Kingsey Falls Nov 4, 2015 (Thomson StreetEvents) -- Edited Transcript of Boralex Inc earnings conference call or presentation Wednesday, November 4, 2015 at 3:00:00pm GMT TEXT version of Transcript ================================================================================ Corporate Participants ================================================================================ * Marc Jasmin Boralex, Inc. - Director, Investor Relations * Patrick Lemaire Boralex, Inc. - President, CEO * Jean-Francois Thibodeau Boralex, Inc. - VP & CFO ================================================================================ Conference Call Participants ================================================================================ * Rupert Merer National Bank Financial - Analyst * Nelson Ng RBC Capital Markets - Analyst * Sean Steuart TD Securities - Analyst ================================================================================ Presentation -------------------------------------------------------------------------------- Operator [1] -------------------------------------------------------------------------------- Good morning. My name is Simon, and I will be your conference operator today. At this time I would like to welcome everyone to the Boralex, Inc. third-quarter results conference call. (Operator Instructions). After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions). Mr. Marc Jasmin, Director of Investor Relations, you may begin your conference. -------------------------------------------------------------------------------- Marc Jasmin, Boralex, Inc. - Director, Investor Relations [2] -------------------------------------------------------------------------------- Thank you, operator. Good morning, ladies and gentlemen. Welcome to Boralex's third-quarter results conference call. Joining me today are Mr. Patrick Lemaire, President and Chief Executive Officer; Mr. Jean-Francois Thibodeau, Vice President and Chief Financial Officer; Mr. Guy D'Aoust, Director of Finance and Treasury; and Ms. Bianka Monette, Corporate Controller. Mr. Lemaire will begin with his comments, and afterwards Mr. Thibodeau will carry on with some financial highlights. During this call we will discuss historical as well as forward-looking matters. When we talk about the future, there are a variety of risk factors that have been listed in our different filings with securities regulators which can materially change our actual results. These documents are all available for consultation at SEDAR.com. Boralex's unaudited interim report is available on our website and on SEDAR. It contains certain financial measures that do not conform to International Financial Reporting Standards, and such measures are reconciled to the most directly comparable measures in the section entitled, Non-IFRS Measures Found In This Interim Report. In our webcast, the disclosed results are presented both under IFRS and on a proportionate consolidation basis. The particularities of proportionate consolidation are explained in the interim report, as well as the reason why we use it. Moreover, tables reconciling IFRS data with data presented on a proportionate consolidation basis are included in the interim report. You will remember that starting last quarter, in this presentation we started using the EBITDA(A) acronym, which in short means adjusted EBITDA. The difference between EBITDA and the adjusted number includes items such as the net loss on financial instruments and the foreign exchange gains and losses. Please note that we have not changed the method for calculating the EBITDA, but only the terminology. Sorry. A full reconciliation of EBITDA to these figures can also be found in the interim report filed this morning. In addition, all of the comments made in this webcast will be on a quarterly basis. However, for your convenience we've also included some year-to-date figures on specific slides in the core of the presentation. Finally, the press release and a copy of today's presentation are posted on Boralex's website at boralex.com. If you wish to receive a copy of either of these documents, please to not hesitate contacting us. Take note that we will take questions only from sell side financial analysts who currently have an active coverage on Boralex. Mr. Lemaire will now start with his comments. -------------------------------------------------------------------------------- Patrick Lemaire, Boralex, Inc. - President, CEO [3] -------------------------------------------------------------------------------- Thank you, Marc. Good morning, everyone. For the third quarter, I am very pleased to report once again higher production, revenues, EBITDA(A), EBITDA(A) margin, and cash flows from operations. The result of the third quarter are mainly explained by the contribution of recently commissioned or acquired assets, better wind conditions in France, the favorable evolution of the US dollar, and better hydro conditions in Canada. During the quarter we continued executing on our growth strategy and reshaping our capital structure. Namely, we've commissioned in early October the 10-megawatt Les Cigalettes, previously named Montfort-Peyruis, solar site in France, and also got the green light to build a 12-megawatt Quinssaines wind site, also in France, set to be commissioned at the end of next year. Considering these, our growth path now stands at 156 megawatt of projects, which are all contracted and under construction, and for the most part finance. We remind you that our track record in