Q3 2022 Gran Tierra Energy Inc Earnings Call
The conference will begin shortly to raise your hand during Q&A you can dial.
Yeah.
Okay.
Good morning, ladies and gentlemen, and welcome to Gran Tierra Energy's results conference call for the third quarter 2022 my.
My name is Kathy and I'll be your coordinator for today at this time all participants are in a listen only mode. Following the initial remarks, we will conduct a question and answer session for security analysts and institutions instructions will be provided at that time for you to queue up for questions.
I would like to remind everyone that this conference call is being webcast and recorded today Thursday November three 2022 at 11 a M. Eastern time today's discussion may include certain forward looking information as well as certain non-GAAP financial measures. Please refer to the earnings and operations.
I'll update press release, we issued yesterday for important disclaimers with regard to this information and reconciliations of any non-GAAP measures discussed on today's call.
Any production volumes are based on working interest sale before royalties. Finally this earnings call is the property of Gran Tierra energy incorporated any copying or rebroadcast hang up this call is expressly forbidden without the written consent of Gran Tierra energy I'll now turn the conference call.
All over to Gary Guidry, President and Chief Executive Officer of Gran Tierra. Mr. Guidry. Please go ahead.
Thank you Kathy.
Good morning, and thanks for joining Gran Tierra is third quarter 2022 results conference call.
My name is Gary Guidry, our President and Chief Executive Officer, and with me today are Ryan Nelson, Our executive Vice President and Chief Financial Officer, and Paul Baker, Our director of asset management.
On Tuesday November one we issued a press release that included detailed information on our third quarter 2022 results.
Which is available on our website.
Paul and Ryan we will make a few brief comments and then we'll open the line for questions.
I'll now turn the call over to Ryan to discuss key financial highlights from our third quarter results.
Thank you Gary.
Good morning, everyone Greg.
Gran Tierra achieved a strong quarter by delivering $94 million of funds flow and $37 million of free funds flow well drilled three exploration wells to Boca Chica will in Ecuador, and the Gators enrolls wells in Colombia.
Over the last 12 months, we generated net income of $168 million adjusted EBITDA of $462 million funds flow of $350 million and free cash flow of $146 million. This free cash flow allowed us to execute our share buyback plan and strength of our balance sheet.
Bond buybacks and the pay down of our former credit facility during the quarter, we strengthened our balance sheet, while reducing the overall certain shares to 358 million shares representing a reduction of about two 9% and our total outstanding share count during the quarter the company exited the quarter with $118 million of cash on the balance sheet.
Depth.
$462 million with our new credit facility remaining completely undrawn during Q3, the Brent oil price averaged $97.70 per barrel up 33% from one year ago, but down 13% from the prior quarter.
The companys quality and transportation discount widened to $30 37 per barrel in Q3 up from $13 per barrel in the prior quarter and $11 50 per barrel one year ago. The increases in this discount were driven by the widening of the Colombian oil price differentials relative to Brent oil price.
During Q3, we achieved net income of 39 million up 10% from the third quarter of 2021 Q3 earnings of 11.
Down from <unk> 14 per share in the prior quarter.
Gran Tierra is total average production in Q3 was 30 391, PD up 5% from the third quarter of 2021, and approximately flat with second quarter of 2022 during the quarter. This oriented block in Colombia, Putumayo basin experienced occasional disruptions due to localized blockades.
These blockades lowered the company's total average production in Q3 by approximately 920 <unk>.
Gran Tierra generated Q3 oil sales of $168 million up 24% from one year ago and down 18% from the prior quarter.
Funds flow from operations was $94 million up 36% from one year ago and down 10% from the prior quarter. The company's future operating netback was $44 26 per barrel of 28% from one year ago.
Ill step back per barrel was $33 42.
Compared to $37 30, 71, a FERC order, which was only a 11% decrease despite a 13% decrease in the Brent pricing compared to one year ago cash netback per barrel increased 31% from $25 50.
