Earnings call transcript Q2 2023

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Operator

Good day, everyone, and welcome to the Patriot Transportation Holdings, Inc. earnings call for the second quarter. At this time all participants are placed on a listen-only mode and the floor will be open for questions and comments after the presentation.

It is now my pleasure to turn the floor over to your host, Rob Sandlin, CEO and President of Patriot Transportation Holdings. Sir, the floor is yours.

Rob Sandlin

you your being interest thank today the and for and in afternoon all on for call Good Patriot Transportation. Sandlin, Rob am CEO Transportation. Patriot I of And Accounting Officer. Financial our Officer; with Matt John and and Chief Chief Operating me Chief our Klopfenstein, are today Officer McNulty,

during into are, made to by uncertainties subject risks call we their any get caution that that to those indicated statements. from forward-looking and actual materially events results, nature, differ our Before that results could me relate let you such statements this future and cause the to by

Additional uncertainties Commission. information filings in regarding with these be Company's and other risk factors the Exchange may and the and Securities found

our increased same quarter the higher quarter year revenues net income March due in quarter for quarter reported to ended quarter the business or loss were Company $XX,XXX,XXX, XXXX surcharges, for and the a Operating of to last increases, compared second the of $X,XXX,XXX the from Now XX, mix. net $XXX,XXX a last miles results. $X.XX for second rate Today, $XXX,XXX an per improved share year. up fuel

this driver owner-operators. the Miles to quarter mainly $X,XXX,XXX, versus per Operating miles increased training quarter. an year's was quarter, last due last benefits versus Compensation mile compensation XX.X% an $X.XX last count. up or increased of year driver revenue pay an package, in same to to and quarter including mainly due year's increase increased $XXX,XXX XX,XXX the improving increased driver compensation driver increase and in over

quarter. second compared $XXX,XXX operating quarter $XXX,XXX gain of of in an quarter The gains year's sale to was in loss last equipment $XXX,XXX the $XXX,XXX down last this to compared year's was operating profit was quarter. and expense Depreciation $XXX,XXX, in on

from results. compared $X,XXX,XXX $X,XXX,XXX Now The or year, on per of income income the $X.XX reported real share $XXX,XXX taxes. which net in same to included last gains estate Company for net period of six-month the

due or last up $X,XXX,XXX down versus Operating to higher terminal surcharges increase our the the was $XX,XXX,XXX, were for fuel last business for Miles were period to Operating and period, $X.XX rate an XX.X%. an of Nashville miles of closing year's mile year. mainly due revenue mix. per XXX,XXX period improved increases, revenue

benefits same increase to including and $XXX,XXX Insurance for driver versus compensation, last training increased in increased period period. and Compensation $XXX,XXX, depreciation in the expense lower versus the expense increases $X,XXX,XXX period. health losses a and owner-operators. was due and claims due to $XXX,XXX in driver year's decreased and increases $XXX,XXX Fuel the risk pay lower

compared and to compared SG&A Operating terminal real on mainly same equipment accrual, XXX(k) sale $X,XXX,XXX $XXX,XXX on and the $X,XXX,XXX year's sales the bonus land. gain increased months. period of our last for last the Prior higher $XXX,XXX to year period in six year. profit was due was match. due was Gains increased to travel estate during to $XXX,XXX $X,XXX,XXX Tampa

prior year the higher summary and back the fiscal miles and several years. quarter-over-quarter first XXXX, in quarter driver added half for time the for with count increased of over Now business and of on the new we existing customers a outlook. our In first our

stated also continue return customers focus our on to improve have third that We opportunities into forward will growth with booked new meet new and the quarter, and our that business going our investment. business we'll of existing adding goal

end end the period had We no the outstanding $X,XXX,XXX this quarter of -- of at at with of first the cash debt.

result company and a our units tractors of XX a XX of financial our will replace better tractors add company leased will XX and tractors. company-owned believe replacing cash. leased tractors good tractors will provide fleet will XX existing We the during new the We is use with year, replace with

driver prior our cost, the year. hiring the with compared driver driver at to miles of allowed on a very focus the This add count shown period. $XXX,XXX quarter, increased second hiring market throughout during and cost retention driver the continue while to training as is earlier, comes our us challenging, We which still to added

added for increases, and or the to lower capacity our plans with previous driver a our have to due the results miles grow turnover is seniority. However, drivers among encouraging pay of more been year revenue