acquiring, building, financing and operating various types and size of renewable energy asset is excellent, and that over the years we have earned a reputation of delivering our projects on time and on budget, and in accordance with our IRR targets. However, I wish to mention that in the course of our preliminary work on the Yellow Falls site, we've discovered a significant quantity of Aboriginal artifact which needs to be addressed in the proper manner, and which will cause financing to be delayed for a few weeks. In spite of this setback, we are still on track to COD this project in the first quarter of 2017. This being said, over and above our immediate growth path we also expect to build over the next 3 to 5 years at least another 300 megawatt out of our existing pipeline in Europe and in Canada, and are actively exploring opportunities to further increase this number. All things considered, we are comfortable in reaffirming our expectation to deliver on average 10% capacity growth per year over the next 5 years, which obviously implies, all things being equal, corresponding growth in EBITDA(A) and cash flow, supporting our customer EBITDA(A) guidance of CAD260 million at the end of 2017. On the financial side, following an equity in a new convertible debenture issued early this year, we redeem in late September all of the 2010 debenture which have not yet been converted for CAD47.1 million. This transaction provides us with a more flexible capital structure, and prevented the dilution on about 4 million shares which were not converted at the end at the CAD11.68 strike price. Following these transaction, our total outstanding shares increased by 35% from 48 million shares to close to 65 million shares, and our float increased by 58% from 29 million shares to 46 million shares, thereby greatly improving on our trading profile. I will now turn the conference over to our CFO, Jean-Francois Thibodeau, to further discuss our results and review our operation and financial situation. I will be back later for the closing remarks and the question period. -------------------------------------------------------------------------------- Jean-Francois Thibodeau, Boralex, Inc. - VP & CFO [4] -------------------------------------------------------------------------------- Thank you, Patrick. Good morning, everyone. For the third quarter of 2015, in comparison with 2014, on a proportionate consultation basis, as seen on the right side of the slide Boralex reports a 44% increase in production, a 52% increase in revenues, a 65% increase in EBITDA(A), and a 126% increase in cash flows from operations. Accordingly, revenues came in at CAD65.1 million and EBITDA(A) stood at CAD38.4 million, representing margins of 59%. As for cash flows from operations, these totaled CAD17.2 million compared with CAD7.6 million last year. The net loss stands at CAD13.6 million, which compares with a net loss of CAD10.2 million in 2014. The CAD3.4 million differential in the net loss from the corresponding quarter of 2014 results both from the increase in EBITDA(A) of CAD15.1 million, arising from the substantial expansion in the asset base over the past year, offset by higher depreciation and financial expenses, and from an accounting loss on the extinguishment of the debt following the redemption of the convertible debentures at the end of September. The year-to-date numbers are on slide 9 for your benefit. Moving on to slide 10, with the quarterly comparative EBITDA(A) by segment. Wind was much stronger in absolute terms, thermal was better, hydro and solar were relatively similar, and corporate expenses were slightly higher when compared with the corresponding quarter in 2014. I will later provide further details on each individual operating segment. Moving forward to slide 12, with the review of the quarterly EBITDA(A) variance of CAD15.1 million, the commissioning of new assets, including the Enel acquisition, provided an additional CAD12.8 million, and higher volumes explained another CAD3.6 million. However, these positive factors were mitigated by a number of factors such as lower overall selling prices, which combined totaled CAD2.3 million. Again moving forward two slides, let's now look at each segment's contribution, starting with the wind segment. Taking into account the newly-acquired and newly-commissioned assets, wind production as a whole increased by 78%. In Canada it was up 24%, and in France by 159%. Excluding the newly-acquired and newly-commissioned site, production grew by 7%. In France it was up 29% and in Canada it was down by 8%. Given typical seasonality, the overall utilization factor was in line with our expectations at 22%. Canada achieved its target with the 24% factor; and also, as expected, France achieved a 20% factor. The new Canadian site, Seigneurie de Beaupre phase II and Temiscouata I, contributed CAD3.6 million to the EBITDA(A). In France, the new sites add a CAD10 million positive contribution to EBITDA(A). In view of the above items, revenues increased by CAD86 million to CAD44.6 million, and EBITDA(A) grew by 89% from CAD17.5 million to CAD33 million, representing margins of 74%. Moving on to hydro on slide 16, this quarter's overall blended production was 7% higher than last year, 21% higher in Canada, and 9% lower in the US. In comparison with historical averages, the blended production was mostly in line, while 1% higher in Canada and 2% lower in the US. Price-wise, the blended average price for all our US assets was relatively unchanged. Considering the above factors