In terms of Capex during Q3, we incurred $57 million of capital expenditures, which were lower than the prior quarter's level of 65 billion as the majority of Gran Tierra is capital development programs in both Accordant Arrow and cost Jaco were completed during the second quarter 2022.
During Q3, Gran Tierra drilled three exploration wells to book, which you go well in Ecuador in the guidance, one and rose one wells in Colombia subsequent to the quarter end, we drilled and cased the drop in Norway, well in Ecuador, and testing will commence shortly.
As part of our ongoing commitment to reduce Gran Tierra is net debt. During Q3, we bought back approximately 21 $20 million $20 1 million in face value of Gran Tierra is six 5% senior notes due February 2025, approximate cost of 17 million $17 3 million, representing a discount of about 14% to the face value.
Our 2025 bonds.
Purchases bonds will generate interest savings of $3 million over the remaining term to the mature maturity of the 2025 bonds during the quarter, we repurchased 10 7 million shares representing about two 9% of reserves outstanding for a total price of $14 4 million, which was at an average cost of $1 34 per share U S.
With current production of approximately 32000 <unk>, we look forward to finishing 2022 on a strong note and are excited about our plans for 2023 development and exploration capital programs. As many of you are aware there have been numerous proposals for changes in the tax regime in Colombia.
The uncertainty of what the ultimate changes will be we don't have any comments on the proposed changes other than Columbia has a long history of providing a stable environment for long term investment and we expect that to continue in the future.
I'll now turn the call over to Paul discussed some of the operational highlights from our third quarter results.
Thank you Ryan good morning, everyone. Gran Tierra continues to drive efficiencies at its major fields as Ryan mentioned, our production for the quarter was 30 391 barrels of oil per day.
So far during the fourth quarter to date, our production is averaging 32291 barrels of oil per day, our waterflood projects in our core fields continue to yield stable and expected results with low natural declines.
During Q3, we commenced our enhanced oil recovery polymer injection project in the accordion outfield. This pilot injection tested the milestone.
After several years of laboratory work and modeling indicated the accordion, our reservoirs suitability for polymer injection.
We are also excited about the initial exploration results that the company has achieved in both Colombia and Ecuador.
Boca Chica, one was the first well that we drilled in Ecuador. After the previously disclosed initial production testing of the deeper zone. The T sand the company moved up hole and tested the use and which was Waterbury. We now plan to go back to the T sand to stimulate it and place it on a long term test before moving up hole to test the <unk>.
<unk> information.
Gran Tierra is second Ecuador, well drop in North of one has finished drilling and is being case to the total depth of the well.
Our core was cut in the <unk> zone.
Which had oil shows throughout 60 feet of core with 40 feet of potential oil pay identified we plan to production test to rapid north a one during November of 2022.
In Colombia, we drilled the rows one well in the Putumayo basin. The company production tested the N sand over a 72 hour period and during this period, the well flowed naturally without a pump at an average stabilized rate of 242 barrels of oil per day, a 15 degree API gravity.
Two barrels of water per day with the gas oil ratio of 10 standard cubic feet per barrel.
In the Middle Magdalena Basin based on the encouraging results of the guidance one exploration well.
We moved a drilling rig for the guidance pad and on October 27, we spud the guidance two exploration well.
We expect guidance to target multiple reservoir zones in a location that is structurally higher than the guidance, one well and our planned effort to test to let them information and the deeper <unk> further away from possible oil water contacts.
I'll now turn the call back to the operator, and we'll be happy to answer any questions. Operator. Please go ahead.
Thank you, ladies and gentlemen, we will now conduct the question and answer session for Securities analysts. If you have a question. Please press the star key followed by one one on your Touchtone phone, So Thats star one line.
Our atone acknowledging your request your questions will be pulled in the order. They are received please ensure you lift the handset if youre using a speakerphone before pressing any Keith one moment, while we compile our Q&A roster.
Our first question comes from the line of.
