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International Seaways, Inc. (INSW) Q2 2019 Earnings Call Transcript

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INSW earnings call for the period ending June 30, 2019.

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International Seaways, Inc.  (INSW -1.84%)
Q2 2019 Earnings Call
Aug. 08, 2019, 9:00 a.m. ET


  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:


Good morning. And welcome to the International Seaways Second Quarter 2019 Earnings Conference Call. All participants will be in a listen-only mode.

[Operator Instructions]

Please note this event is being recorded. I'd now like to turn the conference over to Mr. James Small, General Counsel. Please go ahead.

James Small -- General Counsel

Thank you. Good morning, everyone. And welcome to International Seaways earnings release conference call for the second quarter of 2019. Before we begin, I would like to start off by advising everyone on the call with us today of the following.

During this conference call, management may make forward-looking statements regarding the Company or the industry in which it operates, which could include, without limitation, the following. Statements about the outlook for the crude tanker and product carrier markets, changing oil trading patterns, forecasts of world and regional economic activity, forecasts of demand for and production of oil and petroleum products, the Company's strategy, purchases and sales of vessels or other investments, anticipated financing transactions, expectations regarding revenues and expenses, including vessel expenses, charter hire expenses and G&A expenses, estimated bookings and TCE rates for the second quarter, first half and other periods in 2019, estimated capital expenditures for 2019 or other periods, projected scheduled dry dock and off-hire days, the Company's consideration of strategic alternatives, its ability to achieve its financing and other objectives, and economic, political and regulatory developments around the world.

Any such forward-looking statements take into account various assumptions made by management based on various factors, including its experience, perception of historical trends, current conditions, expected future developments and other factors management believes are appropriate to consider in the circumstances. Forward-looking statements are subject to risks, uncertainties and assumptions, many of which are beyond the Company's control, which could cause actual results to differ materially from those implied or expressed by those statements. Factors, risks and uncertainties that could cause International Seaways' actual results to differ from expectations include those described in its annual report on Form 10-K and its quarterly report on Form 10-Q and in other filings that we have made or in the future may make with the US Securities and Exchange Commission.

With that out of the way, I'd like to turn the call over to our President and Chief Executive Officer, Ms. Lois Zabrocky. Lois?

Lois K. Zabrocky -- President and Chief Executive Officer

Thank you very much, James.

Good morning, everyone. Thank you for joining International Seaways earnings call to discuss our second quarter 2019 results. Over our 2.5 year history. International Seaways has successfully implemented our disciplined and balanced capital allocation strategy, which has been focused on renewing our fleet and our earnings ability ahead of the market recovery.

The second quarter marks a significant turning point. Not only have we spent $600 million renewing our fleet. In the second quarter, cash and liquidity reached their highest levels ever at Seaways. So we are able to turn toward other accretive capital allocation decisions, starting with deleveraging.

Firstly during the quarter, we strengthened our balance sheet and our liquidity. Consistent with our approach to allocating capital, we made a prepayment of $10 million on our 2017 term loan facility in July, using restricted cash set aside from the proceeds from our vessel sales. During the second quarter, as part of our fleet renewal program, we also sold and delivered an inefficient 2004-built MR to its buyer ahead of its dry dock and agreed to sell our final 2004-built MR, which was then delivered to its buyer in July.

Jeff will discuss both our recent debt prepayment and vessel sales as they relate to reducing our interest expenses, enhancing our current liquidity position in more detail later on the call. For the second quarter, our cash position increased by $13 million. We were able to grow our total liquidity, including the $50 million undrawn revolver to $200 million. This represents nearly $33 million increase in liquidity year-to-date. This is our highest amount of cash and liquidity since our spin off 2.5 years ago. And we continue to maintain one of the lowest leverage profiles in the sector with our net loan to value below 50%. And with the earliest maturity in our debt three years out in 2022.

Secondly, while seasonal weakness and other factors such as increased refinery maintenance ahead of IMO 2020 impacted the market following two consecutive strong quarters. Rates were significantly higher than a year ago. For the quarter, excluding the impact of a $1.6 million loss related to the MR sale, our net loss was $15 million or $0.51 per share. TCE revenues for the quarter were $62.5 million, and adjusted EBITDA was $21.3 million. In terms of our third quarter bookings, they are relatively flat to the second quarter, although our fixtures are at significantly higher levels year-over-year.

