James Hardie Industries plc (JHX) Q2 2021 Earnings Call Transcript


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James Hardie Industries plc(NYSE:JHX)
Q22021 Earnings Name
Nov 10, 2020, 6:00 p.m. ET

Contents:

  • Ready Remarks
  • Questions and Solutions
  • Name Individuals

Ready Remarks:

Operator

Thanks for standing by, and welcome to James Hardie Industries Q2 FY ’21 Outcomes Briefing Convention Name. At this time’s name can be hosted by Dr. Jack Truong, CEO; and Mr. Jason Miele, CFO. There can be a presentation adopted by a question-and-answer session. All individuals are in a listen-only mode. [Operator Instructions]

I might now like at hand the convention over to CEO, Dr. Jack Truong. Please go forward.

Jack TruongChief Govt Officer

Good morning, and good afternoon, everybody. Thanks for becoming a member of us on our Q2 fiscal 12 months 2021 earnings name. I’ll start by offering an replace on the progress of how we have now been executing our world technique to ship on our monetary outcomes constantly. Our CFO, Jason Miele will then cowl our Q2 and first half fiscal 12 months 2021 monetary outcomes.

Earlier than I get into the contents of the presentation, I would love, first, to increase my gratitude and because of all James Hardie colleagues all over the world. Their continued execution on world technique, laborious work, and relentless give attention to well being and security have led the corporate to attaining its report quarter for whole firm in web gross sales, adjusted EBIT, adjusted web working revenue after tax and working money move. Our success was pushed by distinctive efficiency in delivering progress of our markets and powerful returns throughout all three of our working areas; North America, Europe and Asia Pacific. And as a complete firm, this marks the sixth straight quarter that we have now delivered robust monetary outcomes. Our staff’ dedication to steady enchancment and our strategic imperatives has been instrumental in delivering these robust outcomes.

Let’s flip now to web page 5 for an replace on our world technique. Now again in August, I shared with you the abstract of the progress towards our imaginative and prescient of reworking James Hardie from being a giant small firm to a small massive firm that may ship constant progress of our markets with robust returns. Whereas important and measurable progress having remodeled the previous six quarters, the essential actions we took in 12 months one type a powerful basis for James Hardie to grow to be a high-performing small massive firm.

First, it was vital that we began by executing lean manufacturing technique by way of our distinctive Hardie manufacturing working system, HMAS, to remodel James Hardie from being the world’s largest fiber cement producer to being a world-class producer. It signifies that as a community of vegetation, we might be on a steady enchancment path of changing into extra predictable and with much less variations in manufacturing output, high quality and effectivity. Our important progress through the previous two years has enabled us to constantly and effectively ship premium high quality merchandise and repair to our prospects and subsequently to the market at a decrease and extra predictable value.

Second, we shifted the main focus of the industrial group from being a pull group to a push-pull group. It is about being a customer-focused firm. Our true prospects are the sellers, retailers and distributors. They’re the focus the place we create extra worth for them day by day by creating extra demand for our merchandise with the builders, contractors and installers and with higher service and could be simpler to do enterprise with. Instilling the customer-focused mindset all through our firm is essential to the success of our technique. In consequence, of those two foundational strategic approaches, we delivered robust fiscal 12 months ’20 outcomes, together with a 7% progress of our markets and 26% adjusted EBIT margin in North America, a rise of 17% year-over-year in whole firm’s adjusted web working revenue after tax and a 48% year-over-year enhance in whole firm’s working money move.

Now with the robust basis established in fiscal 12 months 2020, we’re now constructing on that momentum as a worldwide firm in fiscal 12 months 2021. To this point, in fiscal 12 months 2021, our groups all all over the world have carried out very nicely, persevering with to execute and ship constant monetary outcomes quarter-on-quarter. We proceed to strengthen the engagement and integration of our provide chain operations with our prospects for mutual advantages. This has ensured that we’re capable of repeatedly service the market seamlessly by means of our prospects, offering the markets the merchandise they need and once they want them. Nonetheless the worldwide pandemic brought on disruptions within the markets all over the world, it is a chance for us to speed up our engagement with our prospects so as to add extra worth for them and for his or her prospects. It allow us to enhance working capital for our prospects whereas driving extra demand and share achieve of our merchandise within the market.

Our constant technique and execution enabled us to ship report monetary outcomes for whole firm in Q2 fiscal 12 months 2021, which incorporates robust progress above market and returns in all three of our areas; North America, Europe and Asia Pacific. We had important constructive momentum headed into second half of fiscal 12 months 2021 and into fiscal 12 months 2022. We anticipate to proceed to execute very nicely our technique and to construct on our efficiency by means of the top of this 12 months and past. Towards that finish, as we strategy fiscal 12 months 2022 and the third 12 months of our transformation, we’ll broaden our focus towards creating new world progress platforms. It’s going to enable James Hardie to proceed to ship constant and worthwhile world progress nicely into the longer term.

Innovation will allow us to enter adjoining markets and leverage on our core energy in fiber cement applied sciences and our fiber gypsum applied sciences of name energy and market entry. Of essential significance is our intention to launch the primary innovation platform in North America, Europe and Australia at first of fiscal 12 months 2022. This innovation platform is really world in nature, and I am very enthusiastic about what it will ship for our firm transferring ahead.

As we transfer into the second half of fiscal 12 months 2021, it is vital that we proceed our progress on the strategic initiatives we have now put in place to shift right into a small massive firm. We’ll proceed to execute on our essential few initiatives and ship constant worthwhile progress for our whole firm.

As I discussed again in August, a change of this magnitude just isn’t simple. Crucial to this transformation and underpinning the success continued to be the built-in and globally related administration system we put in place two years in the past. This administration system continues to permit us to make higher selections holistically at varied ranges throughout the firm. It is also enabled groups making acceptable changes shortly to maintain our transformation heading in the right direction. I stay more than happy with the progress we have now made for the previous two years to remodel James Hardie from a giant small firm to a small massive firm.

Now let’s flip to web page six. Earlier than we get into some particulars on the progress of a few of our core initiatives, I wish to take a step again and supply some perspective on our world monetary efficiency over the previous 10 years. This can even put our current outcomes into context. For readability, the black line represents a worldwide web gross sales by quarter in hundreds of thousands of US {dollars}, the place the inexperienced dotted line represents a worldwide adjusted EBIT margin proportion by quarter.

