Q3 2024 TC Energy Corp Earnings Call
Unknown Executive, Bevin Wirzba, Joel Hunter, Gavin Wylie, Gavin Wylie, Gavin Wylie, Gavin
Low risk and repeatable performance.
Safety and operational excellence form the foundation of everything we do at TC Energy. The third quarter was no exception.
Our team's focus on these core principles combined with the demand for our vital energy assets ensured continued high utilization and availability across our asset base.
including, for example, achieving 98% availability at Bruce Power.
We will look to maintain this positive momentum through the end of 2024, and our focus remains on achieving our strategic priorities while continuing to deliver long-term shareholder value.
And now I'll turn the call over to Sean.
Thanks, Francois, and good morning, everyone.
On our second quarter call, we highlighted that our expectation was trending towards the lower end of that range. We now expect our 2024 net capex to be in the range of $7.4 to $7.7 billion.
This is a reduction of approximately $700 million, which creates dollar-for-dollar impact on our deleveraging plan, which I'll touch on in a moment.
As you also heard from Francois, the largest driver of the CapEx savings is from the continued successful execution of our Southeast Gateway project, but there have also been project and cost optimization gains across the entire portfolio.
In addition to the $700 million in capital savings, we grew third quarter comparable EBITDA by 6% year over year. And similar to prior quarters this year, we enjoyed contributions from across our entire asset base, as you can see on the chart to the left.
Canada Gas saw higher rate-based earnings from continued system expansions coming into service on both NGTL and foothills.
U.S. Gas put growth and modernization projects into service, including the Gillis Access Project serving the Gulf Coast LNG markets, and results were partially offset from the closing of the Portland natural gas sale in August.
In Mexico, we had higher equity earnings at Cerde Tejas, primarily from the strengthening U.S. dollar over the peso. As a reminder, our contracts in Mexico are U.S. dollar denominated, but we do see impacts from peso fluctuations due to equity accounting at Cerde Tejas.
Our Power and Energy Solutions team saw improved contributions from Bruce Power, which achieved 98% availability in the third quarter, up from 94% a year ago.
Our liquid segment decreased primarily due to lower margins for marketing activities.
as a result of incremental WCSB egress capacity. Those are partially offset by higher volumes on the U.S. Gulf Coast system.
Moving to the right chart, our comparable earnings of $1.1 billion were 4% higher than the third quarter of 2023. There's some variances on the right chart worth spending a moment on.
Depreciation was higher, reflecting expansion facilities and new projects being placed into service.
Interest expense was lower, primarily due to reduced levels of short-term borrowing and higher capitalized interest.
AFUDC was higher due to continued capital spending on Southeast Gateway. And lastly, this quarter's deduction for non-controlling interest increased primarily due to the sale of the 40% interest in Columbia that closed in the fourth quarter last year.
Our 2024 earnings outlook remains consistent with the outlook in our 2023 annual report in that our earnings for common share are expected to be lower this year than in 2023, driven largely by the NCI adjustments from the asset divestiture program.
Turning to page 12, we'll provide an update on our 2024 EVA Outlook.
Our focus on safety and operational excellence have contributed to yet another quarter of exceptional asset performance.
If you look at the chart on the left for 2024, comparable EBITDA is expected to be at the upper end of our $11.2 to $11.5 billion range.
When we exclude Liquid's EBITDA contribution in 2024, we expect TC's comparable EBITDA to be at the high end of our $9.9 to $10.1 billion range.
For clarity, this is the range we expect to report in TC year-end 2024 financials when Liquids is moved to discontinued operations.
On the right side of the page, I wanted to recap several of the important financial and de-leveraging milestones that the team has achieved this year. We have achieved strong EBITDA performance.
We've realized synergies through efficiency and integration measures. We closed on $1.6 billion in asset sales. And we have continued to improve our capital efficiency and CapEx cost optimization programs.
The combined impact of these improvements to the business plan put us on track to achieve our 4.75x debt-to-comparable EBITDA target by the end of 2024.
[inaudible]
2024 represents a material inflection point for TC in that we are simultaneously experiencing improved capital efficiencies, repeatable low-risk growth projects, the beginning of an organic deleveraging cycle, and unprecedented increases in demand for natural gas and power on each of our systems.
This revised quarterly dividend reflects TC's proportionate allocation of the dividend pro forma for the closing of the spinoff that closed on October 1st.
