Charah Solutions (CHRA)

Steve Brehm VP, Legal Affairs and Corporate Secretary
Scott Sewell President and CEO
Roger Shannon CFO and Treasurer
Brian Butler Stifel
Call transcript
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Good day, and thank you for standing by. Welcome to the Charah Solutions' Third Quarter 2021 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Steve Brehm, Vice President of Legal Affairs and Corporate Secretary of Charah Solutions.

Steve Brehm

Thank you, operator. thank joining and today. everyone, morning, you us for Good answering quarter in call, sharing We and participation third our questions. XXXX remarks to appreciate your forward our earnings look and prepared your we we have had closed. to press the We hope issued a after you yesterday review chance the release market well www.charah.com section follow If prepared during not, as remarks you or of investor supplemental on the find a can Investors our our at website presentation ir.charah.com. release the press as you may

Sewell, Scott and are and call our on today Shannon, Officer me Officer, Executive Financial Roger Treasurer. President and Joining Chief Chief

Following customary their prepared remarks, session. we will conduct question-and-answer the

Before that press Act. earnings except include we disclaim be conference would statements have required with and calls. These Those XX-Q disclosed we subject to forward-looking remind Private uncertainties the to Solutions forward-looking the those in are our the you within statements We could by including to statements are our that and begin, results as I as the to report and our release the these in Securities filings cause update on annual Form actual Exchange on that described in meaning risks and materially report risks Charah Reform remarks that from obligation Litigation statements Form regarding different releases of include, like Commission, XX-K. well among others, any quarterly forward-looking matters our law. earnings as Securities

joining earnings non-GAAP release us refer for certain GAAP will call, financial We Again, our this During nearest we presentation. thank and to press to applicable provide measures. conference measures today. in supplemental you reconciliations the

our the Scott? turn would Sewell, like Now, call CEO. over to to and I President Scott

Scott Sewell

call for Thank joining us today. good you morning, everyone. our Thanks, Steve, and for earnings

the a our XXXX as setting about progress very year-to-date we We of With market new for opportunities capitalizing in opportunities. this significant continued have are well a record optimistic already as new remainder awards, year business. excellent for on with had successful

execute during operational market. resulting to the and projects. challenging project we in and awards ramping ERT up quarter, labor maintained advancing COVID-XX a third record continued environment our a tight safety the During We strong and new pandemic from a

Our this performance. reflect the financial results for quarter

now As press in flow, ranges initial you EBITDA, for cash half accordingly. revenues, be evening, these upper the XXXX we hopefully in and our to adjusted of guidance release adjusted expect last and our ranges saw adjusted have free

utility remediation marketing have we with XXXX. on November, level the with our These since three new detail XXXX year-to-date Midwestern includes second which initiatives. and During be review total a complete contracts exceeds progress ESG $XXX to new year-to-date, yesterday a this I'll with our We will million arrangement. for sales the believe our a and Charah. debt million included awards for received call of one $XXX is projects Through a of revised customer flexibility, projects. financing our that growing winning previous a awards together our provide received I'll The new awards were power with we financing also bid additional the quarter, morning this credit August. two during pleased companies, profile, advancing lower approximately provides quarter Southeastern service maturity on address structure our significantly of pipeline this of our business. earnings in recent awards. customer review and byproduct recent more all will improved that new briefly awards, guidance. debt and $XXX which quarter financial than us performance and and cash financial Beginning new This our long-standing we much you business in for requirements quarter announced beneficial update then the million in new initiatives of early Roger and facility record

reputation, strong Our pending already continue see million but of excellent our add resiliency by more to than a our to speaks and and with power $XXX the still potential fourth decided some the the exceed XXXX. We partners to with $X.X new this awards billion and year, until ability proposals services year-end. the essential be team. not have generation in be nature the results we Notwithstanding will most expected quarter, new of to awarded experience, to customers our of industry-leading

have also We opportunities $X nearly businesses. of across identified billion our

prospects with into the well on will as add into customers, data opportunities about as potential as new optimistic layer Based on we these are market on well stream of to XXXX robust expect for and that be and additional year. well more our further business larger activity some year solicitations our the predictability revenue for future. that bid We than the growth converting as sizes bid discussions we project with expected this will a existing of

