Emmis Communications Corp (EMMS) 首席执行官 Jeffrey Smulyan 在 2020年 第一季度业绩 - 收益电话会议记录

[机器翻译] 电话会议 · 2019年07月12日 · 36 次阅读

Emmis Communications Corp (NASDAQ:EMMS) Q1 2019 Earnings Conference Call July 11, 2019 9:00 AM ET

Emmis Communications Corp(纳斯达克股票代码:[EMMS])2019年第一季度收益电话会议2019年7月11日美国东部时间上午9:00

公司参与者

Kate Snedeker - Media & IR Contact
Jeffrey Smulyan - Chairman & CEO
Ryan Hornaday - EVP, CFO & Treasurer

  • Kate Snedeker - 媒体和IR联系人
  • Jeffrey Smulyan - 董事长兼首席执行官
  • Ryan Hornaday - 执行副总裁,首席财务官兼财务主管

电话会议参与者

Welcome and thank you all for standing by. [Operator Instructions]. This call is being recorded. If you have any objections, you may disconnect at this time.
I will now turn the call over to your host, Kate at Emmis, you may begin.

  • 欢迎并感谢大家的支持。 [操作员说明]。 正在录制此通话。 如果您有任何异议,您可以在此时断开连接。
  • 我现在将把电话转给你的主人,凯特在艾米斯,你可以开始。

Kate Snedeker

Good morning. Thank you, and thank you for joining us for today's Emmis Communications conference call regarding first quarter earnings. I want to extend a special welcome to all the Emmis' employees joining us and listening in this morning. We'll begin in just a moment with opening comments from Emmis' Chairman and CEO, Jeff Smulyan; and Ryan Hornaday, EVP, CFO and Treasurer. After opening comments from Jeff and Ryan, we'll respond to the questions that have been submitted via e-mail to ir@emmis.com. A playback of the call will be available for the next week by dialing 402-998-0454.
This conference call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Please refer to Emmis' public filings with the SEC for more information on the various risks and uncertainties. Additional disclosure related to non-GAAP financial measures have been posted under the Investors tab of our website, emmis.com.
Jeff, we're ready to begin.

早上好。 谢谢,感谢您参加今天关于第一季度收益的Emmis Communications电话会议。 我想特别欢迎所有加入我们并在今天早上收听的Emmis员工。 我们将在Emmis董事长兼首席执行官Jeff Smulyan致开幕词时开始。 和Ryan Hornaday,执行副总裁,首席财务官和财务主管。 在Jeff和Ryan发表评论后,我们将回复通过电子邮件提交给ir@emmis.com的问题。 通过拨打402-998-0454,可以在下周播放该呼叫。

本次电话会议可能包括1995年“私人证券诉讼改革法案”界定的前瞻性陈述。有关各种风险和不确定性的更多信息,请参阅Emmis向美国证券交易委员会提交的公开文件。 有关非GAAP财务指标的其他披露已发布在我们网站emmis.com的Investors选项卡下。

杰夫,我们准备好了。

Jeffrey Smulyan

Kate, thanks. This really has been a remarkable quarter. A lot of the quarter numbers we sort of previewed in our call couple of months ago, Q1, just for housekeeping, pro forma radio revenues per Miller Kaplan were up 3%, matching our markets that were also up 3%, but what's really the most compelling story is the business that we've now seen since that call. Q2 started strong with a record-setting Summer Jam. Our concert in New York, on June 2, those were the highest ticket revenues we've had in the 26-year history of Summer Jam. We're just ecstatic.
And along with Summer Jam, advertising at our stations remains robust. Q2 was currently pacing up double-digits. So we're seeing very encouraging trends not only obviously in June -- May and June that have finished, but in July and August and September. So considering this is a nonelection year and non-Olympic year, we're very encouraged by what we're seeing.
The quarter also obviously have marked several major transactions. We announced the sale of our Austin partnership interest on June 2. Gross cash proceeds, that will be $39.3 million. And then last week, we announced the transaction involving HOT 97 and WBLS in New York, which actually announced July 1. In that agreement, we'll receive $91.5 million of cash at closing plus more in the form of working capital and a note receivable after closing. We're forming a new public company Mediaco with Standard General. In that new company we will own 23.7%, very excited about working with Mediaco. Their focus will be on media. We're already talking to them about projects where we will be involved in the oversight and the management. We think that's going to be a wonderful relationship, very exciting for the future.
In addition to that, and I think this is the one thing people have been confused about. Core Emmis will remain as it is today, and I want to make sure a lot of people don't understand that. Core Emmis will remain, and it will control the following assets. It will control our Indianapolis radio stations, our Indianapolis Monthly magazine, our dynamic pricing business Digonex, our headquarters building in Indianapolis, our 70 acres of land in Whitestown, WLIB in New York City and the interest that we own -- the ownership interest we have in WEPN, which is 98.7 in New York which is currently leased to ESPN in a lease that lasts another 4.5 years or so.
In addition to all those things, we will have about, I think, after taxes and fees and everything about $88 million in cash to invest in new businesses and we're very, very excited about that.
We think that this is the transformation of Emmis that we've been working on. Make no mistake, we love the radio business. We love the business we've been in, but we also would like to tackle businesses that we think may have higher growth profile. And that's what we're looking for. We're already in discussions. Nothing is imminent, but what we believe and I believe for a long time is the culture of Emmis, the people of Emmis, the management of Emmis are pretty good at transforming businesses. So what we would like to do is find businesses that are growing in sectors that may grow a little bit faster than we've seen in radio and we would like to tackle some of those and use our capital and the capital of our partners and people have come to us and see if we can sort of create a new Emmis with a higher growth characteristic. So I'm very excited about it. It's been a long transition. As you all know, there is not a lot of capital in the American radio space, but we have been fortunate to find people with capital who have allowed us to create this transition and we're very excited.

