Q4 2021 ALLETE Inc Earnings Call
Good day and welcome to the ALLETE fourth quarter financial results call. Today's call is being recorded certain statements contained in this conference call that are not descriptions of historical facts are forward looking statements.
This term defined in the private Securities Litigation Reform Act of 1095.
Such statements can include risks and uncertainties actual results may differ materially from those expressed or implied by such forward looking statements.
Factors that could cause results to differ materially from those expressed or implied by such forward. Looking statements include but are not limited to those discussed in filings made by the company with.
Securities and Exchange Commission.
One of the factors that will determine the company's future results are beyond the ability of management to control or predict listeners should not place undue reliance on forward looking statements, which reflect management reviews only as of the date hereof. The company undertakes no obligation to revise or update any.
Forward looking statements or to make any other forward looking statements, whether as a result of new information future events or otherwise.
Welcome to <unk> conference call announcing fourth quarter 2021 financial results.
After the speaker's presentation, there will be a question and answer session.
Ask a question during the session you will need to press star one on your telephone if you require any further assistance. Please press star zero as a reminder, this call is being recorded I would now like to turn the call over to Bethany Owen Chair President and CEO you may begin.
Thank you and good morning, everyone and thanks for joining US today with me are elite senior Vice President and Chief Financial Officer, Steve Morris and Senior Vice President Bob Adams also with US. This morning are al <unk> President of ALLETE clean energy and Frank Frederickson, Minnesota powers Vice.
<unk> of customer experience.
I'd like to start by first congratulating, Steve on being named Elite CFO last week, Steve is a familiar face to you all and he is an integral member of elite executive leadership team with his breadth of experience in strategic and technical expertise always founded on strong integrity Steve is.
Perfect person for this next era as ALLETE continues to advance the nation's clean energy transformation.
Steve succeeds Bob Adams as CFO as we announced earlier this year Bob is retiring in June after more than 35 years that elite congratulations to you Bob and thank you for your strong strategic leadership and many tremendous accomplishments and contributions to the current and future success.
Of elite, we're all grateful Bob will be with us over the next several months.
Turning to the subject of this morning's call corresponding slides can be found on our website at <unk> dot com in the investors section to follow along we will call out each slide number as we go through todays presentation.
I am very pleased that this morning, ALLETE reported full year 2021 earnings at $3 23 per share on net income of $169 $2 million.
These financial results were firmly within our 2021 earnings guidance range of $3 to $3 30 per share.
I couldnt be more proud of our entire team for these results and all of our accomplishments in 2021, our businesses had an incredibly strong fourth quarter ending the year on a high note.
We delivered on many operational positioning and financial success is driven by a leap amazing employees and strong culture as together, we advance sustainability in action.
These accomplishments are providing value to our customers and our shareholders today and we will continue to do so for years to come.
In a few moments Steve will provide details of the 2021 financial results and 2022 guidance and Bob will provide his thoughts on our growth trajectory.
Before that I would like to highlight just a few of the accomplishments we achieved during the year.
While we serve our customers with excellence and provide exciting opportunities for our employees, we take great pride in creating value for our shareholders.
And elite soundly executed in 2021, hitting our earnings target and paying an attractive dividend, while strategically positioning all of our businesses for sustainable growth well into the future.
We're committed to <unk> long term five year objective of achieving consolidated average annual EPS growth within a range of 5% to 7% and I am confident in our ability to achieve this for our investors.
During 2021, a year, we characterized early on as a transitional year for ALLETE. We highlighted several initiatives, we put in motion to improve returns on capital and to provide avenues for additional investments in clean energy infrastructure.
Pleased with our success on these key strategic initiatives.
First regarding improving returns in late 2021, Minnesota power received an interim rate order to begin charging new rates, which support the quality and reliability of electric services provided to our customers.
The interim rates were approved as filed and went into effect at the beginning of 2022.
Although there is more to play out during the year. We view this as a very constructive outcome that supports Minnesota powers financial health and ability to continue our clean energy transformation, while delivering safe resilient reliable and affordable service to our customers.
Superior water light and power is also preparing to file a rate case later in 2022, and this will support the company's ability to continue to upgrade infrastructure and maintain the resiliency reliability and high quality of services for its customers.
Onto new clean energy investments driven by our sustainability in action strategy.
Please refer to slide three.
