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Four Corners Property Trust, Inc. (FCPT) Q4 2022 Earnings Call Transcript

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Four Corners Property Trust, Inc. (NYSE:FCPT) Q4 2022 Earnings Conference Call February 16, 2023 11:00 AM ET

Company Participants

Gerry Morgan - CFO

Bill Lenehan - CEO

Patrick Wernig - MD, Acquisitions

Conference Call Participants

Rob Stevenson - Janney

John Massocca - Ladenburg Thalmann

Operator

Ladies and gentlemen invited to nan FCPT Fourth Quarter 2022 Financial Results Conference Call. My sanction is Glen, and I’ll beryllium nan moderator for today’s call. [Operator Instructions]

I will now manus complete to your big Gerry to begin. Gerry, please spell ahead.

Gerry Morgan

Thank you Glen. During nan people of this call, we will make forward-looking statements which are based connected beliefs and assumptions made by us. Our existent results will beryllium affected by known and chartless factors that are beyond our power aliases expertise to predict. Our assumptions are not a guarantee of early capacity and immoderate will beryllium to beryllium incorrect. For a much elaborate explanation of imaginable risks, please mention to our SEC filings, which tin beryllium recovered connected our website astatine fcpt.com. All nan accusation presented connected this telephone is existent arsenic of today, February 16, 2023.

In addition, reconciliation to non-GAAP financial measures presented connected this call, specified arsenic FFO and AFFO tin beryllium recovered successful nan company’s supplemental report. Also connected our website.

And pinch that, I’ll move nan telephone complete to Bill.

Bill Lenehan

Thank you, Gerry. Good morning. Thank you for joining america to talk our 4th fourth results. I americium going to make introductory remarks, Patrick will reappraisal immoderate specifications astir acquisitions successful nan pipeline, and past Gerry will talk nan financial and superior raising results.

The existing portfolio continued to execute exceptionally good 99.9% collections for nan twelvemonth ended December 31 and occupancy remaining astatine 99.9%. We reported 4th fourth AFFO $0.41 per share, and $1.64 per share for nan afloat year, which represents 5% maturation for 2022 complete 2021.

We grew rate rental revenues 11.4% connected a year-over-year basis, including nan use of rental increases, and $286 cardinal of acquisitions successful 2022. This included nan acquisition of 42 properties successful nan 4th fourth for 120 cardinal at an first rate output of 6.6% reflecting rents successful spot arsenic of December 31. 33 of nan 42 acquired properties are firm operated, and we stay highly assured we are aligning our portfolio pinch champion successful people operators astatine charismatic rent levels. Patrick will talk nan existent finance situation successful much detail, but successful nan 4th fourth we proceed to spot acquisition pricing amended successful consequence to nan higher costs of superior environment.

The Q4 acquisitions mean headdress complaint reflected that move astatine 6.6% versus 6.3% successful Q3. The Blended Q4 fig included deals priced earlier successful nan twelvemonth anterior to nan displacement successful headdress rates, pinch much precocious priced deals supra nan mean for nan quarter. We statement that waste leaseback transactions person much entreaty now to operators versus different forms of financing successful caller years. Equity capital, word loans CMBS each person go much costly successful nan past six months. And this has led america to much opportunities successful discussions pinch tenants looking to grow operations aliases monetize their existent estate.

I wanted to note, 2 very circumstantial but very insignificant headwinds we knowledgeable successful nan 4th successful regards to FFO. First are restaurants subsidiary Kerrow knowledgeable astatine overmuch little EBITDA separator nan quarter, income stay beardown and successful statement pinch anterior quarters but Kerrow acquisition higher nutrient and beverage, labor, inferior and different services person costs impacted by inflation. Kerrow has already started to spot immoderate alleviation and nan summation successful beef and different costs. So we expect this effect to mean successful nan first 4th of this year.

The 2nd insignificant headwind was higher liking expense. 90% of our one, conscionable complete a cardinal of indebtedness is fixed presently astatine a complaint of 3.39%. However liking rates connected nan remaining 10% of our indebtedness are variable, and pricing accrued an mean by complete 145 ground versus nan 3rd quarter. A reminder to our investors that we deliberation 90% fixed 10% adaptable complaint indebtedness is due for our business, and we’ve benefited immoderate quarters, but unfortunately, we’re impacted successful quarters for illustration past quarter. Our existent run-rate arsenic of nan 4th extremity is 3.6%. In nan quarter, we sold 1 spot for a income value of 4.9 cardinal representing a summation of 600,000. For nan afloat twelvemonth 2022, we sold 8 properties for 26 million. The beardown request for our properties provides america an charismatic replacement root of superior while besides improving nan wide value of nan portfolio.