Jeff will provide a more detailed third quarter earnings update based on current market conditions later in the call. However, our Panamax booked rates have strengthened considerably, and during the last several months. We have taken steps to increase our Panamax exposure to capture this rate increase. During the quarter, we charted in a 2010-built Panamax for six months and subsequent to the end of the quarter, we charted in an additional Panamax for a two year period.

Thirdly, we continue to maintain significant operating leverage during a time when tanker fundamentals remain supportive of a market recovery and the IMO 2020 low sulfur regulations are set to go into effect. IMO 2020 has yet to impact our rate, but with refinery maintenance now largely complete, we anticipate additional demand for both crude and product tankers over the next few months and into 2020.

I would like to remind everyone that our sizable fleet comprising 39 crude and product tankers, positions us to capitalize on strengthening market conditions. Every $1000 per day increase in tanker rates for International Seaways corresponds to a $14 million increase in our EBITDA. Now, turning to slide 5, I will provide an update on three factors affecting tanker demand.

Firstly, following lackluster first half oil demand growth of 800,000 barrels per day. The IEA now projects strong growth for the second half of 2019 and for the year 2020. Specifically, oil demand growth is projected to increase 1.8 million barrels per day in the second half of 2019. And growth in 2020 is projected at 1.4 million barrels per day. With refinery maintenance now largely complete as I mentioned, we anticipate throughput to increase, which should have a positive effect on the crude and the product tanker markets as the United States remains a major exporter of refined product.

Secondly, in terms of oil supply, OPEC recently agreed to maintain cuts into 2020. And Saudi Arabia continues to restrict their production, which was approximately 500,000 barrels per day below its 10.3 million barrel per day target in June. Additionally, Venezuelan production declined to below 800,000 barrels per day in June.

Thirdly, despite the factors that have negatively impacted the tanker market in the second quarter, including accelerated new building deliveries in the first quarter, decreased OPEC production and extended refinery maintenance, we expect a rising rate environment for the remainder of the year based on the following. The slowing pace on new building deliveries, current Mideast tensions and dislocations, as well as incremental demand resulting from IMO 2020. In terms of asset values, gains achieved in the first quarter have been largely reversed, but year-over-year values are still higher than they were in the fourth quarter of 2018.

Tanker supply, on slide 6. Let's look both at the order book and the potential for ship scrapping. In terms of an order book update, there have been five VLCC new building orders placed since January. Importantly, the earliest delivery for new orders is now into 2021. While the total VLCC order book has decreased to just over 10%, we continue to expect it to be tempered as highlighted in the top right chart by offhire for scrubber installations. The biggest takeaway in terms of the overall tanker order book is that the order book is at its lowest level in the last 22 years.

Turning to the potential for increased scrapping, as I pointed out in the past, the global VLCC fleet is aging. This is evidenced by the bottom right chart, which shows you nearly 25% of the existing VLCC fleet will reach 15 years old by 2020. Once this occurs, these vessels will be more expensive to operate with significant investments required to continue trading beyond 15 and then every 2.5 years thereafter.

In addition, even greater capital expenditure is required to keep trading as ships reach their ballast water treatment deadlines. Now I'll turn the call over to Jeff and he's going to provide additional details on our second quarter results.

Jeffrey D. Pribor -- Senior Vice President and Chief Financial Officer

Thanks, Lois, and good morning, everyone.

Before reviewing the second quarter results in greater detail, let me quickly summarize our results. As Lois mentioned earlier, net loss for the quarter was $16.5 million or $0.57 per diluted share, compared with $18.8 million or $0.65 per diluted share in the second quarter of 2018. Excluding the impact of $1.6 million loss related to vessel sold in the quarter, our net loss was $15 million or $0.51 per share.

Now, if you could turn to slide 8. At first light to discuss the results of our business segments, beginning with the Crude Tanker segment. TCEs for the Crude Tanker segment were $46 million for the quarter compared to $34 million in the second quarter of last year. This increase reflects our success, improving the age profile and also increasing the capacity of the fleet, as well as primarily resulting from the impact of higher average blended rates in the VLCC, Suezmax, Aframax and Panamax sectors.

