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Ecolab (ECL)

Participants
Mike Monahan SVP, External Relations
Doug Baker Chairman and CEO
Christophe Beck COO
Dan Schmechel CFO
Tim Mulrooney William Blair
Manav Patnaik Barclays
John Roberts UBS
David Begleiter Deutsche Bank
Gary Bisbee Bank of America
Ryan Connors Boenning & Scattergood
Chris Parkinson Credit Suisse
John McNulty BMO
Vincent Andrews Morgan Stanley
Shlomo Rosenbaum Stifel
Scott Schneeberger Oppenheimer
Laurence Alexander Jefferies
Rosemarie Morbelli G.research
Andrew Wittmann Baird
Eric Petrie Citi
Call transcript
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Operator

Greetings, and welcome to the Ecolab Second Quarter 2020 Earnings Release Conference Call. At this time, all participants are in listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. At this time I’d like to introduce your host, Mike Monahan, Senior Vice President Investor Relations. Mr. begin. now may you Monahan,

Mike Monahan

a ecolab.com/investor. and Thank supplemental outlook results our you. statements from conference Ecolab's are Ecolab's described quarter and referencing that results our Form Operating welcome materially Risk and actual moment Officer. to quarter's differ Chief A These the discussion available on these release everyone, Factors With this me and teleconference Please materials. and on read the and most of our actual Ecolab's recent differ to Officer; cautionary Chief call. our estimates those performance. materials projected. Baker, and materials along take Christophe to future statements, Schmechel, today the our website our CEO; Financial are could stating in with XX-K the under posted in of second at results, Factors Beck, Hello, forward-looking associated our that are results Dan section earnings is Chairman slides cause and include could Doug the

to our businesses, you overview reflected expectations. the and second impact consistent increased results Specialty Life Sciences, cleaning businesses, were sanitizing diluted on generally Healthcare our Sales share trends strong and with information earnings refer in and with favorable the quarter also We from as the COVID-XX from an earnings and and per were release. our Starting for fundamental our they demand. benefited supplemental

substantial April declines as the sales businesses the negative in significant hotels of while they Institutional Elimination our and dining. a shutdown to experienced on facilities, saw the growth, brunt entertainment restaurants, modest profit and and segment decline March travel felt but impact Industrial earnings global strong and Our sales Pest due

per including declines operations as impacts continuing with of as well debt $X.XX a adjusted of the volume reduction COVID-related a COVID-related Results lease distributor bad $X.XX from share. second compared per share quarter earnings per per quarter Institutional negative suspensions share in $X.XX expense $X.XX customers, $X.XX and operating year to share ago. increased were reflected Second equipment, approximately billing support and inventories, leverage

Looking will are XXXX stronger in offering. a from we're more position in COVID-XX we competitive confident believe ahead, to a and emerge position through a manage we with strong robust

Our remains drive traction maximizing on focus squarely our to post-COVID growth.

safety, we our important Institutional we continue have have them. are in within in capabilities in environments positioned have they leading right food of beyond. than achieve an Ecolab’s and to While to important more clean the crisis us and water substantial challenges well that near-term businesses this ever, our Clearly, addressing we and as all partner is and opportunities healthy and strategies world business, effective

solve the service so, to a and requirements. our partner to our our providing evolve, business operations restrictions and product, functioning safe as to our the and COVID critical ensure doing customers significant their by wins part we improve are need have adapt sanitation aggressively to customers As problems, operations new continued in effectively penetration consulting with customer further and work of to this, their new and support,

our seen have of since markets, improving including lows Institutional sales gradually across we have businesses business. these improved new along in and with new As early a result one actions, we quarter. the sales our And initiatives, their

a robust, opportunities even by In our water become has remain it healthy environments, safety, our short-term long-term challenge, creates and COVID-XX also opportunity. important. long We food world COVID, challenged a huge clean remaining driven market by our growth creates believe While term opportunities. more that positioning

will energy while with free and drivers base uncertainty and financial near-term their long-term with our business believe performance Ecolab investors. comments. costs customer the And for We cash looking Baker water, position positions, here's providing resilient long-term flow. some Our now on lowering focus leading with global sustainable Doug yield strong and on results beyond market operating our superior strong focusing other our and our improved these

Doug Baker

Thanks, Mike. everyone. And hello,

a turn and then back Mike We'll on it So just to Q&A. of QX. to comments couple overview

QX impacted were with by going in because results a COVID-XX. probably significantly which line Institutional our felt to obviously They So all acutely in environment predict. minor were very business. a in, expectations The weren't miracle is it our is our impacts difficult most

and our also businesses record extremely strong balance Specialty our had collectively Industrial growth. and growth, of segment businesses performance, the Institutional during grew our of Healthcare our margin strong portion driving income both realized reporting gains. a As sales And Life income period, had Sciences strong

Our shutdown event in Institutional one-off This COVID-XX dining the division quarter. a and travel in though was the of is directly early history. impacted the by

exacerbated million Now $XX a two distributor the truly hit as foodservice NOI and by for resultant sales suspend further machine was period. $XX inventory supporting roughly items this event made these we to incredibly In in this lease QX total, mean traumatic by million. during decision the by a reductions QX, dish industry payments

took Importantly, smart we is needed we we left size, it we spent fell for effort said Reserves and feel would it. gave play. them. support we Trade we we we a managing and do. our is or And inventories optics. dish pain The inventory, QX dose. or time actually no and postponing This machine market through maintained. what increased the And Team full investments we quarter.

will a through We the way our manage near-term potential that in long-term. maximizes pain

believe continue, low will While the was pain the point. QX we

Institutional Healthcare, impact from short-term will long-term serve, Life Specialty. the pain in we is the increase clear. while is becoming Sciences, have every market standards Hygiene obvious, and So COVID-XX they Industrial

and are be at and it disinfecting cetera. $XXX chase it. care We've get advantaged hand year. this out in opportunities and We after safety and space clean investing the our presenting billion competition We're for data water been even to and rooms New XXXX of are forward. clearly market et bigger large and centers, going better every end years day themselves will

is efficiency growing is and cleaner, job, give our doing in advantages. our opportunities safety, environment, And innovation It clearly investments antimicrobial of so rebuilding needs spot and great our and supporting team food only importantly, on us mission. water, safer, most on. healthier customers, Customers has digital are significant and important. jumping positioning Our operating a momentum. felt Probably power never the safe