Beginning on the left-hand facet, between fiscal 12 months 2011 and monetary 12 months 2018, you’ll discover a excessive diploma of variability within the adjusted EBIT margin with regular albeit slower world gross sales progress. This volatility is indicative of an organization that didn’t have the suitable globally related and built-in processes to ship constant world profitability. It is also indicative of a producing firm that has excessive variability in value per items, as it’s not working below a globally related lean methodology and of an organization that isn’t intently related with its prospects to know true demand within the markets and move the suitable merchandise to the suitable prospects and once they want them. What I am describing is and what the chart present over that point interval is of a giant small firm.

As you progress towards the suitable, nevertheless, you’ll start to see the place we began our transformational journey to grow to be a small massive firm. First, in Q1 of fiscal 12 months ’19, we began to create a brand new James Hardie Europe with our acquisition and integration of Fermacell. You’d discover that at this inflection level, our world EBIT margin declined, largely on account of this acquisition. However as you will notice over-time, as we progress on the mixing of world EBIT margin with rebound.

Which brings me to the second inflection level in This fall of fiscal 12 months ’19, after we started our lean manufacturing transformation. By the knowledge of lean capabilities and processes throughout our community of vegetation, we’re capable of cut back variability in our manufacturing processes and enhance the predictability of output and consequently, on the manufacturing value reductions. You’ll be able to see the numerous enchancment in our world EBIT margin shortly after we started the transformation as we translated this discount in variability and enchancment in predictability into true value financial savings throughout our community.

Which carry me now to the third important inflection level in Q2 of fiscal 12 months 2020, the place we initiated the strategic transformation of our industrial group from pull to push-pull. This concerted effort to shift from a spotlight solely on builders, contractors and installers to a major give attention to our prospects who’re sustaining connection to our varied contractors and installers was instrumental in driving actual worth for all. As we develop extra significant partnerships with our prospects, the monetary outcomes follows, as we began to achieve share, drive progress and ship robust returns. As we proceed to duplicate these North American methods into our European and APAC companies, we began to see true constant world progress.

In actual fact, it’s the three vital milestones; the mixing of Fermacell, the execution of lean transformation; and now shift from pull to push-pull, that led on to James Hardie delivering report worldwide monetary ends in Q2 of fiscal 12 months 2021, which can also be our sixth straight quarter of delivering robust outcomes.

On the prior slide, I reviewed the three-year technique that might decide James Hardie from being a giant small firm to a small massive firm. What this chart reaffirmed is that continued give attention to world lean manufacturing, elevated integration of consumers the world over, mixed with market-led innovation would drive accelerated worthwhile gross sales progress with constant EBIT margins transferring ahead.

Now let’s flip to web page seven. As I simply talked about, one of many essential actions we took in fiscal 12 months 2020 was to implement lean capabilities and processes throughout our community of vegetation by way of our Hardie Manufacturing Working System with the target of changing into a world-class producer. At this time, I needed to share the numerous monetary influence we made because the starting of fiscal 12 months 2020 when our lean journey started.

On the left-hand facet, you possibly can see North America robust quarterly progress to-date. In fiscal 12 months ’20, we generated near $28 million in value of products offered financial savings. And thru the primary six months of fiscal 12 months ’21, we generated near $18 million in year-to-date financial savings versus the fiscal 12 months ’19 baseline prices. Within the 18 months since inception, we delivered near $46 million in cumulative financial savings because of lean. Now along with value financial savings, constant lean execution additionally unlocked an incremental 12% of our working capability throughout the North American community of vegetation.

Shifting to the right-hand facet, you will notice our world lean financial savings quarterly progress, which comply with in keeping with our North American outcomes. APAC and Europe generated $16-plus million in value of products offered lean financial savings versus the FY ’19 baseline since inception. World lean financial savings now whole $62 million through the previous 18 months. Our lean program not solely ship a decrease value per unit end result for our operations, it additionally unlocked an incremental 12% of operational capability throughout our North American community of vegetation.

Whereas our give attention to lean has returned some spectacular monetary outcomes, I am simply as happy with the influence it has had on worker engagement and retention. For example, in North America, our manufacturing worker retention was 85% in fiscal 12 months ’20 as we reduce our employees turnover charge in half. I wish to take a second to thank all of our producer staff across the globe, that each one in HMOS actually stand for operators as they’ve been essential to the success of a lean initiative. However what I’ve been most impressed with is their dedication to work safely by means of the pandemic whereas sustaining protected practices and proceed to drive lean initiatives with outcomes. This continued momentum in lean manufacturing, execution was instrumental in delivering financial savings, whereas unlocking incremental capability to satisfy elevated demand within the market.

Turning now to web page eight. In fiscal 12 months 2021, considered one of our essential initiative is about elevated end-to-end engagement and integration of our prospects by means of provide chain. That is a couple of true buyer partnership the place all sides of provide chain working collectively in live performance to mutual advantages. Particularly, this includes incorporation of our prospects’ demand sign into James Hardie provide chain operations which in flip allow us to offer them with the merchandise they need once they want them and move them by means of the worth chain by means of the websites of builders and contractors. Certainly one of these essential components of our technique began in earlier this fiscal 12 months, the outcomes to-date have been excellent.

On the left-hand facet of this slide, you possibly can see the quarterly breakout of the North American web gross sales progress at nighttime inexperienced shaded bars and the stock declines within the third quarter of fiscal 12 months 2020, the black line. What you’ll discover is that over the previous 9 months, North American web gross sales had elevated $85 million or 20% elevated to $515 million in Q2 of this fiscal 12 months. Whereas on the similar time, whole stock decreased $76 million or 35% to $142 million.

All through this working capital optimization, we had been capable of serve the market nicely to our prospects whereas serving to to enhance prospects’ working capital in addition to ours. Merely put, improved integration of our prospects, move merchandise from our community of now extra environment friendly vegetation and extra predictable vegetation by means of our prospects to the job websites has not solely helped to drive gross sales progress and share achieve, but in addition helped to extend effectivity throughout the worth chain and unencumber precious working capital within the course of. I am more than happy with the robust spot by means of the provision chain engagement and integration of our prospects and I really anticipate to proceed creating this essential partnership by means of the rest of fiscal 12 months 2021 and past.

Now transferring on to web page 9. On the left-hand facet, you possibly can see the pattern within the working money move over the previous 4 years, proven in half 12 months durations. I believe this slide is an effective abstract of the success of our technique over the previous two years. The robust worthwhile gross sales progress, coupled with steady enchancment in our lean manufacturing efficiency and the mixing in our provide chain to our prospects has led to a step change in our working money move.

