Entergy (ETR) 2 Aug 232023 Q2 Earnings call transcript

Hello. Good morning. My name is Jeremy, and I will be your conference operator today. At this time, I would like to welcome everyone to Entergy's Second Quarter 2023 Earnings Conference Call. [Operator Instructions]

to of call Corporation. Investor like Abler, to now President Vice Relations would turn over the Bill I for Entergy

morning, for you and Good joining us. thank

Drew from will no will CFO, more person questions, In accommodate questions. Chairman We we with to results. then comments than effort who today and Fontan, two begin review CEO, ask everyone Marsh, an our request and Kimberly each Entergy's has that

applicable those results call, statements management certain could does release, any earnings will these a found and differ in Entergy also statements. of included of due non-GAAP forward-looking slide GAAP actual today's obligation press SEC will assume presentation our release the Investor both the number Management our set from today's to be measures In forth forward-looking can are forward-looking materially our make update website. of which which and are financial to section slide not filings. discuss statements, our Relations presentation factors, on to information. in Reconciliations

I And Drew. to the over call turn will now

Today, you, adjusted are good and morning, we Bill, per everyone. share reporting earnings second of Thank $X.XX. quarter

half through firmly track line keeps to X% achieve year Our the outlook. on well in and of with achieve XXXX us results we guidance. long-term our progress to our remain first to the positioned X% growth

owners the center at communities of is value do. sustainable and customers, we our Creating employees, for everything

while legacy current footprint. and customers' to meet team meet To through helps restoration Entergy's construction flooding continues projects, asset We're also new, goals that more attracting to work to end, and our to service I'll in wind with to power our and renewal. area. our demands. new expand and This storm new work start customers standards robust delivery energy our assets today upgrade customers our their working reliability investing clean resilience

new distribution quarter, structures, poles, substations. new than conductor transmission of the approximately our included and deployments in more example, XXX X,XXX distribution second X miles For new roughly XXX

addition, megawatts more will than these improvements XXX In support of growth.

also stakeholders. important and nuclear Safe for are operations our effective

Our customers XX% major our nuclear operational outages, Overall, for recently River are Unit first factor clean, refueling to refueling to our included which baseload support a reliable of ANO the capability achieved Bend X X half long-term running to and well. our continue excellence. outages, plants, projects provide completed nuclear Outside of our units power very plants fleet XXXX. successful in of

and communities, Growing long-term with growth clean While and solidly our reliability provide us, footprint our sizable remain inherent sales energy our advantages our opportunities businesses industrial support and employment customers geographic improve. of intact. to continues demand unique The help more from opportunity affordability.

areas. see We recent of project continue our in evidence advantages announcements to through these service

ExxonMobil XXX,XXX opportunities acquisition of announced project to is and per with Nucor Paired from in transformative tons in region. announced a Denbury, plant the iron of XXXX. that clearly capture, around year For metric actions up expected will start transport the CCUS example, to ExxonMobil's Convent, CCUS store project recently in highlight COX our the Louisiana. The up

Facility investment are Allen, and have will expansion and that the final million even the its of rate. long-term decision Port Also, the expansion manufacturing create announced Shell our Catalysts on growth increase capacity. more project world, projects a the potential is catalyst & refining in Louisiana. the in Technologies These extend the couple $XXX plant largest already just to

industrial are forecast, recent updating sales and We accounting are our currently for trends. annual we

up about total been the our sales higher like industrial which Adjusting of output sales were some weakness have Manufacturing year. cogeneration Gulf to indicators in industrial this, expected noted, seeing Cogent, are has declined, in X%. national quarter, As many there for our we had Index. In ISM last the Despite been strength our industrial you due sales region.

to last Sales For year. grew over over some and nearly XXX gigawatt typically year. industrial to gigawatt grew XX economic hours Sales nearly industrial U.S. to new hours which last factors, customers, small exposed highlights. large, more broader expanding are customers

look large lower in-service affects we have expectation, forward, industrial projects a XXXX, which degree not industrial XXXX from to XXXX their adjusted our a As to but few could outlook. our growth that dates

Overall, even and in demand shaping our for legislation. stronger projects forecast. continues supported spreads than beyond IRA indications by commodity our pipeline and up show to favorable grow, XXXX last the Early

expectations update an growth EEI. As we our to typically at do, we'll provide industrial

