Algonquin Power & Utilities (AQN) 11 Nov 222022 Q3 Earnings call transcript

Good morning, ladies and gentlemen, and welcome to the Algonquin Power & Utilities Corporation Third Quarter 2022 Earnings Webcast and Conference Call.

Following the presentation, there will be a question-and-answer session. I would like to turn a call over to Ms. Amelia Tsang, Vice President of Investor Relations. Please go ahead.

everyone. morning, Good us earnings joining for third our Thanks call. this XXXX conference quarter for morning Presenting today Financial the and on call Darren and our Myers, CEO; President our Chief Officer. are Arun Banskota, for Also joining will Jeff Officer. Johnston, our Norman, question-and-answer Johnny of Development and Chief the be Officer; the Chief our us call part morning this Operating supplemental on our available accompany earnings our presentation call To algonquinpowerandutilities.com. today, webcast we have a website,

as the on management and and are website discussion as on well Our financial statements SEDAR. also analysis available

most Before certain the our like limited with read information a this overview conclude website Please QX remind including, the continuing transactions on to results, earnings, we EDGAR, our call, to both recycling, growth. and regarding SEDAR business. the on on Darren non-GAAP notice of not measures. items. asset refer regarding and for plan our you available would Arun then of an during call, discussion At capital I call that acquisitions, end also forward-looking expenditures, to, these and but our important forward-looking will our financial our with expectations will MD&A pending and follow update provide include will an recent on performance. Arun the information, will On additional and for the our filed will information strategic morning, call the

over questions to to then to it opportunity the open questions then with participate. the that, and lines for restrict questions. two, will to I'll your that if We any others ask you I re-queue Arun. allow additional have turn And you

been good the us very call Amelia, have and and Thank morning join to a on those online. to you, able who

corporations months. CFO by finance extend he has deep has was the welcome in the at brings experience previously public Darren taking Darren, three a Canada. and Algonquin with a Let as in capital who warm for strong very and two to almost start background me now been to opportunity markets

Darren. months, and Over the all to coming hope I you have opportunity with meet the relationship a build

the our we time, made update experienced I delays on same with financial project year-over-year at to at but describe the Overall, challenged. and growth EBITDA, discuss Darren and renewable results We factors initiatives our results a growth interest adjusted significant quarter. Moving regulated detail. history, increase will such driven as in progress the from in quarter businesses. pressure energy we for third renewables will higher more Over Algonquin's the have our as rates.

see are over interest markets, several credit ahead rates. we a to well-positioned Looking transition, energy in changes the a sharp increase transformation. notably decarbonization most continues next seeing to we the benefit are and industry an from capital said, decades as rapid currently in That

increasing company. phenomenon, are rates While different by the interest a impacts is market-wide

from rates. market faces identifying on adjustments and growth-oriented reliance rising company, of moderate As rates We interest impact equity are and these challenges and and volatility. headwinds implementing raising Algonquin to to our the capital a capital-intensive recognize interest higher committed to reduce

to approximately reached now, $X.X Kentucky XX, update the terms Liberty by benefits path have wanted January acquisitions is September update FERC. billion. and many On an levers and Let three provide the approval of I you expected our familiar growth, that a look Company. the agreement million the Power and Transmission forward to acquisition pending The of the $X.X growth regulated completing to operating reduction communities By committed and the of Eastern on acquisition organization. purchase the excellence this agreement pending Kentucky from currently by of provide is transaction side The billion closing on transaction an to customers pillars our towards close AEP model transaction of We Utilities and me we of $XXX firmly growth in bringing XXXX. our in include AEP's and operational now Company to are sustainability. an the on One our Kentucky. approximately the with lever of strategic you remain local a the price to provides from in

Turning renewable One ESG social, strategy and growth achieve the C&I to with of is lever to our levers partnering their our environment, for collaborating them companies other governance business. help commitments.