So, with will open up it who Mike turn to Q&A. I'll that,

Mike Monahan

That concludes period? remarks. formal Doug. Thanks, the answer would Operator, begin our and you please question

Operator

Yes, thank you.

first William We a be Tim with question-and-answer our conducting And of [Operator will now session. instructions] the Mulrooney is line from Blair. question

Tim Mulrooney

about quarter, the to today. in is through trended the But you've compares was seen through in what that us think XX% second monthly the just only And you performance how so this quarter. far? down, how question Institutional my walk July So, organically And division I Doug? the second can

Doug Baker

know on of they're when I'll and business obviously. your well. Yes. to give at while because look is collectively specific as quite Institutional the did address felt. in you the the Institutional my mean, a It I I was it, questions, acutely COVID obvious be results. mentioned doing going we'll And impact you where most perspective question, rest was I opening,

Now, though that is that's group, and downs within there Institutional, are ups but being notable. XX% normal. quite down In

travel and shutdown most really by the was QSR Specialty down sector was that was was pretty never notable It decline driven dining sales in the for and or was in XX%. by driven was the really XX% literally really So, it April for plus decline huge seen global of Institutional things. a by Institutional. this. FRS huge of the of like and flat anything And April driven quarter. The were a Transactions decline we've XX%. fell in reporting strong. sales couple

June. back. climbed have up through They XX% business in transactions Now down move May, were other here. in is April, our continue in But XX% also always the this particularly back The type from distributor we in a your We've down seen severe and natural when had quarter. shock XX% And you down seen XX% a issue which inventory to we've this. it like have outcome, question. July rebalanced, decline

understand So, to is to was many need there we sales we is million dollar ally a complete we us with and thing who've the XX bucks. both In on, supported suspension, was has an because And a industry, long felt a took years. to That we customers, through. know smart our through. for them in with pain it going that pass decade machine at decision $XX the do partners mentioned be us, that because dish we which for been let it lease which million they're

extension of both dish deal us also we new there. it went We it long Now believe an our existing relief be we it trade to and traded was and agreement When has is program. machine the for for asked a for great term. a going the lease for and contracts customers and we relief quarter, for QX gave was What ends ended. or a for program, just

the behind Now, inventory largely is us.

in but larger million, we think inventory we you inventory That start it also know a for of inventory, taking, us million is or for goes. us significant behind lease XX-day is actually way you $XX a behind always think take suspension is $XX you the need think expectation that and sales. do And sure to that's reduction the than a this sure. I XX-day if is thing the it rebalances the

pretty main said, for which Institutional overall we're as company. that challenge is a the really QX confident a As driver in worst just result, in for us the particularly I is the behind

dining its in until allowed back exists to, a until in there May becoming is as where huge And and business. contaminated June we're several think still states that don't growth than change to, for COVID-XX. allowed going from better not fear back vaccine, the they're July even come see think well. them than May return seen of that but reasons. April, some catching they're better Institutional point. was it With or some significantly said, slowly you out or growth are and don't I fear Now seen Institutional going people to progress not continued I see to dissipates, significant we've we've in have was because In a the low you're countries,

at the to expect don't saw think aren't QX. But We the in be next of in couple don't that realistic. out we going So quarters. levels we same that's hanging growth

our is Now, going team all we of market. with think that which us long-term are a over number things in position terrifically this said, to

accelerate successful and already customers reopening. We’re safe helping

plan recover. over also there been that you've a large to public releases. XX the or what statements call either We're reengineering I'll mentioned have over chains us, If seen have

So the a increases businesses. a through of while picked number decades for customers continuing all and we QX to Institutional, pandemic drive situation chasing to And for including in and penetration number had it all in expertise, that piece We of pieces up in new we've here our of world that in in because interestingly be when more goals very everyone performance by we increase a these been are strong understand also literally XX%. operators. units. do want vital business But business a to coverage into much are our how and puzzle existing they where of the moving our enough, the COVID is recovery like expects to of into heightened you our of hygiene

introducing better So in comfort to for really their to outcomes. what Certified these customers our we're our and Program, and Ecolab outcomes is and heightened also standards within which the also drive drive Ecolab of programs guests create we're customers, increased designed penetration but these hygiene get meanwhile customers calling Science to

customers and that big for our will share gain So even recover a believe quicker. significant position going a be more frankly, to campaign and we program help this big us is

And roles the accelerated help Now, invested via in Institutional. frankly, organization our do clarifying field in this have and effectiveness online can embedded this the the focus it programs This field we we we opportunity in leverage technology field needed. remote to ordering also efficiency that create we've We're will service, new and now technology. routing team’s identification can technology new for because in. the the

seeing was everybody, our team you XXXX. went experienced. great in all the They through is last over shock declines I'll this. through had recession April clearly Institutional and remind to live sales when So start never they've

very wouldn't that this is and/or consumer restaurants, what is Institutional It hurts down because business go do sales, feared slowdown, us fear in doubt pandemic-related, you're does not shutdown-related, economic an globally us with unique minor be it recession nothing a This allowed to that now, it. to completely taken was steps about there's into got that to no us, some slowdown has never when not need is Our X%. is economic fear pandemic.

we this. know Now, do

huge. to is create opportunity not change and goal say post Our step function, we're a obviously the is this, moving growth And setting is I’ve to in recover, to COVID. through while ourselves it up then COVID

just is you existing at billion-dollar the opportunity opportunity at if within alone. customers U.S. look existing a look there our So in penetration our and customers, you

Globally will are still not $XX of So a be this opportunity. we like near COVID. market short it is post billion market

The exists. over this. is got that today to and get on opportunity the antimicrobials the products. change, new this to on we And technology the necessity to What have path. we're change technology, is all recovery drive We've So we the have been called new necessity, team shortly. right coming launching, out for got years perfect. Timing field is here new worked make

think the have we and teams this. I the enablement over all

Tim Mulrooney

all Okay, it color, the that's for me. for Thanks. Doug. Thanks

Operator

is line Barclays. with of next the Our from Patnaik question Manav

Manav Patnaik

obviously them. world cetera, matter there? you using of talked order the brand comfortable seen NPR that talked of the guess, Ecolab brand companies the Or on and in Thank XX Clorox curious forth if pick you. that? up Doug, lot for as about there. guess Certified lifestyles change, that the to to using branding consumers so about marketing I Ecolab et around follow going kind Does and that, up you the Just make of We've consumer the so, and just program. Program, or need a or I like in also the you airline Science hotel

