MDU Resources (MDU) 6 Aug 212021 Q2 Earnings call transcript

Hello. My name is Catherine and I will be your conference facilitator. At this time, I would like to welcome everyone to the MDU Resources Group 2021 Second Quarter Conference Call. [Operator Instructions] This call will be available for replay beginning at 5:00 p.m. Eastern today to 11:59 p.m. XX. August on Eastern number replay ID XXXXXXX. for conference is the The replay number Again, ID the is the conference for XXXXXXX. to is XXXX-XXX-XXXX number or The dial XXX-XXX-XXXX. for the replay to and now Vollmer, MDU would like turn conference I to Resources Group. Vice Financial Chief over President Officer of the Jason you, Mr. Thank Vollmer.

begin conference. your may You

Thank you second to everyone quarter call. conference earnings and welcome our XXXX

are and Leading You our and release our of earnings can earnings our and on the quarterly www.mdu.com myself. President at under materials website Dave discussion MDU Resources today find CEO Investors for tab. Goodin, this call

of On Vice of the President any President Hastings, of questions President, Controller President have President MDU MDU Barth, may of our Knife CEO are and you and and Stephanie CEO Group; CEO CEO and Chief presentations Dave Energy; Utility line to Services Group; and Thiede, Resources. Officer answer following Kivisto, Construction our Trevor Jeff Accounting WBI of River Corporation; Nicole Barney, and

may responses Act forward-looking During of including Exchange today’s of within XXXX. Securities the contain statements discussion, to XXE the meaning some Section of questions, comments

on believes Although based beliefs are may assumptions, actual expectations results and company that differ its materially. the reasonable

XA to may earnings a direct of we results release most you Form in Factors For to XX-Q. discussion and differ, actual cause our that factors Item recent Risk and our XX-K

delivered For of $XX.X earnings XXXX of second also per $XXX.X per of to XXXX, share. second quarter earnings share million quarter we million compared or $X.XX $X.XX or

to quarter certain lower by were results on our our consolidated approximately quarter, the second XXXX. compensation benefit returns impacting million plans same impacted million investment a results stock-based Further in $X.X care $X.X was and tax. During of higher the health after compared costs quarter

consolidated of performed by impact X.X% increasing items growing results, $XX.X quarter’s well the our earnings and year, of had throughout these the on X months first million While revenues year-to-date. operations the very an all

for the $X.X quarter are business million million in compared the second of of earnings quarter $XX.X XXXX. utility second Our to

Higher maintenance health reported result $XX.X higher higher of pandemic the largely same and operation earnings earnings. the quarter impact positive segment, compensation businesses are plan customers and as COVID-XX demand generating Electric volumes start benefit impacts Higher the to XXXX. by Partially $XX.X labor-related discussed, compared stock-based as also on the part margin for investment increased lower Sales gross in results. to projects quarter the drove a the in expense, increased industrial for decrease returning in million of was also station adjusted Utilities the the had revenues impacted driven For returns care adjusted we to including the revenues with million and previously margin. reverse Lower expenses offset gross costs, for well of were increase volumes. individuals as offsetting the costs, residential by as period expense decrease during as in and associated the commercial sales X.X% and increased higher work retail the volumes interconnect and transmission reopen. negatively a

well revenues for million second as and the labor-related costs, $X XXXX. $X.X certain volumes measured increased Transportation drivers primarily million increased primary company’s previously plan expense, as well $X a in segment a increase The was to and higher during had of Higher XXXX. generation to higher lower gross investments. increased Utility also the maintenance X% decreased and period this to transported Adjusted seasonal reported of compared in from maintenance non-regulated projects Partially margin improved business returns loss quarter expense Partially allowance higher customers. million operation customer was $XXX,XXX, during were in the earnings previously relating of as as seasonal earnings. quarter the construction the second increase rate operation revenues the for growth. payroll. on benefit Gas used the from electric Natural of loss pipeline funds of and approved same the in recovery higher Our quarter in offsetting offsetting the project as from non-regulated discussed, loss

the increased the – record to contracting. from prior industrial million the depreciation, specifically turning construction acquisitions construction for Now construction from remains and record related decreased businesses, saw on million. contracting high the Demand strong Inside of earnings. X% second basis $XX.X contributed manufacturing also inside for increase both increased amortization Lower second earnings a quarter to commercial year-over-year quarter outside Revenues year’s reported depletion for to to second compared services in specialty $XX.X of $XXX.X record work, of million. services the amortization with workloads a demand and specialty quarter intangible in utility to and demand industry. outside high resulting and contracting prior the industry expense to

