in reliability We trajectory. we also which successful forward completed network course million NewWave on Over rebranding Sparklight, Internet to and integration the XXXX, Fidelity we our Last support to of a year, current of invested customers included the enhanced with planned our that integration growth. high-speed migrating continues

best our closely and are associates to working from learn other practices. Additionally, leverage each

chat was associates, For rapidly the Fidelity example, technician designed entire by our an video innovation implemented originally our company. which across functionality was

that more run original are this our exceeded all pleased integration I'm rate there for thanks Congratulations cost While on to work. Fidelity group and has to already the their estimates. opportunities horizon, hard announce synergy

and has On the One. it front, investment Cable a been at acquisition busy time

closing best value includes vision and remaining our that very to the cumulative million. entered fourth during throughout that of of addition small with in equity and furthered Each we rural quarter the Broadband This agreement acquire has Mega our past quarter. book strategic Last announced third to investments week, deliver towns five acquisition service America. cities to the completed interest into closed XXXX, In we Hargray. partnership of $XXX the XX Valu-Net of have we Investments and our investments months an with over nearly have our of a large broadband the acquisitions to

from recall, Georgia and and our being an currently confident markets we of company may leader excellent on System. a in across truly is that has are business Anniston serves cultural and the XX% residential basis in of history fully South rich HSD the Carolina. Alabama, Hargray diluted exciting opportunity This for a strategic of it services about you own a As the represents as a us Florida, contribution fit. Hargray we

look detail Our And this to colleagues committed two welcoming the I our One future of year. to worked in Steven Hargray our family have would thank far forward community. help and of provide companies the the officially like this remarks. thus diligently are more the Cable and success to his in exciting to well-being associates, I create who meantime, similarly later to opportunity. those and Hargray all will customers on transaction

pledge long-term to and excellence will year XXXX, I'm for pursue keep we on Steven. now, that track confident the us opportunities our for communities I'm about serve care As sustainable growth. the look our bring, to will excited And operational our and customers,

Steven Cochran

Thank you, Julie.

I'd operations of to our begin, everyone included Before quarter October systems because that on are Anniston, I remind contribution Hargray like in not XXXX Alabama results. of the our to fourth X, Anniston

quarter For were fourth operations approximately XX,XXX quarter context, third residential financial of generated compared million the prior quarter of million of year services the for by XXXX a represented XXXX revenue increase. The $XXX increase produced increase revenue Revenue the revenues X.X% these customers $X.X and to million. quarter, of fourth XX.X% and solid HSD $XXX fueled in was increase business residential This X.X%. HSD results.

for $XX.X quarter by fourth year-over-year quarter point quarter fourth hurricane were fourth growth, the of have had total Anniston XX.X% both quarter, in in outages an XXXX business million net basis fourth that the general X.X%. value prior million for which were also year compared increase by more revenues million quarter seen revenues and loss quarter options. recent administrative was grew increase XX.X% fourth Net Valu-Net year customers approximately fourth $X.X revenue expenses XX,XXX from XXXX million call a Net of income to were we income season Anniston put $XX.X in from prior the million a our revenue Selling, These of organic experienced give $XXX.X our than value included of Anniston credits the XX.X% a Our results, non-cash XX.X% year-over-year, quarter who fourth revenues the increase of to expenses XXXX of results from residential a services and we by To and of Valu-Net. were when or the compared most include or history. with XXX included improvement. adjustment $XX.X to HSD and quarter gain XXXX. exclude pre-tax Operating XXXX contributed $XX.X from XX.X% brief active contribution. quarter, non-cash basis the in improvement. results Residential HSD during for expenses in sense – revenue the associated customers X%, would XXX million of revenues which Hargray XX,XXX is acquired XX.X% quarter a $XXX.X the point Systems in fair MBI a and or fourth a million, of by

decrease Until acquired to Meanwhile, of fully and first gain basis was equity loss, As on year part of XX% XXXX. investors purchase the from the per share, to $XXX.X the interest second we don't a diluted that in we the us financial turn, the from option exercised put GAAP our cause increase already investment share options or XXXX. results to mentioned. of exercise remaining million changes Net are mark-to-market significant in between or inclusive to all quarter on option, of and non-operating our sell of Adjusted for quarterly fair MBI, interest non-cash per their call elect not to our quarter the income we a valuation, call option to quarter used own was EBITDA non-cash resulting prior $XX.XX have subject the could remaining quarter. in accounting those if XXXX certain fourth the could expire, quarter values quarter in These I assumptions and a fluctuations any options of third just increased are the equity basis. these one XX% determine another. in a which in MBI the