Doug Baker

well we is yes, Ecolab industries couple a an give it consumer brand. is offer in in is offer well very Number BXB to but not some going too. and a it I'd a I business. Christophe opportunity because of one, It we're land I'm known simply things build. comments to always really known there's think to great that the serve, to

opportunity, certainly Ecolab think, our drive I increase there's do smartly if you it and increase help to, So and awareness penetration.

the in disinfectant. consumers, a hospital is which is doing and it would consumer our we've XX done And done type The in level, reconfirmed is, products I intuitively three it grade other ask makes favor It consumers In kill we're customers not and four comfortable disinfectant, lot research. they a hospital it we what and things close. much instances are which when know overwhelmingly are seconds, more, are grade and of many you products, using the say doing do really fact that the of That sell at quicker. disinfectants right. they I them hospital-grade more and we recently. understand over consumer we've years consumer We've in what and this mean, minutes. XX or establishments

doesn't work business-to-business well just the as that environment. so And in

is And mean, so, I understood. I think this well

customers. So efficacy is not equivalent. And customers understand this, consumers do so to our

And think part so program I'll we these advantages, program. to programs little the on around these it building Ecolab a Certified. important color give to an more of advantages, Science Christophe is And communicating throw

Christophe Beck

that we've of Thank number U.S., two-thirds the also you, And understood Doug. have one. in especially voted people the

versus a said, as better products. understood retail that to need main the during in reason go Doug go people guests what So a bringing things need to to restaurant. the go products there. together. to safe. been in sure or clean is go I used And see that make need right need cleanliness I those over feel grade or cleanliness beyond restaurant safe see in also with not a a just restaurant. COVID-XX as in in this times to a I much I to have to order when perception three that And well. disinfectant, it hospital We've in restaurant have a And hotel

which this is within launched our in when killing It than well which they've not in, we've they they out doing led a is idea Ecolab viruses the in restaurant would is it smart place when with well, we that. audit those to some by as innovation. world as have ago is better seconds, come XX Science disinfectant, as standards, way, can protocols right, record, that but a is And the developed is feel well. then of that our restaurant guests weeks Doug which passed Certified, our ultimately programs there the was seal We've power this that well. can Ecolab get few the And have a Certified, which Science a that XXX% as not everything, is a as using them, mentioned So saying, that restaurants.

Manav Patnaik

terms in second hotspot global so sizeable that's the we guys. either or much here for on clearly maybe hotspots reading like, are that Got you’re of of I versus helpful. drive my obviously the but for are in it, about how the sure to world perspective read seeing business. trends question, forth, I And more guess the I'm we're all these improvements you areas you guys maybe and not just a notable the about rest was hoping like, just U.S. some

Doug Baker

we start in And specifically Asia and continued because you we seen of market. what further seen are improvement have the our along. as, China obviously early in and pandemic certainly have they the had Yes, improvement, said sales so China in

they expect a are June in of decline they total would fairly they significant and world. say fact different moving been as climb than have In from that’s a months mix. that in well, continue I the than back But positive July forward. is to the Institutional were And It we in also balance Industrial more ahead. but

we over recovery that COVID. that see is in reopened. And into somewhat, mix that COVID to a going also at vaccine the I has for it complete I in hotels, a So, is which for if don't by then you market believe within you're is the and Institutional finality industry’s time With are think, form go China, not People waiting you're abated reopened nor this onto hard period you're still of specifically most going think thing, favorably are restaurants see airplanes, looking well forward. play stampede some as But out of ultimately. seen the to there hit been as until of significant back we've said, as improvement restaurants. travel into

think Now, it'll we don't completely. improve but improve

Operator

is from next John the UBS. Roberts of line with Our question

John Roberts

Any to is now? lose that you. of being as into Thank how going way market. outdoor much we're the dining move to we Institutional to right Because dining Institutional supported by gauge outdoor laid the fall,

Doug Baker

think results. hard what's we Minnesota, maybe I the I dining about you're next I have do in exact dining, or I'm circumspect in But going trying modest recovery that's John, this call will what to how will going a go. -- We happen see to be it transition things. you would you'll forward. us the aftermath But a far is going start going comes to under think see a over I the little get winter repeat start is I if why see you But not to And any quickly agree, say believe gone you're outdoor doing week Institutional dining, things of growth QX see which you're Institutional, for any say transition, live number back here. in X% But rate see going a not assuming and sales would Institutional getting a steady I fairly probably means. we to reasons. for of so, until COVID’s in in to by to control,

John Roberts

had And new support? on additional train employees their then Did acquisition protocols. with your customers providing customers Lobster.com help with Institutional have to cleaning training

Doug Baker

of we're done and programming. Lobster, they lodging portfolio starting is on to. of work that is we Yes. good that. food how around would safety had say is it technology When most Yes, the food effectively. safety specifically, on, There's we're a a breadth learning lot utilize fairly utilizing bought been coming program obviously I to what

Operator

with line David the from is question Begleiter Next Bank. Deutsche of

David Begleiter

Doug. you, Thank

the the think exceptional were margins Industrial Sciences, QX the they back half and of should on QX. we in and them year? Healthcare Life Just in about and in clearly How

Doug Baker

slow give I got to Industrial it even half of they Yes, Healthcare the XXX XXX it, segment, quite to it outstanding. have earnings, that, was points. didn't way. Christophe. and you I mean, I that head had say, of let Industrial and business is would basis would Take if though different about performing have Christophe. is in of have back a Life also well with bonus. have same T&E, consequence said it of you as come me is it and just knows level I COVID, to well. he would But would I mean, Sciences really a sales the

Christophe Beck

Thank Good. you.

on David, same of are a on if not QX, we've well, continuation the very been level. comment as what prior in to of is, margin, half variable so So, the driven progression true that that seen the improvements by by way good almost which cost. It you is has the the

travel well and outcome Industrial is when what commission those the sail same traditional and less as happen of is and that bonus, travel work. in less, margin So formula years obviously time. people true But the many things, the improvement for entertainment of

