Q4 2022 SSR Mining Inc Earnings Call
Hello, everyone and welcome to SSR Mining's fourth quarter and year end 2022 conference call. This call is being recorded at this time for opening remarks, and introduction I would like to turn the call over to Alex on check from SSR mining. Please go ahead.
Thank you operator, and Hello, everyone. Thank you for joining us I'm, sorry mining fourth quarter 2022 conference call during which we'll provide an update on our business and a review of our financial performance.
Our fourth quarter 2022 consolidated financial statements have been presented in accordance with U S. GAAP.
These financial statements have been filed on Edgar and SEDAR. The ASX and are also available on our website to.
To accompany our call Theres, an online webcast and youll find the information to access the webcast in our news release relating to this call.
Please note that all figures discussed during this call are in U S dollars unless otherwise indicated.
Today's discussion will include forward looking statements. So please read the disclosures in the relevant documents.
Joining us on the call today are rod Antal, President and CEO and Allison White CFO .
Now I will turn the call over to Rod for his opening remarks alright.
Alright, Thanks, Alex and Hello to you all and thanks for joining us.
We closed 2022 on a positive by meeting our revised production and cost guidance, thanks to a solid fourth quarter.
All four operating assets were running at a steady state.
We started this year with an improved outlook and earlier this month, we reconfirmed and confirmed our expectations for a strong year of production and free cash flow with the release of its very unique audits.
To reinforce the point on cash flow, we've assumed at that 800 dollar gold price and with a 2023 production guidance of 700 to 790000 ounces, we would expect approximately $140 million of free cash flow this year.
The other positive begin this she is the arrival of Bill Mcnees, who joined the <unk> team as EVP ops and sustainability.
We are fortunate to have someone with Bill's global experience and successful track record with joined the company from Barrick.
The introduction of a fresh set of experience will be beneficial to the business.
Bill its been busy visiting each one of their thoughts to establish priorities.
And looking for opportunities to improve our business and you'll hear from him later in the year.
So now back to the numbers.
But they are 2023 headline cost.
So we're elevated year over year it is not just inflation.
We are also executing on a number of expansion of us to improve the outlook for SSR in the future and I will discuss these further during the call.
Before we move on some key highlights from the fourth quarter and full year 2022.
The business delivered strong fourth quarter production of 193000 ounces at an all in sustaining costs of 3800 $50 per ounce.
Full year production of 624000 ounces at an all in sustaining costs of 30 $839 per ounce well within the company's revised full year guidance ranges.
In 2022, we returned approximately $160 million to shareholders through the combination of our base dividend program and 100 million dollar in share buybacks.
This marks our second consecutive year, delivering a <unk>, 5% capital returns yield.
We continue our successful portfolio rationalization process with the sale of Peter here and some non core equity positions generating approximately $135 million in total consideration during the year.
Cash proceeds were redeployed into the target go and calculate tip out acquisitions.
And finally in quarter, four we generated almost $100 million in free cash flow, which is really an impressive result.
So let's move onto the next slot on a as Qi.
I'd like to start by first acknowledging the tragic earthquake impacting Turkey, and Syria and thoughts.
So let's go out to all the people who either directly or indirectly have been impacted.
Paying close attention to the situation, where a mine rescue teams have been assisting the rescue efforts on the ground.
Now people, but employees and business partners are the cornerstone of our business how.
How we operate and engage as we improve ESG is underpinned by SSR mining's core values.
Whilst we are doing considerable work on all aspects of ESG today I'd like to focus on safety.
In 2022, we worked on improving the systems and protocols as the foundation of our site operating systems.
We continued to deliver against the goals outlined in our annual sustainability report, including the role that the integrated management system and the progression of third party closer reviews across all our operating sites to ensure a positive post money future for all our stakeholders.
But we also work to develop a water stewardship strategy as part of our focus on continually reducing our environmental footprint going forward.
We're proud of the progress and we'll highlight them and have plans for the year ahead, and our upcoming sustainability report.
In the year ahead, we will increase our focus on field leadership and the quality of safe production.
Getting our people home safe is a top priority.
As a key improvement point for 2023.
So moving on to slide number five.
As I previously mentioned 2023 guidance enrolling three year outlook outlines a stable production platform of approximately 700000 ounces through 2025.
