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United
States
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date
of Report (date of earliest event reported): November 9, 2023
Pineapple Energy Inc.
|
(Exact
name of Registrant as Specified in its Charter) |
|
Minnesota
|
(State Or Other Jurisdiction
Of Incorporation) |
|
001-31588 |
|
41-0957999 |
(Commission
File Number) |
|
(I.R.S.
Employer Identification No.) |
10900
Red Circle Drive
Minnetonka,
MN
|
|
55343 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
(952) 996-1674
|
Registrant’s Telephone
Number, Including Area Code |
|
Securities
registered pursuant to Section 12(b) of the Act
Title
of Each Class |
Trading
Symbol |
Name
of each exchange on which registered |
Common
Stock, par value, $.05 per share |
PEGY |
The
Nasdaq Stock Market, LLC |
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
|
☐ |
Written communications pursuant to Rule 425
under the Securities Act |
|
☐ |
Soliciting material pursuant to Rule 14a-12
under the Exchange Act |
|
☐ |
Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act |
|
☐ |
Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR
§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. |
Results of Operations and Financial Condition. |
|
On November 10, 2023, Pineapple
Energy Inc. (the “Company”) hosted a conference call and webcast to discuss its financial results for the third quarter ending
September 30, 2023. A copy of the transcript for the conference call and webcast is furnished as Exhibit 99.1 and is incorporated
herein by reference.
The information
contained in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” with the Securities
and Exchange Commission for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
or otherwise subject to the liabilities of that section and shall not be incorporated by reference into any filing of the Company under
the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be
expressly set forth by specific reference in such a filing.
SIGNATUREs
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
PINEAPPLE ENERGY INC. |
|
|
|
By: |
/s/
Kyle J. Udseth |
|
|
Kyle J. Udseth, Chief Executive Officer |
|
|
|
Date: November 13, 2023 |
|
|
Exhibit
99.1
Pineapple
Energy Inc. (NASDAQ:PEGY) Q3 2023 Earnings Call Transcript
November 10, 2023
Operator: Good
morning. And welcome to the Pineapple Energy Third Quarter 2023 Conference Call. As a reminder, today’s call is being recorded.
All participants are in a listen-only mode. For opening remarks and introductions, I would like to turn the call over to Eric Ingvaldson,
CFO of Pineapple Energy. Mr. Ingvaldson, please go ahead.
Eric
Ingvaldson: Thank you Audra. Good morning. And welcome to Pineapple Energy’s conference call to discuss results for the
third quarter of 2023. With me today is Kyle Udseth, our Chief Executive Officer. This quarter we also had the pleasure of being joined
here at our Minnesota headquarters by Scott Maskin, a Pineapple Board Director and the Founder of our SUNation Business in New York State.
Our call this morning will include statements that speak to the company’s expectations, outlook and predictions of the future, which
are considered forward-looking statements. These forward-looking statements are subject to risks and uncertainties, many of which are
beyond our control, which may cause our actual results to differ materially from those expressed in or implied by these statements.
We
are not obliged to revise or update any forward-looking statements except as may be required by law. Please refer to our disclosures regarding
risk factors and forward-looking statements in today’s earnings release and other SEC filings. A copy of our press release has been
posted to the Investor Relations page of our website for reference. The non-GAAP financial measures discussed in this call are reconciled
to the U.S. GAAP equivalent and can be found in the press release that we issued yesterday. With that, I will turn the call over to our
CEO, Kyle Udseth. Kyle, please go ahead.
Kyle
Udseth: Thanks, Eric, and thanks to everyone for joining us on the call this morning. We did push this back one hour this quarter,
which I hope has given our West Coast participants the chance to grab a second cup of coffee. As always, we appreciate them joining so
early. Today I’m happy once again to share another strong quarter of operational and financial results from Pineapple Energy, but
I won’t say it came easy. This is my ninth year in rooftop solar and I don’t recall a more trying quarter for our industry
broadly, and I think, you see the effects of that showing up in the earnings results so far of some of our larger public peers. But in
spite of the macro challenges and headwinds,
we were able to rally our Pineapple teams to deliver another quarter of positive adjusted EBITDA.