We're making significant progress on Minnesota, Power's vision to provide 100% carbon free energy to customers by 2050.
This bold vision reflects our commitment to the climate, our customers and our communities through Minnesota powers energy forward strategy.
Minnesota Power's clean energy transition detailed in its integrated resource plan is moving forward in the process, including extensive engagement with a broad range of stakeholders from customers to communities to regulators to employees and many others and we expect a decision in the second half of 2020.
Two.
Today, we're pleased to provide updated information regarding our capital expenditure plans to effectuate this transition and Bob will share some additional comments on all of that in a moment.
And it has been great to see that Minnesota Power's Taconite customers finished 2021 at full production of approximately 40 million ton.
We anticipate 2022 production to be closer to average at around 35 million tons as reflected in Minnesota Power's rate case.
But the ongoing investments by these customers in existing production and in product enhancements, including sustainability as well as the prospect of new customers clearly support the long term viability and attractiveness of the natural resource based economy of the region that Minnesota power is privileged to serve.
Serve.
ALLETE clean energy is also making significant progress in our sustainability in action strategy ALLETE second largest business with operations that span from coast to coast is well positioned to drive additional clean energy sector growth.
With the recently completed 303 megawatt Caddo wind facility now in service ALLETE clean Energy's total wind capacity has increased to more than 1300 megawatts.
We've also made significant progress on our work to expand ALLETE clean Energy's focus beyond wind to provide additional growth engines in the clean energy space. We have identified several promising opportunities for investment that would augment elite existing clean energy solutions and expand our capabilities.
<unk> into solar and storage, we anticipate sharing more on this effort this year.
Along with creative solutions for our customers and great opportunities for our employees our lease mix of businesses offers differentiated value to investors with earnings growth and attractive dividend and strong positioning to thrive in the clean energy future now.
Now I'll turn it over to Steve for further details on our 2021 financial results and 2022 guidance Steve.
Thanks, Stephanie and good morning, everyone.
To remind you we filed our 10-K. This morning, along with an 8-K that provides details of our 2022 earnings guidance. Please refer to slides four through seven for significant year over year variances.
Today, We reported 2021 earnings of $3 23 per share on net income of $169 2 million earnings for 2020 or $3 35 per share on net income of $174 2 million.
I think you mentioned, we finished the year well within our guidance range with both our regulated operations ALLETE clean energy and corporate and other near the upper end of their respective original guidance range.
A few significant highlights impacting the full year ended 2021.
Earnings in 2021 reflected a <unk> <unk> per share gain recorded in the fourth quarter for the sale of a portion of the manager Trail Energy Center by South Shore energy ALLETE non rate regulated Wisconsin subsidiary.
Earnings in 2021 reflected a seven cent per share charge, resulting from the Minnesota Public Utilities Commission decision to order refunds and Minnesota Power's fuel adjustment clause filings covering the periods of July 2018 through December 2019.
Net income in 2021 also included a <unk> 10 per share negative impact of ALLETE clean Energy's Diamond spring wind energy facility.
Due to the extreme weather in the first quarter of 2021.
Turning to the fourth quarter of 2021 overall <unk> consolidated results for the fourth quarter exceeded our expectations with earnings at $1 18 per share compared to <unk> 90 per share for the same quarter in 2020.
<unk> regulated operations segment recorded net income of $29 $7 million in the fourth quarter of 2021.
As compared to $25 3 million in 2020.
Earnings reflected higher net income at Minnesota power, primarily due to higher megawatt hour sales to retail and municipal customers, including a 10% increase from taconite customers and positive income tax expense timing differences.
The fourth quarter did include a reserve for the Minnesota Public Utilities Commission decision to order refunds in Minnesota, Power's fuel adjustment clause filings related to prior years.
ALLETE clean energy recorded fourth quarter 2021, net income of $14 6 million compared to $13 1 million in 2020.
Net income in 2021 included a full quarter contribution.
The Diamond Spring wind energy facility, which commenced operations in December of 2020 and.
And earnings from the new Caddo wind energy facility.
Which was in service in December .
Offsetting these increases was an anticipated loss of the northern wind Repower project due to higher than expected total estimated cost to complete this project.
We'll provide additional details on this in a moment.
Our corporate and other businesses recorded net income of $17 6 million in 2021 compared to net income of $8 7 million in 2020.
