Haynes International Q3 2023 Earnings Call Transcript

Quartr
Provided by Quartr
August 4, 2023

There are 8 speakers on the call.

Operator

Welcome to the Haynes International Inc. 3rd Quarter Fiscal 2023 Financial Results Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. Please note this conference is being recorded.

Operator

I will now turn the conference over to your host, Controller and Chief Accounting Officer, David Van Bibber. You may begin.

Speaker 1

Thank you very much for joining us today. With me today are Mike Shore, President and CEO of Haynes International and Dan Motland, Vice President and Chief Financial Officer. Before we get started, I would like to read a brief cautionary note regarding forward looking statements. This conference call contains statements that are forward looking within the meaning of the Private The words believe, anticipate, plan and similar expressions are intended to identify forward looking statements. Although we believe our plans, intentions and expectations Regarding or suggested by such forward looking statements are reasonable.

Speaker 1

Such statements are subject to a number of risks and uncertainties, and we can provide no assurances such plans, intentions or expectations will be achieved. Many of these risks are discussed in detail in the company's filings The Securities and Exchange Commission, in particular Form 10 ks for its fiscal year ended September 30, 2022. The company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise. With that, let me turn the call over to Mike.

Speaker 2

Thank you, Dave. Good morning, everyone. As previously disclosed, On June 10, 2023, Haynes began experiencing a network outage indicative of a cybersecurity incident. At that point, our incident response team in conjunction with 3rd party specialists began to investigate the incident, determine the impact and restore functionality to our systems. On June 21, just 11 days after the incident, we announced that we were back up and running and had substantially restored our operations, including our administrative, sales, financial and customer service functions.

Speaker 2

I'm very proud of our entire team for reacting, communicating and recovering very well as we fought through the incident. Despite our rapid actions and responses, we did incur significant outages in many of our operations. Approximately 11 days of manufacturing or over 1 third of the month of June was impacted. The outage led to an estimated $18,000,000 to $20,000,000 reduction in shipments in June and therefore in our Q3. That reduction in shipments along with the impact the outage had on efficiency and the costs incurred related to our investigation and restoration efforts resulted in an estimated reduction in earnings per share of approximately $0.40 to $0.45 Although it will be difficult to offset the missed 3rd quarter shipments in our 4th quarter due to our high operating levels, We have regained good momentum with the flow of orders at each of our operating locations and expect our 4th quarter revenues to be the highest of our fiscal year.

Speaker 2

Our team is now once again focused on the actions that have resulted in excellent financial performance over the past year. These actions include the following 3 items. 1st, a focus on gross margins that when removing the Q3 impact of the cyber incident Approximately 25% below where it was when we began this improvement journey 5 years ago. And finally, our continuing efforts to focus on and improve our core competencies and differentiators, including alloy and application development, the supply of high value products and services and outstanding sales and technical service. To illustrate the positive effect of reducing our breakeven point, in Q3, We shipped just £4,400,000 because of the impact of the network outage, yet we made $8,800,000 in net income.

Speaker 2

This is despite being below our previous breakeven point of £5,000,000 a quarter. I'll now move on to revenue and market performance in our 3rd quarter. Despite the one time impact of the cyber incident, the numbers tell a very compelling story. Revenues were $143,900,000 down 5.8% sequentially, but up 10.6% year on year. As far as our markets, our sequential and year on year CPI revenues were down significantly because of both the cyber incident and our ongoing mix management and pricing for value initiatives.

Speaker 2

Our IGT revenue while being down sequentially due to the cyber incident We're still up 17% year on year. This is primarily due to our share gain, excellent sales and Technical service and increasing use of our proprietary alloy Haynes 282 in land based gas turbines. Our other markets declined both sequentially and year over year due to both cyber incident and our withdrawal from majority of the low margin flue gas desulfurization or FGD market. As far as our aerospace market, Our 3rd quarter numbers truly emphasize the strength of the aerospace market for Haynes. Despite the gap in June shipments, Our aerospace revenues increased 27% year on year and 16.3% sequentially.

