Q3 2022 Westwater Resources Inc Earnings Call

Thank you for standing by this is the conference operator, welcome to the Westwater resources incorporated third quarter 2022 results and business update conference call.

As a reminder, all participants are in listen only mode and the conference is being recorded.

After the presentation, there will be an opportunity to ask questions to join the question queue. You May Press Star then one on your telephone keypad should you need assistance during the conference call you May signal, an operator by pressing star and zero I would now like to turn the conference over to Chad Potter President and CEO . Please go ahead Sir.

Thank you moderator and thank you for all attending our third quarter 2022 results call.

With me today is Terence Cryan, our executive chairman of the board.

And Steve case, our Chief Financial Officer.

Slide two.

During this presentation. The forward looking statements, we'll be making are based upon management's judgment, including but not limited to future grabbed by demand and price forecast cost and scheduled projections related to the college in graphite plant and acoustic grabbed by deposit and capital raising activities.

These and other similar statements are subject to certain risks and uncertainties, which a description can be found on slide two within this presentation and in our 10-K for 2021 and other SEC filings.

Please read our cautionary statement and realize that actual results may differ materially from what may be discussed with you today.

On to slide three.

Westwater as an energy technology company focused on producing advanced natural graphite materials in the United States, using our proprietary technology, including our patent pending purification process.

We are currently constructing phase one of our kelsen graphite processing plant, which has a projected total cost of $202 million.

Baffles continue to be produced that's been set to 'twenty seven potential customers for evaluation.

We have executed four LOI is the date and we are actively working to put more LOI in place before operations begin.

We also hold mineral rights to approximately 42000 acres across the Alabama, graphite belt, which we call our coosa graphite deposit.

Slide four today, we are reaffirming our value proposition as a domestic source of battery grade natural graphite materials.

In addition, we continue our ESG focus, including environmental stewardship, and our business plan that includes the potential for future expansion of our graphite business.

On to slide five.

Industry experts believe that the battery markets and the demand for graphite.

Spirit significant growth for the foreseeable future.

We believe that the advanced graphite materials produced at the Kelsen grabbed by plant will support the energy transition to electric vehicles and there are a number of other tailwind precedent in the graphite market.

As many industry experts have pointed out graphite is the number one material by weight and lithium ion battery.

In the U S is currently dependent on foreign imports of this critical minerals.

The global battery energy storage business News channel recently reported that automakers plan to increase spending on electric vehicles to one two trillion by 2030, including for batteries and related raw materials.

In August the U S government passed the inflation reduction act or IRI.

This is an important piece of legislation for the battery materials industry in the U S. Because it includes the domestic content threshold.

Related to battery materials for EV batteries.

That must be met for buyers of electric vehicles to take advantage of the clean vehicle tax credit.

Governments around the world have passed legislation regulating the transition from the internal combustion engine to electric vehicles, which should result in an even further increase in demand.

Therefore, we believe the supply shortage projections for graphite that have already been identified by many third party resources, such as benchmark minerals holds firm.

Given these tailwind we remain firm in our belief in the fundamentals that underlie our business plan.

Slide six depicts the importance of graphite and the lithium ion battery as it accounts for approximately 50% of their critical minerals by weight.

A typical electric vehicle has around 175 million to 210 pounds of amyloid graphite.

It's worth noting that lithium makes up less than 10% of our lithium ion battery.

Perhaps it would be better to refer to the lithium ion battery as a graphite nickel battery.

Turning to slide seven.

We took a different approach than other companies with mineral deposits by developing our graphite processing plant first and planning our coosa deposited second and we believe there are a number of strategic advantage to this approach.

First it lowers the capital cost and gets us to revenue and positive cash flow sooner.

Second this approach along with securing our supply of natural graphite flag from a non Chinese source will allow us to take near term advantage of the growing market for batteries in electric vehicles.

Lee the approach Derisked, the permitting process in preparation of the Coosa deposit being brought online in 2028.

On to slide eight.

Here, we see the value created in processing natural graphite concentrate into an active android material for batteries or see SPG.

The conversion of graphite slate concentrate into CSP G results in a value multiplier of approximately nine times.

This is an additional reason we chose to put the processing plant ahead of the deposit.

Namely, we're able to source graphite concentrate feedstock from a non Chinese source until Coosa deposit is developed and we can take advantage quicker on the value created in the producing <unk> at the Pelican graphite plan.

