NorthWestern (NWE) 25 Oct 222022 Q3 Earnings call transcript

Good afternoon, and thank you for joining NorthWestern Corporation's Financial Results Webcast for the Quarter Ending September 30, 2022. My name is Travis Meyer. I'm the Director of Corporate Finance and Investor Relations Officer for NorthWestern.

Joining us today to walk you through the results and provide an overall update are Bob Rowe, Chief Executive Officer; Brian Bird, President and Chief Operating Officer; and Crystal Lail, Vice President and Chief Financial Officer. All participant lines are currently muted. have of we Q&A for presentation, session. the a time lot our After for that questions provide asking I’ll instructions at time. at [Operator Instructions] is website release and released, northwesternenergy.com. NorthWestern's results available have on been the our

release, this released also note company's comments your responses our presenters pre-market questions forward-looking this We morning. may and presentation contain XX-Q that Please this and to by press statements.

second presentation. safe to presentation. our SEC As also P.M. within harbor included archived presentation such, webcast financial I'll contained provisions be I includes of this CEO, today’s definitions can in presentation Bob is the Rowe. The Results measures. for found the time will will disclosures reconciliations in slide on recorded. one note the one this over Please NorthWestern’s the of the it replay direct also over that, included today webcast at With Eastern Please for our website. last non-GAAP and the Financial of and and you non-GAAP The filings available being disclosures, our X -- section hand be year beginning to see

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EPS. million, income $X.XX results. EPS the diluted was $XX.X was Net EPS. $XX.X to quarter $X.XX Turning financial was diluted a for million, Non-GAAP --

growth expected X% term Our off XXXX a X% long rate base. to is EPS

October Commission was the Very issued the months year typically Public seven on cadence Montana as Montana on. As X. August you impressively on know, to the we opposed order are that filed review rate months Service This nine a we an into interim X.

our So after significantly will and cost unanimous our mitigate recovery filing the regulatory certainly that a of we reinforce basically, based the also lag rate power the months a under recommendation. on two order case, couple The in to purchased order was items and of a staff much order, date And for retroactive going talk metrics. other come notable provide that final credit more this detail. that will then to and will in Brian's back

policy electric infrastructure of about very substantial recovery providing proposals. a is a Integrated very, have Staff. under on refiling the We're to The Montana doing some modification Commission of be to a key Cyndee the some, plan. by Brian we with Look forward recovering of application X. Brian to interesting think, or key the kicked-off filings during inadequate, costs cost the detail will that. September We including flow discussions Resource of and very implementation the our which then and could is webinar, and investments our on Plan now the First that in technical professionalism our leading of right filed order, you this could last to and case, all, filing be appreciate attended case capital where driven be important procedural on be series But set procedural of period in pleased and gas points. actions triggered the steps. a Fang very process Commission has past are we're obviously deemed Again well more since filing. I going we're and four The through issued which South things Dakota constructive a

this December for payable our year for XX We share million and this of plan track the capital a voted are board has dividend on per year. $XXX on $X.XX

So Crystal Brian. Crystal, to first, will and to it off will then it over hand turn I

discuss I'll results further you, and Brian a our bit hand over of speak financial to to details X Thank Bob. Slide and then it here.

of the $XX.X of third So million. for you'll income quarter net see XXXX,

$X.XX $X.X non-GAAP X $X.XX that, the quarter of diluted a diluted out or pretax that's everyone's the manageable, that $X.XX our on on from on a those column items XXXX. XXXX. non-GAAP drivers $X.XX the investment The so on on the or mentioned, XXXX. basis driven Bob lays in of as a to in the cost in you'll experiencing, Slide a of on expectations $XX.X impacts GAAP rate Bob which pressures we we the impacts of with the detriment and with see $X.X laid and are our The see year. dilution X We're in a Slide then perspective $X.XX tax with on a there, November million we basis, last bit operating costs, $X.XX this that from what quarter you when EPS quarter and impact versus course but Certainly, our compares a of that detail basis. million we're year for by reducing year year, the utility standpoint. of of of a from guidance that line I'll interest slide. $X.X you'll you'll we our margin period on of with amount of bridge the As basis $X.XX seeing see sustainable adjusted. and Net you'll consider that quarter GAAP capital and said forward year of or basis a the out next I the And track Overall line that for and basis. dilution basis talked more margin you'll then bit With favorable is in there which $X.XX third investment a record little prior $X.XX performance equity basis, a structure. Utility on in impact a to margin detail weather. on about When see more margin think quarter where or a a GAAP on see for announced income capital expectations problems and from operating for million the on a counts a bit weather. XXXX to had in is on basis impact. net the $X.XX the issuance QX for detailed are funding that after in next speak transacted share next utility million few detriment income that pressures, significant on another