Moving to our tenant’s performance. Restaurant operators proceed to person beardown income results successful nan astir caller quarter. Although galore are experiencing unit connected margins arsenic costs increases successful nutrient and labour are not afloat passed connected to nan extremity consumer. However, arsenic I mentioned earlier, while discussing, it looks for illustration restaurants are seeing a slowing of commodity costs increases, particularly nutrient prices. Sales proceed to clasp up arsenic restaurants are operating astir 120% of pre COVID play income levels, and astir 109% of past year’s play income levels. According to bearish restaurants study reported February 6. Our estimated EBITDA to rent corrects to their 4 times for nan 72% of our portfolio that reports this statistic. This is amongst nan strongest sum wrong nan nett slightest industry. Three, reorder constituent we make almost each quarter.

Focusing connected debased rent provides a cushion erstwhile inflationary input prices effect shop levels. Turning to nan equilibrium sheet. We raised 72 cardinal of equity successful nan 4th fourth and an mean value of $26.70 per share. We besides raise 30 cardinal of incremental indebtedness proceeds arsenic portion of extending our in installments installation successful October. We would besides expect to proceed to utilize dispositions arsenic different coagulated root of capital.

Finally, 1 remark connected nan team. We were very excited to denote successful January nan promotion of Jim Bratt to service arsenic FCPT’s Chief Operating Officer. Jim has been pinch america since inception, and during this clip FCPT has acquired 624 properties turn his worker guidelines from six to 35 and invested importantly successful operations. Jim has been an integral portion of each of this and our effort to thrust worth for our shareholders, fixed his unsocial accomplishment group and operations, existent property transactions and ineligible judgment. Thank you, Jim.

With that, I’ll move it complete to Pat.

Patrick Wernig

Thanks, Bill. Like to commencement by discussing nan assemblage operation of nan $120 cardinal of closed investments successful Q4. For nan 4th restaurants accounted for 40% of caller investments. Auto Service was 33%. Medical unit is 24% and nan remaining 3% consisted of different retail. Amongst others, these investments included a portfolio for Buffalo Wild Wings properties successful Illinois for $14 cardinal astatine a 7.3% headdress rate. A aesculapian unit portfolio successful Chicago for $12 cardinal astatine a 6.8% headdress rate, and a waste leaseback of 5 [Indiscernible] properties successful Indiana for $8 cardinal astatine a 6.5% headdress rate.

As Bill mentioned, nan effect of higher liking rates allowed headdress rates to inclination upward past quarter. Ultimately, because of really quickly nan marketplace moved successful nan 2nd half of 2022. We did spell backmost to respective sellers and talk value adjustments. I’d besides statement that deals priced successful nan second portion of Q4 and now into 2023 person mostly been supra nan 6.6% headdress complaint mean for Q4.

We stay highly focused connected protecting our affirmative finance spreads. So acold successful 2023. We’ve observed headdress rates springiness backmost a spot of nan pricing gains we are enjoying arsenic buyers successful q4 but not much. We judge this is simply a nonstop consequence of little liking rates successful 2023 and immoderate nett lease investors reentering nan market. That said we proceed to bid connected properties 50 to 75 ground points supra wherever they priced successful nan first 8 months of past year. We’ve besides had respective sellers that antecedently refused our pricing and Q4 travel backmost to america pinch adjusted expectations this year. We stay progressive connected nan acquisition beforehand and arsenic we look astatine our pipeline, we expect to person a engaged March pinch a number of deals closing successful nan second half of nan quarter. I’d for illustration to punctual everyone that Q1 typically ends up being our lowest woody measurement 4th for nan year, for example, successful 2021 and 2022 Q1 was 15% of acquisition measurement for those years.

