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Executive

Matt Dallas - IR

Steve Zissis - President and CEO BBAM

Colm Barrington - CEO

Gary Dales - CFO

Analyst

Jamie Baker - J.P. Morgan

Andrew Light - Citigroup

Richard Haden - Yield Capital

Chris Stroub - Private Investor

Helane Becker - Dahlman Rose

Gary Liebowitz - Wells Fargo Securities

Presentation

Fly Leasing Ltd. (FLY) Q2 2010 Earnings Call August 4, 2010 9:00 AM ET

Operator

Good morning, my name is Tanya and I'll be your conference operator today. At this time I would like to welcome everyone to the Fly Leasing Limited Second Quarter 2010 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers remarks there will be question-and-answer session. (Operator Instructions).

At this time I'd like to turn the call over to your presenter, Mr. Matt Dallas, Head of Investor Relation. Mr. Dallas you may begin your conference.

Matt Dallas

Thank you and good morning everyone. I am Matt Dallas, the Investor Relations Manager of Fly Leasing and I'd like to welcome everyone to our second quarter earnings conference call. Fly Leasing which we will refer to as FLY or the company throughout this call, issued its second quarter earnings results press release earlier today, which is posted on the company's website at www.flyleasing.com.

Representing the company on this call today will be Steve Zissis, the President and CEO of BBAM, Colm Barrington, our Chief Executive Officer and Gary Dales, our Chief Financial Officer.

I like to begin the call by reading the following Safe Harbor statement. This conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include but are not limited to statements regarding the outlook for the company's future business and financial performance. Forward-looking statements are based on current expectations and assumptions of FLY's management which are subject to uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to factors that are summarized in the earnings press release and are described more fully in the company's filings with the SEC. Please refer to these sources for additional information. FLY expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in its views or expectations, or otherwise.

This call is the property of FLY and can not be distributed or broadcast in any form without the expressed written consent of the company. A replay of this call is available for two weeks from today. An archived webcast of this call will be available for one year on the company's website.

I will now hand the call over to Steve Zissis, the President and CEO of BBAM to give you his view on industry conditions. Steve?

Steve Zissis

Thank you, Matt. The recovery in commercial aviation is progressing nicely. Internally speaking, our airline clients are enjoying higher low factors and pricing power that is enabling entry across the board. Fright traffic is also rebounded significantly of its lows. The former air show took place about two weeks ago and I can report that the airline and the manufactures in attendance were exhibiting confidence about the prospects for the industry.

Airlines and aircraft leasing companies are ordering aircrafts in large numbers. Both Airbus and Boeing have substantial demand for the new narrow body equipment and are virtually no delivery positions available from either manufacturer on user type for several years. Both Airbus and Boeing are increasing production rates in an effort to satisfy the demand. But we still see a favorable supply demand dynamic that we expect under pinning recovery in aircraft values and lease rates.

Lease rates particularly on Boeing 737 next generation equipment our rebounding in response to a recovery in the sector and we are seeing healthy demand for used aircraft from airlines around the world. Lease rates also recovering all be it a slower rate on Airbus A320 family and out of production Boeing aircraft type. It has been the case in the beginning of the recovery, several quarters ago, that the growth I've been talking was concentrated in the emerging market regions and in particular certain countries in Asia. Our optimism about the long-term progress for the sectors further supported by the spread of these healthy growth trends to other areas of the world.

As mentioned on previous earning calls there is a large amount of capital flowing in the aircraft leasing sector. Much of the capital is coming from the private equity community but the larger existing les-source are also allocating capital to grow their business. All of this capital is creating a demand for aircraft subject to operating leases and is causing aircraft prices to move up words.

The demand from leased aircraft is creating more liquidity for FLY's aircraft. We expect to take advantage of this liquidity to rebalance the portfolio with a handful of selected aircraft sales. We expect to use the cash proceeds for many aircraft sales combined with the company's significant unrestricted cash balances to acquire new aircraft. This will allow the company to manage less seat concentrations and to actually manage the obligate of the portfolio.

Cash can also be used to continue to repurchasing our stock given the value we see in the company's shares.