To and sustainability nearly of are XXXX, or meet renewable plan needs, add to construction, Approximately Through megawatts clean negotiations. X,XXX X,XXX owned permitting, we regulatory XX% portfolio. of expanding to megawatts customers of will megawatts the Entergy. growth support in their by help we capacity. review energy X,XXX currently this be are our our those

quarter, to I mentioned we Last are on work self-build capabilities. that continuing our

process. self-build RFP the been Our recent submissions competitive have in extremely

However, on that limited competitive we I'm expect achieve at going would Entergy XX% through I been we ownership have making report are progress by and our front, development least smaller pleased that a forward, pipeline. RFPs. to to

Moving to items. regulatory

full filed which Orleans important outcomes. plans. required We Mississippi, formula the costs. formula of with Mississippi's progress improved Commission regulatory continue Entergy Beginning rate meaningful make substantially their to Entergy support and meet all approved rate each and customer credit Arkansas to Entergy drive New annual customers' the Meanwhile, plan Louisiana, settlement, matters recovery on growing Entergy Public needs providing Service

rates expected to of for and at New New Xst year. September effective be Orleans the effective to and be next are Louisiana Arkansas expected in are

clarity We an FRP Louisiana benefit investments rate Entergy case customers. our this like a helps X-year to discussed, we've rate the As month, base for which us request make that provides, to file certainty a formula including new and plans plan. a

returns. earned Louisiana's have materially lagged Entergy allowed years, its recent returns in However,

which Louisiana's greater cost-effectively recovery, allows is timely meet investments critical an in capital It making customers' and fair have significant local customer growth are expectations. as We maintain to our investment source energy to cleaner as us communities. to Entergy is the and important for demand for support Louisiana. for This state resilience well opportunity to and in credit

once were has its Entergy Turning in implemented December Texas. retroactive before at expect decision, be the to to Interim year. revenue any of last open commission, unopposed June we will settlement and in and change commission Texas makes the rates expense meeting. depreciation a and decision tomorrow's an

wrapped communities highlight at law Texas addition, of and a important the legislative end as to into well In the a are up session bill and that May the Entergy. governor to Texas signed customers new few. I'll as

a Texas allows plan submit storm improve to customer utilities Resiliency The resiliency outcomes. Act to

plan resilience establish rulemaking in is expect XXX Entergy the its of XXX the their regulatory after act framework rulemaking days deadline sets the to We Texas shortly mid-December. commission Texas the complete and the the then currently file of have to to resilience next have a and on days plan in Entergy initial on will which complete, this, review clarity to on commission filing. its year. middle Based expects will

projects factor and The recovery support which Texas that for annual X And CCM reliability. to This more will distribution filings, make reduce the customer time significant commission legislation will lower complete recovery risk. resilience transmission growth of X to customer and in investments distribution cost provide allows to the with Texas growth expedited timely we plan for to sooner and months. Entergy half support approval enable to by approximately

taken recommended power on against as the mostly decision issues, the a positions an deadline as SIRI's we ADIT, we conclusions on its associated prudent and approximately May, are FERC. ALJ continue and complaint is on facts tax its In on a customers. to received briefs FERC is believe unit deferred law We is disagree matters. with that federal of July, There complainants interest several ALJ's refunds, an that to from far and correct the to not on order. $XXX SIRI exception but the with ruled which initial accumulated issues agreement for issue in ruling step sales back against benefit next Turning and million and actions going primarily The XXXX. statutory for SIRI. were the the filed the

position awaiting SIRI, broadly related case. we December would tax still our filing that quarter and response uncertain compliance sale More on to the the to I XXrd FERC's leaseback on are note

we will a towards clarity soon, will SIRI of we litigation. refunds set be see procedural the additional resolving is step this important to an While there FERC expect expect provide that not no broader and are response deadline, FERC's to affirm and clarification due.

