EROAD’s Annual & Special Shareholders’ Meeting Presentation

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•Tena koutou, tenakoutou, tenakoutou katoa.
•Good afternoon ladies and gentlemen and thank you for joining us for EROAD’s 2021 Annual
Shareholder Meeting and Special Shareholder Meeting to approve the CoretexAcquisition and
its funding which we announced a few weeks ago
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•My name is Graham Stuartand I am Chairman of EROAD. On behalf of your directors, Steven
Newman, our CEO and all ofthe EROAD team, a very warm welcome to you in the room with us
here today and those joining the meeting virtually.
•Like many other listed companies, this year we have moved to holding a hybrid meeting. Our
shareholders unable to join the meeting in person can now watch and vote in real time via the
Lumielectronic platform.
•Today we are holding the EROAD’s Annual Shareholders' Meeting, in conjunction with the Special
Shareholders' Meeting in relation to the CoretexAcquisition.
•I appreciate that you have taken the time to join us as we update you on our FY21 financial
results, the progress we have made delivering on our strategy, the proposed acquisition of
Coretex and conduct the vote on the six resolutions.
•With that, I am pleased to confirm that we have a quorum represented here today and therefore
declare the 2021 Annual Shareholders’ Meeting and the Special Shareholders Meeting of EROAD
Limited open.
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•Up front with me or joining us virtually today I have:
•Barry Einsigwho is joining us virtually from Pennsylvania
•Tony Gibson
•Susan Paterson
•Board member and Chief Executive Steven Newman;
•Chief Financial Officer, Alex Ball and
•General Counsel and Company Secretary to the Board and the Company, Mark Heine
(sitting up front)
•The acquisition of Coretexis expected to complete in early H2 FY22. On completion Selwyn
Pellett, CEO of Coretex, will join EROAD’s Board as an Executive Director and be an advisor to
EROAD CEO Steven Newman during the integration period. Selwyn has worked in the
technology sector in New Zealand for over 20 years, with particular expertisein telematics and
network security.
•The Board is also looking to appoint this financial year an additional director from North America
dependent on the ability of the Board to meet candidates in person.
•We are also joined today by a number ofthe senior management team and other EROADers
many of whom are shareholders.
•On arriving today, you will have been greeted by staff of Computershare, our share registrar,
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who are available to support you with the formal aspects of the meeting. Also here today are
KPMG, our company’s auditor and Chapman Tripp our company’s solicitor.
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•The format of the formal part of today’s proceedings will comprise of presentations from myself,
then Steven, followed by Alex Ball who will run through the numbers. Steven will then make
some comments on the Coretexacquisition and the exciting future of the telematics industry
before we break for questions.
•After that we have six resolutions to consider before we address any general business matters
that shareholders may wish to raise. Then we will close the formal part of the meeting.
•For those of you here at Eden Park with us today, I encourage you to stay and have some light
refreshments with us. Also take advantage of the live demos of some of our products and
services we offer our customers at the back of the room so you can see them first-hand.
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•As you are all well aware, FY21 brought with it some challenging macro-economic conditions
across all our markets. North America hasbeen the most challenging of our markets during
COVID-19 due to the impacts of lengthy lockdowns, wild fires, civil unrest and politics. Despite
this, our business model and customer value proposition ensured that we weathered the storm
well.
•Revenue increased year on year by 13% to $91.6 million and Earnings Before Interest, Tax,
Depreciation and Amortisation(EBITDA) grew by 13% to $30.7 million. Our AnnualisedMonthly
Recurring Revenue metric (AMRR), which provides a forward view of sustainable revenue,
increased from $84.0 million to $88.4 million.
•Contracted Units –where we have an EROAD communication device fitted in-cab or on a trailer
under contract with a customer -increased 8% over the year. Reflecting the quality of EROAD’s
service and product offering, in a year that brought with it a significant amount of uncertainty for
our customers, EROAD’s Asset Retention Rate remained stable at around 95% and the Average
Monthly Revenue per Unit –abbreviated to ARPU -remained stable reflecting the FX impact of
the US$. Howeveron a constant currency basis it would have increased reflecting the additional
SaaS services we sold to our customers throughout the period.
•Throughout FY21 our Board, management and over 300 EROAD’ersstepped up and navigated
the new reality –working differently with an increased focus on managing our cost base. We
recognisedthat this was the time to be bold and prepare to take best advantage of growth
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opportunities when conditions improved.
