Beijer Ref AB (publ)

Hi, everyone. Thanks for dialing in. Krister and Joel here. So we'll start the presentation and then we'll finish up with some Q&A in the end, as always. So going straight into it, good quarter. I would say in almost all territories, all segments of the business, total growth of 12%, even including a negative currency of 3%. Organic sales increasing by 3%, pretty stable across the board. And also acquisition continues to be a nice tailwind, which of course is a strong part of the business model that we expect to continue going forward. So we'll come back a little bit to the segments and the regions later on in this presentation, but a good development here in Q3. On the margin side, very solid, I would say. Good margins also across the board in all our regions and also segments. 11.4% versus last year, 11.3%. So we continue to do very good on the margins and a nice EBITDA growth of 13%, which we're very happy with. The cash flow comes in solid. We'll go a little bit more into detail on that later. We start, of course, our seasonality Q3 to flush out accounts receivable. And then, of course, in Q4, moving into the inventory and expect an even stronger cash flow in Q4. And, of course, very proud of the EPS growth, 17%, which, of course, is very good. So we'll continue to work on that. on the the profit growth in the business all in all a little bit i would describe it a stable quarter of good profitability um so i would say in in the times we are we continue to improve the business we did add a nice acquisition in the quarter gear group uh one of the market leaders in spain and will continue to uh develop well with bayref and is focused on the private label strategy that's well developed in Bayer. So we look forward to welcoming GIA Group in our business. Okay, next slide. So looking into the different segments, we could start with our strongest segment that continues to be the OEM, which we are also very happy about. It's a natural refrigerant. It's an environmentally friendly solution that will continue to see double digit growth. uh across the board um i think if you follow us we continue to have very good success with our with our energy uh natural refrigerant heat pumps now we're also highlighting we got a first order in germany and germany is going to be a huge market over the next five to ten years so we're happy that we started to penetrate uh that market We're also launching now a CO2-based heat pump, which has a lot of interest in the commercial segment. There will be a new segment for us. So we continue to be very positive and active in the OEM segment. Also seeing a lot of interest, as I said before, in the U.S. As well, our first orders there, we're investing in expanding in the U.S. And it'll be a very big market over the next five, 10 years in the U.S. as well. So I'm happy to see the growth, happy to see the activities. And also, of course, good for the environment as you transition into these type of solutions. HVAC plus 3% continue to be stable. The last couple of quarters, a little bit higher activity this year than the last quarter, but in general, a good stable activity across the board. We'll come in a little bit later on the regions. On the refrigeration in line with last year, there's some ups and downs in this segment underlying i would say it was a little bit stronger than the zero percent but but a stable development in that segment as well so a good solid quarter and also some good signals going forward and we'll talk about that a little bit later Then moving into EMEA, I would describe it as a stable quarter, but different pictures across the region. Of course, it is a big region for us, spanning from all over Europe down to Africa. But I think also it shows the strength of the business model where you are present in so many different regions. You have some that's up and some that's down. I mean, Southern Europe has not been strong this year. It is a big market for us, but we compensate that in different parts of Europe in there. So all in all, a solid performance on the HVAC side, stable on refrigeration, and then OEM continues to grow double digits if you adjust the currency effects. And there's a lot of things happening on the OEM side and good margin development continues to be stable in the region. So despite a weak Southern Europe market, we continue to grow in EMEA. And of course, we believe that market will come back and be better next year. So all in all, we're happy with the performance in EMEA this quarter as well. If you look at APAC, I would say a good quarter growth across the board, supported by acquisition, but also good development in general, especially in our largest region, which is Australia. So looking at the market data, they will continue to take market share on the HVAC side, driving good growth. And you all know that we're working on margin improvement in that region, and you can see that continue developing according to to our plan. So we are doing very well in this region, have a good plan, good growth and good margin development. So very happy how it develops. And of course, now a market, especially in Australia and part of Southeast Asia is moving into high season. So of course, growth there on October and in Q4 is their high season. So good development in APAC and we expect that to continue going forward. Then the U.S., I would say probably one of the best performance, especially on the margin side and solid across the board, but also because we're doing so many things in the U.S. and you can see that we grew 26% in the quarter, of course, driven by acquisition, but that's a lot of part of our strategy in the U.S. on the acquisition side that will continue for us. Good margin development within heritage, the original, but also in the acquisitions. A lot of activities there that I'm extremely satisfied with. And then a lot of activities. We're opening branches. They'll be good for the future and that will accelerate next year. Good plan for that. Also starting to add refrigeration into the branches. across the U.S. and also the spare part business that we have a very strong foundation within. So a very solid quarter in the market, stable. Good start to quarter, a little bit tough in the end with the hurricane. Pretty close, closed down quite a lot of branches, more in proportion in Tennessee and Alabama for the hurricane. So all in all, I would say very solid quarter. Porter in the US with a lot of activities, also e-commerce being ramped up in the business and acquisition pipeline continues to be very, very good. So summarizing different regions, we're very happy with the development on the margin side. We'll come back to the cash flow side a little bit later on and organic growth, notching up a little bit here in Q3 versus Q2. And the market in general, stable market and some markets are stronger than others. But in general, it's a very good picture out there for us. So then moving on, you can see the sales development. uh on there uh comparing here at 12 growth compared to uh q3 last year with 42 growth um so we continue to develop well uh sequential a little bit uh higher uh a little bit headwind of course on the currency right now but in general you know a solid uh development and we look forward to moving in here now in Q4, but also in 2025 with the business model we have. So in general, a very good development. You can follow that, of course, also on the margin side. A good quarter for us, 11.4%. And we can see now, of course, that the higher level of margins that we've been running in the last couple of years is stabilizing at a good level. But that's across the board. APAC is improving. U.S. is solid despite diluted acquisition. And the mayor is holding a very good position on profitability. A nice development there over the years, and we can see that now being at a good level, and we expect that to continue as we move forward. And there you can see, of course, 13% EBITDA growth in the quarter, 11% year-to-date, so solid numbers, I would say. And then finishing off my slides for the quarter, 12% total growth, 3% organic, EBJ grown by 13%, and then also a very solid EPS growth of 17%. So all in all, I would say a good quarter in questionable times maybe out there, but of course, a business model focused on aftermarket service repair and good growth drivers everything from environmental to electrification, we feel very good about the market position. All right, Johan, I'll hand it over for some more details on the financials.

