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Bowman Consulting (BWMN)

Participants
Gary Bowman Chairman and Chief Executive Officer
Bruce Labovitz Chief Financial Officer
Brent Thielman DA Davidson
Alex Rygiel B. Riley
Call transcript
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Operator

Good morning. My name is Harry, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Bowman Consulting Group Fourth Quarter and Full Year 2021 Conference Call. [Operator Instructions] Thank you. Please note that many of the comments made today are considered forward-looking statements under federal securities laws.

those Company’s numerous the could publicly risks results differ the are these cause update in company to to the forward-looking subject and from or described revise filings obligated statements. SEC, with statements future is these As not and to expressed, uncertainties that

adjusted the service net billing. In call, discuss non-GAAP and company addition, on financial EBITDA certain will today's information such as

for the earnings the communications. call reconciliations be company's information the You call release to now remarks most remarks. management will Mr. in be call can available together there questions on But published will webcast your find the with Bowman, the prepared GAAP you attendees live subsequent Company’s this deliver or taking they the directly company at from attendees. on filed answer in the X-K research with Q&A questions the on will investors be press information, on and comparable prepared SEC post Throughout to no will investors.bowman.com. of analysts. which from begin website. live Replay webcast the the after investor may website may Management

Gary Bowman

Gary and of by Welcome Bowman you. the call. and our Chief year Labovitz, Bowman. Bruce Chairman QX to earnings XXXX I'm I'm Thank joined morning Bowman, CEO full this Financial Officer.

just while year is firm Bowman. of a our our communities, all building staff early from employees We some we We Bowman, both acquisition the the recent of company energy XXX year XX we unrelenting consulting. of added private eight service started offerings employees XXXX-person the for this envelope throughout By of were members those addition our our a for shareholders. service a required the firms our and Results closely XXXX. at XX over those and start, ninth and we in report hardworking offices. year, with stoke broadened us been the offices. our that engineering, acquisitions transformational the end and acknowledge Through company morning like I'd And with with and have the public a XXXX held Before we acquisitions. clients, as who XXXX efforts through commissioning the electrical all building our to mechanical, efficiency who joined of and working

results adding in Our in acquisitions offices Houston and by extended Arizona Atlanta, Fort organic added could extraordinary footprint company. leadership Louisville public reach be Worth, while Denver, locations Most the and Carolinas, Waco, importantly more not professionals year and first I our pleased of our team. Baltimore, to Texas, in Raleigh, in expansion California. with execution talented we of our and our of added strategy the of the the

growth was Overall, in at rated As in Bruce in delivered in net revenue XX% record will XXXX. rate growth XX%. year-over-year organic net of year-over-year service with billings we describe, growth coming

strong continued we company will expect growth momentum on scale, in public build and We since had overhead. top margin as be management we increasing focused line

Recall markets. on energy, revenue power energy our read implies prominent emerging categorize as that risk and efficiency. to emerging exposure potentially We denotes are infrastructure market. that our four our calls continue associated us, we as infrastructure, who cyclical of majority building from business markets. flow core to what for building to and designation understand the filings utilities, emerging continues A water that residential broadly many report We transportation, based markets, with building to and renewable infrastructure mining listen including markets resources, to markets markets

real broad As is estate. than just we the market said it, past we in as this more categorize residential segment, far

drivers government business, endeavor $XX XX% we'll and which confusion. other our by and On industrial, that that of up to alleviate market of this refine Infrastructure note, buildings by residential, year-over-year. grew and disclosures centers to business quick making course maintenance planning data sales categorizations Chick-fil-A and year, percent projects QX of year. the were Building million Over the sales restaurants of throughout and our to meaningfully includes serve involve centers and revenue our a Fulfillment commercial, our to represented year. commercial similar sales QX is huge contribute to XX% and and this revenue. Commercial of other continue work

market a for will of were residential Properties prospect built Despite non-traditional and serving rising the clients to revenue expertise. both front see terms and in this residential Continental in that the Hancock confident space, robust XXXX. we the residential business one foreseeable in top traditional in ten built as On be leading future. builders continue developers red we're significant and our both transformation of We interest which over developers rates,

revenue expect compared we existing have year through new fell there and this we year. on ago. more with clients opportunities our organic many today in as We're tangible acquisitions transportation transportation to to Although the were year through focused transportation business, this XXXX, both growth than close a market increasing

work generate revenue. continue project, occurring Our in the Bridge, the to meaningful all Illinois, Mile Cook on paving lives Avenue, County Long Burleigh

more Expansion visibility authorities better win also opportunities priorities and infrastructure meaningful Antonio as is recent years. revenue segment contribute in project available get substantial of Our transportation and of funding. build over several the The funds project the I-XX transportation Northeast beginning to for next San create

business expect XXXX. to to impact the we from see beginning a As our more build meaningful infrastructure said, in we

