How Are Hardware, Equipment, and Services Distributors Driving Change in the Water Sector?

November 12, 2024 00:37:14
How Are Hardware, Equipment, and Services Distributors Driving Change in the Water Sector?
The Future of Water
How Are Hardware, Equipment, and Services Distributors Driving Change in the Water Sector?

Nov 12 2024 | 00:37:14

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Hosted By

Reese Tisdale

Show Notes

As companies like Core & Main, Ferguson, and DXP Enterprises evolve from middlemen to essential market channels, they’re shaping the water industry through expansive networks, deep customer relationships, and a strong logistical presence. In this episode, Reese Tisdale is joined by Bluefield Analyst Mike Muroff to dive into the crucial role that hardware, equipment, and services distributors play in the water sector. They explore how these distributors are meeting local demand in an increasingly fragmented market, where addressing specialized needs is key.

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Episode Transcript

[00:00:00] Speaker A: Because we live in a digital world, right? And the world is becoming increasingly digital. So for companies to adopt these sort of technologies gives them the competitive edge and allows them to keep moving forward in the market. [00:00:18] Speaker B: I am Reece Disdal and this is Future Water in which we talk about all the ways which companies, utilities and people are addressing the challenges and opportunities in water. I've said that 106 times and I know this one's going to be a good one too. That's because today I'm joined by my colleague Mike Miroff. He's a analyst at Bluefield Research and he's focused on company strategies and M and A. So with him I'm hoping to explore the essential role that hardware, equipment and services distributors play in the water sector. Companies like Corn Main, Ferguson, DXP Enterprises, they're not just middlemen. They are essentially critical channels for end users to reach what is a highly fragmented water and wastewater landscape that is industrial and municipal alike. Their broad networks, their well established customer relationships and their boots on the ground through logistics make them a key player and a pivotal group of companies in addressing local demand and the specialized needs for water and wastewater. But also, or more importantly, with the water sector facing such rapid change, distributors are also reshaping their strategies and that's manifesting itself or themselves through mergers and acquisitions. Geographic expansion, but also digital transformation is one thing that stood out. These are ways in which these companies are not only competing against one another, but they're also trying to grow their business. So Mike and I are going to unpack how these shifts are shaping the landscape for these firms and what the future holds for distribution in the water sector. But before we do that, you're going to bear with me a little bit longer and let me talk about what's caught my attention this past week. Ecolab has made a couple announcements this past week worth worth noting, and they did catch my eye. One was a strong Q3 earnings report that it released. So that's one. And then the second thing was its acquisition of Barclay Water Management, a specialist in the water safety and digital monitoring space. So together with these developments, if anything, they signal EchoLab's clear strategy to not only solidify its position as a leader in water management, but also in digital integration. So it's trying to differentiate itself and kind of go with the trend in an increasingly competitive market. So why do we care? Well, I think just to reiterate, the acquisition of Barclay highlights the convergence of water management and digital technologies and solutions. That's one. And then EchoLab did report impressive numbers. It had a 19% increase in adjusted earnings. So I think gross margin jumped to about 43.5% if I read that correctly. These results reflect Ecolabs really efforts to optimize its pricing, but also grow its volumes and expand its digital solutions. So a strategy that it's doubling down with Barclays. Ecolab is also increasing its footprint in high demand areas such as data centers and life sciences. Bluefield's upcoming industrial water market forecast, which is largely where Ecolab is focused. Our industrial sectors, data centers does stand out if you look at facility counts. But obviously we all read the news. We know that these sectors are on the rise and that Echolab is in a strong position to benefit from their growth. And then lastly, just it's leveraging scale for strategic acquisitions. Barclays 2023 revenue is about $50 million. So while modest, particularly relative to Ecolab, not necessarily a small deal, but it does reflect Ecolab's strategic approach to acquiring niche high impact companies that complement its portfolio rather than going for the white whales out there that some companies like to try to pull off. So it's interesting to see how they're doing this sort of complementing their other offerings and solutions. So that being said, that's, that's what caught my news this week. So if you're looking into water related companies, Ecolab is one that we track closely and are interested in following even more closely because we have a digital water service and I know that team, they're the ones who actually brought this to my attention. So that's how it caught my eye. All right, with that being said, let's get to Mike Miroff and let's talk about distribution companies and their role as a key channel to the water and wastewater markets across the US in particular. All right, so I'm joined here by Mike Miroff. Mike, how's it going? [00:05:22] Speaker A: Pretty good. How are you doing, Reese? [00:05:23] Speaker B: I am pretty good. It's a beautiful day. We're not supposed to talk about the weather, as