Q2 2023 IDACORP Inc Earnings Call
Welcome to the other Corp second quarter 2023 earnings Conference call. Today's call is being recorded and a webcast is live and replay will be available later today and for the next 12 months on the other Corp website.
You need assistance at any time during the presentation. Please press star zero on your phone I'll now turn the call over to Justin Forsberg director of Investor Relations and Treasurer.
Thank you David and good afternoon, everyone. We appreciate you tuning in for our call. Today. This morning, we issued and posted a record for website, our second quarter 2023 earnings release and the associated Form 10-Q.
The slides that accompany today's call are also available on <unk> website, we will refer to those slides by number throughout the call today.
As noted 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 either 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 I had a corp second quarter 2023 earnings per diluted share were $1 35.
Compared with $1 27 during last year's second quarter year to date earnings per diluted share were $2 46, compared with $2 18 during the first half of 2022.
Those year to date results include additional tax credit amortization of $7 $5 million under the Idaho regulatory stipulation.
Today, we also reaffirmed our full year 2023, either Corp earnings guidance estimate in the range of $4 95 to $5 15 per diluted share, which includes our reaffirmed current expectation that Idaho power will utilize approximately $15 million of additional tax credits that are available to <unk>.
<unk> earnings for the nine 4% return on equity level in the Idaho jurisdiction under its Idaho regulatory settlement stipulation.
These estimates assume normal weather conditions through the remainder of the year I'll now turn the call over to Lisa.
Thank you Justin and thanks to everyone for joining us today.
Let me begin by expressing my profound appreciation to the entire Idaho power team that continues to show up and deliver results for our customers owners and each other.
I'm honored to share some of our accomplishments and future plans with all of you today.
I'm going to talk about three key areas of focus growth rate cases and infrastructure.
I'll start with the headline is continued strong breath.
Had a two 1% customer growth since last year's second quarter as you can see on slide five.
It's a continuation of the trend we've seen over the past few years.
On the large customer front, the true west beef plant in Southern Idaho went live in June and is ramping up to full operation.
We're also continuing to work with meta on its data center and Micron on this expansion project.
Wrong interest remained steady from customers across a range of industries, including food processing manufacturing and data centers.
And I continue to Marvel at the number of tower cranes across the treasure valley and the amount of infrastructure being built.
Supporting that the economy within Idaho power service area continues to outperform national trend.
Moody's most recent GDP calculations for our service area, yet forecast strong growth of five 5% in 'twenty, three and three 9% in 'twenty four.
Employment in our service area has increased one 6% since the second quarter of 'twenty two.
Turning to slide six I'll touch on the general rate case, we filed in Idaho on June one.
Our case requests a rate increase of $111 million or $8, 61% on average for Idaho customers with our expectation that new rates will be effective January one of 2024.
This case was filed 12 years to the day of Idaho Power's last general rate case in Idaho, and it's focused primarily on the more than $3 billion of infrastructure investments. Our company has made to serve our growing customer base. Since then.
In fact, our customer base has grown by about 120000, or 23%, which has consumed the capacity links our system one cat adder.
Adding new generation transmission and distribution assets to meet our existing and growing demand is a key driver behind our filing of the case.
Since the filing we have been responding to discovery requests and working through the regulatory process.
The commission approved the schedule for the case this past Tuesday, showing public workshops scheduled for mid August and technical hearings scheduled for late November .
We are always mindful of the impact rate increases have on our customers, but we believe the rate case request is necessary to recover our cost address growth and maintain system reliability.
We expect to file a general rate case in Oregon late this year or early next year.
Staying with the theme of growth. The current 2023 IRT shows a five year forecasted annual growth rate of five 5% on retail sales and three 7% on annual peak.
These projections are premise in part on numbers provided by large load customers and are subject to change, but the continued growth underscores the importance of our ongoing efforts to strengthen and expand our system.
We are on track to file our 2023 ERP in September .
There are lots of moving pieces in our long term resource plan, including changing demand developing technology, new lives and directed and other items.
We are committed to developing a plan that direct near term decision to keep the system reliable, while minimizing cost to customers.
While planning it's critical to our success execution is what ultimately keeps the lifetime, So let's turn our focus to our infrastructure projects.
