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Operator
Thank you for standing by, and welcome to the Summit Hotel Property Second Quarter 2021 Earnings Conference Call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question at that time, please press star and then 1 on your touch-tone telephone. As you'll remember, today's conference call is being recorded. I will now return to the conference call with your host, Mr. Adam Waddell, Senior Vice President of Finance, Capital Markets, and Treasurer. Please go ahead.
Adam Waddell
Thank you, Valerie, and good morning. I am joined today by Summit Hotel Properties President and Chief Executive Officer John Stanner and Executive Vice President and Chief Financial Officer Trey Conkling. Please note that many of our comments today are considered forward-looking statements as defined by federal securities laws. These statements are subject to risks and uncertainties, both known and unknown, as described in our SEC filing. Forward-looking statements that we make today are effective only as of today, August 4th, 2021, and we undertake no duty to update them later. You can find copies of our SEC filing and earnings release, which contain reconciliations to non-GAAP financial measures referenced on this call, on our website at www.shpreet.com. Please welcome Summit Hotel Properties President and Chief Executive Officer, John Stanner.
Valerie
Thanks, Adam, and thank you all for joining us today for our second quarter 2021 earnings conference call. Overall, we are extremely pleased with the acceleration of our operating trends in the second quarter, which significantly exceeded our initial expectations and represented a nearly 50% increase in REVPAR from the first quarter. Occupancy, average daily rate, and overall profitability all reached new highs since the onset of the pandemic. And importantly, we achieved positive corporate cash flow for the quarter. Demand improves sequentially each month during the quarter, and we sold 30% more room nights in the second quarter than we did in the first quarter. While leisure demand continues to be the primary driver of our operating results, we are also encouraged by improving corporate transient demand trends that are having a positive effect on our hotels located in urban locations and our midweek performance in particular. Demand in our urban hotels grew at a considerably faster pace than the overall portfolio during the second quarter, increasing 43% over the first quarter. For the second quarter, we reported pro forma rev par of $78, which was over three times higher than our second quarter rev par last year, and a 49% increase over last quarter. Like demand, rev par improves sequentially each month of the quarter, and our preliminary results for July show further rev par acceleration to just over $100, a robust 15% improvement over June, and our first full month of RevPAR above $100 since the pandemic started. RevPAR for the second quarter was 43% lower than what was achieved in the second quarter of 2019, a significant improvement from the first quarter when RevPAR was nearly 60% lower than the comparable 2019 period. This gap narrowed considerably in July, with RevPAR only 21% below July 2019 levels, which we expect will be sufficient to drive corporate cash flow positive on a year-to-date basis. Importantly, the recovery of average rates accelerated meaningfully during the quarter, as ADR across our portfolio increased 15% compared to the first quarter, as both weekend and weekday ADR grew double digits. Average rates in our urban portfolio increased 23% from the first quarter, which encouragingly reflects some level of rate-accretive remixing of our business with corporate travel. Weekend occupancy was an impressive 79% during the second quarter and was over 80% in both May and June. Midweek occupancy also continues to steadily improve, and the gap between weekday and weekend occupancy continues to narrow. Midweek occupancy in July was 67%, a full 10 percentage points higher than it was just 60 days ago. As you would expect, we are closely monitoring the developments of the spread of the Delta variant of COVID-19, and have positioned the company very well if we begin to see any reversal in the strong reopening momentum we've experienced over the past few months. Thankfully, to date, we have not seen any negative response to the variant in our July operating numbers, and our pace for future months remains decidedly positive. August paces up slightly to what we had on the books for July at this time last month, but with rates nearly 5% higher. September paces up 6% over August, and October paces over 25% higher than September. While we would not preclude some plateauing of results in the back half of August and into September when we get into a naturally slower leisure demand period, We remain optimistic that some of that leisure business will be replaced by pent-up corporate demand in the post-Labor Day period, particularly as we get into October and past the Jewish holiday season. Trey will provide some additional color on our operating results later in the call. During the second quarter, we completed the contribution of six wholly-owned hotels, totaling 846 guest rooms, into our joint venture with GIC for $172 million. The transaction generated approximately $84 million of cash proceeds, which increased our investment capacity, reduced corporate leverage, and enhanced our overall liquidity. Subsequent to quarter end, a portion of the