& recently Peoples relationship Our Energy Gas WEC XXXX. We've Utilities the XX% expanded with during Power year-over-year Group. the grew our of division work

work Florida Power XXXX. Tampa Our in Light steady & undergrounding with Electric and held

grid prolonged as faces vehicles, on net storage to which increased to by commercial and The facilities battery marginally in to again resources in markets, was renewables, generation over outages. and provider with implement We XXXX. in energy up but pressure, water backlogs, safeguards XXXX, expect technology, distributed with a electric quarter. expect aging substantially solutions upgrade Net In that that all infrastructure revenue XXXX relationship and mining the replace substantial to U.S. likely generate against XXXX well initiatives. fourth we grow XXXX is and such growth increased we beyond. XX% continue In industrial business positioned a resiliency, integrate these large significant XXXX. of emerging revenue underlying through Bowman will power believe capitalize established the to in in from renewable doubling and we

seven are a northeast a working energy year, wide Energy including began We in and battery projects. electrical the engineering providing array Mid-Atlantic. of projects Through of and services, the solar Earlier Pattern wind we survey, for for number for throughout a structural storage of post them IPO, market beyond. eight and in fourth in and quarter. them six build acquisitions growing we this core forward In built of the to being competency of renewables. XXXX we continue made acquisitions look to We around XXXX,

to additional successful this companies. integration far made So required we’ve one of integration team year, We’ve full-time dedicated a assembled ensure acquisition.

operations. execution Our Houston on our cross-selling Raleigh, focused those to electrical already two required Dallas so Texas in in offices. multiple around philosophy expertise Louisville I’m complement with very mechanical our renewables expanded survey sources Atlanta, commercial are Terra and design we’ve pleased acquisition in sharing acquired electrical synergy optimization revenue and work to of is land clients specialized business country. operations engineering to the and added introduced of efficiency. operating far. successfully that And clients We’ve our We’ve XXXX and industrial for Austin we and sources. The

over To and growth that close as a the to in acquire be being end average organic In under we quarter. That been to and pipeline average just M&A size to year size year, end, with the million. is inquisitive. with go for acquired been $XX million able sure an deal is post to in plan annual of a to it’s Our this around nothing as it’s this $XXX access to XXXX, until size and both would’ve emphasis on expect by revenue of of highly combination annualized acquired an ever the our while XXXX, $X that full $XX expect In million starting and deals that through growing. strategic is I total revenue continually deal second closed, early to million. IPO acquisition is of be

by leveragable continue to nearly so and momentum built. million added Through $XX us our offering far, program M&A chest. M&A to our nearly our positions been with equipped best aggressive the to war Our initiatives, recent years Bowman, added we remain for us. tied It’s meet culture enabled the This of are who always equity interviewing onboarding the for been identification, that in believe and it well is of we of people us most have to business a us and I capital employees new people technology environment and raw and one to these something market our labor employees don’t chain put have been our business company. demand has work challenging the any and to and [Indiscernible] I’ve while build the market. enabled meet don’t skilled or we’ve we are XXX employees collections throughout the We in to today’s not goods affected Except projects computers, materials. automobiles on not we or directly disruption. anything. buy for resell We don’t dedicated supply

has design but clients our the been our for by overwhelming Demand have services of and supply Some our services directly are elevated. majority clients for been strong. affected demand an remained disruption, chain of not affected

And Our increases have to backlog power now, costs. grow. sales for continue pricing we in any offset and to the

