Mobile Mini, Inc. (MINI) CEO Kelly Williams on Q1 2020 Results - Earnings Call Transcript
Mobile Mini, Inc. (NASDAQ:MINI) Q1 2020 Earnings Conference Call May 1, 2020 9:00 AM ET
Kelly Williams - President & CEO
Van Welch - EVP & CFO
Conference Call Participants
Scott Schneeberger - Oppenheimer
Kevin McVeigh - Credit Suisse
Stanley Elliott - Stifel
Sam England - Berenberg
Good day, everyone and welcome to the Mobile Mini 2020 First Quarter Conference Call. [Operator Instructions] There's also a presentation that accompanies this conference call, which you can access at Mobile Mini's website at www.mobilemini.com. It is on the Investors page.
Before turning the call over to Kelly Williams, Mobile Mini's Chief Executive Officer, I will read the safe harbor statement. Before the presentation and the comments begin, Mobile Mini would like to remind you that some of the statements and responses to your questions in this conference call may include forward-looking statements. As such they are subject to future events and uncertainties that could cause our actual results to differ materially from these statements. Any forward-looking statements that should be considered in conjunction with the cautionary statements in our press release and the risk factors included in our filings with the SEC, which Mobile Mini encourages you to read. In addition, please refer to the Investors section of Mobile Mini's website to find additional disclosures and reconciliations of non-GAAP financial measures that will be used on today's call.
Now, I will turn the call over to Kelly Williams.
Good morning and welcome to Mobile Mini's first quarter 2020 conference call. I'm Kelly Williams, Mobile Mini's President and CEO and with me today is Van Welch, our Executive VP and CFO.
To begin, I'd like to thank all Mobile Mini employees for their hard work and dedication to the company in these challenging times. The safety and health of our employees has always been paramount to us and is of even greater focus to us during the current crisis.
Today we will discuss our strategy, our Q1 results, the impact of the COVID-19 pandemic on Mobile Mini and provide a merger update. We'll then open the call up to questions. I encourage you to review the full quarterly presentation for your reference, which has been posted to our website.
Mobile Mini strategy is to probably grow our business by offering customers premium products and services in two business segments; containers and tanks. These deal-centric products have similar asset characteristics, long-life, low to no maintenance, high margin, short payback periods and strong cash flow generation, which is incredibly beneficial in economic situations like today.
While healthy throughout the cycle, our free cash flow generation is particularly strong in a downturn because their CapEx is demand-driven and we can reduce CapEx at our discretion. We also have the unique ability to generate free cash flow coming out of a cycle's trough because our long-lived fleet is ready in the upswing. So notable CapEx is only needed when demand exceeds the prior peak.
In addition to our sustainable business model and countercyclical free cash flow generation, our nearly $450 million of liquidity from cash on hand and revolver availability will help us weather the economic downturn and be ready for growth when the market turns around.
Now turning to our results for the first quarter. We had a great quarter. Another period of solid execution through increased efficiency resulting in rate increases in both segments of storage solutions and continued growth in managed services. On a year-over-year consolidated basis, we increased both adjusted EBITDA and adjusted EBITDA margin for the ninth consecutive quarter.
Following a historic 2019 free cash flow generation, Q1 2020 free cash flow is nearly 40% greater than prior year and as of March 31, 2020 leverage of 3.5 times with the lowest it has been since September 2014. Our return on capital employed significantly exceeded our cost to capital and continue to be greater than 10%. Storage solutions adjusted EBITDA of $51.8 million for the first quarter was $6.4 million or 14% greater than prior year with an adjusted EBITDA margin of 42.5%, a 420 basis point increase.
Storage Solutions' rental revenue for Q1 2020 increased 1.8% year-over-year. We achieved rate increases in our Storage Solutions business in both North America and the UK. For Storage Solutions composite rates were up 3.3% year-over-year. North America storage solutions also achieved another record quarter with adjusted EBITDA margin of 44.6% an improvement of 430 basis points versus Q1 2019, driven by strong revenue growth as well as cost efficiencies and lower short-term variable incentive plan expense.
North America storage solutions rental revenue of $96.5 million for the quarter was up 3.2% driven by 3.7% increase in year-over-year rental rates, favorable mix with ground-level offices and an increase in managed services, partially offset by a decrease in units on rent. Credit losses continue to be favorably received by the North American market. The increased rates and units on rent for those improved the product mix in North America.
