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Jamba (NASDAQ:JMBA)

Q3 2013 Earnings Call

November 04, 2013 5:00 pm ET

Executives

Karen L. Luey - Chief Financial Officer, Principal Accounting Officer, Chief Administrative Officer, Executive Vice President and Secretary

James D. White - Chairman of the Board, Chief Executive Officer and President

Analysts

Scott Van Winkle - Canaccord Genuity, Research Division

Gregory J. McKinley - Dougherty & Company LLC, Research Division

Brennan Matthews - Northland Capital Markets, Research Division

Conrad Lyon - B. Riley Caris, Research Division

Operator

Good day, ladies and gentlemen, and thank you for standing by. Welcome to Jamba Inc. Third Quarter 2013 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Karen Luey, Executive Vice President and Chief Financial Officer. Please go ahead.

Karen L. Luey

Thank you, operator, and good morning. With me on today's call is James C. White, our President, Chairman and CEO. During today's call, I will review our third quarter financial results. James will follow with an update on our BLEND Plan 3.0 initiative and 2014 outlook. We will then open up the call for questions.

I would like to remind all listeners that the call is being broadcast and recorded live over the Internet at jambajuice.com. The webcast is available on our website and a replay will be available via telephone until November 25, 2013.

This conference call will include forward-looking statements within the meanings of the securities law. These forward-looking statements will include things about the company's strategic priorities and certain statements of our expectation and plans. Forward-looking statements are subject to risks and uncertainties that could cause our results to differ materially from the forward-looking statements that we are -- that are contained in our company's filings with the SEC, including the Risk Factors section in our Form 10-K. The company does not assume any obligation to publicly release any revision to the forward-looking statements discussed during the call.

With that said, I would like to turn it over to James.

James D. White

Thank you, Karen. Good afternoon, and welcome to the Q3 conference call. Since I recently talked with you about Q3 and the year, I'll limit my comment about the quarter. But I do want to spend some time outlining the accomplishments and initiatives that put us in an excellent position to resume our growth trajectory.

As I previously discussed in Q3, the results were adversely impacted by several factors: constraints on consumer spending. They have been reported on extensively in industry reports; significantly cooler temperatures in several key markets; and heightened price-oriented competitive activity. As a result, comparable store sales for the quarter decreased by 5.5% for company-owned stores; 1.3% for franchise stores; and 3.4% system-wide. Total revenues decreased by 6.3%.

As you know, these results are atypical of our past performance where we recorded 2.5 years of same-store sales growth. But despite the headwinds, we had important Q3 accomplishments that set the stage for resumption of growth and make us confident about the future.

More than 1,000 JambaGo Express Smoothie units are now opening across the country in target cafés. It is by far the single largest expansion of JambaGo. Our store refresh and expansion of fresh squeezed premium juice are on track and are yielding sales increases of 200 to 300 basis points. We added 29 stores during the quarter, bringing our total to 53. By year end, fresh squeezed premium juice units will expand to 61.

A prototype store that cuts capital investment by as much as 25% is being built in 30 locations, and our first drive-through unit is open. Our digital transformation is moving into high gear, with the national rollout of ISIS Mobile Wallet that will be launched with the promotion of up to 1 million free smoothies and juices for fans who utilize the new tap to pay technology. And soon to follow will be our Spendgo loyalty program.

Our store development pipeline continues to build in the U.S. and internationally, and our major productivity and cost improvement initiative with Deloitte, which will yield significant savings, is off to an excellent start.

So it's been a challenging quarter to say the least, but we believe the setbacks will be transient while the growth prospects will be long term. I'll be back with more perspective about the business and our outlook for the future. Now I'll ask Karen to take us through the financials.

Karen L. Luey

Thank you, James. Our performance in the third quarter of fiscal 2013 was consistent with the updated guidance that we gave in early October in the face of a challenging economic environment and weather challenges outside of California.

For the quarter, our net income after dividends was $2.7 million or $0.15 diluted earnings per share compared to $3 million or $0.21 diluted earnings per share for the prior year's same quarter. Our operating margin and store margins were 5.4% and 17.9%, respectively. We ended the quarter with almost $29 million in cash and no debt on the balance sheet.

