Q3 2019 Earnings Call
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The conference or what are your speaker today, David Board Vice President Investor Relations. Thank you. Please go ahead Sir.
Thank you good morning, and thank you for joining US we will begin today with columnist for mentor, just chairman and CEO Leo didn't old and that drew marched our CFO will review results.
In an effort to accommodate everyone who has questions. We request that each person ask no more than one question and one follow up.
In today's call management will make certain forward looking statements.
Actual results could differ materially from these forward looking statements due to a number of factors, which are set forth in our earnings release or slide presentation, and our FCC filings.
Entergy does not assume any obligation to update these forward looking statements.
Management will also discuss non-GAAP financial information information reconciliations to the applicable GAAP measures are included in todays press release and slide presentation.
Which can be found on the Investor Relations section of our website.
And now I will turn the call over to Leo.
Thanks, David Good morning, everyone.
We're pleased to report third quarter adjusted earnings per share of $2.52.
Drew will go over the details, but the bottom line is that these are strong results allow us to raise our 2019 guidance midpoint by five cents a narrow the range.
We also remain firmly on track to achieve our longer term outlooks.
With three quarters behind Us we've completed many of our key deliverables for the year to keep us on track to achieve our goal to be the premier utility, including a few important milestones this quarter.
Furthering our orderly exit from E.W. you see in late August the NRC approved our license transfer application for Pilgrim nuclear power station.
And shortly after that we completed the sale to a subsidiary of whole Tech International.
This is the second sale that we have successfully completed a non operating nuclear plant and the third in the industry.
This is also the second time, the NRC has determined that whole tech has the financial and technical capabilities to decommission nuclear plants.
As a reminder, we have agreements to sell or last two remaining merchant nuclear plants to all tech.
We've also had significant accomplishments at the utility.
Providing added clarity to our investment plan the Mississippi Public Service Commission approved our proposal to purchase the chart topper generation station.
We expect to close the transaction so.
The Commission's order also included a stipulation supporting timely and full cost recovery of the assets.
We expect the plant to be included in rates with minimal lag similar to how we have recovered cost of past acquisitions in Mississippi.
Purchasing this clean and modern 810 megawatt combined cycle natural gas turbine is a good outcome for our stakeholders and is expected to result in approximately $100 million and net benefits for entergy Mississippi's customers.
We also have a solid track record of completing major generation projects on time and on budget or better.
Supported by solid capital projects management team.
We're on track with Lake Charles Power station and wireless power station, which are expected to come online next year.
Montgomery County power station in Texas.
Also on schedule and expected to come online in mid 2021.
On the renewables fraud construction has begun on what are the largest solar facilities currently planned for Louisiana.
Capital reagent sold or is it 50 megawatt solar project being built in West Baton Rouge parish once completed the facility will offset the equivalent of nearly 19000 passenger vehicles emissions each year.
We will purchase the output under a 20 year agreement.
We're working with our regulators to expand and customize our portfolio of renewable energy solutions to meet our customers' expectations and to achieve our sustainability goals.
Turning to regulatory proceedings.
Entergy, Louisiana as new rates became effective in September .
The company's annual F. R. P evaluation provides a simpler process the lines rates and costs better than traditional rate cases.
In Arkansas, we have reached an unopposed settlement on the company's annual F. R. P, which we are filing today.
The settlement is in line with our initial expectations.
Anticipating final decision from the Arkansas Commission.
We ended the year.
In New Orleans, the city the accounts for utility Committee issued a resolution that if adopted which set of revenue requirement that is below what we believed to be just and reasonable for Entergy, New Orleans and our customers.
We continue to work with council members to reach a fair outcome. When the council takes up the matter in early November .
This continued progress on regulatory proceedings as an important component of our success as it improves clarity on the recoverability of our investments and solidifies our financial commitments.
Another growing part of our company that we are excited about is our innovation center.
This group is developing product and service concepts to meet the evolving expectations of our utility customers and the communities we serve.
The team employs a rigorous work process focused on exploring customer frictions and feedback product design market opportunities and more.
For example, last quarter I highlighted Entergy, New Orleans, New program that put solar panels on low income customers' homes.
Under this program Entergy long installed a rooftop solar system at no cost in the customers give them a credit on their monthly bills that idea came out of our innovation team.
Another concept develop that has now been implemented is a customer decided backup generation solution for commercial and small industrial customers.
