Q1 2020 Earnings Call
Welcome to that first quarter 2020 Summit Midstream Partners LP earnings Conference call.
My name appeal, guar and I'll be your operator for today.
Hi, all participants are in listen only mode later, well conduct a question answer session.
During the question answer session.
Question. Please press Star then one using your touched on comp.
Please note that this conference is being recorded.
I'll now turn the call over to Mr. Rashwan.
Well you may begin.
Thanks, operator, and good morning, everyone.
If you don't already have a copy of or intra ways that was that's your earlier this morning.
Please visit our website at Www Dot summit midstream Dot com.
Oil funded on the homepage and that's a presentation section or quarterly result section.
With me today to discuss our first quarter appoint 20 financial and operating result is he's done a key part president and Chief Executive Officer.
Marc Stratton, our Chief Financial Officer.
Along with other members of our senior management team.
Before we start I like to remind you that our discussion today may contain forward looking statements.
These statements May include but are not limited to where I spent a future volumes operating expenses and capital expenditures.
That may also include statements concerning anticipated cash flow liquidity, that's a strategy and other plans objectives for future operations.
Although we believe that these expectations reflected in such forward looking statements are reasonable we can provide no assurances such expectations will prove to be correct.
They certainly 19 and a report on form 10-K, which as far as they see on March slide 2020, as was or other actually see Collins for less than a factors that could cause actual results could differ materially from expected results.
It's also note that Oh this call.
We'll use the terms EBITDA adjusted EBITDA.
<unk> cash flow. These are non-GAAP financial measures, we have provided reconciliations to the most directly comparable GAAP measures.
Three separate choice.
Now.
I'll turn the call or it's a here.
Okay. Thank you Ross and good morning, everyone. Thanks for joining us on some its first quarter 2020 earnings call.
Earlier. This morning Summit reported first quarter 2020, adjusted EBIT da I've said to 6.1 million in distributable cash flow of 34.2 million.
These results were in line with our expectations for the quarter include one and half million of Unbudgeted deal cost associated with various strategic initiatives that we're evaluating.
Clearly the GP buying transaction that was announced earlier this week.
Look very excited about the definitive agreements, we signed to acquire summit investments, which is the owner of our general partner. We certainly believe this transaction is very important next step in our evolution in our continued progress and I'll be happy to outline that in greater detail a bit further on in the call.
So it gets as we're all aware the market backdrop has changed significantly since our earnings call.
Back in February certainly the entire oil and gas sector is facing significant headwinds as a result of depressed crude oil prices and the impacts of the cobot 19 pandemic.
In late February the natural gas market seem particularly challenged due to a warm winter and oversupply situation of natural gas. A this was partially driven are primarily driven by the large volume about associated natural gas production from all focus regions like the Permian basin.
That's going to today that script is completely flipped as oil prices have fallen dramatically.
And with it the expectation for vast amounts of that associated gas production, which is resulting now and natural gas price prices improving fairly significantly on a forward looking basis.
So challenging markets like the one we are in certainly highlight the street took some its diversified business model and asset position.
For the first quarter 2020, approximately 59% of our segment adjusted EBITDA originated from our natural gas spoke a segments, which we believe will help provide relative stability in the near term, while preserving significant upside associated with future improvements to old oil and NGL prices.
Over the past two months many of our oil and gas producers have announced prudent steps to reduce 2020 capital budgets drilling completion of the plans, particularly in those crude oil focused areas.
Many of our customers have done so as well and for the remainder of 2020, we are expecting these headwinds to continue and for the whole focus areas to be probably more impacted than our gas focused regions.
So consistent with that theme I'll make third we announced that we now expect our adjusted EBIT da to trend towards the low end of our original guidance range that we set up to 60 to 85.
It's a incorporates decreased drilling activity the deferral of well completions from customers and on a limited scale a temporary production curtailments of uneconomic wells from certain customers, which are predominantly in the Wilson and DJ segments through the month of May.
At this point with the recent rise in all features to the mid 20 range and gas to their two dollar plus levels for the month of June and beyond we're not currently expecting to see a continuation of the roughly 3 million monthly curtailment related revenue impacts that we expect to occur.
In the market may.
However, these a temporary shutdowns or continued to be an ongoing risk factors that could cause our 2020 financial results to weaken beyond her recently stated guidance.
