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ANDE Andersons

Participants
John Kraus Director-Investor Relations
Pat Bowe President and Chief Executive Officer
Brian Valentine Senior Vice President and Chief Financial Officer
Eric Larson Buckingham Research
Ken Zaslow BMO Capital Markets
Call transcript
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Operator

Good day, ladies and gentlemen, and welcome to The Andersons 2018 Fourth Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions] As a reminder, today’s call may be recorded. I would now like to turn the call over to John Kraus, Director of Investor Relations. begin. please Sir,

John Kraus

and Andersons everyone, a for us joining presentation Good quarter thank XXXX The discussion. today’s fourth will provided earnings for that morning, enhance you call. slide We’ve

in many Act our general viewing you’re slides additional will are in This and website this Company’s on via with webcast filings reviewed. recorded, the sync. Company’s in If will a factors, result webcast, conditions, connection is Today’s be both slides The States being presentation offerings. 'XX and competitive United the conditions, commentary factors our conditions now. independent completely available be prospectuses that and information, it its prepared auditors results the including of Company’s shortly. could page in Certain the which materially as made Investors industries, including of the statements, and our and at Company’s includes statements forward-looking documents, available call presented actual economic discussed information those andersonsinc.com financial differ are internationally, weather, today described from forward-looking the and not in filed the constitutes on website the in have publicly the

as maybe before EBITDA within Company not should believes accurate. statements accounting the of tables to This adjusted adjusted income pre-tax alternatives as generally adjusted measures the presentation better release. give information evaluation these financial and which assumptions not period-to-period the its and pre-tax be and of financial additional determined its performance adjusted net prove believes accepted income, Adjusted The adjusted non-GAAP our and prepared found to income, income, GAAP it operating to considered remarks measures. and information others will and non-GAAP provide today’s do assumptions forward-looking or Company EBITDA by income Reconciliations earning income, an upon to principles. taxes, financial no and operations, allowing EBITDA net EBITDA net contain about income, of investors the underlying are comparability. Although reasonable, that are that based the can assurance be

with On answer and Financial prepared Vice me President questions Bowe, Brian I remarks. will President after Executive the and Pat Valentine, call our Officer; today Senior and and Chief your Officer. Brian are Pat, Chief

the Now for turn floor over I’ll opening comments. Pat his to

Pat Bowe

and on groups. results. morning provides you everyone. with the results, Nutrient our of and periods. and I’ll remarks John, then views some review better were your Thanks good Grain and Thank Adjusted a much XXXX of questions. comparable joining some for each we’ll about After I’ll call morning, XXXX our improved. comments XXXX providing early in Valentine viewpoints full those take our than by quarter Brian fourth CFO conclude quarter four our business on business prepared year XXXX start our this results our were Plant to review, particular, fourth

soybeans of third Nutrient quarter in on as improved rebounded lines, in corn lower largely were backdrop. successfully excited since of drove par based the nutrients. acquisition had also and operated the results Lansing just year-over-year, with we early results best results in Trade its our Group, XXXX. Plant Group specialty values And year-end, fourth closed Rail the Grain the We momentum. tough a but the Ethanol of Group about expected. its from product given We our our improved except quarter they well Group's quarter business margins integration those The each as XXXX. Weaker and Group's market fourth after Grain we're

opportunities and outs an quarter a storage limited strong quarter, However, Large soybeans sharply during had weak spreads on contracted trading while bushel. to operating full carry in income year a leading decrease base income. per the basis. increasing in corn Lansing U.S.

though beginning of supports transaction and growth portfolio merchandising the successfully we ingredients. achievements specialty the earlier, our headwinds, aligns growth But a acquisition quarter. continuing job by feed as improved to further nice timely Nutrient well managing of railcar finish margins those nutrient was with them products services, specialty despite very closed Ethanol originations, The the XXXX. mentioned better and our were our year-over-year up. higher profitable nutrient a seasonally on grain overall lower were about Plant it I This continues on The geographic Wholesale posted broadens strong compared production even efficiency As in stronger reducing Despite XX%. lawn on food at The improve. business industry the expenses, strategy group's XXXX. group year. reach. results to fourth volumes It and demand. Group a driven and market stocks suffered The late record and expands primary did of Group during and put The results by hedging industry margins. margin nutrient it Lansing steadily

rates many the renewal cases, replacing. While lower are these rising in for than types, still rates most rates they're are car