Turning to slide seven I'll address some key updates to our large transmission projects.
The Boardman to Hemingway project recently hit major milestones when the Oregon, and Idaho Public Utilities Commission granted certificates of public convenience and necessity.
With those regulatory acknowledgment, we plan to break ground on <unk> soon and hope to finish it in 2026.
As I mentioned mentioned last quarter, our agreement with the Bonneville power administration to transfer its original 24% interest in <unk>, Idaho power brings our total interest to approximately 45%.
Idaho power will provide long term transmission service to BPA as part of the agreement.
The Gateway West transmission project is also moving forward and we expect to be at to be a part of our resource staff in our 2023 IOP.
Majority owner Pacificorp has constructed portions of the line in Wyoming, while Preconstruction, which include siting permitting and engineering study has begun in Idaho we.
Expect the portions of the line that are partly owned by Idaho power to start coming online as early as 2028.
Both of these transmission resources will be key to maintaining reliability across our system, particularly as we move away from coal fired resources and toward a clean energy future.
We have rfps out to meet 350 megawatts of capacity needs in 2026, and 2027, which may be met by a 100 megawatts of variable resources.
Some of that energy may be transmitted on beach wage <unk>.
Ultimately these projects are subject to commission approval through a competitive bidding process, which is underway.
Idaho Power's first bank of 80 megawatts of utility scale battery came online this summer at our Hemingway substation.
A 40 megawatt black meet the solar project is now online and the 100 megawatt Franklin Solar project is under development.
Franklin projects will be paired with an additional 60 megawatts of company owned battery storage. These projects and other planned battery and solar resources are expected to help us continue to meet peak demand during the hot summer months.
This past past months has brought consistently hot summer weather to our service area with temperatures in the Ninety's and 100.
Thankfully, we haven't had any issues meeting peak demand and it has also been a relatively quiet wildfire season, thus far.
We have implemented our wildfire mitigation plan that has been a tremendous amount of work in preparation for this fire season, and we are actively monitoring the weather and our system.
With that I will stop there and hand over hand, it over to Bryan for an overview of our financial results.
Hey, Thanks, Thanks, and hi, everybody before I get started I wanted to give a big thank you to adjust them.
Congratulations Justin is leaving Iron Corp. Later this month to join one of our peer utilities on an officer role and I know, you'll do great things there just likelihood here and we will certainly miss him.
And with Justin's departure, obviously come from change I'm excited too excited to announce that Amy sure. The Companys current director of compliance risk and security will be returning to her roots in finance and accounting and taking on the Investor relations function.
Amy has been with us for almost 20 years and Youll find her to have an infectious enthusiasm complements for strong acumen.
And I look forward to introducing you to Amy in the coming weeks, we do plan to be out in about a considerable amount in the next few weeks and months and we are of course happy to chat virtually or by phone anytime and A&D contact information is included at the end of our slides.
Slide eight has a summary reconciliation of the second quarter's results and I'll run through that compared to the second quarter of last year customer growth of two 1% added $4 $1 million to operating income or.
Our residential customer growth rate remains strong at two 3% over that time period, and we just received July number and we saw an uptick to two 2% on overall customer growth through July .
Lisa mentioned, Moody's GDP outlook for our service area and that points to continued strong customer growth. So we're planning our system for that activity.
Overall industrial sales volumes and revenues were higher for the quarter. When you account for customer growth and usage, but industrial per customer usage was down 5% that was partly related to slightly lower economic activity and a few industrial sectors.
But also due to cogeneration facility owned by a large industrial customer that was down for maintenance during much of the second quarter last year, but it was operational this year.
And that offset that customer's usage on a comparative basis.
And given that we didn't really see much of the increase in irrigation sales. We were planning for after seeing low irrigation sales during the second quarter of last year, we feel pretty good about the comparative results and usage.
Essentially irrigation sales were relatively consistent in the second quarter of this year and last year, but in both cases below average and below our expectations due to precipitation and temperature conditions.
Further down you'll see a $2 $4 million increase in operating income from the change in net per megawatt hour revenue.
Idaho order from the Jim Bridger plant, which increased retail rates on June 1st last year drove that increase.
