Q4 2020 Westwater Resources Inc Earnings Call
Thank you for standing by this is the conference operator, welcome to the Westwater Resources, Inc. Full year 2020 results and business update conference call.
As a reminder, all participants are in listen only mode and the conference is being recorded.
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I would now like to turn the conference over to Chris Jones, President and CEO. Please go ahead Sir.
Thanks, Ariel and thanks, everyone for spending a little time with us this morning.
Looking about our 2020 results.
Yes.
Accompanying our our verbal presentation of course is on slide deck, we encourage you to follow along.
Turning to slide two we have.
Our cautionary statement, we will be talking today in terms of some forward looking statements and we encourage you to read the day.
On the cautionary statement on at your leisure.
Turning to slide number three.
First and foremost ensuring the safety of our employees as.
It is what we do here at Westwater.
To do that especially during this time of the pandemic.
We have eliminated unnecessary travel we've instituted health protocols for working together and instituted remote working arrangements for our employee is based on CDC guidelines, which include stage returned to work at our San Antonio Office, starting March one two per share.
And we have a short ensured that our.
Employees are permitted and encouraged to take time off due to illness, where they almost so goes around them without penalty.
On slide four.
We continue to work with our business partners to maintain our advanced battery growth product development schedules.
We're currently operating on a pilot program for the production of battery graphite materials, and we will be talking at length about that as we go along.
We continue to work to ensure adequate financial liquidity to support our key operations and business activities and me on the cash balance of over $101 million has both February 11th.
Westwater is proceeding in its case for compensation from the Republic from Turkey.
Hugging hearing is scheduled for September 21 of this year, and we request 36 $5 million plus fees as compensation.
And with that I'd like to turn it over to our CFO, Jeff <unk> Jeff.
Thank you Chris good morning, everyone.
First let's take a look at our capital position on slide five.
The closing price on Friday February 12th was $8.92.
And with approximately $29 4 million shares outstanding.
Our market capitalization stands at approximately $260 million.
Our share price began $2022 on 11 cents.
And ended 2020 at $4 93.
During the first nine months of 2020 our.
Performance was influenced largely by the ups and downs on the capital markets due to the country's a reaction to the COVID-19 pandemic.
However, a series of events in late September triggered triggered upward.
Upward stock price movement and trading volume in early October.
These events included Eli on masks.
Presentation, that's a battery day conference, where he projected this shortage of battery materials on the next five years as demand for electric vehicles grows exponentially.
That was followed by Piedmont lithium announcements of a supply contract with Tesla.
The President's executive order, declaring a national emergency for U S domestic production of critical minerals, including graphite and vanadium.
These advanced propelled exceptionally interest in Westwater Sac, which has continued into 2021.
During these periods that come to utilize this ATM facility with Cantor Fitzgerald.
This equity line with Lincoln Park capital to raise approximately $50 million from stock sales in October 2020.
And an additional $50 million in January and February of 2021.
We're taking advantage on this opportunity is there a substantial amount of cash.
At a low cost of capital.
Company is now in a fundamentally strong position to execute has budgeted a business plan for 2021 and beyond.
Importantly, because of the improved liquidity.
Management has removed the going concern disclosure in its financial statements.
Another milestone event in the second half of 2020 was the company's strategic decision to focus management and resource allocation towards the execution of our battery graph, a better grade graphite business plan.
On September one we entered into a binding letter of intent to sell westwater uranium business to Oncor Energy Corp.
And successfully closed that transaction on December 31, 2020.
At closing Westwater received about $1 8 million of non core common stock.
$100000 of restricted cash and and we retain royalty interests and the Mexico uranium properties included in the sale.
Also and importantly.
Sale of the uranium business remove the $5 2 million dollar asset retirement liability from our balance sheet.
Transfer at $9 3 million in performance bonds to encore.
And will allow us to reallocate nearly $4 $5 million of annual uranium operating cash to the graphite business.
On slide six.
Provide a financial summary for the fiscal year ended December 31 2020.
Net cash used in all operating activities was $15 2 million.
For the year ended December 31, 2020, as compared with $10 million for the same period in 2019.
$5 $2 million increase in cash used was primarily due to a $3 million increase in product development expenses, primarily related to on our battery grade graphite pilot program.
