Albany International (AIN) 2 Aug 202020 Q2 Earnings call transcript

Ladies and gentlemen, thank you everybody for holding and welcome to the Albany International Conference Call -- Second Quarter Conference. And at this time, all participants are in a listen-only mode.

We will have a question-and-answer session at later time which instructions will be provided. At this time, let me go ahead and transfer your conference call to Mr. John Hobbs, Director, Investor Relations. Mr. ahead Go Hobbs.

and Ernie, everyone. Thank good you, morning,

GAAP to a refer financial and to for regarding the quarterly particular release to listening text forward-looking associated in issued use those please call, our of reference with results and the about on financial notice our of measures numbers. night contained the As last reminder the statements detailed the our release press non-GAAP certain reconciliation

verbal number our this For are which statements our and of of also pandemic our results. effect we the make morning uncertainties the potential this those will on and to purpose financial operations, where call forward-looking conference apply that of among remarks markets statements that the serve COVID-XX the contain are a risks we

non-GAAP as discussion may XX-K. including our comparable GAAP our For including we this to both of to well release refer reconciliation a the their measures, call full earnings as measures, most on use filings a SEC please

I provide some over Now, who'll Bill? Executive remarks. to President, Chief turn Bill opening Officer Higgins, call the

continue In Welcome. pandemic drove you, second the top continuous completed you good throughout We quarter. chain and efficiencies outstanding morning, operations. Thank John, We operate to Albany managed and supply earnings health safety everyone. fronts, as discipline second call. for quarter joining we On Thank environment, adaptability. with priority. multiple an our this and our improvement and with

my I the our margins customers adjusted will job and to but great we our a around with performance both gross do for quality. employees world. to I to want detail, in more segments. EBITDA delivery and continued And extend first and outstanding We gratitude delivered provide record margins Steve on-time and

Make job teams we keeping I'm consider stamina to the we And they how delivered our to to do. have have Unfortunately, of continue forefront shareholders. risen well-being some the challenging and remains health the this for employees. at the everything Great to I a of challenge proud while our global requires priority on work and marathon and I quarter have safety resiliency. and a is operational responded spoke about and customers mistake, pandemic management over. at and done together of teams not of health Last efforts. the the our member job and thank Today, quarter. extra how length results no a was get team great Our pandemic. it which our great maintaining response and for to the quarter, every top

on proud and I'm have learn complacent, location's We GAAP meet regular procedures relentless our situation, of quarter. extremely communities sharing located Our hotspots. the recent in We've a as from plants been and EPS particularly where and the per number environment ensure operational each become $X across Albany a team year's since cannot best the second X% this become second last quarter, financial quarter. reported share down of performance outstanding are of safe COVID-XX the to force basis reviewing company. task to upgrading working a we continues more safe and practices

margin from and a manage in basis expanded role Clothing and considering margin we simply Our park team COVID-XX. a that of In respectively. unchanged the Clothing revenues lower EBITDA have operational knows how this XXX hit seasoned it and tough EPS the is This was adjusted important from lower across adjusted of Improved and the revenue an points last quarter. to demonstrated segment, in time quarter. again, points XXX out mitigating They marketplace. $X.XX performance Machine LEAP in it the workforce and has challenges the during basis the commendable business leadership a of Gross our results. QX LEAP year's Engineered program from the Machine Composites played impact significantly and

globally, advantage focus is technology, on our such of customers a a preeminent a investment simply which be locally. segment's to packaging. of performance. footprint record global of As our grew We machine tissue value-added EBITDA in new higher-growth stellar XX%, factories This adjusted adjusted leader and or EBITDA in margin revenue to our million great the strategy flat on years repositioning and as built clothing $X.X on performance XX.X% result, serve global markets a of benefited from take to

with up service to apply invest And and We we efficiency. support. best-in-industry work improve and continue and capacity back product to utilization lean continuous to portfolio develop technical operational a and tools to it hard sales improvement

grades long-term XX%. growth overall of and and in revenue, leadership they the focused publication growth, and in our so to grade, on made special have customers Packaging can our response higher improve and been terms long-term market market efficiencies. prospects decline challenging packaging plant in value have product less improvements comprise to technology. are technology line In their declined the top publication to While a has we've positioning, investments tissue than almost XX% our tissue while of now delivering

writing the the erosion not to digital shift accompanying but pandemic printing to only and media COVID continue, paper We conferencing. be and and long-term the expect video in markets, accelerated by

