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Invite House (NYSE: INVH) co-founder, president and CEO Dallas Tanner (Dallas Tanner) and industry focus moderator Nick Sciple and Motley Fool Canadian analyst Iain Butler (Iain) Butler together to discuss how the rental housing industry has changed in the past ten years, and invited Homes to become the largest housing lessor in the United States, which is also the direction of the company and its market in the next five years.
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The video was recorded on November 4, 2021.
Nick Sciple: Welcome everyone! I’m Nick Sciple and Ian Butler, analyst at Motley Fool Canada, joined. Our special guest today is Dallas Tanner, the co-founder, president and CEO of Invite House. Founded in 2012, Invitation Homes now owns more than 80,000 rental homes, making it the largest rental home owner in the United States. Dallas, thank you for joining us.
Dallas Tanner: Great, thank you Nick. I am very happy to be here and thank you for inviting me.
Nick Sciple: Glad you are with us. In addition, I said in the introduction invitation that the largest rental home owner in the United States is now less than 10 years after the establishment of the company. To me, this is really amazing, because when I think about renting, as long as we stay in the house, we always rent. How did Invitation become so big and so fast? What is special about your company and your mature market environment?
Dallas Tanner: You are done. Single-family rentals have been in this country for 250 years. There have always been homeowners owning real estate, but it has never been done in a scale or institutional way that can promote synergy, economies of scale, and better services. I think what happened to you, frankly, in my context, it can be traced back to single-family rentals in the early 2000s. But during the housing crisis in 2007 and 8 years, the market was oversupply, initially through distress channels. No one can get a mortgage, and the availability of funds has basically disappeared. The Dodd-Frank Act naturally sets stricter lending standards. There is an oversupply of houses, and the value of the houses of all our sellers has fallen by 50%, 60%, 70% in some parts of the country. We are already very active in housing. My partner and I have been buying multi-family residential development projects. We are studying single-family homes, and we said, “In terms of how we can get high-end homes, this is no different from our multi-family business. We can start some really meaningful things here.” Starting from Phoenix, We purchased approximately 1,000 houses. There is no leverage, on our own, just use the business model to see if it can operate and perform like our other scale multi-family houses. Sure enough, it did. But we found that our customers are actually more sticky, which means that the average multi-family customer will stay with you for about a year and a half, and the average single-family resident, at least in our business today, stays for three years or more Over time, time gets longer and longer. When you start thinking about this problem, you think, well, you have a very sticky customer, and if you anchor it in the right place, you have good real estate. What else can we push to make this a better experience? By the way, these 65 million millennials come to us. They want to enter a subscription-based economy. Not everyone wants to have a home.
To take a step back, two-thirds of the country’s land owns something, and one-third of the country leases something among the 150 million households we own in the United States. In terms of housing leasing nationwide, it is normal to have a fairly healthy customer base. Why doesn't anyone do this according to professional standards, make it cool, fast, mobile, and other professions that use our economies of scale to actually take advantage of other things that customers might want. This is what led us to embark on this path. We finally established the Invite House in 2012. After several years of refinement, we established a company with private equity capital and listed the company in 2017. This is a truly successful real estate entrepreneurial story, but it doesn't actually do anything that doesn't exist, just think of ways to make it better. Usually, when innovation is aroused in many different industries, you usually take what has been done in one way, shape or form, and you will figure out how to do it better. Real estate is quite dated and quite frank. In the past 30 years, many things we have done have been done in the same way. We have just discovered an element of real estate, which means single-family rentals, separated single-family houses, and have figured out how to do better. Expanding our services in economies of scale, it's really successful.
Nick Sciple: You talked about some things that happened in 2008. Perhaps it has created an environment that attracts capital and enables the company to grow. Invite, as you mentioned, it is the largest in its space, but not the only operator. Compared with some other operators, how do you handle single-family residential space differently?
