The Hackett Group Q2 2023 Earnings Call Transcript

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Provided by Quartr
August 8, 2023

Key Takeaways

  • Q2 Results Beat Guidance: The company reported $75.6 million in revenue before reimbursements and adjusted EPS of $0.39, both at the high end of the guidance range.
  • Strong Oracle and SAP Momentum: Oracle Solutions revenue rose 3.8% year-over-year and 21.6% sequentially, while SAP Solutions grew 10.7% year-over-year, driving overall sequential improvement.
  • Building IP-Led Subscription Offerings: Hackett launched new market intelligence reports and the Hackett Connect platform, and added about 30 dedicated sales resources—expected to drag Q3 EPS by $0.04—to accelerate recurring high-margin revenues.
  • Recurring Revenue Growth: Recurring, multi-year subscription contracts—including research advisory and IP-as-a-service—now represent roughly 22% of total revenues.
  • Q3 Outlook and Balance-Sheet Focus: The company expects Q3 revenue before reimbursements of $72.8–$74.3 million and adjusted EPS of $0.38–$0.41, while planning to use operating cash flow to accelerate debt paydown.
AI Generated. May Contain Errors.
Earnings Conference Call
The Hackett Group Q2 2023
00:00 / 00:00

There are 4 speakers on the call.

Operator

To The Hackett Group Second Quarter Earnings Conference Call. Your lines have been placed in a listen only mode until the question and answer session. Please be advised the conference is being recorded. Hosting tonight's call are Mr. Ted Fernandez, Chairman and CEO and Mr.

Operator

Rob Ramirez, Chief Financial Officer. Mr. Ramirez, you may begin.

Speaker 1

Thank you, operator. Good afternoon, everyone, and thank you for joining us to discuss The Hackett Group's 2nd quarter results. Speaking on the call today and here to answer your questions are Ted Fernandez, Chairman and CEO of Agta Group and myself, Rob Guineres, Chief Financial Officer. A press announcement was released over the wires at 4:15 pm Eastern Time. For a copy of the release, please visit our website at www.thehackettgroup.com.

Speaker 1

We will also place any additional financial or statistical data discussed on this call that is not contained in the release on the Investor Relations page of our website. Before we begin, I would like to remind you that in the following comments and in the Q and A session, we will be making statements about expected future results, which may be forward looking statements for the purposes of the federal securities laws. These statements relate to our current expectations, estimates and projections and are not a guarantee of future performance. They involve risks, uncertainties and assumptions that are difficult to predict and which may not be accurate. Actual results may vary.

Speaker 1

These forward looking statements should be considered only in conjunction with the detailed information, particularly the risk factors that is contained in our SEC filings. At this point, I'd like to turn it over to Ted. Thank you, Rob, and welcome everyone to our 2nd earnings call. As we normally do, I will open the call with some overview comments on the quarter. I will then turn it back over to Rob to comment on the detailed operating results, cash flow as well as comment on outlook.

Speaker 1

We will then review our market and strategy related comments, after which we will open it up to Q and A. Before I move to our quarterly results, let me start by mentioning our 2022 results and the comps they will provide to our 2023 performance. In 2022, we had a very strong first half of the year with operating results exceeding our guidance in Q1 and Q2 by at least $0.03 in each quarter of the prior year. By the middle of the year, the impact of net interest rate increases started to disrupt economic growth, which has resulted in extended client decision making. Relative to the Q2, this afternoon, we reported revenue Before reimbursement of $75,600,000 which was above the high end of our guidance and adjusted earnings per share of $0.39 which was at the high end of our guidance.

Speaker 1

Although economic volatility is evident, so is the demand for our digital transformation solutions, With Flex, we're proud to remain competitive and drive productivity improvement. Consistent with our comments on our previous earnings call, Significant first quarter end sales resulted in an 8% sequential revenue growth in the 2nd quarter. This has allowed us to exceed the results from Q2 of last year. This was most pronounced in the swift turnaround of our Oracle Solutions segment. Our total company quarterly results Our Global Strategy and Business Transformation segment, which was up sequentially, but down slightly on a reported basis when compared to last year's Straub Kap, our recurring high margin research advisory and iCAS offering, sales grew sequentially And we expect strong sequential sales growth in Q3.

