Earnings call transcript: Garrett Motion beats Q4 2024 EPS forecasts, stock dips

Garrett Motion Inc. (NASDAQ:GTX) reported its fourth-quarter 2024 earnings on February 20, revealing a stronger-than-expected performance in earnings per share (EPS) but falling short on revenue. The company posted an EPS of $0.47, surpassing the forecasted $0.31, while revenue came in at $844 million, below the anticipated $905.5 million. Despite the earnings beat, the stock saw a slight pre-market decline of 1.83%, trading at $9.10, reflecting investor concerns over the revenue miss. According to InvestingPro analysis, GTX currently appears undervalued, with a "GOOD" overall financial health score. The company maintains strong profitability metrics, including a healthy 19.9% gross profit margin and impressive free cash flow yield of 16%.

Key Takeaways

• Garrett Motion’s Q4 2024 EPS of $0.47 exceeded expectations by 51.6%.
• Revenue reached $844 million, missing the forecast by 6.8%.
• Stock dipped 1.83% pre-market, despite strong earnings.
• Turbo technologies maintained a strong 50%+ business win rate.
• Increased R&D investment, focusing on zero-emission technologies.

Company Performance

Garrett Motion demonstrated robust performance in Q4 2024, with net sales showing a slight sequential increase. The company achieved an adjusted EBITDA of $153 million, representing an 18.1% margin, up 2.8 percentage points year-over-year. The company has been focusing on expanding its turbo technologies and electrification solutions, which contributed to its solid performance. InvestingPro data reveals that management has been aggressively buying back shares, demonstrating confidence in the company’s future. GTX maintains a P/E ratio of 9.1x, suggesting attractive valuation metrics relative to peers. For detailed valuation analysis and additional insights, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.

Financial Highlights

• Revenue: $844 million, slight sequential increase.
• Adjusted EBITDA: $153 million, 18.1% margin.
• Full Year 2024 Adjusted EBITDA: $598 million, 17.2% margin.
• Adjusted Free Cash Flow: $157 million in Q4.
• Common stock repurchase: $296 million in 2024, reducing share count by 13%.

Earnings vs. Forecast

Garrett Motion’s Q4 2024 EPS of $0.47 significantly surpassed the forecast of $0.31, marking a 51.6% positive surprise. However, revenue fell short of expectations, coming in at $844 million against the forecasted $905.5 million, a 6.8% miss. This mixed financial performance highlights the company’s ability to manage costs effectively, even as sales lagged.

Market Reaction

Despite the EPS beat, Garrett Motion’s stock experienced a pre-market decline of 1.83%, trading at $9.10. This reaction suggests investor concerns over the revenue shortfall and potential market challenges. The stock is trading closer to its 52-week low of $7.13 than its high of $10.16, reflecting broader market pressures.

Outlook & Guidance

For 2025, Garrett Motion projects net sales of $3.4 billion and net income of $232 million. The company plans to continue its focus on zero-emission technologies, with R&D spending expected to rise to 4.6% of sales. Additionally, a $250 million share repurchase program and $50 million in quarterly dividends are planned to return value to shareholders.

Executive Commentary

CEO Olivier Rabier emphasized, "We are strengthening our leadership position in the turbo industry, while developing new technologies and expanding into industrial applications." CFO Sean Teasen added, "We expect to dedicate greater than 50% of this spend in 2025 to zero emissions technologies," highlighting the company’s strategic focus on sustainability.

Risks and Challenges

• Continued softness in European and Chinese light vehicle markets.
• Revenue shortfall may indicate market saturation or competitive pressures.
• Geopolitical challenges could impact global operations.
• Increasing R&D spend may pressure short-term margins.
• Macroeconomic uncertainties could affect consumer demand.

Q&A

During the earnings call, analysts questioned the company’s approach to geopolitical challenges and its conservative stance on mergers and acquisitions. Executives highlighted opportunities with new Chinese EV manufacturers and reiterated their focus on flexible cost management to navigate market uncertainties.

Full transcript - Garrett Motion Inc (GTX) Q4 2024:

Megan, Conference Call Operator: Hello. My name is Megan, and I will be your operator this morning. I I would like to welcome everyone to the Garrett Motion Fourth Quarter and Full Year twenty twenty four Financial Results Conference Call. This call is being recorded and a replay will be available later today. After the company’s presentation, there will be a Q and A session.