lower lower see to is to so on line driven is But also expected is see importantly, there margin column, expected by and there transmission we rate impact a that the what side. with transmission in First which we seeing the is formula volumes what revenue, impacts. bit next both PCCAM of outside your

absolute a sort to deliver exposure certainly we see of on on our saw line to an that basis. We And see but I -- market mention margin headwinds customers. $X,XXX when that's that supply million $X.X August, also think we basis. of that's costs As overall, jurisdiction volumes, piece, price that $X.X the (ph), the a the that for at September, would the of negative on the us you the for (ph) $X.XX prices our certainly that higher I you'll over favorable provides million performance But market prior saw $X.X show Montana see certainly hour And retail while recover million normal our at a megawatt million the favorable solid at that's prices of end certainly electric and cost quarter. weather importantly, there. we mechanism period. versus peaking we early see impact will reminder, of versus where we in

non-GAAP basis. what that's on So out a we're backing

better prior expect weather. volumes So of The there. performance warmer to on retail We're line favorable when commercial we a customer growth a commercial the certainly for quarter and you and only a see the including see $X.X lower seeing bit million X% loads. versus bit would volume

period. the So to to that a and look that's our of prior up of GAAP seeing X lower for $XXX.X to the we're adjustments. million million Slide non-GAAP bit income shows shape headwinds falling all margin utility again $X.X and than commercial the of load net there how you QX, leading

GAAP that weather I weather adjusting with the you'll non-GAAP see warm million is resulting $XX.X ‘XX. the service there very tax the across QX, to just had on $XX.X for the basis And after but QX non-GAAP our we in have we $X.X very million but And million basis warm on we prior earnings of versus favorable a million and quarter. XXXX spoke on in million broadly in compares QX weather $XX.X normal again, in of quarter, also of an a prior again, So only had territory, out basis, weather. $X.X impacts or adjustment

Slide pretax in So you weather period. impacts $X.X adjusted on flows to million now would there cash the and move we've favorable you With that, prior I million $X.X X. versus see

While operating significant cash the prior year year-to-date. $XX.X of improvement show flows from million

$XX.X net that decreased income. definitely That's see by actually by driven million. FFO the You'll lower

collection under we Storm through Winter Uri I the prior other costs that gas from the collecting significant is would that amount of think and I are PCCAM still currently. period, collecting significant while there costs from mention coming The that thing are period are we prior

prices higher the in to market also off all continued this we how impacts cost. what through we're think of significant gas impacting that fill flows You And of that higher in customer on the and see is near the certainly and season seeing term storage future. and and year natural we'll then the impacting high be electric cost bills rolling is about supply in here cash

out So closing quarter ‘XX on for with X. I'll that, full results year the looking transition Slide a and to to expectations bit the

are narrowing range. guidance We our

or we narrowing started to know, $X.XX to $X.XX that range guidance $X.XX of of to all you are range range we with and $X.XX $X.XX. $X.XX As the

our higher pressure also market the at unrecovered certainly us that rates gift keeps while on impact also and at I balance. in of quarter, also the the interest headwinds we While and it the utility pricing then quarter revolver that mentioned supply were course, than in supply expected, timing lower talking Montana. equity. the that with And draw of Certainly, on margin impacts for PCCAM the on drives by were they high line, of margin costs ultimately that a giving about because level results on it's our it then forward impacted

to intriguing quarter significant base it that see Brian. of forward the filed mentioned, you'll Bob's for going the So turn this and ask think that's rate call be currently. serving with a of to all in held the for business structure resetting and growth and a the that, would review for critical PCCAM. earnings questions our the to other the about being guidance we authorized recovering I rates cost customers session most will amount will and obviously interim as that impacts. is, work and over updated MPSC, bit that substantive investment those to and that, very item And say last Bob than fees in a rates to how Montana both looking with here what assumptions our The I reflect offsets reasonable interesting Thus, you we

XXXX. in XX, Crystal. growth much see five a years, $XXX investment. rate XX%. capital as we in On even $X.X a as last Yellowstone over saw million build billion plan $XXX That's annual primarily the you you can to Page we of Thanks, we Historically, to speak over continue ’XX to XXXX compounded larger -- under was up capital invested million from County.