Regarding nan pipeline, we’re seeing immoderate very absorbing outparcel and waste leaseback opportunities, we’ve been capable to stay selective connected tenant and existent property quality, while uncovering deals that fresh successful our target output profile. Momentum connected our dispositions efforts has besides continued. Bill mentioned we completed nan waste of 8 properties successful 2022 for $26 million. We’ve besides sold different 2 reddish lobsters and 1 burger king truthful acold successful 2023 for $12 million. These stories were specifically selected astatine disposition candidates based connected comparative underperformance versus their respective brands. We expect to proceed recycling superior opportunistically into caller acquisition, peculiarly wherever we tin amended portfolio quality.

Now turning to Ferry for chat connected our portfolio and financial results.

Gerry Morgan

Thanks, Pat. We generated 49.2 cardinal of rate rental income successful nan 4th fourth aft excluding 0.9 cardinal of consecutive statement and different non rate rental adjustments. We reported 99.7% of collections for nan 4th fourth astatine nan extremity of nan twelvemonth and 99.9% for nan afloat year. There were nary worldly changes to our collectability aliases in installments reserves nor immoderate equilibrium expanse impairments successful nan quarter. On a tally complaint ground existent yearly rate guidelines rent for leases successful spot arsenic of nan extremity of nan twelvemonth is 194.9 cardinal and our weighted mean 5 twelvemonth yearly rate rent escalator is 1.42%.

Cash G&A disbursal excluding banal based compensation for nan 4th was 3.9 million, representing 8% of rate rental income for nan 4th and rate G&A for nan twelvemonth was 15.1 million. For your modeling purposes we expect rate G&A for 2023 will beryllium astir 16 million, representing astir 6% growth. The summation is tied principally to compensation expenses. We attraction connected retention of our existing team, further squad and further squad members to bolster our finance operating prowess. We proceed to attraction connected exertion and systems to thief america pinch nan accrued complexity of nan portfolio and amended efficiency. Since inception, we person grown from six squad members to 35 today.

Turning to nan equilibrium sheet. We are good capitalized to money growth. As Bill mentioned, we raised 72 cardinal of equity via our ATM programme successful nan 4th quarter, and an mean value of $26.70 per share. On December 31, we held 26 cardinal successful rate and had 2.5 cardinal shares nether guardant waste agreements, pinch anticipated nett proceeds of 68 cardinal upon settlement, including nan 250 cardinal of undrawn revolver capacity we commencement nan twelvemonth pinch complete 343 cardinal of capacity. We discussed past 4th but to punctual everyone that successful October, we announced an amendment to our in installments facility, which reduced pricing extended maturities by 5 years connected 150 cardinal of existing word loans and raise 30 cardinal of further proceeds. The installation was converted from LIBOR to SOFR. Credit margins were improved by 5 ground points, and our wide leverage remains conservative.

Our indebtedness maturities are afloat staggered pinch nan first maturity of 50 million, not owed until June 2024. We person an ongoing programmatic liking complaint hedging programme wherever we widen hedges connected regular ground to hole nan complaint connected overmuch of our adaptable complaint word loans. As of nan extremity of nan year, we are hedged connected 325 cardinal of nan 430 cardinal a word loans presently astatine an mean each successful complaint of 2.79%. And arsenic Bill mentioned, erstwhile you adhd nan fixed complaint backstage notes, we are complete 90% hedged astatine a 3.39% rate.

With respect to wide leverage, our nett indebtedness to adjusted EBITDA successful nan 4th fourth was 5.6 times. Our fixed complaint sum ratio remains astatine a patient 4.7 times. Pro forma for settling and deploying nan remaining equity. Our leverage is astir 5.5 times and good beneath our target of 6. As we discussed successful nan net property release, arsenic of December 31, we person 75 cardinal and guardant starting swaps successful place, efficaciously fixing nan 10 twelvemonth treasury guidelines complaint astatine 2.6% for that information of our adjacent agelong word backstage statement issuance.

And pinch that, I’ll move it backmost complete to you Glen for investor questions.

Question-and-Answer Session

Operator

Thank you. [Operator Instructions] We person our first mobility comes from Rob Stevenson from Janney. Rob, your statement is now open.

Rob Stevenson

Good morning, guys. Bill. I admit nan colour that you guys gave connected nan dispositions being immoderate comparative underperformers, but thing to nan underperformance to Red Lobster, specifically, since you’ve been trading a number of those complete nan past six, 8 months.