Generators will be out by Entergy and would allow those businesses to operate as usual during widespread outages. For example, retail businesses would be able to provide services to the general public during significant weather events.
And other times when needed the resource can be deployed by the utility which benefits all customers.
Entergy old customer sided generation is an innovative when we hadn't solution. It provides an economic alternative to businesses to remain open when our communities need them most.
And it provides us the utility and adding resource when the system needs. It.
Entergy, Texas recently announced a pilot of this concept in its surface area and Entergy, Mississippi has a filing pending before the public service Commission.
Our plan is to eventually implement this idea that all operating companies.
Innovation and new technologies will be an important part of our business as we continue to explore solutions to improve our customers everyday lives.
As many of you know there have been three significant storms in the last few months.
Hurricane Dorian made landfall in the East coast in early September Entergy sent nearly 500 workers to the Carolina coast to help with the restoration efforts.
Then a few weeks later tropical storm and all that made landfall in Texas, bringing 20 to 40 inches of rain over the impact in service area.
We deployed more than 1000 workers, both from Entergy and from other utilities at the peak, we had approximately 38000 customers without power surface was restored to 95% of our customers within four days.
Just this past weekend tropical storm Olga moves through Louisiana.
Storm brought heavy rain and wins in excess of 50 miles per hour at its peak older disrupted electric service to more than 92000 customers.
Storm team of more than 1000 workers restored the vast majority of outages within two days.
Entergy employees have a long history of working together after natural disasters.
They work to restore power for customers and to assist our communities after an event.
They also help coworkers who are impacted.
In addition to volunteer support the company has established employee assistance funds to provide financial assistance for effective employees.
Providing support in times of need whether manpower financial contributions is important.
Ongoing efforts that support our communities are also vital to our success.
In September for the 12 consecutive year site selection magazine named Entergy is one of the nation's top utilities and economic development.
Entergy plays a vital role in economic development efforts across our service area, which brings business jobs and community support to our states.
Sustainability is a key focus here at entergy.
Once again, we were named to the Dow Jones Sustainability North America Index.
We're very proud of this achievement DJ ESI is one of the most respected independent sustainability measures in the world.
We are the only electric utility to receive this honor 18 years in a row and for the past five years, we've made a perfect score in the climate strategy category.
To be name to this respected list. Your after here is a clear acknowledgment of entergys commitment to implementing sustainability practices that serve our customers employees communities and our owners.
Last Friday or board of directors declared a quarterly dividend of 93 cents per share.
This is the fifth straight year of steady predictable growth in our dividend and with this declaration, we'll pay a total of $3.66 per share in common dividends. This year, just under 70% payout at our guidance midpoint.
As we mentioned last quarter, we expect to grow our dividend each year and plan to increase the growth to be more in line with our earnings starting in 2021.
This has been another successful quarter for our company and our stakeholders as we continue to execute on our path to be de premier utility in every aspect of our business.
We have among the lowest retail rates in the country.
The states, we serve benefit from strong industrial growth.
We are an industry leader in sustainability.
We invest in our communities, we invest in our employees and our culture.
The fundamentals that underlie our steady predictable growth are strong.
First we have a robust capital plan, which benefits our customers and supports the growth of the business and economic development in our communities.
We have no shortage of investment opportunities beyond our current forecast period.
As utility with some of the lowest rates in the country. We always remain diligent in managing the cost impact to our customers and we'll continue to do so.
Second we have constructive regulatory mechanisms, which give us the opportunity for fair and timely recovery of our capital plan.
As we've noted in the past we have a unique line of sight with approximately 90% of our capital plan ready for execution from a regulatory perspective.
Approximately 90% expected to be recovered through annual fr piece and riders.
And third we have a proven track record and ability to execute on major capital projects with cost and schedule certainty.
This clear line of sight on our ability to execute our capital plan on time and on budget combined with the progressive regulatory mechanisms that insured timely recovery of our investments supports our outlooks today.
And as we continue to identify sources of customer savings, including go in them and production cost efficiencies energy efficiency and industrial growth, we aspire to do even better.
I'll now turn the call over to drew.
Thank you Leo good morning, everyone as Leo mentioned, we had another successful quarter and with our strong results. We are raising the midpoint of between 19 guidance by five cents and narrowing the range.
Also we remain firmly on track to meet our longer term outlooks.
As you can see on slide four on a per share basis Entergy adjusted earnings were $2.52.