Speaker 1

If this momentum continues, we are able to close a couple of Ipass pilots, We should be able to achieve an annual contract value growth of 20% in 2023. In Q2, we published Our customer cash receivables market intelligence report. In the Q3, we intend to publish 2 additional market intelligence reports. First up, we will analyze and compare the purchase to pay software companies such as Coupa, SAP, or Reef and Oracle. The 2nd Market Intelligence Support, which evaluates service providers in finance and accounting outsourcing will include companies such as Accenture, IBM and TCS.

Speaker 1

What makes our Market Intelligence Report essential is the unique approach to assess companies for both differentiated capabilities and measurable value delivered on our Hackett value matrix. Our unique insight is our ability to measure value realized Through automation and service improvements that enhance customers' business performance. Our next one, Enterprise Performance Management is a 3 part report that will include specialized analysis of planning and budgeting, enterprise consolidation, plus an aggregate view of total Enterprise Performance Management. By early 2024, we intend to issue 6 additional evaluations of software and services providers. Our market intelligence reports represent critical value to our providers to the providers.

Speaker 1

The companies learn how they compare to competitors, strengths and As well as the measurable impact their solutions deliver. Our conclusions, which are depicted in our Hackett Telemetrix Health Providers market and sell their solutions to group licensing and the use of Packet digital tools. We also advise how providers can adapt their solutions to perform better. Providers aren't the only ones to benefit. A large benchmarking and consulting and executive advisory customer base can acquire the Market Intelligence Report to inform software and services purchase decisions.

Speaker 1

All of these enhancements are critical to the launch of our new member platform Hackett Connect. This new state of the art platform will allow all of our existing and as well as new members to avail themselves to the proprietary Benchmarking metrics, best practices and research, which is based on applied knowledge and proven implementation expertise delivered by practitioners, which highly differentiates our insight and expert advice. We are also building a community of users that can benefit from one another that we believe will result in a powerful expert network. This is one of our organization's most significant transformative efforts. The Oracle Solutions segment was up strongly on a sequential basis as expected this quarter.

Speaker 1

We started several engagements, which we sold as we completed the Q1 And continue to experience strong market demand and receive strong support from the Oracle sales channel. Our SAP Solutions segment continued its momentum with higher than expected software sales activity. The investments we have made to fully digitize our IP in the development of our digital platforms, which include Quantum Leap, our state of the art global benchmarking platform And our proprietary Hackett Digital Transformation Platform or DPP are paying off. These platforms are allowing us to highly differentiate all of our offerings And also develop new licensing and research relationships with software and service providers across the enterprise. The launch of our Hacka Connect platform provides members access to the IP and tools of these two platforms and also significantly improved their ability to engage with our experts And shortly, our community of users in an ever improving way.

Speaker 1

On the balance sheet side, you can expect us to use our cash flow from operations to accelerate Pay down our outstanding credit facility throughout the balance of the year. Longer term, we want to be more aggressive with our balance sheet by using our current Credit facility fund acquisitions and buyback stock while continuing to invest in our business. With that said, let me ask Rob to provide details on our operating results, Cash flow and also comment on outlook. I will make additional comments on strategy and market conditions following Rob's comments. Rob?

Speaker 1

Thank you, Ted. As I typically do during this portion of the call, I'll cover the following topics, an overview of our 2023 second quarter results, Along with an overview of related key operating statistics, an overview of our cash flow activities during the quarter, and I will then conclude with a Discussion on our financial outlook for the Q3 of 2023. For purposes of this call, I will comment separately regarding the revenues of Our Global SMBT segment, our Oracle Solutions segment, our SAP Solutions segment and the total company. Our global SMBT segment includes the results of our North America International IP and Service offerings, Our research advisory programs, our benchmark services, our business transformation and our OneStream offerings. Our Oracle Solutions and our SAP Solutions segments include the results of our Oracle and SAP offerings, respectively.

Speaker 1

Please note that we will be referencing both total revenues and revenue before reimbursements in our discussion. Reimbursable expenses are primarily project travel This conference is passed through to our clients that have no associated impact to our profitability. During our call today, we will also reference certain non GAAP financial measures, which we believe provides useful information to investors. We have included reconciliations of GAAP to non GAAP financial measures in our press release filed earlier today and will post any additional information based on the discussions from this call to the Investor Relations page of the company's website. For the Q2 of 2023, Our total revenue was $77,100,000 Our revenues before reimbursements were $75,600,000 which was above the high end of our quarterly guidance.

