IDACORP Inc. Q1 2023 Earnings Call
Welcome to Ita Corp's first quarter 'twenty twenty-three earnings conference call today's call is being recorded and our webcast is live a replay will be available later today and for the next 12 months on the Ida Corp website.
You need assistance at any time during the presentation. Please press star zero on your phone I will now turn the call over to Justin Forsberg director of Investor Relations and Treasury.
Thanks, Regina and good afternoon, everyone.
We appreciate you tuning in for our call.
This morning, we issued and posted the Ida Corp's website, our first quarter 2023 earnings release and the associated Form 10-Q.
Slides that accompany today's call are also available on Ida Corp's website, we'll refer to those slides by number throughout the call today.
As detailed on slide two our discussion today includes forward looking statements, including earnings guidance spending forecast and regulatory plans, which reflect our current views on what the future holds but are subject to several risks and uncertainties, including uncertainties surrounding the impacts of future economic conditions.
This cautionary note is also included in more detail for your review in our filings with the Securities and Exchange Commission. These risks and uncertainties may cause actual results to differ materially from statements made today and we caution against placing undue reliance on any forward looking statements.
As shown on slide three on today's call, we have Lisa grow Ida Corp's, President and Chief Executive Officer, and Brian <unk>, <unk> Senior Vice President and Chief Financial Officer. In addition to Lisa and Brian We have other members of our management team available for Q&A session. Following our prepared remarks.
Slide four shows our quarterly financial results either Corp's first quarter 2023 earnings per diluted share were $1 11.
Compared with 91 cents during last year's first quarter.
Today, we also affirmed our full year 2023, Ida Corp earnings guidance estimate in the range of $4 95.
To $5 15 per diluted share, which includes our current expectation that Idaho power will utilize approximately $15 million of additional tax credits that are available to support earnings at a nine 4% return on equity level in the Idaho jurisdiction under its Idaho regulatory settlement stipulation.
These estimates assume normal weather conditions, and a return to more normal power supply expenses I'll now turn the call over to Lisa.
Thank you Justin and thanks to everyone for joining us on the call today.
I'm going to start with some discussion on customer growth, which remained strong across the Idaho power service area.
As noted on slide five we've seen two 2% of total customer growth since the first quarter of last year with our residential customer growth rate slightly higher at two 4%.
We now proudly serve more than 620000 customers.
A notable portion of our future load growth is from large load additions on the commercial and industrial side.
We had several big projects that come online this spring and summer, including the true with beef processing plant until Bonnie facility and the stope companies manufacturing facility.
Micron has also broken ground on the first phase of its planned Boise expansion project, which will add $6 5 million square feet of new building space over the next several years.
I'll also mention our clean energy your way program, you'll recall, we made several filings with the Idaho Commission to establish new offerings to help both residential and business customers reached their clean energy goal.
While we're still waiting for approval of the clean energy Your way program. The retail agreement for Micron has been approved as well as the other power purchase agreements to serve both micron and meta.
The economy within Idaho Power service area has continued to outperform national trend and sources. We look at suggest that the trend will continue.
Moody's most recent GDP calculations for our service area of forecast and forecast strong growth of four 7% in 2023 and four 4% in 2024.
Employment across our service area has increased 2% since first quarter 2022.
In our region continues to be a great place to live and work powered by the reliable affordable clean energy Idaho power provides.
Partly as a result of this growth we expect to file a general rate case with the Idaho Commission on June 1st requesting rate changes for Idaho customers effective January one 2024.
We filed our 60 day notice of intent on March 31, and.
And we are currently preparing the filings.
A general rate case filing in Oregon will likely follow.
We assembled the case, we're working hard to keep the request for low 10% as we're mindful of the impact that rate increase increases have on our customers.
Our last general rate case was in 2011, and our customer count has increased by 23% over the past decade.
To serve that growing customer base, we've made significant investments in our infrastructure to maintain improve and protect our system.
We will continue to have considerable ongoing investments in response to the rapid customer and load growth we're experiencing.
We've worked hard to keep our O&M low for the past decade, with an average annual growth rate of only 1% since 2012.
That's a total increase of just over $50 million to serve those 120000 new customers.
We expect our upcoming K to largely focus on the rate base additions needed to reliably serve our customers.
Okay.
<unk> will demonstrate that we have a strong track record of managing expenses and have made the necessary investments to continue providing safe reliable electric service to our growing customer base.