Ill go viral Lynch from Merrill Lynch. Your line is now open.
Okay.
Hi, Good afternoon can you hear me.
Yes Crystal clear.
Perfect. Thanks for taking my question. This is <unk> with balance I had three questions. If we may go one by one that would be great.
First starting on the lifting cost we noticed that lifting cost year to date continue to be well above the high end of your full year guidance. So just wanted to understand what Joe This increase in third quarter and if youre, taking to this range and how you plan to each.
Such reduction by fourth quarter.
Yes, I think part of the lifting cost.
Honestly, there is certain amount of inflation globally, but also in Q in Q4, Paul had mentioned that we are over 32000 barrels a day a substantial amount of our lifting cost per <unk>.
Lifting costs are fixed so as we ramp up production during the quarter that per unit cost will decrease.
Okay.
Understood understood and perhaps take into to that guidance for production fourth quarter just to <unk>.
Turn better.
Impact that you saw during the quarter due to operational disruptions and contingencies in the third quarter. So if you could perhaps provide more detail on what drove this impacting production levels in Colombia, the nature of the issues and how should we think of this going forward.
Yes.
<unk>.
The disruptions that we had during the quarter were in the predominantly in this oriented block, which was around 902950 barrels a day impact and those were blockades.
The majority of the blockades, we're against the central government and Oregon's Gran Tierra. So Unfortunately, you get caught in the middle of that.
We're working very closely with the government to mitigate those blockades going forward.
And again, Unfortunately, it's a difficult one to predict so we arent anticipating blockades during the quarter.
But again, it's a challenged one to predict.
Understood and maybe just my last one we saw in your corporate presentation that youre guiding for a cash position for year end of about $190 million from roughly at the midpoint.
With about $70 million coming from working capital and other cash items. So just if you could share more details on how do you plan to achieve this target.
Yes, I think when you look at the quarter, obviously, a pretty constructive oil price environment right now our capex is dropping during the quarter compared to the past quarters, you'll have a lot of the development programs behind us.
And so we have a free cash flow build just on our operations, but then also we expect our.
2021 tax refund in.
In the range of $20 million to $25 million to come in during the quarter as well.
Okay. Thank you.
Thank you.
Our next question comes from.
<unk> writing of Peel Hunt your line is now open.
Hey, guys.
There is no FY.
FY 'twenty three guidance yet but.
I guess, we're only weeks away from being in the final months of this year and so the outcome for 2022 is largely known.
So to the extent possible could you, perhaps give us a feel for future production.
Spectation next year.
And then following on from that.
Just wondering in which year you see peak production being achieved from your current assets.
Okay.
Yes.
The short answer is we are meeting we meet with our board of directors annually to discuss our long range plan.
Life of all of our assets and then a five year outlook.
And out of that Rolls are our budget for 2023 will be press releasing that in mid early to mid December .
Which will give you all of the guidance that we expect in terms of peak production.
This year as you know.
We focused on several things one was balance sheet are.
Our balance sheet is in great shape and the second thing we focused on is expanding our waterflood and our big deals.
And then the final that Paul mentioned is our pilot test on on polymer. So if you combine all of those we do have clear room to increase production expanding waterflood.
Pending recovery.
As Ryan mentioned, we have some some exciting exploration wells at the success that we're going to appraise and so we'll give you some guidance on 2023, but in terms of peak production.
Got lots and lots of dry powder for the next couple of years.
Okay. Thank you.
Our next question comes from the line of Joseph Shatner with Sir.
Your line is now open.
Good morning, Gary Ryan and Paul Thanks for taking my questions.
Just to go to the balance sheet in there probably for Brian .
Sort of asked earlier about.
18 on their U S. Now in 180 to 200 at year end because of the comments you made before of how you get there.
We don't need more than 100 are you looking to take advantage of during Q4 Q1.
Any disruption to the market, where you can buy bonds at a big discount like you did.
During the quarter are you looking at maybe being more aggressive on your answer there.