reported second plans from quarter. to business for formal materials previously the $XX The interest now labor-related Lower Dave? I lower his the million. That financial selling, the expenses as $XXX.X Dave we X% lower second quarter these higher million increased earnings administrative primarily also call quarter. was and in to discussed. remarks. million for the was construction summarizes decrease turn increased Our had expense Revenues interest the $XX.X returns Partially of the compared rates. offsetting items over average year’s costs will highlights the prior in on general impacted quarter. earnings due result certain benefit to of to And

through Today, to yesterday’s highlight natural customers items in Jason across to us our help that Great. have growth employees organic our delivery thanks I’ll in the utility quarter of energy and and detail about infrastructure on remain notable covered our drivers million interest customers. now some regulated efficiently And and go and safely we continued and the And today electric some release. thank utility serve listening Starting those some of organic in spending walk lines news and MDU for our your greater with approximately businesses. into and gas time to you each of you, business growth our improvements in Resources. focused X.XX with platform,

outpacing service national The station Lewis in and coal-fired utility on customer territory, Clark & activities continue the the range in across decommissioning generating commenced the quarter Unit We electric annually. and in to decommissioning X% the strong compounded at X finished between here X% here the and expect our average growth second the July.

company’s X which to expect and coal-fired year, Units We owned of X early facilities. wholly retire next Mandan, North the near Heskett Dakota at the are last Station

capacity of natural gas-fired these completion upon unit. XX% in Heskett commencement portfolio generation regards and in decrease the proposed to peaking IV will XXXX to Our to prior nameplate coal was XX% the retirements of

in XX-inch approvals, Dakota. natural expected with constructing XX North the $XX from XXXX It along to project at of of later million. Eastern Energy, miles North WBI natural cubic a regulatory construction is cost first while more by facilities XX per announced customer requiring firm the capacity Mapleton, that natural utility, service gas our pipeline involves for with our approximately day Kindred, on begin Dakota Wahpeton, The early our feet that natural gas million project Dakota. being natural contracts able supply completion gas is existing driven gas approximately project to provide and current business, expected Wahpeton. will pipeline to infrastructure to time Dakota, to is gas date also offer Our that service This North recently increase will add North Depending to year. to can

of while expect reduce move the gas Dakota. of North our North early the capacity natural transportation final with region weather This project WBI end and received in Bakken Western project more approval, pipeline XXX expansion we of daily producers in And Construction $XXX to here in flaring to we begin July, excited gas in helping X.X the our business, allowing project per year. favorable gas than bringing Bcf pipeline in allowing service this add Speaking capacity are to to during to WBI’s market. system, natural construction total Bakken Energy be the million to will feet that cubic by construction season, FERC million mid-July. natural began on to day,

competitive Construction Group customers, our earnings all-time existing reported remains the in now of securing $X.XX profitable strong. quality backlog Bidding areas, of as at end with on that had outstanding both construction, high as of specialty aid an workforce second our June. moving highly our very quarter all record demand and quarter to Now contracting an but in standing for and we record remains Services inside outside billion skilled relationships and are and and revenues second on our CSG projects. will service executing confident

in slightly end the business, than year’s operating this while business quarter $X.X levels, is XXXX at of construction markets. Demand guidance reminder, earnings of the the $X.X the attractive finally, and expand billion, billion, enhance to billion to Construction returns levels. our of for this or of our materials and million, billion continue increase is with an at just a for prior XXXX levels. second backlog of slightly our Revenue also strong our record and margins comparable with reported down ready-mix strategic revenues. our to from revenue of falling acquisition margins aggregates over materials at near-record and optimistic comparable XXXX And for short at record River business to number Knife year. the be were continuing evaluate higher to all prior invested concrete $XXX on is to while construction year-over-year, $X.X footprint will in range $X.X As capital. quarter while businesses range continues a pricing that business, remain appropriately earning about earnings the We guidance across to produce opportunities X% at existing