•For EROAD this meant increasing and accelerating its investment in its platform and productivity.
The ASX listing and simultaneous $53m capital raise in September 2020 ensured we had the
upfront funding to be able to begin this acceleration. We were ensuring EROAD was stronger than
ever and ready to grow –and grow quickly. And we are doing that with the recently announced
acquisition of Coretex.
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•As well as the significant growth that Coretexbrings with it –Coretexis a perfect
complement with EROAD as we are aligned with our purposes. Both EROAD and Coretex
aspire to create a safer, more sustainable and more productive society.
•We have for a long time now talked about how EROAD’s customer solutions not only
helps to reduce speed, ensure vehicles are safe and improve driver behavior, but they
also help our customers achieve greater fuel efficiency, reduce compliance costs and
improve fleet productivity.
•Coretex’sspecialist products complement EROAD’s solutions. For example, Coretex’s
refrigerated transport solutions optimisecompliance, safety and fuel consumption to
help reduce wastage and emissions. Their construction solutions help reduce
construction and industrial wastage and their waste & recycling solutions help reduce
contamination.
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•We have always stated that an acquisition would be part of our growth strategy to reach our medium and
long-term goals. We have been clear we would seek complementary and proven technology to augment our
product range. To accelerate growth, any acquisition needed to deliver increased capability, improved
customer experiences and access to additional industries. In Coretexwe have found a highly complementary
partner which allows us to satisfy these criteria.
•The acquisition of Coretexis truly transformational and significantly accelerates our key growth metrics by 2
years. The strategic rational is clear.
•Coretexbrings with it proven technology solutions in refrigerated transport, construction, less than
a truck-load and waste and recycling.
•Coretexbrings with it Enterprise solutions increasing the ability for EROAD to win large Enterprise
customers
•We gain Corextex’snext generation platform which means we can accelerate our technology and
product roadmaps
•We add just over 64,000 units in our key markets which significantly lifts our position in North
America and Australia
•While there are some, this isn’t an acquisition of cost synergies this is all about the revenue synergies which
there are a huge amount of. We see growth acceleration and revenue synergies in North America and
Australia. We also see a huge amountof synergies on the technology side of things as well.
•You will hear about this some more when Steven talks through the acquisition in more detail.
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•We have always been clear with shareholders that EROAD chooses to grow in this rapidly growing
global telematics industryand this moves us closer to the next major milestone of 250,000 units
and positions us to become a bigger player in the global telematics market.
•We are very excited about the opportunity and the accelerated growth Coretexbrings to EROAD.
•Now I will hand you over to Steven Newman, CEO of EROAD.
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•Welcome everyone. Its great to be able to spend time with our shareholders, updating you on
the significant progress we have made since the last ASM against our strategy.
•Welcome to all our shareholders joining us virtually as well –we have a number ofnew
shareholders from Australia following last years capital raise so welcome.
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•This is a slide that we’ve shown every year, which demonstrates our growth in each market. As
Graham mentioned, despite difficult macro-economic conditions EROAD continued to see grow.
While not the growth rate we have seen in previous years, nor the growth we would have
anticipated before COVID-19, it does demonstrate the true strength of our customer value
proposition.
•Part of EROAD’s core strategy is to grow via adding more units either with new customer
accounts or existing customers. In FY21 we grew contracted units in vehicles from 122 thousand
to just over 126 thousand –representing 8% growth.
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•EROAD also looks to grow by selling more to our customers. During FY21 we made significant
improvement in the services we offer our customers to help them manage safety and
productivity of their fleets.
•The dashcam is really important to North America to help our customers reduce their
insurance premiums by being able to provide exoneration when an accident occurs.
•We have EROAD Go, which provides connection to logistics systems and the in-cab
experience for the driver.
•We have electronic log books in New Zealand, a new version of that was released in the first
half of the year and very quickly has over 6,400 subscribers. One thing to note is just over
500 log books are being used by customers that do not have EROAD telematics in their
vehicles.
•So this, combined with another product that we have EROAD Inspect, is allowing us to win
business from new customers that potentially have a competitors’ telematics solution in
their vehicles, so when those contracts come up, we have already established a relationship
with that customer. So a new way of winning business.