communities key are actively initiative supporting The XX, Civic most Points one is community-minded year's strategy. utility our stakeholders of our and Light of sector. an part Our named company this them leader of top an the of XX important for and a Entergy

assistance, support In weatherization is and hot bills Beat our in on contributions and commitment campaign. of summer Heat customers series we thousands customers distribution the kits. help our vulnerable low-income bill measures launched during example energy million efficiency through payment utility will their to save a May, of Another events, $X senior and months. of community

named by ensuring to fostering interest is as employees for our Entergy of are meeting statement best and corners great the where that best Life commitment stakeholders challenges of as that has million our to Such of a and we respected. job of diverse inclusive doing and serve diversity. for today's into future. Power the Together, proud our also from workplace feel I'm valued for diverse confirmation compete America's one Forbes all critical our talent They employees Magazine recognized community X value will our of a create we We living customers. vision well our employers

our make progress key strategy to on see, for can to As stakeholders. you deliver all we our continue

across laser-focused with financial financial to are steady, move to to on our drive have to excellence, Successfully and to meeting keep resilience investments. clean executing the premier maintain us and and predictable our Meanwhile, the earnings our work in toward will and We discipline our track growth stakeholders operational dividend our be goal utility. economic these through we demands we ensure customers' continue dimensions us development strength energy communities. on closely deliver

turn quarter. Kimberly, the our for the to will call I'll financial now who review results over

everyone. you, morning, Good Thank Drew.

and Drew this on are affirming predictable As our our remain track, us mentioned, we results and guidance outlook firmly on and results. quarter steady, longer-term delivering keep focused our

view of a X Slide shows the quarter. high-level

last share per was higher earnings $X.XX year. adjusted $X.XX, Our than

higher income from to other continue benefits interest than investments, along depreciation, regulatory actions, and customer-centric We expense. taxes see taxes our including with

significant reduction a do saw in was portion also for O&M, items a that which other a of have line bottom impact. We not

latest the June, line and neutral item. April. case is to included case details Entergy FRP the effect from implemented its was rate Regulatory as investment Weather X by program a year. Entergy In There to rates. depreciation $X.XX support higher its rates Mississippi than were in rate the settlement. last customers. Slide The new earnings our into credit settlement in actions benefit Texas interim put few rates largely updates quarter. variances positive lower

year, average. warmer above year significantly recall was weather may than you this were While normal last temperatures that

from contribution customer of The effects partially Commercial lower residential for the customer. retail had growth sales offset slightly weather, by Excluding growth, X.X%. per Industrial sales down and was were segment positive usage lower. quarter a the

Industrial, For year. primary was expansion growth returned by lower normal sales Cogent large was partially new Cogent more driver This decline as this customers offset the and customers. small to and from industrial industrials to levels sales

$X.XX. costs each changing primarily a is expense, lower ancillary a change generation, also load-serving owns work. scope a associated result Entergy spending lower was nuclear this higher due driver. about cost our MISO O&M drivers lower its which Because nonnuclear earnings. neutral program, to of and included to MISO structure. rebates reduced MISO for entity largely lower with prescription services We as that had is were generation, market Other and drug pension of were

year. was $XXX for The higher Slide prices lower cash million purchase higher natural Operating on increase power gas last as was and to than payments last primarily much were X, year. fuel flow, due summarized

and to on liquidity Slide Moving X. credit

at $XXX which liquidity billion, includes net escrows. strong million of $X.X Our remained storm

Louisiana by for XX% year. a the of utilize debt escrows earlier on metric of to storms our this portion credit including to remain FFO achieving for expect track and outlook, storm the We Mississippi We Moody's year-end.

our S&P and could manner. all expeditious the higher would stem an and that goal SIRI's The Moody's litigation. uncertainty multiple costs actions It changes highlight of resolve stakeholders. resolution Left ratings both SIRI. cost result pending in quarter, ultimately to this for unchecked, downgraded the These benefit litigation is show SIRI SIRI in also During from customers.

summarizes forward the equity program ATM our this our through XXXX. X around supportive, XXX,XXX in We Slide selling progress needs shares, through equity $XX plan quarter against when million XXXX. market approximately utilized were our remains conditions

highlight. X, we our affirming We've adjusted assumptions guidance of warmer-than-normal few and temperatures key longer-term which I'd $X.XX We EPS outlook. quarter, the As shown that a Slide contributed our to updated like saw our range to EPS. on are in

weather-adjusted across is assumptions our Our share we've now sales plan several sales lower-than-expected now the neutral largely due updated growth our expect to to to year. revenue, the included favorable for conservative impacts back operating items be We've in year. account half the estimates small This residential volume our earnings companies. for of estimates updated and in per on and

see space per declining customer, health continue customer and both We affordability. usage with overall help to which in of residential increasing the counts

expect lower $X.XX approximately We for the offset than cost that be in the MISO revenues. for XXXX other reduction full O&M This $X.XX includes to lower year. by is

full our line $X.XX, with O&M year closer estimates. to in Excluding that, the would change previous be