Total revenue for the third quarter decreased by 6.3% to $61.4 million, and company store revenue decreased 7.6% year-over-year to $57.1 million. System-wide, our same-store sales decreased 3.4%, with company stores at a decrease of 5.5% and franchise stores decreased by 1.3% for the quarter. Our TAFTA [ph] rate for the quarter was 19%.

At the company store decrease, average ticket was higher by 330 basis points and traffic decreased by 880 basis points. Our analysis shows the primary factors impacting company same-store sales reflect the slowdown in consumer spending, impact of weather and campaigns that were not as effective as prior year.

Our franchise and other revenue for the third quarter increased by 15.8% to $4.3 million compared to $3.7 million from the same prior year quarter. This was attributable to the increase in royalties related to the increase in number of global franchise stores opened since the fourth quarter of fiscal 2012.

Our 4-wall store margin for the third quarter was 17.9% compared to 22.1% in the prior year. The decrease was primarily due to the impact of the same-store sales on fixed occupancy and labor costs in addition to approximately 100 basis points related to the increased promotional investments to drive our light and lapsed user strategy.

General and administrative expenses for the quarter decreased by $1.3 million as a result of a reduction in professional fees, stock-based compensation and travel-related costs.

The third quarter reflects tax expense of $0.6 million and our projected effective tax rate for the full year is an expense of approximately 4%. The components of our tax expense are alternative -- are state alternative minimum tax and foreign withholding taxes. We continue to have a full valuation allowance against our deferred tax asset.

Our cumulative federal net operating loss at the end of fiscal 2012 was approximately $112 million. We can and will utilize our tax NOLs to offset federal and state income taxes, although we are forecasting to be in an alternative minimum tax position where full NOLs cannot be utilized.

Our balance sheet remains strong with almost $29 million in cash and cash equivalents and no debt at the end of the quarter. With our strong balance sheet, available cash and cash flow from operations, we continue to reinvest in our core business and will accelerate the rollout of our premium juice platform in 2014 to include 150 company locations.

Our capital expenditures for the quarter were $5 million related to maintenance capital, investments made under our store refresh program and investments in our information technology platform. Our guidance for fiscal 2013 capital expenditure is currently a range of $14 million to $15 million and includes the refresh of up to 61 company locations in fiscal 2013, to include a whole food blending premium juice platform, 2 full remodels, 2 new company stores, maintenance capital and information technology investments. We also incurred capital this year related to the fiscal 2014 refresh of 150 locations.

As it relates to fiscal 2014 guidance, we are estimating capital expenditures in the range of $12 million to $13 million, which will include the premium juice platform in 150 locations, maintenance capital and IT-related projects. We are estimating an effective tax rate of 4% to 5%, which includes the impact of state alternative minimum tax. And to clarify the economics around our JambaGo unit, we are estimating our revenue per machine unit to average around $2,000.

I will now turn the call back to James.

James D. White

Thanks, Karen. As I said, Q3 was a very challenging quarter with the economy, competition and weather all negatively impacting our results. August was the most difficult month, with both weather and competitive activity having a heightened effect.

We now have had sequential monthly improvements in September, October and the start of November. This doesn't mean that we're changing our same-store sales forecast or other targets for Q4 and the year, but a continuation would put us in line with our revised ranges.

And the other initiatives that I mentioned will be positive for the quarter and most importantly, will drive growth in 2014 and the out years.

We believe the fresh premium juice program will be a significant growth driver. Our initial analysis shows it creating a 200 to 300 basis point increase in same-store sales. Our expansion plans will be strong. We'll have 61 units by the end of the year. We'll add 150 company-owned units in 2014, plus indications that our franchisees also will be very active.

Our overall store development program is strong. In Q3, we opened 14 franchised units in the U.S., 3 international units and 12 Smoothie Stations. Plus our California development of 125 stores is on track.

At the start of Q4, we opened Jamba's first drive-through unit in Las Vegas and launched our first stores in new geography, St. Louis and Milwaukee.

As we look to the future, we see 60 to 80 new units globally in 2014. In 3 to 5 years, Jamba could add 125 to 250 units domestically and 200 to 300 internationally. Based on the interest we're now seeing, our international prospects are growing.

We anticipate adding 1 new geographic area in Q4, and 1 to 2 new countries in 2014. That's why we've raised our long-range target for international units from 1,000 to 1,500, which may be even conservative.