have million We that does a and $XXX plan track. remain capital on

you may looking recall You essence year, and $X.X expect to of to on but including in next likely One, into also is beginning our base XX% year. we're our In the time of also plan but that in invest level two the on ago at delivery it supply the best rising amount business, CapEx side, really And of, over XX% definitely approximately X% to invest but from think X%. we supply years capital This of is integrate variables. end remains projects. suggested is added track. the the debt crisis expected also grid to say, have XXXX, costs, cost, like, capacity, at think our substantial some we expected modernize continue rate delays that in the achieve track sustainable I'd And is some obviously this spend come all the chain higher due about resources to both capacity. during to of that to an continued the to increased for that on plan in to of the to a billion of growth way five net-net an financing to drive we And seen a we FFO renewables our annualized to business. T&D we do

a will on last in over company with that and and long you filed we to line been a a they time the case. from depreciation recovery for gas we've that the last that during both we've it's periodically, market XX% acknowledge for come is that increases total electric the here the in even capital And to electric of both coming those billion need perspective. increases rate customers, it's rate need at in many perspective property big $X over investment. year increase that And So of And would continues since and Slide resources including with the XXXX and period time both costs, Montana. $X the of through basis. a power cost capital case increase gas electric business by to billion case. gas when request and pretty the it's Montana, last since been a for occurs sometime time, gas electric XX% since we the even a And purchases test invested natural of forward years from many, cases grow on in flow of over XXXX invest this critical and taxes. in the the going inflation driven a rate for be but XX, combined with in is In time

a the perhaps forward of million. base September, Page flow That of improve rates $XX.X we X, effect. XX, where collect electric our And we and of sufficient rate interim good cash us natural of on earlier call, issue $XX.X stand the interim million million again, commission received business gas base October then Bob our acknowledge perspective and having go by by Moving to effective $X.X the to approval manage importance rates an acknowledge into from PCCAM as late allowed the to to rates in interim in not mentioned rate. work

we In case. terms good final from outcome a important and are retroactive on will or received the ask approved, that terms X, electric equally approximately of the is receive, with date interim of in XX% October for we're on final And effective we outcome request what that gas what date of rate the we the the is side. of approximately pretty a be there an happy rates side, once XX%

XX/XX, procedural Intervenor And So key Christmas and hearing cross-intervenor then a helpful. receiving date very, or commence. very March, testimony. early our early schedule testimony. is that's testimony in From I the next the present rebuttal guess, then And April, we'll standpoint, into will actually have early

Moving to Slide XX.

chain plant expectations. are of that budget and built file issues upper you our in source advance the by by the rising Bob I this just on on more Glanzer request we if all on from to began our anticipates in not On thing our construction of But get back construction the even of and the so Station a the under side schedule and capacity And supply been expect solicitation up in an dispatched to page that South the costs. filed continue during our County. period. Yellowstone invested current it April filed million we Dakota September this ‘XX, and million in with plan. in during looking competitive And of replace retire commercial megawatts perspective, date time, end year. is say right, XX a That and competitive of our and identifies from we just for followed available of latest candidates XXXX. to $XXX more business only solicitation And and project last We've $XXX the forward, is already has ‘XX in for the we've to at pleased XXXX. that operation. the potential IRP, XXXX Montana, year our plan supply importantly be a resource We of the than time will,

that to we the exactly move under I'd through than of his his Montana done that and XX% and forward doing, supply invested was it's pleasure us of behalf the the our energy carbon size this we've billion from He's needs intermittency offsets average. And and the leadership. how three clean serving watch more our To executive be we team I our acknowledge what own it’s our megawatt helped a than system. can't X,XXX free resources, And wind the that total employees perspective. customers, provided XXX do certainly dedicated put approximately help resources through of billion That business. company. be plants I gas need to XXX in of hydro achieve. megawatts Bob his this owned this $X acknowledge has that And we'd do the critical today in more with industry our We've it imagine and tripled my serve value honor should better he it's electricity us acknowledge, primarily of reliability those at $X energy that So to during tenure the that resources than our infrastructure to critical remiss it's is that customers. and lastly, plus power if customers what serve capacity provide not and this system to our added were to XX/X investment XX/X didn't energy also on of will company business

add, in in every the we participate also that, addition guess customers In to I volatile I'd our day. regional exposure addition markets to it's that energy reduced customers -- that, to

