Q1 2023 Plains All American Pipeline LP Earnings Call
Okay.
Good day, and thank you for standing by and welcome to the PAA and PAGP first quarter 2020 earnings conference call. At this time all participants are in a listen only mode. After the speaker's presentation there'll be a question and answer session to ask a question during the session will need to press star one on your telephone.
Didn't hear an automated message of devices in your hand is raised to withdraw your question. Please press star. One again. Please be advised today's conference is being recorded I would now like to turn the conference over to your Speaker today, Blake Fernandez, Vice President Investor Relations. Please begin.
Thank you Kevin Good morning, and welcome to Plains, All American first quarter 2023 earnings call. Thank you for all of you for joining us on our new time today, the new day in time for our earnings call. As a result of feedback from many of you and part of our ongoing efforts to continue optimizing our engagement with investors and analysts.
Today's slide presentation is posted on the Investor Relations website under the news and events section at Plains Dot Com. We're an audio replay will also be available following today's call.
Important disclosures regarding forward looking statements and non-GAAP financial measures are provided on slide two.
Highlights from the quarter are provided on slide three a condensed consolidating balance sheet for PAGP and other reference materials are located in the appendix.
Today's call will be hosted by Willie Chiang Chairman and CEO and Al Swanson Executive Vice President and CFO as well as other members of our management team with that I will turn the call over to Willie.
Thank you Blake happy Friday, everyone and thank you for joining US earlier. This morning, we announced strong results, reflecting good progress towards executing on our full year 'twenty three targets and providing us with confidence in our ability to deliver on the plan that we laid out in February as a result, our comments today will be brief.
It's been a volatile few months from a macro perspective with recessionary concerns headlines in the banking industry and an unexpected OPEC production cut along with the ongoing war in the Ukraine through all of this we remain confident that plains is well positioned for the long term as north American supply will continue to be critic.
<unk> to meeting growing long term global demand.
For 2023, and as illustrated on slide four our focus is on execution and through the first quarter. We've done just that reporting adjusted EBITDA attributable to PAA of $715 million as a result of our first quarter performance and our outlook for the balance of the year, we are reaffirming our adjusted <unk>.
<unk> guidance range of $2 45 to $2 55 billion for 2023.
Additionally, we continue to expect free cash flow generation of approximately $1 6 billion in common distribution coverage of 215%, which includes our recent 20 per unit annualized distribution increase.
Looking forward, we expect that our continued focused on free cash flow supports our previously announced capital allocation framework, which targets multiyear annualized distribution increases of 15 cents per unit and further debt and leverage reduction al will share additional detail on our quarterly performance in 2023 outlook.
In his portion of the call, let me shift to the Permian, we continue to capture increasing volumes on our system and we expect production growth of plus or minus 500000 barrels a day exit to exit in 2023 based on an assumed 2020 to exit production of approximately 565 million barrels a day.
While still relatively early in the year current horizontal rig count is tracking in line.
With our expected full year average of 340 horizontal rigs and we continue to monitor additional data points, including well completion activity and commodity price environment.
Consistent with our February guidance and as shown on slide five we expect year over year growth in our crude oil segment underpinned by continued Permian production and tariff growth volumes in our gathering and our long haul systems before I hand, it over to al I wanted to reinforce that capital discipline remains front and center.
As we continue to advance capital efficient NGL opportunities around our Fort Saskatchewan facility, which we expect to share additional detail on later this year with that I'll turn the call over to al. Thanks, Willie We reported first quarter adjusted EBITDA attributable to PAA of $715 million.
This includes crude oil segment benefit from market based opportunities and increased volumes across our systems, primarily within the Permian.
The NGL segment benefited from seasonally higher sales volumes due to winter demand.
And favorable margins.
<unk> nine and 10 in today's appendix contains walks, which provide more detail on our first quarter performance.
A detailed overview of our 2023 guidance and key assumptions, which remained consistent with our February guidance are located on slide 12 within today's appendix we.
We continue to expect year over year growth in our crude oil segment driven by anticipated volume increases in our Permian business for the NGL segment, we remain highly hedged and continue to expect segment adjusted EBITDA midpoint of $420 million I would note. This reflects a more pronounced winter.
Summer saddle versus 2022, which reflects volume lower volumes due to our planned third party turnaround in the second quarter of February .
February sale of our non op interest in their key RF Port SaaS facility.
