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Icahn Enterprises (IEP -0.59%)
Q3 2022 Earnings Name
Nov 04, 2022, 10:00 a.m. ET
Contents:
- Ready Remarks
- Questions and Solutions
- Name Members
Ready Remarks:
Operator
Good morning, and welcome to the Icahn Enterprises L.P. third quarter 2022 earnings convention name with Rob Flint, director of accounting; David Willetts, president and CEO; and Ted Papapostolou, chief monetary officer. I might now like at hand the convention over to Rob Flint, who will learn the opening assertion.
Rob Flint — Director of Accounting
Thanks, operator. The Personal Securities Litigation Reform Act of 1995 supplies a secure harbor for forward-looking statements we make on this presentation, together with statements relating to our future efficiency and plans for our companies and potential acquisitions. Ahead-looking statements could also be recognized by phrases comparable to expects, anticipates, intends, plans, believes, seeks estimates, will, or phrases of comparable which means and embrace, however usually are not restricted to, statements concerning the anticipated future enterprise and monetary efficiency of Icahn Enterprises L.P. and its subsidiaries.
Precise occasions, outcomes, and outcomes might differ materially from our expectations attributable to a wide range of recognized and unknown dangers, uncertainties, and different components which might be mentioned in our filings with the Securities and Change Fee, together with financial, aggressive, authorized, and different components, together with the severity, magnitude, and length of the COVID-19 pandemic. Accordingly, there is no such thing as a assurance that our expectations shall be realized. We assume no obligation to replace or revise any forward-looking statements ought to circumstances change, besides as in any other case required by legislation. This presentation additionally consists of sure non-GAAP monetary measures.
A reconciliation of such non-GAAP monetary measures to essentially the most straight comparable GAAP monetary measures will be discovered at the back of this presentation. I will now flip it over to David Willetts, our chief govt officer.
David Willetts — President and Chief Government Officer
Thanks, Rob. Good morning, and welcome to the third quarter 2022 Icahn Enterprises earnings convention name. Becoming a member of me on as we speak’s name is Ted Papapostolou, our chief monetary officer. Collectively, we’ll present an summary of Q3 outcomes after which be accessible for questions.
Earlier than we get into the outcomes, I might prefer to reemphasize that we consider activism is the very best paradigm for investing. We’re placing our activist rules into impact in each our majority managed and our minority positions held in our funding section. Moreover, we strongly consider in hedging our positions to mitigate threat, particularly within the risky markets that we’re residing in as we speak. For the sake of brevity, all internet earnings and EBITDA quantities we’ll focus on are attributable to Icahn Enterprises, except in any other case specified.
Now, on to the numbers. For the 9 months ended September 30, 2022, internet earnings was 72 million, or $0.23 per depositary unit, and our adjusted EBITDA was 812 million. For reference, final yr’s first 9 months figures had been a internet lack of 122 million, or a lack of $0.47 per depositary unit, and adjusted EBITDA of 715 million. Our third quarter discrete outcomes had been a internet lack of 123 million, with adjusted EBITDA of 70 million.
This represents a quarter-over-quarter enchancment of $25 million of internet loss and a lower of 18 million of adjusted EBITDA. Our indicative internet asset worth as at quarter finish elevated by 1 billion to six.2 billion as in comparison with December 31, 2021. A change in indicative internet asset worth consists of, amongst different issues, modifications within the truthful worth of sure subsidiaries, which aren’t included in our GAAP earnings reported above. Concerning our segments.
Yr so far, our funding funds had a optimistic return of two.4%, which features a detrimental Q3 return of 1.9%. By comparability, the S&P 500 is down roughly 24% for the yr and down 5% for the quarter. CVI ended the quarter with continued robust efficiency, largely attributable to crack spreads, which is facilitating a continued — which is facilitating continued dividend distributions. We’re within the technique of upgrading choose administration change.
On this case, we now have changed the CEO, have invested in a brand new head of producing, and are refocusing the enterprise on margin development and manufacturing facility efficiency. At Pep Boys, we’re within the technique of changing the CEO and trying to improve different members of the senior administration. The board declared a $2 quarterly distribution payable in money for extra models. With that, let me flip it over to Ted for an in depth dialogue of all of our segments.