•We have EROAD fleet maintenance which is in big demand from our enterprise civil
constructions customers to manage the many bits of plant which they have, and then over
on the right we have EROAD Where, which is an IOT platform for small assets so they can be
tracked, cost effectively
•So you’ll see this picture develop over time as we add more and more services for existing
customers, through further R&D and also the acquisition of Coretex. As customers take on
these new products and services, we will see an increase in average revenue per unit (ARPU)
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•OurhomemarketofNewZealandremainsanimportantoneforus.
•Financial year 21 we continued to grow with 9% growth in contracted units, up to 87,892 units at the
end of the year. That represented the growth of 7,526 units and that’s really quite important for us
becauseover30%ofthatwasfromnewcustomers,notjustexistingcustomersincreasinggrowth.That
wasduringaCOVIDimpactedyearalbeitNewZealand’stheleastimpactedofthethreemarketsthatwe
operatein.
•Within the same market, 7,507 units were also renewed and will continue that retention work in this
importantmarketintofinancialyear22wherewe’vegotsomesignificantrenewalstotakeplace.
•Ouroverallretentionrateremainsstableatjustunder96%andpleasinglyourARPUincreasedslightlyas
werolledoutadditionalsubscriptionservices.ThishascontributedtoanEBITDAresultof$38.8mwhich
isup11%ontheprioryearfigure.
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•WeturntotheUSmarket.TheUSmarketwasthemostchallengingofthemarketsthatwe
operateinfromamacroeconomicconditionspointofview.
•The pandemic and the lockdowns that resulted from that, as well as civil unrest and the
political backdrop, made sales particularly challenging in the second half of the year. But
withthatinmind,wecontinuetofocusongrowthandfocusonbothgrowthincontracted
unitlevelsaswellasARPU,andwe’repleasedtoseethatARPUinUSdollartermsincreased
by$1yearonyearto$42.95andweachieveda4%growthinunitsto35,437units.
•Ourretentionrate loweredslightlyinthe year to just under 93%.Despite these incredible
headwindswegrewearningsinNorthAmerica.
•We are positive on the US market with signs the economy is opening up. Reflecting this,
EROAD currently has two enterprise customer prospects in pilot for its Ehubo delivered
services,approx.1,500units,aswellasasolidmixofmid-marketpilotseitherlaunchedor
beginning soon. There are also further pilots for Clarity Dashcam with existing and new
customers.Thiswouldbeinadditionto thelargepipelineofEnterprisecustomersCoretex
have.
•We’re very positive about our product market fit, and even more so with the addition of
Coretexintothefold.
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•Weturntoourthirdmarketnow.Australia.
•OurbusinesscontinuestobuildinAustraliaandduringtheyearweaddedanother745units
in our small and medium sized customer segment, and we signed our largest enterprise
customeroverthere,beingVentia.Thiswilldoubleourconnectedvehiclesubscriberbasein
Australia and, while our ARPU reduced in the year due to the nature of some of the SAAS
bundlesthatweareselling,wedoanticipatethatthatARPUwillimproveinFY22asboththe
Ventiaandthenewgrowthcomesbackonline.
•We’re stillseeingmostofourgrowthcoming fromthe enterprise segmentinthe Australian
market.
•With that I will hand you over to Alex, and I will be back shortly to talk you through the
acquisitionofCoretexinmoredetail.
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•Thank you Steven, and good afternooneveryone
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•Group Revenue increased 13% from $81.2m to $91.6m reflecting growth in New Zealand and
North America.
•New Zealand Revenue increased by 12% reflecting an additional 7,526 contracted units
through both expansion into existing customer fleets and new customers.
•North America Revenue increased by $4.8m reflecting the additional 1,435 contracted
units.
•Australian Revenue increased slightly from $0.7m to $1.4m
•Operating expenditure increased 13% by $6.8 million in line with revenue reflecting accelerated
R&D operating expenditure and ongoing spend on company-wide initiatives to deliver further
longer-term improvements in operating leverage.
•EBITDA grew $3.6m or 13% to $30.7m.
•Profit before tax increased from $1.4m in the prior year to $1.9m. This represents the Revenue
and EBITDA growth and partly offset by higher depreciation and amortisation.
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•One of the main focusses for us in FY21 was to weather the storm and not only come out of
the year far more competitive but to retain all the underlying metrics that we had historically
enjoyed, which was strong monthly recurring revenue per subscriber and high retention rates.