I would now like to turn the conference over to Cyril Grandjean, Garrett’s Vice President, Investor Relations and Treasurer.

Cyril Grandjean, Vice President, Investor Relations and Treasurer, Garrett Motion: Thank you, Megan. Good day and welcome everyone. Thank you for attending the Garrett Motion’s fourth quarter and full year twenty twenty four financial results conference call. Before we begin, I would like to mention that today’s presentation and earnings press release are available on the IR section of Garrett Motion’s website at investors.garrettmotion.com. There, you will also find links to our SEC filings along with other important information about the company.

We note that this presentation contains forward looking statements within the meaning of The U. S. Federal Securities Laws. These statements, which can be identified by words such as anticipate, intend, plan, believe, estimate, expect, likely, may, should, will or similar expressions represent management’s current expectations and are subject to various risks and uncertainties that could cause our actual results to differ materially from such expectations. These risks and uncertainties include the factors identified in our annual report on Form 10 K and other filings with the Securities and Exchange Commission and includes risks related to the automotive industry, competitive landscape and macroeconomic and geopolitical conditions, among others.

Please review the disclaimers on Slide two of our presentation as the content of our call will be governed by this language. Today’s presentation also includes certain non GAAP measures, which we use to help describe how we manage and operate our business. We reconcile each of these measures to the most directly comparable GAAP measure in the appendix of our presentation and related press release. Finally, in today’s presentation and comments, we may refer to light vehicle diesel and light vehicle gasoline products by using the terms diesel and gasoline friendly. With us today are Olivier Rabier, Garrett’s President and Chief Executive Officer and Sean Teasen, Garrett’s Senior Vice President and Chief Financial Officer.

I will now hand the call over to Alis. Thanks, Cyril, and thank you everyone for joining today’s call. As you can see on Slide three, Garrett delivered strong results in the fourth quarter, thanks to an outstanding operating performance, delivering adjusted EBITDA of $153,000,000 with a margin of 18.1%, an increase of two eighty basis points compared to Q4 twenty twenty three. And we achieved that despite the continuous sales softness that the company experienced, thanks to its exposure to light vehicle industry weakness in Europe and in China, as well as the competitive pressure certain OEMs are facing. At the same time, we kept winning new business across all applications demonstrating the strength of our technology called leadership.

But let’s get back to operational performance. Our strong operational performance enabled us as well to generate $157,000,000 of adjusted free cash flow in the quarter, allowing us to buy back stock under our share repurchase program, repurchasing a total of $296,000,000 of common stock in 2024. This resulted in a reduction of 13% of our share count at the end of twenty twenty four compared to the end of twenty twenty three. Our full year results continue to demonstrate our ability to flex our variable cost structure and proactively implement permanent cost actions, which allowed us to deliver a 17.2% adjusted EBITDA margin for the full year. When you adjust for foreign exchange and the sales of our unconsolidated joint venture in Australia, we delivered an adjusted EBITDA near the midpoint of our initial 2024 guidance and thus despite the softness we experienced.

This is quite remarkable. We believe the actions we have taken in 2024 position the company to deliver solid performance in 2025, offsetting again the impact of expected weak global industry production. Excluding foreign exchange, we also expect to deliver similar adjusted EBITDA to 2024. We also expect to generate strong adjusted free cash flow and use it to keep on returning value to our shareholders through a combination of share repurchases, regular quarterly dividends. Our Board of Director has indeed authorized a new $250,000,000 share repurchase program for 2025, and we expect to pay $50,000,000 in dividends throughout the course of the year, with the first quarterly dividend of 6% per share already paid in January.

Let me now move to Slide four, so that we can share the momentum we experienced with our customers. Looking at full year 2024, we continue to expand our position in Turbo, maintaining our strong business win rate of more than 50%. We secured new light vehicle gasoline wins across all geographies, reinforcing our position in The U. S. And growing in China, especially with new Chinese players.

This will cover all powertrain types, including plug in hybrids and range extenders for which we see a growing push from carmakers. We also kept on making significant progress in Commercial Vehicles across the world. More specifically, we are pleased with the progress we have been making in China, winning several natural gas on highway applications that we launched as early as 2026. Lastly, we secured new awards for marine and backup power application with our largest turbochargers as we expand our portfolio and we expect production to start also in 2026. Turning now to slide five.

