Q4 2019 Earnings Call
Thank you for standing by this is the conference operator, welcome to the Arrow copper Corp. fourth quarter 2019 financial and operating results.
As a reminder, all participants are in listen only mode and the conference is being recorded after the presentation there will be an opportunity to ask question.
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I would now like to turn the conference over to Mr., an old Dod Executive Chairman. Please go ahead Sir.
Thank you and good morning, everyone.
The news release announcing here as fourth quarter.
Hi, <unk> fourth quarter 2019 year results is available on our website and don't see though.
As our financial statements and Mdna for the year ended December 31st 2019.
Comments made on this call contain forward looking statements that involve risks and uncertainties consenting to businesses.
Operations or financial performance of the company.
For a discussion of the risks and factors, which may lead to actually before what's being different please refer to our most recent AI at.
Also available on SEDAR.
Unless otherwise noted on this call or amounts are a U.S. dollar.
With me in the room today, Oh, David strike eras, co founder Chief Executive Vice President Wayne Drive euros, Chief Financial Officer.
I could do feel about vice president corporate development.
Before discussing the operational and financial results are the quota I want to start todays call by addressing.
The obvious uncertainties reflected in the global economy like.
Like you all we're monitoring the situation closely.
I'd like to take this opportunity to Richard Jewish right to walk is key stakeholders that we're very well positioned in this environment.
Business hasn't it could change due to run very well.
You will hear this theme repeated throughout today's call.
As many of you heard me say in the past the best had should uncertain commodity price environment is to be a low cost producer.
We worked hard over the last several years to ensure that operations continue to produce copper and gold at first quartile levels. As it was highlighted by a 2019 see one cash cost of 93 cents per powder caused by.
2020 guidance ranging from 85 cents, a 95 cents per pound.
At the current U.S. dollar Brazilian currency exchange rate.
Her out for 80, and the couple of price of around 247, our operations today are more profitable and generating more free cash flow that we projected in our budget earlier this year.
Sizing the benefit of any U.S. dollars in having Brazilian currency costs.
Furthermore, we're fortunate to have well.
Unfortunately, I'm not sure organizational structures in Brazil to support our operations.
So what else in current conditions, our underlying business is running well ahead of budget, we're not complacent in thinking through the potential impacts on our operations on our supply chains.
All the pandemic as it evolves in the throughout the world and inevitably in South America.
With a whole lot all that said, let me reiterate for those who are now just joining the call our underlying business continues to run extremely well.
We are reiterating our guidance for 2020.
We are they really position to continue to execute on our growth strategy, Despite global macro economic headwinds.
2019 was a fantastic year for the company.
Underscored by the headline earnings per share I remember a dollar on a fully diluted basis.
Which is a big change when reflecting back on the focus had lost share in 2018.
With that I will not pass the call over to David to provide a brief review.
Update of our operations and way will provide or the Companys financial performance.
And our whole team will be available for questions immediately following the cool.
Thank you know.
There's no said our operations performed well during the fourth quarter of 2019.
I have continued to perform well thus far into 2020.
As a result, we are reiterating our guidance for the year.
Our fourth quarter in 2019 full year operating results were pre released along with 2020 guidance in early January So we'll just touch on a few highlights from 2019 as well as some of the programs underway. This year so as to leave sufficient time for quick questions. Following the call.
During the fourth quarter, we produced 11526 tons of copper in concentrate resulting in full year production of 42319 tons of copper.
39% year on year increase in production.
The operational performance throughout the year was highlighted by an excellent fourth quarter, which set a new record full contained copper mind as a result, a strong contributions from both through the mass ample our minds.
618303 tons of ore mined grading, 2.22% copper during the fourth quarter, resulting in full year production.
2.46 million tons of ore grade, 1.98% copper.
For the quarter see one operating costs at all her Sun Valley operations were a record 80 cents per pound of copper produced resulting in total see weren't crash course of 93 cents for 2019.
Significantly below our guidance of approximately one dollar per pound of copper produced.
We continue to need to see improvements in our operating costs as we enter 2020.
Our guidance for 2020 reflects a continuation of your rent mine performance.
We are guiding for a total of 2.2 million tons of ore grading, 2.15% copper to be mined and processed during the year producing between 41000 43000 tons of copper in concentrate after metallurgical recoveries of 90%.
Improving metallurgical recoveries remains a focus of the company and a high intensity grinding mill project that remains as planned with delivery and commissioning drink.