And a $1 3 million increase in general and administrative expenses.
The increase in general and administrative expenses was due to the cost of recruiting and hiring our graphite sales and marketing executive and mid year 2020.
The near doubling of our D&O liability insurance premiums and an increase in stock compensation expense.
Net loss from continuing operations represents operating activities, primarily related to the Companys graphite business corporate G&A and arbitration costs for the company's damages claim against the Republic of Turkey.
Yeah.
The net loss from continuing operations was $13 9 million and 16.
$6 million for the 12 months ended December 31, 2020, and 2019, respectively.
The $7 9 million increase compared to 2019 was primarily due to the $3 $9 million increase congrats on track development cost the $1 3 million in corporate general administrative expenses and a $2 $7 million loss recorded on the disposal of our uranium assets.
And then this last resulted from the negotiation and resolution of on core energy issues in the fourth quarter of 2020.
The net loss from discontinued operations represents activities of the uranium and lithium businesses, which are treated as discontinued operations because of the decision to sell the uranium business and discontinued investment in the lithium business.
The net loss from discontinued operations was $9 7 million and $4 6 million for the 12 months ended December 31, 2020 in 2019, respectively.
$5 $1 million increased 2019.
I'm really due to a $5 $2 million impairment charge on uranium assets recorded in the third quarter at 22.
After the announcement of the binding letter of intent to sell the uranium assets encore.
And finally on December 31, 2020, the company's cash balances were $53 million and the company had on working cap the balance from continuing operations of $48 3 million.
On February 11th our cash balance was $101 million.
These cash resources will be used to fund ongoing operations fund development of our graphite business plan and provide a portion of the capital funding required to build the commercial production plant.
And with that I'll turn it back to you Chris.
Thanks, Jeff.
On to slide seven a little bit about our core values.
We are based entirely on PON continuous improvement on the safety of each other our environment our assets the communities, where we work on our reputation.
Continuous improvement in cost, which is effective and efficient use of our shareholders' assets focused on first quartile cost performance.
And integrity.
The highest level of performance on a great day, improving our processes and conservative promises well.
Yep.
On to slide eight.
We are the owners of the leading graphite development property in the United States and.
And we've developed a new environmentally sustainable process or purified graphite and we've applied for a U S patent.
Our pilot programs operated since the fourth quarter of 2020 and has provided materials and quantity.
Valuation and valuable information so our definitive feasibility study presently underway and scheduled for completion at mid year.
On slide nine.
Pilot program results.
We've purified almost 17000 kilograms of material. This is the graphite material needed for battery graphite production.
We have produced almost 2000 kilograms of spherical purified ground site that includes declines we've generated as well.
On slide 10.
We've produced 2200 kilograms of the precursor material for making our decks D G product.
And our purified Micronize graphite run begins on the 20 <unk> of this month and should take less than two weeks.
On slide 11.
Our pilot program has provided key inputs from the definitive feasibility study it was kicked off today.
Our pilot program plans include we expect to run into.
<unk> quarter quarter two of this year.
And we expect to have more than 10000 kilograms of products expected.
For further testing by Westwater and perspective customers.
On slide 12.
We've engaged Samuel engineering to lead a group of engineering contractors in the U S.
In Germany to complete a definitive feasibility study for our KUSA projects commercial production facility.
We expect this study to be completed mid year, with a plus or minus 15% estimate of capital costs and operating expenses.
On slide 13.
Our key attributes for the project include proprietary technology as we spoke about for <unk>.
Converting our graphite concentrate to a high priority product for battery manufacturers and once again, we've applied for a patent with the U S patent office.
The cost advantage certainly on transportation here within the United States.
Also with regard to the processing, we intend to use as we go forward.
And remember that we have our vanadium discovery on this particular property that has potential to improve project economics.
And our sustainability effort that includes this environmentally sustainable process.
And remember that our graph I can save over 200000 tons per year of C. O two emissions.
<unk> Rcs PD product in electric vehicles.
On slide 14, a little bit of a refresher about the battery markets.
We know about the transportation market, we know that adoption rates of electric vehicles have increased from two to now 4% of all cars sold in the United States, We expect a 23% annual growth rate over the next 10 years and the use of these batteries in electric vehicles and the graphite that goes into them.
And this is predominantly lithium ion batteries.