凯特,谢谢。这确实是一个非凡的季度。几个月前,我们在几个月前的电话会议中预测了很多季度数据,仅仅是为了管理,每个米勒卡普兰的预计无线电收入增长了3%,与我们的市场相比也增长了3%,但真正的是最令人信服的故事是我们从那次电话会议以来看到的业务。第二季度开始强劲,创纪录的Summer Jam。我们在6月2日在纽约举行的音乐会,这是我们在Summer Jam 26年历史中获得的最高票价收入。我们只是欣喜若狂。

与Summer Jam一起,我们车站的广告仍然很强劲。 Q2当前正在飙升两位数。因此,我们看到非常令人鼓舞的趋势,不仅明显在6月 - 5月和6月已经结束,而是在7月,8月和9月。因此,考虑到这是非选举年和非奥运年,我们对所看到的内容感到非常鼓舞。

该季度显然也标志着几项重大交易。我们宣布将于6月2日出售我们的奥斯汀合伙权益。现金收益总额将达到3930万美元。然后上周,我们宣布了涉及纽约的HOT 97和WBLS的交易,该交易实际上是在7月1日宣布的。在该协议中,我们将在收盘时获得9150万美元的现金以及更多的营运资金和应收票据关闭后。我们正在与Standard General组建一家新的上市公司Mediaco。在这家新公司,我们将拥有23.7%的股份,对与Mediaco合作感到非常兴奋。他们的重点将放在媒体上。我们已经与他们讨论了我们将参与监督和管理的项目。我们认为这将是一段美好的关系,对未来非常激动人心。

除此之外,我认为这是人们对此感到困惑的一件事。核心Emmis将保持现状,我想确保很多人不理解这一点。核心Emmis将保留,它将控制以下资产。它将控制我们的印第安纳波利斯广播电台,我们的印第安纳波利斯月刊,我们的动态定价业务Digonex,我们在印第安纳波利斯的总部大楼,我们位于Whitestown的70英亩土地,纽约WLIB以及我们拥有的利益 - 我们的所有者权益在WEPN,在纽约是98.7,目前租赁给ESPN的租约又持续了4。5年左右。

除了所有这些,我认为,在税收和费用以及大约8800万美元现金用于投资新业务之后,我们将拥有这些,我们对此非常非常兴奋。

我们认为这是我们一直致力于Emmis的转型。毫无疑问,我们喜欢无线电业务。我们热爱我们所从事的业务,但我们也希望解决我们认为可能具有更高增长率的业务。这就是我们正在寻找的东西。我们已经在讨论了。没有什么是迫在眉睫的,但我们相信和我相信很长一段时间的是Emmis的文化,Emmis的人,Emmis的管理层非常擅长改造业务。因此,我们想要做的是发现业务增长的行业可能比我们在无线电中看到的要快一点,我们希望解决其中的一些并使用我们的资本以及合作伙伴和人民的资本来到我们这里,看看我们是否可以创造一个具有更高增长特性的新Emmis。所以我对此感到非常兴奋。这是一个漫长的过渡期。众所周知,美国无线电领域没有太多资金,但我们很幸运能找到资金让我们创造这种转变的人,我们非常兴奋。

So with that, I want to turn it over to Ryan, and he will give you all the financial details.