For the half 12 months and monetary 12 months 2021, our working money move was $416.Eight million, an all-time excessive and a rise of 66% versus the earlier corresponding interval. This robust working money move helped to extend our liquidity to $886 million. This additionally leveraged and lowered our leverage ratio to 1.32x as of September 30th, 2020. The step change in our money technology functionality and our confidence within the execution of technique, as demonstrated each in rising markets and in extremely risky markets put us ready right this moment to announce an additional strengthening of our stability sheet by paying down $400 million of debt by the top of the fiscal 12 months and the reinstatement of bizarre dividends on the finish of this fiscal 12 months.

I might now like to show this over to our CFO, Jason Miele, to debate extra particulars in our monetary outcomes. Jason?

Jason MieleChief Monetary Officer

Thanks, Jack. I will begin on slide 11 with our world outcomes. As Jack talked about earlier, that is the sixth straight quarter of robust world monetary returns and pleasingly, we had robust ends in all three areas. As we proceed to execute and speed up our technique, we had been capable of ship robust high line ends in each the second quarter and the half 12 months. And extra importantly, additionally interprets that high line progress into robust backside line outcomes and report working money flows.

For the second quarter, world quantity elevated 8% and web gross sales elevated 12%. This was pushed by robust industrial execution throughout all three areas. As I simply talked about, we had been capable of flip that robust high line ends in the second quarter into a fair stronger backside line end result. World adjusted EBIT and world adjusted web working revenue each elevated 22% within the second quarter. Our potential to drive a 22% adjusted EBIT enchancment with web gross sales up 12% was because of robust execution towards our foundational strategic priorities Jack mentioned earlier; lean manufacturing and our continued integration with our prospects.

Within the second quarter, we delivered robust EBIT progress in all three areas. In North America, adjusted EBIT elevated by $23.9 million, a 19% enhance. Europe elevated adjusted EBIT by EUR4.2 million, an 81% enhance. And our Asia Pacific area elevated adjusted EBIT by AUD14.6 million, a 37% enhance. For the primary half, world web gross sales elevated 4% to roughly $1.36 billion. For the primary half, world adjusted EBIT elevated 11%, pushed by robust North American efficiency the place adjusted EBIT elevated $41.Three million.

Shifting to adjusted web working revenue. Our second quarter outcomes of $120.5 million elevated 22% as in contrast with prior 12 months and represents a quarterly all-time excessive for the James Hardie Group. For the primary half, adjusted web working revenue was $209.Eight million, an 11% enhance versus the primary half of fiscal 12 months 2020.

Lastly, our working money move for the primary half elevated 66% to $416.Eight million. This excellent money move technology is a real step change and in my opinion is a transparent indicator and measure of the success of our globally built-in technique. This money move outcome begins with robust industrial execution and partnership with our prospects to drive worthwhile gross sales progress. It continues with our deliberate robust execution of lean manufacturing efficiency. It contains the mixing of our provide chain with our prospects to move stock versus holding stock and is finalized with higher self-discipline across the money conversion cycle. This report money move and extra importantly, the sustainable nature of the money move has enabled us to announce right this moment our plans to additional strengthen our stability sheet and the reinstatement of dividends on the finish of this fiscal 12 months.

Shifting to slip 12, we’ll talk about the North American enterprise. In North America, we had one other excellent quarter. Quantity elevated 11%, whereas web gross sales elevated by 12% within the second quarter versus the prior corresponding interval. Our exteriors quantity elevated 11% within the second quarter, pushed by a continued share achieve as our workforce continued their give attention to buyer engagements. In interiors, quantity elevated 7% for the quarter versus the prior corresponding interval because the interiors restore and transform market rebounded within the second quarter put up the preliminary pandemic slowdown within the first quarter.

Whereas not listed on this slide, I’ll level out that common web gross sales value elevated 1% for each the quarter and the half 12 months. Common web gross sales value continues to be impacted by product combine, market combine and geographic combine. It’s value noting, we have now shifted our annual value enhance to now happen on January 1st of every 12 months relatively than April 1st. This has been introduced to the market and we’ll start with value enhance on January 1st, 2021. We anticipate attaining a median web gross sales value enhance of roughly plus 3%.

Our excellent high line outcomes had been coupled with even higher adjusted EBIT progress as adjusted EBIT elevated by 19% within the second quarter versus the prior corresponding interval. This excellent EBIT outcome was pushed by continued robust execution of lean manufacturing and our continued integration with our prospects. Particularly, adjusted EBIT improved within the second quarter versus the prior second quarter because of continued lean manufacturing financial savings, decrease pulp prices and decrease SG&A bills. These enhancements had been partially offset by increased freight prices within the quarter. Total, within the second quarter and the primary half, the North American workforce delivered one other set of outstanding outcomes with continued robust progress above market and excellent returns, together with an adjusted EBIT margin of 28.9% for each the quarter and the primary half.

Now turning to web page 13, we’ll talk about the European outcomes. In August, we communicated that Europe was the area most affected by the COVID-19 pandemic, as web gross sales decreased 12% within the first quarter, pushed largely by authorities imposed shutdowns in two of our key markets; The UK and France. I am happy to be discussing a really totally different end result for our second quarter outcomes right here right this moment. Our European workforce was capable of handle by means of the primary quarter uncertainty and drive important enchancment within the second quarter. The markets in the UK and France reopened, serving to drive robust fiber cement progress within the quarter and our workforce in Germany did a fantastic job driving fiber gypsum progress in Germanic nations.

Within the second quarter, web gross sales elevated 8%. By product group, fiber cement web gross sales elevated 14% and fiber gypsum web gross sales elevated 7% versus the prior 12 months second quarter. Getting into the second half of the 12 months, the workforce stays centered on driving gross margin enhancements by means of progress in excessive margin merchandise and continued penetration in present and new fiber cement markets. Within the second quarter, adjusted EBIT was EUR9.Four million, an 81% enhance from the second quarter final 12 months and adjusted EBIT margin was 11.1%. We’re inspired by our Europe workforce’s potential to shortly return the enterprise to high line and backside line progress with improved EBIT margins.