and challenges be requirements our in As industry and their The regulatory we ideally choice partner leader favorable to needs. solving on a compliance, customers' continues and and safety generation as most situated help business. our utilities environment of closure quality, impoundment power complex are deliver an for environmental companies for to

have its a the remediation. methods a of and we Protection and in Charah. previous significant result discussed that on for Agency at level, administration additional calls, market on prescriptive under ash closure efforts which there move Biden As be beneficiation impoundment At believe number to ash will more of to accelerate could the as requirements, opportunities the pond toward states continues they Environmental means activity regulatory deadlines, the approach federal guidelines, we

that rule a presenting are could this landfills October XXXX, combustion For environment. with impacting that example, viewed coal impoundments include the or which to month the where to proposed is as sometime expected wastewater is still facilities residuals EPA recognized prior This environment concern. environmental a interacting were there or generation closed addressing where are publish the

rule public a late this could for legacy effective Following in period, comment facilities XXXX. become

provides where of investment sales electric over rail $X.X and as ports, infrastructure recently and bridges including broadband, our the transit, enacted concrete. as demand infrastructure We charging could also well byproduct This market airports, an business opportunities trillion potential period legislation the and water, in a and increase systems. stations additional systems see roads, for legislation multiyear vehicle transportation energy for for

know of you the ash Portland serves Cement concrete in and attractive concrete ready-mixed production and to a fly alternative highly economic as environmental As products.

Turning update to an on businesses. our

the plan fossil we and Gibbons with the at continues budget. a Our one-stop completing ERT progress economically by October. in be in major demolition solution assets. a services continue Creek address to to below our older less project compelling on efforts looking a business our economic to the or challenges retiring Texas, and implosion milestone and viable of plant customers At environmental Remediation achieved generation for planned project associated

by remediation accelerate fourth of ahead and year-end ponds work continue the sales expect in to ahead. landfill still quarter into substantially with we be scrubber and planned. We completed on the the as scrap With year to demolition remediating the ash expect complete,

also redevelopment up We completion pick and in activity XXXX. parcel are nearing sale of early expect parcel to

looking acquisition when in year. of in are to the next plant Lake plant the our Ohio Avon We forward operation April ceases of

and plant we Creek. We the will Gibbons and demolition doing site are sustainable environmental of redevelopment responsibility at assume as remediation for of

repurpose and government We the use enjoyment. public support the to and this the of property Avon about Lake are excited to for citizens of city opportunity

utility reclamation with competitive and on business, and is on We continue we alternatives. budget ash closure-by-removal to ERT compared advantages expand projects and progressing and for project Charah large growth and are on remediation pond schedule pleased Southeast coal for compliance another Energy our resources Southeastern and ERT ash unique these two our work benefits projects to with at possesses area our in believe for Dominion the an opportunities. utility. and to continue a In customers several represents very long-term performance our devote including projects, for other that profitability, significant ongoing we

in project The ramp phase to expected year-end of of phase by with expected first completed the second beginning Dominion be substantially is XXXX. an

work three began recently ash new pond on remediation were by also mentioned utility awarded contracts previously that customer. Southeastern the We

our to like I'd ESG touch initiatives. Next, on

indicated recycling previously, ash, of and closure conservation is through redevelopment As sustainability impoundment heart coal resource recovery business. ash our remediation at the community we for land the and beneficial We have of practice and of services, national reduce year, our laid ESG disposal, in protect use. These we several decrease and commercial and emissions, conserve In issued key report this objectives inaugural XXXX activities earlier greenhouse our out landfill waterways. gas areas. resources,

a to maintained We of respect or are track with in below and these total cite on incident with injuries which To is lower. year-to-date of recordable X.XX a excellent goal time rate lost our the of have few examples, goals. record we X plan ahead or our of this safety, X.XX, safety area

We that and several with recognized employee was pleased our year safety awards safety construction for performance this safety. are

not with deficiency. inspections number audits site environmental XXXX. we doubling received have environmental, of quality In site we or Year-to-date, terms violation increased the inspections any compliance since of notices and of have notices and both team of nearly

our track redevelop and with also our to as on goals on with JPMorgan We potential of loan Bank to X note or ESG such credit Creek of land the would a that at facility Brickhaven, Chase a basis. pricing new sites. Gibbons tied Cobb B.C. are X-year I and achievement the is owned sustainability-linked for sustainably fee and remediate also XX% reductions

to reliability and dedicated needs. over every Before our our help recycling their turn Roger and our address our our over people I'll our it who committed Shannon, customers, like day We Roger, are employees turning to to I'd keeping environmental Solutions supporting and that, working service With call ensure business. thank the growing CFO. remain to Charah customers to safe, to