Our based continue adjust steady, other to to spending end spending now deliver the year as may flex predictable weather plans and factors results. on or the use we between our of

from we prices, included this have margin is will have generation the that is that all You with X predictable into been consideration, remaining tracking operations in may deliverables The other. than and to natural the plan our the midpoint due the gas facilities driving bottom Taking a line on parent we execute good nonnuclear of we to is continue lower to range. to are EWC steady, those expected planned recall growth. interest of prices achieve visibility, Power solid lower. ownership which in and low guidance

team to now questions. And answer Entergy is the available

question first Shar from Our of line Pourreza. Instructions] the comes [Operator

It's actually Shar. Constantine here for

the at LPSC. So starting

kind the resiliency With actionable you comfortable anything forward? the LPSC you've you implemented? that do in changes going turnover, relationship regulatory would LPSC new in with to construct? the alignment feel are current Or there the look general, And any add beyond framework is of or

Rod. It's

our the all really support new concept, We system. support the our Charles decision of the the XXXX, answer for the the best after we end of got as got decisions, for from to our has rate LPSC election to proof is the support Transmission made the Lake got We gas securitization. that We've for got commission. business the your you'll question support, think at recall, date. I

but continue And new have believe relationship work the acknowledge to an opportunity don't with created addition so, the we we I collaboratively Lewis, the differently us not the its for Davante company that and on relationships issue. commissioner, this the And impacts. We just to and of a the relationship company, that the also newest new in fact, commissioner in commission. engage historic has stakeholders, between the between and commissioner customer the educating a commissioner

of some of question, comments come reaction you're react in consistent. respects some I individual our reacting been that know your that have -- has the from out commissioners and

affordability, on As to long continue positive ensuring whether -- focus expect as we and it's to clean outcomes, with maintain resiliency, customer be renewables whether our LPSC. it's we energy and aligned be certainly

alluded And so work growth portfolio positions. supportive and the to strong a the as expect the continue the continuing in our state, calendars be as lot debate for commission company's along a but to and well we'll to of the We'll them. of constructively we we're as to and regulatory moving fuel rate renewables case FRP to file forward, our Drew to, with addition have with way,

there's part And plans support continued think for Constantine, some formula within of -- LPSC. as your there's rate question, we whether

guess to of kind you earned those like Right. I incremental ROE of are narrow feel anything that some need gaps? And you just

the the interest case long rate make in receptive term. less FRP point, of best the rate vantage not capital that But change. Entergy's specific a it because recovery the necessarily the filing filing beneficial the FRP to because -- at the was a we're using commission to planned the the even from of during the regulatory an ensuring less for FRP of to condition It's term. those point haven't mechanism expect FRPs filing as both why be renewal. long tweak settlement to this continue the to yet, for that's and the to disclosing interest as commission the we last is, FRP case the We're with align making but to our the mechanisms of in would that made plan. adjustments both our we're stakeholders case to Well, well renewal We're it expect is case customers any we whatever -- we -- to why the be certain

current plans of embedding maybe And outcomes in And cash potential drag? in liability guidance operational reaching any SIRI. pending. to of the financing range That's kind Excellent. color. regulatory complaint a kind the Are prudence of or kind in great settlement July you on rehearing and of financial the form complaint? just the terms of item, the any impasse still is Would other maybe in any point of last shifting from capping

Thanks Sure. the for question.

As financial to and reflected plan. last applied in reserve it then across settlement we financial that Mississippi we the know, plan, equal And as SIRI relates our broadly to year recorded you the in that able is to fleet and important results. Grand to to to with litigation an assumed continues to continue resolve contribute our and work operate our we parties asset is and the are Gulf the that our to

in ALJ -- refunds, that add a of the quite they requested had exposure, bit I'll UPSA had $XXX as additional And mentioned, it liability. it order regarding million May off I while of the is from terms prune the capping a did of

reflected so still do we that. forward liability we And as that that's process. the through on move you we're in what amount that right believe are in now we amount to the see And certainly, is of our all at come working the But books. we continues have