net cash proceeds from the asset contribution were reinvested into the acquisition of the newly built 110 guest room resident in Steamboat Springs for $33 million, which further scales our joint venture with GIC. The extended stay hotel is expected to benefit from favorable market demand trends and is a perfect complement to our existing portfolio of well-located, high-quality hotels with efficient operating models. As the newest hotel in Steamboat Springs, one of only six other hotels that have opened in that market since the year 2000, and the first Marriott-branded extended stay product in the market, the hotel has been able to achieve a 30% rev par premium compared to its competitive set in the first six months of operations. In just over three weeks of our ownership, the hotel has been one of our best performers, running over 93% occupancy with rev par of over $180. Our 2021 forecast for the hotel is already ahead of our underwriting, reflecting just how quickly the fundamental operating backdrop has improved. Our joint venture now holds 12 assets with a total investment of nearly $500 million and affirms the commitment from both parties to find unique and opportunistic investments to continue to grow the partnership. During the second quarter, we invested approximately $2.9 million in our portfolio on items primarily related to planned maintenance capital. As we mentioned last quarter, given our conviction around the long-term improvement in demand trends, we plan to accelerate several renovations into the second half of 2021, which will take advantage of the still lower than historical occupancies to minimize disruption from those projects. We expect to spend between $30 to $40 million in capital expenditures for the year on a consolidated basis, and between $25 and $35 million on a pro-rata basis. With that, I'd like to publicly welcome and turn the call over to our new CFO, Trey Conklin.
Adam
Thanks, John, and good morning, everyone. During the second quarter, our resort hotels continued to lead the recovery with occupancy levels that exceeded 83% and a rev par of nearly $110. Resort occupancy remains strong across the quarter, with each month achieving 80% or better, driven by continued growth in leisure demand and overall robust summer travel. For July 2021, preliminary occupancy, ADR, and rev par of our comparable resort portfolio, which excludes the residence in Steamboat, exceeded second quarter 2019 levels. Moving on to our 42 non-urban hotels, This subset of the portfolio achieved better than 75% occupancy and an $89 rev par during the second quarter, with June metrics improving substantially to 78% occupancy and a $99 rev par on the strength of weekend demand. Consistent with our resort portfolio, preliminary July numbers for our non-urban portfolio demonstrated steady improvement with a 79% occupancy and $108 rev par. representing month-over-month growth of approximately 9% compared to June. Finally, while urban hotels continue to lag the broader sector recovery, our 30 urban assets have also benefited from strong summer travel, with second quarter rev par increasing sequentially 75% compared to the first quarter. This was driven by strong weekend travel, with occupancies averaging over 70%. The outlook for our 30 urban hotels continues to improve as preliminary July RevPar is anticipated to exceed $94, representing month-over-month growth of 23% compared to June. Although booking windows remain very short-term in nature and forecasting continues to be a challenge, we have experienced a decline in the percentage of room nights booked near to or on the night of stay. For example, transient room nights booked within three days of stay declined from 46% in April to 39% in June. And nights booked in the week for the week declined from 60% to 53% over that same time period. While this represents a very short booking window relative to pre-pandemic standards, we view this as another encouraging trend reflecting an improving environment. From a cash flow perspective, the continued growth in demand combined with thoughtful expense management enabled Summit to generate positive corporate cash flow for the second quarter. Proforma Hotel EBITDA was $25.3 million for the second quarter, which is more than three times higher than the Hotel EBITDA we reported in the first quarter of 2021. Operating costs per occupied room declined over 20% compared to 2019, which drove second quarter gross operating profit margin and Hotel EBITDA margin to an impressive 45% and 29% respectively. We continue to operate our hotels utilizing a very lean staffing model, which consists of approximately 17 FTEs on average, or less than 50% of pre-pandemic staffing levels. Rehiring hourly staff, particularly in the housekeeping department, has been an ongoing issue across the industry. Despite these challenges and a primarily occupancy-driven top-line growth, our asset management team has done a great job controlling operating expenses. leading to strong hotel EBITDA retention of 46% when compared to the second quarter of 2019. Lastly, turning to the balance sheet and liquidity, we currently have over $430 million of pro-rata total liquidity, which includes nearly $42 million of unrestricted cash on hand. Today, our weighted average interest rate is approximately 3.4%. We have no debt maturities until November of 2022. and we maintain ample current liquidity to repay all maturing debt through 2023. With that, I will turn the call back over to John.
