Primerica Inc. (NYSE:PRI)
Q3 2016 Earnings Conference Call
November 10, 2016, 10:00 AM ET
Kathryn Kieser - Executive Vice President, Investor Relations
Glenn Williams - Chief Executive Officer
Alison Rand - Chief Financial Officer
Mark Hughes - SunTrust Robinson Humphrey
Adam Klauber - William Blair Company
Good morning and acquire to a Primerica Third Quarter 2016 Financial Results contention call. All participants will be in listen-only mode [Operator Instructions]. After now presentation, there will be an eventuality to ask questions. [Operator Instructions]. Please not this eventuality is being recorded.
I would now like to spin a contention over to Kathryn Kieser, Executive Vice President, Investor Relations. Please go ahead.
Thank you, Alison. Good morning, everyone. Welcome to Primerica's third entertain advantage call. A duplicate of a advantage release, financial supplement, display and webcast of today's call are accessible on a website during investors.primerica.com.
Glenn Williams, a Chief Executive Officer and Alison Rand, a Chief Financial Officer, will broach prepared remarks. Then we will open it adult for questions.
We anxiety certain non-GAAP financial measures in a press recover and on this call. These non-GAAP measures have stipulations and reconciliations between non-GAAP and GAAP financial measures are trustworthy to a press release.
We will also make forward-looking statements in suitability with a Safe Harbor Provisions of a Securities Litigation Reform Act. The Company will not scold or refurbish these statements to simulate new information, successive events or changes in strategy.
Risk and uncertainties that could means tangible formula to differ element from those voiced or pragmatic are discussed in a Company's 2015 annual news on form 10-K, as reported quarterly by a reports on form 10-Q.
Now we will spin a call over to Glenn.
Thank you, Kathryn and good morning, everyone. Today, I’m gratified to news another clever entertain opening during Primerica. Beginning on Slide 3, we can see in a third entertain of 2016, handling revenues increasing 8% to $383.7 million and net handling income increasing 17% to $58.1 million from a prior-year period.
Results were driven by clever trends in a Term Life shred including 13% enlargement and practiced approach premiums and clients knowledge subsequent chronological levels. These dynamics gathering a 25% boost in Term Life income before taxes year-over-year.
In a third quarter, a investment in resources products, a handling posted a initial year-over-year quarterly advantage in 2016. Solid advantage in a third entertain as good as ongoing share repurchases gathering a 25% boost in diluted net handling income per share to $1.22 and ROAE stretched to 20.3% from a year-ago period. We pattern ROAE to be in 19% operation for a full-year in 2016.
During a third quarter, we repurchased $41 million or approximately 743,000 shares of Primerica’s common stock. Year-to-date we have repurchased $150 million or approximately $3 million of a common stock. We pattern to repurchase another $125 million to $150 million in 2017 in serve to profitable stockholder dividends.
In serve to clever financial performance, we surpassed a unequivocally certain placement formula we achieved in a third entertain final year. Page 4, we can see a life-licensed sales force grew 115,345 member during a finish of a third entertain adult 10% from a before duration and adult 3% from a finish of a second quarter. Year-over-year recruiting of new member increasing 12% and new life word licenses were 5% higher, demonstrative of continued aloft recruiting levels and chartering focus.
On a consecutive entertain basis, recruiting increasing 13% and new life word licenses declined 4% from a aloft spin in a second quarter. So far, in a fourth quarter, we have seen plain year-over-year enlargement in recruiting as good as a continued boost in a distance of a life word sales force during a finish of October.
We trust we continue to attract, such a immeasurable series of determined entrepreneur, given a association gives people a singular probability to build their possess financial services business. When a partisan joins a business, a tiny price they pay, allows Primerica to cover a recruits full cost of removing life word license, including 12 to 40 hours of authorized stay giveaway chartering classroom preparation and investigate materials compulsory credentials check, examination fees and state chartering fees.
Newly permit member competence also validate to have their FINRA bonds examinations and state permit registrations lonesome by a company. Recruits who work by a chartering routine get a financial value some-more than homogeneous to a cost to join Primerica. And those who do not get permit still accept genuine value from a array of training on financial concepts as good coaching on sales, care and business skills that they receive.