Our its market. the utilization cars to highest recent at secondary in to And again history, XX%. rose buy continue level rate sequentially in we

of Lansing the eyes detailed focus in have Company to be That back remarks total on quarter Brian We the million be Brian's savings of cost results. This a year, will XXXX discuss to the our our each now our from $XX cost after We also rate about primary cost by you run continue of our fourth will in goal XXXX on achieving acquisition. thoughts opportunities our XXXX. walk across $XX I'll reached synergies financial and more across early review productivity. million million in similar through still nearly brings rate we'll efficiencies Company improving run takeout million. to gain our $X.X and XXXX. while $XX achieved three-year our

Brian Valentine

acquisition. diluted morning of income fourth attributable transaction per per $X.XX now everyone. share income XXXX, We're diluted Slide The $XX million net and depreciation number EBITDA Thanks quarter or net for adjusted per $X.X Pat XX% share increase and an before good and of adjusted year-over-year. $X.XX an share. the the of than the adjusted earnings the In million XXXX basis EBITDA results related quarter and amortization Lansing respectively, On costs XX% of $XX.X X. almost the were by adjusted in and fourth exclude for pretax improved the Company million or interest, million EBITDA million $XX.X Andersons more $XX.X of to or year-over-year. of Earnings adjusted to reported on quarter taxes,

had in share. the XXXX, revenue immaterial full-year impact rules income of an XXXX income per year $XX.X to to or full in was of $XXX.X of just adjusted compared million to Net the numbers sales attributable million was recognition XXXX diluted $X.XX the year billion share. income $XX.X million, share. reduced attributable the same was to Company million. Andersons by net period full-year revenue to reported million $XX.X compare Full billion approximately These For revenue $XX.X year. over income to or the million but or Andersons million attributable net $X earned was or which in last $XXX.X change and EBITDA EBITDA XXXX $X.XX A per in gross favorably on adjusted $XXX per diluted per diluted Adjusted profit. adjusted $X.XX diluted of compares $X.XX net XXXX share $X.X

the with in the mid-January. tranches the XX.X%. federal acquisition long-term purchase range income tax long-term our XXXX flexibility. of facility XXXX in reform The million closing was is approximately XX%. that negligible. income portion unsecured effective new our increased We debt to refinancing new price as currently impact to of approximately and debt debt-to-equity We're which the will XX% financing the using part expense debt to at still assumption and was us stands debt. raised provides our seven long-term during facility time refinanced of $X.XX $X and Lansing on included believe approximately acquisition to the that the our billion one billion Lansing number. includes Lansing tax well Thompsons debt long-term of and to of The the of year ratio on rate evaluating X.XX long-term $XXX be XXXX, income ratio effective one We tax full-year XXXX, We tax Our impact credit of Lansing rate of one. the future U.S. our our cash as equity The X. After five Limited

are the fixed a While much we variable, long-term the rates have of debt. the interest rate on facility on

of to year segment loss net significant quarter as that of the advantage X. income year-over-year recovery cash, present pretax income Turning former steel XXXX were bridge now fourth somewhat quarter significant for and to reduce that quarter, a income in that but Slide XXXX loss change corn On and most accounts costs decided in levels and high by expenses, higher a anticipated offset of income the adjusted unallocated primarily graphs number spreads. for XXXX improvement $XX.X the you at income primary the to scrap by of variances compare on a nutrient plant income only from of former Group sale for Rail for higher, from number take the other net ending million the unexpected expenses. The A merchandising adjusted carrying also change. And more net the on better to We X, store tightening generate third rules, The the unallocated December can and acquisition by the groups soybean than expenses. XXXX property. fourth investments a lower was accounts Adjusted margins improved were for due Ventures and prices. book In XXXX Slide in Maumee to in pretax the XX, the for adjusted to fourth due Group basis relatively Grain retail lower half owned year. full driven wheat scrap retail were XXXX nutrients net it cost, a cars Unallocated Rail of costs Lansing of gain lower. groups remainder. accounting quarter see in result

in leave the Group's wanted to environment. were point we than this more I Before Ethanol XX% up also a that XXXX, despite margin difficult results out slide,

business Grain with Group of number we'll each move to the a X. Now on Slide on units, beginning our four review

