Chemed Corp

Q2 2021 Earnings Conference Call


spk_0: a day and thank you for standing by welcome to the can lead corporation second quarter twenty twenty one earnings conference call as this time all participants are in their lives listen only mode after the speaker presentation they will be a question and answer session you ask a question during the session you will need to read star won on your telephone i would now like to have the conference over your speaker today is sherry warrior of investor relations thank you please go ahead
spk_1: good morning or conference call this morning will review the financial results for the second quarter of two thousand and twenty one ended june thirtieth two thousand and twenty one before we begin let me remind you that the safe harbor provisions of the private securities litigation reform act of nineteen ninety five apply to this conference call during the course of of call the company will make various remarks concerning management's expectations predictions plans and prospects the constitute forward looking statements actual results may differ materially from those projector by these forward looking statements as a result of a variety of factors including those identified in the companies news release of july twenty seventh and and various other filings with the fcc you are cautioned that any forward looking statements reflect management's current view only and that the company undertake no obligation to revise your updates such statements in the future in addition management may also discussed non gap operating perform it's results during today's call including earnings before interest taxes depreciation and amortization or even dot and adjusted ebitda a reconciliation of these non gaap results of provide him accompanies press release date july twenty seven which is available on the company's website at chemed dot com i would now like to introduce our speakers for today kevin mcnamara president and chief executive officer of chemed corporation dave williams executive vice president and chief financial officer of chemed and nick westfall president and chief executive officer of chemists be tough healthcare cooperation subsidiary i will now turn to call over to kevin mcnamara
spk_2: sherry the morning what would you commit corporations twenty twenty one conference call i will begin with my word for word and they met with iraq british will in detail i will then open up the call to questions according to the big business you it's during a global pandemic have been exceptionally challenger fortunately we have begun to return to normalcy the pandemic and created unique problems with just the girls and broker operations to make significant changes oh and her mother's procedures many changes have been institutionalized and will become part of our normal operating procedures potent dumber
spk_3: i could that could grow
spk_2: management team both retired the road or met these pandemic challenges had on proved that from operating results better position for growth in the coming years in april twenty twenty the poster motor the pandemic will experience a movie and severe drop in demand for a plumbing and drinking services this drop a short lived sorry mate wage one a row or spike in residential plumbing a dream claiming demand that increase in demand were sustained through up going to on it and it continued unabated in the for six months and twenty twenty one commercial demand have also improved up pandemic lows and the don't know why as close to pre pandemic robbers for made a point where one i to rather rude residential the man to remain at the current run rate coupled with increased commercial demand at the country returns the normalized prepared them the consumer behavior david will provide more detail guidance metrics later in this call overcast warriors the country your face nine eleven the great recession the now global pandemic legion these crises rotorua remained operating and the to increase marketshare revenue an operating margin does is important role ruin has how lot of increases at revenue market share and margins and past crisis read or well positioned protect them back and we anticipate continued expansion of marketshare by pressing our core competitive advantages in terms of brand awareness customers time and twenty four seven call centers and internet presence for because the most significant issue remaining from the pandemic is it of disruption to see your how the occupancy and the related article referrals rooted admissions data suggests senior housing has entered into the early stages of recovery and are updated guidance anticipate steady improvement can see your out in the senior housing referred to as admissions in the second half of twenty twenty one with a good salary should and figure out a emissions anticipated in the fourth quarter with that i would like to turn the teleconference over to david
spk_4: i've gotten
spk_5: a friend of he does the toughest net revenue was three hundred and twelve million dollars in the second quarter of two thousand twenty one which is the decline of four point seven percent when compared to the prior year period
spk_2: this revenue decline is comprised primarily have a six point three percent reduction in our days of care offset by a geographically waited medicare reimbursement rate increase in approximately one point eight percent
spk_5: acuity next year did have a net impact of reducing revenues approximately three point eight million dollars in the quarter or one point two percent
spk_2: the combination of a lower medical care about doing limitation and other countries revenue charges of that a portion of the revenue decline by roughly ninety basis points better get a crude two million dollars and medicare kept going limitations and the second quarter of two thousand and twenty one and as compared to a five point seven million dollar medicare building limitation in the second quarter of wanting wanting bar or thirty medicare provider numbers right now twenty seven or these provider numbers have a medical care question of ten percent or greater one about provider numbers has a cap pushing between zero and five percent and to about provider numbers currently have a fiscal two thousand and twenty one medicare kept billing limitation liability i'll take a look at right order whether what are generated revenue of two hundred and twenty million dollars in the second quarter of two thousand and twenty one which is an increase of forty five point six million dollars or twenty six point one percent over the prior your border total root and branch commercial revenue total fifty point three million dollars in the quarter an increase of thirty one twenty percent over the prior year