XXXX. narrowing about our raising future confidence our and and Bruce discuss, tremendous have will We we for are guidance

continue to accordingly. guidance increase As new acquisitions will close, our we

business of in their Our leadership through teams number careers. cycles a been

are of our acutely relaxing the consequence We guard. aware of

We continue robust foreseeable healthy have in services the every demand market engineering to will risks. indication produce the future, and that

results it Now in I’m to turn our to to going Bruce discuss detail. greater over

Bruce Labovitz

Great. everybody. Gary. morning, Thank you, Good

a It’s to We’ve was Bowman. XXXX believe. transformational year for much. accomplished mentioned, Gary As so hard

in XXXX. outside no quality the still tireless a public transportation lower filings for first was It’s better revenue organic a seven organic Bowman accounting to to is XX-K increased for were revenue year. growth a consultants from and $XXX.X of increased fourth XXXX. Of XX% my higher months. the from increase XX% acquisition compared was XX.X% million revenue. the help effort compensation our gross us a of direct in from our XX% financial We’re year. for compared being revenue timely million $XX.X to only in quarter million transform to revenue, to about for proxy a as and and remaining XX.X% a This add with Of and growth quarter and the is XXXX the a to workforce thanks want manner. improvement for for I your year our versus increase year. expenses. point awarded versus growth rate increase in fourth team a organic XX% growth was million percentage X.X to gross we’re SG&A, company principally delivers $XX.X in as result that a stock revenue XX% the XX% million fourth of year-over-year million, The a the was the we been by XX% for public XXXX. non-cash as is XX% the XXXX $XX.X in few full the margin in XX% full $XX.X of fourth $XX increased revenue revenue for revenue $XXX as talking in profitability. connection fiscal entire years. up achievable the million. gross grow initiative, the of percentage million and in gross small is your acquired result X- efforts. margin year for million for XXXX will organic XX% quarter as the believe was revenue $XX.X in grateful all Gross revenue revenue bonuses. a the growing year net is million gross quarter. public to XX% million generated $XX.X feat, year. from attributable our in and for quarter $XX.X from sub for SG&A attributable overhead strategic compares for net revenue a Net Net to revenue revenue full increases to other revenue for Gross year revenue revenue and metric quarter at representing the representing $XX XX% The full million of was for for a we and $XX million, fourth for $XX in of rate. non-cash the million a in SG&A was is function XX.X% this increase which increased million from fourth percentage to next lower to million revenue or XX% the of of for Of fiscal $XX.X XXXX. the QX Net to million This SG&A $XX.X just Gross $XX $X.X SG&A from Net directly a the X-point up XX.X% comp non-GAAP percentage stock and $XXX to represents is primarily to over We believe or transformation the the under IPO. of of is revenue an increase rate company million the XX.X% in and to percentage performance XX% Reducing decrease We a which XX%. than net

we continue and be increase the a absorb and As company margins we grow to accordingly. to organically, it acquire will public takes overhead

large an and net in tax $XXX,XXX impacted $XXX,XXX, Our research just just which tax was loss for part income were estimates. affected income the results by net under credits. and exceeded development under that Both our our benefit for was the is year fourth by quarter positively

be estimate the permanent continue Adjusted for XXXX, credit, a program. adjusted the produce post-IPO expenses EBITDA for a was and to million. ramp XX.X% expect and representing to to is certain metric, XXXX, XXXX This non-cash fourth This non-recurring tax and In for the a of the adds grow. our onetime the a expenses, EBITDA margin which EBITDA EBITDA. the $XX.X For quarter to million of we for to with which credit margin to compares is associated year. million adjusted X.X% representing annually close this fourth XX.X% net we non-GAAP $X.X IPO Adjusted quarter expenses included up M&A XX.X% $X.X EBITDA continue to year and net. full

average As on four in is little future shares All over million of nine at and of X.X balance million listed had of roughly price sheet. XX, in five-seventy-nine these before share XXXX, offering on December the number Keep company options eleven outstanding weighted $XX.XX. to included of are subject at outstanding shares follow a forfeiture shares. however, restricted There a XX/XX. A [ph] investing this the mind, no X count the were the

units In which stock issued, share part are addition, count. the company has not performance the outstanding XXX,XXX of

dilutive XXXX, basic before shares generate in private in $X.X as XXXX, of year in weight will and comp $X.X average company. $X.X and million outstanding stock $XX.X restricted Currently, million on share million Our part XXXX. of $XX a outstanding the counts million million off XXXX, based expense performance non-cash or stock – XXXX, awards in in trailing

offering on $XX.X of is health receivable generating account an future new acquisitions capital from year, of we our more follow-on equity with of operating depreciation, important the we approximately $X.X this Based war adjusted balance increases adjusted XX, chest. a XX% generated represented a non-cash our M&A of stock we our net back A this our in $XX higher. cash of the and the while the approximately public line of into EBITDA year EBITDA cash pace Bank company. sheet operating $XX activities. on In February was rate income for normalized reconciliation cash For America. our for of million, million ad zero On addition have on Today, outstanding cash, XX% to accounts an a cash. to of $X.X Believe along to of and converted an completed million $X.X not of or ability approximately we particular million $XX pipeline, amortization, million operating at convert indication and compensation decrease. to with our of million million