X% probably close the or year If is the having you've so out X% to like environment one which future, drivers, is ultimately there? David. our in towards a We leading ago, so seen that steady pricing, it the get X%. to But in or more how It and were an in is course. And remarkable. we of do two is quite main two

we is to with cost type provide, pay our the take obviously total innovation reasonably second first lot operation you been And quarter. one reduction. fact over and well commit driver And for products that cost is go into always improving, total that the the customers a have to for and raw and us, is And we work as They that second keep we of past materials more stuff as Basically we for if the our that the programs part more pricing. of improvement, well your can going to invest operational that. customers. down. fact our is saying improvement benign that The of

it well than quite Industrial, all for formula an well which as Healthcare as to And in driving similar. the Industrial, bring is different in the with similar of but very good together story kind closer in is Life approach, in is business you a than a if similar Industrial so Industrial. margins especially and pricing Sciences is it So the that's environment, a that's two one lower bit

David Begleiter

new of what you examples how wins couple the Very helpful. on during and can just And were a you mentioned this as a crisis? accounts progressed COVID-XX, give those business result they of exactly

Doug Baker

We been able that give that today. is and in drove most to what the you And I'll lodging difficult it new somebody who XX they was names I'm And this secure challenges. with environment. set give had not had help I this a honestly going was it. had very don't things, piece a partner some most one just past. large was for a business it operator and Yeah. mean, or to but notably, is in several important needs probably years. capabilities it that of you the understanding of in we precedent to how can haven't the examples through the the we And

And the got this our for at so today, have in business blow with haven't have of disinfection that this of need their really also It we that ways. a then in a stakes fairly both of businesses was that But in I many key a was business win. different the because different And was competitor scale they significant a hope had have really at There team a it us never other instances been number of think And to going Christophe way. been we large crack both huge I shared quite we did. it running when recognition. Institutional because won it had done. I individually, and they suddenly a

got large in But I a space disinfecting very disinfection. that which of and XX we our from last very in There is many comments, that. what acquisition standpoint we've hotels Bioquell, so also my the earlier this think technology And us made is clearly we to customers to things do and others. enables have mentioned in do a And months, technology an unique safely. need in

help involvement. expanding they out Life technology and this how so the so quite new markets, learning and when is now home into are need disinfect aggressively understand can who have safely, technology its Sciences any do a which was without see contaminated And that of environment, people fairly and them moving site, historically

things So there's in It a that these market. number sphere, I occurring. why not that's occurring but this our of just is say are

some to percent. going market to every I our have and So up like going go changes not into It $XXX is billion. billion may we're $XXX market’s turn equally think x

We're market then You doubling some total, little to sanitizer time. you can a and hand you've time. of sanitizer, it, point sales, that's a going settled going it if sell in to are that markets basis. a this long-term hand for probably see have will down at triple at Healthcare on everywhere a can But in In you alone, period got in long impaired. make

peak. And that know we're they're so on sure lasting exact making And positioned awareness there not we going forward. is we're and and concern, capitalize maybe we have going But going recognize to legs more be are forward, they're to big more at changes these have changes certainly to going it. going to more sanitization,

David Begleiter

very much. you Thank

Operator

the of Bank is of Next America. question from line Bisbee with Gary

Gary Bisbee

And to clients, is that? side standard? the through hygiene was think but like customers a Interesting trying of side understand be much guys. components how I Thanks, more really help you penetration that unit And in the what to would it I'm increase that was following when think on deliver level us higher broadly this. guess are larger on what of the can sales can Hi. related targeting Institutional you're this I other XX% to maybe be other

Doug Baker

is coming I the units from increased percent is come disproportionate are Institutional, goal control. I mean, asked And, It to or of Institutional. a get we years, a of of was increasing want Right everybody from from XX% has we want we a question now, to referred the do growth get after. what penetration. I we The have new unit penetration penetration. can something lot goal our can over the penetration. stuff in It

end all if economics. larger up with start kinds overwhelming you You penetration, know you automatically that of

would you done. is improve, service If And call, the in to mean say everything the a per you're per how drop, I else, clear prove per needs selling has get much very I sitting what of it all delivery, economics view got team the shop per there.

system. Certified us So, up certainly, account, each technology is are under tied ultimately the it umbrella what that opportunities to enables which in Science our for help penetration. pulls to is to Ecolab drive people call of also our But idea every the going because an one the ERP it time account, identify field is to

And distribution structuring up so our think at our unit product chains, end and more manage that end our structuring just in deal the encouraging our and of we being up at we our the do of able terms sale. differently, structuring how agreements, do about how how deals to we end do

doesn't work if work doesn't deal this for it the Now, customer.

has benefit. into this translate to So, customer

can't trick them. You

array It years, is and got going buy more in to for they're in is reengineering around Institutional Christophe but have the lodging. a described and service deal this, have promise as we've that consequence food been that, products which us, what they a common greater cleaner operating it just income of is outcomes You've program of a to and to better delivering specifically Industrial. from that programs of deliver when

Gary Bisbee

being I Right? of we XXX as back Health on some Okay. think could massive a comes It understand in on or a and is mean up the we would follow I come just margins quarters color spending help Industrial. us If to basis of Health helpful. I But Should XXX be next and back Any and the Life Life do those points. costs, drivers few the question discretionary of to -- move. understand in? think just could costs Sciences at that Sciences anything earlier those portion. up how

Doug Baker

is it I mean Life Sciences. magic. little a mean, a bit of I

happen. we XX%, A bad quarter, other good guess lot You you're up when opposite. it, things in of saw things flows When the of prove down I happen XX% this side through. you're money the

So, below. I remain profitable some going do of one we at new growth. run that of or of long basis driving. Sciences XXX quite that that's offs think with been lot healthy the very term. got we But Bioquell they a have Life the business had a top that has they're in know the good the had business. a that business Sciences, believe very as would sales not repeat here very profitable say We a we've that momentum, consequence line smart said they're to terminal our will don't XX They've But few points programs a Life rate, what

give On it. it Christophe to answer the side, I'll Industrial to

Christophe Beck

Doug. Thanks,

Gary, important look well. bit to little at a So, as pre-COVID what's

going So the start be not type see. is much evolution that is again, that we've as go the it is variable. up underlying going continue had. to right, going we're Yes, discretionary This as spend to the before, people to margin you're to of as to travel but improvement

during X%, have mind, have between so And momentum sure. to pricing we we zero is well, for our was keep positive long these no that up. time. a to these which so see X% in it a the as to negative improve the the So, is go at time, And same is been drop volume intention to and But that ultimately, that has because going leverage going operations leverage important in for time. very it below

and to keep between is one it it So so two.

long discretionary can to the leverage of that are so raw will as the which we compensated pre-COVID. get as as now, had will has So and in improvement, remained they lead type for we material similar that itself,

Gary Bisbee

you. Thank Great.