spk_5: the aggregate commercial revenue growth consisted of our drink when in revenue increasing thirty nine point a present plumbing greet thirty two point four percent an excavation expanding twenty five point eight percent water restoration also increased a point root present on the commercial side
spk_2: on the residential side total residents for revenue in the quarter totaled one hundred and forty nine million dollars an increase of twenty three point seven percent over the prior year period
spk_5: the aggregate residential well consisted of dwayne clinton increasing twenty point six percent plumbing expanding thirty point seven percent and exit they excavation increasing twenty two point four percent water restoration also increased twenty three point one percent basically increases across the board as segments both come
spk_6: personally and residential
spk_5: now let's look at can that on a consolidated basis
spk_2: during the quarter canada repurchase two hundred and fifty thousand shares a stop for roughly one hundred and twenty two million dollars which equates to a cost per share of four hundred and eighty seven dollars and fifty three cents
spk_5: as of june thirtieth two thousand and twenty one that was approximately three hundred and twelve million dollars of remaining share repurchase authorization under this plan we've also updated are two thousand and twenty one earnings guidance as follows
spk_2: the toughest all year two thousand twenty one revenue prior to medicare gap is estimated to decline approximately four and a half or sad when compared to twenty twenty
spk_5: our average daily centers in two thousand and twenty one is estimated to decline approximately five percent this guidance anticipate senior housing occupancy will begin to normalize to prepare demagogue occupancy starting in the second half of calendar year two thousand and twenty one the does is for your adjusted ebitda margin pie to medicare cap is forecasted to be eighteen point three percent and we are currently estimated seven point five million dollars for medicare get billing limitations and calendar year two thousand and twenty one f an improvement from the initial ten million dollars of medical gap we estimated at the start of this year
spk_2: rudder winners for kept to achieve for your two thousand and twenty one revenue growth of fifteen to fifty an hour percent
spk_5: riders adjusted ebitda margin for two thousand and twenty one is estimated to be between twenty and twenty nine percent so based upon this discussion or boy your two thousand and twenty one adjusted earnings per diluted share excluding noncash access or stock options and he tax benefits we receive from stock option exercises as well as costs related to litigation another discreet items is estimated to be in the range of eighteen dollars and twenty cents to eighty
spk_7: dollars and fifty cents
spk_2: the revised guidance compares to our initial two thousand and twenty one guidance of adjusted earnings per diluted share of seventeen dollars to seventy dollars and fifty cents the not read this column and a negligible president and chief executive officer of our biggest subsidiary
spk_8: dave dave
spk_5: in second quarter or average daily fences with seventeen thousand nine hundred ninety five patients a decline of six point three percent over the prior year
spk_9: that the coin an average daily census as a direct result of pandemic related disruptions across the entire health care system that natively impacted traditional hot that the mission patterns starting in march of twenty twenty or hospital generated emissions have largely normalized the pre pandemic levels referrals from senior housing specifically nursing home and assisted living facilities continue to be disrupted during the second quarter we have been in mission they will date him and pockets of improvements in senior housing emissions however it remains too early to accurately project the pace and timeline for senior housing and missions to fully returned to pretend that make levels
spk_5: in the second quarter twenty twenty one totally tough emissions were sixteen thousand eight hundred and forty the slight improvement when compared the second quarter of twenty twenty emissions more importantly emissions in the second quarter of twenty twenty one exceeded discharges by three hundred and fifteen patients
spk_9: this is the first quarter since the pit pandemic began that are patient emissions have exceeded patient discharges this is the strongest indicating the day that we are now beginning the process of rebuilding census to pre pandemic levels
spk_5: in the second quarter or hospital directed emissions expanded seven point eight percent and emergency room and met decreased nine percent
spk_9: total home base pray it meant and mittens decrease nine point three percent nursing home and mets decline nine point nine percent assisted living facility admissions the seventeen point five percent when compared to the prior quarter
spk_5: our average length of stay in the quarter was ninety four point five days this compared to ninety point nine days and the second quarter of twenty twenty and ninety four point four days and the first quarter of twenty twenty one or medium like a state was fourteen days in the quarter which is equal to the second quarter of twenty twenty and as a two day and