With that, I'll pass the call back to Francois.
Thank you, Sean.
Francois: In summary, our continued focus on a clear set of priorities in 2024, including safety, operational excellence, and project execution excellence.
has delivered strong operational and financial results.
We look forward to connecting further at our Investor Day in a couple of weeks.
I'll now turn the call back over to the operator for questions.
Speaker Change: Thank you. We will now begin the question and answer session.
Speaker Change: To join the question queue, you may press star then 1 on your telephone keypad. You will hear a tone acknowledging your request. Please unmute yourself.
to two questions and if you should have additional questions, please re-enter the queue. If you are using a speakerphone, please pick up the handset before pressing any keys. And to withdraw your question, please press star then two.
Speaker Change: And our first question will come from Praneeth Satish with Wells Fargo. Please go ahead.
Speaker Change: Bevin Wirzba, Joel Hunter, Gavin Wylie, Gavin Wylie, Gavin Wylie, Gavin Wylie, Gavin Wylie,
Praneeth Satish: Can you maybe break down, you know, how much of the demand you're seeing from coal to gas switching versus
Higher Demand from Power Plants versus Behind the Meter Generation.
Praneeth Satish: kind of which of those categories represents the largest piece of the of the demand that you're seeing and then do you see any differences in the economics across those different types of projects or are they all kind of clustered in that six to eight times build range?
Praneeth Satish: Hey, good morning, Praneet. This is Stan. I can take a stab at that. I would just say that growth across North America continues to be strong and supported by fundamentals that show that there's 40 BCF of incremental demand between now and 2035, which brings our total gas market to about 160.
Praneeth Satish: of them all is really LNG exports, where we see a tripling of North American exports from 13 BCF a day today to 39 BCF a day, which is led by a more than doubling of exports in the US.
Praneeth Satish: With respect to power generation, there's lots of tailwinds across our footprint in terms of increased power demand led by coal to gas retirements and emerging demand from data centers.
Praneeth Satish: When we look at the 300 or so data centers that are currently being contemplated across the U.S.
Praneeth Satish: 200 of those are located within 50 miles of our pipe, and we're currently in negotiations with various entities for up to two BCF a day of that load, and I expect us to compete for and win our fair share.
Praneeth Satish: We're also focusing on opportunities around LDC reliability, which could be another one to two BCF, as well as supply access to make sure that producers have export capacity out of constrained market areas. And then lastly, we're going to continue investing in modernization and maintenance capital expenditures across our systems.
Praneeth Satish: So, big picture wise, when I add all that up, I see about 13 BCF a day of growth opportunities that are in various stages of execution, development, or origination.
Praneeth Satish: And, you know, in this target-rich environment, I don't think we're going to have any problem filling up our $6 to $7 billion of capital and allocating that to the projects that give us the highest risk-adjusted return and building those projects within our 5 to 7 times billed multiple.
Speaker Change: And Pernithis Francois, just for the last part of your question around color coding returns from the different customer classes. We don't really think about it that way. I guess I would say...
Speaker Change: We have a finite amount of capital we want to invest to balance balance sheet strength dividend growth.
Speaker Change: and repeatable performance. The fact that there are six or seven different
Speaker Change: sources of demand competing for our capacity directionally increases the likelihood of us being able to sanction projects at higher returns going forward than we've been able to sanction projects at in the past.
Speaker Change: I know that's helpful. At the risk of this being maybe too early to ask, but I'll ask it anyway. There's there's a lot of opportunities, obviously, across the
Praneeth Satish: The Gas Pipeline Footprint. You have a capex limit in place for 2025.
Praneeth Satish: But, I mean, do you view yourself as CAPEX constrained where you need to high-grade projects? Because the way we see it, you know, most of this demand pull, most of these demand-pull gas projects have
Praneeth Satish: long lead times in the four-year range. And so even if you sanction the projects today, that spending doesn't really hit until the 2027-28 time frame when your leverage is much lower. So how do you think about the long-term CapEx trajectory of the company, you know, given all these opportunities?
Speaker Change: I guess what I'd say, Praneeth, is, you know, that directionally, we are now entering sort of an organic deleveraging phase of our evolution.
