Shari Hellerman Director, Investor Relations
Brian Kenney President & CEO
Thomas Ellman EVP & CFO
Gokce Tezel EVP & President-Rail International
Robert Lyons EVP & President-Rail North America
Allison Poliniak Wells Fargo
Justin Long Stephens
Matt Elkott Cowen and Company
Stephen O'Hara Sidoti & Company
Call transcript
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Good day, and welcome to the GATX Fourth Quarter and Full-Year 2019 Conference Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Shari Hellerman. Please go ahead.

Shari Hellerman

Thank you. thank earnings joining conference and and fourth everyone, year-end XXXX call. morning, you GATX’s for quarter Good I’m joined Bob today America. Tom President Ellman, by President Brian Kenney, Vice and and President President CFO; Rail and of Lyons, Vice Executive Executive North and CEO;

note could information hear differ those or discussion of materially during statements. Actual the of forecasts. will from consist forward-looking some results that our Please you’ll today or trends statements

discussed in information, GATX’s please the our forward-looking any refer for subsequent release GATX Form in included or reflect events XXXX. to those more XX-K For update obligation risk and statements to no to circumstances. factors revise assumes or

as quick of share. that, questions. recovery full-year at of a XXXX benefit net include of Brian tax share. a include quarter fourth related diluted related Today, additional the then XXXX will and well provide XXXX fourth or diluted fourth net XXXX outlook million income $XX.X XXXX $XX.X open or This an per of vessel for Company. per or a $X.XX provide to compares overview $X.XX for million XXXX. adjustments as results results share a to insurance million diluted million quarter items. of we damaged share per call casualty our quarter or American After and GATX quarter gain net and per Steamship $XX.X $X.X net diluted for fourth results up income will $X.XX XXXX I’ll on to reported our comments $X.XX other

items. or positive impact net per other $X.XX associated earnings tax release. on of with share $XX.X of net XXXX various XXXX diluted $X.XX of income million diluted million per adjustments in million XXXX. per and $XXX.X items or Page share. or include $X.XX XX These are full-year or diluted our share the and For net $XXX.X diluted reported $X.XX respectively detailed results This to compares of GATX per share The and $XX.X income XXXX, million

two to activity shares $XXX.X approximately shares nearly In compares for XXXX, for XXXX million. repurchase repurchased This $XXX GATX million. million of X.X approximately million our

As authorization. have we million existing XXXX December approximately remaining under repurchase our of XX, $XXX

in release, range as $X.XX per XXXX diluted to earnings in Lastly, earnings currently be we the to expect of share. noted the $X.XX

call that, turn With I Brian. will now to the over

Brian Kenney

me these fan like you Okay. our at listened of and recent get earnings presentations Thanks, But the few and you'll right I'd color our to on know I it Q&A. Good if a XXXX we for put can prepared to slide guidance press of that indulge comments while Those that performance release. a a and Shari. detail to into to behind everyone. some you of morning, our minutes, for like more canned calls calls that we're have just long beginning the not give a

let that, dive with in. me So

In we outperformed as coming Shari said into again, release. as the XXXX, and out press expectations laid just in the our earning year,

items, positive and the $X.XX diluted $X.XX compared our $X.XX to tax had other that of the we share in are We adjustments of deducting net to and guidance per original after share. effect per

of If American Rail, Rolls-Royce producing American our it joint we you where and in earnings ventures, was look at Steamship outperformed, excess all original North our expectations.

driver primarily XXXX outperformance higher profit than it close largest usually due single America. does, of at segment expected revenue this was relatively lower maintenance net and and it performed the North expectations revenue. to lease to Looking maintenance in original our was Rail XXXX, expense, In lower as

repairs a network that percentage As performed customers. of higher in XXXX from we conference the reimbursable on we indicated repairs prior of are calls, our that contained mix in

in collecting place we've been We way issues liability identify them. those in systematic systems and to more have better for

both in fixed efficiency also In our coming addition, the repairs anticipated field lower improve repair and into we railroad year. than and network, did were the we

consistently has mentioned, performance that keeping maintenance to that but one, course to great to that performance improvements spend also last avoid to realize years, been maintenance overestimated by team our I I dollars two preparing maintenance us net on organization's great has few efficiency helps move there been XX% at customers. commercial expense the new the year due just in utilization, fleet coming our having the and over cars things; in of Now we've and into the the to

