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Operator
Good morning, my name is Harry and I'll be your conference operator today. At this time, I would like to welcome everyone to the Bowman Consulting Group fourth quarter and fall year 2021 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star followed by one on your telephone keypad. If you'd like to withdraw your question, please press star followed by two. Thank you. Please note that many of the comments made today are considered forward-looking statements under federal securities laws. As described in the company's filings with the SEC, these statements are subject to numerous risks and uncertainties that could cause future results to differ from those expressed, and the company is not obligated to publicly update or revise these forward-looking statements. In addition, on today's call, the company will discuss certain non-GAAP financial information, such as adjusted EBITDA and net service billing. You can find this information together with the reconciliations to the most directly comparable GAAP information, the company's earnings press release and 8K filed with the SEC on company investors website at investors.bowman.com. Management will deliver prepared remarks, after which they will be taking live questions from published research analysts. Throughout the call, attendees on the webcast may post questions for management to answer on the call or in subsequent communications. but there will be no live Q&A from the webcast attendees. Replays of the call will be available on the company's investor website. Mr. Bowman, you may now begin your prepared remarks. Gary Bowman Thank you.
Harry
Welcome to the Bowman Q4 and full year 2021 earnings call. I'm Gary Bowman, Chairman and CEO of Bowman. I'm joined this morning by Bruce Leibovitz, our Chief Financial Officer. Before we start, I'd like to acknowledge all the hardworking staff members of Bowman, both those who have been with the firm for a while and those who joined us through our recent acquisitions. The results that we report this morning flow from the unrelenting efforts of all our employees in the service of our clients, our communities and our shareholders. And 2021 is a transformational year for Bowman. We started out the year as a closely held private company with just over 700 employees in 25 offices. By the end of the year, we were an 1,100-person public company working out of some 40 offices. We acquired eight firms throughout 2021 and added a ninth acquisition early in 2022. Through our acquisitions, we broadened our service offerings with the addition of mechanical and electrical engineering, building commissioning, and building envelope and energy efficiency consulting. Our acquisitions extended the reach of our footprint by adding locations in Houston and Denver, Fort Worth, Raleigh, Atlanta, Baltimore, Louisville, and Waco, Texas, while organic expansion added offices in the Carolinas, Arizona, and California. Most importantly, we added talented professionals and extraordinary leadership to our team. I could not be more pleased with the results of the execution of our strategy in the first year of our public company. As Bruce will describe, we delivered record growth and net revenue in 2021. Overall year-over-year rate of growth in net service billings was 30%, with year-over-year rate of organic growth coming in at 19%. We expect continued strong momentum and top-line growth, and management will be focused on increasing margin as we build scale to floor public company overhead. We continue to report revenue based on four core markets, building infrastructure, transportation, power and utilities, and emerging markets. Recall that emerging markets denotes markets that are emerging as potentially prominent markets for us, including water resources, mining, renewable energy, and energy efficiency. The majority of our business continues to flow from what we broadly categorize as building infrastructure market. We understand that to many who read our filings and listen to our calls, the building infrastructure designation implies exposure to cyclical risks associated with residential markets. As we said in the past, this market segment, as we categorize it, is far more broad than just residential real estate. Over the course of this year, we'll endeavor to refine categorizations and disclosures of revenue by market to alleviate confusion. On that note, Our building infrastructure business, which includes commercial, industrial, residential, government, and other projects that involve buildings and maintenance planning grew by $28 million, 37% year over year. Fulfillment centers and data centers were huge drivers of our commercial business throughout the year. Commercial work represented 30% of our Q4 sales and is making up a similar percent of our Q1 sales this year. Chick-fil-A and other quick-serve restaurants continue to contribute meaningfully to sales and revenue. On the residential front, built for rent developers, Hancock and Continental Properties were both top 10 clients in terms of revenue in 2021. We see this as a significant transformation in the residential space, one in which we built market-leading expertise. Despite the prospect of rising interest rates, we're confident that our business serving both traditional and non-traditional residential developers and builders will