New with year. result than in while driver but acquisition, time results improved, turnover, continues last high to better this

continue add general of with efforts and drivers. mixes, our and staying balance target us declining on owner-operators customer to and expenses our product on to incidents for and focused check exception spot we of trend will The several goals preventable safety more in allowed quality closing, also the company service. rates we related the In will has continue keep markets, with to in year while are freight monitor

We believe the take to seasonal along with increases well I we earlier. business are advantage new mentioned volume committed positioned that of

your our in be questions. again we Thank for happy you any interest company, and entertain to will

Operator

coming is [Martin from [Operator Instructions] first Lorenzen]. question Your

Unidentified Analyst

investors terminals about caller remind first-time your And how the of balance base? listener, how that left? and to about asset related you are on How you Europe. Can terminals? item do from many here is sheet Long-time much particularly, PP&E that think

John Klopfenstein

how out that way bit left, we've down is all a XX we when many Birmingham. terminals first in terminal the ago much to XX -- back take related And of six terminal how I the if currently. little would of years that's think our from time. you break to had locations as far got closure we But went To terminals terminals as have

Unidentified Analyst

you say owning of Okay. the that you benefit would infrastructure? economic And what is

John Klopfenstein

real lot facilities And extremely were just maintenance properties say properties those cost expense it Well, I of those XX depreciated today, so owned not experience it'd to us it mean Most properties. back owning years, is of lot we let's and lease it. the going a as of A has been be of there's an a on lot than those example. versus if expensive. to in other don't we've that we from any

Unidentified Analyst

And or that Amazon. sense. sold being to one compare sold economic value you the to the or just say Yes. very was makes comparable That months, broad? the if XX Would existing that's the is months you Yes. last

John Klopfenstein

rest extremely Tampa -- property as of was far as known properties unique Tampa. was was of and That The Yes. rest that values, of properties excess in go. lot a place that a has it as in land, the place was a No. -- high it are there our our extremely property South

got that in like in our industrial obviously, we have that properties most Everything network properties because, network. mean our even like there's is are value smaller cities, limited anything So left areas. don't else in left. industrial-type they've nothing I in relatively but

Unidentified Analyst

inflation? do just I can current acquisitions? in longer imagine about how shops, then Okay. and smaller the the given And that lastly, you on think a bit environment little some only distress there's more mom-and-pop cost workforce term, smaller

Rob Sandlin

Sure.

is a or -- I them. ones, think we'll shot we are opportunities, one we've question. Rob. continuously and at sent -- And to at acquisition We've being and taken we've this two Good number of a continue looked small that. do

that's something ours and focus going bolt-on shareholders or makes And an will strategic but accretive acquisition investment. a some be good a we a acquisition to to -- -- on That's on provide the return we that good.

been of for willing higher And them, went we've have than probably at would we prices so looked to couple pay. a

basis. it's that's from of those. And of It's away so But what we part have just walk something to a do. certainly we kind monthly on

John Klopfenstein

diversification there to is that, of add on try what to some an for be we'd looking to out get mostly to And acquisition.

but do not we'd be -- but So to thing, that's the item would a acquisition. be that only primary trying through

Operator

Your Fund. from Value Christian is next question coming Olesen Olesen from

Christian Olesen

Are you're really on can just see if us say you you're this wanted with normal where any there where the pricing sense conversations your in ongoing update point? need about back left give to So pricing? to you at, order meaningfully to for customers an make relationships that this point price increases improve to at really you for really in or that relationship your at

Rob Sandlin

to back I think we're normal. somewhat

partnering present of Some is future will and and how a that's what think think we've is our think regard I of I and pay done heavy of where depend that answer lifting that the the lot opportunities generally I But I to that off, coming on with done the go. right we've way most continues companies, -- to from. with negotiations themselves growth

and those but And at that -- -- are least typically, increases. understanding annual typical those that but

them through the back they'll roll again, again, roll And to get and again. around, the part summer of the in we'll of start in some early year so and then fall, the

Christian Olesen

Okay. That's general? helpful. And in out how would you characterize there the competition

Rob Sandlin

is One, or I lot feels disruption the capacity not would there even a a extent small any not was, than surge -- in surge of creates demand ago. of where a more in tell slightly marketplace. real But you excess say, in a year the there problem. a like to to kind that There there's