I'll now turn the call over to Colm

Colm Barrington

Good morning everyone. On June 29th Babcock & Brown Air Limited changed its name to Fly Leasing Limited. So from now on we'll refer to company as Fly Leasing or as FLY which cost is also out New York stock exchange ticker symbol. FLY is reporting not a strong quarter for the three months ending on June 30, 2010 with net income of 13.2 million and earnings per share of $0.46 broadly comparables to the result of the same quarter of 2009. This quarter figures were enhancing at the end leasing in relations to three of our aircraft. Our last year's figures were enhanced by significant gain of purchase of notes payable.

Our earnings for the quarter also included a one time non-cash charge of 2.2 million related to amendments to our management servicing aircraft acquisition facility agreements. FLY was fully compensated with these expenses in cash by Babcock & Brown Limited. However under accounting rules this reimbursement was treated as a capital contribution by the related cost as preached as an expense. Gary Dales will explain these figures and the variations in more detail later in this call.

Our available cash flow in the quarter was 42.5 million a $1.47 per share, this compares to 32.2 million or $1.06 per share in the same quarter of 2009. A reconciliation of ACF to net income in available in today's earnings release.

At quarter end FLY had a total cash balance of $261 million of which a 115 million was unrestricted. These figures compared to 235 million and 96 million at December 31, 2009. These increased cash balances were despite the significant investments made in the quarter and which I'll describe later in the call.

We declared a dividend of $0.20 per share for the quarter representing 13.6% of ACF. This dividend will paid at August 20th to shareholders of record on July 31st.

Our fleet of mountain popular and flue efficient aircraft performed generally well in the quarter. Our fleet had a total utilization of 94% and at quarter end all the three of our 62 aircraft were on lease. FLY has one leased aircraft at least to Mexicana and we are in discussions with this airline following its bankruptcy filings which were announced yesterday.

Of the nice scheduled lease returns in 2010, we have already re-leased and delivered three aircraft, agreed a forward sale of a fourth and have agreed terms to the extension of two leases when the existing leases ends later in the year.

We are marketing the remaining three aircraft and currently have strong interest from several parties in two of these and are pursuing opportunities for the third. Overall demand conditions per aircraft leasing are stronger than they were a year ago.

Our quarter end lease exceeded those balance of 4.5 million was approximately 1.5 million less from three months earlier, although 0.6 million higher than at December 31, 2009. I am happy to report that since quarter end approximately 2.3 million of the receivables balance has been collected.

At quarter end our 62 aircraft in an average age of 7.8 years and our average remaining lease term was 4.6 years. At quarter end our annualized lease rentals were $210 million.

During the June quarter we completed our 8.75 million investments in BBAM LLP the newly formed private aircraft lease management company that is our manager and survivors. BBAM as a portfolio under management nearly 400 aircraft valued as over $10 billion including FLY's 62 aircraft has recently been ranked by Air France Journal as the world's third largest aircraft and a lease manager.

The investment in BBAM gives FLY a 15% interest in the management income from this large portfolio, along with income from aircraft origination remarketing and sales. It is complimentary to FLY's core business, its expected cash accretive to the company and to produce strong returns for FLY and its shareholders. In the June quarter we reported 580,000 of pre-tax income from the first two months of this investment.

In related transaction on April 29th FLY repurchased just over 2 million of its shares at a price of $8.78 per share for a total investment of 17.7 million. These shares represent approximately 6.6% of the shares outstanding at March 31, 2010. On July 30th FLY repurchased a further 1.4 million shares at a price of $10.50 per share for an additional investment of $14.8 million. These were the remaining shares owned by Babcock & Brown Limited.

Since we launched our share repurchase program in June 2008, FLY has now repurchased a total 6.7 million shares for a total investment of $48 million at an average price of $7.12 per share. These shares repurchased represent approximately 20% of shares outstanding at the start of the program and bring our current share count to 26.9 million. Our broad has approved an extension of the program through May 2011.

In addition to these share repurchases FLY also has repurchased approximately 20% of its securitized notes as an aggregate price of less than 50% of face value. These transactions add further strength to FLY's business and to our balance sheet further increasing shareholders equity and particularly on a per share basis. Our total shareholders equity is now approximately $17 per share.

