ANDE Andersons

John Kraus Director of IR
Pat Bowe President & CEO
Brian Valentine EVP & CFO
Ken Zaslow Bank of Montreal
Ben Bienvenu Stephens
Eric Larson Seaport Global
Ben Klieve National Securities
Call transcript
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Ladies and gentlemen, thank you for standing by, and welcome to The Andersons' Third Quarter 2020 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speakers' presentation there will be a question and answer session. [Operator Instructions] As a reminder, today's program maybe recorded. I would now like to introduce your host for today's program, John Kraus, Director of Investor Relations. sir. ahead, go Please

John Kraus

good The and earnings Andersons' and joining call. you us for third morning Jonathan thank everyone, for Thanks, quarter XXXX

discussion. We will slide a today's have presentation provided enhance that

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

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

me are Chief Executive Brian Pat, prepared will President Financial and call and Officer. Officer; Brian Pat take today Bowe, our After be Chief the Vice Executive and your remarks, On with to Valentine, happy questions. I and President

present Before at that opening the a let With beginning yours. Pat that format want the have makes Tuesday, I his Day review Investor you maybe I the found want sustainability remind of to an Time. Eastern in know we'll that to in our section AM we you also on Investor floor X, document comments, December completed virtual XXXX website. is a just Pat, that, X

Pat Bowe

the good improvement third continued services and effectively. quarter. Three lower better breakeven quarterly and slightly large rates. than up everyone. morning our that and impacted and price recorded despite third income of led non-cash features Income margins rail Nutrient way Thank The East. small business Thank did Cars XXXX in the year-over-year. by the earning pretax We've lower. of third Group's harvest. demand final East results. you, corn not year-over-year segments service, similar achieved improved morning, John, results four you quarter business and negatively expenses review joining volumes led on consecutive to much traffic in capital call and our XXXX. quarter DDGS nearly and charge pre-tax pre-utilization to Merchandising Rail as The improved the Where our for were the third the this rail slightly profit for rally lease results. the Margins of sixth business a trade the continues year-over-year of grain corn manage business were our reported Ethanol were earned the in quarter elevations much lingering business recorded by working Plant year-over-year, its production effects stronger positive harvest assets we on results were a grain the seen The improved in strong. XXXX. face this mark-to-market a to all was

Our recent two those segments of strategic the trading four groups into commercial synergies we business and cost combination is anticipated.

savings the $XX approximately year. which in cost next We takeout completed result also strategic beginning of early related should million run rate

result to proves should $XX when Brian company comparing turn these in XXXX over than that to permanent expect million cost to our of moves that for and rest in made discuss evolution the along and the towards into XXXX XXXX actions with back be things earlier We going in We're he's Brian? becoming the continuing year reductions a more outlook finished, much grow. I'll I'm to XXXX. now linear when and our results.

Brian Valentine

results Adjusted reported and tax or company million $X.X an million morning trade group $XX.X The ethanol evident the in a the and segments. billion. with now on XXXX, quarter $X.X year-over-year billion. of XXXX, Thanks third loss quarter results million cost of a a of adjusted the attributable of Anderson's the $X.XX our we net of attributable and the of third In an $XXX,XXX third per quarter or loss third five. expenses was reported to quarter of million or the continue million benefits per slide reduction operating third net net million $X.X s of million $X.XX administrative $X was increased $XX.X XXXX $X.XX and the diluted Pat income to $X.XX company to XX% of of accounting attributable and revenue operating, to as of diluted adjusted for for $X.X our per $X.X of almost the XX%. company an share trade, were XXXX in initiatives per diluted good in or Adjusted company benefit loss share loss EBITDA quarter the improvement. diluted quarter of pretax third EBITDA benefit These the as an everyone. We're or increase net plant $X.X quarter to and million share the the turning to X% year-over-year. we $X.X share in In $X.X the number third third by lower adjusted and recorded of of the be general attributable XXXX, nutrient income in offset declined quarter the quarter of higher million Adjusted compared of the compared to benefits for XXXX. to revenues

of to Our the loss interest. attributable effective continues or non-controlling to change considerably tax quarter rate amount the based income on each