17 cents higher than the third quarter 2018, including the effects of dilution.
Turning to slide five.
Rate actions in Arkansas, Louisiana, Mississippi, and Texas contributed positively to the quarter's results at that higher sales volume in the Unbilled period.
Overall revenue was a little higher than we anticipated due to weather.
Built sales volume declined versus last year, which was in part due to fewer days billed volume in the Unbilled period with positive as a captured the offset the fewer days build as well as warmer weather at the end of September .
Other drivers for the quarter's results included regulatory charges last year.
Included regulatory charges last year to return the benefits in the lower federal tax rate to customers.
Higher other own them due largely to higher spending on information technology and customer initiatives, including distribution operations, partially offset by lower nuclear costs.
Drivers related to our growth such as higher depreciation expense, including the Saint Charles Power station, which came online at the end of May.
Lower decommissioning Trust fund returns and lastly, the higher share count affected this quarter's results on a per share basis.
Looking at E.W. see on slide six as reported earnings were $1.27.
Per share lower than the prior year.
Drivers for the quarter included.
The absence of tax items recorded in the third quarter 2018, low revenue due to the shot shutdown pilgrim as well as lower capacity pricing lower decommissioning Trust fund returns and higher asset write offs and impairment charges related to the sale of pilgrim.
Partially offsetting the decrease was lower other own them due to lower spending on nuclear operations and looking ahead, we still expect either of you see to provide slightly positive net cash to parent from 2019 through 2022.
Moving to slide seven.
Operating cash flow for the quarter was $1.65 billion 286 million dollar increase from year ago.
The change was driven by lower amount of unprotected.
He returned to customers.
Lower pension contributions.
And lower a aro spending at MWC.
Partially offsetting were higher severance and retention payments at either of you see.
Turning to our guidance and outlooks on slide eight for 2019, we've raised the midpoint to $5.35 as result of weather returning back to normal for the year.
And mitigating strategies, we put in place earlier in the year.
We expect our results to come in around the midpoint of our updated range.
Our targeted adjusted EPS growth remains at 5% to 7% off of our original 2019 guidance midpoint.
Outlooks include a new year 2022, which is in line with this growth rate.
More information will be available in our E on materials.
Moving to our credit metrics on slide nine our parent debt to total debt is 20.5% on FFO to debt is 14.2%.
This includes the effects of returning $469 million of unprotected excess 80, I T to customers over the last 12 month.
Excluding this get back in certain items related to our exit of VW see FFO to debt would be 17.6%.
We still have to return some unprotected excess maybe I T to customers happy to report that the bulk of the credit impact is now behind us remain committed to our targets of at or above 15%.
<unk> for FFO to debt by 2020.
Below 25% for parent debt to total debt as well as maintaining our investment grade profile.
This was another successful quarter with strong results, we were able to raise our 2019 guidance midpoint.
We're firmly on track to achieve longer term outlooks, we continue to execute on our plan to deliver steady predictable growth in earnings and dividends through customer centric investment and as Leo mentioned, we aspire to do even better as we continue to develop our culture of continuous improvement.
And now the Entergy team is available to answer questions.
As a reminder to ask a question you want me to press Star one on your telephone.
Oh Your question press the pound key we asked thank you. Please limit yourself to one question and one follow up question. Please standby well, we compile the Q and a roster.
And our first question is from Praful Mehta from Citi.
And is now fan.
Thanks, so much <unk>.
Good morning probable.
Fine congrats on a good quarter.
So I just wanted to trust understand in terms of nuclear operations I know, we havent touched it touched on it in a while just wanted to see where it stands today our operations and are there any other NRC items to be watched right now.
Hey, profitable this Leo the effectively everything is on track with what we laid out a couple of years ago in terms of both spending staffing capital investments in the plants.
And so.
The.
Performances as we would expect.
I think the last remaining thing you'll see from a NRC standpoint is the return of.
Grande golf to called one using called two at the moment, but we would anticipate that that would happen.
This year.
Other than that it's just a continuation of the plan, we should start to see a leveling off of the cost structure. There as we've mentioned before given the fact that we've done the ramp on the staffing and put the processes and procedures in place that we need to keep things on track.
So that's thats kind of yet that's for the next thing that you'll see publicly as I mentioned.
Before I think in the last call. The we have one more outage at Grande golf that would be considered part of the.