You will all see the reports of airlines and airline analyst in recent months that show significant improvements in airlines profitability in 2010 as compared to the previous year. IATA is not predicting the world's airlines as the group would possible in 2010. As against their prediction of global losses as recently as last March. These results and forecast endorsed the positive trends that we flagged to our shareholders towards the end of last year. Generally positive trends among the airlines are flowing through into the leasing business in the form of reducing numbers of available aircraft and improving lease rates.

We also see the positive of trends in the stronger order books of the major aircraft invention manufacturers. As the result of these improving market conditions we continuous to be positive about the FLY and its prospects and expect that with a strong balance sheet and support BBAM experienced management team will continue to benefit from strengthening industry trends.

I'll now hand over to Gary Dales, our CFO for a deeper look at our financials.

Gary Dales

Thank you, Colm. We are reporting net income for the quarter of 13.2 million or $0.46 per share. This compares to net income of $14 million also $0.46 per share for the second quarter of 2009. For the six month ended of June 30, 2010 our net income was $29.8 million $1.01 per share as compared to net income of $60.9 million $1.94 per share for the same period in the previous year.

As Colm mentioned, this quarter earnings include $10.6 million of revenue associated with expiration of certain leases and $580,000 of income from our 15% investment in BBAM. There is now similar revenue in second quarter of 2009.

Our second quarter 2009 result include a pre-tax gain of $8.6 million resulting from the purchase of $19.4 million principle amount of our notes payable. During the six month period ended June 30, 2009 we purchased a $119.4 million principle amount of notes payable resulting in a pre-tax gain of $57.6 million. I will now discuss these results in detail.

Our total revenues from the quarter were $63.4 million and include operating lease revenue of $61.4 million, earnings from our 15% investment in BBAM of $580,000, proceeds from a lease termination settlement of 580,000 and interest and other income of $816,000.

Operating lease revenue for the second quarter of 2010 of $61.4 million compares to operating lease revenue of $53.8 million for the same period in the previous year. This increase is primarily due to end of lease revenue recorded in the second quarter of 2010 partially offset by declines in lease rentals.

For the six month period ended June 30, 2010 total revenues were $131.1 million and consistent operating lease revenue of $115.7 million, earnings from our investment in BBAM of $580,000 a gain from sale of an option to purchase 50 million principal amount of ours notes payable of $12.5 million proceeds from a lease termination settlement of $1.2 million and interest and other income of $1.2 million.

Total expenses for the second quarter of 2010 were $48.1 million compared to $47 million for the same period in the previous year. And consistent depreciation expense of $21.1 million interest expenses of $18.8 million selling, general and administration expenses of $7.7 million and maintains and other cost of $534,000. Total expenses increased approximately $1.1 million or 2% compared to the same period in the previous year. the increase is primarily due to reflecting $2.2 million of expenses associated our separation from association with Babcock & Brown. These expenses were paid for by Babcock & Brown and the reimbursement is reflected on our financial statements as a capital contribution.

Total expenses for the six month period ended June 30, 2010 were $95.1 million the same is incurred during the same six month period in the previous year. total expenses for the six month period ended June 30, 2010 consist of depreciation expense of $42.4 million, interest expense of $37.8 million selling, general and administration expenses of 12.6 million, amortization of an option to purchase our own debt of $947,000 and maintains and other cost of $1.4 million.

Depreciation expense for the second quarter of 2010 was $21.1 million compared to $20.8 million for the same period in the previous year, an increase of approximately $300,000 or 2%. Interest expense for the second quarter of 2010 of $18.8 million compared to $19.9 million for the same period in the previous year, a decrease of $1.1 million or 6%. The decrease is primarily due to the decline in our hedged interest cost and a reduction in the amount of debt outstanding.

Selling, general and administrative expenses were $7.7 million in the second quarter of 2010 compared to $5 million for the same period in the previous year, an increase of $2.7 million. The increase is due to recognition on the non-cash share base compensation expense of $846,000 and recognition of the $2.2 million of expenses paid for by Babcock & Brown that were previously discussed.

Our provision for income taxes for the second quarter of 2010 was $2.2 million representing and effective rate of 14.1%. The effective rate for the same period in the previous year was 20%. The effective rate in the second quarter of 2009 reflects the recognition of deferred taxes at a 25% rate on the gain associated with purchase of notes payable. Our balance sheet remains strong. At June 30, 2010 with total assets of $2 billion of which $1.7 billion is invested in flight equipment helped for operating lease.