You too of 2019.
We expect the installation of this unit to materially improve recoveries during the second enough for the year.
Additionally, we commissioned out 200000 tonne per annum or sorting plants in January.
While encouraged by some of the early results. We will continue to run 100000 tonne test program over the next several months.
Using different all sources throughout the course of valley to fully evaluate the potential for unlocking additional value from our operations.
No annex gold mine, we were pleased to see production improved during the fourth quarter with just over 6000 ounces of gold produced I see weren't Cashcall took $980 per ounce as we continue to transition into the new Santen tonio vein.
And you and I 43, one or one compliant resource and reserve update a new life of mine plan was completed late last year.
Finding an initial three year mine life, producing an average 40500 ounces of gold.
Let's see one cash costs below $500 per ounce.
So 2020, we're guiding between 38, I'm 40000 ounces of gold production I see weren't cashcall. So between 475 to $575 per ounce of gold produced.
We continue to expect production to be weighted towards the second half the year as a result of developing production productive working faces within the new ore body.
In addition, there currently for drill rigs operating at the annex Gold mine focused on extending mine life through conversion of inferred resources.
And drill testing extensions of the Santo Antonio vein to depth.
Additionally, the first regional exploration program ever conducted on the property commenced during the first quarter.
With respect to exploration that occurs sub valley operations strong operational and financial performance has allowed us to continue to run one of the most comprehensive exploration programs globally and we currently have 26 drill rigs operating.
Oh exploration programs continue to focus on the exciting in near mine priority programs of the deepening extension of the prolonged mine, where we announced the discovery of a new Super part in late December.
And the extensions of the may as whole bodies to depth.
With these projects well underway, we will increase the number of drill rigs allocated to regional exploration throughout the year.
We are projecting approximately 60% of the meters drilled in this year's program will be allocated to our regional drilling by year end.
A greenfield exploration efforts are currently focused within the Vms district, where we have four drills.
Located.
And then the central Serbian district of the Corcept Valley, where we have three drilling rigs allocated to high priority exploration targets.
Outside of our regional programs in the Vms District, where we have eight additional drill rigs operating.
We continue to follow several promising developments in and around our existing mining operations and known deposits of amaze system.
A 10 kilometer semi continues to trend of exploration targets and anomalies that surrounds of a mass mine.
<unk> discovery.
Extensions of the end eight and nine deposit.
And notable extensions along strike to north and south along the system.
Two new deposits at the northern Southern extension of the system were announced in our December exploration uptake.
In the plot district, where 11 of the 26 drills operating.
We continue to press forward with a number of in mind initiatives that will meaningfully changed the production profile of the mine and extend high grade production.
Including in the deepening zone.
We're currently working to further delineate an exploration target and this is on with potential for between seven to 12 million tons grading two to two and a half the syncope, but based on drilling to date.
In addition, we continue to drill south of this start Lar open pit in the balloon is.
Well, we are falling shallowing mineralization from that infrastructure of the underground mine towards surface as we move further south.
We anticipate providing additional detailing results from each of these programs in the upcoming quarterly exploration update.
Typically released four to six weeks following our financial results.
With that I'll now pass it over to wane, who will provide an overview of our financial performance.
Thank you David and good morning, everyone.
2019 was a record yeah, a revenue cash flow from operations and earnings for the company.
A year on year improvements.
Growth from both an operational and financial perspective.
Consolidated basis, our income statement that balance sheet old showed significant improvement compared to this time last year.
Second the hard work throughout the organization, but only to grow but to also strengthen our business.
During the fourth quarter of 29 team the company's sold 11595 tons of copper in concentrate.
2810 ounces of gold revenues of $75.7 million.
Upper end gold sales volumes were 14% and 27% high respectively compared with the prior period contributing to a 25% increase in revenues during the quarter.
As David mentioned, we achieved record see one cash cost 80 cents per pound for the quota and 93 cents for the full year 2019 significantly better than the bottom end about full year guidance range of a dollar per pound.
[noise] adjusted earnings before interest taxes, depreciation and amortization was $31.2 million for the quarter and $134.1 million for the full year.
Cash flow from operations during the quarter, and who yeah, let's $35.9 million at $127.8 million, respectively. Once again, reflecting the strong operational close out 29 team.
During the quarter. The company also booked an asset relating to tax loss carry forwards that were previously not recognized in the Brazilian subsidiary with the company now generating ongoing income tax profits. These tax losses can and will be used to offset income taxes payable in the near future.