Catch up in terms of investment profile, so it'll be along outage.
Our next outage 2020 Grande golf I will be the final one in terms of getting things back to where they need to be and that is just the continued decline to excellence.
Gotcha, that's that's super helpful. Neo and then maybe on the operating cash flow. It's great to see this significant increase versus 2018, but I guess the part of that is the 80 I'd could you just talk about what portion of that increase was 80 I'd and what was just overall improvement in cash flow.
Hey profit. This is true yes, so on the 80 I T. It's a little bit right around 200 million I think is the is the 80 I'd year over year element.
And then.
A little bit of that is pension expense. The rest is continued improvement in our operating cash flow and and you could see that and are well you'll be able to see that our three year outlook on operating cash flow for IAI, especially is that.
He.
Piece rolls off and so in our three year outlook, we should be back up over 10 billion.
Yeah.
Gotcha and it just a quick follow up on that pitches. It's great that the idea is running off figure and I look at the afforded that then you're still below your 15% docket. So just wanted to see how that 15% dog. It flows through over the next year also wants 80 ideals off.
Yes, so by the into next year, we should be at that around that 50% level and as you looked at a the number this year without the or this quarter without the let's say the idea that adds up actually over 17% I'm. So we are we're on track to to move.
That target.
Okay, well, thanks, so much guys and congrats again.
Thanks you.
Thank you.
Minded to ask a question you really need to press star one on your telephone we ask that you. Please limit yourself to one question and one follow up question.
And our next question comes from Julien Dumoulin Smith from Bank of America. Your line is now fan.
Hey, good morning game.
Morning Julian.
Hey, so perhaps just a pickup off from problems last questions here.
Can you talk about through the forecast period, given the success that you've seen this year in Arkansas, specifically in moderating the pace of.
Just overall bill inflation I know in EM, what you're seeing through the forecast period as best you you look at your plan today I just wanted to understand how sustainable some of the more moderate trajectory overall rate inflation is against your current capital budget just want to revisit that in light of the success and then perhaps on the second question at the same time can you talk.
A little bit more about capex reflected in your outlook.
Around both renewables in light of what a pea and when catchers doing in Arkansas and prospects to mirror that any extend and also on a given your peers in MISO, if theres been any change in transmission I suspect not but I figured out so.
Throughout you, but I figured get it up on [laughter]. It was a very very robust question Julien.
Oh, good start and I'll, let others fill in our objective and we we believe we'll continue to meet it has been to keep our below inflation levels consistent with inflation.
As you recall, even last quarter when we.
We were able to come up with some continuous improvement ideas and change or capital plan.
The Bill path actually went down from where it would have otherwise been so we we think we're going to continue to be able to to manage that with the current capital plan.
Than we have going forward.
On the.
I'm not sure I'm going to remember all of these but I think.
On the renewables from a capex standpoint.
We mentioned on the last.
On the last call that we still see you know that need to replace.
The significant amount of our aging generation and that that a portion that will be gas a portion of that we view could be renewables, we outlined a seven day thousand megawatt need in a roughly 50 50.
Yes to renewables standpoint there.
We're not really doing anything outside of meeting or own customers needs with the generation that we've got.
So that's that 22 to <unk> to 30 timeframe.
So.
That's still obviously were added some scale in the renewable front.
But and their scale economies, obviously of us doing it so.
We continue to see that as a part of a resource plan, but it's really just part of the resource plan like everything else given the fully integrated nature that we have as far as far as transmission expenditures nothing's really changed from last quarter.
I'll open it up to my team to correct me or or and I think I answered all the questions.
Yep.
I don't have anything that okay, [laughter] just to clarify quickly I mean.
I suppose if I were to summarize what apds efforts in Arkansas seem to be with respect to win catcher at some something of an acceleration given the tax credit regime, and obviously, they're focused on wind.
Depending on the receptivity from the commission and staff around those efforts on the second go around could we see any pivot and how you guys are purchasing the state and some of that resource Neenah 20 to 20, the 22 through 30 period in light of the credit situation.
Julien This is true yeah. So we are still looking well mentioned that we have a 4000 megawatts that we have in various stages of development and that we are looking at scale and what does that mean to us and as renewables become a bigger portion of our portfolio, we think that there might be opportunities for us too.
Take scale into consideration and have a and use that as part of the program I don't know if that's going to take the the same packed is perhaps a P is taking there isn't a wheel mentioned, we want to have renewables near our customers.