Another growth catalyst is for JambaGo business. Our Jamba units are now opening in more than 1,000 target cafés across the country. This brings our total installations to 1,800, and we're looking for another 1,000 in 2014.

While our Jamba stations don't have the same scale, they are gaining momentum. We opened 12 in Q3, plan to open another 10 in Q4 and 40 in 2014. These limited menu Smoothie Stations make possible co-branding and other opportunity.

Digital marketing will be an increasingly important factor in Jamba's growth not only for Q4 but also for 2014 and beyond. The ISIS Mobile Wallet represents an exciting mobile payment technology that's jointly sponsored by 3 telecom giants: AT&T, T-Mobile and Verizon. And it's backed with a multimillion dollar investment, including giveaways of up to 1 million Jamba smoothies or juices.

We expect many customers who are new to Jamba to adopt the ISIS tap and pay technology and sample free juices or smoothies at Jamba. The ISIS launch and the Jamba promotion start this month but will gain traction in 2014.

Also launching in 2014 will be our Spendgo loyalty program, an innovative and engaging program that seeks to drive incremental visits and increase the average check of medium and heavy users, drive trial and awareness of light users and increase the brand engagement of all customers. And Spendgo can be activated through ISIS.

Product innovation is another important success factor. Q4 will not only see the expansion of premium juice. There also will be 2 limited-time smoothie offers, our Pumpkin Smash and our Eggnog Jubilee, in both regular and light versions, and the limited time offer range reduction of our most popular oatmeal topping, Cherry Berry Pecan. The innovation will continue in 2014 with the rollout of Wellness Bowls, which have been tested and have shown very strong adoption by customers.

On our last call, I said systemic productivity and cost savings efforts are an essential component of Jamba's growth strategy, and as important as our core competency around innovation and unmatched product quality. That belief will be present in Q4 and throughout 2014 as we pursue an enterprise optimization initiative with Deloitte as our partner.

This wide-ranging effort will be looking at our supply chain and possible benefits of third-party logistics providers, all of our direct and indirect spend and beyond. We believe the scope of the effort will be matched by the savings, which over time could range from 100 to 200 basis points in margin improvement.

So we have many solid and exciting initiatives and plans that make us very confident for the future. Our targets for 2013 are as we outlined last month: company comparable store sales from flat to 1% for the full year; store-level margins of 16% to 17%; operating margin of 1% to 2% of revenue; CPG revenue of $3 million; 60 to 80 new U.S. and international locations; 1,500 new JambaGo locations served; and for 2014, our growth will strengthen. We expect to deliver company-owned comparable store sales of 2% to 4%; store level margins of 18% to 19%; operating margins of 2% to 3% of revenue, 60 to 80 new U.S. and international store locations; and 1,000 new JambaGo installations.

As I said, I'm very confident about Jamba's future. We have great strengths and advantages, an iconic brand, superior innovative products and marketing, a powerful position in the on-trend, fast-growing healthy food, beverage and premium juice segment, growing international prospects, robust programs to provide ongoing cost and productivity improvements, a strong and growing franchise network and management talent and total organization strength that is tops in the sector.

We intend to take full advantage of these strengths and positions as we continue to build Jamba into a leading globally recognized healthy active lifestyle brand.

Before I conclude, I'd like to welcome our new partners in the U.S. and from around the world to the Jamba family. I would also like to thank the Jamba team members and franchise operators across the system for their continuing effort and commitment.

I will now turn the call back over to the operator so that we can open up for questions.

Question-and-Answer Session

Operator

[Operator Instructions] Our first question comes from the line of Scott Van Winkle with Canaccord Genuity.

Scott Van Winkle - Canaccord Genuity, Research Division

James, can you go further into the price competition you saw in the third quarter? Was it format competition on the smoothie side or was it more quick-serve in their promotional environment in Q3?

James D. White

It would've been more quick-serve. And I'm going to ask Karen to share some specifics.

Karen L. Luey

Yes. Scott, just to share the specifics, what we saw in the month of August was many quick-serve or fast casuals jumping into the promotional aspect regarding cold-blended beverages. We saw the likes of people like Orange Julius and Dairy Queen offering their smoothies for $1.49. Panera, and we've never seen Panera do any kind of promotional tactics around smoothies, for the month -- the entire month of August, smoothies were half off at all Panera stores. Locally here in California, we had local coffee shops offering BOGOs every weekend on cold-blended beverages and then the treat receipt seem to take off a little bit earlier this year in August. We've seen the likes of like Starbucks offering that a couple of weeks earlier than their normal cadence of promotion.