Net income for the quarter was $45.2 million.49 per share while adjusted net income was $40.7 billion.44 per share.
The full year net income per share and adjusted net income per share where dollar one dollar one and 94 cents respectively.
The total cash position at year end was $23 million, including restricted cash.
The overall liquidity position of the company remains robust with Undrawn lines of credit in Brazil, totaling approximately $16 million as well as $14 million of headroom in our corporate revolver, giving us over $50 million of liquidity.
As no mentioned previously the combination of a weaker Brazilian real and ongoing operational performance. It by the operations provide for strong operating cash flows.
The strong balance sheet in shows that our capital investment program remains on track I.
I am aware that in these turbulent times lending covenants come into focus.
We haven't limited set of covenants all of which we are comfortably exceeding at this point.
At spot Brazilian real levels, we would have to see an unprecedented collapse in the copper price to see any pressure on our covenants.
With that I'll hand, the call back over to know if for some closing remarks. Thank.
Thank you Wayne if I may I'd like to reiterate the main message of this cool firstly, we are monitoring the covert 19 situation closely have contingency plans in place to manage our business under a variety of different scenarios.
Secondly, strong operational performance in 2019 is expected to continue into 2020, and we are reiterating guidance.
[noise] Sadly a business continues to operate ahead of budget I prevailing commodity and foreign exchange rates.
Thus, we are well positioned to fully fund our capital investment program, including the comprehensive regional exploration program currently underway.
Finally, our assets are extraordinary the combination of first quartile operating costs low capital intensity and tremendous untapped exploration potential.
At a high quality team of people both in North America and in South America driving so in addition, afford give me great confidence in the continued growth of the company in 2020 Inspite of the world around us.
Thank you very much for joining the call we will turn it back to the operator to open the lines questions.
Thank you Sir.
Now I'll begin the question and answer session to join the question Q Press Star one on your telephone keypad.
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Our first question comes from Rafael.
<unk>. Please go ahead.
Hi, good morning, and thank you for taking my questions. So the first one is I'm just wondering what copper price levels, we could start seeing.
Some changes.
There are changes to our exploration strategy and budget.
A rough out good to hear from you might.
Well, we have been running stress tests on a GAAP cash flows with regards to various metal prices. We've also been running a scenario planning with regards to how we would look at changing the exploration program a in terms of various scenarios there.
I don't want to get drawn into specific numbers with regards to metal prices because as you know all these things a matrix related.
But as it stands currently we are extremely comfortable with regards to how programs.
I think.
We'd have to see a significant drop in metal price before we would be looking to start changing the program material materially. However, these uncertain times and I think we all have to be aware of what is happening in the world right now so we're not on there.
Well I think the message we'd like to leave with everybody listening. Today is we are ahead with regards to contingency planning with regards to our exploration programs as it relates to the current.
What's happening in the world right now.
And so we're comfortable that at this particular moment we're.
Comfortable saying that we will continue without 26 drill program drill rig program as it stands today.
Just to add to that I mean, I think it's important to reemphasize, it's not simply a copper price discussion.
It's a Brazilian currency and calling price discussion.
So the and the reason currency is acting as a tremendous cushion to us. So we can tolerate very low copper prices given that fact out cost or is it in currency, it's hard to conceive of a tie with Brazilian currency strengthening when the couple of prices appreciating that would seem to be rather odd.
Never say never but it seems unlikely so the thing that relationship needs to be borne in mind. It really is one of the great strengths of operating in a in Brazil.
Yeah, absolutely not I don't work or <unk>, Oh, POC was BRL denominated or just wondering just from a flight to your top line.
And expiration.
Yeah, Yeah. That's a good question, obviously with regards to the eggs mill a that is not a that kept or is is is it in foreign currency.
The vast majority of the capital spent to date or most of the capital for the Higgs has been spent.
So our exposure to fluctuations with regards to costing on the eggs is not a extreme with regards to l. exploration drilling it is all denominated in Brazilian reaction.
Okay. Thank you.
One last question, so a you're guiding to 91 person copper recovery this year or does that include any benefit from the regrettable.
I had some.
Okay does that help [laughter] pecans doesn't kick it doesn't kick into the second half the year Rehfeld. So when you're looking at as overall basis, Oh, 91%, a we as I said, we've guided for the year at 19.
I.
We guided what 91.
