Good morning, and welcome to the Air Products And Chemicals Third Quarter Earnings Release Conference Call. Today's call is being recorded at the request of Air Products. Please note that this presentation and the comments made on behalf of Air Products are subject to copyright by Air Products. And all rights are reserved. Beginning today's call is Mr.
Simon Moore, vice president of investor relations. Please go ahead.
Thank you, Eduardo. Good morning, everyone. Welcome to Air Products third quarter 2019 earnings results teleconference. This is Simon Moore, Vice President of Investor Relations. I'm pleased to be joined today by Safi Gisenme, our Chairman, President and CEO Scott Crocco, our Executive Vice President and Chief Financial Officer and Sean Major, our Executive Vice President General Counsel And Secretary.
After our comments, we'll be pleased to take your questions. Our earnings release and the slides for this call are available on our website at airproducts.com. Please refer to the forward looking statement disclosure that can be found in our earnings release and on Slide number 2. Now, I'm pleased to turn the call over to Seifi.
Thank you, Simon, and good morning to everyone We certainly do appreciate your interest in Air Products and we thank you for taking time from your busy schedule to join us on this call. At Air Products, we have a great team of talented, committed and motivated people who are staying focused on serving our customers and creating value for our shareholders every single day. I want to thank all of our 16000 employees for their hard work and dedication. Our quarterly adjusted earnings per share is a record $2.17 per share. 11% higher than the last year and 14% higher at constant exchange rate.
This is the 21st. I'd like to repeat the 21st consecutive quarter that we have reported higher results compared to the previous year. We continue to maintain our position as the safest and most profitable industrial gas company in the world. Our EBITDA margin this quarter was a record 40%, which is 1500 basis points higher than 5 years ago. We remain in an extremely strong financial and technology position with a business that generates significant cash flow.
Each quarter, my confidence increases in our ability to deploy this capital while also continuing to Now please turn to Slide number 3. In terms of safety, our goal has always been 0 accidents and zero incidents. We are pleased that we have improved our rough sum injury rate by 72% and our recorded injury rate by 31% since 2014, but none of us can be satisfied until and unless we reach 0 accidents, even one accident is too many. Now please turn to Slide number 4 that states our long term goal. 5 years ago, we set the goal to be the safest and most profitable industrial gas company in the board, providing excellent service to our customer.
We are very proud of achieving this goal and are committed to maintaining our leadership position in the years to come. That means we are an inclusive company where we welcome the contribution of all people. Now turn to Slide number 5, which is my management philosophy that has guided me throughout my business career. That is focus on cash generation and responsible capital allocation. Now please turn to Slide 6, which is our 5 point plan for moving forward.
We have shared this with you many times before. In summary, we are focused on cost and productivity to maintain our industry leading margins. We are poised for growth by expanding on our core competencies and financial strength, and we are very focused on promoting a higher purpose for the company in addition to creating value for the shareholders. Where all FIFA, all of the people feel they belonged, a company where people's contribution are recognized and rewarded. A company that is committed to sustainability and the environment a company that is supportive of the communities in which we operate, a company that people bond to work for where they are proud to be part of the innovative process to solve divorce energy and environmental challenges.
That is our higher purpose, and we are committed to that. Now please turn to Slide 7. Which shows the key milestones in our gasification strategy. Let's take the opportunity to provide an update on a few of these and contribute to our We continue to work towards financial closing of the Jazan gasifier and Empower project by the end of this calendar year. We are continuing our discussion with the YK Group for the very large coal to Syngas project And the Juitai project is going well with expected on a stream in 2022.
Building on this momentum, we just announced the completion of an asset buyback arrangement with Jin Mai. A leading coal chemical company in China. We purchased 2 ASUs previously owned by Jin Mine and entered into a long term contract to supply oxygen and nitrogen for the customer's coal to clean fuel project in Shanji province. This project is another great example of the customer's increased confidence in outsourcing their industrial gases. In addition to these announced projects, we continue to work on a number of existing gasification opportunities around the world.
6. We remain committed to our goal of continuing to be the most profitable industrial gas company in the world, as measured by each of which is always my favorite slide and even more so this quarter. You can see our record quarterly EBITDA margin of 40.1 percent, up 1500 basis points from 5 years ago. This is a tremendous achievement by the people of our product and all of us are our Executive Vice President and Chief Financial Officer to discuss our results in detail. Scott?
