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MB Financial, Inc. (NASDAQ:MBFI)

Q4 2008 Earnings Call

January 30, 2009 11:00 AM ET

Executives

Mitchell Feiger - President and Chief Executive Officer

Jill E. York - Vice President and Chief Financial Officer

Thomas Prothero - Chief Operating Officer, Commercial Banking

Thomas D. Panos - President and Chief Commercial Banking Officer of MB Financial Bank

Ronald D. Santo - Vice President of MB Financial, Inc. and Chairman of MB Financial Bank

Analysts

John Pancari - JP Morgan

Brad Milsaps - Sandler O'Neill

Mac Hodgson - SunTrust Robinson Humphrey

Daniel Cardenas - Howe Barnes

Operator

Good day, ladies and gentlemen. And welcome to the Fourth Quarter 2008 MB Financial Earnings Conference Call. My name is Fab, and I'll be your coordinator for today. At this time, all participants are in a listen-only mode. We will conduct the question-and-answer session towards the end of this conference. (Operator Instructions). As a reminder, this conference is being recorded for replay purposes.

I would like to introduce Mitchell Feiger, President and Chief Executive Officer and Jill York, Chief Financial Officer of MB Financial. Also in attendance are Tom Panos, President and Chief Commercial Banking Officer, and Tom Prothero, Chief Operating Officer Commercial Banking at MB Financial Bank.

Before we begin, I need to remind you that during the course of this call the Company may make forward-looking statements about future events and future financial performance. You should not place undue reliance on any forward-looking statements, which speak only as of the date made. These statements are subject to numerous factors that could cause actual results to differ materially from those anticipated or projected. For a list of some of these factors, please see MB Financial's forward-looking statement disclosure in their 2008 fourth quarter earnings release.

I would now like to turn the presentation over to your host for today's call, Mr. Mitch Feiger, please proceed.

Mitchell Feiger

Thank you, Fab. Thank you for joining us this morning. I'm going to make a few opening remarks. Jill will then give more details and the numbers, and Tom Prothero provide more detail on credit quality, then we'll be happy to take your questions.

From an operating perspective, we had a nice fourth quarter. However we masked those good results with the significant provision for loan losses, net income for all of 2008 was $15.4 million or $0.44 per share. Net loss for the quarter was $25.6 million or $0.74 per share.

Our charge-offs were $17.4 million in the quarter. We recorded a $72.6 million provision for loan losses. You may remember in our previous earnings call I said, as I believe that the economy was going to get worse, perhaps much worse for the next few quarters.

Unfortunately, I was way to right. The economy went from bad at the beginning of the fourth quarter to very bad at the end. Furthermore, we think, I think that the economy, at least as far as it impacts our business is going to get worse, perhaps much worse.

Economic activity slowed significantly in the fourth quarter is evidence by this morning's GDP report and asset values, particularly real estate values that continued to decline.

This is not a time for aggressive risk taking. We believe that this is a time for caution, a time for preserving capital, a time for building reserves and that's what we have done.

In the quarter, our non-performing and potential problem loans ticked up by $29 million and $27 million respectively reflecting economic conditions. While we charged-off $17.4 million of loans in the quarter, we recorded our loan provision more than four times that amount.

For the quarter, our allowance for loan losses increased by $55 million, for the year it increased by $79 million. We increased our reserves and non-performing loans, we increased our reserves and lower rated credits, and we increased our reserves for macro economic factors.

For the year, net charge-offs were 79 basis points of loans. Our ending allowance for loan losses was a strong 2.34%. Our ending allowance for loan losses to non-performing loans ratio, that's allowance to PL's, was just slightly under one to one at year end.

And time for us, Ronald and Tom Panos to give you more details on credit in few minutes. I want to briefly address capital.

We believe the intangible common equity is the most important form of capital. After balance sheet reserves, it absorbs the first loss, that's the same for all banks.

But I think investors in our industry should and probably do consider the risks to common capital in evaluating a company. For example, if a bank is under reserve for loan losses or as unrecognized investments security impairments or tax risks, its common capital is at risk.

If a bank has enhanced risk in its investment portfolio, because its own CDOs restructured notes, its capitals are risk.

What we're trying to do in our company is create a balance sheet and a common stock that is defended, is protected in this economic environment. And, that's why we have one of the most boring but profitable investment securities portfolios with virtually no CDOs restructured notes or sub-prime investments.