Ted Papapostolou — Chief Monetary Officer
Thanks, David. I will start by reviewing our consolidated outcomes after which spotlight the efficiency of our working segments and touch upon the energy of our stability sheets. For Q3 ’22, we had internet lack of 123 million and adjusted EBITDA of 70 million in comparison with a internet lack of 148 million and adjusted EBITDA of 88 million within the prior-year interval. I will now present extra element relating to the efficiency of our particular person segments.
As David talked about, the funding funds had a detrimental return of 1.9% for the quarter, which was primarily pushed by internet losses in lengthy positions and credit score default swaps, offset partially by internet beneficial properties in different quick positions. For the quarter, lengthy positions had a detrimental efficiency attribution of 4.9%, whereas quick positions and different had a optimistic efficiency attribution of three%. The funding funds had a internet quick notional publicity of 54% on the finish of the quarter in comparison with a internet quick notional publicity of 28% on the finish of Q2. Our funding within the fund was roughly 4.4 billion as of quarter finish.
And now, to our vitality section. In Q3 ’22, our vitality section reported internet gross sales of two.7 billion in comparison with 1.9 billion within the prior-year quarter. Adjusted EBITDA was 124 million for Q3 ’22 in comparison with 143 million in Q3 ’21. CVI declared a $1.40 per share money dividend, which features a particular dividend of $1 per share.
And CVR Companions declared a 3rd quarter money distribution of $1.77 per unit. Q3 ’22 refining margin per throughput barrel was $16.56 in comparison with $15.03 within the prior-year quarter. This improve was primarily attributable to widening crack spreads. The price of rents proceed to have a detrimental influence on our refining enterprise with 136 million of associated expense for the quarter.
Q3 ’22 common realized gate costs for UAN improved by 42% to $433 per ton, and ammonia improved by 65% to $837 per ton when in comparison with the prior-year quarter. And now, turning to our auto section. Q3 ’22 internet gross sales and repair revenues for the automotive section had been 625 million, a rise of 31 million from the prior-year quarter. Q3 ’22 adjusted EBITDA was 1 million in comparison with 14 million within the prior-year quarter.
Q3 ’22 automotive service income elevated by 55 million as in comparison with the prior-year interval, primarily attributable to quantity and value will increase. Through the quarter, the service enterprise had been negatively impacted by unfavorable product combine and several other nonrecurring SG&A. Aftermarket components gross sales decreased by 34 million, primarily attributable to retailer closures as a part of the transformation plan. And to our actual property section, Q3 ’22 internet gross sales and different revenues elevated by 3 million in comparison with the prior-year quarter.
Adjusted EBITDA was 7 million for Q3 ’22 in comparison with 2 million Q3 ’21. The section continued a robust efficiency, and the administration group is targeted on growing occupancy throughout the portfolio. And to our different segments. Q3 ’22 internet gross sales and different revenues from all different working segments was flat in comparison with the prior-year quarter.
Adjusted EBITDA was 5 million for Q3 ’22 in comparison with 10 million for Q3 ’21. This case is precedence all year long, has been to boost costs to offset historic distribution and uncooked materials value inflation, which the group has considerably accomplished. The principal influence for the quarter has been an underperforming plant, which has led to larger value and scrap charges. The manufacturing group is extremely centered on turning this plant round and resolving the inefficiencies.
House trend continues to expertise excessive demand for its hospitality merchandise. Retailers broadly are reevaluating and decreasing their inventories for dwelling trend items and have markedly decreased their buying. This has straight impacted outcomes inside the section. Through the quarter, dangerous debt reserve of 4 million was recorded for 2 important retail clients.
The pharma section continues to expertise robust script development for each of its business merchandise. Now, turning to our liquidity. We preserve liquidity as a holding firm and every of our working subsidiaries to reap the benefits of enticing alternatives. We ended the quarter with money and money equivalents, our funding in funding funds, and revolver availability, totaling roughly 7.1 billion.
Our subsidiaries have roughly 761 million of money and 291 million of undrawn credit score services to allow them to reap the benefits of enticing alternatives. In abstract, we proceed to concentrate on constructing asset worth and sustaining liquidity to allow us to capitalize on alternatives inside and out of doors our current working segments. Thanks. Operator, are you able to please open the decision up for questions?
Questions & Solutions:
Operator
[Operator instructions] Our first query comes from the road of Daniel Fannon with Jefferies. Please proceed.
Dan Fannon — Jefferies — Analyst
Thanks. Good morning. Simply wished to speak concerning the auto section and, you understand, simply the outlook as you concentrate on each development and profitability. Clearly, the shop closures have been deliberate.
