Convergint Outlook Turns Negative
Convergint's outlook has turned negative, according to bond rater Moody's, released shortly after IPVM's report about Convergint's billion dollars in junk debt.
Numerous Convergint employees were outraged by IPVM's report, even claiming that junk made up "95% of the market". This is wrong, per S&P, it is just 28% of the market. Junk debt is dangerous, especially so in the coronavirus crisis.
The chart below overviews Convergint's debt-fueled acquisition boom, their ambitious hopes to hit $2.3 billion revenue in 2023 and Moody's expectation of sharply declining revenue for 2020:
Inside this report, we examine these 3 dynamics, including the key positive factors Convergint has going for it, the downward pressure from the debt and Coronavirus and the future challenges for the once high flyer.
Moreover, we examine the details of the financial covenant on Convergint's debt and how this restricts their ability to operate and puts more pressure on their employees.
*******
*** *****'* ********* ***** *** ******** outlook -** ***** *, **** ***** ********** **-**** ****** ************ ***** ****. *** ****** ******* is *** ******** ********* *** ** purchased ** *** $***, ******** ** and ******* ** ******. ********* ** the ****** ******* ********* ** **** sharing *** ******** ******.
Revenue ********* '** ***** **%'
**********'* ******* ** ******** ** ******* at ***** **% **** ****, *** Moody's ****** *******:
** ****** * ******** ** **** of **********’* ************ ****** ******-***** ******* growth ****, ** *decline ** ** ***** **%, and some margin pressure, resulting in higher Moody’s-adjusted debt-to-EBITDA leverage between 9.0 and 10.5 times. [emphasis added]
************** ***** **** ******* ***'**** *** ** $*.* ******* *******'. Comparatively, ***** ********* **** ** **** ~20% ** **** ****** * *******:
*****'* ******* *** ******* ** ******** 2020 ******** ** ************* $*.* *******.
*** **** ******* ******** ********* ******* on *** *** *********** ****** ***** out.
Covenant *** ********* *********** *****
*************, **** ****** ******* **** ********* revenue, ********** *** ******* **** *********** due ** *** ***** **** ****. Moody's **** ** *** **** **** (the **** ****** ****** ***** *** $52 ******* *** *** ** ** 2019) *** *** * $** ******* revolver ***** ** ********* ***** *********** hit. *** **** ******* ******* ******* since ***********, **** ** ******* ****** pressure ** ***** ****.
*****'* ******** *** ******** ********* ****:
*** ****** ********* *** * ****** financial ********: * ******, *.******* *** *****-**** *************** ******** ** *** ******** ****. The ******** ** ********* ** ******** borrowings ****** **% (***** $** *******) of *** **********....
**********’* ************* $*** ******* ** (********* 2019) *****-**** **** **** ****, **** the $** ******* ********
********** *** **** *** * ******** of *** $** ******* ******** ****** it ********* * $***+ ******* ****** EBITDA *** **** (*.*., ** ******** the *.** ***** ****** ** *** first **** ** $*** *******). *** problem ** **** ******* ********* *** significant ***** ***** **** *** **** to ***, ********** *********** ****** ** the ***** ** *** **** ** very ****.
Pay ****, ********* *** '******** ****'
*************** *** ************ ****** *********** ************* **% ******* *** ******** ********* plus ******** ** ********** *******, *****'* described ** **** **********:
*** ******* *** ***** ******* ** reduce ******** ***** *** *** ********* discretionary ****** *** ********* ********.
***** **** *** ********** ********* **** the *********** ** **********'* ********** *** bondholders ** ****** *** **** ******** and *** *** *** ** ****.
Cash ********* / ******* *** ****
** **** ***, *****'* ** ********** that, **** ***** ******** ****, ********** will *** *** *** ** ****:
**** ****** ******* *** ******* ******* a **** **** ** ***** **** cash ***** *** ** ********* ** best.
** ********** **** *** *** ** cash, **** **** **** $** ******* left ** **** ** *** ******* risking ********** *** ********, ***** ** just *.*% ** * *******-****** ******* company.
Re-Occuring ** *********
* ******** **** *****'* ****** *** now *** *** ***** ** ***** a *******-***** ********:
********** ** ** **** *** ** the *******-***** ****** ** ******** ************ projects *** *** ******* **** ** recurring, ********- ** ************-***** ******** **** would ********* ******* ******* ******* *** delays *** *************.
