Good day, and welcome to the Lindblad Expedition Incorporated Reports First Quarter 2020 Financial Results Conference Call. All participants will be in a listen only mode. After today's presentation, there will be an opportunity to ask a question. Please note this event is being recorded. I would now like to turn the conference over to Mr.
Craig Felenstein, CFO. Please go ahead.
Thank you, Sean. Good morning, everyone, and thank you for joining us for Lindblad's 20 2Q1 earnings call. With me on the call today is Sven Lindblad, our Founder and Chief Executive Officer. Sven will begin with some opening comments and then I will follow with some details on our financial results and liquidity before we open the call for Q and A. You can find our latest earnings release in the Investor Relations section of our website.
Before we get started, let me remind everyone that the company's comments today may include forward looking statements. Those expectations are subject to risks and uncertainties that may cause actual results and performance to be materially different from these expectations. The company cannot guarantee the accuracy of any forecasts or estimates, and we undertake no obligation to update any such forward looking statements. If you would like more information on the risks involved in forward looking statements, please see the company's SEC filings. In addition, our comments may reference non GAAP financial measures.
A reconciliation of the most directly comparable GAAP financial measures and other associated disclosures are contained in the company's earnings release. And with that out of the way, let me turn it over to Sven.
Thanks, Craig, and thanks, everyone, for joining us. I know these are stressful times for a lot of people and I'm sure for you all on the phone as well. So 2020 was poised to be a banner year for Lindblad Expeditions as the New Year's bells chimed in. Our new ship, the National Geographic Endurance was on schedule for delivery in March. She was over 90% sold for the year and was clearly going to be the most extraordinary expedition ship ever built, bringing together expedition capacity with an elegance never before combined at this level.
By the time we reported our 2019 earnings in February, we already had 86% of our 2020 full year's ticket projections on the books across the expanding fleet and the growing demand for expedition travel remained evident. Then it became clear that COVID-nineteen could present a problem. At first, it seemed that it could possibly be contained, but soon any such notion unraveled. On March 13, we decided to cease all operations until it would again be safe to operate for both our guests and our crew. To date, all of our ships are laid up and with no clear indication of when operations will resume.
We immediately started on a plan which had multiple parts. The first was containment, meaning the handling of booked guests, offering alternative travel dates or if they wished refunds, also a focus on getting everyone home as soon as possible, which by the way turned out to be a bit more challenging than we had originally thought because borders started closing. So we had 2 ships floating in the southern seas off the coast of the Falkland Islands a little longer than we'd wished, but they were taken very well care of and then flown home the last group by charter after having been there an extra week or so. The second part was fully understand liquidity in a layup situation that was our what was our forward runway. The third was to adjust our cost base, cutting out any activity that was not absolutely necessary.
And the 4th was exploring possibilities with government loan programs that could further extend our runway. And the 5th was putting together, and this is critical, a working group focused entirely on developing all components necessary to reactivate, which included medical solutions, onboard protocols and logistics. And I'm going to talk a bit more about that later. Craig will discuss our cost base and liquidity in a moment, but while it's clear that we have a significantly longer runway than most in our industry, Given the uncertainty over how long we will be out of operations and the high fixed operating costs associated with our ships, we began to aggressively reduce any variable costs we could identify with one exception. We wanted to protect our employees for as long as possible.
So we applied for and received a $6,600,000 loan from the PPP program, explicitly for retaining employees. We fit all the defined criteria and we are extremely grateful to be able to maintain our employee base, many of which many of whom have been with us for many, many years, decades in some cases. In the weeks that followed, it became clear that the PPP program was flawed in terms of both definition and execution. Many smaller businesses did not have access to funds and there was much negativity around certain companies who did, especially public companies regardless of size or need. We wound up on the list and after a considerable thought, we decided to return the funds in the hopes that they can be redistributed to the large number of small businesses, especially those in the travel industry that most need the assistance to stay in business.
I also urge our elected officials to create more access to funding to help those hard hit U. S. Companies like ours that are focused on protecting jobs that don't fit into any of these existing programs. Our proactive steps to enhance our liquidity will allow us to operate into 2021 without any expeditions, and a large part of our focus is the ongoing and dynamic planning related to reactivating our fleet. We have several advantages in this vein.