2021 included $8 $5 million after tax gain.
South shore entity sale of a portion of its interest in the <unk> Trail Energy Center.
Also positively impacting 2020 results were higher earnings from our investment in the nobles two wind energy facility, which commenced operations in December 2020, and higher net income from land sales at ALLETE properties.
I'll now turn to our 2022 earnings guidance. Please refer to slide eight for further reference.
Today, we initiated 2022 earnings guidance of $3 60.
The $3 90 per share on net income of $195 million to $210 million.
The midpoint of our guidance range represents a 16% increase over 2021 results and reflects our expectations of improving returns and positive momentum around our clean energy investments.
Guidance range is comprised of our regulated operations within a range of $2 60 to $2 <unk> per share and ALLETE clean energy and our corporate and other businesses within a range of $1 to $1 10 per share.
Recall in February of 2021, we shared at a high level that 2021 was expected to be a transition year with continued economic impacts from the ongoing COVID-19 pandemic and.
And preparations for a much needed, Minnesota power rate case.
To provide visibility into 2022 elite provided a preliminary estimated earnings guidance range of $3 70 to $4 per share.
The reason for the approximately 10 cents difference between our preliminary guidance estimate in our 2022 guidance issued today relates primarily to ALLETE clean Energy's expectation of lower megawatt hour generation from its legacy wind energy facilities.
At a high level, our actual megawatt hour generation at these facilities has been lower than our recent projections and to better reflect recent historical results and updated models, we have refined our estimates and expectations.
A few comments on our regulated operations outlook for 2022.
Our guidance reflects the interim rates for the Minnesota power retail rate case of approximately $87 million interim rates are subject to refund.
Our guidance assumes we will achieve reasonable outcomes in regulatory proceedings.
Minnesota Power's industrial sales are expected to range between 6 million to $6 5 million megawatt hours, which reflects anticipated production from our taconite customers of approximately 35 million tonnes.
Our taconite customers started the year with full production. However, recent customer announcements signals some curtailments during the year, which will result in production in line with our estimates as you might recall, Minnesota power has asked for a large power sales true up mechanism in its recently filed rate case.
Fairly balanced this type of variation in sales between customers and investors.
A few highlights from ALLETE clean energy outlook for 2022.
ALLETE clean energy expects total and generation of approximately 4 million megawatt hours this year compared to 3 million megawatt hours last year with the expectation of normal wind resources the.
The increase in megawatt hours is primarily related to the Caddo wind energy facility in service for the full year.
Our guidance reflects the downward adjusted megawatts.
<unk> from ALLETE clean Energy's legacy wind energy facilities.
Which is more in line with 2021 actual megawatt hour generation.
For our corporate and other businesses, we expect slightly higher earnings from our investment in the nobles two wind energy facility in earnings from our New Minnesota Solar project expected to be completed later this year.
Earnings per share reflects $50 million of additional equity issuances to fund the capital project and other growth initiatives.
A further update on ALLETE clean energy projects, which is detailed on slide nine.
As previously disclosed we plan to Repower and sell them now 100 megawatt Northern wind project, which consists of the existing shatter Emmy Viking facilities to a subsidiary of <unk> energy.
This transaction remains on track for completion in late 2022, and will provide a significant cash contribution for redeployment.
<unk> clean energy has experienced inflationary increases and significant cost pressures related to this project and errors as a result, now anticipates a slight loss on the eventual sale of this project, which resulted in an approximately $2 million after tax charge in the fourth quarter of 2021.
We'll be working to maximize the value of this project and minimize costs as we further navigate supply chain options and worked with vendors to make this project profitable.
The 20 megawatt rock Aetna portion of this project is positioned to move forward in tandem with our northern wind Repower as a shovel ready project with attractive future profit potential.
We are finalizing development plans to begin and complete construction of the 92 megawatt red barn build own transfer project.
<unk> expected in early 2023. This project will utilize some of our safe Harbor turbines, while expanding our customer base and presence in another geographic region of the country.
The extension of this project and a testament to our strong relationships with Optionality to serve C&I customers a regional utilities. The 68 megawatt white tailed development project is also advancing.
With its advanced transmission queue position and landowner relationships for either a long term PPA will build own transfer project.
Leveraging ALLETE clean Energy's Safe Harbor turbines, we continue to advance the 200 megawatt Russo wind project in North Dakota.