Roger Shannon

of our sheet, balance our flow, revised continue Thanks, on with results cash an guidance. the Scott. and liquidity, update provide I'll review and financial XXXX

address I complete Scott that to initiatives quarter. As were we financing noted, recent also this pleased will

the ERT Gains third lines with profit captured our our income year-to-date to is ERT XXXX is the services our results. two three loss you property on business. net and different operating treatment from reviewing I is and on income other would or our of results equipment revenues our statement. I'll of remind that third from for operating services are services. included not like our other expenses results, ERT quarter the Thus, for Profit Before and ERT quarter EBITDA. lines adjusted in and in in gross business but and included sales start accounting

driven quarter sales plant the shipping revenue and Solutions earlier to revenue expense, $X.X Charah rates, impairment by increase increased the million the offset COVID-XX did LLC increase third $XX.X sales compared quarter production This the investment. from decreased an was $XX.X revenue resulting and driven or project million customers' million The compared hurricanes. new partially LLC XX% project fossil $X.X Gross our increase a of the not Ash of remediation XXXX at of but from discussed. to gross remediation the in in the was our dip settlements, were reduction as due to due and on were increased expenses quarter, to for and the venture, to XX.X% by million in gross net compared or million project fill XX% $X.X increases for third million decrease and was to sales XXXX. partially benefited commencement from effects project sites on $X.X partially Venture commencement offset purchase million for For as of of option primarily ARO gross XX% the the of by and as second our recovered third by Venture of dissolution XXXX equipment $XX to profit operating the services ERT percentage from services the of decrease as SCMs Gibbons joint as commencement offset XXXX. Byproduct byproduct the in from joint decreases from international of and year XXXX previously other second in a by gains as primarily or to Ash expiration ash structural slightly production that primarily quarter XXXX. The supplies quarter this million of to for our compared in in year. services to Net new or loss completions. the the million an of This than due Creek from XXXX from in the and $X.X positive a profit venture $X.X decrease a our due attributable to lower decrease our on attributable for increase resulting due to compliance profit in quarter drivers profit to period other increased primarily of profit of dissolution dissolution offset third Ash completions by ago income million $X.X to the services liability Boston ERT and operations from Adjusted compliance $X.X the increased million XXXX; in utility million LLC, third venture was Venture the a a on quarter in work, of property $XX.X work, XXXX. as third $X.X for revenue of services increase equity in quarter our These reoccur our to in project, the of partially third XXXX. of in loss declined EBITDA million expense from XX% the XX.X% quarter joint decreased of method Gross gain a the to XXXX. decrease on

revenue a from decrease from associated profit, property essentially a project, in unchanged absence a and from equity September EBITDA lease increase mentioned expenses gains million in a XXXX, of to ERT mentioned, driven to the in quarter X and months months million to $XX.X ARO the XX% income XXXX. for commencement decrease from expense, facility operating XX% method to million liability from nine compliance our gross an decreased ERT primarily million by partially recorded by for favorable previously offset project $XX.X revenue as loss on to sales million from services a XXXX. project as $XX of to Venture the due the benefited from fossil reduction a net from gross for nine in other gain to The and amending to ended byproduct increases equipment increase September completions. ash sales ERT by or period, XXXX work, $X.X in profit to plant decrease ended ended million were gross offset our These increased compared services, XX, credit of as an $X.X as was mentioned, attributable the months million in of discontinued commencement The an $X.X dissolution million of Gross new period other that work, $XX.X increase byproduct versus the of compared and venture percentage the increased structural on increased XX, sites. XXXX, Ash our expiration of follows: XXXX mentioned, net settlements. services as and sales September XX.X% on fill not increase profit our million purchase operations of increase XXXX. for X-month LLC our on a on and to LLC million rates, a to XX, tax the profit the $XXX.X $XX.X primarily by decrease recur decrease of absence joint to due comparable as due new months XXXX, decrease of increased from as expenses XXXX our $XXX.X the of remediation in the the gain on $X.X operating dissolution in production The did XXXX income results million drivers expense but revenue fossil compared to partially sales project profit in XXXX. new in and in services second was million in previously and XX% were loss income by services due an previously a was as in our and impairment sources, supply revenue Adjusted and with September ended sales-type a by remediation project was was Charah previously or and offset the shipping due decreased I in venture Net at services, Ash in period. for $XX.X the ended in for For byproduct driven XX, as the investment. Venture XX% compared option Gross sales international primarily XXXX, the partially period offset to from decrease the The our Solutions joint nine sites of $XX or completions. a $XX.X primarily million compliance September XX, partially million