Dara Steiner: Well, there is a lot of money going into this field. Just what you mean. There is a lot of capital trying to recreate what we have. Today, our company has about 80, 85,000 families on a certain day. We have 16 of the best markets in the United States that we consider to be the best. This is the difference between us and many of our peers. Ninety-five percent of our company's revenue comes from the West Coast, Sunbelt and Southeast regions. We are indeed rooted in parts of the United States, and we see family formation and population growth at twice and a half of the average in the United States, so I should say that this really makes a lot of sense for driving or not driving. Allowing us to participate in the natural demand in the market, leading to outstanding performance of our portfolio. I think there are a few things. The house we bought is more expensive than 95% of our peers. Our philosophy has always been based on filling. Over time and distance, buying more expensive products will help better schools, good transportation corridors, and parts of the country where people really want to live. Not because they want to live there because it feels reasonable, they actually want to live there based on location. There is a saying in our business that we are channel-agnostic and location-specific, which means we don’t care how to buy houses, we will buy them through any meaningful channel, and we will not harm our location. This It is a big difference. The other is our average price point that I mentioned earlier. I think the average price point for the last quarter was $450,000 per house, which is much higher. Then basically most of the new capital or many of our existing peers are investing. We are just positioning it as a high-profile high-quality product portfolio, and by the way, the coolest thing in our business is that we think about our customers. Our customer day, after the past 10 or 11 years, we have learned a lot about him. Usually the total family income is about 120,000 US dollars. They have one or two children living with them. Usually, parents or partners work in that home. We are able to help this client enter a community they would otherwise not be able to afford, and this is part of the social impact that we are truly proud of. We should own part or part of a community or community. You don’t have to be the owner to live there. You can use subscription-based models, leasing or finding a leasing method suitable for this lifestyle at a lower cost and zero down payment. , We will pay all maintenance costs and all long-term capital expenditures. This model really resonates with customers. I think that higher price points and more careful consideration of where you make capital investments are a major differentiating factor for our business.
Nick Sciple: You mentioned the millennial population, the subscription economy, etc. before. You also said that you can use more, maybe a bigger house that you can't afford. Who is your typical lease? What do they look like? How did they come to you? Talk about that.
Dallas Tanner: As I said before, the average age today is about 39 years old. Think about what I said before, 65 million people between the ages of 25 and 36 enter our industry. We really have the ability to meet this demand. Customers are divided into three categories. Before I enter these three, believe it or not, if they want, two of the three categories can buy a house. I will return to this topic later. The first is that this is one-third or addition or subtraction in our investigation. They do not meet the conditions for owning a house. We call them our group out of necessity, which means they only need space. They need affordable factors and they don't want multi-family families. They want a garage, they want a yard, they have two dogs. By the way, we are a completely technology-friendly company. They see us as an alternative to apartment rent or other things, and they think it’s a better bank for me, because renting from us is much cheaper than the rent usually used for multi-family houses on a per square foot basis. many. A third of our customers come from this necessity. The other two thirds are divided into two categories. One is transitional, which means that some life events are happening to them. Something has happened in their world and it will take them a few years to transition.
Maybe it's a new job, maybe it's a new marriage, maybe it's a divorce. They just try to solve the problem, test it out of school, and test the community. Then the third bucket, another 35%, is what we call our discount. These people can have it, they have no interest. They just want to rent out. They are several groups there. People my age may want a subscription-based lifestyle. Just say I want to make a down payment, I want to travel, I want to do all other things. I want to invest in my Robinhood app instead of investing $50,000 in a house. Then the other is interesting, just like the baby boomers, we have retirees who either I want to get rid of cash completely, or invest my money, I want to travel, or pay for the invitation home. I want to run your home in Orlando, because I will only visit my grandchildren here for six months of the year, so the other half of the year will be in Minnesota, which I own. We have this very interesting combination, and we are seeing more of our market segment shifting towards transitions and preferential overtime. Because I think there are many options for people who only need housing. But having said that, we like this because in the debt business of our national partnership with Terminix, we have smart home technology, we have a clean air filtration program, and we can automatically lower gear shifts. People want that. Many people will say, "When I walk into Costco's door, how do you do what Costco did for me?" Everything is there. I can buy a life jacket, light bulbs, and I can buy more meat and agricultural products that I need for a month. I can do it all in one place. I think this is where we started to turn to the customer approach. Running a cool house in a great neighborhood is just the beginning. How can we make life simple? We are continuing this evolution internally and looking for ways to drive the overall customer experience, because when we do, they just want to stay with us longer. I think you will see that we become more dynamic in terms of product supply and the types of rentals we can add over time because we are more and more aware of consumer needs.
Ian Butler: Will this be a growth channel for you to become a service provider, not just a host, because you are the point of contact for any service there. Is this something to be explored in the next few years? I don't know where it is, I am new to this story, but I am very curious.
