U.S. Silica (SLCA) 29 Jul 212021 Q2 Earnings call transcript

Good morning, and welcome to the U.S. Silica Second Quarter 2021 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce one of your host, Mr. Don Merril, Executive Vice President and Chief Financial Officer.

operator. you, Thank take latest to this to morning I'd to the our the addition team. announce like opportunity I'm very at happy as report that Patricia Gil Vice of the has President Investor Relations U.S. new joined us Silica. years of equity side Patricia has over financial including and research. Investor experience, sale Relations XX ESG and also credential fundamental accounting is of Patricia. brings She from our FAS company a sustainability holder B, consulting experience welcome to turn I'll that, the with to call And her. over

for and Don, call for morning, everyone. Silica to earnings like XXXX you Officer. today Chief today Executive the good I'd joining Officer and thank conference us Vice Executive Bryan Chief Thank our President U.S. our Leading Financial quarter second Shin, you, call. Merrill, and Don are

cautionary statements and the of comments, remarks of some Before may will forward-looking to that nature certain regarding risks uncertainties. remind begin, we would standard like forward-looking the I made are subject include to statements today. be which Such our you of

we of with you For the discussion file a press read SEC. on the encourage to complete these and documents Company's and release our risks uncertainties,

Bryan adjusted for income and And full refer the segment with release Additionally, EBITDA now of to or over adjusted would today's this like contribution public margin. refer margin non-GAAP turn and call during our the filing measures definition may our to call. of press net the reconciliation Shinn. Please Mr. we EBITDA contribution segment to to a CEO, of that, I to

and very quarter. performance to second with Welcome during Silica Thanks, Patricia. operational everyone. And the U.S. financial pleased morning, team. our strong good I'm the

commodity market prices broader by our constructive expectations and with team. Our and by results exceeded supported coupled the were outstanding execution recovery

an a commitments XXXX customer to I results operating we fees purchase color bit detail, to came agreement late June, settle dispute. that a with Before a to dated regarding to minimum XXXX. related of agreement customer discussing want to give recent a In our in on from

during consideration, received the including settlement sheet. the cash portion million pay debt $XX $XX balance we approximately cash settlement resolution, in to week, with with Half The by off of our flow approximately July. the the to received million of result million was balance a a cash. in received free generated to balance quarter of we strategy last as As has in of organic $XXX along quarter this use second proceeds outstanding deliver the our XX%. continue reduced delever we on our net the revolver Further the

our advantage X and XX% sales strengths US leverage to quality chain commodity activity. profit numerous high to million supply continue volumes strong were XX% increases up reduced and and manufacturing by this and and various customer Revenue prior versus were expenses. loads margin the XX% in and quarter price dollars positively settlement, the performance adjusted EBITDA reported X.X operating up respectively. tons Turning were segment, In our and volumes the industrial recurring We now and strong million sequential of across with results. products XX%, volumes second company specialty experienced dollars we and contribution gains versus XX% segment, margin increased our improvements, to oil delivered sequential increase, of relationships improved completions during robust reported pricing sandbox segment quarter. we distribution In second the of increased and demand QX, up quarter a as gas prices manufacturing previously new sequentially mentioned tons, due and while contribution the We sales. product efficiency XX% impacted customer take

across strong second the more few just U.S. with XXX specifics will record setting sequentially. Silica for and quarter Don and quarter was increased service their Excluding completed margin during contribution the increased customer for team XX% Permian nearly frac, hour loads Also our a and in minutes. XX dollars period. a the or board, in discuss a first simul XX% sandbox both revenues the customer settlement delivered full the X,XXX operations very tons Overall,

to With steps morning, of review flow. portfolio. my and outlook. discussing this I'll I'll to maximize our growing the turn topics. three we're industrial markets taking start cash Then I'll by then want rest the finally, cover to the I additional time our And

right we a production, offer first. Silica, technology industrials solutions and critical XXX a specialty industries industrial rich energy. At construction, in market, in the year investments We've are as biopharma, of So in industrial and glass let's rooted broad serving food such that dive strategic and beverage history. U.S. made a into and portfolio minerals and products we're new leader

supply US to over clean in end maximizing turbine approximately XXXX. of domestic As sands turbine light A for positioned glass. generation high to US the transmission are products XX% well panel believe fiberglass produced blades. effective essential their on of and goals. value composites we like also are US the societies very most fabrication XX% meet help Current highlight supplier specialty rare US industrial customers fiberglass, production solar offerings now composite energy that I'd a by cleaner blade wind in few are grow We're focused for transition of iron for that forecast we're panel the over solar XX% aspire as that new ESG business our wind used to silica expands. our components our estimate capture energy, highly the solar wind to of used are sole used will electricity in energy we're products of large of chain. to glass mineral industry project We and low to production, products to of producers our that

help ultra-fine Asian emission support the gas is silica, diesel Another stringent used into is particulate important and to filters these energy and in important European the vehicles sell We're regulations. environmentally in our of supply that meet production we proud product that growth areas. which chain the miniscule clean