And are working with various regulators on permitting and sighting for this facility.
I'll now turn it over to Bob to share his views on 2021, and our longer term growth outlook.
<unk>.
Thanks, Steve and good morning, everyone.
First of all I too would like to begin by.
By congratulating, Steve on his promotion to senior VP and CFO of elite.
I have worked with Steve for over 20 years, and I've found him to be an individual a very high integrity and rock solid in terms of his financial expertise leadership qualities and strategic mindset.
He has worked closely with me in recent years on numerous major initiatives aimed at improving our overall returns growth profile.
And competitiveness on behalf of our investors and customers alike.
Steve is supported by one of the strongest teams in the industry and I have no doubt that Bethany, Steve and the rest of the management team will continue to succeed as the company prosecute its clean energy vision and strategy.
As Steve just shared with you 2021 was a highly successful year evident not just by the strong financial results for the advancement of many key sustainability in action initiatives and <unk>.
Both the regulated and nonregulated parts of our business that will pay dividends in future years.
These results came even despite ongoing challenges from the pandemic as well as significant volatility in weather and lower than expected wind production levels at ALLETE clean energy.
We begin 2022 with a strong balance sheet conservative capital structure at approximately 40% total debt and an excess of $260 million in operating cash flow.
A notable achievement on the financing side was our ability to secure approximately $240 million in tax equity financing of the $450 million project under very competitive terms.
Of the $200 million in total equity investment $50 million will be raised through our ATM program as Steve noted earlier in his 2022 guidance overview.
As Bethany stated, we are committed and confident in our ability to achieve the lead to longer term average annual growth objective within a range of 5% to 7%.
As a reminder, this is comprised of 4% to 5% from the regulated utility businesses and at least 15% for the nonregulated businesses.
The favorable growth outlook is being fueled by historic clean energy transformation that we are leading regionally at our utility business as.
As well as our growing nonregulated clean energy platform.
Which is expanding both its geographic footprint and product service offerings.
As promised in recent quarters, we have updated our five year capital expenditure table in the 10-K as well as provided the supporting schedules to provide added granularity to assist you with your financial modeling.
Please refer to slides 10 through 12.
As promised slide 10 represents our traditional Capex table on slide 12 is the financing in support of this $1 8 billion Capex plan.
Highlighting significant clean energy investments in the next five years.
In conjunction with Minnesota Power's outstanding AARP process currently under consideration by the PUC.
Our projected spend in this updated Capex table is approximately $1 8 billion over the next five years.
And is predominantly for regulated or utility like clean energy infrastructure, representing a 19% compounded annual growth rate over 2021 levels and translate into rate base growth of over 5%.
As you can see the primary driver of investment growth is further transformation to clean energy, particularly in the transmission area to address large transmission constraints currently limited in MISO region power movement on the grid.
As renewable generation continues to expand.
Our planned expansion of our 550 megawatt DC transmission line by 65%.
Or to 9900 megawatts is a key component in the solution to address this issue.
On Slide 11, you can see we have additional clean energy project opportunities also in the pipeline.
And we expect that more will materialize into actionable projects as the <unk>.
IRB process plays out.
Minnesota powers mission to deliver 100% carbon free energy by 2050 will require a significant investment in renewable generation and transmission and distribution over the next decade or so.
We will continue to navigate this clean energy transition that we have as we have in the past.
With customer rates and overall competitiveness in mind.
Our nonregulated business segment, which is comprised primarily of ALLETE clean energy is expected to continue to exceed our 15% growth objective in the foreseeable future and.
And we are confident that this highly successful platform will soon advance us into new complementary and higher returning segments of the clean energy market, such as solar and storage.
As I begin my.
Position into retirement, I want to pause and express my sincere gratitude to elite my team and the Investor community more broadly for your support and confidence in me, especially over the past five plus years as the CFO of the organization.
I will surely Miss our many conversations and proactive input as we navigated the challenges and opportunities facing the industry and our company.
Stepping back I feel extremely proud on what the ALLETE team has accomplished thus far in terms of positioning the company for future success.
We have every confidence that the company will continue to do well as it continues to be a leader in.
And the exciting and historic clean energy transition I will now hand, it back to Bethany Bethany.
Thank you so much Bob and again hearty congratulations to you on your upcoming retirement in June .