COVID Chinese the GDP-driven While flows note, from on a the different we has in is world. customers upswing activity rebounded. after China still earlier as year non-publication order of grades, On effective positive regions growth we're changes expect in in the long-term starting in weakness our see market to order

Europe the including we've Asia, orders Americas, On rest the the of in hand world rest slowing down. of the seen and the other

right. ensure contraction and globally, we risk the pandemic those Some with Clothing customers XXXX segment. the a placed orders mitigation to Machine witnessed orders line a second sharp half during top XXXX incremental who've And and for economic activity have headwinds days in chain early combined the pushed we've the to of expect into the continuity their supply of as

markets. to and on higher-margin from pressure our expect away see we lower of driven volumes margins shifts Additionally, by mix some

and and segment the good ongoing now the solid our in performed annual up of and decline. challenges of through our defense revenue segment. driving strength closures accounted for Last production the to make despite which which of military our facilities, Composites temporary exceptionally majority in profit on managing of particularly bottom LEAP well, COVID-XX Engineered our the line year-over-year also Our quarter resiliency Composites Engineered over programs military one-third We're discussed we programs. sales the

reliability continue customers on improve to business. portion operation. our to technology based quarter. we Here invest growing levels we of grow in delivery, work this pursue record these to this reputation achieved continue terms to products of with delivery additional quality, And We service key performance on-time our and our for of and

have our work on industry encouraging more set been COVID acquire the year, hard term is we by The As which is aerospace has F-XX scope to long program XXX this commercial increased reported the F-XXs. pandemic. earlier Japan even hit as over

and our personnel. As three in Mexico -- you'll recall, earlier delays year, force, personnel the production and MAX to New reductions. had due in a of but We've three closure production Boeing facilities, this Hampshire, those primarily reduction undertake other SG&A also of and LEAP also announced including AXXXneo and XXX all facilities production to we the France LEAP temporary Airbus at

market our While as our regrettable recovers. balance revenue with this to workforce is the move required expected

efficient We've Third to these quarter production operations restart to production. very should facilities. closely of at work the see to continued resumption LEAP safe assure Safran with gradual and a

impact production. start During of Boeing's the we'll to on the announced see third cuts XXX quarter,

to frames production happy XXX and back our commercial Longer fuselage section teams XX% This our which great begin is year. -- production in are the of producing were serving the the announce expand We beginning begin customers the we've awarded of contract expect evidence to business expect of further the to late of XXXX. year doing, XXX at work rate we're term, producing be been of our fuselage XXX frames, of in a half composite with components aft half components. the to rate about we complex our first aerospace that and in new

Now few forward. going about me priorities make let a comments our

First, being of and employees. the safety our well will our top priority be

our within continue And maintaining third, product on achieve for deliver composites our development. next-generation commercial drive production operational focus we're and improvements great we'll our applications. to customers. and to as plants woven this create and changes for will to pandemic for such Second, technologies, will service XD and new belts advanced aerospace and military tissue to bring opportunities and for The products efficiencies technology material our our new customers

our We have and new to promising a to continue Stephen shareholders. plan outlook. processes on technologies, will for balance benefit sheet quarter solid that invest to and and the now, will more detail And value use add in products our Stephen? customers and provide it

for Thank results the about for you, good for talk the our year. of the morning I'll first Bill, the quarter then and everyone. balance outlook to our business and revised about

XX%, reductions quarter offset engineered sales partially again and primarily currency in significant net by on fabrics. million translation $XXX CH-XXK were by for $XXX.X offset by sales publication net in CirComp. in completely grades XX.X% sales, flat translation year. Engineered in last packaging for revenue, company total acquisition to tissue, delivered In decrease net adjusting with year-over-year, quarter, also F-XX growth declined the and year-over-year caused declined same and platforms almost compared effects, pulp growth million quarter. in and program the second and translation currency sales the currency For effects, of the declines by GEXX the Machine net Clothing, a in effects, of LEAP Composites after grades for by adjusting were Adjusting XX.X% the