Praneeth Satish: The beauty of our business and the strength of our franchise means that
Praneeth Satish: We're we have visibility that where we're going to allocate capital and our confidence in being able to allocate that six to seven billion Dollars of capital all the way out to the end of the decade and we're going to give you more color on that On November 19th at our investor day right now
Praneeth Satish: And until we see that manifest itself, we're not likely to be considering increasing the size of our capital program. But as you said,
Praneeth Satish: You know, we still have plenty of capital in the outer years of the decade within which to allocate capital and that's our primary area of focus right now.
Thanks all.
Speaker Change: The next question will come from Rob Hope with Scotiabank. Please go ahead.
Speaker Change: Yeah, this is Stan again. I could take a start. We did announce that we are reducing our capital guidance from 8 to 8.5 to 7.4 to 7.7
Speaker Change: and you can think about that in a couple of different tranches.
Speaker Change: One is coming from our FOCUS initiative that we talked to you about historically, roughly $270 million or so of that savings are directly tied back to initiatives associated with our FOCUS program. So we're really pleased with respect to that. A big part of the balance is just due to really good execution on our project and our maintenance capital expenditures and reducing those costs going forward.
Speaker Change: And then maybe as a follow-up there, aside from the capital side of the business, what about the operating costs side of the business? Has the focus project yielded any incremental improvements there and can you help us quantify that?
Speaker Change: Yeah, it has. Now, with respect to the focus initiatives, about 30% of the value that we created was tied to expense reductions, O&M expense reductions. And again, we'll be flowing those through to customers as we have various toll and rate cases in the future. But what it does is puts an emphasis on cash and makes us more efficient going forward.
Thank you.
Speaker Change: The next question will come from Teresa Chin with Barclays. Please go ahead.
Speaker Change: Yeah, there's a lot there, and I'll try to unpack that for you. First of all, with respect to the cost savings...
Speaker Change: It's just really good project execution, and you can think of about $140 million in savings on the procurement side, so we were able to buy materials and equipment for less.
Speaker Change: There is about $230 million in savings associated with more efficient construction and civil works activities. And those two things allowed us to release additional contingency of about $130 million.
Speaker Change: With respect to the power plants, I would just say that CFE's power plants generally remain on track, and the two that we're most focused on are the Meridia and Valladolid plants, and both of those are tracking for Q1 2025 in-service.
Speaker Change: With respect to in-service, I would just say that we're meeting with CFE on a consistent basis to ensure that we have alignment.
Speaker Change: around the various project completion activities, which include both the favorable impact on tolls due to the lower costs, as well as the potential for an accelerated project completion date and payment date.
Speaker Change: And those discussions are continuing and we'll have a better line of sight on that with respect to the timing of in-service and payment once we get a little further down the road with the project construction activities.
Speaker Change: What your views are on how you're going to thread the needle with leverage. So will this be more of a self-help, organic growth-focused, organic CapEx-focused endeavor? Or are you contemplating additional asset sales from here to complement that?
Thank you for watching.
Speaker Change: Good morning, Teresa. It's Sean. I'll take a stab at that one. A great, great question. I think maybe let me start just with the 2024 plan to give you context or what the levers that we have been pulling on the leveraging plan and we'll give you a sense for what 2025 and forward looks like.
Speaker Change: As we entered 2024 with 4.75 squarely in mind for year-end, we were relying on EBITDA performance.
Speaker Change: What you're seeing in today's quarterly results, you know, we're at the high end of EBITDA, couple hundred million ahead on EBITDA, 700 million ahead on CAPEX. That's a billion dollars. And as Francois mentioned, a billion dollars in savings.
Speaker Change: It's a two-for-one, it's almost the value of $2 billion worth of asset sales.
Speaker Change: So, we have gotten to our leverage target in 2024 through the least cost or highest value retention path possible, really through these CapEx savings that Stan talked about.
Speaker Change: in addition to some of the savings that are hitting EBITDA in the next couple of years. So we're going to get into the composition and the timing of all of that at Investor Day, but that is to say our 25.
Speaker Change: Leverage target in particular is going to benefit from the same trend on EBITDA and CAPEX as we're talking about today But we'll unpack that further for you in two weeks
Thank you.
Just philosophically speaking, like, do you tend to...
Want to migrate some of these or...
Speaker Change: and Max out at six to seven billion dollars, or would you prefer to find alternative non-equity funding like sales or even JV Partners to build more and keep it within six to seven net? But with that specifically, would you bring in a partners first and then build or would you build and then look for a funding solution later?