James D. White

So those are just some examples. Scott, as we look at the closer end smoothie competitors, and there's been some noise there, we look at the AUVs of those competitors. If you look at a Smoothie King or a Robecks and they're half of Jamba. So they need to have 100% same-store sales increases before we think about them as a major threat.

Scott Van Winkle - Canaccord Genuity, Research Division

Got you. And then can you talk a little bit about the recent management change in the retail operation side?

James D. White

Really for us, the way to think about the change is we've installed a 10-year Jamba veteran, Chris Beeson. And he's going to run all of the stores. And the big headline as you'll see may be much closer personally to everything that happens in our stores and everything that happens as we -- or do in our current work around our supply chain optimization work.

Operator

Our next question comes from the line of Greg McKinley with Dougherty.

Gregory J. McKinley - Dougherty & Company LLC, Research Division

Looking back over the last, I guess, quarter now and the last month or 2 since the quarter ended, can you talk about maybe distinguishing sales trends regionally? Because I think initially, you said some weather challenges outside of California were impactful. So can you just help us understand regionally what you saw?

James D. White

Yes, I'd make 2 bigger points as we think about the performance over the last few quarters. We've seen, after a very tough August, we've seen sequential improvement September, October and even the start November. So that's 1 big headline I'd leave you with. And as we look at the most effective geographies by weather, they would be New York City, which is a company-owned market, and California would be the most severely impacted from a geographic perspective.

Gregory J. McKinley - Dougherty & Company LLC, Research Division

Okay. And then the competitive factors influencing those markets were similar because you're dealing with national chain competition in both markets?

James D. White

Yes, dealing with national chain competition, and the only other point that Karen hinted to, we've actually lapped a stronger product platform from a year ago, our Fruit Refreshers with our strawberry platform this year, which was literarily just an aggregation of existing items that were packaged. So lesson learned for us. We always have a much stronger performance when we bring innovation in front of the customer.

Gregory J. McKinley - Dougherty & Company LLC, Research Division

Okay. And then I guess the follow-up is cost to sales. I guess surprised me that the COGS level is as high as it was. And I think you've commented in your prepared comments that it was -- results may be targeting some of the lighter users. But my perception was that some of those efforts have been in place for some time. So can you help us understand what caused the variance and what your outlook is there going forward?

Karen L. Luey

Yes, so really, Greg, it was 2 things, right? So the first being about 100 bps of degradation due to the light and lapsed user promotion strategy. And then we did see a slight uptick in our commodities, specifically on the paper line.

Operator

Our next question comes from the line of Brennan Matthews with Northland Securities.

Brennan Matthews - Northland Capital Markets, Research Division

I was just wondering if you've been seeing any competition in regards to the fresh squeezed juices you're offering? Like anything from the high end cold-pressed juice processors?

James D. White

I guess the big picture is a growing market, so that premium end of the juice market is growing in the 4% to 8% range on an annual basis. And there are shops that are certainly popping up across the country. But the point that I'd make and the reason we're so excited about the future is: one, the growth that we see in the space; two, the nature of the competition in that space. If you look forward 2 to 3 years from now, we actually believe most of that competition will be rationalized. You'll see Jamba as a very clear leader in this space over time, given the strength of our 800-location footprint, the strength of our supply chain and the fact that we've been doing this for 20-plus years, are early results with almost no marketing, we think, is a good indication of the success we have in the marketplace. But a growing trend that we expect to fully take advantage of moving forward.

Operator

Our next question comes from the line of Conrad Lyon with B. Riley & Company.

Conrad Lyon - B. Riley Caris, Research Division

A few questions. First, with international growth, I think we've discussed before that typically, the economics, the royalties are comparable to what we see domestically. That's part A of the question. And then part B is what kind of G&A ramp do you see in support of international growth now that you've kind of got your feet wet.

James D. White

Karen, can you walk through the way to think about the financials from an international perspective?

Karen L. Luey

Yes, so Conrad, from an international perspective, the royalty stream is very similar to that of the domestic. It's between a 5% to 6% royalty stream that we would get on the international franchisee sales. The only difference is we also recognize upfront, we get cash up front, a pretty large lump sum of cash upfront that we use to deploy against any start-up costs with respect to opening up in that particular country.