Other energy storage systems grid storage important as we are holding this call now where sections of the country on your under rolling blackouts to preserve.
The ability to have electricity delivered to homes.
<unk> energy systems have the potential to minimize or eliminate those rolling blackouts in times of crisis, we expect an 11% growth rate.
Over these next 10 years.
And these are the enabling technologies for wind and solar power as well.
In consumer electronics like the phone in your hand, or a laptop on your desk.
We expect this is a large market by the way and we expect a 3% compounded annual growth rate in this well established value chain.
In addition to that specialty batteries for defense Aerospace medical devices and etcetera. It represents another growth platform for our products.
On slide 15.
That's why it's a major component of all batteries.
Not just on the.
Lithium ion batteries, where we are fully <unk>.
<unk> 25 percentage of a weighted that battery.
Flashlight batteries nonreturnable lithium batteries lead acid batteries like those in the 96% of cars that are non electric snow out right now.
They all use graphite and.
And graphite has been defined by the United States government is critical to the United States Security and prosperity.
Two presidential orders.
Continuing on through this demonstration as well.
On slide number 16.
The Coosa graphite project provides key advantages.
So near term source of domestic U S battery grade graphite.
Customer qualification is underway.
A one ton bulk sample order has been announced previously to this call.
Westwater scrap value will be produced using environmentally sustainable processes right here in the United States.
And we serve all battery markets.
And once again, our vanadium discovery has a chance to contribute revenues exploration for vanadium and further knowledge on our graphite deposit in Alabama is beginning in the second quarter of 2021.
On to slide 17.
Our three products once again.
<unk> P. M. G. This is the material to conductivity enhancer and it goes into all types of batteries the largest market of course and put assets on.
Our ultra <unk> product is an improved version of the purified micronize graphite and it goes.
Into the very same markets is a conductivity enhancement with a higher performance level.
And our ultra C. S. P. G. That's the stuff that makes a lithium ion battery work that is the anode material.
And if I see SPD is used in vehicles, we stand to save over 200000 metric tons of C O two emissions per share.
On slide 18.
We talk about our proprietary purification technology.
It is a more sustainable footprint than those technologies currently used in China, where most gratifying.
Lithium ion battery comes from.
And we're environmentally damaging and expensive to manage hydrofluoric acid is used.
Our process yields cosmetic carbon grade of $99 95 per cent and above.
And that's a three step process that allows for flexible feedstock with consistent performance.
It consists of three process steps, including classic roasting of the graphite concentrate.
So the leaching of the roasted sample and criminal treatment of that sample is the final finishing.
On slide 19.
We've raised a portion of the funding we need to construct the full scale facility.
As Geoff manages we have over $100 million in non treasury right now more than enough money to fund our basic operations for the next couple of years on the partially fund.
Our.
Construction of the per.
Production facility.
Under design and the feasibility study now.
Are their funding income from loans or loans guarantees.
Direct equity investments by others for a joint venture and we're exploring all three.
On slide 20.
The business plan for the Coosa graphite. It's is basically made up of a project plan led by our feasibility study and which is led by Samuel Engineering.
Exploration drilling is expected to begin in Q2 for vanadium and further work on the graph on deposit definition.
Full scale production as expected from purchase feedstock in 2022, producing battery grade graphite.
And we expect to begin mining the coosa graphite deposited in Alabama, beginning in 2028.
On slide 2020, I'm, sorry on slide 21.
Our present estimate of economics includes a pretax NPV of $603 million from the project and internal rate of return of 36%.
The initial capex estimated from our PPA at.
$118 million with the plant commissioned once again in 2022 and revenues beginning in 2023.
On slide 22, a visual of our project plan for your for your further edification.
On slide 23, we talk about the team.
As Jeff told you we've added Jay Wang our VP of marketing and sales over the past several months to bolster our sales effort and to begin to put products in the hands of our prospective customers.
You already know about John Lawrence, Our general counsel on corporate Secretary with more than 30 years of law and licensing across the nuclear fuel cycle.
Our our VP technical services he joined in 2015, but he's got decades of experience taking projects from study.
The feasibility to production.
Dain Mccoig on this call our VP operations.
And to us in 2004 and has a strong background in yen.
In processing technology, and project management, and we're happy to have them heading up our operations now Alabama.