Speaker 2

These increases show the unprecedented demand and growth that we are experiencing in this market. Further emphasizing the strength of the aerospace market, I'll touch on the Paris Air Show, which occurred in June, where we met with many customers, along with engine and airframe builders. Each meeting was very similar with 3 main themes. 1st, The industry's inability to build inventory in the engine supply chain. 2nd, the anticipated need for increasing volumes of nickel based super alloys and titanium tube for years to come and third, the outstanding sales and technical service provided by Haynes Due to our combination on excellent people, unquestioned quality and outstanding service out of our company owned customer facing service centers.

Speaker 2

To put some additional color on this, the news out of the aerospace industry continues to be very positive. Per recent communication from Safran to suppliers, There is a backlog of more than 10,000 LEAP engines and their objective is to deliver 50% more LEAP engines in 2023 versus 2022. In addition, numerous published projections show significant Commercial Aerospace growth, both short term and through the balance of this decade with passenger traffic returning to peak 2019 levels this year and the commercial aircraft fleet anticipated to double over the next 20 years. Finally, as far as backlog and book to bill, our backlog in June increased for the 27th consecutive month, reaching a new record With our end of Q3 backlog now at $468,100,000 For comparison, Before this ramp up, our prior backlog record was $288,600,000 Our Q3 total Book to bill based on revenue was 1.2 with Arrow at 1.1, CPI and other markets at 1.0 And IGT continuing very strong at 1.5. Our past, current and anticipated future work on both cost reduction and our supply of high value differentiated products and services, along with our record backlog gives us great hope and excitement for the future of our company.

Speaker 2

Before wrapping up my comments, I have a few additional points to cover. First, I am pleased with the ongoing proactive approach on safety within all of our facilities. Our most recent accomplishments include the addition of a safety training specialist to our staff, our focus on maintaining and updating Key safety procedures within all of our plants and our safety suggestion system throughout each one of our facilities. In addition, In 2023, our wired facility in North Carolina received 10 year SHARP recognition. SHARP, which stands for Safety and Health Achievement and Recognition Program is designed for small and medium sized plants that have established, implemented and maintained exceptional workplace safety standards.

Speaker 2

Next, We are very pleased to announce that we have reached a 5 year agreement with our Kokomo United Steelworkers Union. The agreement has been overwhelmingly ratified by our workforce. We have a dedicated and talented group of employees throughout Haynes and we look forward to continuing down our path of further safety, Quality, delivery, yield and cost improvement. The next item I want to touch on is Haynes' innovative alloy and application development, which are true core competencies that are the heart of our company. Our strength is developing and bringing to market niche, Highly differentiated products that are the result of long term research and application development efforts.

Speaker 2

4 of our newest alloys, Haynes 233 Alloy, Haynes 244 Alloy, Haynes 244 Alloy, Hastelloy Hybrid BC1 Alloy And Haynes HR235 Alloy are at different stages of commercialization and have shown clear initial signs of market acceptance. Our newest high temperature alloy, Payne's 233 was developed with an outstanding combination of high temperature strength and oxidation resistance. Unlike many other alloys, 233 Alloy is extremely versatile and is currently being tested or has already been selected by some major OEMs in the aerospace, IGT, industrial heating and Chemical Process Market segments. Finally, my sincere thanks to our Haynes team for their performance and teamwork As we worked our way through the issues and the opportunities of this past quarter, because of the people of Haynes, our future is bright. I'll now hand the call over to Dan for comments on our financial results.

Speaker 3

Thank you, Mike. This has certainly been a challenging quarter. However, the good news is the underlying fundamentals of the business and our improvement strategy are still intact and in focus. Our Q3 volume shift was £4,400,000 This volume would have previously resulted in a net loss. However, with our lower breakeven point, we were profitable with $8,800,000 net income and with $13,700,000 operating cash flow for Another telling metric is our average selling price per pound, which in total including conversion revenue was $32.51 per pound shipped this quarter.

Speaker 3

This clearly reflects the high value products we provide and the differentiation of our product mix from others in our peer group. Combine this with our company record backlog, Our investment in inventory puts us in a favorable position as we look to the future. The cybersecurity incident that occurred this quarter caused an impact on sales of roughly $18,000,000 to $20,000,000 which we expect to make up over the next few quarters. As Mike mentioned, this impacted earnings per share with an estimated $0.40 to $0.45 or roughly $5,500,000 Most of this was attributable to the revenue shortfall, which we expect to recover with the associated incremental margin, But some costs were inefficiencies and costs related to the investigation and restoration efforts that were within our insurance deductibles. Some of these costs impacted cost of goods sold and some in SG and A.