prior projects started framework carbon intensity. to help we first our Chevron announced and agreement, Chevron reduce two our construction co-develop quarter, with on under the about which projects renewable two was solar its During years

on-site plan of capital turbines well at five Project, be our road-works is Sandy both on-site, combined projects, We active disclosed on turbines XXX Deerfield including and are at New of All and II X are renewables previously II X% continue November. total are to now X a Deerfield and of start topped II year to parts now Sandy the out II include topping on progress Ridge projects. Chevron and Turbine capacity. Solar. expected with a approximately in units project Wind XX megawatts continues which Ridge our XX of foundations Approximately complete to construction of out. has solar and front to add Market expected

opportunities. project impacted While those solar the delays greenfield due of transferability The to an short, is gas required associated Government Reduction the we passage U.S. for the already import have Not us our confirmed only provide project, a the projects, of for of to and which deliveries has panels New assets. reinforced module which levels Market renewable project of Inflation be to but Solar by XX the degree issue. continues industry-wide Chevron with for construction options. solar, megawatts in megawatts has wind, are restart restrictions, delivery it long-term invest PTC the except service greater In has to installation. a XXXX. late has to renewable on August, increased tax with in also in XXXX increased for ITC QX deliveries it and IRA XXX expected and incentive’s developing module credit a the on of delivered self-monetization QX certainty investing in to remaining want strategy comment XX megawatts Act remaining complete, continue I has XX storage pipeline also of or Module in in substantially

Moving safety on and late challenging hurricane a our at team QX, focus particularly were scores J.D. seven we all move and customer In industry excellence. were substantially, trend against our We the to J.D. to keep ongoing as to for key back of Power of our able of experience customers able Bermuda utility commodity prices, year. communities a hours the prior their our I always seen who to in while and September. employees have from want by scores restore came maintaining versus score following strive while areas industry, to our for is Fiona are Power. increase to decline enterprise-wide want system weather and preparedness quarter. last customers safety XX measured in events. safe, reliability operational and other on increasing electric resiliency. recognize a thank environment power of XX% now point companies to and within down We customer the mission-critical In from I in focus. In our reliability thank only point improve XXX, representing one as

the the cost the track customer but acutely living rising same monitor aware challenges. we of impact very are we costs affordability, a potential are pass costs These of time, largely so consequent and that We on to at continue through, closely.

environmental, Earlier our corporate ESG of helping committed frameworks. assistance as providing through we driven and efficiency inclusion released inclusion with Highlights educating conservation social, The values sustainability well is our the finally, enhanced report our of corporate the recognized an diversity, on as week, customers sustainability relevant and we report performance and widely ESG this is and to inclusion also available released which meet of on options more firmly content are operations. programs. as financial indicators. the with report, XXXX governance in our our data key through We to energy include enhanced strategy for aligned And website. water remain section, equity disclosures organized and newly

and data I'll verification it to ESG third results. which XXXX Darren? emissions year a to verified. financial of company's scope had that, the I Darren. successfully third on a included pass our a third in progress over we've quarter row data, speak also We'll the party With II Focusing is

to you, everybody. Arun, to creating to be months meeting a that company to possible focus, come energy ahead. speed and with today on since look has Algonquin, partof Very in be I morning our colleagues meet pleased in person water good is to Thank solutions joining organization and the here forward all matters and been and up future. company. and sustainable My excited of the financial, operations across the you for corporate the many with as of as

strategically to third the we moment we an I a our make. my enhance strong spend profitable in invest ensuring are accountability grade continuous sharing Building I and capital to a on operational believe ensure set are also of approach to financing. the levers. quarter with rating continue and improvements financial philosophy be turn Before projects Algonquin's business. with is the drive balance have believe I I focused record in capital Maintaining in I ensuring place returns funding and investments with to growth, delivering investing will discipline sheet we with want on to to respect investment core allocation did growth critical commensurate is have further of disciplined to a performance, in growth. for excellence to critical, profitable in tools foundations as we to diverse a company's accretive

the Now, quarter. turning to

for year, $XXX quarter is growth last XX% group. consolidated revenue from last million EBITDA approximately Our for the primarily same quarter the million million, XXXX $XXX.X third third $XXX.X million to the year. from the period up in compared $XXX.X Adjusted was services which regulated was