Operator

from the is proceed your question Boenning of with question. coming next & Ryan Connors Please, line with Scattergood. Our

Ryan Connors

really question stabilizing things the the the herd, about and consequences was COVID. to in from for to so of Institutional can is Great. of And how unintended natural the of big that you of today. calling I shock question. Congress to talk and we destruction creative Thanks wonder, particular the saw I It big response federal seems whether that Fed from taking emerging your the picture mean, many my obviously the and an But speak. about the that subverts to key debate customers. be really for there picture

can what hang your through how in business? vulnerable, have PPP strategic prevent and terms opportunities mom your pops there customers, compete around accounts become maybe that from that are away. your And strategic gaining they then hang will don't also gone around now small would impacts money your of competitors been of So on have they terms based share? in your maybe terms accounts have or Both and but who competitors, acquisition away are made or would don't priced industry thoughts and go and with of now whatever, been they that that in who that

Doug Baker

I Yes. Well say would big this. is question. a that

left to get problem response all reemploy going the if lot is right the do the take they as I of them there's fund businesses wrong, We’re event. than and is no early was more you federal long people, the post employers folks. employing funds much fund a i.e. frankly to to keep they mean, as keep

page, three. And the of I they a more tranche through when the in crisis out went XXXX. in go. it to was Hopefully smart back so they of think think frankly, way I And took a there's that Germany

don't the In it keep wounded of walking terms I alive? know. does

a seeing I and and just you're walk bankrupt of people opening ultimately go lot to down. opening really think to

you're others not enough is lodging, I just many of food go and So in as through. retail you as COVID the think in destruction service going creative industries, and consequence to see but

the believe tranche And I And looking so I start I to and think, to consider on alluded the going But biggest at this needs is really China. you really go driver what's third if this. in fear.

fear do contract So China of driven or anything travel. in many have by the COVID same by mean, driven don't and in and I government in or respects, again activity respects level And the has reluctance could you not they in are retail that's so. under really is still to programs dining all that control reported they it people's this else or

is happen, calm. support vaccine economy. moving feel that government's renormalization life on I needs which start the agree a keep I to and you're normalization mean, treatment, need the at again, they can policy the going we But think not minimum, got we figure a to how that. ultimately big they need gathering communities until But and So the out or confident with better see a of I to economy thing do that to smart

going You'll at stalled see x recovery, it point. get to but is

I believe. what that's Now

big think piece. that's the I So

moving and billions can do make available. that work are government anything the of So and it prepared make sure doses we is is the once to vaccination development

So go. there you

Ryan Connors

That's perspective. your time. for really helpful Thanks

Operator

question Suisse. of from next Chris Credit is line Parkinson, with Our the

Chris Parkinson

you. Thank Great.

just think $XXX speak your the you're in growth within. to billion a expand the Just which to of broad Can end opportunity how on there key such customer ‘XX, you few positioning initiatives, or for years as initiatives, will be and trying rethinking Is of sense bigger contract customer growth? how the market all the get likely evaluating still can to you're enterprise focus your you Doug, to at and assessment selling stickiness? further that So, of come. and digitization of

Doug Baker

lot true in before. what's they've ones really a the the mentioned God to initiatives. did as invested done, set couldn't we did. is equipped a the in Institutional. going we you customers the mean, Certainly that has through worked work top digital provide over better digital in of I walked are that to Industrial, the several stage last been mean, remotely, years any Same to been enabled this. And, wire company technology In when we've prospering as thank on with field where I of remaining them that very they hard also has consequence services Christophe and way just

done we ago. three has say is We given just a are antimicrobials, we be this That's digital proven quite that us And remotely ours given where a great innovation. years had ability have need also couldn't we to be which has we of prime for two or invaluable. continue been as role amazing to in insight the honest. Innovation great to it major us to focus things identified XX-years, do advantage. to drive I'd doing to where

portfolio. best We have the

alluded terms we've launch kill of got use, time. ease We chill up really and simplification, be have And just in to couldn't in week that Christophe of another new technology, coming one. here breaths, a better timed

matter go are But the while delivering environmental through. these but advantage we sustainability able so benefits, huge to making is operationally as that buying economic we have And we articulate benefits. to not the sure economically. And we it from things we big of capture, go us, benefits terrifically while market way we do huge simultaneously create value environmentally, all only the

may to start get you rough when in the of We about to it historically the of advance but economic they're sell successfully. into same go we benefits, continued the market. benefits talking is So, in DNA way reason economies, we've environmental

environment And so what operating is execute, pretty a way the that believe, is. we and resilient no model matter to ultimately,

Chris Parkinson

care, some that on articulated turned of are macro subjective there little that sit half businesses, on, and on you long which obviously, already Healthcare, your in strategies full-service what the the food other you year you. I thoughts past thrown it. How there's a safety rebounds well? obviously, bigger there's are areas how other those had are those back their bit? me. and obviously momentum pre-vaccine? more as will spoke on just been about because the Got a And Thank Can you and lot like some Institutional, Based areas focus, actual, of etcetera. and, to actually restaurants term an argument some the facilities, lodging, gain to will the versus be So, think

Doug Baker

well markets food service catering anticipated the lodging well about well as the as segments, as as care in of Institutional interest and talked including some you iota. had as appetite one Our term as long

opportunities. remain be huge So, you're to going in

clearly ally We We have the and believe we be sales in those outsized setting markets in that those to in advantage years come. record markets. will

of So, this time. we'll I terrific to see going longer, don't that company, dining that's I literally the may any can of long through. is they our overcome recover? Do going thousands right? like of But believe take a a portfolio. parts term, years out buy. a us. and it while some pandemic. it are old for opportunities impact are built nobody's dents through, And X% somehow know they'll lodging is Yes, this. don't is of They where we just be and a some as We a only believe think I those our imagination that it over This portfolio legendary consequence to in through see tradition

We advantages it with through not grow intention We have is in things. to to the all time the absolute shrink. our focused being deal take here But going are every Institutional laser these market.

Chris Parkinson

Thank you.