US additives, our U.S. commercial our concrete offerings. highway is be government Additionally, foundry, portfolio beneficiary ongoing and track. on proposed infrastructure industrial construction plans should Development spending of Silica construction, a and through of products

to pipeline, four to five innovative growth to within and for under further contribution very beyond, on we $XXX up facility paramount. have vary safety and performance length realize along contract our contracts in our strong more We're safety million compelling May targeted materials. maintenance XXXX track unplanned signed In development to quarter, given again outline second commitment and in report product and the new happy in The quality minimal activity remained continued estimated downtime, specking at environmental further relationships. remains solidify the terms products growth contracts These in presentation, margin strong locations, new in our further from our than manufacturing raw put this and XXXX years our increased Investor customer customer costs year, have with During us high potential our annual development with we budget. markets.

to XX% run in over our industrial million rate We products contribution to of year by to This our a represents rate $XX new $XX growing profits to that margin XX% expect growth million between compound XXXX. period. time XXXX contribute three annual

Let's turn the new pleased progress strong that pipeline to as our very that to now continue expected product we make to during is pipeline. and I'm quarter. report the

limestone California customer business We which a we capacity insecticide. fourth strong at filler organic For our an example, customer new our our customer production to sales new We with commenced plant round expansion product qualify product we at crops treat of to demand. entered a won granules line; for in reinforced testing pistachio new products. very cool Cristobalite, the the project new our fact of dissect key response We Georgia Millen, tripled customer roof line. and in completed in for product demand, our

and this increases increase we this earlier September These our month industrials; XX% transportation, for manufacturing help and and grade for to up X. range price cost the effective will announced materials energy, for product shipments year. price on costs. third significant in increases are recent increases will Lastly Price offset beginning depending

to of Let and turn our and me market the outlook second now for XXXX XXXX. business half

the customer drilled this to in drilling, sequentially, is increase For stable in slightly sectors. profitability commodity is moves well well we will also the you be operators see a activity and the strong levels up demand We're back build uncompleted XX% good the load of half pandemic down almost prices, growing over robust remainder volumes for be to we that with products. sandbox and Profit first demand continues QX higher with as see year. should pricing pre QX per XXXX. supportive demand flat and in continuing and many approximately year, to the for XXXX to completions off industrial current for inventories US of most outpacing we inventory higher delivered that and of believe expect start rest and or

diesel solid efficiency. and positioned continued opportunities surfaces, filtration, Looking growth, roofing, others in and gains well expansion, end well as uses, plasma green blood supply to strong energy by chain including fast growing several XXXX, efficient for are in specialty quartz new GDP products forward driven industrial as many we

Given with margin dollars sequential expect In to demand very and contribution increases to completions XX% commodity levels growth as half XXXX, forecast profit to company ISP first activity supportive of gas, planned. for that XXXX strong oil we we deliver the energy as budgets and reset, XX% annual in prices. higher consistent

to remain capital to growth we Finally, execute as committed efficiency we our long-term on strategy. continue

And to are Don? from And with reduce our will spending of debt reduce cash debt detail manage regarding operating leverage proceeds our that, reduction. to an our results consistent we between well leading to flow and customer our over believe more to expectation that Don within our in to capital flow. provide XXXX. be turn positioned to free financial I who CFO, settlement. anticipate we to Xx cash we by call Merril, an will We update discuss XXXX, expect For recent net net and deliver with Xx use the the and

morning, good and everyone. Thanks

quarter, As results the incrementally customer guidance aided Bryan operational and our which in delivered by exceeded the financial settlement. strong second were and we stated,

was our release. quarter as due related charges closures impacted discussed facility weather costs in this addition, to In and to by press

prior excluding or $XX.X excluding During EBITDA Compared sequentially increased adjusted $XXX.X the to the quarter settlement. reported settlement. our the customer we reported the customer second XXX% to million, EBITDA XX%, or million, adjusted quarter,

quarter. new Depreciation, quarter of by second prior pricing segments. the both increased the totaled market commodity X% of for $XX.X sequentially broader to depletion and to the quarter hiring our results the for second $XX.X in product when and expenses strong increased expense general flat recovery, amortization in billion, for the due driven compared Selling, and is mostly constructive Our recent market prices, recovery. administrative quarter, which million to the products