Let’s now transfer to web page 14 for our Asia Pacific outcomes. Our Asia Pacific area additionally needed to navigate risky and unsure markets through the first quarter, with the primary quarter outcomes being considerably impacted by the government-imposed COVID-19 lockdowns within the Philippines and New Zealand. Within the second quarter, as these nations started to ease restrictions, our monetary efficiency recovered. The second quarter outcome was led by very robust outcomes by each our Australian and New Zealand companies, they each drove progress above market and powerful returns. Our New Zealand workforce actually delivered an impressive outcome within the second quarter, driving double-digit gross sales progress and wonderful EBIT progress. You’ll do not forget that on Might fifth, 2020, we introduced the closure of our James Hardie Programs enterprise in addition to the closure of our Penrose, New Zealand manufacturing facility. The closure of the James Hardie Programs enterprise is now full. We’re within the ultimate phases of shutting down our Penrose facility. The shift of manufacturing from New Zealand to Australia is driving a greater value per unit end result for the ANZ area and exiting of the unprofitable James Hardie Programs enterprise has additionally had a constructive influence on EBIT margins for Asia Pacific.

You will need to be aware that the Asia Pacific EBIT margin is benefiting from a rustic combine influence because the Philippines remained on tighter COVID restrictions through the second quarter in comparison with Australia and New Zealand. And thus, as a proportion of gross sales and a proportion of EBIT {dollars}, the Philippines represented a smaller portion of our Asia Pacific enterprise within the first and second quarters of this 12 months, fiscal 12 months ’21, in comparison with prior durations. This nation combine EBIT margin profit will reverse because the Philippines returns to the traditional proportion of our Asia Pacific enterprise. That mentioned, we have now an actual systemic enhancements within the Asia Pacific EBIT margin versus the prior durations. The shift of manufacturing from New Zealand to Australian manufacturing services, the exiting of the unprofitable James Hardie Programs enterprise and lean manufacturing enhancements, these are all long-term and sustainable enhancements to our Asia Pacific enterprise. Within the first six months, adjusted EBIT and adjusted EBIT margin for Asia Pacific each benefited from decrease SG&A bills. We’ll spend money on worthwhile progress in Asia Pacific starting within the second half of fiscal 12 months ’21.

Now transferring to web page 15, we’ll briefly cowl off on the opposite segments. Beginning on the left-hand facet of the slide, you will see a major enhance normally company prices in fiscal 12 months ’21 second quarter and first half as in comparison with the prior corresponding interval. There are two gadgets driving the will increase in each the quarter and the primary half; Elevated inventory compensation bills and better authorized bills. The rise in inventory compensation expense is pushed by share value accretion. On the right-hand facet of the slide, you possibly can see R&D expenditures stay comparatively flat year-on-year throughout the R&D section. Nonetheless, it is very important be aware the final bullet on this web page, product improvement, R&D bills, that are recorded within the related enterprise unit section outcomes are up 14% within the second quarter and 5% within the first half as we proceed to spend money on market-driven innovation. The worldwide innovation workforce stays centered on market-driven innovation and we anticipate continued extra funding in innovation as we put together for the launch of the primary innovation platform, as Jack mentioned in his technique replace.

Now turning to web page 16 for a abstract of our second quarter worldwide outcomes. In keeping with the excellent section outcomes for the second quarter we have now mentioned on the prior slides, adjusted web working revenue elevated 22% versus the prior corresponding interval. This was pushed by robust efficiency throughout all three working segments. The robust working outcomes had been partially offset by increased normal company prices and the next adjusted efficient tax charge. Collectively, our working enterprise items; North America, Asia Pacific, Europe and R&D, mixed to ship $41.Four million in adjusted EBIT progress versus the prior 12 months second quarter. Second quarter adjusted EBIT of $163.1 million, an adjusted web working revenue of $120.5 million, are each report all-time quarterly highs for the James Hardie Group.

Shifting now to web page 17, we’ll talk about the primary half worldwide outcomes. Adjusted web working revenue for the primary half elevated 11% to $209.Eight million. This was pushed by robust efficiency in North America and Asia Pacific, which delivered EBIT progress of 17% and 18% within the first half, respectively. For the primary half, the robust adjusted EBIT efficiency was partially offset by increased normal company prices and the next adjusted efficient tax charge. As well as, adjusted web curiosity expense decreased 11% as a result of decrease common revolving credit score facility stability, which has remained at zero for a lot of the 12 months. This can be a direct results of our robust money move technology. These robust outcomes for the primary half of the 12 months present robust constructive momentum as we enter the second half of the fiscal 12 months and monetary 12 months ’22, they usually place us to spend money on progress. The funding in future progress can be considerate and strategic and can embrace investments in innovation, advertising and branding and capability, to call just a few.

Shifting on to web page 18 to debate money flows and capital expenditures. On the left-hand facet of the slide, we’ll begin with money move. As Jack and I’ve each talked about earlier in our presentation, working money move elevated 66% for the primary half versus the prior corresponding interval, pushed by elevated engagement with our prospects, driving robust gross sales progress globally, steady enchancment inside lean manufacturing and integration with our prospects by means of to our provide chain to serve the market with lowered working capital for the whole lot of the worth chain. Observe that we have now lowered stock by $83.7 million through the first half.

You may have heard Jack and I point out the money move enchancment as a step change. And I simply needed to briefly put the $416.Eight million of working money move into some extra context. Whereas an enchancment of 66% versus the primary half of final 12 months is important, it’s also value noting that our greatest full fiscal 12 months working money move outcome was final 12 months in fiscal 12 months 2020. For the complete 12 months of fiscal 12 months 2020, we generated working money flows of $451.2 million. So by means of six months of this fiscal 12 months, we have now already achieved 92% of final 12 months’s full fiscal 12 months working money move and I believe that helps put in perspective why we’re describing this as a step change in working money move efficiency.

Now shifting to the right-hand facet of the slide, the place you will see a abstract of our capital expenditures. For the primary half of this 12 months, capital expenditure spend was $44.7 million, down roughly $79 million versus the prior corresponding interval as we had decrease capability enlargement year-over-year. It is vital to notice this decrease capability expenditure was made potential by way of our primary initiative. We regularly discuss to you concerning the direct value financial savings, influence of lean, particularly the discount in value per unit. However as Jack talked about earlier, lean execution has unlocked an incremental 12% of efficient working capability.

Shifting on to future capability enlargement. On account of our robust buyer integration driving market share positive aspects and important quantity progress in North America, we plan to fee sheet machine primary in our Prattville, Alabama facility within the fourth quarter of this fiscal 12 months. Additional, we at the moment are planning to fee the second sheet machine in Prattville across the center of calendar 12 months 2021. In Asia Pacific, we plan to fee the brand new sheet machine in Carol Park within the third quarter of fiscal 12 months 2021, extra particularly this month. We now anticipate our full 12 months fiscal 12 months 2021 capital expenditures to whole roughly $120 million.