continue to be robust over the foreseeable future. Although transportation revenue fell this year as compared to 2020, we have many more tangible opportunities in the transportation market today than there were a year ago. We're focused on increasing our transportation business, both through organic growth with existing new clients and through acquisitions we expect to close this year. Our work on the mile-long bridge, the Cook County Paving Project, Burleigh Avenue, always in Illinois, continue to generate meaningful recurring revenue. A recent win of a substantial segment, the I-35 Northeast Expansion Project in San Antonio, also contribute meaningful transportation revenue over the next several years. The infrastructure bill is beginning to create more project opportunities as transportation authorities get better visibility and available funds and priorities for funding. As we said, we expect to see a more meaningful impact to our business from the infrastructure bill beginning in 2023. Our power utilities work with 10% year-over-year during 2021. We've recently expanded our relationship with the People's Gas Division of the WEC Energy Group. Our undergrounding work with Florida Power and Light and Tampa Electric held steady in 2021. We expect that to continue through 2022 and beyond. The U.S. power grid faces underlying pressure to increase resiliency, integrate technology such as electric vehicles, distributed generation and battery storage to upgrade and replace aging infrastructure and implement safeguards against prolonged outages. Bowman's well positioned to capitalize on all these initiatives. In the emerging markets, mining was up marginally in 2021 over 2020, but we expect that business to grow substantially, likely doubling in 2022. Net revenue from water resources increased by 37% in 2021, a significant backlog, which we believe will generate net revenue growth again in 2022. In renewables, we established a substantial relationship with a large provider of renewable energy solutions to commercial and industrial facilities in the fourth quarter. We're providing a wide array of services, including survey, civil, structural, and electrical engineering for solar and battery storage projects throughout the Northeast and Mid-Atlantic. Earlier in the year, we began working for Pattern Energy for a number of wind energy projects. Through acquisitions, we built and continue to build a core competency around renewables and look forward to growing this market in 2022 and beyond. In 2021, We made eight acquisitions, seven of them being post-IPO, six of them in the fourth quarter. So far this year, we've made one additional acquisition. We've assembled a full-time dedicated integration team to ensure successful integration of the acquired companies. Our acquisition philosophy is focused on revenue synergy and optimization of operating efficiency. We've successfully added a land survey in Raleigh, Atlanta, and Houston to complement those operations. and we've introduced mechanical and electrical engineering services to industrial clients in Louisville and commercial clients around the country. We've expanded our electrical and renewables business through specialized design expertise required from multiple sources. The two Texas operations we acquired as Terra and 1519 are already work sharing and cross-selling with our Dallas and Austin offices. I'm very pleased with our execution so far. Our strategic plan is to go through a combination of both organic and acquired growth with an emphasis on being highly acquisitive. To that end, our M&A pipeline is as full as it's ever been. And while nothing is for sure until it's closed, we expect to be able to acquire an excess of $75 million of annualized revenue this year, with deals starting to close in early in the second quarter. That would bring a total acquired annual revenue post-IPO by the end of this year to around $100 million. In 2021, the average size of an acquisition was just under $5 million in revenue. In 2022, I expect that average to be over $10 million in deal size, with the deal size continually growing. Our recent equity offering added nearly $18 million of leverageable capital to our war chest. This has enabled us to remain aggressive with our M&A initiatives, and it positions us to continue the momentum we've built. Through our M&A program so far, we've added nearly 250 employees to Bowman. Our technology and culture have enabled us to put these new employees to work on projects throughout the company. This has given us a tremendous advantage in a tight labor market. Our staff of recruiters has worked with our leadership to develop streamlined processes for identification, interviewing, and onboarding. Today's environment, while challenging, is not something new to us. It's always been a people business, and the labor market has been tight for most of the years that I've been in this business. We're well equipped to meet our demand for people, and I believe we have one of the best collections of skilled and dedicated employees in the market. Except for automobiles and computers, we're not directly affected by any supply chain disruption. We don't buy raw materials, we don't resell goods, and we don't build anything. Some of our clients have been affected by supply chain disruption. An overwhelming majority of our clients are not directly affected, and the