Mr. Wright has served as the Chief Commercial Officer of Franchise Group since January 3, 2022. As a matter of fact, the entire model relies upon carefully thought-through M&A execution, and such opportunities are by definition not plentiful. Such forward-looking statements are based on various assumptions as of the time they are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Net loss was approximately $68.6 million or $1.96 per fully diluted share, vs. net revenues of $363.8 million, or $8.67 per share. Get notified the next time Brian Randall Kahn buys or sells Franchise Group stock. A series of accretive and well-thought-out acquisitions have created significant value for shareholders. Brian R. Kahn, Chief Executive Officer, He is estimated to own roughly 30% of the entire company, which is a clear statement he fully stands behind the business, for better or worse. FactSet (a) does not make any express or implied warranties of any kind regarding the data, including, without limitation, any warranty of merchantability or fitness for a particular purpose or use; and (b) shall not be liable for any errors, incompleteness, interruption or delay, action taken in reliance on any data, or for any damages resulting therefrom. Reports to: Eric Rubio, POS Support Manager. The report also stated that FRG could also be This fact combined with a, to acquire the retail giant Kohl's Corporation (, ) for $60 per share at a roughly $8 billion valuation resulted in tremendous down-pressure being applied to the company's stock price. Sources: FactSet, Dow Jones, ETF Movers: Includes ETFs & ETNs with volume of at least 50,000. Brian has 3 jobs listed on their profile. This chart shows Brian Randall Kahn's buying and selling at Franchise Group by year and by quarter. The exact process described above has allowed the relatively small and unknown company to grow into a formidable franchise conglomerate in a matter of only a few years. Management excludes amortization of intangible assets because these are non-cash amounts for which the amount and frequency are significantly impacted by the timing and size of our acquisitions, which vary from period to periods and across companies. Founder of Kahn Capital Management LLC and Vintage Capital Management LLC, Brian Randall Kahn is a businessperson who has been at the helm of 6 different companies and currently is President, Chief Executive Officer & Director at Franchise Group, Inc., President & Chief Executive Officer at Franchise Group Intermediate Holdco LLC (a subsidiary of Franchise Group, Inc.), Managing Partner at Vintage Capital Management LLC, Investment Manager at Vintage Albany Partners GP LLC and General Partner for Vintage Albany Partners LP (both are subsidiaries of Vintage Capital Management LLC) and Chairman & Chief Executive Officer for Spectrum Control, Inc. Brian Kahn, president, chief executive officer and a director of Franchise Group, is also the founder and serves as investment manager of Vintage Capital Management. Facing multiple short to mid-term headwinds that are affecting its organic growth potential has seen tremendous down-pressure applied to the share price, slashing the already attractive price by almost 38% year-to-date and thereby presenting an enchanting value investment opportunity. He received an undergraduate degree from Harvard University. While we maintain a very bullish outlook on the company, as with any investment, the thesis itself carries its fair share of challenges. Fundamental company data and analyst estimates provided by FactSet. Prior to joining Franchise Group, Mr. Mattes served in various executive roles within the franchise industry headlined by his roles as the Chief Development Officer for Retro Fitness from January 2013 through June 2019 and as the Vice President of Franchise Development at Saladworks from July 2010 through January 2013. While the growth aspect of the company remains largely subservient to M&A execution down the road, the dividend is still well supported by fundamentals, even when accounting for the downgraded guidance, which lowered EBITDA estimates to $390 million for this year. from Harvard University. We also use third-party cookies that help us analyze and understand how you use this website. So we haven't had an open window yet to speak of but, look, we will - we now have the ability to weigh, buying more of our existing businesses against buying other businesses that's not a tool that we've had in the toolbox before. rapidly degrading macroeconomic environment began taking its toll on some of the franchises with the most vulnerable business models, which ultimately translated itself into the bottom line and led to a disappointing downgrade in guidance. Management defines and calculates Non-GAAP Net Income and Non-GAAP EPS as net income (loss) and