All right, thank you, Christopher, and good morning, everyone. I will jump straight to our reported EBIT of 1,033,000,000, which is 13% up versus last year. As seen in our report, we had some quite significant FX headwind on our sales. That is obviously also translating to our EBITDA, and the FX effect in EBITDA versus last year It's 26 million negative. Below EBIT, it's a pretty clean quarter again, in line with expectations. We have a financial net of 153 million and we have tax expense in the quarter of 250, which is representing an effective tax rate of 24%, slightly lower than last year. All in all, resulting in a net profit of 666 million, which is 17% up compared to last year. Moving over to EPS. EPS in the quarter amounted to 1.3 sec per share, which then again translates to a 17% increase compared to last year. And on a year-to-date basis and adjusted for the same number of shares, EPS has now turned positive and we have a growth of 3% today. Cash flow, continuous strong cash flow in Q3, 1.2 billion, supported by a seasonality driven release of working capital of 200 million. And if you look on our year to date, operating cash flow now amounts to 2.2 billion, which is 1.5 billion ahead of last year, then supported by higher EBITDA and 1.1 billion lower additional capital tied up compared to last year. On an LPM basis, we have now generated a cash flow of very close to 4 billion, which is very good. Finally, moving over to our net debt, which is 1.1 billion higher compared to Q3 last year than driven by acquisition-related activities. And our net debt in relation to EBITDA of 2.01 is stable year over year and sequentially on the back of our strong operating cash flow. By that, I hand back over to Christopher.