The increase was also attributable to increased revenue days in the VLCC sector, and higher activity in the Company's Lightering business in the second quarter of this year compared to last year. Turning to the Product Carrier segment, TCE revenues were $17 million for the quarter, compared to $16 million in the second quarter of last year. This increase primarily resulted from the impact of higher average daily blended rates earned by our LR1, LR2 and MR fleets, with spot rates rising to approximately $17,300, $17,700 and $11,600 per day respectively. Serving to partially offset these increases was a decrease in MR revenue days, which resulted primarily from the sales of three MRs between the second and fourth quarters of 2018 and one MR during the second quarter of 2019, all of which are part of our fleet renewal program and as also these -- they reflect the deliveries of two chartered-in MRs to their owners during the second quarter 2018 at the expiry of their respective bareboat charters.

Overall, as reflected in the chart top left, consolidated TCE revenues for the second quarter 2019 were $62 million, compared to $50 million in the second quarter 2018. This overall increase was principally driven by higher average daily rates earned across the crude and product carrier fleets this quarter compared to last year, as well as increased revenue days in VLCCs and incremental activity in Lightering.

Looking at the chart on the top right of the page, adjusted EBITDA was $21 million for the quarter compared to $9 million in the same period of last year. Again, this increase was principally driven by higher daily rates. On the bottom half of the page, we look at the results sequentially i.e., quarter-to-quarter. Consolidated TCE revenues and adjusted EBITDA for the second quarter were down from the first quarter, decreasing $32 million and $26 million respectively. As Lois mentioned, these rates were affected by expected seasonal factors and refinery maintenance in advance of IMO 2020.

Now, turning to slide 9, we provide Q2 review and Q3 rate update. Spot rates are broken out for a modern VLCCs and VLCCs in our fleet which are over 15 years old. As I've mentioned on previous calls regarding spot rates for VLCCs at relatively lower points in the tanker cycle, modern VLCCs earn higher rates than older vessels. As the market recovers, this gap will narrow significantly and rates for modern VLCCs will more closely reflect those for the overall VLCC group.

I will now discuss our bookings for Q3 thus far, which is generally flat relative to Q2 but still significantly higher than Q3 2018 levels. We booked 65% of available Q3 spot days for modern VLCCs, at an average of just over 20,000 a day, 68% of available VLCC days for our vessels over 15 years old at an average of approximately $11,800 a day, 47% of available Suezmax spot days at an average of approximately $19,000 a day, 56% available Aframax spot days, at an average of $14,600 per day, and 42% of available Panamax/LR1 spot days at an average of approximately $20,000 a day. On the MR side, we booked 40% our third quarter spot days at an average of approximately $10,100 per day.

Now, turning to slide 10, we talk about our breakevens. The cash cost TCE breakevens for the 12 months ended June 30, 2019 illustrated on this slide. For the first time, reflecting 12 full months of our fleet after completing the six VLCC acquisition last year. International Seaways' overall breakeven rate was $22,500 per day for the 12 months ended June 30, 2019.

These rates are the all-in daily rates our owned vessels much earned to cover operating costs, dry docking, G&A expense and debt service costs, which means scheduled principal amortization as well as interest expense. Of note, taking into consideration distributions from our JVs, the overall breakeven rate for the Company drops to $22,300 a day, which highlights -- this competitive rate highlights our strong position for optimizing cash flows. At this time, I'd also like to reaffirm cost guidance for the year for modeling purposes.

First with respect to regular daily opex, which includes all running costs, insurance management fees and other similar related expenses for our various classes they will continue to be at levels, which we have previously provided. For details and an update on projected dry-dock and capex costs as well as offhire days, you can refer to slide 18 in the appendix. Of note, the sale of the MR connection previously will save us $6.7 million in dry-dock capex.

Continuing with cost guidance for your modelling, we expect third quarter total interest expense i.e, cash and non-cash to be $17 million. Additionally, our debt calls for $31.6 million in principal payment scheduled in the second half of the year, two quarters. For G&A in the third quarter, we expect it to be approximately $6.2 million all-in which includes non-cash charges of $600 million. Finally, we expect $8.7 million net equity income, and $19.3 million for depreciation and amortization in the third quarter.