We understand our rate case can be difficult news for customers, particularly following this spring power cost adjustment. We are confident in the case, we plan to present and in the constructive regulatory environment, we've worked hard to maintain.
Turning now to slide six.
Youll see the latest on our large transmission project, which will be key resources for meeting our increasing demand while moving away from coal fired resources.
We currently expect to break ground on the Boardman to Hemingway 300 mile transmission line project project this year.
In March the Oregon State Supreme Court affirmed the Oregon Energy facility Siting Council final order and site certificate for beach weight, now, giving us unappealable permits to begin construction.
Also in March we.
We executed an agreement with the Bonneville power administration to transfer their 24% interest in B to H to Idaho power, bringing our interest in the project to 45%.
Under the agreement BPA has agreed to pay Idaho power for a long term service.
In addition to <unk>, we're continuing to work with Pacific Bora to plan construction of certain segments of the 1000 mile Gateway West transmission line projects that connect eastern Wyoming with southwestern Idaho.
The project will help both companies meet rising demand and reliability needs.
Next on slide seven we included an update of our anticipated needs for additional energy and capacity resources in 2026 and 2027.
We currently have rfps out for projects to help us meet those future needs, which we estimate to be approximately 350 megawatts peak capacity and up to 1100 megawatts of variable energy resources are.
Our latest five year Capex forecast included about $200 million in 2027 related to these RFP, but those are still rough estimates until we work through the RFP and our 2023 IRB processes.
We've recently announced or brought online several new energy resources that are outlined on this slide.
As a reminder, we expect the 2023 IOP to show a five year forecasted annual growth rate of five 5% on retail sales and three 7% on annual P. C.
These preliminary numbers are close to double what was forecasted in the 2021 ERP and are subject to change as our large load customers finalize their plans.
Continued growth across our service area underscores the importance of our large transmission project and the need for additional energy and capacity resources.
In closing as highlighted on slide eight environmental social and governance efforts remain key areas of focus for <unk>.
I invite you to read our recently published 2022, ESG report, which highlights our many environmental programs community, giving volunteerism and more.
I am so proud of our employees, who continue the tradition of stewardship that has been at the heart of our company for more than a century.
<unk> is available on the <unk> website.
With that I'll hand, things over to Brian for a financial overview and our expectations going forward.
Thanks, Lisa and hi, everyone.
On slide nine is our summary of the first quarter's results.
Compared to the first quarter of last year customer growth of two 2% added $2 $7 million to operating income and despite higher mortgage rates and just general economic uncertainty our residential customer growth rate remains strong at two 4% and we've recently seen an uptick in residential building permit activity. After a few months realm.
<unk> low applications.
Moody's GDP outlook for our service area continues to point to strong customer growth as Lisa noted and we're planning for more rapid load growth going forward in our upcoming IOP.
And recall that a sizable portion of our expectations for growth are from significant commercial and industrial customers.
Back to the table a result cold temperatures during much of the first quarter resulted in a slight increase in usage per residential customer while industrial per customer usage was down slightly.
Note that the first quarter of last year was also below normal in terms of temperatures so that drove somewhat comparable usage quarter over quarter.
It's been a slow start to the irrigation season due to a longer winter like condition than normal with no still on fields until relatively recently, but we did see some drawing in April and nearly 90 degree days starting last weekend. So it looks to us like farmers were able to plant and begin using irrigation pumps.
These weather conditions combined the causes the slight net usage per customer increased operating income, which was offset by $1 $2 million decrease in Idaho powers fixed cost adjustment mechanism revenues from residential and small commercial customers.
Further down you will see at $8 $5 million increase in operating income from the change in net per megawatt hour revenue the Idaho order for the Jim Bridger plant, which increased retail rates on June 1st last year led to a portion of that increase other pieces, where the impact of tiered rates and a change in the customer sales mix to higher margin.
Classes.
And as I noted on the last earnings call. We expect the Jim Bridger order to provide a benefit during 2023 and we saw part of that in the first quarter remember, though the Bridgewater added roughly $20 million of after tax benefit in 2022, but that included the deferral of certain depreciation expenses and that had an outsized nonrecurring benefit in last year's.
Second quarter.
Next on the table transmission Wheeling related revenues increased operating income by $5 1 million.