Operator

McNulty John of the line from question BMO. is with next Our

John McNulty

for taking question. my Thanks

now focus. terms tailwinds levers of more that beginning should or as the lever XQ. you that go side. a And that for Are You positive the into spoke we actually really able you're as maybe of looking in in we the of in at release might you, look that be think service as are aren't for leasing. in now a about XQ we terms the costs, about equipment big around pulling other the the And you're and least cost there to focused to just at be

Doug Baker

I I largely in is, there's think a lease there's million of the through $XX lows, business. of the quarter. just $XX I And repeat inventories this, you've in And other if to right, which Institutional and sequential. at have a in tailwind million I think the and improved as you're repeat inventories that We got taken QX. costs not suspension will wouldn't two a certainly say would the certainly looking mean, I take mentioned, increased down April been Institutional. the Institutional distributor coming see expect and down progressively off

that. even Institutional you have significantly a in June better XXth, outcomes as stall So consequence if the you'll of just

other those three through factors. we similar mean, quarter. think you go the And are businesses tailwinds headwinds that then there I as are So

to well. see and New business the we of we as in would and them, been expect continue that has year benefits productive progresses get to as all the once from install can

John McNulty

how then dining you much XX% be? how typical down on about a the restaurant, should have one more that them at for I mean have deck products necessarily selling -- for a a side that a the step full-service I XX% full-service And restaurant you products? for should question, different a and what to targeting in -- there's actually but it. running how your they're or Ecolab highlighted, Again capacity, Got of it is what terms of just XX% now capacity. and restaurant you're Like at but guess know open, think one, aren't that would maybe in servicing, about we if are operating avenues? does them

Doug Baker

a had XX% less it business sales XX% if percent than like roughly. you be XX%, of hidden or it'd sales, Yeah, XX% call XX%, less

You've running it chemical. got, consumes just day all turning on the and machine dish

whether day, got meal You or end kitchen clean one meals. to serve the of the you at X,XXX the

there's fix but a obviously big variable. piece So of is number a pieces,

don't dirtying you're to them. not tables, clean If have you

you're not have claws, clean If them. to you dirtying table don't

have don't at you dishes a the one same way dishes, don't many the If it to rate. But run not on the down. one is you

John McNulty

Got it. Thanks for the color.

Operator

with Next Morgan Vincent line Stanley. question Andrews from the of comes

Vincent Andrews

additionally and to theoretically then maybe the A in by of Thanks And a add for everyone. ones quick quarter. debt second couple expense of loop base level of back good hi saying. gets in adding me, Institutional the on inventory me I just suggested the about portion that presumably back think close the to And if volume a third bad earnings quarter.

Just trying that to back should understand what volume comes the margin incremental on sequentially? be the

Doug Baker

Mike send spreadsheet? just you Would your

Vincent Andrews

[Indiscernible].

Doug Baker

you'll is a you know of I in mean, everything I It give a don't be put would the of can components you've down, total. don't there. that specific know that it it lie me percentage. If got it. I Look than falls part way. moved I this Exactly. more

to for So is safe go apologize. that specific type you question. I give me I of it like percentage think not on a

Vincent Andrews

on it follow Mike beat later. And up. then We'll as just up it No worries. a

the for current capital, the rates? wondering, that there's payables, on assume in if But plan working back talked Just about obviously, just percentage or make inventory. on half just in and should much the receivables you second progress you what didn't we happened a quarter. I'm in

Doug Baker

answer this. Dan,

Dan Schmechel

you. Thank sure. Yes,

maybe in So it part. let's about talk

accounts kind look dynamism. it. The what if didn't guess, you I total change a of drove at on lot of the there was So dramatically. receivable. number But

of slowly. accounts paid So customers receivable unquestionably, increased aging more as we saw portfolio the

Some get calculation to come bad though. we've accrued the debt in sales favorability that volume a which got a behind you noted. of likewise of expense, mean, receivable. I increased start was accounts big the benefit, significant We down,

we've perspective it. net the it you think a on the which And think length of and will space, think like From collection made, So in although just on what when looked into about we lease we've that of I call, it and quarter was a and said all where very exciting I was let's volume it. expectations our a we I we talked say, decision at about say didn't details the we're over look this it in rate is, billing basis, efforts, recovery. again, first are Look, made.

concessions made just that important value predicated similarly, that We to to which paid were to to we blunt, current. we be expect is where have on we agreed point customers smart And the and to for provide. think made an were be very they customers who necessary. They be be

improve see receivable volume that from cash will by rate the And be of continuing collect that for example, the will is so performance offset that that to and third and what our consume going portfolio basis. partly expectation to will as in forward quarter, my ramps effort a in you base the

payable the side, smaller cash begin On flow it look, to much a with. is

stretch to we at same I think providers payments to that be the to we for essential We did things had good the similarly the as it. right the customers opportunity time. want do

time. net I customers been is and think our fair we've that fair and responsible, it So the vendors all to same of our the at prudent, to minded,

Vincent Andrews

agree for Very response. you very your And fair. I clear. Thank

Operator

Our line with from is Stifel. next Shlomo question of the Rosenbaum

Shlomo Rosenbaum

just buying? Healthcare are was Hey was Doug, were a do the taking an change they more for issue difference questions. lowest program appetite that of way That my but terms hospitals you that in you the the looking thank for seeing in always any Hi, for cost. growth, the always for to

value the the selling there and the that what some in early interest just on tell? hygiene to is and increased With service best it mentality the over changing sell too guys of you're stuff Is ability your overall. and You sanitation. or to

Doug Baker

government positive that to do us is hygiene frankly, grow was I COVID went that of it like, you not spending in COVID more falls than of recall, that a expectations But underlying business the and in great and on all-time think driving tell, able the getting going even all with needs. working programs did from their faster in job hygiene more And as success They And beyond of it great we customers, high. certainly continue I through standards lot believe year forward. be our European seen programs. we're December a we'll mean, business would frankly meet business. would think moving our I Healthcare all they of team recall production a back is awareness their say And getting had team, our last is that too early pre-COVID because in care had appreciation we I because what COVID, We U.S. heightened to we're we forward. recall, we believe and I put business as having also particular will to for as their say, outcomes. post pre to and a sensitivity I now. too, on is levels say or this Well, And we've accelerating acute through rate changed. levels it right, to is in we what pre-recall to the the that place, pre-COVID. in at what guess is Healthcare, that space

be larger technology And in more if are even program spending as a which for it concerned about benefits doing to wisely, think I better hygiene, forward. more really move appetite you're going we selling. you

Shlomo Rosenbaum

Okay, great.

talk about about, puts can good. for Just how just in the this pricing were based different environment seems my you that? follow the up, takes X% what really around was, talk and could you broad if And pricing

Doug Baker

that our mean and segment. Healthcare as went around we was think X%. X% had I I X% Industrial reporting we segment Sciences was Yes. mentioned, already rate our Life Institutional as half segment, in around forward.

is widespread. pretty it So,

globally. raw negative. time, given As but we've talked, period we probably benign, like if over remain a zero not likely than is Industrial we more materials which X% expect don't moves down to or situation just this probably of This

Shlomo Rosenbaum

Thank you.