These are sort of flowing by way of. However simply, you understand, different points of the enterprise, different sort of cost-cutting measures, or different stuff you’re doing to sort of take into consideration profitability and the outlook for that enterprise sort of within the intermediate time period.
David Willetts — President and Chief Government Officer
All proper. Good morning, Dan. It is a good query. Let’s decompose auto slightly bit, and I will speak concerning the providers section, you understand, principally in responding.
So, I believe there are three issues we should always contact on. The primary is what does the highest line seem like, and what are the macros seem like for the enterprise over the following few quarters, you understand, doubtlessly going into recessionary setting. I believe the primary macro is, usually, recessions are good for the service enterprise as people delay capital purchases for automobiles. And which means they’re working their current automobiles or current fleets, which have the next upkeep, you understand, part to them.
So, usually, heading right into a down market within the providers enterprise isn’t essentially dangerous. That mentioned, the second piece is what does that imply close to ticket value? Of us are going to be fairly aware about solely shopping for what they should purchase. And I believe after we check out this yr, you have had some fairly substantial income development, a lot of which has been derived by way of value as we now have efficiently handed by way of the price will increase which have come from suppliers and from our labor drive, in addition to pricing our providers to what we predict is a market-appropriate return. That is the realm the place I see some potential strain.
And to your level, the third bucket is, how can we get extra environment friendly? And after I have a look at providers, there are actually, you understand, two parts. Are we as lean as we will be with our SG&A in our again workplace? The reply is not any. We’re at the moment within the technique of doing, you understand, two issues. One is a, you understand, only a resizing of the general headcount ranges, in addition to value ranges.
The second is figure elimination. Consider this as extra steady enchancment, let’s get rid of the work, let’s streamline issues versus simply Band-Help them. So, on the SG&A entrance that’s lively, and that’s going to be pronounced in, you understand, subsequent yr’s outcomes. And we’d count on that to have a reasonably substantial dialogue level in This fall after which persevering with all through subsequent yr.
On the variable prices, there’s a lot to be accomplished with our companions, from tire producers to components producers, to work by way of the availability chain to get not simply the fitting value however the fitting and the fitting diploma of money funding that we have to make. That’s lively. We’re actively partnering with these distributors to actually reset the relationships in a optimistic and constructive method for each corporations, yourselves, in addition to our companions. On the working prices within the shops, frankly, I believe we have been lagging there.
And we’re actively placing in primary what I might contemplate to be effectivity packages. You understand, how can we streamline? How lengthy it takes us to do a tire change or an oil change? We’re actively upgrading retailer managers and regional managers, you understand, with the fitting talent units in order that they will, you understand, actually service the shoppers much better and provides them extra worth in addition to extra worth for us. So, you understand, our principal strategy there may be to teach versus substitute. However clearly, there shall be a number of people alongside the best way.
The very last thing, which we’ve not accomplished a very good job of, candidly, is we’ve not accomplished a lot in the best way of greenfields. I believe there have been — you may squint out at a number of other ways, 4 to 6 greenfields over the previous couple of years. That’s completely unacceptable. And, you understand, we have to goal one thing nicely north of that to fill in areas and develop with the inhabitants development.
That’s one thing that we’re at the moment sizing. We’ve various greenfields that we’re focusing on to open actually over the course of this yr with an acceleration to subsequent. And we’re simply sizing precisely the place it is smart to go. So, which may be greater than you need wished, Dan.
However I believe the holistic thesis is, we now have to get higher on a number of fronts and speed up, and the CEO substitute and COO substitute and several other different administration will assist effectuate that, getting people which might be applicable for this subsequent stage of the journey and actually drive ahead along with your velocity, haste, and pragmatism. Does that assist, Dan?
Dan Fannon — Jefferies — Analyst
Yeah, no, that is useful, I assume. I imply, clearly that is a multi-step course of with numerous initiatives. So, as we take into consideration that, that’s sort of mid-next yr by way of implementation and sort of serious about, you understand, flowing by way of by way of the numerics within the again half exiting subsequent yr. Is that the fitting method to think about it? Or is it one thing sooner than that, do you suppose, is extra affordable?
David Willetts — President and Chief Government Officer
I believe that is still to be seen. We’re nonetheless working by way of the precise timing of the plans. What I might say is there are numerous actions which might be going to be executed in This fall. However these usually are not restricted to This fall.