We support a sales force by ceaselessly expanding a record height to some-more effectively support a recruits and representatives. Primerica's mobile app and internet site are unequivocally accessible ways for a recruits and member to accept product and business training. Representatives can also electronically contention applications, entrance business comprehension tools, substantially conduct their office, examination association communications and know authorised and correspondence discipline in sequence to grow their businesses.
On Page 5, we can see Term Life released policies continue to knowledge denote growth, adult 13% from a clever third entertain a year ago, significantly outperforming a industry, that reported a 1% diminution in life word applications year-over-year according to a Medical Information Bureau Life Index.
Growth in a Life Insurance Licensed Sales Force as good as capability in a high finish of a chronological operation gathering a clever enlargement in released policies in a third quarter. Productivity in a entertain of 0.22 policies released per life-licensed deputy per month was unchanging with a third entertain a year ago. On a consecutive entertain basis, Term Life word policies released declined 3% from a second entertain mostly reflecting a aloft capability standard of a second quarter.
We have perceived some questions about a series of life word policies a member purchasing on themselves. Approximately 22% of a life word applications in 2015 were from clients who were also Primerica recruits or protected member during a time of purchase. Another 5% of applications were from clients who purchased a routine before apropos a recruit.
These numbers have remained unchanging year-to-date by September. We do not need a member to buy a routine nonetheless we do trust any center income family should possess Term Life word if there is a need possibly they're a Primerica deputy or not.
Turning to investment and resources products, net flows were positive, $201 million in a third quarter, ISP sales declined 2% to $1.34 billion year-over-year as U.S. sell mutual comment sales increasing 9% bound index annuities sales increasing 32% while non-static payments sales declined 22% unchanging with attention trends.
Average customer object values grew to a record $50.7 billion, adult 6% year-over-year and in line with marketplace performance. On a analogous basis, both Canadian segregated supports and sell mutual supports were down year-over-year in line with a industry. Our association far-reaching emancipation rate as a commission of resources remained in line with chronological trends.
On a consecutive entertain basis, investment and resources product sales were 9% reduce than a sequentially clever second entertain of 2016. Total normal customer object values increasing 4% from a second entertain reflecting marketplace performance.
Now I'll tighten with a Department of Labor's Fiduciary Rule. The presidential choosing has introduced some new uncertainties per a rule. As with any change in administration, group manners are theme to examination and reconsideration. While we can't envision where that examination will go with honour to a Fiduciary Rule, Primerica has been an active member in a sequence creation routine and would pattern to be concerned in a future.
We continue to devise for a sequence that’s now written. Our government group along with a assistance of attention heading consultants and use providers is diligently operative by changes we would need to make a approve with a rule. While a numbers of firms, that offer mostly abundant clients are deliberation customarily charity IRAs in advisory programs and expelling any IRA brokerage options.
We trust a poignant series of broker-dealers will continue to sell mutual supports with upfront loads after a sequence goes into effect. We still trust a mutual comment with an upfront sales assign can be a many suitable approach for clients to deposition and save toward their long-term retirement goals.
We devise to continue to a charity these products on a brokerage height to a markets we serve. We, along with a attention are aware of intensity authorised bearing and a doing efforts being solemnly undertaken to minimize this exposure, while bringing us into correspondence brazen of a deadlines.
We are spending a poignant volume of efforts, building raise prove of sale record for a front finish of a investment sales process, in sequence to constraint a clients pivotal preference points and support a avowal compulsory by a rule. Additionally, we have analyzed all of a operational processes and creation a compulsory adjustments, including enhancements to a policies, procedures, training and organisation to be in correspondence with a rule, when it becomes effective in Apr of 2017.
Significant change generally creates short-term disruption, nonetheless transparent communications can border a affects in a distraction. Throughout this sequence creation process, we have kept a tip ISP protected member sensitive about a DOL developments. We are in ongoing communications about a sequence and operative with them to broach a support ISP member will need to adjust a new landscape.
Primerica is singly position to make a compulsory changes to approve with a rule; we sojourn committed to offer a middle-income families, while other companies continue to change to aloft income clients. We are assured that a elementary business denote and a worldly point-of-sale record will give us a coherence compulsory to adjust to a new rule.
Today we have a unequivocally fit routine for executing a trade while in a client's home. Ultimately, a new routine should streamline a sales routine so that’s easier to govern trades and creates a some-more appealing business for member deliberation receiving a mutual comment license.
Now, Alison will plead financial formula in some-more detail.