NGL market structure that support increased sales volume and the peak winter demand months relative to the summer months.
Regarding capital allocation as illustrated on slide six and consistent with our February outlook, we remain committed to significant returns of capital to our equity holders.
<unk> capital discipline.
And reducing debt and maintaining financial flexibility for 2023, we expect to generate $2 3 billion in cash flow from operations.
One $6 billion of free cash flow with $600 million of free cash flow after distributions.
Billable for net debt reduction, resulting in year end leverage of approximately three five times.
We will continue to self fund $325 million and $195 million of investment in maintenance capital net to PAA, which is consistent with our February guidance and does not include amounts related to the potential port SaaS opportunity with that I will turn the call back to Willy.
Thanks Al today's results reflect another quarter of strong execution and we remain confident in our outlook for the year. Despite the near term volatility. We continue to believe that the world needs North American energy supply long term and that our business is well situated to meet this need and a low cost reliable and responsible manner. We also be.
We are well positioned to meaningfully increase returns of capital to unit holders through our targeted multiyear distribution growth.
And eight 5% current yield significant free cash flow generation balance sheet strength as illustrated on slide seven. We appreciate your continued interest and support and we look forward to providing further updates on our earnings conference call in August with that I will turn the call over to Blake to lead us into Q&A. Thanks Willy.
As we enter the Q&A session. Please limit yourself to one question and one follow up for those with additional questions. Please feel free to return to the queue. This will allow us to address questions from as many participants as practical available time. This morning. Additionally, the IR team will be available to address any additional questions you may have Kevin.
Now ready to open the call for questions.
Thank you ladies and gentlemen, if you have a question or a comment at this time. Please press star one on your telephone. If your question has been answered or you wish to move yourself from the queue. Please press star one again, we will pause for Manuel we compile our Q&A roster.
Okay.
Our first question comes from Michael Blum with Wells Fargo. Your line is open.
Hey, Thanks, good morning, everyone.
Wanted to talk about Permian growth.
Curious if youre seeing any change in producer activity are messaging as commodity prices pull back in.
Any update on outlook for Permian growth rate in 2023.
Jeremy Hi, Michael Good morning.
I would say a combination of activity and as Willy alluded to of 340 rigs that working that is in line with our plan of activity number of completion crews.
Connections in the first half of this year in the second half current volumes on the system that growth implies roughly to $40 to 50000 barrels a day per month of growth necessary to achieve the 500000 barrel a day growth range.
And then discussions with producers where in this band of Inelasticity somewhere between I don't know if its $65 to 85, but it doesn't seem like producers move rigs one way or the other on the crude side gas is kind of got out of that and you've seen some gas rate move off but by and large we don't see any material change to our forecast.
Michael This is Willie you've probably seen.
In the Permian numbers, we ended at 565 at the beginning of the year, we think we're right around five nine now.
Our exit is a kind of $6 one five so we're kind of on track with what we had outlined in February .
Okay, great. Thanks for that and then Roz.
Youre, not giving 'twenty four guidance, yet, but just wanted to ask in general Directionally, how we should think about 'twenty four capex.
Is there anything on the horizon that would point to that really.
Being materially higher.
In 2023, or do you think that could trend higher or lower.
Michael we've kind of stated our expectations of between $300 million to $400 million of expansion Capex and will likely get the question, but as we think about our NGL assets up in Canada, and what we are trying to do there even if we move forward with that I think.
We will still be in that range on an annual average basis over maybe a couple a number of years and but most importantly, I don't think that we would be taken on any expansion capex that would jeopardize our free cash flow.
Story, and our desire to return capital back to unit holders.
Thanks, guys.
You bet. Thank you one moment for our next question.
Our next question comes from Spiro <unk> with Citi. Your line is open.
Thanks, operator, good morning, everybody.
First question, just hoping you guys could update us on corpus bound pipeline utilization. It seems like thats been getting kind of close to full and so just wondering if the economics there at some point maybe start supporting the use of DRA again, or if maybe you start to disclose kind of turn back to Houston from here.
Well I'll start with the Spyro the volumes on the long haul lines down at Corpus are running very full.
Constantly optimize power and DRA have the most economic way of delivering it but Jeremy you want to comment a little bit on outlook sure.
As we discussed volumes are growing every month and longer haul lines are getting more full.