Turning to slide nine.

Given the tailwind is already mentioned in the strong fundamentals in the battery materials market <unk>.

Demand for natural battery grade graphite is projected to increase significantly.

Resulting in supply short for the foreseeable future.

We believe putting the Pelican graphite plant first allows us to develop relationships with potential customers take near term advantage.

You created when producing CSP G from Mcelligott and plan.

And process are flagged graphite for the coosa deposits and a higher price environment due to the forecasted supply shortage.

Slide 10.

As mentioned graphite has been designated a critical mineral by the U S government.

Along with the domestic requirement already mentioned the inflation reduction act passed in the third quarter provides a 10% refundable tax credit on the cost to produce battery metals in the IRI <unk> removed the limit of electric vehicles than an auto manufacturer can sell before the clean vehicle credit is phased out or eliminated.

Based on our discussions our potential customers are aware of this legislation.

As a result, the interest of our potential customers remained strong and has intensified since the passing of this legislation.

We believe the domestic requirement, including the significant piece of legislation will provide a future competitive advantage to westwater as a domestic producer of C. SPG.

Onto slide 11 this is.

The beginning of the construction of our Kelsen graphite project in late 2021, we've had no recordable safety incidents by our contractors for Westwater teammates.

This is a significant accomplishment and I would like to thank all of our teammates and contractors to continue keeping safety our number one priority.

There is nothing more important than the core value of safety safety of our teammates the contractors that work on site with us and the protection of the environment, where we live and operate.

Furthering our commitment to safety in October we hosted a tour of our Pelican graphite site for over 101st responders and local officials, we look forward to continuing to engage with our local community.

During the quarter, we completed earthwork and site grading for 132000 cubic yards of soil moved.

We began pouring foundation and as of today, we are substantially complete with three out of five building foundations, which will total over 86000 square feet when completed.

We are also nearing completion of our underground utilities.

Pre fabrication of our buildings progressed during the quarter and in October we began erecting one of our primary buildings.

Additionally, our technical teammates visited multiple vendors in Europe that are manufacturer long lead time equipment prior to shipments and we begin receiving some of those equipment.

We continue to make strong construction progress admits supply chain challenges and expect to begin testing and commissioning mid year of 2023 and expect commissioning into the second half of 2023.

We will look to provide a more definitive update really.

Weighted towards testing commissioning and operational startup of the kelsen graphite plant as we worked through the construction next year.

Regarding our Coosa graphite deposit on slide 12, and April 2022, we completed our exploration drilling program and therefore began preparing our resource modeling technical report, which is nearing completion.

We expect to provide an update on the resource at the Coosa deposit by the end of the year once the resource model and technical report is finalized.

I am extremely proud of the Westwater team and their hard work and the significant progress. We've made we look forward to future contributions to advance our graphite business.

Now I'd like to turn it over to our Chief Financial Officer, Mr. Steve cakes.

Thank you Chad and good morning, everyone.

Slide 13.

Westwater finished the third quarter with a cash balance of $100 million and no debt or.

Our strong financial position has allowed us to continue to advance our graphite business, including the construction of phase one of the Kelly can graphite processing plant.

Since the beginning construction of phase one we have incurred over $50 million of the estimated cost of $202 million.

Management continues to aggressively seek out additional sources of capital funding.

Stated previously we have not and are not currently limiting the form or source of potential funding for phase one we.

We continue to focus on executing our business plan and management is currently having discussions with a number of third parties under NDA as related to financing.

While the equity and debt markets continue to experience volatility and an environment marked by rising interest rates and high inflation.

We continue to diligently work to close the funding gap for the construction of phase one of the Kelly can plant.

Market uncertainty and tightening in the capital markets has impacted our target of raising additional capital by year end. However.

We are still working towards securing that funding within the next few months.

Westwater as cash position and no debt provides us the flexibility to diligently evaluate potential funding opportunities focusing on securing the lowest cost of capital.

Turning to the financial summary on slide 14.

Detailed discussion of these items is included in our Form 10-Q filed yesterday.

As well as our third quarter press release however.

I want to point out a couple of items on this slide.

First net cash used in all operating activities was approximately $8 6 million for the first nine months of 2022.

As compared with $13 million for the same period in 2021.