Thank you, Glenn and good morning, everyone. Today, we will cover a advantage formula for any of a segments and interpretation with a Company-wide examination of word and handling expense.
Starting on Slide 6. In a third quarter, a Term Life shred continue to knowledge clever opening with margins expanding to 20.1% a period. Operating revenues and practiced approach premiums both increasing 13% year-over-year, while handling income before income taxes increasing 25% from a third entertain a year ago.
The advantage in claims ratio a 57.6% bit low for a entertain reflecting incurred claims that were approximately $3 million subsequent chronological level, a apportionment of that comes from a doing of a new claims adjudication complement for infirm lives. The advantages in claims ratio continues to advantage from YRT reinsurance rate reductions that we negotiated on 2014 after emanate years.
Slightly adverse persistency gifted in a third entertain also contributed to a reduce advantages in claims ratio from smaller haven increases, though led to a medium boost in a DAC amortization ratio for a entertain to 15.4%.
The net word responsibility ratio for a duration was 7.5%, that continues to decrease during bound cost or widespread over a incomparable make reward bottom fueled by clever sales in new period. On a consecutive entertain basis, Term Life income increasing 6% and both income before income taxes and a Term Life handling domain were unchanging with a second entertain of 2016.
The DAC amortization ratio increasing and a advantages in claims ratio declined from a before entertain due to seasonally clever persistency in a second entertain and auspicious incurred claims in a third quarter.
As we have discussed in a past, practiced approach premiums should naturally grow over a subsequent several years by a smallest of 10% annually as a outcome of a coinsurance exchange we entered into during a time of a IPO. The 18% enlargement in policies released in 2015 and 16% year-to-date enlargement in 2016 have propelled practiced approach reward enlargement serve to 13% year-to-date.
Beginning in 2017 word policies entrance to a finish of their initial routine term, will no longer be ceded to a IPO reinsurers. We pattern this change to boost net premiums by approximately $50 million by a finish of 2017, that will mostly be equivalent by an boost to advantage and claims and DAC. Retention of these policies competence have a modestly disastrous impact to a advantages and claims ratio as good as Term Life handling margins overall.
That being said, we trust any ensuing headwind should be some-more than equivalent by a auspicious Term Life trends we have been experiencing including YRT reinsurance rate reductions in new years and a widespread of bound waste of a incomparable make reward base.
On an annualized basis, we pattern a advantages and claims ratio to be in a 58% to 59% operation and a Term Life handling domain to sojourn in a 19% to 20% operation in 2017. Adjusted approach premiums are approaching to uncover appealing enlargement rates in a low- to mid-teens by 2017.
Moving now to a investment and resources product segment, on Slide 7, we will see a ISP handling revenues increasing 1%, and ISP handling income before income taxes increasing 3% from a third entertain a year ago. Revenue generating product sales and sales formed revenues declined 1% and 2% respectively reflecting a decrease in non-static payments sales mostly equivalent by enlargement in U.S. sell mutual supports and index annuity.
The sales formed net income ratio was high this entertain as we famous a $1 million year-to-date locate adult of revenues to be perceived from one of a product providers. We pattern a ratio to normalize subsequent quarter. Asset formed revenues increasing 3% and normal customer object values boost 6% to $50.7 billion year-over-year.
Positive Canadian segregated comment marketplace opening and reduce segregated comment emancipation led to an $800,000 decelerated DAC amortization in a third entertain of 2016, that when total with a disastrous opening in a before year duration led to a $1.7 million year-over-year alleviation in segregated supports DAC amortization. Account formed revenues increasing 4% year-over-year, mostly reflecting enlargement in a managed and sell mutual comment account positions.
On Slide 8, we can see a corporate and other distributed product shred handling revenues; were $31 million and handling waste before income taxes were $5.4 million in a third entertain of 2016. The medium year-over-year boost in word and other handling waste was partially equivalent by $1.5 million of reduce seductiveness responsibility from a negotiated rebate in a financial assign on an IPO compared reinsurance agreement progressing this year.
Allocated net investment income increasing 2% from a third entertain of final year, as a somewhat reduce furnish on a invested object portfolio was some-more than equivalent by softened symbol to marketplace adjustments on a deposition object subsidy an IPO compared reinsurance agreement.
During a quarter, we saw some alleviation in bound income prices and a net unrealized advantage on a invested object portfolio increasing modestly from $105.2 million during Jun 30th to $110.4 million during entertain end.