Bill Lenehan

Yes. Over nan years, Rob, we’ve bought 24 reddish lobsters 75 million-ish, they person agelong lease term. And we bought them astatine astir a 6, 7 cap. We’ve sold 3 of them, arsenic you mentioned, for conscionable complete 14.5 million. So that is simply a mates cardinal dollar summation that puts Red Lobster astatine nether 2.5% of our rent. We person 5 that are connected nan market. And truthful that would, and they whitethorn aliases whitethorn not waste but we’ve had bully luck frankincense far. That would time off 16 properties, half of those are successful a maestro lease that has 2 times sum and 21 years of term.

And nan remainder are debased rent, crushed leases that we bought successful our Outparcels strategy. We deliberation those astir apt person sum complete 5 times. So those 8 properties, I deliberation this is an important point, person nan crushed leases person conscionable complete $100,000 successful rent. That would get if we sold those we’d beryllium nether 2% for illustration conscionable complete 1.5% of rent. But I deliberation nan 2 important things to see connected reddish lobsters person those 16 remaining they person 40% little rents than nan beingness of reddish lobsters that we’ve underwritten to day which is 65 of them and 11 of nan 16 are adjacent to an oliva plot aliases a Longhorn adjacent to and nan remainder are besides very good located. So we consciousness beautiful comfortable. And national who owns reddish lobster discussed reddish lobster during their telephone and they’ve, provided much in installments support. They are changing retired management. So we consciousness very bully astir our position there.

Rob Stevenson

Okay, and successful nan edifice category, successful general, are you seeing whether aliases not it’s by value constituent aliases by offering betwixt QSR and unlimited and afloat service. Anything wherever definite group are having much pricing powerfulness successful bid and capable to raise nan entree prices to offset immoderate of nan higher nutrient input costs? And others are struggling pinch that aliases is it reasonably moreover crossed nan board? How should we beryllium reasoning astir that arsenic agelong arsenic nutrient input costs stay high?

Bill Lenehan

Yes. So we were seeing immoderate brands, raise prices, and others, really trying to onslaught marketplace share, and not raise prices arsenic much. But I’d besides opportunity we’re seeing these commodity costs now benignant of recede a bit. So I deliberation it’s crossed nan committee and nan branded restaurants, nan benignant of restaurants we own, person dramatically outperformed cook owned and section restaurants and gained important share. I’d besides say, dine retired ostentation has been much mean than supermarket aliases dine successful inflation.

Rob Stevenson

Okay, and past past 1 for me. You guys talked astir really the, successful nan owned Longhorn portfolio, that nan expenses were nan operation of nutrient input and labor. What was nan benignant of breakdown, I mean, really overmuch of nan further expenses was nan nutrient input costs that whitethorn beryllium coming down versus labour costs, which don’t look to beryllium abating successful nan adjacent word and thing tenants are capable to do exertion wise, these days to trim staffing needs and mitigate immoderate of nan labour costs?

Bill Lenehan

Yes. It’s a really mini number. I mean, our business is truthful predictable that connected a $3 cardinal business, moreover $100,000, present aliases location seems to beryllium noticeable, because we’re truthful predictable, generally. So nan Delta connected Kerrow was staffing up complete past twelvemonth wherever we were struggling to find labor. We had a circumstantial training programme that accrued hours successful nan quarter, which was benignant of a 1 disconnected thing. And past beef prices, which are moderating, but Kerrow is an exceptionally good tally business. We’ve had it now for 35 quarters. This is nan first 4th that it’s had a consequence that was a small little than we expected. So I don’t deliberation there’s thing to publication into that. And astir apt astir folks wouldn’t moreover mention it, but we thought it would beryllium worthy calling retired conscionable because it was a mates $100,000 little than we thought it would be.

Rob Stevenson

Okay, and past thing connected nan exertion broadside that either you guys pinch your ain stuff, aliases you’re seeing wide among nan tenants use to trim staffing needs.

Bill Lenehan

I mean, successful our acquisition effort, we usage nan aged way to negociate nan process, we’ve really taken a number of investors done that. We find that helps ratio keeps america very organized. When you bargain a building each 1 and a half days, for illustration we did past quarter, it really you request to beryllium organized, and that helps us. We usage spot for AI to way traffic. I deliberation that’s directionally helpful. But those I deliberation would beryllium nan 2 telephone outs for our business. And past successful nan edifice level, I deliberation nan large telephone retired would beryllium QSR becoming almost an wholly thrust thru business. It was already mostly thrust thru business, but almost wholly a thrust thru business during COVID. And I would ideate complete time, it will settee not astatine nan highest of adjacent 100% during COVID But it will settee astatine a higher level of thrust thru than pre COVID.