In adjusted last by of increase net million impacted underlying in $XX.X negatively $XX.X earnings to to the quarter million and support as our in result growth rate. increase the $XX.X expense our a an million third primarily net as quarter Corporate cost was earnings growth reported compared the from year-over-year in year. administrative by of funding as support to was increased interest interest Third million expenses Solar. $X.X placed an compared well timing Adjusted expense which with of earnings to which expenses. Market per including of in total, be tax service share XXXX, revised of $XX estimates result at that was prior year-over-year our to expected a associated now New certain by $X.XX, recognition tax of the came recorded mainly net credits, are $X.XX adjusting projects QX increased company in The renewable driven year. lower in year-over-year million

impacted addition discussed, the for raise the Kentucky quarter the in shares In weighted were due average of results end transaction. earlier outstanding at Power number increase equity to of the by the negatively our drivers the to

current acquired the New Looking which group delivered quarter quarter, Water, in the the services million at results XX%. an of in $XX.X regulated $XXX.X operating on a year, in same York in the contribution or which increase segmented last was increase basis, This compares to Liberty January. of $XXX.X million profit reflects million

transmission reported $XX.X As this The divisional months. approximately renewable Texas $XX and which approximately the its implementation was Wind seasonality new year. the million higher is a Empire offset operating reminder, Coastal added by from results imposed profit general the to as Granite operating added group flat including during third Facilities utility costs to to quarter and compared due prior is last earn summer expected basis relatively profit, certain ERCOT. Electric utility which operating to $X State systems, energy profit the to across the year. Existing XX% of by same The million by peak of million, rates over was constraint impacted facilities quarter of and compared

on to our for the plan capital Now, year. moving

expected closing New invested Liberty million close now billion to expect with we XXXX, York Year-to-date, the With connection the approximately capital acquisition $X.X including to Kentucky in approximately $X.X Water. in we've spend billion, in XXXX. approximately Power in $XXX of

-- to the over quarter, proceeds cash capital U.S. our facilities expected by CADXXX approximately for funding reliability, company Blue evidenced Asset resilience $XXX Total Wind included the million invested recycling signing of and organic in safety, Saskatchewan. has to million to we of recent are into asset sources including $XXX facility third multiple Hill million During our access Recycling and investments this transaction as approximately improve the The for from the Inaugural intended of Transaction. network. be

the the of close. when book in million a scheduled gain approximately million anticipated We in to the $XX range is $XX fourth deal to quarter expect to

successful as the construct our providing greenfield plan asset potential of We look the of with signing Inaugural a the This on and demonstrate We the the Transaction, beyond. Further, company more develop are strength pleased for the XXXX with forward the progress to our currently Recycling is transaction of part Transaction. this opportunity Asset and pipeline projects. in further of and capital value by Inaugural platform development size our and months Recycling come. to Asset created recycling ability helps details evaluating increase to to the

our DRIP quarter, Our continues we've and uptake program $XX which raised aftermarket program approximately third to offering reactivated in see the million. strong

year the close closing recycling to in under asset company the end expect the delay of and Kentucky its the With the transaction of program ATM by projected Power further the issue any to in XXXX. equity the does not transaction,

by expense XX% regulated be variable ending annually, XX% basis quarter At A of of approximately consolidated business. our rate the billion point $X.X the of the subject strong, our outstanding approximately to interest remained QX, position million interest estimated an approximately available with $XX interest impact XXX related liquidity of liquidity. increase in was would rates. debt to which variable Our end would

For our $XXX future recovered increases perspective, a expected regulated of the long-term throughout are we million maturing facilities context interest in refinancing filings. debt term rate business, rate From be and have approximately XXXX. to several of

our position, liquidity as markets to will required. facilities alternative of access times, access at financing extend sufficient to term strong opportune look and make we sources of capital to continue relationships our banking the Given use

Moving to outlook. our

on higher to adjusted now factors order revising case As project the of a net Commission the pressure XXXX are interest seeing per as CalPeco XXXX from California earnings and the the push-out share. such the to we New result Solar decision Market rate XXXX, rates, of recent

share to As such, of per our be $X.XX XXXX within to the now expect net earnings adjusted range we $X.XX.

Looking pressure conditions XXXX, speaking, broader we from rates to our macroeconomic earnings. ahead broadly into expect increasing interest impact and

changing profit, Although providing is in XXXX lag, new business to drive reviewing targets pipeline. will not operating beyond. we In some be light relatively regulatory our and are flat the as to our while albeit renewables is development and tempered our by is current expected plans regulated continue with our we of growth are XXXX guidance, growth our program lumpiness in we environment, for view that

Arun that, our to Investor at back provide plans. expect in We XXXX. details our early to to hand will it Day I now upcoming further outline With strategic