Our focus in 2023 is the continued advancement of our name on exploration and resource development programs as we look to support the Spice fund annual production over the longer term.
Across the portfolio, we have a number of brownfield exploration and development opportunities that we are confident will drive reserve conversion to ensure the 700000 ounce a year platform is met or expanded upon for the remainder of the decade.
Later this year, we expect to showcase maiden mineral reserves, the chip with seat to expansion project as well as a new mine plan that incorporates ounces from Mary goes new millennium target.
At Seabee, and Puna Mnemon drilling initiatives are well advanced and presented the opportunity to build reserves and extend mine lives at each asset.
In short while the production platform outlined in this slide is largely centered on existing mineral reserves only we see several opportunities to build on these existing reserves in the future.
In addition, we continue to remain active through the evaluation of strategic opportunities across the sector and in particular in our core jurisdictions.
And despite the flurry of recently announced deals we will remain disciplined.
With respect to any future opportunities.
So on to slide six and I'm going to hand over to Alison.
Thank you Rod and Hello, everyone.
Okay on our capital returns program and track record, which we are well aligned.
The three pillars of our capital allocation strategy.
Reinvestment in growth balance sheet strength, and returning capital to our shareholders.
During 2020, we returned nearly $160 million to shareholders through the base dividend and share buyback program. This builds on our 2021 return with total returns of $350 million shareholders. Together. These programs provided two consecutive years with a 5% capital return counts.
Our approximately $250 per gold equivalent ounce.
Over that same period of time.
Firstly, our base dividend, yielding approximately 2%.
We maintain the ability to supplement that dividend with share repurchases under our share buyback program.
Slide seven well provide a review of 2022, so let's take a look at our results.
A few of the key points that are relevant to consider at the end of the fourth quarter and are worth highlighting today.
Full year production.
624000 ounces at an all in sustaining cost of $1339 an ounce was in line with revised guidance.
Fourth quarter production of 183000 ounces at all in sustaining cost of $1352. An ounce was a solid finish to the year and included the delivery of nearly $100 million in quarterly free cash flow.
During the quarter, we issued press releases that detailed additional exploration success of Checkmate Cafe extension Marigold and Seabee.
We are excited by these results and have expanded our exploration budget in 2023, and an effort to continue enhancing these brownfield opportunity.
We closed the acquisition of an additional 30% of cartels Hefei again successfully redeploying proceeds from noncore asset sales.
Our core jurisdiction.
And each of the operations we had the following highlight.
At <unk>, we accelerated maintenance during the suspension to alleviate maintenance that was previously planned during the fourth quarter of 2022.
This allows the sulfide plant to operate at a record average throughput of more than 8000 tonnes per day during the fourth quarter.
Marigold delivered strong fourth quarter cost.
Performance, producing 63000 ounces at an all in sustaining cost of $1160 an ounce.
<unk> delivered strong operating performance with mining and processing rate.
<unk> nearly 1300 tonnes per day in Q4, and Pune delivered consistent another consistent quarter and that its full year production and cost guidance target.
Overall, a very positive close to an eventful year now.
Now, let's move on to slide eight to discuss our guidance and our outlook.
Earlier. This month, we released our 2023 and rolling three year guidance update as noted in that release, we are expecting a strong 2023 with respect to production and free cash flow.
Over the three year period, we continue to expect average annual consolidated production of approximately 700000 ounces.
In 2023, our cost profile incorporates initiatives at our two largest asset share player and marigold.
Oh sure Blur, we expect first production from Chuck next FAA extension in 2023, and the costs associated with the development of the Chatbot Cafe extension open pit.
<unk> and our all in sustaining costs.
At Marigold, we have re sequenced development of the Red dot target, including the startup waste stripping activity and the acceleration of $28 million for haul truck purchases.
The Red Dot stripping costs are included in ASC at Marigold and account for nearly $100, an ounce of SSR mining corporate level coffee pounds.
As we look ahead, we expect 2023 will mark the high point for sustaining capital over the three year period.
Moving forward, we also expect to deliver a number of catalysts some of which you can see on this slide.
We are advancing exploration updates across the portfolio further demonstrating the wealth of development opportunities available across SSR mining.
We have increased our exploration and development budget to $94 million up approximately 50% over 2022, and we expect the exploration programs will continue to support our resource development and conversion as we seek to build mineral reserves and extend mine life at each of our assets.