had rate to we expect the share to had the the benefits year, of $X.XX We share capital receive management. working quarter adjusted per and on CARES continue operations strong year-to-date. $X.XX also removes Act. These As in focus from the the impact generated first per two benefits quarters of cash and impact a have flow for the an from

borrowing taken business. of we debt also capital the debt This costs million reduce spending, approximately year, disciplined compared approach to we refinanced the the for about $XXX rail forward. priority. going the have debt We a full of decision be portion year. beginning expect a the In supporting to Long-term to million will decreased which the late-October, reduction remains $XXX long-term

to million The non-cash on quarter of the expenses, issuance approximately have would into in interest of charges recognition swaps recognition through debt XXXX. Rail $X.X agreement. in the refinancing third the fees otherwise the debt the of to it which been expense interest rate business prior However, will of relating accelerated the and result these amortized quarter fourth interest

million of four of on million and segments adjusted was difference we'll between a compared same Income stock of results income our pretax $X.X review adjusted business to a and to feed EBITDA of assets. acquisition. XXXX. reported $XX.X from in to expense benefits. $XX.X positive the Lansing merchandising compared cutting $XXX,XXX our each to Synergy the trade was with income loss of results, move third in of of Trade in Ohio Now both to $X.X to XXXX $X.X reported and efforts adjusted the compensation pretax and X.Trade and pretax increased on Slide pretax quarter income was relating of Group third cost commodities the and market adjusted asset XXXX.The Trade's million, beginning period other from strong the quarter all of portfolio Income Louisiana due grains, quarter the to volatility. million million segment due capture adjusted to from EBITDA for improved results provide products other periods continued was compared

attributable slightly from to Moving remained increasing balanced. the supply as improved, quarter corn Ethanol's of of Margins million were the Slide quarter number up much company was relatively third demand and XXXX pretax third $X.X result. despite industry seven, income costs to

to attributable I next third EBITDA million $X.X Offsetting as plants, XXXX be XXXX, want plans. $X.X ethanol as difficult five of Ethanol the of million that up improvements adjustment trading recorded were earlier. year. in comparable Results higher all consolidated results $XX.X the XXXX a Third-party year-over-year. ethanol year-over-year Pat in results the last those quarter. equity results third the of also those will remind included comparisons non-cash for mark-to-market million of whereas company quarter everyone of three earnings mentioned more includes also was beginning are from quarter to

the the was loss in million $X.X X, third million. loss third Plant $X from the XXXX Nutrient a Slide million quarter to which recorded $X.X improvement of business Turning quarter, a of pretax

Operating per Plant increase and slightly million, from quarter capital year-over-year, the the expenses an lower Nutrient's interest initiatives reduction quarterly higher management. working marked the was for million effective continued move cost third due quarter ton and Margins similar quarter third $X.X The year-over-year segment's on volumes. consecutive sixth of of EBITDA XXXX. improvement. were $X.X to to

driven compared earnings million back on Rail number Slide rates, by and utilization year-over-year primarily breakeven third as pretax was of in to the change Turning year of each lower lease The views declined year. EBITDA fleet, quarter for lease cars was results with $XX.X thoughts compared the last $X.X business lease X, quarter in to like the of its essentially from with to XXXX. now and the early year-over-year. of I'd some Rail for things XXXX. remainder about third for some generated million million about turn quarter this $XX.X the Pat EBITDA

Pat Bowe

months in ago. creating This Brian. year through position drier grain soybean see the this a corn the persist, and corn grain Thanks, to anticipated very of demand. Export will crop conditions crop those last been Nearby if first in especially opportunity expect pleased in the eastern and year. demand just very we run soybean the have much belt XXXX into year's which These Andersons. markets, strong storage three for harvest smaller The the rallied, China, prices first increase margins, robust from volatility, in us is considerable an has basis, puts and for the creates from short part a very robust, elevation wheat we futures and than hurt XXXX. which that to Nationwide, with improved income us corn impact opportunities conditions earn to good inverse and to have merchandising led well quarter. significant strong We're a