Let’s flip to web page 19, the place I will talk about our liquidity profile. There’s been no change in our debt profile. We nonetheless have the three units of notes in place, together with the revolving credit score facility. As Jack talked about earlier within the presentation, we proceed to enhance our liquidity place and our leverage place, pushed by our robust working money flows. We ended the primary half with $885.9 million of liquidity, an enchancment of $376.1 million since March 31st, 2020. We additionally improved leverage to 1.32 occasions, an enchancment from 1.9 occasions at March 31, 2020. Over the six months, we have now considerably modified our liquidity and monetary flexibility and now have a really robust money and liquidity place, which offers a pleasant segue to the subsequent slide.

On web page 20, we’ll talk about capital administration. All through the pandemic, we have now been dedicated to strengthening our liquidity, our leverage and our monetary flexibility. As our liquidity place continues to strengthen, we have refined our short-term capital administration focus. At first of the worldwide COVID pandemic, we needed to make some tough selections, together with the suspension of dividends. Nonetheless, these tough selections enabled us to drive our enterprise technique aggressively, figuring out we have now taken the mandatory actions to make sure our liquidity and enhance our monetary flexibility. Over the primary half of the fiscal 12 months, we have generated report working money flows and improved our liquidity to $886 million, together with $391 million of money at September 30th, 2020.

Our confidence in our world enterprise and its resiliency to numerous market circumstances and our confidence in future money flows has enabled us to refine our short-term capital administration focus, most notably, we’ll cut back gross debt by $400 million by the top of fiscal 12 months ’21 and we’ll reinstate dividends with a full 12 months fiscal 12 months 2021 dividend to be introduced in Might 2021. Our excellent first half efficiency, coupled with our pragmatic strategy to money administration all through the pandemic has afforded us the monetary flexibility essential to help the funding in our progress technique and to strengthen our stability sheet and reinstate dividends.

Lastly, transferring to slip 21. At this time, we’re reaffirming the steerage vary we introduced simply over three weeks in the past on October 14th. The total 12 months fiscal 12 months 2021 adjusted web working revenue steerage vary is $380 million to $420 million.

Operator, we’ll now open the decision for questions.

Questions and Solutions:

Operator

Thanks. [Operator Instructions]. The primary query comes from Brook Campbell-Crawford from JPMorgan. Please go forward, Brook.

Brook Campbell-CrawfordJPMorgan Securities — Analyst

Hey, good morning. Thanks for taking my query. First one, Jason, truly only for you on that with America freight. It appears to be like just like the freight value picked up fairly considerably truly within the quarter. And can you quantify the greenback enhance or the share enhance? It simply looks as if a really massive quantity to offset profit gross sales for pulp and lean value facet, and so on?

Jason MieleChief Monetary Officer

Yeah, Brook, thanks for that. With out particularly drilling to each metric and supply that knowledge, however actually, there’s market knowledge on the market. Because the housing market has been strong, flatbed truck demand can also be excessive, which is driving that enhance in freight pricing for us, however it was pretty important. However with the lean — continuation of our lean progress, then the decrease pulp prices, we had been capable of nonetheless drive the next EBIT margin end result.

Brook Campbell-CrawfordJPMorgan Securities — Analyst

Okay. After which for Jack, simply on the brand new world platforms. Can you present any type of additional colour? You talked about adjoining markets, which sounds very attention-grabbing. Something at this stage you possibly can present us on doubtlessly what to anticipate from that afterward or subsequent calendar 12 months, truly?

Jack TruongChief Govt Officer

Yeah. Hello, Brook. What we’re taking a look at right here is admittedly about coming into new adjoining classes. I imply, so it signifies that it isn’t simply solely concerning the wooden look or the vinyl look that we might mix our sight on. Certainly one of our core 4 methods that we introduced to the market again in February 2019 is that we wish to broaden our exterior enterprise. And exterior enterprise signifies that the market alternative for us is admittedly about doubtlessly all the outside markets and that’s what we’re driving for with improvements.

Brook Campbell-CrawfordJPMorgan Securities — Analyst

Okay, thanks.

Operator

Thanks. Your subsequent query comes from Peter Steyn from Macquarie. Please go forward, Peter.

Peter SteynMacquarie Capital Inc. — Analyst

Good morning Jack and Jason. Thanks very a lot. Simply perhaps a fast one on Prattville. Fascinating to see your intention to step your commissioning. Is that in response to a fairly tight provide atmosphere? When you may simply typify for us what your ideas are there, provide demand and the way Prattville performs into that.

Jack TruongChief Govt Officer

Sure. Peter, what we see is that as we proceed to execute our world technique, not solely that we’re persevering with to achieve share within the market, however we even have an elevated demand and third is that with the innovation that we plan to return out within the subsequent fiscal 12 months. So if you add all these collectively, it reveals that our demand going ahead will actually enhance and that may give us the boldness to actually pull ahead the Prattville, in addition to know that we proceed to drive lean execution. In order we proceed to do this, we’ll proceed to unlock extra about present capability.

Peter SteynMacquarie Capital Inc. — Analyst

Thanks Jack. Solely the one query. I go away it there.

Operator

Thanks. Your subsequent query comes from Sophie Spartalis from Financial institution of America. Please go forward, Sophie.

Sophie SpartalisFinancial institution of America Merrill Lynch — Analyst

Good morning Jack and Jason. Only a fast one from me. Simply when it comes to the lean financial savings and manufacturing capability unlocks you are getting, I suppose, to listen to how way more manufacturing capability you suppose that there’s to be unlocked throughout the North American community?

Jack TruongChief Govt Officer

Yeah. So hello, Sophie. So proper now evaluating to 18 months in the past, we have now unlocked about 12% extra capability on what’s going to — the overall capability in North America after we began this journey 18 months in the past. And what lean steady enchancment is that we are going to proceed to enhance our execution of lean and meaning is that we are going to proceed to unlock extra. And likewise equally vital, Sophie is that by executing lean and persevering with to do it higher, we’ll cut back the variability in our manufacturing output and that might drive extra predictability on what we make and the way a lot we make and the place we make them. And that is without doubt one of the key elements that may enable us to have the ability to work with our prospects, to move merchandise to {the marketplace} extra fluidly.