Operator

Next from the with Oppenheimer. questions Schneeberger is line of Scott

Scott Schneeberger

Thanks. Good afternoon.

regard for one CapEx. me with First to

year. about This anticipate the this supplementary You flow curious how net cut pieces XX%. think was cash mentioned negative founder. and ago, I year, you trending to you're a you that it one by quarter the And that of just

context that you're how how that in plan? and you're that wondering new Thanks. on thinking progressing just So, about

Doug Baker

and say about, XX% I ended XX% be We don't quarter in to things. like last I up two more the XX% of plan. year, know it to down versus would

proven honestly, learn the confident the to So, good say better just number of things be as year sure. and through in invest cash quarter. was wanted flow some me And we're with of happened will we them. our quarter of our to was, there's cash for quite be what severe ideas and flow we successful And the a let models than, most each balance positive in

on what believe likely we that particularly the decline is this we're the then going back the talked in ramp test cash in to given being So, through Institutional we've stress flow dramatic quarter, be biggest April. sales, about. And

Going capital. to be Capital year forward year. on is down on going

of for flat Let's sitting want under our there investments. is don't curves. we just And optimism call the looks is level, footed be invest I like. to what post approved we COVID don't assume already it because one And in do would of this in we've number a think business, what smart what to same given we world the want

advantages we huge them. been the out of have competition, One versus we've investing

makes this And stress back. people pull innovating out type been we've of continue that think plan to we want them. I because

have than post innovation going negative if they any don't customer much of with consequence, choice as we ours. have positioned want take full forward advantage meet you needs being will need And given, different customer Some will the to to COVID. they because portfolio cash a flow

Scott Schneeberger

And on earlier, that. and to quick up Appreciate pick you'd kind of thanks. mentioned you off. then left Doug, Right, something a follow up

end to and a in if You comfortable that I is And Anecdotally, very you other I transferable that in had have said be. talked that similar perceived take environment. I've you quarter feel they it a in bit the said as was farther. little them Life to uses. as in about markets what people COVID hotels, just And made stayed lead a that, perceived that mentioned to of something and the Sciences. they heard Bioquell obviously is driver curious lot

pre-COVID to curious potential relative I'm tam Thanks. what how world? that be just could type So, of broad the or

Doug Baker

will it answer I'll disinfection, broadly of on a both. exactly space certainly doing work technology time technology lot technology it Bioquell Bioquell other tell. I or We're specific that after already be will mean, I'd But seen a we've the way applicability hold it market typical other Institutional of has legacy in its Sciences. inquiries used outside places. We've in Healthcare. broadly Life markets seen in it or We've used of got of and say, number

it have And we markets than broad. so technologies think role smaller may else. also and customers to specifics play is less want other fairly Bioquell. a use But spaces get into that and we I these still. in in everything There would some to expensive don't But be of potentially

but it I is And to a not so it broader be very know a we think to answer. singular is been going And the answer, going team's be smart.

thrill collective And to to to working tie forward. of But initiatives. lot these spells that individual and what's available together make a sure around view of significant the we're have a it go we opportunity going We needs. have company us, meet to it

Scott Schneeberger

Thanks much. very

Operator

Thank you.

with Laurence line the Alexander from Jeffrey. is question next of Our

Laurence Alexander

Hello. quick questions. Two

[Indiscernible] to can the you margins. you back to Can levels? The that? Institutional first get the XXXX back on get

Doug Baker

while march go a take says ability going record there's margin this say seen I sure. back margins, know Right? mean, there. the we've to Institutional. to would peak I get But I year. record Institutional Yes, income going don't going has That's sales, to for there it back is to I think nothing that set And that our levels we're forward. in record not

Laurence Alexander

to so need to you get guess last you Or But as same lower margin? is I within or to trying what get get the do same the than rate can X% sales to run a last margin year to at I'm year? back get at

Doug Baker

to be And don't I'll answer a theoretical question mean answer. with theoretical on I cute a this.

going making like what look in of what our doing we've is the sure understand is situation markets. we Some this been to in

take Before action. we real

doing same about you world this of exactly to need of going theoretical live equip we're in sell the that if with I was get and Industrial other talked as And places, wanted in I and field I to a acceleration agile me a make doing of told Institutional, And do the technology businesses But be okay, a Now becomes to money. in bunch efficient. do unit, our gives things. things ability done we're more the to we've us to field. much in less number I will everything that to more the more you because I level I units, a if don't per simply more sales, and

to What it us? is ways world's there's We design understand is watch guesses that understand is market engineer we sure will What you. it overcome at business, a that to win out we we make whatever if need and what we world the will, always want throwing the in to lot but that at the what market. is there, sure throw have going to is, make change? the of So to we it you and

So it do would higher margin. and volume which a of same less with we make could the be amount money,

it you You can't a COVID potential even it period normal do couple of post pain or for at half do short time expected, a years. might you any but of realize certainly at could the volume,

Laurence Alexander

to started about can down in I the speak? you've talk you guesswork, context, And what the a Chinese so guess that learned? in recovery? that of sort to so you've where narrow is Then seen bit little What you

Doug Baker

unit. seen we've reason the haven't mean, volume I we exactly seen we've same Yes, what recovery, seen. I'll say per the is,

difference the us Chinese for the So share. we're is just the between and U.S. mean, units. adding big I market market

there do a because got of problems land. know solving lay the grow we really to we're so lot And We it. of and the need share we small

may you be we have And would to situation America market. different would developed say, well given there So and have we're you themselves to where adding little share of, a in environment. higher North going than the in have where may the a that cetera, And a settles. lends what that's more fully depending because capabilities, new think on environment playing in different that we to play call market our would et say lending customers. I are But reputation itself I

we better we And months a ago. And have make the did be are on is We possible to idea think right we premature be to in we we mistake. moves want we than think a to three do thing, do today but what the the we sure this steps right months doing we lot and are than know going a But more being few move. will would today. enable probable, three

Laurence Alexander

Okay, great. Thanks.