I've been told by the marketing team. But more importantly, this is your first podcast, at least with Bluefield research that you've been on. So are you a big podcast fan? [00:05:37] Speaker A: I like podcasts a lot. I'd say probably listen to a lot more during COVID I mean, I think as sort of the years marched on, I listened to less and less, but I think they're great forms of ways in getting information and news. So yeah, big fan. [00:05:54] Speaker B: Well, oddly enough, the Future Water podcast, it was launched during COVID So the word, I think I've said it before. This is episode 106. And I think at the beginning of 2020, we had talked internally with the team and we said, hey, we're going to launch a podcast. We'd been working with Dave McGimsey from the Water Values podcast and he was encouraging that we should do it. We have a team of analysts that are always willing and able to provide content and analysis and share their research findings with the public. So at the beginning of 2020, we decided to launch it. Well, unbeknownst to us, Covid happened, I guess essentially in March 2020. And I think by the middle of the year, say like June or July was episode number one of this. And now here we are at 106. And I know it's not a, it's not a milestone number, but as far as 106 for you, but it is your first podcast with us, so let's give it a shot. Why do I have you on here? Well, you've been doing some research and analysis on hardware, equipment and services distributors in the water sector, something that Bluefield has been talking about for a while. Their role is, has become pretty significant. And so, you know, you came on board earlier in the year and this was one of the topics that came up. So what has driven us to analyze this sector and these players? And maybe you can, we'll get into who they are and such, but give us a little bit of background detail. [00:07:29] Speaker A: Sure. I mean, I think really the genesis of this report came from insights that came out of our ongoing efforts to build out our M and A database and our M and A top company strategies service, which I'm an analyst for. And what we've really found through those efforts in digging up M and A deals is that the distributor segment is really the most acquisitive segment of the segments that we track in the water sector. So that really sort of gave us an impetus or gave us some reason to want to explore and investigate. But why are these distributors acquiring so many companies? Why are they the most acquisitive in the sector, really? So, and that's really, as you said, led by a handful of firms, Ferguson, Coramain, dxp, Wind Supply, Vesca Water, all of which are tracked in this report. And between those companies, they've really booked around over 130 M&A deals in the past decade and really have been able to create value and scale and efficiency through that. The market's really estimated around $40 billion. It's a huge market. But despite that, Coromain and Ferguson only control really a third of that market, which leaves the outstanding piece to a lot of smaller, more local regional players. And despite the consolidation efforts that have taken place, it's still a really highly fragmented market. [00:09:00] Speaker B: And I think one of the things you found, I mean, they're kind of essential, or they are. I think the way we've been talking about it in recent months is they're essentially gatekeepers to the market. In the past we've talked about the role of engineering firms, particularly as they're designing systems. In many cases they're involved with program management and procurement for large projects at the utility level. But these players are also kind of have their own unique position as well and represent something important, particularly if you're an outside or third party vendor. [00:09:34] Speaker A: No, that's absolutely right. I mean, they're really indispensable to a lot of companies within the water sector. They're really essential and you know, you can call them gatekeepers or critical conduits to some of these really essential end users. And I think that's really sort of a testament to the large branch network that they oversee, the deep customer relationships they've nurtured over the years and sort of the logistical reach that they have to sort of navigate through this really highly fragmented market. So you could sort of think of them as the Amazons of the water world, really distributing and bringing these services and products to the market. [00:10:14] Speaker B: Well, I mean, I think that opens up a whole nother can of worms, which I don't think we really get into in this report is like, ultimately, is there a role for someone like Amazon in this space? Obviously these guys have a, are at the leading edge. These companies that, some of which you already mentioned, but they're also, you know, their role is, you know, people sell to people. [00:10:35] Speaker A: Right. [00:10:35] Speaker B: Is the way I think right. At the end of the day, they have boots on the ground, but they're in there interfacing with the end users. If you really pay attention when you're walking down the street, the two of us were in Boston, you do see these companies, you see trucks driving around and you kind of start to notice them more and more. And that's exactly what they're doing. They're making deliveries. But like I said, boots on the ground go a long way. But they're also shifting a little bit. Right? I mean, what they're up to. [00:11:04] Speaker A: No, absolutely. I mean, I think to your last point there, I mean, on the way to work, when I take the bus into work into Our Boston office, I pass by a Ferguson plumbing supply store and I've seen HD Supply, which used to be sort of on the forefront of this, and I see trucks pass by all the time. So I think you're absolutely right. But they have made sort of plays and they've changed their strategies over the