the the is and plans So with continue these maintenance record my commercial years improvements. perform, implemented currently predicting of really efficiency they've a well spotty despite and I'm few job made being actually last how our overall, done great strides pleased organizations there they've and to

segments. outperforming two other the quickly, So

First, American favorable levels favorable weather operated throughout water conditions year. the Steamship, an extremely in and

although originally tonnage than planned. so they lastly, Clair, did carried of And than segment in So they efficiently, originally the we due they and to XXXX more generated less St. the profit anticipated loss more much great realization segment they the over another volume for joint year exceeded show Rolls-Royce expectations. in our is They residual our had for excellent that million. Their consecutive to at ventures, continue profit second $XXX investment.

strong at XXXX, businesses outperformed in we our tough market across extremely the an of our end largest original team our American performing business, other well. We North here very expectations. So despite is performance rail and produced the looking

our to liquidity, sheet opportunities here investment today sitting have and very as pursue. attractive we balance is Our strong is

moving So for that to XXXX. outlook

uncertainty what Given guarded, outlook best see American their our the is segment North in America profit rail I might describe expect to in general economic relative for and given today, outperformance especially you North we political XXXX.

in to profit million. that decrease million again driver on of we rail, $XX Main to $XX revenue is do continued declining the existing XXXX fleet. moving segment So North decrease expect to approximately by American

and will our in we that moved expect fleet car last calls lease of in throughout that the renewed all somewhat We're North American a most to rates positive decrease we $XX we year. effect as and mentioned declines the the on continued net results fleet is intensifying revenue project small lower that currently expecting this about X%. due decrease also the move Competition XXXX about that's momentum million, the million rate the oversupply further And in in As saw lease by to $XX XXXX, of obviously did we market, that to year XXXX. the utilization. through revenue throughout rail across stall is as year, in we in leases

Moving to do and I what said XXXX. our just we it net in accurately, difficulty in maintenance an expense, predicting increase acknowledging recent expect about

well $X in $XX increase to expectation that's to fleet rail fleet, we'll are utilized, to expected maintenance the $X cost should those That over as be million said, and work to gains and to of keep see a our as to will due expect commercial rate XXXX. XXXX, Increased the higher. segment cost months. million of maintenance will to is renewal and expense, in about and profit drop due to success maintenance be that million I million. in investments, cars seen current to the meaning increase efficiency really for XXXX But So to we XXXX year-over-year new contribute last higher churn increased offset to range XX we've profit the ownership the need network that that to reduce that's costs customers the primarily in assigned $XX North American drives continue cost in lower segment and the by more

mention income. remain asset to disposition could And optimize Rail the and income strong, through major lower continue is asset decline XXXX and to change We secondary for drove in of our most that last factor North XXXX. did versus market in disposition always scrapping, railcars XXXX, year. the prior the market as of rates see scrapping But railcar secondary America in sale But we sales opportunities the for and the in fleet do. we

$X look primarily on fleet railcar as is plans, don't the we million last But also in disposition higher this for the losses our we gains sales XXXX. level experienced income at range you should current to If million, $XX see we well. anticipate in expectation year's could our because asset scrapping exceed that year of

GATX Let me I'll with address International start Rail Europe. Rail.

all LPG, throughout As markets chemical very are strong we throughout the oil, year. the discussed XXXX, mineral

We in continue rate lease to increases markets. those see

a that in segment there addition, accelerate investment, actually expect to certain total car car added In and I especially profit in growth to XXXX. freight are fleet XXXX, in new types

and But we maintenance. range. profit in higher Rail So increasing from segment will fleet that up utilization, million GATX $XX expect profit Europe, at growth million growth fleet to be scheduled rates profit the be is lease in this currently $X by higher somewhat segment the to the offset

factors approval fleet seeing news strong the They in much rate to their almost have They as cars higher by committed growth Indian now. GATX continue good we're India to in I've They're fleet investment expect are in our and fleet of in right fleet at for, XX% Railways new to past, diversify said customers. and in car is relative And Rail utilization increased mix. similar their investing size India. the securing remains and continues projected young there. types. that other The they're a Turning XXXX. X,XXX XXXX already XXX%. to in jurisdictions, lease Their growth fleet. such I for profit Their

increase for XXXX. million Combined that total expect means be we the $XX million in GRE segment Rail India in with segment in to profit growth that million given International by million So growth to to profit expected outlook, in $X range. that should $X $XX

strong be it year in XXXX, favorable year. expect tonnage At But for operationally from vessels. Steamship, year XX I they'll similar they Based operating versus water and customers, American with the carry another levels we're tonnage complement in the of XXXX. again said after a on slightly full current less nominations like as last looks forecasting to

will in So XXXX. earn profit the current expectation segment slightly they to flat lower is,