spk_9: prove meant when compared sequentially to the first quarter of twenty twenty one when a reiterate them and comments and thank or be thought theme for their unwavering dedicate overlap them and months to deliver these result in the quarter as well as continue to provide high quality care in every community we serve throughout the country but that are trying to call back over to come
spk_10: that connect
spk_2: if doubt time for the consider any questions or come before the teleconference
spk_0: yeah attended my anger to ask a question he moved depressed taiwan on your telephone to withdraw your question that apparently our first question comes from the line of more again gravel ib capital like it's your life
spk_11: good morning l i was hoping maybe you could give us a little color you talk about the recovery and that were nations are exceeding discharge but ah how would you characterize that momentum across the months of the quarter when you generally say it got better as it is as you went the quarter a any general color there and at the he also commented about some pockets of an improvement in referral patterns could you give us any guide to help color on where you're saying most to that and august of them especially interested in the florida market
spk_9: so yeah right the address your first question on pace inside of the quarter you know they we did the strengthening of the admin vs discharge differential inside of the quarter and granted were inside of summer months and going into the fall that has some monthly seasonality to it but on all we though
spk_2: to good and comfortable with that momentum that appears to be building or inside of the quarter and is included in our projections for the remainder the year and and just with regard to learn a language agree that admissions in florida are stronger than have been stronger that for the the entire year at the part of the rest the country so are the out very well
spk_12: market is
spk_9: have remained rock solid that's writings of that point out that the second that point i wanted to reiterate kevin comment on worse things strength you know ah throughout the entire state of florida but also you know regionally you know we're starting see some momentum actually a know in the mid west southwest northeast and the you know california continues to to ebb and flow and certain pockets of california because of some other differences in local municipality our actions and enactment throughout the community and breitbart guess for an a bonanza clarity solve
spk_5: if you look at the border april may and june april we thought like negative were discharges slightly exceeded admissions in april may was actually positive were admissions exceeded depth charges and an antelope so maybe rugaber april june improved over may where he had a significant gap between admissions and discharges so the momentum and the trajectory is going the right direction i don't expect it to be linear but without a doubt i'd say and i'm exceptionally common as a as a way that bad and the were off the bottom and we're seeing recovery in that the lab comment ranking at a correlate about to the senior housing and you see it i'm sure what the publicly available national data when you look
spk_9: get just even small one and two percent incremental occupancy moves across the board throughout the country you know that that helps to sort of correlate some of that ongoing them anthem them specifically in the senior housing sector
spk_11: that yet at and that look at our a you know a we get out a lot about the labor markets and availability of labor so i'm just curious what what is your strategy through this period on it clearly census is you know have been pressured they the pandemic but what is your philosophy relatives a labour are you willing to sacrifice margin in the near term a keep the labour our our how much of an issue is getting labor for you and in your key markets
spk_9: the so that's or at two questions built inside of their right our approach throughout the pandemic and you know he continued acts upon executed on the second quarter was we recognized in certain select markets a yeah we had certain skill disciplines were maybe we were slightly over staff and who would have been with an expectation of that return towards normalcy in a real focus on retention of high quality employees you know throughout throughout the pandemic but with extreme focus here in our in twenty twenty one and i'm happy that they a quarter we bought we continue to see success with that on a very intentional upper arm and we think it positions as well going board with that the he said there are specific markets and specific disciplines that were very aggressively continuing to recruit for not only for our existing care needs before anticipated feature care needs and you know i hate to make blanket statements but we've had noted you know will six that with some of the internal metrics a way in which we are we gonna that that recognize you know the same commentary that's coming from the entire market it is a very competitive yeah it's a very competitive market we have tried to take some unique approach for really ah articulating what the value proposition to the candidate bases to join be taught as opposed to some of the other other providers in the space but i mean if i guess you know that that these competitors and like a cyber are paying substantial cash bonus
spk_13: signing bonuses
spk_14: zoo on
spk_2: that go in order to uproot the that's a certain disciplines that all but it's been it's been a struggle but that it that getting worse you know mean that's been it's been consistently cop but year the other component bacon's either frank as we sit today across the board and there may be some market
spk_9: want do this but across the board we don't see staffing as an impediment to day that impeding our ability to grow on ago for me
spk_15: got yet
spk_11: that many when just the last one on v ties on you know obviously with the yeah the the recent surge were saying than isn't variant and just curious tom halley be different this time versus the past you know with with with the past surges