demand for our services has been unabated. Demand for design services remains strong. Our sales and backlog continue to grow. And for now, we have the pricing power to offset any increases in costs. We have tremendous confidence about our future, and as Bruce will discuss, we're raising and narrowing our guidance for 2022. As new acquisitions close, we will continue to increase our guidance accordingly. Our leadership team has been through a number of business cycles in their careers. We are acutely aware of the consequence of relaxing our guard. We have every indication that in the foreseeable future, the engineering services market will continue to produce healthy demand and robust growth. Now I'm going to turn it over to Bruce to discuss our results in greater detail. Great. Thank you, Gary. Good morning, everybody. As Gary mentioned, 2021 was a transformational year for Bowman. We've accomplished so much, it's hard to believe we're still talking about our first 10K for a year in which we were public for only seven months. I want to add my thanks to the entire Bowman accounting team for your tireless effort to help transform us to a public company that delivers quality financial filings in a timely manner. It's been no small feat, and we're all grateful for your efforts. Gross revenue for the fourth quarter increased $12 million to $41.9 million, up 40% from $29.9 million in Q4 2020. Gross revenue for fiscal 2021 increased $28 million to $150 million, up 23% from $122 million for fiscal 2020. Of the $28 million increase for the year, $12 million was from acquired revenue and $16 million was organic, representing a 13% organic growth rate. Net revenue, a non-GAAP metric, is gross revenue as outside subconsultants and other direct expenses. Net revenue is the revenue generated by our workforce and is a better revenue proxy for growth and profitability. Net revenue increased 11.5 million or 43.7%, 37.8 million in the fourth quarter. Net revenue for the year increased 31.2 million or 30.1% to 134.9 million. This represents an increase of net revenue as a percentage of gross revenue from 85% to just under 90%. We believe this was primarily the result of lower transportation revenue in 2021. Of the $31.2 million increase in net revenue, $11.5 million was from acquisition, and the remaining $19.7 million was from organic, representing a 19% organic growth rate for the year. Gross margin for the fourth quarter was 51% as compared to 50% in 2020, and 50% for the full year as compared to 45% for 2020. The improvement of gross margin is principally a function of net revenue being a higher percentage of gross revenue, 90% versus 88% in the fourth quarter, and 90% versus 85% for the full year. SG&A was 49.4% of gross revenue in the fourth quarter and 46% for the full year. This compares to 43.2 for the fourth quarter of 2020 and 42.2 for the full year. The 3.8 percentage point year over year increase in SG&A is directly attributable to our transformation to a public company and non-cash stock compensation awarded in connection with our IPO. Of the $17.5 million increase in SG&A, $5.7 million is attributable to increases in non-cash stock comp and performance bonuses. Reducing the SG&A percentage of gross revenue is a strategic initiative, which will result from growing overhead at a lower rate than we grow revenue. We believe a three to six point decrease in SG&A as a percentage of revenue is achievable over the next few years. As we continue to acquire and grow organically, we will absorb the overhead it takes to be a public company and increase margins accordingly. Our net loss for the fourth quarter was just under $600,000, and our net income for the year was just under $300,000, which exceeded estimates. Both results were positively affected by an income tax benefit that is in large part impacted by our research and development tax credits. For 2021, we estimate the credits to be close to $1.7 million. This is a permanent tax credit, which we expect to continue to produce annually and continue to grow. Adjusted EBITDA for the fourth quarter was $3.5 million, representing a 9.4% adjusted EBITDA margin net, and $16.5 million for the year, representing a 12.2% adjusted EBITDA margin net. This compares to $12.7 for the fourth quarter of 2020 and $13.4 for the full year. Adjusted EBITDA is a non-GAAP metric, which adds non-recurring and non-cash expenses to EBITDA. In 2021, this included IPO expenses, certain one-time expenses associated with the ramp-up of our post-IPO M&A program. As of December 31st, 2021, the company had a little over 2.2 million restricted shares subject to forfeiture and future vesting at a weighted average price of $13.74. All of these shares are included in the outstanding share count of 11, 489, 579 listed on the balance sheet. Keep in mind, however, that this number is before the follow-on offering of roughly a million shares. There were no options outstanding at 1231. In addition, the company has 261,000 performance stock units issued, which are not part of the outstanding share count. Our basic and dilutive share counts are weighted average shares outstanding based on part of the year as a private company. Currently, outstanding restricted and performance stock awards will generate $10 million 10.6 million of non-cash stock comp expense in 2022, 9.3 million in 2023, 4.9 million in 2024, 1.3 million