Sophie SpartalisFinancial institution of America Merrill Lynch — Analyst

Okay. And so only a follow-up then. We have seen over the past 12 months a discount in SKUs, discount in your colour choices to attempt to streamline your manufacturing output. I suppose, subsequent 12 months, we’ll see the introduction of latest progressive merchandise. Are you able to simply discuss by means of how that marries in together with your hope to be very streamlined on the manufacturing facet of issues?

Jack TruongChief Govt Officer

Sure. Good query, Sophie. As a part of lean strategy is admittedly about — actually perceive what’s the true demand within the market. After which primarily based on these true demand, we wish to be sure that we provide the suitable product portfolio. After which primarily based on that product portfolio that the market actually need and wish and that might drive our manufacturing plan. And so it is a — so it’s now — and with lean has been part of tradition, it’s a steady course of that we all the time consider. What sort of product and SKUs and portfolio that may proceed to resonate with the market and what do not. And what do not resonate are the one which now that we have now the method to have the ability to get rid of them sooner as a result of — in order that it makes room for the brand new merchandise that we plan to launch, not solely inside our warehouse or our manufacturing, but in addition for our prospects to have extra useful resource functionality to hold our progressive merchandise.

Sophie SpartalisFinancial institution of America Merrill Lynch — Analyst

Okay, that’s nice. Thanks Jack. Thanks Jason.

Operator

Thanks. Your subsequent query comes from Peter Wilson from Credit score Suisse. Please go forward, Peter.

Peter WilsonCredit score Suisse — Analyst

Thanks. Good morning. Only a couple on the associated fee base. So slide seven, the North America lean financial savings. So it does seem that you simply’re on observe to me to exceed the $100 million goal, which is a superb outcome. However the inexperienced bars are likely to recommend that the speed of enchancment versus an FY ’19 baseline have stalled. I am simply questioning what meaning when it comes to getting extra financial savings in FY ’22 versus FY ’19 value base.

Jack TruongChief Govt Officer

Sure. Hello, Peter. I believe we had this dialogue in Dusseldorf as soon as, Peter. It’s actually — in lean, it is actually about each quarter or each month that we wish to be sure that regardless of the financial savings that we had been capable of achieve, say, final month, the final quarter, the next months, we’re going to be sure that we hold that achieve after which enhance on it as a result of by holding that achieve, it’s already a saving. So the way in which to learn this chart is that, primarily, that $46 million of cumulative financial savings because the starting of Q1 of FY ’20 is that we have now to be sure that, going ahead, that we proceed not solely to enhance, however hold that achieve. And that achieve will — if we hold that achieve going ahead for the subsequent six quarters, then simply to maintain that achieve, that is already one other $46 million. So anything on high of that would be the extra financial savings. What lean financial savings is admittedly about is to make sure that regardless of the enchancment that we comprised of one of many baseline that we began that, that’s nonetheless locked in. And that is without doubt one of the key elements in driving the consistency within the gross margin or EBIT margin of a enterprise. So the secret’s to maintain the achieve. It is actually very, essential after which add on high.

Peter WilsonCredit score Suisse — Analyst

Obtained it. Okay. And if I may reprise one other query I’ve requested you earlier than. Simply when it comes to Prattville, the margin influence you anticipated within the early quarters there, each gross margin and the D&A, will that come by means of?

Jason MieleChief Monetary Officer

Yeah. Peter, thanks for that query. I believe you possibly can look again at historic outcomes to attempt to mannequin that as nicely, so we might have introduced on Tacoma lately. Clearly not the same-sized facility, however nonetheless a major quantity of capital expenditure that as we introduced that on would have began having the depreciation and, clearly, promoting product from that plant. And you may see within the prior 12 months, 26% EBIT margin and within the present 12 months, 28.9% margins. So actually, as you carry on the brand new facility, particularly one sheet machine throughout a big facility, there will be some incremental depreciation there. But when we’re promoting merchandise in that facility, which clearly we can be, it additionally has a excessive gross margin.

Peter WilsonCredit score Suisse — Analyst

Okay, thanks. I’ll go away it there.

Operator

Thanks. The following query comes from Lisa — sorry to interrupt.

Jason MieleChief Monetary Officer

No, I simply needed to shut just a little bit, Peter, on that one. So simply to have a look at the lean financial savings. Basically, with $46 million saving cumulative for the primary six quarters that can be — that we are going to be forward of the plan.

Operator

Thanks. Your subsequent query comes from Lisa Huynh from Citi. Please go forward, Lisa.

Lisa HuynhCitigroup, Inc. — Analyst

Positive. Thanks. Good morning all. I simply have a query on SG&A. I suppose, you have completed job decreasing SG&A through the interval, which helps the robust margin outcome. A few of these prices will naturally be added again in. However as you talked about, you have made some structural modifications to the associated fee base. Are you able to simply give us a way of what the associated fee financial savings you delivered from these initiatives had been? And to what extent we should always anticipate SG&A to step again up, significantly in Asia Pacific, the place we’re seeing a powerful EBIT margin outcome? Thanks.

Jack TruongChief Govt Officer

Hello Lisa. So it’s roughly between 200 foundation factors and 300 foundation factors for each North America and Asia Pacific, primarily in Australia. And so structurally what occurred through the pandemic, after we had this value rationalization is admittedly to make our construction extra lean. After which as we’re going by means of this pandemic, we primarily have a — simply totally different manner of driving progress within the market. So it is also a chance for us to now to actually take a look at the essential few that may transfer the needle when it comes to driving demand. And so going ahead, what you are going to see extra is that 200 foundation factors to 300 foundation factors of SG&A will come again to our enterprise, in order that we will actually drive the accelerated worthwhile progress within the mid- to long run.

Lisa HuynhCitigroup, Inc. — Analyst

Okay. Positive. Obtained it. And I suppose, simply the extension of that query, then would you anticipate your Asia Pacific EBIT margins to proceed to run forward of your North American margins over the subsequent six to 12 months in that respect?

Jack TruongChief Govt Officer

No. It ought to be moderated decrease than what you see on this quarter that we simply reported. I believe Jason had talked about what you noticed was a extremely good EBIT margin for APAC on this previous quarter, actually 4 elements, proper? I imply, first one is that the New Zealand enterprise actually had a fantastic quarter as a result of massive pent-up demand in addition to extra environment friendly value construction of product coming from now the plant in Australia. And now — and likewise our extra environment friendly plant in Australia have extra quantity coming in from New Zealand, that is additionally lowered our product value construction. After which third is admittedly concerning the — this previous quarter, the Philippines actually did not have a whole lot of progress, however now we see progress coming again within the Philippines in an excellent manner this quarter. So if you take a look at the EBIT margin, that is actually the mixture of EBIT {dollars} and web gross sales {dollars}. So it is best to anticipate that to actually — to not be on the degree that you simply see. It ought to be decrease.

