Earnings call transcript: Haverty Furniture Q2 2025 beats expectations

Haverty Furniture Companies Inc. (HVT) reported its second-quarter 2025 earnings, surpassing Wall Street expectations with an earnings per share (EPS) of $0.16, compared to the forecasted $0.145. The revenue also exceeded projections, coming in at $181.03 million against an expected $177.11 million. The company, with a market capitalization of $332.59 million, maintains impressive financial metrics according to InvestingPro data, including a notable P/E ratio of 15.78. Despite the positive earnings surprise, Haverty’s stock saw a decline of 1.63% in the immediate aftermath, closing at $20.87, which is within its 52-week range of $17.01 to $29.85.

Key Takeaways

• EPS of $0.16 outperformed the forecast by 10.34%.
• Revenue increased by 1.3% year-over-year to $181 million.
• Stock price decreased by 1.63% post-earnings announcement.
• Comparable store sales fell by 2.3%.
• Gross profit margin improved to 60.8%.

Company Performance

Haverty Furniture demonstrated resilience in Q2 2025, with net sales rising by 1.3% year-over-year to $181 million. While the company faced challenges with a 2.3% decline in comparable store sales, InvestingPro analysis highlights the company’s impressive gross profit margins and strong dividend history, having maintained payments for 51 consecutive years. The current gross profit margin of 60.8% reflects effective cost management and pricing strategies. With a healthy current ratio of 1.81, the company maintains strong liquidity while navigating a challenging housing market characterized by high interest rates and tariff uncertainties.

Financial Highlights

• Revenue: $181 million, up 1.3% year-over-year.
• Earnings per share: $0.16, exceeding forecasts by 10.34%.
• Gross profit margin: 60.8%, a 40 basis point increase.
• Net income: $2.7 million.
• Cash and cash equivalents: $107.4 million, with no funded debt.

Earnings vs. Forecast

Haverty Furniture’s Q2 2025 earnings per share of $0.16 surpassed the forecast of $0.145, resulting in a surprise of 10.34%. Revenue also exceeded expectations by 2.21%, coming in at $181.03 million compared to the anticipated $177.11 million. This marks a positive deviation from previous quarters, highlighting the company’s ability to outperform despite market challenges.

Market Reaction

Following the earnings announcement, Haverty’s stock declined by 1.63% to $20.87. This movement contrasts with the positive earnings surprise and may reflect broader market conditions or investor concerns about the company’s future growth prospects amid a sluggish housing market. According to InvestingPro’s Fair Value analysis, the stock appears slightly undervalued at current levels, with a significant dividend yield of 6.13%. The stock’s overall financial health score of 2.29 indicates fair fundamental strength, suggesting potential opportunity for value investors. For comprehensive analysis of Haverty and other undervalued stocks, investors can access detailed Pro Research Reports covering 1,400+ US equities.

Outlook & Guidance

Haverty Furniture plans to open three new stores in 2025, including two in Houston and one relocated site. The company expects to maintain its gross margin guidance of 60-60.5% and has set its 2025 capital expenditures at $24 million. The management aims to return to positive same-store sales growth as market conditions stabilize.

Executive Commentary

CEO Steve Burdett expressed optimism, stating, "We are excited to report our first increase in written and delivered sales for Q2 in over two years." He emphasized the company’s strategic focus, saying, "Our goal is to get back to positive same-store sales and grow it from there."

Risks and Challenges

• High interest rates impacting the housing market.
• Tariff uncertainties affecting supply chain stability.
• Low consumer confidence potentially hampering sales growth.
• Competitive pressures necessitating aggressive promotional strategies.
• Dependence on market recovery for achieving positive same-store sales.

Q&A

During the earnings call, analysts inquired about the impact of tariffs on pricing strategies and the company’s plan to adjust to potential changes. Management highlighted their readiness to adapt pricing and their continued investment in marketing to drive sales. Additionally, questions were raised about the temporary suspension of special orders from China, to which the company responded with confidence in their supply chain adjustments.

Full transcript - Haverty Furniture Companies Inc (HVT) Q2 2025:

Conference Operator: Greetings, and welcome to the Habitat Second Quarter twenty twenty five Earnings Conference Call. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Richard Hare, CFO. Thank you, sir. You may begin.