the release billion of state conversation very record at opportunities. we funding at of surrounding these at As XX, combined across advantage positioned the well mentioned our multiyear believe our federal an we levels footprint. infrastructure as about feel all-time to level $X.XX news we With various packages as June are positive yesterday, growth take construction at in backlog as well

that guidance we some in energy, are investment plan are of core pleased much business, more, per year not $X.XX additional surface Overall, this While our of half well. these and earnings proposals of of included areas the in our year. power modernization, renewable grid of we with transportation to for or to infrastructure the as throughout such as very $X will broadband matter believe our X-year provide our performance proposals share these for infrastructure first opportunities XXXX capital improvements,

and long-term Resources organic value on as execute Our significant continues focus to our to at our projects acquisitions. plans, we and our business be targeted produce MDU has been growth

a maintain sheet, solid good balance and continue We credit position. strong a to liquidity ratings

our XX years. last competitive the it XX the shareholders consecutive for and have years, provided For last a dividend we been increasing for

and we Resources focus to to our on As it operator, always, while America. and Strong with superior up act committed for value along MDU continue a a Building questions. is And open with integrity shareholder of safety will creating tagline that, we operating

first line [Operator Instructions] Shank. the with your Ellinghaus Williams question Chris of Siebert from And comes

How are everybody. Hey, you?

Chris. Hi, Good afternoon.

sir. in it shaping look of afternoon, what the the the like how second and Good is so in season Can just talk sort about guys construction quarter up July, far?

Maybe ahead, Jeff. Jeff Construction that coming we the at quarter Chris. Thiede Go they with just second Services, will Go Sure, record posted. start off ahead.

the Chris. for Thanks Alright. question,

Our QX mentioned. helps or in in bidding best Dave by project margins. awards markets record our upon of and we for continue of there had secure value many demand of we our all criteria continues are at we that to markets and our provide. these price our based always that to that That’s services strong and perform demonstrated be and backlog And good competitive non-price opportunities us course operate

experienced competition. markets of Some our increased have some

still bidding to safety we that people quality and projects, some of seeing and get backlog opportunities forward. performance and going attention strength QX strong production the and resulted good large We in year. completed. were meeting And our through projects are expectations However, this in are exceeding seeing

– you oh, ahead. Thank go

I just wanted ask... to

ahead, Chris. Go

it was Weather construction was for the favorable? season,

I think favorable. it’s

Jeff?

Yes.

Okay.

Yes. Absolutely.

to Dave should Chris, we Barney? turn

Sure.

Yes.

Dave, want you at and backlog of second quarter? have quarter the end million highlight here So you to certainly in the bit $XXX the the talk just a about second

but strong. Dave, that, did backlog you yes, think our is I Well,

the we are and where our with at backlog. we into next are happy Going strong for to Margins two continue grow. very are us quarters,

to up. materials on able a We the have We’ve quarter second our are quarter. along Year-over-year, was had definitely some margins – been increases in all products. great pass

down hot is We degrees. some continue year. days there bit, be we slowed but throughout were and some rest weather us year to expect July strong believe over out to that the have that still the us. XXX going did little for July, of It a the we

Okay.

you have where you? a question, evaluated side today For guys you that of in infrastructure and the envision two that? bill terms and impact over well service stands any labor an and thoughts pretty capacity. you have couple might got construction how the you the things businesses, fluent And How and of do capacity projects already influx next margins of construction years, strained are like infrastructure on

Chris, EV start associated new debate little – businesses. we respective incremental a package large buckets then that highway infrastructure, give the be if Jeff look EV kind there the transportation, in can with there under and with you dollars for that’s in current will and roads, of at the have I their and the both maybe is Dave infrastructure transportation, whether on reviewed But bridges dollars some it broadband network. traditional Senate, detail as

say got, You will I delivery, have power some upgrades, energy delivery, also renewables.

plan two-thirds of infrastructure fit do our between total the of take materials of and that we the what in buckets You dollars within services wheelhouse business. right and the those roughly

But again, those the that so new and well. flowing buckets, quite the dollars I excited at we industries broad-based. that when into we fact we performed big look that’s very get we think And are in perform,

devil committee, it’s etcetera. we details and produced is Now over House today. through certainly, what of is obviously, the conference final back is bill what the But in on and indicates a do the what in today a lot the

the with maybe you your kick can would might each materials. that also that thinking. see handle you how again, moment, at workload I’ll suffice for is on it This ‘XX services at and Jeff, beyond we and opportunities additional light touch from we but be to work I Chris mean, just you maybe of so that, think beyond, in of And out the ‘XX. Jeff. wondered I some – perspective, kind of And answer and for over a timing but this of a help about