There will be ones in Q1 and Q2. It is — to your level, it is a multifaceted strategy. When that hits the ledger, we’ll be slightly completely different. I believe we’ll have various money gadgets, eyes on money generative gadgets that may hit comparatively shortly.
I believe among the earnings gadgets shall be slightly little bit of a TBD. I might prefer to suppose it is sooner than second half of subsequent yr. However we do not have the timing totally measured out, so I might hate to decide to one thing earlier, although. I need it.
Dan Fannon — Jefferies — Analyst
Understood. My follow-up query is simply on the dividends from the varied companies. So, is vitality the one dividend that IEP obtained up this quarter? And I consider you mentioned there was a particular in there to. I assume, simply sort of serious about the outlook for sort of dividends from the varied investments and the way we should always take into consideration that additionally on a perspective foundation.
David Willetts — President and Chief Government Officer
Positive. I imply, after we — and also you’re speaking concerning the owned corporations.
Dan Fannon — Jefferies — Analyst
Right. Sure.
David Willetts — President and Chief Government Officer
After I consider the owned corporations, CVI and UAN are phenomenal companies, you understand, given the present crack spreads. We monitor that. And Dave Lamp and the group does an exceptional job of compressing as a lot as they presumably can out of the refineries, in addition to the fertilizer plant. So, I really feel guardedly optimistic.
Actually, the forecasts recommend that the EBITDA will proceed and, presumably, that may proceed with a dividend stream versus, you understand, a change. Whether or not or not there’s a particular dividend shall be monitored on a quarter-to-quarter foundation. If you have a look at the opposite corporations, I imply, the one one in all consequence actually to speak about at this level can be Pep Boys. And they don’t seem to be in a cash-generative mode again to us.
Given the greenfields, that’s going to be consuming a good quantity of capital which we have to dimension. So, I would not pencil them in for any specific dividend. However I am additionally not notably fearful about that since there’s zero exterior debt on the corporate. If we want to, there may at all times be a dividend recap sooner or later sooner or later.
However I believe that is the quick model. You understand, WestPoint House and, on this case, in Vivus, they’re all comparatively small at this level. And so, even when they did do a dividend, it would not be that significant.
Dan Fannon — Jefferies — Analyst
Understood. After which simply, I assume, another lap down, simply the funding funds. Understood the quick positioning. You are getting slightly bit — rising, I ought to say, you understand, sort of the place it sits as we speak.
So, broadly talking, I might assume that is a extra conservative outlook simply by way of the broader markets. As you concentrate on the totally invested versus money, Jjust attempting to get a way of the place the fund sits as we speak and sort of the way you’re viewing the present setting for brand spanking new investments within the fund versus, you understand, sort of nonetheless possibly being a bit extra cautious and ready?
David Willetts — President and Chief Government Officer
That is the talk we now have continually by way of are we on the most diploma of uncertainty and on the backside, or is there extra uncertainty? Actually, with fee hikes, with inflation, you may have a look at the market in two methods relying in your perspective. So, we’re nonetheless within the mode of evaluating various investments. We anticipate placing capital to work. We’ve various gadgets within the pipeline.
I believe, proper now, the query is basically timing. So, we’re optimistic, however the query is the timeframe. Actually, over 2023, we hope that issues are solidly extra optimistic by way of making a really concrete sequence of investments. However we now have a number of that, you understand, shall be introduced, otherwise you’ll have them.
By way of the general quick place, I do not suppose we have gotten extra conservative, candidly. I believe the shorts have simply accomplished comparatively nicely. So, that has expanded the relative proportion of quick we now have within the portfolio. And earlier within the yr, we harvested among the longs.
So, you have seen slightly rebalancing, however I would not say that is a shift in technique. It is a mixture of alternative and efficiency. Is that truthful, Ted?
Ted Papapostolou — Chief Monetary Officer
Yeah. That is proper, David.
David Willetts — President and Chief Government Officer
OK.
Dan Fannon — Jefferies — Analyst
Nice. Thanks for answering all my questions.
David Willetts — President and Chief Government Officer
You are welcome.
Operator
Thanks. And one second for our subsequent query. And it comes from the road of Bruce Monrad with Northeast Traders. Please proceed.
Bruce Monrad — Northeast Traders Belief — Analyst
Hello, guys. Do you hear me OK?
David Willetts — President and Chief Government Officer
Sure. Good morning, Bruce.