Richard Hare, CFO, Haverty Furniture Companies: Thank you, and good morning. During this conference call, we’ll make forward looking statements, which are subject to risks and uncertainties. Actual results may differ materially from those made or implied in such statements, which speak only as of the date they are made and which we undertake no obligation to to publicly update or revise. Factors that could cause actual results to differ include economic and competitive conditions and other uncertainties detailed in the company’s reports filed with the SEC. Our President and CEO, Steve Burdett, will now provide additional commentary about our business.

Good morning. Thank you for joining our twenty twenty five second quarter conference call. We are excited to report our first increase in written and delivered sales for Q2 in over two years. While this progress is encouraging, we remain focused on returning to positive same store sales. Our sales for Q2 were $181,000,000 which

Steve Burdett, President and CEO, Haverty Furniture Companies: was up 1.3 with comps down 2.3%. Total written sales were up 0.4% with comps down 2.1%. Gross margins continue to show our discipline and consistency, coming in at 60.8% compared to 60.4%. Our pretax profits for the quarter were $4,300,000 or 2.4% operating margin compared with $6,500,000 or 3.6% operating margin in Q2 twenty twenty four. Our EPS for the quarter came in at $0.16 compared to $0.27 Richard will provide additional details later in this call regarding the increase in SG and A expenses for the quarter.

During the quarter, we continue to see a struggling housing market with high interest rates and rising home prices, lack of clarity around tariffs, inflation concerns, ongoing geopolitical issues, and consumer confidence remaining low. Despite all this noise in the economy, the consumer has remained amazingly resilient. Traffic in the quarter remained positive in the mid single digit compared to the same period last year. Our average ticket decreased slightly but remained strong at just under 3,400 while designer average ticket continued to grow at approximately 5% to over $7,600 However, our overall design and special order business was down mid single digits for the quarter. A portion of the decrease can be attributable to the 145 additional tariffs placed on China imports in early April, which caused us to temporarily suspend our special order capabilities from our China vendors.

We got more clarity in mid May when the additional China tariff was reduced from 145% to 30%. During the quarter, our supply chain and merchandising teams have been realigning our production moves out of China with our import vendors. We should be fully operational in Q3, allowing us to resume our special order business. Conversion rates showed a nice improvement in the quarter, moving from a double digit decrease in Q1 to a mid single decrease digit decrease in Q2. Memorial Day is the company’s largest event in the first half of the year.

Sales increased by just over 3% during the two week period and by more than 14% over the four day period. The company noted improvements during the four day event in all key metrics. Traffic was up double digits, average ticket was just under $4,000, and conversion rates were consistent with last year. Our marketing creative and media plans continue to reach our customers through broadcast, OTT, and digital marketing channels. We continue to use AI algorithms to learn from our first and second party data to ensure our digital ads are efficient and more effective in driving engaged site traffic.

In June, we converted all product page traffic and listing page traffic in addition to the homepage, which was converted in q four, to Adobe’s Edge delivery service. Since this change, we have seen a 15.6% increase in organic traffic, which we feel this, combined with a more engaged site traffic, has contributed to our web sales growth of 8.4% for the quarter. We invested additional 1,100,000.0 over the quarter to get our messaging out as we promoted sixty months no interest to be more competitive and strengthen our credit offerings. However, we did not experience an increase in our credit usage. In fact, our overall credit cost for the quarter decreased double digits compared to last year’s q two.

We implemented a more aggressive promotional strategy by increasing sale offerings both externally and internally. The loyalty email campaign referenced in the q one call generated approximately $17,000,000 in q two, resulting in a year to date total of over $25,000,000 with an average ticket of just under $2,800, which contributed to our slight decrease in our overall average ticket for the quarter. Our merchandising team returned from a trip to Vietnam in early May where they followed up with our vendors on their progress with the movement of our products out of China. The trip was very informative and productive as it enabled the team to reassure our vendors of our commitment to our strategic partnerships. From a category performance, upholstery and bedroom outperformed all of the categories with positive sales in the low to mid single digits, followed by bedding and occasional, which were down low single digits, and dining room and decor, which were down high single digits.

