Safe Bulkers - Earnings Call - Q4 2021

Transcript

Speaker 0

Thank you for standing by, ladies and gentlemen, and welcome to the SafeMulcast Conference Call to discuss the Fourth Quarter and Full Year twenty twenty one Financial Results. Today, we have with us from SafeMulcast Chairman and Chief Executive Officer, Mr. Paulus Hacciuano President, Doctor. Lukas Palmparis and Chief Financial Officer, Mr. Constantinos Adamopoulos.

At this time, all participants are in a listen only mode. There will be a presentation followed by a question and answer session. Following this conference call, if you need any further information on the conference call or the presentation, please contact Capital Link at (212) 661-7566. I must advise you that this conference is being recorded today. Before we begin, please note that this presentation contains forward looking statements as defined in Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended concerning future events, the company's growth strategy and measures to implement such strategy, including expected vessel acquisition and entering into further charters.

Words such as expect, intends, plans, believes, anticipates, hopes, estimates and variations of such words and similar expressions are intended to identify forward looking statements. Although the company believes that these expectations reflect and such forward looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the company. Actual results may differ materially from those expressed or implied by such forward looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for drybulk vessels competitive factors in the market in which the company operates risks associated with operations outside The United States and other factors listed from time to time in the company's filings with the Securities and Exchange Commission.

The company expressly disclaims any obligations or undertakings to release publicly any updates or revisions to any forward looking statements contained herein to reflect any changes in the company's expectations with respect thereto or any changes in events, conditions or circumstances on which any statement is based. And now I pass the floor to Doctor. Barbares. Please go ahead, sir.

Speaker 1

Good morning. I'm Lucas Barbares, President of SafeBulkers. Welcome to our conference call and webcast to discuss the financial results for the fourth quarter and the full year of 2021. We will start our presentation in Slide three. We are deeply concerned about the Russian engraved coffee, which against international laws and logic has outbroken and we hope that it will end soon avoiding further bloodshed in Ukraine.

We do not have any Ukrainian or Russian crude on both our vessels and we don't have any vessels currently sailing in the Black Sea. We intend to comply with the sanctions imposed and we will continue to monitor closely the situation to assess the impact of the war on the global economy and on the drybulk shipping. As we can see from the slide, major commodity rates will be affected. In Slide number four, we present the synergies of our quarter results. 2021 was a very good year for our company.

We were able to renew our fleet with environmentally advanced vessels entered into several terrible time charters, substantially deleverage and improve our liquidity. As a result of our strong performance, the company is declaring a $05 dividend per share. In terms of profitability, we reached $92,400,000 in net revenues, dollars 65,200,000.0 of net income, 82,400,000.0 of EBITDA and $0.39 of adjusted earnings per share. In terms of performance, we reached a time charter equivalent rate of $26,180 aggregate daily OpEx and G and A of 6,600 In terms of liquidity and capital resources, we have about $388,000,000 as of 03/04/2022, of which $194,000,000 is in cash and $194,000,000 is in RCFs revolving credit facilities and secured commitments. Furthermore, we have additional borrowing capacity in relation to four unencumbered vessels and seven newbuilds upon their deliveries.

Further to that, we have additional borrowing capacity in relation to four existing and intended vessels and seven newbuilds upon their deliveries. Most recently in February, we have successfully issued a €10,000,000 five year unsecured non amortizing bond at a coupon of 2.95 percent per annum. Our secured debt stood at €339,400,000 as of 03/04/2022. And we paid €125,300,000 for the five second hand vessels with 8.8 average age and we collected $109,800,000 for the seven vessels we sold with fourteen point three years average age, effectively renewing our fleet with younger and most efficient vessels. Finally, we declared a dividend of $5 per share, noting at the same time, we are renewing our fleet with second hand and Phase three newbuilds ahead of the competition and that during 2021, we have successfully deleveraged our company.