Next on the table transmission Wheeling related revenues increased operating income by $1 $7 million, resulting from elevated energy prices in the Western U S.
So customers paid around 1% more for transmission Wheeling quarter over quarter. After Idaho Power's transmission tariff rates increased in October of last year due to higher transmission costs.
Despite continued inflation related pressures on labor and other costs O&M expenses were lower quarter over quarter and year to date compared to last year the quarter over quarter difference was mostly due to lower expenses from scheduled cyclical plant maintenance and a continued focus on operating efficiently and that was offset partially by inflationary pressures on labor really.
<unk> and other costs that I mentioned.
Depreciation expense was $12 $3 million higher than during last year's second quarter. So that stands out the comparable increase was from the notable impact last year of the Bridger related order from the IPCC.
That order authorizes, Idaho power to accelerate depreciation on the coal related assets at the Jim Bridger plant and it resulted from our recording the deferral of certain depreciation expense in the second quarter last year. This year's increase is also partially related to an increase in plant in service.
A decrease in net power supply expenses that were not deferred for future recovery in rates through the power cost adjustment mechanisms was the primary driver of the $3 million benefit from other changes in operating revenue and expenses you see next on the table.
We had power cost pressures through much of last year and in the first quarter of this year. Unfortunately, they moderated somewhat in the second quarter at least for now forward gas prices continue to look better than we saw last winter, but we'll see how the rest of the year plays out.
Next on the table the $2 $8 million decrease in non operating expense was mostly due to higher AFDC from higher average construction work in progress and from higher interest income due to higher market interest rates.
These increases were partially offset by an increase in interest expense from bond issuances. This past spring, we expect higher interest expense to continue to impact our results over the balance of the year.
Finally, higher income tax expense, mostly resulting from greater pre tax income was more than offset by a reporting of additional amortization of accumulated deferred investment income tax credits of $3 $75 million.
Part of this additional amortization based on our current expectations for full year results, which under the regulatory mechanism allows us to use a portion of the accumulated tax credit balance to help lift Idaho powers return on yearend equity to nine 4% in the Idaho jurisdiction.
$7 5 million of additional 80 Itc's recorded year to date is now one half of our expected total additional full year amortization of $15 million.
Combined with nominal impacts from other <unk> subsidiaries all of these items combined led to a $4 6 million increase in net income over last year's second quarter.
Looking ahead as we've mentioned before we try to target a relatively even capital structure, Idaho powers equity ratio has moved closer to that target compared to where we were at year end and now sitting at 52% at the end of Q2.
Given where we are on that ratio, we still don't see an 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 includes a blend of both equity and debt to fund future growth.
We've been spending some time determining in more detail, how we might make those debt and equity issuances and in doing that we're of course, keeping in mind the need to balance items like credit ratings capital market conditions and interest rates and dilution impact as we work on our plans.
Turning to slide nine cash flows from operations during the first six months of the year returned to positive territory. After starting the year seeing the effects of regulatory lag from abnormally high power and fuel costs.
We received approval from the Idaho Commission to collect through the PCA $200 million for higher power and fuel costs over the past year from June 1st of this year through May of 2025 and that rate change has already begun to improve cash flows from operations.
As you can see on slide 10, we continue to expect either Corp. 's 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 realize the nine 4% return on yearend equity in Idaho.
Sure.
As I mentioned, we've now booked one half of that for the pro rata portion of the year.
And this guidance assumes normal weather and more normal power supply expenses over the balance of the year.
With our second quarter results, we had a solid start to the year and we're on track thus far for our EPS range. We expect results in the second half to benefit from continued customer growth and hopefully a sustained moderation in power supply cost on.
On the other hand, we expect to see higher interest and depreciation expense in the second half due to our capex investment and potentially lower transmission Wheeling related revenues compared to the fourth quarter of last year, when western energy prices were abnormally volatile.
We continue to expect full year O&M to be in the range of $385 million to $395 million with much of the expected savings related to less scheduled plant maintenance compared to last year and our typical cost management efforts along with some federal credits and grants we've received.
With slightly lower O&M, thus far this year, we're on track and we are staying focused on it.
We still expect this year's capex spending to be in the range of $650 to $700 million.