decrease These million Now positive non-cash turning period. the from a ERT expenditures, loss $X.X $X.X flow. to The including cash $X.X comparable in of decrease in our The costs million, was XXXX partially of quarter, increase decrease period. to Gibbons the of in negative free in to million project. flow was from attributable adjustments was primarily and of the million property and ERT Adjusted million a working sales sale million cash flow proceeds an our equipment Operating our by and $X.X positive attributable of proceeds an of flow comparable demolition operating $X.X project. cash Creek scrap capital million to XXXX $X.X changes were $XXX,XXX partially for at was in in decrease net at from Creek $X.X increase changes from the negative Gibbons decrease cash including $X.X capital. offset the million

The partially cash the XXXX Creek offset an by the the cash $X Gibbons to $XX net our of operations Creek of million $XX.X $XX increase increase of These of capital proceeds was decrease decrease the decrease of costs project. of sale increase the to primarily its including at an project. $X changes $X.X million, from transaction date, of million by to from attributable $X.X primarily in flow was from in scrap nine million comparable operating demolition period. ERT the a the million cash from at was to an and and attributable This and as property increase discontinued cash expenditures flow from working net Adjusted capital $X.X free sales equipment, $XX.X including discussed, proceeds absence requirements. of million, and restricted Gibbons Creek in $X.X million were offset million ERT flow, cash million a loss, ERT comparable For non-cash operating Gibbons was in in XXXX months partially period. million previously adjustments our

million from balance quarter-end proceeds of financing offering after August, of debt net the revolver, that the used notes senior our proceeds initiatives million to this address Riley repay all unsecured XX, our the and cost, from issued reviewing which $XXX.X and outstanding liquidity, this million August Before In I'll X.X% We under of undertook B. XXXX. million. we quarter. of a issuance with issuance borrowings $XXX maturity with sheet together credit an and $XX to totaled $XXX.X equity facility loans we

greater Following the this financial relative not will as The the letters with effective Riley credit a and as repayment, collateralized facility promissory required basis be under the previous credit under outstanding notes at was revolver Thus, to facility from cash comply covenants. not coverage $XX.X credit the termination credit were we agreement. terminated. quarterly with closing B. charge this the fixed us financing. flexibility on of provides to to the refinancing issued we do we note financial This with with our proceeds million the were have ratios the net leverage of

year. and balances Creek increase projects. facility, comparable we The not specific the level relative a which from lower facility. had credit for amortization we expense is the profile XX, have and as for would primarily increase notes cash With to from to due $XX.X require to improve an incurred restricted credit principal. used is of note, but notes the no the service the In million, ERT the promissory there maturity unlike matured do addition, bullet million facility, maturity September next totaling XXXX date, prior transaction, of XX, our restricted thus on compliance and the debt credit December receipt on principal cash of Gibbons amortization was notes and $XX.X the to cash At notes remediation cash XXXX. Interest are of the the maturities is the maturity on

new September as an credit of of of promissory credit net up The an resulting credit primarily increase letters revolving credit Our $XXX on credit and activity senior was agreement at offset provided on X-year capacity offering and loans are gross our XX, million, is announced of by subject due consolidated of for JPMorgan at million, equipment receivable, of secured based was provides calculated outstanding at the from to from the in to eligible yesterday, of closed is notes. leases, available Chase $X and agreement which XXXX, proceeds base of the B. with XX, $XX December the debt million plus the under which facility note certain the we for XXXX. a Riley the Subsequent to company. agreement the the from to $XXX.X $XX credit, a quarter, supported equipment The Bank. senior we inventory, letters option. of that in an is capital million a increase additional accounts of credit termination million Availability facility company support by and collateral end partially increase cash the by borrowing as value the of