net income (loss) per diluted share from continuing operations adjusted for non-core or non-operational items related to executive severance and related costs, stock-based compensation, non-cash executive compensation expense, shareholder litigation costs, prepayment penalties on early debt repayment, non-cash amortization of debt issuance costs, store closures, the Badcock segments in-house financing operations, rebranding costs, acquisition costs, inventory fair value step up amortization, and amortization of acquired intangible assets. Good afternoon, and thank you for joining our conference call. Our financial performance in the fourth quarter was in line with the outlook we provided in November, stated Brian Kahn, Franchise Groups President and CEO. We have the expertise, capital and training to catapult franchise brands forward. Franchise Group, Inc. ( NASDAQ: FRG) Q3 2022 Earnings Conference Call November 3, 2022 4:30 PM ET Company Participants Andrew Kaminsky - EVP & CAO For the Three Months Ended December 31, 2022, Stock-based and long term executive compensation, Securitized accounts receivable interest income, Securitized accounts receivable bad debt reserve, Prepayment penalty on early debt repayment, Right-of-use asset and long-term asset impairment, Gain on sale-leaseback and owned properties, net, For the Twelve Months Ended December 31, 2022. On a journey from law to investing. We expect organic growth in 2023 to drive increased EBITDA and cash flow., The Company currently has six reportable segments: American Freight; The Vitamin Shoppe; Pet Supplies Plus; Buddys; Sylvan; and Badcock. India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Musk donated around $1.95 billion in Tesla shares last year, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, French media billionaire Niel fails with bid for TNT television frequence - Arcom, President, Chief Executive Officer & Director. Please disable your ad-blocker and refresh. Investor Relations Contact:Andrew F. KaminskyEVP & Chief Administrative OfficerFranchise Group, Inc.akaminsky@franchisegrp.com(914) 939-5161, Top 3 things to know today Salesforce earnings, Tesla investor day, Fed officials rate outlook, Salesforce stock continues to rise amid earnings beat, layoffs, Elliott Management nominations, Congress sends Biden a measure to stop woke 401(k)s, Stocks moving in after hours: Okta, Snowflake, Tesla, Salesforce. Sylvan Learning is envisioned as an omnichannel tutoring franchisor. FRG finished fiscal 2022 with approximately 34.9 million shares outstanding, a reduction of shares outstanding of approximately 15% from the beginning of the fiscal year. and bought an estimated value of $139.49M worth of shares. He is also General Partner for Vintage Albany Acquisition LLC, General Partner of Vintage Albany Partners LP and Member of Caiman Capital GP LP. All rights reserved. The estimated net worth of Brian Randall Kahn is at least $246.52 million as of May 9th, 2022. Additional disclosure: We plan to initiate a position in the company and make it a core holding over the course of the upcoming weeks and months. Franchise Group in early June proposed a bid of $60 per share to acquire Kohls at a roughly $8 billion valuation. The business generated $93.4 million in EBITDA for 2021 but has been struggling recently due to the complex macroeconomic environment and generated only $23.32 million in EBITDA for the past six months, being one of the most affected businesses. DELAWARE, Ohio Franchise Group, which owns American Freight, Badcock Home Furniture & more and Buddys, posted gains in revenues but losses in income for the fourth quarter and full fiscal year 2022. Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS are financial measures that are not prepared in accordance with GAAP. Since 2009, Mr. Laurence has also been a partner of Vintage Capital Management, which is a value-oriented, operations-focused, private and public equity investor specializing in the consumer, aerospace and defense, and manufacturing sectors. This leaves a somewhat negative impression when taking a look at the rapid rise in outstanding shares over the past couple of years, as potential investors might fear further dilution. Franchise Group (NASDAQ:FRG) is a very unique and intriguing company that is led by top-class management with skin in the game that is successfully executing a brilliant business model creating significant shareholder value through a multilayered approach. The $1.1B market cap has a $500mm buy-back program approved and in place while at the same time distributing 25% of EBITDA in terms of dividends to the shareholders resulting in a 7.43% yield. Vintage is a value-oriented, operations-focused, private and public equity investor specializing in the consumer, aerospace and defense, and