Speaker 3

This quarter also included a raw material headwind of 1 This estimate is derived from a model developed by the company to measure how the commodity price changes flow through net revenues and flow through cost of sales. 4th quarter earnings are expected to be unfavorably impacted by additional headwinds from the continued reduction in the price of both nickel and cobalt. Raw material price fluctuations can impact our results More sharply than others in our peer group, given our product portfolio being solely high end nickel and cobalt based alloys, remember that average selling price of $32.51 Production of these types of alloys generates a significant scrap stream, which of course is recycled back into the melt, but puts the commodity price risk on the company for that scrap stream and has an impact when market prices change, sometimes favorable, sometimes unfavorable. Raw material price risk For the product that shipped to the customer is reasonably well managed with our escalators and de escalators for raw materials, but the scrap exposure is difficult to effectively hedge. Our gross margin for the quarter was 18.1%, Including the cybersecurity incident and the raw material impact, our production momentum is back and we are now producing at very high levels at each of our facilities.

Speaker 3

We anticipate that our 4th quarter volume shipped will be the best of our fiscal year. Our SG and A including research and technical expense was 8 0.9% of net sales for the quarter as compared sequentially to Q2 of 9% even with lower revenues. SG and A dollars were $12,800,000 for Q3. Operating income was $13,200,000 this quarter, which is a sequential decrease driven by the cybersecurity incident. Our effective tax rate for the Q3 was 23.5 percent And all of this resulted in net income of $8,800,000 and a diluted earnings per share of $0.68 impacted by the cybersecurity incident of $0.40 to $0.45 and raw materials of $0.09 per share.

Speaker 3

A few additional points regarding our financial position. Our revolver balance was 98,700,000 a decrease of $9,300,000 during the Q3 of fiscal 'twenty three. We renewed our credit facility and increased it to $200,000,000 providing This amended agreement has a slightly better interest rate grid and is a 5 year term which matures in June of of the cybersecurity incident this quarter and its Q4 impact pushing out cash collections on those receivables into later quarters. Our U. S.

Speaker 3

Pension plan funding percentage continues to improve with the quarter end funding percentage at 94.4% and the long term liability on the balance sheet at $16,600,000 This was $108,000,000 less than 3 years ago. Our backlog was at a record level, dollars 468,100,000 as of June 30, 2023, an increase of $21,400,000 from the Q2 of FY2023 and an increase of 130,000,000 from the same period last year. Our controllable working capital was $426,200,000 as of June 30, An increase of $47,900,000 since the beginning of the fiscal year. This increase was driven by inventory With the June 30 balance of $411,700,000 representing a $54,100,000 increase this fiscal year as we grow our production levels and our top line revenue. Our capital investment in the 1st 9 months of fiscal 20 23 was $11,800,000 Our total forecasted capital expenditures for FY2023 has been slightly reduced to $16,000,000 to $18,000,000 adjusting for delays of equipment receipts from supply chain issues.

Speaker 3

Outlook for next quarter. The cyber related revenue impact is expected to be made up over the next few quarters into fiscal 2024. The company has regained good momentum with the flow of orders at each of its operating locations and expects 4th quarter fiscal 2023 net revenues and earnings to be the highest of the fiscal year. 4th quarter earnings are expected to be unfavorably impacted by additional headwinds from the continued reduction in both nickel and cobalt. In conclusion, while it was a challenging quarter, we navigated it well.

Speaker 3

As we progress through the Q4 of this fiscal year and into fiscal 2024, we remain optimistic With our improvement initiatives still in focus, a strong backlog, a strong work in process inventory position and returning production momentum. These are positive factors to drive shareholder value creation. Mike, with that, I will now turn the discussion back over to you.

Speaker 2

Thank you, Dan. Our team continues to be encouraged by our performance and the future potential of our business. Thanks to all of you for your continued interest in our company. With that, Holly, let's open the call to questions.

Operator

Certainly. At this time, we will be conducting a question and answer Your first question for today is coming from Mark Gregman at Noble Capital Markets.

Speaker 4

Good morning and thank you for taking my questions.

Speaker 3

Hey Mark. Hey Mark.

Speaker 4

The first question I have is Dan mentioned insurance deductibles. And I was going to ask what which of your policies might apply The business interruption and will you be able to make any recoveries through your insurance policies?