Our available cash flow of ACF was $42.5 million for the second quarter of 2010 compared to $32.2 million for the same period in the previous year. on a per share basis, ACF was $1.47 in the second quarter of 2010 compared to $1.06 for the same period in the previous year an increases of 39%. The second half includes $10.6 million of end of lease revenue not present in 2009. We define ACF as net income plus depreciation, amortization of lease incentives and debt issue cost and deferred income taxes all in one cash charges.

Non-cash gains is also from the purchase of notes payable and other one time non-cash items are excluded from ACF. We believe that ACF provides a meaningful measure of FLY's capacity to reinvest in our business and to execute other initiatives designed to create shareholder value. However actual cash available for distribution may defer from our ACF measure because of other cash expenses that are not reflected in net income.

You'll find a reconciliation of ACF to net income to most directly comparable GAAP measure at end of our press release issued this morning.

With that let me turn it back to Colm for this closing remarks.

Colm Barrington

Thank you, Gary. Well in summary we are delighted with developments of FLY during the first six months of 2010 and we will continue to examine ways to add value to shareholders. We're also very encouraged with the development that you've seen in the aircraft leasing industry this year, particularly the improving trend amongst our airline clients, with the total of the threats of major distressful portfolio sales by several participants in the leasing industry and the announcement of several new participants. We believe that all of these factors will have a positive impact to the aircraft values and on the confidence of the investor community in FLY and its peers.

So we're now ready to take your questions. Operator would you please open up the lines?

Question-and-Answer Session

Operator

Yes sir. (Operator Instructions) Your first question comes from Jamie Baker with J.P. Morgan.

Jamie Baker - J.P. Morgan

Good morning gentlemen.

Colm Barrington

Good morning Jamie.

Jamie Baker - J.P. Morgan

To the point that you made earlier that there does seem to be plenty of money chasing modern planes these days considerably less perhaps chasing the older aircraft. I know what your current portfolio looks like. But going forward where is the best bank for the buck for lack of a better term? And also when do you think the upraises are to start to reflect I guess renewed bullishness that the market is feeling and certainly your team is seeing?

Steve Zissis

Jamie this Steve Zissis, I think I'll take your second question first and that is our experience is that the up raisers are always lagging indicator of what’s going on in marketplace. So we would expect the upraises to start reflecting kind of what we see going on in the market in the next 6 to 12 months.

And on the first question the bank per buck it just a depends what your risk reward appetite is. We're seeing from interesting opportunities certainly in the over stop. But that's kind of balance by the concern that there are lot of jurisdictions in the world that have age limits. And we're getting concerned about having over aircraft in the portfolio which is really pushing us towards looking at kind of the newer stuff for further acquisition in our portfolio.

Jamie Baker - J.P. Morgan

Got it, I appreciate that. And just a quick follow-up in light of the Air Castle transaction any idea when you might start to look maybe to converting to more of an unsecured borrowing strategy?

Gary Dales

We don’t see that happening in the short-term Jamie. I think what we are seeing at the moment is the availability of capital in smallest trenches for specific projects, specific aircraft transactions. We also think that the unsecured debt particularly that you just referred to is extremely expensive and I think it's very hard to make money in this business if you're paying close to 10% of your debts right now.

Jamie Baker - J.P. Morgan

Okay. Thank you very much for the color gentlemen, appreciate it.

Operator

Your next question comes from Andrew Light with Citi.

Andrew Light - Citigroup

Hi there, good morning. Question, Steve I was interested that you say that 737 MJ leads break with its out performing A320. It has any particular reason for that? And also can you give an idea roughly what percentage increase was in it like lease rates into part over say the last year?

Steve Zissis

Yeah, it's a good question. If you look at our portfolio I mean when I say our portfolio I am talking now about BBAMs portfolio which we have for aircraft under management. I would say that 60% to 70% of our portfolio is really Boeing based. It's not as much Airbus. So to some extend and we have less if you will visibility on what's going on in the Airbus market than to say the Boeing market. But it's certainly our experience that the Boeing next generation aircraft are enjoying much firmer rebound and lease rates than the Airbus similar aircraft type. And I think I have to do mostly with the factor that they are two engine types. And that the market is some what more dominated by other leasing companies. So which has a tendency to -- if you will push down lease rates or make them a bit softer than say some of the Boeing next gens.