James D. White

And the only other couple of points I'd make, which I think point to the strengths for Jamba internationally. If you look back 2 years, we would have had no international presence. We sit with about 48 locations open internationally today, and we will open our 50th location sometime before the close of this year, and we will likely open our store #100 around this time next year.

Conrad Lyon - B. Riley Caris, Research Division

Okay. And with that, just kind of the second part. The cost to service the franchisees, how does that -- maybe frame it this way, how does it compare from a domestic standpoint? Is it the same rate? Is it a little bit more challenging or less challenging?

James D. White

It's roughly the same. The way I might describe it is we have a built infrastructure to support that business. The flow-through of our international business is going to be about the same at about 60% to 70%. And again, the way the international deals work is as we sign these deals, there is cash upfront, which covers most of the infrastructure buildout for those businesses over time. And then Karen, can you describe how that ends up getting recorded?

Karen L. Luey

Yes, so it's a slightly different recording process, Conrad, so on a cash basis, we're usually breakeven. But from a P&L basis, the expenses usually come before we can actually recognize the revenue. So we recognize revenue as the stores open versus we get the cash upfront, and then we can offset the cash expenses against that the cash -- the actual cash inflow.

Conrad Lyon - B. Riley Caris, Research Division

Okay, helpful. Question on G&A. I think in the prepared remarks or maybe during the script, I think you indicated there's about $1.3 million in savings on service contracts. Is that something that we're going to see more of or was this more of a one-time benefit if I heard that correctly?

James D. White

You're going to see us, as we move into 2014, be very diligent in terms of taking down our overall G&A costs. And again, that's a part of the significant productivity and cost savings initiatives that we've launched with Deloitte. And you'll see those benefits show up across the P&L, including a reduction from a G&A perspective as we get to 2014. And we're very focused on that as a high priority.

Conrad Lyon - B. Riley Caris, Research Division

Okay. And in terms of kind of directionally weather-focused, I'm assuming there's probably no concern about, really, the operational perspective. It's just perhaps, I don't know how to frame it but, let's say, just a little excess of cost here or things that are not no longer needed. Is that a fair way to say it? Really what I'm getting at is you're not going to compare in any way, shape or form, I guess, service platform, correct?

James D. White

We'd never even consider that. I mean, you'll see us do things that allow us to actually build capabilities. I've mentioned in the prepared remarks that we're taking a hard look at our third-party logistics providers. And we're really taking a deep-dive scrub of all the indirect spend categories, and we're actually very confident that we'll find some significant productivity gains and some savings. Karen, would you add anything there?

Karen L. Luey

No, I think you got it all.

Operator

[Operator Instructions] Our next question is a follow-up question from the line of Scott Van Winkle with Canaccord Genuity.

Scott Van Winkle - Canaccord Genuity, Research Division

Following up on my last question about G&A. Karen, it looks to me to kind of reconcile the store-level margin for the year relative to the operating margin for the year, that you'd have to see the kind of a similar dollar amount decline, if not more, in G&A on a year-over-year basis in Q4. I mean, is that correct? I mean, is G&A going to be south of $10 million in Q4?

Karen L. Luey

I think as you look at it, Scott, that's a safe bet. As you remember, you probably recall, what usually happens in Q2 and Q4 is there is a bonus accrual that's factored into those quarters, and I believe that's what you have in your model as well. And so that bonus is based on performance of the management team. And so if you look at the performance for Q3 and Q4, it's not likely that we would recognize the full bonus in Q4.

Scott Van Winkle - Canaccord Genuity, Research Division

Got you, got you. And then, James, more broadly on G&A, and I appreciate the Deloitte effort. At 16%, 17% of sales, what should G&A be? I mean, how much core of an infrastructure should there be for Jamba with predominantly a franchise business?