We have done a very good job at achieving that.
•Monthly recurring SAAS revenue –APRU -was essentially the same at $58.30. There was
naturally good growth in monthly recurring revenue in North America, but when it translated
into New Zealand dollars, that was reversed.
•As Graham mentioned our Asset Retention Rate remained at the 95% level. During the year we
resigned 640 customers, representing 14,000 contracted units. When you look at that as a
number of vehicles per customer, that works out to be 22 vehicles per fleet. So that is a lot of
smaller customers continuing to sign up for the service, and really demonstrates the
importance of this service that we deliver to that customer base, both small to medium and
enterprise.
•The annualised monthly recurring revenue grew from $84m to $88.4m. That number would
have been higher but there was a significant impact from an FX perspective with the New
Zealand dollar strengthening significantly against the US dollar.
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•At the same time we announced the Acquisition of Coretex, EROAD also released its Q1 Operating Update
for the three months ended 30 June 2021.
•EROAD grew by 4,152 contracted units during Q1 reflecting good growth in New Zealand and Australia.
•Unit growth in North America remains slow, however there are signs the economy is opening up. And as
Steven mentioned EROAD currently has two enterprise customer prospects in pilot for its Ehubodelivered
services, as well as a solid mix of mid-market pilots. There are also further pilots for Clarity Dashcam with
existing and new customers
•EROAD continues to make good progress with selling additional services through EROAD Day Logbook
(adding 425 driver subscriptions), Inspect (627 subscriptions added) and EROAD Where (1,580 tags added)
during the three month period.
•On 2 June we announced that we had entered into a strategic partnership with Phillips Connect, a
leader in expandable and durable telematics solutions specifically focused on trailer and asset
operations, safety and health.Since entering into a partnership with Philips Connect on 2 June, EROAD
has sold 322 Philips Connect Solutions.
•EROAD provided FY22 Guidance last November at the time of the half year years and since then our
guidance has been unchanged.
•We expect percentage revenue growth in FY22 to strengthen from FY21 (13%), but not be at the
FY20 level (32%).
•We continue to expect R&D to be between 24-27% of revenue during FY22.
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•Given expected one-off integration costs from the acquisition of Coretex, FY22 standalone
EBITDA margin now is expected to be between 28-31%. Excluding these, EBITDA margin
will be consistent with that of FY21.
•Thank you and I will hand you back to Steven.
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Thank you Alex.
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•I’m hugely exited about the acquisition of Coretex–it is truly transformational for EROAD
•On the next four slides you see what our FY21 would have looked like if Coretexhas already
been acquired. Adding our financial and operating performance together to look at what the
proforma performance would look like. You can see that significant jump in our key metrics.
•Revenue increases by almost $47 million
•EBITDA by $16 million and
•Our AMRR increases from $88 to $131 million
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Moving on to our operating metrics you see:
•We get a big jump in unit numbers to 190,380 getting us closer to the next milestone of 250,000
units
•Our average revenue per unit is broadly flat –although down slightly reflecting the large % of
trailers they have in their subscriber base which receive a lower ARPU
•The Asset Retention Rate is down slightly, however this reflects some fleet reduction Coretex
saw in FY21 (during COVID-19), excluding this the Asset Retention Rate would be broadly flat at
94.8%
Of course, like us Coretexisn’t standing still and growing fast so we could expect these numbers to
improve even more between now and when the acquisition completes in H2.
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EROAD’s strategic priorities have been to increase our scale in North America and Australia, focus
on winning Enterprise customers and entry into a number of new key strategic verticals. The
acquisition of Coretexdoes all this nicely.
•We see North America increase from 28% of the units to 43% of the units
•We see Enterprise customers increase from 40% to 53% of the units.
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•And given the significant headway Coretexhas made developing and selling their specialist
products we see EROAD entering into the new areas of Refrigerated Transport, Construction and
Waste & Recycling.
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•What makes this transaction so appealing is that on the face of things EROAD and Coretexlook
quite similar but if you look closelythey are quite different. By introducing Coretex’sproducts
and services we significantly improve our product market fit in North America and Australia in
particular.
•Coretexis a telematics vertical specialist provider delivering enterprise grade solutions.
•As at the 31 March Coretexhad just over 64,000 units in North America, Australia and New
Zealand. They entered North America in 2007. For FY21 it delivered Revenue of $46.6 million
and EBITDA of $16.1 million.