of reported Our the Income million Improved XX% of the from year-over-year. XXXX. quarter, quarter income the of of versus more compared $XX.X Group's XXXX adjusted of fourth fourth quarter to quarter of more adjusted was than an nearly The $X quarter related million on in Andersons of Lansing charges base million, in and grain fourth $XX.X impairment also Grain an improved was merchandising The to the moderately two sale grain closing lower investment XXXX. in Group small pretax These a from for impact EBITDA period of Group than $XX.X an adjusted had group than pretax to income EBITDA the income recorded results. of results for Canadian-based million million. increase charge affiliates fourth income higher Grain million $XX.X on its $XX.X company. to pretax million drove year-over-year. income pretax Grain incurred expenses the same XX% a pretax activities $XX.X

results Slide Now we'll to number Ethanol's X. move on

call, As during Ethanol we fourth our short fell earnings XXXX anticipated comparable somewhat the quarter results. last its of Group's performance

for about attributable to the causing XX%, Plant in pretax pretax prices generated production pretax the quarter, year. good during more than fourth to quarter. group However, the income marked can or significant higher reduced Slide a or Gross Nutrient given profit consecutive gasoline the quarter, than attributable the sales of for primarily although it Margins slow full be their efficient XX, results period primary EXX inventories, year group's continued same less to to gross of conditions rose million drivers pretax over of rose the feel an million, $XXX,XXX the company improvement demand the or On hedging during accomplishments. of year. and $X.X reported and by last ton. producers $XX timely in in a we income by million halt to continued The market $X.X due million million we loss of were EXX for improvement company second loss $X.X income The in operated the highly the which the Group see that $X.X stressed some million pretax than XXXX. adjusted quarter for the Falling $X.X production. earned also per margin XX% more

continued number was $X.X in profitable modestly quarter to Plant fourth XXXX was XX, generated as the adjusted On to can that million Group EBITDA the equal farm Nutrient XXXX quarter the flip volume million of margins were see than to On $XX.X Group $X.X Slide XXXX. even side, for results. pretax compared Rail million. income, of which fourth specialty increased you and businesses somewhat. gross profit nutrient center suffer quarter the more lawn of EBITDA The on

million from the million, financing from XXXX. from in Much income utilization flat the XX% variance Average leasing and Overall of down year-over-year. gains sales quarter car recorded to transactions XXXX by rate quarter of income which $X.X unchanged also expenses. from in was higher lease down rates higher to results recorded expense year-over-year the last produced of despite fourth was million XX% tank maintenance $X.X $X.X income XXXX, fourth non-recourse XX.X% of Our the recertification pretax which averaged revenue of for fourth the period. above of group quarter were group's utilization. the up interest quarter, Base costs. $X.X compared The repair recognition was pretax previous fourth from better those X.X% permitted under than were business was of due almost comparable quarter quarter results car year's million The last rules.

a barges. since than recorded and and than productive group EBITDA perspective, for X,XXX The also XX% quarter its XXXX, which was From management almost XXXX $XX.X group spent respectively. million, more $XXX for $X.X annual second set high on quarter scrapped the million. group's million gain amount almost a XXXX of the active XXXX. the better than cars fleet X,XXX EBITDA XXX to in The are of sale XXXX almost $XX.X some more cars also previous was fourth buy million the highest We another The year.

And the remaining outlook I'll portfolio a the with improved XXXX. size accordance while Group and objectives. now few call Rail its once fleet More that, in over the for our importantly, turn maintained fleet increasing Pat of its management with back the again average on comments life to utilization for

Pat Bowe

Thanks, Brian.

continue in business merged early The the as was especially focused group. form improve. trade to trade getting we we XXXX, with to closed As Group expect when operating to look we January. Grain into and overall our results farther on acquisition We're fully integrated our Lansing company group Grain a Lansing with the

group we've to We performance expect our combined in steady business Grain the made improvements accelerate since XXXX. the

an the acquisition We continue operating basis accretive end this that believe on year. to will be of this for

outlook expanded to the to well million of expense target EBITDA. the beginning the new margin experienced on us line achieving opportunities as Andersons profit The larger to and Ethanol run Group's will top will defined of has well. a way continue XXXX. produces Our result some gross The $XX that uncover rate be end synergy our by our it year, and throughout scale be significantly by near-term nice more we're pressure