First of all, we had no zero COVID-nineteen cases either amongst our crew or guests on any of our ships. We believe there are significant advantages to our size. 48 guests are smaller ship to 148 our largest. On most levels, developing protocols, communication and monitoring are so much easier with this size community. The team working on the detailed plan for reactivation include our own internal people combined with external resources, our consulting physician with expertise in infectious disease and outside experts whom I unfortunately can't name, but who have background and knowledge of both the disease itself and the practical complexity of creating a fully vetted and safe reintroduction.
The key, the primary key is getting access to tests that are reliable and practical, and we believe this will be possible in the near future. In fact, I had a telephone call yesterday with a particular institution that is showing great promise in terms of helping us access and implement test in the very, very near future. And I can't provide any more specific details at this point because it's still early in the conversation. But the indications are very, very positive that we will in fact be able to do this. And everything else is pretty much in place pending that single issue that is necessary in order to reactivate.
In order to reactivate, we need above all to we need to accomplish 2 things simultaneously, a verifiable safe environment for guests and crew and the ability to help our guests understand our plan and believe in their safety. Clearly, this pandemic is not going to last forever and clearly people are going to once again want to travel. I have so many messages from our guests telling me how enthusiastic they are about getting back out there to explore. Remember, these are people, our age group is somewhat older, which some suggest is problematic because they're vulnerable, but at the same time, they're very smart and they recognize the fact that they want to live their lives and they want to get out there and travel. They want to do it safely, but they won't be held back and I can feel it.
I can feel it in every phone call and I can feel it in every email. It is also clear that the size of our ships and the geographies which are bread and butter, will work to our advantage. Places are wild and remote. We basically need very little shoreside support, so we can keep, in essence, self isolated extremely well once people get aboard our ships. There is clearly much sadness at this time that touches our entire community, our guests, our staff, our crew in different ways on a daily basis.
We have never ever experienced something like this affecting the entire globe. We, like everyone else, are getting hard hit at the moment. But as I look months into the future, I see a bright one with all manner of opportunity to build and grow our business again. Over the last 40 years, we have had to overcome significant adversity from time to time. And in every instance, we have endured and then flourished due in large part to the resiliency of our employees and of our guests.
We fully expect to do this again and look forward to returning to the world's most remarkable locations. Now, thank you very much. And let me turn the call back over to Craig.
Thanks, Sven. It certainly has been an extraordinary start to 2020. Most importantly, I hope everyone is staying healthy and safe during this very difficult time. Before I begin, I would also like to thank all of our personnel for the diligence they have shown in ensuring our guests are well taken care of and also for working hard to identify ways to preserve capital. I'll focus the majority in my remarks this morning on the company's liquidity position and expected cash usage moving forward.
But before I do, let me take a few minutes to discuss our Q1 operating results, including how we were trending prior to the impact of the COVID-nineteen pandemic and where we ultimately ended up. Lindblad was off to a great start to the year prior to the outbreak of COVID-nineteen with the strong momentum that we generated over the last few years continuing into the quarter. Our strategic investments to expand capacity in order to capitalize on the growing demand for authentic expedition travel was continuing to drive bookings, strong bookings with reservations as of the end of February, up 25% for the full year 2020 as compared to the same point a year ago for 2019. And we had sold 86% of our original projected guest ticket revenues for the year. Additionally, revenue and adjusted EBITDA over the 1st 2 months of the year were tracking ahead of internal expectations.
At the Lindblad segment, we began to see some minor cancellations related to the COVID-nineteen virus starting in late February, with cancellations ratcheting up in early March as concerns around the virus ramped. Despite having no cases of the virus on board any of our ships, on March 13, we decided to cut short all existing voyages to ensure we can get our guests home safely and as quickly as possible. We then canceled and started rescheduling the remaining voyages slated to depart during the month. As a result of the 18 voyage disruptions and cancellations during the Q1, our available guest nights decreased 12% versus the same period a year ago as compared with our original expectations of available guest night expansion of 5%. The decline in available guest nights and a slight decline in occupancy to 89% due largely to guest cancellations associated with COVID-nineteen drove a 9% decrease in revenue at the Lindblad segment despite a 3% increase in net yields to $10.30 per night from price increases and changes in certain itineraries.