Thank you very much, Safie. Now, please turn to Slide 10 for a summary of our third quarter results. As Safety said, our business continues to perform very well. Price was up 4% with strong performance across the regions and products continuing the positive trend we saw last quarter Volume added another 2%, primarily driven by new plants, including Luan. Sales of $2,200,000,000 were down 2% as the positive volume and price were more than offset by 4% negative currency and a 3% This India contract modification reduces sales but has no impact on our profits.
Our underlying volume was positive, but was partially offset by lower sales from the Jazan sale of equipment project, as that Excluding Jazan, volumes grew 4% due to new plants, base business growth and acquisitions. We continue to Our team has worked very hard Although unfavorable currency persisted, both EBITDA and adjusted earnings per share reached new highs. EBITDA of $892,000,000 improved 9% and adjusted earnings per share of $2.17 was 11% higher EBITDA margin of over 40% is another record high up almost 400 basis points compared to prior year, primarily from the higher price and the India contract modification. ROCE of 12.7 percent improved 50 basis points versus last year. Primarily due to higher profits.
Sequentially, EBITDA increased 8% as all three regions improved particularly Asia following lunar New Year in Q2. Please turn to Slide 11. Our third quarter GAAP EPS was $2.20 and includes 3 one time items, which totaled a positive $3 per share impact. You can find more details in our press release and appendix slides. Our 3rd quarter adjusted EPS of $2.17 was up 11% or $0.22 per share.
Volume, price and cost together contributed $0.24, repeating the strong operating performance from last quarter. As a reminder, the impact of price increases is shown net of the impact of variable costs, primarily variable production costs such as power and distribution costs in our merchant business. The other cost line refers to fixed costs such as personnel and plant maintenance costs. It increased slightly this quarter versus prior year, but is less of a headwind than in recent quarter. Currency and foreign exchange was $0.05 unfavorable, primarily due to the Chinese RMB and the euro.
Excluding the unfavorable currency, EPS increased non operating items, including tax rate and non operating income, combined, added 0.03 dollars. Our effective tax rate for between 19% 20%. Now please turn to Slide 12. We continue to generate strong cash flow. During the last 12 months, we generated about $11.50 per share or over $2,500,000,000 of distributable cash flow.
From this distributable cash flow, we paid almost $1,000,000,000 or about 40% as dividends to our shareholders and still have nearly $1,600,000,000 available for high return investments in our core industrial gas business. This strong cash flow enables us to create shareholder value Slide number 13 provides an update on our capital deployment progress. As you can see, we now show almost $17,000,000,000 of investment capacity available over the 5 year period through FY22. As expected, the total capacity continues to grow as we increase EBITDA. The almost $17,000,000,000 includes about $9,000,000,000 of additional debt capacity available today, over $5,000,000,000 of investable cash flow between now and the end of FY22 and almost $3,000,000,000 already spent.
We will continue to Today, we have a total of about $7,700,000,000 of project and M and A commitments with about $6,700,000,000 remaining to spend on So you can see, we have already spent 15% and already committed well over half of our total available capacity Now to begin the review of our business segment results, I'll turn the call back over to Safie.
Thank you, Scott. Please turn to our Asia results on Slide number 14, where you can see that our business has recovered strongly following the Lunar New Year holiday, and our great team in Asia delivered yet another strong set of results. We remain very positive, and I'd like to stress very positive about our long term growth potential as we continue to invest in this region. While there has been some modest reduction, in the reported growth rate of Chinese economy. We have not seen as I said, we have not seen any significant impact on our business.
And most importantly, we have not seen any change in behavior towards Air Products from our customers or the government of China. We continue to be very optimistic about our operations in China. For the quarter, sales were up 9% from last year with volume and price together up 15%. Volumes increased 10%, primarily driven by new projects, mostly LuAN, As a reminder, Luanna started up late in quarter 3 of last year and continues to perform very well. Overall, pricing for the region was up 5% versus last year, the 9th consecutive quarter of year over year price improvement.
Price was positive across all major product lines and key countries. The strong volume and price combined with productivity drove higher profits and margin. EBITDA increased 24% and EBITDA margin expanded nearly 600 basis points to more than 49% which is another record level. Sequentially, volume be benefiting from a strong recovery from the Lunar New Year holidays and new planned start ups. In addition to the asset buyback I mentioned earlier, we have recently announced 2 contract awards in Korea, 1 from MEMC to provide industrial gases for its new 300 millimeter Bather fab and the other from POSCO chemical to supply oxygen and nitrogen for this new cathode material manufacturer in complex.