We are advancing the pre feasibility study for the <unk> expansion project at sharp there as well as internal district Master plans for C D Marigold and Puna.
The purpose of the district Master plans is to capture growth opportunities for each of the assets as drilling advances while at the same time consider considering other important aspects like permitting and technical requirements to ensure the mine can keep our positive drilling results into reserves and growth in a shorter time period is.
Possible.
Internally, we have a lot of excitement about the future of each of the asset.
And our exploration plans in 2023 are designed to confirm and expand on this deal.
So let's move on to slide nine and talk about the financial results.
For our financial results. This quarter, we produced nearly 183000 gold equivalent ounces, bringing full year production to 624000 gold equivalent ounces.
With revenue of $306 million.
Gold equivalent sales of 172000 ounces were slightly lower than the ounces produced due to a temporary strike or port workers that impacted the timing of when concentrate from tuna could be loaded to shipping vessels.
Fourth quarter revenue was $302 million driving attributable earnings of $94 million or 43 cents per diluted share.
While adjusted attributable earnings were $26 million or 12 cents per diluted share.
Free cash flow was $97 million in the quarter or $74 million before working capital changes.
Full year free cash flow was $23 million or $171 million before working capital changes.
On the right hand side of this slide I will touch on the reported 12 of attributable net income per diluted share in the fourth quarter, which is calculated based on the company's definition of adjusted attributable net income per share.
Attributable earnings of 43 cents per diluted share with adjusted for a number of items, but most significantly for the gain recognized on the acquisition of an additional 30% interest in the cartels Hefei joint venture.
Adjustments for foreign exchange tax and other minor items, including the Mark to market of our noncore equity investments are also shown on this slide.
Turning to slide 10, we can talk about SSR mining financial position.
At the end of the quarter the company held cash and cash equivalent balance of nearly $700 million with net cash of nearly $400 million and total liquidity of nearly $1 billion.
We continue to maintain a strong cash balance and balance sheet, despite incurring a $100 million in share repurchases $59 million in dividend payments to shareholders.
$71 million and scheduled debt repayments and $170 million in cash outlays for strategic M&A activity that all occurred during 2022.
With our existing net cash position and the expectation of a strong year of free cash flow ahead, I would like to reiterate our three priorities with respect to capital allocation.
Yeah.
First we will continue to reinvest in growth for the business, including our exceptionally high return check mix type of extension in situ projects as well as our exploration programs, where we increased our portfolio wide budget by 50% over our 2022 cents.
We will continue to evaluate external opportunities for growth building on our track record in 2022 as demonstrated by the recent acquisition of Tiger golf and cartels at Bay.
We are committed to maintaining a robust balance sheet to weather volatility in the commodity price environment and to ensure that all of our aforementioned capital commitment debt servicing requirements and base dividend payments are fully funded even in the event of a potential downturn in the gold price.
The quarterly base dividend at seven cents per share is payable to our $1350 an ounce gold reserve price.
Finally, the third pillar of our capital allocation program, we remain committed to capital returns.
2022, we returned nearly $160 million to shareholders, our second consecutive year with a capital return sealed up approximately 5% in.
In 2023, our base dividend is yielding approximately 2% and we maintain the option to supplement those returns with our existing share buyback program.
And with that I'm going to turn it back over to Rod for an asset level review.
Alright, Thank you very much Alison as a whole lot of when we kick the call off we are pleased to be starting twenty-three with all our assets running at city site and we expect to deliver a very strong year of production and cash flow.
I want to point out that given the mine schedule and grade profiles for each asset we expect our consolidated production will be more weighted to the second half with 55% to 60% of our planned production coming in hydro too.
One more point of granularity, we expect quarter, one will be our lowest production quarter in the second half will be the strongest cost and cash flow performance.
Now, let's go through each one of the assets starting with Sherpa on slide number food.
<unk>.
Thank you, Texas, Florida module.
Cut sharply we successfully restarted operations and closed the year with a strong finish delivering quarterly record throughput more than 8000 tonnes per day in the sulfide plant.
Strong sulfide plant performance.
The mine actually exceeded its revised 2022 production gardens.
With full year production of 191000 ounces sitting yourself will the cheapest to deliver production guidance of 240 to 270000 ounces in 2023.
2023, we expect to deliver the first gold production from checkmate type of extension.