and the strengthening of the US dollar, quarterly revenues increased by CAD1.6 million to CAD13.8 million while EBITDA(A) came in at CAD8.9 million, unchanged compared with last year. As for margins, they stood at 65%. The thermal and solar segments on a combined basis represented CAD2 million of consolidated quarterly EBITDA(A), compared to a contribution of CAD1.4 million last year. Looking forward, considering the commissioning in early October of Les Cigalettes solar site, this asset is expected to generate approximately EUR1 million of EBITDA(A) on a yearly basis. At the bottom of slides 17 and 18, we've provided a few additional comments to which you can refer. Now I will comment on the corporate sector on slide 19. Development expenses totaled CAD2.5 might, which compares with CAD1.1 million in Q3 of last year. In the quarter, Boralex recorded an expense of CAD600,000 to reflect an adjustment on the purchase price for the Jamie Creek site. And as we speak, negotiation with the seller are now complete, and we will need to record a final adjustment in Q4 of about CAD600,000. Administrative expenses stood at CAD3.9 million compared with CAD3 million in Q3 of last year. The slight increase in administrative expenses is a reflection of the growth in the Company, with more employees and projects to sustain. As a percentage of total revenues, the administrative expenses represent 6% of revenues in Q3 2015, compared with 7% in Q3 last year, and should be in line with our yearly target in the range of 5% of revenues by the end of the year. Considering all of the above items, corporate EBITDA(A) stands at a negative CAD5.5 million compared with negative CAD4.4 million last year. Now, briefly discussing our cash flows from generation, as seen on slide 20. Cash flows from operations came in at CAD17.2 million for the quarter, up 126% from the CAD7.6 million recorded in 2014. During the third quarter we spent a total amount of CAD148 million on investing activities. More precisely, for construction purposes we spent CAD143 million on our growth path. Lastly, financing activities provided a net amount of CAD93 million. More specifically, [we drew] project debt -- related debt for CAD149 million, and used CAD35 million of our revolving credit facility. This inflow of funds allowed us to repurchase the remainder of the 2010 series convertible debentures for CAD47 million, pay down another CAD32.7 million of project-related debt, give our project-level minority shareholders a CAD3.9 million dividend, and paid a quarterly dividend of CAD6.2 million to our shareholders. Noteworthy is the fact that as a result of the convertible debentures redemption, and the issuance of CAD144 million of a new series of debentures in June, we will realize an annual net saving of CAD10 million in interest. This being said, cash stood at CAD97.2 million at the end of the quarter, in addition to another CAD13.3 million of restricted cash. With respect to the seven projects currently under construction, we expect to spend approximately CAD112 million in property, plant and equipment for the remainder of 2015, and another CAD84 million in 2016. These investments will essentially be financed by debt drawdowns. For the remainder of 2015, debt reimbursement will amount to approximately CAD40 million, including the EUR16 million payment owed to Cube. For 2016, this should amount to approximately CAD90 million. Finally, yesterday Boralex's Board of Directors has declared another CAD0.13 dividend, which will be paid on December 15 to registered shareholders at the close of markets on November 30. I will now turn the conference over to Patrick for a few closing remarks before the question period. -------------------------------------------------------------------------------- Patrick Lemaire, Boralex, Inc. - President, CEO [5] -------------------------------------------------------------------------------- To conclude, I would like to convey once again how strongly I believe in the tremendous opportunities that lies ahead for Boralex. With a strong cash flow generation profile, a solid and flexible capital structure, and a clearly-identified growth path and pipeline, our team has all the ingredients to deliver sustainable value for our shareholders. To sum up, with excellent balance sheet flexibility, positive cash flow generation and financial discipline, Boralex is in excellent position to continue delivering strong and sustainable value going forward. More so, given our strong capital structure and the improvement in our trading profile, we believe we are in excellent position again to attract new investors to our venture who will further support us over the long term. Thank you for your attention. Operator, we will now take questions from the participants. ================================================================================ Questions and Answers -------------------------------------------------------------------------------- Operator [1] -------------------------------------------------------------------------------- (Operator Instructions). Rupert Merer, National Bank. -------------------------------------------------------------------------------- Rupert Merer, National Bank Financial - Analyst [2] -------------------------------------------------------------------------------- I was wondering if you could give us a little more color on your growth target -- your 10% per year growth. I see you've announced another wind farm today which is 12 megawatts. And if we're going to grow 10% per