XXX XX.X% from company overall increased Second reduction by net million, to a was X.X% year. of basis for period sales. the gross quarter of profit from points XX.X% gross $XXX The margin last the comparable

gross long-term million over driven million Within improved compared net mix depreciation gains year, sales, XX.X% sales, Within of to of revenues improved to principally by favorable impact, quarter second and margin the the of margin expense. the and from foreign of a XX.X% MC in this program the in reduced due AEC, of and segment, in to profitability $X favorable efficiency contracts to gross the XX.X% net XXXX. mix net XX.X% estimated from change $X exchange

income After gross in lower expense technical, as million non-functional to in recent the in quarter. expense and higher year. last year quarter. percentage The $XX.X the Total by expense Machine netted revaluation expenses. offset currency in fell net caused our compared was to Clothing a year. to tax was sales. of sales, million amount STG&R an profits higher period of Net the integration, million attributable Earnings XX%. of by by million, by $XX.X last currency the quarter. sales share losses, expense XX.X% restructuring gains from quarter from partially and last XX.X% research higher the was to prior operating expense million, the company per but the was million, year by primarily to $XX.X $X by expenses, adjusted earnings and declined while rate. XX% expenses rate AEC operating rate a STG&R The Clothing the $X.X caused and of in $X.X million XX.X% net million up down from Second in million of the CirComp tax income for tax rates. for income income income $X.XX or and higher prior compared or and income from driven most general the driven operating net of the increased lower per travel for quarter down of $XX.X year. prior compared the quarter, jurisdictions in EBITDA sales was year's year. million, lower X% the even to $XX recent grew lower the million Other the EBITDA the the period higher and liabilities share $XX.X expense, of driven Adjusted reduction the or in to most of higher was XX.X%, XX.X% increased selling, was quarter. quarter year net a expenses in year, with this adjusted last of reduction of last impact of or for adjusted $XX.X was a associated expenses million foreign from quarter, XXXX quarter gross restructuring for in profit primarily to was assets revaluation $XX.X with higher this for second by reduction profit adjusting operating EBITDA generation by an quarter, of $X million The The year from the $XX.X XX% current income sales million, acquisition was in million in year. $X.XX from net each X.X% company in global AEC and $X.X the $XX.X quarter share same of last $XX.X same and Machine

which program on long-term QX, reduction in which down of Total million gross to our of X.XX in debt QX, cap debt by during amounts credit total cash We million in will the million of current debt made QX, had near some of balance debt, that reduction Capital note during the product cash little the operating was $XX about payments not million credit from down to $XX program Turning were the expenditures in repeated facilities. LEAP of like netting, collections for by deliveries X.X allowed be million. limitation the XXXX, agreement, the ratio declined of Those flow three maturities at end our cash $X QX. under absolute ongoing in of The the at cash as QX. reported with collect in debt, agreement. of against down the debt of $XX to was XXXX X.XX we leverage the ratio QX, I under credit net XXXX, or the the in consists The declined million, about at caused reduction both very to during $XXX on our $XXX period us principally a $XX the expenditures on limits quarter, of the did about quarter due during long-term segment. the lower strong down in of to million at used the same our shutdown X.XX, the sheet position. a in X.XX, end the from results LEAP end for end leverage and cash the to LEAP in from capital Under debt end almost Disregarding we QX. an in while leverage on ratio facility drawn principally of repayment segments. capital Composites, $XX resulting in Engineered the our caused quarter we of Machine million of last debt, year, of well on both due QX. definition in of principally the Clothing finished while reduction would expenditures quarter, the shipped that, by net netting from quarter

performance last first noted year-to-date sufficient subsequently Despite of guidance balance into withdrawn to the over Looking compared reversal quarter. QX the pandemic, the that of order to insight basis XXXX. we year, we our prior forward during ongoing while down a to position, out orders favourably the about were our up are And X%, financial XXXX, had to we of reinstate guidance. have profit compares now After believe down segment, original Machine X% In XXXX. guidance. QX, expected were on strong we to the that orders QX compared half the a our reinstated Clothing almost have from of called witnessed orders we X%

to represented we end which products the engineered most and saw are XX% due to current quarter. orders unexpected. in macroeconomic which is the the continue also while we effect for grades in show the market serve environment, of fabrics two have declines, impact quarter recent packaging to are Sales declines the of less susceptible sector, acceleration grades packaging an the than in fabrics, work-from-home revenue changing grade multiyear partially seen sectors greatest during While decline not of publication and publication year-over-year of our the engineered conditions. that This of

lag out there we and effect in by between our cycle is replenishment pandemic, the for has of Notwithstanding, is driven the quarters This downturn borne macroeconomic end that been downturns out results. typically few QX products, on Machine impact before, business. product current strong. Clothing by have As markets those pointed a segment's a was the the the performance recent and accompanied revenue also our QX

both and ultimately QX recent However revenues itself sequential manifest in low Clothing XXXX. the a a year-over-year and in and into orders we expect trend, QX, Machine basis in lower to on