We're obviously very pleased with all that our team has accomplished in 2021, and we're already making significant strides here in the early weeks of 2022.
This is truly an exciting time for elite and we look forward to sharing more with you in the near future and of course, delivering another year of value to our shareholders.
Demand for cleaner energy are increasing providing new and diverse opportunities for investment for ALLETE.
We believe <unk> reputation as a leader in this environment will continue to attract capital and we're committed to deliver value to our investors.
On Slide 13 is a list of ESG related information you can find on our website at <unk> Dot com.
I am, particularly proud of our internal team, who put together our corporate sustainability report, which is well aligned with SaaS and Tcf the reporting requirements will evolve expand and improve on our CFR as we continued to execute our sustainability in action strategy.
The very foundation of elite growth strategy is sustainability in all of its forms people planet and prosperity and as always we are committed to doing all of this in the absolutely right way.
We've taken significant steps already and will continue not only to mitigate climate change risks, but to build a clean energy future through just equitable and meaningful change, making a difference and doing our part to make the world a better place for everyone.
ALLETE family of businesses is well positioned for an even brighter future.
Thank you for your interest and your investment in ALLETE and at this time I'll ask the operator to open the line for your questions.
As a reminder.
<unk> will need to press star one on your telephone to withdraw your question press the pound key please standby, while we compile the Q&A roster.
Our first question comes from the line of Peter <unk> from Mizuho. Your line is now open.
Great. Thank you.
Thanks for taking my question, congrats to Steve and Bob.
Thanks Peter.
Sure So just to start.
On the regulated side, you mentioned the lower industrial load for the year just curious is that.
What's driving the customer curtailments is that something specific to customers or more of a macro.
Issue with those end customers.
Yes, I'll, let <unk>.
Frank talk.
Talk about that if you will.
Hey, good morning, Peter Frank Frederickson here so.
There's been some announcements out from our customers Cleveland cliffs and also some stuff at U S steel to end.
Cliffs has announced in.
Their earnings call Friday that they will be taking some curtailment at northshore mining facility.
Working through.
Royalties issue on their end with the mine.
<unk> been shifting production. So it's really kind of puts us in line with Steve mentioned and Bethany as well in the opening comments that it really puts us in line with our expectations were close to that 35 million tonne average.
And Thats also included in our rate case that we filed in their interim rates and also the sales true up mechanism that we have out there to account for some of this variability there's also.
Incident.
U S Steel's mantech facility that they're working through in terms of a conveyor belt.
They are making plans to repair and don't anticipate any long term impacts to their customers with that so I don't know anything else Steve Yes, Peter if you. If you look at our rate case, Frank has really good testimony on there where we talk about the average.
Three years five years 10 years 15 years anyway, you want to look at it 35 million tons as the average of course asset we have in our rate case and Thats what were budgeting for this year as well.
Okay and in terms of the formal nominations have those decrease yet or that's to come I guess based on what you've mentioned either to come Peter that will be.
March one and we had full nominations for the first four months four months okay.
Okay, and then just shifting to the 2022 guidance just to confirm.
It does embed a full booking of the $87 million interim rate increase that is correct.
Yes, correct Peter.
And then also in terms of the updated Capex plan, how should we be thinking about that in terms of.
IOP outcomes is all of that secured or is some of that going to be contingent on.
On regulatory outcomes.
Yes, so the slide 11, where we have identified some of the other type of investments outside of the what's in Capex right now.
We are waiting for the the AARP.
I'll come on that and we'll have more information as that outcome comes about so what's in the base Capex now slide.
Slide 10, I believe would be.
Projects that are moving forward.
Okay. So there could be upside I guess from from the <unk> outcomes.
Yes, yes, which are not that's right.
Those are reflected in slide 11, we have not reflected those yet in our base capex.
Is that correct.
Okay, and then last one for me just on the equity issuance.
I know you have the $20 million a year of drip the menu signaled $50 million for this year.
In terms of I guess, the non drip equity that would remain for the five years, which I think amounts to about $130 million.
How should we think about that is that more on kind of similar to this year that $50 million to $60 million a year cadence.
No on timeline.
Yes, Peter this is Bob Adams, yes. So so it's a combination of the remaining equity that and Thats reflected in the guidance that Steve talked about for 2020 to about $50 million, that's largely capital related.
And then as you look at that Capex table.