We
kept a tight focus on disciplined execution and cost containment, while sharpening the pencil on positive ROI growth investments. We’ll
share more detail in later sections, but in sum, both our Hawaii Energy Connection and SUNation businesses were able to grow gross profit
dollars year-over-year in Q3, which is a huge accomplishment in this interest rate environment. And while it’s still only a cost
center and not yet a revenue driver in its own right, we were also able to effectively contain corporate costs, feeding budget, while
continuing to build up our shared services capabilities. We strive to keep improving every quarter and our culture of high performance,
data centricity, and accountability has never been stronger. Delivering results and hitting our goals will continue to be the focus in
Q4 and into 2024.
Now
for a more detailed look at our performance, let’s start in Hawaii, where Chris DeBone and his team turned in another excellent
quarter. Revenue was up 6% Q3 year-over-year, but the real success story is gross profit increasing 40% year-over-year, due to holding
the line on pricing while realizing significant decreases in procurement cost. And battery attach rate remained at a tremendous 90%. This
is so important as we continue building out the foundation for the grid of the future, where people can produce, store and consume their
own electricity. Due to that expense and the length of the trip, we don’t get to spend as much time visiting HEC as we would like
to do. I think it had been 18 months since the last time I’d been able to be out there with the team.
But
Eric and I did get the chance to go in October for a 2024 strategy and planning session, and it was just such a great reminder of how
solid our team is there and how hard everyone works to help people go solar and save on their electric bills. And one place you see that
reflected is in the referral rate. In Q3, 79% of our systems sold came via customer referrals, which is just a phenomenal number and a
testament to the great customer experience that Chris and all of our HEC team deliver every day. Let’s turn now to New York, where
Scott Maskin and the team also delivered a strong quarter. Revenue was down 16% Q3 year-over-year, but that was against a very strong
2022 comp. And much more importantly, we managed to grow gross profit dollars by 1%, which is a solid result in such a challenging interest
rate environment.
That’s
something we as a leadership team are extremely focused on and that I think is a big differentiator versus competitors. On this and the
last call, you’ve heard a lot of discussion on organic growth and bottomline focus at our existing businesses and that is our foundation
and it is really the support for the whole strategic platform of Pineapple. But the broader vision is absolutely still intact to drive
a roll-up in consolidation of leading local and regional, residential and commercial solar companies, and we’ve made steady progress
on that front as well. This current environment presents a tremendous buying opportunity for experienced and savvy consolidators you can
find and integrate the right companies. With that, I’ll now turn the call over to our CFO, Eric Ingvaldson to walk through our financials
in more detail.
Eric
Ingvaldson: Thank you, Kyle. I will review the GAAP financials as required by the SEC and then review certain pro forma numbers
that will give you a better sense of the year-over-year performance of our business. The GAAP numbers are less insightful because Q3 results
last year included only results of our Hawaii operations and not the results of SUNation, which was acquired in the fourth quarter of
2022. Let’s start with the third quarter 2023 GAAP results. Total revenue was $18.3 million, up $12.4 million or 211% from the third
quarter of 2022. The increase in revenue was a result of the SUNation acquisition in Q4 of 2022 and organic growth in Hawaii. Total gross
profit was $7 million, an increase of $5.6 million or 401% year-over-year.
Gross
profit increased due to increased revenue and an improved gross profit margin. The gross profit margin improvements were a result of the
SUNation acquisition and an improvement in equipment costs and financing fees. Total operating expenses were $8.6 million, an increase
of $4.8 million or 125% year-over-year. The increase in operating expenses was primarily a result of the SUNation acquisition in Q4 of
2022. Operating expenses in the third quarter of 2023 included $1.3 million of amortization and depreciation expense, $354,000 of stock-based
compensation and a $230,000 unfavorable fair value re-measurement of earnout consideration. Operating loss in the third quarter was $1.6
million, a decrease of $859,000 and a 35% improvement over the prior year. Other expenses were $769,000, an increase of $650,000 from
the prior year. Other expenses increased primarily due to an increase in interest expense due to debt financing closed in the second quarter
and a $240,000 unfavorable fair value re-measurement of the contingent value rates. Net loss from continuing operations attributable to
common stockholders was $2.3 million or a loss of $0.23 per diluted share in the third quarter of 2023. This was an 8% improvement from
the net loss from continuing operations of $2.5 million in the third quarter of 2022 and a 32% improvement from a diluted loss per share
of $0.34 in the third quarter
2022. We will not comment on year-over-year U.S. GAAP results for the nine months ended September 30th as the comparable results aren’t
meaningful due to only three days of operations post-merger with CSI represented in the first quarter of 2022.