<unk> Western ramped up in February and everyone's aware a lot of that volume came off of inbound Houston pipe has some marginal impact to the corpus pipe, but notably had an impact on spreads between Midland and the Gulf Coast.
And we expect volume growth to get us out of that.
More reasonable ranges and longer term ranges of where we've been contracting and so what I would say is that we continue to expect that to continue to happen Corp. This is the most logistically downplayed the shortest distance is.
Nothing, but Permian, leaving the docs, it's an area that.
We will draw the incremental demand are.
Based on pipeline as summer driving season buildup will pull additional demand.
We're seeing more and more activity on the long haul pipes as production has grown as Willy mentioned, you get to $6 1 million.
<unk> barrels a day towards the end of the year end.
They will default, but youll have balancing across the pipeline at all of the markets are needed, but corpus for main full since the marginal demand and export barrel.
And Spiro you probably already realize this but we've we've contracted the majority of our long haul space down in Corpus Christi for 'twenty, three 'twenty four and so back to our thesis of tightening capacity and margins.
In the out years this is very supportive.
For that as we go forward for the next number of years.
Got it that's helpful color. Thank you both.
Second one just going back to <unk>.
NGL in Canada, you guys kind of talked about this debottlenecking and optimization for a bit now I'm. Just curious what are some of the gating items to kind of moving forward. There. When do you think we can get closer to an announcement.
We expect to be able to give you an update in August on our August call. As you can imagine putting these things together is a complicated situation, especially when youre trying to evaluate opportunities around debottlenecking and expansion and trying to link up commercial contracts to anchor it so theres quite a bit of work that's been going on and.
I think we'll be able to give you did update in August .
Great.
Thats all I have today, thanks, guys. Thank you.
One moment for our next question.
Our next question comes from Brian <unk> with UBS. Your line is open.
Hi, Good morning, everyone, maybe just to follow up on the NGL segment.
Your updated views from the guidance was expect expectations for being down roughly $100 million year over year, just given the strong Q in really strong.
To start the year and continuing throughout <unk>, just wondering if there's any updated view there or if there was any maintenance in <unk> or beyond that we should be thinking about thanks.
Yes. This is al I'll take a shot.
Are we came into the year fairly hedged.
As we commented.
Little over 80% hedged.
We had a strong <unk>, but our view is it really doesn't change the year, we're still guiding to $420 million for the full year, which again in our prepared comments, we talked about probably a bigger saddle.
In the summer months, but what youre seeing there a bit too as we do we do anticipate a turnaround in the second quarter impacting some volume.
As well as.
A market structure that incentive.
The store and sell next winter some of which would would push into the first quarter of 2024. So summary, we didn't we didn't change our guidance for the NGL segment.
Just a couple of things to add Brian we had an asset sale in February so the full year impact of that would reflect both but a larger component as commodity exposed barrels will be lower this year. There is a turnaround at a third party facility that we received from <unk>, both apparel and there was a storm that Williston last spring that led to.
Additional volume and additional at the highest commodity exposed period. So I think the combination of those is probably a bigger driver for the year over year.
Reduction in EBITDA.
Great really appreciate the incremental color next question just on capital allocation.
<unk> is trending towards that three five leverage target or below by year end and while distribution growth seems to be on the table for 24 kind of was curious that claims to provide updated thoughts and views around potential perhaps reduction just S&P has recently kind of updated its views that it may not necessarily penalize equity credit for companies that have dramatically.
Reduced leverage and look to reduce their cost of capital.
Yes. This is al I'll take a shot.
The S&P kind of clarification of how they look at it is very favorable for us.
Potential reduction when and if it makes sense for us too.
We value our financial flexibility in bringing our leverage down.
At least in the near term more than trying to take out any of the perhaps so no change in our view call. It in the near term or for the balance of this year expect us to kind of revisit that maybe in the future.
We do not view that.
The cost of the Prefs or are so high that we should immediately sacrifice the balance sheet, our financial flexibility to take them out.
The weighted cost of the crest securities are below what we think our cost of capital is on a weighted basis.
And this isn't the best debt market to go refinance in as well so no really change in our in our thinking there.
We are pleased because we do think we would meet the kind of the S&P exception of significantly lower leverage than when we last issued.
Crest security. So we do think we got incremental flexibility in the future, but definitely not this year.
Yes.