James D. White

I think the way to think about Jamba, and we've talked about this over time, there's a bit of a transition period from this company-owned model of 3 or 4 years ago to this franchise model. And one of the things that we're rationalizing today is how much infrastructure will be required to run these growth areas. And the point I'd made often is we've deliberately made an investment to build things like our international platform, which would have been nonexistent 2.5, 3 years ago, and it will be 50 locations open in December and 100 at this time a year from now. JambaGo, the landing of Target and having almost 1,800 locations served in total, our business that we've deployed or invested in, that will play significant returns over time. That said, we actually believe there's 100, 200, 300 basis points that we will continue to work out of the G&A structure over time. And 2014 is a year that you'll see us take a very deliberate, very aggressive, call it [ph], bringing that more in line.

Scott Van Winkle - Canaccord Genuity, Research Division

Okay. And then second time through the Q&A, I'll allow a question if you don't mind. Actually an easy one. Where are the stations being deployed on average now?

James D. White

The stations would be largely deployed in one of a couple of places. Many are going on college campus locations. The example is the first station that we deployed on the Brooklyn College campus in New York City is an example and there are many examples like that one. There's also stations that are going into what we would call either health care or business-to-business kind of campuses where there is food service provided by contract feeder and there's already labor and the stations become a complementary offering or concept inside of an existing food service offering.

Scott Van Winkle - Canaccord Genuity, Research Division

And in each of those cases, the food service operator on that, college, campus or health care facility operates the station, correct?

James D. White

They do.

Scott Van Winkle - Canaccord Genuity, Research Division

Okay. And then Karen, I apologize, I missed the tax rate conversation. Why was it 17% in the quarter?

Karen L. Luey

Yes. So for the full year, Scott, the tax rate will be 4%. So if you look at it on an annualized basis, you should use 4% for the year. And if you -- if we factored in the 4% tax rate for the year, then we had to back into what Q3's tax rate would have been for the tax expense would be, which is why it ended up to be 17%. So all of that will come back in Q4.

Operator

Our next question is a follow-up question from the line of Greg McKinley with Dougherty.

Gregory J. McKinley - Dougherty & Company LLC, Research Division

Wonder if we could revisit CPG revenues real quickly. So you're still expecting $3 million of CPG revenues in the quarter. I think you said combined with JambaGo, that produced $800,000 in the quarter -- I'm sorry, $3 million for the year, how much of that $800,000 was CPG versus JambaGo?

Karen L. Luey

I would say -- gosh, I think about half of that was CPG and half of it was JambaGo. Let me...

Gregory J. McKinley - Dougherty & Company LLC, Research Division

Yes. And then the other question, I guess, is so you're looking for $3 million of CPG this year...

James D. White

So it would've been -- Greg, it would've been exactly half.

Gregory J. McKinley - Dougherty & Company LLC, Research Division

Okay, half and half, okay. And then I know you had reduced your outlook for CPG this year, maybe due to some late launches or some launch slips at retail. How is that shaking out for your view on '14? Where do you think that $3 million grows to next year?

James D. White

We think we'll see modest growth there that would be in the $3 million to $4 million range for next year.

Gregory J. McKinley - Dougherty & Company LLC, Research Division

Okay. And then finally, what is the new -- what are the attributes of this new prototype store that you had mentioned? I'm assuming that's different than the fresh juice store.

James D. White

Really, the new prototype that I talked about just represents a value engineering on our parts, so it takes all the best of the latest premium juice offering and then we value-engineer that, and we now have a model that we can execute for less than $300,000, which is one of the drivers from a franchise and development excitement perspective because the returns on a vehicle below $300,000 is a significant milestone for us and yields a great return due to our franchisees.

Gregory J. McKinley - Dougherty & Company LLC, Research Division

Okay. And then what's a Wellness Bowl?

James D. White

Think of some of the core ingredients of a smoothie in a bowl, but think of fresh fruits and granola, could be nuts. And it represents a perfect meal replacement. So as an example, my daughter plays basketball, and the thing she wants after basketball practice is a Wellness Bowl. And we tested these as a part of the Kona platform that we launched this summer, which was incredibly successful.

Gregory J. McKinley - Dougherty & Company LLC, Research Division

Okay. And then just lastly, on the CPG, again, to get to $3 million to $4 million next year, do you feel like you've secured all the retail distribution right now to support that? Or is there additional distribution that needs to be achieved to get to that number?

James D. White

We think we certainly have a solid base of distribution and categories and products. But there will be some build to get to the higher end of that range for next year.

Operator

And I'm showing no further questions at this time. Ladies and gentlemen, this does conclude our conference for today. Thank you for your participation. You may now disconnect.

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