Florida. South took in a caught up. of to weeks we All market had flooding of just get it that And back couple

I a wouldn't excess same the I but little you and to happened, that owner-operators that lot scale. on a about and demand there. you some tell so the large has easing And bit And think ability there's a as of maybe of get to drivers out hired we're things talking nothing just

So mostly the probably I position. in think everybody is same

Christian Olesen

-- Yes. And you competition I also characterize how pricing, there? the the rates, of would is the terms that meant in

Rob Sandlin

over we've that as of me along I significantly happen. by haven't same you Well, we've the is pay, think have time. competition we it's the business competition -- raised And for will on that seen I you, lost period And I we've to can't tell pricing, guys if hard speak would for same our and except freight don't raised then the thing, we wasn't driver really rate I that gone -- doing what and told doing now. we've

and If we've improved. have partnerships business anything, our added

be the should an market. in bit of indication on what's that of So a going little

Operator

is [Steven question Your coming next Dennis]. from

Unidentified Analyst

in trucks like Where I live action? I Florida. see go I in our Well, product. would to our shareholder. a I'm Sarasota, seeing

John Klopfenstein

you watch would to Well, best And port there. out a in coming to our of of station... to the place to them in to just I out then if follow there action, trucks Tampa is see wanted of to and them go

Rob Sandlin

you'd can't such a driver, as a watch you shareholder, like Or to really load. them you if

facilities facility unload what want port our the pull into to arrange one glad call if with can you port You go for to management. of I our one be But the me, see of you like. drivers watch look would to and

Unidentified Analyst

to I like Can something do to or go have see Tampa? that. to I in I Sarasota

Rob Sandlin

can close find so Pete Clearwater/St. something Sarasota we to got you. stuff, We've

Unidentified Analyst

Okay. Can that? do I

Rob Sandlin

Matt we to out reach and or can or either that. me help Yes, arrange one,

Unidentified Analyst

we're like make that. I'd doing to I there. like sure

Rob Sandlin

be sure. good. educational It'd for it'd think I be

Matt McNulty

can you me. out reach Yes, to

Unidentified Analyst

call to Matt. going I'm

Matt McNulty

Yes.

Operator

Your next Blackwell. question from coming [Steve is Rudd] from

Unidentified Analyst

approximately XXX unload, Sorry, know this fun mentioned XX. now sounds load of No in us trucks in and is you the of as at last is it but the count, like Curious interest Does press conference seeing on add that's bring release I it to driver that our day. today? call. a the XXX? an

Rob Sandlin

mind don't I XXX and we're Yes. at And drivers got of that's training. today. drivers in revenue-producing we've as telling you, more

Unidentified Analyst

No kidding.

Is three the of -- approximately year-end. that's So drivers increase a that right? about XX net versus

John Klopfenstein

the was the last of What question? part

Unidentified Analyst

Like when X, look most did Sure. XX-or-so the I I of XX. did they come that -- come when at did since on those on? March since mean, January drivers, incremental

Matt McNulty

yes, in January. But I that's October Yes. those is bulk the from started but of mean right. say, I would increase folks forward, really John X to

Rob Sandlin

-- of is that March. -- in happened in really is of of since is That lot most a February January the that and that and bulk

Matt McNulty

In this month.

Rob Sandlin

April. month And into forward in this going

Unidentified Analyst

about coming most is Of many this idea more programs a it not those sounds it in I on, quarter. these more? revenue it's And what's or go combination, those getting of give how -- tells training -- it you've right for Of our like but know number through bringing numbers an It's got ahead? just is us very the the impressive.

Rob Sandlin

increases is so drivers and while. our few certainly, pay a drivers driver us helped. I that's and pay One, newer helped that with things. have here it's levels The for done think think those that been the have I we've retention a up,

time we We changed some get things try things later. few felt are recruiting little find them, to we because -- because and of in process that like asking were were things out drivers of a we to those waste can the quicker a just we in conversations our door the

the gone freight well. kind do whole the something and to from really there that the we increased are it's all the of standpoint, and albeit the down, them we and fact -- helping. think not some cities, but owner-operator have tougher, things to market our to freight owner-operators those market through top the the certainly we've think freight had as certainly in bottom, port else. that And out general think of I are freight move prices, prices on we're so those And process I of

all know, very may those over you last the of couple used trucks priced. As were they buying were high years

to to be got freight good they've able have for pay to things. so those And

Unidentified Analyst

employees, past, $X.XX on quite per operating margin or used in never $XX,XXX driver I've compared we owner-operator a used incremental about about a -- we per sorry, I've situation, in revenue to bring driver when have terms profit ballpark an owner-operators share. of So because per or the out as at In as are the lower of netted I'm understood...