I’m very proud of the significant progress we made in 2024, validating our electrification solution with key customers who recognize the benefits of our differentiated technologies. We indeed continue to win with our extensive fuel cell compressor portfolio, the broadest in the industry with best in class efficiency, and we continue to win new projects for fuel cell applications. With our e POWERTRANE high speed technologies, we are seeing several passenger and commercial vehicle customers embracing and testing our advanced three in one high speed technology solution. During the year, we’ve been moving from prototyping to testing in labs and on vehicles to first production awards expecting to launch as early as 2027. This validates again the benefits of the high speed differentiated electric powertrain solutions that Garrett has focused on.

Leveraging on this significant progress, we expect much more to come in 2025. Finally, our Equilibrium Technology is generating significant interest for both automotive and non automotive application. On the automotive side, it’s a very good fit for battery and cabin cooling for commercial vehicle. And for industrial application, we see significant interest for residential, office building, rooftop cooling as well as cooling solutions for data centers and battery farms. I will now turn it over to Sean to provide more insight into our financial results and outlook for 2025.

Sean Teasen, Senior Vice President and Chief Financial Officer, Garrett Motion: Thanks, Olivier, and good morning, everyone. I will begin on Slide six. As Olivier highlighted, once again we delivered strong financial results in a soft industry environment driven by our continuous focus on variable cost management and the implementation of structural cost productivity actions. Fourth quarter net sales were $844,000,000 slightly up sequentially stabilizing after declines over the past four quarters as new program ramp ups offset continued softness in Europe and declines in gasoline and diesel light vehicle production. We recorded fourth quarter adjusted EBITDA of $153,000,000 up $8,000,000 from $145,000,000 last year.

This improvement was driven by variable and fixed cost productivity, deflation and favorable product mix, partially offset by lower volumes and an unfavorable foreign exchange impact. The performance this quarter once again demonstrated our ability to deliver strong financial performance across industry cycles as can be seen in the upper right graph. Adjusted EBITDA margin was 18.1% for the quarter, up from 15.3% last year and up sequentially benefiting from the actions just mentioned. We generated very strong adjusted free cash flow of $157,000,000 in the quarter, up from $137,000,000 in Q4 twenty twenty three as we converted our adjusted EBITDA into cash and benefited from a positive working capital contribution. We expect to continue to deliver a 60% adjusted free cash flow conversion on adjusted EBITDA annually in line with our capital allocation framework.

Moving now to Slide seven, we show our Q4 and full year net sales bridge by product category as compared with the same period last year. For Q4, we continue to experience gasoline softness in China and North America, which was partially offset by ramp ups in Europe, comprising 45% of net sales, flat from last year. The diesel decline we saw in Q4 year over year was mainly due to lower industry production, primarily in Europe, where we have a higher share of demand. We also saw a slight increase in commercial vehicle sales, which reflects the beginning of an industry recovery in China and North America. As mentioned, for the full year, we experienced both industry declines and demand softness from specific global OEMs due to competitive pressure in the auto space, in some cases forcing them to accelerate platform consolidation.

Revenue from our commercial vehicles throughout the year was impacted by economic softness in Europe and North America, but our aftermarket business increased 1% at constant currency due to the continued demand for replacement parts, primarily in China and Europe. Finally, on a full year basis, the pass through of commodity deflation across all verticals resulted in a 2% sales decline and foreign exchange was a headwind of $34,000,000 and Japanese yen volatility and a weakening Europe. Moving now to Slide eight, we walk you to our fourth quarter adjusted EBITDA of $153,000,000 representing again an $8,000,000 improvement over the same quarter last year. We achieved this strong performance by delivering fixed cost productivity coupled with strong price inflation recovery. This execution drove significant quarterly margin improvement year over year, allowing us to deliver a strong adjusted EBITDA margin of 18.1%.

Overall, in the quarter, we delivered $37,000,000 in operating performance improvements year over year, offsetting both volume declines and a negative foreign exchange impact. For the full year 2024, we delivered adjusted EBITDA performance of $598,000,000 representing a $37,000,000 decrease from the prior year driven by sales declines and foreign exchange, partially offset by operating performance. Our full year adjusted EBITDA margin was 17.2%, up 90 basis points compared to the prior year. If you adjust for the impact of foreign exchange and divestiture activity during the year, the effect of the volume decline is almost completely offset by our operational performance of more than $100,000,000 and reflects the impact of structural fixed cost productivity actions and our ability to flex our variable costs in a volatile industry environment. While the industry environment was challenging in 2024, we continued to increase investments supporting the development of differentiated technologies in both turbo and zero emission applications, increasing spending on R and D by $12,000,000 as compared to the prior year.