The approximate $4 5 million decrease in cash used for operations was primarily due to reduced product development expenses and the absence of any costs related to our arbitration against the Republic of Turkey.

Second the cash used in investing activities for the first nine months of 2022 totaling $32 million was related to the ongoing construction of phase one of the Kelly <unk> graphite processing plant.

Third product development cost decreased $1 6 million during the third quarter compared to the same quarter in 2021.

Last year, we had incurred costs to complete our definitive feasibility study for phase one and our pilot program.

As mentioned earlier on the call. We continue to provide samples of our battery grade products for shipment to an evaluation by potential customers.

Core net loss for the third quarter of 2022 was $3 5 million or <unk> <unk> per share compared to a net loss of $4 6 million or <unk> 13 per share for the third quarter of 2021.

The $1 1 million reduction in net loss was due primarily to lower product development costs and lower arbitration costs.

These decreases were partially offset by higher G&A expenses as we continue to build out our team and the absence of the unrealized gain recorded in the third quarter of 2021 related to equity securities held by Westwater that we received in 2020 with the final sale of our former uranium business. We subsequently sold those six.

<unk> for cash proceeds in the fourth quarter of 2021 with that I'll turn it back to you Chad.

Thank you Steve.

Now to slide 15.

We continue to add to our leadership team.

October Frank Bakker joined the Westwater team as our Vice President and General manager of Alabama graphite products.

Mr. <unk> has assumed management responsibility for construction commissioning and operation of the <unk> graphite plan.

He brings the Westwater extensive experience in engineering project management and plant operations for large scale facilities that produce a wide variety of industrial products.

I am grateful to have him and his leadership team at Westwater.

On to slide 16.

Simply put our core values centered around the pillars of safety environmental and financial stewardship and strong corporate governance.

We are committed to conducting our business with integrity, keeping our teammates safe and protecting the environment, where we operate and live.

Before opening the call to questions I want to reiterate that the fundamentals the battery materials market are strong.

In addition, automakers are working to meet the growing demand of customers for electric vehicles and now that growth is supported by the iras directed to secure a U S domestic supply of graphite for the batteries.

As a result, we believe in and are committed to our business plan.

Encouraged by the strong progress made at the construction of the phase one of the Kelsen graphite plant.

We received positive customer feedback on our battery products and we are seeing an intensified interest.

U S produced battery minerals and potential customers as a result of the IRI.

Thank you for your continued interest in Westwater and your time today the team and I will now take questions that you may have operator back to you for questions and thank you very much.

We will now begin the question and answer session.

To join the question queue. You May Press Star then one on your telephone keypad Youll hear a tone acknowledging your request.

If youre using a speakerphone please pick up your handset before pressing any Keith.

To withdraw your question. Please press Star then two.

We will pause for a moment as callers join the queue.

Our first question comes from Rich Beaven from Cigna capital. Please go ahead.

Good morning, and thank you for taking my call.

Just curious about.

I know <unk> is building a facility in Louisiana and can you give us a little bit of color as it relates to.

Any concerns about possible oversupply for process graphite as a result of that planned tour.

Just curious as to what your what your thoughts are there.

Well. Thanks for your question this is Terence cryan.

I think as we look out at the expected market demand for Andrew.

Android materials.

With 14, Giga plans announced for the United States. In addition to the existing Tesla plant.

We think that the benchmark.

Forward forecast of a significant shortage in Android materials.

Is going to be proved to be accurate so well.

We fully expect theres going to be.

Other producers here in the United States.

We don't see that changing the fundamental demand supply equation.

Okay Alright.

Thank you and also any.

Consideration.

Slides graph at any other critical metals that you would consider moving towards in addition to the graphic business.

At the present time, we are.

We focused on developing our Kelly <unk> graphite processing plant.

I can't speculate as to what the future might hold but thats, where our focus is today.

Okay very good.

<unk>.

When the plant is fully operational as it relates to because.

Because I think you mentioned Youre coosa deposit.

Won't be permitted and ready for a good period of time. After your processing plant is up and running any thoughts on sourcing.

Where you'd likely.

Source material to run through the plant.

So as we've.

<unk> previously said, we have a third.

Party non Chinese source of natural flake graphite concentrate.

Under contract for Kelly.

We do have an NDA in place with that entity. So we're not able to.