Francois: Maybe I'll take a crack at that one, Maurice. It's Francois.
Speaker Change: Yeah, absolutely, we've talked about the benefit of having partners like GIP on our TECO system, allowing us on a gross basis to continue to allocate the full amount of capital that the system needs in order to maintain its incumbency position.
Speaker Change: While at the same time allowing us to manage to our six to seven billion dollar capital spend on a net basis
Speaker Change: or to rotate capital from mature assets down the road in order to improve our EBITDA growth and improve our return on invested capital on our existing assets, we will absolutely contemplate those.
Speaker Change: For the time being, however, we are resolute on the six to seven billion dollars.
Speaker Change: We think it's important for us to continue to organically de-lever over time and build some cushion below that 4.75.
Speaker Change: metric, and because we see the spread between our earned return and our cost of capital widening over the next couple of years, we really are very confident in our ability to continue to grow EBITDA, grow cash flow per share, and therefore grow the dividend in a commensurate manner.
Speaker Change: Thanks, and just to finish up on a question on Southeast Gateway.
Speaker Change: You mentioned that there remains 1.4 kilometers of shallow water construction. Is that the only material construction risk item left? Or are there other work items that you're watching that might derail your cost or timing? And in particular, given that you have savings from this overall cost structure, I assume that there is no change to your expected EBITDA and there's no sharing involved here?
Speaker Change: No later than mid 2025. There is cost sharing in the agreement that we have with CFE.
Speaker Change: and we will be adjusting the tolls accordingly once we know what the final capital expenditures are.
Speaker Change: And Maurice, you'll see in our forecast, and our outlook for EBITDA for 2025 and beyond, we will have adjusted for the revised capital spend. We thought that was a, you know, the cost sharing basically on a 50-50 basis when CFE only owns
Speaker Change: 13% currently of the common equity was a provided us with good downside protection. We have a happy customer, we've reduced our capital spend by $600 million. So I think it's a happy day for everybody.
Thank you very much.
Speaker Change: Hi, good morning. I wanted to ask on data center linked opportunities. Are you thinking at all about vertical integration and potentially even getting into behind-the-meter gas-fired power plants? I know the company used to build gas power plants.
Speaker Change: And then, relatedly, how are you thinking about the EPA 111D rule eventually requiring CCS for new gas plants and how that's impacting discussions with customers?
Speaker Change: So I'll take, I'll take the first part of your question around gas fire generation. So,
It was supportive of
Investment we were looking to make
on our gas transmission side of the business.
Speaker Change: However, it would have to compete with capital across the portfolio. So we would be looking
Speaker Change: Every form of, or every developer and operator of gas fire generation would have to comply with it. We'll see what policy changes come from a new administration in the United States.
And as I said,
The data centers have
high ambitions around developing their projects.
It's not only economics, it's time to in service.
Speaker Change: Thank you for that. Second question, just curious if there's any update on discussions with stakeholders for a sell-down of NGTL, if you're optimistic on that and potential timeline.
Speaker Change: Bevin Wirzba, Joel Hunter, Gavin Wylie, Bevin Wirzba, Joel Hunter, Gavin Wylie, Bevin Wirzba,
Speaker Change: There's kind of two parts to that question, Keith. I'll answer the first part and then I'll ask Sean to...
Speaker Change: To pick up the second part and I want to underscore that we do continue to work with our indigenous partners to find a pathway forward
We think indigenous economic participation is really important.
and all of those involved in the process.
Speaker Change: We will, of course, provide material updates as they come available. But there is a question behind that one, which is, you know, our need and reliance on that transaction for deleveraging. And I'll pass that over to Sean.
Yeah, thanks, Ranzo. Good morning, Keith.
Speaker Change: are asset sales required for our 4.75 target? The answer there, broadly speaking, is no. And that is good news, right? Our EBITDA outperformance and the CapEx savings, not only the $700 million today, but...
Speaker Change: The two and a half billion that we'll talk about in a couple of weeks takes...
Thank you.
Speaker Change: The next question will come from Manav Gupta with UBS. Please go ahead.
Speaker Change: Good morning. Thanks for all the positive updates on the Southeast Gateway. I just wanted to talk about the other growth projects which are also coming on in the next 12 to 18 months, you know, whether it's Columbia Gulf expansion or NGTL system phase 2. Can you give us an update on the progress you are making on the other key growth projects expected to come online in the next 12 to 18 months?