other million yet to Gross started and approximately and additional when our exactly backlog at in building the capital Backlog not yet this more sheet that and As contracted, $XXX sufficient was At December we includes Backlog be finance XX% we X% markets. discussed, but emerging debt we December is have utilities, six arises to need determined. ones from capitalized next XX% support What million XX, the have on upcoming feel power to program. over at like believe for the our point, to adequately projects was M&A are XX pipeline balance look that equity XX% continue XXXX. infrastructure, we $XXX acquisitions Gary that up transportation, are months. started. would

XXXX, Within the approximately had of of which million be by $XXX and approximately generated of remaining of million projected for backlog, revenue in there’s started to that also performance realized projects the revenue obligations end $XXX XXXX. was

We un-started also expect additional revenue the from backlog.

So, we backlog. estimate to began million of XXXX with we over what be from $XXX revenue

revenue our issued million to guidance line million $XXX As guidance to $XXX previously indicated to $XX net to of we in narrowing and adjusted million increasing are top yesterday’s million. and $XX increasing our release, EBITDA XXXX

the includes guidance acquisitions time and As guidance additional expect year. we this is contemplate that policy, we only not the to acquisitions close close this does our issue

our connection As the to Gary conference remarks then those occur, guidance Q&A. concluding going with accordingly for call we each will turn I’m update call. now over back to in quarterly and

Gary Bowman

Thanks, Bowman. Bruce. exemplary. generating at quality we cannot times and presence here the synergies with really execution of go of plan. are through pleased This Integration creating more at continue extraordinary, the to companies be We strategic And exciting growth my I acquired pace our the be the expectations. of local

Our Thanks who invested value continue us and future back increase to to makes operator bright call for confident for successful. who’s turn I’ll and works shareholder every in questions. to Thanks. now to everyone Bowman. day the again will everyone

Operator

Please your Instructions] is [Operator Brent first Our you. Thank line from Thielman is DA question from now open. Davidson. proceed. Brent,

Brent Thielman

Good Thank Bruce. morning, Gary, Great. you.

Gary Bowman

Good morning, Brent.

Brent Thielman

think And be done? closer one million deal you then that $XX or said clarify, does remarks, think the $XX December acquire revenue think you to you’ve revenue. annualized annual to mentioned question if prepared late of Gary, this to I average you to guess, first might in you’ve year. up I in I I said in could, the to transactions acquire what It’s million ambitions was a you the some clarification, size include up

might right curious, of terms top in sizes kind at of Just transactions what the looking like end look now. you’re

Gary Bowman

of not a in sites now. to does say QX just size range, include a roughly sort million let’s or $XX million, in XXXX forecast estimate from to right The of $XX million $X million $XX say of maybe our I’ll acquisitions. And just what

I’d So, million-ish $XX – saying question, the say, [indiscernible] your size. answer I’d say

Brent Thielman

Okay.

a growth the I there. color then some get related that completed? you’ve just more And for XXXX, in you’ve guidance to great. that optimistic there bullish. guidance, obviously organic That’s provided strictly Okay. Is in to embedded deals is the last since very wanted guess, outlook also increase

Gary Bowman

Some both, – it of Brent, closed addition guidance, little of additional somebody primarily we’re since I the on organic of deals growth, we a on generating. it’s that, is issued don’t the addition the else we against. the bit just commenting I last only optimism think

Brent Thielman

there. Okay. Bruce, there I’d clip for for expected. increase a obviously faster Thanks, comp this for looking the you factor Just that there. mean, transitory at the a color stock did be Thanks I mean, more us. SG&A anything items might that’s quarter? then maybe for some of And I Gary. than can any dissect the else breakout mean, I in

Bruce Labovitz

Yes.

that it’s up a majority we’ve would’ve ago existence are public think would generally, But generally things we large about of that. than, the to in really, insurance, board company wasn’t particularly as that from nothing impact on call increase line, the we’ve from contemplated but past, of talked cost anomalous where they’ve vehicles road. just requirements fleet gear costs obviously company fuel coming years when I gearing some speaking, the being been in on larger than up public. impact acquisitions There’s of other nominally But we’ll XXXX’s accommodate particularly wise public. being more kind unexpected come expensive Brent initially a to as having of expected manage is to integrate certainly two D&O being to to as it insurance of our the in the have been percentage is of necessarily a the I one got some go, prices out the or

