Alight Q2 2024 Earnings Call Transcript

Quartr
Provided by Quartr
August 1, 2024

There are 10 speakers on the call.

Operator

Greetings, and welcome to NNN REIT's Incorporated Second Quarter 20 24 Earnings Call. At this time, all participants are in a listen only mode and a question and answer session will follow the formal presentation. Please note, this conference is being recorded. I will now turn the conference over to your host, Mr. Steve Horne, Chief Executive Officer of NNN REIT.

Operator

Sir, you may begin.

Speaker 1

Hey, thanks, Ali. Good morning, and welcome to NNN REIT's Q2 2024 Earnings Call. As usual, joining me on the call is Chief Financial Officer, Kevin Abig. As the press release reflects, the company's consistent performance carried through the Q2 and produced strong results, including high occupancy and in line acquisitions volume driven by our proprietary tenant relationships. We are in a position to continue enhancing shareholder value as we move deeper into 2024 and start setting up for 2025.

Speaker 1

Highlights of the Q2 financial results emphasize our continuous effort actively managing the portfolio with data analytics and experience. The portfolio of 3,548 freestanding single tenant properties continue to perform exceedingly well, maintained high occupancy levels of 99.3%, which remains above our long term average of roughly 98%. Knowing the acquisition pipeline, market conditions and portfolio performance, MNN feels comfortable about increasing the midpoint of core FFO per share guidance by $0.02 to $3.30 The leasing department continued the strong start of the year by identifying and executing with QSR tenants, having 158% recapture rate from the prior rent during the quarter, which brings year to date recapture of 102%. This recapture is above historical levels of approximately 70%. Just want to be clear and remember that NNN does not tries hard not to give TI Dollar to quote buy up rent.

Speaker 1

Currently, NNN only has 26 vacant assets in the portfolio, which is a testament to working with relationship tenants to maximize value for shareholders. During the quarter, we also sold 14 properties, which 11 were income producing, raising $67,000,000 of proceeds to be reinvested into new acquisitions. Over the course of the year, NNN sells assets defensively and proactively. But overall, we target a blended disposition cap rate to be about 100 basis points lower than the deployment of capital pricing. Year to date, NNN has sold $85,000,000 of assets, which has resulted in the lift of the disposition guidance lower end to $100,000,000 from $80,000,000 Staying on the portfolio, I'd like to mention with regard to 2024 lease expirations, which we originally had about 90 headed into the year is all but wrapped up, and we landed right near our historical average of 85% for renewals.

Speaker 1

Now the asset management department is kind of turning its attention to 2025 renewals, which I see no cause for concern based on the makeup of assets and tenants. On the acquisitions, during the quarter, we invested $110,000,000 in 16 new properties at an initial cash cap rate of 7.9 The potential yield or if we were required to straight line it would be about 8.9%, with an average lease duration of over 16 years. 100% of the deals were from relationship tenants, which we do repeat business creating a barrier to the competition to solidify NNN's deal form. As far as the acquisition pricing environment, last quarter, our initial acquisition cap rate was approximately 10 basis points tighter than the Q1 of 2024 and 70 basis points wider than the Q2 of 2023. My expectations for N and M's cap rates on the target acquisitions will remain kind of in the mid to high 7s for the remainder of the year.

Speaker 1

This assumption is a result of 1, kind of the 3rd quarter transaction pricing for the most part is locked in 2, the run up in equity prices in the sector trading marginally better cost of equity and lastly, the market is starting to price into short term rate cuts. Knowing our current pipeline and dialogue with our partners, we remain comfortable with our ability to meet and hopefully exceed our 2024 acquisition guidance of $400,000,000 to $500,000,000 primarily via the direct sale leaseback and our long duration triple net lease form, which is a lot more landlord friendly than the 1031 market deals. Our balance sheet remains one of the strongest in the sector with a leading 12.6 year average debt maturity, and our next debt maturity isn't until the Q4 of 2025. The Croda facility has plenty of dry powder with a quarter end balance of approximately $12,000,000 down from $132,000,000 at year end, and we just increased the capacity to $1,200,000,000 NNN is positioned well positioned to fund our 2024 acquisition guidance and beyond. With that, let me turn the call over to Kevin for more color, detail and the quarterly numbers and updated guidance.