spk_9: in a and the obviously that that most of the nursing home population now vaccinated but how do you think your be that would react if this variant you know hangs around for awhile so i think there's the hosted differences as we sit here today as compared now you know when we entered the pandemic the first one is our internal knowledge and comfort not only knowing you know ah or the vaccination rates in the ability for us to continue to educate our team members or right to be a fully vaccinated which i think you know you understand the am nuances with the second wave being highly concentrated on the on vaccinated population as well so it helps to provide a degree of comfort to the staff to be able to be out in the community to provide that degree and level of care also for on vaccinated or testing requirements we also have the testing capacity to be able to execute conform to those rules and so between the combination of those two things along with sufficient pp he we should be able to successfully navigate any access restrictions or potential existing or new patient and family and healthcare partner concerns
spk_2: to to be present out in the marketplace in a safe way to respond to the ongoing means that we're we're said differently or better equipped with information to be able to react nimbly as well as the materials and protective supplies turn to do so without without any by like i personally think the most what did the detriment of the delta variant is to the extent that a state
spk_12: or to require we all sort of writers like us to wow
spk_2: there have only vaccinated employees that would be a disruptive factor because retire like a lot of like every company has employs the don't wanna be vaccinated and die
spk_16: to the extent that that we were dealing with that that would be a disruptive factor were not likely to do it
spk_2: and ah yeah i i think that if you look at the various states baum florida is probably the last eight that would do that that because it's the highest percentage or on vaccinated healthcare worker no groups in the entire country so i don't anticipate that happening
spk_12: the into the extent that it did happen it's is what like the happen in florida which is without were which would be our our biggest hurdle so here we're watching very carefully i think the the real answer to it is as as the delta variant which is significant
spk_2: maybe or less deadly as that as that
spk_11: his persisting other issues within the out as a kind of been through it once and we know that there were certain over reactions and maybe some under reactions and they have a better chance of getting right so you know we're at from a commercial standpoint were less concern now than we were previously
spk_17: got your one other yeah rotary a question of how that can a queue but just that was interesting your comments you made about the commercial side of the disney having rub regime back close the baseline and just curious have any a changes in the next have been on the commercials that and dad in it and then i get on the read
spk_11: rachel sad
spk_5: the had that the sustainability is this really incredible performance sounds like you're pretty confident that that continue any data points there would be appreciated now hop if a key thing
spk_2: arm
spk_5: yeah for the yeah without a document not coming back close to pre pandemic level not they are inherently not there and all markets on and so are we now have three weeks report in the month of july and live in one of those readers cabin with another record week so yeah we have a high degree of confidence that the momentum going to continue as long as heck momentum continues that were cabin air getting our top and will hang on to the share
spk_2: yeah and that why he pointed out the last two times we had disruption nine eleven the great recession we didn't keep all of that they they share growth we obtained during the crisis in the fact that this continues now the momentum as continued on is where we're getting our carbon is will maintain a share house pandemic but we're watching it very very carefully the great story frankly is the margin david twenty nine he but da margin for roto rooter in cute to unheard of ah we're trying to be somewhat serve it out but recognized were deal with significant demand momentum but we're watching rightward are very very very carefully a weeping were in great shape and terms of demand cost rapture in are positioning yeah i'm a basically what we look at his legacy the story last couple years for rotor rudder is strong growth in you know what we call a ancillary services god damn excavation number one then the water restoration number two
spk_12: those feed off
spk_2: strong growth in the core businesses and that's what we're getting so that gives us lot of confidence
spk_0: start with the core business growth and then it says
spk_18: no get nothing throughput for the other services thank you our last question comes from the line up you on a gadget from bank of england a good morning and anthony question here so so i can say thought if we can come back till am viewed as am
spk_9: like a smart a question of a bout that margins for the segment sell for the year are you with to step guidance or versus your initial sufficient for them my african migrants for feed us but it's package has it now i get this ah the question left them with extended it was initially anticipated so what what is driving this dynamic as good as the first question yeah so so there's a couple levers and of and from one we provided initial games and what we've now been able to observe from a trend perspective that's reflected as you alluded to in i think to the primary pieces which have always been the largest cost drivers get towards you know not only