in 2025 before trailing off in 2026. For the year, we generated $4.7 million of cash from operating activities. In the reconciliation of net income to operating cash, depreciation and amortization, along with non-cash stock compensation, represented a $14.2 million add-back, while increases in accounts receivable accounted for an $8.8 million decrease. At $4.7 million, we converted 35% of adjusted EBITDA into operating cash. We believe this particular public year is not an indication of our future ability to convert adjusted EBITDA to cash at more of a normalized rate of approximately 65% or higher. On February 11th, we completed a follow-on equity offering, generating approximately $16 million of new capital for the company. Based on our pace of acquisitions and the health of our M&A pipeline, this was an important addition to our war chest. Today we have approximately $28 million of cash on our balance sheet and zero outstanding on our $17 million line with Bank of America. As Gary discussed, We feel we are adequately capitalized to finance upcoming acquisitions in the pipeline over the next six months. At this point, we believe we have sufficient equity on our balance sheet to support additional debt when the need arises for more capital to continue our M&A program. What exactly that would look like is yet to be determined. Gross backlog at December 31st was $167 million, up from $113 million at December 31st, 2020. Backlog was approximately 62% building infrastructure, 19% transportation, 16% power and utilities, and 3% other emerging markets. Backlog includes projects that have started and ones that are contracted but not yet started. Within the projects that had started and generated revenue by the end of 2021, there's approximately $133 million of remaining performance obligations, also a proxy for backlog, of which $116 million of revenue is projected to be realized in 2022. We also expect additional revenue from the unstarted backlog, so we began 2022 with what we estimate to be over $125 million of revenue from backlog. As indicated in yesterday's release, we are increasing and narrowing our previously issued 2022 top-line guidance to net revenue of $170 million to $185 million and increasing our adjusted EBITDA guidance to $23 to $27 million. As is our policy, this guidance only includes acquisitions closed at the time we issue the guidance and does not contemplate additional acquisitions we expect to close this year. As those occur, we will update our guidance accordingly in connection with each quarterly conference call. I'm going to now turn the call back over to Gary for concluding remarks and then Q&A. Thanks, Bruce. These continue to be exciting times here at Bowman, and I cannot be more pleased with the execution of our strategic growth plan. The growth we're generating is extraordinary. The quality of the work we're producing is exemplary. The integration of required companies and the synergies we are creating really outpaced my expectations. Our future is bright and confident. We'll continue to increase shareholder value for everyone who's invested in Bowman. Thanks again to everyone who works every day and makes us successful. I'll now turn the call back to the operator for questions. Thanks.
Operator
Thank you. At this time, I'd like to remind everyone, in order to ask a question, please press star and the number one on your telephone keypad. Our first question is from Brent Hillman from DA Davidson. Brent, your line is now open. Please proceed.
Brent Hillman
Great. Thank you. Good morning, Gary Brewster. I guess the first question was a clarification, Gary. I think what you've mentioned in the prepared remarks, I think you said you acquire up to or ambitions to acquire up to $75 million in annualized revenue this year. I just wanted to clarify, does that include some of the late December transactions you've done And then if you could, I think you said the average deal size might be closer to $10 million in annual revenue. Just curious what might the top end kind of look like in terms of size of transactions you're looking at right now?
Harry
The forecast or estimate of $75 million does not include the Q4 2021 acquisitions. And let's just say a They range maybe, I'll just say, roughly from 5 to 25, 30 million in size of what's sort of in our sites right now. So I can answer your question, what a cop size, I'd say in the 30 million-ish size.
Brent Hillman
Okay. Okay. That's great. And then the increase in guidance for 2022, obviously very bullish. Is that strictly related to the deals you've completed? I guess since you've last provided guidance, is there, you know, a more optimistic organic growth outlook also embedded in that? Just wanted to get some cover there.
Harry
Some of both. It's the addition. It's primarily the addition of the deals we closed since we last issued guidance. A little bit of additional optimism on the organic growth. Somebody else is on there.
Brent Hillman
Sorry, I was just commenting on our phone. I don't think we're generating it. Okay. Thanks, Gary. And then maybe for Bruce, I mean, the SG&A did increase at a faster clip than I'd expected. Thanks for the breakout at the stock comp. Obviously, that's a factor there. I mean, anything else you can dissect for us? I mean, any items in there that might be transitory this quarter? Just looking for some more color there.