Allow me now to guide you through the company's key investment highlights as presented in Slide five. Syng Bakes is a top 10 pure drybulk vessel owner in Panamax segment with a heritage of sixty plus years of track record experience and hands on management led by Polis Hajjuan. With strong company balance sheet fundamentals, ample liquidity, low leverage, secured cash flows from reliable counterparties, We have secured with nine Pay Street Tier three newbuilds and the replacement of five secondhand vessels

Speaker 2

for

Speaker 1

our fleet expansion in Europe ahead of peer competition and ahead of the expected impact of the environmental regulations on 2023 onwards. We have an additional revenue yearly capacity of about $20,000,000 plus from our 17 scrubber fitted vessels due to the inflated fuel price differential. Out of 40 vessels fleet is 80% comprised of Japanese vessels with superior specifications and commercial and operational upgrades, which hold a substantial premium both in chartering and resale value. Total book remains at twenty years low and market fundamentals are positive for 2022. We believe the company is well positioned for the long run with an environmental based advantage.

Moving on to Slide seven, we present the development of our CRD Commodity Index, which currently stands at a five year high with further upside potential. The index reflects basic commodity future prices, for example, energy, agriculture, precious metals and industrial metals, which represent leading indicators for shipping. We have seen a strong demand for commodities across the board during 2021 and the average selling price sales are further amplified during 2022 as a result of the ongoing Ukrainian conflict. The general forecast of IMF before the Ukrainian conflict set the global GDP expected growth of 4.4% for 2022 and three point eight percent for 2023. The forecasted global drybulk ton mile demand is expected to increase by 2.2% in 2022, supported by recovery related industrial materials like iron ore, coal and agricultural, while the expected dry bulk fleet growth stands at 2% for 2022, which means that the squeeze in the supply of vessels may well be a realistic scenario.

Further to that, The USA have allocated about $1,000,000,000,000 of stimulus program for infrastructure spending for bridges, roads, while China spends yearly about 120,000,000,000 on senior infrastructure projects achieving 8.1% GDP growth in 2021, the best growth base in a decade. IMF forecast a 4.8% GDP growth for 2022 and five point two percent for 2023. Lastly, the EU overall recovery package of $2,400,000,000 for the period of 2021 to 2027 is a favorable for global demand. Let's turn to Slide eight to have a quick look on present charter market conditions. As shown on top graph, the Capes market for the year to date continues to be healthy.

Capes lately have been volatile driven by commodities commodity dynamics, which we analyzed. The forward trade agreements represented in red color is about 30,000 to 35,000 for 2022. Similarly, Panamaxes, as seen on the bottom graph, the FFA curve is about 30,000 to 35,000 for 2022. The prevailing commodities market coupled with strong supply fundamentals are likely to support the freight market throughout 2022. In Slide nine, we present our scheduled order book deliveries.

In this positive expected charter market environment, we have two deliveries in 2022, five in 2023 and during the 2024. Our first new book delivery is in May. In the same slide in the bottom graph, we also present a record low order book for the forward years for Capes and Panamax vessels. Turning to Slide 10, we touch upon the current market valuation of our second time acquisitions and of our order book. During the business cycle, as part of our fleet renewal strategy, we have invested in nine newbuild vessels of the newest design, complying with the recent IMO regulations for NOx emissions.

Second, we have acquired three Panamax and two Capes secondhand vessels of modern design built in Japanese shipyards. The average acquisition price of our nine new pit was about $32,500,000 as compared with a current average market value, which is about $41,600,000 For the five secondhands, the average price was $25,100,000 as compared with a current average market value of 28,200,000.0 This timely stream of investments has created a present and inherited wealth to our shareholders of close to $100,000,000 Further, the company has previously invested in scrubbers technology to 17 of its vessels. The surge in fuel prices at the last six months, which is more evident in today's market, has pushed the very low sulfur fuel oil

Speaker 3

vessels, HFO, differential

Speaker 1

at high levels, which translated to increased revenues for the scrubber fitted vessels. Recently high five in Singapore stands at about $280 per ton and according to the future market, the balance for 2022 stands at about $190 per ton. The scrubber fitted post Panamax burns about 7,500 metric tons per year, pushing the implied scrubber gain return of about $25,000,000 per annum in aggregate for our company's 17 scrubber fitted vessels. All in all, our fleet renewal strategy represents a significant increase of the intrinsic value of our company of about $120,000,000 Now let me pass the floor to our CFO, Jose Luis Zaramopoulos,

Speaker 2

for our financial overview. Thank you, Lucas, and good morning to everyone. Let me start with our quarterly financial highlights shown in Slide 12. During the third quarter, the 2021, we operated in a significantly improved charter market compared to the same period of 2020. This lower EBIT expenses, reduced volume expenses and increased revenues also include earnings from scrubber fitted vessels.