National accounts revenue remained greater than 35% of North America storage solutions rental revenue for the trailing 12 month. Managed services continue to expand with 2400 plus items on rent in Q1 2020 generating $3.6 million in revenue which was up 52% year-over-year.
The UK business adjusted EBITDA increased 7.4% year-over-year due to general cost management and lower trucking expense. This operational efficiency translated in the year-over-year margin expansion of 270 basis point to 31.7% for Q1 2020. UK rental revenue for the first quarter decreased 3.3% year-over-year, a healthy 1.9% increase in year-over-year rental rates was offset by a decrease in units on rent and unfavorable mix.
As we anticipated on the last earnings call, in Q1 2020 tank and pump solutions faced challenging prior year comps and industry softening. Tank and pump rental revenue decreased $3.5 million or 12% year-over-year driven by a decline in average selling fleet on rent. This resulted in segment adjusted EBITDA of $8.1 million and adjusted EBITDA margin of 29.9% for Q2 2020.
We manage cost to offset the impact of the current revenue trends and continue to proactively address variable expenses and overhead optimization where possible
Now I want to take some time to discuss our current business conditions in light of COVID-19. The US government deemed us an essential business. Mobile Mini ground-level offices and containers are being used for office space to provide social distancing and also as testing centers. Managed services has been bundling our office and storage solutions with furniture and hand-washing stations to provide a one-stop solution.
Prior to mid-March North America storage solutions maintained a healthy pipeline of pending orders that was greater than prior year. However, the non-essential business closures and travel restrictions stemming from the fight against the pandemic led to current delays and cancellations of orders and as a result, our pipeline is now lower compared to this point last year.
North America storage solutions unit on rent as of March 31, 2020 was essentially flat to prior year and as of April 2019 units on rent with approximately 2.5% below prior year. Given fewer pickups and deliveries, our trucking revenue which is over 20% of our rental revenue on average will be affected in Q2.
Some of the decline is relative to postponement of retail construction remodels. Both national and localized contractors perform remodel for certain parts of our national account customers. Localized remodels that started pre-COVID-19 are currently ongoing and related new orders will start on time in Q2 and onwards. Pending orders related to remodels conducted by some national contractors are temporarily postponed in some cases due to travel restrictions.
The UK segment has a similar story, after transitioning to a territory-based sales model and utilizing similar sales tools as the North American segment, the UK business had a growing pipeline of pending orders that was greater than prior year until late March when the UK government ordered an immediate full nationwide shutdown of the economy. Similar to North America, the majority of the UK units at customer sites remain on rent, so year-to-date April deactivations are much lower than prior year.
I wanted to provide an update to our merger. As previously announced on March 02, 2020,, Mobile Mini entered into an all stock merger of equals with WillScot. The merger is subject to customary closing conditions including shareholder vote approval and regulatory approval. We have submitted our HSR antitrust filings. There's a new revolver credit facility committed for the combined company to ensure access to ample liquidity at close.
Both Mobile Mini and WillScot are working diligently on the integration plans. We continue to anticipate the deal will close in the third quarter of the year are very excited about the opportunity to partner in the new co with WillScot.
I'll now turn the call over to Van.
Thank you, Kelly and good morning. I hope everyone is faring well under these very unusual circumstances. In Q1 2020 we generated $22.5 million of free cash flow up $6.3 million year-over-year. This marked the 49 consecutive quarter of positive free cash flow. To put that statistic into perspective, that means we generated positive free cash flow during the great recession of 2008 to 2010 as well as the industrial recession of 2015 to 2016. We expect strong free cash flow to continue in Q2.
CapEx spend decreased nearly $12 million year-over-year for Q1 2020. The majority of fleet CapEx spend was related to conversion of ground-level offices or GLOs as these products remain in high demand. To adjust the current market demand our targeted full year CapEx spend is now $25 million to $30 million with a focus on GLOs.
In Q1 2020 we acquired $4 million of rolling stock via finance leases. Similar levels are anticipated in Q2 2020. Our adjusted effective tax rate for the quarter was 25% compared to 26.5% for the same quarter in 2019 and we now expect an effective tax rate of 25% to 27% for 2020. During the quarter, dividend payout totaled $13.6 million. In addition we invested $4.8 million for a tuck-in acquisition in February to further strengthen our storage container business in Dallas Texas.
