Matson Q2 2023 Earnings Call Transcript

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Provided by Quartr
August 1, 2023

There are 7 speakers on the call.

Operator

Good day and thank you for standing by. Welcome to the Maxim Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Please be advised that today's conference is being recorded.

Operator

I would now like to hand the conference over to your speaker today, Lee Fishman, Vice President of Finance. Please go

Speaker 1

ahead. Thank you, Britney. Joining me on the call today are Matt Cox, Chairman and Chief Executive Officer And Joel Winnie, Executive Vice President and Chief Financial Officer. Slides from this presentation are available for download at our website, www.matson.com under the Investors tab. Before we begin, I would like to remind you that during the course of this call, We will make forward looking statements within the meaning of the federal securities laws regarding expectations, predictions, projections or future events.

Speaker 1

We believe that our expectations and assumptions are reasonable. We caution you to consider the risk factors that could cause actual results to differ materially from those in the forward looking statements in the press release, the presentation slides and this conference call. These risk factors are described in our press release and presentation and are more fully detailed under the caption Risk Factors on Pages 14 to 24 of our Form 10 ks filed on February 24, 2023, and in our subsequent filings with the SEC. Please also note that the date of this conference call is August 1, 2023, and any forward looking statements that we make today are based on assumptions as of this date. We undertake no obligation to update these forward looking statements.

Speaker 1

I'll now turn the

Speaker 2

call over to Matt. Okay. Thanks, Lee, and thanks to everyone on the call. I'll start on Slide 3. Matson's Ocean Transportation and Logistics business segments performed well despite a challenging business environment and sluggish U.

Speaker 2

S. Economic growth. For the Q2, within ocean transportation, our China service saw higher sequential quarterly freight demand, But generated lower year over year volume and freight rates, which were the primary contributors to the decline in our consolidated operating income. We also saw lower year over year volumes in Hawaii, Alaska and Guam compared to the year ago period. In logistics, operating income decreased year over year primarily due to lower contributions from transportation brokerage and supply chain management.

Speaker 2

I will now go through the Q2 performance of our trade lanes, SSAT and logistics. So please turn to the next slide. Hawaii container volume for the Q2 decreased 7.1% year over year primarily due to lower retail related volume as our retail customers continue to manage inventories to weaker consumer demand levels. Volume in the Q2 of 2023 was 3.4% lower than the volume achieved in 2019. During the quarter, total visitor arrivals Increased modestly year over year with growth in international visitor arrivals partially offset a decline in domestic visitor arrivals.

Speaker 2

Total visitor arrivals in the Q2 of 2023 were just below the Q2 of 2019. Please turn to Slide 5. For the second half of twenty twenty three, we expect continued improvement in the Hawaii economy, supported by continued growth in visitor arrivals and a low unemployment rate. UHERO's May projections continue to show economic growth in 2023 supported by continued strength in total tourism and a relatively low unemployment rate. UHERO projects weakness in the domestic visitor arrivals from the effects of tighter credit and higher interest rates to be countered by continued improvement in international visitor trends.

Speaker 2

Unemployment is expected to rise little as the economy responds to the effects of higher interest rates to subdue inflationary pressures. Moving to our China service on Slide 6. Matson's volume in the Q2 of 2023 was 24.6% lower year over year, primarily due to no CCX service in the quarter, lower capacity in the CLX due to the dry docking of the Daniel K in OA And one less CLX Plus sailing. Nearly 3 quarters of the year over year volume decline was related to the CCX service in the year ago period. Matson continued to realize a significant rate premium over the Shanghai containerized freight index in the Q2 of 2023.

Speaker 2

We achieved freight rates that were lower than the year ago period, but well above those achieved in the Q2 of 2019. During the quarter, we saw increased freight demand from e commerce vertical And a modest increase in freight demand from garments and e goods customers. Electronic goods or e goods consists of computers, tablets, phones And other electronic devices. The e commerce goods we generally carry are a wide range of high turnover items that need to be replenished on a timely basis. Please turn to Slide 7.