The resulting from continued energy price volatility in the Western U S. Also we owning customers paid about 1% more for transmission Wheeling for the quarter with Idaho power transmission tariff rate increase in October of last year from higher transmission costs.
In spite of continued inflation related pressures on labor and other costs O&M expenses were flat quarter over quarter that was in part due to our cost management efforts throughout the business and from lower expenses from scheduled plant maintenance as well as the timing of regulatory deferrals.
As we look at the rest of the year, we're still working on a potential reduction in other O&M compared to 2022 I'll get to that when I discuss our guidance for this year in a moment.
The portion of higher net power supply expenses in the first quarter that were not deferred for future recovery in rates through power cost adjustment mechanisms contributed to the sizable $7 $8 million increase in other changes in operating revenues and expenses, which lifted next on the table. That's basically our portion of the shared risk and the power cost adjustment mechanism.
Mostly due to continued high gas in wholesale power prices in this year's first quarter.
We had similar power cost pressures during much of 2022, and our current guidance contemplates a return to more normal operating conditions for now forward gas prices are looking better than we saw over the past several months, but we'll see how the rest of the year plays out.
Next on the table Youll see a $2 $7 million decrease in non operating expense interest income drove much of that increase due to higher market interest rates and investment income. This was partially offset by an increase in interest expense, mostly reflecting the funds. We received in early March from newly issued bonds.
We expect higher interest expense to continue to weigh on our results over the balance of 2023 also the allowance for funds used during construction increased as the average construction work in progress balance was higher this quarter from our project build outs and re licensing activities.
We expect the batteries, we're receiving this year to be delivered in portions throughout the summer. There was some sections may not be installing until the fall and those project delays will impact both depreciation expense and <unk> this year.
Finally, higher income tax expense, mostly resulting from greater pretax income was partially offset by a recording of additional amortization of accumulated deferred investment tax credits of $3 $75 million.
We recorded this additional amortization based on our current expectations for full year 2023 results, which under the regulatory mechanism allows us to use a portion of the accumulated tax credit balance to help lift Idaho Power's return on year end equity to nine 4% in the Idaho jurisdiction.
The amount we recorded as one fourth of our expected total additional full year amortization of $15 million.
Combined with nominal impacts from other either Corp subsidiaries all of these items combined led to a $9 $8 million increase in income over last year's first quarter.
On Slide 10, you will see the results of some of our recent borrowing first we received in early March the final $122 million of tranches of the private placement that we priced last December and that included a delayed draw component. These bonds have coupons of about five 1% and five 2% for the 20 year and 30 year notes than you.
Can see on the slide that on March 14th we issued $400 million and principal amount of five 5% first mortgage bonds and a registered offering with those maturing in 2053 weeks.
Healthy demand for these bonds, which helped us to drive a good spread and ultimately issue slightly below the average cost of debt. We carried during the last general rate case, we filed back in 2011.
We used a portion of the proceeds from all of these issuances to finance, our higher capital spending due to pay off the debt you can see on the slide and to pay off the commercial paper, we'd issued to address volatile power and gas markets. During the first half of the quarter.
As we've mentioned before we generally target a relatively even capital structure. The recent issuances moved Idaho powers equity ratio of closer to 51% at the end of Q1, which was prior to the pay off of the $75 million bonds that mature on April one.
Given where we are on that ratio, we still see equity issuance is imminent, but given the size of our capital plans and that we are approaching our target ratio our financing strategy going forward. It does include a blend of both equity and debt to fund future growth.
We will be spending some time in the coming months determining in more detail, how and when we might make those issuances.
As usual, we do intend to balance considerations like credit ratings regulatory expectation capital market conditions and current shareholder impact as we work on our plans there.
Turning to slide 11 cash flow from operations during the first quarter were negative mostly due to changes in regulatory accounts from regulatory lag related to power and fuel costs.
You'll note that in April we filed with the Idaho Commission of $200 million increase to customer rates related to higher power and fuel costs with an expected rate change in Idaho on June one.
We expect the rate change to benefit operating cash flow as we collect on those costs.
As you can see on slide 12, we continue to expect <unk> 2023 earnings to be in the range of $4 95 to $5 15 per diluted share with the assumption that Idaho power will use around $15 million of additional investment tax credit amortization to reach the nine 4% return on yearend equity in Idaho.
As I mentioned, we booked one fourth of that in Q1 for the pro rata portion of the year. This guidance assumes normal weather and a return to more normal power supply expenses over the balance of the year with our first quarter results were on track thus far for the year on our EPS range.