As Kelly cited this quarter's leverage ratio of 3.5 times was Mobile Mini's lowest leverage since Q3 2014. We continue to manage cost and working capital to reduce debt in 2020 and maintain our strong balance sheet. We have a flexible capital structure with no near-term debt maturities. At March 31, 2020, we had $438 million of revolver availability and over $10 million of cash on hand. We have ample liquidity to meet foreseeable needs.
In response to the economic downturn, we are suspending both tuck-in acquisitions and share repurchases. For the near-term our capital deployment is focused on dividend payout and debt pay-down to reduce leverage. Our countercyclical free cash flow generation coupled with nearly $450 million of current liquidity strengthens our financial flexibility and positions us to manage through these uncertain times and be ready for growth when the economy rebounds.
And with that I'll hand the call back to Kelly.
Thanks Van. We have a unique operating model in storage solutions that differentiate us so that the business segment can now perform GDP on a rental revenue basis in Q2. We will also maintain strong adjusted EBITDA and adjusted EBITDA margins for storage solutions in Q2. Whatever the market conditions are, we'll manager business proactively to outperform the market.
Importantly, we expect to achieve consolidated adjusted EBITDA margin greater than 40% in Q2. Return on capital employed will continue to the weighted cost to capital in Q2 and dividends per share will grow 10% year-over-year for the quarter.
To conclude we've taken significant specific steps to further improve our financial resilience and liquidity position. We will generate positive countercyclical free cash flow for the 50th consecutive month in Q2 2020. Our demand driven model allows us to proactively respond to this current economic situation and when the market turns around, we will equally be ready for growth.
I would like to finish where I started by giving my heartfelt thank you to our teams who are going above and beyond to serve our company and our loyal customer base during this critical moment. I also wish all of you listening today continued safety and good health.
I will now turn the call over to the operator for instructions on the Q&A. Thank you very much.
[Operator instructions] Our first question today is coming from Scott Schneeberger from Oppenheimer and Company. Your line is now live.
Thanks very much. Good morning, everybody. I guess I'd like to start out Kelly, could you address just what you’ve seen since let's say starting in mid-March the progression of customer activity, just your conversations any anecdotes you can share just as how things have progressed over the last five or six weeks and where you think that leaves us as we approach the next two months in the quarter? Thanks.
I'd tell you that it was probably March 20 or so where we started to see an impact in the business. We measure our new orders very intensely I think as everybody's aware here. So we had a run rate here of three or four years of very solid progress in terms of our new orders and the ability to recognize the improvement to prior year. It started to slow there, I would say just looking back to try to get a bit more color today, our new orders were down in April about 25% and that stabilized considerably.
So that was pretty much the trend Scott. I would tell you it happened fairly early and that tends to be a number that we stabilize to. We gave a little more color on the fact that our units on rent as of yesterday were down 2.5% to allow everybody to understand that mid-March we had a really strong volume pick up in the first quarter. So mid-March we were slightly ahead of prior year. In the March we were flat and close to end of April here we were 2.5% down or so.
So you can see that the activation slow but we've also had a significant amount of stickiness with our units on rent at job sites and other end market segments. So it's a slow week as we say. It's a slow deflate which is the beauty of the business model, but it has stabilized and our pending order pipeline is still fairly good here. So it's really just about whether when this opens up and it's certainly difficult to predict.
Appreciate that color. Could you address a little bit and this is specifically in storage, what you're seeing across the primary end markets?
Well construction is open in many states and so the activity has still been relatively strong. We on a local level, we continue to do a significant amount of business. I think where we have made a pretty big shift is in our -- on the storage side is in the national account mix. So that's been a little bit challenged in terms of the -- some of the larger retailer remodels because they've been paused and I think it's important note obviously some of these big-box retailers are doing extremely well right now.
So they’ve paused some of that activity because their volume is significant and so I think that's a postponement. We actually have started to see some of that pick back up or at least have stronger line of vision to the commitment towards the back end of Q2, but in some places everything is still fairly normal. I would say that the retail end market which is very good has slowed on the construction side.
And then moving over to tank and pump just curious your thoughts on the verticals you serve there and maybe a little bit of elaboration on in this oil price environment what might be expected for turnarounds over the course of -- over the balance of this year, thanks?