Our quarterly net revenues stood at $92,400,000 versus $52,200,000 last year. Net revenues increased by 77 compared to the same period in 2020, mainly due to the increased time charter equivalent rate as a result of the improved market, assisted by the additional revenues and by our scrubber fitted vessels. We had a TCE of $26,800.180 dollars compared to a TCE of $12,319 during the same period in 2020. The net income for the 2021 reached $65,200,000 compared to net income of $7,600,000 during the same period in 2020. Our daily time charter rates stood at 26,180 versus $13,319 same quarter last year.

Our daily OpEx stood at $5,149 versus $3,978 And our daily OpEx, excluding dry docking and pre delivery expenses, stood at $4,666 versus $3,955 for the 2020. Vessel operating expenses increased mainly affected by increased dry docking expenses, increased spare parts, stores and provisions related to works performed during dry dockings, increased provisions of technical services and increased crude and repatriating expenses due to COVID-nineteen. The aggregate figure for both OpEx and G and A for the 2021 was $6,183 demonstrating our focus on lean operations. We believe this number for both OpEx and G and A is one of the industry's lower as we include in our OpEx all our dry dockings and pre delivery expenses and in our G and A, our management fees, directors and officers compensation as well as all expenses related to the administration of our company. Our adjusted EBITDA for the 2021 increased to $67,600,000 compared to $26,300,000 for the same period in 2020.

Our adjusted earnings per share for the 2021 was $0.39 calculated on a weighted average number of 121,600,000.0 shares compared to $04 during the same period in 2020, calculated in a weighted average number of 102,200,000.0 shares. Let's conclude our presentation on Slide 13 with our quarterly operational highlights for the 2021 in comparison to the same period of 2020. As a general note, 2021 was a very good year for our company.

Speaker 3

We were able to place orders,

Speaker 2

renew our fleet with environmentally advanced vessels, enter into several favorable time charters, substantially deleverage and improve our liquidity. As a result of our performance, the company's Board of Directors has decided to declare a zero five dollars dividend per common share. In addition, in February, we have successfully issued a five year unsecured bond in the amount of €100,000,000 guaranteed by Safe Bulkers with a coupon of 2.95% used semi annually. We would like to emphasize that the company is maintaining a healthy liquidity position of about $194,000,000 as of March 4 and another $194,000,000 of RCF and secure commitments, resulting in a combined liquidity of about $388,000,000 that provides us with significant firepower. Our press release presents in more detail our financial and operational results.

And now we are ready to take your questions.

Speaker 1

Thank

Speaker 0

Thank you. We will now take your first question. This comes from the line of Chris Wetherbee of Citi. Please go ahead.

Speaker 4

Hey, thanks guys. This is Eli Winski on for Chris Wetherbee. Just wanted to start with rates here and the perception around the volatility. So last couple of quarters, we had line of sight to them continuing to escalate. But with what's happening right now in the broader environment, do you guys see any more possibility for higher fluctuations?

Or do we think they're going to continue to remain elevated, particularly in the spot contracts?

Speaker 3

You mean volatility on the charter in the charter markets?

Speaker 4

Yes, yes, exactly. Is there more now than there has been, do you think, with some of the geopolitical issues? Do we still expect demand is high in terms of the read through to your customers?

Speaker 3

Yes. So we expect that there would be a fair amount of volatility because of what is happening right now because there are big swings on the prices of commodities and the price of oil, especially. And a lot depends on how long the war will take and how long this conflict will keep going. And of course, we expect sanctions will be there for quite a long time, which is not necessarily bad for shipping, could be good for volumes and ton miles. But the freight rates will fluctuate a lot because of these changes of bunker prices.

I mean, we saw this week changes of $20.30 dollars on the price of Brent on one side to the other side. So all this is affecting the trend. But overall, the trend is strong because the models are expensive and order book is very low. So we expect volatility indeed for the next few months.

Speaker 4

Sure. What are your customers saying about this in terms of the duration of contracts? I think you said that the average contract duration right now is one point two years, is I believe that's what it was said in the release. So do you see that more and more trying to shift to longer term in terms of their preferences?