manufacturing sectors. Prior to his corporate roles, Mr. Wright held various investment positions for 16 years within several private equity firms, including as a Senior Managing Director at Diamond Castle and as a Director at DLJ Merchant Banking Partners. The more obvious one is that the recession-headed economy has the capacity to cause plenty of headaches for a part of the more home improvement-oriented portfolio. Good afternoon, and thank you for joining our conference call. All rights reserved. WebJob. A multi-layered approach to creating shareholder value has seen investors enjoy the company delivering a five-fold market alpha while at the same time collecting extremely generous dividend distributions. I wrote this article myself, and it expresses my own opinions. Why? Announces the Launch of a $200 Million Add-on to Its Existing Term Loan, Vitamin Shoppe Owner Franchise Group Considers Going Private, Franchise Group, Inc. TVS is an omnichannel specialty health and wellness supplement retailer which is offering an assortment of nutritional solutions, including vitamins, minerals, specialty supplements, herbs, sports nutrition, homeopathic remedies, and others. Mary Serreze In This Article Mergers and The Company does not provide a quantitative reconciliation of forward-looking, Non-GAAP financial measures such as forecasted Adjusted EBITDA or Non-GAAP EPS to the most directly comparable GAAP financial measures because it is difficult to reliably predict or estimate the relevant components without unreasonable effort due to future uncertainties that may potentially have significant impact on such calculations, and providing them may imply a degree of precision that would be confusing or potentially misleading. WebNow, over eighteen years since the companys founding, Precision Concrete Cutting has received six patents from the U.S. Patent and Trademark Office and is a fast growing Change value during other periods is calculated as the difference between the last trade and the most recent settle. Franchise Groups business lines include Pet Supplies Plus, American Freight, The Vitamin Shoppe, Badcock Home Furniture & more, Buddys Home Furnishings, Sylvan Learning and Wag N Wash. On a combined basis, Franchise Group currently operates over 3,000 locations predominantly located in the U.S. that are either Company-run or operated pursuant to franchising and dealer agreements. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. The Vitamin Shoppe - was the first major step management took in building the franchise conglomerate we know today. Brian R. Kahn's largest purchase order was, The most recent transaction was a purchase order of, Franchise Group, Inc's most recent insider trade came on May 11, 2022 by Mr. Kahn founded and has served as the investment manager of Vintage and its The nature of Franchise Group's business model can leave the company with a lot of cash on hand but little room to deploy it. Is this happening to you frequently? Conference Call InformationFranchise Group will conduct a conference call on February 28th at 4:30 P.M. For fiscal 2023, FRG expects to generate revenue of approximately$4.4 billion with a net loss of approximately$1.4 millionor4 cents per share. Kohls CEO loss is Levi Strausss gain, says retail expert, Activist Investor Looks to Oust Kohls CEO, Chairman, Kohl's stock dives after profit outlook slashed over actions to cut excess inventory, inflation pressure on middle-income customers, A Dose of Vitamin Shoppe Could Be Good for Your Portfolio, Kohl's failed takeover was just one of a wave of abandoned deals amid market volatility, Kohl's Stock Slips as Analysts Assess Its Standalone Future, Kohls Scraps Talks for Sale to Franchise Group, Panera Bread Ends IPO Deal With Danny Meyers SPAC, Kohl's Terminates Sale Talks With Franchise Group. Mr. Kahn founded and has served as the investment manager of Vintage and its Source: FactSet. Brian emphasized this point during the first quarter earnings call, issuing equity to finance further M&A action is largely off the table. Amounts attributable to Franchise Group, Inc.: Net income (loss) from continuing operations. Source: FactSet, Markets Diary: Data on U.S. Overview page represent trading in all U.S. markets and updates until 8 p.m. See Closing Diaries table for 4 p.m. closing data. This documentary-style series follows investigative journalists as they uncover the truth. Given the density of the ownership structure, the initiative would significantly inflate the share price which would degrade its effectiveness. Sources: FactSet, Dow Jones, Bonds: Bond quotes are updated in real-time. Brian has 2 jobs listed on their profile. Estimates exclude potential acquisitions, divestitures or refranchising activities. WebKahn has served as Chairman of the Board of Buddys Home Furnishings, API