Great examples of our team earning the confidence of important cost Now, I would like to turn the call back over to Scott to discuss our Americas
results. Scott? Thank you, Safie. Please turn to Slide 15 for a review of America's results. America's pricing success continued.
The 4% improvement represents as higher price was partially offset by 1 Underlying volumes grew 1%, but were offset by the prior year contract termination I mentioned previously. Record EBITDA of $410,000,000 increased 7% and EBITDA margin of 43% was up 270 basis points primarily driven by higher points or 100 basis points, excluding the impact of lower energy pass through. Now, I'd like to turn the call back over to Simon to discuss
Dean, for a review of our EMEA results. We continue to show positive operational results despite limited economic growth. Price increased 4% with improvement across all major products and subregions. The EMEA team has now delivered 6 consecutive quarters of year on year price improvement. Volume was up 2%, primarily driven by the acquisition of a CO2 producer, While base business volume remained stable as positive retail volumes were offset by lower wholesale volumes.
Sales were negatively impacted by
dollars,
and was up 7% on a constant currency basis. Reported EBITDA margin improved 5.20 basis points to reach Sequentially, volumes were higher on better merchant volume, including the acquisition. And although we continued see Brexit as a potential risk to our future results. At this point, we have not seen any significant negative impacts. Now, please turn to Slide 17, Global Gases, which costs.
Sales project. Please turn to Slide 18 corporate segment, which includes LNG and our other businesses, as well as our corporate costs. Although modest, it is great to finally see improvement in this segment with the best sales and profits in almost 3 years. The Golden Pass LNG project in the U. S.
Gulf Coast began to contribute this quarter, and we are optimistic about additional LNG orders. It is important to note that our LNG Technology has been selected for several Now, I'm pleased to turn the call back over to Safie for a discussion of our outlook.
Thank you, Simon. Please turn to slide number 19. As I said on our last call, 5 years ago, I promised we would grow the company's earning per share by at least 10 exceed to exceed 10% again this year. Thanks to the great team at Air Products, we have delivered on our commitments. Our goal continues to be achieving a cumulative average growth rate of at least 10% in the coming years.
As you all know, we continue to live in an uncertain world that VIA Air Products cannot control. But we definitely do have control over the actions Air Products can take to succeed in a dynamic world. We have a strong, capable and flexible organization that remains focused on productivity and creating our own growth opportunities, which will allow us to continue to deliver on our promise to investors, to increase earnings per share by 10% per Our updated EPS guidance $8.20 to $8.25. Despite currency headwinds, this guidance represents 10% growth over our very strong fiscal year 2018 performance. For quarter 4 of fiscal year 2019, our earnings per share guidance is $2.26 to $2.31, up 13% to 16% over Our 5 point strategic plan will differentiate us and drive our success going forward.
Our safety, productivity and operating performance continue to provide the foundation of our continued growth. We have the financial capacity, the technical position, and the talent to take full advantage And finally, please turn to Slide 21. As always, our real competitive advantage is the commitment and motivation of the great team This is what allows us to continue to generate our superior safety and operational performance. I want to again thank all of our sixteen thousand people around the world for their commitment and hard work and for embracing the opportunities in front of us with energy and a spirit of working together. I certainly am proud to be part of this winning team.
Now we are delighted to answer Thank
you. You. And opportunity We'll now take our next question from P. J. Juvekar from Citi.
Please go ahead.
Yes. Safety, good pricing in the quarter. I think this was by far one of your best pricing quarters ever. Your on-site pricing is kind of set contractually. So I assume that merchant prices are up a lot more than what you reported here.
Can you talk about what's going on there? Is it driven by utilization and what are you seeing from compared competitors? Are you seeing more discipline behavior from competitors? Thank you.
Good morning, TJ. You are very right when we report our results, we report over the whole sector, including the on-site business. Obviously, the on-site business prices are not going up and that's half of our business. So when we report 4% price increase, it really is about 8% or 9%. What is driving the pricing is our decision to increase prices because it's about almost 8 years that we haven't really increased prices, our costs are going up.