Dallas Tanner: Of course. Early in our journey, we raised this point on the Investor Day about two and a half years ago. We said, look, we think we will provide 30 million U.S. dollars in operating ancillary income each year. Considering that our company's annual revenue is close to 2 billion U.S. dollars, this number is very small. But it's like we want to show people the way, we have to adapt to make ourselves uncomfortable and explore some of them. We also don't want to make gimmicks. We don't want you to move into our home and feel like we provide you with a new service every 30 days. No one likes that. But what we want to create is like a set of services in the menu. I want to say that we are in the first or second round of the development. Today, when you rent from us, you will get Smarthome features that can be rented from us, which provides you with thermostat control, locks, and all these things. In the end, I think it will be ordinary, because people just expect that. That will be just the standard. But today, you can get it through a subscription-based service. We want to ensure that as part of our overall ESG strategy, we begin to take on some customer responsibilities around filter plans and clean air. It can also extend the life and duration of your capital expenditures through homes, HVAC, and the like.
Now we begin to experiment with some optional things, such as pest control, pet services. There are 50,000 pets in our family, which is an amazing number. What can we do with cool companies to reduce the cost of owning pets and create some pet-friendly resources for people? We are studying some things in the can. It can be as simple as gym membership and local things, but we really want to try to create value for the people and things that we all pay for. So we are now doing a lot of work around insurance. We are trying to find things like, how can we help people reduce their living or car costs? If people want to buy insurance through their preferred partners, is there a national supplier that we can use our strength and economies of scale to help them create a choice? These are some of the things we started to fine-tune, but the delivery part is something we spent a lot of time on. We don't want to overwhelm people when they come in, they have to pick 30 different things, and we want to say, hey, get this great property. We are happy to make you a regular customer in our portfolio, by the way, this is one or two that we want you to have as part of the plan, but we have another 20 available for you to choose at any time, and you can do To all this [inaudible 02:42:55]. This is how we try to make this process a place where someone can sit there and go, I am tired of my current insurance provider and I want to see IHS if they can get a quick quote and figure out that they can save $100 a month , They should do it with us. We think this is part of our value-added experience based on the subscription model, where people come in and out, it's not just about renting a house. This is a cool company. This is a lifestyle company. I want to try to get closer to what they are paying attention to and see if they can provide a better experience for me and my family.
Ian Butler: I will follow these ideas quickly. As mentioned above, Nick is from Canada and has some knowledge of Tricon. I have been following them for many years, so I am just curious about listening to the stories. But they have talked about, as you said, how technology is increasingly entering their business. As the scale expands, they have to use technology and artificial intelligence and so on. When you buy and add to the housing portfolio, how do you develop in terms of technology, and even from a maintenance perspective, how does the maintenance of the portfolio that has been growing over the years develop?
Dallas Tanner: By the way, a big fan of Tricon. I think they did a good job. I like Gary Berman and his team. The interesting thing is that we obviously have been collecting and consuming a lot of data. So you consider dividing it into several different parts. First of all, it is just real estate data, such as tracking things, for example, how does our investment portfolio appreciate? What do we see in capital expenditures in specific areas of the country? Have we found that we are more efficient in a 1,800-square-foot house or a 2,300-square-foot house? Why? How much time must we spend on mechanical systems in certain areas of the country, and what is the average authorized transaction. Just like your real estate bucket, this obviously affects the way you want to invest in the long-term. Then there are other things, for example, what have we learned from our customers and their experience? It means, in the first 10 years of our business, is it really attractive for them to provide services to customers and how we can adjust our operating model to accommodate overtime? When we started, we were repairing the house and we laid a lot of carpets in the house because it felt like what you have at home. Then over time, we found through wear and tear and customer insights that, my goodness, people want luxurious vinyl flooring.
They want more areas of hardwood surfaces, not because they are easier to clean. When you feel that your home is not yours, this is a better value proposition for someone. Now, we are almost doing things like hardwood and luxury vinyl flooring in entire houses in some markets. Then we also did some things around certain paint colors, installation and finish standards, certain things about cabinets, and what I call countertops, which actually led to the evolution of the way we work with American homebuilders. We have established a national partnership with Pulte Homes. For various reasons, we have set very special fitting and decoration standards at home. One, this is what the customer wants. Second, as time and distance go by, it becomes more efficient for our investors. You will find that in our long-term thinking around costs, we will be more sustainable. Third, it increases the value of the house in the near and long term. If we sell the house back to the secondary market or end-user market, then its size is what people want and they want to buy from a third party today. All this data is driving our thinking around real estate and the latter part, namely, customer experience, that is, what service do people want? When we become smarter, for example in terms of pets and pet planning, this is okay, but when we move their pets into the house, how do we get them to board the plane? For many people, when they move into our house, it may be their first time living in a single-family villa. They may come from townhouses or multi-family housing projects, and if something goes wrong, they don’t even know how to shut down the water mains. So we have a system called Procare. When we move in someone, you hear me talking about this and you go away, which makes sense, but like, it took us many years to figure out this is the best way to move in people. We have one of our supervisors and they move you in, spend about an hour with you, and pass a 50-point family list.