Turning to the cost side of the Lindblad segment, operating expenses for the Q1 increased 8% versus the Q1 of 2019, due primarily to costs related to the launch of the National Geographic Endurance as well as from higher drydocking and personnel costs. We did have some cost savings associated with the canceled voyages and lower commission expense due to the impact of COVID-nineteen on revenues, which were partially offset by additional cost to get guests home safely from disrupted voyages as Sven mentioned a moment ago. Fuel costs in the Q1 decreased 11% versus prior year due primarily to the canceled voyages and fuel was 3.4% of revenue, slightly below the Q1 of 2019. As a result of the revenue decline and the additional costs during the quarter, EBITDA of $10,600,000 was $11,500,000 below the same period in 2019. It was a very similar story at Natural Habitat this past quarter with revenue and EBITDA tracking ahead of initial expectations through the 1st 2 months of the year.
However, as a result of trip cancellations, revenues of $11,700,000 in the Q1 declined 14% versus the prior year. The revenue decrease was partially offset by a 6% decline in operating expenses from commission and cost of tour savings associated with the canceled departures, which resulted in EBITDA of $500,000 55 Percent Below the Q1 a year ago. On a total company basis, revenue declined 9% to $81,200,000 and adjusted EBITDA declined 52% to 10,600,000 dollars Net loss available to common stockholders in the Q1 was $1,900,000 or $0.04 per diluted share versus net income available to common stockholders in the Q1 of $14,700,000 or $0.31 per diluted share in 2019. The decline was primarily driven by the impact of the COVID-nineteen virus on operations as well as a $3,400,000 loss on foreign currency in the current year versus a $700,000 foreign currency gain in the Q1 of 2019 and a $1,200,000 decrease in income tax benefit versus the same period a year ago. Now let's turn to our balance sheet and liquidity.
As Sven mentioned, once it became readily apparent that the virus was going to impact our operations, we swiftly put in place a comprehensive plan to reduce costs and enhance our liquidity position. During March, we raised an additional $45,000,000 in capital by drilling down on our revolving credit facility and we ended the quarter with $137,000,000 in unrestricted cash and $23,000,000 in restricted cash related primarily to deposits on voyages that originate in the United States. To preserve our cash reserves and further extend the liquidity profile of the company, we have also put in place a variety of cost cutting measures that will significantly reduce our monthly cash burn. We have eliminated a considerable portion of our ship and land based expedition costs and have reduced our expected annual maintenance capital expenditures by over $10,000,000 savings of more than 50% from originally planned levels. We have suspended the majority of planned advertising and marketing spend and are significantly lowering general and administrative spending, including payroll reductions and elimination of all non essential travel, office expenses and discretionary spending.
Additionally, we have deferred payment of the majority of bonuses earned for 2019 performance, including all C suite bonuses and we are deferring cash compensation for the Board of Directors. We have also suspended all repurchases of common stock under the stock repurchase plan. As a result of these measures, we anticipate lowering our monthly cash burn from over $30,000,000 on average when fully operational to $10,000,000 to $15,000,000 while our ships are laid up. This includes all ship and office operating expenses, necessary capital expenditures and expected interest and principal payments, but does exclude any new guest payments for future travel as well as refunds of previously made guest payments. On the voyages we have canceled and rescheduled thus far, which includes most of the voyages originally scheduled through the end of June, the majority of our guests are opting for future travel credits as opposed to full refunds.
Additionally, we still have substantial reservations for expeditions scheduled for the back half of twenty twenty, including 8% more bookings as compared with the second half of twenty nineteen as of the same date a year ago. We also continue to see new bookings for future travel, including over $15,000,000 since March 1, and we are still receiving cash deposits and final payments for future travel. As you can imagine, we have run a variety of scenarios and even in the most of the downside cases, we would certainly expect to finish this year with ample liquidity. The currently is also currently evaluating several additional strategies to further enhance our liquidity position. These strategies may include, but are certainly not limited to pursuing additional financing from both the public and private markets through the issuance of equity or debt.
The timing and structure of any transaction will certainly depend on the market conditions. Turning to our debt position today, we ended the quarter with 3 $82,000,000 in principal outstanding and we were in compliance with all of our debt covenants. The $152,000,000 increase in debt since year end included the incremental $45,000,000 drawn on the revolver and included $108,000,000 drawn on our first export credit agreement in conjunction with our final payment upon delivery of the Endurance in March. As a reminder, per our credit agreements, we include the forward EBITDA on the Endurance when calculating our leverage ratio. Following the quarter, we borrowed an additional $30,500,000 under our second export credit agreement and use the proceeds for the 3rd installment payment for the National Geographic Resolution, which is still scheduled for delivery as of now in the end of September 2021.