I made a very, very public statement in February of this year that we at Air Products have decided to increase our prices to recover our costs, and we are willing to lose volume if people want to buy from somebody else. And obviously, that's a free choice they have. We consciously have decided that we need to maintain our margins and we are increasing the prices. I certainly cannot and will not comment on the behavior of the audit people I mean, that's up to them to comment, then you ask them the question. But we certainly have made a conscious decision despite utilization rate or anything like that, that we need higher prices to maintain our margins.
We can let our margins go down.
Thank you. And then just quickly, there is U. S.-China trade war going. And I know you're not directly impacted. But your customers are.
And so can you talk about what end markets where you're seeing that impact of the trade war and, which markets are strong for you?
Well, TJ, quite frankly, we do not see that. Now maybe this because in China, for example, more than 60% of our business is on-site business. And therefore, as a result, we have protection there. But overall, I mean, I know the headline says that China is slowing, but then the next line, it says China grew 6 0.32%. I mean, if that was the case in the U.
S, we will all be doing cartwheels. So the Chinese economy is growing, and we are seeing the benefit Okay. Thank you.
We'll now take our next question from John Roberts from UBS. Please go ahead.
Thank you very much. Do you think that Yema oxygen explosion in China will affect project activity at all in China?
No, I don't think so because, I think once people investigate, they find out what the cause is and I don't want to speculate, but, I don't think that is an indication any fundamental issue with respect to processes and so on from what we understand. The explosion was at the ASU, not at the gas indication unit. No, I don't expect any impact, not at all, John.
Then how much was volume up in the U. S? Because I assume it was probably down in Latin America at least a little. And I don't really know what Mexico did. Actually, that's equity income.
So I think that probably didn't show up in your numbers.
Our volumes in Americas was up about 4% in total. Am I quoting the right number?
So I think what we said on the call was our underlying volumes were up 1% in the Americas, offset by the prior year contract termination? Yes.
Right. Now I was asking U. S. Versus Latin America or North versus South.
We don't usually they don't usually break that down, but the U. S. Is not the economy in the U. S. Is not growing that much.
It's flat.
Thank you.
Now take our next question from Bob Koort from Goldman Sachs. Please go ahead.
Thanks. Good morning.
Good morning. Thank
you. On the explore your GenMay project, is that, just the fruition of something? I think you guys had couple of years ago on buying back those ASUs and supplying the gasifiers. Is that the same project? Now it's just getting formalized and completed?
That is correct. That you are absolutely right. They have been working on this project for a while and it finally came to Fritation and you are announcing it.
So I noticed you say you're going to supply by pipeline and I think there's, I guess, a conventional view that these coal projects must be out in the middle of nowhere. So if you're supplying by pipeline, does that mean you're utilizing other assets in the area to supply?
No, John, by pipeline, that our trend is to their plan. It just that it is delivered within a pipe. That means that we are not delivering liquid, but it is in the facility.
Jin Mai is massive. Does this pretend future opportunities there? Could you do as you've done with with Jazan and others and eventually convert this into some potential gasification opportunity as well from an investment standpoint?
Bob, obviously, that would be our ambition. Yes.
And if I might sneak the last one in sector there? The percentages?
In Jazan, I think we have said that we will end up owning about 51%. But, we are finalizing the contract. The numbers might change 1% up and down, but nothing matters. We will end up owning the majority there.
All right. We'll take our next question from Stephen Byrne from Bank of America. Please go ahead, sir.
Yes, thank you. Seth, you've certainly affected a significant culture change at Air Products and just wanted to get your view on where you are at right now with respect to that process. Is there more to go on a structural change or is it primarily at this point that you've incentivized employees to come forward with with new opportunities for improvement?
Well, thank you for your question. Obviously, I'm very proud about what we have achieved, but At the same time, with the culture change, you are never done. We can always, always, always do better. But I am very, very satisfied with the progress we have made. Our results show that.
And in terms of the future, I think our people are very excited about the growth opportunities that we have. And as a result, we are a lot more productive. People are excited about coming to work. People are excited about working on, very exciting new projects. And we are hiring people.
And so that always creates a positive mood within the company. We always work on productivity and, but we are hiring people for our new projects and all of that. So I'm I feel very good about the organization. They have a great team of people, but at the same time, we can always do better.