•Coretexis focused on growth verticals of less than a truck load (LTL), refrigerated transport,
construction, and waste & recycling. Coretexhas a well advancedpipeline of North American
Enterprise customers.
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•As we have mentioned the acquisition gives EROAD solutions in the Refrigerated Transport,
Construction and Waste and Recycling. We have provided case studies for all of these in the
investor presentation released to the market on 14 July, however I thought I might spend a few
minutes talking you through one example of the end –to –end solutions Coretexoffer for
construction customers.
•In construction, customers are looking for solutions that help them solve
•How can my driver find where to go on a rural site?
•How can we know the state of a cement mix?
•How can we improve dispatch time?
•How can we improve safety around these machines?
•Coretex’sproducts provide an end-to-end solution focused on quality verification,
communication, safety and compliance and reporting metrics.
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The acquisition of Coretexaccelerates EROAD’s strategic priorities:
•Immediate scale and significantly improved position in refrigerated transport
and construction
•Extended product offering and telematics solutions for refrigerated transport, construction and
waste and recycling that significantly expand addressable markets
•Complementary technology solutions will deriskand accelerate required short term
development efforts
•The enhanced product and engineering capability will enable greater levels of new
to market innovation
•Coretex’sELD for Canada is cueunderreview and awaiting certification. Will support North
America customers
•Coretexhave a well advancedpipeline of North American Enterprise customers and a strong
Enterprise sales capability
•Dealer channel focused on refrigerated transport vertical operates in NA and Canada
•Coretex’sFY21 Asset Retention Rate was 86.8% reflecting a large proportion of fleet reductions
during COVID-19. Excluding fleet reductions, the Asset Retention Rate would have been 95.6%
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The Acquisition of Coretexaccelerates EROAD’s strategic priorities:
•Immediately gain significant greater scale with addition of 7,876 units improving our market
position
•Significantly accelerate unit growth targeting key verticals with more complete enterprise grade
product offerings
•Coretexto deliver Electronic Work Diary in next six months
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•This transaction better positions us a bigger player in the global telematics market and capture a
bigger piece of the pie.
•The Global telematics industry is estimated, in research produced by Imarc, to reach a value of
US$109 billion by 2026 growing at a compound annual growth rate of 19% between now and
then.
•It is such an exciting time for the industry as we see:
•A digital transformation of the Transportation industry.
•We see acceleration towards road pricing globally.
•The focus on health & safety continues to increase by regulators and companies themselves.
•We are also seeing government supported/mandated regulatory telematics solutions as a
significant growth driver over the next five plus years.
•Post COVID-19 we have also seen a number of new trends emerge which EROAD is well
positioned to capture.
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•Now, is there any general questions on EROAD or the acquisition you would like to ask, you will
have an opportunity to ask questions on each resolution as we go through them individually.
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•Thank you, ladies and gentlemen. There being no more questions I now move to the formal part
of the meeting, the resolutions. If you do not have a pen or a voting paper and would like one,
please raise your hand and Computershare will help you.
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•At this time, can I ask if there are any questions regarding the financial statements and Auditors
report.
•For the first resolution, I will hand over to Tony to Chair the meeting.
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•Good Afternoon Shareholders.
•Resolution 1. That Graham Stuart, who is eligible for election, be elected as a director of the
company. The Board recommends Graham to you as a director of EROAD Limited and
unanimously supports his reelection. I now invite Graham to address the meeting.
•[Graham to address the meeting]
•Is there any discussion on this resolution? There appears to be no further discussion. I now put to
the vote the ordinary resolution: That Graham Stuart, who is eligible for election, be elected as a
director of the company. Please take a moment to mark your voting form in relation to
Resolution 1.
•Now I will hand the meeting back to Graham.
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•Thank you. Moving onto Resolution 2. An increase in the Non-executive Director Remuneration
Pool.
•It is proposed that the total amount of the fee pool be increased from $500,000 to $850,000,
which represents an increase of $350,000. This is to allow sufficient funds to increase the
number of non-executive directors on the Board. The Board currently comprises five directors of
whom four are non-executive. It is proposed that, in the next 12-18 months, the number of Non-
executive Director directors is increased to five or six to continue to build the expertise of the
Board and allow ongoing rotation of Non-executive Directors from the Board. It is also proposed
that the fees for the non-executive directors and Chairs of the Board and the Remuneration,
Talent and Nominations Committee (“RTNC”) be increased.