But then they will end the meeting, there are two or three things. If you forget everything else, we need you to remember two or three things. If water comes out of the room for some reason, it is not your fault, but there may be some machinery or other things there. This is your water main and you must know how to close it. We will be here or call the emergency service hotline. Then we said to them, "Hey, listen, whenever you move in, you start to feed your family, flush the toilet, mess up the doorknobs, anyway, you might find one or two things that make you crazy, this It's normal." We found that whenever we moved into a new house by ourselves. This is a list of refrigerators. We arrange an appointment with them within 45 days. If there is an emergency, we will arrive within an hour. Tell us. But if it's just simple cosmetics, you can limit things and put it on your refrigerator list so that we can let someone out for an hour and a half and fine-tune anything that you are not satisfied with. What you do there is a lot of advantages in the new living environment, and you have to build trust with your customers. Then all we did was say, "Look, as long as you live with us, you can call us anytime."
They have our repair number. They know how to arrange things by themselves, but we said that we will go home once every six months. This is a safety and health issue. We also want to make sure that you don't have a bad experience because you haven't picked up the phone to contact us. The Procare bottle prepared for us is indeed effective. In the first few years of doing this business, we may have made a lot of mistakes. We hope that customer service will always be 10 out of 10. But until you figure out how to fine-tune your services and what is useful to your customers, many people want to be alone, and many of our residents don't even want their neighbors to know that they rent for any reason, they just don't care. Like, hey, I live nearby. I am your neighbor, whether I own it or lease it, why should we care? Having an efficient system, working for the residents, enabling us to enter the home, all of which are delivered and developed by obtaining all this data. We process 500,000 work orders at home each year. We spend an average of US$3,000 per year and US$3,500 per household per year in our portfolio, only for maintenance and long-term capital expenditures. When you calculate on average, we all know how painful it is to own something. Over 80,000 times, you will become smart.
Nick Sciple: The earnings you reported last week were one of your biggest quarters, because long-term acquisitions have improved your future guidance for acquisitions. When you look at this market today, we start to talk, when you look at 10 years ago, there was a serious oversupply. Today, I want to say that the demand for undersupply is much higher than the supply on the market. When you look at the conditions, what makes this real estate market so attractive to you today that you are really on the road to acquisition?
Darasteiner: Honestly, we hope we can buy more. From a supply point of view, the market is quite tight and we are very picky about where to invest. But what I want to say is that the most difficult thing for people to understand is that for the audience, you have to honestly explain why we are where we are today. Meaning, from a resale perspective, why is there only 4-8 weeks of supply in any given market? Now, taking a step back, our resale volume in the United States will still reach 65,000 this year, which is a fairly healthy number. You just don't see the amount of available inventory, and there are several things that cause these challenges. First of all, back to the housing crisis of seven or eight years old. What happened to the builder? Let's be honest. They overbuilt, developers over speculated, and everyone was criticized. They either lose money or reorganize with banks. Developers or builders and construction suppliers face many difficulties. Since the house could not be sold, and there were obviously only a lot of payments for the space, they had to carry bags for mass distribution. Well, as a country, we need between 1 million and 1 million in terms of new units that are introduced to the market every year4. Well, if you look back at 9, 10, 11, 12, 13, 40, 50, we have never reached a million units. We are like 6, 7, 800,000 deliveries. Although the real estate market is crawling out of troubled companies like ours, we are buying excess supply. Many of these markets have 2-3 years of inventory. This is completely Unhealthy. What happened is that as builders slowly return to a comfortable level of being able to develop and bring new products, can you blame them?