XXXX XX%, including tax items. rate June the for ended effective was Our quarter XX, discrete

operating begin Now a our of results. let detailed with me review segment

of Our products industrial the revenue increase in billion second first the segment an versus quarter, XX% quarter. reported and specialty $XXX of

oil Oil quarter. to million segment settlement revenue recovery implemented of million, recently of contribution price the growth and Second the GDP increases $XXX.X the the quarter of commodity for was XX% the economic volumes prices. growth margin the along loads product XX% for by sequentially, gas with for driven XX% the Volumes strong basis, while revenues driven second margin industrial and sales $XX.XX delivered as increased new and exceeded and ton segment quarter XX% to and coupled versus which compared quarter; prior by ton, excluding per revenue sandbox grew for with compared per segment contribution sequentially. the first compared quarter. an expanded increased $XX.X supportive quarter, segment prior when when was reported increase and an completions XX% On increased activity a represents the the specialty product increased customer the first X% gas XX% with of increase

from settlement as oil logistics in quarter. was benefited customer and the well reduction contribution and segment and to as an per excluding margin the when manufacturing XX% compared margin first pricing $XX.XX, ton the segment Again, increased settlement, gas on Excluding the a customer improved basis sequentially increase the costs. contribution in XX%

our the from $X.X to am we capital to cash statement, totaled Turning of operations flow free in flow second cash million. meaningful million quarter, $XX.X expenditures; report cash flow that the pleased I delivered subtracting

customer leaving has additional been quarter Looking the for drawn, million. balance our billion end, cash have to earlier today our equivalents paid at company's sequentially received $XX cash increased sheet, at And Also settlement. down, is from the revolver $XX $XX credit credit. After million the completely facility $XXX June $XXX.X the XX% Bryan XXth million and we which of available under billion had at letters stated allocating stated

strategy annually. improvements revolver Half months in on to recap, quarter outstanding discipline, in below interest debt of settlement. of cash total second remaining net $XX we our base. that the as $XX the million This a you cash related approximately and received in of of Act week, strong have Xx remaining the Also, was of ability reduce remind and balance net received paid balance IRS by million revolver payments our today, receive of to provided adjusted customer by $X balance of To July. was of the we approximately refunds to capital end expect balance This the off by received the this earlier balance results I'd delever the afforded a the and to Our we in deliver EBITDA sheet. our us to XX like levered million will reduction to on CARES debt the are trailing now $XX billion EBITDA year.

we the the leverage be of Xx to in XXXX. assistance settlement, expect IRS future flow With organic our and continue ratio the generation, customer and between refunds to cash Xx

second the Looking to out we adjustments EBITDA. minimal XXXX, for half of anticipate

in remain XXXX around expect the we forecast to percent year. year, disciplined prior single SG&A and the versus decrease the For digit

to to for be slightly and We up year expect amortization XXXX. full depletion compared the depreciation,

our approximately XX%. benefit be year also believe rate tax of We a effective full will

For the $XX to to million directed to expect the $XX spending towards projects. be of our primarily and and capital range growth continue year, XXXX we full million in maintenance

Our strategy generation by discipline is cash and guided capital for coming fruition. returns, to growth

new we over Bryan expect end year. plan turn and underway, underlying net debt flow added our be to offerings the free with value And strong to capabilities cash the by with With market coupled product and I'll reduce back the that, broader businesses, positive further recovery call the of to our

sustainably product delighting and bottom had line are delivered customers. strengthen to believe outperforming Thanks, our and sheet, to year across Don. so a efficiencies industrial we a our far and our balance improving have We've competition continue commitments I and the grow portfolio profits focus enterprise. to and expand on on our executing that our have strong we laser

and conditions to our for unique Additionally, would take opportunities be to operator, lines advantage changing well to proven you advantage positions open And please future to quickly create demonstrated effectively ability questions? for us and to has that, our respond stakeholders. of market the with value a

[Operator is Our with question first Instructions] Stephen from Stifel. Gengaro

Good morning. Thanks.