Management. Portfolio And lastly,

years we They've from consecutive strong more these joint at in over our of As residual improving performance some I joint realization, remaining marine ventures excellent investments. and of had expect each $XXX XXXX, had volume we've and investment Rolls-Royce million ventures, same year. our the said, the financial record fleet -- two at performance,

is Management is range $XX So to $XX expected million that this Portfolio year. million in profit net effect the increase the to segment for

profit that's unit. So what's each business at segment driving

some not If the that and across had they million had look and we way down realize originally up we planned about That's planned, we due payments cost $X you in as in higher line. but actually the cost performance at the Company did Rail from drove statement America line, SG&A, SG&A much savings showed financial operating stronger to incentive as income was maintenance our by SG&A North work prior did primarily for shortfall in we that the that instead the reduce year. XXXX your

trying SG&A spending the So the on savings to geography were XXXX, constant In was we XXXX. wrong. there, hold plan with

few to tax our sources. of in a rate, projected due income XXXX points be those it's coming On from percentage higher lower to the non-U.S.

relatively XXXX what guidance GATX in with income net for XXXX. continued gets share to diluted puts us XXXX with this $X.XX repurchase. at per all to flat $X.XX That's of net the So and share our of

to you Before for a companies I here pause commercial dividend; marks can XXXX end, that paying that our year a and record do match. of remind XXXnd want track consecutive few the I

discuss, They say, of next share does week. topics meet discover Board Our variety -- dividend, including I repurchase. should a

will dividend, to of the our the we shareholders. think record dividend decision So that long commitment understands century They Board at -- and time. long-term importance success example is of our announce and a certainly our great I streak the of the

other strategy is outstanding volatile And markets largely leasing our pleased a other Unfortunately, market. to I'll attractive offsetting that XXXX executing plan. experiencing did an and Rail. employees GATX of leasing American in we're grow in saying, in by our very in again I'm American diversify seeing weakness outside markets close really and we're the benefits North railcar the these performance And this of our competitive job North

for So continue this XXXX to will beyond. in and we -- performance

with and go up that, it And questions. open let's operator, ahead to


Allison Instructions] Poliniak question Fargo. Thank our first you. [Operator from comes Wells And with

Allison Poliniak

morning. Good guys. Hi,

First, -- for on thanks the color maintenance. just touch

you at there? side walk and, been through of, are side it more us think for improvement have the some are what of looking success kind I plans trying Just sort specifically, addressing the efficiency some your XXXX? what you on efficiency more of, noted you those of there -- what driven that's

Robert Lyons

Lyons. This question that Bob Sure, is Allison. I'll for you. take

They those. the During within efficient the analysis additional course with network. those smaller sites, were of really was customer never GATX actually did fixed or within the locations closed into were a support network on very total of facilities were XXXX been those the do going is were detailed those -- the inefficient. associated of the past that XX a owning two we with volume deep running generate to able came those locations. network. dive facilities. little sold XX what And of and type of and year, that And essentially to year, going We we running most we've during the over that XX cost locations Most that car remove to

we of the the essentially costs gone So of out rest been into took efficiently. Those able have the network. that absorb to away. network those We've work very

continue how out, support that, network network laid the the On we've in floor. top shop the systems, the the to to in all make IT of existing down to the way with behind regards are -- those, shops investments

historically, So important show do our we're going we're to continue putting capital seeing facilities. more they into efficiently that we're to and up our have most running numbers, They're that. in than and

to move are locations are laid assets out, those the the the the way most through and We continuing how network. efficient the look of to facilities at

Allison Poliniak

I'm of of -- for missed step-up, us you through XXXX. What's JV? sizable improvement Rolls-Royce more the sorry I pretty earnings there? can calling just I specifically know then the And it. earnings But if in going on sort ability you're this. walk Got