因此,我想把它转交给Ryan,他会给你所有的财务细节。

Ryan Hornaday

Thanks, Jeff, and good morning, everyone. This morning, we released earnings for our first fiscal quarter ended May 31, 2019. During the prior fiscal year, we sold our 4 radio stations in St. Louis. This sale causes our current period reported results do not be comparable with prior year results. We encourage those on the call to refer to the supplemental financial information we have posted under the Investors tab of our website, www.emmis.com.
Pro forma for the sale of our radio stations in St. Louis, our radio revenues, as reported to Miller Kaplan, which excludes certain barter and other revenues, were up 3% in Q1, in line with the collective performance of our radio markets during the quarter. Excluding nonrecurring political revenues in the prior year, our Q1 pro forma radio revenues would have been up 4%.
Looking ahead to Q2, we are currently pacing up double digits. The quarter started strong, thanks to record-setting ticket sales for our largest concert Summer Jam in New York, which was held June 2. We are seeing sustained advertising strength for the balance of our second fiscal quarter.
Returning to Q1, automotive was our largest category for the quarter, representing 9% of our revenues. And automotive was up 3% for our stations in Q1. Each of our top 10 categories was up year-over-year in Q1. Pro forma for the sale of our stations in St. Louis, radio station operating expenses, excluding depreciation and amortization were up 9% in Q1. Expense growth was normally high in Q1 due to several factors, including unusually high healthcare claims in Q1 as compared to the prior year, nonrecurring bad debt recoveries in Q1 of the prior year and costs associated with supporting digital revenue growth.
We expect radio expense growth to moderate in Q2. The significant expense decline in the all other line relates to the scaling down of our NextRadio operations, which took effect in Q4 of the prior fiscal year.
During Q1, we completed a refinancing of our credit facility debt. Our new secured debt consists of 3 instruments: $23 million mortgage secured by our corporate headquarters building and land on the Northwest side of Indianapolis; a $12 million revolver principally secured by our accounts receivable in New York and Indianapolis; and a $4 million term loan secured by our 50.1% controlling interest in the Austin radio partnership.
As a result of this refinancing, our weighted average cost of capital for our secured debt decreased from 10.5% to 5.8%. Subsequent to quarter end, we announced 2 significant transactions, the sale of our controlling interest in the Austin radio partnership for $39.3 million in cash and the sale of 2 of our New York radio stations, HOT 97 and BLS for $91.5 million in cash. A $5 million note receivable on approximately 23.7% of the common equity of a newly formed public company that will own the stations.
Both of these transactions are subject to regulatory approval. But once both closed, Emmis expects to have approximately $88 million of cash on hand after settling all tax obligations and closing costs. This estimated cash on hand assumes $13 million remains outstanding under the mortgage on our corporate headquarters, which would be our only material secured debt outstanding.

谢谢杰夫,大家早上好。今天早上,我们公布了截至2019年5月31日的第一财季的收益。在上一财年,我们在圣路易斯出售了4家广播电台。此次出售导致我们当前报告的业绩与上年度业绩不具有可比性。我们鼓励那些在电话中的人参考我们在我们网站www.emmis.com的“投资者”选项卡下发布的补充财务信息。

根据米勒卡普兰报告,我们的无线电收入在圣路易斯出售我们的无线电收入,不包括某些易货和其他收入,在第一季度增长了3%,与我们无线电市场的集体业绩相符。本季度。如果不计入去年的非经常性政治收入,我们的Q1备考无线电收入将增长4%。

展望第二季度,我们目前正在飙升两位数。由于我们在6月2日举行的纽约最大型音乐会Summer Jam的门票销售创纪录,本季度开始强势增长。我们看到第二财季余额的持续广告实力。

回到第一季度,汽车是本季度最大的类别,占我们收入的9%。第一季度,我们的车站的汽车价格上涨了3%。我们排名前10位的每个类别在第一季度同比增长。在圣路易斯出售我们的车站的备考,无线电台运营费用(不包括折旧和摊销)在第一季度增长了9%。第一季度的费用增长通常很高,原因有几个因素,包括第一季度医疗保健索赔异常高,与去年同期相比,去年第一季度的非经常性坏账回收以及与支持数字营收增长相关的成本。