***** **** ** ******* ******* *** system ***********, *****'* ********* ** **** emphasize ****:
*** *****'* ******* *** *** ********** credit ****** ******** ****'* ******** ** this, ****** *** **** ****** *********** between '**-********' *** '*********':
****’* *** * *************. **’* **** that *****’* * ****** ********** ******* “re-occurring” *** “*********” ******* ******. ********* revenue ******, **** ************-***** **** *** software *** ***** ** ********* *** alarm-monitoring *********, *** **** ********* *** more **********, ***** ****’** ******** *****. Contracts *** ********* ****-**** *** **** provide **** ******* ********** ** *** year. **********, *******, **** *** **** recurring ********-***** ********. ***revenues *** “**-*********”, ** **** **** ****** ********** **** *** **** ********, *** **** *** **** **** ******* **** ************-***** ********. Each installation job is in effect a one-off project that does not in itself provide for an assured, future revenue stream the way a subscription contract does. That being said, each ************ *** ** **** ** *********** ** ***** * ****** ******* ************ **** * ******** so that that customer would use Convergint again in another project. Convergint seeks to grow along with its customers as they grow. [emphasis added]
***** **** ** *** *** ** virtually *** ******** ***********, ** ***** of ******, **** ** *** ******* of ****** **** ** ****. ******** can *** **** ** *********** *********, indefinitely, ***** *** ******** ** **** than * ****. **** **** ******* financial ******** **** **** ******** ***** needs ** ** ****.
No **** ************ *** *** **** ***** ******
****** *** ****, *****'* **** **** acquisitions *** ** ****:
** ** ****** ** ******** *****, it *** **** ****** ** *** historically ****** *********** *******
** ****** *** ******* ** **** them ********** ** ***** **** ** order ** ******** *****.
$2.3 ******* ** ****
***** ** ****, **********'* **** ******** $2.3 ******* ****** ******* ** ****, a **** ** ~**%, ***** ** the ******* ***** **** ** ****:
** ********, *** *** **** ******* down ********** *****'* ********** ** ******* falling **** **** ****'* '**** *** of $*.* *******' ** ~$* *******.
***** **** ** ******* ** $*+ billion, **** **** ***** **** ~$*** million ** * *******, *** ** least **** ***** ** ************ - what ********** *** ******** ** ** 10% *******, **% *********** **** ****.
Outlook **** - ****
*** *********** ********* ** ** ******** and ******* **** *********** **** ******* any *******'* ******* **** ** ** 2023 ** *********.
*******, ** ****** ********** **** ** challenged ** ******** *** ~$*.* ******* revenue ***** **** ******* **** ****. The ******* ****** ** *** ****** in *** **** *******. ********** *** great ****** ********* ** **** ********* during *** **** *****. **** **** now *********** ***** *** ** **** and ** **** ** ********* *** them ** ****** *********** **** **** levels ** * ********* ** ****-********* phase. ******* **** **** *** ********** of *********** *** ****** ** ********* they **** ******** *** *** ***** scale **** **** *******, ***** ********* of ****** *** ** ******** **** a ***** ** ****** ** **.
Vote / ****
* **** ** **** *** *** insight ** ******** *** *********** ******** on *** ****** ** *** ******** as ** ******* ** *** ************, yet ****** ** ***** **** *** IPVM ***** ** ** ** *** to **** **** *********** **** ***** headlines *** ******* ********.
******* ********** ********* *** ******* ***** anger ** **** ******* (*** *'* sure **** *** ** ****) ******* in ***** ********* ********* ***** ** seems **** **** *** ******** ****** continues ** **** **. *** ***** are *****, *** ** *** ** furlough **** *********, *** **'** *** taken *** **** . **'* *** anything **** ********* ** ***** ********* are ***** ** **** ***** **** point. **'* ******** ** **** **** you **** * ******** ******** ******* Convergint. ** *** *** ***** ** keep ******** *** ****** ** ******* expose's ** ***** ***** *********** - at ***** ****** *** "****".
********** ** ******* ********, ** *** COVID ********* ********* ** ************ **** no *** **** ** **** ********.
***** ****** ********* * **** **** is ***** ********** ** ***** ***** to ********* ******* **** ****** *** come *** *** ***** **** *** to **** ****** ****.. ******* ******* of ******* ******** ******** *** *** time *** ***** ****** ** ***** positive ******** ***** *** ** *** through **** ******?