Just some more can color understand better so that? we

Thomas Ellman

Great. This is that. Ellman, take and I'll Tom

share of realization out those and that the ways. the quarter for sales for gains on was his just opening Rolls-Royce million were in due residual and on about earnings a all and the $XX engine of happened different the million Virtually from variances couple Our in a times pointing dispositions. realization year. to about up few Brian of residual $XX by asset comments, higher mentioned gains different JV

of it's the an income. sold a be the for of engine at reserves life and all foremost, into the for down maintenance unused saw these sold, that can the can things And and other parts over taken sold in end engine, scrapped And accrues can or the life, a at engine that the that gain. When joint for maintenance noting is an then is And of be also venture any its are year. be quarter engine and we can broken the happen worth First reserves. gain.

Allison Poliniak

Got it. Thank you.


Long Stephens. with Our next Justin comes from question

Justin Long

sales, what's Maybe what and And you there of or related the asset on is that Thanks, on think residual about question Management. to realizations that? MAX grounding to good sales? gains the XXXX higher the I asset on can that and to mean, else that's morning. Portfolio step-up gains for and When you residual about last driving you start with talk related that assuming specific within anything driving Rolls-Royce? progression something guidance, to that's are the realizations

Thomas Ellman

impact. of Great. no the really aircraft. that MAX all Yes, so on a first grounding, that total JV has engine with The one of associated has that's

is the of that source impact. not the So

First, in see do some as about this as is of the two to we specifically you're as Management, maybe businesses improvement whole, some Portfolio types there backing talked the see XXXX some what a in you've specifically, going year in year-over-year challenges don't see well expect that's to the to to drive since Justin, in expect other businesses. and marine management that different portfolio the what's next JV to XXXX of has improvement. XXXX And going that of up, year versus essentially with we

in from to that in there we see operating business, one driven business portfolio, a now have value. some that's Specifically, inefficiencies our supplies release, vessels, really of by in -- change vessels control this a negative press time, of the on oversupply vessels items supply down impaired had now situation two offshore a that have and some we commercial and and platform left resulting managers. that in they're And over platforms, also oil we to have ocean-going and you the we has those of a total essentially scrap been we deliver -- we taken down variance and

normal. So XXXX see from to improvement items going to in those you're back coming

As XX far the year-to-year, has continued strong up aircrafts growth to performance there in number continue about XXXX continued as XXXX, then Rolls-Royce the continued residual we that specifically, versus of in successful and and see lease, on realization. aircraft expect

Justin Long

how some American the wondering both give on And rates Just to change then could saw was freight? shifting if market it color that you color more in provide tank helpful. sequential the are down, That's around lease us Okay. but rates you and is the I the bit railcar assuming in little you're for to North LPI? a could And you sounds that XXXX, trending? business, lease sense like, a for just what you're that and maybe for expecting give

Robert Lyons

again. Sure, Lyons, Justin. Bob It's

and or QX, was tank to and freight a XXXX closer saw, year-over-year as sequentially the to year, XXXX car -- at past tank up in look between QX talked sharply, rates X% bit, basis, in digits, tank were rates pretty about freight rates we XX%. On versus down little low-single we've if down full lease car the both X%. So you a car were lease XX%

market continues to on performance rates. lease sequential the of source of negative So the freight impact be a main overall the

LPI release. a X% in as we the The negative the fourth press out laid quarter in was

we of -- in the that XXXX. down we in look the anticipate were a average LPI, is we at XXXX the just rate bit little As from XXXX, in components renewal the where

XXXX is rolling but on cars both we expect continue happening moving there regards that's yes, and as the up it's and strong that XXXX. LPI is very thing XXXX not other -- on -- that during freight, a to the in pressure again The the there put lease in as significant with LPI. rates, to we versus So some leads thing rate renewal XXXX we're tank market

X% look the LPI, quarter. negative the at we fourth as So in

range. would For in XX% the XXXX, somewhere XX% LPI negative to to look negative be for we the

Justin Long

you translates I order that rates us lease but that over assumption what are XX%, are lower, to around X%, give ballpark? know said any the XXXX, tank that? sequential freight and can your into any you kind car is it of rates for relates of of in car and there terms of in kind we And as change rough assuming down magnitude Okay. --

Robert Lyons

in that X% range, in It's X% low-single-digit to again. maybe range that

Justin Long

helpful. appreciate time. Very the I Okay.