Speaker 3

Yes, we did have specific cybersecurity insurance. So there are coverage there is coverage related to that. So the cost that you see kind of flowing through June is really within those deductibles of that policy. There is Business interruption insurance, but the deductibles on that are quite high as far as the number of days you were down. We were down 11 days.

Speaker 3

So that's Not a big amount versus the deductibles within those particular policies, but we do have cybersecurity insurance that will cover the balance.

Speaker 4

And then the second question is when you look at the backlog and the sequential increase, Is one way to look at that, that maybe $18,000,000 to $20,000,000 of that build is due to The buildup from the cybersecurity incident or is that is not the right way to think about it?

Speaker 2

Mark, yes. It's The $18,000,000 to $20,000,000 is clearly related to the 11 days that we did not operate. The plant going down and then coming back up in the 11 days in Tween is the reason

Speaker 4

for that. Okay. But did that impact is that what drives kind of does that how much of the Backlog increase was driven by that. In other words, the $446,700,000 to the 4

Speaker 2

I'll answer it this way. Our order entry without that material in there Is greater than what we are shipping, which is causing the backlog increase.

Speaker 4

Okay, great. No, that's very helpful. And then just lastly, Just looking at kind of the trends in the shipments by markets, you had kind of pivot away from chemical processing in the Q3. Looking out at the Q4, would you say that the Q3 are kind of good Markers for chemical processing and other markets, in other words, would you say that those are kind of normalized volume for those two segments Or just some commentary there.

Speaker 2

In general, obviously, we're expecting across the board increased volume in Q4 versus Q3, but the chemical processing market is really 2 markets. It's the high end special projects and other high end businesses, which we continue to pursue and are very good for our company, but there's also the lower end alloys that are more commoditized And we look to continue to apply our capacity to those markets as to the aerospace and power generation market as opposed to the Chemical processing market. We don't say no to our customers. We just tend to price it in a way that we are pursuing what makes the most sense for the company. Some of that results in order, some of that does not.

Speaker 4

That's very helpful. And thank you very much.

Speaker 2

Thank you, Mark.

Operator

Your next question is coming from Steve Farazani at Sidoti and Company.

Speaker 5

Good morning, Mike. Good morning, Dan. Obviously, a very successful Paris Air Show all the way around. Aerospace demand still seems like We got a multiyear runway. When I think about your backlog, which is almost a year's worth in a more normal year And way above what you've seen before.

Speaker 5

You noted in particular in response to the previous question, the fact that you've moved away from that lower margin Fluidous desulfurization. Is there more customer rationalization you can take? I'm sure Love to have huge backlog, but I'm sure you'd like to see more higher margin going through your plants. Is there more rationalization to come given The runway we're expecting in aerospace?

Speaker 2

I'd say instead of customer rationalization, It's all about individual products and what we do within those products. I want to be clear, there are some outstanding Portions of business for us in the chemical processing market. What we are doing is our customers are looking at what's happening with the geared turbofan builds, The LEAP builds, the A320 builds and the 737 builds, and they're layering their orders based on that. And We have done because the combination of our mill and our distribution centers, a very good job of supporting them and we'll continue to do that. So It's to me, it's just making sure our customers and therefore we understand what's coming and making sure we layer that in to be able to Supply to supply chain is what they need.

Speaker 5

Any thoughts at capacity expansion and or use of third parties to meet what's Certainly, very, very strong demand at strong margins.

Speaker 2

Sure. When we I'll go back To the last cycle, in the 2015 to 2018 timeframe, we saw significant growth coming in aerospace, And therefore, we expanded fairly significantly our key product, our cold finish products, our cold finish flat and our titanium capacity. So that has us in pretty good shape with where we are. The issue that we've talked about before is vacuum induction melting, which is very, very tight right now and we have begun to use outside conversion where needed to supplement RVIM melting. So we're looking at that.

Speaker 2

We also look at the future on what's needed related to, again, our core aerospace product titanium tube, And we're looking for ways to also through internal actions expand our capacity there.

Speaker 5

Great, thanks. If I could just get one more in, obviously, we saw some reduction to revolver, second half cash flow tends to be much stronger With the first half working capital build, am I thinking this right, probably a pay down in 4Q and then first half, You're going to see the build again because it's hard to bring that down when your book to bill continues to be over 1x, right?