Or is there acquisition potential where you can get some additional assets that fit within Europe Europe core areas can you kind of walk me through how you see the cash being used.
Or do you really want to keep that much cash on the balance sheet going forward.
Yes, no great. Thanks, Ross Great question, I think when we look at the capital allocation. Maybe if you look at Q3 is somewhat balanced we had some development capital some exploration capital as well as the share repurchases and bond repurchases well, we would expect this share repurchase and bond repurchase to continue in Q4.
Obviously always dependent on market conditions, and then we always are looking at how we optimize our portfolio and that could be buying assets could be selling assets is really a broker in the long term value and always making sure that we have the best portfolio possible. So, but just on a static case it would be the focus would be continuing on appraisal of the expert.
Nation, as well as the share repurchase and bond buybacks.
Okay, and just to clarify you mentioned the NCI would be was it $1 34 per share is that Canadian or U S.
Our U S.
Okay. Okay. Good that's it for me thanks very much.
Thank you.
Okay. Thank you.
Our next question.
Will come from the line of Mackay is caustic Nino.
<unk> Securities. Your line is now open.
Hello can you hear me.
Yes, yes.
Oh, Okay. Thanks for taking my question I just wanted to ask about.
Great to us remark.
Allowing the exploration on existing contracts and not allow new contract.
No that is not yet defined don't want to ask about your view on that just a question the first one.
If that happens you would still have full access to your <unk>.
Right.
From existing contracts on your clearly to explore and develop them and the second question is that have the Tennessee dot private players in Colombia, we're not granted a lot of new contracts in the lithium path.
Can you tell me how many of your existing contracts were granted in the past, let's say three to five years.
Yes I.
I think the short answer is president Petro.
It's clearly said no new exploration contracts.
Gran Tierra is in a very good position we're.
Our focus in all three of the basins in Colombia. The Putumayo is the big one for us.
But we also have lens and exploration in the middle Magdalena and <unk> basin.
We've also come through a couple of years here, where we refocused our exploration efforts. We went through the regulatory process. So we have an inventory of lands on land that we currently have.
To drill over the next couple of years.
President of Petro has not said anything about it.
Existing lands and we've found that the.
The regulators and the government or <unk>.
Business as usual cooperating and what we're doing but having said that we've also.
Had some some success early success in Ecuador as well.
And it's the same basin as the Putumayo, we have some some exciting things to do in Ecuador and so.
The short answer to your question is we're continuing our focus on enhanced recovery and our big fields and coast Jaco Morgana Accordant Arrow.
And we have lots of inventory to continue drilling over the next couple of years.
Just speaking for Gran Tierra.
Okay. Thank you.
Okay. Thank you.
Yes.
Our next question comes from the line of Rodman Rossi.
Of Canaccord Genuity.
Your line is now open.
Yes.
Thank you. Thank you very much and good morning, everyone.
So I have a couple of questions.
Sequentially, if I may.
The first one is related to the new marketing agreement you have in place. So of course, you can have a positive or negative impact depending on the next month, Brian Cheng. So I was just wondering if you are thinking about any type of kitchen, maybe.
T J D.
Thank you.
Yes, I think on that.
No we're not I think we're hedging.
The current structure, but we are looking at how we put additional hedges in place just for general price production not so much the month variance because we are really on the whether we price at MRM plus one over a longer period or longer term as you mentioned youll end up getting the same price. If you look at October we're ahead of the price.
Assuming production volumes are flat in October where you have the average Brent price of November and in November we had the average Brent price as in December . So it's really just about one month variation. So we're not looking at hedging that but we are looking at and we're working in conjunction with putting together our capital program on price production to make sure that we expect.
Prices continue to be volatile, but just make sure we have the downward production for we don't have to start and stop our capital program.
Perfect Perfect and then the second question is related to.
The exploration campaign, so so far quite positive results.
Just wanted to check.
What are you expecting for next year, the focus will be put the macro any color on maybe the Ecuador.