As of we opportunities, days ago. quarters have outlook softer conditions, a than result current With it'd XX grain overall. from business for the in merchandising trading income we those is be carrying strong on next four solid a outlook the our thought

group. outages, inverted. the trade four ethanol they're positive, unscheduled We Ethanol, owned similar planned the Marathon all expect grain XXXX markets in be We but fall running The very to all well. margins plants results Andersons maintenance the by are and to crush to continue XXXX in at exceed Spot completed

plant technologies the ELEMENT we're Denison We there feed new are out product producing using excited and we're in was about already continue to new that Iowa the line our at protein facility. a of high some

are supply. spot industry the XXXX how and strong, depend we XXXX on will demand begin While balance finish the gasoline ethanol between and margins

be demand season. has think railcar lease higher We good as trough shutdowns, improvement may our we finish look appear been assuming year having business another expect XXXX fall Nutrient commodity application and significant And and soft without demand Plant And planting the be us. behind in we strong prices continued while well. and prices, a into we railcar any We season. the bottom to XXXX and to the expect of

to continue rail for 'XX and a we repair through results the services, demand remain flat of However, going and next railcars should into see year. challenging picture much

acquisition hand fundamentals prospects. and our long-term I'm the be reducing cost like your encouraged call workforce company So place With improved Andersons. very which excited on the of benefits a the feel resilience a questions. well leaner more I'd and to trading into a that, by Lansing XXXX the The to our Jonathan we future and and seeing farmer of this year. past put the about ag we're we'll effective U.S. dramatically platform. and in summary, have stronger progress back and in We are going we've for U.S. entertain bodes happy have made good structure stronger debt to for


first line Our the Montreal. comes of from from Certainly. Zaslow [Operator Instructions] question of Ken Bank

Your question please?

Ken Zaslow

morning, Good everyone. Hi.

Pat Bowe

morning, Good Ken.

Ken Zaslow

want Just bigger picture touch to base I the first. on

about guys stands that? have you $XXX talk You where plays how for out XXXX? that a And of target. in Can that million in kind everything EBITDA

Pat Bowe

million especially year. in ag that improvement here, last question, Sure. sharing the encouraged EBITDA 'XX. budgets strategy in outlook December. for working currently at Ken. And we'll asking and in We're place $XXX thanks we've We've our for we're 'XX markets, our be goal by for going had XX that and about next more into the our in long-term Investor Day that of long-term seen And detail on days

Ken Zaslow

than see could you in in actually you how XX%, crop strong. think XXXX? you Eastern Demand that that It Andersons? XX% about something that the talk The belt, impact actually that corn And Okay. talking what when year is expect crops And Can seems be about levels. you're to the bigger how ago of to? on do translates that, restored would you seems like, about a would then being top frame,

Pat Bowe

year of current corn we grain to lot really East. business Coming assets, PN in we just ago harvest wet crops season Sure, then to here that the our sunny to XX those tributary low volumes harvest, was the Ken. and And that a up going still for it's a XX% had it into tough, helped a days. beautiful, wrapping finish, of me having Eastern the maybe 'XX our degree really next outlook we're turn A five here, was the harvest. planning

in finish So export elevations. good restored, Again, strong in East will grain the our facilities. taken a all basis, volumes we've really markets, of been of harvest strong. really production In strong has strong been

So it's improved a been outlook. much

And so we're on a level playing field.

some some Western to in crops, year Eastern cases have an than crops maybe been better improvement fact, In at of the year.

the So we at we're better much position harvest than in time. year a last were

Ken Zaslow

question And my on last cost savings.

million be million incremental I does would assuming it that there's think EBITDA. to from And 'XX 'XX to you 'XX. I'm $XXX that to just $XX 'XX? mentioned still of What from contribute a

Brian Valentine

of there the May it that the achieve. in about another and said the we offsets number G&A class XX took that and sustainable, was probably about half of incremental us Ken, Brian, in of with containment, Yes, then year, for And about synergies were this talking and And kind three when we sustainable. then we of that's some timeframe, COVID, the which actions and it side, the for another we of of taking the reorg from XXish gave XX improvements. productivity call we is fair, the coming to was some of kind some a I that into think of XX put combination talked I some At talked we actions was beginning buckets. an thought we're about a at cost and of on total,

year, as probably probably five So frame to how is incremental about XX. next enter an out think it, we I'd of XX

Ken Zaslow

Thank you guys.


you. Thank

the question line Bienvenu Our next comes Stephens. at from Ben from

Your question please?