We're just assuming traditional sort of 50 50 debt equity financing as it relates to some of those incremental transmission investments.
Okay. Thank you for your time.
Thank you.
Thank you. Our next question comes from the line of Brian Russo from Sidoti. Your line is now open.
Hi, good morning.
Good morning, Brian .
Would it be possible to break out.
What specific piece.
This guidance is in 2022, given some moving parts.
On the AG side and the corporate another side 2021, I just wanted to figure out what the year over year growth is at Ace.
Kind of Triangulates with you or at least 15% growth.
Yes, Brian Thank you, Steve Morris, well, obviously, we haven't done that but.
But the $1 to 110.
It's roughly 75%.
Okay, Great and then just on northern wind.
You mentioned that the small write down.
Specifically what are the inflationary pressures.
That you are.
Absorbing in that loan and or would.
But you mentioned the projects on time, so youre getting your parts delivered.
Just at a higher cost.
Yeah, Brian I'll, let <unk> address that.
Yes, good morning, Brian ill Rudich here, yes. Thanks for the question, what we're seeing Brian broadly is what youre hearing and reading the headlines around the country as well.
Higher costs for various cost inputs for the project things like wire and cable equipment and labor. So we're seeing just a step change in inflationary pressures affecting those items, our longstanding relationship with the with the trade unions and with the with the suppliers have kept the project on schedule and our customers working collaboratively with us in the <unk>.
She is working collaborative with us on the permanent but at the end of the day when we look at the.
The cost of the project and the book value of the project today, we felt it prudent based on what we knew to take reactions see described in 'twenty, one here and project the project as outlined in guidance.
Okay.
Okay, Great and then just.
In the K you disclosed the PPA you signed with S. T paper, which I guess is the old verso.
In 2023.
Any idea, it's a large power customer so it's tim megawatts or more but could you be more specific specific and the size of that customer and does that need to be approved by the commission.
Yes, I'll let.
Frank answer that question, yes, thanks for the question Brian So.
S. T paper is totally converting that mill so that they are.
They did acquire the Duluth mill diverse so operated but they're putting in an entirely different paper machine.
To make a recycled tissue product so.
So in that they're not using components of the mill that <unk> used when they were putting things together to make a supercalender paper and we did just file the electric service agreement with our regulators yesterday and it's.
Going to be a smaller smaller electric customer than <unk> was but it's still going to be a valued large power customer.
And it does require their approval to Brian Thanks, Steve.
Okay and is that sensitivity around the.
Taconite.
Tons.
Production is it still <unk>.
On 1 million ton change, even where I would imagine that.
The historical relationship.
You could sell.
In the wholesale power markets have improved.
Yes, its still far Brian that's a good number.
Okay, and just to clarify on.
Okay.
The good news from cliffs and.
U S steel.
When are those.
Outages.
Supposed to occur I mean is it.
Post April .
Yes, I'll take that Brian Frank Frederickson here so.
Cliffs is planning to take Northshore down this spring through the summer months. So that's what they announced and then.
U S steel they had the conveyor.
Incident at them intact facility here just in the past couple of weeks and so that's all occurring as we speak they are working on unplanned plans for repair to move forward.
Okay, Great and then is there any update on the potential resist real estate land sales or sales that you received approval for <unk>.
Several months ago that could offset future rate.
Rate increases or be refunded to customers through the environmental rider.
Yes, Brian This is Bethany that's still moving through the process. Obviously, we got approval for that and we appreciate the commission's approval of that.
We think it's going to be really important to our customers to mitigate future rate increases and we've got some work to do on our end in terms of planning and that type of thing to effectuate those land sales, but moving forward and we're really committed to that we think it's a really important initiative benefiting our customers going forward.
Okay, so that $100 million type of market value is still relatively intact.
Yes, we believe so.
Okay, great. Thank you very much and best of luck.
Thank you Brian I appreciate that.
Thank you our allotted time hazard mired I would now like to turn the call back over to Bethany Owen for closing remarks.
So Steve Bob Al Frank and I. Thank you again for being with US This morning, and for your investment and interest in ALLETE.
Look forward to speaking with many of you soon whether in person or virtual at various investor venues throughout the year I Hope you enjoy the rest of your day.
This concludes today's conference call. Thank you for participating you may now disconnect.
Yes.
Okay.
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