That's why we have aggressively built our allowance for loan losses. And that's why this quarter we've reduced our dividend from $0.18 a share to $0.12 a share, a level that we think is appropriate and sustainable in this environment.

Having a strong balance sheet with defendable capital levels and high levels of liquidity is not only defensive. I think it's the ultimate offensive weapon as well. Acquisition and merger opportunities are beginning to increase both with and without FDIC assistance. And we want to be able to take advantage of those opportunities. We want our company to be the most significant beneficiary of the trouble times now and ahead.

A final consideration with regard to capitals that are business continues to grow at a solid pace. Commercial related credits which represent around 84% of our loan portfolio grew 13% in 2008 and 10% annualized in the fourth quarter. Core deposits grew just as good increasing 12% in 2008 and 19% annualized in the fourth quarter. Core deposits grew 17% annualized in last half of the year when we truly focused on improving our liquidity.

Non-interest bearing deposits were up 10% for the year as well. Core fee income which we consider the repeatable, sustainable part of our fee income, in other words without one-time event, core fee income to 10% in 2008.

We are having fire alarm in our building I need to say. Please standby for a minute.

Operator

Ladies and gentlemen, please standby as your conference will resume in just a moment. You will here hold music until the call begins.

Mitchell Feiger

Hi, good morning and welcome back. I apologize for our fire alarm. You may still be able to hear in the background. But we're in a room where, I'm hoping you'll be able to hear us. We moved in our building here, we put in the most advanced fire alarm system we could find and it's very sensitive it turns out.

So we're going to continue where we left off and I'm hoping that you can hear us and as they tell us we shut off shortly.

Anyway I think I left off, I was talking about just our -- the normal part of our business that continues to grow with commercial related credits, which represent around 84% of our loan portfolio grew 13% in 2008 and tampered 10% annualized in the fourth quarter.

Core deposits grew just as good increase in 12% in 2008, 19% annualized in the fourth quarter. And core deposits grew 17% annualized in the last half of the year, I think went over some of this already when we've -- last half of the year.

Non-interest bearing deposits were up 10%, core fee income, which we consider that repeatable, sustainable part of our fee income grew around 10% in 2008.

And with that, let me turn it over to Jill, so she give you some more detail.

Jill E. York

Good morning, everyone. And as Mitch discussed in his opening remarks, we incurred a net loss to common shareholders during the fourth quarter of $25.6 million or $0.74 per share. And our net income to common shareholders for the year was $15.4 million or $0.44 per share. And, while our financial results were disappointing in this very challenging economic environment. As Mitch noted, we continued to fortify our strong balance sheet in number of areas including, improving liquidity through core deposit generation and conservative provisioning, which substantially improved our coverage ratios.

We also substantially added to our tangible capital by issuing $196 million of preferred stock to the treasury under the TARP program. This brought our tangible equity ratio up substantially to 7.9% from 6.1% last quarter.

Furthermore, we have over $271 million of excess regulatory capital based on the 10% well capitalized threshold. Based on the review, our local peers' earnings releases, we have among the highest regulatory, tangible equity and tangible common equity ratios in our local market.

As Mitch noted, commercial related loan growth were strong year-over-year 13%, and increased 10% on an annualized link quarter basis. And similar to the third quarter, our credit spreads continued to widen significantly on both new and renewing credits.

As noted earlier, growth in customer funding was robust, and as a result, wholesale funding declined by about $39 million, and we averaged to run $159 million excess cash during the quarter.

Our securities portfolio continues to perform very well with unrealized gains of 26 million, and we have avoided the substantial impairment issues that many institutions of faced in their portfolio. The total return of our investment portfolio in 2008 was 6.9%.

Net interest income decreased by $1.9 million compared to last quarter, while year-to-date annual net interest income increased by $8.6 million or 4% compared to a year ago. And our net interest margin is 3% was 18 basis points less than the third quarter.

There are two primary reasons for the decline in our net interest margin. First, much of the decline in the margin was due to the timing of asset and liability repricing. And our interest earning assets tend to reprice a little faster than our interest bearing liabilities.