Recall that the checkmate type of extension is expected to add one point to me linear ounces to trip as life of mine.
The project is a major contributor to exercise longterm production protocol and this is an incredibly quick transition from discoveries just six years ago.
Total conversion costs. These P looting at only $6 for discovery plus $58 per ounce for development.
Further at the end of last year, we announced a number of positive exploration results that could potentially drive further growth.
Of course with the startup of New mine comes development costs that are incorporated into chip was sought level all in sustaining costs to shoot.
While this provides a short term mismatch is the mine and ultimately gold production ramps up.
In the longer term check my tip I provides a very attractive cash flow generation and increases in gold production.
With respect to our other growth initiatives, we continue to progress <unk> expansion project towards a PFS.
In the second half of this year.
<unk> represents the next phase of growth, which you apply it as another extremely high return project for the business.
Additionally, we closed the acquisition of another 30% in the chocolate chip out a joint venture in the fourth quarter and this transaction delivers SSR mining's, 80% ownership of being tortured district.
Streamlining operating and exploration activities across the portfolio.
Notably the checkmate <unk> by extension project continues to show a potential on the Cauca tipped by ground and the licenses also hosted a number of other original exploration prospects, including Mega dairy.
Part of the focus for the 2023 exploration effort.
As you can appreciate we have a full suite of knee and longer term growth opportunities across the triplet district and will continue to aggressively advance each one of these projects pain targets during the year.
Moving onto the next slide with Marigold.
Mary going to Marigold again delivered quarter over quarter improvement with quota for production of 63000 ounces and all in sustaining cost of $1160 per ounce.
Bringing production to the bottom and if its revised full year guidance range.
I would also like to speak to the challenges we faced Mani final golf.
Sorry money foreign oil was at Marigold in 2022 as important context for this year.
In 2022, we mined ore for three pits at the northern end of the property that can tell you the material quantity fine OS.
These foreign news slowed solution flow through the pad and hanes slowed their production of gold.
In quarter four we commenced a re roofing program on sell 24, where we expect to find those to increase the solution application right, which proved successfully meeting guidance.
Since then we have trains portions of the heap Leach pad and determined that a gravity World program is the best course of action to accelerate the recovery of the remaining 25000 ounces of gold.
I'd like to interest saw is that during this work. We also reconfirmed. This is not a metallurgical issue as evidenced by Golden solution.
We expect the remaining 25000 ounces to be recovered by the end of quarter two.
The other point I would like to make.
Gold Oman in 2023 is more representative of a typical primary gold.
We will return to the normal leach cycles.
This context is important as it will help explain why the production is 60% to 70% weighted to the second half of the year with this asset.
Marigold is poised for a very strong 2023 with production of 260 to 290000 ounces.
The cost profile in 2023 reflects the place of repurchases experience across the board as well as the accelerated spend associated with the re sequencing of waste stripping of the red cell target.
As we have discussed previously a key focus for our team because the optimization of the Marigold mine playing through the remainder of the decade.
Some of this work was to bring forward the purchase of three new haul trucks to early this year to begin stripping at Red dog.
These new trucks.
And why stripping accounts for approximately $100 per ounce. The visits are mornings corporate level, all in sustaining costs, but will be a benefit to the production profile of marigold in the longer term.
In the fourth quarter, we realized positive exploration results of America, focusing on Mnemon oxo.
Excellent material that has the potential to complement the existing Marigold mine life.
Exploration and resource development activities continued marigold, where we expect to be able to include some of the upside potential in future updates and particularly with the new millennium target.
Belong beyond new Millennium, we see further upside from the Trenton Canyon, and Buffalo Valley targets, where we are focused on evaluating the potential potential for longer term pathways for production of Marigold.
The move onto slide number four and the C D C.
So it would be delivered record full year production in 2022, reflecting the very strong grades encountered in the first quarter of the year.
In quarter, four CB mine grade well below expectations, but positively the plane operator.
Average of 3800 tonnes per day.
This is a phenomenal achievement for <unk> and a testament to our continuous improvement prudent and issues of the asset.
In 2023, we expect to have a second half weighted production profile, reflecting the improving grade profile mine during the year.
Our aggressive exploration and resource development program has been expanded in 'twenty to 'twenty three as we aim to convert mnemon mineralization into reserves to expand and extend the remaining life of mine for the asset.