Ben Bienvenu

morning. Thanks, good

Pat Bowe

Good morning, Ben.

Ben Bienvenu

capture guess having to market? if today, income. a most has wheat a those know had in terms matters want to opportunities that grain How and in carry the carries. the around primary important. rank I and ask corn, you've across there you carry. outside been going is in order to to soybeans, When oilseeds, when which given Historically, you would see I of order outside think you across respect opportunity what's wheat most the We you carry with an you commentary on can has rank categories storage three I historically

Brian Valentine

of I'm the you in Yes, carry. out we because was the just up glad brought of big pointed the reason change XX comment And days. really

I markets rally. days had the a XX So ago, mean have remarkable

$X $XX.XX and wheat we're that up $X $X So $XX.XX. means to to in and in $X corn $X it

bull Brazil is and program, Argentina fantastic. we're aggressive had of some So here, we've planting. signs starting in at run early China really export to often big which dryness a hear And

were to that if persist, bull-run could continue to continue So, up. to move or this

a in of have benefit some getting government much are stronger now higher farmers position, the received commodity prices. So, and payments

So corn, move, that markets With backdrop. that's kind and bull inverted. all a wheat of macro bean

markets. for So carries the true went exporter. everybody, an farmer, out That's of that's because thing. Anderson's in everybody And those it's not processor, green business where elevator,

market. a and was So crop harvest condition that move change, inverted just to current the such the this with spreads have have of we pointed crop in can high premiums reason time. quite just bull in markets and that harvest sometimes, the out a dramatically a big probably it's Those unusual rally is

is, things So XXXX lot a is ag in different. an for no this this country. unusual year is of And

as good So fall impact next in us, we say is, you with to year overall ag. that's in to plantings in for storing to historically good mentioned volume wheat made Toledo quality tend it biggest is wheat. bigger We'll see size. the carries wheat. about now have high of particularly on crop This corn but king big in We're Ben, everyone it's we the crop conditions where wheat was steady that area. wheat a is corn not so corn and it corn mostly good optimistic total year encouraging we comes prices But to soft when

to carries to little generates in and a corn So income when that volatility dollars, spread. comes probably probably big the has total most you corn have more it probably when the with

selling been right. have sit on beans not prices in is your of sitting a the to answer farmer right it's you corn when seem corn, good don't much it, in carries for will carry corn good storage at sector. across on ag income be has and it to return question now, So, And high

to going we it's quarter market into an how be first play see quarter out. the and year next second So and as go of interesting spreads

Ben Bienvenu

you Switching color. business, to detail. the ethanol much the great, improved. for Okay has SMB really helpful Thank industry

guys have asset. run in You always best class

that So assets if know sustainable in don't the number market participate to market by an improving a avenue of And FP at know, with which there's on the that grade just to shot product, still guys don't the traditional alcohol. of all? what I arm addition extent think the I'm product enough you on if in SMB to without have? today, not, ethanol enter is kind ethanol there corn curious, you that a you producers in demand

Pat Bowe

you really Ben. some comments, it Also, soybean renewable I corn think the with in demand attractive Yeah, corn meal is biodiesel and rally, soybean good have pointed the oil. improved as well. out outlook, to for when long-term DDGS comes ethanol oil The and margins market corn crush rally, especially with

in streams look in to So, long-term our the on make margins pretty, create pretty feed co-products our feed products. that'll much protein, high also We're ethanol ability new and values higher friendly. seeing

We out plant are selling our now Iowa Kansas those plant. and of our

co-product So plant alcohol the with build looked the the a USP to market side. for necessary didn't portable capital invest grain to at and there true users, those or place contracts having the us. encouraging in We've are the and were across returns feel

didn't enjoying have good see capability I to that capital think today But company. some as people that that deploy our place a for are today we margin.