year, I think that suggests we should be seeing something like one project of this size every month. Is that how we should expect this to roll out? Will we see fairly regular addition of single small wind farms, or do you think it could be more lumpy than that? -------------------------------------------------------------------------------- Patrick Lemaire, Boralex, Inc. - President, CEO [3] -------------------------------------------------------------------------------- To answer your question, most of our growth -- we see it coming from France. So, it's going to be small projects that will be announced in the range of 10 to 30 megawatt. And let's say the momentum of announcing is going to increase in the year -- I'm going to say the end of 2016 and 2017. So, this is, let's say, we see the path, or the way announcement will come. And we have other opportunities that are here in Canada that we're -- that we hope is going to come out positive. But I repeat myself -- I'm saying, most of the growth is going to come from France. And over and above the actual pipeline that we have in -- that we are announcing, or is public actually, so -- -------------------------------------------------------------------------------- Rupert Merer, National Bank Financial - Analyst [4] -------------------------------------------------------------------------------- Okay. So, the addition of projects in France -- those will likely have a COD in 2017 or 2018 from here on, I imagine. Is that fair? -------------------------------------------------------------------------------- Patrick Lemaire, Boralex, Inc. - President, CEO [5] -------------------------------------------------------------------------------- Let's say I have mentioned announcement late 2016 or in 2017. So, it's going to be put in operation late 2017 and 2018, 2019. It's going to be mainly that. -------------------------------------------------------------------------------- Rupert Merer, National Bank Financial - Analyst [6] -------------------------------------------------------------------------------- Okay. Great. And then one quick housekeeping question. You talk about debt repayment of CAD90 million in 2016. So, just to clarify, is that a proportional debt repayment? Can -- consolidated proportional, so it includes your off-balance-sheet assets? -------------------------------------------------------------------------------- Jean-Francois Thibodeau, Boralex, Inc. - VP & CFO [7] -------------------------------------------------------------------------------- Yes, it is. -------------------------------------------------------------------------------- Rupert Merer, National Bank Financial - Analyst [8] -------------------------------------------------------------------------------- Great. All right. I'll leave it there. Thank you. -------------------------------------------------------------------------------- Operator [9] -------------------------------------------------------------------------------- Nelson Ng, RBC Capital Markets. -------------------------------------------------------------------------------- Nelson Ng, RBC Capital Markets - Analyst [10] -------------------------------------------------------------------------------- I had a quick question on the Enercon Niagara wind project. When is that project expected to reach financial close? -------------------------------------------------------------------------------- Jean-Francois Thibodeau, Boralex, Inc. - VP & CFO [11] -------------------------------------------------------------------------------- Right now, as we speak, we're targeting, I would say, in the first quarter of 2016 for financial close. -------------------------------------------------------------------------------- Nelson Ng, RBC Capital Markets - Analyst [12] -------------------------------------------------------------------------------- Okay. And then I think, in summary, if certain kind of return hurdles reach or exceed a threshold, then you would be, I guess, required to -- not required to invest, and you would likely invest, or you'd call your option? -------------------------------------------------------------------------------- Jean-Francois Thibodeau, Boralex, Inc. - VP & CFO [13] -------------------------------------------------------------------------------- Yes. Our option is conditional upon, as you said, a threshold to meet in terms of IRR and other less material conditions. But, yes. If we meet them, we should invest and raise our option. -------------------------------------------------------------------------------- Nelson Ng, RBC Capital Markets - Analyst [14] -------------------------------------------------------------------------------- Got it. Okay. And then, just moving on to France, could you remind me what the current feed-in tariff is for wind and solar? And also, if that tariff structure will change in the coming years? -------------------------------------------------------------------------------- Jean-Francois Thibodeau, Boralex, Inc. - VP & CFO [15] -------------------------------------------------------------------------------- It's about EUR85 as we speak, and there is -- we shouldn't see for onshore wind -- we should not see for the next foreseeable future, maybe 3 to 5 years, it change. There's -- France is looking at ways to change the overall kind of pricing mechanism. There's a lot of discussion about contract for difference, like many countries elsewhere in Europe and around the world. But for the onshore wind tariff should remain in the range of what