Dramatic decrease as we're seeing in Fed funds and LIBOR rates during the quarter, with the Fed funds rate declining by 175 basis points, while the three months LIBOR rate declined by 262 basis points during the quarter. And while we have loan floors on about half of our variable rate loans, which helped mitigate the impact of these declines, our overall loan yields declined by approximately 19 basis points while our funding cost only declined by 3 basis points. As it typically takes more time for our funning liabilities to adjust.

We expect to see this difference reverse over the next couple quarters, as we have about 900 million in time deposits maturing in Q1 and 1.1 billion in time deposits repricing or maturing in Q2.

Second, as noted earlier, we continued to enjoy very strong core funding growth and as a result of this growth along with the receipt from the issuance of the preferred securities, we built significant excess liquidity during the quarter. This is reflected in other interest bearing accounts where we had 159 million earning an average of only 47 basis for the quarter. If this had been deployed in securities earning 4%, our net interest margin would have been about 8 basis points higher.

Now let's talk about fee income and operating expenses. Similar to the last few quarters, we have included schedules, which divide our fee income and operating expenses between core and non-core sources for the past few quarters. And simlar to the last two quarters, this was a very clean period with very little of our fee income or operating expenses considered non-core.

Core fee income was down, compared to the third quarter, primarily due to less BOLE income, as we received a debt benefit of around $1 million in the third quarter. And due to the decline in wealth management revenues, due to the overall decline in market values. Year-over-year revenues were about 10%, driven by a strong loan and deposit fees. In addition, our Cedar Hill acquisition in the second quarter drove a year-over-year growth in asset management fees.

Core expenses continue to be manageable, on a lean quarter basis, core expense declined about $3 million, primarily due to lower employee bonus and healthcare expenses, partially offset by an increase in FDIC insurance expense. Total 2008 core expenses increased about 5% from 2007.

If you exclude our investment in net new bankers hired during 2008, and the impact of our Cedar Hill acquisition, our expenses increased about 2%, compared to a year ago.

A headwind for 2009 is that our FDIC insurance expense will continue to increase, as we fully utilized our FDIC credits in the fourth quarter of 2008. And the FDIC increased rates effective January 1st. This will add about $1.3 million to our expense run rate in the first quarter.

While the computed tax benefit was pretty straight forward for the quarter, the full year tax benefit included some unusual items, so we expanded the release to provide additional detail on the various items comprising the annual tax benefit calculation.

Now at this point, I'd like to turn the call over to Tom Prothero for some detailed remarks on our loan portfolio.

Thomas Prothero

Good morning, everyone. This is Tom Prothero and I'm going to make some general comments regarding credit performance and conditions in various segments of our loan portfolio which will provide some additional perspective on our provision for loan losses. We continued to experience deterioration in our commercial construction portfolio, namely residential and multifamily developments and improved land.

Of the total residential construction portfolio, including improved residential land, 8% is classified as potential problem and 20% is classified as non-performing.

In the residential construction portfolio they're just over 150 individual projects, primarily condominium and single family. About 50% of the project family exposure is in the city of Chicago. The other 50% is mostly in the suburbs with a couple of projects out of state.

I now want to shift to the topic of appraisals. We have been diligent on staying ahead of we're or at least on the curve and marking down our real estate collateral to current market conditions. In almost all cases, we have current appraisals on our non-performing real estate loans.

With respect to performing loans and others that we have internally rated management attention, we routinely obtain current appraisals based on particular credit actions given to our support, the age of an existing appraisal, the property type, the local sub-market and our view of the market conditions.

During the first half of the year, we generally saw appraisal discounts of 15% to 25% depending on the product and location. During the second half of the year and particularly early in the fourth quarter, we saw values decline precipitously to 40% to 50% for our projects, which we attribute to economic conditions and a general oversupply of all types of fore sale housing.

When we analyze loans for impairment, we further discount of current appraisals. The overwriting distinction that impacts our assessment is the concept of market value is derived from an appraisal versus our own recovery estimates.

Values contained in an appraisal are required to comply with the definition of market value, which in very basic terms is the concept of a reasonable exposure time in the market and a typically motivated buyer and seller.

In bank real estate dispositions, there is a perception and reality of the seller being insented to move quickly, which means less exposure time than under normal conditions. Also, buyers in this marketplace expect a significant discount from market value.

In other scenarios, there can be such little demand for a product, such as vacant land in the suburbs that the exposure time becomes very protracted with carrying cost to the bank and has the same negative effect on our ultimate recovery.