As mentioned in our last call, we are rolling out our new point of purchase and tagging program in Q3. As a reminder, this should improve the in store customers’ experience by centralizing our special order fabrics to improve the ease of choice while introducing a new tagging system that visually provides our customers with more choices that are not shown on the floors. Also, it simplifies for our sales and design consultants the available configurations by collection. Our goal is to have this fully implemented by the end of Q3 in all stores. While the tariff issues are continuing to create uncertainty within the industry, our merchants are proactively working with our vendors and preparing for potential price changes once the tariffs are finalized.

The team’s preparation and communication give us confidence to maintain our current gross margin guidance. There is a possibility that some products will return to being manufactured in China depending on how tariff policies develop in other countries. Decor and lighting products may remain in China if new tariff rates make it more economical compared to establishing production facilities elsewhere. In Vietnam, there are concerns about potential labor shortages and wage challenges resulting from increased production demands. Resolving the uncertainties around tariffs will allow us to be more focused on serving our customers’ needs.

Our supply team executed a strategy to increase inventories of best selling products during Q2. Inventories rose approximately $4,600,000 or about 5% since Q1. We anticipate that inventories will remain relatively flat for the remainder of the year. We continue our push to open five new stores a year. However, in 2025, we will open two new stores in Houston, Texas and one relocation in Daytona Beach.

And we’ll be closing two locations, one in Atlanta and one in Waco, Texas, leaving us with 129 stores at year end. We have finalized four additional leases for twenty twenty six openings that we are able to announce. In Q1 twenty twenty six, we will open our second store in the St. Louis market in the Fenton area Southwest of the city. In ’26, we will open our fourth store in the Nashville market in the Mount Juliet area East Of Nashville.

The other two leases will be in the Houston market, the Alliana area Southwest Of Houston and the Baytown area East Of Houston, opening in the latter part of 2026, giving us five stores in the market. As you can see, we are actively looking at opportunities to grow our footprint to allow us to leverage our customer our current distribution network and return to our five new stores a year ago in 2026. Our distribution, home delivery and customer service teams continue to do an excellent job controlling expenses while furnishing happiness to our customers. Each team does a great job of balancing the number of team members to the workflow demand needed due to natural turnover. Our success in distribution, home delivery and customer service is due to having team members controlling all aspects of the final mile delivery to customer.

We do not outsource any of these key functions of our business to a third party company. And we are proud that our regret free experience is an integral part of our unwavering service that helps separate us from our competitors. Throughout our hundred and forty year journey, we have navigated economic headwinds some of today’s challenges. Housing affordability, high interest rates, tariffs, inflation concerns, and geopolitical uncertainties. What sets us apart in our is our trusted Haverty brand, our debt free balance sheet, our operational consistency, our integrity, our consumer focused, in home design, and our dedicated Haverty team members.

Looking into the future, these competitive advantages position us to capture market share. I will now turn the call over to Richard.

Richard Hare, CFO, Haverty Furniture Companies: Thank you, Steve. In the 2025, we reported net sales of $181,000,000 a 1.3% increase over the prior year quarter. Comparable store sales were down 2.3% over the prior year period. Our gross profit margin increased 40 basis points to 60.8% from 60.4. This increase was due to product selection and merchandising mix that Steve mentioned previously.

Selling, general and administrative expenses increased $4,200,000 or 4.1% to $107,300,000 As a percentage of sales, these costs approximated 59.3% of sales, up from 57.7% in the prior year’s quarter. Within this expense category, we experienced increases in advertising, occupancy and administrative costs, which was partially offset by decreases in selling, warehouse and delivery expenses. Other income expense in the second quarter of twenty twenty five was $65,000 and interest income was approximately $1,500,000 Income before income taxes decreased $2,100,000 to $4,300,000 Our tax expense was $1,600,000 for the 2025, which resulted in an effective tax rate of 37.8% compared to an effective tax rate of 31.2% in the prior year period. The primary difference in the effective rate and statutory rate is due to expected state income taxes and additional tax expense associated with the vesting of stock awards. Net income for the 2025 was 2,700,000.0 or $0.16 per diluted share on our common stock compared to net income of $4,400,000 or $0.27 per share in the comparable quarter last year.