And we're trending at the higher end, we're working on capital budgeting for next year and expect 2020 for Capex can be larger than what we predicted for 2024 at the beginning of this year.
Okay.
Finally, we are affirming our hydro power generation forecast to be within the range of six to seven 5 million megawatt hours for the year.
This compares with actual generation of $5 3 million last year, yet still below our 30 year average of $7 7 million.
The strong winter Snowpack is filled reservoir as well, which is helping us cost effectively meet demand and our high summer usage season.
Slide 11 shows the recent outlook for precipitation and temperature from NOAA current weather projections for August through October suggests that forecast juicy a decent chance for above normal temperatures and are leaning toward normal precipitation over the balance number.
So I'll stop there and Lisa and I and others on the call are happy to answer your questions.
Thank you.
Now ready to begin the question and answer session, if you'd like to ask a question. Please do so by pressing the star key followed by the digit one on your telephone keypad. Please ensure your mute function is turned off before you ask your question.
We will 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.
We will take our first question from Paul Zimbardo with well with excuse me with Bank of America. Your line is now open.
Hi, Paul Paul Hi, Good afternoon team and congratulations Justin will start to see it go so congrats there.
Thanks, Paul.
And our first and thank you for the update on the customer growth through July just could you give a kind of a wholesome overview I know you call it a little bit of slowing or slightly lower economic activity for some customers you change some of the customer mix on the at least the presentation slide and Theres been no.
<unk> chip Xactly could just talk about overall, what youre seeing on the ground there that'd be helpful.
Sure I'll start.
We are seeing.
Growth across all the sectors.
Residential permits dropped off a little bit, but they've really started to come back and there are some industries that just had a little bit of a cyclical sort of nature, but.
Overall, we're not seeing any alarming trends.
And Adam what would you add in terms of the commercial industrial side I think.
Inquiries have been as steady.
As the last two or three years. They just really haven't slowed down much we talked a lot about bad micron. Both those projects are moving forward.
And we're doing a lot of work on both projects and are pretty excited that they continue to make progress there.
And we're getting a fair amount of inquiries from data centers and other manufacturers, who are interested to come into our service territories. So from our perspective on the economic development side is that it's been steady.
And Paul what I would add is we still see some spec building out there, which is a beneficial aspect for the outlook on manufacturing sector. Some stability in housing prices and as Lisa mentioned that uptick in permitting applications will help with the supply of housing or the influx of residential customers and the other thing I would mention is the cut.
<unk> number of growth rate is one thing, but as you look at our load growth projections are pretty significantly higher than the customer growth rate and that's driven by the commercial and industrial.
The area of our business accelerating relatively rapidly.
Okay, great. Thank you for all that.
And then on the proposed new Ghd rules, you disclose with all me in Britcher could be potentially running at reduced run time is there a scenario, where you could need to invest in those plants or just otherwise.
The outlook on potential retirement timings for those.
Well, we actually had a development in Nevada, where that's been staid.
So it won't impact our youth this year will work it'll work its way through the court system, but we are very focused on conversion.
In those units with our with our partners converting from coal to gas.
No.
We see those as important sort of bridge generators as we are working our way towards our clean energy goal.
And Paul this is Adam.
Integrated resource plan is set to come out in September in that plan, we do evaluate reduced run rates in those units.
For the most part it looks like the conversions are still showing up as economics. So.
We haven't finalized the modeling we have a couple of months ago, but it looks like it's leaning in that direction at least for now.
Okay great.
And then last one related Brian if I heard correct. I think you said that 2020 for Capex could be bigger than you thought originally.
What's driving that kind of what categories and if you have any sense of magnitude that'd be helpful.
Yeah, I don't have a good sense of the magnitude at this point other than we're seeing some increases in cost across the board inflationary costs associated with capital projects.
Not unanticipated. We're also seeing just an increase in the in the number of projects that we're working on for on transmission distribution and generation.
And then off of the 2020 for batteries that were installing in the system are included in that as well. So we're currently going through the capital budgeting cycle and that's just an early indicator that we've seen of capital increasing relative to what you saw in February when we published our last outlook on capital Capex through the next five years.