Machine For mix now From benefits continue exchange guiding enjoyed XXXX, see also we perspective, very while million. segment the the favorable very competitive Clothing, million in during a of favorable business very and of a are market, $XXX we $XXX margin quarter the the rate. a year full revenues to we to of

notably, we and of stronger see with last However, markets weakness did where our weakness Brazilian the those bottom-line. are of see rate, profit some signs And has real in to the peso benefited relative beginning some over of exchange the months, of signs we in those currencies most margins. certain recovery Mexican few

and level fixed gross half first of result during lower closer the segment XX% year, a mid-XXs to the margins those we return As the the the manufacturing to expect we year. cost balance from absorption, down effects, of of during the delivered a

expenses EBITDA that base back We a year. half SG&A fixed lower absorbing also margins of additional the the cause will expect revenue impact of over compression of the in

full year, adjusted are For segment million. $XXX million we now to of $XXX EBITDA guiding, the

despite quarter Composites was to long-term Albany-Safran, revenue. reduction some profitability, compared additional Engineered program million also The primarily only almost generated but the $XX of the XXXX. was impact profit only as by QX, caused not adjustments LEAP in contract to million expected, second $XX quarter generated challenging, QX revenue in additional of in revenue Turning revenue the to which in which

meet During for facilities, opened customer demand of a our the ASC recent quarter, to weeks. we few did partially three LEAP one

during of ongoing lower to the Boeing closed production New of remain and of caused by of production three quarter due Mexico by MAX today, family. bulk Hampshire XXX and a in all rate the facilities, However, the were closed, those And France situation. the AXXXneo demand depressed Airbus,

not to those in program revenue of reopening QX from different the facilities QX. in expect staged a we see LEAP materially compared will do we ASC While QX,

the facility, Salt in the level, of also weakness XXXX. perspective, Bill also million aftermarket $XXX our in in City will deliver begin programs, From expect XXX The we to and build LEAP for to our in until XXX that And rate perform demand well, For to a QX, component Defense years, beyond, At of Lake we witnessed which represented in than very us, in from an LEAP this program revenues into segment ASC or positive for the QX revenue revenue several less continue reduction At not program both, ongoing XXXX. to build will over be and in revenue. demand see the impact late from in Boeing's we the QX. QX the content tanks. generate our full new level overall, and it year expect and for expect win year now AEC modest wastewater early additional referenced, QX for we approaches we do we in XXXX at to our further sequential improvement next. recovery with some the XX% best expect before

was adjustment partially improved performance certain the extremely loss noted, in year, From segment million. by are revenues not other net to For quarter. on profitability programs. the level reduction high closeout perspective, $XXX as This driven lead long-term an ongoing programs. a the we will a, net full the adjustment guiding of And for Engineered to reserves multiyear of million benefited the of of portions by Composites in to estimated favorable Those profitability contract from now a project. $XXX future adjustments already

million guiding the of EBITDA For $XX segment now to adjusted are we million. year $XX full

initial increased, Turning our three guidance provided in the the earlier caused from reinstituted by to guidance year has the tax factors. company level,

jurisdiction of recognized we in balances, in carryforwards. where potential on of the non-functional recording benefit a revaluation loss we not QX the which are a loss currency occurred First, significant

are loans where average and driven initially in by larger tax we the And Second, on our losses profit losses, third, same we rate share somewhat than the are a projected. nondeductible. operational we recognizing interest similarly is and ongoing global these performance jurisdictions generating the now jurisdiction of intercompany are rate in higher

In good We level are forecast the quarter. Based of we expenditure to a development for range dictate improvements is on improvements and further Of the XX but as growth-oriented projected trimming to lower about this is last we would in made about recent our needs capital net spend also markets the investments sustaining require where million. of debt year, -- rise a return-seeking the the the growth position investments the balance we to future as most in refurbishment build see program rates our balance the will Turning we more recover, on the capital to end very projects investment of return-seeking have million sheet. or likely to remaining sustaining million replacement. years, year in years demonstrated and future investments expect over market $XX year, while for oriented feel five investment pace for investments. $XX this $XX when

expect quarter, last this to year. As generate I significant we free flow mentioned cash

