Q3 2023 Excelerate Energy Inc Earnings Call
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
[music].
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Yes.
[music].
Hello, and welcome the accelerate energy third quarter 2020 earnings Conference call My.
My name is and I'll be coordinating the call today.
If you would like to register a question. Please press star followed by one on your telephone keep up.
Now I'd like to hand over to Craig <unk>, Vice President of Investor Relations with ESG.
Floor is yours. Please go ahead.
Good morning, everyone.
Thank you for joining accelerated Energy's third quarter 2016 financial results call.
Participating on the call today are Steven <unk>, President and Chief Executive Officer, and data Armstrong Executive Vice President and Chief Financial Officer.
Our third quarter 2023 results press release and presentation were released yesterday afternoon and can be found on our website at IR <unk>.
<unk> Dot com.
I would like to remind everyone that we will be making forward looking statements on this call.
While a number of risks and uncertainties.
Actual results may differ materially from those expressed in these forward looking statements. It makes.
No obligation to update or revise them.
Today's remarks will also refer to certain non-GAAP financial measures.
We have provided a reconciliation to the most directly comparable GAAP financial measures at the back of the presentation.
Now I'd like to turn the call over to Steven Cobos, Chief Executive officer of accelerate energy.
Thanks, Greg and good morning, everyone.
Today, I'm going to talk about our financial and operational performance during the quarter.
Our recent commercial updates.
And our growth strategy.
Then I will pass the call over to Dana who will provide more detail on our financial results for the quarter, Let's just start by talking about who we are as a company.
Energy is a leading provider of flexible LNG infrastructure.
Integrated solutions.
We enhance energy security for countries around the world and we help them to transition to a clean energy future.
These fundamental tenets of who we are remain unchanged.
We've got a geographically diverse and resilient business model designed to deliver predictable earnings results.
Which is exactly what we did.
Accelerate reported very strong financial results in the third quarter.
Our adjusted EBITDA came in at $107 million and net income was close to $47 million.
The results we delivered during the quarter were driven primarily by higher revenues in our core Regasification business.
Outperformance of our gas sales contracts in Brazil, and lower than anticipated expenses across the fleet.
Our Fsrus and terminal services business, which is underpinned by stable long term contracts.
Cornerstone of our business model.
It consistently generates positive cash flow.
And it gives us the financial flexibility to execute our growth strategy.
Our strong performance year to date has given us the confidence to increase our full year adjusted EBITDA guidance to $340 million to $350 million and on November seven.
Accelerate board of directors declared another two and a half cent dividend per share to shareholders of record as of November 28. In addition to delivering another quarter of strong earnings results.
We optimized our near term and long term financial position by executing two new commercial agreements on.
On October 17, we signed a 10 year contract with Petrobras to charter the Fsrus Sequoia.
This agreement demonstrates our commitment to help enhance Brazil's energy security.
It is an important step in furthering our long term sustainable growth plan in South America.
Earlier this week, we signed a long term LNG sale and purchase agreement, where SP with Petro banquet.
This long term SBA is a significant milestone for accelerate.
It represents the next phase of our plan to integrate our business in Bangladesh on.
On the operations front.
The Fsrus Excelsior completed at seasonal service at the Bahia Blanca gas port in Argentina at the end of August.
Now the Excelsior is back on hire with the German government.
It is currently at the <unk> shipyard in Spain for customer requested technical upgrades.
Beyond that the construction of our Newbuild fsrus hold $34 seven with Hyundai heavy industries is making great progress and it remains on track for delivery in June 26.
Finally in October we released our inaugural sustainability report, which highlights our 2022 global sustainability activities and environmental performance results.
Accelerate has outsized importance in the global energy landscape.
Around the world.
Geopolitical instability.
Leaving the ongoing war in Ukraine, and the conflict in the Middle East.
Has highlighted the importance of having flexible energy infrastructure.
Which is capable of mitigating the effective unforeseen events and the intermittency of renewable energy.
We are an indispensable energy company in the World We live in.
In Finland, the disruption of the Baltic connector pipeline has raised serious concerns about energy security in the region.
Subsea pipeline, which connects Finland and Estonia.
As expected to be out through the winter.
In the meantime, Finland will continue to rely primarily on our fsrus the exemplary.
Meet its natural gas needs.
Given the disorder the countries around the world are facing the.
The need for energy security and the essential services that accelerate provides has never been greater.
We believe this will be so for decades to come.
Accelerate.