Disclose any additional information about that but we feel confident that we have.

Adequate concentrate supplies for Kelly.

Okay can you give us an idea would that be assuming wouldn't be north American source. So I'm, assuming it's probably Africa does that would that be accurate.

We're unable to comment.

Okay. Thank you I'll jump back into queue I appreciate I appreciate it very much.

Thank you.

Yes.

The next question comes from Dmitry Silverstein from water Tower Research. Please go ahead.

Good morning.

Quick question.

<unk> for you.

We talked about where you talked about the 20 potential customers are evaluating your products currently.

Can you talk about sort of what the valuation processes in terms of how long it typically takes them.

Any of these evaluations at the point, where we can get some positive.

Sure.

Announcements before the end of the year or the next let's call it two or three months.

Hi, Dmitry. This is Steve Thanks for your question.

I think the interesting thing is when we earlier in our presentation, we talked about the value that's created in converting natural flake graphite into <unk> of approximately nine times. The reason that value is there and has created and customers are willing to pay for it is because each customer has a little bit unique spec and so as we work with customers through the evaluation process.

Lou will provide our products that we have.

And they will come back and want to select an additional sample maybe a different size different different tap density different things that work for their application and so that process is an interim process. It takes time. It really is an engineered final product that they are willing to pay that value multiplier for and so the timeline is a little bit different with each customer.

Their process of going through testing and evaluating the product can be different.

So I think because of the forecasted demand shortages the IRA legislation with domestic requirement, it's really hard to say how that timeline is going to be changed or shifted going forward. So really can't comment on exactly definitive dates other than we continue to work towards having more LOI in place ahead of the plant.

Coming online in pet into operations.

Okay, Steve Thank you for that.

Second question regarding your resource model that Youre building for your <unk> plan.

Resource I should say.

You talked about this being John or being published before the end of the year.

Thats still sort of the target.

Are you in the process that we actually.

Adding the results or are you still drilling in the data collection phase.

Okay.

This is Chad butter.

We've completed all our drilling that was completed.

Early last year or.

Earlier this year.

And gathered all that data to put into the resource model. We're still on track to have that resource model completed by the end of the year and we expect to provide a more definitive update.

As we get that in.

Okay. Thank you that's helpful and then final question.

You mentioned the jewelry area in your expenditures being attributed to the litigation related to the Turkey.

Asset seizure or however, you want to call it nationalization.

You guys sort of won the international Court decision, but can you update us on sort of what are the processes currently.

What is it what if anything can materialize in the near to midterm future.

Dmitry just just one point of clarification that a final decision on that has not been met there was here.

Hearings done in the third quarter of 2021.

The international Court of arbitration.

Well it had a goal of putting it out in their final decision in a year. We are still awaiting that right now and once we have something definitive on that we'll provide more of an update.

But we have we do not they do not have a final decision yet.

Okay. So once once the decision is rendered some time.

So it was a year from end of last year, but before the end of this year early into next year.

What would be the next steps.

The next steps would be updating obviously everybody on what that decision is.

And dependent upon that there could be more to come or or that could be the final decision.

Got you, Okay I understand okay. Thank you.

The next question comes from David Miller from Morgan Stanley . Please go ahead.

Hi, guys. Thanks for the call this morning.

A couple of questions.

Trying to figure out how you get from here to there do you have final costs, what it's going to cost to actually build the plant and get you into production and revenue production.

So that's question one well actually I'll, just kind of segmented so how much does it cost to get from here to there how much more capital does the company need to be able to get into operation.

Thanks for your question. So the estimated budget currently has $202 million to complete.

As one in totality through 930, we had incurred over $50 million of that $55 million with a $100 million.

So there is a delta there that we're working to secure that financing.

Okay specific kind of what Youre doing there I know there was some grant funding in the package last year.

Specifically pointed to battery and other technology has the company been able to obtain any of that.

Any decisions on how it is getting handed out et cetera.

So I think the.

The natural.

Graphite industry here in the U S is really an emerging market that is in process of being stood up in westwater were trying to participate in that and so any legislation or anything that comes out of government agencies that help stand up this industry. We're very supportive of regarding the department of energy they are awarding of grants or any of their programs.

We really don't have.

Any comment on how they administer those programs or the timing what I can say is that we continue to.

Execute on our business plan and are excited about the 100 million, we have on the balance sheet and no debt at this time.