Valerie
Thanks, Trey. In closing, we continue to gain enthusiasm on the recovery of our business and the outlook for Summit in particular. We remain confident in our business model and optimistic on the overall recovery in general. And with that, we'll open the call to your questions.
Operator
Thank you. Again, ladies and gentlemen, if you'd like to ask a question, please press star then one on your touchstone telephone. One moment for our first question. Our first question comes from Neil Malkin of Capital One. Your line is open.
Neil Malkin
Hey, gentlemen. Good morning. Good morning, Neil. Hey. First question, you know, you called it out in your press release and then your prepared remarks about midweek, you know, getting noticeably stronger, contributing to your Can you just maybe talk a little bit more about that or more specifically in terms of, you know, markets? Is it regional, private, you know, business travelers? You know, I guess are you seeing the demand come from larger, I guess you can call them mainstay corporate negotiated accounts or, you know, how does that look?
Valerie
Yeah, sure. Thanks for the question, Neil. You know, it's a little bit of both. You know, I would say the strongest markets midweek have continued to be the leisure-oriented markets, markets like Fort Lauderdale and Tucson and Tampa, Orlando. You know, the markets we've talked a lot about, you know, driving overall strength, and certainly some of that has just continued better and longer stays on the leisure side. We are starting to see it, and we mentioned it in the prepared remarks as well. You know, you're starting to see it midweek in some of our more urban properties. And probably as encouragingly as anything, you're starting to see better rates come in midweek. And, you know, rewind, you know, even over the last two or three earnings calls, I think what we've been monitoring is how rate continues to evolve. And, you know, typically what happens is occupancy comes first and rate comes second. I think we're very encouraged by what we're seeing on the rate side. We're certainly starting to see some level of negotiated corporate type of business come back in. I think in the second quarter, our corporate negotiated rates were up $12 over the first quarter. So you are starting to see some of that. It's not your bigger, larger national accounts to the same extent they were pre-pandemic. You're seeing, as we've talked about previously, more regional, more local, more drive-to type of corporate business. Nonetheless, the remixing of that business is positive. And I think the outlook for that continues to get better and better.
Neil Malkin
Yeah, no, I appreciate that. Maybe sticking with the same theme, I think one of the issues for the sector's, you know, lagging performance is sort of the uncertainty with regard to, you know, business travel and the group sort of recovery pace. Obviously, you're not really a group, you know, portfolio. But, you know, can you just talk about what your property managers are telling you or what you guys expect for, like, the post-Labor Day and in the fourth quarter in terms of the business transient side. I guess if you could talk about it as relative to 2019 levels, I think that would be helpful in assessing how you see the cadence sort of playing out, at least in the near term.
Valerie
Yeah, look, I think, you know, bigger picture and longer term, we expect corporate transit to come back and look a lot like it was pre-pandemic. You know, the timing of that is the question. You know, and it's more of a question of when, not if, in our minds. I think we've kind of as an industry evolved to believe that, you know, post-Labor Day you're going to start to see that come back more meaningfully. I do think that the trajectory of that recovery is going to be more gradual than what we saw on the leisure side. But, again, we do expect that business to come back and to come back in a meaningful way. We haven't seen – look, market sentiment has certainly changed, given what we've seen with the Delta variant. We haven't seen that affect consumer behavior yet. And our July results continue to be very strong, even through the last weekend and week of July. Our August pace has held in nicely. Rates on the books for every month over the next three months continue to increase, and our pace looks quite positive. We're certainly monitoring it very closely. As we said in the prepared remarks, we wouldn't preclude for there being some plateauing of results as we get into the back half of this month and into the post-Labor Day period. What I would say, again, I think encouragingly what we've seen from a pace perspective is where we've seen the best pace increases in the back half of August in particular have been in some of our urban markets that have been slower to recover. Markets like downtown Cleveland or downtown Pittsburgh or Boulder where we see some benefit of return to school. So, again, I think it's difficult for us to assess today, you know, when exactly the cadence and the sequencing of that business comes back. But we do, overall, we're optimistic. And all the numbers that we have on the book support that, you know, things are still continuing to improve.