Speaker 1

The 2nd quarter reimbursable defense ratio on revenue before reimbursements was 1.9% As compared to 2% in the prior quarter and 1.6% when compared to the same period in the prior year. Total revenues from our Global SMBT segment were $43,600,000 for the Q2 of 2023. Revenues before reimbursements for our Global SMBT segment were $43,000,000 for the Q2 of 2023, A decrease of 2.4% when compared to the same period in the prior year. This was consistent with guidance As extended client decision making impacted business transformation engagements. Additionally, the comparisons were against accelerated post COVID demand we experienced throughout the first half of the prior year.

Speaker 1

Total revenues from our Oracle Solutions segment were $20,800,000 for the Q2 of 2023. Revenues before reimbursements for our Oracle Solutions segment were $20,300,000 for the Q2 of 2023, An increase of 3.8% when compared to the same period in the prior year as well as a sequential increase of 21.6%. The momentum we discussed when we provided guidance last quarter continued to accelerate and drove earlier than expected 2nd quarter year over year revenue growth and strong sequential growth. Total revenues from our SAP Solutions segment With $12,700,000 for the Q2 of 2023 and also exceeded expectations due to the sale of a number of cloud license deals. Revenues before reimbursements for our SAP Solutions segment were $12,400,000 for the Q2 of 2023, an increase of 10.7% when compared to the same period in the prior year.

Speaker 1

Approximately 22% of our total company revenues before reimbursements consist of recurring multi year subscription based revenues, which includes our research advisory, IP as a service, multiyear benchmarks and application managed services contracts. Total company adjusted cost of sales, which exclude reimbursable expenses and non cash stock based compensation expense, Total $43,800,000 or 57.9 percent of revenues before reimbursements in the Q2 of 2023 Total company consultant headcount was 1148 at the end of the second quarter as compared to total company consultant headcount of 128 in the previous quarter and 1125 at the end of the Q2 of 2022. Total company adjusted gross margin on revenues before reimbursements, which excludes reimbursable expenses and non cash stock based compensation expense, Was 42.1 percent in the Q2 of 2023 as compared to 42.2% in the prior year period. Adjusted SG and A, which excludes non cash stock based compensation expense and intangible asset amortization, Was $16,300,000 or 21.5 percent of revenue before reimbursements in the Q2 of 2023. This is compared to $14,800,000 or 19.7 percent of revenues before reimbursements in the prior year.

Speaker 1

The year over year absolute dollar increase is primarily due to incremental investments we are making and dedicated sales resources For our benchmarking, executive advisory, market intelligence and our IP as a service offerings. These investments approximated $0.03 in the Q2 of Or 21.6 percent of revenues before reimbursements in the Q2 of 2023 as compared to 17,600,000 23.6 percent of revenues before reimbursements in the prior year. GAAP net income for the Q2 of 2023 totaled 8,700,000 or diluted earnings per share of $0.32 and compares to GAAP net income of $10,200,000 or diluted earnings per share of $0.32 in the Q2 of the prior year. Adjusted net income, which excludes non cash stock based compensation expense, Intangible amortization for the Q2 of 2023 totaled $10,800,000 or adjusted diluted net income per common share $0.39 which was at the high end of our earnings guidance range. The Q2 of 2023 Results were negatively impacted by $0.01 due to unfavorable movements in foreign currency.

Speaker 1

This compares to adjusted net income of $12,100,000 or adjusted diluted net income per common share of $0.38 in the Q2 of the prior year. The company's cash balances were $15,800,000 At the end of the Q2 as compared to $16,900,000 at the end of the previous quarter. Net cash provided by operating activities in the quarter $7,700,000 primarily driven by net income adjusted for non cash activity and increases in accrued expenses, partially offset by increases in accounts receivable. Our days sales outstanding at the end of the quarter was 68 days As compared to 66 days at the end of the previous quarter. This increase in DSO is primarily due to slightly unfavorable terms on large client engagements that we've begun during the first half of the year.