Obviously, we've done sorry, that's right I've got my things are around we did 90% recovery or in the fourth quarter. So even without the heck smell we have seen some good operating performance throughout the mill, a we expect the HIG as we've guided to see somewhere in the order of.
The 2% to 4% improvement in recoveries that will be in the second half the year, So where we stand right now with regards to open the operating performance. We are seeing improvement in operating performance through a couple of other initiatives that we've initiated a in them in the mill that's seen improvement so his past.
The bolt, although we don't want to get into any guidance right now that we may see even better improvement in terms of mill recoveries on what we've guided to for the yet.
Alright, thank you.
Good day.
Thank you.
Our next question comes from Galton Barretto with Canaccord Genuity. Please go ahead.
Thanks, Hey, guys good morning.
Just want to unpack this.
He said see one number here.
[noise] change rates can you guys tell me what else is really driving it and then part b of that question as just given where the BRL is right now and the grade you find a mind this year, how sustainable do you think that it.
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With it.
Dalton and I'm, just hesitating, a little bit just working through through my brain. The other K.P. eyes in which we are we seeing improvements we do see some improvements in K P. Ais a in Brazil, <unk> with an operating performance.
To give you a specific area where are we seeing that we see a number of different places.
Obviously recoveries help and we see a improvements there are over what we thought it in the budget a for what we were guiding to for fourth quarter last year.
We see some areas in terms of differentials with regards to improvement in some of the size of the stopes that we mining, particularly I guess.
Deposit, where we saw improvements there.
We're also seeing some improvements with regards to.
Turning to the <unk> metal that we're mining per ton of war with respect to reconciliation as it relates to geological and mining losses.
So there's no one specific area I can point to and give you guidance exactly where is we're seeing a number of initiatives kicking in a appraising improve efficiencies and improvements by the team now also playing its part but certainly the the biggest one we have seen has been the BRL.
[laughter] Dawn and this is mark had just do a spend that too on the second one thing to keep in mind with a the fourth quarter here. Obviously, we we Ah we we processed very high grade material coming at 2.16% copper in the fourth quarter, obviously had a big benefit along with other initiatives Dave mentioned.
I think whats probably most relevant about the of the fourth quarter Irrs that 2.16% versus our full year guidance for 2000 22.15.
Obviously bodes well for you know given where the bureau is for for.
You know continued performance on a ceiling cash cost basis.
I mean, obviously the FX is a major component part you can see whether it be out BRL went out at the end of last year and you can draw your conclusions what that's doing to all costs given how much is depreciated from that point to where we are today.
Okay. That's helpful. And then maybe switching gears to the or shorting, Dave you mentioned that you're going to keep testing here, but.
How close are you guys in chairman Jeff.
Able to make a decision on whether this will on pack or unlock some at the the open pit type resorts on your property.
[laughter] well, we were a month in so five months [laughter] no that's been flippant.
What we're doing right now it's as I said it we're encouraged by what we're seeing.
Well, we're very still very much in early stages I think once we get through.
Yeah. It's this is one of those questions I don't think we want to be drawn into that a we are testing all sorts of different areas. A we've seen some a remarkable recoveries in some areas that we didn't anticipate we haven't seen some some things in some areas that they gave is low performance in what we saw up on an overall, it's better than they worse.
So we're very very encouraged but from the standpoint of where we were going to be in a situation to feel 100% encouraged that we can start rolling this out.
I think I don't want to none of us want to be drawn into this until midyear.
To start being out to discuss at a more publicly.
Anything to add.
The Oh, so it has been working 24 seven hasn't broken down yet so that's good news.
One of the key components, we were looking for yeah.
So the availability is being very very good, but we're only we're running three or four weeks into this so but it running it it's really great to be in a situation to be at running at 24 seven.
You know small things have been highlights of two as the ability running at night. This is running and they time with with the fact that using a seeing seeing eye.
Technology its important to be able to look at how you calibrate the algorithms et cetera, et cetera, and as I said, so far we're very encouraged by what we seeing but we want we don't want to be drawn into anything any conclusions just yet there's a lot more work that needs to be done.
Okay. That's fair then just maybe one last one on exploration you by the drills turning for two months now.
Can we get a sneak peek in terms of what you're seeing on the regional [laughter] no.
To be honest Oh, we had a start up this year in terms of the program is a little slower than anticipated.
So with the 26 rigs the final rig started up last week. So we had been building backup as rigs came back from maintenance through the January period.