Pending commitment down there.
Yes.
Total commitment in Ecuador is 14 wells.
And we're just in the process of converting one of those two a seismic program.
And those 14 wells or will include some appraising appraising work.
Part of the process.
And so we're quite comfortable with what we're doing in Ecuador, and where we're going prospectively wise today.
In terms of what are we planning for next year, we're planning for an additional four wells in Ecuador, That's our plan for the.
The year that could increase.
Certainly with success that we're having.
And.
Several wells, we have several wells planned.
In the Putumayo as well as the Middle Magdalena Valley, and we will disclose our firm plans in December as I mentioned after we've gone through our planning process with our board.
Okay.
Thank you.
Our next question comes from Jose Maria Silver.
Of BTG.
Your line is now open.
Hello.
Can you hear me.
Yes, yes crystal clear.
Thank you. Thank you very much Glen could hear in my head for a little bit.
A couple of questions that I would like to ask and I would like to go.
One by one so since we were all Nicola.
I will start there.
When should we start to expect let's say first.
Significant oil to start coming out of there.
And do you have already all the infrastructure in place that once this starts yielding copper oil you can export out of the country and start to deliver deadline that's number one.
Yes.
The on the production.
The test barrels that we already had from Boca Chica, we already have those in our pipeline. So it's very very quick for us to get our barrels to market.
As you will remember, we're all of our barrels actually all of our barrels in the Putumayo basin, we're selling those into Ecuador right. Now so we're very familiar with the trucking the offloading and just the regulatory processes in Ecuador, So that will be a bottleneck at all and as far as production ramp up.
As we mentioned, we're just looking to isolate the upper <unk> before moving up to the basal pain, which is the ability and the enzyme equivalent in the putumayo.
So we'll be testing that and then we will be testing drop of North day here in the month of November so assuming we have positive test results things can ramp up fairly quickly and Gary mentioned, we already have four wells are planned for next year and with success that could increase as well. So it really is going to be the upcoming test results coupled with capital allocation.
Next year.
Okay.
I know this is quite preliminary but any any level of production that you should expect for next year coming from Ecuador.
I think we just have to wait for the test results.
Perfect.
Regarding the bond repurchases et cetera.
That goes to continue going into the next year.
Do you have any.
We'll limit in mind of how much do you want to report shows.
And is there any limit which fastest or else you would have let's say to tender the bonds and call them.
12 to holders.
Yes. Good question the limit is really just not.
Not tripping over the creeping tender rules, if theres something we work very closely.
With the people repurchasing the bonds so that is.
And there's not really a bright line tests on what that entails over very closely with legal counsel as well as the banks with Cisco that not to trip that up so that really is the limiting factor as far as.
The quantum.
Did you said there was no limitations on that.
Quantum we're trying to get the right balance of allocating the free cash flow through share buybacks bond repurchases as well as optimizing the NPV of our existing assets.
Putting money towards exploration as well, especially based on the results that we've had thus far.
Okay that's perfect.
Regarding the production can you guidance.
You said already how much the quarter to date production has been on average.
And I'm sure you have on your budget and exit production for two that we should expect for the end of the year.
Yes.
Exit production is going to be in the 32 to 34 1000 barrel a day range.
We're just in the process of bringing on bringing on wells.
And so that's our plan and we'll give you a sense of where we plan to take that in 2023 in mid December .
Okay perfect Alright.
And at the risk of cannibalizing the call I will continue here a little bit.
You on the beginning of the call you said that.
Do not want to quantify the impact of tax structure like that.
No thats moving subject because the taxes were originally.
10% surcharge and then it tends to be a dynamic one.
Ken we have let's say an idea of the magnitude that this could be like 10 million or 15 European site.
Just to have an idea of how much of an impact this could have on free cash flow generation for next year in terms of the <unk>.
Extra taxes that you will have to pay.
Can you give us let's say some kind of range are still reluctant to share something like that.