And turning now to Slide nine, I’ll walk you through the adjusted EBITDA to adjusted free cash flow bridge for the full year 2024. The company’s adjusted free cash flow of $358,000,000 represents a 60% adjusted free cash flow conversion of adjusted EBITDA, in line with our financial framework. We had minimal working capital usage on a full year basis with a strong recovery in Q4 as the industry stabilized. Cash taxes and cash interest were in line with expectations and our capital expenditures of 2.6% of sales were within our financial framework. Moving now to Slide 10, we ended 2024 with a strong liquidity position of $725,000,000 This is comprised of $600,000,000 of undrawn capacity on a revolving credit facility and $125,000,000 of unrestricted cash.

Overall, we significantly improved our financial flexibility in 2024, finishing the year with total debt of $1,500,000,000 down from 1,700,000,000 the prior year, reducing our total debt by $2.00 $3,000,000 in the year and representing a net leverage ratio that remained relatively flat at 2.21 times. During the fourth quarter and throughout 2024, we continued to deliver on our commitment to return significant capital to shareholders. We repurchased $70,000,000 of common stock in the fourth quarter and a total of $296,000,000 during 2024. Compared to a year ago, our share count has been meaningfully reduced by 32,000,000 shares or 13% of shares outstanding compared to the end of twenty twenty three. As Olivier mentioned earlier, our Board authorized a new share repurchase program of $250,000,000 and we are planning to pay $50,000,000 in dividends in 2025 to be paid quarterly.

In early twenty twenty five, it’s also important to note that we also refinance our term loans, which should generate interest savings of $3,000,000 annually. The new term loan will mature in 02/1932, extending the maturity of the company’s existing term loan by approximately four years. We also refinanced and upsized our revolving credit facility to $630,000,000 with a maturity in 02/1930. Now as we turn to Slide 11, I’d like to take the time to introduce that for 2025 and in the future, we will be using adjusted EBIT as a new financial metric. This will provide additional insight into our financial performance and profitability to align with our peer group reporting practice and highlights the strength of our asset light operating model.

For the full year 2024, our adjusted EBIT was $485,000,000 achieving an industry leading margin of 14%. Now let’s move to Slide 12 to see our 2025 outlook for adjusted EBIT and our other financial metrics. You can see our 2025 outlook, which implies the following midpoints: net sales of 3,400,000,000 net sales growth at constant currency of minus 1% net income of $232,000,000 adjusted EBITDA of $575,000,000 adjusted EBIT of $457,000,000 and net cash provided by operating activities of $4.00 $2,000,000 and an adjusted free cash flow of $345,000,000 This outlook reflects an improvement in the commercial vehicle market, both on highway and off highway, which will partially offset the continued softness expected in the light vehicle industry. It also includes the continued benefit of the sustainable fixed cost actions we mentioned earlier, which were implemented in 2024. When we exclude the negative effect of foreign exchange, our adjusted EBITDA is flat in 2025 compared to 2024.

And our adjusted EBIT is down only 10 basis points due to a slightly higher stock compensation and depreciation. In this relatively flat revenue environment, we plan to execute productivity gains and pass through pricing. At the same time, we remain focused on increasing customer interest across all regions and verticals for our zero emission products, and we expect a slight increase in our R and D spending to 4.6% of sales, up 10 basis points from 2024. We expect to dedicate greater than 50% of this spend in 2025 to zero emissions technologies, while still meaningfully investing in turbo. On Slide 13, you see the walk of adjusted EBITDA from 2024 to our 2025 outlook.

As mentioned on the previous slide, our 2025 adjusted EBITDA outlook midpoint is $575,000,000 a decline of $23,000,000 versus 2024, while keeping margin flat year over year at 17.2%. The decline is driven by the impact of unfavorable foreign exchange, mainly driven by U. S. Dollar appreciation versus the euro. As previously mentioned, excluding foreign exchange, our adjusted EBITDA is expected to be flat versus 2024.