reliability our here over I’ll our flexibility came see And top our tone as to vastly. been. employees tone they my I'd hardening us and add $X it to sending home culture think improved Bob's the people T&D our his systems. has and of Bob that that wasn't of and culture have And it's thing just increase under it Bob his And their the as But tenure, he pass speaking in leadership a infrastructure and family is, in long way important with his during We most it during the morning, arrived respect at top, in environment. system. about from talking good the improved And were was set also safety we're safety happy the we're perspective the said. when having that also the vastly tenure of before do billion the invested modernize I company Bob. a to this that, integrity done of in and like high has should

can't my with worked group I I much. you, but questions. until very will Thank have rather imagine Brian. entire you after reserve or thank we Questions? than Brian, people, of anyone I would rebuttal deflect you this

Pourreza Instructions] will can [Operator from first Shar, question you take us? hear Shar We our at the Guggenheim. of line

Can you hear me, guys?

Yeah.

sure, we For can.

Travis, way you're here. right. getting too All technological

mean, impacts ’XX usage, us to Maybe just you're right into I ‘XX, Guys, look now, would with drag on see recovery. not the in GRC these or the look sort to issuing but as the next a just these year as thinking prepared into I remarks items we helpful. you bridge we year. about guess, we're could think offset just enough of on we rates, is obviously, ’XX it as I like sense some into give interest guidance mean, PCCAM be ‘XX? Thanks. I ‘XX lower highlighted your next headwinds

Shar, with A that of things it's couple Crystal. regard.

that something GRC going the we working on our it that I the on certainly that think, financial has critical with, is brag. you our huge caused the and us Resetting the said, one, being is driver commission we earning about when can not forward we're past under multiple and PCCAM how base forward something and a as think that with think is to about I the And in and impact in moving a impacts getting It work performance statements. quarter. actually resetting for has of on. So

us. equity talked that impact strong us everybody the this inflationary broadly, would key say and issued. as for about, investing take So and we'll of the see have else and the reset the a But manage essentially We've of we need year I in to sense that's future growth. cost environment it's to in how will that. a I would And certainly piece GRC the

I we this from the But a absolutely continue getting our most increase to looking front your earning to while I'm critical of the understate and back certainly platform is and So importance, the basis think is, we rate quickly question year. and and grow of the Montana biggest forward and talked the and commission still the I that to getting GRC a driving to for that to income moving a business that, is net piece filed, in with what outcome interim couldn't review that overstate. getting rates bringing there. -- reasonable probably investment That's as returns about

Got it.

So you don't, just guess and can continue with key reset some of the where moving a pieces, That's you assume shake rates I takeaway the into don't shouldn't ‘XX. -- depending out, on the there. we

with Yeah. just and I be it interest pressure. everybody rate Us would will say the else this way. dealing

think from amount we don't that's But that. captured the of what talked manage of the I would out be and that rate and us us with I this solid to platform about rate what sustainable determinative expect from and case others, a we'll the to between see off So and along review. ‘XX going that from guidance year cost filed is there get taking gives growth a to certainly,

Got it.

plans going forward? be should sort Court, law. applied of retroactively could Montana appeal your think preapproval the outcomes winning now Court That's a Is they the, regarding would that's have potential helpful. Or where the about then how how of to And Laurel? in front Supreme Okay. of sort you scenario of appeal right Supreme impacts there the the we

were we move wrong as the we challenges. because service supply and of As decided to quickly the preapproval not chain got before construction use in plant to we Yellowstone get you on the to inflationary concerned Station with as recall, and side environment ahead the caught for possible

was particular will the no megawatt the go we battery that that proceeded recall, So the or a purchase a out decision be project I'm -- project docket also commission XX that statute. going on of used and have closed had had say with That We I'll arrangements. The in not one Court the sure on to that way validating decision power had for that the you beyond RFP. other Supreme preapproval district effect application is based identified as court we to going ahead. resource. unfortunately, that --

then Great. just one. it. And Got one last

Just some is your sort preference plan the obviously, year. instance, of ramping for that, on cost mean, like, Aberdeen seen major obviously, to time, I the units. same at getting like for the generation canceled Colstrip, But we've increases let's RICE versus last fast

acquire more compare guess, of planned, Thank to you. versus were market you're new Colstrip capacity for is in of than would right that currently I how builds? cost the you now what seeing If the

of That's to us be there. assume to it's that course, cost with it Obviously, biggest have capacity I’d a currently we be resource. even we're Colstrip, would hypothetical us, day, you would heavily of resource acknowledging and some valuable is our question, peak helpful extremely on helpful. demand you're asking seeing prices, I lean And more use we of to that than acquiring for on for a will that continue when increased and time. I depending higher that tell Colstrip and be would

it. Got

I appreciate it. Great. guys. Okay. Thanks,

you. Thank

Shar. Thanks,

line the will code. take We area in from our that second XXXX-XXX call ends

and should if in get maybe to one want to back that right. you microphone unmuted. All be We're queue. the skip going Your

our call KeyBanc. take Sophie We from will at next Karp

Hi.