restricted falls draw be credit unless the although to financial We under the new to a million as which Upon as forma would any promissory new $XX.X collateral a level the intend not $XX.X $XX.X result cash. existing the the that in credit, ratio, a is under and X.X X.X. to of are to facility On will to required million debt not pro fixed we the will used full. note cancellation in be existing replace a reduction new case be agreement, September defined credit existing the liquidity under levels in do the Riley securing not in in covenants and both ensure and expect letters in cash do less reissue as the credit of subject basis, net and as reissuance released charge B. well of of in that below coverage than of million reduction we to to We minimum facility. XX facility, letters letters repay would gross

liquidity September we basis, of XXXX noted. as cash terminated credit revised JPMorgan quarter consisted $XX million. the at have facility, I'll our $XX XX a addressing XXXX reduced our by XX, was On guidance. expected at prior facility forma for availability of been under August would pro Our the September from This unrestricted because our in conclude new approximately million. liquidity

noted, the and initial based Scott in As flow. on ranges our be adjusted now free to upper our of and strong for outlook financial year-to-date expect the performance adjusted this half we cash guidance quarter, for fourth our EBITDA, revenue,

flow to to $XX the million the compared I'll with as compared $XX to million million guidance a $XX $XXX range previous $X to mind $XXX previous follows: as of which the Solutions, of of $XX $XX Charah Adjusted the $XX revenue attributable revised of free Our the to previous net A of respect $XXX of is million to EBITDA million of compared loss cash for make $XX guidance. to to range to you keep in guidance. to Inc. million, million. million couple million to to million $XX as of $XXX $X, million. observations million to is as adjusted and from unchanged range previous million

of year Recall This February $XX at to inflows and the when Gibbons which year. negative. we the balance remediation Our cash we for and fourth expected outflows Creek be is million project. of outcome to $XX over XXXX. nine that had modestly this quarter implies up Results were continue million first transaction The to $XX into restricted million, guidance timing for adjusted of of cash free is closed we and the ramp and outlays expect cash this the demolition cash of our of flow ERT months that attributable in primarily cash million. year $XX.X receipts the this

parcel as further adjusted at course, that flow. begin, free Gibbons Creek improve cash Of will sales

million is EBITDA to guidance million. $XX $XX adjusted Our

actually had this December a until not a an last recall, ERT That year. may gain in not on out revenue, 'XX, year. should backed but previously results thinking $X.X booked included of about for this have it accounting XX adjusted transaction, discussed operating included in the is we ERT the from million XXXX. our flows was the was gain of from as The EBITDA to progression but did lease of treatment the early on for of cash Because it January you non-cash, adjusted transaction we As was earlier million in XXXX. gain And not year, the or project gain affect $X.X sales-type year's early in the required closed EBITDA. 'XX be free so

earnings Lastly, are back turn in we've our With on detail is discussed more our release. in our based previous guidance that, which in calls, as certain assumptions, discussed I'll the call to Scott.

Scott Sewell

our of will positioning laser continue you our environmental long-term advantage and opportunities hope while Roger. growth in strengthen our focus enhancing We continuing and service to sustainability agree sheet. ourselves the take balance to company position expansion for awards, to market value expanding offerings in we contract committed success. remain our closing, And Thanks, the that of to long-term on

and to significant with Q&A which the we participation. growth let's with initiatives, partners' for again power that, session. aligned potential Charah Solutions sustainability remediation come. interest With generation closely provide our for and begin are operator, environmental your Importantly, Thank many should years you


question is of the first Brian Your with Instructions] from Stifel. line [Operator Butler

Brian Butler

the just start awards. on Let's

peak whereas for record little start is - the bit? see and $X billion going you about guess $X.X bids to mean, the of kind this another of Or going we a any have kind and What's right of potential of outlined, for opportunity So way do really pending to million, another think another year? had come down I you now XXXX? into of awards and billion opportunities. you I it's hit to award $XXX year-to-date you expectations strong the or

Scott Sewell

way great great three and Brian. team. no, is excited very years million right But at in billion which be in future of think laid there that $X the you in in now, feel after sitting think prepared pipeline QX about that. accomplishment a back year. building. right I half billion just we our in And remarks, And We've things that year. and Again, the potential had in want pipeline to having as will is the for Yes, for - think row the is Obviously, I we finished some here bids you XXXX. XXXX, remarks year-to-date kind grow. about wins that this think, out the coming question, commentary to a always, as the good we're that we But of budgeting I some now kind in that the in relative the record got believe, happen $XXX wins, of haven't really, $X.X potential or for of we another next pending else bigger prepared about to we anything

goal going there, record another We to up want opportunity our continually will here. just to to improve. goal and year, the challenge our to always it's XXXX and we is to that's be our on us think be going And close make our out is to and teams to it. And