Now turning to our balance sheet. At the end of the second quarter, our inventories were $93,300,000 which was up $9,900,000 from 12/31/2024, and up $900,000 versus 2024. At the end of the second quarter, our customer deposits were $39,400,000 which was down $1,400,000 from the 12/31/2024 balance and up $600,000 versus the Q2 twenty twenty four balance. We ended the quarter with $107,400,000 of cash and cash equivalents. We have no funded debt on our balance sheet at the end of the 2025.

Looking at some of the cash flow usage, CapEx was $5,600,000 for the 2025, and we also paid out $5,200,000 of regular dividends in the quarter. We did not purchase any common shares of stock under our share repurchase program during the 2025, and we have approximately $6,100,000 of existing authorization in our buyback program. Our earnings release lists out several additional forward looking statements indicating our future expectations of certain financial metrics. I will highlight a few, but please refer to our press release for additional commentary. Our 2025 guidance includes tariffs currently in effect as of 07/30/2025, and do not include the effects of additional proposed tariffs that are not finalized by the Trump administration.

We continue to expect our gross margins for 2025 to be between 6060.5%. We anticipate gross profit margins will be impacted by our current estimates of product and freight cost. Our fixed and discretionary type SG and A expenses for 2025 are expected to be in the February to $293,000,000 range, which is unchanged from our previous guidance. The variable type costs within SG and A for 2025 are expected to be in the range of 18.5% to 18.8%. We anticipate continued efficiencies in warehouse and delivery costs during the remainder of this year.

Our planned CapEx for 2025 remains at $24,000,000 Anticipated new or replacement stores, remodels and expansions account for $19,600,000 Investments in our distribution network are expected to be approximately 1,800,000 and investments in our information technology are expected to be approximately $2,600,000 Our anticipated effective tax rate for 2025 is expected to be 26.5%. This projection excludes the impact from vesting of stock awards and any potential new tax legislation. This completes my commentary on the second quarter financial results. Operator, we would like to open the call up for questions.

Conference Operator: Thank you. We will now be conducting a question and answer session. A confirmation tone will indicate that your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

Our first question comes from Anthony Lebiedzinski with Sidoti and Co. Please proceed with your question.

Anthony Lebiedzinski, Analyst, Sidoti and Co.: Good morning, and thank you for taking the questions, and certainly nice to see the sales and gross margin increase in the quarter. So first question here is just can you guys speak to the cadence of your written sales throughout the quarter and whether or not you saw any notable regional differences in your performance?

Richard Hare, CFO, Haverty Furniture Companies: Sure, Anthony. High level, our written business was down around 2% in April. It was up slightly almost to 1% in May, and then it was up around 2.5% in June. But that’s the cadence for the RID business. Our delivered business for the quarter was we were up around 5% in April and then around 2% in May and then slightly down around almost 3% in June.

And Steve, you wanna highlight any of the regional

Steve Burdett, President and CEO, Haverty Furniture Companies: Yeah, Anthony. I would say it’s pretty much across the board in all of our districts. We didn’t see anything we had some regions that performed a little bit better, but, we saw that all of them were trending in this you know, right in the same direction as we’re seeing ourselves.

Anthony Lebiedzinski, Analyst, Sidoti and Co.: Gotcha. Thanks for that. And then, is there any way you guys can quantify what the impact may have been as far as your decision to suspend some of the special orders from China? How much impact that was on your same store business?

Steve Burdett, President and CEO, Haverty Furniture Companies: For us, Anthony. I mean, we we know it is we feel like it certainly impacted our design business. And as far as the ability there is is the number of customers, percent of business we were doing. But we have not been able to quantify that exactly what the impact is overall. It affected certain groups out of China that we were unable to as we’re moving the production, we just had to focus in the core items that we were carrying on the floor and the special order items we just had to pause.

So we feel we’ll be back under that in Q3 with all vendors and feel real good about what the merchandising supply chain teams have been able to do working with our vendors.

Anthony Lebiedzinski, Analyst, Sidoti and Co.: Mhmm. Gotcha. Okay. And then so just in terms of the the tariff impact, have you guys taken any pricing actions or do you expect to do that in your back half? What kind of how how are thinking about that?

Steve Burdett, President and CEO, Haverty Furniture Companies: Yeah. We did in May. Took some May with the initial, the 10% that came across. And then as I just said in my comments there, we’re poised and ready to go based on what the tariffs end up with. We’re just waiting on a final answer, Anthony, quite honestly.