There isn't a whole lot wind there may be maybe sold more solar oriented.
But we are thinking about that scale opportunity and what that might look like for us as well.
Fair enough I'll leave it there thank you very much.
Thank you.
Thank you.
Next question is from Greg Gordon from Evercore ISI. Your line is now fan.
Thanks, Congratulations that's having a great your.
Thank you talked a couple of questions.
I would call earlier today I know, it's not your region, but.
And you have different industrial drivers that they do but southern company was talking about how.
They too are seeing a little bit of up well the slow down in.
The demand expectations versus their initial forecast.
Can you sort of point to anything in particular that you're seeing as it relates to perhaps you know.
Global economic conditions trade war or other things that might be driving things.
On power demand to the <unk> you know below your your prior guidance range, you give pretty good sensitivities in your.
In the appendix.
About how we should think about those impacts to the deviate from the forecast.
But then again you know we also see that you're under earning in Arkansas and there could be improvements there. So as we think about how you.
So the stay inside.
The skids sort of of the high end of the low end of your guidance range through time, how how are you were adjusting to those conditions.
Yeah, Greg This is true and I'll start and then Rodkin can add in.
The first thing I think from from our perspective is that a macro fundamentals that we see that are been driving our fund our industrial growth are still very much in place.
The low inputs from energy perspective, low gas prices for example, our low power prices.
The spreads of natural gas to oil or the spread geographically to Europe or Asia.
Those still remain very fundamentally sound along with of course and some of our natural.
Advantages out here on the Gulf Coast to access the Gulf Coast access River.
Ready willing and able workforce strong and and supportive communities all those things continue to be very.
Very supportive.
And so and then you take our industrial base.
It is some of the most monitored and and competitive in the world and so we expected to continue to run back that's what we have seen far large industrials this year.
We've seen our refiners are core alkali facilities are petrochem facilities continue to perform very well, where we've had challenges are people that are coming up online. So we have new construction that is in place or taking place and it's just not ramping up as fast as we anticipated.
We've been talking for the about that for a couple of quarters.
And the small industrial space, our small industrial space has been surprisingly strong despite all the economic headlines except for one area in Arkansas, We've had some agricultural customers, which are seasonally oriented and typically are pumping a lot of water. We had a lot of floods in the spring and that carried.
Over into the summer into our three until the into this quarter. So our small industrial sales were down but that was two thirds of the driver right there.
And so we continue to see opportunities and industrial space with all the fundamentals still in place and I'll turn it over rod to talk about what we have been seeing and big.
This rod was a good morning, because of the fundamentals that drew just mentioned and the fact that over the last five years, we have been upskilling.
Scaling our commercial and economic capabilities, we're actually engage with not only our large existing customers, but we have direct line or side with the pipeline that were probability waiting to determine how we think about our outlooks from a growth perspective. So today, we have a products.
In 1000 megawatts of or projects that we probability weighted such that we're comfortable putting those in the plan what we don't.
Have not yet.
Disclose because of where those potential pipeline projects are in their industrial development cycle. We have about four times 10000 megawatts, that's in the potential pipeline, but we're tracking that.
In real time with those.
Those perspective companies, who who have expressed an interest in locating in our service territory the significant ones being.
Louisiana in Texas are taking advantage of those macro economic advantages that drew just made reference to but but our line of sight gets clearer and clearer as we further refine their outlooks because we've been.
We've been successful than Upskilling, our internal capabilities.
That's fantastic and then in terms of.
You will also give a very good detailed list of all the rate activity and you. What's your earned are always.
Look like today and.
It does look like you you know sort of deserve the opportunity to get better outcomes and in Arkansas do you expect the rate activity there should.
Drive better earned returns in the next 12 to 24 months.
Yeah. Greg This is true so when you look at our trailing 12 months view and Arkansas and you actually see this in Mississippi is well last year, we over earned and in the fourth quarter because of that we we took a charge to get us back down to the allowed return levels in both those jurisdictions.
No we haven't over earn this year, but we still have the charge.
So you see are always.
For than you would normally parted anticipate.
Both those jurisdiction so.
But I guess the short answer to your questions, Yes, we would.
We anticipate the ability to earn our allowed return in both Arkansas, Mississippi.
Thank you guys.
Thank you thanks, Greg.
Thank you. Our next question is from Sophie Karp from Keybanc. Your line is now fan.