Yes, I think we would feel more comfortable giving a range. Once the legislation has been passed and then Gary mentioned once we put our numbers out in December .
We should have much more <unk>.
It will be finalized or much more clarity and then we'll provide that at that point.
Okay. Thank you.
Our next question comes from the line of Garrett.
The development of J H Lane partners.
Your line is now.
Hi, there I'm just wondering if you guys could provide some more clarity around the use of the excess cash by the end of the year.
I know you said current development exploration bond and equity pre purchases, but.
If you add $100 million of excess cash you have how much of that would go to development and exploration and how much to bonds and how much to share repurchases.
Yes, I think it's when you look at it we only have two months left in the year. So when we look at really the excess cash is really was really targeting excess cash by the end of the year. It really will be in conjunction with putting together our 2023.
Plan and budget.
So I think this is all going to go below that point, so we'd probably have more than our target at the end of the year and then it will.
It will dovetail into what our 2023 looks like.
Okay.
I guess just in terms of like what.
What you guys will come after marsalis, and others will be.
50, 50 bonds and equity or how do you see that playing out.
Yeah on the bonds and equity.
Similar to what we had during the quarter Q3, it is fairly balanced between the bonds and the equity and we would expect that to be the same in Q4 as well okay. Thank you very much.
Thank you.
Thank you. Our next question comes from the line of.
Mario <unk> of Barclays.
Hello can you hear me now open.
Okay.
Hello can you hear me yes.
Okay. Good.
Thank you for taking my question I wanted to ask a similar question, but the 25 and if you're planning on doing any liability management.
Thank you.
Liability management is always a function of market conditions right now we're carefully monitoring the market. Our base plan. Currently is just to continue to look at repurchasing inventory to revise as well as the equity.
Okay. Thank you.
Youre welcome.
Thank you one moment for our next question.
We have an additional question from Joseph.
Shatner of Sir.
Your line is now open.
Thanks again for helping you had another question Gary this one's for you more on the political side.
We're seeing.
First Colombia and Venezuela.
The leadership, becoming more friendly refinery issues there the United States seems to be opening up now, allowing chevron to do work there.
And repsol to move product into Europe , because of the shortages do you see some of the basins youre working in moving into Venezuela, something like.
The door opens again.
And the Colombia, and Venezuela government sign agreements would you see that as an area for <unk>.
Gran Tierra to be working in certainly in the U S government.
Moves any sanction or <unk>.
Legal issues against.
People, working and Theyre, all Americans Canadians or whatever.
Yes, I think the short answer is we always monitor what's going on in the regions that we operate Venezuela is no different.
The relationship between Colombia.
In Venezuela, certainly will help from a humanitarian standpoint, there is quite a few refugees that are in Colombia.
Straining straining the system. So I think overall that will be helpful. If they can normalize relations between the two in terms of business and business development for Gran Tierra.
The short answer is we will continue to monitor what's going on.
The skill set that we have in Colombia, the team that we have in Colombia and Ecuador.
We would fit right in to the Venezuela.
My view is that would be a very long term transition if it happens at all.
Okay. Thanks for the extra color on that thank you very much.
Thank you gentlemen, there are no further questions at this time please continue.
Thank you Kathy and I would like to once again, thank everyone for joining US today, we look forward to speaking with you in the next quarter and update you on our ongoing progress. Thank you very much.
Yes. Thank you for your participation in today's conference. This does conclude the program and you may now disconnect.
The conference will begin shortly to raise your hand during Q&A you can dial star one one.
[music].
Okay.
Yes.
Sure.
[music].
Okay.
[music].
Yeah.
[music].
Okay.
[music].
Thank you.
Sure.
[music].
Okay.
[music].
Yes.
Okay.
Yes.
Yes.
[music].
Yes.
Okay.
Yes.
[music].
Yes.
Yes.
Yes.
[music].
Okay.
[music].
Okay.
[music].
Okay.
Yes.
[music].
Yes.