I mean, we’re sitting here on July 31. They go live tomorrow and nothing’s been posted out there to the registry. We understand there’s a 20%. We understand there’s a deal with Cambodia that we deal with, and and, you know, we understand China’s gonna be extended out further. Indonesia’s got a deal out, but there’s nothing out on the site, you know, that’s been posted out there on the registry to let us know exactly how to move forward with it.

But we are prepared and we’re ready to go. Our merchants have already been talking with our vendors and we’re prepared with if we take on more tariffs, we will make adjustments in the pricing accordingly.

Anthony Lebiedzinski, Analyst, Sidoti and Co.: Gotcha. So so so at this point, your gross margin guidance does just to be clear, your gross margin guidance does not include any pricing actions right now. Right? Is that fair to say?

Richard Hare, CFO, Haverty Furniture Companies: I’d say that you saw our margins went down slightly Q1 versus Q2. So we still feel good about the margin guidance. There’s a little bit of we could have more promotions, gives us the opportunity to do that. And then you do have some unknowns of the tariffs, so we’ll we’ll pass along most of the price increase, but there’s a little buffer of that in the in the margin guidance.

Steve Burdett, President and CEO, Haverty Furniture Companies: But we feel comfortable with that guidance. Mhmm. You know, even with what’s coming, Anthony, we feel comfortable with it that we’ll be able to manage through that.

Anthony Lebiedzinski, Analyst, Sidoti and Co.: Gotcha. Got it. Okay. Alright. And then, you know, so so, lastly for me, as far as to just, you know, thinking about the different marketing and and promotional strategies, sounds like you guys are are upbeat about the this that that concern.

So, as we look at the, you know, the the back half of the year, I mean, which ones which of these strategies, you think will be the most impactful in terms of driving same store sales?

Steve Burdett, President and CEO, Haverty Furniture Companies: Well, I mean, Anthony, I’d say definitely our new pricing strategy that we put in place, that really was in effect as of May 1 with the team, with stores. And so we’ve seen a positive impact with that. I think our marketing and what we’re doing with the small market plan that we attack them with a separate individual plan is working and helping to drive traffic in those stores. And I think the mailer that we did was a huge success that basically ended at the end of the quarter. But that turned out to be a huge success in driving conversion rates but also traffic to the stores.

So we invested more. We talked about that in the second quarter. We’re gonna continue that investment and invest more in the third quarter in our marketing. One successful Memorial Day, we extended that promotion from basically two weeks to three weeks. From a marketing perspective, we’ll do the same with Labor Day.

And then also we’re gonna get back into the direct mail business. We’ve got a new direct mail that will go out the August that we’re excited about to see that impact that it’ll have across our markets overall. So we’ve got a lot going on. We feel real positive about it. We feel good about the trend and what we’ve seen.

If you look from fourth quarter to first quarter to where we are today, we’ve seen gradual improvement. And our goal is to get back to positive same store sales and grow it from there.

Anthony Lebiedzinski, Analyst, Sidoti and Co.: Got it. Well, thank you very much, and best of luck.

Steve Burdett, President and CEO, Haverty Furniture Companies: Yes. Thanks, Anthony. Our

Conference Operator: next question comes from Christina Fernandez with Telsey Advisory Group. I

Christina Fernandez, Analyst, Telsey Advisory Group: wanted to ask about the promotional environment you’re seeing across the industry. It seems like it’s picked up a little bit, and and, you know, you as well have used promotions to drive traffic. So I I guess your thoughts on industry and the environment and how do you plan to use promotions going forward, you know, strategically so it drives traffic, but at the same time doesn’t depress margins or, you know, change the perception of the brand.

Steve Burdett, President and CEO, Haverty Furniture Companies: Yeah. No. You know, Christina, we, you know, we feel good about where our promotions are and what we’re doing and what our marketing plan is. I mean, we’ve increased We felt like we were a little light coming out of the first quarter. And with the trends that we were seeing with traffic remaining positive and sales and with our pricing policies that we were getting out with a little more aggressive pricing, that we needed to invest more in marketing to get that message out.

We’re going to continue that. We’re going to amp that up a little bit in the third quarter, even more. Labor Day is our obvious, the biggest event of the year. So Memorial Day is second to Labor Day. So we’re excited for that and what it can do.