Okay.

our we quarter attracting last and that safety with industry able our and as through respect team, second treating people together workforce have on years the especially to commitment during been retain have top We focusing been during doing by the talent, and COVID. training retaining working and to a X.X

be transmission with backlog, qualified challenges think we’re build. our mostly Given our some the in will benefiting which distribution we labor, and work, available seeing from outside infrastructure

on has trades, in group markets with efforts similar qualified but and training very college insight our respective and schools STEM programs, and Our and high continue, in also recruitment challenges labor, we’re our industry some proactive and minority recruiting and groups. women

to productively the to up timely out So needed workforce keep recruit we’ve quality. the with with always able been and of to demand build and our safely, course, backlog and,

Dave And maybe the following in materials area? on Barney

employee Yes, recruiting are so Chris, our focused definitely where count was retaining we last and year, it is employees. on about

industry. us Knife for But a that infrastructure with will Oregon continue also. center the see world-class future. the think our the bill expect and in building increase opportunities. definitely process bidding River for all training now But our this if And in it’s forward on, of focused that, continue We’re in of in passed, to we margins not we just right definitely We something companies up help an think will gets to we’re to on. go focus and will we we going

guys. Okay, for great. the Thanks it. Appreciate details

you, questions. Thank the Chris. Appreciate

next question line the from with Brian Your comes of Sidoti. Russo

afternoon. good Hi,

Hi, Brian. you. Good to afternoon

impacting companies material just construction a you little your others? that inflation. upon an noted material And managing on how for I diesel And/or inputs issues impacting how some touched There you was day liquid that generally industry-wide less or whole were a as they other more bit Hey, peer possibly an as and industry maybe issue, and prices wondering, seems you’re their could and large I’m reported, speaking? a raw than asphalt and know labor more to higher cost that, get be what are you margins. countering granular the

drivers. Dave commodity noted. Dave? in in Yes. that he’s side. like particular Sure. diesel have the and of far inflationary said, his you And example, And two asphalt the pressures what I’ll the question, business address more so liquid the others seeing for Brian, ask as is as to items material noted and Barney on you price,

definitely up continue aggregates, said increase. on to site. mix, ready the our diesel But We seeing push a we before, continue I forward. construction on our Brian. even are It like margins concern going is prices Yes, to our

most come we seen to We able on so been prices. a increase have continue those we’ve down pricing little jobs. pretty from oil hold to some our of jobs, year, AC bit our margins our margins We’ve on lost last But much of and our that.

in just specific, that you Okay. manufacturing I seeing submarkets of strength? maybe you Great. strength And more on the side, think you’re be it’s services Could what manufacturing. mentioned

Certainly.

Sure. Jeff?

Okay.

Go ahead, Jeff.

Okay.

encompasses a of that. we’re with them are bound confidential getting to of successfully projects our can market with performance clients. to services large, office sounds a build leveraging the that we’re just an confidentiality started. we’ve our goods couple been on about unanswered, and expanding a of for of like that’s share completed for we’ve for part And Manufacturing Sorry country, and completing we these And this What another asked that this large clients agreements that serve small new and that X nearly clients. client the is our I had. really decades medium by productions with satellite however, enter geographic

in And great. business transmission your undergrounding distribution? is of services Okay, and/or construction materials involved and the side

We are.

Jeff? Yes.

Yes.

one of our If largest Gas work our you’re Pacific and and area what’s is is that wheelhouse. of customers, right talking that by in Electric, about been that’s an published

work. do this doing and transmission also for client, We’re distribution and we underground

a as great we’re client our for area. this market plus with see companies, in to our our of that the that serve opportunity in So some expertise PG&E that combined adding with we serving sister to

not just $XX project. on the XXXX? just the I’m why is side, million expansion curious And construction great. until Okay, pipeline

to just Trevor of here you really, through just our this regulatory on I’ll kind more through Bakken full But we is Brian, projects. process, that’s North went timing the that. to go full And expansion just Yes, the details. give – the citing. preceding process touch

that? good Trevor, So to got that. Anything, to for a add we’ve pretty feel

Nothing.