I think with regards to the Greenfields exploration work that given our experience in the past and given that we would prefer.
[noise], a that we only announced new discoveries once we have a.
Your comfort level that they will be coming through <unk> resource reserve.
I would anticipate that we won't be ready to be out to see anything towards the SEC until the second half the year, I think or the way that Mike and the team is starting up and the way that we're testing.
I think that's the best thing we can give you right now.
As you know.
We only really sitting in my often 19 drill holes.
So we're going to take a very methodical approach.
I think it's a it's.
Been beneficial to us longer term historically, a that not getting ahead of ourselves with anything that we're drilling the program is going well, we're comfortable with what we're doing at the moment, but we're not gonna be I think ready to talk in any great detail until the second half the year with regards to anything greenfields.
Perfect. That's all for me guys. Thank you.
Once again, if you have a question please press star one.
Our next question comes from Stefan.
Cormark Securities. Please go ahead, okay. Thanks, very much guys, maybe just isn't the budget I know your your capex budget for the or $74 million. It's it's you know underpinned by a 265 copper pricing and you mentioned that obviously some of that Capex is discretionary can just give us maybe a little bit of the granularity on on sort of what that discretionary component looks like.
Well the largest single discretionary component is obviously the exploration program, but even within that we have different levels of how we can adjust and and operate with respect to that.
That's the biggest level that's the biggest number there and we've certainly broken that out for you guys before.
The other areas that we can look at a should we have to look at it but again, that's a we're a long way off from doing that is something about capital development or in the mining industry you can never have enough development.
Ah, but from a capital development perspective, we're doing well.
And a there is possibilities that we can look at a capital development or if we need to.
So look at that.
In such a way that the company would be in a good position to be able to reduce that if necessary and still be out to me that subluxations this year and next year.
Those are two of the more general areas I would say with regards to discretionary a in terms of our capital and where we stand with regards to that but that's an off months into this year, we're already building more cash than we anticipated because we're making more money than we anticipated that's correct that all fees as a whole discussion.
Yes, <unk> satellite and so you mentioned that for 60 to 65 copper price, but you know important is obviously that the $4 BRL component that Oh, yeah. Yeah, Yeah. Good point could point, that's great. Thanks, very much guys and congratulations on a on all the records and 2019.
Thank you Stephanie.
Our next question is from Jackie velocity.
Capital market. Please go ahead.
Thanks, very much and congrats on a good quarter I just have a couple of quick ones for you I guess first of all our.
Topic, that's been coming up more and more often can you just talk a little bit about if you're seeing any impact your business from.
Our situation, whether that's in terms of acquiring consumables or in terms of placing your concentrate on the market.
A question Jack it's no [noise].
At a very early stage and this we bond old travel from North to North America, South America too.
Provide us some isolation around our operations, we didn't want people randomly.
Taking the virus to head down to that and that's worked out very well for us the guys in Brazil has instituted some very extensive work on thinking through all that supply chains and have to say to this point, we've had no impact whatsoever.
Or any of the things that we're dealing with it our business, but as I said in the call when not being complacent with thinking through okay, where do we get old basic materials from the vast majority of which come from Brazil, we've talked to the supply as how you guys doing everything is fine and then obviously always thinking through well what do we really need to keep in.
Supply stores et cetera to keep us rolling it out we were running through various as David said, we're going to various.
Scenarios just to make sure that I business remains robust, but so far so good.
Yeah, just to expand a little bit on that at within pillar.
We have a corona virus committee as being formed.
Between now seen senior.
Leadership along with.
The local medical.
Professionals.
As you know prime met the primary impact that you can have today is on the educational side with regards to.
Distancing with regards to washing.
Washing hands and these types of things and there's a great emphasis on that within the site.
Non essential travel.
And that actually there has been a ban on I'm travel about senior management, a in Brazil between so Paulo and and site.
So we have moved to video conferencing and those types of metrics with regards to that.
It's interesting that a wheat testing in Brazil was fairly good we've had some people tested in so Paulo.
In which we've seen 24 hour turnaround on current of ours testing a we had some people have trial traveled overseas I four or five people they've been self isolated a with respect to operations a and so we've taken that very vigorous approach.
To this likewise in the supply side, just expand with from no. Let US was sent to all of US supplies last week, a requesting a confirmation that they can supply. It to was there is now a ongoing.