spk_2: salary wage and fringe spread across days of care but also you know ongoing ancillary cause particularly in the medical supplies as well ah specifically and so you know where dweeb able to take targeted action sick in the need to maintain and improve those things in the second half but really you know where are we have much more experience now now obviously five six months him to the year and so what we did was update our cost drivers with it and make sure that we're prudently managing our government does it to primary drivers their job along with high qt you know really looking override he would he makes and what a realistic expectations look like for the remainder the year and your and i'd i'd say that from a management sampling of we walked ourselves we said you know we had young the administrative support in place for we very expected wrote very readable expected to be twenty thousand plus patience and you know just what a flipper like a light switch ah you know that that dog poop the number the seventeen thousand number and were middle of pandemic without not a real good time to be ripping employs and that are making changes in that they are overall capacity to deal with that would that call it that twenty thousand ah
spk_9: a number for the patients but that something that we're we've now have a little more time to up
spk_18: begin to chip away at and i think and a right size the out on a bit straighter side so it's we are from management standpoint to say something the say you know margin has fallen yell at them it's that there were that thing to the extent that we say that now we have some tools and so lovers to pull the put them back into perspective ah i think gun exonerate a job done that
spk_9: and as we alluded to you know throughout the pandemic and prior quarters there were some components of margin that were one time and not sustain and not sustainable i think we did a pretty good job of highlighting that when it came up and and obvious that we feel i feel like we have a pretty good handle on up on the go for basis at this point okay because i got our last time were talking about are you know you you getting some assistance it's independence in terms of how you are applied and i guess he'll have pretty to emulator like you know eighteen percent margin i guess i'm in now after things normalized that is still kind of how we should think about it so despite the fact that enough sequestration as cuts will come back at some point and eighty percent margin is still kind of a target for their business
spk_18: yeah i mean i think in that prior commentary in it was one adding davon i commented on it was it was you know it was that piece really talking about it in a twenty twenty two time frame in the obviously will come out that provide that updated guides where he gets twenty twenty two so you know i think it's it's consistent blow no than who bright the miracle with about you know that seventeen and a half a component with and and in obviously there are other efficiencies the get to be garnered when i'm you know as median like this day and other components would begin to build back towards pre pandemic level than a normalized distribution that than plan to that but that's really a you know
spk_9: twenty twenty two second after twenty twenty two time period at this point they also you make some comment about that ah in a key returns so kind of i guess the still as like as they sat the sheer acuity matt lauer is that correct
spk_18: it hasn't been that is correct and when you look at it in a way that total acuity in the quarter as as david luiz to his comments was yeah three point two percent total days of care compared to three point five in the first quarter of twenty twenty one and when you break that down further in other stability and side of the general and asian component that continuous care still continue to be impacted and keep in mind some of the continuous care impact setting mind inside of senior housing and you know there's no it till you know occupancy admissions the ability to provide care returns to normal levels and senior housing and be foolhardy to believe that when a physician determines it's appropriate period of crisis that continuous guarantee you know would be appropriate nasa right and just like assess and present some time talking about a senior housing arm and dynamics and eight in sex and
spk_9: in an improvement second half and a more power so in fourth quarter specifically bucket can you talk about i get your business outside of that ah of that oh so i'm setting for you in are you are you go on false from added settings you know are doing something different they are getting traction to get you referrals single physician offices or some other thoughts or since the pentagon to talk about that dynamic the short answer is yes and via the allergy thing as we primarily report on your hospital business we matches return to prevent at levels and frankly it's is above the pandemic levels is that symptomatic of up patient flow in the healthcare system traversing the hospital system more than other standings potentially but you know we we feel good about our approach there are dedicated focus over last few quarters really been in some of that you know a will call the home base which is primarily lot of the physician office at settings because you know as we watch the pandemic evolve and people
spk_18: free access to healthcare system we found they did so through those markets and so you know wow that well it takes more of a distributed education approached of town hone in and really prioritize our time that's what we've been at all and focused on because we have more counts though we can serve as i in a given market and were really making sure we're focusing our time on those that are understand office benefit and want to really
spk_9: he helped work towards providing appropriate access to patience and the communities when when i need is presented that i could sense the our last question on not vs am our behalf the hostas start carving demonstration with an eye on anything update their would you what is seen and are you participating aunt agatha second was talk about it sounded like know ah sorts of kind of any yeah and color you might have on of when you here in the market has has that guy yeah now we're not participating today for any other the year one components ah my think in your were others but the participants that chose the chose to join your one you know seven of the nine
spk_18: or of the nine insurance company's owner on hospice company and the your one demonstration and as year to begins to unfold and enough full participation in one markets and stuff becomes publicly available here in a few months time will tell but you know been public have spoken about it at a few conferences here