Harry
Yeah, you know, I think – One of the things that wasn't necessarily in 2021's particular, and obviously where fuel prices go will have some impact when we've got a large fleet of vehicles out on the road, there's some impact to that. But generally, Brent, really, it's been the cost of gearing up to manage our existence as a public company, to integrate acquisitions, you know, as they've come on board. Nothing that I would call particularly anomalous or unexpected, you know, other than, as we've talked about in the past, you know, insurance and certainly D&O insurance is more expensive than would have been expected two years ago, you know, when we initially contemplated being public. But other, generally speaking, you know, costs are kind of in line, but the majority of the increase is you know, is nominally coming just from being a larger company percentage-wise from having to gear up to accommodate the requirements of being public.
Brent Hillman
Okay. And maybe last one, I'll pass it on. I mean, again, really strong organic growth this quarter. I know in your filings you typically provide a good breakout of the buildings infrastructure piece in terms of where you're deriving that growth. Not seeing that yet, maybe you can just help us with where you're seeing the most growth in that market segment, kind of between single-family, multi-family, and then the commercial customer applications.
Harry
So within the growth of the building infrastructure, the majority of it was from commercial, not residential. uh and you know within commercial um you know we're seeing um increases from big big box retail uh and you know from office and industrial so um it was about an 18 million dollar increase in commercial municipal and and you know non-residential you know of that about eight and a half million was office and industrial and about nine million uh was big box and and uh chain retail And then there was about a $10 million increase in residential. About $7 million of that was from multifamily, about $2 million-ish from single family, and then the balance from the mother. I'll add on. That'll be in the K when it gets filed, but that's the breakdown. A big driver of that this year and in the future, we've added, we've bought KTA and PCD and Kybark. We're adding mechanical, electrical, plumbing, engineering. We're adding a whole new service, which really serves that building infrastructure market writ large. That's generally mostly non-residential. That's generally commercial. So that really drives that broad market and drives the commercial market. That's an equivalent part of that growth. Do you need me to repeat those, Brent, or did I say them too fast, or did you get them?
Brent Hillman
I think I got him. This is great. I'll get back in queue. Thank you.
Harry
Okay.
Operator
Thanks. Thank you, Brent. And our next question is from Alex Regal from . Alex, your line is now open. Please proceed.
Harry
Thanks. Good morning, Gary and Bruce. Great quarter, great year. Thanks, Alex. Good morning. Good morning. A couple quick questions here. First, coming back to that M&A pipeline, can you clarify whether or not that $75 million is gross or net? As well, can you dig a little bit deeper and identify maybe some of the end markets that could be the majority of sort of that $75 million target today, but also maybe sort of bracket what a larger sort of pipeline of discussions looks like?
Brent Hillman
over and above the $75 million?
Harry
The $75 million, that would be net, not gross. Large focus on transportation. There's some public sector supports, waterfront type projects. operations uh some geographic expansion out in the west um sort of the broader beyond the 75 million in the in the um what we're looking in the broader picture uh a lot of focus more focus continue to focus on transportation focus on energy transition uh focusing utilities focusing water resources so it's sort of beyond the 75 million is maybe what what we have sort of in the center of our sites and the broader those other areas that we're looking at i think it's really the pipeline is the pipeline of opportunities not necessarily as gary said in the in the center of focus is easily double or more than that
Brent Hillman
That's very helpful. And then, Bruce, you mentioned a focus on increasing your margin and the belief that 300 to 600 basis points of improvement can be derived.
Harry
Can you go into that in a little bit greater detail? Is it all just leverage over fixed overhead as you layer in more acquisitions, or are you seeing cost synergies develop as your acquisition program gets going? You know, it's a little bit of both. So, you know, we're currently seeing the slope of growth. We have seen the slope of growth of overhead, you know, at a faster pace than the growth of revenue. So that's a contracted margin. But that's because over the last, year we've you know we've really increased the fixed overhead associated with you know with running the company and and integrating acquisitions there's a point where that plateaus and i believe that you know we're reaching that point and then you see a flip of that growth rate where you know net revenue is growing at a faster pace than if an overhead is growing over itself And so I think we've talked a lot about that 2021 and probably into early 2022 was our ramping up, our building the infrastructure, but then that reaching its sort of fixed point where it's not that it won't nominally grow, but it'll grow at a rate that is at a slope that dampens relative to net. And then you're just starting to grow the top line And while operations costs continue to grow as you grow revenue, that the corporate cost starts to become more fixed. And so I really do think that we'll, as we said, gross margin has stayed relatively stable. And there aren't that many transformational opportunities for gross margin. Technologies can add at the fringe of that. But really, it's a story of increasing revenue over a relatively fixed slope of growth of corporate fixed cost. That's excellent. Nice to hear. Good luck. All right. Thanks, Alex. Thanks, Alex. Look forward to seeing you in May. Absolutely.