Yeah so I think the -- obviously in Q1 we saw some industry softening. I think the business is further impacted by the lack of demand for energy and an obvious oversupply of oil, which we partially offset by stronger level of activity in the petrochem manufacturing area, but yeah it's certainly soft, it's again a little bit more difficult to predict. I think the maintenance side of the business I would anticipate which we start to see a little bit more activity in May and June taking advantage of the fact that they can take these plans down and as the need for referral has slowed.
I think it'll be an environment though that still a wait-and-see. I think what's important here is that we're taking advantage of taking costs out of the business. The teams been very focused on aggressively managing costs and I made a comment here earlier that on a consolidated basis I am very confident that the company will run over 40% margin. I'll also tell you believe that the tank and pump business can maintain their current margins from Q1 even in a declining environment with the proactive steps we take to manage costs.
Appreciate that and the last one for me and this is across both segments, just any anecdotes with regard to pricing what would you anticipate to occur there just from what you’ve seen over the last few weeks?
The storage business I mean this is the beauty of the model. I still anticipate we showed our new rates Q1 to be up nearly 2% and that was really strictly because we had an increase in national account activity which we've explained when we see higher peaks of volume, the rates on national account business is discounted slightly there.
So, I anticipate that they remain positive. I don't see there's anything there. We'll at times become a little bit more aggressive, but I still think we have true differentiation in the quality of product, in our service levels. So we'll maintain positive pricing there. On the tank side, it's certainly a little bit more challenging environment there.
Again we're locked in contractually. So it's hard to move the pricing one way or another. There are certain circumstances here where we are working with our customers to help them through some tougher times. We might get extensions when we do that, but I do anticipate a bit of a softening on the pricing in the tank side, but I would tell you that the store size is very resilient and will remain positive and pricing there and I would say it's probably in that neighborhood of as I mentioned earlier maybe closer to 2%.
The next question today is coming from Kevin McVeigh from Credit Suisse. Your line is now live.
Kelly, can you maybe frame out directly for us, it sounds like there's some puts and takes. Things overall came in better than expected, but it sounds like you’ve seen something may pick up as result of COVID. Is there any way to think about just broad stroke how much of an uptick you saw on kind of some incremental demand versus the offsets on it sounds like slower transportation things like that, just puts and takes as you think about the quarter, heading in versus ultimately where you settle?
Well we've certainly seen a pickup in our ground level office business, which has incrementally better rates or accretive rates to the overall portfolio and that mix certainly helps there, but to be clear is certainly not been able to overcome the overall decline in the business Kevin.
It would be hard to put a number on it in terms of units per day that we had that relate directly to COVID-19. I will tell you again the one thing that's given us a little bit more color is around the national account business. So we do get some of this business through some of these big-box retailers that are being utilized as testing sites or that type of thing but I think you still obviously the decline across the rest of the end market.
So it's hard to put real color on the COVID-19 numbers. I'd say if I were to throw some numbers out there, you might have seen a relative to the current units we're doing may be a 10% of the current volume might be COVID-19 related but it's not significant.
And then just any thoughts around kind of you’ve seen any pickups in bad debt on the energy you're on the container side synagogues or around client behaviors or bad debt and then obviously the cash flow is still there but just how are you thinking about that?
Kevin, this is Van. We're keeping a close eye on it but to date we really haven't seen any bad debt that have come in or DSO increases as of yet, but we're watching it very, very close. I think in this environment, my anticipation is we'll see a little bit of creep in that going forward but we're certainly looking at it real close.
Your next question is coming from Justin Houck from Robert W Baird. Your line is now live.
I guess I was going to ask a question about you mentioned that the trucking being impacted net 20% of your revenue. I had to assume that the margins on that are lower. Could you maybe give some context on that just so that we think about that might go through margins just mix impact?
That's a good call out, that's in fact -- it's certainly a benefit right because it is dilutive to the overall margin really on both sides of the business. So our rental margins are about twice with the trucking margins aren't and we've done a great job of accelerating that those trucking margins. The efficiencies that have come out of the technology advancements we've made through mobility and some of the other things have benefited us.
Third-party management from a logistic standpoint, but absolutely it will be of a tailwind from the standpoint that that volume decreases and it is dilutive to the overall portfolio.