Okay.

Okay, understood.

of for growth that So it opportunity kind organic size an or pipeline Can sounds kind some of segment. behind put like that’s opportunity that, quantify of the numbers the you expansion? for

financial is disclosed of This this the around it. At any haven’t point, Trevor. Sure. we numbers

you for Generally, equity front-end what the the return, take capital million in cap of FERC later this structure project could $XX XX% that FERC the Dave the getting is work, ready get if of of the impact and apply a prefiling We’re you referenced process budget, our kind wheelhouse fall. the earnings be. in

Right.

Okay. Got utility? electric it. IRP the And filed can when be the to expect at we

Certainly, That the filed midyear. IRP? more on can was on details any Nicole just actually Nicole, recently touch that. here But

No.

You hit the filed in July. we it, Dave. here of in state North Dakota that Yes,

Do Okay. file you And lastly, utility, regulatory your in us then any both rate just electric of your any plans have just update you cases strategy? gas jurisdictions? and could on to any

Yes, certainly.

monitor we’re as in segment As around at very ahead most on our just looking And this of you’re now likely regular evaluation of we some terms right electric what aware, we cases. a rate those probably is look basis. timing

So rates of the that and again, state last I Washington. any Minnesota. business, recently several We North – evaluating then final the the is side just would electric the on for touch are our few of states Dakota, on but And Montana of there, decisions we final haven’t in side implemented on for a gas jurisdictions made the one on timing business.

recover Following case we had, a as XXXX plant to XXXX are wage currently increases. well we as just additions limited the contemplating of outcome the some issue

focused activities be of the would key some that right top the wave, of So on we’re now.

much. thank very Okay, you

the Brian. for Thank you questions,

of last from comes Ryan line Citi. with [Operator Instructions] Levine Your question the

afternoon. good Hi,

Good Ryan. afternoon. Hi,

And with additional of the Bakken North Hi, capacity for conversations sale? Dave, status the that’s for expansion compression what’s what’s the still available customers?

always Hi, almost in in peak. Bakken. its we Ryan, in really is near of Trevor. with this production is back the out We do, Gas customers constant to kind – as we’re Bakken contact the

at it’s XX% is its only its think of though XX% I production, even of oil peak. peak

So the increase. oil gas ratios continue we’re in seeing field to

well Justin last years. deck Kringstad the need talks are or continues they out Dakota has to new needing the the expectation pipeline his in X this outlook, processing, where for XX% capacity over North the natural takeaway. for And takeaway a NGL up – think Pipeline I as to gas gas as slide and additional Authority, stress he

is right kind north So south Bakken, Sakakawea, our interconnecting of the of to the strategically through with located with Northern that, pipe North Bakken of Lake Border. heart

footing we in we think for Bakken area. good and situated and our continues opportunity to customers terms a really that in we’re its So of drilling be as the well able to will production, be regain

additional, year XXX,XXX And it terms variables of we is expandable readily the the Mcf In how how much we’re that could a be get now, is of into potential with in of compression. – volumes, – contracted. far total expansion, day to project range lot It will capacity. right go it $XXX,XXX. a When full there of but be

through XX% first, in from morning one probably, your this was an as how that then with And or XXXX? some for it by forecast And the compare that does that and vehicle weather embedded strong organic you seems more electric Thanks. transportation how like growth? related new look sales electricity? of of this planning then federal electric And at for pretty load announcements EV for, quarter, volume much what’s XXXX, demand the was Nicole, wondering

Okay.

the I a me look question. the when getting – start we volumes. for more quarter, postpandemic I’ll as back you start would at with with characterize Let the Really, saw, levels. to the thanks what

there. in driven back was industrial, reopening see by that But look at really, commercial, with the on we we’ve volume in in largely when on volumes, territory our driven what getting most saw the we higher was did volumes it So the will of residential seen and in side, by total, lower that for quarter. the and mentioned, postpandemic heat you terms aware, acknowledge side offset to again, and residential. an full people as industrial higher was I waves the was we increase really June, are quarter kind by as commercial businesses was, feel actually our of,

we we the here relative characterize As to pretty obviously, we’ve now. would side, July, ahead I – to look see what in weather continued residential have on as volumes good