All right, I'll try and wrap this up. No big news in my summary slide. A solid quarter, as I said. Organic growth across all regions and segments. Nice EBJ growth with solid margins. Cash flow in line with seasonality and, as I said, should continue to increase in Q4. EPS, I think, is standing out very, very strong, plus 17%. And then we're happy to have the GIA Group joining us here in Q2 as a very nice acquisition. And if you look at the long-term growth drivers, they're still there as present and always. We see, of course, regulation in EU that will continue to drive the growth in the OEM segment. Of course, also very happy with the possibilities on the heating side with Fenergy. A lot of things happening, and as I mentioned, also moving into Germany. uh that will be a very very big market as we continue this journey in the us a lot of activities on transitioning into a2l uh for next year and i'm sure we'll have some question discussion around that plan but also co2 activity across the board from pretty much all big contractors and food retail change in the us a lot of discussions happening there and also as i said uh very maybe happy is not the word crowd strong with the us platform coming together in a very very good good way both on that plant but also that all the platform building that we're building this plane and it's flying very well as we continue to develop it so another solid quarter from the from the us team and we'll continue with our activities in the us as i went over And then also, last but not least, the acquisition pipeline continues to be active, especially in the U.S., but also across the board with add-on acquisition in APAC and also some nice opportunities continuing in Maya. So all in all, solid border and good expectations going forward. So with that, we'll hand over for Q&A. Thank you very much for listening.

If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Adela Dashian from Jefferies. Please go ahead.

Good morning and thanks for taking my questions. The first one relates more to the development in the U.S. market, especially on organic growth. Would you be able to tell us if the regional closures towards the end of the quarter due to Hurricane Elaine, did that have a meaningful impact to sales or should we not read too much into it? And if it did, what do you think about the continues extreme weather conditions in the U.S. markets in more recent weeks and the potential impact that could have on Q4 development?

Yeah, so thanks, Adela. I think, of course, some of you listening in today also listen in on one of our competitors in the U.S., Watsco, of course, a very similar model in the U.S., and I listen in to them as well to see how they're doing in the market. So I think it's fair to say we lost, give or take, about one day sales in the U.S. by closing down especially, as I said, in Tennessee and Alabama. So for the overall Bay ref, it shouldn't be as significant. Of course, it had a negative effect in the U.S. for the quarter. The U.S. sales were still organically slightly positive. And so I haven't seen anything in Q4 that is affecting us negatively. And we do see, similar if you listen in, a good start in the U.S. in October with a solid volume growth. For me, it's still just two, three weeks into October, but the start to October has been very good in the U.S. So let's see how it continues to develop in the U.S. But no, nothing for Q4 on the weather pattern that's been negative at least.

Okay, that's comforting. And then maybe just generally on development in the HVAC segment, we're now heading into 2025. Obviously, the tailwinds that you're facing from a regulatory perspective in the US are favorable with the face down of those potent refrigerants. How should we really view the more near term organic development for this segment coming off the very high peaks during and right after the pandemic and then weaker last year due to the tougher comps. You know, is mid single digit organic range, is that something that you view as the level we should expect or do you see potential for it to go higher than that with more price increases also? Yeah, any color on that would be great.

Yeah, I mean, it's a hard question. And number one, as we don't guide that specifically, I won't go into that type of detail, but I'll try and paint a picture. And then, of course, you're all free to interpret that in the way. But I think we see in the US market, of course, since we entered it, you had some pandemic effect, et cetera. But it's been underlying very stable for us. And it comes back a little bit that we are 90%, 95% replacement aftermarket service. We are in the residential segment and have a very stable underlying model with good margins as we described what we like. And we'll continue to do that, of course. If you look at the transition into A2L, I don't have a crystal ball. You know, part of our cash flow in Q3 is that we've been pre-buying for 10Ks because we believe that, especially in Q1 and Q2, the majority would absolutely be the current solution. And then we'll start transitioning into the A12s in Q3 and Q4. And then, of course, that will start giving you a more... price effect as you transition to these products. But I would see that as more on the second half of the year versus the first half of the year. So underlying, it's a stable market we see. And then I think also, of course, as indicators for us, that good indicator on the market I would expect is as interest rates start coming down in the U.S., a key indicator for us is the sales of homes. Not new construction, but normal homes, because the renovation starts. And if you live down in Alabama, Tennessee, Georgia, Florida, believe it or not, but the first thing you check is HVAC, because you don't want to be there with a broken system. So those will be a nice tailwind. So if we see industry continues to come down, I expect that KPI start coming up and then, of course, we'll have positive impact. But in the meantime, you know, we drive our own faith on opening branches. We're adding refrigeration and spare parts to the other branches. So we're pretty positive for the growth going forward. But I can't be specific how the market will develop in 2025 as we see today.