And Jeff Vigil, you heard from him earlier on the call. It's got more than 40 years of financial experience in mining manufacturing and he leads our financial effort.
At present.
Of course me I've been on the business for 40 years.
In.
And different aspects of mining.
And so on manufacturing and project development work and I'm happy to lead this high power team.
On slide 24.
Experience matters.
<unk> mirror minerals exploration and development requires discipline.
And diligent capital stewardship.
We've restructured and recapitalize the company positioning Westwater as a green energy materials company with a laser focus on battery grade graphite products.
We've got an experienced management team with a demonstrated history in finance and Green energy development from concept to production.
And we've executed a proactive MNI M&A program, including the sale of our noncore uranium properties to redeploy capital expanding our resource base into Green energy materials.
On slide 25.
Well why westwater as an investment.
We have a battery grade graphite development business with strong upside potential.
<unk> has been designated a critical minerals by the United States Government, We've got a proven management team with experience in energy minerals development and financial management.
And you should for the year 2021 expect to follow on catalysts pilot.
Pilot plant operational results KUSA exploration results.
Usability study results.
And Coosa Graphite project development and project milestone achievement.
With that I'd like to open it up for questions.
Thank you we will now begin the question and answer session.
To join the question queue you May Press Star then one on your telephone keypad.
Your tone acknowledging your request if youre using a speakerphone. Please pick up your handset before pressing any teeth to withdraw your question. Please press Star then two to join the question queue. Please press Star then one now.
Our first question comes from Deborah Ficus of Crystal equity Research. Please go ahead.
Thank you good morning, and thank you for taking my questions.
Maybe the first question that I might ask of.
Jeff is in regard to just one small comment you made on your opening remarks about the D&O insurance did I hear that correctly that that's the directors and officers insurance just out of curiosity why would it increase at such a large amount is.
Is it factors unique to westwater or just general industry industry conditions.
Thank you there, but that's a very good question and that's important to clarify its general industry Ah <unk>.
Conditions.
And.
As I presented to us and certainly we had a very good marketing effort.
For that program and it just reflective of the current status of the environment out there for public companies and and nothing in particular related to to Westwater.
Okay excellent I'm glad to hear that and then of course, you know you have been successful in raising some capital and you have.
Have a few coins in the bank.
It clearly is enough to fund your your operations for them for the near term.
Can we anticipate an increase in spending over the first half of.
Our 2021 as the feasibility study gets underway and gets completed or will it be similar.
Spending levels. This first half of the year as it was in 2020.
Maybe guidance there on what your budget might look like.
Okay.
Yes.
They will definitely be an increase that the what we call. The non discretionary expense. The result of the fixed costs running our business. Those are it would be primarily about the same dollar amount in the range of about $10 million to $12 million.
And so we have we do have a budget that.
Certainly higher level of what we call discretionary expense as it related to the commercial plant.
And our capital expenditures, which are Chris described on his slide is 118 million over the next day or two years.
So we certainly anticipate spending.
Spending a higher level of dollars are probably on the range of about $50 million just for those types of activities.
And I will continue to utilize our existing facilities plus look for project financing to finance.
The remainder of the capital build out.
Right. Since you have already raised some capital is the company prepared to as soon as you get the definitive feasibility study completed and all the guidance that you need for for what your costs are going to be are you prepared to begin.
Say construction without having.
We received yet project financing or would you wait until you know for certain that you've got all of the money at your disposal.
Yes.
Well certainly the feasibility studies.
Chris go ahead, if you'd like.
Yeah.
No that's a it's a it's a great question Deborah.
The way I would answer that is yes.
Certainly the way just started was feasibility study is going to tell us all about a couple of things one.
Yes.
The capital costs on the operating expenses of this facility.
Bill.
It gives me.
Secondly.
It'll add to produce the S curve, we need to know month by month and quarter by quarter, what it's going to take to build.
Our facility in terms of funding.
Those are the key ingredients to knowing exactly.
How we are going to proceed going forward.
On the one hand.
It is far more.
Uh huh.
And far more joyous to be fully funded when you start.
But it's important to know exactly what that means so.
Debra that's my non answer to your question and I'm going to enjoy answering that question on about six months.
Okay, very good and if I could also ask you a little bit about the pilot.