The remaining installment payments of approximately $62,000,000 are fully covered by the second export credit agreement and are not scheduled until 2021 with the majority due upon delivery of the ship. It is also worth noting that we do not have any debt maturities until our revolver comes due in 2023. Lastly, with regards to full year revenue and EBITDA expectations, in March, we withdrew our previously issued guidance provided in conjunction with our Q4 2019 earnings. The COVID-nineteen outbreak has had and will certainly continue to have a significant impact on the company's financial position and results of operation for 2020. Given the continued uncertainty around the pandemic, the company is not providing a full year outlook regarding results of operations at this time and we'll update our expectations when we have more clarity around the timing and extent future operations.
Thank you all very much for your time this morning. And now Sven and I would be happy to answer any questions you may have.
Thank you. We will now begin the question and answer session. Our first question will come from Steve Wieczynski with Stifel. Please go ahead. Mr.
Wieczynski, your line is now live.
Yes. Hey, guys. Can you hear me?
Yes.
Okay. Good morning, guys. Hope you're both safe and well. But first, I wanted to ask about getting the ships operational again. And I understand the ships are small in size and they go to unique locations, both of which should be a huge benefit to you guys.
But how are you thinking about air capacity and the ability of your guests to actually get to your ships?
Okay. So Sven here. So what we've done is we've created a plan to activate certain voyages, not all of them, but a reasonable number of them, ideally in the Q3. And those people would be moved by a charter aircraft. And we've got all those logistics sorted out.
We've got a carrier, we've got routes, we've got prices, we've got all of that fully understood. So that's just waiting to be triggered when the other elements are put in place.
Okay, got you. Thanks for that Sven. And then, Craig, you talked about the $10,000,000 to 15,000,000 cash burn per month and that excludes the customer deposits. Is there any way to help us think about that number on a net basis? You talked about how the majority of your guests are taking the future cruise credit, but the word majority means different things to different people.
So just trying to figure out what that net outflow could look like there?
Yes, sure. So there's only so much detail I can provide right now. When you look at our the customer refunds, we're not talking about 51%, but we're not talking about 80%. So I'll frame it that way and you can kind of figure it out somewhere between those two numbers. But when you more importantly, when you think about the variables with refunds and customer deposits, there's a couple of things to think about.
The first thing is that the majority of our guest payments really applied when this whole thing started really from March through July. That's where most of the final payments had occurred. So at this point, we are significantly through a lot of the deposits that we already had from Guess. Obviously, depending on how far or how long this lasts, there could be some more deposits that are exposed to refunds, but the vast majority of that actually is now in our rearview mirror at this point. The second thing is you have to remember that most of our guest deposits are due within 90 to 120 days of travel.
Now obviously, there's a little bit of flexibility in that right now. But once we start to get up and running, the amount of cash that will come in the door will be significant as guests make payments to effectively start to travel from there on out. So to know what the net impact of to be, it's kind of hard to say because we don't know exactly when we start. But we certainly believe that when you take them in totality certain period of time, we should be okay on that front.
Okay. And then last question kind of adds on to that. But the delta of that cash burn, I assume it's higher in the near term, but should drift down closer to the low end of that range as the ships are laid up for an extended period of time. Is that the right way to look at? And I guess then based on kind of our math, even including a 60%, 70% kind of customer deposit retention, you're still going to fall inside that range?
Yes. So I think it's
I don't
want to use this expression, but kind of like a hammock, right? So right now, we have got most of our ships fully laid up. There's still some crew we're looking to get home and off those ships. But to your point, yes, the longer you go with those ships, the less cost you have to incur. That said, we are at some point going to start operating again.
And when we do start operating again. Ahead of that, we are going to have to get the crew back. We are going to have to do some things to our ships to get them ready to sail again and we are going to have to start spending some marketing dollars, which today we're mostly suspended. So I would say over the next several months, you will see costs continue to decline to the lower part of that range certainly. And then once we start to operate again or seem to get ready to operate again, we will ratchet that back up again.
And our next question will come from Chris Woronka with Deutsche Bank. Please go ahead. Hey,
good morning guys and glad to hear that all your staff and customers were safe. Question is just on, as you think about starting to sail again, what are the things that how many different entities are you going to have to work with in terms of ports and governments? And in the U. S. For the bigger companies, we think about the CDC, but I got to imagine there's probably other entities in other countries.