years. I mean, as I've said, a lot of these companies started out as more dominant regional players and have looked outward to expand through M and A and other inorganic growth strategies into other regions like the Midwest and the Southeast, for example, which between the two regions have really been home to about half of the M and A activity that we've tracked in this report. So you could really take, for example, Vesco Water, they were based in, or they're still based in Minnesota, started off as a sort of small company and they've made strides into other markets, not only in the Midwest, but expanding into the Southeast and the Northeast as well. And that's been really backed by their private equity backer and they've been able to grow through those means. [00:12:16] Speaker B: Yeah, and I recall even in some of the analysis and conversations with you as we were looking through this core and main, they've made an acquisition in Canada as well. So they're all sort of pushing in different directions. And I thought the point that you made about the Southeast Midwest markets is really important. I mean, that's where the housing starts have been, seems to be where they're going to continue to be going. So that's where a lot of the infrastructure growth is in fact happening. And so they're positioning themselves there. But what about, you know, I mean, they're working with a lot of different companies. I mean, you said as much that if you're a third party or outside vendor, you're trying to enter the US Market. And clients come to us frequently to say, hey, we're trying to get in the US Market. What are our channels to market? Tell me a little bit about who do these companies work with? What's their scale? [00:13:15] Speaker A: Sure. I mean, these distributors partner with a wide array of vendors. And to your exact point, vendors look to these distributors and partner with them because of the access they have have and the direct to consumer sort of delivery approach that they have that really allows them to be the gatekeepers in the market and be able to distribute the products and services that these vendors are looking to market. And Coramain, for example, they have a network of over 170 suppliers. Grainger has 5,000 suppliers. And it's not really that one vendor, one supplier accounts for the entirety of their business, it's actually quite the opposite. We see that Cormain and Grainger, for example, have vendors that really are sort of much smaller in terms of how much they're working with them. I mean, they work with a wide array and they don't really account for much in terms of account size. So that's how they're really able. They're able to partner with these trusted distributors who have these relationships with municipal clients and other customers and are able to market and bring these services and products to market. [00:14:32] Speaker B: And one other area, and I think we're sort of walking down a bit of a path about how their business strategies are evolving. Like you already said geographic. And then there's a supply chain, vendor diversification. Another area where we're seeing some more activity when it comes to their positioning and offerings to end users, municipal and industrial, is the digital and operational transformation. They're more active in that space. What's the story there? [00:15:04] Speaker A: Sure. I mean, I think some might say that a lot of these companies or these distributors, at least they started out with even their websites. They look at their websites and you see they sort of have a product catalog and that was really it. But they've really sort of transformed themselves in a marketing approach, but not only just in terms of how they appear, but also just in the ways that they distribute in this really integrative approach. So they have been really making inroads into the digital realm. I mean, they have these really streamlined quotes, these E procurement platforms, asset tracking platforms, and predictive maintenance. And that really allows companies that are sort of reluctant to adopt digital tools or equipment and services and really allows distributors to make inroads to those customers and sort of allow these companies to adopt those technologies. Because we live in a digital world. [00:16:06] Speaker B: Right. [00:16:07] Speaker A: And the world is becoming increasingly digital. So for companies to adopt these sort of technologies gives them the competitive edge and allows them to keep moving forward in the market. [00:16:17] Speaker B: Yeah, I think this is where I know our consulting team, but our consulting team gets really excited about this and that is analyzing channels to market. Like you said, these companies that we've done analysis of, they are a core piece of that. Another angle is you just go direct to market. Right. But what we, what we find interesting about these companies is they're well established, they've got the relationships, but they also guard those relationships. So, you know, if you're a vendor, you may get less visibility into actually what is happening with your. With your respective product. And that may create a challenge there. There are different Ways to skin the cat, as I would say. And this is what makes this interesting. I'm going to follow that thread about sort of the digital transformation and how it's, I mean, is it redefining the competitive landscape and business models or distributors? I think you alluded to that. So let's talk a little bit about what they're up to when it comes to digital and what are their approaches. So what are your thoughts on that and what are we showcasing in the analysis you've put together? [00:17:25] Speaker A: Sure. I think there are really a few companies that stand out within the report. Fortaline, Cornmain and Ferguson that have really been making direct overtures into the digital realm and really have been scaling up their capabilities