The bank was hit by the attorney general's settlement. The builders are reorganizing major issues with the lenders, and everyone is terrified. By the way, the builders did a great job during this period, deducting a lot of debt from their balance sheets and putting their companies in a healthier state in the future. But by 2021, I think this is the first year we have developed enough supply to meet annual consumption. So we have 10 years of underdevelopment. This is the title. Nick, when you think about it from our perspective, we have all these family formations happening. Some of us may wish to stay longer in certain areas, but at least be flexible. This is a perfect scenario for our business, because again, once flexibility does not necessarily want to own a home, the millennials we are talking about are even shorter, so when we list all of them, we are very Optimistic about the prospects of our business. We want to continue to invest capital. In my opinion, it will not correct itself overnight. From a supply point of view, it will take time. Therefore, we have developed more cautious loan standards regarding whether someone should own a house. When you are in college, you should not be able to borrow our first 80% and 15% without income when all the development they are trying to bring and the future supply slows down. When we talked to our builder partners, you got these considerations. Then there is another problem that we all face, we all have to face it honestly, the coverage really disrupts the supply chain of developers and builders. I have been talking with builders. It's like, I can build the whole house, but still waiting for door and window packaging or plumbing packaging because I can't get parts from overseas.
I bet it will take 6-12 months to return to normal. When you check our product consumption and our service consumption in that country. There are many things suitable for this moment. This is great for builders and great for developers. It would be great for people to own real estate, and we think our prospects are in the needs we are meeting. Nick, you talked about our rent for the quarter. We know that trees will not grow to the sky, but we are shocked by the price the market is now willing to pay for vacant single-family rental houses. We do not set market interest rates because we are indeed cleaning up something. If we overpriced it, it will not be rented out, and if we underestimate it, it will rent out too fast. But our pricing is like the market. I think the new lease growth of our vacant products reached 17% and 18% last quarter. Now, we are obviously very careful with customers at home. You will see that our number of renewals is much lower than that number, 9, 10% or 11%, when you mix them together. We know that there are a lot of potential losses in our current portfolio to be rented out with the people who are renewing the contract, but we think this is the right approach, and try to keep the market and our position as gentle as possible "re-request to renew. We are very excited about the company’s prospects. We are not worried about demand now. I feel that there is a lot of demand in the market.
Nick Sciple: I want to ask about the rent growth rate. The mixed growth is about 10%, and you get a vacancy rate of 18%. As you mentioned, with the renewal, the number of new tenants is slightly lower. How long do you think this situation will last? As you said, there is this misalignment between market supply and demand and supply chain issues, which may take a while, so the potential market dynamics you are talking about. I think this situation will not be reversed in the short term, so how long do you think the rental rate is constructive for your business and continue to rise for renters?
Darasteiner: I don’t think housing costs will go down, unfortunately, generally speaking, it’s just for all of us. We have wage inflation, and we have commodity sales cost inflation. One thing that can help the market fall a little bit is that interest rates may rise a little bit and allow the natural supply of inventory to fill a little bit, see the possibility of purchasing in new homes and the like. Over time, I really like the standardized market. Although we are grateful for our business needs today. I hope to see that this is sustainable. I don't think these are the sustainable numbers we see. I hope these will come back to Earth naturally at some point. But you are right. I don't see how demand will decline in the near future. However, there is not enough housing inventory to meet the needs of the United States. Companies like ours have done a good job of aggregating good supplies and making them available and providing professional services around it. But we need more supply, we are not a supplier. We need builders to build confidence and believe that they can go out and develop at a faster rate. You must be honest. This is not their fault either, because legislation in many of these markets makes it very difficult to introduce new supplies into the US housing market. For example, California, we love California, we have 13,000 houses there. Bringing new supplies into such a difficult market. It’s not as easy as markets like Arizona, Georgia or Florida, where developers tend to pool a lot of resources because it’s easier to bring in new supplies and people want to live there. People want to live in California. Let us really be clear about it. Like the sunshine tax, it may be a bit expensive, but it is a good place to adapt to the weather, like a vibrant GDP market and everything else. But it is difficult to bring new products. You talked to the builders there, and they just want to pull their hair out, because you can't get any approval, and you will [inaudible 02:56:21] supervise the planet. I think this is a difficult thing to relax, because there are many factors at play, so it is difficult to create new supply quickly. You have supply chain factors, and you have interest rate factors. Now we have free money, so it’s super easy for someone to buy a house. Then the third factor is that each of these markets is independent in terms of how easy it is for new products to enter the market. I just think Nick, once again, we will not see the pressure ease in the short term. we are not. That is my own tone.