Okay, great. Thank you congrats again, Justin I appreciate it.
And next we'll go to Chris <unk> Hoff with Siebert Williams Youre line is open.
Hey, everybody.
Brian you sort of talked about this.
The irrigation seems kind of odd considering what the.
Conditions were in the quarter do you have any sense of why that might be.
A little bit of indication on that what we saw early on in the irrigation season was mild temperatures and then we saw a lot of precipitation.
The patients that reversed itself pretty heavily later on in the irrigation season.
There was a lot of factors that influence that even things like wind, which can dry out crops can result in additional irrigation. We also saw a slight increase in irrigation customers and then also the crops that were planted given that we had a high water supply this year.
Water intensive crops were planted by some of the AG customers in the area. So additional irrigation Sir.
Okay.
<unk>.
When you say in the guidance here.
Anticipating normal weather for the rest of the year does that include the seemingly pretty hot and dry July .
That does conclude our relatively hot July yet.
Okay.
Have you seen any pickup in irrigation in July .
We don't yet have July irrigation numbers, so I'm not sure how they turned out I would say based on hot temperatures that should be beneficial. If you look year over year to irrigation. We had a we had a pretty bad irrigation season last year and that was met this aim this year almost exactly.
Some of those July high temperatures and just lack of precipitation over the last month may actually benefit irrigation sales, but we do have that built into our plan going forward and into our guidance.
Okay just for July .
That that 5% decline in industrial usage.
Do you know how much of that was that co gen customer.
This is Brian again, I don't have an exact number but it was a fairly significant driver of that 5% reduction it's a sizable cogeneration at one of our industrial customers. So not an exact number but significant.
And thats, our usage per customer issue rather than a total industrial use perspective total industrial use wasn't down much of that was just use per customer right.
There was also a little bit of an economic slowdown for some of our customers and some of it may be cyclical that contributed to it as well.
Okay, and you didn't really add.
Or at least I didn't catch you you were talking about the headwinds and the tailwind for the rest of the year did you include whether as as a tailwind.
No whether it's just one of those things that's so difficult to gauge.
One thing that could influence that is transmission sales. So if we get really high temperatures are really cold temperatures that can influence our transmission wheeling volumes and that can impact it really the if you look at headwinds, it's depreciation and interest expense.
Nm pressures that are out there the third quarter of last year was really hot and that might not repeat itself. It would repeat itself in July so far but we're only three days in August and we have a ways to go on what the impact of that will be for the rest of the year irrigation season does tend to slow down and effectively end near the end of September so that's.
Time limited at this point.
You also have some some tailwind for us as well, including customer growth that we just continue to see and it's driving a lot of our business and a lot of our rate base growth.
Did you get any sense of what that little uptick in July customer growth was from.
Okay.
Some of that could be related to the permitting issue, where we did see just a slowdown when there were some recessionary forces about people.
Moving into the area.
Housing prices did moderate a little bit after being very very high so that might contribute to the to the uptick.
But again that was mostly in residential.
Okay. Thanks for details I appreciate it.
Thanks, Chris.
Next we will go to Brian Russo with Sidoti. Your line is now open.
Yes, hi, good afternoon, Hi, Brian .
Just on Boardman to Hemingway.
Obviously.
The permits right, it's a big milestone is actually breaking down but.
How should we kind of track the.
Ex the development execution of that project and do you need.
Any landowner agreements or <unk> are.
A clear path.
Of <unk>.
Construction to meet that.
26 target, which I assume.
Is incorporated as a preferred resource and this our IOP.
It is and thanks for the question Yeah, we've been working on this for 17 years and finally getting some.
Some of these milestones it is really exciting and now with Nellix timetable to go build it.
Adam has much more detail, but we are working on securing the rights of way.
In in Oregon.
And a little bit in Idaho.
And that that process kicked off and they've been pursuing that would earn it. Yes. There is really two things. This is Adam Brian that we're looking at one is of course getting the rights of way from landowners.
<unk> those deals right now a fair amount of them, we had options on so for the ones that we didn't have options have those negotiations our procedures and we also still do have a.