Bruce Monrad — Northeast Traders Belief — Analyst
OK, nice. Good morning. And thanks for internet hosting the decision. So, a few questions, as common, on this case.
And you do not get away the quantity, so I simply need — I am slightly confused. I see the — was EBITDA largely flat there? Have I bought that incorrect? Or — that appears to — otherwise you’d get there with the back-end worth. Is that proper?
Ted Papapostolou — Chief Monetary Officer
Yeah.
David Willetts — President and Chief Government Officer
Look — sure. Flat to barely down. However simply as a observe, while you have a look at the precise Q, we now have summarized this presentation, however the Q nonetheless breaks it out. So, while you have a look at it, you’ll see the precise, you understand, specifics for simply this case.
Bruce Monrad — Northeast Traders Belief — Analyst
OK, nice. And so, I used to be kind of — you understand, I perceive we have FX headwinds, so I might love for shade on that. Or I used to be anticipating a greater quarter, frankly. And so, I assume it is a query of, are you able to be slightly extra granular, please, on whether or not FX or pricing? And, you understand, main query, you understand — and I — and by the best way, I assumed that the road went up again up in June.
So — and, you understand, possibly it was comparability with fourth quarter, not third quarter final yr. However kind of what — you understand, how are you that? And, you understand, would I be incorrect in pondering that 4Q is bought to be a layup in a comparability? So, are you able to go there? And I’ll observe up slightly bit, if that is OK.
David Willetts — President and Chief Government Officer
Yeah, in fact. I believe you are given your funding on this case, you understand, we respect this dialogue. I believe the context for the yr has been, we didn’t do a very good job traditionally. And by traditionally, I am speaking about 2021 by way of really getting value.
That is been a major focus. And that, on a year-over-year foundation, has been an actual driver to stabilize profitability the place it must be. We had the road drawback in Osceola. It was resolved, after which it turned unresolved.
The scrap charges simply bought too excessive. We had various, you understand, coaching points on the road. So, that has come unstuck, which is clearly not acceptable. And that has hit us each by way of misplaced income and revenue alternative from the road, in addition to, you understand, value.
So, there aren’t any excuses for that. The query is, what are we doing about it? And that is the place the group is is working by way of the fundamentals. Given the technical coaching that’s required to function the road, it is a mixture of, you understand, fast coaching, you understand, improved plant administration, and, frankly, root-causing lots of the turbines of waste on the road. Realistically, it is going to take one other quarter or two to suss all of that out.
And that timing isn’t — it isn’t remotely acceptable, however I believe that is a sensible timing. With that mentioned —
Bruce Monrad — Northeast Traders Belief — Analyst
I am sorry, are you able to simply inform me that once more?
David Willetts — President and Chief Government Officer
Go forward.
Bruce Monrad — Northeast Traders Belief — Analyst
I am sorry to be — however why — if the issue was a shock, why does it take so lengthy? Sorry.
David Willetts — President and Chief Government Officer
In the end will get to 2 issues. Proper? Scrap charges on the road and, two, skilled operators on the road. Proper? We do not have sufficient skilled operators within the plant to run the road totally and at a low scrap fee. Secondarily, the scrap charges, aside from the operators, have been excessive.
So, it did not make sense economically to run the road. Proper? You are taking that, and that’s what we now have to repair. And that is what the group is targeted on fixing. We’ve a brand new CEO.
We’ve a head of producing that is new as of two months as a result of we did not have the fitting focus within the firm on addressing that problem.
Bruce Monrad — Northeast Traders Belief — Analyst
OK. All proper. So, after which — all proper. So, 4Q isn’t a layup is what you are saying?
David Willetts — President and Chief Government Officer
I believe on a comparable foundation, I believe you may be happy. I went by way of the numbers with the administration group. I am fairly optimistic, and that’s offsetting. I believe the outcomes will not have a totally restored line in Osceola.
However I believe the outcomes shall be favorable on a year-over-year foundation, despite the fact that that is nonetheless a headwind.
Bruce Monrad — Northeast Traders Belief — Analyst
Nicely, I imply, it simply appear — if I am allowed to, you understand, while you go to your clients, it looks as if should you’re incurring prices, I imply, you understand, whether or not it is acceptable or unacceptable, it is a value that your clients must be paying for. Proper? You understand, so, I might —
David Willetts — President and Chief Government Officer
And I believe we have had that dialogue with clients this yr. And if I simply — I imply, simply to make use of a number of numbers, if I check out the overall quantity of value that we have gotten yr over yr, it is substantial. On the bridge, by far, it’s the largest quantity that we now have as a result of we hadn’t traditionally accomplished that. We hadn’t had a mature dialogue or a relationship with the shoppers to clarify we’re including worth, however there’s a value to that worth.