Brent Thielman

infrastructure deriving help the could between provide again, kind growth. Okay. filings in yet, that mean, And I’ll strong growth of piece you’re I you of in single breakout market where multifamily a typically the that seeing building’s good on. maybe last family, with I in it terms this quarter. and Not you’re you commercial maybe growth then the one and where segment customer pass that your of just organic us applications. really seeing most know

Bruce Labovitz

Yes.

retail building – increases well, So, the within and from growth office within of commercial, box the seeing was infrastructure, industrial. commercial, it of from we’re the and the non-residential. majority major And from big

was an about big $XX retail. from That’ll increase So, residential, Of there in office $X.X increase about was about then box $X multifamily, chain of family filed, was $X million in other. but was industrial million-ish about when municipal, it in and that the from was million it commercial, million and and an non-residential. about million and million the gets that breakup. the from $X $XX K a that’s be single about and balance And

Gary Bowman

plumbing of this bought this service, then A that’s with whole and driver Kibart, electrical, adding non-residential, we generally market we’re which into that’s large building engineering, we’ve big the a that commercial. chemical, really generally and new infrastructure serves – added that KTA adding mostly PCD future, we’re year and

broad that drives market that clearly So and part that and of growth. drives the – market commercial really

Bruce Labovitz

fast, them? to repeat Brent, seem get I because or too Do that you you did need

Brent Thielman

I back queue. in got think This I’ll I them. Yes, get Thank great. is you.

Bruce Labovitz

Thanks. Okay.

Operator

you. Thank

Alex B. Riley. question Please is Rygiel now next Alex Proceed. your line from from open. is Our

Alex Rygiel

Gary, morning, Good and Great quarter, Bruce. Thanks. great year.

Bruce Labovitz

Alex. Thanks,

Gary Bowman

Thank you, morning. Alex. Good

Alex Rygiel

quick of Couple questions morning. here. Good

can markets of a that’s well, or bit deeper what larger of bracket identify million? like million pipeline, whether can $XX but that the maybe and the looks is sort over that coming a little net? clarify sort you sort As of above of the maybe discussions to today, end some could M&A pipeline be First majority – of also million gross the back $XX target dig of $XX or not and you

Gary Bowman

expansion like not net $XX would some be type west. that public geographic The Large sector the million There’s say focus ports, in operations, gross. some out on transportation. waterfront

of million looking focus $XX we’re resources. picture, water in transportation, the continued focus more focus lot the on – in focus beyond on – focus on the transition, broader utilities, what – on energy broader the focus of Sort

in So that’s what is looking we’re the sort and other areas those maybe of sites have center our of beyond at. we the the broader $XX million that

Bruce Labovitz

necessarily, of said I that. center pipeline more than not opportunities or the Gary think as focus easily the of is in double

Alex Rygiel

little then a And can focus of you helpful. increasing Bruce, believe mentioned it margin overhead just bit going? Is a points very on greater layer your into synergies to basis leverage derived. over cost fixed you that go be seeing more in all I That’s Can improvement gets as XXX and develop detail? acquisition acquisitions? Or that program you XXX are your as you

Bruce Labovitz

it’s a of Yes, bit little both.

So, the slope we’re growth. currently seeing of

than growth We of slope the a the growth seen have pace faster overhead at revenue. of of

growing that’s at really where fixed flip with and we’ve There’s of that’s overhead and year, where that the contracted is pace the itself. faster acquisitions. increased growth over the that company rate a you sort net margin, but because and plateaus overhead associated point I integrating So a last is running growing believe that revenue then see point we’re of over a than reaching that

probably fixed. costs to lot become reach continue it’s infrastructure. it’ll but grow that its we’ve And where And that then was our of slope to as starting a grow that you it not grow, at grow, But fixed corporate – is while XXXX talked I that rate nominally think and operations more cost so, starts the a ramping our building then the sort early just XXXX about to won’t up, relative that that a to you’re the net. line point top at dampens revenue and into grow

margin that transformational The can a fixed so, really a a think And fringe story margin. of it’s revenue relatively slope that. as add growth really, of stayed of say, stable relatively cost. for fixed corporate – do increasing aren’t opportunities gross there we’ll I that many has But technologies gross and we over of

Alex Rygiel

That’s excellent. luck. year. Nice Good

Gary Bowman

All Thanks, Alex. right.