We products lower construction that to Kansas grinds. year. will progress we As there focus group mid-XXXX. earn were lower it half first in bushel it can us fewer the year. on allow late opportunities to to every this The the our good hedge introduce maximizing forward making margin corn margins ethanol of We're year-over-year biorefinery in in of into new some continues to conventional producing still of the new begin expect on early anticipate XXXX, the results on carbon

continue Group in be margins, nutrients. specialty Nutrient especially to low Plant Our impacted by

pursue into The continues significant Lawn should its don't and be manufacturing nutrient but its primary last have to XXXX profitably of lease continue work requalification to primary continue network. number tank railcar through its the to objectives: and the the work. repair railcars grow to anticipate off Group we prices likely XXXX. well Rail perform appreciation continue strengthened, contract car to actively on expand XXXX record will performance. While of They to

In considerably XXXX. pressure improvement through integrate our group's as leases Lansing. I'm renewals especially we than We those will the anticipate we will company were booked continue at improvement lease expect in continued XXXX in rates. results we that remain of steady of better as that we optimistic average Overall, work closing, rates XXXX, see peak our were under results. to

good basis million trade While over and The your With hand an late the that steadily early call I'd more to confidence operator, on to the continues that of give $XXX target Ethanol ELEMENT the XXXX like we'll entertain about the rail the achieve operating signs we'll set is group in to our near-term and guarded Mark, in we showing EBITDA Plant improve, questions. acquisition and that, to the us remain Lansing back XXXX. for project Nutrient. prospects

Operator

Our Thank from line Buckingham of you. Instructions] question of first comes Research. the [Operator Larson Eric

now open. is line Your

Eric Larson

Thank on everybody. good Nice you. quarter Congrats year. a

I to Lansing. really, of kind start with have So

You've look a here. quite closed change your to on going bit. is The the of transaction P&L

So do XXXX? you earnings expect this mean, this Lansing we to should accretive how be be to modeling – for I thing

Pat Bowe

that on with and setting of proud good to Thanks, the the made integration Eric. investment up fact integration we've about office. We're making we're us have people the We're really the some planning IMO progress help excited with Lansing.

on that period the putting together – just book. great lot working streams together. a actively work in about two are excited how seen are We've traders are companies already, good teams the of a working short working both shared the of have of the together we're We companies and time, on trade

very these well. going are We're also things the goes So that synergies before, said on with and work we've well targeting Lansing.

all feels basis of the Lansing. on So very the so with good your And your year yes, far be part first good. an feelings all transaction is in so question we very last expect that accretive are lights towards operating to green

Brian Valentine

that through basis. be our of on results, would the first And operating will we'll of valuation is have But our out We're accretive course, we'll and it's separately. carve And Brian. so Pat said, quarter that I – all type add. this just all work, of purchase working the accounting as stuff. an and impacts expectation

Eric Larson

limited. are which, then Trading a trade deal volatility obviously, markets. not pretty of in remained of has the Okay. kind U.S.-China with difficult. grain a lot There's environment, the grain opportunities And overall the all

should about kind for first that well? half be Pat, you, as earnings, thinking of in Your grain how we cadence

Pat Bowe

Yes.

hit the I nail there. head the on you think

more market most Good a maybe than on geopolitical lot really in market charges wheat positions we attention farmers events, that a I is on years and us few is fundamentals enjoyed news on paying have last narrowed field of good quite have so for bit. in news corn dramatically, think the the our the so bad and grain. on widened. soybeans and The we've elevators, in carrying put come carry spreads has wheat is

couple had different we So of last that's something the that's than years.

marketplace, to thing industry talks ag encouraging the and have China what and for one couple next behind happen. the farmers of us you We'll could think to had in trade will the general. that be to weeks that happen in the here see our I just have overall

potential would Ethanol China opened that So also ethanol again give some import. to strength good DDGs if for and

So think, thing the most right I markets that's, that in geopolitical now. are big people watching the

Eric Larson

the little stay you're Okay, year yes. you way maybe of kind which kind bit in contract, that the little the of above bit beans, – is for we my production one is at on acreage maybe in this of $X planted should Obviously, have you a grow guess. a of pricing money Then farmers you harvest implies the final fair in a make cost corn, grain can on corn the means today, cost higher. market question. production If increase of

be So I why business probably guarded not having very But Plant for your Nutrient is more? lot prospects a would the understand that prudent. why better? helping bit wouldn't little Nutrient start Plant a view a

Pat Bowe

Yes.