Rob Sandlin

think we feel the number I the to driver to owner-operator like us. is, incremental whatever our is to perspective, Company in similar the the benefit

Unidentified Analyst

To you guys?

Rob Sandlin

Right.

Unidentified Analyst

you more -- work, how right? right guys get bought vehicle. it's who So a but And formula, they've many clearly these to they know market guys got the the their bought have is the drivers I hit expenses tough and question, hitting --

are Does these staggering accounts? to our So up? mean it quite continue what we I numbers, go frankly. do think

Rob Sandlin

to I for internal a growth lack would saying mean be the we're created of drivers. of -- plan better we, drivers. of XXX it, the an target incremental mean of continue our we've way I

when XXX, Now to new get we'll and we and determine where is. that that what target is a create

going will spot if lot still smaller of able some segments not But are we grow some where markets looking where we markets. grow leaves. that And to of there's will could be petroleum. markets those grow a a other of the and can Some small for other only those predominantly terminals still of where there's in somebody within top drivers we some because markets to fill be out, the we're to

other start about talking business chemical dry that of we working and of towards. the the and some bulk things some we're And

plan for continue think us. them to then we'll -- we'd in you just as hire tell continue I our driver to will I able grow we as and try our turnover So but go, see same growth to we're we direction. incremental driver move change to long keep we'll to the get as would And the

Unidentified Analyst

Okay.

these the about Now were we want be summertime just as should pricing to additional roll? mean I I contracts able in forward you in... so to put talk price if fall increases some and

Rob Sandlin

the the the some year. few the Most in is things got a the the There's part some roll then on heaviest in fall, of that in customers larger others -- lifting numbers summer. calendar that early and accounts of into roll of we've part

couple to 'XX is of I be would towards 'XX. your going of say impact of months so And to part biggest fall early -- first

year. what Beyond accomplished we've this already

Unidentified Analyst

new that I Understood. we have next our delivered right. I what talk bulk bit call guess is know up, the [indiscernible]? and company that hauling about dry what All don't let's is, if the percent I stuff little picking question but to the a it product we're our -- I business, of now could other versus

Rob Sandlin

this that So of business. petroleum said correctly. want don't I I we the to we'd our in say be And think is Q, I XX% sure want -- to

added the have as We business new well. petroleum in side

it makes those continue is where segments our sense to of do that. So for to all plan growing us

continue dry that But try but we've with to continue our chemical. the we hire to as We'll the make able us bulk prices can and petroleum and talked well. be to plan, as at drivers. diversify we the to that is continue to -- do sense to before, about And grow for if

Unidentified Analyst

hitting it customers. fair That count, we're right look or like and it years All don't for hitting growth have on statement? pricing first But run -- on And think, line this I I on top back. I extremely I guys driver the feels -- Okay. remember, it we're you all consistently three that cylinders. consistently two is Is and it a -- I I now, right. now, business mean from for well. mean you've years can we're also hitting mean

Rob Sandlin

That's feel -- good. we

John Klopfenstein

it metrics About the needle direction improving see and rattled move the continuing are we're year. the that to about this things you off that the the care we most that

Unidentified Analyst

you sorry, I'm that right? think is

Rob Sandlin

Yes.

Operator

Close. Your next Koller Oppenheimer question John + from coming is from

John Koller

you have think My like a year. I reading doing Congratulations. I of CapEx. figures more relate to you great money I'm that that the out borrow the All a that equipment am pulling to Is looks right. the on here, sales, end towards bit of that guys right? might little Reiterate borrowing Based questions it are -- job.

Matt McNulty

Our to similar would now a forecast us in we fiscal year cash position the are in have where wise.

John Koller

Okay.

the guess was I release maybe that Okay. press was okay, the going thinking CapEx I be to -- I then. misread

The second question to then hire relates it counts up. your driver you as get

only be will you will and -- do enough but more trailers then I enough be think tractors, obviously, this forward going you little have do CapEx it or similar have think you Do you think your to a different? budget tankers.