we've talk about -- in the range of EUR85 for the first year. -------------------------------------------------------------------------------- Patrick Lemaire, Boralex, Inc. - President, CEO [16] -------------------------------------------------------------------------------- And similar for solar. -------------------------------------------------------------------------------- Jean-Francois Thibodeau, Boralex, Inc. - VP & CFO [17] -------------------------------------------------------------------------------- Yes. -------------------------------------------------------------------------------- Nelson Ng, RBC Capital Markets - Analyst [18] -------------------------------------------------------------------------------- Okay. So, the price for wind and solar is the same at around EUR85? -------------------------------------------------------------------------------- Patrick Lemaire, Boralex, Inc. - President, CEO [19] -------------------------------------------------------------------------------- Yes. -------------------------------------------------------------------------------- Nelson Ng, RBC Capital Markets - Analyst [20] -------------------------------------------------------------------------------- And is the escalation the same as well, for both technologies? -------------------------------------------------------------------------------- Patrick Lemaire, Boralex, Inc. - President, CEO [21] -------------------------------------------------------------------------------- Yes. The only difference between wind and solar is, wind is 15 years and solar is 20 years. -------------------------------------------------------------------------------- Nelson Ng, RBC Capital Markets - Analyst [22] -------------------------------------------------------------------------------- Okay. Got it. And then, could you tell me a bit about the near-shore wind project that you -- I think you've submitted a non-binding bid last month? Can you provide a bit more details in terms of it -- I think it mentions 350 megawatts. Is that one site or multiple sites? And then could you also tell me a bit about the tariff structure as well? -------------------------------------------------------------------------------- Patrick Lemaire, Boralex, Inc. - President, CEO [23] -------------------------------------------------------------------------------- Okay. The way -- it's two site, okay? So, really it would be spread over two sites, the 350 megawatt. And we've submitted the -- I'm going to say, a non-binding offer that we won't disclose the price for now. And from there, we know that the -- let's say, the Ministry of Energy of Denmark -- I don't know that's the exact name of it, but -- will have discussion with each of the developers that have bid in the -- have put a bid in. And there will be discussion, let's say, negotiating this tariff. And we should know a little more, let's say, during the second quarter next year. -------------------------------------------------------------------------------- Nelson Ng, RBC Capital Markets - Analyst [24] -------------------------------------------------------------------------------- Okay. But the understanding is there will be a fixed-price tariff for 15 or more years, right? -------------------------------------------------------------------------------- Patrick Lemaire, Boralex, Inc. - President, CEO [25] -------------------------------------------------------------------------------- Yes. It's based on hours. So, depending on your -- let's say, on your capacity factor, it's going to be less years -- a lower capacity factor is going to be more years, because it's a bank of hours. And so, if you have a very high capacity factor -- so, you're going to run the hours faster. So, that's the way that -- it's a little different than what we usually see on -- in years. But this program with the Danish Government is -- can be translated in over 10-year PPA. -------------------------------------------------------------------------------- Nelson Ng, RBC Capital Markets - Analyst [26] -------------------------------------------------------------------------------- I see. And then just kind of one last question. Moving on to France, I think France is in the early stages of exploring offshore wind. Are you getting more comfortable with offshore wind, since you're doing work on, or some due diligence on, near-shore wind? -------------------------------------------------------------------------------- Patrick Lemaire, Boralex, Inc. - President, CEO [27] -------------------------------------------------------------------------------- Depending on the site, offshore will always interest us. But if we're talking CAD2 billion to CAD3 billion project, it's kind of big for Boralex. So, we could either participate through partnership, like we're doing in Denmark -- we have -- okay. We're -- we have a partnership with, let's say, a local developer -- Danish developer, which is European Energy, and also with a third utility -- a Swiss utility that we're partnering with. This is for the 350-megawatt. And over and above that, we're looking at a -- there is an RFP, actually, for 600 megawatt of offshore that we're contemplating. But this is, let's say, long-term vision for us. And if, let's say, it's -- if it's -- it comes out positive, we'll seek for partnership, that's for sure. So, we won't go 100% Boralex for large offshore project. But we expect that near-shore -- if it's successful in Denmark, we see that other countries will probably have, let's say, a new near-shore