Speaker 2

Currently, in the transpacific marketplace, we are seeing modest reductions in deployed capacity And retail inventories are in a relatively better position than earlier in the year, but retailers continue to carefully manage inventory levels in the face of lower consumer demand. We further expect the trade lane to experience a muted peak season, But for Matson, we expect our China services to be in solid demand with our vessels near full during the traditional peak season. Absent an economic hard landing in the U. S, we continue to expect trade dynamics to gradually improve for the remainder of the year as the transpacific marketplace transitions to a more normalized level of consumer demand and retail inventory stocking levels. Regardless of the economic environment, we expect to earn a significant rate premium to the FCFI, reflecting our fast and reliable ocean services and unmatched destination services.

Speaker 2

I I want to spend a few minutes on the elements of demand for our China service as we believe important changes have taken place over the last few years that are positive forces for our business. Prior to the pandemic period, we built the Matson brand in China over 13 years With a demonstrated history of the fastest ocean transit in the transpacific with the CLX Service, our unparalleled service reliability and 24 hour cargo availability at a unique U. S. Customs bonded off dock facility in Long Beach. We ensured that this service had a premium High touch customer service effort both at origin and destination.

Speaker 2

Our key customer groups were garments and accessories, e goods and footwear. The CLX is also viewed by customers as a relatively fast, cost efficient means to get last minute items to the U. S. West Coast. During the pandemic, we enhanced the Matson brand in China with the initiation of new services During an extremely challenging environment to address our customer needs.

Speaker 2

As you may recall, we initiated the CLX Plus service in May of 2020 due to high demand for the CLX. This demand was initially driven by the loss of airfreight capacity where many customers viewed our services as the next best option to airfreight. These customers quickly came to appreciate our value proposition versus airfreight, which is a significantly lower cost for 5 to 7 days of additional transit, coupled with reliability and consistency. We also initiated a temporary service in July of 2021 called the CCX to address the high level of demand for the CLX at CLX Plus as a result of the challenges of port congestion in Southern California. We ended this service in September of last year due to a combination of lower overall market demand and the reduced need for expedited ocean services given the significant improvement In the West Coast fork congestion.

Speaker 2

Across our services in this period of time, we saw a wide range of demand from COVID related supplies to e commerce and e goods. We also saw an expanded geographic area of freight origination With loads coming from distant areas within China and cross border commerce. Post the pandemic, We've seen a significant increase in e commerce demand as these customers are looking for a consistent and highly reliable expedited ocean service. This book of business complements our existing verticals of garments and e goods that we've built over the last 16 years. Going forward, we expect the e commerce vertical to be an important driver of demand for our China service.

Speaker 2

According to the U. S. Census Bureau, e commerce penetration of total U. S. Retail sales is approximately 15% And in the Q1, e commerce sales grew approximately 8% year over year.

Speaker 2

Expectations are for continued growth in e commerce to outpace The growth of total U. S. Retail sales. Based on our customer conversations, there is enough air freight capacity in the market to meet the demand currently. Most of our customers that exclusively used airfreight pre pandemic Have chosen to continue shipping a significant portion of their business with Matson as they've already aligned their operations with our sailing schedule.

Speaker 2

We are confident that the majority of this business will remain with Matson regardless of airfreight capacity as Matson service is economically advantageous and reliable relative to air freight. Over the last 17 years, we've carved a niche reliable service that provides the fastest And 2nd fastest, ocean transit, coupled with unmatched destination services and unparalleled customer service. The consistency of our China service is a significant differentiator in the marketplace and creates a flywheel of continued success Whereby our value proposition and unique service attributes drive our customers to build their supply chains around our 2 expedited service. Please turn to Slide 9. In Guam, Matson's container volume in the Q2 of 2023 decreased 7.5% year over year.

Speaker 2

The decrease was primarily due to lower general demand. Volume in the Q2 of 2023 was 2.1% higher than the level achieved in the Q2 of 2019. In the second half of twenty twenty three, We expect continued improvement in the Guam economy with a low unemployment rate and a modest increase in tourism from low levels. Please turn to the next slide. In Alaska, Matson's container volume for the Q2 of 2023 decreased 7.2% year over year.

Speaker 2

The decrease was due to lower export seafood volume from the AAX service, Lower northbound volume due to 1 less sailing and lower volume primarily due to lower household goods and domestic seafood volume. Compared to the Q2 of 2019, volume in the quarter was 9% higher. In the second half of twenty twenty three, we expect the Alaska economy to continue to benefit from low unemployment And increased energy related exploration and production activity as a result of elevated oil prices. Please turn to Slide 11. Our terminal joint venture SSAT declined $26,100,000 year over year to a negative $1,400,000 The lower contribution was primarily due to lower less diverged revenue in the quarter due to easing port congestion and lower lift volume consistent with lower demand in the transpacific trade lane.