Now
let’s summarize the pro forma results, which assumes we owned SUNation and HEC for the full year in 2022. The pro forma year-over-year
comparisons better represent the operational performance of the business versus growth as the result of acquisitions. Q3 pro forma revenue
declined 10% compared to the prior year with HEC revenue up 6% and SUNation revenue down 16%. Pro forma revenue declined 10% due to a
12% decline in residential revenue offset by a 1% increase in commercial revenue and a 3% increase in service and other revenue. The decrease
in residential revenue of 12% as a result of a decrease in residential kilowatts installed of 10%. The average price per residential kilowatt
installed declined 3% due to the impact of lower equipment costs and financing fees on customer pricing. Q3 pro forma gross profit however
increased 9% compared to the prior year as rejection and equipment costs and financing fees outpaced the slight decline in average selling
price of our installed systems resulting in gross profit margin improvement. Q3 pro forma net loss increased by $2.1 million compared
to the prior year due to income from the employee retention credit of $1.9 million recognized at SUNation in the third quarter of 2022.
Pro forma adjusted EBITDA of a positive $336,000 improved 156% from negative $602,000 in the prior year. This improvement was achieved
through growth, margin improvement and operating leverage gained by closely managing the operating costs of the business. Year-to-date
pro forma revenue was up 20% from $50.2 million last year to $60.2 million for the nine months ended September 30, 2023.
Year-to-date
pro forma adjusted EBITDA of $1 million improved by $4.1 million or 133% from negative $3.1 million in the prior year. Pro forma adjusted
EBITDA includes adjustments for fair value re-measurement of earn out consideration and contingent value rights obligations, stock compensation,
gain on sale of assets, impairment losses and the employee retention credit. We end in the quarter with cash available for Pineapple operations
of $3.4 million, compared to $2.4 million available at the end of the second quarter. We had another $2.2 million of restricted cash and
liquid investments which is reserved for the CVR holders. Net cash generated from operating activities during the third quarter of $870,000
was the result of positive improvements and networking capital.
Notable
changes in networking capital were due to an increase in IT and customer deposits in the quarter offset by an increase in other assets.
Net cash used in financing activities for the quarter was $3.2 million due to a $3 million payment to the contingent value rights holders
which reduced our restricted cash balance. Now we would like to open the call for any questions. Operator, please go ahead.
Operator: Thank
you. [Operator Instructions] We’ll go first to Donovan Schafer at Northland Capital Markets.
Donovan
Schafer: Hey, guys. Thanks for taking the questions. I want to first ask about the Long Island time of use billing. Are you seeing
anything — do you have any sort of like leading indicators that you track whether it may be quoting activity or inbound interest,
anything that gives you a sense of whether you’re already seeing the same signs of an uptick there, whether it’s a battery
or attachment inquiries or new installs and then with that or potentially in the absence of that, do you have a sense for 2024 of whether
you expect that to be have an impact earlier in the year or more towards the end of the year?
Kyle
Udseth: Yeah. I mean, I would say, the full answer is kind of in the absence of that, right? We are still going through 2024
budgeting right now and so we haven’t like fully put pen to paper on all this and the assumptions. I think it’s going to be
a build over time, because they’re chunking it out and like how broadly it’s rolled out and what tariffs or customer groups
get it over time. So I think it’s certainly going to build up through the year. I don’t know, we got Scott here who probably
knows more about this than all of us. I don’t know you got a point of view on this?