We continue to contend a clever collateral position with Primerica Life Insurance Company's orthodox risk formed collateral ratio estimated to be around 430% and holding association liquidity of $72.5 million during a finish of a third quarter. We will continue to take out typical dividends from Primerica Life to a border accessible and we pattern a RBC ratio to sojourn in additional of 400%.
Now I'll pierce to a contention of a company's word and other handling expenses. In Slide 9, we can see a third entertain waste adult $78.1 million with $7.5 million aloft than a third entertain of final year. The year over year change radically reflects a $1.1 million boost in reward and enlargement compared waste to $2.3 million boost in worker compared waste and $1.7 million spend on DOL Fiduciary sequence doing as good as a $2.7 million boost in record infrastructure and mobile initiative.
Looking forward, we pattern a fourth entertain word and other handling waste to generally be in line with third entertain levels. You competence have remarkable for functions for calculating a word responsibility ratio enclosed in a Term Life territory of a financial serve that we would use word waste by other net revenues. We do this as a equipment enclosed in other net income are not noticed by government as drivers of handling income and tend to be entirely equivalent by handling expenses.
Year-to-date we have famous $37 million of other net revenues on a total basement of that $31 million or 84% was perceived from member for their subscription to Primerica's mobile app and internet site or a squeeze of selling material. The residue represents routine administration fees, third-party copy revenues and other diverse equipment perceived from clients or business partners.
Primerica's mobile app and internet site is an ever-evolving apparatus for a deputy with an endless cost structure including pattern and enlargement of customer government application, electronic sales tools, electronic bureau government and a smoothness of third-party software.
We are ceaselessly adding calm bettering for a unchanging enrichment in mobile smoothness ensuring that we have a IT infrastructure compulsory to firmly broach this use to a representative. The fees perceived from a deputy are equivalent by these waste and do not beam bottom line results.
Let me tighten with a contention of a DOL statute doing cost. As Glenn discussed, we are in a routine of building a best needs of providing investment recommendation to middle-income families underneath a DOL fiduciary rule. While we devise to precedence a already clever correspondence and executive infrastructures to approve with a rule, we pattern to locate estimable doing cost for consulting, authorised guidance, sales force training and record platforms as good as ongoing cost to approve with a rule.
As we continue with a evaluation, a approaching costs have increasing modestly. Assuming there is no poignant change in a sequence we pattern to locate that $2 million in a fourth entertain of 2016 and roughly $10 million in 2017 for one time and ongoing costs combined. Thereafter we pattern ongoing cost of correspondence to be in a operation of $4 to $5 million per year as we continue by a doing process, we will serve labour both a volume and timing expectations for these expense.
Now, let's open it adult for questions.
Thank you. [Operator Instructions]. The initial doubt comes from Mark Hughes with SunTrust. Please go ahead.
Thank we good morning. On a recruiting front, 12% enlargement on tip of 34% enlargement in this entertain final year, we got a good boost from a gathering final year and we are means to tip that. My common doubt is anything one-time and any surprising programs in place to boost recruiting or is this sustainable?
Well we did not have any specials going on, any kind of surprising one-time incentives during that period. We are unequivocally gratified apparently with those formula and we have to give a credit to a domain force care who stays unequivocally concentration on recruiting, given that gathering and stability to build enlargement on tip of growth.
A lot of a concentration is perplexing to make certain that we commend what it takes to grow, and we put all of a fundamentals in place, as good as a care concentration both here during a association and among a sales force. So there is zero unusual, there is no surprising inducement or timers in that, we get some unequivocally clever enlargement in a elemental business that combined that Mark.
Okay. The word expenses, we cruise we had mentioned, that we got some precedence from a growth, it looks like on an comprehensive basis, in a term, shred word waste have been prosaic for 3 quarters. Are we going to be means to contend that leverage, kind of keep them during a comparatively low spin compared to revenue?
I do trust so, in fact, we do cruise that series should continue to urge as we continue to build out a in force of a business. One other thing that is right, a tiny bit of boost this year contra last, does have to do with what we was deliberating with a mobile applications and internet site. So we allot that sold cost both a income that we get and a cost compared with it, between Term Life and ISP, mostly formed on deputy count. So a immeasurable infancy of a cost - 80%of it goes to Term Life.