Speaker 2

Thanks, Steve. As usual, I'll start with our typical cautionary statement that we will make certain statements that may be considered to be forward looking statements under federal securities law. The company's actual future results may differ significantly from the matters discussed in these forward looking statements, and we may not release revisions to these forward looking statements to reflect changes after the statements were made. Factors and risks that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in the company's filings with the SEC and in this morning's press release. Okay.

Speaker 2

With that out of the way, yes, so headlines from this morning's press release report, quarterly core FFO results of $0.83 per share for the Q2 of 2024 and that's up 0 point 0 $3 or 3.8 percent over a year ago results of $0.80 per share. AFFO results were $0.84 per share for the 2nd quarter, which is $0.04 or 5% higher than year ago results. 2nd quarter results did include $2,100,000 of lease termination fee income, which is relatively high for us and that compares with $300,000 in the Q2 of 2023. As you may recall, we reported $4,200,000 of lease termination fee income in the Q1 of this year. So for the first half, we're reporting $6,300,000 of lease termination fee income first half of twenty twenty four versus $2,000,000 for the first half of twenty twenty three.

Speaker 2

If you look back over the last 5 years, we have averaged $3,000,000 of annual lease termination fee income. So all that to say, this year is running well above normal. But even without that incremental income, overall, it was a good quarter and in line with our expectations. As Steve mentioned, occupancy was 99.3 percent at quarter end. G and A expense was 11 point $8,000,000 for the quarter and that represents 5.4 percent of revenues for the quarter and 5.6% of revenues for the first half, which is in line with our guidance.

Speaker 2

And I'll begin my push here for folks to also think about G and A as a percentage of NOI, which for us was 5.6% in the Q2. And I'll talk more about this in due course, but I think it highlights one of the advantages of net lease companies enjoy versus, what I'll call gross lease companies, in that more of our revenue drops to the bottom line, which obviously supports total shareholder returns. Our AFFO dividend payout ratio for the first half of 2024 was 67.1 percent that which resulted in approximately $101,000,000 of free cash flow for the 6 months after the payment of all expenses and dividends. Incorporating the increased dividend we recently announced, we currently anticipate this free cash flow amount coming in at approximately $195,000,000 for the full year 2024, which is about a 68% payout ratio for the year. We ended the quarter with 837 point $6,000,000 of annual base rent in place for all leases as of June 30, 2024, which would take into account all acquisitions and dispositions completed during the quarter.

Speaker 2

As Steve mentioned, we did increase our 2024 guidance by the bottom end and the top end by $0.02 a share with a new range for core FFO per share of $3.27 to $3.33 per share. The underlying assumptions really did not change notably. G and A, acquisition volume all staying the same. As Steve mentioned, a small increase in the disposition volume expectations to new guidance of $100,000,000 to $120,000,000 for the year. Switching over to the balance sheet.

Speaker 2

There was a very small amount of equity issuance in the 2nd quarter at a little over $42 per share generating $13,000,000 in net proceeds. With a big thanks to our supported bank group, in April, we completed a recast of our bank credit facility, increasing the capacity by $100,000,000 to $1,200,000,000 and extending the term to 2028. There were not any other material changes to the terms of that bank line. In May, we issued $500,000,000 of 5.5 percent notes due in 10 years. And in June, we paid off $350,000,000 of 3.9 percent notes that came due on June 15.

Speaker 2

So with this debt refinance in the coming years. We maintain good leverage and we have kept the balance sheet in strong liquidity position with $1,200,000,000 of available liquidity at quarter end. Maintaining our light capital markets footprint, we funded nearly 79% of our $235,000,000 of year to date acquisitions with free cash flow of $101,000,000 $86,000,000 of disposition proceeds. For the full year 2024, based on our midpoint of our acquisition and disposition guidance, we should fund close to 68% of 20 24 acquisitions with free cash flow and disposition proceeds. A couple of stats, balance sheet.

Speaker 2

Debt net debt to gross book assets was 41.6 percent. Net debt to EBITDA was 5.5 times at June 30. Interest and fixed charge coverage was 4.2 times for the Q2. And as a reminder, none of our properties are encumbered by mortgages. So we remain focused on working to appropriately allocate capital, which to us means ensuring we are getting what we believe are sufficient returns on equity while controlling risk through property underwriting and maintaining a sound balance sheet.