Scott
Maskin: Sure. So January 1st the rollout was slightly delayed for IT issues from the utility. January 1st all new meters, new
customers will be automatically enrolled in time of day rates in like the territory and they’ll be doing chunks throughout the rest
of the year in probably $50,000, $60,000, $70,000 customer groups. But there will be — but the goal is I believe that by the end
of 20 — the beginning of 2025, all 750,000 ratepayers will have to opt out of time of day rates.
Kyle
Udseth: Yeah. And we were talking about this even just yesterday with Scott here about how starting next week right
he’s going to be back in the office, we’re going to be through earnings, earnings release, earnings callings, we got a
Board meeting still to prep for, but it was one of the top priority items we said is let’s make sure we get our analytics
team, our sales leadership team together and we start looking at our pricing book, we start looking at our sales materials and we
make sure that we’ve got the right training, the right talk tracks, the right pricing in place to make sure that, it’s
different, right? But you look at the NEM 3 market in California and you look how that’s evolved since and you look at from
what we’re seeing this real bifurcation in companies that were prepared for it and had expertise in-house and were savvy and
were able to pivot and start selling in a post NEM 3 world with solar plus battery storage and then a lot who weren’t and
we’re going to make sure that we’re in the group who can and I think it’s a great opportunity to differentiate and
separate and elevate yourselves and take share.
And I think we’ve got a ton of experience you know 20 years in the market in
Long Island helping customers there and then like we mentioned in the script we’ve also got the expertise in Hawaii to draw.
And so I’m confident that we’ll have a great offering and be able to effectively present it to customers, but like
literally just yesterday we were talking about how this becomes a priority right away.
Donovan
Schafer: Okay. That’s helpful. Thank you. And then turning to revenue, you guys were down sequentially in Q2 and then you’re
down again in Q3. On the last call we talked about how Q1 was at sort of an elevated level due to some of the push-outs from the Hawaii
Building Department issue from late last year. But I wouldn’t think that would kind of be a factor going from Q2 to Q3. I know you
talked about that the — and we know from all the other residential companies it’s certainly a challenging environment. So
I guess the question is sort of in light of all that, what gives you the confidence for Q4, you’ve got there’s sort of the
backlog there. Are you getting cases of anything getting canceled or pushed out or is it what you’re seeing there makes you feel
like the timeline for the stuff that’s in the backlog is firm and wouldn’t slip from Q4 to Q1 is it is it skewed to C&I
or something, what is it about all that that makes you feel like feel confident, yeah, it’s there and it’s going to land in
Q4?
Kyle
Udseth: Yeah. Confidence is, I guess, all relative. I was thinking about this a little bit when you give a guidance range statistically
speaking what are you actually doing you’re trying to pick a midpoint, you’re trying to say, it’s plus or minus on this
side and it’s within one standard deviation or two standard deviations or whatever and what the confidence interval is. So it’s
never a slam dunk obviously, but I think that we’ve got nine months closed out, we’ve got the backlog like we mentioned and
we’ve got visibility in our CRMs and in our project management systems of what the install calendar
is look like you know in October and for November and December so far and we could track that against historicals and then in New York
there’s also the C&I pipeline.
So
I think that we have good visibility and analytics into how the year is going to end but it’s not guaranteed. But there’s
downside there’s maybe also upside. I think with 2024 like I said, we’re going through the budgeting exercise still. And one
of the things that we’ve been talking about lately is it’s just a — it’s a strange, it’s a good thing, but
it’s a strange business to be in or maybe a time in the business to be in a declining cost basis industry, right? Because it’s
great because it helps margins, it great — it’s great because it lowers prices for the end consumers and it increases the
value prop overall, but it kind of screws up how you think about revenue and what growth should look like, right? Because there’s
number of jobs you do or there’s kilowatts installed, but if prices are going down like that could make it look like your revenues
flat or shrinking even if that’s like holding the line or growing.