from Our question with comes next Cowen. Matt Elkott

Matt Elkott

that those I question. did compensating demand exceptional $X.X for engine I my you engine the taking Trent for lease morning. to want Good back billion bit the rates? if issue. Thanks -- much cost ask cover because a go charge to issues just took Rolls-Royce and of the engine XXXX and they how contribute to question of spare think Rolls-Royce to customers Rolls-Royce

wonder a how -- how that So how much -- was? that much I big of factor

Brian Kenney


have So engines been you're with important Trent compressor these has and widely the frequent problems to note blades. the engines more turbine right. wing, XXXX in quite well the require The had engine. that cracking maintenance have actually performed some It's but on issue known when for high the pressure they

with So service maintenance some resulted airlines. those that the note it's that service is important disruptions parent level. Rolls-Royce impact challenge and in to it's the at challenges several does It JV. for And though with disruption not

Our leases are leases. net

aircraft performance are that's just that So to likely market. miles, over to total the Trent air in Rolls-Royce continuing by dealt growth time trends in traffic own, percentage as lease for XXXXs parent. the the would and just versus continuing for of really driven positive with as in actually demand XXXX, airlines We strength that spare increase are those and prefer addressed. that the the far But and issues as by really cost issues expect are these

Matt Elkott

to the back to switching That's America. Rail And very North helpful. -- then

assume trade looks -- down. starting has to to the a like assumptions network. a going segment X% equipment you It meaning most being low-single-digit the slight budgets be railroads. rail you And there fleets -- idling guidance, very contributing completely I behind XXXX already, in rail the XXXX, North America behind in you're lot us do to XXXX. down If we flat modest, could rail flat are factor in a some in so -- were your think the traffic a there in issues looks may rates? upside equipment hear base that happened in be war are were would see a X building be from traffic of much be traffic in X% CapEx to upside It earnings like slightly of a lease only -- we XXXX lot -- or low increase in get to % which if XXXX, off get to XXXX, significant You or could the the of

Brian Kenney

Brian. It's Matt. Sure,

for specific yes. up our The XXXX. catalysts me that's Let don't [Phonetic] we way -- not answer plan the take that. in showing only that assuming demand that's assumptions We is utilization have or we're make do But that. build It's to or level economic or like rail any granular metrics, GDP built. loadings, we assumptions We that don't plan. growth is more than forecasts industry capacity like used way our our high specific car

a our delivery And then for renewal if businesses. that sales leasing was assign for where coming for the it's group, car. do car rider renewed individually force rate. that's we every in more or fleet with they review rate; and deliveries, think rail We of I yes, not. going our lease up every sound at the renewal in they're methodology a think it all new will no, think on in what they If be can where determine

it current So more think existing valuable. I customers, conversations that's reflects with

their lower in resulted very rates it's reflects Rail it's opposite. our built North thinking in revenue. customer Rail America, the business renewal Rail So And segment, granular. [Phonetic] assumptions, what business about In the the is it's with projecting global XXXX. and depending India, conversations, not Europe and in obviously, on guidance those But

that, optimistic anybody said but let don't point. at think I Bob having Now this super I'll know, don't I comment, is

Robert Lyons


down is it's categories specific what broad services. agriculture, And its is broken I all agreement, you, grain, whether too determined. energy to into how with agreement, this at in point, think crude, commodities, now, know, way and how eventually soybeans, still works questions, regards down, and going as you manufacturing, have right this there fairly to China four The yet Matt, out. is is to the trade play that particular, coal, be trade many

-- play a bit around more in XXXX? that this not manifest we're now. in may itself any little in positive But is out So, behavior discussion seeing change customer how right there sure,

Matt Elkott

And it. question. one final Got just

you we're that low year, high becomes in which may think earnings call, the fleets that Company going think -- a do while America, and see how more peak brought I up. range down much by is sales? in earnings are railcar cycle measured staring now cycle. we're it in previous demand overall do lease relevant equipment as earnings conditions I orders Great have opportunities I looking your market but at guidance XXX down of since this with grow demand a end on worsening to up know North in the the And wonder you for and was by railcar again now materially. gave shrinking America and you your rates, North that in end probably I And XXXX, the going I have XXXX? you're as year XXXX to for worst the Recession. America in -- did secondary But the North