Got it. All right. And then maybe lastly, just on APAC, I mean, margins are continuing to trend in the right direction here, but yet you also cite some continued weakness on the larger projects in Asia specifically. What, yeah, and any color on the current trading in the APAC market, especially now, given that they're moving into their high season, would be great to conversations you're having with customers, et cetera.

Yeah, so it's not, it's the color we tried to give in the report is that what we see in APAC is, as we're moving now to high season, it especially drives HVAC and the market as it's getting summer in a big market. So that market is good. Continues, you know, we continue to grow above the market rate. So there's no changes in that as we expect. What we relate to on these, bigger orders when we work on the OM segment that the market that hasn't been super strong for quite a while is Asia, and it's mostly driven by China. So that market continues to be a little bit sluggish in general, but it doesn't have a major, major impact on us. But of course, as that market starts coming back, but because it's been like that for the last 24 months in that region, there'll be a nice tailwind for us. But in the meantime, I don't see any big changes as we're moving now to Q4 summer season because it's mostly the HVAC segment. And the HVAC segment we work is mostly replacement. So that should continue to be solid.

Okay. Thank you very much. I'll head back into the queue. Thanks.

Thank you.

The next question comes from Carl Ragnestam from Nordea. Please go ahead.

Good morning, it's Carl here from Nordea. A few questions from my side, just to follow up on the hurricane there. I mean, as you said as well, what's reported yesterday, they talked a little bit about perhaps a catch-up in the short term here from repair projects related to the hurricane. Did you see the same or... How do you view that potential catch-up from it?

Yeah, I'm more laughing in the sense that for us, it would be more catch-up because we closed branches down, but it wasn't a big effect in the areas. We did it more for precaution because we didn't know at the time how it's going to move. So I guess our catch-up would be that our installers didn't get the parts they needed in the last week of September in general for us. But to be open and honest, I would assume it's been a bigger effect on Watsco than us because they're in the middle of Florida, right? Don't know that from the inside out, just from the outside in, the same as you. So in general, I mean, if you talk... October, as I said, because they stayed as well, stayed as well as started in a good level. I don't think it's so much related to the hurricane for us. It's been a good activity level here in October, but also it's two, three weeks into the quarter, so it's early days, right?

Fair enough. And looking into the ATL again here, do you expect a pre, or have you seen a pre-buying from the installers on the 410 products already now, or is it a Q4, Q1 thing, or how do you view installers behavior into this transition and also of course on your working capital whether you to some extent will will be driving dual products over a period of time elevating it a bit or uh no i think i don't know if you asked the question in the right way for us but just to explain in in the way our installers which is our customer don't do pre-buys

95% of their work is aftermarket service replacement. So our customers will not do pre-buys at all. So in our business model, the way we see it is that we are stocking up on the 410Ks because we expect them to continue to install that for at least the next two quarters in Q1 and Q2. And as we can't buy that equipment, Next year, we're buying it now instead of in the beginning of the year as we would do normally. So right now, the focus and the extra build of inventory is related. It's a timing effect of us stocking up on 14K to be able to support at least the first half of the year with 14K products. And then step by step, you know, it will transition into the 812 because the OEMs are not making the 14K products anymore.

Okay, very clear. And you mentioned that you saw sort of a softer sluggish market in Southern Europe, better in Eastern parts. I mean, to what extent is that, I mean, weather driven or what underlying trends do you see in Europe currently divided maybe by Southern and Eastern because they're quite important part of your business? Or is it, have you seen positive impacts from the rate cuts or is it true early Europe or? I mean...

Getting to the point where you don't want to make too many explanations or excuses or whatever. I mean, we do have a global business model, so you'll have up and down. But I mean, to be very frank, you know, one of the largest countries in Europe is France and the weather was shit. You can ask any French person you want about that. So it wasn't a good year there, etc. But if you turn that around, it was a very strong summer in Eastern Europe with very hot weather. So I think it more plays out partly of that. And then I think you had a lot of uncertainty in France with elections and the market in general. So it hasn't been a very strong summer. year there. But we have other companies compensating for that and that's the way we work. So hopefully you'll have the weather support in Southern Europe next year and you'll have a nice tailwind. But you also need the interest rates are coming down and some more underlying growth in the markets as a tailwind.

So it's too early to see a catch up in Europe. I mean, obviously we're entering low season, but there's no real changes underlying, right?