Speaker 3

No, I think the trend in drybulk is the charter rates and they offered contracts up to one year on our size of vessels. And the bigger ones on the Capesize, you may find a little bit longer. But on the Panamaxes to post Panamaxes, it's generally six to twelve months charters.

Speaker 4

Got it. Thanks. And then one more for me. You guys declared $05 dividend, stronger liquidity position. What does the long term capital allocation look like for SafeBookers?

Speaker 1

Long term capital allocation? Look,

Speaker 3

started the dividend this quarter in Q4 of last year, which was the first year of a good market after six or seven years of low market. And we started with a comfortable dividend in line with also the other actions the company is taking to deleverage and to take delivery of the newbuilding vessels with the least possible debt on them. So all depends on the freight market. We believe we have a strong freight market for this year and possibly next year. There are good signs that next year will be good as well.

Speaker 1

Overall, the remaining CapEx for the next couple of years is €250,000,000 $247,000,000

Speaker 3

We

Speaker 0

will now take your next question. This comes from Ben Nolan of Stifel. Please go ahead. Your line is now open.

Speaker 5

Hey, guys. This is Ben Euer at Stifel. I have a couple. And you talked a little bit about your chartering strategy, although we've seen this week one of your competitors on a new build put a longer duration contract on a vessel. You guys obviously have some very high specification new builds.

And it sort of is something that you guys have done often in the past. I'm curious if there's much depth to that market and if it's something that you guys would consider doing on a few of those new vessels?

Speaker 3

Look, it's much easier to do it on larger ships, long term charters, because there's more a price on there also on the FFA market. So charters can be guided by Capesize FFA market. In the smaller size like Panamax, Post Panamaxes, the curve is very steep for the top, yes? So it doesn't make a lot of sense on when the market is so much undersupplied with new tonnage. There's not a lot of new tonnage to enter the market in the next three years.

It doesn't make sense for an owner to go and lock three or five years charters on the Panamaxes or on the Kamsarmaxes. And on the Capesize, I consider this feature, which done that was a pretty good picture at the time it was done on a new building vessel with a prompt delivery. So I see the point of view of the owner and I believe it was a very good picture. Okay.

Speaker 5

And then switching gears a little bit, obviously, you guys have a lot of scrubbers on your vessels. I assume that is working very much to your benefit at the moment. Any thoughts about going out and finishing out the fleet with scrubbers maybe as they come up for dry dock or effectively adding to your scrubber exposure?

Speaker 3

Yes. It doesn't make a lot of sense to put the vessels of higher now to feed in scrubbers because what we see now the spike in the spreads can be temporarily because of what is happening in Ukraine. This should may last for two or three months. I don't think it will last for the whole year. So to put ships away in the drydocks for extra period of fifteen, twenty days when the market is $35,000 a day, it doesn't make sense.

We did it in 2019 when the market was $5,000 or 6,000 or 7,000 We put the ships in the drydock to do this extra bit of time there to fit the scrubbers anticipation that the spread would be a decent spread. So right now, I don't see us doing anything more. We have a Capesize vessel, which we are doing right now was planned since a year ago to do it, but we don't have plans. We are more focused of environmental improvements that we can do on our fleets, of how we can upgrade our ships and reduce their CII and their energy efficiencies indexes. Because I think this when all this story of the world settles down, this will come back in focus and we'll have to be prepared for the next day.

Speaker 5

Okay. That's helpful. The last for me. I believe I saw in the release that you guys had not been active under the ATM program, which is the first time in a while. Is that an indication that you sort of you are where you are and you like where you are and you don't need more capital to do anything else or

Speaker 3

It's just trying to clear that we consider the stock price still not at the level that is worth considering and we don't plan to use it. Over time being, it's at

Speaker 6

the level that we don't

Speaker 3

really need any more liquidity. So that's why since September, we didn't touch that scheme. On the other hand, as you have seen, we have increased our liquidity. We have extra liquidity through the bond. We are waiting for the right opportunity to invest in new technologies and in fleet renewal, replacing the older ships with a bit younger one, apart from the newbuildings we have.