So as we said, we are spending utterly a bit of income on progressing and serve building those collection and in fact we trust partial of a reason that they are removing such extensive use by a deputy is given we keep putting improved and improved calm out there to support a tools. So while a revenues have left up, a waste are gripping gait with that income growth.
Right. And we contend from a cost-ratio viewpoint that should urge as we get some-more growth?
That overall, what I'm privately articulate about is a year-over-year enlargement in arrange of a responsibility number, that has a lot to do with a record build out. That said, we do trust that a reward base, out in force bottom will grow faster than a responsibility structure does altogether for a Term Life business. So yes, we pattern that ratio to continue to decline.
Obviously, as we have seen in a past, we we have some timing by quarter, we have arrange of a incomparable responsibility structure in a initial entertain than in entertain usually given of seasonality. But overall, for an annualize basement we pattern it to continue to stay a same or decline.
Likewise, your sales-based commissions were a tiny reduce than a trend this time. Was that a brew emanate or something else?
I cruise we are referring to ISP and they were indeed a tiny bit aloft than historically; we mentioned it fast in my prepared comments. We did have a one-time year-to-date locate adult or loyal adult involving a specific charge with one product provider, that all strike this entertain contra a final 3 quarters. So that side it's a tiny bit adult a tiny bit this entertain and as we pronounced in my prepared comments, we do pattern that to normalize behind subsequent quarter.
Your prove about a $15 million, could we travel by that again and we cruise we pronounced it had a disastrous impact on margins. But, on an comprehensive basis, does a additional $15 million in income move some dollars to a bottom line?
Yes, it positively does, and a reason we were highlighting some of a equipment about a disastrous on a domain and they are unequivocally medium given if we demeanour during 2016 a knowledge that we have had has been a mostly improving Term Life margin. And so what we unequivocally wanted to prove to a travel is that we cruise a margins will continue to sojourn unequivocally strong.
We don't pattern to see as most domain enlargement in 2017 as we saw in 2016 mostly given of this dynamics. But we are positively correct. We do trust that it does indeed emanate some-more bottom line income, usually a somewhat reduce altogether margin.
And that $15 million, have gotten from you're IPO, we are ceding reduction to a reinsurer? Is that it?
Correct. So, adult until a finish of this year, apparently we sell spin tenure products and when they come to a finish of their spin tenure a routine can possibly renew, it can modify to something else we have accessible in newer products or of march it can lapse. And to a border that a routine has renewed or converted that has been ceded to a IPO reinsurers unchanging with any other policies of 80%, effective 1/1/2017, a routine reaches that proviso for a initial time, we will no longer concede that risk.
And so that is given we are saying a changes, so it's radically there will be reduction - line object that’s ceded to IPO reinsurers, that will go down, so practiced approach premiums will go up. Additionally, we will see an composition on a ceded reward line, given we no longer perceived payment if we will from a IPO reinsurers on YRT business, third-party business that we had enforced on that same business, same block.
And a $15 million impact was full-year 2017?
That was a full-year 2017 and it will emerge over a year, it will be unequivocally tiny in a initial quarter, and start rolling after that.
Okay, interpretation you.
You are welcome.
Our subsequent doubt will come from Adam Klauber of William Blair. Please go ahead.
Thanks good morning. Obviously good recruiting, good sales force growth. The purebred reps are flourishing though obviously, a sales force is flourishing during a most faster pace. And we comprehend they do not customarily grow during a accurate same pace. But, during some point, would we pattern a enlargement of a purebred reps to start picking adult some-more in line with a altogether sales force?
I cruise like several things in that tube that creates a placement complement and Adam, we have delays that are built-in and one of a delays is indeed we see an surprising boost or an scarcely immeasurable boost in a life-licensed sales force. There customarily is a loiter before that starts to uncover adult in a bonds permit sales force. On average, it's about dual years from a time a chairman gets a life-license until they get a bonds license. There is a lot of flaw from that though that's a average. And so we should pattern a loiter in there.
I do cruise some of a doubt in a ISP universe with a DOL regulatory change has substantially given us a tiny headwind on that as well. There is a tiny bit of a wait and see attitude, we cruise via a attention that competence be negligence that down usually a tiny maybe fluctuating that delay. But overall, we would pattern to see that lift by and with that check accounted for we would pattern to see a confidence sales force start to grow and play a tiny locate adult to get to a same arena as a life sales force.