Speaker 1

During the quarter, we repurchased 6,000 shares of the company's stock from employees To satisfy income tax withholding, triggered by the vesting of restricted shares for an average of $19 per share At a total cost of approximately $119,000 Our remaining stock repurchase authorization at the end of the quarter was 13,900,000 During the quarter, the company paid down $5,000,000 on our credit facility. The balance of the company's total debt outstanding at the end of the second quarter $53,000,000 Our plan is to further accelerate debt pay downs through the balance of the year. Net interest expense for the quarter 921,000. At its most recent meeting subsequent to quarter end, the company's Board of Directors declared the 3rd quarterly dividend $0.11 per share for shareholders of record on September 22, 2023 to be paid on October 6, 2023. I'll now move to our guidance for the Q3.

Speaker 1

The company estimates total revenues before reimbursements for the Q3 of 2023 to be in the range of $72,800,000 to $74,300,000 We expect global SMT segment revenue before reimbursements to be up when compared to the prior year. We expect Oracle Solutions segment revenue before reimbursements to be up strongly when compared to the prior year. We expect SAP Solutions segment revenue before reimbursements to be down on a year over year basis, primarily due to expected decreases in cloud license sales. We estimate adjusted diluted net income per common share in the Q3 of 2023 To be in the range of $0.38 to $0.41 which assumes a GAAP effective tax rate on adjusted earnings of 27.5%. As Ted mentioned last quarter, the 3rd quarter will reflect the continued incremental dedicated investments we are making In program development and in dedicated sales resources for our benchmarking, executive advisory, marketing intelligence and our IP as a service offerings.

Speaker 1

These incremental costs are expected to impact our diluted net income per common share by approximately $0.04 We expect adjusted gross margin on revenues before reimbursements to be approximately 43% to 44%. We expect adjusted SG and A and interest expense to be approximately $16,700,000 We expect Q3 adjusted EBITDA on revenues before reimbursements to be in the range of approximately 23% to 24%. Lastly, we expect cash flow from operations to be up on a sequential basis. At this point, I would like to turn it back over to Ted to review our market outlook and strategic priorities for the coming months. Thank you, Bob.

Speaker 1

As we look forward, let me share our thoughts on the near and long term demand environment And the growth opportunity it offers our organization. As I repeatedly say, the demand for digital transformation is being impacted by And the decision making as organizations assess competing priorities created by increasing interest rates in The demand disruption which it is intended to affect. However, it continues to be clear, A clear strategic priority for our clients. Digital innovation in enterprise cloud applications, analytics and artificial intelligence, Structure and workflow automation are dramatically influencing the way businesses compete and deliver their services. Digital transformation is redefining all activities at an Accelerated pace, forcing organizations to fundamentally change and adopt these new capabilities to remain competitive And to realize targeted productivity gains.

Speaker 1

As we mentioned at the beginning of the year, we believe clients use The year end planning process and the beginning of the 2023 year to assess their industry risk, make headcount and spend reductions And rebalance their spend with productivity and strategic cost reduction efforts, which are also core to our offerings. We believe that clients will become more comfortable with the economic headwinds and we will see their behavior improve throughout the year. Similar to us, many of our clients did not experience a demand disruption until late in Q2 of last year And we'll be more challenged by the strong year over year or have been challenged by the strong year over year comparisons of the first half of the year. However, most will face more favorable comps in the second half of the year. If we are correct, this will further support the behavior improvement, Which we expect when we look at the second half and compare it to the first half of twenty twenty three.

Speaker 1

On the talent side, competition for Experience executives continues. Overall, we saw turnover continue to moderate during the quarter and expect the trend to continue. Longer term, we have transitioned to a hybrid sales and delivery model, which provides us with effective access to our clients and their respective teams. This hybrid model provides our associates with greater personal flexibility to perform their defined responsibilities remotely, which is very valuable to them. This should allow us and is allowing us to attract and retain talent that we have struggled to retain because of the demanding historical Travel requirements of our industry.

Speaker 1

Strategically, we are accelerating our focus on recurring high margin IP related services By increasing the development of new programs, those which we detailed on the market intelligence comments I made previously and aggressively adding to our Sales and marketing resources dedicated to this area. The investment will decrease our Q3 results by $0.04 Additionally, on the CapEx side, we will continue our investment on our new Packet Connect member platform and plan to introduce Generative AI functionality in 2024. It is also important to note that we continue to see strong downstream revenues from our benchmarking and research advisory clients to our business transformation in Oracle OneStream and Coupa Consulting Services. This halo effect has been in excess of 40% over the last several years. Simply put, organizations who rely on our IP, Research and benchmarking services are more likely to utilize our consulting services.