in the digital realm. So Cormain, for example, has this online advantage platform which helps sort of facilitate real time quoting and asset tracking, predictive maintenance, which I sort of alluded to in the last point. And that really helps build out the customer experience and builds out customer interactions and really builds that relationship that these distributors are striving for. So core and Main has around 8% of their revenues. They come from meter distributors. That's sort of a highlight that's in the report. So they've been acquiring companies that are meter distributors. They have those offerings in their portfolio in terms of some other ways in which they're interacting. Ferguson and some other companies have corporate partnerships, for example, with Trimble. Ferguson partnered with Trimble to distribute and invest in this IoT technology and remote monitoring systems. And that really allows to bring these otherwise difficult to adopt technologies and makes them more accessible to the market. And I guess to that other point, Cormain also has a number of partnerships that they've made over the years, especially as of recent, most recent one was with Orbis Intelligence Systems for sort of acoustic pipe monitoring system. So they've definitely made overtures into the digital realm and I think you'll see that going forward. [00:19:07] Speaker B: Yeah, your point is a really good one you made a little while ago. And that is we live in a digital world and so they're not standing by idly. In fact, they're taking advantage of it one in their own operations and processes like you said, you know, for real time quotes and more, streamline internal processes with their customers in getting them the information. But then there are sort of the aftermarket services. I thought the fact, the fact that Corn Main carves out 8% of its business going to meters is significant in and of itself, let alone all the other additional offerings or products that they're, that they're adding. So I find that to be somewhat telling in and of itself. Let's talk a little bit about regulatory pressures. And every quarter you're doing company analysis, you're going to corporate filings and such. But within this space, what are these companies saying, at least the publicly traded ones, what are the overarching factors driving their business and how is it influencing what happens, whether it be in their revenues, their stock prices, et cetera? [00:20:17] Speaker A: Sure. And I think there are regulatory pressures and there's certainly a need and want in the market to address some environmental concerns. But there's also, to start it off, there are some more tailwinds in the market that have helped propel a lot of these companies through their stock prices and through their revenues. So IIJA funding, for example, Inflation Reduction act, those have been really two key drivers in the market. And they've been really able to capitalize on that funding to really grow the market and be able to have more projects in the pipeline and be able to distribute some of these pipe valves and fittings and other equipment to projects that are being amped up because of that funding. But to your point about some other environmental and regulatory pressures, we see really extreme weather across the country as of recent. We're coming out of hurricane season that has posed lots of challenges and delays to in particular Corn Main, which has noticed it and has noted in their filings that's been a real strain on company revenues and not just for Core and Main and not just for distributors, but really across the sector and just more broadly, there are global efforts to push forward to a more sustainable low carbon future. So that environmental need to address those needs and to be part of that future and try to shape the market in those ways has allowed these companies to really capitalize on that trend and to really grow. So I think one other interesting fact is that these publicly traded companies, at least they've all outperform the S&P 500 in their stocks over the past several years. And that's really been driven by strong equity performances, advancements in AI, federal stimulus, increased productivity. That's really all driven their stock prices up. And they've been able to be a resilient segment as a whole. [00:22:28] Speaker B: Yeah. And I think to add to that, I think water is on the brain, on the people's brain, that is. We're seeing droughts, we're seeing flooding. I mean, I know this isn't in the US but you know what's happening in Valencia and Spain, we saw it with Helene in North Carolina. We've got really destructive storms coming through that's going to increasingly requiring infrastructure investment. So I guess for these companies, it's ultimately good in the sense that they're supplying a lot of these utilities and industrial end users. So I think that's part of it. And I think your point about IIJ and the Inflation Reduction Act, I think they all mention it, the public filings and providing tailwinds. Given that, you know, we're now in the aftermath of the election, it'll be interesting to see how that unfolds over the next couple years. And what does that mean for the sector? Is it solidified or cemented legislatively and policy wise that those programs will continue to go forward without issue? I think, you know, in our white paper that we put out kind of mid summer in the ramp up to the recent presidential and congressional elections, the Inflation Reduction act was one area that was potentially a risk that we kind of exposed in the sense of it's focused on renewables. It's focused on things that the GOP is not traditionally been in favor of. We'll see if they put their money where the mouth is and make changes or find ways to undermine those programs. And that could have an impact on these companies as well. So let's talk, you know, speaking of politics and where we