Speaker 2

Valuing equity adequately, whether that equity is produced by free cash flow, disposition proceeds or new equity issuance is at the heart of growing per share results over the long term and helps us not to confuse activity with achievement. In closing, 2024 is tracking largely as expected for us and we believe we're in relatively good position to navigate any of the uncertainties that are out there as we continue to focus on growing per share results. And we are mindful this is a long term multi year endeavor. So with that, we will open it up to any questions.

Operator

Thank you. At this time, we will be conducting our question and answer session. Thank you. Our first question is coming from Spenser Allaway with Green Street. Your line is live.

Speaker 3

Thank you. Can you guys just provide some updated color on the transaction market and kind of where cap rates have been trending thus far in the 3Q?

Speaker 1

Yes. How are you doing, Spencer? So the overall market, my expectations, talking to the acquisition guys are current tenants. Deal volume is starting to pick up a little bit. The overall opportunity set is larger today than it was 60 days ago.

Speaker 1

So that's a good feeling. There's a couple of larger portfolios starting to hit the market. As far as cap rates, kind of what I mentioned in the opening statements, 3rd quarter is starting to get baked and I'm seeing the cap rates in line with our 2nd quarter. Timing of deals might give or take 5, 10 basis points, but pretty much in line with our 2nd quarter, not as wide as our Q1. For the remainder of the year, that being said, I'm kind of what our Q2 was in my head, I'm projecting that out for the second half of the year.

Speaker 3

Okay, great. And then can you just share a little bit more color on the dispositions made in the quarter? I think you mentioned there were 11 income producing assets. So perhaps just the rationale for the divestments. And then if you could just talk about the depth of the buyer pool as well, that would be great.

Speaker 1

Yes. So yes, we sold 14 assets, 11 were income producing. So we had a couple vacancies that over time, we decided it was better use of to sell the vacant and redeploy into accretive acquisitions. But it was a pretty much a mixture leaning more to defensive sales. We sold a couple multi tenant assets in there that are not core assets to the portfolio.

Speaker 1

Over a decade or so, we picked up 1 or 2. We don't think owning shopping centers is a good investment for a net leased company. So we decided to exit those assets. And then we had a few kind of people love the real estate a lot more than we did, and they were sold at some really accretive cap rates.

Speaker 4

Thank you.

Operator

Thank you. Our next question is coming from Joshua Dennerlein with Bank of America. Your line is live.

Speaker 5

Hi, good morning. This is Farrell Granth on behalf of Josh. I just wanted to follow-up on your comments on the term fees that have been coming in and now the Q2 being also elevated over historic levels. Are you seeing any trend or in these situations, are they coming to you earlier? And is there any specific category that these are falling under?

Speaker 2

Hey, Farrell, it's Kevin. No real trends. I will say, and this is totally anecdotal because I don't pay much attention to what other companies are kind of doing anything. I've seen more lease termination fee income discussions of late just in various notes and comments out there by various REITs. So I don't know if there's a trend or not.

Speaker 2

For us, it's very kind of episodic and it's difficult to frankly even for us to kind of predict if and when any of that might come together because typically the process involves at least 3 parties, and each of them have competing priorities. So it's not really prone to a real degree of predictability. But I think it comes from just working the portfolio, staying in contact with our customer, the tenant and then trying to maximize our turns while helping the tenant. Because usually there is something going on with that property. And so in the most recent quarter case, the biggest chunk of the lease termination fee income related to a property that had some condemnation proceeds involved, a store that was underperforming.

Speaker 2

And so we had an opportunity to take condemnation proceeds, a lease term fee and a buyer to buy the property and all those things had to kind of line up, those planets had to line up to make sense for us to kind of pull the trigger. And so I'm not trying to be elusive, but it's hard to predict. And I encourage folks to think more about our 5 year average of $3,000,000 a year of lease termination fee income rather than getting to trying to project the high levels of the first half into the indefinite future.

Speaker 5

Okay. Thank you. And also I was curious, are anyone in your top 20 tenant list, are there any of those on your watch list and those not on the top 10 or excuse me, top 20 list, are you also increasing any monitoring when it comes to performance level? Yes.