Rob Sandlin

the thing more is tractors and forward on going the replacing in we're a XX think a I back we'll a to on trucks get tractors replacement to John, quarter One out round XX pull that normal year. got cycle, you leased this just numbers.

those one in with that, this with get right doing it we that you -- like cash but our felt that company to Once and had XX the analysis tractors. And just year, we we was leased replace answer. trucks doing

go-forward that have we a the grow we the business. to trailers side on need the basis, of On petroleum

big If and dry of some buy go on some saw growth opportunity, to chemical ability a have side would We equipment. we the out the business. have probably bulk we

is focus do the that. not now, Right to really

capacity are trucks -- run number. and later four, would for of to buy we older three, trucks driver fill to shape XX is those these five, order if so And on historically that then I pull -- and we to trucks coming will that capacity, the truck two, we're good in, have think tractors come the need What as trailer need we replacement we in pretty side. done we in continue

I coming as have capacity in a regular basis. not speculative call would as to on purchase we expansion do we're trucks tractor a of what going So long

John Klopfenstein

the we thing business trucks. to our And particular do try keep everywhere, is all slip-seat our of we in in to in always one petroleum we don't mind got it

some slip-seat there's a single shift in into partner. -- single a the you've his ship you're capacity always got hiring shifted So tractor, side where

Rob Sandlin

driver a to that this the focus push on we've is And that on -- that's have. now we continue up count right trucks added as to utilization to that

John Koller

room have Or a side? in Okay. and for repairs have lot more maintenance stuff? of a utilization you amount do of kind certain Do the downtime you need you

Rob Sandlin

I to on -- type depending then enough one have we've I business, dry we got one driver truck. us we've to wouldn't so. business driver, the a mark XXX to an typically say or And is give got but lot, the think of example, the you get bulk

And so trucks truck if depends of piece there. there's X we you could terminal a to truck growing X.X. than you're adding. drivers room growing might business a just It we're what on if from more were that X.XX in per business, need or we some where go But

Operator

Your next coming from question Deysher. is John

John Deysher

the question. on up Just following diversification

talking diversified not diversifying geography You're acquisition? -- about right, potential of in product, terms

Rob Sandlin

to our then already petroleum couple has our predominantly our yes, terminals to we management of diversify Yes, that be have it's existing we what dispatch a have bulk. is to specific, terminals terminal one -- that maybe and and water Right. would of and a do dry like like in into

of that and got management terminal, dispatch staff five we utilize able in If XX the same if particular can we to the staff. market to drivers that -- and we're we've drivers then dry facility, same bulk add

we're adding loads. is capacity the only haul the And and so thing drivers really,

John Deysher

for what's driven, Okay. XX the That full you miles? would year, XX terms the goal million, makes the guess, sense. of And million in miles

John Klopfenstein

yes. roughly, Yes,

John Deysher

million? XX

John Klopfenstein

was head is target. would in XX our what probably my have I

John Deysher

were XX the XX Several driven million, years ago, million. million. XX miles

customers. So walked from away I you've know

driven a miles normalize that What You've closed to some terminals. we... be target as for would reasonable

Matt McNulty

are. Kind of right we where

Rob Sandlin

Yes.

just out to add it to that's a think coming capacity. hard one market impossible driver us to we're for of was to drive -- answer a next because where I

what And able so through we're do kind grassroots of feeling are basis. on to our way we a

can it's drivers, it the if one at said two forever. a And truck, then ship driver, time. then And one truck I've time. truck a at we It's one

direction would a target continue to would want continues be it little because what driver feel going to on is really get and to I Hopefully, And a add better this those in market we to miles. now. now so And our conversations. that internal the probably it retention. want it's goal then had hiring haven't not for speculate we right

John Deysher

markets what's Or pre-pandemic? I obviously, are to out Okay. point dynamic But coming are, levels pandemic? mean, of at people like but Or from they the at your in people back driving working that this probably home?