We continue to expect full year O&M to be in the range of $385 to $395 million.
With much of the expected savings related to less scheduled plant maintenance compared to last year and also our typical cost management efforts. If we're able to do that I would put our O&M lower than last year's number and with flat O&M. Thus far this year we're on track.
Some of the larger scheduled maintenance activities were in the second and third quarters of last year. So we have some tailwind against the headwind of higher labor costs and continued inflationary pressures on services and software cost as examples.
We still expect this year's capex spending to be in the range of $650 to $700 million.
And finally, we've lifted the bottom end of our hydropower generation forecast to now be within the range of 6% to seven 5 million megawatt hours for the year. This compares with actual generation of $5 3 million megawatt hours last year, yes, still below our 30 year average of $7 7 million.
A slightly better outlook reflects the relatively strong snowpack conditions from this winter keep in mind that the drought conditions. We saw over the past couple of years resulted in reservoirs throughout the system starting at pretty low levels. So those need to refill from the snow amounts as well.
Slide 13 shows our recent outlook for precipitation and temperature from NOAA current weather projections for June through August suggests that forecast you see more than 33% chance for above normal temperatures are leaning toward normal precipitation over the summer.
I'll stop there and Lisa and I and others on the call are happy to answer your questions.
Okay.
We are now ready to begin the question and answer session. If you would like to ask a question. Please do so by pressing star one on your phone. Please ensure your mute function is turned off before you asked your question, we'll take as many questions as time permits on a first come basis. Once again that is star one on your phone to ask a question now our.
First question will come from the line of Chris <unk> with Siebert Williams.
Please go ahead.
Hey, everybody how are you.
Alright, Thanks, Greg.
Two 2% sort of 20 year forecast that.
And their preliminary IRB forecast.
That seems a little on the low side is that reflecting some change in customer growth expectations or are you not reflecting much for.
Electrification trends or.
Youre not expecting some.
Data center.
<unk> to continue.
What can you give us some color in terms of where you come up with that two 2%.
Sure, Chris I'll start and I'm sure Adam has something to add from the analysis that we're currently working on with the IOP.
We are certainly looking at.
All of that but right now we still see really strong growth.
But there are just some trends we saw sort of a cooling off.
Housing permits in the last quarter, although those are starting to tick up so I think in general there.
Not any one big thing that we're seeing that it hasnt alarmed, it's rather sort of a continuation of some of the growth that that continues but not a gigantic loads that are that are showing up that are not already addressed with you, yes, Chris I think youll notice the five year number is quite a bit higher than that that does include micron.
Some of these large loads that we've seen coming into our service territory. We just feel more comfortable about those is closer in time beyond that electrification is certainly a part of the projection but.
We tend to project that kind of normal conditions on that front, obviously that could ebb and flow over time, but really it's that first kind of five years that we have a pretty strong look at at least a better feel for.
<unk> 15 after that so well.
Would you would you say that maybe that two 2% might be on the conservative side at this point.
I would say so that's generally how we tend to look at things.
Sure.
<unk> back.
Back to the growth in the first quarter.
Customer growth has slowed a little bit in recent periods as can you attribute that to any kind of economic factors or is that really just the rise in interest rates on mortgages.
I would say is it appears to be.
Much more interest rate related.
Still are getting lots of inquiries on on commercial activity businesses that wanted to either expand and those sort of go up and down like I said in the last quarter, we saw cooling a little.
Across the board, but it's really kind of come back.
In the first quarter of this year, so but with the latest increase in interest rates from the fed will have to wait and see how that all plays out.
Chris I would just add as we look across different sectors. There is not one that particularly stands out as either being a massive growth or a massive decline pretty pretty consistent and we saw some higher sales areas and things like lodging dairy and food packaging and some special contract and some that were lower at things like construction and refining and those do tend to have some cyclical.
Obligations and I think we've seen some of that in.
This is Adam I just saw the results from last month and again, we can attract every load that's above one megawatts.
Enquiring about our service territory and for the last three months, including the last month, they've been solid <unk> and solid as the years before who knows if they will come to fruition or not but at least inquiries and interest are certainly coming our way.
That sounds good.
Little clarity on the BPA interest acquisition on B to H I.
I don't remember the number exactly but in the 10-Q.