our Tonet. next Jeremy question from And of comes the line

commission here I you to unfold you think do and rate could a bit, resiliency, want the to together And this all handle how report And but the tied once rolled engineered together? think RFP, from stick able commission like to how the case Louisiana be it this be Just little sense get month. the might could kind staff is if want of the on see would a filed on touched if you Louisiana the process bit. with resiliency the it more. expand Any to

is question, filing, potential ahead your want we around discussions. I don't I we to think staff to might I of think get pursue puts position timing from the understand evaluate the feedback initial totally and the that how I -- your my hesitation Once a on are I process. the aligned. us get But instincts settlement am only regulatory it in

our there's find can. is of objective, the much an to as Our whenever avoid opportunity obviously, the as expected to issues have compliance opportunity by make remove is we're But in expense settlement, through do, commission. going is ground. the we we of where uncertainty moment find the filings that to expectation to to And Part different. path isn't time as trying first going to the and we litigating a

objective. instincts your about discussions of now year, filing think about and the the we on. in I the around But get we of between And aligning both how the resiliency have think our rate are assessing ultimate FRP filing make the with the likelihood end spot feedback. and concert to case That's the the around

on the staff point. We there. from but resiliency to rate But and feedback point, the have LPSC make to from on it the great get the filing case, take filing the your

glitches consumers it. Got those sense. to makes when system let That hear it there us where Louisiana it. -- stakeholder were Got not some sticking maybe here, recent and could That's communication communications outages, be. to helpful. was are And with about

some concerns Just of local on there? response of I and side those wondering this address stakeholder improve to, kind efforts customer guess,

is this Jeremy, Yes, Drew.

performance spring a upgrades that after conference the were to all as earlier -- large or feel last in people got some -- didn't on we forward plan over work some this. away we in are. of squared late the have from room over out the of We good Texas going intended things issue. Certainly, systems But We intended. that our have we working improve in of like where folks a XXX some

we so that. worked And all through

expect We back have we a track good future plan going to storms. for on forward, and be any

hit hitting if and kind to year a helpful might the was over little one, you there. That's unpack the that there. and FFO goals Got to want be able balance you just of I I could. debt a trajectory bit it. to last the of if more wondering And the then

any incremental be color Just would appreciated.

the One key securitization, the you'll first which two Really the previously factors that did saw. see gas second occurred the around debt higher balances is quarter. Louisiana year of the higher with Jeremy. associated Sure, higher we off. through carrying deferred roll that go and the we recovery the in there. prices with year, we volumes And closing is And last fuel the as

what can that balances You more consider I the fuel see normal deferred are to back down levels. would

debt operations or to will of as so, those us just our us go through those the be above then the through as end items and we And managing two XX%. significantly off, target roll normal that at levels year puts on help

from next the question Arcaro. comes David Our line of

do on a more some and side the you've sounded think, some to Drew, on to these if you're to that it in of more to organization pipeline, development of initiatives renewable chance the to fighting I elaborate you self-build. types costs better alluded some just give that I initiatives you of and competitive the wondering make pursuing build was yourself RFPs lower things like? pursued what could there

question. David. That's a Thanks, Yes. good

in We have projects we to And space able working in forward have the on as been we I competing RFPs. successful capability the for actually in mentioned. been the have our put been that development building

we're the RFP competitive does . front. take it making think on progress of I good So what to terms in solar be

challenge had to we had a haven't projects pipeline large just The we've of is support.

we finding mentioned What earlier completion over are in and are build developer before the constructing on our up even of So us success the many at where it some say just projects portfolio. then XX% we're COD. it of in I'm to projects to I that transfer when the building making progress -- referring a I are that is is moving

somewhere of have pipeline that put this X point. forward So development about we we the in have of at neighborhood gigawatts

half expecting that a still and all And should I forward. to building But be by point, that's to gigawatt we'd of another it's RFP. competitively, go it and very projects. grow, ready be maybe to larger beyond say We're Now, much to should going are RFPs some been where out given the we the that those add wouldn't we that portfolio, and expect to that the strong in year. continue have very end then of strong

and been we've what that's what on. we're So that's seeing, focused

only add you declogging the that and our sites that's sites of sort will, securing if as transmission pipeline, of as to And thing Drew's that we've part part for the all Drew's to including that well improved of development I'll process, that competitiveness the is generation development, comments been the additional interconnects are renewables adding to our point.