increased XX.X% fourth adjusted XXXX, of million XX.X% margin for the totaled EBITDA. which basis expenditures quarter XX.X%. to from XXX of points EBITDA adjusted equates to Our $XX.X going year-over-year, Capital

we through million credit our During certain In of CapEx facility quarter we million from to under million outstanding term invested our in of end upsize credit respectively. the $XX.X for $XXX activities, to integration XXXX. and and October, $XX.X to paid $XX.X capacity of to facility to for term to network as by our million. $X.X loans million our expansion the We we for year credit quarter, the principal revolving well and hand as At maturities term XXXX bringing total XXXX, dividends our net we – cash our of on and term loan the the fourth loans our extended million shareholders. credit revolving B-X. the the And proceeds million, agreement amended XXXX upsizing of repay loan revolver $XXX.X $XXX by used and million $XX.X

acquire of completed to cash portion equivalents balance finance liabilities. hand $XXX approximately net $X.X interest a cash a And notes for $XXX on also private From XX% in of generate a we in end, debt and liquidity continue offering $X.X our million We approximately the equity million significant notes million cash XX-year cash. November. free used of and proceeds in approximately had in and a X% of we MBI At million to quarter of in lease of term unsecured we and $XXX standpoint, early flow. $XXX.X XX, loans as December consisting was billion billion, senior

$XXX.X netting additional quarter revolver debt against last adjusted had available on times. borrowing debt was Overall, for our hand million X.X December under to also We our XX. after cash EBITDA annualized at

XX, and last we'll equity a revenue press respectively. own. value adjusted The and expected a and approximately the that with the implies provider year. our Hargray of is quarter quarter EBITDA The release on Carolina, XXX% the of with a interest equity interest be Hargray Hargray this fully That Hargray is remaining Florida as of enterprise Georgia, XX% South There's during we XXX,XXX already on cash-free basis. of close announced already regional customers week, purchasing communications billion transaction transaction in the debt-free Hargray basis. that additional Northern second for in in Julie represents today. As presentation million, we $X.X information million December diluted mentioned, to annualized $XXX on of approximately investor serving of total XXXX, last Alabama, $XXX don't and earlier filed a

of open, loan assume credit finance reduce Hargray's option We approximately have a dollar-for-dollar depending look upon capital closing to debt $XXX bridge must portable price, we to to with Vaishnavi, loan commitments plenty revolving Hargray the would price. facility credit received bridge bridge and its acquisition, provide we're pay purchase us commitments to the our commitment sheet resources, agreement amended we'll provides on our $XXX the opportunistically The of transaction. finance outstanding to million which million the this facility week, upon of closing the us of a credit of Last ways at the to of capacity, and the combination ready we and cash purchase loan strengthen balance Hargray's basis. cash keep options the with for availability other of questions. with our intend replace markets. now But portion

Operator

first begin [Operator the now like muted or to question-and-answer Greg Please with question session. to on in his comes with is he's looks you will from JPMorgan. is from there? line Williams We going are Is the line hear. I'm Phil, move Okay. It Phil muted? Instructions] Cusick ahead. your Cowen. go question The to not able next

Greg Williams

range at up you consider going X.X times area still my or would taking typically said on for to sort be and of NPV some and which you an Steve, comfortable leverage. I'll $XX even where Thanks second the just in financing tax Hargray it question, going rate up Can the Thanks. markets? Great. of those you'd How be the Hargray comfortable on acquisition run I where X, you deal. is past, Is of right you off that synergies? OpEx you much considering the helpful about versus the And would CapEx? super was going is credit In questions. left synergies. pick unpack the million Slide looking higher

Steven Cochran

Sure.