The point I am really trying to make here is, that we don't take appraisals at face value. We use them as a guide in the context of making impairment decisions. So generally, we have marked our impaired loans down to a value equating to a discount of 20% to 30% of the appraised value. The impact of this approach to valuing impaired loans is that our reserves on non-performing loans is around 37%. If you add back charge-offs, we've already taken our non-performing loans, reserves and charge-offs combined, are around 44% of non-performing loans.

With respect to our CNI portfolio, late in the quarter, we begin to see some early indicators of deterioration, namely a decline in the revenues of our middle market customers.

Currently, with the exception of one particular loan. We do not have any large CNI exposures rated as either potential problem or non-performing. We have however stepped up monitoring with respect to borrowing basis, performance covenants and frequency of field exams.

Since we are just beginning to see some weakness on our CNI portfolio, our loss provision this quarter was increased per general macro economic factors due to the weak economy, which we believe we'll continue to decline for the foreseeable future.

In major area of concern within the economy is retailing. Our exposure to manufactures or companies that directly sell consumer goods is small and performing well so far. Our exposure to real estate with retail tenants is around 468 million. A small portion of that are construction projects with pre-leasing requirements. Of this total retail real estate portfolio, no loans are classified as potential problem loans and only one relatively small credit is non-performing.

Lastly, before I turn the call back to Mitch, I want to make some brief comments on our past due loans; performing loans passed due between 30 and 89 days decreased during the fourth quarter. This is primarily due to increased collection activities and resources in our managed assets in the default administration areas, as well as some migration to non-performing status. The bucket is a mix of all loan types including consumer.

At this point, we have not experienced the material increase in consumer loan delinquencies other than normal seasonal delinquencies in our automobile and motorcycle loans. Nevertheless, we have stepped up our modifications and restructuring efforts.

I will now turn the call back to Mitch Feiger

Mitchell Feiger

Okay. Thanks, Tom and thanks, Jill for your comments. We'll be happy to take questions now.

Question-and-Answer Session

Operator

Thank you. (Operator Instructions). And your first question will come from the line of John Pancari from JP Morgan. Please proceed.

John Pancari - JP Morgan

Good morning.

Mitchell Feiger

Good Morning.

Thomas Prothero

Good morning.

John Pancari - JP Morgan

Can you give us a little bit more color on the regional breakout of further, just some differences in the region of your real estate portfolio in terms how it's holding up. For example; I know you mentioned in your downtown real estate properties have been holding up better, is that still the case? And, if you can just give us more detail in that front? Thanks.

Mitchell Feiger

Yes. The City of Chicago projects, which are primarily condominiums is holding up much better than any of the projects in the suburbs. And in terms of our unsold unit inventory, the lowest percentage is in the City of Chicago projects.

John Pancari - JP Morgan

Okay. I know you gave us that retail amount on the commercial real estate side, how much of your retail commercial real estate exposure has pre-leased?

Mitchell Feiger

Well of the construction portion of that exposure, all of those projects have pre-leasing requirements.

John Pancari - JP Morgan

Okay. And then generally just to characterize the pre-lease requirements. Can you give us some idea of magnitude?

Thomas Prothero

Typically 50% pre-leasing.

John Pancari - JP Morgan

Okay. All right, and then off of credit, one question on expenses. I'm sorry if I missed any detail you may have given Jill, but in terms of the run rate, our core run rate of expenses, given the hiring, that you've gone and that you expect to do. Can you just give us an idea again of what type of core run rate we can expect looking through '09, particularly given the top-line pressure now and that you're going to have to, more aggressively address expenses given the pressure you're seeing on the top-line and on credit.

Jill York

Right. That's a very good question. Of course, it can vary a bit from quarter-to-quarter. But I think if you were to take the expense, the core expense, number from the release for the fourth quarter, add to that the number I gave you on the increase on FDIC insurance. And then factor in the amount that related to the reduction in basically bonuses and healthcare expenses, and accrual adjustments that we put through in the fourth quarter, I think you get to a pretty good run rate.

John Pancari - JP Morgan

Okay. And then generally, in terms of hiring, any change to your hiring plans from what you had originally projected for '09?

Mitchell Feiger

Not sure that we project. Well I think -- I say it this way. I think our staff always is going to remain relatively flat in 2009.