coming I'd there's just was things couple potentially on if any mind. And a there quickly else like quarters and So to there that front. you And out in additional if oil could gas the I settlement just or see color was don't add you if you could on anything with curious this start outstanding months. or settle

that think else not there. to trying making just just sure out I'm Just we're anything about missing might be

Thanks question, for Stephen. the

uphold make the first is certainly about seriously. of expect kind try that same. we take and that that we think I contracts this is will our we the would I comment commitments very our to do customer philosophy And our our always customers

late the talked and in prepared customer Unfortunately, to resolution with million we came a in a of $XX remarks agreement $XXX that confidential. this about of cash. million As in June, settlement we is with consideration has

we generally and kinds And we're rights cash details. certainly if assert seek reach can't that So resolve willing can differences. with we But I is to though, share to can't a really these our further work to payment. customers any what of say try I agreement,

on that that everyone lot pushing And terms similar there's on comment the advice oil and other familiar and and as of I up pending on really disputes markets of a counsel. knows happens, think of can't call in go I down with As shoving contracts. the who's gas

close if margin, that's and the bit it's how And you guys kind little I you oil $XX. gas thanks. you the and quarter, it of rule at do settlement, $XX of was given and think XXXX, in market? to a going the in in did strip forward? does strength looks maybe prior $X.XX in think think little was half and also driving as mean, or we the second then I $X contribution pricing but Okay, the sandbox evolve always how that, And thumb, thinking I when bit I pricing that think of a a look I out that number the of north

up down we contribution quarterly that in general, is ton the plus probably in say So or that and a I given may minus, on mentioned, think range, as go per would or basis. guidance things $XX we've you margin that

I can think a minus of quarter few it or of takes all a in sort one easily. issues and dollar it to move fairly a million the or cost or plus dollars way is other

Don we'll number, that. feel oscillate give on half perhaps us color and So I like and around might $XX like? next might some That year more the second what's look

would down. consistent on again, it ton. per with on I we're And agree here Yes, Bryan could I planning. just with and would pretty been That's a forward look, $XX Bryan, move go And up we've basis. agree what the

by $XX. divide that you QX, added QX If you're at two, take right

So we've been pretty consistent.

maybe I'll seeing per ask? then, forward. you try Are growth a out of margin sort of as just getting of maybe, I'm in you some the most improvements, net highlighted side, this the price go and you or as thinking pricing seeing And bit we increases. offsetting product inflation? that on the creeps that per new about introductions ISP the you trying figure And ton the pushing well pricing as are opportunities of of contribution for, Thanks. you're to number, I'm Are cost margin ton long-term as a success but up to little just sort similar

Steven, we there aspiration. an certainly to out are working are offset of we add reason sort extra hard very cost of that's the cost team we And So cetera. times whatever labor, is very I a we've increases right good at the our price certainly et in materials, now job think that. the to doing that pushing inflation But increased is get, And that. margin some prime where seen for offset transportation,

Citi. Our Lowe next with question is from JB

good guys. Hey, morning,

side. pricing online, we've coming that's definitely No, that been that back some pricing have just may been is flattish perhaps tailwind going capacity from Permian, heard a online. What like, is coming pressure elsewhere. I'm wondering of seen own wondering And you've in gas in been do your on commentary. just any about to I a you've if back seen completion in bit be question think in the kind activity the guys XQ there's my XQ. some little now you First that XQ? capacity of pricing was

the come or we capacity have back seen over month online pricing last definitely some come online month the over back for So some last so.

case, that point I our that what everyone And completions contracts. this rest the what we're happen in stay to is and placing have we'll through number with currently what them, finish, going the those we've a contracts are know as the by program operators mean that, in when within think of it really we those I so finish terms the had market. that their volumes have budget, at attractive we for they in drilling spot of seeing to into think out we've is all those and of their and will year particular, as go I move year,

So bit here. little second than we prices get we'll contract. mix are go I that a the little into tons that half probably further spot capacity a And higher that given the tons going spot think less bit up at see of mentioned, the are as the you

perhaps, expect a sort that bit we'll So will of that I goes think see the on. in year and a happen as of vein, reduction

gone think I ramp where the that half there, think, number of duck the lot operators down we're talked over seeing first versus in wells by XXXX. were XXXX substantially, more end We I out a count drilling up programs. fact everyone XX% activity of our we that we're And the at duck, about the knows seeing has also drilling of