我们预计第二季度无线电费用增长将放缓。所有其他项目的重大费用下降与我们的NextRadio业务的缩减有关,后者在上一财政年度的第四季度生效。

在第一季度,我们完成了信贷融资的再融资。我们的新担保债务包括3种工具:由我们的公司总部大楼和位于印第安纳波利斯西北一侧的土地抵押的2300万美元抵押贷款;一台价值1200万美元的左轮手枪,主要由我们在纽约和印第安纳波利斯的应收账款担保;以及我们对奥斯汀无线电合作伙伴关系的50.1%控股权所担保的400万美元定期贷款。

由于这次再融资,我们的担保债务的加权平均资本成本从10.5%下降到5.8%。在季度结束之后,我们宣布了2笔重大交易,以3930万美元的现金出售我们在奥斯汀无线电合作伙伴关系中的控股权益,并以9150万美元的现金出售了我们的纽约广播电台,HOT 97和BLS。应收票据500万美元,占新成立的上市公司的普通股权益的23.7%。

这两项交易均须获得监管部门的批准。但一旦双方关闭,Emmis预计在解决所有纳税义务和结算成本后,手头现金约为8800万美元。手头的估计现金假设我们公司总部的抵押贷款仍有1,300万美元未偿还,这将是我们唯一的未偿还重大担保债务。

Finally, we invested $244,000 in capital expenditures in Q1, and we expect to invest approximately $0.7 million in the current fiscal year.
With that, Jeff, we have some questions investors submitted in advance to the call.

最后,我们在第一季度投入了244,000美元的资本支出,我们预计在本财年投资约70万美元。

有了这个,杰夫,我们有一些问题投资者提前提交了电话。

Jeffrey Smulyan

Okay.

好的。

问答环节

Emmis has made it clear that it intends to use the net proceeds from the Austin and New York sales to aggressively pursue new business opportunities. We have multiple questions from investors about the future of Emmis. We'll enter the rapid fire round here of several of these questions. The first one is, is there anything imminent on the acquisition front?

Emmis明确表示,它打算利用奥斯汀和纽约销售的净收益积极寻求新的商机。 投资者对Emmis的未来提出了多个问题。 我们将在这里进入其中几个问题的快速解决方案。 第一个是,收购方面有什么迫在眉睫吗?

Jeffrey Smulyan

No, nothing is imminent. Obviously, we have to -- we're now ramping up discussions, but there is absolutely nothing imminent.

不,没有什么是迫在眉睫的。 显然,我们必须 - 我们现在正在加强讨论,但绝对没有什么迫在眉睫。

Ryan Hornaday

Are there any industry do you find particularly compelling?

您觉得有哪些行业特别引人注目?

Jeffrey Smulyan

Well, we have both obviously the long history of media and there may be some things that are peripheral to media that are intriguing to us, but we're really casting a wide net. We really want to find -- our parameters are -- we like to find businesses of certain scale and that have a history of growth where we believe with the skill sets we bring to the table can help enhance that growth. One thing I'm proudest about this company in all these years and we've really gone into all sorts of businesses, we've been in radio, international radio, TV, magazines, major league baseball, dynamic pricing, research. I think I said magazines, but in every area that we've entered into, we've always said, here is what we know, and I think we're smart enough to know we don't know. And we've always been able because of our culture to attract people who fill in those gaps. And while there certainly have been a lot of missteps in four years, we've gotten it right probably more often we've gotten it wrong, which is probably why we're sitting here today. So I think what we're finding here is a company -- an industry where we find our skill sets are a logical fit. I'm certain there will be gaps and we will fill those gaps with people who also can come to our team and bring needed skills to the table.

好吧,我们显然有很长的媒体历史,可能有一些媒体对我们来说很有吸引力,但我们真的投入了广泛的网络。我们真的希望找到 - 我们的参数是 - 我们希望找到具有一定规模的业务并且具有增长历史,我们相信我们带来的技能可以帮助增强这种增长。有这么多年我对这家公司感到骄傲的一件事,我们真的进入各种各样的业务,我们一直在广播,国际广播,电视,杂志,棒球联盟,动态定价,研究。我想我说的是杂志,但在我们进入的每一个领域,我们总是说,这就是我们所知道的,我认为我们足够聪明,知道我们不知道。我们一直以来都能够吸引那些填补这些空白的人。虽然四年内确实存在很多失误,但我们已经把它弄错了,可能更常见的是我们错了,这可能就是我们今天坐在这里的原因。所以我认为我们在这里找到的是一家公司 - 我们发现我们的技能组合是一个合乎逻辑的行业。我确信会有差距,我们将填补那些也可以来到我们团队并带来所需技能的人。

Ryan Hornaday

Do you expect to buy multiple businesses or focus on one large acquisition?