Nick Sciple: Look at this environment, look forward, constructive demand, supply environment, how do you see your business prospects, and talk about the road signs on the map that will allow you to move forward in the next 3-5 years.
Dara Steiner: I am really optimistic. We hope to continue to expand our investment portfolio. We have no hesitation about this. We have stated that we have just signed a national partnership with Pulte Homes and we will deliver another 8,000 new buildings. I should say that it doesn't make any sense. Feel sorry. We are bringing new homes and new footprints to the market. We will try to continue to expand this with them and some of our other builder partners. We will continue to promote assistive products and customer experience, which I think should help continue to redefine. We have always been pioneers when it comes to people's views on life. I want to provide a truly unique experience for our customers because we think we have changed our perception of what I am looking for, maybe our landlord is the company I want to rent. What are these alternative services, or how can I make my life easier to work overtime? I want to make sure that we continue to forge a path there. Then I want to stay awake about other markets, maybe we are not in parts of this country, not markets like Salt Lake City in Nashville today. These are great markets. We would love to invest there one day.
Austin, Texas is a very interesting market, San Antonio. We are looking for multiple ways to continue to expand and develop our business. I think our shareholders want it. If you consider investing in a company like Invitation Homes. This is a good representative of what is happening in the United States. housing. We own all these real estate. You can fluctuate up and down through the depreciation curve, and then you can also understand the needs of today's consumers in real estate preferences and life. For investors, this is a good agent to get on the US residential car, or figure out the direction of the market and a certain way, shape or form it. I think multi-family houses did this in the 70s and 80s, where they aggregated all these different properties and created more efficient multi-family property managers. This is the reason why the industry has become very efficient and very institutionalized, and it is an industry that both large investors and small investors want to invest in. Single-family rental is still the first or second income. Usually some of us are public. There are some other big companies that are starting to grow, but you take a step back. There may be 20 million, which are called single-family rental houses in the United States, and maybe 250,000 are managed by institutions. I hope our company will continue to grow, continue to grow externally, and then grow organically through what we are trying to provide our customers.
Nick Sciple: We see a large amount of funds entering this field, whether it is for you or some other operators in the industry, there is enough room to absorb your business needs and maintain our growth.
Dallas Tanner: We should. If you look at the number of multi-family households in 20 years and 30 years. Larger institutions and multi-family managers account for 10-15% of the total market share. I can see a world where single-family operators own 10% of single-family [inaudible 03:00:08] clean up the unit landlord, but 15% of the time the house is owned by a professional company that can provide a series service. We all know that someone owns a single-family house but rents it out. It's like a thing in the United States. Back to our earliest 200, 300 years. No one can do this on a large scale. I have been able to bring the right structure and technology. We spend 20-25 million US dollars on technology every year just to get better and find ways to enhance the experience. Unfortunately, many popular landlords cannot do this. They will use any off-the-shelf property management software and can only solve the problem if their pace allows. We can provide 24 hours service. We can provide emergency services at night and on weekends. If you wish, we can find a way to enter your home when you are away. It's very cool, and over time, it should make your life easier, that's our goal.
Nick Sciple: Dallas. Thank you very much for spending this time with us. Our time is up, but I have about half an hour here with you. Maybe the last question I asked the CEO or leader of any company, maybe you gave us some points. But for a public investor, individual investor tracking your company, what are the two or three things you let them get from this conversation?
Darasteiner: Look, what I want to say is the market that really focuses on our investment capital. Their performance in household composition and demographics is almost three to one. According to the way we increase income for our business through the following ways, our external Growth and some of these ancillary products. Then I am very optimistic and proud of the team we have formed. My CIO is from Hilton, and he established the Hilton Ownership Program and Keyless Entry. Our HR staff are from Pepsi, and they have built some of the greatest overtime companies, and the core team that manages our company has been doing this since its establishment in 2010, so we just got this very good team. I think as long as we go out and execute, we should be very good at the prospects of investors.
Nick Sciple: Will continue to follow the story. Thank you for joining us.
Darasteiner: Thank you, thank you.
Nick Sciple: As always, the people on the show may own the companies discussed in the show, and the Motley Fool may officially recommend the stocks that support or oppose the discussion. Don't buy or sell anything based solely on what you hear. Thanks to Steve Broido for mixing Dallas Tanner and Ian Butler. This is Nick Sipple. Thanks for listening and fooling around.
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