Great I appreciate your updated thoughts have a good rest of your morning.
Yeah.
One moment for our next question.
Our next question comes from Jean Ann Salisbury with Bernstein. Your line is open.
Hi, good morning.
I just wanted to follow up on an earlier question, Eric Corpus pipelines I think alright.
Now with no real expansion capacity with Drs is that accurate I know some of the other pipelines have been talking about potential expansion, sorry, it didnt actually think where possible but.
I wanted to see if that was a possibility.
Yes. This is Jeremy we don't foresee any expansions of our facilities at this time.
One caveat to asset.
Great. Thank you.
And then I wanted to also ask about your expectations of what duration is expected in re contracting if you weren't.
Blending and extending on your crude pipes in the next year or two.
We've heard from others that the E&ps are kind of early on in the market for three to five years for re contracting as our contracts are coming up but you are tight.
Might better position claim.
And then other so wanted to get your thoughts there.
We're in the middle of those discussions and have been for a while and.
It all depends on the rate at lower rates, we'd rather not have longer duration, we push for longer duration at higher rates I think thats something between us and our customers, but what I can tell you is we haven't seen any issues getting five year terms on that for contracts that we like and customers. So I'd say, we can push towards the high end of that range.
Jean Ann This is Willie one other comment I would make is remember our assets are an integrated asset base. So when we look at.
When Jeremy's team look at re contract extensions, it's really it's really not just the long haul it's the desire to integrate the gathering through the intra basin through long haul.
So we think we offer a more fulsome opportunity set for folks that want to move barrels out.
That's helpful and if I can sneak in one more quick one if I forget do you anticipate that the recent energy transfer acquisition.
Have any material impact on plans of businesses.
We don't we.
We've got a great system.
That you've heard a lot about and we think it gives us all the flexibility we need.
Great. Thanks, that's all for me.
One of them before our next question.
Our next question comes from Chase Mulvehill with Bank of America. Your line is open.
Hi, this is actually.
Mitra Thanks for taking my question.
Just wanted to ask regarding the NGL business.
No frac spread fracs.
Spreads have been really strong for.
For the last kind of.
Year and a half.
But have you considered moving more to a fixed fee business, just create a little bit more stability longer term.
No.
These assets that we're talking about are straddles we have not look to do that and don't anticipate that.
Got it.
Oh, the second question for Jeremy.
Look at re contracting 25 and 26.
Corpus is getting a premium.
What are some of your producers.
Looking at possibly having spot in place in Houston and.
Is that impacting.
The flows that would go to corpus and the premium that you get.
So.
It's hard to speculate what would happen enterprise noted that demand for that probably until 2027. So we're not sure what those markets look like but what I can say is.
If that were to happen.
In 2027, and Thats, because there is another $1 billion and a half or 2 million barrels a day of production.
And corporate flows wouldnt be materially impacted and you'd need the same amount of barrels to clear the incremental demand is there. So the reason for it being pushed largely because.
Jean Ann mentioned lower contract duration, you need a long term long term contracts to get their docs are 40% to 50% utilized everything moving and qualities maintained then.
We struggled to see it in the near term, we do agree with enterprises.
Longer term need and higher production that means our gathering pipes are full our long haul pipes are full and corpus flows wont be materially impacted because that incremental volume will likely come from the England docks and growth.
Great and if I could just.
Clarify.
One question on the gathering and the intra basin side.
Yes.
If the Permian continues to grow like you expect.
At what point would you have to see kind of a major expansions on gathering and intra basin system.
Hum.
Would that put you kind of outside of the $400 million range.
Point.
What was that range Neil I'm, sorry, if I make sure I answer. The question just just just the Capex range that you're in.
Yeah.
I don't foresee anything that would push us out of that range I think.
Way I would look at it we're constantly debottlenecking and creating capacity, we announced earlier this year and that there's probably $100 million of our capital program is to creating more capacity III patients types.
We can always ship on other pipelines, if it's a temporal need for additional capacity in the Wink to Webster segment between Wink and Midland will come on towards the end of this year.
But large segments of pipe or in the neighborhood of 100 million to Debottleneck. The system is not hundreds of millions and we will have lots of gathering capacity in and out. So the short answer is we don't see much that would push us out of that potential acquisitions and other things that we might look at from time to time, but as far as building organic projects.