We're also drilling potential extensions at the St. George mineralization to dip as we evaluate the longer term opportunities.
In the fourth quarter, we delivered another batch be exciting drill results from CBD, including the high grade intercepts immediately adjacent to the existing underground infrastructure at St. Georgia.
In addition, we are advancing our exploration activity more regionally, including at Pokestop, that's where we see potential for future growth.
These targets are located approximately four kilometers north west of the C V meal and could present, a long term opportunity that let's see the future.
If you go onto the next slide on Pune.
Continued steady state performance and delivered full year production and cost in line with your original 2022 guidance.
Sooner is again poised for another strong year in 2023, and we expect the mine will sustain similar production levels over the three year God its period.
We restarted exploration drilling at Puente or in 2022.
Been seeing very positive results on the mnemon activity so far.
As a result, we have expanded our exploration program for 2023 as we seek to extend the tuner lots of mine and the mine reserve conversion.
Moving onto last fall.
With that I'd like to offer a brief summary.
Our business is in great position and we're excited about the opportunities ahead.
While our 2023 all in sustaining cost profile is slightly higher than our 2022 results. We are working hard to mitigate the impacts of cost pressures and also looking for opportunities to improve the business performance into 2024.
We continue to expect to generate strong free cash flow in 2023.
We'll bring a number of material catalyst for the market as discussed throughout the call.
However rule are back to normal 2023 and we look forward to delivering a very strong year.
So with that I'm going to hand back to the operator for any Q&A.
Thank you Ms. Sorento, we will now begin the question and answer session.
Joining the question queue you May Press Star then one on your telephone keypad, you will hear a tone acknowledging your request.
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 a moment as the callers join the queue.
The first question comes from Louise Habib Scotiabank.
Please go ahead.
Thanks, Operator, Hi Raj.
Lucky Jessica.
Just a couple of questions for me.
Number one.
Looking at three year guidance and this is specifically at Marigold.
What was the last am Arizona Executive Board.
Second that you brought forward Red dog stripping, which I believe was supposed to take place in 2026 now based on this we see production dip into approximately 150000 ounces in 2025.
And based on the last second part production was supposed to kind of rebound back all the way up to 300000 ounces off cause a dip in production.
How should we be looking at this.
Our production going beyond 2025 is that mine plan is still intact or should we see a difference when do we come up with your Tech report.
Yeah. Thanks advice.
So look I think the.
The point here is we're always looking at ways to optimize mine plans across the business and.
As we looked at the opportunity of Marigold there was.
Really the five because if you remember was trying to smooth that as much as we could.
When we when we ran those optimization.
Schedules it was clear to us that by bringing full with the purchase of the three haul trucks. This year. There was definitely a any incremental NPV value to be had by.
By accessing Red Dot.
Earlier timeframe. It also it also helps with the re sequencing that we.
We also were able to.
Improve the production profile, along the way while we access.
Red dog.
Later on but 2025 will be will still be the.
How are you I guess, if you want to look at it like that and then we rebound up as we get into those high grades at Red dog, So, it's a little bit of shifting around.
Compared to way, we were and will continue to look at it.
And advance there's optimization, if it's as this year progresses as well.
Okay.
Okay. Thanks for that and just a second part of this question is regarding the drilling completed at Marigold in 2022, obviously that was not incorporated into the reserve update that you released to the circuit.
The board, obviously can you provide us some color as to whether or not this could impact the front end of them.
Essentially what I'm trying to get to is can we smooth out production.
In 2025 with with incorporating some of that ounces into interest 125.
Yes.
It's obviously an interesting question device and we didnt incorporate it it is a it is definitely the the old reserves at where were being optimizing.
Some of the drill results around new Millennium, you are encouraging and again it was targeted specifically for the potential for near term opportunity.
We're still going to complete that work and and complete some of the drilling program, which will form the basis of the new reserve updates that will do for Merry go and does still have some potential to to feel that valley for us moving forward, but we're still still.
Work in progress.
Okay sounds good.
I'll stop there and then maybe jump back in the queue. Thank you.
Thanks for that.
Yeah.
Once again, if you have a question. Please press Star then one.
The next question comes from Lawson Winder from Bank of America Securities.
Please go ahead.
Great. Thank you operator, and good evening, Rob and Alison and team nice to hear from you all.