And what was your second question, I forget the second question.

Andrew Light - Citigroup

You said that you were slightly seeing an increase in lease rates. So I was just asking you to put a rough figure on it in terms of percentage.

Steve Zissis

It's really hard to put a exact percentage on it. But I'm going to say in the -- certainly in the last three months we've seen these rates increased at least by 10% on the Boeing product side, on the next generations. And I would say that on the other side it's been some what flat but firming a bit now.

Andrew Light - Citigroup

Okay.

Gary Dales

I think I'll just do a supplemental to what Steve said, if you look at the number of available aircraft to different companies to choose different charts. But there have been consistently more A320s available in the secretary market over the last year than 737 new generations. Now that number has got gone down pretty significantly over the last quarter. But there are still more A320 seeking homes right now in the last 737 NGS.

Andrew Light - Citigroup

Okay, thanks. Mind of I have a follow-up, on the out side 80,000 income from, pre-tax income from BBAM, would you say that that run rate is 290 a month is good enough annual figure.

Steve Zissis

I think I said it in my sort of prepared statement. I mean we expect this to be very good investment, highly cash accretive and so on. So that is part of the investment. I think two months down it will be a little bit to short to extrapolate it.

Andrew Light - Citigroup

Okay. Presumably you're not paying an Irish tax rate on it.

Steve Zissis

Gary?

Gary Dales

Well there are some taxes we will indicating to pay. A lot of it depends on how that income get sourced and we're still actually working through some of the details on where that income would sourced and how it will be preciously taxed.

Andrew Light - Citigroup

Alright, okay. Thanks very much for that.

Operator

Your next question comes from Richard Haden with Yield Capital.

Richard Haden - Yield Capital

My question had to do with BBAM too, so I can just conclude up. But in terms of the payment or the recovery from debt current that was run through balance or run through the income statement then recovered?

Gary Dales

Yes.

Richard Haden - Yield Capital

Go on sir. So you had a penalty of $0.07 a share to the income statement on that?

Steve Zissis

Yes the EPS is down from and I need to check $0.07 for that transaction. And the comp reimbursement from Babcock & Brown reflected as a capital contribution in our statement of shareholders equity. So from a book value standpoint there is no impact.

Richard Haden - Yield Capital

Two other, one the miracle question, is there any calculation as to liquidation value versus the -- near $17 book value?

Steve Zissis

No we haven't got list of that Richard.

Richard Haden - Yield Capital

Any sense of where the arrow would be pointed?

Steve Zissis

I think we are recently concerned with the value of our portfolio, the market value of our portfolio relative to its book value, probably it is as far as I would like to go at this point.

Richard Haden - Yield Capital

And a predictable question, there is no mention of the dividend. Could you share your thoughts on that?

Steve Zissis

Well recently we've been paying a $0.20 quarterly dividend now I think for close to two years. We don’t give any commitments on future dividends. But we've been paying that for a while. So unless there is some major change in our strategy or whatever we keep looking out on a quarterly basis and we'll make our decisions at that time.

Richard Haden - Yield Capital

From one persons point of view I think a modest increase would be very benefital for the image of the company and health of shareholders too.

Steve Zissis

As again, Richard we have done very significant shareholder enhancing value transactions over the last year in terms of buying back the debt at very significant discount and buying shares back at significant discounts to market value. So we are using our capital to enhance shareholders value very significantly right now.

Richard Haden - Yield Capital

I will appreciate that. But I think in today's world dividend enhancements are better capitalized in share repurchases, that's one --

Steve Zissis

Alright we hear your point. We think on it obviously. Thank you.

Operator

Your next question comes from Chris Stroub a Private Investor.

Chris Stroub - Private Investor

Good morning

Steve Zissis

Good morning.

Chris Stroub - Private Investor

Question for you, did I hear right when one of you gentlemen referred to that shareholder equity being around $17 per share?

Gary Dales

Yes if you take our shareholders equity in the balance sheet and divide it by the number of shares approximately $17 a share.

Chris Stroub - Private Investor

Okay. And I apologies if you don’t mind I'm not a analyst a professional in here. But how does that compare to the street price of the share value out there today, I mean the market value of the share?