Robert Lyons

Matt. Yes,

comments So is net what expectations opening versus similar. for Brian actually income are pointed in quite the XXXX out his XXXX

expect it relatively be We constant. to

market our in numbers XXXX, and XXXX, what that XXXX low than that primarily maybe relatively on significantly that the XXXX. is of more But would is were scrapping by normalize. we by were -- expect be we lower we Specifically being along impacted in we they the in driven higher dispositions gain question saw scrap our that addressing secondary to than saw -- that expectations in on more XXXX total your asset should in saw gains lines sales, rates,

the impacts which back then And a when in sales, secondary of bit better EPS you XXXX that for as late as far the some by -- more by because net is all relatively driven closed, a So scrapping, mentioned, as to maybe assumptions. income. also things gets of little in flat we got market of Brian whole, timing of and pickup the saw the buyback helped GATX as normalization a just year then,

Brian Kenney

advantage much the more to is be weak so least low and saying, this investment cost in around towards American little and objective. at thoughts focus I usual than And so this bit achieve I'd shift second pile And is Yes. rail is, we'll of the core capital on there capital, to opportunities investing at Hopefully, business. and on they attractive when can bigger economic able allocation prices. market take uncertainty, the access by a even more it's my the efficient first more North

as more the weakens we're much So in investment. market focused

not railcar fleet. it So in XXXX, we'll I Hopefully, increases would expect the but dramatically see.

Matt Elkott

Tom very Bob, Appreciate Brian, Perfect. and much. it. you thank


next O'Hara Our Steve from Company. comes question Sidoti & with

Stephen O'Hara

good Hi, morning.

just the only one jumping you in but demand to the you wing, on are because that the of know stronger in is the engine been it's staying has there because Is or MAX, engines out So issue just maybe demand, RRPF I issue or the said fleet. MAX the not an at again there portfolio, in increase back do any sense is all?

Robert Lyons

the one narrow-body. the primarily engines. so obviously, a that to important And really wide-body note XXX portfolio, portfolio thing Rolls-Royce is is Yes, wide-body Okay. is MAX

So think driving things. is really again, don't that the MAX we XXX

Stephen O'Hara

I going in And XXXX. let's lost to helpful. just then if That's the Okay. doubled income, say, operating segment look Management, the of, at the, kind Portfolio

If where that -- going it's It's excluding that? back moving towards things you talking we about closer gains to losses more an exit or of the to segment level look maybe and XXXX, businesses basis, these more around like a and are we at just and are from assets breakeven.

Robert Lyons

at And by Management something driven total. percentage really the you've on about really it's what's really Yes, think going the time is, a that to with smaller remaining going businesses and and Portfolio Rolls-Royce. is important it seen of smaller you should over the be already, happening be point will

Stephen O'Hara

I been know the if gain XXXX of go did then versus -- And But pretty we XXXX of kind earnings the, rest -- expecting RRPF, increase to say, or of the maybe gains of kind flatter strong a then on in let's in you continuing Okay. and good you you kind are see XXXX. pretty quantify just more standpoint. both very versus a year to a it did are strong And we -- jumping the improvement back business? what side is RRPF on from has the the is about this

Robert Lyons

Yes, strongly lease and both to expect Rolls-Royce we terms -- income to I mean, in of in continue we to of see residual perform realization. terms

Stephen O'Hara

keep Okay. Thank you maybe And make -- make generally about talk -- kind continues, there expect you Is of there? then India. do And investment there? just same outlook up quickly and up maybe there on fleet then the is to as you. the the what the can that

Brian Kenney

that. take it's I'll Yes, Brian.

plus let's job say fleet, our leasing container because cars, they've we that you really at do, want which So great at a done X,XXX portfolio. them diversifying in is cars, still in the ask majority to

So includes auto general steel gondolas, purpose coil cement wagons, wagons. it now rigs, carriers,

diversifying, do that. So just it. as as investing a doing need of and continue to That's they're in easy not nice job they to

get nice You Indian then forward. and have customers, have will for to diversifying, find that be you the going to privately to job approval to first, but the a and car they're they by diversify Railways from owned doing leased continue and

Stephen O'Hara

Thank you All Okay. much. right. very


turn or this question-and-answer you to That for remarks. closing At additional time, I session. the back conference concludes will today's any

Shari Hellerman

with on any to Please out like thank I'd me the today. you. follow-up everyone to questions. Thank for participation call their reach