Speaker Change: Yeah, over the next 12 months or so we have about eight and a half billion dollars of capital coming into service
Speaker Change: largely led by SGP, which, as you heard, is trending very positively. Then we have two big projects in the U.S., both of which are trending on time and on budget. So very much a good news story overall.
Speaker Change: Perfect, and then how should we think about expansion plans and Bruce and how does that fit into your overall portfolio?
Speaker Change: Bevin Wylie, Unknown Executive, Bevin Wylie, Unknown Executive, Bevin Wylie, Unknown Executive,
Speaker Change: and the next MCR is Unit 4. We received the ISO approval to proceed in February and there is a refurbishment outage start date planned for Q1 of 2025. So all of the preparation work is well underway and we are now transitioning to get ready for construction start early next year. So we continue to be very pleased with the capital that we continue to invest.
Thank you so much. I'll turn it over.
Speaker Change: The next question will come from Olivia Haffordy with Goldman Sachs. Please go ahead.
Olivia Haffordy: Hi, good morning. Thank you for taking our questions. I wanted to go back to the CapEx budget for next year onward.
Olivia Haffordy: How much of that $6 to $7 billion annual CapEx budget is already committed over the next two years? And on the other side, how much is uncommitted and therefore open to add natural gas?
Speaker Change: Thanks for the question, Olivia. Again, I think because of the strength of our franchise and the visibility we have in terms of the development projects going forward,
Speaker Change: You know the lion's share of our capital for 2025 is committed We've got a little bit of room and we'll show
Speaker Change: at the coming Investor Day on the 19th of November. We've got a little bit of room in some of the other years, but we're already looking to
Speaker Change: and sanctioned projects with spend and service dates in the latter part of the decade. Again, we're, I think, a little bit unique in our ability to provide you with a fairly high degree of visibility on where the capital is going to be allocated, and we know the return profiles right to the end of the decade.
Speaker Change: Got it. Thank you. And one more. Following the spinoff of the liquids business and as you near completion of Southeast Gateway, how are you thinking of balancing the broader opportunity set in Mexico from here versus managing total business exposure in the region?
So I think perhaps the one exception to the divestiture
Speaker Change: or deleveraging being organic and divestiture program being done would be in Mexico, but it's not really anymore for deleveraging purposes.
Speaker Change: Either bringing in a partner or some other way to reduce our exposure That's good news because we see additional growth opportunities
in country once the backbone of the infrastructure is built.
Okay, great. Thanks for the time.
Speaker Change: The next question will come from Robert Cattelier with CIBC. Please go ahead. Hey, good morning. You've answered most of my questions already, so maybe just a couple of quick project updates. First of all, on the Coastal Gas Link, it sounds like that first phase will be in service before too long. Do you have any sense of where we are with Phase 2?
Speaker Change: This is Stan. Really no new updates with respect to Phase 2 since we last spoke. We're continuing to do early development work as requested by LNGC and assess the Phase 2 expansion opportunities and obviously the final investment decision rests with them.
Speaker Change: Yeah, thanks. It's Ansley. We continue to remain very excited about the project. We continue to see
Significant economic benefits for the province.
Speaker Change: There was a new Minister of Energy and Electrification appointed in Ontario in June, and there's been a renewed focus on moving the project to the next phase, which is simply some development work that will allow us to narrow the project capital cost estimates. So we are working on an agreement that would take the form likely of a cost recovery agreement so that we will be in a position to be able to advance the project to that next stage.
Speaker Change: So the discussions continue and we hope to be able to come to some conclusion from a commercial perspective that allows us to continue that project.
Okay, thank you.
Speaker Change: The next question will come from Ben Pham with BMO. Please go ahead.
Speaker Change: There were no planned outages in the quarter for Bruce Power, and so that just allowed a much higher availability for the units, and we only have one unit under MCR right now, and so that's how we were able to achieve the output that we did for the quarter. Heading into the fourth quarter, it will be similar because again, we'll only have one unit under MCR and
Speaker Change: Okay, got it. I mean, Lo-Ni is still pretty good. I made a second question on...
Speaker Change: Keep it a growth guidance. Maybe thinking about through the end of the decade if you're hypothetically spending Six or seven billion self-funded returns are still pretty good
Speaker Change: What do you expect in terms of EBITDA growth on a CAGR basis through the end of the decade?