I was hoping to just ask a few questions. So first on <unk>.
On the 2022 guidance from CB, <unk> and kind of like how it moved around and then where you guys ended up for the year a little bit below the revised guidance. When you started the year at $1 15 to 120 went to $1 50 to 160, and then came in got it.
In the middle of that.
I would love your help in trying to understand what was driving the lower inspect lower than expected gold production for.
For example.
The geological interpretation different than what you had thought it was a dilution or continuity and then as a follow up to that.
It werent those grades just pushed into 2023.
Eight.
Quick question Louis and so we we originally hit to you running with the Hum access to that high grade portion I mean quarter. One if you remember that obviously you gave us a big lift and Ah we.
We're able to get almost another 20000 ounces of it overall.
So your expectation towards the end of the year was there was another area that we had targeted four are the.
The same potential for an uplift over the actual reserve.
Through some drilling but as it turned out when we were.
In the actual stope itself. It underperformed so it was as simple as that it was more luxury and.
More control and then we actually had anticipated.
So that's.
That's why I didn't carry over into this year.
Okay.
That's very helpful and then I.
I wanted to ask about.
The general cost inflation in the business, which of your operations are seeing the most insignificant impact from cost and then what in particular would be driving that.
Yes.
The overall.
Across the business I'll, let Alison.
Hum.
We provide a much better explanation I think it depends on which assets you're talking about them because they're all they're all different.
Yeah, all across the board the fuel input pricing is definitely under pressure.
Hum light because I'm in some locations are under more pressure because of higher inflation.
And then in other locations, where we would normally get the relief from exchange rates, where we're not seeing it particularly you took at the moment.
But we do expect that to sort of turn around is is.
As the year progresses, but it really is across the board low so no I don't think were on an island here I think it.
Industry.
Issue.
We have done actually quite a lot of good things to mitigate the costs that don't come through.
We've been able to take savings throughout our supply.
Supply China efforts, where.
When we look for efficiencies in the morning.
Processing to do things with the same resources, but get a get a better result.
But clearly.
Clearly you know that sort of 10% to 15% headline inflation is a S.
Outpace that so a clear focus for us in this year as we move into 2024 to keep on going tell us when you want to add anything else I was just going to offer up the 10% to 15% that we've seen across the board.
From an inflationary perspective, and just reiterate what Rob did mentioned previously which is historically, we've seen inflation and devaluation really be in lockstep with each other.
We're seeing a divergence, especially in Turkey.
Between the two we do anticipate that through the year, especially with the upcoming elections that we will see a change in that but for now that's sort of the landscape. That's what we're looking at but does contribute to the overall change in the cost profile at sharper.
And maybe just a follow up to it.
<unk>.
You don't have the benefit of FX depreciation to offset that.
Are you, saying that inflation at that same 10% to 15% rate.
We are seeing that 10% to 15%.
Pretty equally across the portfolio.
Okay Fantastic and then just maybe one more question on the buyback.
Just to perhaps help us understand how you think about that and in the context of even with higher Capex in 2023, I mean SSR should generate.
Quite a substantial amount of free cash flow and in light of that perhaps would have expected maybe a bit more specificity around that.
Back in your intentions around share repurchases.
When you say you'll be optimistic.
How would you define.
And optimistic opportunity in order to buy back shares.
Maybe in terms of what metrics you look at it.
Free cash flow and net cash factor in thank you.
Yeah. So thanks for that question and so in terms of our general approach to the buyback program, where we're going to remain consistent in 2023 and.
With what you've historically seen we still do have some room on our existing buyback program.
That expires in June of 2023, and so we have the opportunity that's out there.
We if we want to.
Consider repurchases.
We also want to be comprehensive in our look at how we're returning capital to our shareholders and so we really do want to evaluate if there is.
A different deployment strategy or if that is the appropriate deployment strategy given some other concepts that we're looking at and evaluating through the business.
Sorry, when you say context.
Are you referring to growth Capex.
Yes growth Capex.
Okay got it thank you very much.
Yeah.
Yeah.
This concludes the question and answer session I would like to turn the conference back over to Mr. Entel.
Alright, Thank you and again, thank you all for joining us today and I.
I appreciate you taking the time I have a good day. Thank you.
Okay.
This concludes the conference call.
Please feel free to disconnect.
[music].
Yes.