I guess my second question is just on the 35% or so that's national accounts, how many units are tied to these remodels specifically so we can understand the context of what the delay or push outs are doing?
Well, I think if you go back about three years, four years we talk about the Amazon affect. This retail remodel are real strategy for us. We don't -- we haven't seen any slowdown with it whatsoever. I don't know that I have numbers tied to. We do have end market segments that we look at from a retail standpoint that would be tied to some of that and I believe it's may be around 30% 35% or so.
But that's not -- that's not all in these retail remodels. We've got tremendous national account relationships with some of these big-box retailers and others as well. But I think it is a big part of our business and it's some of the decline that you're seeing but that's certainly relevant to the fact that the travel has been shut down in so many cases here and we do anticipate to see that business turn and I think if in the news you can see some of the -- some of these folks talking about the postponements into either the latter half of Q2, Q3 or even 2021, but we'll be prepared to pick up where we left off on that business and those relationships are stronger than ever.
And again I think the beauty of this business model is we've not seen a lot of units come off rent. That's why we really point to the decline in units on rent, being deflating at such a slow pace because even as activation slow, we've all obviously seen a lot fewer units come off rent as well. So we sustain it, the beauty of this model is the fact that we've got a significant amount of recurring revenue with all those units out on rent. So it's really the trucking where the bigger impact is on the storage side.
Okay. And then I've got one last one here is just on the SG&A coming down pretty dramatically here I think you mentioned lower variable comp which I guess makes sense because the activations are down, but do you expect the dollar basis of what you're spending on that to kind of stay at this level or is there anything else in 1Q that would be unusual that it got so much lower?
No, I think some of this in the new, new. There is the variable comp tailwind that's associated with it there and we're doing some other things to address comp. I think that the point that I want to make out is that the operating model has huge benefits. The way we run this business the branch manager is the local CEO right. They’ve got very strong local customer vendor relationships that benefit them in challenging times. Their comp is set up to maximize profitability at the branch level.
Our business, a portion of our business flexes with volumes. So when you're talking about third-party trucking over time, discretionary spending, even some of the fixed cost as relates to overhead, we're very, very proactive and quick to react and that's why we're point to these margin enhancement.
So I'd tell you a lot of this is sticky Justin and this is also as you guys are aware, a part of the big transformation, Van was talking about it earlier. We really we're never, we're always focused on continuous improvement but we've certainly reached a level of sustainability around this efficiency being driven in the organization now for quite some time. So this is we're very confident in that ability to drive those margins going forward.
The next question is coming from Stanley Elliott from Stifel. Your line is now live.
Thank you for taking the question and nice to hear your voice. Keeping on the cost saving can you talk about what you all are doing especially in the context of the merger still on track to be completed by third quarter. What sort of dialogues are you all having both parties to make sure that everybody is in the same page in terms of what sort of shorter cuts would will be expected and to make sure you're not leave it with that first off I guess.
Sure let me start off by saying we're very excited about what we've seen culturally in the early integration meetings. I think that they've got some great leadership over there, they've been extremely collaborative. We're really excited about the partnership there. We've obviously called out a significant amount of the benefits. I think scale is certainly one of those and I could going into things like cross-sell expansion those types of thing, but we did talk about cost synergies and we're kind of taking those integration steps in a slower fashion here, but there's certainly some possibility these synergies could be recognized a bit earlier, but I still believe that the key here is the technology and as we've had conversations with their leadership over there, I think we're going to make sure that we do this right.
So it's hard at this point Stanley to point anything that I could call out in terms of synergies this early but I'm sure that as we go forward into an unanticipated closing into Q3 we'll be able to share a lot more.
And on the technology piece could you talk a little bit more about some of things you've done in the past. I would assume that it's going to allow you to even though it's a tough environment to be able to manage it through better than some of your smaller peers, but maybe some of the experience that you're seeing on the ground to kind of support that claim?
Well I think I called out trucking a little bit earlier. I think mobility is a really big key to us. Handheld devices we've eliminated paper, we've saved time administratively, significant time at the branches with through our ability through mobility and in that part of the technology piece. I think another couple of pieces here when you think about capital efficiency, capital management, all of those things, I specifically can tell you with our portal, our ability to drive customers to our portal has enabled us to decrease DSO.