Sure sure well, yes, that's a good position so.

Grants have been handed out I'm not seeing any of that in your balance sheet. So of the grants that are already out your company did not receive any yet is that correct.

That's not included in the 100 direct when we.

Correct when we.

Secure the additional funding we need we'll definitely provide an update to investors at that time, when we have something more definitive but you are correct. Okay. So given capital markets here, which are obviously not the kind of environment any growth company.

I noticed this huge increase in share count over the past 12 months is that just an ATM offering that you're actually going to market selling stock on ongoing basis.

And are you selling that at this time in this environment are you continuing to ATM, which it sounds like that's what happened before at least.

Correct.

Cash balance we've had we were able to take advantage of raising money in the equity markets at a low cost to get the business where it is today, obviously is a pre revenue revenue in the company. There are different ways. We can try to take advantage in the capital markets in the past with the high liquidity in our stock was an opportunity as.

As I said earlier on the call we're not limiting the source of that funding right now I think it would be with.

Tightening environment by the fed I think wouldn't be prudent to take anything off the table. However, we think with the $100 million on the balance sheet no debt.

Flexibility and some time to really evaluate potential financing sources.

Got you. Okay. Thanks, I think that's my question so ill go back in queue.

Again, if you have a question. Please press Star then one.

Our next question comes from Debra <unk> from Crystal Equity Research. Please go ahead.

Thank you well first let me congratulate you and everyone else at Westwater for your Fantastic safety record has been on a few of these call isn't that isn't always the case, sometimes there's accidents and.

No one likes to hear that so congratulations on that must be really meticulous management.

We undertake to keep everybody safe.

I was wondering if we could maybe extend the discussion just a little bit on financing.

The department of energy as mentioned earlier in their grants, but they also make construction loans and I was wondering based on the research that you've been doing in the conversations you've been having could.

Could you maybe give us a little bit of an update and some color on what your current thinking is on equity versus.

Loans.

Do you.

Do you have any.

So the preferences their thoughts on what's the best course, when it comes time for it.

Thanks, Deborah Yeah I think.

We've said before we're not.

Limiting ourselves to any potential source of financing. So all of that is on the table. We do think with 100 million on the balance sheet at 930.

$50 million on the project already incurred we effectively have just shy of probably two thirds of the project on the balance sheet or spend that some form of that makes a lot of sense, but we are in a rising rate environment. So we need to be diligent in the process and make sure that the terms of the financing arrangement or not.

Only beneficial today, but also something that can be beneficial in the future and not impair our future growth plans beyond phase one and so there's a holistic approach we need to take and be diligent in that process.

Are happy that we still have a strong balance sheet that allows us the flexibility to go through that process.

Okay.

So let's talk about the other side with John .

Pending the pace of spending.

Of course in your quarter.

Accordingly, we report the Capex spending in the third quarter.

We see about the same pace of Capex spending in operation operating cash usage in the fourth quarter will it speed up a bit.

From an operating cash usage thats non phase one capital spend the team is being very diligent on how do we spend money control use of cash focusing on what do we need right now without putting at risk to the business on executing our growth plan and bringing the plant online.

So we're very diligent in that process and we will continue to be so.

Regarding the capital spending there's ebbs and flows in a construction project where early on it was a lot of progress payments now we've completed some earth work.

And thats going to ebb and flow. So I don't think you can look at a construction project of this size and look at historical spending and say that's indicative of what next quarter will be for the quarter after that it's going to ebb and flow.

There will be obviously additional cash to be spent next year as we move closer into operations in testing and commissioning.

Okay.

So let's take a look at it from a different vantage point you started construction on one building. So there's probably something to see rising up above the ground and there are three foundations that are in the works or near completion.

What would be the pace and let's just pretend for a moment that Alabama.

Weather holds out and it remains favorable what would be the pace of seeing.

The construction start on those other two foundations and what would be the pace or timing of the construction of the <unk>.

And the foundation.

But we'll never the this is Chad. Thank you for the question.

The pace I will tell you is it's going to be as fast as we can go.

And sort of bluntly.

But just like just like <unk> said in regards of the markets of ebb and flow in the.

The schedules ebb and flow and we're constantly looking at them.

Every single week, if not on a daily basis. So we expect the.

Foundation pace and building erection pace to pick up over the next next quarter.