*** ** **** *** **** ** but ** *** *** ** *** day...I ** **********.
*** ** *********, *** ** *** categorize *** *****'* *******? ** *****'* "slinging ***"?
* **** **** *** ** **********, if * **** ******** ** * large ************ **** *** **** ** financial ********* ********** *** **, * would **** ** **** **** ** that * ***** **** ** ****** accordingly. *** ****'* ********** **** **** more ***** ** ***** ******* ** employees? ****** ****** ***** *** ************* people ***** ** **** ** **** this **** ** **** ** ******* getting ****** ** *****, *****? **** is *** ******** ** ********** ***** more **** **** ***** *********?
* **** ** **** *** *** insight ** ******** *** *********** ******** on *** ****** ** *** ******** as ** ******* ** *** ************, yet ****** ** ***** **** *** IPVM ***** ** ** ** *** to **** **** *********** **** ***** headlines *** ******* ********
**** ** ***** * *** ** the "******** ** ********" **** ** things - *** **** *** **** in *** **** ** *****:
**** *** ******** ****** **** **** 40+ ************* **** ***
******** **** ********* ******
******* *** ****** ******
* *** **** ** **** ********** observations *** ***** ****. * *** no *** ******** **********. **** *** just ********* ****** ******.
*** ** **** *** **** ** but ** *** *** ** *** day...I ** **********.
* ******* ******* *** ******* **** Convergint ********* **** *** ***** *******. I **** **** *********. *** ** the ****** ****** #*'* ******* *********, please ***'*. **'* ** *********, ******** response.
**'* ******** ** **** **** *** have * ******** ******** ******* **********.
* **** ***** *** **** ***** over *** ***** **** *****, ********, Hikvision, *******, ***., ***., *********. * don't **** * ******** ******** *** I *** *** *** ***** ***** that *** ** *** ******* ** our ****** ******** ********. *******, ** you **** **** ******* ** *** coverage, *** ******* ***** ***** * / **** *** '********' *** **'* not '********'.
******* ******* ** ******* ******** ******** all *** **** *** ***** ****** to ***** ******** ******** ***** *** to *** ******* **** ******?
* ******** ***'* **** **** *** positive ******** *** ********** ** ****. Convergint ** *** *********** ** ********** and * **** ****** *****.
* ***'* **** *** ** *** Convergint ***** *** * **** **** of ****** *** ** **** **** and **** *********** *** **** *** good ****** *** **** *** *&* and '*** *** ********' ** *** real ****.
*** *** **** **** ****** ** a **** *******. ** ************* ** that ***** **** *** ** *** to ****'* $*.* ******* *** **** would **** **********, ******* **** *** the ********** *** ***** ******. ******* in * ***-*********** *****, **** *** there *** *** **** **** **** off.
*** **** ******** ********* ***** * can *** ** ****** *** ******* of **** *** ** *** ***** love **********, **** **** *** ********* to ***** *** ****.
** ** **** * **** ***** a ***** *** ** ******** ***** about ***********, **** ********* *** **** locked ** - ********* ******* ** exclusive ******** **** ** ******* *********** during *****. ****** ********* ******** *** in *** **** ***** *** **** never ****** *** ** *** *** times. ******** **** ***** *** **** important ******** ******** **** ***** ******* companies *** ******* ** ****.
**** ********** ** *****: * ** not **********. * ** * **********, who ****** **** **** ** *** marketplace, ** **** ******* *** ****** bearing ** ** ********.
* ***** **** ******* ******** **** stating *** ***** **** *****'* *** explaining **** **** ****** *** ************** explanations **** **** *** **********. * must ***** **** ******* * *****'* report **** **** * ****** ** business *** ** *********.
** ******* *** **** ** *** good *** *** **** ** ****. While * ***** ********* **** **** the ****, **** ****** **** ** find *** ********** ***** ** *** matter.
********** *****.... **** ** **** **** if **** ****** **** ******** ********** or **********?
** ******** *** ****** I ****** * ***** ****** ***** everyone **** *** ***... ***** *** much ********** **** ****.
** * ****** *** *** *** you **** *** **** ******* *** love **** ****. * **** ** is **** *** ** **** ****** on ** **** **** *** ******* you **** ** **** ** * negative *******, *** * ******* **** ago **** ** ** * ***** of **** *** ****** ** ***** about ** *** ***** ******** ** you ***.