I believe the year-over-year value that we’re getting, simply within the third quarter yr so far alone is one thing like $37 million. You understand, dropping the underside line. Proper? Now, the misplaced revenue alternative on the road has been a headwind in Q3, you understand, and it will proceed to be a drag in This fall. So, I might say, value has been a significant focus, and it has really delivered the outcomes.
However we now have different operational points that have to get again and restored. There are, clearly, various different value actions that we’re taking. It is not a one and accomplished, notably in Europe as we proceed to ahead value primarily based on the prices we anticipate versus enjoying the sport of catch-up.
Bruce Monrad — Northeast Traders Belief — Analyst
OK. Nicely, if I am allowed to cosmically say, you understand, I do know it is a small holding for you guys in a single sense. However by way of like proportion, you understand, if there’s anyone that would profit — I imply, EBITDA has been 50 million for perpetually. And if there’s any firm — it isn’t my job to — however, you understand, with — you understand, this is able to — consideration and focus and, you understand, that is an undervalued alternative.
David Willetts — President and Chief Government Officer
After I check out this firm, it must be doing lots higher. There isn’t any query about that.
Bruce Monrad — Northeast Traders Belief — Analyst
OK.
David Willetts — President and Chief Government Officer
It must have 5 to 6, I imply, minimal proportion factors extra of EBITDA. You are doubtless nearer to 10, and we weren’t going to do it with the previous group. You understand, and we now have a brand new group that’s demonstrating the flexibility to do that.
Bruce Monrad — Northeast Traders Belief — Analyst
OK. Final query, if I’ll. New group, the CEO you are speaking about, you understand, from 12, 24 months in the past, not like per week in the past or something like that? Or if I bought that incorrect —
David Willetts — President and Chief Government Officer
No. So, Tim Feast is the brand new CEO. Tim and I’ve labored collectively for years previously. He is had various very profitable, what I might contemplate to be specialty chemical, which finally is what this case is, you understand, management roles, you understand, throughout a number of industries centered on extrusion applied sciences, buyer — shopper product-facing items within the plastics and comparable markets.
So, he has been there, what, Ted, for 2 months?
Ted Papapostolou — Chief Monetary Officer
About two months. Yeah.
David Willetts — President and Chief Government Officer
So, he’s he’s getting his legs underneath him very, in a short time. And I might say the board is extraordinarily happy with what we have seen simply within the first 60 days. However realistically, you understand, it is a firm that has been asleep for most likely 10 years. And it is going to take time, however not a lot, to improve expertise and get the fitting folks transferring in the fitting route with the fitting metrics.
Bruce Monrad — Northeast Traders Belief — Analyst
Nicely, we glance ahead — you understand, I do know you set in $100 million at 2.65. And also you’re carrying it at $2 now, and we feature it at $0.70. You understand, we look ahead to partnering with you, and we look ahead to seeing these outcomes.
David Willetts — President and Chief Government Officer
Yeah.
Bruce Monrad — Northeast Traders Belief — Analyst
Thanks.
David Willetts — President and Chief Government Officer
I believe, you understand, you and I and the remainder of the traders can have a cocktail when Tim and the group ship, and that is the purpose for subsequent yr.
Bruce Monrad — Northeast Traders Belief — Analyst
Thanks.
Operator
Thanks. I am displaying no additional questions in queue. I’ll flip the decision again to David Willetts for closing remarks.
David Willetts — President and Chief Government Officer
As at all times, we respect our traders and this chance to interface with you all and undergo the numbers. Maintain us accountable, and we’ll be as clear as we will. So, with that mentioned, we look ahead to speaking to everybody on the finish of This fall and want everybody a very good afternoon and a very good weekend. Take care.
Operator
[Operator signoff]
Period: 0 minutes
Name contributors:
Rob Flint — Director of Accounting
David Willetts — President and Chief Government Officer
Ted Papapostolou — Chief Monetary Officer
Dan Fannon — Jefferies — Analyst
Bruce Monrad — Northeast Traders Belief — Analyst
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