Operator

Thank you Rob. [Operator Instructions] We person our adjacent mobility comes from [Indiscernible] your statement is now open.

Unidentified Analyst

Hey bully greeting everyone sewage a mobility connected nan small travel up connected nan Red Lobster. Obviously immoderate very debased crushed rents location now. I conjecture ideally, would you want to get those backmost and I conjecture a broader image are you seeing overmuch distress connected nan edifice broadside wherever possibly you’re successful do you still person that JV pinch Lupard Adler, could this each travel into play astatine immoderate point?

Bill Lenehan

Yes we’ve really had beautiful favorable luck connected getting properties back. But nan sample size is really small. Thankfully, we sewage backmost to Ruby Tuesday’s successful Maine and released it to Darden to put an oliva plot location and person a small spot of a pickup. It’s not our strategy, it tin beryllium distracting. But you’d overmuch alternatively beryllium going into those discussions pinch very debased rents, very debased rents. I’m not speaking to Red Lobster, specifically, I’m conscionable speaking successful general, very debased rents are much apt to beryllium reaffirmed successful restructuring. All other being equal. We’re not seeing a ton of distress successful nan edifice space, arsenic income are truthful overmuch higher rent, arsenic a percent of income has moderated. And building costs are truthful expensive, that group are repurposing aged buildings, and they don’t want to move retired of existing buildings. So I deliberation that addresses nan question.

Unidentified Analyst

And past I’m conscionable curious, I deliberation you’ve commented that nan pipeline this 4th would beryllium backmost half loaded but conscionable funny really overmuch visibility you person into nan extremity of nan year? Is it much for illustration a six period position connected nan pipeline that you person visibility connected knowing that immoderate of these deals are ample complex, wherever you person to do a batch of activity connected nan crushed leases and c worldly out? So conscionable benignant of funny really overmuch visibility you have?

Bill Lenehan

Yes. We person important visibility complete nan adjacent 3 months, I would say, and past immoderate of nan properties we cognize we’re going to acquisition them. But we cognize that location are steps that request to return place, and sometimes successful nan aged parcels that could return a year, aliases astatine definite jurisdictions more. And truthful we effort not to beryllium overly fussed pinch managing nan pipeline 4th to quarter. Once you ain these buildings, you person to unrecorded pinch nan consequences of your determination to bargain them. So nan past point you want to do is little your value expectations successful bid to moreover retired a quarter. But arsenic Patrick mentioned, it’s typically engaged astatine nan extremity of nan past nan extremity of nan year, arsenic it was past year, and past a small softer, and Q1. So this is, frankly, nan aforesaid move we’ve had for nan past 3 years.

Unidentified Analyst

Got it, past possibly conscionable 1 for Gerry. How should we deliberation astir timing of a indebtedness woody erstwhile you get to nan statement to a definite level? Just return down nan indebtedness issuance?

Bill Lenehan

Yes, awesome mobility sometime this year, would beryllium nan reply I would give, obviously, our statement of credit, was zero equilibrium connected that astatine nan extremity of nan year. We’ve sewage forwards astatine nan commencement of nan year. So we’re successful we’re successful awesome shape. But we will besides beryllium opportunistic to return advantage of that marketplace erstwhile we spot separator rates. In nan backstage statement market, you tin guardant fund. That guardant backing action has really extended arsenic nan curve is antagonistic now and put aliases security companies are much consenting to do that. So I deliberation we person a batch of optionality astir erstwhile we do it.

Operator

Thank you, Wes. [Operator Instructions] We person our adjacent mobility comes from John Massocca of Ladenburg Thalmann. John your statement is now open.

John Massocca

On nan acquisition broadside of things, arsenic you deliberation astir nan competitory set, erstwhile we’re going into benignant of CDs deals are closing deals and what’s been happening pinch nan 1031 purchaser complete nan past mates of months? Is that faded distant a small spot arsenic nan twelvemonth has ended, has that strengthened and I prevention I thin to beryllium 1 purchaser and conscionable individual buyers, precocious nett worthy buyers, etc.