Speaker 1

We are also exploring strategic partnerships, which will allow us to to new channels and that will allow us to reach beyond the Global 1,000 focus in an efficient manner. We launched our 1st syndication agreement of our IP and content on April 1. We continue to evaluate new channels for our IP and our platforms. We also continue to redefine our global benchmarking leadership through enhancements in Quantum Leap, our digital benchmark Software as a Service solution, Along with our digital transformation platforms, this platform these platforms allow us to deliver more information with significantly less client effort. It also allows our clients to leverage our IP to create compelling benefit case assessments, accelerate process flow and software configuration decisions And track the value realization of the transformation initiatives over the life of their respective efforts.

Speaker 1

We believe that there are no comparable IP led platforms in the As I have mentioned on previous calls, we have a 20 minute demo on our Investor Relations page of our website so that investors become more familiar with the capabilities of our platform. Lastly, even though we believe that we have the client base on the offerings to grow our business, we continue to look For acquisitions and alliances that strategically leverage our IP and at scope scale and capability, which can accelerate our growth. As always, let me close by congratulating our associates on our performance and by thanking them for their tireless efforts and always Those conclude my comments. Let me turn it over to our operator and let's move on to the Q and A section of our call. Operator?

Operator

Thank you. We will now begin the question and answer session. Our first question comes from Jeff Martin with ROTH MKM. Your line is open.

Speaker 2

Thanks. Good evening, Robin. Chad, how are you?

Speaker 1

Jeff, how are you?

Speaker 2

Good. Thanks. Ted, you mentioned generative AI, A product launch in 2024, could you give an early peek under the hood what that might look like?

Speaker 1

Well, we're looking at both 2 things on GenAI. First, our ability to advise clients On exactly what use cases they can benefit from sooner rather than later. So we're doing an exhaustive assessment of all of our Business process areas, which are total 130 as we define the enterprise and looking beyond them into activities to see exactly That's one way of making sure that they can start prioritizing their initiatives. On our end, we're looking at different ways to try to Create our own large language model with or without a partner. We're considering both.

Speaker 1

But we'd like the idea of Being able to engage clients significantly more efficient than we are today. An example that for example, we reviewed this morning is Concept around the idea of Ask Hackett. We know individuals consistently want to be able to engage in content more efficiently Without ever really even going to a strict to a click of either some mobile device or some type of laptop. So we're looking at what kind of training, what kind of data, obviously, we know the data that we have, but what kind of training we would provide our data so that Again, the idea is can we provide our clients and our members with the powerful IP of Hackett By simply opposing a question as an example and getting some detailed information to whatever is On their mind at any given point of the day and as they're considering some of their strategic or productivity initiatives. Those would be two examples both on the client side and one on how we're thinking about deploying our capability and driving that to our client base more aggressively in 2024.

Speaker 2

Great. And then wanted to ask what kind of reaction you're getting from the initial market intelligence Launch and what you think the sales cycle on that might be and what kind of timing of You might start to expect. And then finally, what would be considered an average contract size Related to market intelligence.

Speaker 1

Well, first, as I said on the call, the actual published report was our To the C side, we're publishing the part of Prepare to Pay software assessment here in the next week or so. And we'll follow that up with finance and accounting outsourcing and hope to get that out before the end of Q3. So we're still trying to first put out a number of these as quickly as we possibly can. The engagement, both on the participation side and post, has been favorable. The important thing for us is to really Complete the programs that we do want to go out in this, if you want to call it first tranche to make sure that everyone, both participants as well as Times know exactly how we're weighing in and both the influence that we have and the insight that we can provide that is valuable to them.

Speaker 1

So that's really Where we see the benefit coming, to be more specific, when I think of meaningful monetization of all those programs, both in terms of numbers And the engagement, we would like to see that start materializing in the beginning of 2024, just like we would like to see the impact Of the significant sales resource investments that we've been making to increase the number of our sales executive within our IP service Thanks to have what we hope is a meaningful impact in the middle of 2024. If, as I said on my call, if We see the sequential growth from the sales that we're currently expecting improve as strongly as we Expect from Q2 to Q3, we saw good improvement from Q1 to Q2. We expect Stronger sequential improvement for Q2 to Q3. If that kind of cadence continues, then you will see the impact on both Market Intelligence programs both in the rollout and the sales of them as well as the impact of just the sales resources Across all of our executive advisory programs, which are already in place.