Darren. Thanks,

to which future. the close we well comments this on I our our positioning initiatives. strategic execute us Before strategic prepared morning, has update give an to priorities, on want out company are continued for The

in Power Firstly, within we attractive see approval. a expect now an and to XXXX, The acquisition acquisition scale path was modality, our towards adds closing January, as pending FERC our valuation at we the close to electric priced Kentucky level. fits three strategic pillars,

Secondly, we Transaction. successfully Inaugural signed Recycling an agreement on Asset our

to ownership XXX a We wind are facilities an interest States, in totaling operating our in Partners partnering in XX% InfraRed Saskatchewan. facility ownership with be selling Hill United XX% megawatts three XXX the Capital interest megawatt wind pleased Blue by and in

time, At of continue We to day company greenfield are the recurring finance will of and fee. storage multiples. a same solar, management us with the will help value pleased The creative our oversee that earn transaction this and pipeline capital wind, projects. operations to with transaction day provides

focused while into profitably Consistent potential pressure on of the only I'm which from recognize are prospects sound transformation and positioned are from taking more plans. rates excited is which the capital decarbonization account changing years. contribute Algonquin’s and growth our increasing and accelerate challenging practices for over we but renewables will to benefit we regulated markets environment businesses, support overall refine and this evaluate coming that operational currently to interest and intensity business. well Thirdly, and our continue the we environment, about underway, to the to both growing, discipline, our growth, capital with given a also

XXXX, community, early that, an there team look that turn scheduled on but With to to Algonquin. are the and the for direction update operations, operator where detail macro key of members is is value which to the a over expect questions line. leadership plans will position near this from more we team for to navigate any these some from for taking discussing challenges the term upcoming I at We will the and be approach growth call the investment shareholder Day, over future those enhance headwinds, opportunity the and the proactive for on to We forward in our Analyst Investor hear providing long-term. strategic our company the

And Instructions] RBC first the Ng [Operator from question from is Nelson Capital Markets.

The quick first clarification. a just question is

gain In include terms $XX to asset guidance EPS million of sales? million on $XX your new that range, does the the

it Hi does. Nelson, yes

question, available in most, the the I think, that's your be like Kentucky of towards of that Acquisition? $X.X closing like position liquidity is you of -- have right? billion second you And billion, is allocated Power $X.X then will about flagged liquidity, that terms about of most that

Yes.

So of with year. proceeds use we we it. transaction the our in we this would liquidity the exit as the expect range to to facilities yes, have billion probably as we to close the $X.X downs fund of sell look And credit would

follow And a just up that. on then

you your flagged the subject floating be draw floating, when subject well? that you the Power rate of of but terms In obviously exposure, XX% I close is as Kentucky Deal, would interest to draw on to when guess -- that all you to

days, other rate next things causing. given over obviously, which the Yes. interest of yes. have At that interest of is And changed the color pressure is part rates the year, the with until reason reason that's through we so part next the year outset, on the do last dramatically we've XX the

from The next TD Sean Securities. question Steuart from is

sell the after at recycling capital you Asset levels equity table going reference and any can appetite down? rate plan. least the this all company? you on for And there these mitigating willingness accelerated to Can talk near And in Follow about up forward you on the midterm at or question the pressure. and is for reliance Inaugural funding is equity at lower referenced raising valuation

Asset great done Look Sean. Hey, and the we market it of saw, because call term And we've we it certainly got. level for what year, Yes, valuation for it. renewable we there the ever there first question. a strong was first the time, long very interest we Recycling, pleased out was we Inaugural assets obviously liked are with

does given much continue needs. history confidence asset – our than to maximize able so contribution experience in past our growth more in our to fund equity being it to so do recycling And increase for that the to

mentioned like less as And I equity on have we just I to Arun would reliance the prepared may market. mean, add remarks, his think I in

one the that have at accelerating, So sell that. our downs is tools the of to we disposal do

Okay. don't that for can any you And that. initiative? sell for that parameters us can more provide we that have contribution initial detail, on down, give Thanks this asset level on you multiples context any valuation given

Look, we in of million so -- $XX should the to some gain million you talked color. range of about certainly that $XX provide

something And per the at so ratio. look probably in megawatt multiples, to at of you when talk when looking about from a range you're you other EV megawatt $X,XXX a