Well, we are bearish on the old overall near term outlook for our sector I do want to point out that we have seen a number of bright spots that have had a positive impact on our first quarter results and we believe we'll continue to provide momentum for the remainder 2020 in.
And our Utica shale segment.
Five well pad was commissioned in mid March no. It was commissioned on time and as expected.
And the pad continues to generate aggregate production rates that are more than 15% higher than the forecasted or then the forecast incorporated in our original financial guidance, but lots of April our throughput levels on the summit Utica system averaged in excess of 400 million a day.
And we expect that production from these wells will provide a meaningful impact to our Utica shale segment volumes and segment adjusted EBITDA over the next several quarters.
Our Permian Basin settlement reached 1.6 million of adjusted EBIT on first quarter, which I think was a record and we're was driven by 13, new well connections in the fourth quarter and FEP and for new well completions in the first quarter.
Although we are expecting slowdowns in the Williston and DJ overall, we expect no material changes to our original guidance from our gas focus areas and our Permian Basin segment.
On the doubly project I'll, let mark provide more detail later on in the call, but the key takeaway there that we do remain.
On track to place the project and service during the third quarter of 2021.
Now turn this into an update on our strategic initiatives. As a reminder, we began implementing a plan in the fall of 2019 designed to strengthen our balance sheet increase our financial flexibility and rightsize, our cost structure to mitigate the impact of industry headwinds.
We achieved several key milestones since then including the transformational GP by and transaction that we announced earlier this week.
So let me hit on a few of those highlights.
So I just discussed we announced that has MLP enter into a definitive agreement with our GP sponsor energy capital partners to acquire summit Midstream partners LLC, whereas we refer to at summit investments.
This came along with 5.9 million that's MLP common units that were on buyer DCP.
And the total consideration for the transaction included $35 million in cash.
And warrants it would cover I'd be 10 million as MLP common units.
[noise] so very excited about this transaction and I do believe it will help position the company for success going forward.
Certainly would like to thank DCP for being a very supportive sponsor over the past decade. However, the independent directors and I feel that now is an important time to reorganize both the structure in the governance of the summit midstream family of entities to endure the through the challenging times ahead.
Ethanol piece acquisition of summit investments include all of someone investments subsidiaries, including S&P Holdings.
S&P holdings is the owner of the GP interests in MLP.
It owns currently owns 45.3 million common units and 180.
Million dollar DPP O receivable.
S&P Holdings also has 158 million dollar term loan that is outstanding and we'll continue to remain a liability of S&P holdings, though it is important to note that all the assets and liabilities of S&P holdings or non recourse to S. MLP.
And summit investments and all that subsidiaries will be a unrestricted sub subsidiaries of S. MLP.
[noise] also in connection with the acquisition Sep has agreed to provide a first lien senior secured loan to have some LP to provide the partnership with additional liquidity through its March 2021 maturity date.
And our view this transaction fully aligns the board with the interest of ethanol piece common and preferred unit holders as well as our creditors.
Upon closing Dcps directors, who currently hold a majority of the board seats will resign and the board will be comprised of a majority of independent directors going forward.
Additionally, we will amend our partnership agreement to provide for the public collection of directors beginning in 2022.
Which further ensures that the interest of our unit holders are being met.
Importantly, the GP buying transaction enabled hats MLP to immediately suspend its common and series a preferred unit distributions, which collectively account for approximately $76 million per year of annual cash flows outflows.
These cash savings coupled with the enhance liquidity from the $35 million of loan proceeds.
From E. C. P are critical, especially during this time with high volatility in commodity prices.
Eliminating these distributions will provide significant financial flexibility and it will enable ethanol pizza continue to prioritize delevering the balance sheet.
We expect the GP buying transaction to close in the second quarter 2020, and it remains subject to certain closing conditions, including the Finalization of Intercreditor agreement, which is associated with DCP loan agreement.
Second we are making substantial progress on executing our financing plan for W. And we expect to secure nonrecourse bank financing that will fund the substantial majority of our remaining double the capital obligations and it limits our remaining 2020 capital expenditures on the project to approximately $10 million.
Third we continue to employ capital discipline throughout the entire organization and I think this can be evidenced by our recently announced 33% reduction in our 2020 capital guidance.
These further reductions are are primarily reductions to our growth capital, which is Oh I had the result of the decreased activity that we're experiencing from our customers.