Lisa HuynhCitigroup, Inc. — Analyst

Okay, thanks.

Operator

Thanks. Your subsequent query comes from Andrew Scott from Morgan Stanley. Please go forward, Andrew.

Andrew ScottMorgan Stanley — Analyst

Hello Jack, thanks. Simply first query from me, perhaps for Jason. With the shifting of the timing of the worth enhance, are you able to discuss to us about the way you now take into consideration the type of the cadence or seasonality of the quarters? Often, third quarter is the softest. Presumably, you see some shopping for forward of the worth enhance. How would you type of anticipate to see that — the view pan out now?

Jason MieleChief Monetary Officer

Yeah. Actually, it steadies that out, the seasonality side a bit there, Andrew. After which I believe you even have to recollect this 12 months can also be a unique 12 months than some other 12 months. However going ahead, sure, Q3 is traditionally the bottom quantity quarter. And sure, traditionally, you get a pull ahead from a value enhance. In order you look out into future years, that may assist average that and drive some consistency all through the 4 quarters.

Andrew ScottMorgan Stanley — Analyst

Okay. Thanks. And Jack, only a query to you, a variant on Brook’s query. You spoke about type of the worldwide progress enlargement. Simply needed to type of inquire, does world imply something outdoors of your present footprint for the time being? Do you’ve gotten additional aspirations there or is it actually — are you making an attempt to inform us simply throughout the platforms that you simply’re in for the time being?

Jack TruongChief Govt Officer

Yeah. So it is actually — one of many key world progress platform for us, actually, it is also Europe. And I believe we have now mentioned this on our annual traders tour final 12 months is that for us to actually drive the accelerated worthwhile progress in Europe for the 10-year ambition is admittedly about having true improvements that — in fiber cement that might cater to the wants of house owners in Western Europe particularly. So a key a part of our innovation strategy that we have now been engaged on through the previous 12 months is admittedly — and never solely to permit us to create new progress platform in North America and Asia Pacific, but in addition gas the expansion for Europe and that’s all about ensuring that we will develop and commercialize the suitable merchandise that meet the European householders’ necessities.

Andrew ScottMorgan Stanley — Analyst

Jack, if I can simply leap in. I do know ’22, however simply to make clear and be extra direct, no broader Asian plans inside that?

Jack TruongChief Govt Officer

Not within the quick or mid-term, Andrew. So it is actually about ensuring that we drive the — ensuring that we will drive our worth creation in Europe, the place we simply made a really transformative acquisition.

Andrew ScottMorgan Stanley — Analyst

Thanks.

Operator

Thanks. Your subsequent query comes from Abraham Akra from Jefferies. Please go forward.

Abraham AkraJefferies LLC — Analyst

Hello Jack and Jason. Thanks for the chance. My first query pertains to capability utilization. It appears to be like like plus 19% in FY ’23 if web quantity continues to develop by double digits year-on-year. And there was a 12% incremental capability being unlocked with Alabama coming on-line. What’s the capability utilization in phrases that you simply see that may set off a brand new plant or [Indecipherable] plant enlargement?

Jack TruongChief Govt Officer

Yeah. Abraham, we do not disclose our utilization of our plant, however I believe what you possibly can see is that our enterprise proceed to develop. I believe we’re doing it within the final six quarters right here in North America and we proceed to have actually, actually good progress potential and at the least within the close to time period that we will provide the market. After which with Prattville coming on-line, it ought to drive a whole lot of the extra capability for us to renew the market.

Abraham AkraJefferies LLC — Analyst

Positive. That is comprehensible. And final week —

Jason MieleChief Monetary Officer

I am sorry, simply actual fast, simply so as to add. You had been additionally speaking about deeper into the longer term. It is just a little laborious to listen to you, however I believe you are speaking about FY ’23, FY ’24. Do not forget that the way in which we constructed Prattville, it will possibly match 4 sheet machines over the long-term. So we have introduced when we will begin sheet machine one and right this moment, we introduced after we plan to start out sheet machine two. There’s nonetheless brownfield capability at that web site.

Abraham AkraJefferies LLC — Analyst

Okay. Obtained it. And lastly, are you able to give some colour on a buying and selling replace when it comes to the way you’re performing when it comes to quantity throughout all areas? Thanks.

Jack TruongChief Govt Officer

Yeah. So I might — proper now, in North America, quarter-to-date, our enterprise is admittedly at about higher — mid to higher teenagers progress. After which in Europe, that is on — so on the double-digit progress. And in Asia Pacific, in all probability round mid to higher single-digit progress whole — as a complete Asia Pacific.

Abraham AkraJefferies LLC — Analyst

Thanks.

Operator

Thanks. Your subsequent query comes from Paul Quinn from RBC Capital Markets. Please go forward, Paul.

Paul QuinnRBC Capital Markets LLC — Analyst

Yeah. Thanks Jack and Jason for taking my questions. Identical to different constructing materials producers, Hardie’s benefited from a number of the COVID lockdowns and folks fixing up their homes. At this time’s announcement by Pfizer on the vaccine, what do you anticipate the implication in your progress going ahead?

Jack TruongChief Govt Officer

Paul, I might say, I believe it is for — relating to the vaccine from Pfizer, I believe it is too early to inform, however we’re actually — what we see within the market is that there’s going to be an elevated focus in reworking. And positively, an increasing number of folks can be working from house, and there are going to be extra alternative for reworking. However for us, as we take a look at reworking, it is actually extra about residing and there is nonetheless a whole lot of properties, a really giant p.c of properties within the North America that is between 30 to 40 years outdated and people are prime targets for residing. So no matter what the vaccines sort of end up or not, I believe we nonetheless see a whole lot of progress alternative for us, significantly in North America as a result of structural nature of the housing market right here in relation to residing and reworking.

Paul QuinnRBC Capital Markets LLC — Analyst

Nice. Thanks guys.

Operator

The following query comes from Keith Chau from MST Marquee. Please go forward, Keith.

Keith ChauMST Marquee — Analyst

Hello Jack and Jason. Only a follow-up query in your buying and selling feedback. I simply wish to verify that the numbers that you have simply offered to North America, as much as mid-teens, Europe double digits and APAC, mid to higher single digit, is that quantity progress? And simply to verify that, that’s the interval to-date for the third quarter, please?