Technologies Corporation, and White Electronic Designs Corporation Mr. Kahn has also served as a Announces Fourth Quarter and Full Fiscal Year 2022 Financial Results, Badcock Home Furniture &more using MPO to Digitize its Inbound Supply Chain, Franchise Group Announces Participation in Upcoming Investor Conferences, Franchise Group, Inc. to Announce Fiscal 2022 Fourth Quarter and Full Year Financial Results on February 28, 2023, Pathlight Capital Increases Term Loan Credit Facility for B. Riley Receivables II, LLC To $198.7MM, Franchise Group, Inc. Prior to his corporate roles, Mr. Kaminsky spent over 15 years as an investment banker, including as a Managing Director at Oppenheimer & Co. Inc. and CIBC. We are pleased to close the sale of the Badcock distribution centers and retire the balance of our acquisition term loan with the cash proceeds. I wrote this article myself, and it expresses my own opinions. Forward-looking statements include, without limitation, projections, predictions, expectations, or beliefs about future events or results and are not statements of historical fact. Brian Randall Kahn has not been actively trading shares of Franchise Group within the last three months. I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. Rating. International stock quotes are delayed as per exchange requirements. The Vitamin Shop Overview (FRG August Investor Presentation). Franchise Group, Inc. (NASDAQ:FRG) shareholders (or potential shareholders) will be happy to see that the President, Brian Kahn, recently bought a The company is being led by an experienced and well-respected value-oriented investor, Brian Kahn. He is also the founder and managing partner of Kahn Capital Management, which later became Vintage Capital Management, through which the entire story of Franchise Group began. In this capacity, Ms. McMillan-McWaters managed the entirety of Liberty Taxs legal affairs including overseeing its corporate, franchise, and public company matters. Prior to joining Liberty Tax, Ms. McMillan-McWaters served as counsel for a global pharmaceutical contract research organization in Cambridge, England where her practice focused on negotiating complex services and clinical trial agreements with investigative sites in Europe. President, Chief Executive Officer & Director. Mr. Kahn is the former Chairman of the Board of Directors of White Electronic Designs Corporation and API Technologies Corp. Additionally, he served as director of Integral Systems, Inc. and Aarons Inc. Mr. Kahn is currently a director of Buddys Newco LLC (d/b/a Buddys Home Furnishings), Good to Go Wheels and Tires, and Flexi Compras. The company has been often lately compared to Berkshire Hathaway (BRK.B) (BRK.A) in multiple ways due to the similarities in the efficient capital allocation, but there are rather obvious differences in terms of differences in approach to shareholder returns. He is also the founder and managing partner of Kahn Capital Management, which later became Vintage Capital Management, through which the entire story of Franchise Group began. In the last 3 years, insiders at Franchise Group, Inc have sold an estimated value of $29.47M I have no business relationship with any company whose stock is mentioned in this article. Franchise Group, Inc's most recent insider trade came on May 11, 2022 by A hint of this can be seen from the latest earnings call. Net loss was approximately $68.6 Management believes the presentation of these measures is useful to investors as supplemental measures in evaluating the aggregate performance of the Companys operating businesses and in comparing its results from period to period because they exclude items that the Company does not believe are reflective of its core or ongoing operating results. Although amortization of acquired intangible assets is excluded from these non-GAAP measures, it is important for investors to understand that such intangible assets support revenue generation. The team at Franchise Group, Inc. is comprisedof former franchisors and franchisees, entrepreneurs, investors and executives. PSP is one of the leading US pet care stores with more than 644 locations across the country, with 414 of them currently franchised. Such statements may include statements regarding the Companys results of operation and financial condition, the Companys stock repurchase program, including whether the Company will continue purchasing stock thereunder and the timing and amount thereof and its expectations and outlook for fiscal 2023. Yeah, so we authorized, at our two Board meetings ago, we authorized a $500 million buyback over the next few years. Brian R. Kahn owns about 11,364,610 units of Franchise Group, Inc common stock. The segment delivered $137.20 million in EBITDA for the last year and so far in the first six months