Look our capital program remains a highly adaptable and we can adjust and aligned the timing of our 2020 growth expenditures with the activity levels of our customers.
And lastly, I want to point out we do continue to have some encouraging conversations related to divestitures and joint venture opportunities and some of our legacy in core assets no footprints.
We will continue to utilize a methodical very disciplined approach to evaluating these opportunities and we remain laser focused on ensuring that any transaction that we enter into maximizes unitholder value.
Our expectation is if we are successful I would the divesture that any or any of those proceeds would be utilized to de lever at some lps balance sheet.
I'm excited about the progress that ethanol P. has made in transforming the business over the last several months and I know that there still are many attractive opportunities to capitalize on.
I'd also like to take the time to commend the entire summit team for adapting quickly to changing market conditions and the disruption caused by the cobot 19 pandemic.
Most importantly for our employees focused and continued commitment to operate safely efficiently and effectively.
So that let me hand, the call over to Mark to review our financial results.
Great. Thanks Heath and good morning, everyone.
I'll begin by walking through the segments that comprise our core focus area.
Starting with our Utica shale segment, the immune system averaged 222 million cubic feet a day in the first quarter and second adjusted EBITDA totaled 5.9 million, which was down approximately 2.7 million over the fourth quarter of 2019.
The quarter over quarter decrease in segment adjusted EBITDA was primarily driven by a 12.6% decrease in throughput volume and a nonrecurring $2.1 million payment that we received last quarter related to a contract amendment.
Volumes were lower in the first quarter 2020, as a result natural production declines from the 10 wells that were conducted in 2019, partially offset by seven new wells connected near the end of the first quarter 2020, including the five well pad that was incorporated in our original guidance.
As he mentioned the five well pad site behind our Utica shale system came online in mid March as generating aggregate initial production rates in access of 160 million cubic feet per day.
Together with additional dry gas well completions behind our TPL seven connector at the beginning of the second quarter throughput levels on our summit Utica system in April averaged more than 400 million cubic feet, a day, which is 80% higher than our average daily volume in the first quarter.
Turning to our Ohio gathering segment.
Adjusted EBITDA totaled 7.9 million for the quarter, which represented a $1.6 million decrease from the fourth quarter, primarily due to lower volume throughput and higher.
Gross volumes in the first quarter 2020 were down 15% from the fourth quarter of 2019 through the natural declines associated with 13, New wells that were conducted in second half of 2019, partially offset by seven new wells that were conducted in the condensate window, the play and yield lower natural gas production rates compared to the rich gas and dry gas when.
Yes.
We continue to expect our ODC customers commissioning a total of 20, new wells behind the ODC system in 2020, and we do not intend to make capital contributions, though do you see in 2020.
Currently approximately 110 million cubic feet, a day of throughput temporarily shut in upstream of the Ohio gathering system due to compensate storage constraints in the region, which have been incorporating into our revised guidance.
We expect with production to come back online before the end of the second quarter.
In the will often segment adjusted EBITDA of 16.2 million in the quarter.
Down from 20.2 million in the fourth quarter 2019, primarily due to a 17.3% quarter over quarter decrease in liquid volume throughput to 98000 barrels a day.
12, New wells were conducted in the first quarter of 2020.
However volumes were offset by natural production declines from the more than 80 wells that were connected to our welcome system in the second through fourth quarter into 2019.
We expect deferrals of near term activity and potential shut ins from our customers in this region. During the recent reduction in crude oil prices.
Once crude prices improve we expect producers to utilize their 32, ducs and inventory of acreage dedicated to our Williston basin system.
It is a capital efficient way to bring additional production online.
DJ segment, adjusted EBITDA totaled $5.9 million in the first quarter 2020.
10.8% decrease over the fourth quarter of 2019 due to approximately $600000 increased producer payment that were classified as capital reimbursement revenue versus gathering revenue.
And an 8.6% quarter over quarter decrease in total throughput to 32 million cubic feet a day.
We also recorded an impairment on the quarter for $3.6 million of soft costs incurred in connection with cancellation of a compressor station project.
However, this impairment was noncash and had no impact on segment adjusted EBITDA for the quarter.
We did not have a new DJ basin well connections in the first quarter of 2020, and we expect deferrals of near term completion activity from our customers go to the recent reduction in crude prices.
Our customers currently have 26 wells and DUC inventory.