Jack TruongChief Govt Officer

Yeah. So Keith, sure, for quarter-to-date, for North America, that is quantity progress. That is actually mid-teen to higher mid-teens. For Europe, that can be income progress within the double digit. After which for Asia Pacific, it’s quantity progress, and that can be within the mid to upper-single digits. And once more, that is quarter to-date. After which for Asia Pacific, that is quantity, Keith.

Keith ChauMST Marquee — Analyst

Volumes. Okay. Obtained it. The opposite one, I simply wish to return to the online value enhance, Jason, that you simply talked about. The expectation for FY ’22 is plus 3%, which I believe finally assumes that there are some rebates flowing by means of as nicely. Simply questioning when you can provide us a way on the expectation on combine going ahead, whether or not that is going to be a tailwind or a headwind in FY ’22. And as an extension of that query, whether or not there are commercialization of latest merchandise coming by means of in FY ’22 that ought to — that will transfer the dial on value or quantity.

Jason MieleChief Monetary Officer

Yeah. Keith, as , with the technique, we’re actually centered on, Jack talked about, innovation platforms. We’re clearly driving colour penetration and high-margin merchandise. However actually, in a 12 months like this 12 months, the combo — we achieved value in every single place we needed to and the combo sort of is what it’s, the place the South is doing very robust and single-family new building is doing higher than different segments. And in order that’s simply — that is advantageous, so long as we’re executing our value enhance and getting value the place we would like, combine is simply sort of an end result. The three% we talked about is what we obtain — we imagine we’ll obtain within the monetary assertion subsequent 12 months, in order that’s inclusive of combine. However clearly, if there’s one thing — a shock to the market that modifications it like this 12 months, then the combo influence is — can change, however 3% is our estimate right this moment of what we imagine we’ll obtain.

Keith ChauMST Marquee — Analyst

That is nice. Thanks very a lot. Thanks Jason. Thanks Jack.

Jack TruongChief Govt Officer

Pleasure.

Operator

Thanks. And your ultimate query comes from Lee Energy from CLSA. Please go forward, Lee.

Lee EnergyCLSA — Analyst

Hello all. So if I take the $46 million lean within the US and when you assume you do like only a present — like what you are at present doing now, so like $8.Four million for the subsequent two quarters, you sort of get to $63 million, which is clearly above the vary that you’ve got for ’21. Do you wish to simply chat just a little bit about is that also what simply coming by means of sooner? Are you unlocking greater than you thought you’ll unlock and perhaps how we should always take into consideration the longer-term targets?

Jack TruongChief Govt Officer

Sure. Lee, so when you take a look at the — I believe when you take a look at the — simply — let’s give attention to North America quantity right here, is that — so proper now, what we’re seeing right here, the place we at the moment are with this at first of FY ’20 is that with our value construction, it is about $46 million when it comes to extra environment friendly than six quarters in the past. In order that signifies that to — if we proceed to carry out the identical degree as we do now and meaning — and for the subsequent six quarters, then we’ll achieve that $46 million extra simply to maintain on the similar degree of efficiency now, which is a really laborious factor to do.

So if we do this, then that would be the equal of primarily $94 million of financial savings out of the $100 million that we mentioned starting of fiscal 12 months ’20 after we launched lean. However we anticipate that the continual enchancment that we are going to proceed to enhance and that’s the place that extra will push us to above — at or above $100 million. However recognizing that as any month come right here going ahead, we have now to be sure that we hold the momentum the place we at the moment are simply lock in that recreation as a result of if we do not carry out to the extent it’s now, then we will roll again. So it’s a — from right here going ahead, each inch is, once more, more durable and more durable, however that’s the place a whole lot of the work will go in, when it comes to how we will lock in these positive aspects for good. That it will likely be by means of much more of the method and engineering, much more of the manufacturing know-how that we have to introduce into our manufacturing processes to actually basically and mechanically lock in these positive aspects.

Lee EnergyCLSA — Analyst

Okay. So if you say at or above $100 million, ought to we consider the $100 million as like a worst-case state of affairs, assuming it’s —

Jack TruongChief Govt Officer

I imply, assuming after we set out on this journey six quarters in the past, $100 million appear to be like a really — was a really massive quantity. And naturally, then we labored laborious and galvanized the entire firm towards delivering that day by day. And in order we stand proper now and the quantity, I might say that we’re forward, halfway to forward of that path, however recognizing that each month going ahead can be more durable and more durable. Simply to not hold the achieve that we have now, however we have to additionally add on high of that. So I would not say $100 million is worst case, however actually it’s now midway by means of that three-year plan. It appears to be like much more tenable than it was six quarters in the past. However actually, we’ll take your phrases as a problem, Lee.

Lee EnergyCLSA — Analyst

Okay. Thanks very a lot.

Jack TruongChief Govt Officer

Thanks Lee.

Operator

Thanks. And there aren’t any additional questions right now. I will now hand again to Dr. Truong for closing remarks.

Jack TruongChief Govt Officer

Thanks all very a lot for becoming a member of our name. We’re in the midst of a — we’re persevering with to execute our world technique as one world firm to proceed to ship progress above markets as a worldwide firm and it is actually nice to see the progress that we have now made thus far. And I identical to to take the chance to thank almost 5,000 staff of James Hardie all over the world who’ve labored very laborious day by day, regardless of the pandemic, to rebuild our enterprise and make our enterprise stronger on account of it. And we’re assured about what the longer term holds, regardless of all of the uncertainties. However we see the expansion alternative forward for us, not solely with the buoyancy within the housing market that we see proper now, but in addition with the share achieve that we’re persevering with to have and to earn in addition to the thrill that we have now inside our firm on the improvements that we plan to roll-out in fiscal 12 months 2022.

Once more, thanks all very a lot, and have a fantastic day.

Length: 72 minutes

Name individuals:

Jack TruongChief Govt Officer

Jason MieleChief Monetary Officer

Brook Campbell-CrawfordJPMorgan Securities — Analyst

Peter SteynMacquarie Capital Inc. — Analyst

Sophie SpartalisFinancial institution of America Merrill Lynch — Analyst

Peter WilsonCredit score Suisse — Analyst

Lisa HuynhCitigroup, Inc. — Analyst

Andrew ScottMorgan Stanley — Analyst

Abraham AkraJefferies LLC — Analyst

Paul QuinnRBC Capital Markets LLC — Analyst

Keith ChauMST Marquee — Analyst

Lee EnergyCLSA — Analyst

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