Speaker 2

For the second half of twenty twenty three, we expect lift volume to reflect a relatively challenging environment in the transpacific trade lane. Turning now to logistics on Slide 12. Operating income in the 2nd quarter came in at $14,300,000 or $8,800,000 lower than the result in the year ago period. The decrease was primarily due to lower contributions from Trans Pacific Brokerage And supply chain management. In the near term, we expect a mix of activity across the logistics lines of We expect continued growth in Alaska to be supportive of freight forwarding demand.

Speaker 2

We expect supply chain management to track our China service. For transportation brokerage, we expect near term challenges with lower freight demand, excess capacity and declining accessorial fees. And with that, I will turn the call over to Joel for a review of our financial performance. Joel?

Speaker 3

Okay. Thanks, Matt. Please turn to slide 13 for a review of our Q2 results. For the Q2, consolidated operating income decreased $396,400,000 year over year to $96,700,000 with lower contributions from Ocean Transportation and Logistics of $387,600,000 $8,800,000 respectively. The decrease in Ocean Transportation operating income in the Q2 was primarily due to Lower freight rates and volume in China and a lower contribution from SSAT, partially offset by lower operating costs and expenses, including fuel related expenses, primarily related to the discontinuation of the CCX service and lower fuel costs and the timing of fuel related surcharge collections.

Speaker 3

The decrease in logistics operating income was primarily due to lower contributions from transportation brokerage and supply chain management. We had interest income of $8,700,000 in the quarter due to higher cash investment rates on our cash and cash equivalents and cash deposits in the CCF as compared to no interest income in the prior year period. Interest expense in the quarter decreased $1,600,000 year over year due to the decline in outstanding debt. The effective tax rate in the quarter was 22.5% compared to 22.4% in the year ago period. Please turn to the next slide.

Speaker 3

This slide shows how we allocated our trailing 12 months of cash flow generation. For the LTM period, we generated cash flow from operations of approximately $827,300,000 from which we used $134,100,000 to retire debt, dollars 154,000 on maintenance and other CapEx, dollars 101,800,000 on new vessel CapEx, Including capitalized interest and owners items $581,400,000 in cash deposits and interest income in the CCF, Net of withdrawals for milestone payments, dollars 28,000,000 for other cash outflows, while returning $316,400,000 to shareholders via dividends And share repurchase. Please turn to Slide 15 for a summary of our share repurchase program and balance sheet. During the Q2, we repurchased approximately 600,000 shares

Speaker 2

for a

Speaker 3

total cost of $42,400,000 including taxes. For the 1st 6 months of the year, we repurchased 1,300,000 shares for a total cost of 84,500,000 Since we initiated our share repurchase program in August of 2021 through June 30 this year, we have repurchased 8,700,000 shares or approximately 20% of our stock for a total cost of over $680,000,000 As we have said before, we are committed to returning excess capital to Shareholders and plan to continue to do so in the absence of any large growth investment opportunities. Turning to our debt levels. Our total debt at the end of the second quarter was $462,400,000 a reduction of $14,300,000 from the end of the Q1. I'm now going to walk through an update on a few financial items.

Speaker 3

So please turn to the next slide. The cash balance in the CCF at the end of the quarter was $583,900,000 During the quarter, we made an approximately $50,000,000 payment from the CCF for the new vessel build program. Based on the remaining milestone payments of roughly $899,000,000 today, nearly 2 thirds of the program is funded by restricted cash in the CCF. Note That the 2 thirds figure excludes interest income on cash deposits that may be earned in future years. We expect to make our next milestone payment in the Q2 of next year.

Speaker 3

We continue to expect a general corporate tax refund of approximately $120,000,000 for the cash deposited into the CCF last year that was applied to the 2021 tax year. Lastly, for the Q3, we expect an effective tax rate of approximately 15%. That lower expected tax rate compared to the level in the Q2 is primarily due to further refinement of the 2022 tax deduction Related to foreign derived intangible income or FDII under Section 250 of the Internal Revenue Code. The FDII deduction is available to U. S.