No, it continues to be, if you look across the board, stable. I mean, I have daily tracking of numbers and et cetera, and it looks stable across the board, and then you have a good start to the US in the quarter, but still early days, right?

Okay, very helpful. And also, if we talk about the OEM, you talked a little bit about Fennegy as well. Is it possible to sort of quantify the order intake growth or give more tangible flavor on the order development for either the whole OEM or Fennegy, if possible? Thanks.

I can't do it top of mind. Let me come back and see how and if we want to do that. I need to come back on that question.

But would you say that orders are positive? Could you say that? I mean, the order take is growing organically? Yeah, it is. Okay, sure.

Okay, very good. Thank you. Thank you.

The next question comes from Carl Bockvist from ABG Sundal Collier. Please go ahead.

Thank you. Good morning. My question is on the refrigeration side. I hear what you say about the refrigeration trends in APAC, but what can you say about refrigeration in Europe and the ongoing adaptations to the increasingly tight and efficacious regulations?

What I can say is that there's still a big... gap, right, on the transition that needs to be made in there. And I think what I can say is that the market for us has been, as you can see, you know, OM grows solid. Where you've seen a, and I'm talking about EMEA, what you've seen in the last couple of months is the quoting level coming up quite a lot in food retail. Because food retail has been, I mean, since the pandemic and inflation, everything, trying to push out a lot of investments. So of course you will start getting a pent up demand on the OEM side from the food retail, because they have to transition. But the reason we've been able to still manage a solid growth is that we're into so many other segments and that's growing a lot. So in general, what we see is still around 30, 35% has converted and you still have the entire tailwind of the rest that needs to convert. And we also start seeing the availability of refrigerants getting tighter and tighter in EMEA. So I expect the next couple of years, you'll start having supply issue on the refrigerant side, driving also the conversion into this technology. So EMEA, I would say, on the food retail especially, has been less active but now in the coding levels it's coming up quite a lot. I would expect that because of course their business is picking up and stabilizing as well.

Understood. My final question is on the working capital side. If I interpret you correctly, you built working capital ahead of these regulatory changes in the US, i.e. Nor, you targeted at the start of the year, you know, better than normal cash conversion. So, am I right in interpreting that, that, you know, the good release was partly offset by you building a working capital ahead of the next impending year, so to say?

Yes, this is Joel here. Yes, so as Chris said, we are doing pre-buys in the US primarily in relation to the A12 transition. So that has affected the cash flow with a couple of hundred million in the quarter.

Okay, and to answer that question, on the older products, do you still not see any risk of impairments or similar things or products becoming obsolete?

Is that a general or any specific?

I think it's, I believe you've talked about, you know, the kind of what you're allowed to sell if they have been manufactured this year ahead of the upcoming transition.

No, it's supposed to be very open. Open is the wrong word to say, but... I think that we will, it's been more a debate on how much do we buy ahead. And I think you can, you could probably buy even more. We've done an analysis of what we think we need and how we're going to build it up. But in my view, most likely everybody else, the 14K they're buying now will be pretty much run out by mid-next year. I would say that it's the opposite, that you could probably buy even more. But I think that that's our plan, at least, to be able to support the market through the first half of the year. And then we have to transition into the A12s and we should. So, no, I don't see a risk at all.

Okay, understood. Thank you.

The next question comes from Douglas Lindahl from DNB Markets. Please go ahead.

Hello, gentlemen. Thanks for taking my questions. I wanted to start off by asking you about the potential that you see for your data center business. Can you hear me, by the way?

Yeah.

Yeah. Sorry. Just to repeat that, I wanted to ask about the potential you see for your data center business, if you could quantify that to an extent and the potential you see. Well, first off, maybe where you're at right now and where you see that business growing over the next few years.