Neil Malkin
Thanks. I guess last one real quick, maybe for Trey, just a theoretical or bigger picture question. I think before we touched on your interest in or doing some study on alternative lodging and potential allocation there or looking at that to augment growth. Can you maybe just talk about what that kind of looks like, what you're doing there and realistic, something like that, is for Summit.
Valerie
Yeah, hey, Daniel, it's John. I'll start, and Trey can jump in at the end if you'd like. Look, I would say that, you know, as we've talked about a lot, what we've always focused on is how we believe customers' preferences evolve and change, and that hasn't changed. And so... We certainly want to make sure that we're cognizant of how those preferences continue to evolve. We do study a fair number of business. We love our current business. We don't have any immediate plans, but it's certainly something that we continue to evaluate.
Neil Malkin
Okay. Thank you.
Valerie
Thank you.
Operator
Thank you. Our next question comes from Austin Worship of KeyBank. Your line is open.
Valerie
Great. Thanks, guys. Just curious, John, if some of the lift in ADR that you've seen and achieved month to month, if this is just reflecting kind of increasing demand broadly, or is it really these urban markets that have driven ADR, you know, here to four? And are you seeing any less price sensitivity on the leisure side as well? Yeah, certainly we are. I mean, again, I would say it's market by market. And on the leisure side, and this has been, you know, kind of well documented across the industry, in strong markets, there's, you know, a fair amount of pricing elasticity. I mean, we've been able to push prices, you know, dramatically in markets that are compressed with leisure travel. The better growth has been, you know, midweek and in urban markets. Now, in fairness, the bar was much lower, the baseline was much lower. So we are growing off of a much lower base. But I think, Again, as we look out over kind of the cadence of the recovery and the types of business that we need to see come back, that midweek and those urban locations in particular is where I think we have the most opportunity, and we are starting to see that. As we talked about, some of that is a result of leisure, but we do believe and we've seen some level of kind of remixing of the business into more corporate demand come in and improve midweek rates in particular. Yeah, so if the recovery kind of continues to take hold, you know, and it's a little bit of a seamless transition coming out of the summer and into kind of back to corporate travel, what do you think that means for upside to ADR as you move into the fourth quarter or just that spread between, you know, midweek and weekend type rates, you know, looking out a little bit further? Yeah, look, I think it continues to narrow. You know, the gap, you know, certainly peaked out probably early in the second quarter or late in the first quarter. We have seen that gap narrow later in the second quarter and into July. My expectation is that changes for a couple of reasons. One, again, we're getting into a naturally slower leisure demand period. And so, while I still think leisure will be strong, you know, we're getting to a point where You know, kids are going back to school, offices are going back to in-person. I think there's going to be a little less of the type of travel that has been the strength of the industry across the summer. We do think we're going to start to see a pickup of corporate travel as we get into later, the latter parts of the third quarter and into the fourth quarter. So I'm not sure how I would quantify or time the difference, but I do think, again, generally you're going to see kind of that gap between midweek and weekend performance begin to narrow. Part of that's going to be driven by just stronger results out of our urban properties. Got it. And then just one last one. What's sort of the mix today or your best guess to the mix between leisure versus, you know, BT business? Yeah. It's probably still 75% leisure, Austin, rough numbers. And I would say in a normal environment, it's closer to 50-50. Yep, that's helpful. Great. Thanks, John.
Operator
Thank you. Our next question comes from Danny Assad of Bank of America. Your line is open.
Danny Assad
Morning, John, and good morning, Trey. You guys in your prepared remarks touched on the topic of staffing. So just in the context of, you know, how you've made tweaks to the operations at your hotels. How should we think about FTE counts, you know, relative to pre-COVID levels once we've returned to a more normalized environment?
Valerie
Yeah, you know, Dan, I'll start and then trade jump in. You know, I think, you know, historically we ran on average with about 35 FTEs across the portfolio. We're running, you know, half or just slightly less than half of that level today. Part of that is just the challenges of us being able to find labor. I think that's been, again, well documented across the industry. Part of that is we are adapting the operating model just to what is still a unique environment and still lower than normal occupancies. I do think we'll continue to add FTEs back. I don't think 17 is the right stabilized number. I do think there are opportunities for 35, again, this is an average, to be lower going forward. And a lot of that's going to be based on how brand standards evolve. I think we're encouraged by the opportunity that cleaning on stayovers is going to be something that is optional and not a brand standard. That's the most meaningful for us from a margin perspective. And I think we're reevaluating things like our breakfast offering and all the other kind of services and amenities that were put in place pre-pandemic that are being reevaluated, food trucks and social hours and airport shuttles. A lot of these other amenities and services that are costly and labor-intensive, you know, likely come back in a slightly different form, but I think overall generally help, you know, profitability at the hotel level.