We got a lot of folks on Auto Pay. We're not chasing anybody down in terms of the their type of money or collection of money. There are so many benefits from a technology standpoint. To talk about logistics we're managing third parties better through a portal there. So there are a lot of benefits.
On the tank side we've got a software program that obviously reduces consumption, that's a big benefit something we're taking advantage of today. The stickiness around once we gain a customer on the tank side, when it goes back out the RFP, that technology is a big deal for us to be able to solidify the value in terms of what we bring to them. So technology is a big part of this and you're seeing that in our ability to decrease DSO. You're seeing that in our margin expansion, a lot of these things are of benefit to the organization financially.
And Stanley this is Van you can look at the reporting that we have in place. That reporting is down to the branch level as Kelly mentioned each of these branch managers are of the CEO basically of their operation and they're able to look at new orders. They're able to look at activations, deactivations and they are able to pivot there in terms of looking at variable cost, looking at third-party trucking, looking at everything across their cost associated with that particular branch and make real-time decisions associated around it. That's a big benefit for us.
Our next question is coming from Sam England from Berenberg. Your line is now live.
Just a couple for me. The first one on the CapEx plans that you talked about, I just wondered if you're planning to say about replacement levels for the time being or whether you're thinking about across the next couple of quarters.
Yeah I think as we talk we decreased our CapEx today and in terms of where we were. We are demand driven model Sam as you know and we're able to look at the utilization, look at the pricing we're getting across all of -- all of our different units where that ground-level offices containers are in the tank and pump side as well, stainless steel tankers and whatnot. So we're making decisions based on what we were seeing, associated around that particular demand.
From a replacement standpoint obviously from depreciation, depreciation and amortization is around $17 million a quarter. So we're looking at only spending new addition into that $30 million range for the quarter or for the year. We spent at a gross level of about $10 million in the first quarter, net level about $6 million, so that's going to tell you what kind of run rate we're going to look at going forward.
As we talked about in the prepared remarks, we're also focused primarily going forward on ground-level offices. Again where that demand is, where that pricing power is that's where we're going to focus and ground-level offices is certainly one that meets that criteria.
And then the next one, I was wondering if you could give us a bit more color on the impacts you're seeing in the UK business, the lockdown has obviously been more extreme potentially is going to go longer than it is in some regions in the US. So is that business been more aptly impacted and you just expect it will continue to be more heavily impacted going forward.
Yes the answer is yes and I do think though that this is another example I called this out in the prepared remarks that we -- I would say that probably 70% of the nation is shut down right now and I think specifically that's about what we see in volume declines, but it's also the relevant to the amount of returns that we get. The customer is offering those units.
So net, net in the UK we've actually sustained our units on rent and so that recurring revenue is a huge benefit to us. Where the headwinds come will be in trucking there Sam. So I do point to the real positive and it's obviously a little bit disappointing. We really have made huge strides there even in spite of Brexit. We've gotten positive with our pending orders and as we've gone through this land-based sales model transformation and pick up significant momentum, when we're able to get through this situation with COVID-19 and there's a little bit of that Brexit scenario obviously but we feel extremely strong about our position over there in the UK and also want to reinforce the fact that our margins continue to get better and I am -- the color around Q2 and going forward in the UK is that we will continue to increase our margins to prior year regardless of the macroeconomic environment.
And then just one more you talked about the pipeline. I just wondered how you're thinking about that proportion of pipeline inspiring canceled moment in your mind?
Right. Yeah I would say a majority -- a vast majority of those are postponed, where your cancellations are at least in the front were more around event driven activities, entertainment that type of thing where there might've been some sort of concert series or that type of thing that was scheduled for February. That one may be completely canceled although some of those got postponed into the latter half of the year, but there's certainly some that we're annual events that occurred in February or March or April that are completely cancellations, but those are mostly event driven onetime type events. So I would say a vast majority of those are postponed.
Thank you. We've reached the end of our question-and-answer session. I'd like to turn the floor back over to management for any further or closing comments.
Right. Thank you very much and just to reemphasize, I wanted to take a minute again to thank our employees and in such a uncharted territory for everybody across the country, across the world. I couldn’t be any more proud of our people stepping up and just wanted to thank everybody in the call today. Stay safe and healthy and thank you very much for attending the Q1 Mobile Mini conference call.
Thank you. That does conclude today's teleconference. You may disconnect your lines at this time and have a wonderful day. We thank you for your participation today.
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