Okay.

In other words, it's going at a faster pace right now than it was sands in the third quarter.

Steel steel is going up in the air as quickly as we can get it up there.

Okay very good well.

That's a good thing because it sounds like with your trip or someone's trip to see the equipment that is very near.

Ready for shipment.

Is that the case just have been long lead items, you want to see them and watch them in operation did you actually want your own machine working or did you just simply watch on model I'm, just kind of curious as to what you've got to see.

No.

The team.

Took the time to go to Europe to inspect our our machines. So they were it was our equipment.

As well as her to watch them watch them run and perform.

And to your to your earlier question.

We are already receiving.

Part of those parts of those equipment is as of now, but we expect to continue to see that pick up pace and that going into the fourth quarter as well.

Alright excellent. Thank you for all of the answers to my questions I appreciate it.

Thanks Deborah.

The next question is a follow up from rich Beaven from Cigna capital. Please go ahead.

Hello, again, just curious on some more details once phase one of the processing plant is complete.

Can you give us an idea on throughput and what's your <unk>.

Our assumptions are once were.

We're really hitting our stride there with the completion of phase one.

Yes so.

Last year, when we put out the results of our.

DFS for phase one throughput is about 75.

100 metric tons per year.

Split between our primary product of <unk> as well as SPG fines and the IRR that we put out then was approximately 15% on an 8% discount how.

However.

One of the things that does not include is the 10%.

Sent tax production credit that was mentioned related to the inflation reduction act. So we have not put out impacts of that but obviously if your cost of goods sold is being reduced by a cash tax refund that actually helps.

Okay got it that's helpful and.

The assumptions are.

Spec too and product pricing is that assumed as to where we are today or is that extrapolated it a bit higher price.

Yes, we're not specific on those assumptions used but I will say is that there were based upon third party price forecasting.

It's not a commodity that has a forward price that you would find in oil gold or other commodities.

And so therefore, we have to look at multiple sources and kind of take an average of those based upon our product.

Okay, Alright. Thank you and then finally forward curve. It said it is a forward curve that it is a fourth curve if not today's spot price necessarily but its based upon third party obligations.

Okay that would be I'm, assuming I'm, assuming that a higher price than what we have quoted today that'd be great.

A lot of the forward prices that are being put up by pricing publications right now like benchmark minerals and stuff are forecasting a higher price environment in the future as the supply shortage.

Increases.

Right got it okay.

Then.

Finally, just could you give us some more color on KUSA.

What would be the cost to bring that deposit into production and then can you give us any any details as it relates to purity or fleet size.

What the life of mine would potentially be as well.

So as we mentioned rich we just completed our drilling program. We're in the process of putting those results into the resource model evaluating that and from that then we will develop our exact.

<unk> planned and designed and at that point, we will really start being able to put pen to paper come up with the capital estimate and we can we'll be updating the market in the future first step will be just putting out the results of this resource model and then we need to work through the steps on developing the mine plan, which then helps drive permitting process, what we needed to for permits and so.

It's really a staged approach that we need to work through.

Okay and that will take maybe.

To get those those results and the commentary surrounding that out there.

Yes, so we're looking to put out results on the resource model by year end.

But then the rest of the steps, we'll we'll provide guidance as it becomes available or information as we work through that process going forward.

Okay alright, thank you.

I'll get back into queue I appreciate it.

The next question comes from Michael Porter from Porter, Levay and Rose. Please go ahead.

Thank you Chad.

Chad can you give us a little color about.

What youre worried about as far as supply chain, and whether and how will that affect your timetable for the plant.

Thanks, Thanks, Michael for the question.

We have looked at that and built that into any of that into our schedule.

As of right now the delivery of our long lead time items.

They are on track.

As we mentioned earlier, we sent a team to Europe to do inspections, we'll continue to do so, but it's tracking as we expected.

Thank you.

Okay.

There are no more questions in the queue.

This concludes our question and answer session.

I would like to turn the conference back over to Terence Cryan for any closing remarks.

Thanks, everyone for joining us. This morning, we really appreciate your interest in our company, we look forward to keeping them regular touch with all of our stakeholders.

So.

We'll be in touch shortly thanks again good day.

This concludes today's conference call you.

You may disconnect. Your lines. Thank you for participating and have a pleasant day.

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