be got – good we use. you beneficial fertilizer think to corn on have look again, acreage would analysis to there you I a overall how

quarter Midwest the weather application so here all fourth poor could and start. a pretty much. snow with with get the across cold get to decent the and work also ice, done in didn't it off We Early

wholesale bit. hand, kind recover other a to stalled On little but have has the the on of side price started

low up wanting absolute So products our more fertilizer probably so because thing prices for a our And nice not And been boost what income corn we guarded. that's support specialty specialty keeping a us. farmers A why to troubling in would products, of we're our business. fertilizer pay with of that's to to be that concern for kind that's farmer said we're acreage do. fundamental on eye an

Eric Larson

pass guys. thanks it I’ll on. All right,

Pat Bowe

you. Thank

Operator

Thank Zaslow you. the line comes of from BMO And Capital our Markets. question of next Ken

open. now is line Your

Ken Zaslow

guys. afternoon, Good

Pat Bowe

Ken. are afternoon, How you? Good

Ken Zaslow

production. you a timing couple you followed you that One is about, then of – said really which some And the mentioned contributed. ethanol, you may questions. knew production of have on that need we So efficiency up the comment to with halt you hedges, have the but

gain So One Or tie on did that well? and halt And you part have two to two your that production Can left questions you as your real together? what production were did this. is just efficiencies? just from? of efficiencies where you those you was

Pat Bowe

Ken. Yes, good question,

working plants. So of at on our technologies we've been different all

Our has reduction. years, been four portion plants big lot. a the it three on helped really past in energy A cost

bigger reduction the of Michigan did a in in ones saw quite One we of costs. bit Albion, was we energy where

made recovery some other with line our the other that improvements on helping bottom plants. yield mechanical we've Some are opportunities plants and our yield in fermentation us and

that's like on we operate cut about things when a efficiency cost to we so We in would to try just other operating are yeast we maximize and maybe better to wouldn't costs put and to margins try back try maximize they've been, production. wouldn't pressure to So fashion, use tend enzyme over under cheaper we ��� more yields.

we So our period, the normal closed shutdowns. other never than during

maximize technical plants. of So our the from we're comes mechanical to trying and work cost position, in that and just most

Ken Zaslow

the what of think about is to you a it $X.XX? hedges, margins? industry about How tell that relative you separation outperform by guys ex-out you $X.XX, here? think that? you that how like your do outperformance is you if there Like kind Do Can do sounds

Pat Bowe

that. on comment couldn’t really I

be good. tried the do by-product here. opportunity, year forward we've now, We some the to you month-over-month, as of our of over on I mentioned, quality just had ago, in focus on how time we're what and think our have again make of bushel focus period, our spent key you we the And a can thing lot into the hedge maximize yield I we to with we grain on early for to coproduct on really Michigan. us given quality the buying. is have to as we've and our which is quality every a have issues originations think ethanol coproducts, done curve a talks a of price the issues what we going can't control with We Those the job ethanol from is so will did nice the improvement market sure trouble week-over-week, especially best are gasoline, market we to us, but feed behind to possible was be. and plant cost, But nature on side. had year-over-year the remember, returns tougher the some

KenZaslow

my on of then And wanted Grain to together. Group. Can are the set pieces put you is talk how question you just just framing last about overall? the I and opportunities year the next

you the of kind guess, you I spread. how margin, out terms in favor? narrowing wheat think elevation said going the contracting. And this a do of also your of structure. What's in The margin is figure I

Pat Bowe

question. Good

this this corn wheat years, we big earn. couple charges we to VSR the collapsing now is of had that of think and I But have last which wide than were a year soybeans storage different we carrying news before the ticks what to is which we're on impacts even is was where wheat, charges changed. we in That difference able able carrying our make. and wheat that from So spreads, wider on good had income for

much year mix opportunities diversified more And broader half to feed I the pet that in ingredients, other and specialty of is we the export pop are customer help products are opportunities. the and drive of there with trading that thing interesting food range can with Lansing, a think second grains. some up now that potential

range So to the line. we of that worked total wide drive on bottom whole portfolio

is we're So going optimistic cautiously everyone. that's big trade how thing next to the be. to war going half about was The impact a

into And spring. watch planting that how plays the see how this we'll farmers So season gets out.