Brian Butler

there XXXX that drag that On could helpful. in are should fourth billion be those out the any quarter XXXX? awarded beyond Okay that pending, sometime in that? $X.X that's Or are or all either awards ones

Scott Sewell

think the vast cycle. XXXX, some you portion in will will kind a will our happen possibility that But would that And QX, XXXX. I out. something that be some come we and I we framed then of $X.X say it billion, was majority typical XXXX, always maybe in There's the think drag in but think that earlier of fairly slip if way about into

Brian Butler


I to - let's switch guess, right over all EnviroSource. - So let's

where you're talk update call. into going the product what Can and we on didn't and expectations that XXXX stands give an You that maybe thinking on much for just about in line? fourth too quarter about the that

Scott Sewell

didn't Great EnviroSource, question, right, it. again. you're much we speak too to

well other kind the Just so a whether EnviroSource be many facility and did we it had be adjusting and But stories guidance. primary awards the great continues we of shorten about what new to to of other ours. talk there as things focus as up credit with

that announce next on you, hopefully we EnviroSources the a be in And over future, about contract additional we generating We takes to - get in I But it several to other get to are have revenue. contract year start there's then the early the install remind XXXX. would ground that definitely to opportunities years. and there as closing that's the a and to once look on forward able install

So but early ready even one outlook have EnviroSource not reception out our XXXX getting - on and announcing of the there put XXXX, ground. on impact in our great with we're more still impact from would customers would on the an XXXX, have kind it to any

Brian Butler

opportunity to that I XXXX going of does does other the have of the How that you kind forward beyond, compare and how the in part $X business? - guess opportunity Okay. on billion

Scott Sewell

way I be and for think There one one one of that few may - billion, so the outside the of have multiple $X we is kind put think forward. a that there. have we about out we've on put billion. $X But kind at in ground kind - that But It's others aspirations of we insight so to it's of targeted. put we definitely on as move that

Brian Butler

mentioned upon you give current the dependent new facility what's range you facility. performance? Could potential on - started rate the one you then what's credit us and the some that ESG on And Okay. color

Scott Sewell

you Roger, want on that? to Sure. touch

Roger Shannon

been to is with million really coupon. be happy the starting and gratifying that at to we're The priced refinance, with in LIBOR $XXX this able plus with have Yes, X.X% bonds JPMorgan, X.XX%. for facility it's very ABL the facility us

achievement remarks, goals incentive The for aligned excellent goals that. X.XX% facility in a So that rate ESG forth slight well spread prepared reduction a again, reduction plus be with as in I as in - the reduction think a already that's would fee set - an the I the based annual the of like are are in the report. said goals. There these on ESG-linked

I think year, points five equal basis X.XX% to opportunity those goals. so to the reduced plus from to X.XX% up is - per

Brian Butler

how think one should in And on we about capital perfect. there spending from XXXX? guidance, right me, spending, for All last and capital one the expectation what is XXXX for

Roger Shannon

and add - last you're refinancing. of and we've the We're projects we financial from directly our we that quarter related that we over one the the this this our talked well I some consistently that capital year. year, in mean, announced the quarter leases and to kind notes seeing that Q did as over course probably as to they're of flexibility gotten

the year. able but $XX including on of an some increase million yet, about $XX half of see the kind talked million expect CapEx, So have the finance haven't that guidance range we've EnviroSource we're way to of year. benefits did next second this - out from that. in next we to put to not We in We year obviously somewhere for


the I are speakers. There questions. over further no Instructions] to turn [Operator call back the will

Scott Sewell

operator, But everyone on for really the on we Charah the next served of recognize all this continued over sorry. and service when and forward year time appreciate everyone XXXX, Veterans to everyone's we'd employees more and Great, all thank over our you, thank of time that our and and interest you out veterans Day, full all thank like importantly, speaking their report have in again country else. the to with years. country, you, We look Solutions,

time. and you thank we So appreciate everybody's


Ladies and today's gentlemen, this call. concludes conference

You disconnect. may now