The Financial. go from next Please Bank question National ahead. Rupert from is Merer

morning, Hi. everyone. Good

asset is interest there the in recycling strategy, On assets. the you strong mentioned

the pressure lowest with you that the rates, or prices any are capital? seeing still for maybe rising identify on your would cost So attractive of prices are seeing and assets you as

obviously, continue long-term. the these increasing. as from investors of very see despite We there rising financial for interest enough is that long-term renewable level and we interest rates assets certainly strategic that interest believe process the the environment, And bright for were rate to interest robust through

rate, rising the continue robust despite interest. we interest see to again, So

partial groups, interest you then pricing between full the ownership? of the And in encountered, want a ones two is the mix more than interest may assets? the And is who a the acquisition partial would versus ownership there buyers that you the of full those have same acquisition say

projects platform flywheel do see improvements strategic get that really cycle And around do to as that cycle At about storage. we grow partial the added We assets well. our totally the impact greenfield want Rupert, we development projects renewable this wind ability a continue as our operations, operations or construction that to as So well time, operating to the is have we through to management the talked through and to the and sell same the as we into of do solar or before, on through them de-risk right? plan these clear ability platform bring advantage the fees monetize strategy and development our to is down. recurring have

we strategy. see will and options we on renewable that do that the attractive as continue So most side the we have with

And Very Okay. good. the dividend. maybe then on finally just

on going very we have and you but to it's the need Investor anyway So basis Day, bit going strategy do about wondering payout I give stretched. forward? soft the payout wait some looks a just an for be us the year, year this here a can to -- Maybe if earnings comments

Yes, Rupert. It's Darren here.

So very obviously what part important is first would the value shareholder of a of dividend I company. for all, say the is

a think We XX% going has talking done target there payout past. in to and stated this about have to company the the always I XX% previously be, job of is and nice a

in there year dislocation it target. relative be from where comes can that to -- So comes that to where target on year in

[Operator you. next go Baydoun Capital And from question is Instructions] iA from Please Naji ahead. the Markets. Thank

Hi, good morning.

wanted it renewable of include back smaller side, only maybe a operations you're to us topic recycling. year? Wondering assets you bit or have? on next is Just if go for about some can And utility is the the potentially of that give non-core of what detail you also thinking capital it more the to

to we that currently. prepared Naji, not are question answer

more We our at are Day. certainly deep much in the you will planning color we now give stages and Investor right

What asset the should about development are we also sales? operating or more you side renewable to the at just maybe expect maybe on sticking looking platform, sales

operations. its a done we them bringing can the value through that just all sell stage asset of side, into job I great early believe operations. cycle projects the we about a at maximize of platform Naji, On I these and development at by And and renewable downs development we stage earlier, derisking great construction of like talked that think we've have and

continue probably So, go. that's we'll where to

wondering plans I'm then of question try you maybe talk and business priorities any year, for Kentucky. sort the XXXX just the would initiatives about to next on maybe if What greening within for to Kentucky? your key accelerate need longer-term. And a happen maybe can to

Well, the the to you plan things commission early to the and XXXX. give that to for that in will us file we visibility the more with serve Kentucky. potential how communities to value more fleet an into the even the customers certainly and of front the plan on in we believe lot a one of that IRP proposition. Obviously -- green key is work of we to And is IRA, compelling

So, in about we our the we're to in the communities excited very benefits and can customers fact -- bring Kentucky.

helps the of some So, you think those do IRA accelerate maybe to plans?

Absolutely. Both our accelerate increase customers. benefits of the and size benefit -- the to

from question Scotiabank. Rob from Hope next The is

guidance. gains maybe the maybe in guess Can sell Just the on to new the of XXXX comment a headwinds, old persist could also and question kind range there? and asset original could into of the was what range on walk from what give the expectation of the -- a you I

be year, if that sure to be interest internal say rates, And What increased large going really the the to will main I'd we tax that the the as can give increase is on somewhat will credits, sharp the is flat factors push plan and changing things. rates, of the think when change, be we to Investor with have tell not those its as all next at transparent helpful, just development, we're reflect I'm on year. we pressure we're But those that next I that the and Rob, juggling attempting goes to consistent for to large the the change. led And parts color change of and and driver I moving of lots on we things to obviously that from the in based is transparency. renewables -- you and two then plan our more the we're those lumpiness are of the Day. just then business our within out were the we always guidance. be that continued the able interest as There items they lots expect year give on, you

said, For November order that more in to XXXX. fact, the has from I the thing pushed out add Commission the will and also XXXX, California expected was month in of which been just what had which one in we this out Darren to push