Ken Zaslow

that, would the in say the Is even But expectation? Is Lansing, excluding fair, that have improved. fundamentals versus you XXXX? underlying XXXX that

Pat Bowe

a margins, soybeans what wheat make and working probably that. I opportunities company a talking that the negative our of situation all the Corn into XXXX. the just for but traditional about not carries more skilled earlier, balance of a now, impact And maybe big that's be outlook XXXX. would into that No, the we from help talking group you considered were together traders in a look And I'm drive opportunities, better Lansing would storage. Lansing. be normal – carry have much don't constructive of I up we're with think think going us to about trading optimistic the brought I think trading

Ken Zaslow

you. Thank

Pat Bowe

Thank you Ken.

Operator

follow-up Research. have we a of Buckingham line Eric from of the question And Larson

is line Your now open.

Eric Larson

a follow-up quick your Just on grain results. question quarter fourth

You entered I number. with the QX, think, exact forget – I

I think a it was million of significant mark-to-market grain part $XX MTMs QX of either income? losses. Were $XX or million

Pat Bowe

soybean corn especially and on basis. yes, Somewhat

we nice So what and not just that's sign. a crazy, though. I have mean, is expected appreciation we to good see,

mentioned of – the not I As again, outright price the wheat.

wheat, a mentioned price, beans. pretty corn As earlier, on monthly our on has closes continue been narrow you average business range flat but we to and steady do

bit, ones a the mark-to-market quarter. spread big in the wheat the on changed a conditions impact so quite Just for

Eric Larson

use of volatility bit We could grain Okay. Thanks here, Yes. guys. little market a okay. so

Pat Bowe

Thank you.

Operator

Markets. BMO a we Zaslow Ken Capital follow-up the And question of of have line from

Your line is now open.

Ken Zaslow

that rate, actually start rates points, that contradicts why last coming would utilization leasing XXX the that's your quarter balancing down. to seems talk those will that Can contradictory. yet assume the Hi guys. improve. rates The of versus railcar I and but a basis your would on it's up leasing you idea kind act X%, between about keep two? XX% XX% It

Pat Bowe

Yes.

I term, think correct. what you're – over the longer

of a utilization a rates. our So cars which with bunch we helped lot scrapped us older

our we a just seeing But that through we off those some have as rates, get mentioned. these coming leases of are to kept are so you that peak steady improvement. We work the rates improve,

don't through are cars to those get on that you want of some those lease the we need have to higher just we Brian, that at know, So do system. add levels I

Brian Valentine

off, XXXX you is that it, from also up. rates, lease stuff our coming timeframe maybe coming of was utilization XXXX, think in, is number they're a that's If lower off cars five our on stuff that – call under And was done but about XXXX up. total

Pat Bowe

go So, railway, so ahead. the Ken, overall,

Ken Zaslow

you you no are the No, CEO go, go first. you

Pat Bowe

good business getting pretty we're for about nice, past up going There's is done, shops, have just improvement. was steady going of this we that a Rail additional our across our improvement Also a way quite shop business our to not steady steady shoots Rail I business. happening on but we a bit recovery year. four Rail added nice, shops our on add so overall, feel we shoots business. or network, repair that, way

Ken Zaslow

to the a peak that? lapping a grow? lapping base will event? to then be will about XXXX form which it start be completely contract that When five to do you'll I XXXX How think – you event, year actually a then Is

Brian Valentine

would say I you right rates call. increase and can that don't don't front I have seeing when a we're we so follow we get of and up we that steadily, the but to in me, have –

Ken Zaslow

you what I'm trying understand is say But that to

Brian Valentine

I Yes, wouldn't should understand. absolutely to able be just get it absolutely understand. that. Yes. We I Yes, last.

will We be you. get for that able to

Ken Zaslow

you thank guys. Perfect

Operator

now And you. closing further I back any to turn showing would remarks. time. any am not Mr. for this Kraus I like questions call Thank John at the to

John Kraus

andersonsinc.com. the We made presentation investors all I this page mention to us will with slides and again available shortly additional joining information this Mark. on for morning. thank want Thanks our you website to at be also want of that supporting

review Tuesday, Our at will for May Until hope join then, Eastern quarter We at XXXX next be again to we are our XXXX, us X, scheduled Time well. A.M. earnings when time. XX:XX is first that able conference call results.

Operator

conclude in you all today's day. the and program, have thank gentlemen, conference. a you great does and Ladies disconnect. This for may Everyone, participating