spk_9: recently we continue to have concerns are related to the design of the demonstration and wouldn't recommend arm seamer like considered delaying it i am working with some of the provider community to help workers through some of those design concerns and i know others feel the same way but you know time will tell and will continue to navigate it but the appetite for participation from the insurance plans for any or to will will help them you know determine the right market reaction to it and there and say so sanguine with my here on more in the future from two participants that that is this and set a cycle where you my hear back from the season the same an eye on you know i get the commentary from the industry yeah you know we them for their requests we continue to be active participants and providing providing dialogue with them towards the intent tenth of really what the purpose and and what they're trying to achieve for the country and and time will tell and will be will continue to make your were available to provide any ah
spk_19: information we have as well as others whether it's trade associations and other providers as well so in i think it's something i'm
spk_18: to keep an eye on but as we sit right now really as it broadens their geographic territory and
spk_9: be no more plans would consider participating in a demonstration time will tell how that gets implemented on the market by market basis but there's like i mentioned some some divine concerns with how the hospice benefit would be delivered on a localized basis when it can effectively be a potentially redesigned by he didn't transplant
spk_18: so so that said the our requests for sale am i still cannot change this ability for our plans to create their own benefit the thankful hostas that the main pushback you have ah that's one of that's one of a few and and they around and and they're aware of those are those ongoing recommendations as well as concerns that we have as well as other providers and that mean let's i guess i of yet with this data a one question on under array of as they are exceptionally strong our results and and you raise the or ah
spk_5: the a margin of error credits for the year to appointing a kitten was extra my again
spk_2: ah so essentially it the can saying hey know we we see it already july thing so strong so kind of assumed that this residential
spk_9: and of ah outperformance or some performance going to continue second half and that's what's going on with it gets multiple pensacola said you're confident in our in new markets sure they've been sustainable they sell say kind of they hated peace marches could actually sustain at this for the next quarter so is that how do you think about it
spk_18: i'd say pro certainly for further second half of the year and odds are on a goal for basis obviously we're watching to see there's any softening sequentially we would have thought if they're why we would saw several months ago and it has nine and if anything it's slightly increase in terms of the momentum so really joanna that's where we're getting our confidence the that like the other two crises kevin mention we're going hang on to this optic and share revenue when margin but we're watching it that we would say that i'm were certainly like the marginally the same range but we were surprised that it picked up quite as high as it did at to the twenty nine percentage you to the yes yes
spk_5: mom and typically the fourth quarters or higher margin and i think we're appropriate and are guidance if not a tad conservative
spk_18: and i say the sarcophagus if you would say hey you know at some point the sensor then shall i can say oh you had been expecting like at some point it's gonna sauce ah because if it would then i guess the margin so it would be lower the decide it's a strong arm suggest that he had a staff that their businesses as a main each other so it's not even if you'll have assumed that in a class at some point eight hours a day with national normal i guess i'm from chicago back like what what kind of gonna target mark margin for the segment which effect now
spk_2: come on basically hanging around that dumb the twenty nine percent of money a half the time and a half year by be that range
spk_5: other as critical were an out and the and the last necessarily that the that that person us for our free cash flow priority if against get any any changing views around in know acquisition so i or anything else you might be ah in a park i think the biggest failure yeah it's really going to maintain that they're the saying that we anticipate acquisition still remain exceptionally pricey all your hard pressed to see a true economic return given those valuations so really it's gonna be i'm sherry purchase a and are dividend on measures are we purchased two hundred fifty thousand shares and que to we purchased one hundred thousand and que one
spk_18: so the first half of the year three hundred and fifty thousand shares with actually and a primary basis of finally dropped below the sixty million my put away at fifteen a tipping point nine million shares outstanding nine a primary basis
spk_0: i'm and the second half of the air again nothing is guaranteed will watch everything including issues outside of can add but we would not be surprised to deploy somewhere between another two to four hundred million dollars in the second half of the year but again we watch things very carefully but we feel very good about the sustain
spk_2: ability of can that producing cash flow which basically is one of the things we look at in terms of continuing our share repurchase programmed cell death eleven a put to work on nine figures in the second half of twenty twenty one and sherry purchasing
spk_14: agree appreciate a common out on back in the kidding
spk_2: there are no questions at this time i love now has a consensual residents are causing mcnamara
spk_0: long as was a bank thank everybody for their kind attention ah we were

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