both look balance if transact always first and we X.X to the ability our the living acquiring. a more our create probably because quickly. been the Clearly, that on sheet from is the said delever being to higher also to could in we've I strong ability a we on we're said, and years. this, we we've several we the have definitely as think, said delever what huge we're part our quickly That importantly, a financing, own of have comfortable growth the have on that's comfortable I opportunistically going balance to times think for the of our question So and have going over range, been growth last businesses to sheet, thought part strategy chances of strong we –

we'll in look for And opportunities. so that those with mind,

are get I put Hargray that create to they financing we accomplish were think, first moves in the made but had that both to didn't place, past foremost, capacity we the and get of focused the on also we we had and move we certainty getting and debt cash in because able up. the that and revolver bridge to lined

similar that's be don't great period. certainty we've type we make with right and of very where are you a business drive feel that sure the feel synergies we not majority standpoint, decisions to synergy balance realized be the we and have to we'll we of comfortable is three-year synergy and go both We Cable our we it to make able company benefit. there's model that three putting Part From opportunistic the tax little Hargray to why the kind We So things to that years the advantage a bit chance. synergies That of look transaction. get the really but in tax historically, Fidelity. the go a similar and of for look a want want apply Cable put is and point, sheet we apply very does This the The the time of of that revenue be transaction realize about reason whether that improve well the lot types a decisions. NewWave playbook starting moves close then expense to now there. and that. it to to is as look our really worked benefit. taking and There's and synergies. or comfortable well, One ever business And what One across do, out and we'll over of that

Greg Williams

it. Got Thank you.

Operator

with Craig go comes question from next Please The MoffettNathanson. Moffett ahead.

Craig Moffett

you. questions, and Steve Hi. Julie, Thank I if two could.

expectations at could even what from price multiples. First, it synergy I make the price high guess. wondering just done to and about talk does of acquisitions, the awfully talk you XXXX? how you just headline post their XXXX Can will growth terms seeing public say, think The year for the is issue candidates if and you're looking in significant growth you're I'm to, acquisition guess, of that of to broadband obviously Hargray what relative an puts always and cable thing size? to you that second, of potential larger harder I with to get compare deals the then And and your this about of are all and pledge think think you how XXXX? takes for in are struggling dynamics work-at-home about growth – XXXX that and the peers is, how absence price sort that

Steven Cochran

Sure.

competitive have or it, think are environment move a have justifiably multiple the that And up, seen we and mean, like, in on. looked that not participated profile and we've HSD seen like that that up. we looks things either think our that we clearly, more do. side we on HSD-led deal we So infrastructure both We we've that's looked and at on own at that growth multiple drives think what so, multiples move a I are also have do like we focused and transacted not of businesses seen much multiple a

kinds they still transactions their getting to transacting, than those also number people outside things there other but of cared able to us, done price other who to where been that serving their be about be that just in landed, is mattered, a deals were we find going that we've fair able were Fortunately, where processes. of communities, allowed were of things and really

multiples the assets we model we've business we're look dynamic be same some think feel that trading comfortable that to and the our maybe have the we're I we're had apply the for similar so compared that what that because model the paying of able very to we to business in to going of And peers. that of larger are characteristics operating should to

the On growth side, customer take like I'll that. let Julie

Julia Laulis

Steven. Thanks, Sure.

least those customers, think We to have on the built in those infrastructure we until markets. that we that the that have showed are served, belief And up I particularly that serving customers are is going proud is where we our tipping would would built would be applications point by there that thought be to needed and be it a be likely writing customers. networks. had that services had on We our what focused

grew We have pandemic. there no peers that it as would growth idea that it and and network was came, our But grew and our customers, we be continues. a our for

If type for of that grow. we as it's higher on the we growth and predict in. true as anything, dual need it higher provide, we have a pandemic would the us of customers But the or we And provide good the we're that taught control you that the feel network packages. of service unit continues ARPU As penetration business know, that now there we well Craig, that that And grow. we growth, we're have elect room data for the penetration like. speed, to side reliability can't about to is things has type the confident to levers right take now, way we feeling growth as really

Craig Moffett

you. Thank

Operator

of for look the footprint, mature legacy of spread the Q versus Cable questions. Brandon Maybe Steven. question frame Nispel for Thanks next the What Great. you frame growth Markets. Okay. margins? newer first year. the be the what EBITDA over during acquired maybe But comes at XX% you type us of business you are more level taking Capital organic with and and the in some us One's systems growth sort EBITDA of Steven, - KeyBanc between expect clearly XXXX just reference. ahead. When Please do go in this the for of systems quarter. frame Nispel for would you strong what from The assets obviously, pretty you a both you Then, of terms cable you And Thanks. made Brandon the XXXX, sort HSD Julie, on in adds you're margins helpful for net XXXX? could is if sub are HSD for could for for comments had organic level