Can you
kind of give us a
little color on what needs to happen?
Yes, sure. Well, if you take let's just start with Alaska, for example. You've got to deal with getting people to Alaska. And in our case, we deal with relatively few ports, right? Our current programs, they start in Juneau and end in Sitka, and they go to basically the one other place where there's a human community.
So what we'll do is we'll reduce that so there's less exposure to communities and already starting to talk with community leaders and really trying to understand what their protocols are and then the state of Alaska and which I think they're going to by July, I think they'll have a very different view. Now you have to be quarantined for 2 weeks. I don't believe that will be the case. Certainly, probably starting in June at some point. And then you need the aircraft to be able to get people to and from.
And the other advantage that we have absolutely clearly aside from size is that we need very, very little external logistical support. If you think about a cruise ship, for example, that goes from port to port, they have to book the ports, They have to coordinate with other ships. There aren't too many at any particular time. You have all kinds of buses and God knows what they have to be organized for land excursions. And it's a massive logistical exercise.
For us, we get to a place, we drop the anchor, we drop the zodiacs, we take people to shore with our naturalists, they take a hike, they jump into a kayak or whatever. And so we control the logistics. And so starting up again and reactivating requires a small tiny fraction of what the cruise industry needs in order to reactivate. And we've got a team, a fully integrated team of people from the office and expedition leaders and such that have fully laid out the implications of reactivating. We also need borders to open, right?
So for example, if we want to go to the Norwegian Arctic, we need Norway to say, please come. And I believe that will likely come. And places like Iceland and Greenland, those are important to us. And of course, the Galapagos Islands are important to us. And again, the logistics there are incredibly manageable in terms of the size and the scope.
Okay. That's very helpful. And then second question is kind of it sounds like hopefully you will be able to get back in business in the Q3. How do you plan for say next winter, which seems like a long time away? And if there is any kind of resurgence, do you think you can maybe because we're all learning a lot about this thing, do you think there's a possibility that your kind of business could continue sailing if there are isolated pockets of outbreaks in the future?
Yes. So there's 2 well, there's 3 things that relate to this whole situation. 1 is testing the ability to test. So we believe we'll be able to do that in the not too distant future. That means you can test your crew and make sure that you have a safe ship in terms of no incidences amongst your crew and you can test guests.
And you can reject those who are infected, even if they can't travel. But ideally, you also then will have a cure and that will give people greater sense of comfort. That will be a ways off. And then obviously a vaccine, and that also is a ways off. But at some point in 2021, I would imagine that you will have all of those things available, which completely changes the landscape of this whole equation, because you can test people, people can get a vaccine and if somebody happens to get COVID there are medicines that deal with that, right?
So it's just completely different. Right now, we have no vaccine, we have no cure, and we have very, very limited testing. So we're in the the world is kind of in its worst position currently. And presumably, it will just improve over time in regard to those 3 salient components. Does that make sense?
Yes, yes. No, that's very helpful. Thanks guys and best of luck.
Thanks.
Next question will come from Alex Fuhrman with Craig Hallum. Please go ahead. Great. Thanks very
much for taking my question. I hope everyone at Lindblad is doing well. It seems to be one of the most important things here to investors and to refunds. So we'd love to un refunds. So I would love to unpack that a little bit more.
Is there any noticeable difference in terms of who is taking travel credits as opposed to refunds in terms of the age of customers or the destination Sure. Let
Sure. Let me start, Seth, and you can chime in if you have anything else on top of that. So the first thing I'll say, from a demographic perspective, we have not seen a dramatic difference in the rebooking patterns amongst our guests. What has been interesting for me is what I wasn't sure was would the ultimate refund rate change over time. So in other words, we started canceling voyages in March, then we canceled in April and then canceled in May and now we're canceling June.
Would that refund rate change dramatically over that span? And we have not seen that. Actually, it's slightly ticked up to be more of a future travel credit, not much, but has ticked up a little bit as time has gone by, which I find to be very interesting. So we don't see any real significant difference from that perspective. Sven, is there anything else you want to add?
No, it's interesting because I think what people are doing is they're assimilating and understanding this a bit more and they're beginning to see potential light at the end of the tunnel and they're itching to get out there again. And so the value of the certificate is greater than the cash if they intend to go and travel again in the future, right? So there's an incentive, there's a benefit and people are taking advantage of that.