Speaker 2

I mean, we're always monitoring, so it doesn't really increase notably. Obviously, those on the watch list get a little more attention, but it's a part of what we do. The one we've talked about with some regularity on our top tenant list is a restaurant concept called Frisch's. And so that's been one that we've talked about a good bit. And they continue to pay rent and but just kind of struggling never really quite came out of the what I call the pandemic fog, if you will.

Speaker 2

And so I'd say that's it. And then others that aren't on our top tenant list. I mean AMC movie theaters, that's been out there well discussed. I wasn't really going to go back into that. Frankly, we feel much better about them today than we did 12 18 months ago, given the slate of movies and the box office results of late and as well as that company's AMC's refinancing and equity issuance over recent quarters has been very productive.

Speaker 2

And so feeling better about that one. So those are the 2 in the top 20. Others that we've talked about on our list and include At Home, which we have a dozen stores, it's 1.1% of our rent, watching that 1 home furnishings struggling a bit, as well as connected to that big lots. We have 3 of those stores, which is 0.1% of our rent. The only other one I'd mentioned again not in our top 20, but we have 2 tenants that are in bankruptcy.

Speaker 2

One is called Badcock Furniture and within which we have it's 0.7 percent of our rent, 0.7%. And then we have 2 Rite Aid left over from that bankruptcy. And we'll see where that goes, but that's a very small percentage. The bad cop it's early. They just recently filed and we do have that company Badcock got bought by a company called Conn's, which is a retailer that's been around for a long time.

Speaker 2

We own no Conn's stores, but the Badcock became a part of Conn's about a year ago. The company that sold Badcock to Conn's remains a guarantor on our lease. And so hopefully, at the end of the day, that may provide some incremental support to us. But it's early in the process with Badcock. We'll see where it goes.

Speaker 2

And at the moment, they're current on rent.

Speaker 5

Thank you.

Operator

Thank you. Our next question is coming from Michael Goldsmith with UBS. Your line is live.

Speaker 6

Hi, good morning. This is Catherine Graves on for Michael. Thank you for taking my question. I just wanted to ask, just generally consumer trends and particularly strain on the low end consumer, how that might be impacting your tenants and how you're thinking about tenant health in the context of the consumer?

Speaker 1

Good question, Kevin. So we do our we look at our property levels across all industries. And our data we have lately was through March. So it's a little bit stale. It's not real time.

Speaker 1

It just takes time to get the data and then process the data. And we have seen, for the most part, our rent coverage ratios throughout the portfolio across all industries and for the most part been stable. Now when you go from a 3.5 coverage to a 3.25 coverage, yes, it's trending down, but not a cause for a concern. But yes, when we're underwriting assets in certain industries, we do kind of put a little discount on the EBITDA for future softness of the consumer. But for the most part, the low end consumer and the mid range consumers held up within our portfolio.

Speaker 1

But that's a result of our business model. When we do sale leaseback financing, the tenant does a self selection of an asset. So they actually pick the better assets to sell us opposed to what we would call the dogs because they're signing that 15 or 20 year lease. So they're committing to a long term relationship with us. So they send us the above average properties.

Speaker 6

Got it. Thank you. And then my second question, are you seeing any increased competition going into the second half of twenty twenty four, particularly any competition from private equity buyers, buyers who may have been sitting on the sidelines?

Speaker 1

Highly competitive market since I've been doing this for 20 plus years, Kevin, 30 plus years. Just the names have come and gone. But with the banking market, for the most part, not as active as they were 3 years ago, we haven't seen really a new entrance into it. The private money is still on the sidelines as far as our target acquisitions. But again, we're always in a highly competitive market.

Speaker 1

But because of our business model of doing repeat deals with our current tenant base, we have plenty of opportunity to hit our acquisition targets.

Speaker 6

Got it. Thanks very much.

Operator

Thank you. Our next question is coming from John Kielczynski with Wells Fargo. Your line is live.

Speaker 4

Hi, this is Cheryl on for John Kielczynski. Thank you for taking my question. I was wondering what does bad debt look like? I know you have 100 basis points in your guide and it's typically been 30 to 50 basis points on average. Curious to know if it will be any different this year with Conn's bankruptcy and Walgreens store closure announcement?

Speaker 2

Yes. And I appreciate you asking that question because I should have mentioned in my earlier discussion about the kind of the credit watch list. Yes, important note, yes, we always assume about 100 basis points of rent loss in any given year. We have not changed that in our projections, which is maybe a way of telling you all that at the moment, we don't see anything outside of what we would consider kind of normal wear and tear on retail tenants at the moment in terms of impact on our portfolio and our cash flow. And so but yes, to answer your question, we don't see any real need to change that at this point for this year.