are as a country, I mean, I think a lot of the discussion during the election was about inflation and interest rates. How are, how are these macroeconomic conditions or factors, how are they influencing revenue growth strategies and the positioning of these distributors specifically? [00:24:32] Speaker A: Sure. And I think not only on the minds of voters in this country. I mean, the top issue in this election was really the economy. Right. And that's the case for consumers, but it's the case for businesses, too. We've lived in a time over the past couple of years, coming out of the recession in 2020. It's been really followed by a period of high inflation, and that's been pretty persistent. Now the inflation numbers have come down quite significantly over the past couple of years. It's hovering at its 2% target now. So you'll see in tandem to that interest rates to start to fall. But interest rates are still pretty high. Right now. They're in the 5% level. We're expected to see that come down more. But as you see interest rates come down and as inflation comes down as well, I think that'll really serve as some powerful tailwinds for these companies and that we'll see going forward. Of course, no one has a crystal ball, so we're not sure. How that will exactly play out. But it really has been a drag on these companies in terms of inflation. The distributors have only really posted growth rates of around 2 to 5%, which is not nothing. It's not in the negative territory. But they've converged around these lower growth rates than they've had in the past because of these challenges in the market, because of inflation, because of high interest rates. And we'll see how that'll change going forward as economic uncertainty stabilizes, as the market stabilizes, how that'll benefit some of these distributors. [00:26:15] Speaker B: So what are. But I think, you know, one of the things that's also interesting about these companies, you know, you've talked a little bit about, you know, inflation, you know, and what it means. And one of the key macroeconomic indicators that we track at Bluefield is, are housing starts. Right. Not only what are they nationally, but also just, you know, location, location like. And obviously the Sun Belt is a big part of that. You mentioned, you know, these companies acquiring other distributors, smaller distributors in places like the Southeast. What about the role of water within their segments of focus? Where does water stand? Are they getting in and out of it? Are they pure plays? How do they stack up? [00:27:04] Speaker A: Sure. I think historically, I mean, we see these companies are over the map, like all over the map, really. I mean, you have Coromain and Ferguson are more toward the realm of being water pure play. But on the other side of the coin, you have companies like Grainger and DXP who are more diversified. DXP is a good example. It's a diversified industrial supplier. About 7% of their revenues are water related. But they've been pushing more and more toward the side of. Of water pure play. And they're moving toward that realm more and more through acquisitions. And mostly that has come from acquiring industrial pump suppliers for the water segment. So there's sort of. I think the takeaway from that is at least EXP and other companies are seeing the strategic attractiveness of the water market and they're moving toward that realm more and more. Wind supply is another example. Through acquisitions, it's been moving more toward that quadrant in terms of the strategic mapping. And I think to your other point about housing starts and that ties directly to interest rates in a world and in an environment of really high interest rates, borrowing money and loans are incredibly expensive and especially for housing. So that's really dampened the residential sector in many ways. It's dampened construction activity for residential homes, even in places like the Southeast, where it's really been A boom for population growth. It's been a boom for housing starts over the years. That activity is really dampened. And we see companies like Ferguson, which has historically leaned a little bit more toward the residential side of things. You think of Ferguson with residential plumbing supplies and equipment for, you know, kitchen faucets and things like that. Ferguson, that's sort of their bread and butter. They've been moving a little bit out of the residential sector and more toward the non residential residential sector for that reason. Another reason for the residential sector being more soft and more damp, I guess you can say, is because the residential sector and consumers and people in that market, they're way more price sensitive than businesses are. They have budgets, households have budgets that they're constrained to. And in an environment when inflation is incredibly high, that really puts a drag on people's wallets and makes it hard to do home renovations to acquire or to get more plumbing supplies for their homes and things like that. So that's impacted Ferguson in many ways and I think it's pretty telling as to why they're moving more to the non residential space. [00:29:53] Speaker B: Yeah, I think that's interesting. So just to put a bow on that point, the, what I would call the non pure plays, you know, those that are more diversified, you said the Granger or the maybe more specifically wind supply and dxp, they're moving towards water through. And that's being demonstrated through M and A. And then I think the other point you made about Ferguson, they're incrementally shifting away from, away from residential, maybe towards other segments so non residential that they're seeing opportunity there. And so we're kind of seeing that in their competitive positioning. And you know, they are doing this through M and A as we've talked a fair amount about, whether it be geographic shifts or towards water. What do we see