The one other thing I'll add to answer your question is in terms of when we're seeing the folks use the credit, most of the folks are using the credit for the same voyage in the following year. So right now, we do have a significant amount of future travel credits being redeemed for the Q2 of 2021, which is not surprising. Obviously, people have chosen a destination that they want to travel to and they want to go back to it when they can.
Okay. That's really helpful. It seems like you guys are taking a really thoughtful approach to reopening and I wish you the best of luck and hope that that's able to happen soon.
Our next question will come from Craig Pendy with Sidoti. Please go ahead.
Craig, I think you mentioned that you had $30,500,000 for the resolution due in 2Q. Can you just give us an update? I assume that goes on a work percentage of completion. And has there been any disruption? Is that something you still, I guess, expect in late 2021 to be completed?
Sure. So the way the contract works for the resolution was we had 20% that we paid upon signing the contract, then we had installment payments. The first installment payment was tied to a milestone, the remainder between now and delivery are not. And then obviously, the payment on delivery is predicated on the vessel being delivered. So the payment this year was always scheduled for April and we made it as such.
The remainder, as I said earlier, is all due in 2021 with the vast majority of that $60 plus 1,000,000 due upon delivery, which today is still anticipated to be in September October of 2021. Obviously, given everything that's going on in the world, it's hard to know for sure exactly if that will be able to be maintained. Right now, all discussions have led to that point, but certainly we're staying in close contact with the yard who did a fantastic job in delivering the National Geographic Endurance. We can't wait for everybody to see her. She's a magnificent ship and we think her sister ship will be equally as magnificent and we do anticipate taking delivery at this point in the Q4 of 2021.
If that does change, we will certainly let everybody know and that would be obviously just because of supply chain issues because of the current virus. But we have not heard anything on that front yet and we'll continue to monitor the situation.
Okay, that's helpful. And then just one other one, what was the big swing in foreign exchange? Was that the Canadian dollar?
Yes. So Natural Habitat does most of it a lot of its operations up in Canada and they tend to do a fair amount of forward contracts to lock in a profit margin on those trips and given the change in currency that has happened that was the primary driver of the currency swing.
Okay, that's helpful. Thanks a lot.
Thank
Our next question will come from Steven Dekoff with Black Diamond. Please go ahead.
Hey, guys. Appreciate the time. I guess my first question would be in relation to maintenance CapEx. How should we be thinking about that? And I guess going forward on a quarterly basis, what do you project that number to be?
Sure. So in a normal year, when we're operating, our ships average each ship averages somewhere between $1,000,000 $2,000,000 a year in maintenance CapEx. And then when you factor in some of the office CapEx and originally this year, we were certainly expecting to spend a little bit more money on some of our IT projects. So the forecast heading into this year was somewhere north of $20,000,000 for maintenance CapEx. Obviously, with what's going on in the world, we've identified a significant amount of that, which we don't necessarily need to do this year.
And we are able to take that maintenance CapEx number below $10,000,000 for the current year. That's our expectations. Now obviously, the longer this lasts, if this lasted a significant period of time, we would cut that even further. But for now, the expectation is somewhere south of $10,000,000 for 2020.
Got you.
And then in regards to the partnership with National Geographic, it looks like that is ending in 2025. How should we be thinking about kind of that renewal process in regards to the contract with them?
So we'll start having those discussions probably at some point in 2021, probably not to start anticipating how we extend the agreement. The agreement is very is beneficial for National Geographic and beneficial for us and has been for 15 plus years. And so we see no reason why that shouldn't continue.
Okay, great. And then just to confirm, what was your monthly cash burn?
When you say monthly cash burn, are you talking moving forward or are you talking historically?
No, no, no, I mean going forward.
Yes. So going forward, we expect the monthly cash burn to be somewhere in that $10,000,000 to $15,000,000 range, which would include all of our operating expenses, all of our debt and interest payments and all of our CapEx.
This will conclude today's question and answer session. I would like to turn the conference back over to Craig Felenstein for any closing remarks.
Thank you everybody for joining us this morning. We know it's, like I said, a little bit of a strange time and are happy to help you walk through our current business and any expectations we have. So give us a call and we look forward to staying in touch. Thank you.
Thanks everybody.
The conference has now concluded. Thank you for attending today's presentation and you may now disconnect.