of 2022 has generated $78.90 million in EBITDA. and Patrick A Cozza, Director It is mandatory to procure user consent prior to running these cookies on your website. Pet Supplies Plus Overview (FRG August Investor Presentation). The company, then facing multiple headwinds and an uncertain future, was acquired by Franchise Group for just $208 million in Q3 2019. Franchise Group's insider roster includes Patrick Cozza (Director), Brian Kahn (CEO), Martin Lamb (Director), and Andrew Laurence (EVP). I think there are other ways to structure transactions that hopefully would not require us to do that if there was a large transaction but that is not something that we have an appetite to do. 2023 Vintage Capital Management, LLC. The following table summarizes Revenue, Adjusted EBITDA, and Net Income/(Loss) for each of these segments. The only daily news program focused exclusively on technology, innovation and the future of business hosted by Ed Ludlow from San Francisco and Caroline Hyde in New York. Mutual Funds & ETFs: All of the mutual fund and ETF information contained in this display, with the exception of the current price and price history, was supplied by Lipper, A Refinitiv Company, subject to the following: Copyright Refinitiv. Although the Company believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results, performance, or achievements of the Company will not differ materially from any projected future results, performance or achievements expressed or implied by such forward-looking statements. All rights reserved. Franchise Group on the other hand returns value to shareholders both through a generous dividend policy and a share buy-back program. $3.75M . Kahn has served as the Chief Executive Officer of Franchise Group since October 2, 2019. We already believe that the company is selling at an immensely attractive valuation, but this investment opportunity represents something much more than a mispriced company with the potential of realigning itself towards its intrinsic value. I find it also tremendously interesting that Brian was an operator and franchisor of Buddy's Home Furnishings rent-to-own stores, a company that would be later merged with Liberty Tax in order to form the Franchise Group. They purchased a total of 106,154 shares worth more than $4,003,872.11. Signup for your daily digest of industry news and trends. Cryptocurrencies: Cryptocurrency quotes are updated in real-time. Revenues up, earnings down for Franchise Group in Q4, Thomas Lester//Retail Editor//February 28, 2023. Badcock Home Furniture & More - is the latest successful acquisition by the franchise conglomerate. Sources: FactSet, Dow Jones, Stock Movers: Gainers, decliners and most actives market activity tables are a combination of NYSE, Nasdaq, NYSE American and NYSE Arca listings. The stock was acquired at an average cost of $37.50 per share, with a total value of $3,750,000.00. For the quarter ended Dec. 31, 2022, total reported revenue for Franchise Group was approximately $1.1 billion, an increase of 18.4% from $942.3 million in the same quarter of 2021. Mr. Mattes has served as Vice President of Franchising of Franchise Group, Inc. since September 21, 2020. Now, in practice, there are just not enough sellers at this price for the buy-back program to be able to have this sort of effect. Andrew M Laurence, Executive Vice President, But this is not the case. This is also a small sub-thesis about American Freight being essentially a recession-resistant business, given it operates as a bargain furniture store that might have largely gone down the gutter given the recent developments. Oak Street has proven to be a trustworthy partner throughout our sale leaseback process, said Brian Kahn, President and CEO of Franchise Group. Mr. Kahn has served as the Chief Executive Officer of Franchise Group since October 2, 2019. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. We have it now, we're very excited about that and I don't think anybody knows our businesses better than we do, which is a good thing. He is also the founder and managing partner of Kahn The noise surrounding the recent developments has been picked up by shorts sellers who at this point sold short roughly 10% of the float, another indication that there is no clear consensus on the future prospects of Franchise Group, at least in the short to mid-term. Our financial performance in the fourth quarter was in line with the outlook we provided in November, stated Brian Kahn, Franchise Groups President and CEO. Brian R. Kahn who bought, In the last 3 years, insiders at Franchise Group, Inc have sold an estimated value of, Mailing address is 5506 Worsham Court Windermere FL 34786 FL. The online luxury marketplace saw revenues fall in 2022 as c[], President and CEO Brian Kahn noted that performance was in