Okay.
Okay.
Yes.
Okay.
Yes.
Yes.
Okay.
[music].
Yes.
Yes.
[music].
Okay.
Okay.
Yes.
Okay.
Sure.
Yes.
[music].
Okay.
[music].
Yes.
Okay.
[music].
Okay.
[music].
Okay.
[music].
Okay.
[music].
Okay.
Okay.
Okay.
[music].
Sure.
Sure.
Yes.
[music].
Okay.
Okay.
Yes.
Yes.
Okay.
Okay.
[music].
Yes.
Yes.
[music].
Yes.
Okay.
[music].
Sure.
Thanks.
Yes.
Okay.
Okay.
Great.
Okay.
Okay.
Okay.
Okay.
Sure.
Okay.
Okay.
Okay.
Sure.
Okay.
Yes.
Yes.
Okay.
Okay.
Okay.
Okay.
Sure.
Okay.
Thank you.
Okay.
[music].
Okay.
Okay.
Yes.
Yes.
[music].
Okay.
Yes.
Okay.
Yes.
Yes.
Yes.
Okay.
Yes.
Okay.
Yes.
Thank you.
Thank you.
Yes.
Thanks.
Yes.
Yes.
Okay.
Okay.
Okay.
Okay.
Okay.
Yes.
Thanks.
Okay.
Yes.
<unk>.
Yes.
Okay.
Okay.
Yes.
Okay.
Okay.
Yes.
Yes.
Okay.
Okay.
Okay.
Thanks.
Okay.
Yes.
Okay.
Sure.
Thank you.
Sure.
Okay.
Okay.
Thanks.
Yes.
Okay.
Okay.
Yes.
Yes.
Okay.
Sure.
Thank you.
Yes.
Yes.
Thank you.
[music].
Yes.
Yes.
Thank you.
Okay.
Thank you.
Yes.
Sure.
Thanks.
Yes.
Thank you.
Okay.
Okay.
Okay.
[music].
Sure.
Okay.
Yes.
Okay.
Sure.
Thank you.
[music].
Okay.
Thank you.
Thank you.
Okay.
Yes.
Sure.
Okay.
Okay.
Thank you.
Okay.
Alright.
Okay.
Yes.
Sure.
Okay.
[music].
Okay.
Okay.
Okay.
Thanks.
Thank you.
Okay.
Thank you.
Yes.
Yes.
Okay.
Yes.
[music].
Okay.
Sure.
Great.
Okay.
Okay.
Okay.
Okay.
Okay.
Great.
Okay.
Yes.
Yes.
Okay.
Okay.
Yes.
Okay.
[music].
Sure.
Sure.
[music].
Yes.
Okay.
Yes.
Yes.
Okay.
Yes.
Okay.
[music].
Sure.
Okay.
Yes.
Sure.
Okay.
Okay.
Yes.
Okay.
Okay.
Yes.
Okay.
Yes.
Okay.
Okay.
Okay.
Yes.
[music].
Okay.
Okay.
[music].
Okay.
Hum.
Yes.
Sure.
Sure.
Yes.
Sure.
Okay.
David.
[music].
Okay.
Yes.
Yes.
Thank you.
[music].
Okay.
Okay.
Yes.
[music].
Okay.
Great.
Okay.
Yes.
Sure.
Hi.
Sure.
Okay.
Yes.
Okay.
Sure.
[music].
Okay.
Yes.
Okay.
Okay.
Okay.
[music].
Yes.
Okay.
Okay.
Okay.
Yes.
Yes.
[music].
Sure.
Okay.
Yes.
Yes.
Sure.
Okay.
Yes.
Sure.
Okay.
Yes.
Okay.
Yes.
<unk>.
Okay.
Thank you.
Okay.
[music].
Okay.
Tom.
Sure.
Yes.
Yes.
Okay.
Yes.
Okay.
Okay.
Okay.
Yes.
Yes.
Sure.
Okay.
[music].