Because of legacy of using its fsrus fleet to strengthen the energy security for customers across its global footprint.
As the needs of our customers change the flexibility of our fleet allows us to offer a variety of integrated services to meet their needs.
On one hand.
Our fsrus are used as cost effective insurance for countries looking to stabilize their energy system.
We're advanced their transition to renewable energy.
On the other hand in some markets our fsrus operated close to maximum send out re gas capacity to deliver base with natural gas supply to our customers.
For example, this is how our fsrus are used by our customers in Pakistan, and Bangladesh, where future demand for LNG and natural gas is expected to be robust.
This shouldn't be a surprise to anyone given the combined population of these two countries.
400 million people.
Higher utilization markets are an important parts of our growth strategy.
They create opportunities for long term infrastructure uplift from LNG and gas sales through our terminals.
Regardless of how our customers utilize our services.
Fixed fee revenues from our Fsrus and terminals create an exceptionally strong foundation for sustainable growth.
Our recently announced long term charter agreement with Petrobras is a great example of how valuable security of supply can be for our customers.
Last month, we signed a 10 year contract with Petrobras to charter the Fsrus Sequoia to enhance Brazil's energy security and support its transition to renewable energy.
Under the agreement, which will commence on January one.
Accelerate we will deploy the <unk> provide regasification services in Brazil at the Bahia re gas terminal.
The deployment of the Sequoia, which is one of the most modern fsrus in the global fleet will.
We will help ensure the operational continuity here terminal.
After the expiration of the current terminal lease agreement on December 31 of this year.
Petrobras was one of the worlds earliest adopters of Fsrus.
They know the asset class extremely well.
We appreciate the fact that Petrobras selected accelerate to be their preferred partner for Fsrus services in Brazil.
Financially speaking.
This is a great deal for accelerated.
After purchasing the Sequoia for $265 million in Q2.
We secured a long term contract for the vessel at the high end of the range of current market rates for Fsrus.
We did what we said we would do.
Importantly.
The deal expense, our core <unk> business, which allows for even stronger visibility should predictable near term and long term cash flows.
Another good example of how our flexible fsrus are utilized.
As our recently announced LNG SBA with Petro bandwidth.
Under this 15 year agreement Petro banquet has agreed to purchase from accelerate.
Eight 5 million tonnes per annum of LNG in 'twenty, six 'twenty, seven and 1 billion tonnes per annum from 28 to 2040.
The SBA volumes, which we expect to be back to back on the supply side will be delivered through accelerates to existing fsrus.
Excellence in the summit LNG in Bangladesh.
Long term LNG offtake agreements like this SBA or an essential part of our integrated growth strategy to lock in ratable economic uplift on our existing infrastructure we.
We are focused on optimizing our fsrus fleet and evaluating strategic investments in new assets and infrastructure to further our growth.
The sustained tightness of the Fsrus market should create new opportunities for accelerated connect LNG to downstream customers.
To capitalize on these incremental opportunities we plan to invest an additional fsrus and LNG infrastructure that will position the company to expand our presence in markets with a growing demand for LNG.
This includes regions such as sub Sahara Africa in countries, such as India, Pakistan, Vietnam and Bangladesh.
Our pirate LNG project is a great proof point of the strategy.
Fireeye LNG is a critical part of Bangladesh as planned to support its ever growing economy by providing natural gas to new and existing customers in the southern and western regions of the country.
The project scope includes an offshore Egypt LNG import terminal.
And a 270 kilometer 1 billion cubic feet per day onshore pipeline to accrual there.
As the country's third largest city.
We recently signed a non binding term sheet with Petro bandwidth for Fireeye and <unk>.
Sheep, which details the broad commercial parameters and framework for the deal represents an important milestone in the development of the project.
We are now positioned to advance several critical work streams for the project, including our ongoing discussions with potential equity partners and vendors and the negotiations at the definitive agreements.
In summary.
We expect this focused approach to expanding our presence in markets with growing demand for LNG.
Results and more near term earnings and cash flow growth, while we continue to develop our longer term organic capital projects.
With that I'll now turn the call over to Dana.
Thanks, Steven and good morning, everyone.
Very pleased with accelerated performance in the third quarter of this year.
Third quarter net income was $47 million, which is an increase and $9 million or up 25% as compared to the prior year third quarter.
As compared to the second quarter of this year.
Net income was that $17 million.
Our third quarter adjusted EBITDA was $107 million, an increase of $29 million are up 37% over the prior year third quarter and up $18 million as compared to the second quarter at this year.