We expect to continue to execute on our productivity actions and deliver operational performance, which will offset projected product mix and volume headwinds in 2025. The actions taken in 2024 to improve productivity performance will also continue to benefit the company’s performance and preserve strong margins in 2025 without sacrificing investment in new technologies, which as previously mentioned will remain a priority. And with that, I will turn it back over to Olivier for closing remarks.

Cyril Grandjean, Vice President, Investor Relations and Treasurer, Garrett Motion: Thanks, Sean. Let’s turn now to slide number 14. Garrett continues to be well positioned for long term success. We are strengthening our leadership position in the turbo industry, while developing new technologies and expanding into industrial applications. Our operational framework is highly cash generative, allowing us to invest in new technologies while reducing debt and reducing returning cash to shareholders.

Let’s now turn to slide 15. In 2024, we have proven once again the resilience of our financial framework, delivering strong financial results and achieving a 17.2% adjusted EBITDA margin. Our financial performance positions us well to continue to deliver strong margin and free cash flow in similar industry conditions in 2025. These financial results enabled us to return value to our shareholders through share repurchases totaling $296,000,000 and we expect to continue returning significant value to shareholders in 2025 through a combination of additional share repurchase under our new $250,000,000 share repurchase program and $50,000,000 in dividends paid quarterly. In addition, the structural cost actions that we drove in 2024 in anticipation of a softer industry outlook for 2025 will enable us to continue to deliver strong margin and free cash flow.

Once again, we made significant progress this past year across existing and new differentiated technologies, setting the stage for another successful year. Our recent awards and customer recognition for our high speed solutions for zero emission platforms prove that we are developing the right solution for the next generation of electric vehicles. Lastly, obviously, I want to take the opportunity to thank the entire Garrett team for delivering an outstanding performance in the fourth quarter and the full year and position well the company for success in 2025. Thank you for your time. And operator, we are now ready for Q and A.

Megan, Conference Call Operator: We will now begin the question and answer session. The first question comes from Ahmed Khorsand with BWS Financial. Please go ahead.

Sean Teasen, Senior Vice President and Chief Financial Officer, Garrett Motion: Hi. So I just wanted to ask you was, how are you managing the year given a lot of the geopolitics and tariffs? And how does that affect your business going into ’twenty five and ’twenty six?

Cyril Grandjean, Vice President, Investor Relations and Treasurer, Garrett Motion: Amit, you’re asking a very, very interesting question. Quite frankly, what we are doing is to stay as flexible as possible. It’s true that today it’s difficult to predict exactly what will happen and when it will happen. We tend to be very fast at reacting. We have already engaged in discussions with customers and we tend to be very fast at reacting to that kind of events.

For lack of better words, we’ve been facing a lot of untime events for the past years as an industry And we tend to be much more flexible and reactive now than we were probably five years ago. But yes, we are trying to anticipate as much as we can, but it’s difficult to anticipate in a vacuum. We need to understand what we face.

Megan, Conference Call Operator: The next question comes from Michael Ward with Freedom Capital. Please go ahead.

Michael Ward, Analyst, Freedom Capital: Thank you. Good morning, everyone. Olivia, you mentioned in your presentation China, and I wonder if you could just expand on that a little bit. I saw that I saw in the 10 ks the revenue was down, and it sounds like you have some new business with some of the local Chinese based manufacturers. Can you give a little more detail on what you’re looking at in China?

Cyril Grandjean, Vice President, Investor Relations and Treasurer, Garrett Motion: Yes, absolutely. So China is still an important region for us. This is the biggest automotive industry in the world. And we play a significant role in China, both in commercial vehicle and in Passenger Vehicle. And what we have seen over the last few years is there has been not only a shift towards more local Chinese players, but I would say a shift towards more local new Chinese players that have come to the market sometimes through the battery electric vehicle angle and now that are pushing some other solution to the marketplace, whether it’s plug in hybrid vehicles or range expander electric vehicle that we are calling REVS.

So what we have been doing is that for some time now, we’ve been working with these companies that have come with new brands and new products to the marketplace. And I would say we are starting to get good traction and good success with these new players. And in some regions of the world, we tend to move from ICE to hybrid to battery electric vehicle. It seems that in China, we are seeing it moving from battery to plug in hybrids and range extended vehicle because I think there is probably a good understanding that you need several solutions in order to satisfy the needs of the consumers. So we are very active.