Hi, guys congrats on the corner.
My questions have been answered so I'm very detailed discussion on volumes. So I will just come back I think you're thinking.
Hi, Thanks, Okay.
Thank you.
Our next question is from sharp, Russia from Guggenheim Partners. Your line is now fan.
Hey, good morning, guys.
Morning warning.
Let me just shifts to Texas for Snacking, and maybe just around the gun, where you county, and obviously, it's progressing really well, we just get a sense on how we should think about the recovery E. GRC process or you know or using the current rider that was approved.
And.
More or less post Mcglamery County, how we should how we should think about the rider mechanism.
Because it was obviously improved after you guys came out with the original plan. So you guys thinking about adding additional generation in the rider is that sort of incremental to your growth prospects.
Yes, sure its rod as we stated in prior conversations that rider.
We're not going to create an immediate material difference in our outlook, what we talked about was particularly given the schedule with mugham recounting that we would shape.
The the rate case to the extent that we needed to to ensure that the recovery of Mugham recounted there that's reflected in our existing plan. It was sheet with the timing of that rate case that said the the rider that was passed gave us an opportunity as we as we look beyond Montgomery County to have more.
More contemporaneous rate recovery from or regulatory process perspective, we still have to have the remember the legislation only enabled the commission to provide that relief we Stuart the go through the process of of rulemaking through the P. U see TV.
To put that rider in effect and from our vantage point as we think about the cabinet plant in Texas.
We have not yet determine how we wish to time.
The availability of the rate cases, a mechanism and be contemporaneous rule, making around that that rider, we still have to go to the PCT and and candidly that conversation is because the is ongoing.
Because.
There are other parties who would be.
Part of that regulatory process, but think about it. This way we would go to the commission to ask for rulemaking that would take advantage of the legislation to put the actual rider in effect for corn go ongoing recovery so from a timing standpoint.
We don't want to set an expectation that theres this immediate upside so.
It will be shaping the rate case, and the regulatory process around.
But that that rider as we make the capital plan for Texas, and the generation space, a little more clear so there'll be more on that but it's not something.
Immediate and I don't want to set that expectation.
Got it.
In terms of short drive and future capital.
The resource plan will be with the resource plan will be I mean, that's.
The dynamic of our of our business across all that.
Duration types is that we've got.
That aging fleet that needs to be refurbished and we've been doing that for over 10 years and if you're looking back in time since we started our portfolio transformation we've.
Added and deactivate was roughly equal amounts capacity and we'll continue to do that going forward.
Obviously with regulatory mechanisms do is provides an opportunity for there be more certainty for our customers and for all four investors in terms of us having the financial flexibility to make sure. We continue to make those investments same goes with her on the renewable front.
They will be part of the resource plan to meet the needs our customers have we're not doing them outside of that customer base to meet any other needs. So.
The regulatory process isn't going to drive a need for a new power plant for example, but it will provide a lot of certainty around.
The financial flexibility, we have to invest in those power plants.
Got it got a minimum I guess improve some of the regulatory lag.
Just and then and I'm sure June was going to be excited to talk about the city wide but.
Just maybe just a little preclude as far as you know.
Equity needs and do you I guess do you envision seeing a change from what you prior disclosure around equity being somewhere between 5% to 10% of your Capex needs post 20.
You see that at all changing.
Hey, so far this is true we don't anticipate any changes to that outlook from an equity needs perspective, and it still remains the same as it has it was at our analyst day little over a year ago and those needs would kick in until 2021 and beyond.
Perfect guys and congrats today congrats.
Thank you.
Thank you at this time I'm showing no further questions I would like to turn the call back over to David Board for closing remarks.
Thank you Gigi and thanks to everyone for participating this morning.
Annual report on Form 10-Q is due to the FCC on November 11th and provides more details and disclosures about our financial statements events that occur prior to the date of our 10-Q Farley that provide additional evidence of conditions that existed at the date of the balance sheet would be reflected in our financial statement in accordance with generally accepted accounting principles.
Also as a reminder.
We maintain a wet pace part of vintages Investor Relations website called regulatory and other information, which provides key updates on regulatory proceedings and important milestones on our strategic execution.
While some of this information may be considered material information you should not rely exclusively on this page for all relevant company information.
And this concludes our call. Thank you very much.
Ladies and gentlemen, this concludes today's conference call. Thank you for participating you may now disconnect.