it. line the color. in see in a -- projects then utilities curious How might let's Got RFPs one outstanding Texas, has of impacting the that's wondering got? I similar peer just had State in strategy few state maybe the of topic, Texas? over just affecting how helpful And That's finish that your was but renewables there. your challenges the you've getting that

been in of issues view, our first. view us better light believe that we're of it's Yes. surprise the position that has in our point of of point with commission significance that us portfolio. notable We It's But a with been CCNs not do consistent our they've different a the PUCT. it's to given discuss we've perhaps given understand Texas. commission's -- should the the And of in our the our a about rather because and same is one, of in important of ERCOT be the success part ERCOT. customers had to the inside service reliability and our renewables outside has has resources territory the service because not vantage our we in recognize of position consistent renewable our impacting the in the interest supply short -- -- because with having of inside territory as concerns that not is consistent -- answer reliability We expressed attributes an

close the CCS paying particularly policy change see position hydrogen opportunities. for commission in are -- other to and around think we our to that both tremendous we opportunity a strong. in were investment is attention, We in if But though, have renewables, capital a Texas

all direction in and/or Texas needs. the the a what in might the Our we're commission Texas policy renewables and attributes from those of meet positioned help requesting well customers, particularly have given we energy, to growth clean of regardless perspective them are take

question next our line Paul comes And the from of Zimbardo.

you that be although projects timing little think mentioned the some I a Drew, bit. around might shifting

that net growth period, XXXX plus. You're seeing in 'XX industrial stronger

on give the could more the kind roll EEI could plan? color plan is for little the that Just means and if of that what within you And into you a refresh? this something

Yes.

dollars So be sure. would for and roll refresh, is to from would around be are these you industrial give to Then projects the it to part that of of done. of some details can the we characterize normal more the I expected they're movement EEI and 'XX billions hard 'XX large get

And so that's nothing that we haven't seen before.

surprised. wouldn't I so that would -- is new expected, say say And that And so not part that not we're I really is -- well, is was news. that

are sales clean ExxonMobil particularly lot forward but interest are I there. CCUS a are from look in of beyond to different from particular mentioned we XXXX, like that related projects to very there the that -- project hydrogen. projects we robust energy. remarks, a a pipeline, lots industrial like continuing my of We've other There As see parties. out around

So we you more EEI. we'll are positioned I to of advantage that to and well think, of get whenever we all details take give

to improvement And on the is what legislation, Understood. earnings questions Great. opportunity couple that pivoting good a about a of whether after kind points, of the earned way then Texas to just additional Okay. opportunities. think hourly Is basis it's were asked. there up following spending capital

be that, about some helpful. to way that if Just there's would think

that Are question? Was the Sure, out referencing Paul. your legislation, you of specifically. Texas

legislation. the Yes, Correct.

couple and helps to higher file decrease seek a favorable we our compensation were provide a but an a around the gives resilience there an improve third Obviously, perspective, lag that, in really for or -- that the one resilience plan Yes, annual perspective. effective but the with a of better a legislation. us of things helpful changed compensation. certainly support to the that associated in the way our is we're to opportunity precedential item -- really our recover changed from within customers. standard from an us regards The investments. And is then recovery is us, to still DCRF that filing, filing system to filing resilience biannual a our gives path executive a out us rate certainly outlook of -- overall number around case. it way to of on recovery certainly, that from But haven't And It's and a investments. not

kind from way of there all Okay. a of something improvement quantify like that? or Is to ROE

Yes.

positive it's that regard. point. think when to in that nothing from do our think changes overall at I certainly, are this but help we about us our perspective that tailwinds they But too outlook, early

right. go that If are is our like over of questions. looks that right all more to Mr. And back I Abler. there ahead turn questions, will no All now, and it

Jeremy, for and this thanks, Thanks, everyone, morning. participating

and milestones Investor accounting in strategic reflected with Entergy's updates page a be Other our in due occur existed sheet date called and Our at the we regulatory quarterly about as SEC prior accordance our accepted the that Information, on of proceedings Form date additional report web as the reminder, is financial key a would and conditions balance financial website statements. important XX-Q to to of on which execution. of X of maintain the our our generally filing part more evidence on provides and provide XX-Q August of details disclosures provides principles. statements that Also that Events Relations Regulatory

should concludes may While on not you rely considered for relevant this some And our information Thank this company very be this much. information, page information. all call. of you material exclusively