I'd also like to take this time to provide an update on Lightering. As we've often pointed out in these calls, it's a relatively small but very important part of the business, especially given the growth of reverse lightering for exports from the US Gulf. As with conventional tankers, lightering's results in the second quarter were affected by heavy refinery maintenance as well as fewer VLCCs loading for export due to the US-China trade dispute and other factors. Despite this volatility, we continue to see bright prospects for this business, with the previously announced charter-in of two Aframax tankers, including one of our own 2002-built ships marking a significant commitment to lightering. Full details can be found in the appendix on page 22.

Now, if I could ask you to turn to slide 11, for our cash bridge. As Lois mentioned before, we ended the quarter with the highest cash liquidity we've had since our inception. So how did we get there moving from left to right, we began the second quarter with a total cash of a $137 million. During the quarter, we generated $21 million of adjusted EBITDA, which includes $8 million in equity income from JVs, with non-cash items. So we therefore deducted to reach a cash figure, but then add back the actual cash distributions from JVs, which were $4 million dollars and then go-to proceeds from vessel sales which were $9 million. And then against that we expanded $9 million on drydocking and capex, cash interest in principal paid on our debt totaled $28 million and finally, changes in working capital and other non-cash items had a positive $23 million impact, which is principally related to reduction in trade receivables and a deposit on the Ariadmar sale, which will close in the third quarter. The net result of all this is that we ended the quarter with approximately $150 million of cash and $50 million of an undrawn revolver, yielded total liquidity of $200 million.

Now, turning to slide 12, I'll talk a little bit about our balance sheet. As Lois mentioned, we made a prepayment of $10 million on our 2017 term loan facility that will result in a $400,000 reduction of interest expense for the remainder of 2019, as well as $100,000 proportional reduction in future quarterly principal amortization payments, which will go from $6.1 million a quarter to $6 million.

In terms of balance sheet specifics, as of June 30th, we had $1.9 million of assets compared to $737 million of long term debt. In addition, we have, as I mentioned, $50 million revolving credit facility that remains undrawn. As you can see on the right hand column of the slide, our total debt to capital stood at 44% where our net loan-to-value using vessel values for conventional tankers and book value for FSO joint venture stands at just 50%, right at 50%.

On the right side of the slide you will notice book values for our two joint ventures. As of the end of the second quarter, the FSO and LNG joint ventures had netbook values of $133 million and $116 million respectively, which combined represents almost $9 per International Seaways share. At the bottom of the slide, we outline our debt facilities, all of which importantly mature in 2022 or later.

Turning to slide 13, we illustrated a strong earnings power of our Company or fleet heading into the market recovery. On the far left, we show 2018 spot rates earned by International Seaways vessels, which we view as a trough of the tanker market. To demonstrate the impact of the rising rate environment relative to those 2018 lows, as we did last quarter, we presented three specific scenarios to the right. The first is mid cycle, by which we mean the 15 year average rate. The next is recent peak, which is represented by 2015 average rates and the last on the right hand side, our historical peak rates achieved in 2008. You can see that based on mid cycle average rates, we would generate an annualized EBITDA of about $278 million and $4.44 per share in EPS.

If rates return to 2015 levels that would represent $476 million of adjusted EBITDA and $11.22 earnings per share. And of course, should we ever experience the super cycle ever again, we generate nearly $700 million of adjusted EBITDA. Regardless of how the rate environment develops, our past success, implementing our fleet growth and modernization strategy has significantly enhanced our upside potential for capitalizing on a market recovery in both the product and crude tanker sectors.

As a reminder, every $1000 increase in spot rates fleet wide results an increase of $14 million in cash flow, which corresponds to $0.48 earnings per share per annum. Before I conclude my comments and turn it back over to Lois, I wanted to provide an update on our shareholder base. After several years of ownerships -- of ownership, two of our largest pre-spinoff fund holders, have reduced their International Seaways positions. At the time of their spinoff, they held over 24% of the company and now have each reduced their positions to below the 5% regulatory filing requirement.

One of these holders, BlueMountain has been kind enough to confirm their position is now zero and the other Paulson has reported to be below 5%. So overall, we've had a major reduction in -- about 20% of these positions in the last several quarters. We appreciate the support that these shareholders and others have provided and continues to provide the company. And we view this development as very positive from a shareholder perspective.