Operator
Thank you, Alexander. As a reminder, if you'd like to ask a question, please press star four by one on your cell phone keypad. And we have another question from Brent Tillman. Brent, your line is now open if you'd like to proceed.
Brent Hillman
Yeah, thanks. Gary Bruce, in the February prospectus, you talked about a pending acquisition target, I think, in addition to parity. Just wanted to get an update on the status of that deal, and does that kind of fall within the current acquisition pipeline that you talked about?
Harry
So that deal has currently been delayed. There's some issues we're assessing on that, and it may be later in the year, but it is not included in the $75 million. So that one, since we already sort of talked about that one, if that can happen later in the year, that will happen incremental to that. But for the moment, that one's in due diligence hold.
Brent Hillman
Okay. And then, you know, I think you guys would be at the front end of any sort of spending cycle, obviously related to the infrastructure bill. It sounds like maybe you're starting to see some things develop there. I mean, any broader evidence in the planning processes you're seeing with public agencies that that money is starting to flow?
Harry
really just still just can just describe it as anecdotal uh maybe the anecdotes are coming a little more frequently and maybe a little more tangible right i would say the consumer confidence index in that space has grown significantly so you know we're we're now hearing lots of opportunities that are germinating and beginning to be discussed. And you're right, Brent, we will be on the front end of that as it occurs. We'll be mostly on the front end and the back end, a little bit in the middle. We do a lot of work in the planning, and so we're definitely engaged in activities with DOTs and other private developers who are seeing funds coming from public agencies and So, as I said, we really expect the revenue to start showing up in 23. One of our acquisition targets is active in that space, so I think that's kind of increased the footprint of our radar screen, so we're hearing more of it by virtue of that.
Brent Hillman
Okay. And then the power and utilities market, you know, I think gives you pretty good exposure to these longer-duration kind of programmatic contracts with, you know, good level of visibility kind of beyond the current year. Maybe an update in what you're seeing in terms of new related customer opportunities, maybe new relationships building there, and then the status of some of the existing, you know, longer-duration contracts you're in right now with some of those blue-chip customers.
Harry
The work in Florida, and we mentioned it in the remarks, the work in Florida has – all indications that it's been going on several years and I guess categorized as a pilot project, but all indications are that it's going to graduate from pilot to permanent, whatever, as much as anything is permanent in this world, that forever project of undergrounding. So that is a positive. positive outlook for the long-term durability of that project in particular. The new relationship, again, we mentioned WEC Energy, the people's gas up in Chicago, that's, again, that's a long-term pipeline replacement job that's really expanded our relationship there. our relationship with Southwest Gas as expanded. That's been a long time. So these recurring revenue projects, our relationships, they've become just more embedded, and the outlook for them remaining as long-term projects is very steady.
Brent Hillman
Okay. And then last one is just a clarification again, Bruce. I think you said 65% conversion of EBITDA to cash flow in 2022, but I may have not written that down. Maybe you can just clarify your expectations around cash flow this year.
Harry
What I said was in 2021, not necessarily an indicator of what we think we can achieve over time of 65%. Obviously, hopeful that that could be, you know, we can get closer to that in 2022, but sort of a long-term vision for, you know, cash conversion 65 to 75 plus over time. Got it. Okay. Not necessarily setting out as a 2022 absolute yet. Understood.
Brent Hillman
Understood.
Harry
Okay. Thank you, guys. Best of luck. All right. Thanks, Brett.
Operator
Brett Redfearns There are no further questions registered at this time. Mr. Bowman, I'll turn the call back over to you.
Harry
Robert Bowman I'd like to just wrap it up by reiterating I'm very happy with the year. I'm very happy being a public company. Thank all the investors that are on the line for investing in us, the faith you show us. Thanks to all the employees who are on the line and those who aren't on the line for all the hard work and making us successful and for everyone's time to listen to our story today. Good morning. Look forward to talking to you again with the first quarter in mid-May.
Operator
This concludes today's conference. You may now disconnect your lines.
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