And on gasification, you mentioned, Cephi, that you're still working on numerous opportunities. Just curious as to whether or not you're seeing the bidding activity increase or get more competitive, particularly since your margins in Asia have really escalated with Luan.
We are seeing very good opportunities. We are working on new, on new project. And, in terms of the bidding activity, quite honestly, we are not in a good position to answer because our cost don't necessarily tell us, whom we are competing with and how many other bidders and all of that. But overall, you know who our competitors are. There are really 3, people who are participant who can participate on these big projects.
There are not 20 So out of the 3 of us, we are all focused on different parts of the world and whether all the other 2 are in every project that we are in. I don't know. But when we approach a customer, we try to do the best we can. For them and for their products. And fortunately, we have been we are fortunate.
We see a lot of opportunities and expect us to get additional orders as we move forward.
We'll now take our next question from Duffy Fischer from Barclays. Please go ahead.
Yes, good morning. Safie, if we could go to your favorite slide 9, you were in that band of 34 to 36 percent for basically 2016, 20172018. Now in the last two quarters, you've kind of broken out of that band to a much higher range. Is the last two quarters indicative of where you think the new range will be over the next several years or are the last two quarters more of an anomaly will trend back towards that 34% to 36% over time?
Good morning, Duffy. You always ask me a difficult question. But that's fair. We had been guiding you that the margins are going to be around 33% to 35%. Right now, we have delivered around 40%, 37%, 40%.
So right now, if I was going to make a prediction for the future, we are going to be in a higher band. We are going to be somewhere between 38% to 40%. That is correct, Duffy.
Great. Thanks. And as long as we're predicting the future, could you give us an early peak what twenty 20 looks like for you guys and maybe not business conditions because they can change. But just when you look at the projects that you've got feathered in for 2020, Is that supportive of the 10% plus growth rate you're trying to get in EPS?
Said in the call twice that our goal is to improve our profitability by 10%. So I think that kind of answers your question, right? That is what
All right. We'll now take our next question from Jeff Zekauskas from JP Morgan. Please go ahead.
Thanks very much. What was your Asia volume growth ex Lu Ann?
Good morning, Jeff. Hi, good morning. Excluding Luanne, it was about 2 about maybe 4%.
About 4%. Okay. And prices in the United States or prices in North America and in Europe have been very good year over year, but pricing in Europe and in the and then the Americas was flat sequentially. And capacity utilization rate in North America and Europe have flattened out and come off. So generally speaking, has pricing and industrial gases as a base case plateaued at the current levels that we're at?
I wouldn't want to say that. I expect continued price improvement in the next, at least in the next two quarters.
And
then after that, we'll see how it will start. But I think the momentum that we have will continue in the next two quarters, Geoff.
Okay. Thank you very much.
We'll now take our next question from Don Carson from Susquehanna Financial. Please go ahead, sir.
You've been delivering strong earnings growth despite the drag from LNG. So can you remind us what has that drag on earnings been in the last few years? And as your project backlog starts to improve, what sort of contribution could you see, sale of LNG equipment making over the next few years?
John, that's an excellent question. We, in 2015, our LNG business delivered us about $0.50 earnings per share, about $150,000,000 of EBITDA. Last year and this year, it almost contributed nothing. So the drag has been about sense. So I'm hoping that in time, we will recover that and hopefully even improve on that.
Okay. And then a follow-up on your EPS contribution. You had 4% volume growth if you exclude Gizan, but you show that as a $0.04 drag on EPS year over year. So I'm trying to reconcile why volume improved would be an EPS drag?
I think Scott in the best position to answer this. Scott, please. Sure. Hi, Don. Thanks question.
I think I mentioned this in my prepared remarks. So importantly, when we look at the underlying volumes up modestly and the contribution from those volumes were good, There were a couple of things in there that I'll refer to as kind of a negative mix impact, which is the timing for the Jazan project, which is recall as the sale of equipment So the timing on revenues versus profit year on year is throwing that off a little bit, as well as the prior year contract termination that I mentioned in Americas. So that's why you see the difference between, the EPS contribution versus the sales. But again, contribution from those volumes were positive.
Thank you.
Now we'll take our next question from David Begleiter from Dutch Bank. Please go ahead.
Thank you. Just on Jazan, as we get closer to 2020, can you talk about the cadence of the earnings ramp from that JV into 20202021 earnings, either pre tax basis or an EPS basis?