您是否期望购买多个业务或专注于一次大型收购?

Jeffrey Smulyan

I would think it would be probably not many businesses, but probably a couple of businesses. I would doubt if it would be one giant business, but of course, I have learned in life you never say never. So if there is something that's just monumentally big, and -- we might even bring in partners. We've been fortunate enough people come to us and said, "Look, we want to do something, we'd like to do with you." So we'll see, but my sense is, there will be several relatively smaller businesses.

我认为这可能不是很多企业,但可能是几家企业。 我怀疑它是否会成为一个巨大的企业,但当然,我在生活中学到了你永远不会说的永远。 所以如果有一些东西只是一个巨大的东西,我们甚至可能会带来合作伙伴。 我们很幸运有人来找我们说:“看,我们想做点什么,我们想和你做点什么。” 所以我们会看到,但我的感觉是,会有几个相对较小的企业。

Ryan Hornaday

Are there any parameters for target business that you can share?

您可以分享目标业务的参数吗?

Jeffrey Smulyan

Well, I think, certainly I did size. I think businesses with probably $10 million to $25 million of cash flow. That would be probably the target size. Again that's -- I think we don't want startups. I think we've seen a lot of startups, we've done some startups, but I think we would really like to find businesses that are up and running that are mature where we think we see something that might make them a little bit better.

好吧,我想,当然我确实做了尺寸。 我认为企业的现金流可能在1000万到2500万美元之间。 这可能是目标规模。 再说一遍 - 我想我们不想要创业公司。 我想我们已经看过很多创业公司,我们已经做了一些初创公司,但我认为我们真的希望找到一些成熟的企业,我们认为我们认为这些企业可能会让它们变得更好一些。

Ryan Hornaday

What do you expect the timetable to be on these acquisitions?

您期望这些收购的时间表是什么?

Jeffrey Smulyan

Well, we hope to have identified some certainly this year and be on our way by the end of this year that's a hope you never know.

好吧,我们希望今年能确定一些,并在今年年底前继续前行,这是一个你永远不会知道的希望。

Ryan Hornaday

That will end the rapid fire session of the Q&A.

这将结束问答的快速火灾。

Jeffrey Smulyan

You got any other questions?

你还有其他问题吗?

Ryan Hornaday

We got a couple more. A question around the New York transaction, why did you structure the New York transaction the way you did as opposed to simply selling the two stations for cash without ongoing involvement?

我们还有几个。 关于纽约交易的一个问题,为什么你按照你的方式构建纽约交易,而不是简单地在没有持续参与的情况下出售两个站点的现金?

Jeffrey Smulyan

Well, we've known Soo Kim. And Soo and I have -- I like Soo a lot. He is a very, very bright guy. And Soo was intrigued by our corporate structure, our businesses and had talked to me over the years about doing something together. So we thought this was a natural thing. This solves some issues for him. It solves some issues for us. It allows our management team led by Charlie Morgan and our people in the New York to keep running the stations, which they have done a pretty remarkable job. And so we'll keep our people in place, we'll keep our oversight in place. We will develop a working relationship with Soo and his people, and we're pretty excited. Soo would like to build a major company out of Mediaco. And for us to be involved in the management and oversight of that, very exciting. I think the one thing we've demonstrated in all these years is we are capable of attracting people that are good managers. They work hard. They are very adept. They build good cultures, and I think that's our core strength. At my age you sort of say, "What am I good at? What am I not good at?" but I think building teams and solving problems and managing businesses we're good at. We would like to -- we have a chance now to really do that on several stages, at Mediaco with our core business and hopefully we'll be finding some things that grow a little faster and we're thrilled about that prospect.