Of note, our daily stock trading liquidity averaged $3.6 million per day in the second quarter, up from $2.4 million in the first quarter. I'd now like to turn the call back to Lois for her closing remarks.

Lois K. Zabrocky -- President and Chief Executive Officer

Thank you very much, Jeff. During the second quarter and year-to-date 2019, we've taken steps to further strengthen our financial position. We ended the quarter with a total liquidity of $200 million. This was up $33 million year-to-date, and nearly $60 million higher than we were at our spin off. We have maintained our low loan-to-value ratio, which stands at 50%. Our earliest debt maturity is not until 2022.

International Seaways remains poised to continue to capitalize on our core differentiators. Specifically, we are in a strong position to further our leading reputation as a disciplined allocator of capital, prepaying $10 million of debt in July. As we focus on enhancing long term shareholder value, we also maintain a commitment to providing safe, reliable service to leading energy companies as well as a commitment to transparency and corporate governance. We are the number one rated tanker company for corporate governance.

As we progressed through the second half of 2019, we are optimistic about the outlook for the tanker market, based on the order book being at the lowest level since 1997, robust oil demand forecast for the second half of 2019 and for the year 2020. In addition, tanker demand game changers such as increasing US exports and the upcoming IMO 2020 regulations will provide incremental benefits to our sizable fleet of crude and product tankers.

Importantly, we continue to maintain significant operating leverage to a rising rate environment. Every $1000 per day increase in rates corresponds to $14 million in EBITDA and $0.48 per share in earnings per share. In conclusion, our financial position is robust. Seaways remains a disciplined, transparent company with strong corporate governance, and we are excited about the favorable outlook with our strong operating leverage poised to take advantage of a recovering tanker market.

We will now open up the call to questions. Operator?


We will now begin the question-and-answer session. [Operator Instructions] Our first question comes from Randy Giveans of Jefferies. Randy, please proceed.

Randy Giveans -- Jefferies -- Analyst

Howdy everyone, how are you?

Lois K. Zabrocky -- President and Chief Executive Officer

Good morning, Randy. We're doing good.

Randy Giveans -- Jefferies -- Analyst

Yes, excellent, excellent. All right, so first kind of on a market question. You know, we're hearing one-year time charter rates of $35,000 maybe $37,000 a day per ECO VLCCs without scrubbers. Have you gotten any bids for some of your vessels at or near those rates? And also, obviously, your 10-year vessels or your Vs will have scrubbers installed ideally by the end of the year. What is the charter premium for scrubber equipped VLCC for a one year time charter?

Lois K. Zabrocky -- President and Chief Executive Officer

Well, Randy I would say that for one year time charter, it's a little trickier to identify that scrubber premium. If you're going to look at like three years or five years, you're somewhere $4,000 per day, $5,000 per day. Derek?

Derek Solon -- International Seaways, Inc. -- Analyst

That's right. And we haven't really received too much interest on a one year time charter because we're not too keen on doing one year.

Lois K. Zabrocky -- President and Chief Executive Officer


Derek Solon -- International Seaways, Inc. -- Analyst

2020 scrubber up discover retrofit.

Lois K. Zabrocky -- President and Chief Executive Officer

Right. Similar to most owners, Randy. You know, if you're going to do a one year time charter, really starting in the fourth quarter for a scrubber fitted we really expect a lot of upside, especially when you have a lot of inefficiency and disruption to the oil markets in early 2020.

Randy Giveans -- Jefferies -- Analyst

Okay. And then before I get to my next question, the 10 scrubbers, are they going to be completed by this year or how many are slipping into 2020?

Lois K. Zabrocky -- President and Chief Executive Officer

Nothing is slipping. We have scheduled from the beginning for seven of our scrubbers to be installed in 2019 and three of them to be in the first quarter of 2020.

Randy Giveans -- Jefferies -- Analyst

Okay. So no, no delays to that. Okay. Last question for me. As you mentioned, cash balance, highest level since the spinoff, you have very little debt due until 2022. Outlook is very strong for the back half of this year, obviously, 2020. That said your shares trading near the lowest levels since 2016 early 2017, 30% plus discount to NAV. You recently sold those two vessels at NAV. So should we expect, you know, INSW to repurchase shares here in the near term since you already have the authorization in place?