The year over year increases in net income and adjusted EBITDA.
Primarily driven by higher charter rates, and Finland, Argentina, Brazil, and Germany, and lower operating lease expenses driven by the purchase of this client in the second quarter.
Year over year increases were partially offset by the end of our contract in Israel in the fourth quarter of last year.
The increase in adjusted EBITDA versus last quarter was driven by higher margins on our gas sales contracts in Brazil inflation index adjustments on certain contracts that were effective in early Q3.
With lower vessel operating cost.
Accelerate continues to benefit financially from having a portfolio of stable long term contracts.
This portfolio has been strengthened by our recent efforts or your charters, which have all been contracted at higher rate.
That are reflective of the increased market value for the asset class as of September 30th Fsrus and terminal assets had roughly $3 5 billion of remaining contracted cash flows with a weighted average remaining life of seven years.
Including the new Sequoia charter with Petrobras signed in October.
Our contracted Fsrus and terminal services portfolio has grown to over $4 billion at remaining contracted cash flows.
Total capex for the third quarter was $12 million, which included $4 million of maintenance Capex, mostly related to the best of upgrades for the Fsrus Excelsior.
Year to date through the third quarter, our maintenance Capex was $16 million.
On a full year basis, we expect to spend between 20 to 25 million on maintenance Capex.
As previously mentioned the Fsrus excellence is performing its plan drydock activities this quarter.
The vessel lessor Drydock in early November and we expect the vessel to return to service in Bangladesh by late December.
Does the excellence is under a build operate transfer a big structure.
<unk> expenses will not be classified as maintenance capex, but instead, the financial impact of the Drydock will be recognized through our income statement.
The full effect of the dry dock on our fourth quarter EBITDA results is included in our full year guidance.
Based on our strong financial results, we've delivered through the third quarter, we are raising our adjusted EBITDA guidance for 2023.
For the full year adjusted EBITDA is now expected to range between $340 million and $350 million accelerated is well positioned financially to execute on our focused growth strategy and we look forward to advancing our plan to create value for our shareholders.
With that we'll open up the call for Q&A.
Thank you and if you would like to ask a question. Please press star followed by one on your telephone keypad.
Electric withdraw your question. Please press star followed by check on.
<unk> asked a question related devices unlimited telephony.
First question comes from Chris Robertson with Deutsche Bank. Your line is open.
Hey, good morning, Stephen and Dana Thanks for taking my questions and congratulations on a really solid quarter.
Thanks, Chris.
I appreciate it sure sorry, I Couldnt hear you got sort of thing there I.
Just wanted to dive down a bit further into the new Petrobras agreement.
I guess, how should we think about that in terms of incremental EBITDA that that new contract brings and how should we compare that.
With the prior arrangement that you have there versus this new agreement.
Is there any kind of put and take with regards to gas sales upside is it.
Primarily just fixed fee arrangement here, just a little bit more detail would be helpful.
Yes, Thanks, Chris I appreciate the question I'm going to hand, it over to Dana here in a second about the EBITDA uplift and I think once you hear from her youll realize.
This is a great deal.
That's really important to us.
10 years of predictable.
Revenue and the fact the matter is it.
Thats better than anybody is getting in Europe. So we like Petrobras. This is the deal that Petrobras wanted to do which is always.
Important consideration.
You heard from Dana with the addition of this contribution we're over $4 billion of future contracted cash flows but.
And the other thing that's interesting about this one that has the CPI index every two years so.
We're really you can model it.
No we've had some concerns about the variability in Brazil.
In the past with the gas sales impacted.
Reliance on hydropower and Intermittency from that but this is going to be solid.
Solid earnings that you can model year end year out and we couldnt be happier as I said in my remarks, Petrobras has been out fsrus since the get go.
And the fact that they are counting on us.
For to be their exclusive moving forward Fsrus partner.
Fantastic, but deanna do you want to give Chris color on what we're seeing here, Chris So just to add to that to be a little bit more specific we are expecting our EBITDA in the mid $60 million range over the near term and that's going to increase over time, because the CPI escalators that is very solid profitable contract for us in fact, it's one of our.
Probably is profitable TCP that we have.
Again very excited about it in comparison to gas.
As Stephen stated the gas sales as you can tell has been lumpy over the past two years and not predictable. So even though we had great performance. This year on Brazil golf sales thats not guaranteed in the future Sandler <unk>.
Happy with the scale.
Does that answer is yes.