We don't see a ton of need for multi hundreds of millions of dollar projects. Yeah. This is Willie if you look at slide five there is a good illustration of our operating leverage in the Permian and as Jeremy said, we're constantly trying to optimize the system to be able to get more out of it. So I think it will be a number of years before we had constraints.
Meaningful constraints.
Okay perfect. Thank you for all the color.
One moment for our next question.
Our next question comes from Jeremy Tonet with Jpmorgan. Your line is open.
Hey, guys. This is a profit on for Jeremy.
Just curious looking past 2023, how you guys think about rest of long haul versus base at risk gathering volumes.
What do you guys might see capacity becoming tighter.
Right.
That's it.
We're always on the gathering side, we're always constantly moving with volume and producers. So I'd say that is one where we're just trying to stay ahead of the producers and will have an active program to the constraints as Billy mentioned intra basin is one depending on where volume closed go you can see constraints, but we work with our partners and try to resolve.
That's where you might see the investment Neil was talking about the intra basin if more needs to go to Houston, our corpus do we need to expand capacity in one place or direction, but I would say that that's transient.
There is a big piece coming online towards the end of this year that we can ship on if any of this incremental capacity. So there might be some intra basin constraints, but we have ways to resolve them and those investments are being made.
Last one is on the long haul side.
Depends by market.
As I mentioned all markets are needed.
90, plus percent utilized at corpus, but theres plenty of places for the barrels to flow they can flow to Houston. It can flow to nederland. They can float fishing. So over time the differentials today are inside of where they are.
What support incremental investment and expansion. So you probably need to see rates move first before you saw incremental.
Expansion, but that's probably a couple of years away before you would need incremental expansion from here on the long haul side.
Okay, maybe just maybe just as a reminder, as you think about long haul there's about 8 million barrels a day of total capacity takeaway capacity out of the basin.
Look at economic.
Capacity, it's roughly a little bit over seven.
Our forecast for year end as we talked about was just a bit over six so you can see the capacity there and as you start filling that up a nice drag reducer to try to get into the higher end of the of the volumes.
Costs go up and so that's part of the reason that we think that margins ultimately have to.
Get stronger as we go forward.
Great. Thanks for all the color there and then on the energy transition front kind of switching gears just wondering.
What kind of capital I guess would be deployed by this group what are the types of projects that the team is focusing on any incremental updates there.
Sure. This is Chris Chandler, we continue to evaluate a number of projects in this area. The one we've announced as a battery energy storage projects that are.
Sarnia, Ontario facility, that's actually in construction and it will begin operation. This summer, it's a modest investment less than $10 million. We're looking at a number of different areas, whether thats renewable power generation behind the meter at our existing facilities converting.
Existing assets, our pipelines, even things like hydrogen storage underground.
In particular, our Canada storage position lends itself to opportunities to store hydrogen. So we're looking across the partnership but at the end of the day. These projects have to compete for capital and after meet our investment hurdles.
Got it I'll leave it there.
One moment for our next question.
Okay.
Our next question comes from Gabriel Moreen with Mizuho. Your line is open.
Hey, good morning, guys, maybe if I can ask kind of a two pronged Canadian crude oil question. One is just can you just.
Characterize for us, where we are sort of in the ramp on top line volumes and how that asset is going and then.
Maybe a little premature to ask this but assuming trans mountain starts up early next year can you just talk about how well insulated. Your pipes are your crude oil pipes are coming out of Canada and that startup.
Sure.
So on the Cat line front, we've seen quite a bit of demand from the existing shippers and the St. James refiners.
Based on incentive volumes and committed volumes.
Volume Thats been outperforming year to date, and we expect that to continue our mix of light and heavy barrel and then on the Tms startup the way to think about that is you've got heavy crude that will leave and head west when it does start up that could impact some heavy crudes going to the.
East and any of the assets, but they need barrels to run right that largely not getting exported out of the Gulf coast. So that could bring either additional import Oregon bring additional barrels to the mid continent refining complex that serves a lot of that up so that could support our base and pipeline in our mid continent. So it could draw additional barrels into the Cushing area.
Can be a positive cap line I think we will continue to move those movements are for.
Specific refiners, who are looking for them they could have some imports, but largely we would expect quite a bit of those barrels to move.