Speaker 3

Yes. One issue with the revolver with the cybersecurity incident happening in late June, as that gets That revenue gets pushed out, those receivable collection on those receivables get pushed out as well. So

Speaker 2

I

Speaker 3

actually mentioned in my prepared remarks, we expect The revolver to increase over the Q4. As those as we catch up on the cyber incident over the next few quarters, we'll regain that cash Back, of course. But the timing of that will just be pushed out a bit more. So we expect an increase in the revolver from where we're at the end of June By the end of September. And then as we Is

Speaker 5

that part of the reason to have expanded the size of it?

Speaker 3

Sure. I mean, we wanted to have strong liquidity going forward. We look at our backlog at record levels and it's continuing to grow. So certainly wanted to be prepared to engage in that and grow the business. And the risk of if nickel goes crazy again, if nickel skyrockets up, we want to not have to Slow anything down and be able to absorb that within our revolver as well, if needed, just the risk prevention.

Speaker 5

Perfect. All right. Thanks, Mike.

Speaker 2

Thank you, Steve.

Operator

Your next question for today is coming from Michael Leshock at KeyBanc.

Speaker 6

Good morning, Mike. Hey, good morning, Dan. Hey, Mike. I wanted to ask, as we Look forward the next few quarters, you mentioned you plan to make up the $18,000,000 to $20,000,000 in revenue from the cybersecurity incident, but I didn't hear anything on the $0.40 to $0.45 in EPS. So, just wondering what the margins are behind that lost Revenue, is it lower margin business that you may have shifted away from?

Speaker 6

And just how do those margins relate to the overall company margin?

Speaker 3

I think it'd be very similar to the overall company margins. I mean, we pushed out potentially $18,000,000 to $20,000,000 And I mentioned that as we Recover that revenue, we'll recover that incremental margin as well. So that is not lost. It's just going to be pushed into later quarters. But I did mention that there are some costs related to this, related to the inefficiencies related to the restoration efforts And the costs when you have a cybersecurity incident like this, those of course would not be recovered, but the incremental revenue certainly will as we catch up on those lost shipments.

Speaker 6

And then what are the current bottlenecks In your operations today, and how have some of the VIM melt constraints that you've had in the past, how have they improved over the past few months? And where do you see the biggest opportunities to further improve bottlenecks?

Speaker 2

I think there's actually 3 areas that we're working to improve. As our manpower has been applied to our cold finish flat manufacturing, we see an opportunity to relieve The backlog and in fact we're seeing evidence of that and be able to manufacture more cold finish flats. In addition, On the aerospace hydraulic tubing side with titanium tubing, we are currently looking and we have people in place now looking at what we can do to Not really the current bottleneck, but anticipate what could be coming as far as a bottleneck with increasing demand there. And so we're looking on how to further expand that. And then the obvious one is what we've talked about with vacuum induction melting and using outside conversion to supplement, we're doing that.

Speaker 2

We continue to We expect to continue to do that for a while as we move forward. So those are the 3. They're all aerospace focused and we feel Good about getting after each one of those.

Speaker 6

And then where do you see inventory in As we move forward, you kind of mentioned it, but just wondering if that could be a source of cash in the Q4 or into fiscal 'twenty four or do you kind of need to maintain the levels you're at to support the strong demand?

Speaker 3

Yes. In the short run, I would expect we would maintain the levels we're at, if not a Small increase potentially as we continue to invest in the melt. Certainly over FY 'twenty four as that revenue picks up, Then that would stabilize and more than likely a decrease in inventory levels at that point and a cash generation that comes with it. So FY 2024, yes, I would agree that would probably decline, but in the short run-in Q4, no, not necessarily.

Speaker 6

And just lastly for me, do you have any raw material price expectation for the 4th quarter If because you had mentioned it may be a headwind, but just given what nickel and cobalt has done, All else equal, what are your expectations for the coming quarter?

Speaker 2

We expect, let's take a step back. Nickel was at About $13 a pound in December, dollars 9.60 in June. Cobalt was at $39 We have a fair amount of that material going through. It's now at $16 a pound. So we expect unfavorable headwinds in Q4, no doubt about it, both from nickel and from cobalt.

Speaker 3

And this particular quarter, Q3, mentioned really it was just driven by cobalt. So now in Q4, it's cobalt plus nickel that we're expecting in Q4.