It does yes, it sounds like a good deal for you guys I like the predictability of the cash flows here from that.
Yes, moving on it.
On the centered in Dubai.
I was under the impression that there was an extension of one of the Fsrus there through <unk>.
<unk> thousand 30, and if you could comment on.
The the other Fsrus the express I'm under the impression that it is kind of on a rolling contract basis.
What's the status of the explorer in terms of the contract extension and then how should we think about the rolling contract nature on the express.
Well. Thanks, Thanks, Chris we can we can jump down into that system UA a few weeks ago.
That extension on explorer, we announced that gosh, if you walk back in January or so yes go ahead.
What's telling about explore.
Kind of fits into our narrative about energy security because that was an extension off of a charter that was going to expire in 2025. So yes somebody three years before an end date.
Really.
Really we'd like to see an extension of that through 2035.
So I took it as a tell we took it as it tells that energy security is important people are thinking about locking in energy security.
<unk> than they otherwise would.
And it's a critical piece.
What <unk> needs for their energy mix.
Not just not just in the heat of summer. So we're pleased that Dubai is counting on us to ensure.
Integrity of their energy system.
We're pleased to continue that relationship.
To 2030, if not well beyond.
In terms of express.
<unk> is a different kind of poster child for energy security.
Because of the fact matter is.
Abnaki could have any asset they want in the world.
That has been on.
Evergreen for some time I think we've highlighted that back.
Couple of years ago.
And yet.
They count on it.
Im comfortable that they're not going to let go of.
That.
Asset anytime soon just because of the new World We live in.
And people.
Paul wants to ensure energy security so.
It's another one of those.
I talked about some of our markets have maximum throughput.
Asset in Pakistan push something like 125% of global LNG supply to it because <unk> got this huge baseline need.
<unk> is just a very prudent very sophisticated energy company, knowing they need the reliability of accelerates insurance in case, there is any kind of disruption to a to a mature.
<unk> system like theirs so.
Thank the.
The need the heightened awareness for energy security.
Okay.
Is driving some of this.
Just to clarify the explorer extension runs through October 2030.
Okay. Yeah. That's helpful. I guess the reason I was asking on the express was more about.
From your perspective for Optionality, let's say looking into these other regions as you've highlighted there is maybe an opportunity to go into a higher utilization market and there's not too many of the base asset left that have.
Charters rolling off in the near term so I Didnt know, how you thought about the express potentially.
Going into a different market, if an opportunity would arise.
Yes.
That is something we haven't would discuss with amdocs.
I'd like that relationship we want to maintain that relationship.
For the long term, we have in the past borrowed the express seasonably.
Seasonally and winter just liked we borrowed the Excelsior from the German government.
Over the past northern Hemisphere summer. So we're always looking at ways to find win wins.
Whether that's bridging to a more permanent asset we're not an.
And you can be sure that we're having those discussions with that mark.
Okay.
With every us.
Okay sure.
Last question for me and I'll turn it over I, just with regards to the pyrite.
We signed the term sheet I guess any estimates in terms of timeline around kind of next stage part of the process and when there might be.
A final investment decision there.
Yes.
With that I'll provide a little more color, but if you think about the next milestones.
This was a non binding term sheet. It certainly helped us refine a lot of aspects of this.
Projects I mean, you would be looking for some intermediate agreements that we would announce you'd be looking for execution of definitive agreements you would be looking for BPC contract Award.
We've previously announced the mandate letter, we signed with IFC.
That is now in force. After this term sheet was a milestone in that.
And that mandate letter. So we'll also be moving forward under the financing arrangements with the mandated lead arranger.
We're very pleased about that but those are some of the milestones you will be seeing come down the road.
Okay, yes, thanks for the color Stephen will be on the lookout for that I'll turn it over thank you for your time.
Thanks, Chris.
You May now 10-K, Jeremy Tonet with J P. Morgan Your line is open.
Hi, good morning.
Good morning, Hey, Jeremy.
Hi.
Just wanted to start off if I could with.
Any incremental thoughts you might be able to provide with regards to.
Capital allocation strategy going forward it seems like.
There's a lot of LNG export being built in the world, maybe not quite as much.
<unk> capacity, so it seems like theres quite quite the need there.
At the same time I guess some of the other peers might be might have a higher dividend yield than will accelerate offers right now and so just wondering.
How you think about balancing these I guess competing priorities and overall thoughts on capital allocation.
Jeremy Thats, a great question and it's something that we've talked about.
We analyze.