Little bit of environmental and cultural type work. Each segment you have to have a plan of development and then as you go through the segments. The BLM the department of energy approve the progress. So we're working on both of those things we bid out the projects, we're getting bids in right now the design is all but complete and we're looking to move forward with <unk>.
<unk>.
Sometime in the fall maybe the October timeframe and you are right I think Lisa mentioned it that is still is continuing to be the lease cost least risk resource in terms of the IOP.
Okay, Great and then just on Gateway West I'm, sorry, if I missed this earlier, but.
How many megawatts.
Demand is that.
Is that capacity kind of equivalent to.
Do you need.
Service territory.
Well, Brian This is Adam I can talk a little bit about our interest in as you know, it's a longer life that goes through Wyoming. Our interest is 33% in two segments. One is from the midpoint to Hemingway part of the project and the other is from Cedar Hill to Hemingway. So our goal is focusing on.
Those two and using again, 30% of the megawatts by directional bi directional so we would get our portion of it being that 30%.
Okay understood and then just on <unk>.
<unk> schedule for the for the general rate case.
Are there dates earmarked for settlement discussions and or.
Staff testimony.
Tim Tatum is here with us I'll have Dan answer Yeah sure. Brian . This is Tim Tatum, Vice President of regulatory Affairs.
The parties to the case, including staff have agreed.
And formally agreed to settlement discussions September 18th through the 20th.
Of course.
<unk> does not does not include those settlement dates in their order, but the parties have formally agreed to those dates.
Okay.
Okay, Great got it thank you very much.
Thanks, Brian .
Yes.
And our final opportunity press star one to signal for a question, we'll pause for just a moment.
Next we'll go to Alex <unk> with Mizuho. Your line is open.
Hi, Alex Hi, good afternoon.
Good afternoon.
So you mentioned the future financing plans, including both a mix of debt and equity can you give us any additional detail on when we might get additional clarity on the timing of equity issuances would it potentially be with the <unk>.
Next capital plan update.
Yes, we're working on that right now in fact, when we were working through the capital budgeting process and our forecast for 2020 for looking at things like our credit ratings and those are all going to be the factors that we evaluate to determine the timing back capital markets conditions, we're watching things like treasury rates that continue to go up and that sort of thing, but remember we still have quite a bit of Ed.
Room on our capital structure compared to what we filed and then our target capital structure of 50 50. So we have a ways to go on that we are doing things like design of the capital stack going forward, but we're not at a point, where we have anything that we can share on that.
We could have that.
Ready towards the beginning of next year as we look at our capital stack and our Capex plan.
But we're also looking at things like the timing of our cash collection on our actual spend versus things like power and gas cost impact. So those are liquidity items that we're looking at so that will all impact our mix of debt and equity and the timing of those transactions.
Okay understood and then flipping more back to the rate case, given the length of time between cases, how frequently you've been meeting with regulators and lead up to this case, maybe phrased a different way can you speak to the state of your relationship with regulators staff and other intervening parties given that the duration between the cases.
We have a very very proud of the relationship that we have built over time with the regulators and we speak to them frequently on a number of issues and really make sure that we don't surprise them that we keep them apprised of things that are are coming up on the horizon and so we agree with.
Really feel.
Good about.
Having a strong case and as open.
Regulator that that is going to work through it with us.
Yeah.
Understood and then just finally on the rate case do you expect any key items of contention as you work through this process.
Well there always is.
Yeah.
No. If there is any in particular that we're worried about more than others.
There's always the look at what we spent wisely and did.
And again, we feel very confident that we've put our case before the commission that it really demonstrates this is largely driven by infrastructure that is fueled by growth.
Theres nothing thats jumping out right now that we have concern is there anything that you would add.
Okay.
Alright, Thank you so much and congrats and good luck in your new role.
Thanks, Alex Thanks, Alan.
That concludes the question and answer session for today, Ms grow I'll turn the call back over to you.
Well. Thank you again for everyone. Joining us this afternoon and for your continued interest in <unk> and I will also join me in thanking Justin and wishing him all our back we certainly will Miss having you here, but we are excited to see what.
What happens next to you so good luck and.
I wish you all a good evening. Thank you.
Yeah.
That does conclude today's conference call you may now disconnect.
Yeah.
Okay.
Hum.
Okay.
Okay.