You noted something about our numbers 30 something million dollars is that the acquisition cost.
Adam do you want to take that one yes, I mean, it's broken up to it's kind of a all encompassing deal and I think as you know BPA.
I'll be taking service from us over at.
20 year period, but the total cost I think is around $41 million.
Okay great.
Brian you sort of talked about financing going forward.
Given where the balance sheet is now in your capital.
Forecast does that suggest that 2024 might be kind of in the neighborhood of where you might begin some equity.
Yes, Chris at this point I think thats, a reasonable assumption, we did with the debt issuance that we had in March and the tranche that we got from the December offering we did move the needle on our debt to equity structure closer to the target were sitting more at 51% equity line now now we have additions to earnings during the year dip.
<unk> paid out and we will have.
Additional factors that will influence where we are on that we would say that we're going to be working on the equity program design. This year and equity is going to start coming into the window, but as we get close to that 50 50, it's certainly going to be a factor for us we also out.
<unk> debt issuance later in the year that will impact where the equity debt ratio go. So we'll be watching that we also watch things like credit ratings, that's important to us as well so that'll factor into what we do in terms of timing and also market conditions, we look at the capital markets.
I want to make the right decisions there understanding that the impact on current shareholders will be part of our analysis as well.
Okay.
On page on slide seven the $600 million I don't see any other resources on that page.
Page other than the batteries. So is that $600 million just attributed to those three owned storage projects.
Okay.
I think the $600 million included on that slide includes the batteries that we have now plus new RFP resources that are coming into the window that you see further downside.
Okay. So that's inclusive of extra.
Correct.
Thanks for the details I appreciate it.
Thanks, Chris Thanks, Chris.
Your next question comes from the line of Brian Russo with Sidoti. Please go ahead.
Hi, good afternoon, Hi.
Hi, Brian .
Hey, just to follow up on Boardman to.
Hemingway, it's nice to see that.
Breaking ground, but just curious what would be.
What's the.
Commercial operation date targeted for and then what's kind of the.
The Capex total Capex and then kind of the profile that we should think about over the next several years.
This is Adam I can talk about the in service date, we are associating for summer of 2026.
In terms of the Capex range, it's $1 1 billion to $1 3 billion for the project, we would be now a 45% ownership of that project in terms of how it's.
Laid out overtime, it's at two and a half year construction window, maybe three years, depending on the situation probably more like two and a half years. So those costs will be spread out throughout that timeframe.
Yes, Brian I'll, just add that if you look at it from a rate base perspective, we're planning to be somewhere around that $500 million Mark when you factor in capital costs deferred taxes that type of thing. The other thing I want I want to mention is on the acquisition of the share from Bonneville Power administration.
We pay for those periods those costs over time, so the $31 million number that was referenced or 41 9 million number all in is something that we don't pay until further down the line. So you won't see that coming out of cash flow this year.
Okay.
Okay, Great and then just on the transmission margins.
$5 1 million of margin this quarter I think that's up 30%.
<unk>.
Year over year.
Yes.
Just curious.
Will we be seeing another tariff increase in October of 2023, and then just trying to get a sense of.
What kind of normalized full year transmission margins are supposed to be because we really haven't had to.
Emel year in several years now.
Amen to that but.
Is that the formulaic rate. So it is it determined every October so Adam do you want to give a little color on the direction. Yes, we wont know until October what that rate is I think the one thing I can say is.
In 2020 volumes increase I think it was 8% over 2019 and 2021 it was 18% over 2020 and in 2022, a 12% increase over the prior year. So you are right. We have seen volumes go the right direction, obviously, our own rate has increased to what that rate.
The rate will be or what the volumes will be in the future. It's hard for us to predict but you can see the general trend.
Okay, and then is there any movement on Hells Canyon re licensing.
Well, we're still optimistic that we will.
Have a license in the next year or two certainly in the supplemental.
Yes.
Biologic opinion I think we're on track for that so at this point in time, we think that we're optimistic but certainly we've been optimistic for 20 years.
Sure.
But I think we're coming to the to the end of that.
Pretty excited to get that one in place.
Get that one behind us yes.
FERC. They provided a proposed schedule that had a final EIS in December 2023, and our FERC license kind of in the 2024 later range. So right now, we're just kind of hanging tight and wait to hear from them on that.
Okay, and then lastly, just on customer growth.