Speaker 3

Corporations that generate income from services provided in foreign countries. For the Q4, we expect the effective tax rate to revert to roughly 24%. With that, I'll now turn the call back over to Matt.

Speaker 2

Okay. Thanks, Joel. Please turn to Slide 17, where I'll go through some closing thoughts. We expect the consolidated operating income in the Q3 of 2023 to be higher in Q2. Normal seasonality trends have returned to our domestic trade lanes and logistics.

Speaker 2

And as previously mentioned, we expect our China service to be near full during the traditional peak season. We also expect consolidated operating income in the Q4 of 2023 to approach the level achieved in the Q1 of this year. For both the CLX and CLX Plus service, In the first half of the year, we earned freight rates well above pre temp pandemic levels. For the second half of the year, we expect to continue to earn Freight rates well above pre pandemic levels. In closing, Matson had a solid performance in the first half of the year Despite the challenging business environment, our balance sheet is in great shape and we're nearly 2 thirds funded on our new vessel program, as Joel just mentioned.

Speaker 2

I feel very good about our market positioning in Ocean Transportation and Logistics and the company's potential earnings generation. We are beginning to see consistency in our demand levels post pandemic and therefore Are evaluating the return of our annual financial outlook with the release of our 4th quarter earnings in February. With that, I will turn the call back to the operator and ask for your questions.

Operator

All right. Thank you. We will now conduct the question and answer session. The floor is now open.

Speaker 4

Thank you. Hey, guys. And I apologize if there is background noise on my airplane. But I think for me the first and most important question is around the pricing on the CLX And CLX Plus really, we've seen some stability in the Shanghai index. You guys obviously did Extremely well there.

Speaker 4

Does it feel like we have reached as it relates to how your pricing price, Have we reached sort of a new normal or a flattening point? And or the inverse of that is, There are some weird things going on, but labor on the West Coast and fuel normalization. I guess the question is, do you have enough clarity to say, okay, This feels like business as usual yet?

Speaker 2

Yes. It's a great question, Ben. We From our point of view, I think the short answer to your question is yes. I think when we look at the elements of demand that we outlined in our expedited service, Something changed during the pandemic period where previously, Matson had been able to fill its CLX Expedited service at much higher than market freight rates. In the course of the pandemic, we've seen a lot of cargo move out of the air That was moving pre pandemic and now into our expedited ocean products.

Speaker 2

So we think that demand Has expanded as a result of the pandemic and that level of demand will allow us to fill our 2 services we feel consistently For the reasons that I mentioned, and based on that demand level, the expedited service feel that there is a firmness in our pricing as a result of the growing market for our expedited offering. So the short answer is yes. We feel confident. Now, we've said, look, if there's a recession, that could mix the economics. But frankly, The conversion from air freight into our expedited ocean is so compelling to our customers for those that are able to do it.

Speaker 2

We even believe there's consistency around that. So that's how I'd respond to your question.

Speaker 4

Well, that's I appreciate it and thanks Sorry, your candor on that. That sort of leads to the next question. We have seen some of your competitors that have offered Varieties of expedited services leave those businesses or get out of the business. Do you think there are any opportunities to pick up share or maybe, I don't know, tweak the model a little bit and Gain some of that business that maybe some of the others have walked away from?

Speaker 2

Yes. I think I'll answer

Speaker 4

That in

Speaker 2

2 ways. The first thing I would say is that in our view, if we can consistently operate And second fastest and most reliable services in the Trans Pacific, we're going to remain or retain the lion's share of the expedited market. In fact, a segment we invented over the last 17 years and have fulfilled. Are there opportunities to expand? I would say on the margin there is, As we may replace over time a smaller vessel with a larger vessel, either in our CLX or CLX Plus services, There may be incremental capacity that we gain over time.

Speaker 2

And frankly, the rest of the expedited offering as we SIAID is relatively small, so it makes it difficult for other competitors to try to come up against Matson with our combination of benefits. And as we've talked about before, Elements of our expedited model can be replicated, but all of them can't, including operating at Full steam, full speed and our shippers transport off dock facility, the only U. S. Customs bonded facility in Long Beach. So we're reasonably confident that we're going to retain the leading position in that market regardless of what happens on the margins.

Speaker 4

Okay. I appreciate it. Thank you.

Speaker 3

Okay. Thanks, Ben. Thanks, Ben.