Our Canadian assets are largely insulate it does we're largely gathering assets in the mainline. So if the differentials would tighten that would increase pace the realized price and incent more production volume to come. So we think it would just be a matter of time before things normalize because with additional takeaway and lower differentials, we might see lower market based opportune.
But we could see some more fee based opportunities and volume growth along with systems.
Thank you and then maybe just getting up to sort of on the line 901 receivable presented an update there.
No update.
We've submitted the claim part of the claim has.
Been denied.
And we are proceeding with arbitration, we feel strongly with the merits of our position and expect to collect in fall.
Although it will take some time and we've modeled it into early 2024.
Thanks Al.
One moment for our next question.
Our next question comes from Neal Dingmann with <unk>. Your line is open.
Hi, This is Geneva on for Neil Thanks for the question just wanted to go back to the customer contracts I know you mentioned that.
The ratio.
The color that you provided there, but I just wanted to get a sense can you remind us I guess.
What time of year.
Typically do these record customer contracts.
Get reevaluated and I guess could you provide if possible.
A quantification of what causes what percent of those contracts are up for renewal.
Neil Thanks for your time.
Lee it's fluid because each contract has notification periods, rather than a cancellation or options. So we really can and a lot of that is driven by one time of year. The pipeline in service Theres not a contracting season left there is for NGL sales or purchases.
So but.
We re contracted a lot of those producers for long periods of time substantially longer than their long haul contracts on our gathering systems with the intent of it's just a matter of price when we get to the long haul piece that we have open lines of communication and dialogue and we'll update it as a function of price when it gets to where we're willing to do something.
And they feel it's appropriate to do it but we feel very good about the volume on the pipelines and that we will continue to re contract the pipe and the utilization support that.
I don't know if theres anything to add there, but that's all I can give you at this time.
Sure. Thank you and just a quick.
Follow up here.
I know you guys mentioned hedged in 2023, I guess about 80%, but yes.
Do you have any any update on 24 hedges have you guys add anything recently there.
I assume youre talking about natural gas liquids the answers we haven't given any guidance on 2024.
Got you okay. Thank you very much.
One moment for our next question.
Our next question comes from Sydney, Youll see well with Seaport Global your line is open.
Yes, hi, good morning, everybody.
So and thanks for the clarity.
On the call. So I was curious you know it seems like upstream M&A, especially in Permian is picked.
Picked up pace.
I was curious you know how does that impact.
Especially with regard to your negotiations on re contracting.
And more broadly.
Bartow has had so much success.
Pardon me.
Jeremy here Neil.
Taking a couple of steps.
M&A has been happening for a long time in the Permian and the bigger the customer the large the more they're largely driven to us and the integrated nature and more options. So that's a positive.
As they get bigger they do push more on rates, but we try to add services and balance a lot of that off we have some unique attribute to the system, which gives us a premium relative to other services and we lean into that but by and large everyone's happy NDA put.
Put it that way.
The other thing about M&A is.
The way, it's been run lately as producers are buying inventory and largely financing with selling lower tier inventory. The benefit of that is that lowered your inventory that wasn't going to get drilled that can be dedicated to our system private equity comes and buys it immediately starts to drill it which has been supporting the growth numbers, we've seen so while it is.
On the surface, reducing rig that private equity is adding rigs thats why you see stability in the rig count. So some of it is a positive for us as we see incremental production in places, where we weren't seeing before.
Yes.
Yeah.
Got it.
Thanks for that and then when I look at commodity prices assumptions it.
It seems to me that the.
Canadian gold price assumption.
Canadian <unk> is probably one of the biggest kind of variables.
Is that thinking correct.
Any sensitivity.
On that price to our NGL segment.
So now we've got a pretty good.
Sensitivity on.
That we disclosed on one of the slides what I would tell you got echo Theres a lot of pieces that fit into that you've got <unk>, you've got the you've got the price of the NGL barrels.
And then you've got some basis differential between Mount Belvieu and the markets we serve so.
Just go back to the kind of the rule of thumb that we have which is on an annual basis of pennies worth about 7 million Bucks.
A frac spread.
Got it.
On a clean year right.
Okay great.
And I'm not showing any further questions at this time I'd like to turn the call back over to the company for any closing remarks.
Well listen thanks to all of you for joining us today, hopefully the new time works a little bit better for folks. If we look forward to seeing you soon have a great day.
Ladies and gentlemen, this does conclude today's presentation. You may now disconnect and have a wonderful day.
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