好吧,我们知道Soo Kim。而Soo和我 - 我很喜欢Soo。他是一个非常非常聪明的人。 Soo对我们的公司结构,我们的业务很感兴趣,并且多年来一直在和我谈论如何共同做事。所以我们认为这是很自然的事情。这为他解决了一些问题。它为我们解决了一些问题。它允许我们由Charlie Morgan领导的管理团队和我们在纽约的人们继续运行这些站点,他们做了非常了不起的工作。因此,我们将保持我们的员工,我们将保持监督。我们将与Soo及其员工建立工作关系,我们非常兴奋。 Soo想从Mediaco建立一家大公司。并且让我们参与管理和监督,非常令人兴奋。我认为这些年来我们所展示的一件事就是我们能够吸引那些优秀管理者。他们努力工作。他们很擅长。他们建立了良好的文化,我认为这是我们的核心力量。在我这个年纪,你有点说,“我擅长什么?我不擅长什么?”但我认为建立团队,解决问题和管理我们擅长的业务。我们希望 - 我们现在有机会在几个阶段真正做到这一点,在Mediaco与我们的核心业务,并希望我们会发现一些增长更快的事情,我们对这个前景感到激动。

Ryan Hornaday

The last question is, if there is any update on the land sale in Indianapolis or any other potential asset sales?

最后一个问题是,如果印第安纳波利斯的土地出售或任何其他潜在的资产出售有任何更新?

Jeffrey Smulyan

No. It's no secret, we are in discussions with people like WLIB. I have been saying that for quite a while, and there have been ups and downs in that process, but we think we're getting little bit closer to some thoughts on that. And land sale, we're considering, we talked to our brokers yesterday, and they are -- they have had some interesting inquires, but it's like anything else. Until it's done, it's never done.

不,这已经不是什么秘密,我们正在和像WLIB这样的人进行讨论。 我已经说了很长一段时间,并且在这个过程中有起伏不定,但我们认为我们对这方面的想法越来越近了。 和土地出售,我们正在考虑,我们昨天与我们的经纪人交谈,他们是 - 他们有一些有趣的询问,但它就像其他任何东西。 直到它完成,它从未完成。

Ryan Hornaday

Great. That's all we have in terms of questions. Jeff, any closing remarks.

非常好。 就问题而言,这就是我们所拥有的一切。 杰夫,任何结束语。

Jeffrey Smulyan

No, that's it. Again as always, we celebrated our either 38th, 39th or 40th birthday last week. It depends on how we measure the start, but if we start from the start of our first radio station, is supposed to be acquisition of our first radio station, it would be 38 years. And in all of those 38 years, this has been certainly a roller coaster as life usually is. We've seen great times. We've seen tough times. We've seen times where the world was our oyster, there were times -- and it seemed like we were not likely to survive. I have a favorite saying, if any one of the 10 things would happen, this company would be 100x bigger. And if any one of the 10 other things would happen, I'd be sweeping the streets somewhere. I have been blessed to have the experience I've had and I've had it because of the people that I've been with. We are now at a transformation where we have a chance to sort of reinvent the company and going to where it is. I could not be more excited. It is always painful to sell things, to leave people that have been with us and been so great for us. But I think for this company to get to the next level, we have to make the transition and we've made it. It has not been an easy transition, but I'm very proud that we got through it and that we're now on the way that what I hope to be pretty exciting future. So again, I end with thanking all of our people.

不,就是这样。与往常一样,我们上周庆祝了38岁,39岁或40岁生日。这取决于我们如何衡量开始,但如果我们从第一个无线电台开始,应该是我们的第一个广播电台的收购,那将是38年。在所有这38年中,这一直是过山车般的生活。我们见过很多次。我们经历过艰难时期。我们已经看过世界是我们的牡蛎的时代,有时候 - 似乎我们不太可能生存。我有一个最喜欢的说法,如果10件事中的任何一件事发生,这家公司将大100倍。如果其他10件事中的任何一件事发生,我会在某个地方扫街。我很幸运能拥有我所拥有的经验而且因为我和我在一起的人而拥有它。我们现在处于转型期,我们有机会重塑公司并走向现状。我不能再兴奋了。卖东西,留下与我们在一起并且对我们如此伟大的人们总是痛苦的。但我认为,要让这家公司更上一层楼,我们必须进行转型,我们已经做到了。这不是一个简单的过渡,但我很自豪我们已经完成了它,我们现在已经开始了我希望将来非常令人兴奋的方式。我再次感谢所有人。

Kate Snedeker

Thanks, Jeff and Ryan. Just a reminder, a playback of the call is available for the next week by dialing 402-998-0454. Thank you.

谢谢Jeff和Ryan。 只需提醒一下,拨打402-998-0454即可在下周播放通话。 谢谢。

会议主持员

Thank you. That concludes today's conference. Thank you all for joining. You may now disconnect.

谢谢。 今天的会议就此结束。 谢谢大家的加入。 您现在可以断开连接。

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