And
so we’re grappling with that a little bit into 2024, but it’s why you one of the reasons you heard us emphasize gross profit
and gross profit dollars more on this call than we have before I think we’ve really resolved kind of around to. At the end of the
day your prices go up your price to go down like your cost up, your cost go down, dealer fees go up, dealer fees go down, you sell what
you do you install what you do, it all comes out in the wash of what are the actual, and not even the percentage what are the actual quantity
of gross profit dollars you generated and then what was your OpEx and that’s your EBITDA Scott was even saying yesterday one of
his colleagues was it five years ago made a shirt that said GMD on the front of it gross margin dollars.
I
think I’m going to make a shirt like that and you know wear it to breweries on the weekend or something. But, yeah, I guess, that’s
how we’re thinking about the rest of the quarter and what gives us confidence in that and the things we’re working through
in our 2024 budgeting.
Operator: We’ll
take our next question from Jeff Grampp at Alliance Global Partners.
Jeff
Grampp: Good morning, guys, and appreciate the delay in the call an hour.
Kyle
Udseth: Hey, Jeff.
Jeff
Grampp: I know we come first when you guys think about planning things. Question on the margin performance, now that continues
to be very strong. Is there any more room for growth there, given the tail ends on the equipment pricing and then hardware and things
of that nature or do you feel we’re kind of topping out here around these levels?
Kyle
Udseth: Let me go first but and then I’ll turn it over to Eric and maybe even Scott has a perspective on it too. I —
higher is better right in the short-term, but I almost worry that our gross margins are starting to get too high, right? It’s always
that delicate balance of how are you priced relative to competitors and what’s the price elasticity and if you go a little bit lower
on pricing and seed a little bit of gross margin do you more than make that up in volume which is something we’re going to look
at. Our teams have done a tremendous job in both Hawaii and New York and supported by some great corporate work on negotiating and realizing
discounts in procurement. Certainly a trend across the industry, but I’m proud of what we’ve been able to accomplish on the
cost basis on that and so you see that come through.
We’re
— it’s again to go back to just the 2024 budgeting, we’re trying to form up a perspective on what we actually want the
gross margin percentage to be in 2024 and where the OpEx needs to be and how that allows us to get 10% or higher EBITDA margin at each
of the operating businesses and that’s also a benchmark we look for new companies to acquire. So I think there is continued room
to drive cost out of the business and keep lowering the cost basis and then the margin is kind of a question of what we want to do on
pricing and what — where the elasticity is that. I don’t know, Eric, whether do you think to add on to that?
Eric
Ingvaldson: Yeah. I think that in today’s kind of inflationary environment consumers are used to cost increasing, so we’ve
been able to maintain or just slightly reduce our selling prices, while taking advantage of lowering equipment costs and dealer fees to
enhance our margins. So that we are closely watching our market share numbers to make sure to see what our competitors are doing. We want
to make sure that we’re still competitive in each market that we’re in. But so far we’ve been able to maintain pricing
and take advantage of lower equipment and financing costs to-date.
Kyle
Udseth: Okay.
Jeff
Grampp: Okay.
Kyle
Udseth: Yeah. No. Okay. Go ahead, Jeff.
Jeff
Grampp: Helpful. Thank you. And for my follow-up I’ll ask the obligatory M&A question and just get an update for what
you guys are seeing in that market. It’s potentially opportunity rich, but obviously a lot of macro uncertainty, so just wondering
how you guys are thinking about potentially executing something in this market?
Kyle
Udseth: We absolutely want to and remain focused on it and the absence of announcing a closed deal this quarter and last quarter
should not be interpreted to mean an absence of activity there. We’ve been incredibly active on it. It’s a big part of what
we focus on. And I think, I’ll say, our pipeline is the biggest. I don’t know if this is the right term the healthiest it’s
ever been right, because you start with a lot of companies entering the funnel and then you get to know them more, you diligence them
and then you have a front row seat to how they perform over time through good times and through some of the challenges more recently and
then it really shakes out and you get a greater confidence level and who the right company is the right fit for you the best operators.