Steve Zissis

Well the shares are trading at approximately 11.50, 11.60 right now, I think.

Chris Stroub - Private Investor

Right. And shouldn’t the market wake up and draw this stuff way up around $17.

Steve Zissis

You know the market Chris.

Chris Stroub - Private Investor

Alright, very good. And on the BBAM you mentioned -- you put out 580,000 over approximately two months period, could I multiply that time six and assume that your making somewhere around $3 million on that?

Steve Zissis

No. I think it responds to Andrew Light's question earlier. I think I said the two months was perhaps a too short a sample to extrapolate for the whole year. So I think its little bit early to make that forecast guess.

Chris Stroub - Private Investor

Okay. Well it sound they are really great investment.

Steve Zissis

Well five days I believe $0.25 million isn’t too bad even already.

Chris Stroub - Private Investor

Exactly. Okay. That’s all I got thanks for everything you’re doing. Appreciate you.

Steve Zissis

Thank you.

Operator

Your next question comes Helane Becker with Dahlman Rose.

Helane Becker - Dahlman Rose

Hello gentlemen it’s Donna Rose. Just two question, do you have a gold fishery purchases in terms of the capitalization in the size that you want the company to be? And the second part of that question is in terms of potential usage of cash is share repurchases the best use of cash if we’re investing in the business would return higher. It gives you higher returns in terms of buying new aircraft?

Gary Dales

Well I can't predict into the future too much. But certainly to-date we have felt that our shares in the marketplace were less -- were undervalued relative to at work. And we found it better to use our cash to buy shares than buy aircraft and to buy shares -- to buy debt by aircraft, particularly when we were getting the desk back in as more than a 50% discount. So today we certainly found out to be the best way. We continue to look at aircraft acquisitions and hopefully as Steve mentioned in this opening remarks, we will be doing some acquisitions before the end of the year. So we are trying to get a balance of that going forward.

Helane Becker - Dahlman Rose

Okay. So I saw the fund sales which I should have thought was more a leasing company or recovery than only an airline industry recovery. But you guys didn't really -- you guys really weren't active in that market.

Gary Dales

No. We've never been, we actually have sort of stated but we don’t think it is appropriate for company such FLY to commit its capital to significant pre-delivery payment for new aircraft orders. So we are active in the sale and lease pack side of the business rather than in speculating on new aircraft orders. That may change in the future but as of now that's our policy.

Helane Becker - Dahlman Rose

Great, thank you.

Gary Dales

It's a pleasure.

Operator

Your next question comes from Gary Liebowitz from Wells Fargo Securities.

Gary Liebowitz - Wells Fargo Securities

Thank you. Hello gentlemen.

Steve Zissis

Hi Gary.

Gary Liebowitz - Wells Fargo Securities

Can you give a little bit more color on the plane you have with Mexicana? Is that A320 still in revenue-generating service? Have you tried to serve a notice of termination on the lease? Can you just -- more information on that, please.

Steve Zissis

Yeah. The aircraft that we have there Gary is 395, A320, 200 and we have not taken repossession of the aircraft. We are working with the airline right now to be patient to see if they are able to restructure the airline. And in the event that they are not been we been given certain assurances that we'll be given the aircraft back in the right maintains condition if they are not able to succeed the restructuring. So in summary we're working with the airline and the government to corporate there to see what they can do.

Gary Liebowitz - Wells Fargo Securities

Okay. And if I can ask one other question, can you talk about the sale-leaseback environment for newer planes. It sounds like that's the type of transaction you are targeting. How competitive are those situations now compared to, say, six months ago?

Steve Zissis

As that go on listed markets it's choppy, right. I mean in some bids that we're in is very-very competitive. And in another once we don’t see as much competition. So I think in summary we see some opportunities as the market kind of develops. But as we said in our opening remarks there is a lot of new capital coming into the segment. And some of it not very patient as you can imagine which opens up opportunities for us to sell a few of our aircraft from our own portfolio, and hopefully realize a good return for our shareholders.

Gary Liebowitz - Wells Fargo Securities

Okay. Thank you very much.

Operator

There are no further questions at this time.

Matt Dallas

Thank you everyone for joining us on our second quarter earnings conference call. We look forward to updating you again next quarter.

Operator

This concludes today's conference call. You may now disconnect.

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