And then everything we got set. We’re not doing anything to go against our brand. I think everything fits right into what we’re doing and getting our message out to the consumer and how we want to serve them. As far as our competitors, they’re certainly aggressive in pushing out there. You’re seeing more pricing discounts.

I think you’re seeing a lot of the ones that run the percentages off have gone up in those percentages somewhere anywhere from 5% to 10%. To get more aggressive, they’re offering clearance products, things of this nature. So we’re going to continue to do and make sure we offer what we do and provide the service to our customers and be consistent with it, but we’re going to do it a little bit more aggressively. And I mentioned to you the sixty months. We had not run that in almost a year.

And we did that in the second quarter. We put it on Memorial Day. We put it on the website. We didn’t actually put it in any of our TV ads that run through broadcast and OTT, but we will be adding that into the third quarter. So we’re gonna get a little bit more aggressive with that.

But as I said, the customer we’re still not seeing an increase in our credit usage and we’re actually seeing credit costs in the second quarter went down compared to last year. So they still don’t need the sixty months, but it’s nice to have it out there as a competitive advantage against those that are running it.

Christina Fernandez, Analyst, Telsey Advisory Group: And then my second question is as it relates to pricing, understand the need to have to raise prices more to offset the tariffs. But can you talk about what you’ve seen so far from the consumer in those products where you raised prices? Are you seeing any pushback? And do you feel like the consumer can absorb, you know, higher prices as, you know, most retailers will have to raise prices more if these tariffs get finalized?

Steve Burdett, President and CEO, Haverty Furniture Companies: Yeah. At this point, we have not seen an impact. As a matter of fact, our, you know, our unit sales now follow pretty much to what our sales are in general. So, I mean, that’s a good thing. That was not the trend back, the early part of the pandemic and coming out of it in 2021, 2022.

So we’ve recovered on that. Our unit sales are now trending to what our overall sales are and we’re encouraged by that. We’re gonna be very strategic in how we execute these pricing changes and where we can get more, we will get more and where we have to stay aggressive, we’ll stay aggressive. But the end result will be that we will still be able to maintain our margin guidance that we’ve given you all of 60 to 60 and a half. You know, Christina, we’re encouraged by the trend.

I mean, you know, traffic remains positive. We’ve seen it from the fourth quarter to first to second. We’ve seen our business get better, and so we certainly are optimistic and encouraged.

Christina Fernandez, Analyst, Telsey Advisory Group: And my last question is on on real estate. I think I if I understood your comment correctly, it seems like some store openings are getting pushed to 26 from 25. Can you confirm if that’s the case? And then what I guess, what are you seeing from the real estate environment broadly in your you feel confident in your ability to to have those five openings at a reasonable rent?

Steve Burdett, President and CEO, Haverty Furniture Companies: Yes. They are. Rents have not gone down, though. I will tell you that. Now I will say, if you noticed back on our first quarter call, we had told you that we had we reduced our CapEx at that point.

And so we kind of put on hold things for sixty to ninety days. We had some deals going and looking at things. We’ve gotten back into that. We feel more comfortable now. You heard us mention about the Fenton, the St.

Louis store. That was one we were hoping gonna open this year. It got pushed into next year. The Mount Juliet store, we were able to just finalize that lease in Nashville, and that store will open in q two. Those are existing stores.

The Fenton store is an old Big Lots store, and then the other store in Mount Juliet is a Jo Ann store. So we feel good about those boxes being converted. The two Houston stores are basically bills, so those are going take a little bit longer to get executed and brought in line. But our goal is to get back to that five stores a year. We won’t make it this year.

We’ll end up flat at 129 stores, which is where we were at the end of the year in ’twenty four. But we do feel encouraged with what we got going right now. We’re still looking. We got things that we’re looking at right now, new markets as well as adding existing to existing markets.

Christina Fernandez, Analyst, Telsey Advisory Group: Thank you.

Steve Burdett, President and CEO, Haverty Furniture Companies: Yes, ma’am.

Conference Operator: There are no further questions at this time. I would now like to turn the floor back over to Richard Kerr for closing comments.

Richard Hare, CFO, Haverty Furniture Companies: Well, thank you for your participation in today’s call. We look forward to talking with you in the future when we release our third quarter results later this year.

Conference Operator: This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.

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