for to and $X.XX depreciation million, some revenue the our million; and million and $XX is the compared between point XX% million flow million, compared million; to $XXX earnings forecast the I'd original $X.XX million EBITDA we billion; and and to amortization of original $X.XX, $XX guidance million This expenditures of million to million of between related quarter's original with to in compared higher there and million for of than year. $XX guidance over strength business to $XXX total out company At adjusted guidance of between as of earnings $XXX of effective positive share that additional rate the to of pour unusual original share million of per $X.XX revenue to of guidance $XXX XX%, XX% out $X.XX quarter. range the between to generating $XXX and of of balance compared per results to compared XX% level, guidance to $XXX adjusted XX%; income $X.XX guidance with $XX the risk like and of our line compared $X.XX. million, original $XX $XXX of and original million $XX tax in to over to income between follows; cash $X.XX of of $X.XX; are guidance; original cash capital GAAP reinstating free net XXXX our guidance to $XX

about forecast demand have, we While our also for further to the obviously, macroeconomic could crisis the There pandemic our additional are know products. incorporate any ongoing we reductions what shocks in do from operation. risks in to our lead

point an we've our the home, seen of are pandemic operations terms principal self-quarantining workers facilities from our at and operational sick time, impact in Machine any Composites. as currently to our facilities in being Engineered are of all out non-ASC at While Clothing or

I'd was like end that impairment However, several like of our Returning and facilities across very both continues described of will our in be that and XX-Q segments ongoing determined are strong that cases risk located standard goodwill more the over level in the With test COVID-XX operational impact in during you. there a impairment a on to resulting pandemic could our performing detail areas would note questions. future. where the both annual also no our to more market. I, for the be the high to segments provision quarter, number to despite with warranted. significant quarter in we of detected was the Ernie, open the increasing present, impact to as the at it that performed rise call

Please Thank [Operator Caitlin Instructions] start you a let’s Dullanty. a session yes, everybody. And, from here. go ahead. have question-and-answer question We

guys. morning, Good

you next the you and downturn are significant aerospace several any the to years, industry structural the how Given all headwinds is there entire is seeing possibly change that for the or in and we the to facing commercial growth in business of do for Do the or there? new any are thinking AEC? Or plan shift? trajectory What programs your there pursue? change you strategy is about thinking type

the the of Caitlin is for morning question. time. we're a And course, looking at challenging thanks Good It and Yes, strategy.

fundamental that we and benefits we bring materials how in with can have We the advanced belief our a them. apply

our the growth end for is, where markets, be are going we to which where going higher market market's customers. the can So add forward, question end the benefit

to to continuing So our look our we're of balance on continue work our our And yes, strength sheet, strategy, develop and with new we're going the materials product programs technology the development. for to at future. and

take as So online. with next and there be well generation. what generation we commercial military develop advanced the I coming pursuing new can the aircraft believe be as we defense and it will get in of aerospace, to also longer We're platforms side, next composites. can new we

end Okay. Can a bit and environment, over trends what And bit. just the back quarter the across market? color then, you Did demand Just color into Thank out destocking about little how you there you. kind going you on to going it to more be more a of MC about? That's helpful. the talk played a specifically see little And trends? tissue any looking that bit little talking tailwind demand? for you're is that in mentioned. Is the provide

in some then can We're add as Stephen aren't and add and you been wants schools Yes. both people away-from-home business going tissue We and into slow. know but general that tissue, I can the If good seeing, business if he far has offices so serve at-home the color where and commentary. has what's buildings mix picture. I with business, the markets. particularly been start

of the markets, across end all we fact, serve In them.

another, can benefit we But is shift Publication the are would as that. to market been hasn't as Around has hurting. at-home market away-from-home the which obviously market -- I behaving for been very it's from strong. if say. differently things So tissue one from a strong different the things world,

XXXX the acceleration just in publication. media to video imagine, down going out. we'll a is longer all machines of what where see strong of watching as settles if downturn -- how down customers down, so in we can going mentioned, that saw It's you with publication our for the with an conferencing we acceleration closures. very far and similar think As We're how are machine we time

through a in earlier where We down the up places. are slow change kind that's a versus China. year, Packaging Americas In China pace in little China, were has has picked in different gone of versus some but seeing slowed Europe they a bit.

the fall So think if don't middle of did we're we the as off start I into you a of strength mixed than But we And this see the through in the add picture. watching to QX. rest bit in of a it's yes. quarter, Steve, quarter see the want I in to know go China we more so world. little end that to orders

Thank from you. go And our next question Gautam Please comes ahead. Khanna.