Operator

All right. Thank you so much. Our next question comes from the line of Jack Atkins with Stephens Inc. Your line is now open, Jack.

Speaker 5

Okay, great. Thank you and thanks for taking my questions guys. Congrats on a great quarter. I guess, Matt, if I can maybe pick up where Ben left off and obviously wishing him safe travels on the flight. But I guess as you sort of think about the Differential between your service and air freight on a per pound basis.

Speaker 5

I mean, if I think back pre pandemic, it was Yes. Airfreight was 10 to 12 times more expensive than an expedited ocean offering like yours. How would you kind of think about that Today. Is there a way to maybe frame that up roughly?

Speaker 2

Yes, sure. I can. Jack, the economics remain Compelling in the way that you said, the way if we look at it more recently, our expedited ocean offering It's between 10% 15% of the cost of the equivalent air freight, but it adds 4 to 5 days in the transit, so a customer is making a conscious choice about an opportunity to move at least some of their cargo At a dramatic discount to the airfreight equivalent. So that's why we think when we said we believe it's economically compelling And even if a recession occurs, it remains in some ways just as or more economically compelling, gives us confidence to believe that this level of Cargo that has migrated from air freight over the last few years is here to stay.

Speaker 5

And then I guess when we think about the comment that you would expect your CLX services to be roughly Full or at full capacity in the Q3. Would that imply something around 40,000 containers? Just if I think back, You were probably sailing at roughly full capacity in the Q3 last year. Could you maybe Help us think about that just in terms of would that be roughly flat year over year? Is that the right way to think about it?

Speaker 3

Yes. Although a little less probably in the mid-30s, Jack, I mean, what we said annually is $60,000 to $65,000 for each service. So the higher end of that will be $130,000 but the Q3 does get more than 25 So I'd say in the mid to upper 30s.

Speaker 5

Okay.

Speaker 3

40 would be a pretty high number.

Speaker 5

Maybe comparable.

Speaker 3

And that depends a little bit on exactly which ships are sailing on in any given 90 day period of time.

Speaker 5

Okay. So roughly comparable to the second quarter, if it just kind of if I think about that. So that makes sense.

Speaker 4

Yes. Roughly yes, this past

Speaker 3

quarter, we were very full as well. Yes.

Speaker 5

Okay. Okay. That helps. Maybe shifting gears to Hawaii for a moment. Could you kind of talk about what you're seeing there?

Speaker 5

Would you feel like that maybe we're kind of bouncing along the bottom in terms of demand To Hawaii Westbound demand, if I kind of think about this year, it looks like you're kind of on a run rate to do A volume level there that it's been quite some time since we've seen something in kind of the run rate that you're at. I guess, how would you maybe characterize The sort of the demand situation in Hawaii for your westbound services?

Speaker 2

Yes. I mean, I don't think we've seen any Significant weakness nor have we seen dramatic bumps. I would say steady as she goes is how I would describe it. I would say the fundamentals As we described and as you hear or reported have been relatively steady. Our freight demand isn't quite as high as we expected it to be, but I think it's Adequate and acceptable.

Speaker 2

It's going to be moving kind of sideways is the way we would see it. I think there's still a lot of inventory management, Active inventory management among our large customers in Hawaii and they're not going to oversupply the market. So we think steady as she goes is our best bet at this point.

Speaker 5

Okay. And then, Matt, I guess, as you sort of look out, maybe it's 2024 beyond, is there anything that makes you a little bit more optimistic about Demand trends in Hawaii, whether it's construction activity that may pick up or just any sort of projects on the horizon that would make you feel like that We could maybe get back to a higher level of demand to Hawaii?

Speaker 2

Yes. It's not obvious that there are Significant catalysts, I mean, I would say they would be more macro, they would be a recovering U. S. Economy. As you know continues to be a very desirable place for people to go at holiday.

Speaker 2

If you look at the level of spending including the military spending as the U. S. Military pivots to the Pacific. There'll be a tailwind there. It should be small but steady.

Speaker 2

We see low unemployment. And A lot of those fundamentals will be underpinning, but neither do we see significant catalysts that's going to really take that up. We see small growth over time Kind of consistent with prior history is the way I think of it.