RFP for us too. And Boralex will have -- let's say, will have done near-shore in Denmark to be able to come up with this expertise in other countries. -------------------------------------------------------------------------------- Nelson Ng, RBC Capital Markets - Analyst [28] -------------------------------------------------------------------------------- Okay. Thanks. Those are my questions for now. -------------------------------------------------------------------------------- Operator [29] -------------------------------------------------------------------------------- (Operator Instructions). Sean Steuart, TD Securities. -------------------------------------------------------------------------------- Sean Steuart, TD Securities - Analyst [30] -------------------------------------------------------------------------------- Couple of questions. I just wanted to follow up on the near-shore perspective project in Denmark. Just so I understand it, Patrick, the 350-megawatt proposal you're contemplating -- does that fall under the -- is there 600-megawatt procurement that's been targeted by Denmark? And if so, is your project scalable up or down depending on how many competitors submit bids? -------------------------------------------------------------------------------- Patrick Lemaire, Boralex, Inc. - President, CEO [31] -------------------------------------------------------------------------------- Okay. So, I'll recap Denmark. When we first spoke of Denmark, and the first partnership we've done with European Energy, was [divide] up 200 -- over 200 megawatt of, let's say, secured, I'm going to say land, or water. Okay? Area in the ocean, in the near shore, I'm going to say, that it was secured by the developer. Which is not going for RFP or whatever. This piece of land -- let's say, a lease from European Energy, or piece of water, has a -- so, this is the initial 200 megawatt or so. Then came an RFP for near-shore with specific area, assigned by the Danish Government. So, this is the 350-megawatt. And now there is another offshore 600-megawatt offshore RFP. So -- which Boralex is qualified also. So -- but the two last one, the 350 and the 600, is RFPs, one the -- the initial one, 350, is near-shore. The other one is offshore. And over and above that, there was the 200 megawatt or so that we've partnered almost 2 1/2 years ago. So, this is three different thing, that we're contemplating. The initial one can probably be the last one we're going to do, the way it's shaping up. And the 350, let's say, is further in the process as we speak. -------------------------------------------------------------------------------- Jean-Francois Thibodeau, Boralex, Inc. - VP & CFO [32] -------------------------------------------------------------------------------- And just to add on Patrick's comment, the 200 that Patrick is mentioning could be part of a -- it's kind of a feed-in tariff that Denmark has. It's called the open door kind of tariff. So -- but the point is that, as Patrick mentioned, we could do this later, but part of a feed-in kind of tariff in Denmark. -------------------------------------------------------------------------------- Sean Steuart, TD Securities - Analyst [33] -------------------------------------------------------------------------------- Okay. Understood. That clarifies things. Followup question -- it's less material, and I guess especially for you guys, but can you give any update on where we are with the Quebec Hydro recontracting with respect to the arbitration process at this point? -------------------------------------------------------------------------------- Patrick Lemaire, Boralex, Inc. - President, CEO [34] -------------------------------------------------------------------------------- We're having discussion with Hydro Quebec, actually. So, and -- on the tariff. There is arbitrage going on. We're going to, let's say, follow the arbitrage closely and ask for what's going to come out of there, and -- of that arbitrage. So, there's -- I'm going to say there's a little ways to go before we can answer you, let's say, with, let's say, a rate. I have to mention, not -- it -- this is not material. This is not many assets for Boralex. But still, it's cash flow that we don't want to lose. So, we'll negotiate as hard as we can to get the best rates. -------------------------------------------------------------------------------- Sean Steuart, TD Securities - Analyst [35] -------------------------------------------------------------------------------- Okay. That's all I had. Thanks very much, guys. -------------------------------------------------------------------------------- Operator [36] -------------------------------------------------------------------------------- There are no further questions at this time. I turn the call back over to yourself, Mr. Jasmin. -------------------------------------------------------------------------------- Marc Jasmin, Boralex, Inc. - Director, Investor Relations [37] -------------------------------------------------------------------------------- Thank you for your participation. Take note that the replay of this conference call is available until November 11, 2015. Thank you. Have a nice day. -------------------------------------------------------------------------------- Operator [38] -------------------------------------------------------------------------------- Ladies and gentlemen, this concludes today's conference call. You may now disconnect.
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