Graham that you have underway.
Taken in 30 metric tons of the you know on the natural flake graphite ticket started out and now you're telling us that you'll be you know operating the pilot.
Arrangement are here through the second quarter of 2020, when are you going to need to get more concentrate shipped in well that 30 metric tons.
Satisfy or you're going to use it all or whether there'll be some leftover I'm just kind of trying to get an idea of what your supply situation is like.
There will be some tonnage leftover our goal was to produce in excess of $10 million or I'm, sorry, 10000 kilograms, or 10 metric tons of material moving to achieve that goal handily and we.
We bought the 30 tons to make sure that we had enough says the pilot plant was starting up.
It would of course guests.
Once you start making material go from place to place.
You don't always get the initial recoveries that you expect you fine tune that effort.
To go ahead and increase the recoveries to what you might expect.
Okay, and then maybe just one last question about the lessons to true and hope that youre going to learn from the pilot program.
Are you interested in finding out about yield in other words 30 metric tons goes in and 10 kilograms per 10000 kilograms comes out or or you know whatever the number is actually turned out to be or are you more concerned not necessarily with the yield results that you get from the pilot arrangement.
But rather than a matter of quality or chemistries.
First the most important lessons that you're gonna be learning and we're going to hear about when you finally do released the pilot.
Testing results of pilot plant operational results.
They're both really important for our economics. So first of all you've got to make sure that you can make the products, who said you will.
From the bench level testing at the pilot level.
And you should count on that.
With regard to yields.
It.
It is absolutely on positively.
A key ingredient to the.
Feasibility study presently underway.
So it's not 30 tonnes on a 10 tons out it's on.
During the pilot when it was running.
What was the yield at that particular moment, that's the reason for the surplus inventory.
Okay, Alright, very good. Thank you I'll get back in queue, let someone else on ask questions. Thank you.
Thank you Debra.
Once again, if you have a question. Please press Star then one.
Our next question is a follow up from Deborah I guess, please go ahead.
Okay. Thank you.
I also did want to ask you a little bit more about the purification process that you for which you have filed a provisional patent.
What can it be considered a closed loop process in which you don't have any.
Kind of a.
Waste materials that have to be processed are handled.
Okay.
Not exactly so.
Closed loop process is if you're purifying something tend to accumulate and maturities.
So in our particular process, though.
We take water chemicals in one end and we use.
Use them in the processing and the graphite, we recycle all of the materials that we can possibly recycle from the.
The two or three different chemicals that we use in the in the cost of gross to net.
And the acid Leach for instance, and we're left with.
Water that we need to treat before we can reintroduce it to the environment. So those are all parts and pieces of how.
Our purification system works and how it's been tested in the field and we're very satisfied.
We understand all of the inputs and outputs and can.
I'll give ourselves.
Sustainable stamp of approval, if you will on making sure that we're not reintroducing material to the environment that isn't already meeting specifications for wherever it's going on so.
So closed loop.
This loop systems or are good and the ideal.
Certainly and we're doing our best to approximate that as close as we can.
Alright, Thank you very much.
Thank you Debra.
Yeah.
Our next question comes from Ali Red O L. G of Sharia portfolio. Please go ahead.
Thank you so much for low there.
A presentation earlier and for helping to kind of shed light on where the process is in your you know.
So you know, Alabama as well as where you guys see moving forward. So my question is mainly regarding other players.
Looking up low Beaumont graphite based in Quebec.
And I was wondering if it might make sense to make synergies with other players, especially given China is obviously the dominating factor in with that you know what.
With the lifting of todays materials on minerals as rare Earth.
And getting the attention of the U S. Government I was wondering if there might be any synergies, where you might be able to work with others, especially given the day starting on project plus I saw there were planning to kind of get listed on the New York stock exchange pretty soon so.
Would you look at them as more competitors or something where you guys might be able to work together.
Thinking out loud.
Without.
So without any specific reference any players.
New Vermont.
Right.
Yeah, there's always the possibility of working together on projects with other players whether they be competitors or.
Or for some as your suggestion use the word synergies involved with certain aspects of a processing or marketing or whatever else on I think all those possibilities exist.
We are we have a reputation and an earned reputation over the last eight years, we're working together with with all kinds of different counterparties to go to work, whether it's buying selling different price.