got Hey, you. There Sophie. we

afternoon. Good

how the Thanks got I system question. Finally, taking works. for my

just I your outcomes? any before would So color IRP -- Montana situation would hear other on that the various you was be of that is curious incorporate, thoughts could this right? So a Colstrip how a to need IRP, guess, your resolution I you in a contemplate the in would the be So analysis can move or could or way forward that scenario process one appreciated. with you

Yeah.

point shut here customers, I essence plan mean, long units in we closure think as also our when to -- these there's it interest like don't we'd are we provide Obviously, that as down acknowledge Colstrip but as to with period down we the our dates. have the sooner. possibility a control long X. XX% scenarios to associated our depreciable open shut have with as over Unit that service could time I in in is only at full this

one least date so likely alternative And perspective. we'll scenarios at shutdown showing a to have from

the was Okay. And maybe and right, looking kind Shar XXXX, on line that on follow-up right. of into of the All the you. thinking then asking

into contemplate, a Like, your though rates to would much you you So factors should for listed. tightened the think all impact? the sort due to narrowed rates of XXXX outcome you've persist interim an, be how expect rate as of How it? here. new got you of case we that or guess, headwinds I XXXX that Do those or going guidance about to even the the you've I guess, the drag abate, of offsetting

Sophie, We again. it's filed cost we've word free. and there's that of that of alluded to of PCCAM but XX% [indiscernible] carrying the annual just It mechanism capital and use remind no shouldn't as driving, It's used being narrowing obviously, And the over tracker. is I'll just currently to a we $XX a would almost seen anymore. there. I and costs of impacts sheet you walk I Crystal showed our to our million balance be you filed our rates you the sharing, our too impact for multiple PCCAM Also (ph) quarter And from tracker. and the point on both that the isn't what not filing. a costs million on deferred what we $X guidance annual know, I through as tracker,

reset that as that implications proposal we design, et to headwinds little being that and in the forward both And have That help our multiple would so headwinds cetera. PCCAM alleviate of a All to that then, that to say those proposed its factor GRC we're the a pull impacting multi that sooner. today. as us PCCAM causes elements has seeing said down base

to GRC the So you our what I critical returns. equals offsetting tell is lagging would

you. All right. Thank

So all for that's me.

Thanks, Sophie.

XXXX look again. line so try of It that like we'll does unmuted has now, one the

Yeah.

There you it. go. We got

Is guys the There go. early ‘XX? in this inverse I Thank just to think do to bit right. in little about O&M? day get earnings you We're All questions working? out and a how could a you operating Sweet. last of put if some we the a at Excellent, here. context figuring couple, that guys. very ask into much. time and place the it you I the one budget season. going it mean, about guys and Anyway in Just think

I offsets the year in that wanted conversation that given a and of won't rate you headwinds? hear So are guys to tackling terms looking at be also how of offsetting here just full kind case

Hey, (ph). Julian

name First I'm Crystal your answers, somewhere. just don't you of I'm happy Crystal number, kind your that to – take but to put before regardless you it -- actually you happy know just to pass We can on -- all, your question even in and Lail. so there

year walk income of when that to this from in I'll of on cost. the driving said So, earnings Julian, lower one net bridge, impacts say out laid this, amount to sustainable line, the back you I our costs, things of we but operating a a bit would was we ‘XX our improvement your question when, have of dilution

So you I but tell manageable. will certainly there's they're that headwinds there,

inflation certainly I price to question haven't ‘XX, to else the way is able think certainly that line impacts think for latent costs we're and our do be the with get manageable $X.XX of but is manage, us for as part your this see I and are. continuing everybody in of that. And You flowed operating to some that are quarter, the we'll we today, and what through expectations

my this, be that well But part case just we of already guys guidance The to other other do we the that cost think don't I the in expectation. line an quarter impacts. And piece with operating It's business -- of that have as in basis. GRC the manage of the we're costs, adjust But our impacts O&M other thing efficiently. we've materially large would of on assumptions. we and there think see making in again, manage highlight is the benchmarked you you the our how I see our range, continue cuts we so. sense I made side of operating We'll you narrowed for know any to but very didn't you'll