***** *** ********, *********, ******* *****, Motley **** ** **** ******** ********* blog ******* *** ***** *** ********* of ******** **** **** **** *** informing *** ******** ** ******* *********** and *** ******* *** (*** **** all **** "**************" *********). **'* ******* personal, * ***'* ***** *'** **** read * ******** ******* ***** ********** on ****, *** *** ** **** shape *** **** ******* ***'* ****** that.
* ***'* ***** *'** **** **** a ******** ******* ***** ********** ** IPVM...
*****
**** **** ***** ********** ****** *********** Crisis
* ** *** ********** *** *'* not * ********** ******. ** ****, I ****** ***'* **** * *** in **** *****. **** * **** interesting ** *** ******** *********. **** report ** ***** **********, *** ** could ** ***** * ***** ** other **********, ********** ** ***** ********. It's *** *** ** *** *** business, *** ** ***** ** ******* into *** **** ***** ********* *******. Obviously **** ***'* * *** ***** camera ****, *** ** ** ******* reporting ** ********* **** *** **** impacts *** ********, *** **** ******** in *******.
* *** **'* *** *** ** be *** ******* ** *** ***********, but ** *** **** ****, * think **'* ******** ** **** *** learn ****.
* ***'* ******* ** *** ********* aspect ** ********** ** ***** ** so **** *********** ***** ** ***** now, *** * **** ****** ** comment ***** *** ******* ** **********. In ** *******, ***** ******* ** very ********* ** *** *** *****. They **** ********** *********** ****** **** branch *** **** ****** ***** ********.
* **** ****** **** **** ********** team ******* ********** ** ******, **** of ***** * ***** *** ** the **** *** ** ***** *****. At *** *** ** *** ***, relationships *** *** **** ** **** business (*** ******** ******) *** **** is ********* **** ** **** ****.
*'** **** ********* **** *** **** other ***** **** **** **** ****. Holding **** ** ********** ** ** usual ** *******, *** ******, ******** by ********** ***** *** **** ** written ** ****** **** ** ***** Door ******* *** ****** *******, ** least ***** ** *******? * ***'* think *** ********* ****** ** ** the ******* ** ****; * ***** you *** ** ********** ** *** world ** ********** ** ********* *** Leadership *** **** ******* ***? * also ***'* **** **** ** ***** when *** ****-***'* *** "* ** Convergint"?? *** *** **** ********** **** appear ** ** ******....** *****, ** a ********* ***** ***********? ******* ***, the ******, *** *********** *** *******. No ******* *** * ******* ********* and ** ******* ** **** ** these ************* ***** (******* *** *******), but **** ** *** ***** ** take ********* **** ***** ******* *** large ************* *************, ****** **** *** bosses ******** **** ** **** ******, taking * ****** ** ****** ***** and *** ***********'* ****** ***** ** worthwhile. **** ******...
***** ****** **** **** * **** seen ********** **** ***** *** **** Offices ** "***'*" **** **** ** really **** ( *** **** **** Pharma, *** ********'/****** ******), ** **** there *** * ***'* **** * have **** ******** ** **** ** more **** ***** *** ***** *** as ********, ****** **** **** ** be ***.
******* *** ***** *** ** ******* their ****** ( **** *********** ******* positions ****** ***** ***'*), *** *** the ********* ** ********** ***** *** the **** *** **** ****** ***** to ** ***.
* **** *** *** *** **** Convergint ********* ***** ******. *** ** the ***** *********** ** ** **** are ******* *** ***. **** *** small ***** **** ** ***, *** as ****. **** *** ******** ***** back ** *** **** ***** ******* and *** ** **** ******* ******** around.
** **** ***** *** **** * think ** **** ********** **** **** to *********** *** **** ** ******, along **** ***** ***** ******* *** there. **** ********* **** *** ***** when *** **** ***** ** **** monopoly ***** **** ****** *** * expect **** ** *** **** ***** with ***** * *** ******.