We are seeing a lot of pursuits on these technologies and we have been developing specific products to address the needs of those platforms. And we’re trying to be quite active on the vehicle side.

Michael Ward, Analyst, Freedom Capital: Okay. Are there any customers you can point to? Or it sounded like you’re alluding to some new business that’s kicking in, in ’twenty six and ’twenty seven. Did I hear that correctly?

Cyril Grandjean, Vice President, Investor Relations and Treasurer, Garrett Motion: You heard that correctly and I will not mention names of customers

Sean Teasen, Senior Vice President and Chief Financial Officer, Garrett Motion: yet.

Cyril Grandjean, Vice President, Investor Relations and Treasurer, Garrett Motion: That’s usually not the practice we have in the industry. It’s confidential with the customers. But I would point at successful and new brands in China.

Michael Ward, Analyst, Freedom Capital: Okay, perfect. Sean, on two things. First, could you on the release, you talked about adjusted free cash flow of $157,000,000 Can you define how you’re getting there?

Sean Teasen, Senior Vice President and Chief Financial Officer, Garrett Motion: Sure. It’s a very strong EBITDA performance, but then we did have quite a nice lift from working capital, which had been at use

Michael Ward, Analyst, Freedom Capital: through No, no, no, I see that, but how are you defining it? Like is it operating cash flow less CapEx?

Sean Teasen, Senior Vice President and Chief Financial Officer, Garrett Motion: Yes, sorry. You have a rec table in the back of the deck that Leo plays that out, but in very high level terms, it’s operating cash flow less CapEx and then we exclude repositioning and other one time charges, but that can all be found in the rec table. Okay. Okay.

Michael Ward, Analyst, Freedom Capital: So you had to do that.

Sean Teasen, Senior Vice President and Chief Financial Officer, Garrett Motion: But at a high level that’s what it is.

Michael Ward, Analyst, Freedom Capital: Okay. So when you look at your ’25 outlook, when you’re talking about adjusted free cash flow, that’s what you’re alluding to. You’re excluding any of the repositioning or the other things that are in there? I see the $157,000,000 so there okay. So there was a factoring in P notes that was the big number, the $39,000,000

Sean Teasen, Senior Vice President and Chief Financial Officer, Garrett Motion: Right. And so with that, what we do is when we factor, we don’t give ourselves a benefit for that. So if we actually sell receivable, even though it’s a true sale, we don’t look at that as a free cash flow benefit for that quarter. So it just gets so we would add it back in and then reverse it up in that quarter.

Michael Ward, Analyst, Freedom Capital: Yes, I see. For the year, it’s nothing. So, okay. Second thing is on M and A. I never hear you talk about M and A and I’m just or I should say, rarely.

And are there M and A opportunities out there in your segment? Is it something you’re just staying away from? Do you feel like you can build it internally just because of the strength on the R and D side? How do you view M and A on the overall capital allocation scheme?

Cyril Grandjean, Vice President, Investor Relations and Treasurer, Garrett Motion: So the way we look at that first, we need to get back to our organic growth strategy. We have an organic growth strategy that we think is very strong. Leveraging the two legs of the company, on the one hand, it’s the strengthening of the turbos business. The turbos business, we are seeing the world consolidating. We are expanding our portfolio.

You’ve seen the big turbos we are launching on Industrial. And then the second leg of the company is the development of the zero emission vehicle solutions with the three that I’ve explained today. This is where resource and this is the base of our organic growth strategies, recognizing that there are obviously some segments that we want to push more and it’s not it’s quite obvious in everything we’ve said so far that we want to expand further on Commercial Vehicle on Highway, off Highway and Industrial. So if you put that together, obviously, a good M and A strategy should reinforce that organic growth. So like any company, we are active, we are looking, but for the time being, we have not committed to anything on the M and A side.

Sean Teasen, Senior Vice President and Chief Financial Officer, Garrett Motion: Yes. And I would just add that we are active, but you don’t hear us talk about it that often just because we have a very high bar. We do not want to take an action that will be dilutive to our shareholders. So the bar is quite high. And that’s obviously we’re always looking at opportunity.

Michael Ward, Analyst, Freedom Capital: Perfect. Thank you very much.

Megan, Conference Call Operator: This concludes our question and answer session. The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.

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