Ben Bienvenu

color luck. best Perfect, of for thanks and the

Pat Bowe

Thank you.


you. Thank

Global. from the comes from Larson question of next Seaport Eric Our line

please? question Your

Eric Larson

on the that mean, guys. focus Yeah. Good breakeven was morning. quarter. to question, rail. minutes a want a I few I for Thanks just

that I of in performances some time. think in division your one that probably poor was rail

said given adjustment then you is current profits may an pretax one-time going you quarter mentioned Can be flattish $X.X a misheard the that I you talk on QX, in quarter you basis impact there's fourth charge in think XXXX earned Brian, for the what environment? ago. the a So adjusted in interest but And I to fourth on about that, year have that that. million

us you of help rail can side the So, it? with

Brian Valentine

about makes on basis it I thinking think EBITDA think think I of right, about an we XXXX, you're a Yeah, sense. kind flattish as

full it think, year for I in John. like few million business to John, add on but I our the the context rail non-cash look would that kind a charge. of about of this think you positive think year, want of dollars of the anything, something, if before the we you whole

John Kraus


I flattish basis. think an you EBITDA said the on

I think say EBT wanted basis. we to

Pat Bowe

have think I on utilization, a level, And that weak. shop so, Eric, been really you know macro as even volumes loadings,

struggle different we're So no year, else. rail continued to all than has the economy and anyone

little the lot pickups starting a in been of some better. in seen Grain but cars, cars pretty example, are to are for sure of some have has a tough We really parked. a types segments cars. of and lot industry, Intermodal look good

shutdowns we is think see COVID We'll that turnaround impact, the year. there this that Could rail the traffic? So, a what's plays year in the about to bottom economy get going out. look question cards don't see real but next other be rail to what next drives that to for excited like? We the might robust demand, be have how in

Eric Larson


Pat Bowe

four flat, that's going 'XX. all the So improved groups, one business three of in that's to the be our other are

Eric Larson

at look very Belt Eastern about of kind said you corn. the when in in harvest left so right the XX% near-term you now, got of it just Corn Okay, you've the

We It's weather right are having unusual. just fantastic now.

pretty of say, market, that harvest? an the Can pretty on on of favorable was with fashion let's poor as more comes supply opportunity some quickly? in a for come you remaining basis, it a could to maybe course, the rapid near-term XX% that in though, too, what a October pretty but give Of

Pat Bowe

I mean, been harvest, buying we've laying they're the all Eric. aggressively of think $XX. price pretty liking beans well, over level it and beans high I through out flat Yeah, farmers

just demand So, we've with as those beans through and for effect, robust putting exports. been

bit, little So, it's been elevations. been really season been farmers being holding a have good harvested. that's early the Corn, a for

at few see here corn more moving see in to the weeks. we end be expect harvest, they're corn, more if next the of movement we'll going to So,

as pleased progress of harvest and we've overall, been So quality quantity our as with facilities. harvest well in

about harvest in good are very We general. feeling

so really been it's for So, far, so season pleased. good everybody a

Eric Larson

this observation, and I a final kind more it's a And a all I that the Pat, of of time. question, it's investment overall kind as question Okay, debates. think is the the maybe but it overhanging general get one community, in so just lingers my of of

So, we about particular recovery. sustainability talked this ag the of

you past. the As of sort several know had over false we've starts

years, looking sustainability, this how you seem could curious does that the but are across And factors those that Now, But participate at that around most a the that several changed what in lot just right. be And time different. driving sector? you of sectors. I'm have

on recovery? you of seen can side, I to pretty be think here particular sustainability disappointing fertilizer. all some answer other sentiment ag outlook that are we've we've what those is find So, Well, just, And looking the the seen forward disappointing obviously. might results fertilizer this not trying the backward to an

Pat Bowe

Yeah, best an recovery I demand about think layout, ag right. the is being part

So, super China this everyone. encouraging uptake is just year coming record in for to

Gulf So, we're at and mean, export impacts even the program the everybody. PNW, to true the of whole Texas the Lakes. exports stuff calls, doing out I

it's when the poll. really sign a good demand that's So,

so a let's some pickup domestic a the ethanol, we'll you is with couple situation come we where improves, ethanol. to if ethanol, and get probably lift that see it demand driving New demand Year XX% which demand up for gasoline in COVID as we protein pick Already, starts now, call solid. If would from get past right

getting sheets well prices. better commodity some good. So Farmer's demand are now government higher as side ag having as is payments, balance of