Danny Assad
Got it. And we've heard that, you know, some brands have already started moving in that direction. As anybody like you know, I mean, Hilton might have been one that we've heard over over the last couple weeks about that. Have you heard anyone else commit from the big brands to the this concept of making it into like permanently an opt in as opposed to just something that's standard going forward?
Valerie
Yeah, Hilton is the only one that has formally announced it. You know, we're certainly hopeful, if not optimistic, that others will follow.
Danny Assad
Got it. Okay. Thank you very much.
Valerie
Thanks, Annie.
Operator
Thank you. Our next question comes from Michael Bellisario of Baird. Your line is open.
Michael Bellisario
Thanks. Good morning, everyone. Morning, Mike. A couple questions for you. First, John, could we just go back to the PACE numbers, maybe focus on September, and I know it's probably a small amount of bookings at this point, but I know you mentioned a couple markets for August, but what about certain markets, pockets of strength that you're seeing for September, more the business traveler? How does the booking pace look weekday versus weekend, et cetera, any segment strong week?
Valerie
Yeah, look, you know, September, first of all, excuse me, Labor Day is in September, so we obviously have, you know, strong bookings over that weekend in all the markets that are leisure-oriented that you would expect. You know, for the rest of September, it's a similar dynamic than what we talked about, you know, later in August. It's markets that have won in terms of their improvement of pace. You know, it's markets that have underperformed. So it is our more urban-related markets. As I said, September pace is up 6% today over where we sit for August. It still is a little early for us for September. You know, things book in fairly narrowly. But I would say roommates are up, but probably more importantly, rates are up double digits as we look at our pace in September. So the hope is that, you know, some of that is driven by more midweek and more corporate demand.
Michael Bellisario
Got it. So it sounds like it's still too early and Labor Day is having a big impact on that. Yeah.
Valerie
There is some small convention and group activity we have on the books in markets like Atlanta, for example, in particular, that are helping improve this pace. So, again, I would say that what we see in September, and again, it's early for September, it's really early for October, but we are seeing it outside of your traditional leisure demand sources. Labor Day is clearly driven by leisure, but beyond that, the pace improvement is driven by whether it's corporate, small group, or small convention type activities.
Michael Bellisario
Got it. And then just switching gears a little bit on the supply front, just maybe go back to the pre-pandemic question on weighted average supply growth in your markets. Have you seen more projects get started in your markets, more projects get tabled? What's your latest outlook for your portfolio on the supply side?
Valerie
Yeah, look, I still think that what's in the ground and under construction, most of which is going to get finished and completed. I do think new starts are going to continue to slow. We have a lot of dialogue with developers. They're certainly looking at things. I do still think new construction is difficult to pencil in a lot of markets. And so our expectation is that we're going to have a couple-year period where supply runs well below historical averages.
Michael Bellisario
Last one from me on transactions. Can you maybe talk about portfolio pricing versus one-off deals and then your level of confidence in your ability to put some money to work on more deals over the near term?
Valerie
Sure. You know, look, the pipeline, you know, today is more active than it's been at any time, you know, since the pandemic began. It's certainly more active than it was 30 days ago, 60 days ago, 90 days ago. So in the quality of assets that are on the market, I think today are higher than what we've seen at any time before. I do think pricing has moved upward. You know, I don't think there's any question that is. Fundamentals have improved and rates continue to stay low. The financing markets have become more constructive. You've seen asset prices continue to improve. I do think we'll find some unique opportunities. I think Steamboat is a really good example of an asset that is kind of right down the middle of the fairway from a demand perspective and a lack of new supply perspective. We were able to transact on that. I think at a very, very compelling valuation and can underwrite a compelling stabilized yield on that type of assets. I think there will be more out there. We're fortunate that we've got $150 million of capacity under our existing facility. We've got a partner who's eager to grow with. Our hope is that we'll be able to find opportunities. We'll always be disciplined around how we allocate that capital. It will continue to be a returns-driven approach for us. But given the magnitude of assets on the market, again, we're hopeful to be able to find some opportunities here.