And for us, the most important is to prepare for the next day on the new environmental changes that, as I tell you now, we will forget about them for three months. Thereafter, But I mean, the climate change is there. It won't go away because of the war. I mean, we are not focused to it now because we have to see how especially Europe will deal with the shortage of gas and the shortage of energy. But in three months' time, I believe that the focus will be back on the climate, and we don't want to derail from our initial planning of making environmental investments that will come in the next two, three years very fast.

Speaker 5

Understood. All right. I appreciate it. Thank you, guys.

Speaker 0

Thank you. And we take our next question. This comes from the line of Randy Giveans of Jefferies. Please go ahead. Your line is open.

Speaker 7

Gentlemen, Randy Giveans from Jefferies. How is it going?

Speaker 3

Yes, hi. Fine. Thank you.

Speaker 7

Hey, I guess, looking at the first quarter, a lot of your peers kind of giving some quarter to date rate guidance. Can you provide us with the same on the spot side of the market?

Speaker 3

The spot market is improving the last two, three weeks quite substantially as we all see. And the first two months of the quarter have been done. So the first two months of the year are definitely lower than the Q4, but there's a catch up in the third month of the quarter. So I think that is looking good. So we are not guiding of what will be the average, but we expect if the two months are a lot lower than the one and not higher, the balance will be little bit dipped on the lower side from the previous quarter.

So in the last quarter, the number was 2626%. And then this quarter maybe a little bit less. Yes.

Speaker 7

Then on the dividend, great to see dividend announcement from you guys. How did you decide on this amount? How should we think about it going forward? Is there a policy in place? Or is this a flexible dividend based on kind of market conditions?

Speaker 3

No, it's not like, let's say, sustainable dividend because for us, as I tell you, we are one of the few companies that we have made timely renewal of the fleet, which we have to take now delivery of all the ships starting with the first one in two months' time. And then we have every couple of months a new building until the 2023, the '4. For the ships, we expect to hit the market in a good freight rate environment. As we have seen, the new ships, certainly, they will be very attractive to charters and would be able to secure longer than one year charters, maybe two or three year charters at the right time of the market. So we thought to start with this dividend.

Right now, we are very confident for the next two years, and we thought that we should start it now. And at the same time, keep enough liquidity for the new builds and for the environmental investments.

Speaker 1

Of course, we review our dividend policy every quarter. And always, there is no reassurance that we will continue to pay the dividend. But as Paul said, the dividend is designed to so to be meaningful for, let's say, the following period.

Speaker 7

Got it. That makes sense. All right. And in terms of the unsecured, very impressive in terms of the rates there. Use of proceeds, I know you had a few options, kind of are you leaning towards one or the other?

Is that market can it be tapped again, right, to do another €50,000,000 or whatever maybe kind of on the upside of that?

Speaker 3

No, we don't plan to use this market. Again, we used it once. It was a good one because it was the first drybulk company to do the bond in the Athens Stock Exchange. We'll consider the price favorable. Of course, have changed the last month with interest rates.

And it's not something you tap every other quarter and you go in. You do it once. You go for five years and then you see what happens after five years if there is appetite for refinancing it and put money at all spread or if you just repay the investors. So this gives ample liquidity to the company to make investments either on new ships or modern ships or environmental investments, which will assist us to operate the fleet with advantage to that of the competition. Because as I told you, I mean, in six months' time, old three or six months' all their focus will be back on the climate.

We shouldn't forget that.

Speaker 7

Got it. Well, that's it for me. Thank you again.

Speaker 0

Thank Your next question today comes from the line of Magnus Fear of H. C. Wainwright. Please go ahead. Your line is now open.

Speaker 8

Good afternoon, gentlemen. This is Magnus Kuehrer, H. C. Wainwright. Just a follow-up question on the current cash position.

You mentioned you have $250,000,000 of CapEx going forward. Can you break that out between the three years? I guess most of it is in 2023. And how much you plan to use for installment versus debt? Should we assume like 60%?

Speaker 3

The majority is coming in 2023 because of deliveries are in 2023 and most of it is payable on at the time of delivery, 60% or 70%. It's time at the time of delivery. So you are right to say that most of this CapEx is in 2023. Look, I mean, we plan to put minimal debt on the new ships, not on all of them Because as we say that we are we want to keep the debt near the scrap value of the fleet and so we could produce more profits for our shareholders. Also, I believe that is very important in shipping to remember that it's a significant business.