Biweekly contact from our purchasing department with all of that supplies to continue.
Those kinds of levels with discussion and then on top of that there's been a strategic review with regards to out team both here and in Brazil with respect to an essential.
Oh consumables.
And what we need to do if anything to increase those in order to be in a situation that we see minimal disruption to our business.
That's great color.
Another quick question I guess on on gold gold prices have been Super strong.
Looking like the next gold.
Continued to add a lot of value to the company I, probably keep asking this every quarter, but have you have you thought at all about.
This strategy for our next gold in light of the current environment is there any.
Option to maybe expanded.
We'll take advantage of critical prices in anyway.
We're going to continue to grow it it's got a huge land position as David said, we've got the exploration in that land positions Scott.
No. This area was heavily mind surface heavily mine by Guy Paneras before a company bought it. So we know there's a lot of gold in the annex district wide a district and we are only just topic, a very small part of it so.
Strikes us as a huge amount of valley to be gained despite growing that business and as you've noted the cash flow is welcome.
An important interesting another interesting hedged to our business in terms of base metals company, having that asset.
So we'll continue to grow it.
To go the other direction. If we were to think of disposing is really upon this conversation today because it got three is with the reserves and you're very quickly run into a few tile discussion with any particular bias. It doesn't though that doesn't make any sense to us yeah keep it and grow it we're here to unlock value.
As Weve jokingly said annex gold is many me to the crew so valley as large land position under utilized mill a might come to team I've quietly been doing a lot of regional work.
And with US now into the center Antonio vein, we're starting to get ready to start expanding.
I'll programs to start looking at drilling regional targets and increasing our drill programs that.
As we move forward here.
So it's it's a good assets and one that we will not be disposing off in the near future.
That's great.
Finally.
On exploration.
But if I could disaster what were expecting in terms of news flow this year.
Timing wise I know last year, you put out.
<unk> and <unk>.
In the fall is that consistent again. This year are you expecting drilling through this summer and then putting the reserves.
And if so maybe can you give us a sense I know, we just don't give me I'll give you guidance so with respect to exploration or we will continue to without quarterly updates then they will come out four to six weeks off to every quarter.
Should we make a new regional discovery or a material discovery, obviously those will be handled in a separate news release as we've reiterated and I said earlier immaterial discovery for us that.
But hasn't some news release is one that we have a strong opinion that it will come into resource and reserve.
With respect to the 43, one or one that will be coming out in November this year.
The reason they will be coming out in November is we are we have initiated the feasibility study with regards to the deepening project a that study will be presented to the board at the beginning of November and then by falling that being incorporated into our updated 43, one or one that will.
We released after that board meeting so that's the guidance that we can provide with respect to this year.
That's perfect. That's all the questions for me thanks very much.
Our next question is from cell car <unk> financial Please go ahead.
Thanks, operator, good morning, everyone I'm just a question on the a you know you had a fairly sizable oh tax recovery on your income statement and still carry some.
Tax assets did you just maybe give some color on how we could potentially see those a unwind over the coming quarters or or or years for that matter.
Yeah sure boatswain yet.
I think you got to think more of it from a from an accounting perspective, you know when but really what we had is when we acquired the business the business had.
I had significant had both up significant losses in Brazil, which hadn't been recognized and subsequent to us acquiring that business, we needed to get well ourselves and I would it just needs to get comfortable that you know we had a business that could generate ongoing profits.
Before we felt comfortable that should be bringing those onto the onto the balance sheet.
And we decided to do that yeah at the end of obviously the end of last year. So what I think it means really is you know low a cash taxes payable that activity. We booked a you know the deferred tax asset.
And will you know that'll sort of be credited against future, Texas payable. So I think from a from a cash perspective. It will result in lower cash taxes going forward ultimately, you'll just see us amortizing that that a deferred tax asset over the over the coming years through the.
Yeah balance sheet and income statement.
Okay I understand that the.
That's it for me Thanks, a lot.
Thanks, Phil.
This concludes the question and answer session I would like to turn the conference back over to management for any closing remarks.
Thank you operator.
Just like to thank everybody for coming on the call.
Interesting times that we're all experiencing right now are we just wish you all the best as we all navigate a the situations that we're dealing with and all the best to you and your families.
And we look forward to seeing your when we can in the coming months. So thanks very much operate no the best to everybody.
Thank you.
Concludes today's conference call you may disconnect. Your lines. Thank you for participating and have a pleasant day.
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