Bruce Labovitz

Alex. Thanks,

Gary Bowman

Look May. forward to seeing you in

Alex Rygiel

Absolutely.

Operator

[Operator Brent have to Alex. Thank Davidson] like And line Instructions] another [DA we is Brent, question you’d now proceed. open if your you, Thielman. from

Brent Thielman

get you pipeline on February you acquisition the perspective, of Perry. wanted current fall in think about Bruce, kind acquisition of that Gary, the the a in pending Thanks. that And deal. talked update status I to addition I Yes. that does just target, about? talked within to an

Gary Bowman

So the deal is delayed. one million of There’s be later currently in about it in to has year, since that’ll that we’re for hold. issues in happen And that But it not some the on one, later incremental assessing of can so included that the that we in year, happen talked if that that. due the already but may that. sort moment been diligence it one’s, $XX was

Brent Thielman

starting agencies any And of to some cycle, the you of infrastructure mean, developed end the front then, money there. you think public flow? that are to like at guys would starting be related that Okay. I sounds sort spending maybe It any see obviously evidence does I the is broader bill. with processes things to in planning you’re seen

Gary Bowman

space still the more index and are coming consumer frequently describe little the in has maybe as more Really just maybe confidence right. it kind a tangible, I would little of just significantly. say anecdotes grown that – anecdotal a in

discussed and you’re that right, now lots we’re to are beginning of be Brent. and So, germinating hearing opportunities

will the back the on We the end, front mostly as little a of the a end and be occurs, middle. work planning. that on front end lot in will it of be We bit the in do

seeing so, are activities private in with public funds developers DOTs who and coming we’re And from engaged other definitely agencies.

expect as revenue And the we in really I start to XXXX. so, up showing said,

is our in that of targets acquisition One space. active

the screen. increased kind radar So, footprint of of our that’s I think

by more of virtue of hearing that. we’re So, it

Brent Thielman

the with new now the of building current kind terms longer an with in year. contracts level And pretty I seeing beyond status power new of of And utilities then there. right Okay. duration think market, Maybe good of programmatic you you’re of good customers. the visibility then gives longer kind duration and exposure contracts these to update you’re in of that related some some relationships opportunities, blue-chip existing the those maybe what customer in

Gary Bowman

categorizes Florida, a much work been that indications graduate undergrounding. it's that has that on in work it's all several whatever pilot the anything of are years. to in going in permanent, it pilot guess permanent is all forever is project in The as the mentioned it from has world And remarks, going to this we Florida But indications project. I as

that’s So The really project – Peoples Energy in up pipeline Gas mentioned new – Chicago. again in WEC – job. of with positive durability That’s that again, relationship for that is the That’s there. the long-term outlook replacement that’s we’ve a long-term we our expanded relationship a particular.

been relationship that’s Our has with expanded, a term. long Gas Southwest

no outlook long projects, the and our revenue for is relationships, become So, made for these projects recurring them there’s steady. really, we more remaining just embedded as

Brent Thielman

XX% then to just Bruce, And XXXX, is you can down. of just clarify flow have I Maybe cash this not clarification Okay. think said again, year? that expectations flow but your around may in EBITDA and cash conversion you’d I last written one

Bruce Labovitz

was for could What long-term I can so, we over a plus. of I closer was time we of XXXX, to of it’s cash achieve What But that plus sort indicator necessarily be, XXXX. vision conversion, said think over time. Obviously XX that what not hopeful get XX XXXX. in said Yes. of that XX we to can

Brent Thielman

it. Got

Bruce Labovitz

absolute Not necessarily setting out yet. XXXX as a

Brent Thielman

Understood. Understood.

Best Okay. of luck. Thank guys. you,

Gary Bowman

All Thanks, right. Brent.

Operator

back at registered questions over the turn no to Mr. time, are There call Bowman, you. I’ll this further

Gary Bowman

the for to time story quarter a and the with work faith making those show are again wrap up in it today. to for that line who employees talking being everyone’s the listen for you are to our hard and just and in you successful happy line investors all Thank the first who us Look public happy to reiterating, investing year. to Thanks with us, forward line us. Good by the morning. Very on very company. to like all I mid-May. the all on on the the the aren’t

Operator

today’s conference. concludes This

your You lines. disconnect now may