** ********** *** *********? ***** * wood ***** ***** **** ** * wood ***** ******?
*****'* *****...
***** *** * *** ** ******* people ** ********** *** ** ** unfortunate **** ** **** *** ********* due ** ****. ** ** *********** to *** *** ********* **** *** arisen. ***** ** *** ****** *** the ********** ***** ** *** **, but ************, ** **** ******* *** down **** ***** **** *** ********. Debt ******* ****** * **** **** historical ****** ****** * ********** *** due *** * **** **** ******. A ***** ** ******** ********* ******* should **** **** *** ***** ***** the ******* *** *** ** **** weather ********** ******. *************, * *** of **** ***'* ******** **** ***** because ** *****-**** **** ** *** books. *******, ** ***** **** **** the ***** ******** *** *** ******* and *** *********. ** ** ***** did ****** ****** * ****** ******** but ***** **** ***** ******** ******* that ****** **** **** *** *** from ****** ** ** **** ****.
****** *** *** **** *** ******** affected. ***** *** * *** ** families ****** ** **** **** ********* right *** *** *'* **** **** even **********'* *********** ***'* **** ** see ****.
* ***** ** ******** ********* ******* should **** **** *** ***** ***** the ******* *** *** ** **** weather ********** ******.
**** *******. *** ******** ****.
(*) ** * ********* ******* ********, certainly * / ** **** **** the ******** ** ****.
******* (*) ***-********* *******-******* ********** **** Convergint *** **** * *** ****** in **** *****. **** ******* ** $500,000 ****, ******* *****, $* *******, etc. ********** *** / **** ****** is **** ******. **** **, *********, not ***** ** * ******* ** Convergint *** * *********** ** *** project ***** ********** *** *******.
***% ****** ** #* *** ** isn't ****** ********* ********** (***** ** also **** ** ** - ****** of **** ***** ******).
***** ** ** ***** **** ******* based ******* ******* * *** ** revenue **** *** *** ******* ****** to ****. **** *** ** **** involved, ****** *** ***** **** ***** NOW ** *********; ********** **** **** my *********** *** *** **** ***** 5 **** **** *** ********** ***. There ** **** **** * **** was *** ***** **** *******; *** enough *********** *** * **** ***** day ***** *** * *********** **** a ***** ******* ** ******** *******. We **** *** *** * **** time *** ******** *********-********* ******* ******* would **** **** *** ************ *****.
** ** **** ***** ****** - recurring ******* ******* ******** ****** ****** drastically ****** *********** ** ****** **** project ******* ****. **** * **** standpoint, ** *** ** ****** *** help ******* ** **** ******.
********* ******* ******* ******** ****** ****** drastically ****** *********** ** ****** **** project ******* ****.
*** ****, **** ** ****. **** at **********. *****'* **** ********** *** acquired ** **** *** $*.* *******, ~15x ****** *** **** **** ** sales. **'* **** ** ***** **** SaaS ********** ** ****** ***** **** by ****** *** ** **** ***** or ***** **** ** **** ******** to ***** *** ***** ******** ****, maximizing **** **** ******* *** *******. However,**** ********* *** ********* ****** ** 5x ** *** ** *****, ***** ** *** ****** **** Convergint *** ****** *** ****** *** higher **** *** ******* ******* ***** integrator.
***** ********** **** ***** ***** ******** at *** ****** ********** ****** ** focusing ** ********* *******? * ***** it ***** **** **** **** ** most ********** ******** ******** ****** ***** prefer ***-**** *******. ***** **** **** change **** *** **** ******, ********** was ***** **** ******* ** *** way **** ***** ******** ****** *********, yes/no?
*** *** ******* ** ****** ** enterprise ********* ** *** ******** ************ but *** ***** ** ***** ** recurring ******* ******* ****** **** ****. The *** ***'* **** ** ********** mutually ********* *** *** ***** ***** of ********** ** ****** ** **** key **********. *** ********** **** * project ******* ** * ********* *** is ******* *** ********* ***** *** even ** ******** *** ********** ** their ********. ** **** *** **** on ************* ******** **** ****** ****** bringing *** ********** ***** ****** ** center. **** **** **** * ***** midmarket **** **** ** **** **** open ** ****, *** ***********. *'** explain ****...