Based on recent conversations with these customers. We now expect approximately 16, new well connections in 2020.
Which is approximately 70% less than our expectations. When we released our initial guidance in February 2020.
Similar to our expectations in the Wilson, we expect that DUC inventory wells will be a catalyst for production increases when crude oil prices improve.
Our Permian segment generated record quarterly segment adjusted EBITDA of $1.6 million in the first quarter of 2020, an increase of 1.5 million from the fourth quarter of 2019.
These results were driven by 17, new well connections over the last two quarters, including four well connections in the first quarter of 2020 and resulted in a 32% quarter over quarter volume increased to 33 million cubic feet today.
Our outlook for the Permian segment remained unchanged relative to our original 2020 financial guide.
Approximately two thirds of the well connections we expected for the year I've already come online and one customer recently drilled and completed two new well beyond our Permian system, but is waiting until crude prices improve.
Commenced production.
Our legacy areas, which include the payout Barnett Marcellus segment.
Generated $37.6 million of combined segment adjusted EBITDA in the first quarter 2020, and continued to generate strong free cash flow of 36.2 million based on $1.4 million of combined capital expenditures incurred in the period.
Of note in the Marcellus shale segment, our anchor customer has 18 bucks in inventory all of which are planned to commence production in 2020.
We had only assumed nine new well connections in 2021, we released our initial guidance in February.
So we would expect upside to our volume throughput and segment adjusted EBITDA expectation in the Marcellus If all 18 wells are connected this year.
As with many of our other systems, there was no incremental capital required to realize the volume and EBITDA benefits in the Marcellus because gas that hits the system and gather from third party gathering systems and delivered to us via central receipt points through our high pressure system.
Given the uncertainty and volatility in the market. We continue to plan for only nine new wells being connected in 2020.
And anecdotally one of our larger customers in the Barnett shale segment recently permitted three new wells behind our DFW system, and then tends to complete beef wells in 2021.
This was not expected from a few months ago, and certainly a silver lining of the refund crude price decline and reduced expectation for associated gas production.
Now turning back to the partnership.
At Sanofi reported first quarter 2020, net income of $5.3 million, which was negatively impacted by the $3.6 million noncash impairment charge in the DJ basin and approximately $1.5 million of deal expenses related to our GP buying transaction and other asset sale processes, we are evaluating.
Capital expenditures totaled $18.6 million in first quarter, 2020, including maintenance capital expenditures of $5.1 million.
Decrease of 39.3% compared to the fourth quarter of 2019.
Capital expenditures in the first quarter 2020 were primarily related to completing growth projects and our Wilson BJ Permian segment as well as one time expenses associated with the relocation of our corporate headquarters.
As he previously highlighted we continue to employ a rigorous rigorous level of discipline in all capital allocation decision and we expect total capital expenditures to range from $30 million to $50 million, which at the midpoint is down 33% from the original range of 50 to 79.
Now for a quick update on doubly.
During the first quarter of 2000, 20-F, MLP made cash investments totaling $58 million with respect to at 70% equity investment and doubling and as of March 31.
65 million of the $80 million of redeemable preferred unit.
Committed from TPG had been issued.
We are actively pursuing a non recourse bank financing to fund the majority of our remaining doubly capital obligation, which would defer any additional investment beyond the approximately $10 million already included in our Capex forecast for 2020 to 2021.
Despite more challenging backdrop, the doubly project is proceeding inline with our expected timeline.
There's been a general slowdown in the construction industry, which we expect to result in positive implications could doubly construction costs relative to our initial expectations.
In addition, our anchor shipper continues to emphasize the importance of the doubly pipeline incident, this strategic and critical piece of infrastructure for its long term production plans and for the northern Delaware in general.
In March we received a satisfactory environmental assessment report from the Federal Energy Regulatory Commission and we still expect to receive at FERC Sevenc certificate for doubly in the third quarter 2020.
We had $698 million outstanding under our $1.25 billion revolving credit facility as of March 31.
And approximately $120 million available borrowing capacity.
Due to financial Covenant limitation.
And a one a $9.1 million undrawn letter of credit.
We also had $68 million of unrestricted cash on hand at quarter end.
Total leverage at quarter end was approximately 5.05 times compared to a maximum limit of 5.5 top.