Jeffrey D. Pribor -- Senior Vice President and Chief Financial Officer

Hey, Randy it's Jeff. Look, I think what Lois said, and I'll repeat is that that we're really super pleased that having first allocated capital in our existence to do the $600 million we spent, renewing our fleet, putting ourselves in a really good position for this upturn that that is at hand, it would still generate a lot of liquidity from operations and from selling older vessels, which brings in cash and saves dry dock. Right. So we put ourselves in position to have the highest liquidity since we've been spun off. And we look and say, all right, we've already bought enough ships to be really well positioned. So now we can turn to other types of capital allocation that are accretive. And it isn't like you make a choice of any one thing, they're really all tools that you have in the toolkit. Deleveraging, share repurchase, dividends. You know, that's where capital are going to go now. And that's what you should be looking for. We started it with deleveraging. We love that because first of all, it's just good deleveraging. Secondly, it's flexible, you can always relever if you want to. And really also keep in mind that lot of the proceeds that we have in terms of cash are from selling older vessels that are really earmarked for deleveraging because of the way that the credit facilities work. So that's where it started. But yeah, we're looking to share repurchase dividends and all the above, capital allocation in the future.

Randy Giveans -- Jefferies -- Analyst

Awesome. Sounds good. Thanks again.

Lois K. Zabrocky -- President and Chief Executive Officer

Thank you, Randy.


Our next question comes from Liam Burke of B. Riley FBR. Liam, please proceed.

Liam Burke -- B. Riley FBR -- Analyst

Thank you. Good morning, Lois. Good morning, Jeff.

Lois K. Zabrocky -- President and Chief Executive Officer

Good morning.

Liam Burke -- B. Riley FBR -- Analyst

Lois, on the sale of the of the 2004 MR, are you seeing better pricing or liquidity in those markets? And does that affect your decision on what to do with some of your older MR vessels?

Lois K. Zabrocky -- President and Chief Executive Officer

Well, you know, the sale of these final two MRs were the completion of a program that we had of six 2004-built MRs specifically. And the prices that we were able to realize for those had indeed strengthened. And there was more inquiry in the last quarter. So [technical issues] some of that benefit.

Liam Burke -- B. Riley FBR -- Analyst

And Jeff, you're talking about deleveraging your prepaid $10 million in debt. You've got a slug of high cost debt. I know it's due in 2023, but is there any thought on prepaying matter? How do you look at them?

Jeffrey D. Pribor -- Senior Vice President and Chief Financial Officer

Well, thanks, Liam, first of all, the $10 million was applied to that. So, yes, that's a start. Right. But so I would say this, that, you know, that debt which you call it high cost, if you mean that the term loan B that was really put into place, or amended for the acquisition last year, as was some of the other debt, some of the unsecured debt we have as well, and they have the ability, especially the unsecured ability to call it next year and the term loan B, you know, can be called at any time although there's a slight premium until December 31st of this year. So really the best way to say it is that as we enter this period of time where we're generating a little bit of additional cash as we discuss we're really looking at the entire balance sheet and seeing what's the right thing for us to do as we head into this recovery. So it will -- we will be evaluating it from the top to bottom.

Liam Burke -- B. Riley FBR -- Analyst

Great. Thanks, Jeff. Thank you, Lois.

Lois K. Zabrocky -- President and Chief Executive Officer

Thank you.


[Operator Instructions] This concludes our question-and-answer session. I'd like to turn the conference back over to Ms. Lois Zabrocky, CEO for any closing remarks.

Lois K. Zabrocky -- President and Chief Executive Officer

We just want to thank everyone for joining us for our second quarter earnings call and enjoy the rest of your summer. We're looking forward to the tanker market recovery. Thank you very much.


[Operator Closing Remarks]

Duration: 33 minutes

Call participants:

James Small -- General Counsel

Lois K. Zabrocky -- President and Chief Executive Officer

Jeffrey D. Pribor -- Senior Vice President and Chief Financial Officer

Randy Giveans -- Jefferies -- Analyst

Derek Solon -- International Seaways, Inc. -- Analyst

Liam Burke -- B. Riley FBR -- Analyst

More INSW analysis

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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.

Motley Fool Transcribers has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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