Hum properties around the United States on other places.
Two are working together on other projects so.
I think to answer your question, yes, that's always a possibility.
And I couldn't comment on any probability.
I hope that answers your question today.
Yeah, No I think that's helpful or not.
Once again, if you have a question. Please press Star then one on.
Our next question comes from Robert Smith of performance investing please go ahead.
Okay.
Thanks for taking my questions.
What I'm wondering about the possibility of force shortening the 'twenty 'twenty eight timeframe.
Robert Thanks for your question with regard to the and you're speaking.
Directly to the beginning of the mining operations on the Coosa project.
Itself yeah.
We conservatively estimate permitting timeline, just being a little bit more lengthy certainly than industrial facility permitting timelines on that's really what governs.
The timeframe around the startup in 2028.
If things.
Oh.
<unk>.
And the force.
Forces were behind.
For the purposes of our.
Our economic studies and really for the purposes of providing proper guidance to our investors are weighted towards a more conservative approach.
The estimated gross permanent timelines.
Did you feel that a grasp on critical material will help you in that respect.
Back to you.
Our next question comes from standard is on Investor. Please go ahead.
So yes could you talk about the progress made on lining up customers on securing firm orders.
Okay.
Okay.
Yeah.
Well I don't know if you heard me, but the question was.
Jordan, two lining up customers securing firm orders.
I'm sorry can you repeat that question I'm, sorry, I was just wondering what progress has been moving lining up customers and securing firm orders.
Per product.
Oh.
Well thanks for the question.
What we've done first of all as we acquired J Wangle as our vice President of marketing and sales has been undergoing a rigorous and disciplined approach to identify possible.
Customers for our products getting in contact with those folks and seeing what types of products and one that can accept delivery at the same time.
We are on the process of manufacturing those project products in our pilot plant.
It will be some time before we can.
We believe.
Land a material contract it usually involves some level of testing on the part of that to perspective customers.
And in some negotiations to follow.
I apologize for the non answer to the question.
Two when you can expect contracts and agreements with our customers, but I understand that it's a process that we are in the middle of right now.
But thanks for the question.
Okay. Thank you.
Our next question comes from Michael Porter.
Please go ahead.
Chris will you please address a little bit.
All of the industry.
Articles that have come out by the U S automatic order book.
Automakers.
About switching over to electric cars over the next five to 10 years.
And the second question is could you also give a little bit more color.
Youre going to do on property in the vanadium area.
Okay.
You bet, Mike and thanks for the question first on the vanadium, but we're going to do it.
We will actually be on site on Saturday of this week.
Looking at the site and planning for our drilling activities to be commenced during the second quarter of this year.
Permits are in place.
Rather than land agreements are in place permits are in the works right now.
For this trailing activity budgeted. So you should expect results from our drilling starting sometime late second quarter third quarter and.
Yes, the vanadium and the drilling we're doing too.
Expand our thinking about the graphite and successful a remodeling of the deposit and it's been.
Presumably that would involve.
Some some real science and some announcements at the end.
With regard to auto Thank you actress and they're not they're.
They're not just domestic auto manufacturers.
<unk> announced during the Super Bowl.
We're going to see the production of fossil fuel powered vehicles here in about 15 years.
A big statement by one of the large largest automakers in the United States on apparel.
Every single automaker.
Is in the process of developing some measure.
As a fully electric or hybrid electric car.
It doesn't matter, whether you're talking <unk>.
<unk> forged heavier dawn or you're talking about BMW Mercedes.
Volkswagen on day every single manufacturer has something going on with regard to the electric car manufacturers and that's great for our business.
So great for our business that Elon musk one of those manufacturers on cars.
Through Tesla.
Forecast for the shortage of graphite.
That means great things for us that means we have a place place.
Place our products and with.
With shortages generally speaking income advantageous pricing and we hope to enjoy that as well.
Does that answer the question.
Yes. It does thank you very much.
Thank you Mike.
This concludes the question and answer session I would like to turn the conference back over to Mr. Jones for any closing remarks.
Thanks, Ariel and thanks, you all for spending this time with US we really appreciate it.
Please have a safe day.
This concludes today's conference call you may disconnect. Your lines. Thank you for participating and have a pleasant day.
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