Well, David, you know, 1st of all, we are working on that thing and we are hoping that we would everything will work hard and we do financing and science. So I just want to say it is not a done deal yet. But if it is done, but the asset publicly, is that considering what we are investing, we will see a contribution about more than $0.75 from that project when it comes on a stream. Now once we actually get the contracts on, put all of the numbers together and all of that, and we make the final announcement that this has been done, hopefully before the end of this calendar year, then we will give you a better guidance in terms of the impact on 20 20 2020 1 and moving forward.
Very good. And just on merchant pricing safety, what was the merchant price gain by region that you realized in the quarter?
I'd like to read the numbers. Merchant pricing was 9%, 6%, 14% and 9% total.
That was America's Europe and Asia in that order.
Alright. We'll now take our next question from Christopher Parkinson from Credit Suisse. Please go ahead.
Great. Thank you. So just when you're looking at the setup overall for fiscal year 2020, there obviously a few base moving parts, business growth, which obviously can go with the macro. Your projects in Saudi Arabia various ramps of smaller backlog projects and the initial ramp of some LNG wins. I understand if you can't quantify these buckets But can you just comment on your confidence in terms of the line of sight that you see into these and just your general level of enthusiasm pertaining to each?
Thank you.
Chris, I can say that I'm very optimistic that we will deliver a 10% improvement over to 2019. Now if the number is going to be any better, we will talk to you about that into, in October. But right now sitting here, Looking at what is happening in the world, we think that we should be able to improve our EPS next year by 10% versus this year. And the way we look at it is that our job, I get paid $15,000,000 a year to come and deliver results added and come and explain why I didn't deliver results. We are committed to improve our EPS 10% a year in the years to come.
We have done that. We'll find different levers to pull in order to make that happen, whether it is cost reduction, price increases, new projects and all of that. So that is our commitment to the investor. That has been our commitment to the investors since 5 years ago. And we hope to continue to deliver that, Chris.
Cool. Fair enough. And in your materials, you've been consistently referencing an additional $6,700,000,000 remaining capital to deploy And you made it very clear that you only explore projects that in excess of 10% returns. When you just look at the remaining backlog opportunities, which my understanding, they're still ample. Can you just comment on the returns mostly close to that 10% level or is it fair to say that there's still plenty in there that would be more similar to the implied return of LoAn.
Thank you.
Well, you know, it's very difficult to predict that, but we have said that we would, be very hesitant take any project at less than 10% return. So hopefully, all of these projects will be 10% or higher.
Thank you.
Thank you, Chris.
All right. We'll take our next question from Jonas Oxgaard from Bernstein. Please go ahead.
Good morning, guys.
Hello. Hi.
You have you talked, well, we talked about some time about expanding your own site as a percentage of your total. But considering the success in your merchant business now, are you revisiting that strategy at all?
No, because we are, You see, our merchant business, we are going to grow it as fast as we can. We are not downsizing that, but we think that our on-site will grow faster than that. So the our ratio will change not because we are slowing down on the merchant business, but because we think the on-site business has the potential of growing faster than the mission.
But you don't see an opportunity to okay, but you don't see an opportunity to double down on the merchant either.
Well, the merchant business, we are going to double down based on economic growth. I mean, if in China, it's growing 6%. We did build new merchant plants. But if, you have a situation in Europe or in the U. S, where the market is not growing, then obviously, you're not going to add capacity.
But we are committed to our merchant business. We will grow it as fast as we can grow it, which is basically GDP. Nobody can grow their merchant business faster than GDP. I don't care what they say because if say, oh, we are going to grow faster than the other guy. That means they're going to take market share away from the other guy, and that doesn't happen.
Nobody can take away market share from us and vice versa. So the merchant business is going to grow with the GDP of each region And as it grows, we will invest in that. We are committed to that. We have to know how we have the people. But my point is that, that growth is in emerging markets.
It is not in the U. S. And it is not in Europe.
Take our next question.
We have time for one more question, please.
This is our last question. Please go ahead.
Well, it Doesn't seem that there is any other questions. So with that, I would like to thank everybody for being on our call. Thanks for taking time from your busy schedule to listen to our presentation. We do appreciate your interest and good questions. And look forward to discussing another set of good results with you again next quarter.
Had a nice summer holiday and all the