I think they are and you pointed out in your question LNG productions coming up you are not seeing an increase correspondingly.
An important capacity, we're not seeing as much important capacity.
And some of the regions that are going to have the highest gross on that capacity. So I.
I want to be clear, we are committed to growth.
And we think that.
Dry powder to fund that growth has significant value for this at.
At this point, but I want to turn it over to the CFO yeah. Thanks, Jimmi Sue as Stephen said, our priority is still growth.
At this point in time, we're not we're not intending to increase our dividend. We will continue to evaluate that as we grow and as we move forward, but as of right. Now we really are focused on growing the business and using that capital to fund our growth as you know we have a newbuild coming out very soon.
And so we'll be working on the financing around that.
We are considering potentially placing an order for a second newbuild to fund additional growth. So that's that's really where our priorities are at this time.
Got it.
That's helpful. There and then.
Just speaking with investors and the market there.
The stock prices has been a bit soft and I think for holders has been a degree of.
Frustration, there and wondering what I guess steps management fees to kind of.
Yes.
Better highlight the value here are realized the value here, if there could be strategic actions that can be taken or otherwise just kind of curious to your thoughts on that in general.
Well Jeremy.
Thank you for that I do think it is a good opportunity for investors there is no doubt about that.
The best thing we can do is to continue to announce you saw.
<unk>.
Our lead up to this earnings cycle, some critical announcements from us on things we are progressing.
We need to keep putting wins on the board.
It's pretty simple.
Do see a lot of opportunities in front of us.
And obviously.
Some possibility involves other use of that dry powder out there in the M&A space.
Which we need to continue to evaluate but the focus is on growth. We are committed to growth. We think we're putting wins on the board.
And we hope we can get more attention to that effect.
Got it that's helpful. Thanks, and just last one if I could as far as.
Look into 2020 for the guidance on EBITDA capex or what have you when we <unk>.
That kind of more color on that and any high level thoughts that you can provide incrementally there.
Yes.
Over to Dana start skip into forward looking statements, yes, Gary.
I'll say the same thing and Stephen at this point, we can't guide on 2020 forward of working on our plan, we realized an austere anxious to get that out and get.
That ought to you guys as soon as we can but our expectation is that will be early next year, we'll provide more information on 2020 for guidance.
Got it I'll leave it there thank you.
Thank you Jeremy.
We know that pension Michael Blum with Wells Fargo. Your line is open.
Thanks, and good morning, everyone. So most likely questions have been addressed but just had one.
As it relates to future markets and opportunities you went through a bunch there that was very helpful.
It's about investing in additional Fsrus LNG.
I just wanted to clarify does that mean, you are looking to acquire to build.
Just trying to understand how you would approach.
Potential future market opportunities.
Thanks, Michael.
Thanks for the question.
It's not going to be specific for individual markets.
We are bullish on the asset class in general.
We believe.
Thats.
Folks that have the energy security of Fsrus.
Have it now whether or not they may take long strips of LNG or not we think it's affordable insurance and that people.
Once they have the security of that affordable insurance.
They're going to be sticky I think I made that point with you in New York last December.
And Thats my.
My view hasn't changed there at all in terms of these different markets. We're looking at though some could use incremental fsrus.
Some without getting too into jargon, some could use floating storage unit or FSU, which is more like a conventional carrier that with shore based re gas.
Of those markets. We discussed are where are we in LNG to power play and then some are focused on.
In port terminals, breaking the volume's up distributing in them with.
The commonality they all habits.
Restructure.
So we're looking at different types of infrastructure, depending upon what an individual market needs.
And it's just going to vary but.
Would we view that we remain bullish on the <unk> asset class.
Every market we require.
Fsrus.
Some will.
We are committed to remaining.
Preferred partner for country, seeking energy security and we're going to take the necessary steps.
Okay. Thank you.
Our next question comes from Zach <unk> with Tudor Pickering Holt Your line is open.
Thanks for taking my question just wanted to follow up on an earlier question you know going into 2024.
Like a majority of the Fsrus are now under contract I just wanted to <unk>.
The additional color on the ability to market. Some of those you mentioned on the express.
Whether it's seasonality within those contracts do you guys still have the ability to take advantage or help out of situations like what happened in Midland if that were to happen going forward just any flexibility on current contracts to to use the shifts in different markets and different seasons.
Thanks <unk>.
That one is pretty simple these are critical energy security for countries. So it shouldn't be surprising we don't have a call right to say hey, we'd like to leave you in <unk> This will be a bilateral.