Great. That's unequivocally helpful. And then, on a DOL, is your product lineup underneath a DOL, that is starting during 2017, is that especially set during this standpoint? Is there still a lot of work to get a products lined up? Where are we in that process?
As we pronounced in a prepared remarks, it’s an surprising business given a choosing with a lot of new doubt introduced, though we are stability to work underneath a expectancy until we are told differently that a sequence will be implemented as combined and on time and so that creates your doubt important.
Fortunately, we have a sincerely slight product set, given of a approach a business has been run traditionally and so that has finished it easier for us to demeanour brazen and contend what would a destiny product set demeanour like compared to today. We have kind of fewer products to understanding with and to cruise and to make certain we can accommodate all a manners and regulations.
So we are going by that routine there are a integrate of product lines, or product providers that we are in contention with to try to make certain that we are all on a same page, about a perspective of what is compulsory by a rule, their perspective of what's compulsory by a rule. But we are not expecting anything that's vital as distant as product line changes with a providers. They are not all nailed down ideally yet, though we are not looking for a lot of intrusion on that front.
Okay. And afterwards on a buyback, we comprehend we are spending some-more income subsequent year getting, obviously, in correspondence also. we cruise Alison talked about value some-more on a digital platform. If subsequent year goes well, is that potentially regressive or do we cruise that's a flattering good range?
The 125 to 150?
Yes. we cruise a 150 is where we have historically been, we contend that over a final several years so we cruise that's a operation we cruise is appropriate. So we cruise 125 to 150 is generally in that range, we wouldn’t indispensably pattern it to be most opposite than a 150 today. Although a association does furnish a lot of giveaway collateral and to a extent, there was an eventuality we do trust that we have ways to emanate collateral if needed. Anyway, a ubiquitous idea has been to try to contend a spin sincerely unchanging from year-to-year so that investors and people looking during a batch can know arrange of what a diversion devise would be.
Okay. Great. Thanks unequivocally much.
[Operator Instructions] Our subsequent doubt is a follow-up from Mark Hughes of SunTrust. Please go ahead.
On a DOL rule, we assume we have kept tighten tabs on all of these things and are removing real-time feedback on them though what is your clarity of what a new administration - had there been any genuine comments on a DOL fiduciary sequence specifically? Any clarity of possibly a administration or anybody who competence be in a administration, possibly they have got a sold perspective on this. we interpretation your prove about a doubt and we would unequivocally determine with you. But we consternation possibly there is any approach comprehension or explanation that bears on this.
Right, good Mark, in loyal Primerica fashion, we stay with a finger on a beat of all possibility, so approbation we have finished a lot of work, during heading adult to and given a election. And so there is explanation on record, before to a choosing from one of a advisors of a new administration that pronounced they have pronounced they were not in preference of a rule. And would expected take some action, were a administration to change. So a new denote before a choosing that it is on a radar and it could lead to a change in a rule. Kind of an anti-excessive law matter that’s been finished in a DOL sequence mentioned specifically.
As we have finished a homework, there are lot of entrance where that could happen. Of march we theory we give a some-more avenues that it could happen, it increases a odds that something competence happen, will be a judicious conclusion. But President Trump will designate a new DOL secretary and that could lead to check in a sequence by Presidential order, by DOL Secretarial order, that could be behind a brief duration of time or intensely prolonged duration of time as we know it.
And a new Secretary of Labor could be in place sincerely fast after President Trump takes office. That is one possibility. Congress could travel a sequence by legislation is another possibility, a lawsuit is holding place now, could take a tiny bit opposite lane if a DOL or Department of Justice motionless not to pursue it as aggressively or urge it as aggressively.
And we have had indications from a advisors in DC that it is on a Trump transition team's radar. At slightest it's on a list, we don’t know accurately what that means and it’s unequivocally tough to speculate. But we do know there are series of opportunities and it is something that’s been publically discussed.
Thank we for that detail. Do we occur to know from a congressional standpoint, is this something that would need 60 votes, or is it one of those bill equipment that customarily would need a infancy in a Senate?
I'm informed with that one Mark, we don’t know that one for sure.
Okay. Thank we unequivocally much.
Ladies and lady this will interpretation a question-and-answer session. we would like to spin a contention behind over to Mr. Glenn Williams, for any shutting remarks.
Thank we Alison, interpretation we everybody for fasten us today. We interpretation your time.
The contention has now concluded. Thank we for attending today's presentation. You competence now undo your lines.
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