For the year, we expect utilize cash flow from operations and the $76 million cash savings from the suspension of common and preferred distributions to reduce debt by over $100 million, excluding the impact of any potential asset sales.
Based on current plan and in conjunction with expected EBITDA in 2020, Movantik leverage at the end of the year to be right around five times.
Now I will call back over to heat for closing remarks.
Thank you Mark.
I would like to close my comments I think by Riyadh reiterating some of the key points around the state of our business.
We believe that the recently announced GP by in transaction is transformational and that in conjunction with the suspension of our common and series a preferred unit distributions give someone to fighting chance to navigate through the choppy waters ahead, and Rick while repositioning the company for long term success.
We do think that the challenging macro environment will continue well into 2021, particularly in our oil weighted basins, but let me assure you that we're leaving no stone unturned in our attempts to mitigate the impact of this downturn restored the balance sheet and ensure that we are well positioned to capitalize.
Ladies when better markets return.
We will continue to collaborate with our customers will monitor the industry landscape and we will provide updates throughout the remainder of the year. So that we maintain transparency regarding our projection is during these very turbulent times.
We remain committed to strengthen the balance sheet and focusing on the things that we can control which include our costs, our capital discipline and by ensuring that we're providing safe reliable and efficient operations.
While we certainly made a lot of progress to date I think there are additional opportunities that remain that can further enhance our business outlook and our teams remain determined to capitalize on them.
While we acknowledge that we have a big deal left in front of US decline I want to reiterate that I do feel optimistic very optimistic about the future of the company.
So with that operator, I'd like to open the call up for questions.
Thank you we will now begin the question and answer session.
You have a question. Please press Star then one using your Touchtone phone.
If you wish to be removed from the question Q. Please press the pound sign or hash key.
If you are using a speaker phone you may begin to pick up the handsets first before pressing the numbers.
Once again, if you have a question please press star and number one on your touched downtown.
Standing by for your question.
We have a question from Tristan Richardson from Suntrust.
Hey, good morning, guys just to appreciate the commentary about your op.
Activity, you're seeing in your operating areas I guess, just one quick one on that.
The the partnership.
This new structure.
I understand that the DPP, though.
Might be the receivable might be offset again payable and consolidated reporting, but just curious I just think about the TPPL.
Conceptually terms of that obligation to what will be ultimately a subsidiary.
Im wondering more interest in.
This is heath I math I think you've you as you kind of pointed out I mean, I think when we.
Acquired summit investments.
We did acquire the receivable the debo receivable, if you will and I think I think we kind of think of it as a as the intercompany note.
That we own.
[music].
So I think Thats just generally how we how we see a going forward.
We we are intending.
This quarter as you know summit.
Some ph subsidiary of summit investments.
Yes, we do have the outstanding.
I will be at that entity and so this quarter. We have decided we are tend to make a a payment to S&P age.
Yes, I think that's how I'd answer that.
Okay. Thank you guys very much.
Our next question comes from James Carreker from U.S. capital Advisors.
Hi, Thanks, just to follow up on the term loan B C.
Expectation to continue to make payments on that I assume that that.
As formally been service by the distributions on the common units.
Just as I think about future share count.
What is the what does the plan on that.
Well look at I think now that that we turn off the common distributions EMEA. We can continue to service the term loan b by making.
Quarterly payments down or towards the towards DBO, but below that will be a decision that will be made on a quarterly basis by the independent board and.
We need any decision that the new independent board will be making on a go forward basis will be solely based on what what it feels to be in the best interests of the partnership.
I guess, what's the case to be made for continuing to make.
Payments on that as you.
Look to.
It seems like liquidity and balance sheet preservation. This.
Top of mind so.
I mean, I guess, what would be the benefit to continue to make payments.
Yeah, I mean look as good question I think I don't want to speak for the board on that I think it's something that this quarter with belt.
That is that it made sense to make the payment will determine how would the distributions just having been turned off we're going to we're going to evaluate that in the long term. What we are intend to do with the DPP show and we'll have continued discussions with a term loan b holders.
The.
As a reminder, the term loan B has the ownership of 34.6 million common units are actually we own but those units are pledged to the term loan b.
As is the non economic GP.
So I think our our general thought this quarter was we were we were agreeable to make that payment and we'll have we'll reconvene next quarter and decide if that makes sense to continue to do so.
Okay. So he can you confirm you just said that.
Terminal or be also is.