Speaker 2

And as we think about even next year, we think it will operate within those levels. Historically, we've been more while we assume 100 basis point of rent loss in our guidance, the actual is closer to 30 to 50 basis points, whereas this year we'll end up, I'm not exactly sure, it's probably 50 basis points, might be a touch higher, but it's well under a 100, I believe, at the moment. It feels that way anyway. So we think we're in good shape in that regard.

Speaker 4

Okay. Thank you. And just a follow-up. With the weakness in QSR sector, are you hearing concerns from tenants in the QSR portfolio?

Speaker 1

No. Nobody is throwing up the cautionary flag to us in our QSR portfolio. And again, at the property level, the rent coverage on our QSR portfolio is very solid. But no, we're not hearing anybody calling us up asking for rent reductions because their sales are softening.

Speaker 4

Awesome. Thank you. Have a nice day.

Operator

Thank you. Our next question is coming from Smedes Rose with Citi. Your line is live.

Speaker 7

Hi, good morning. This is Maddy Parges on for Smedes. Given the shares issued during the quarter, how are you thinking about share issuances going forward to build dry powder going into 2025?

Speaker 2

Yes. Not to be overly elusive, I mean, we'll see where that goes. We don't the key point, I guess, is that we don't need to issue any, as I mentioned in my comments, over 2 thirds of our acquisitions for this year can get funded just with free cash flow and dispositions. And so we really have no need for equity. So we can pick our points as to when we think it's appropriate to issue some equity or not.

Speaker 2

As you look back at our history in recent years in our institutional investor deck online, you can see that we've over the last 18 months, we've only issued about $60,000,000 worth of equity. So we're very share price dependent and our thoughts around that We'll source it when it's available and well priced. But most importantly, we'll look to not source it when it's not well priced in our opinion. And we understand that's an opinion that others may differ on. And so no real need to raise any equity at this point as we see things playing out.

Speaker 7

Got it. Thank you. And just circling back on the transaction market, are there any particular areas, sectors or tenants where you're seeing the most opportunity through the balance of the year?

Speaker 1

Yes. As I kind of look at our opportunity set as far as outside our portfolio, it seems like the convenience store sector is starting to pick up somewhat activity, and the auto service has been pretty frothy recently. As far as our current portfolio, I would probably lean to maybe a little family entertainment side of things, less car wash activity and there hasn't been too much QSR activity of recent time.

Speaker 7

Great. Thank you.

Operator

Thank you. Our final question is coming from John Muscotta with B. Riley. Your line is live.

Speaker 8

Good morning.

Speaker 2

Good morning, John. Good morning. So

Speaker 8

maybe just thinking about guidance a little bit, what were some of the kind of pushes and pulls there? Obviously, a slight increase to disposition volume expectations. But just was the lease termination fee income received in the quarter something you were anticipating when you put the guidance out in 1Q? And also, I mean, is there any kind of change or I guess was the debt issuance kind of in line with your expectations as well?

Speaker 2

Yes. I mean, fair question. There weren't a lot of variables to be quite honest. A, we tend to start the year a little, some would say, conservative in guidance. And so that creates an opportunity for some upside.

Speaker 2

And hopefully, as the year progresses, we can increase guidance. So that's the kind of the base we start with. Yes, there was, as we mentioned, more lease termination fee income than we might have thought. And that, like I say, is kind of episodic. I won't say it's a lightning strike because a lot of pieces involved, but the timing of that, if and the when that may happen is not very predictable.

Speaker 2

And so we tend not to bake too much into that into our forward looking thoughts, if generally. And then like I said, we there's a little bit of room and to the extent we haven't fully utilized this 100 basis points of rent loss assumption in the first half and that helps numbers at the margin. I mean these are all things that are pretty small at the margin that allows us to increase guidance by $0.02 for the based on the first half results. And so, yes, that's kind of the way we think about that.

Speaker 8

Okay. And within the margin or at the margin in mind, the real estate expense, the bottom end of that came up a little bit. I mean, is that just reflecting some of the credit events that you talked about earlier on the call? I mean are some of those things are a little bit more recent kind of baked into that guidance expectation at this point?