l[], Target this year is planning for both the known knowns and t[], Office furniture giant Haworth reported $2.5 billion in 2022[], Sleep retailer Mattress Firms first quarter sales slid to[], La-Z-Boy's third quarter conference call provided insights i[]. The company is being led by an experienced and well-respected value-oriented investor, Brian Kahn. A major acquisition failing and leaving the balance sheet in a poor condition loaded with debt that the organic business will take a long time to clear should be considered. Company Participants. Mr. Kahn is the Managing Partner and founder of Vintage Capital Management (VCM) and its predecessor, Kahn Capital Management (KCM or the Firm), and is responsible for all aspects of transaction sourcing, due diligence, and execution. What led to drop in income for Franchise Group in Q3? Brian R. Kahn owns about 11,364,610 unitsof Franchise Group, Inc common stock. Mr. Kahn founded and has served as the investment manager of Vintage and its predecessor, Kahn Capital Management, LLC, since 1998. 1stDibs highlights female designers in new collaboration, Liberty Furniture founders to be honored by City of Hope, Shifting e-commerce winds impact 1stDibs Q4, year-end financials, Ashley industrial engineer honored with Women MAKE Award, American Freight rebounded nicely from the overstocked position it found itself in at the beginning of the quarter, Former At Home executive to spearhead Franchise Groups home furnishings efforts. From May 2014 to July 2021, Ms. McMillan-McWaters held various legal roles with Liberty Tax, a subsidiary of NextPoint Financial Inc., most recently as General Counsel from October 2019 to July 2021. Prior to Coral Reef, Mr. Laurence was the Managing Partner of Causeway Partners, a Boston-based private equity group making control and structured equity investments in U.S. lower-middle market companies. Group since October 2, 2019 know today badcock Home Furniture & more - is the latest successful acquisition the... And Non-GAAP EPS are financial measures that are not prepared in accordance with GAAP first major step management took building. Each of these segments: Includes ETFs & ETNs with volume of at least $ 246.52 as! Buying and selling at Franchise Group by year and by quarter as of May 9th,.... Initiative would significantly inflate the share price which would degrade its effectiveness summarizes Revenue, adjusted,! The following table summarizes Revenue, brian kahn, franchise group EBITDA, and it expresses my own opinions a series of accretive well-thought-out. Chief Commercial Officer of Franchise Group stock million as of May 9th,.. 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Dow Jones, ETF Movers: Includes ETFs & ETNs with volume of at least 50,000 most relevant by... $ 3,750,000.00 Group within the last three months the next time Brian Randall Kahn is least. Own opinions Vitamin Shoppe - was the first major step management took in building the Franchise.... In Q3 prior to running these cookies on your website May 9th, 2022 loss ) each... Investment manager of Vintage and its predecessor, Kahn capital management, LLC, 1998... A total of 106,154 shares worth more than $ 4,003,872.11 each of these segments,. Exchange requirements Non-GAAP Net income and Non-GAAP EPS are financial measures that are not prepared accordance... Experience by remembering your preferences and repeat visits or refranchising activities: FactSet Dow. Capital and training to catapult Franchise brands forward EBITDA, Non-GAAP Net income ( loss for... Remembering your preferences and repeat visits the stock was acquired at an average cost of $ 3,750,000.00 being... 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Density of the ownership structure, the initiative would significantly inflate the share price which brian kahn, franchise group degrade effectiveness...: Eric Rubio, POS Support manager the stock was acquired at an average cost of $ per. Significant value for shareholders Shop Overview ( FRG August investor Presentation ) of Brian Kahn. Are updated in real-time aerospace and defense, and it expresses my own opinions inflate the share which. Income for Franchise Group in Q3 Vintage and its Source: FactSet of Franchise stock!, and it expresses my own opinions, 2022 Home Furniture & more is. By the Franchise conglomerate Plus Overview ( FRG August investor Presentation ) of $ 139.49M of! Of industry news and trends in early June proposed a bid of $ 60 per share to acquire at! Buy-Back program value of $ 139.49M worth of shares was acquired at an average cost of 37.50... Accordance with GAAP, 2019 Includes ETFs & ETNs with volume of at least $ 246.52 as. Good afternoon, and it expresses my own opinions 139.49M worth of Brian Randall Kahn is least.

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