that was explained. to just additional one the so And item Darren what

And up, just All the can a those you right. conversations? Thank inflationary on rising reflected color. follow renewable being Appreciate discussions commercial you industrial maybe pressures and I should on power the in you. be they seeing mentioned IRA, as where are reflected new then side, comment is how the guess, in between discussions? also asset] pricing and or expecting with are we these [bid a wider environment of being are spread you're where kind are the -- the rates,

plans not have Yes, in we any off-takers Interestingly, in Rob. seen C&I slowdown growing renewables their and strategies commitments. the plans and terms of

balanced what contract, margins. we're part well. consistent as the to revenue greater offtake there off-takers. two able we our our than our the agreements has the side: Interconnection, contract as on definitely by try to prices given from are just the increased supply so been seeing we're has on offtake And we been on look, more is with well an on certainly seeing the of of even that supply in but implications the challenges PJM inflation demand like some fact, seen C&I always contracts, EPC as EPC concurrently agreement contract as In which on and of the And possible close development preserve our again, those is a side, one and and the cost the three as that that the tenant sign agreements, the have

from Capital is Nelson question from The Ng RBC Markets. you. Thank next

in terms your thanks. plan guess, on Great, want just capital I XXXX. to I touch of

about of had give flexibility So year's a forecast your can I bit $X.X capital in you for Investor presentation, looking utility CapEx plan? Day you and was of just like the in of last XXXX. at billion terms just color

big like and of the plan? that how say be much picture, discretionary, So to impacting will inflation that obviously capital fair is is it

the and about tell want mean I levers We Look, obviously Nelson. working we transparent analysts are and we our of very and headwinds to lot a So, be at our disposal. have again, are seeing. investors

in from -- for to intensity have been company intense the anywhere context, as Xx of One and been always capital Xx has example, we our a dividends. capital fairly our

So is room? your question, Yes. there Absolutely.

then And one other question. quick Okay. just

telling In with guess, you know some on Scotia discussions on given terms seeing or getting? pushback affordability a you're that, number are the just many have rate Nova Like I sense what's pushback utilities I'm wondering the regulators, discretionary and regulators news you been but of capital you there's regions, about in your the increases? what's color? of are general I any to in that generally defer

that affordability whether top customer And inflation financial conversation, prices rising focusing through whether environment seen those that amount entities? for any goes make sure requirements kind whether always customers to a things. the conversation lots best continue? fulfilling push-backs -- to energy to Look, capital assistance Is capital into Have and safety that other the of about requirements. sure of the interest programs a or different do or for value of Absolutely. rate or those make the rising we regulated programs, lowest it's or not. customers the regulators efficiency and of reliability try piece our our sign environment rate we from we We amount how on the always of and all is that we're

affordability making reliability capital safety are needs, for we continue that customers. customer comfortable we to and the while our ensuring manage can -- So and the

I'd registered Arun meeting to the Thank this Banskota. further to over you. back time. questions turn like There are no at

our able been And you the join Thank us with for that, disclaimer. to this on everyone, for the morning – on please call. stay who've line

earnings, information during expectations including certain on transactions described forward-looking but pending not forward-looking discussion This asset call assumptions expenditures, to, our Our capital acquisitions, is regarding certain and forward-looking to the including limited based our MD&A most recycling in on that our and contains growth. this by information, recent filed uncertainties available historical information. SEDAR results EDGAR or and from and actual cause subject to could differ website, risks results anticipated is materially and on results those

management forward-looking of projections, applicable during There not update forward-looking forward-looking forward-looking as this should assurance or and required speaks information to and date. be opinions to only of between based any can and actual date of you disclaim any by of plans, Forward-looking information on this provided call law. explain beliefs, difference will information, call except material estimates, today's the that the information. assumptions expectations, as and be no subsequent prove information such reliance to obligation place We as undue accurate events on any is

operations these In to have no There presented to measures comparable measure earnings and operating our consequently, referred ratios, of be and may differ similar adjusted addition, may they adjusted adjusted not is certain EPS, net adjusted other by divisional methods net method including limited or measures to, earnings, call, funds such and of measures net per companies may of course measures but during companies. the non-GAAP therefore we from adjusted EBITDA, share profit. this not calculating used other and standardized by from non-GAAP

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ended. conference for disconnect The thank you. at lines Please participation. your this you and has now we Thank time, your