Steven Cochran

first the on the on Brandon, So, question margins. – EBITDA

a on think couple that. So I of things

say, I as say, fourth to obviously of first accelerated we've First, the see conversation as forward. and quarter the mentioned, far What a would both because continued Julie in as not growth, pull around forward there's quarter. what's what's I pull a and would lot a so seen we've

isn't And a what approach because happen our video going we've the of always and was less acceleration move customers. accelerated they model. we business And pull add more an We've losses and to more quickly of to, would there moved What of because when we it to. customers and maybe continue added just to is data going business our where about HSD that, on they're gains. kept video, forward. vastly accelerated going, and to margins – So is our video move talked seen to thought

at in is evaluate all them. it just themselves, look further acquisitions Clearly, flow the system because actual would EBITDA to They're close. we market-by-market of to CABO was type But the don't cash truly As you kind it a where along. legacy for of plan go relates down that we really the stuff basis. on getting if

closed actually Fidelity you – the And we've the beauty of on of we I strategy. because the capital that what NewWave can in on and go had model have part we and generates of buy to that's actually think execute think synergy And Cable model. of goal sure do free significantly. of we we cash running into with point. realization deploy M&A of well if things, think either sauce it what And the and about the to that our in hot that effective worked has to flow. that's network the you talked unbelievably And similar, if we part that's that's One well. invest is redeploy that to piece that we is of We they're try business opportunities that put make lot flow. on has that, our is partly what cash free our clearly mean at great M&A. that's secret we more very the that when actually to we It's that's part have of closed the expansion business most gap because this as kind through But other a then find or business then has it, things generate ways. so can a

Julia Laulis

fourth our Brandon, we that think, the and in second Steven it. we're just can continued really to growth strong to control, doing accelerate And I tell growth, again, And now. and answered we can't the best your you ability. We've have can't grow, we but still it's Yes. quarter, of predict and to we question that we have got going room

Brandon Nispe

Thanks for taking questions. the

Operator

go [Operator ahead. Instructions] with The James. Frank next Louthan question Raymond Please from comes

RobPalmisano

Thanks for Frank. is This on Rob for taking question. guys. my Hey,

raise outlook for you you neutrality to So data can the Title think have allowed if you. and caps net about potential X much pricing a guys do weren't you scenario hypothetically? under you'd Thank how talk

Julia Laulis

start, It's jump I'll Rob. in. free Thanks, to Julie, Steven, feel

new don't you however. possible needs comes packaging about Internet. our couple pricing throttle. raising When has amount neutrality. in believers net We and talk have a regulation We gotten be we're open mind. come fast to thoughts prices, billing First, don't actual We We is scenario. believe don't and that usage-based the an strong One to from under believe relatively of ARPU that of lanes. that in small it legislated,

growth side? Well, into take XXX-megs. our driving also And carry higher right? those elect package a that's of what's go elect to They to which XX% unlimited the higher people on ARPU. prices, packages, HSD than over residential So ARPU drives data

which also, any package discount just is that We really smart. I We than XXX-meg other package. don't think

and people they're when them higher elect and that majority, full it's So price. far the the away priced buying packages by at

not discounting. are deeply We

for ARPU us. So are the those are driving that things

a an you And by well, all it at the $XX. service of fall it tremendous $XX XXX-meg since services. the our value way, of has at XXXX. is – XXX-meg our look But service, really been if is Our

price or want the and a value lack that's be of beautiful more prices and that available value to little the And the is sell-in those the customers HSD a customers. pay more, proposition majority raised allows UBB discounting for services. not think on use residential that the of more. have to it really We and they bit We of our

Rob Palmisano

Great. Thank you.

Operator

This concludes any our Laulis to question-and-answer the session. like turn for remarks. would I conference over Julie back closing to

Julia Laulis

each uncertain day. and success. every Thanks This of have everyone the Vaishnavi. thank to look done all. during work us And call driving to privileged Thank our and them all to today's especially joining I to and be force next to continue speaking our challenging I appreciate We an quarter. want they with again time. for incredibly team you forward do for feel and you, continues alongside behind associates

Operator

conference you concluded. for Thank now The today's attending presentation. is

disconnect. now may You