Has has the right to the non economic general partnership.
Not just the common units.
Thats correct.
Okay.
And then just follow up on one other item you talked about trying to set up.
Financing for doubly can you just talked about where you are on the process on that.
On the bank facility just given.
It seems like thanks for trying to reduce their exposure to energy as Ernie.
Concerned that that doesn't get across the finish line.
Yes, Mark.
You want to take down.
Sure, Yes, no James.
We're making good progress on the bank financing for doubly its a.
It's very strategic asset again for the producers.
In the northern Delaware, including our partner on the project.
And its strategic to the basin and in general so although financing markets have have tightened up a little bit.
Given the strategic nature of the project the contract profile.
We think this is a very financial project.
We expect to have Bob.
I think in place concurrent with our FERC Sevenc certificate in in the third quarter. So.
Making good progress them and expect we'll have that.
Much better update for you on our next quarter.
Earnings call in August.
Thank you.
Thank you. Our next question comes from Elvira Scotto from RBC capital markets.
Hello.
Good morning, everyone.
A follow up on the TPPL and the term loan so.
My understanding was that there.
Interest hub.
Spreads.
Wire, Matt on the term loan and that will still be satisfied.
Distribution on the.
On the.
The units that.
Our Malone.
Holders habits.
As collateral now that those distributions are gone.
In the decision to continue to pay on the group's NPL is that two main home that.
Right.
And then my second question is.
Leaving that so you make the payment on the DPP no.
Is that cash then wrap at that entity, where the bull PPL and the term loan.
I'll take a shot at your questions Mark you feel free if I leave leave something out.
I think the the the.
Answer to your first question I believe is yes.
The.
The common units are used to that we were paying out we're used to service the term loan b and we certainly have the right or the option to continue to keep the term loan b current.
By making distributions are making payments of fuel cash payments are the DPP show.
You're right there there is a and interest coverage ratio there.
So we can we can make payments that would be in excess of the minimum service there, but the DPP just to be clear is not part of the collateral package associated with the term loan b. So to the extent we made.
We were we're making the the interest coverage ratio.
Satisfied that test and then any any cash in excess of what was.
Required to make the interest in minimum amortization or would we don't believe will be.
Trapped if you will.
Stuck in that intended to be that could be cycle back.
Okay then.
What would happen if.
You did and satisfy that.
Helping.
On the on the term loan.
I don't think we really want to speculated on that right now as I said, we've we've kind of made the decision this quarter to boards made the decision as part of the DP buying transaction that we would would satisfy that.
What are the term loan B this quarter I think that's a decision that the independent school will make owner.
On a a on a quarterly basis going forward.
Okay got it alright.
Yes, the asset sale.
So.
Good.
The recent changing market dynamics I, either production and the associated gas production and potential for dry gas basin.
To benefit sold your view of core versus non core asset sale and if not have these dynamics that I just mentioned increased interest.
In some of these dry gas assets that your time so.
Yes.
Good question, Matt I think look I think.
I think more pointed out there in his commentary certainly we are we are seeing the benefits of having a diversified portfolio.
Balance fairly balanced between liquids and gas.
As it relates specifically to asset sales, what I'd say the.
We certainly have seen an increase of.
Over the certainly over the past a few months in interest of a lot of.
Mainly private.
Back to companies that they're looking to to acquire assets, what what I will tell you that we still continue to see a gap in what we think is fair value and the level that we would transact at relative to what I would describe as others, just being opportunistic and trying to.
Try to get a an asset it.
As steel so I feel that theres, a bid ask spread there, but but definitely we we have seen a uptick in interest related to our more of our gas gas basins, and so has shifted a little bit in it.
Before I think we saw a lot more in our oil weighted basins and while there still are some some increase in interest there. We have had some some additional inbounds on a more by dry gas areas.
Great. Thanks very much.
Thank you we have reached the time, we had a lot of for questions ever like to turn the call back to Mr. Keith for any final remarks.
Great look thanks, everyone for joining us on the call today really I really appreciate that and certainly look forward to close in the GP by and transaction I definitely feel that the transformation deal for the company and we're excited to excited about turning the page and getting to the next chapter for summit so to say.
And Oh, please stay safe and well and I look forward to speaking again soon.
Thank you all.
Thank you ladies and gentlemen. This concludes today's conference. We thank you for participating you may now disconnect.
[music].