Rob Sandlin

the I time. -- summer you the business South think surge getting didn't in during -- we're Florida of we would the typical frankly, Central and that see and surge ready We season. market go -- into spring to busy the didn't we see in the see

don't roads partly I'm is Tampa what same and like because is to the on every I through traffic if know traveling. I And know go week, just take way. Europeans the long that's But that back. the And Atlanta, aren't the don't if exactly you you that is it it the feels was. doesn't traffic back, out out figure

So anticipating answer. way busy we're to Probably summer season. pretty best a

Matt McNulty

what spend for more X% who's at different in Jacksonville. home, below But X% whatever consistently they driving, years, then just I a two we've the working go been work day. -- to of the they've that. mean, we pre-COVID times were got last And customer particular, in that to again stores over got at People time drives

be they're from because Atlanta, the in I would they're home like But home place and would bit more same levels were that's around. other you'd from people guess. places, I -- in not Atlanta. working in think working point, still like out a we're driving little my at that they to before, have People think But seeing John's a really

So...

Operator

is Your Oppenheimer. Instructions] [Operator Oliphant] question [Bruce from from next coming

Unidentified Analyst

an Congratulations, guys, on excellent quarter.

go be is quarter? considered you earnings strongest to some seasonality if would what like your and Can you. our -- will like you ask to want over I questions the of One it what

Rob Sandlin

business back in it a end tail the but Typically, I quarter And fourth that quarter started off say schools little John, of would little and the quarter. bit be Matt, our earlier. as business a towards if seasonality wrong, third of starts bit we're in going have then the me a this correct to typically from level

you September But that So at right? would revenue should they would used August summer to robust So I really so -- we as say, and as earnings, summer quite see should expect look indicate when late aren't month, the to this be. think obviously, be your typically March good as Florida is take normally I month. a as see minutes that But off the answers in just best. a historically much that's question. the has really But it said ago, your past. few season we hopefully, because strong as didn't

John Klopfenstein

We still to had South and lighter we the up a more have our And March the markets begins of it kicking really the and strong Tennessee starts comes little summer. then March, just north would kind in start season, Georgia and on, a it yes, Florida. moves But than the thought. in summer as

Unidentified Analyst

our anticipate, should would can? let's -- say, third the the you quarter strongest short if like how quarter in quarters, that in be ranking the and So fourth in you -- ranking

Rob Sandlin

kind the the to of really off. good spring a in business say it The are starts August at the stronger in a very August February is -- January, of tails similar January, good. July, maybe levels, September is to little tail and off beginning, March slow, little probably I'd opposite. quarter the it's Yes, and usually end pretty February

that of the full those the are with probably the from say I'd So being least similar fall perspective. pretty

Unidentified Analyst

or to -- business way discuss new You can with your made third And the there possible new the I of any your Is curious get existing you customers. customers comment quarter. commitment know familiarity to business was a that have? you in just about

Rob Sandlin

hesitate customers I a would to of -- would reasons. would answer But I for Yes. lot how would think here's that name I question. I

with. have our partnering, that talking growing and we on a about focused true doing partnership base customer are with We been

what new new opportunities as And themselves, station, typically a whether present as a they new that's grow their stop. happens business, truck

a Somebody they want or month their offer capacity months us a decides bit to out that and two little out. that to of move

those right we've And cases, And commitments on all say say, cases we're so that sort of those partnership most that's in I now, would be that it got of is in when already business, would it in we with. commitments. folks

Unidentified Analyst

at year, a which debt. you months, about And first I six unbelievable in look stock, under I probably revenues Xx undervalued. current half at and thing million, means believe today's first market at of looking cap quite really not we it that you're the your significantly alone, stock the to have we're a ask when Another want even for that $XX I selling is half no that is is at prices,

really my and question plan to what great My does on out story? the we're front Company relations question So get I is -- stock. to realize investor is an a this microcap do

Rob Sandlin

that investors we recent question, we with from back we've kind time through had had the And Bruce. the some potential and have we our so of think I not And that about we've doing of had away going. Good period well, discussions about gone investors with that. story and there with earnings stepped getting out and talking

We're get let so to need that's me with we that probably aware on back And something you really. that do.

about. better, we until to haven't But was now I we've people like got felt little do we talk recently We in that started interest. our as something up to best maybe think can a

Operator

our back Please session. our remarks. closing to will the hand for conference host ahead. Q&A concludes now That I go

Rob Sandlin

in We interest Patriot Transportation, day. and look with Have you you talking Thank we your next all. forward appreciate a to quarter. great

Operator

This everyone. you, concludes event. Thank today's

You time, wonderful a disconnect your participation. Thank day. you and this at for have may

Patriot Transportation Holding (PATI) 9 May 232023 Q2 Earnings call transcript