Michael Bellisario
And then single asset versus portfolio pricing?
Valerie
Yeah, I don't know that we've seen a huge delineation between pricing, between single assets and portfolios. I would say it's more market-driven and kind of demand-driven. So you're still seeing, you know, probably steeper type of discounts to pre-COVID pricing in core CBD urban markets than you are in drive-to leisure-oriented markets, as you'd probably expect. Got it.
Michael Bellisario
Thanks for the call, Eric.
Operator
Thanks, Mike. Hey, Eric. Our next question comes from Bill Crow of Raymond James. Your line is open.
Mike
Hey, John. Three questions, one topic, labor. Any change to the percentage of guests opting in for nightly housekeeping? We talked last quarter that that rate had kind of doubled, an awful low base, but it had doubled the last time we talked. I'm wondering whether that number is still increasing and whether you're seeing any difference in the opt-in rate between leisure and business travelers.
Valerie
Yeah, look, I don't know that I have an answer on leisure versus business, something I would have to come back to you on, Bill. I would say more generally the opt-in percentages and picking up, as you would expect, is kind of vaccinations have rolled out more meaningfully. It's probably 30% today, you know, and it was probably 10% to 20% in the first quarter. So we have seen that pickup rate continue to increase. It is still – relatively low. Again, it's probably 30% today.
Mike
Okay. And second part of that labor question, talk about the availability of labor. I know that the industry has talked about a post-September easing of challenges. But in markets where you've seen the extended unemployment benefits, has that made labor more available?
Valerie
Yeah, look, I think you're seeing more applicants. I do think that that has helped to some degree. I think labor is going to continue to be tight and it's going to continue to be a challenge. I do think some of the challenges that we've seen are transitory and we'll continue to get better post-labor day. But I think we're going to continue to see challenges in labor and we've continued to be creative in how we staff and get basic functions at the hotel done. Again, our hope is that you'll start to see some relief in that regard as we get past Labor Day and into the fall.
Mike
And then finally, John, on labor, how is the quality of the workforce that you're able to hire these days? I mean, is it what it used to be? Is turnover increased because they don't show up? Or can you kind of give us a general thought on how the quality of labor is?
Valerie
Yeah, look, I think it's challenging today, Bill, candidly. I think we've seen, even when we're able to get new employees, you get a fair number of no-shows. You get a fair number of people that come to work for a few days and then don't come back for a few days. And so there's no question that it has been challenging. We're awfully fortunate that we've got a really good group of management companies that I think have great breadth and do a good job, you know, trying to staff hotels. But there's no question that it has been a challenge getting labor and getting good quality labor.
Mike
All right. Thank you.
Operator
Thank you. Our next question comes from Neil Malkin of Capital One. Your line is open.
Neil Malkin
Thanks, guys. Just a quick follow-up for me. So, John, you Could you just maybe talk about why you think Summit has been an underperformer in 2021 and how you can get or what kind of main things you can do or leverage you can pull to get the share price higher, particularly given historically the stock has worked very well when the external engine is running?
Valerie
Clearly, we like to be able to grow the business externally. We've done that today. We're one of a handful of lodging REITs that have been able to grow. It's hard for me to comment on why the stock performs in a certain way. I think what we're trying to do is be very thoughtful on how we run the business. We're huge believers in the quality of the portfolio that we have, the operating model that we have, and the operating platform that we have. And we do believe that over time we'll be able to operate this business in a way that creates a tremendous amount of value. There's going to be periods of time when the stock underperforms and outperforms. And I think, again, the goal here is to run the business for the long term in a way that creates value.
Neil Malkin
Okay. Appreciate your thoughts.
Valerie
Thanks, Neal.
Operator
Thank you. I'm showing no further questions at this time. I'll turn the call back over to the President and CEO, John Sanner, for any closing remarks.
Valerie
Yeah, thank you very much, and thank you all for joining us today for our second quarter earnings conference call. We look forward to following up with you all post-earnings and hope to see you all in person soon.
Operator
Thank you. Ladies and gentlemen, this does conclude today's conference. Thank you all for participating. You may all disconnect. Have a great day.
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