•In accordance with Listing Rule 6.3.1, no non-executive director or any of their Associated
Persons (as defined under the NZX Listing Rules) can vote in favourof this resolution, unless
casting votes under an express proxy of a person who is not disqualified from voting
•Is there any discussion on this resolution?
•There appears to be no further discussion. I now put to the vote the ordinary resolution: Increase
of Non-executive Director Remuneration Pool.
•Please take a moment to mark your voting form in relation to Resolution 2.
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•Thank you. Moving onto Resolution 3 of the annual general meeting. Appointment of Auditors
and Auditor Remuneration.
•Is there any discussion on this resolution?
•There appears to be no further discussion. I now put to the vote the ordinary resolution:
Appointment of Auditors and Auditor Remuneration.
•Please take a moment to mark your voting form in relation to Resolution 3.
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•Moving on to the resolutions relating to the Special Shareholders Meeting.
•In respect of the first resolution, shareholders are asked to ratify, confirm and approve for all
purposes the acquisition by EROAD Financial Services Limited, a wholly owned subsidiary of
EROAD, of 100% of the shares in CoretexLimitedunder an agreement for sale & purchase of
shares dated 14 July 2021, as described in more detail in the explanatory statement in the notice
of meeting and accompanying materials.
•Shareholders are also asked to authorise the directors of EROAD to take all actions, do all things
and execute all documents and agreements necessary or considered by them to be necessary or
expedient to give effect to the transaction.
•Is there any discussion on this resolution?
•There appears to be no further discussion. I now put to the vote the ordinary resolution:
Acquisition of Coretex.
•Please take a moment to mark your voting form in relation to Resolution 1.
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•The second resolution for the Special Shareholder Meeting relates to the approving of the issue
of EROAD shares to Coretexshareholders.
•Under this resolution, shareholders are asked to approve, for the purposes of Rule 4.1.1 of the
NZX Listing Rules, the issue of up to 16,000,000 fully paid ordinary shares in EROAD to Coretex
shareholders, at an issue price of NZ$6.00 per share in partial satisfaction of the purchase price
payable under the Coretexsale and purchase agreement, and to authorisethe directors of
EROAD to take all actions, do all things and execute all documents and agreements necessary or
considered by them to be necessary or expedient to issue these shares, which, when issued, will
rank equally with all existing ordinary shares of EROAD
•Those EROAD shareholders who are also Coretexshareholders who are receiving shares under
this share issue or any of their Associated Persons (as defined under the NZX Listing Rules) are
not able to vote in favourof this resolution unless they are castingvotes under an express proxy
of a person who is not disqualified from voting
•Is there any discussion on this resolution?
•There appears to be no further discussion. I now put to the vote the ordinary resolution: Issue of
shares to CoretexVendors. Please take a moment to mark your voting form in relation to
Resolution 2.
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•The final resolution relates to the capital raise. Under this resolution, shareholders are being
asked to approve both the shares to be issued to investors in the placement and to retail
investors through the share purchase plan.
•Under this resolution, shareholders are asked to approve, for the purposes of Rule 4.1.1 of the
NZX Listing Rules, the issue of NZ$80.5 million of fully paid ordinary shares in EROAD to
subscribers in the capital raising being undertaken in connection with the acquisition of Coretex,
at an issue price of NZ$5.58 per share (or such lesser amount as may be payable under the Share
Purchase Plan), and to authorisethe directors of EROAD to take all actions, do all things and
execute all documents and agreements necessary or considered by them to be necessary or
expedient to issue these shares, which, when issued, will rank equally with all existing ordinary
shares of EROAD.
•Those shareholders who received shares under the placement or any of their Associated Persons
(as defined under the NZX Listing Rules) are not able to vote in favourof this resolution unless
they are castingvotes under an express proxy of a person who is not disqualified from voting
•Is there any discussion on this resolution?
•There appears to be no further discussion. I now put to the vote the ordinary resolution: Issue of
Capital Raising Shares to investors. Please take a moment to mark your voting form in relation to
Resolution 3.
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•With that I bring EROAD’s Annual and Special Meeting to an end.
•Thank you everyone. As always I appreciate meeting our shareholders in person, hearing you
questions and feedback directly. For those of you in the room, please join us for some light
refreshments.
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