going forward? I mean it's. Is it a ripe environment? Is there, is. Are there a lot of companies for them to pick up? And what, you know, what is the, what does the future portend for these companies when it comes to M and A going forward? [00:30:57] Speaker A: Sure. I think an important point to mention is M and A among these companies. I mean, you have Corn Main and some of these others. Cornmain had over 30 acquisitions over the past decade. If you look at some of the graphics that we have from the report, M and A among these top distributors from what we tracked has picked up quite significantly over the past couple years. So it's remained to be seen whether that trend will continue. But I think it's fair to say that as rates are coming down, that can help fuel M and A efforts through debt financing is going to be a lot more easy to attain for private equity buyers in particular who rely on that. And private equity dry powder is extremely high. So if you have private equity buyers in this market, you could see them making inroads into the distributor space. But particularly for the distributors that are mentioned in this report, I'm sure you'll see as this economic uncertainty starts to normalize and as you see more cash on hand, it's fair to say that M and A is on their mind and that they'll have strong pipelines going forward. [00:32:13] Speaker B: Yeah, once again, people sell to people and this is a relationship business and that's how they grow. And another segment that's kind of like that are the engineering firms. Right. It's very localized and you sort of put a pen in the map and you draw a circle around it and say this is what our viable, addressable market is and this is where we're going. And you know, so whether it be engineering firms or with these distributors, it's kind of the same thing. And it, it's highly fragmented at this point. I mean, we get the leading players and their strategies and where they're going and what they're doing. And so there are a whole host of others out there that are potentially ripe for the picking. Well, this is super interesting, Mike. I really like the report. I like the analysis. I think it's a super interesting topic. Channel strategies is really important because there are a whole host of vendors out there trying to figure out the water market. As I said, water is on the brain. It's in the news and there's definite tailwinds at this point. So your analysis is super helpful. So before I let you go, I usually ask one last question and that is what else are you working on these days? And give our listeners a heads up to be on the lookout for Sure. [00:33:36] Speaker A: I think what's front of mind for me, I've talked a little bit about in this podcast about interest rate cuts and how that'll potentially impact the water sector. We're doing some analysis on that and we're working. It's not just coming from my service, but I'm collaborating with folks in the industrial side and municipal side to come up with a research note on how interest rate cuts will potentially impact the sector and the fomc, the Federal Reserve is actually meeting today to decide what the future of that might look like. So that's on deck. More pressing and more largely continuing with our M and A and top company strategies quarterlies, which will come out before the end of this year and or at least be finished by then. And we'll see how some of these trends play out. Is inflation and high interest rates, are they appearing again? Are there other emerging economies that companies are moving into? Are there geographic markets that look particularly ripe? These are all sort of questions that are on my mind as I look to do this quarterly review for these couple services here. [00:34:48] Speaker B: Fantastic. All right. Well, Mike, thanks a million for jumping on. Congratulations on completing your first podcast, Future Water Podcast, that is. I don't know if you've ever been on another one, but we'll save that for another day. We will talk again soon. So thanks, Amayan, for, for me, but also for all the listeners out there for the great insights. [00:35:10] Speaker A: Thanks, Reese. It's been, it's been great. I really appreciate it. [00:35:13] Speaker B: All right, talk soon. All right. That was awesome having Mike on. I think it's a real, like I said, really interesting topic and I don't want to overdo it, but I know a lot of clients are interested in this in these companies. The questions come up again and again, particularly from our European clients trying to understand the US Market and how to do it. So that's a wrap for our 106 episodes. So thanks for being part of the journey. We're excited about the future of water and what lies ahead. So stay tuned for more insightful discussions and water expert interviews. So here's to 94 episodes to get to 200. That's going to be another huge milestone for us. We've already gotten this far pretty quickly, so we'll be there before you know it. Before we sign off, if you're in Boston or Barcelona, and I'm going to be there in two weeks. So if you're in Barcelona in two weeks, let me know. We'd enjoy the opportunity for a meeting. Also, if you're in other cities around the world, whether it be New York or Chicago or San Francisco or Paris, let us know and we can set up a meeting because Bluefield is there too. Please subscribe to the Future Water podcast and give us a review. It helps us help you and understand what people are thinking about it. Send us a note to water expertsluefieldresearch.com with any topic ideas you'd like us to discuss. We're doing this for you and tell a friend about it. That's how the word spreads. This podcast and these water industry insights have been brought to you by the one and only Bluefield Research. To learn more about us, Visit [email protected] until we talk again. Be well, be safe, and take care.

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