**********'* ********** ***** *** *********** ******* of *** ***** **** ** ************. Massive ***** ** **** **** **** able ** *******. ****** ******* ***** past ********* ***** ** *******. ** concern ** **** *** ******** *** timing ** ***** ****-**** *** *** how **** **** ****** * ***** corporation ****, ******* **** *** ****** of ** ***. ***** *** **** great *** ******* ** **** ********, for ****. *******, ** ****** *** question ** *** **** ******** ** fully ********** ** ***** ********** ** the *** **** ** *** **** PE ***** ** - ***** ********* at **** * **********. * **** to ***** ******** ******** *** ******* to **** ** *** **** *** wish * *** **** **** ** do **. * **** *** *** time ** *** **** *** **** funds *** *******. ** **** *** or **** ** *** ***** **** like ***** *** ******? *** **** was **** ******** ** **** *********** before ****** ***** *********** ********?
** * ******** *****, * **** more ******** ** *** ********** **** many * ** **** *** *** timing ** ****-******* ***** ******* **** (again **** ***** *****).
********** *** * *** *********** ** ****** ** ***** ********. There *** ** ************ *** ******* given ***** *** ******** *** ********* good ***** ** **** ******'* ******* up ***.
** *** * ********,**** ***** ************* *** ** *** *** **** confident:
** ********:
* *** ****** *** ** **** no ****** **** ****** ****** *** ahead ** ***** ** **we **** ***** **** ** ********** ** ********* ** ** *** ***** and I could not be more confident in Convergint's short-term and long-term future [emphasis added]
******* *** '****' ** ***'* '****' Convergint, ********** *** ******* **** ****** positioned ** *** ***** ** ****...
***** ** ***** **********; **** *** strong *******?
***, **** ***** ** *** **** plausible *********** ** ** ** ***** believed ** ****** **** **** ****** things ** **** ****** **** ******.
*** ********** *** **** **** ******* that **** ** ***** ****** *** and *** **** ***'* ** * struggle ** *** *** ********** ***** positioning *** ********.
*** ********** *** **** **** ******* that **** ** ***** ****** *** and *** **** ***'* ** * struggle ** *** *** ********** ***** positioning *** ********.
**** ** **** *** ********* **** underlying ********* ****** ******.
*****, *** ******** ******* *** *** average ********** **** **** ** **** 'underlying ********* ****** ******' **** **********? Surely ***** *** **** *********** **** such ********** *** * ***** ****'* a ********, ********** ******** ** **********'* own ******. **** ** ******* ****** that **** ************** *** ****** ********** **** *** ******* *** any ** ***** ******** ** ****.
** *** **** ***** **** * decision ** ****** * *** ***** somewhere **** (* ***** *** ************ send *** ******* ****** ***** *** postings) ** ******* **** **********, ***** you *** **** ** **** *** full ***** ** ***** *** ****** of *** ******* *** *** ******* for?
** *** **** ******* ** ****** money ** *** ******** ******** *** bonds ******* ** ********** **** **, would *** *** **** **** ***** that ******* **** ***** **** ** your ********?
** *** **** *** **** ***** their ******* *** ***** **** ** right ** *** **** ***? ***** employees. *** *****, *'* *** ****** to ****** ********** **** *****, *** I ** ****** ** **** * point, **'* **** ** **** *** company *** **** ***, *** *** should *****, **** ***** **** ***. You **** **** ** * ****** mate. ****'* *** *******.
*** ** *********, *** * ***'* know *** ***** **** **** ** can **** ***, *** **** ** employees ********** ***** ** ********** *** tied ** ** ******* *****? *** if ** ********** *****, **** *** the ******* *** ****** ********** ***** converted *** ***** ***** ** **** options ** *** ********** ****? ***** being, ** **** ********** **** ** heavily ****** ** ******* *****, ***** you *** **** ** **** *** true ********* ****** ** *** ******* so *** ***** ****** ***** ** move **** *****?
**** *** *** * *****'* ***** -********** *****'* ***** ******************** *****'* ****** *******(*********). ** ** **** ** *** post, ** ****** *** ******** *** full ****** ******* *** *** ******* does *** ***** ******* **. *** archiver ***'* *** ** **** *** links ** *** ****** **** *** we'll ***** **** *** *** ** the **** ** *** ****** ***** today.
***, **** ***** ******** ****** ***** ********** ********* vent ***** ***** ** ****. * ********* **** ** ********** to ********** ***** ******** *** **** most ** **** **** ** ********* poor ************* ** *********. ** *** plus ****, ***** ***** ***** *** strength ** ********** *******, ***** **** help **** ** **** ******.