This Yes, Dan question. the Gautam. guys. Thanks for is hey on for

I first, And defense that could what AEC. programs. shed on Is I'm you So all programs light wondering at guessing defense some are mostly not EACs was driving true? if it's if

Sure. Stephen mute. take to on that one? Stephen, be may do you want you

Director Yes Bill Yes. - Can Higgins you now? hear A we CEO me International can. President XX Albany & Corp. -

was programs, of defense Sorry. portion not programs of commercial I and mix variety all was programs of actually hadn't defense although was -- operations down a a It a programs. it. It is in AEC. it defense just of both across our

we're programs into not level it any to down programs, was on the going several detail two. specific but one not program So, at get just or

And to additional XXX That's you good Understood. quantify on fashion the any Okay. content are then, able guys the know. in to new agreement?

that aft revenue now can't I forward parts. fuselage you generating At not dollar a a frames. before shipset We've We new dollars few those in to significant were from that this thousand -- add some the to disclose number. disclosed per fuselage, position we're but we stage, the we're give in content a yes hundred the from

fair. that's Yes, Okay.

more be the a and going to it's time goes? lead one online when -- then, the speed as back what's kind what's just efficiently come And Sorry getting so processes on I then. for working and ramp-up, far as slow retraining back like up to those but hiring facilities What again? process of to know the LEAP

a to for have month were time great for short very, line I'd that to learning take last specific facility one. did on temporarily product last up facilities it well. that The LEAP – how to effectively the very in period We restart of come – and was restart Yes. one manufacture a three a went closed. and us experience how

that those processes technical furlough. employees the So on those folks are are know-how all the running

October in of now role. the the some have come plant So time quarter up to frame. of we them rest then their in September, beginning it may ramp and plan of of But it into some a this the and probably upon depending

like to curve. we can feel running manufacturing we year. good as learning like be the a were We to a expect high have So last aren't restart. And imagine don't there volumes at large you we volumes process

but to back and feel start – good looking a it. pretty place to good forward we're So like up we in

very Thanks Okay. much.

our you. from Franzreb. question Thank next comes John And

[Technical Difficult]

we're noise. a question lot the John packages. about background of understand getting I couldn't something

on Yes sizably whether back-to-school we office [Technical than be what Difficulty] are could looking thoughts weaker for head the those into – I'm as your the things is market

an very a in Yes that slowdown order color a earlier the with mean maybe they've publication decline we've of I so there. started everywhere. year already just seen in bit been weak, just

get we So soon don't question. expect that to better that's your if

year-over-year. saw yes John, down repeat decline double-digit a they well in where were So the double-digit effectively orders in QX. We publication into were QX

publication of continued could have are back that exacerbated balance the as we into decline of into that don't really insight markets but a the return the be Some get a as We of for the expectations get full year. to throughout our we fall yet school.

paper was Okay. talking company a government-sponsored benefit Difficulty]? sizable to And programs margin yesterday – [Technical had one I

tail end you're we that benefit. think I programs but of had if at you the John and lost about any asking received We government-sponsored

Yes

I'm not we have. that aware

has haven't aerospace side, no. think anything a the know French of so companies As benefit aerospace on the side in MC that you France. aware will But nothing I'm the package seen I offered we on

question guess Okay. I last me. if you can one understand

equipment? you white of customer on Just from convergence to the conversions in packaging base seeing paper acceleration any your are paper, on

equipment. the conversions for watching We're of

white very know what another. one you the at size you the then the virgin from depending the capability have convert using making And of as recycled they're what and grade to the look machines or are, As it's recycled on to or well machines expensive the as, to with of pulp probably they're pulp machines machines a whether time-consuming width paper paper. of something

time. So watching and that. very It's expensive we're takes it

do. it's So it there will happen probably out but easy not to

Okay. Thanks, guys.

connection. Sorry about the

no At Gentlemen, questions. this time [Operator we we don't questions. have Instructions] have time at any more this

your and everyone International. some closing us Albany I'll We continued make like on interest remarks. in you, Thank the I'd joining to call. for thank appreciate Ernie

healthy performance And of entire to focus Albany strong Thank families quarter safe. you safety. and earlier, the diligent not continued for like noted our and by at stamina today's or everybody. for hope think times find are health home and remain and these and of all another I'd at and whether environment that We conclude recognizing over. safe to own work a pandemic marathon, your call where all need their like as we team of I we challenging a it to in in thank challenging communities. on or As demonstrate this you them to behaviors are is our

for great Have AT&T concludes everybody our today. and Teleconference. conference you for a this for Thank joining day. And using