Yeah, I think I explained it in this way and it's still valid that in general, our business model is not driven by new construction, which is also including, of course, data centers and The way our model works, most of our products will be more part of parts maintenance and service as you move forward for the next 5, 10, 15 years for these type of solutions. In general, it's not a driver. We have pockets in countries in Eastern Europe that we acquired that are very active in data centers because they have a full suite of solution and work in new construction. But that's more the anomaly than the rule for us because of our business model. And I think that we don't like super much the new construction business. Of course, it's fantastic for the companies who are doing data centers. But one day there will be, of course, another situation there. So the other part is that the biggest active we will have in this type is that we have the solution through Fenergy. that has won a large data center in Q2 and also is active in a lot of quotes on that type of solution. So I will keep you updated because we saw that the data center, as I think I said before, you can connect it with district heating and we use all the excess heat with natural refrigerants moving into heating houses that you create with data centers. And we are active in a lot of those discussions. But until I see all those start falling in, then we will have a major impact on BayerF. But it's still a bit early days to make that conclusion.

Okay, exciting. Happy to hear more about that later then. Maybe then circling back to your US peer and what they talked about yesterday. I got the impression that they're now talking about the expectations of pricing from A to L being up in the range of 8 to 10%. Is that something that you also are hearing from OEMs?

Yeah, it was a fun sentence when they said double digit and then it was 8 to 10. But anyway, no, it's also 8 to 10%. I think it's a fair assessment.

Okay, so slightly below what we heard previously then.

Yeah, but I think we always thought there will be, I think we were not guessing, but you all sit with different OEMs and I think different OEMs has different strategy. And I think if you listen in on Lennox Carey and all these different public, they will give you different numbers, but they do have different strategies on it. But eight to 10, I think is a fair assessment what we know from our partners. But they probably will be different. There might be somebody who wants to go higher for their solution, but they're not part of our team.

Okay, that's very clear. Thank you so much.

Thank you.

The next question comes from Adela Dashian from Jefferies. Please go ahead.

Hi, again. Can I just quickly follow up on the data center question just asked? I mean, I know you've previously discussed the way your business model fits into this world, but maybe, you know, an update on the large order, the FENGIE order in Q2 would be good. what's happening there, and also the potential pipeline of new opportunities more in the near term, but also in the midterm on the service side, I would assume would be where you would fit in the most. Yeah, that would be great. Thanks.

Yeah, and I actually thought about this question last night, and I haven't updated myself where we are in the process. I need to come back to you on that with a specific order. I think in the other part of your question, the general service and aftermarket, that's probably more five years down the road. So I think it's not something that will change our numbers right away. I think the more fair comment, and we also looking at having a capital market stay next year, and we'll dig more into Fenergy and the models. But we'll keep you up to date on, you know, if we have, as we get orders in this segment. And I know the pipeline, I know the discussion and the quotes were outstanding. But also, as I said last time, data centers is just one part of that solution. It's what we call an industrial segment. You know, there's a lot of heavy industry in pulp and paper and a lot that are looking into how they can, you know, use the excess heating they do in an efficient environmental friendly way. And that's, of course, our solution. And also the order in Germany is connecting application with district heating and using the excess heating and putting it back into district heating. So it is bigger, much bigger than the data center industry, but it's still early days.

we could clarify a little bit more in uh in detail the capital market stay on this because there's a lot of things happening but as we get more orders we'll keep you up to date on that okay um what what about the technology shift that is currently happening in that industry i mean there's an uh ignited focus on the use of refrigerants for example um do you think that your own production or refrigerants could potentially fit well into you know maybe a a new pool of customers that you haven't considered previously? Or has that not really been in the talks

uh no there is i mean uh it's we we moved uh in fantasy we started on co2 based heat pumps and now we're into isobutane because if you want to manage this type of water heat that's 45 50 degrees you can't do with co2 anymore so it's isobutane and we're also developing ammonia propane and other types so we have a massive plan on expanding our refrigerants to because there's different application areas depending on heat and how we can use those so that's a big big focus for us because it will continue and open up the industry and finding uh you know these solutions on in the industrial segment they need to be also uh commercially viable not just environmental and that's why we need to continue and push this forward so we have a big uh you know, generation plan on the natural refrigerants and expanding into new ones to support the transition in the industry, for sure.

But just to be clear, that would then also include the data center markets, your ability?

Absolutely. I mean, the one we won, the big one, is isobutane, because that's the natural refrigerants you need to manage that type of solution as you connect it with district heating, not CO2. So, yes.

Great. Thanks.

Thank you.

As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments.

Yep, closing comments are thank you very much for listening, good discussions, and I'm sure we'll be in touch here as we move further. But thank you very much, and have a good rest of Thursday. Thank you.

Thank you.