Speaker Change: I think what we'd like to do, Ben, with great respect for the question, is to give you insights along with a whole bunch of information to support the credibility of that range at our Investor Day in a couple of weeks. So if I could ask you to be patient until then, we'll be able to answer that question in a very fulsome manner.
Okay, no problem. Okay, thank you.
Thank you.
Speaker Change: The next question will come from Jeremy Conant with JP Morgan. Please go ahead.
Morning.
Speaker Change: Just wanted to come to back to Southeast Gateway, if I could, a little bit of different angle here, just wanting all everything you're saying here, it sounds like mechanical completion is imminent and in service, you know, all the commissioning very quick as well. Just wondering if it does reach in service early, is that the potential to serve other customers in that market if it's available before the agreed start date and just specifically as it relates to leverage, how much deleveraging does this project and service deliver?
Speaker Change: Jeremy, I'll take the first part of that. We still have a little bit of work to do with respect to pre-commissioning and commissioning activities.
Speaker Change: We should get to mechanical completion sometime around year end, slightly thereafter. And again, we're working towards a contractual end service date mid-year 2025. And if we can prove upon that, we will. With respect to serving markets, again, CFE is our customer and this gas is destined to serve power generation facilities in the Yucatan Peninsula.
Speaker Change: And I'll take, maybe Jeremy, yeah, sorry, Jeremy, thanks for the question. Look, we're going to give you all sorts of kind of modeling metrics for this here in the next two weeks. But look, round numbers, you know, full year basis, what SGP is going to deliver us.
Speaker Change: 750 million kind of CAD EBITDA So you can kind of just on a full year basis depending on how you're modeling kind of debt numbers for us It's a you know, it'll be a point kind of point zero five to plus or minus one But we'll we'll have all that model detail for you at investor day
Speaker Change: Got it. Interesting. And fingers and toes in Mexico. Sounds like data center opportunities there, potentially. But I want to shift a little bit. I think, you know, the appetite for nuclear in Ontario kind of stands out versus other areas, I think. And we see the Bruce C. study there. You've described yourself as the best intersection of electron molecules here. Could you walk us through how the portfolio enables you to capitalize on the current environment, specifically the nuclear side? Granted, it could be a little bit later dated, but you know, what do you see as potential there on your site?
Thank you. Thank you.
Meaningful Capital through that agreement with very good returns.
and so.
Speaker Change: We're committed to continuing the refurbishment program for Bruce C. As I think we've shared, it's still in the very early stages with a site impact assessment being done.
Speaker Change: but it demonstrates that we see there's the potential for even further commitment to nuclear further out, but it gives us ample opportunity to really maximize the value of our existing investments to deploy capital at really strong returns.
Speaker Change: In terms of growth potential is you have a good site.
You have an operating license because those licenses are very
Speaker Change: expensive and time consuming to achieve. And then you have a management team that has a strong track record of operational and project execution excellence.
Speaker Change: unit 6 MCR in the middle of COVID on budget and a month early. So with those three factors being critical to us allocating capital into nuclear, we don't really see the need for us to expand beyond the Bruce Power site. We think there's ample opportunity for us to
Speaker Change: Invest capital as part of our six to seven billion dollars going into really into the 2030s
Got it. I'll leave it there. Thank you
Thank you.
Speaker Change: Ladies and gentlemen, this concludes the question and answer session. If there are any further questions, please contact Investor Relations at TC Energy. I would now like to turn the call back over to Mr. Gavin Wylie for any closing remarks. Please go ahead, sir.
Gavin Wylie: Well, thank you for your interest in TC Energy and joining us this morning. As you heard from Francois, we'll be holding our 2024 Investor Day on November 19th, and we look forward to seeing you in person and providing you with a more detailed update at that time. Thanks again.
Speaker Change: This concludes today's conference call. You may now disconnect your lines. Thank you for your participation and have a pleasant day.
Speaker Change: After twelve years on stage, here he is. Last goodbyes we made like a family, But now we've finally begun. And I never expected such an overwhelming result. I was still scared when everything seemed so bleak, But now I know it's just a dream. A dismal story.
Speaker Change: Joel Hunter, Unknown Executive, Bevin Wirzba, Gavin Wylie, Joel Hunter, Gavin Wylie, Gavin