And I think we’ve made a ton of progress on that and we’re really excited about the short list of companies that it’s
a lower down in the funnel. It is — it’s a good time to be buying, right? I think if you can raise the money and I think that
as it’s the only silver lining of the massive drop in the stock prices and the public equity valuations of the solar companies is
that that trickles down to the valuations of the private companies as well and so if you’re a consolidator it’s a great time
to be buying if you have confidence in your ability to identify and diligence the right companies and then go fundraise for it. I think
we’ve mentioned this before, but in fundraising the whole point of being public was to use stock to be able to be a currency in
M&A and also to raise the cash for the cash consideration with the stock price where it is right now it’s just too dilutive
to do that, so that’s not what we want to do, so we’re thinking about debt as the tool to do it. I think it’s why it’s
been so critical to get, I mean, when you’re our size and starting out every acquisition is critical, but the Hawaii acquisition
was key this was our first one, the SUNation acquisition was key, because it tripled the size of the company and got the company to keep
it positive and generating cash and then that puts us in the position of the next acquisition is totally accretive and falls straight
to the bottomline, because we’re looking at healthy well-run businesses that have strong bottomline and EBITDA we think we can raise
debt off of those multiples, but we have a few different capital raising tools at our disposal.
Jeff
Grampp: Great. And maybe just a quick follow-up on that Kyle, are you seeing — you guys as you mentioned, you get mark-to-market
every day with a public equity, private companies don’t. Do you feel that there’s a sufficient narrowing in terms of buyer-seller
expectations to where there’s transactions to be done or does some more market therapy need to kind of matriculate through on the
private side?
Kyle
Udseth: No. I think we’re getting really good feedback. Like we have constructive conversations with people, there are
different value or consideration levers in a deal, cash upfront, seller notes, earnouts, like, what their roles are of individuals going
forward, stock, right? So there’s a lot of different tools in the toolkit and I think different sellers have different motivations
or put different values on those things. So I think we — there’s a lot of ways to negotiate in a kind of mutually beneficial
way. And I think in terms of just where overall multiples are at and where upfront cash consideration is that, I think, the adjustment
is there, we’re at a really healthy place and then as a public company these acquisitions are probably going to be material and
just the size you’d look at and so there’s an audit component that has to happen there’s a fundraising component that
has to happen.
But
it’s a good environment for doing what we’re trying to do, I’d say.
Jeff
Grampp: Okay. Great. Thank you guys for the time.
Kyle
Udseth: Thanks for joining.
Eric
Ingvaldson: Thanks, Jeff.
Operator: I
am seeing no more questions in the queue. Let me turn the call back to Mr. Udseth to conclude the call.
Kyle
Udseth: Thank you, Operator. Before we conclude, I wanted to mention a few upcoming events, next Thursday the 16th, Eric and
I will be joining James West of Evercore for a virtual fireside chat at 2 Eastern. Then later this month on November 30th will be in
New York for the Bank of America Flagship Renewables Conference and we’ll be joining Julien for a fireside chat at 4 Eastern. And
then we’ll be attending the Janney Clean Energy Investment Symposium in New Orleans, December 5th through the 7th. I know I’m
going to eat well on that one it’s an amazing food city, definitely need to pack the running shoes for sure. We look forward to
connecting with anyone who’s able to attend those events and please reach out to your contact at those firms if you’d like
to schedule one-on-ones. Now to conclude. Speaking on behalf of the entire Pineapple leadership team, we’re excited by the strong
first three quarters the company has been able to deliver in 2023. Thanks to everyone listening to or reading this for your ongoing engagement.
This past quarter has been a challenging operating environment and a tough time for pretty much everyone I know in the industry and it’s
hard when you see two huge oil companies both do $50 billion acquisitions, while renewable stocks are kicking around five-year lows.
But we keep fighting the good fight and riding the solar coaster and as higher interest rates pass through into ever increasing utility
rates in the next round of air rate cases, while our equipment costs keep declining, our fundamental value proposition to homeowners
is just going to continue to grow and grow.
Thank
you again for joining us this morning and for your continued support. If you have any questions, please contact Eric or me. This concludes
our call today. You may all disconnect. Thank you.
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