John Pancari - JP Morgan

Okay, so --

Unidentified Analyst

Few people up or a few people down, but not much more than that.

John Pancari - JP Morgan

All right, no other teams that you're targeting to bring over from the South for example?

Mitchell Feiger

No aggressive hiring like we did in 2008.

John Pancari - JP Morgan

Okay. All right. Thank you.

Operator

Your next question will come from a line of Brad Milsaps from Sandler O'Neill.

Brad Milsaps - Sandler O'Neill

Hey, good morning.

Mitchell Feiger

Good morning Brad.

Thomas Prothero

Good morning.

Brad Milsaps - Sandler O'Neill

Mitch, in your opening comments, before the fire drill there you talked about how now it's time to protect the balance sheet, preserve capital and not to be aggressive. But then at the same time, you're seeing, I think you said you're seeing a lot of good loan growth opportunities out there. How can you kind of balance the two in this kind of environment? And sort of what you're expectations for loan growth would be in 2009?

Mitchell Feiger

I am going to let Tom Panos answer that.

Thomas Panos

Yes. On the new business side, we continued to maintain strong calling and prospecting efforts on core mid-sized companies, our focus is on treasury management, deposit, loan opportunities. We continue to pursue treasury management, deposit only customers. Treasury management in fact has been a real strength of the bank over the years and we've dedicated more resources to this segment and continue to do so, on an ongoing basis.

Loan volumes vary on a quarter-to-quarter basis, they're difficult to project. Sometimes we have good loan volumes, but we get a couple of large pay-offs so net growth may not be robust. Other quarters we had strong volumes with no material payoffs.

I think the best way to look at loan growth for example is overtime. In overtime we think we should continue to see loan growth, that's reflective of our history. All that said, we have to work really hard to grow loans, in the same time we're looking very carefully and critically at all the credit opportunities that come through the bank.

Brad Milsaps - Sandler O'Neill

Okay. And just to follow-up question. Some of your recent investor presentation, you guys have disclosed kind of the breakdown of the construction portfolio between residential land, residential construction, condos, commercial land, do you guys have that available today or is that something I need to get later?

Thomas Panos

I think we have it. We have it handy?

Thomas Prothero

What is this specifically that you're looking for?

Brad Milsaps - Sandler O'Neill

Well, five categories resi land, resi construction, condo construction, commercial land and commercial construction.

Mitchell Feiger

Yes, we have it here For you

Thomas Panos

Yes, so land residential represents roughly 12% of the total construction portfolio. Our condo developments is higher at about 24%, single family developments about 15%, town home projects are very low at 5.6%.

Brad Milsaps - Sandler O'Neill

Was there any other major categories?

Thomas Panos

Any other major categories here you're particularly interested of?

Brad Milsaps - Sandler O'Neill

Yeah, maybe the commercial construction?

Thomas Panos

Commercial construction industrial is at 5.4% of the total portfolio. And, the retail construction project is 10% of the total.

Brad Milsaps - Sandler O'Neill

Okay. All right. Thank you very much.

Mitchell Feiger

You're welcome, Brad.

Operator

(Operator Instructions). And the next question will come from the line of Mac Hodgson from SunTrust Robinson Humphrey. Please proceed.

Mac Hodgson - SunTrust Robinson Humphrey

Hey, good morning.

Mitchell Feiger

Good morning, Mac.

Thomas Prothero

Good morning.

Mac Hodgson - SunTrust Robinson Humphrey

I had question Mitch on M&A opportunities; you mentioned you're seeing more recently, and I'm just curious what types of opportunities you're seeing and what you all might be interested in?

Mitchell Feiger

The ones we're seeing lately are smaller banks, sometimes offered up by the FDIC, sometimes not, not offered by the FDIC. We're interested in looking at all of them and our track record in M&A has been quite good. We think we're pretty good integrators and we're pretty good at valuing companies as well. The one thing that maybe in the way of M&A opportunities are us taking advantage of them, frankly, is our somewhat dour outlook on the economy.

So, when we've looked at loan portfolio, say at other banks, we tend to take a somewhat dimmer view of credit quality than perhaps the bank owner or bank management might. But, I think that ultimately they'll come around our way of thinking and that'll create a meeting of the minds, and not only for us, but I think to others in the markets. So, I guess, generally I think M&A activity will increase.