Bill Lenehan

Sure. So 1030 ones require what’s called nan down leg, nan plus that they are selling, wherever nan proceeds gets crowded and past reinvested successful assets they’re buying. And truthful nan transaction marketplace for nan down leg, which is very often not nett lease, it’s usually an flat building, very typically. So nan transaction measurement of those person fallen and consequently, pinch a lag nan magnitude of 10, 3 1 buyers successful nan marketplace has fallen. That doesn’t mean it’s not still competitive. But those are often levered buyers and their costs of financing has gone up. So location was a move arsenic Patrick alluded to successful his comments were properties that were connected nan marketplace complete nan summertime and fall, had to redress their pricing. Those properties are person either been pulled from nan marketplace aliases were really sold.

And now we’re successful nan process of caller properties entering nan marketplace pinch different pricing expectations. I would besides possibly adhd connected that we were anticipating successful 2021, heading into 2022 successful a ample influx of backstage equity, caller backstage equity vehicles successful nett lease, those evidently overmuch much levered focused. And arsenic costs of financing has gone up, their expertise to create charismatic yields has declined. So we’re seeing little title from backstage equity costs than we thought we would experience.

John Massocca

That makes sense. And past possibly successful position of nan input in installments aliases in installments connected imaginable acquisition. How are you reasoning astir franchise versus benignant of firm owned, particularly fixed immoderate of nan pricing pressures that are benignant of being seen manufacture wide? You mentioned benignant of Davidson, personally successful nan attraction broadside of your business?

Bill Lenehan

Yes, I deliberation we’ve ever been beautiful thoughtful, and blimpish astir nan benignant of credit. Credit is astir half of our underwriting model, roughly, nan remaining half is existent property matters. But I wouldn’t needfully tie nan statement franchise versus firm to literally. There are immoderate very, very ample franchise businesses, and location are immoderate very mini aliases levered firm operated property. So we’ve ne'er really played successful nan very mini franchisee financing crippled that immoderate of our peers have. And you’ll see, our headdress rates are comparatively consistent, adjusted for what’s happening successful nan market. So we’re not going retired nan risks curve by immoderate means.

John Massocca

Okay, I mean, if you look astatine benignant of either nan financials that are being recorded, aliases financials connected caller transactions, and what are you seeing successful position of responses to immoderate of these pricing pressures successful nan casual eating abstraction versus nan QSR is really perfect. Rather than responses, much conscionable benignant of nan impacts of immoderate of those pricing pressures?

Bill Lenehan

Yes, I deliberation what we felt astatine Kerrow is beautiful accordant successful what’s happening successful nan industry. In 2021, successful galore cases, you couldn’t get to nan staffing levels you wanted to truthful that led to benignant of abnormal profitability, but it was astatine the, what nan consequence of not being capable to service nan guest. So I deliberation you’re seeing much staffing, you’re seeing commodity costs increased. But again, some of those factors are moderating successful existent time. And what’s happened is simply a number of nan weaker brands are complete levered, franchisees person struggled and we don’t play successful that sandbox.

Operator

Thank you, John. [Operator Instructions] Now we person our adjacent mobility comes from [Indiscernible], your statement is now open.

Unidentified Analyst

Yes, convey you. Good morning, everyone. Bill, conscionable getting immoderate of your comments around, benignant of what’s happening pinch restaurants and mostly what’s happening pinch retail. If you guys would see astatine immoderate constituent successful looking beyond nan world of unit for acquisition opportunities.

Bill Lenehan

Yes, we were ever looking astatine strategies acquisitions that are adjacent to what we person purchased successful nan past. We person a general process pinch our committee wherever we reappraisal adjacencies annually. We started edifice only. We’ve now bought, evidently a number of medical, unit and a number of car work retail. We proceed to effort to grow nan aperture of our acquisition servants of nan state thoughtfully. But I wouldn’t expect america to bargain hotels aliases flat buildings aliases agency aliases thing for illustration that. I deliberation it’s much of a earthy progression. And if you look astatine immoderate of nan older and larger nett lease REITs, they travel that aforesaid way complete a agelong play of time. And it’s worked rather good for them.

Operator

Thank you. [Operator Instructions] We person nary further questions connected nan line.

Bill Lenehan

Great, convey you everyone and management’s disposable for Q&A if anyone is interested. Thanks again for joining nan call.

Operator

Thank you. Ladies and gentlemen, this concludes today’s call. Thank you for joining. You whitethorn now disconnect your lines.

Editor: Naga



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