So this, to that we volumes increased look but are to July, say, finalized weather, it we would to it due is is haven’t seeing in month. back some weather the I as post-pandemic, we all probably

question Your to, at we for forward. electric next as relates our look forecasting going our demand

We baked really, point, significant at transition. have not, in this EV any

of We the haven’t that our seen other same has of the in country. in level happening areas penetration markets been electric

as that your So we’re of – or I’ve the increasing covered follow-up? in this as it’s overall I not questions, in point example. demand the a in but time, really increase say any And I our would disclosing believe piece of significant that an XX-K

Appreciate Yes. that.

larger that to In the advanced are had? due federal the that terms could any be is projects or broader there of projects being out-years, in potentially discussions policy mandates transmission

Yes.

bring very you good a So up point.

on well this we planning a we what happen is We you the And scenario MISO, regional I goals certainly, they are and in organization, modeling look broadly know, investment which what currently week, as – companies’ was forward. around as on future decarbonization meeting have looks could significant of renewable transmission with and as in is transmission done our efforts focus as terms and a as the more federally. last just, think individual several like about

planning their And would of within one fact, In is just the again, have MISO this called for. market. scenarios

$XXX of billion. again, So but additional covering isn’t this U.S., build-out the

out example that’s some scenarios of there meet transmission that’s amount there. to the again, just to needed of level but multiple of is these set, so here, proposed And one goals

then and So within that question done of the secondly, can what question And thing. is, that first, sort be the frame? with the is affordability time all happens

opportunity certainly we’re ahead, get to constructed there. you be upgrades, do we a will those how get looking as ahead transmission and what is – So lot there And of look operating. permitted,

our these within are, footprint, again, not the here. MISO necessarily is again, specifically company this So

of of more to there going is it’s But opportunity certainly look. the get there a So forward, question broader in is. transmission to

to or service. front, the in then ROFOs speak Can ROFRs the then you pressures any the of the one – on seeing? have And cost of some incorporated last builds you I related on you’re any do construction guess the to MISO? utilities that’s And

Okay.

So on can question the... repeat you the

right the footprint? have or developing may that on refusal offer the – transmission of broader developed of first any any in you MISO of Do within be right within first your

I I’d on it forward. to depends that to respond how guess they is of how decide move kind

– we state It had to were Ellendale project we we example, not to an transmission a customers then involved multi-value the project in that’s have was directly Stone previously. through Big as allocated FERC So regulations. South where facility a our

that of out the within an project that a example of came multi-value be So market. would one opportunity MISO

you. Thank

to then Jeff it. Ryan your so of that Okay. there? question, Yes. you Very the Back you, was – second Maybe relative still part got repeat you was Ryan, I sure answered. could but operator. maybe to services, good. make are gets we Ryan’s question

Ryan. Here comes,

I Yes, think got I disconnected.

pressure hoping on of you’re the was construction and you could seeing margin the cost of pressures. elaborate drivers of terms service, some the in In

Jeff, could you take that one?

Yes.

X supply. which that have have are of sharply with some the components of vehicles, and about fuel, had most also electronic we’ve think and part to But risen and past materials our And we over some copper PVC of steel we impacts aluminum So and had those and months. availability X delays. course, the

advance. where makes procuring can collaborate, our get they some in our where and financial purchase it teams our availability been issues. had have We’ve risk mitigating So take to in some success our increases and our We’ve backlog proactive impact purchasing both of customers, our the to sense, table in used margins. commodities strength our impact involved, to markets we and are the and anticipating working customers in our with mitigate also these power off notifying suppliers also the

Great. Thank you.

Yes. top on Ryan, actually our just reiterated comparable slightly services. as a we guidance, level a increasing there, in kind margins of to again,

kind margins. So you overall I gives an to with think regards that of direction

you, to Back good. operator. very So

I this no now time, for at further over would And there the conference like questions. back to management turn remarks. are to closing

such, half Great. the appreciate pleased of continue taking XXXX. the look a continued XXXX. earnings again, of call. throughout the earnings we’re are share performance affirming strong we per second as to Resources your continued range strong $X you here we we the quarter join we for remainder to first our And of all as interest MDU on Well, And to our with results strong $X.XX in Again, time Building to of us the and forward America. support certainly and the for year, a guidance thank of in

And so operator. the I’ll to turn that, back with it

This MDU for call. conference concludes Group today’s participation. Thank you Resources your

now disconnect. You may