Discussion.
But <unk>.
People have this bilateral discussions we have those discussions we've always had those discussions.
And that's how we got Germany to help out Argentina at this past year.
In years past, we had borrowed the express seasonally now.
I would say.
It's got to be a clear defined opportunity.
And it's going to vary over time, depending upon what the near term geopolitical risk profile is.
I'm glad you mentioned, Finland, though because for example.
With the disruption of the Baltic connector pipeline between Finland and Estonia.
They're not getting gas from Russia, probably never going to get gas from Russia again, because they have a long memory.
And I can't get the pipeline from the continent. So we are providing the overwhelming majority of Finland's natural gas needs.
Mature economy.
Have a relatively small need for natural gas, but that need they have is absolutely critical to their economy and that's that's a situation where I wouldn't expect anyone to let go of it.
Other folks are going to have different needs.
In places with extensive hydro power you might have visibility of full year out two reservoirs, what youre needs will be so.
I just wanted to be clear.
It's a very.
Individuals' discussion that we have with our customers, but we.
We are always having those discussions and we are looking for win wins.
And I think we've done a good job.
Identifying win wins in the past and you can count on us to continue to do that.
Perfect I appreciate that and one last quick one can you remind me of what other contracts have CPI or inflation clauses in the contract.
Yes.
One ago look over.
Yes, Dana again to see what we've disclosed exactly have not disclosed, but it's the vast majority of our contracts that have that in for most of those contracts. It's effective in midyear. So that's why we saw a little bit of a bump in the third quarter.
Okay perfect. That's all I had thanks, everyone.
Thanks, Doug.
As a reminder, if you'd like to ask a question. Please press star one your telephone keypad now.
You May now turn to Craig Shere with Tuohy Brothers. Your line is open.
Good morning, Thanks for taking the questions and congratulations on a good quarter.
Expanding on Michael's question.
Can you kind of expressed thoughts about your long term interest.
Investing in and retaining ownership of <unk>.
Power pipeline or other infrastructure assets that would support LNG imports in the various markets you had mentioned.
Thanks, Craig.
It's all going to vary by market.
But if you take a look you could take a step back and look at fundamentals into these markets.
And you look at the macro fundamentals.
More LNG.
Is being taken fewer people opening up a market.
As we continue our success in opening up markets I.
Or do you expect there to be opportunities for us.
Uplift there but.
We need to be clear, we're looking at ways to get an uplift on an already outstanding infrastructure return.
We're going to keep looking at those and it's going to depend really.
Like I said, we did the deal that Petrobras wanted to do on Sequoia.
A lot of this is going to be.
What makes the most sense with that counterparty.
Our basic answer, but that's where these these deals come down and then we're working with sovereigns all the time still somebody across the table and you need to be selling something that they want to buy and we think they will.
Understood.
And just wanted to dig a little more into Germany's 2024 question I know that there is no guidance.
<unk>.
Presumably there's some.
Comparative obvious drivers.
Such as.
Clear charter versus the robust 2023 gas margins.
Whether you might have.
Ongoing seasonal Argentine deployments.
And obviously.
Absence of excellence Drydocking next year.
From a top level on puts and takes do you see these things kind of netting out being a little more positive any broad thoughts.
I'm going to look back today and again on that Craig because I think youre asking me to Undercutter answer I'm not guiding to it but.
And youre going to have to help me data I don't really know.
Yeah.
Coming down yes.
Yes, we still need to go through our internal processes and Youre right. I mean, the all of the questions are very valid questions, but until we sat down and really done a thorough review of all of these issues, we really don't feel comfortable guiding to where 2020 will lay out, but we will get that to you as soon as we as soon as we're able to what.
What we can tell you Craig is youre going to have a lot easier time modeling.
Understood.
It'd be nice looking forward to it.
Yes.
This concludes our Q&A.
That does help us see for closing remarks.
Thank you again to everyone, who joined US on today's call as you heard this morning, we had a great quarter and we're optimistic about our plans to maximize shareholder value.
We take pride in being one of the world's premier providers of flexible LNG infrastructure.
And the preferred partner for countries seeking just stabilize their energy systems.
We will continue to take the steps necessary to scale, our business and expand our reach even further.
If anyone has any questions. Please feel free to reach out to Craig Hicks, our VP of industrial relations.
Thank you very much.
Ladies and gentlemen, today's call is now concluded wed like to thank you for your participation you may now disconnect your lines.
[music].