So, people are much position. in a better

stronger that had environment as had this and why to candidly in And earnings a if the a we for prices. the kind reaction America, of South have surprised bullish dryness a Just was our going is I morning, quarter for part because commodity in our stock of quarter beat outlook a America, looking South that's forward really we price little we're see to market. some and bit to conditions good on of ag solid the

carry our I and have think everybody. people comments to maybe that concerned applies might about

that specifically demand kind to out, we inverting reason the the it ag China recovery big been so in answer we changed last factor be sustainable ag But, in brought what encouraging. your being and last of and by long-term can an the So, driven a question markets just pointed Asian XX-days in up. has that's is and XX-days

Eric Larson

demand looks like, new mentioned, oil, then comments. of you corn your oil you Okay, sources it for to have, mentioned going in we're

We than comments be your in as that be capacity have that one-year that well? is, recovery renewable to a is coming and increases ag more part industry of diesel the pretty significant sustainable could benefit would

Pat Bowe

the Denison's good Yeah, lift here also, but thing to those oil a another trade U.S. Yes. It's complex our in vegetable the feedstocks. remember for we business, is corn production

good an that opportunity it's in So ag the going is I general. to think be sector for

Eric Larson

All right, thank you.


you. Thank

Our National from question Ben Klieve Securities. the of in comes line next

Your question, please?

Ben Klieve

for upcoming kind give I taking really approval specifically. here do All milestones where really plan an credits? integration perspective right, technology of getting final questions. facility this ethanol ELEMENT thanks have stands my ramping for just relating Where and towards stand the in here full terms segment update really ramp us rate, Can one just question the we and to of the within production facility you both an of utilization in overall? that of kind from new either from of tax

Pat Bowe

a Ben better were much were be than we now. to pre-COVID position question, we hope so, that going we Great

us of the that in middle shut for ethanol right, kind impact the of on. earlier ramp put delayed trajectory be downs that happen Given behind the when plant to our of of this up we're facility to we of plant, year, the the kind wanted and ELEMENT a prospects startup

to CARB our yet, capacity don't approval waiting front this because So, CARB plant our end been our the wood has when at burning back we're have had running We have gasifier, system. is we working California big California we and ethanol. We bring producing and here certified, full getting on fall, that plant a up, maintenance this we'll doing shutdown then we're be approval.

We've to You score. have We feel carbon DDGs, and have good producing proper that really certification your of pro that score. acceptance having feed of a market to really been carbon high good get XX-day our our about run products.

So behind do the calendar? and we're put talking about I Brian, when schedule, in really, think we're we just

Brian Valentine

impact type of starting California that I Ben, I kind have as would think, to of of impact a 'XX half approval. the think second

Ben Klieve

it. Got

I And clarifying ask this. so, question on can a

kind the that the after of yet? Or XX-day that record that is here - is facility track you timeline bring that waiting started the back as still that XX-day has So process maintenance?

Pat Bowe

for we'll gain said we the and XX-day submitted talking we're everybody 'XX new bringing having And for Thanks or online, Brian summer about done run to like make orders to and of California clarifying. going to shipments California. No, the approval. the full plan We're up back approval then that. midyear haven't

at running time. California full, is we're not Now the plant premium this just that getting additional

Ben Klieve

that. Roger

for appreciate Well, good. that. clarification and I'll now. Very get thanks queue back the in Okay. I

Pat Bowe



Thank Instructions]. the session this further to I'd hand Kraus you. does program. conclude like And for John back any question-and-answer today's to program the of [Operator remarks.

John Kraus

We information joining to you page this this you, for want Thank morning. website with slides of our And Jonathan. on I again presentation mention investor's us and that want are supporting to additional at all the also thank available

February you XXXX again next Our is at hope can that quarter XX for Until us XX, Wednesday, Time, call be results. earnings join time. Eastern conference well. we scheduled fourth our review XXXX at AM will then when We


does today's you, gentlemen for conclude and ladies conference. Thank abruptly]. your in [Call This ended participation