As mentioned earlier I think it moderated it was two 2% trailing 12 months I think as of December was two 4%.
With the understanding of the macro environment are you seeing much impact from the micron.
Expansion yet.
And kind of the multiplier effect.
That that would likely have going forward and is that captured.
In your ERP, and then Moody's GDP forecast.
So we certainly haven't seen it yet we're in the early stages of.
So the work there, but we're certainly hopeful that that will come in time as they get their operations up and running we certainly look at things like that as we're doing our forecast and I don't I cant really speak to whether that Moody's has it or not.
I don't know the latest projections I saw though from micron as they believe as many as 200 companies will follow that project as you know, it's it's massive and inside so.
There's going to be the growth of Micron and then maybe the ancillary growth we absolutely look at the growth of Micron and what we think that will be in our projections. The ancillary growth is maybe looked at slightly but again, we mentioned before we're pretty conservative in that regard.
Okay, great. Thank you very much.
Hey, Brian .
Your next question comes from the line of Paul Zimbardo with Bank of America. Please go ahead.
Hi, Bob Hi, Bob Hi, good afternoon.
Just wanted to make sure I heard it correctly I think you said that there were some small timeline delays on some of the 2023 projects and so could you just give some context on what's happening there and could you remind me are those the projects where there is that sort of a cost cap quote unquote from that the commission.
Thanks.
Yes.
So we have experienced some delays.
Our supply chain related.
Theyre coming on.
Moreover, time, then all showing up at once and I'll, let Adam give some.
Originally they were supposed to be delivered in the kind of April may timeframe, we have seen some delays thats not uncommon right Allen the industry. We're looking more in the June July timeframe for the bulk of the batteries coming into place and then may be.
Aside portion of being later in the summer, but the exciting thing we would like to note is we did start receiving the deliveries in April and they've been pretty steady. Since then so the project has experienced some delays, but we feel like its moving forward at a pretty steady pace at this point.
Yes, Paul what I mentioned was that going to impact depreciation for this year. The in service date of some of those batteries as they go in in stages depreciation will be delayed on that and also the payment schedule for those that also adjusted which will impact UDC accruals for us.
Okay.
Got it.
And then a bigger picture question, just as we finally get ready for that big rate case coming up.
Whatever the outcome there is it fair to think of 2024.
Good base, after which earnings growth track better with strong rate base growth or and just overall, how you think about that outlook.
Thanks.
I mean, I think thats certainly our goal.
We'll see how that.
The case turns out we're very confident in the case, we're putting forward Brian you had yes, I agree and fall the way we look at it is that as our first data in a very long time at least the full general rate case, we have been in front of the commission obviously for the last decade, a lot for different things, but this is the first of all general and over a decade. It is certainly not our lap that will.
A series of rate cases that will have to file to bring in things like healthcare and additional batteries additional resources.
Anyway, So we will be in with additional a request for a lot of this rate base infrastructure that we're putting into serve all of this growth, but looking at 2024 is the first case of the series to bring in all the right basin I think you've seen our 11% CAGR on rate base out there and that really is a springboard for us moving forward again driven by <unk>.
So much customer growth that we have to serve reliably. So we will be in front of the commission with that going forward with a relatively frequent cadence.
Okay, Great and a quick follow up just as we think about that cadence is there a good weather like basis points or how do you think about regulatory lag.
Prospectively.
They don't have a specific regulatory lag number that we use I mean, we do have a historic test year in Idaho that will impact that we do try to put a known and measurable but over time with this much capital investment the depreciation and the interest expense on that will cost quite a bit of lag until we recover it so far.
It will be on us to execute well in the regulatory arena and make sure that we get in their timely with as much growth as we have in our rate base.
But no specific lag number.
Okay understood. Thanks, a lot Tim.
Thank you.
Thank you the final opportunity prices star one to signal for a question, we'll pause for just a moment.
That concludes the question and answer session for today Ms grow I will turn the conference back to you.
Thank you very much. Thank you everyone for joining us this afternoon and for your continued interest in either quarter.
I look forward to providing you with a recap of 2022 as well as an overview of our long term strategy at our annual meeting of shareholders that is will be two weeks from today.
So I hope you all have a great afternoon, and thank you very much.
Yes.
That concludes today's conference. Thank you for your participation you may now disconnect.
Yes.
[music].
Okay.
Sure.
<unk>.
Yes.
[music].
Okay.
Sure.