Operator

G.research. question The Morbelli with Rosemarie of comes next line from the

Rosemarie Morbelli

Thank wood at much Doug, don't obviously of soon, we all think and improvement you. being you looking least only at actually rather, terms afternoon, are in do hotel of And flattish? so. at the of XX% order operate business, Good utilization everyone. they I not Institutional X% growing XX% occupancy occupancy they they -- How anytime can at to while facility? therefore don't corner an in or do if one of you to in capacity that return inflate particular require clean

Doug Baker

by Well, there's easy would is I things mean, that part two within of and it hygiene. think markets. disputable. XX%. on. destruction spend not been an the nothing I been I And are on say, increased like overcome has answer, Certainly these there's places in temporarily demand lodging dining going now also

people walk So Science hotel want if Christophe clean. you see and program, they to Certified want to what Ecolab of into today, to you about we a part to are is this, talked do the see alluded going

public see So frequency it public the hours, want cleanliness people happening. not they're until hours. they're the increasing and to this now public They interestingly, it cleaning from before virtually hide every where XX would part And off doing the do areas in of establishment.

saw through And which guessed it to in. go have I lodging as that's quarter to better What is I mean at the same you occupancy. mean, than was there. going in thing will exact other recovery going learning. an all we're that So second you math mean, markets, weeks said, With we sales U.S. get lower in we're regards interesting into if outcome. that we literally I would can this some is, in quicker back in

same need the don't that if we back exact spend have watch to all same the but per we'll location. so get you And will this, level to

Rosemarie Morbelli

hospitals, they looking they what it matter you But all if know used doesn't about emphasizing are hospital are experience, infections. grade you as use. then we not as and properly, your And hospital really know,

with there they you up training to you certify doing held kind would And you of a them? some a are area? end is certification? that going be what if are So, responsible clean Is

Doug Baker

the all is And Certified A absolutely. unit training employees. in Yeah, key I've component of color. program Christophe Science give some of

some you're this don't disinfectant training Lobster it be in-person if take like much done doesn't historically right. type through mean, the technology any kill going And absolutely But of also out you is is and I germs. and to it a it done of development. is of it bottle,

accelerated kill much So you advantage is less we is need The time, have procedure. sensitive with it to do it our properly. to

and X-minute is natural, them have is we what huge do. and spray training it dwell obstacle. around we minutes not he Science training actually to, to all of you time, Even get that a can if it X If the not to don't is color, just on there efforts the wants around it is some requirement believe, for is is People for Because what Certified. I It Christophe certification things kill. ask necessary. leave requirement. not though more And

Christophe Beck

is accounting really same what obviously, But as in kitchen so restaurant. have the coming the well at terms are are are in so We Science approach And the to in every restaurants the the of is what have with as end world, you a little in the the maximum that are terms more and then as that we sure mentioned, expect we defining of in we make them that know things point being And end. follow are standards a it order regularly, to same And of the should been efficacy and a done who we're really everything in Doug sure the volatile to right. in the right if And bit so we time. want a you audit of audits. people be idea of that use That's kill way. day, the time, programs? them, and time, company the like to sure the simple at do What What But as How in day being as protocols? at audited is can make have our Certified the to going get with train them. people? make impact is standards? is it territory well. to trying defined the to managers it So a these in to is that programs

right with protecting and time So procedures at just the you see is as it versus that door of clean really is this feel Science to with well see Certified the that clean. the get in, on the will the coming same comfort unit with level some Ecolab guests

Rosemarie Morbelli

That's Okay. it.

Operator

Next of question line is Baird. with Wittmann the Andrew from

Andrew Wittmann

asked been and have questions My answered. Thanks.

Operator

next question with P.J. of Citi. Juvekar the line is The from

Eric Petrie

customers come for incremental PJ. to market? of on is to It Doug. your contracts there products source Hi business diversify wins Petrie and do Institutional in up How still often for are renewal And Eric new supply? Ecolab mentality terms willing is or more from

Doug Baker

I is we chains, exceptions because to answer of more average, leave a every sue. mean way these performing, these other to one has wide do is. investors every but a that mean and our years we good if customers, say lot requirements, industries. have renewed than would in we us share a not I capital don't. out deep. there, operate then short of do of if contracts. And take a upfront things. from some poor been continue three have comfort say have very don't hasn't we to day. It anywhere on one contracts grow they're you we five number ask mean, the I we I I in our spelled there's penetration mean, I to customer I wants we're only there like would and few the typically

I so this. do And a there in say not, would built-in reluctance is industry to the

in think because two. chain of continue way are there's every gap of portfolio having articulate we product the always to do I the or is doing to the we benefit a what it, sharpen need

thing, But not we situation mandate this more is place have do the every So see. it customers we go, supply. security know can which they sole simple concern supply when we supply, we that it. suppliers. We very purchasing we're that multiple sure and have having two sell avenues address we not a valid even we sites, as That's we to a in making real is in by manufacture of multiple

event, say they a be and So or them out bad knocks natural tornado us. hurricane unfortunate other that or victimized disaster by can't some

Eric Petrie

a currently opportunity disinfectant grade Institutional And the many would my and where see grow mixed in you follow that up the hospital market question, the related, do customers how see business and to you benefit? use to

Doug Baker

advantages the would one emerging the businesses of use roots mean, see are real being hospital. Yes, see first we I in I healthcare we've in there. disinfectants of the those had is you the the market pathogens

and with then And them it and and so deal helps you them learn start how migrating you world. around as to treat other they institutions the

very kill in that time But that and to I of more have help enables faster. earlier, process is out, have resilient the the customers us, in just which because think, several in base as alluded So is talked developments recent programs I space there. we to about Christophe is the launch rolling important a new

less procedure-sensitive. is it So

now. to out So those literally are roll things starting just

Eric Petrie

you. Thank Helpful.

Operator

And our Mike for turn At I'll floor closing and to the comments. end to time, answer this to back question come we've of session. Monahan

Mike Monahan

replay your quarter time participation available call Thank be you. our discussion Thanks website. conference our of day. rest for the slides wraps conference the up wishes best call. and for This for second That will on associated and and

Operator

teleconference. conclude does for Ladies your today's and participation. This gentlemen, you thank

your now lines time, disconnect this day. wonderful at You and a may have