XX% other drilling I about year-to-date. the Just rigs are looking now think day, up

balance completion goes between carefully And so the forward. what see a year and the also is watching spending the as we're drilling to

think cost half dynamics, volumes I So do we're we total looking all volumes a go are of we have the to those first to net-net, contribution look footprint margins, and will have the we sort lower kind flattish bit prices terms But at if and be when turned of at half it, total to second and in ability, we that. down do volume, of very get the more disciplined. capacity stayed frequently

long So of know there's But to it's explanation I kind - your winded lot question. a like

of and I'm solar maybe there. on a blades helpful, and Yes, panels want is energy of helpful. about sand can spot, no, stuff you Other But side. today, guys whatever clean your tech for and granules efficiency, just becoming are that particularly ISP dynamics if wondering percentage sand What this of your, percentage in relevant. break question roof turbine the bigger throwing be the you for other and - business? guess business think the was for would just cool it you percentage products that's what that up, to between total I if

up, energy panels a in fabrication we we're you coming the I going add of area. ISP think into So that started easily all the I And around the pipeline X% the is us going think those that green look double profits when few And I well. next years, turbine you in. today, to mentioned, as what's over think just and diesel the sectors at you solar wind for somewhere become and in are really pretty major like of clean business that growth our is can when growing we opportunity blade crazy,

about good really the today all we of are trajectory and feel I JB. So where that

Kutz And Dan from our next Morgan with is question Stanley.

morning. Good thanks. Hey,

to comments, extent wondering I interest level targets. segment, ISP organic whether if any ask just to M&A any some the be looking, just any opportunities you I'm you're But growth and acquisitions, guys that I great. laid otherwise. just there potential wanted would your you're So am bolt-on impressive the attractive seeing out in or in wondering

the question, Thanks for Dan.

that new we talked capacity growth sure have about. the some of the primary applications we serve making and think now in to basically enough we is focus I have, our developing right that

growth that's less would cool of Cristobalite, today. team have I always the the granules, And focus of at in opportunities organic But focus I M&A. us. We're so roof it's probably of us. et of in opportunities panels, terms primary say for solar like a we many looking front cetera. things would now, say So right

if makes That proppant And a like looks in to sure. Yes, proppant ask side, share, XQ your on sustainable, you level for in but and kind question think sandbox. just demand number, if guys market that's to jumps, at just, could yes, decent wanted still on market would it wondering also you any And share just sandbox, around that range I least and then market be our market share there's XX% and any the around and sense. just sandbox or industry and of both and bit oil comments comment numbers, a upside gas that I if if around share on proppant great.

around So QX, share And and pretty plus are as no gas. about numbers what market XX% that. definitely range. take with for pretty market in the consistent has that into we we XX% we sort we're you Sandbox that oil believe sand doubt minus consistent in think did to of well, share or quoted care XX% been

in and of those jump there position I both feel to our where a well. like side. oil quarters and just sustainable like particularly I may are be in and higher hold share as up that share we'll feel proppant gas, So given cost we actually the

grow profitability the earlier, go or we responding the maintain we questions certainly ebb markets need was more and to flow. I to get have As volume product ability as the and one if of to

question Samantha from is next Evercore Hoh Our with ISI.

a realize going your part talking customer overall increase growing wondering you a for silicon products see is the where if how I imports to just for from you're Chinese that domestic to your dig of was But And you to starting wanted of mentioned your into Bryan, it's bit thanks some company, about administration more to panels. are of guys like crazy. more business. question. just the not guys, domestic I the the I or, was Hey, component happening increasing wondering solar ISP. be expecting conversations little if production, impact demand are taking of my they're those really solar banning of of Biden I perhaps for for solar, some

at main I look we'll a That's observation, and And one astute we're is at and think potentially, I definitely solar seeing customers, looking really coming Samantha, our behind that. them least at capacity investment their panel that. of more see if doubling

said, we're of our to grow. we XX% will prepared And think I already that about in remarks, production. we American in think North solar As glass continue