X. is the that do was the rates case, out Again, come arrow, Just to valuable. the it's implemented efficiently reasons side of one up question. footnote that October the of or whether commission down a to able arrow, little arrow, was The or several as as interim that retroactive your to getting

effect have the other -- guidance, saying that, rates Yeah. And do key give well, year. Julien ‘XX way the of there you for in the is, been is will so think I whole we piece our new

back what in it. related, we a the quarter of again. things on are pieces? bit a can been quarter, commercial think asking little all same you have bring Got I I the thank the if we're mind little expectations then as volatility given a quarter volumes bit you release on you then better it Excellent. you just that if in volumes ‘XX, and I the And And talk those fourth Can does the more don't and importantly, And plan? that thought but Well, about the outcoming, time. I the versus real in saw again, transmission know markets. can forward talk power guys the your forward? commentary about going would more for what for would about hold mean, bit the have I both third thing,

One thing about commercial talk back of fully a connects new staff businesses. certainly lot growth that a but including Montana, seem example, the it overall, commercial, just doesn't for is sector in to obviously we've really seen,

labor of part what's going seems on be in So to continued the at the challenges market. least

Sure.

to I'll ‘XX. of pieces your ‘XX two divide So into we're not question giving more you guidance about tell

transmission prices high, that's This one, what on last really was there. would year would So of though had set there good revenues rate million is knew is, down in margin you rate line rate that which base with question a your were they're we've we hey, year and a transmission were and and I term impact side, even come credit about our great the short markets volatile, The is $X.X lower a there our so tell piece you solid formula bit part for is sales expectation. growth.

volume. of So its price that's and both part

it then to the And demand in I so whole lines that quarter. driving about that. $X.X in things over go million less around transmit see largely into we sense did maybe would price the there's half of that So slightly lot and think a the our of other volumes being half

bad super quite You'll there year as conditions some this were year. dry think recall don't I last

an that, was decline again, of all that we that we market expectation. So But watched have did closely. something

For I and year as at more that will just pop to point and if on This and our and this warm year year. look you your customer XX-Q would both you count. really the even and question weather last commercial warmer you side to the volumes things out commercial

growth, but So in see slight we've a volumes. seen decline commercial you'll solid

quarter so not of trend. to sort a, have of always So the X% you that piece But or that we obviously of said a see so Bob they're piece staffing a homogenous. that in world businesses. that, when you there, fixed and does so a that, one one over warmer lot and world growth throughput fixed make to says, those challenges XX,XXX on would not things volume the customers, see All that's above being world, and volumetric would which price a we're a alluded to there think of as certainly Bob continued say, is with you see labor customer that weather revenue there, cost

be at and watching So while about QX. that talking that carefully certainly we'll we're

next strong, that see we'll broadly it. on to how about thinking continue and quarter loads, commercial and update you we're We

Bob, been Excellent. pleasure. luck. and real thank a of team you Well, It's best

Thank you.

well. as You

Thanks, Julian.

Cheers. care. Take

And with that, we've exhausted our queues.

So, Bob?

at in will of you December. New York the we number to or Okay. a pit EEI maybe either in see in Well, get mosh

and Brian as they when finished is his soon everybody alive their was -- (ph) when -- not (ph) gets that red. be to was urology with urology As

a anyway, it. but of So box to And appreciate of grab tissues, these better tissues, that it's it and I box really went unusual meetings open really, I finish we that. even really a gasket. was But appreciate Brian, than not after need we

the incredible places people, best So privilege swimming, the I'll a pursuing to the XX.X that my most just tissues? into is, quite work with who work is last special. and the doing group number are January, have say become of with important sunset to including Name very I really really, be friends, years spending good, would biking, going hopefully wife. What particularly in running not those good things, of just other in and off time an Heather be more of been

been incredibly of really know and I've try answer visit and industry interesting probing with about a questions. all to lucky So trends enjoyed getting and help of to number you the your and I've you

this me, long you, for special very company. and privilege So, to real very, of Back for again, it's all thanks been you of a support your term Travis. to

webcast that pause. our us, and Thank brings for you. joining to you Thank a