How much of it will be flowing through the FDIC as opposed to direct I don't know. And that remains to be seen. But, so far what we're seeing are nice smaller opportunities that I think fit in quite well.

Mac Hodgson - SunTrust Robinson Humphrey

Great. And, I mean, just some more color on the deposit side, you had good growth recently. And, I am curious if do you have any idea, where that's coming from, is it coming from competitors, or is it money coming out of in the equity market, just major disruption in general, and kind of what's your expectation and where you get that asset deposit as far as dollars?

Mitchell Feiger

It's hard to know. It seems to be coming in every category. I'm not sure, I give you good answer on that, Mac. It's coming from the stock market or elsewhere. I think there are some people in the market in the U.S view us as .a little bit of safe haven I think it was particularly true in the third quarter, going into the fourth quarter. And Ron, will give you better answer than that...

Mac Hodgson - SunTrust Robinson Humphrey

Maybe lastly on the reserve. NPAs and there was a problem went up. But I wouldn't say they went up dramatically. But then, both the reserve pretty dramatically in my opinion. So its safe to say that it maybe accelerated some of the reserve build that would have happened in future quarters, or do you expect to see more reserve building going forward when the economy weakens further?

Mitchell Feiger

I think, it's generally a true statement, if the economy weakens further, and this is a general statement, if the economy weakens further and we see further deterioration in our loan portfolio, we will see further provisioning. With that said, we've tried to turn the dial, the conservatism dial if you will to the much more conservative side with regard to our reserve. So, one would think that if things decline somewhat, particularly, over the full cycle that we would have more reserves, or perhaps you could say, more reserves in advance.

One thing to consider here, I'm glad you asked the question actually. One thing that consider is that there will a time; a quarter or a two quarter or a three quarter, I don’t know when that is, that charge-offs will exceed our provision. And I think that's a normal part of the credit cycle, as banks exit the credit cycle they have all the reserves in anticipation of losses or expected losses what the reserves are supposed to be for. And new, problem loans decline, non-performing loans decline so there is less provision but there still could be more charge-offs. So, I consider that a likely event in our company at some point, some point, and I don't know what it is, I don't think it's, the first quarter of this year; could it be the second quarter, maybe; could it be the third quarter, more likely. All it depends on the economy.

Mac Hodgson - SunTrust Robinson Humphrey

Okay, great. Thanks.

Operator

Your next question will come from the line of Daniel Cardenas from Howe Barnes

Daniel Cardenas - Howe Barnes

Good morning guys.

Mitchell Feiger

Good Morning, Dan.

Thomas Prothero

Good Morning.

Daniel Cardenas - Howe Barnes

Can you comment, I'm looking at your tangible common equity ratio, obviously dropped a little bit in the quarter, how low do you think you envision it going and at what point do you say enough is enough on that and try to put the breaks on it?

Mitchell Feiger

I don't think we have a formal policy on that and like I said in my remarks, I think looking across banks, particularly in your side of the table, I'm sure you're doing this, you need to be careful look at the quality of balance sheet that's behind that or that supported by that common equity. I wouldn't want to see our tangible common ratio go down much more.

Daniel Cardenas - Howe Barnes

Okay. And then as I look at your TARP proceeds... have you guys begin to leverage that those proceeds yet?

Jill York

We have money, what I mean we got the funds late in the quarter, so we started too in our loan portfolio as well as on our investment portfolio.

Mitchell Feiger

Most of the quarter, most of the fourth quarter actually, it isn't the exactly the most technical term, but swapping up excess liquidity that we had, and as Jill mentioned, trying to get it invested appropriately, or trying to get our wholesale deposits, wholesale funding with broker deposits paid down. And TARP we received was a $196 million and that's not to far off from that excess cash or Fed Funds sold postion that we have right now.

So it's just little hard to say where we specifically invested that or not.

Daniel Cardenas - Howe Barnes

Thank you

Operator

(Operator Instructions). And there are no further questions at this time. I would now like to turn the call back over to Mr. Feiger for closing comments.

Mitchell Feiger

That's great. Thank you everyone. Thank you all for your interest in our company and just we're reachable, so call, so if you have any further questions, if not we'll talk with you in another quarter. Bye.

Operator

Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Have a wonderful day.

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