Speaker 2

Great. And then you mentioned $0.04 impact in Q3 from the investments in program development and sales personnel or sales resources. What might we expect in Q4? I know it was a $0.03 impact in Q2. That's up to $0.04 in Q3.

Speaker 2

What do you think it might look like in Q4?

Speaker 1

We would expect it to be similar. We have no reason to expect it to be any different. We thought it was going to be $0.04 in Q2, but it actually ended up being $0.03 And that's just when the resources came in and impacted the quarter. We're seeing that roll into the next quarter. We know what that spend is expected to be, so we would expect it to be 4.

Speaker 1

I have no reason to believe that it won't be 4 in Q4.

Speaker 2

Great. And then in terms of the headcount addition on the consultant side, What areas are you adding more aggressively than others?

Speaker 1

Well, it's hard to ignore this Incredible performance and performance that we're getting from Oracle Solutions Group. So even though we went through that volatility at year end, I mean since That latter part of Q1, we've been aggressively hiring both onshore and offshore resources To handle the kind of demand that we've been experiencing. So that would be the primary area. And then I'm going to say The 2nd largest area is the hiring of all these additional sales resources. Those will be the 2 primary hiring areas In both Q2 and continue into Q3.

Speaker 2

Great. Thank you for your time.

Operator

Our next question comes from Vincent Colicchio with Barrington Research. Your line is open.

Speaker 3

Yes, Rob. On GSPT and Oracle Solutions, I didn't hear in your prepared remarks the growth outlook for Q3. Could you repeat that please?

Speaker 1

Sure. What we said was that, S and BT would be up or would be up strongly And that SIP would be down.

Speaker 3

And that's year over year?

Speaker 1

That's year over year.

Speaker 3

Okay. Thank you for that. Ted, the $0.02 cost less than expected, was that because Hiring salespeople was taking longer than expected?

Speaker 1

Yes. We had Some changes, but yes, some of the resources came in later in the quarter.

Speaker 3

Are you finding the right people you need? And are these folks from companies that are already doing research type of work?

Speaker 1

Yes, yes. We're finding them and we find their interest in what we're trying to do to be extremely high. We don't expect that to change.

Speaker 3

Okay. And I know you've said you expect that You're looking for meaningful revenue from the market intelligence programs early next year. Is it too early to ask? The first programs were launched in December of last year. Has revenue come in with plan or is it just too early for that to even be meaningful?

Speaker 1

Too early since the P2C program published just, I think, about 5 weeks ago. So too early. But no reason remember the biggest productivity measurement we are making is the productivity of The sales people that are coming on board and how that's progressing. And as I said, we saw improvement from Q1 to Q2 and we expect Strong improvement from Q2 to Q3 just based on the activity that they're experiencing. So that speaks to The most important is that we have existing programs and then we're trying to increase the number of programs that we saw On a member or subscription basis to our market intelligence programs.

Speaker 1

So, in essence more than doubling the number of programs that we have. The primary productivity is that of the sales force with the existing programs, which we have in place, Which are significant for the number of salespeople that we have. Yes. What are we trying to do? As you've heard me say to investors, when we started 2022, we our goal has been to Quadrupled the sales force and doubled the programs that we have in place or as close they're up by the end of 2023 and we're still Trying to achieve that.

Speaker 3

And how many sales people do you have now and how many do you plan to have by year end?

Speaker 1

In exit in this group that we brought on board, it's around 30 and counting.

Speaker 3

Okay. And one last one for me. The strength in Oracle Solutions, is that Are there any particularly large deals there? Or is it sort of balanced in terms of the business you're ramping now and also in the pipeline?

Speaker 1

Both. We've seen both the number of deals we closed, peppered with some very significant deals, Some from some previous clients, significant clients of ours that have come back to us for Oracle support and help As they've implemented, as they've needed that kind of assistance, and we're seeing brand new clients walk in the door As a result of, I think, what I would call excellent collaboration we've been getting with the Oracle sales channel.

Speaker 3

Okay. Thanks, Ted.

Operator

At this time, I show no further questions. I will now turn the call back over to Mr. Fernandez.

Speaker 1

I want to thank everyone for participating in our 2nd quarter earnings call and we look forward to updating everyone when we report the 3rd quarter.

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