Operator

Your next question for today is coming from Chris Oles at Northcoast Research.

Speaker 7

Hey, good morning guys.

Speaker 2

Good morning, Chris.

Speaker 3

Hey, Chris.

Speaker 7

I wanted to ask about the GE9X engine Because I believe there has been some pull forward of 777X production. Is there any opportunity or guess I should say, are you changing the way you think about, supplying that engine now or any kind of pull forward or contribution to think of?

Speaker 2

We have 2 proprietary alloys that are going into that engine. We have all shown great patience For this to come to fruition, we have seen activity from our customers as far as components. So We are well prepared for when the demand comes in for the 9x that we will be ready for.

Speaker 7

So it's predominantly next year, you'll I should think about it probably

Speaker 2

than that. This process It's not going to be a quick process. I think we've learned that based on what we've seen over the last year or 2. But the key for us, Chris, Is these proprietary alloys, and so we want to make sure that whatever is required out there from us, we are well ahead of that, which we are.

Speaker 7

Great. Can you talk a little bit about the special project pipeline? I'm wondering if you've seen Any change in the environment given the rise in interest rates or kind of the macro concerns out there?

Speaker 2

We continue to see progress with special projects. We've actually seen an increase in special projects over the past year. However, as everyone knows, in this industry, there are long lead times. So some of our most recent wins will be shipped Fiscal 2024 and beyond, we do expect to see continued growth here. It's what we do with our application development efforts.

Speaker 2

And what's great about these projects, all of the things I love alloys I love talking about, 282, Hybrid BC1, G35, They're all involved and strong contributors to special projects.

Speaker 7

1 of your competitors recently talked about Slowing industrial and energy shipments in the current quarter related to inventory destocking or macro issues. I was just wondering if you see anything like that when you think about like transactional volumes or maybe the tolling business. Is there anything Near term, that's been negative out there?

Speaker 2

No. On the energy side, when we talk energy, we talk power generation. And what we see in power generation is demand for our alloy 282 continues to climb. Business is still Strong out there to say the least. We've got share gain in IGT.

Speaker 2

We have new alloy initiatives. And from our view In Power Generation, long term trends are very positive because of coal being retired and natural gas being one of the choices out there. So no, we've not seen any decline at all.

Speaker 7

Thanks, Hublot.

Speaker 3

Thank you. Thank you.

Operator

Your next question for today is

Speaker 1

A couple of questions. During the cyber outage, were you guys still manufacturing but not shipping or not manufacturing at all? Just trying to think of No. Okay.

Speaker 2

Majority of our operations were not able to operate because of the lack of To our shop floor system. So we had a in some of our hot end operations, we operated for a little while, but the majority of our operations were down.

Speaker 1

Okay. All right. Thank you. And then, I guess adjusting for the cyber outage impacts you outlined, I mean, is there Anything that gives you pause in the previously 15% to 20% revenue and EPS guide that you gave Last quarter?

Speaker 2

I think I'll start and I'll let Dan wrap it up. We've had 2 issues that we've dealt with here. One is the cyber incident and the impact of the cyber incident. The second is the ongoing decline of raw material prices. Beyond that, we feel great about where our business is.

Speaker 2

We continue to focus on what's gotten us to this point. High value differentiated products and Sure that they are valued by our customers the way they should and significant and relentless focus on variable cost reductions. So feel very good about that.

Speaker 3

Yes, I would echo that. I think our strategy is very much intact. The cyber incident obviously had an impact on that guidance and raw materials. Keep in mind, The raw material impact last year, we had year to date through the Q3 about $8,400,000 of a tailwind In raw materials, and we highlighted that and pointed that out, this year that is about an $8,800,000 headwind. So a difference of over $17,000,000 swinging from a tailwind to a headwind this year.

Speaker 3

And that has Surprised us a bit in the later quarters here. So the 15% to 20% guidance that we had provided, this is a surprise additional headwind that we weren't expecting.

Operator

We have reached the end of the question and answer session. And I will now turn the call over to Mike for closing remarks.

Speaker 2

Thank you, Holly, and thank you all for your time today. We as always appreciate your interest and support of our company and we'll talk to you again next quarter. Thank you.

Operator

This concludes today's conference and you may disconnect your lines at this time. Thank you for your

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