There will be definitely opportunities in the next two or three years to invest money in shipping. We cannot take everything for granted that this market will last ten years. We have to have the funds and be able to invest in the low part of the cycle if this anything happens during the next two or three years. The CapEx of the company is $55,000,000 in 2022, 143,000,000 in 2023 and $47,000,000 in the 2024. Our last deliveries is very early twenty twenty four in the '24, like January and February.

So we have a fleet that is coming in the next twenty months to the company. Every two months, we take or on average, every two months, we will be taking a newbuild vessel, and this will grow our fleet by around 25% in the next twenty months. So we are on a good track with the liquidity that will generate. We will reward investors and shareholders and at the same time make all the environmental investments to stay ahead of the game.

Speaker 8

All right. Thank you for that color. And just on the prefs, do you have an amount in mind there given that with all the cash on the balance sheet to retire some of those prefs?

Speaker 3

The prefs you mean? It's in the mine it's in our mind to do that as well. A certain part of it in the next few quarters to be allocated into some retirement the first. And anyway, we have said that also when we issued the bond, that part of it will be going there as well. But the company and the Board will decide what percentage goes in what element.

Because if ship prices are going to be elevated, you understand we are not planning to invest in expensive vessels. We'll wait our opportunity. We have fleet expansion anyway. And obviously, the price of vessels, as we see now the last two, three weeks, maybe all sellers are asking $5,000,000 more for drybulk vessels. We're not going to jump on those prices.

We can afford to be patient. People with liquidity and not who have not invested on ships may jump on expensive acquisitions, whilst in our case, we can afford to wait.

Speaker 8

Very good. That's it from me. Thank you.

Speaker 3

Thank you. Thank you.

Speaker 0

We do have one more question on the line. We will now take our next question. This comes from the line of Clement Mullen of Value Investor's Edge. Please go ahead.

Speaker 6

Good morning. Clement Mullen on from Value Investor's Edge. Congratulations for this quarter. Your balance sheet has improved significantly over the past year. And I was wondering if you could provide some commentary on how you think about the preferred.

Is redeeming part of the preferred outstanding something you would consider to further reduce your cost of capital?

Speaker 1

Look, the capital structure of the company, as we said, has improved substantially. And we had set an approximate target for our leverage of about 30% that region, 35%, which was achieved. In the as we go in the period ahead, the thought process is that at a certain point of time, we may retire some prefers. We don't know exactly, we cannot say anything about how much. What we know is that about I mean, a substantial amount will remain.

Some of it can be retired. So we have, let's say, a strong percentage of repairs, a strong percentage of bonds, about €100,000,000 that we have already in euros that we have already

Speaker 3

issued and

Speaker 1

some banking loans that will cover the position. The company, as we go ahead, will have about nine vessels to be delivered to us. So the asset value the net asset value of the company will increase, while the debt leverage will not follow the same path. So we intend to maintain somehow this capital structure in the following years, which gives us benefit in good markets because we have the liquidity, we have the right capital structure, we have lower expenses. And also in good and bad markets, it will work for us and we have and it creates and may create for us opportunities, this liquidity to move if there are certain opportunities that we may locate in the market.

Speaker 6

All right. That's helpful. Regarding the bond you issued in the Greek market at what we believe to be a very attractive rate, will you look to hedge the FX risk? Or are you comfortable with this euro exposure?

Speaker 3

You mean hedge the bonds you made, Peter? And look, at a certain point, we'll hit some part of the exposure. But you have to remember, as a company, have around €30,000,000 a year expenses in euros. So we need €150,000,000 in five years. The euros we have kept as euros because anyway we can spend them.

There will be opportunities, and we see one right now. That is happening because of this unfortunate story with the Ukrainian war, but the euro has depreciated to levels that company is considering to have some part of the exposure.

Speaker 6

All right. That's all from me. Thank you for taking my questions and congratulations again for this quarter.

Speaker 3

Thank you very much.

Speaker 0

Thank you. It appears there are no further questions at this time.

Speaker 1

Okay. So thank you very much to all the participants, and we're looking forward to discuss again with you in our next quarter results, which will come about in about three months from now. Thank you.

Speaker 0

Thank you all for participating. This does conclude our conference for today.