Speaker 2

Yes. I guess that's the case. I mean, you can see at the bottom of Page 6 of our press release or near the bottom, we highlight what our real estate expenses net of tenant reimbursements and you can see they've been kind of running $2,500,000 $2,500,000 $2,600,000 in recent quarters. And so yes, we increased the guidance range on that for the year to from $9,000,000 to $11,000,000 to $10,000,000 to $11,000,000 So at the margin of call it $500,000 increase in that line item in terms of the midpoint of the guidance. And that's about where we see it.

Speaker 2

So we don't we're not seeing any material change in that, but at the margin, it's a little bit.

Speaker 8

I mean, essentially, it reflects all the stuff you kind of talked about earlier in the call already?

Speaker 2

Yes, yes, yes.

Speaker 8

Okay. And then maybe kind of bigger picture, as we kind of think about investment activity for the remainder of the year and kind of maybe tenant partner psychology, how are they broadly responding to the fairly rapid decline in interest rates? I mean, essentially, has that helped close the bid ask spread the net lease marketplace? Or are tenants and potential tenants holding out for even lower cap rates given just the trajectory of where interest rates are moving?

Speaker 1

As a whole, it's probably tightened at the margin a little bit. But a combination, the sector's equity run really started early July. So nobody's really priced deals offset or closed deals, I should say, off the new equity price. But sellers, I think with the expectation of the rate cut, but it's more of a result of the lack of activity for 9, 12 months. That human nature is people want to transact.

Speaker 1

So they're coming back to the market realizing that a higher cap rate is in order, not quite as high as the sector would probably like, but it's definitely tightened a little bit. But the overall activity of deals coming to market has picked up.

Operator

We do have a final question from Ronald Kamdem with Morgan Stanley. Your line is live.

Speaker 9

Yes, apologies, jumped on late. But just going I wanted to touch on, if you could remind us on the bad debt on the guidance. And obviously, there's been

Speaker 2

a lot of news on the

Speaker 9

furniture sector. Maybe touch on your exposure there and how you're thinking about some of the tenants?

Speaker 2

Yes. So our primary exposure in the furniture category is a company called Badcock, which is 0.7% of our rent. And they recently just entered into bankruptcy. And as I mentioned, that company was bought by a company called Conn's, which is a retailer that we did not have any business with, but they bought Badcock about a year ago. The company that did sell Badcock to Conn's remains a guarantor on our lease.

Speaker 2

And so we'll see if that comes into play here in the coming months quarters. But at the moment, we don't have a whole lot of news as it relates to that. Our rents on those properties are reasonable. So and kind of the worst case we think, we have the opportunity to replace that tenant without too much economic harm. And so we'll but it's very early and so we'll see how that all plays out.

Speaker 2

But at 0.7% of our rent and rent and a guarantor in place for the lease and our rents being very moderate, we don't feel like there's material risk in the near intermediate term.

Speaker 9

Great. And then my second one is just of the 1 point $6.8 AFFO in the first half of the year. Can you just remind me how much of that is sort of one timing? Because trying to think about the full year guidance and what the second half implies, the guidance seems a little, I guess, conservative. So maybe the $1.68 how much is sort of nonrecurring that we should be annualizing?

Speaker 9

Thanks.

Speaker 2

Yes. So I'd say the primary non annuities income in our first half numbers was $6,200,000 of lease termination fees. And so that's, call it, dollars 0.03 $0.04 a share for this year's results. Now we normally have some level of lease termination fees that might be for a half of a year, it might be $1,500,000 So maybe there's, call it, $4,000,000 plus of maybe $4,500,000 unusually high lease termination fee income might be the way to think about it. So I'd say in the quarter, there's a penny and in the half, there's at least there's 2 pennies of incremental lease terminations to be above what I would might consider normal levels for us.

Speaker 2

So that's the way I think about

Speaker 9

it. Helpful. Thanks as always.

Speaker 2

Yes. Thanks, John. Thank you.

Operator

Thank you. As we have no further questions in queue, I will hand it back over to Mr. Horn for any closing comments.

Speaker 1

I appreciate you guys taking the time and interest in NNN. We're positioned well for the remainder of the year. And enjoy the rest of your summer, and we'll see you guys when conference

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Earnings Conference Call
Alight Q2 2024
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