We're fixing about couple ports, than two, airports, retrofitting a We geography extending coming opportunities nearby upgrading you terms look be and And for of talked at and eye the like contract just more administration building things potentially Silica, have look great positioned bill. X one. of bridges, my might be product, portfolio the there. we're of they primary that and commercial big hospitals, proposal systems, to the this back when a the homes that got we've great seems and also schools, watching in and actions et about well the cetera. in day, uses upgrading end that modernizing talked a sort commercial caught infrastructure buildings, of support. you highways, that whole it's producers, And Biden or in this at think first infrastructure and of one a the which at and that we and bill I second one if you I construction, that looking rebuilding there. there of the amazing. through other residential kind U.S. U.S. transit was really And bill, they're focus online least the They're then Silica's things million preserving

also activities. a the limestone into quartz grout, we're metal lot the mobile And of cetera. itself, additives glass, that foundry, so green a market. a also do lot that et is heavy underlayment things equipment roads strength have high sand then insulation, new that diesel. surfaces, starting And construction have be paint, of that. mentioned the the of Limestone business that we lot tile does for for all mobile grow. a I that's we Concrete, materials, So this diesel, cast parts in that big green We're it equipment. we go and window, roofing into like to necessary think but that diesel to these go Got heavy power will today proposed we have to

that us a for program, there's assuming well spending So whole improved. infrastructure gets lot in as this

take it your sticky I price the when. on - be customers this to And lowest that with qualified they once the pretty you're qualify going material like is won't where to

are And said. or a stickiness, as we two one those number domestically. Yes, in all you number of markets lot typically there's

those kind are product with once we for for markets, come there's to new those a things typically how a costs not end there's those in, But uses we're we're end there's mentioned, customers, we're in uses. So supplying that proximity And I in. question customers. just qualification, relatively much for all switching just of proximate those growth already high of example, It's so could the end period us. it are geographic our use qualification

quick I opportunity Are open an the maybe debt? Okay, keep great. - in time. question flow just take out cash your just over like think on there to retired to the efficient a there cash And market? it Don, is not to you some of a actually is look opportunity an chunk your of flow, is very guys letting

debt you are vehicles that on the books of sort you maybe your to what So other there? attack have some exploring of

in always And the confidence we're look more more and at cash flow company. the we Yes, gaining overall that. for

off pay did saw. as you we So the revolver

looks the a that what we depend at. looking roll like. we're looking doing more So that's forecast potentially at of our it'll through But And cash that use some year. we're on, of as definitely

is with next Stifel. from our Stephen question Gengaro And

Thanks.

do $XXX Just any sort you two EBITDA? half of quick Would million of second - 'XX around have consensus the comments in ones. you on

look, think, I - there you it's guidance know. giving not as really out Yes, we're

in the say a far would it's lot really than But on as as the guidance So that, we zip other in don't whole code. comment I concern.

I But try. did Okay, thanks. figured I think so. I'd

your ability The but certain forward. you've to of go lower it material other the But question it's of around making to sort volumes necessary? other any we sort - ISP just my hit is And already making. this does any is of wanted of here roadmap ton. is volume, continue we sort mix. the cannibalizes you're per contribution what the think and this fairly on CapEx laid about margin - just as question the And out higher when I And I'm

cannibalization, new opportunities sort about Steven. brand So typically, no of there's we're talking here,

of - or talked growth to kind growth lot And at year, white our that can the about existing spend. space. think this a we've I per XX% So of capital now XX% within plus is based fund we minus,

we on million between sheet we've balance balance the $XXX the end sheet have to amount cash on a project Now, $XXX the to somewhere do by of and year. of have the million fair now,

year. for bigger some that way So per XX% certainly of plan capital about to have like to XX% to opportunity applications base of we thought, we're a hit of But supercharge amounts than of sort would talking not in the and we growth. the if grow these massive large, by continuing

And At to time, back turn thank like Shin you. this Mr. I'd comments. the over for to floor closing

you, operator. Thank

bring to I'd the close leave like thoughts. a as three we all today, with So call key to you

strategically about we're of those rapidly diverse growing today strong talked product important of a and the environmentally energy. we the the to value of enhancing cleaner are a variety call. number that on that First, support portfolio transition driving And chains we have

balance to for additional to look capital sheet. government our with well. to Thank flow quarter. could Second, And continued as next dialing the finally, today our US of and safe provide well Stay end strengthen you we're us free and substantially and kind uses you that ongoing all the sustainably disciplines in speaking as positive economy, again generate from spending. again cash that that forward be of with grow US in call products we ability the into further the spot sweet right highlighted and several our additional the the of are examples poised infrastructure proposed and spending benefit recovery

Ladies and gentlemen, you thank in concludes and for today's your This interest event. participation us.

You may disconnect at webcast this you. log line the off time. Thank your and