Speaker 5

Okay. And then I guess maybe for my last question before I hand it back, when I think about The logistics business, obviously doing really well considering how challenging the broader Freight environment is within the Lower 48 of the U. S. I guess, it would seem like that you're sort of Complimentary services related to China and Alaska are helping to really drive that business. I mean, should we think about that Kind of seasonality of the operating income there may be tracking with the seasonality of the CLX Service and the seasonality in Hawaii excuse me, in Alaska or maybe help us think through what's kind of driving that business Quarter to quarter because you saw a nice step up of operating income with relatively consistent earnings.

Speaker 2

Yes. I think you're on the right track there, Jack. I think as it relates to our supply chain services, which track our China services, we do expect very significant parallels as we get into traditional There's more cargo moving. Our supply chain services are more active during those seasonal 2 middle quarters. And with regard to Alaska, as you know, we've got the summer season is really the same as the construction season.

Speaker 2

And so we do see traditionally a spike up during those the middle of the year or the warmer months. But I'd also say that we are seeing we are providing on the margin a little bit more activity to the North Slope, which is a relatively new segment that we focused on. And that moves in some ways outside of the more traditional construction cycle For pipe and other materials. And so I would say, largely those two verticals that you mentioned within Matson Logistics Our welcome expansions to our portfolio over the last few years and we see those as continuing.

Speaker 5

Okay. Okay. Thanks again for the time guys and congratulations.

Speaker 2

Okay, Jack. Thank you, Jack.

Operator

All right. Thank you. Our next question comes from the line of Jake Lacks with Wolfe Research. Your line is now open.

Speaker 6

Hey, thanks for the time. Hi, Jade. So I guess I wanted to come back to an earlier question. There was some labor uncertainty at the West Coast in the quarter and now we're seeing labor uncertainty in Canada. Is this helping your demand levels right now?

Speaker 6

Or do you think this is entirely the value proposition that you talked to earlier? And then I guess just on the West Coast, are you seeing volume shift back given the tentative agreement?

Speaker 2

Yes. So with regard to the labor agreement, I think if you look at our SSAT joint venture, which was I know not the Root of your question, we had seen because of the delay in the renewal of the contract, We did see a lot of the other international ocean carriers and their customers move cargo differently over the West Coast Try to avoid any congestion related to the labor disruption that reflected in lower volumes to the West Coast as services went all water or other Through the Panama, other ports of loading that benefited from the diversion of the cargo, our view is that, as We're now in the process of the contract being ratified, which we expect it to be ratified. The cargo will generally migrate back. But and some of that will be permanently lost. But as it relates to the balance of this year, freight volume on the West Coast because we're in relatively muted peak season now.

Speaker 2

We're not expecting any dramatic changes. This is sort of in the second half of the year from what we saw in the first half of the year. So That's SSAT. But to your question about whether we think we benefited from any Ourselves of the uncertainty. I would say the answer to that is no.

Speaker 2

I would say most of the expedited market Wants to go to the West Coast. It wants to be able to as soon as it's discharged, go to team truck or another method by which to Pick it up and move it to interior points. So there's not a lot of that cargo, in our view that was that we benefited from. It was just more of The core e commerce and e goods and the stuff that was moving pretty reliably on our services over the last quarter.

Speaker 6

Got it. That's helpful. And then just on guidance, it assumes a pretty material step down in earnings in 4Q. So What do you think is the biggest driver of that? And do you think just seasonality for the business is a little more pronounced since adding the

Speaker 2

Yes, I think you're right. It's just the seasonality. And if you look back at Maxim's services, although we're admittedly a little bit different than we were going into the pandemic, I would say we continue to expect that seasonality factor in the 1st week or 2 of October. We'll expect all the holiday shipments to be on the water Or be delivered and available for the Christmas and holiday selling seasons. And so it's really more of a reversion to historical patterns and really has almost Nothing to do with demand factors that are unique to Matson, more just a market reaction.

Speaker 6

Great. Great. I appreciate the time.

Speaker 2

Okay, Jake. Thanks very much.

Operator

All right. Thank you so much. Okay. I'm showing no further questions at this time. I would now like to turn the conference back to Matt Cox for closing remarks.

Speaker 2

Okay. Thanks, operator. I just want to say thanks for joining the call today. We look forward to catching up with everyone on next quarter's earnings call. Aloha.

Operator

This concludes today's conference call. Thank you for participating. You may now disconnect.

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Earnings Conference Call
Matson Q2 2023
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