SJW (SJW) 28 Jul 222022 Q2 Earnings call transcript

Thank you for standing by, and welcome to the SJW Group Second Quarter Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentations, there will be a question-and-answer session. [Operator Instructions] As a reminder, today's conference call is being recorded. I would now like to turn the conference over to your host, Mr. Officer. Accounting Chief Lynch, Jim Sir, you begin. may

Board, Thank results conference operator. presenting Walters, with of Chief Welcome and and Executive I to financial quarter today the Chairman Thornburg, second Financial XXXX Eric and call Andrew be Chief Officer; the will you, President Treasurer. for Officer Group. SJW

available who at www.sjwgroup.com. website would along, For our to those slides accompanying on follow like our remarks are

website factors materials by may and company by and company's remind Before forward-looking actual could factors current future we differ well you to posted begin as results on its that and and presentation assumptions in like expected performance believes statements as from implied under the appropriate our today, These or of that to those related expressed other Many contain cause estimates statements. historical are conditions the are materially I this on trends, the the experience, results, light would circumstances. based company statements. forward-looking made the

a presentation, Forms cause be in may our on to update and or Securities Commission, release recent X-K with Group duty actual any as SJW filed to statements factors different disclaims XX-Q are to from of results and the this that could and of some revise For refer financial results to our forward-looking made statements. you copies most be of statements the Exchange press of All XX-K, we the which obtained website. today description and such

the questions the of opportunity presentation. ask to will the at have You end

will be an and being XXXX. webcast reminder, available the this XX, a As is of recorded webcast until October archive

to now call and release corporate at our can website. over I Eric? the turn will You Thornburg. webcast access the the Eric press

It drinking Lynch, Financial delivering passion Chief Accounting is class everyone, plus are honor Group. and serve each to our and Officer; by of water for service Walters, CEO water Jim They be this local to Chair our and We my Officer. it Eric joining thank and Chief and XXX of thank employees utilities. President clean world SJW my joined I'm other. on communities is pleasure backbone the call their and Welcome as us. Andrew Thornburg, to to for commitment you and and wastewater customers,

Our California, responded all in and across of challenges to head second Connecticut Drought, to on exceptional Texas as people we're from moderate as drought the operations the well levels drought drought and of in in our extreme quarter. experiencing XXXX Maine.

a update to the Connecticut in to expecting resulting in we of water mechanism are fourth Rate and approved impacted and timing quarter people of adjustment changes planning change as for shift revenue supporting Our of for half also California, operations second in California General weather extreme They In system from quarter Jose its is a Case the quarter the a warmer revenues the Water delays, revenue the measures. customer with San needs facing second managing water in XXXX. a XXXX Company Regulatory are conservation the in events. of decision a resources, climate as year. consumption, XXXX are of the more result were all

quarter the been Public last for Utilities settlement revenues approved, been California with agreement the Commission the higher. As filed January have would

invest our maintaining pipe we're discuss detail. to times seeing in this and building water longer chain, Supply ordering in necessary and other greater systems. products will We lead later for

plan keeping water is advanced proficiency are Inflation, Our to planning seeing capital the difference a industry the from spending track. scale on fuel impacts of our and making and procurement with inflation in labor.

increased leveraging the items, effects absorb opportunities on while costs on our teams stewards for scouring of inflation secure good obtaining with And rising, at water working and teams their key competitive the being interest worked budgets are our or and markets very Our rates, to rates scale changing blunt of by accounting service without financial to have leaders compromising and financing to finance or as the interest competitive are environment. quality pricing rates.

in these general challenges and matters will given California. per quarter XXXX to Our We detail. second the greater are Andrew to and $X.XX within in the case regulatory of our results rate reaffirm proceedings of in financial guidance expectations lengthy share. capital speak our cost and this $X.XX

our Lynch financial will results. discuss Jim Now,

compares second Thank This you, net $X.XX or net of of Eric. million, business, of revenues on the share revenue quarterly for income XXXX income the share million. reporting $XX.X quarter $XXX.X XXXX at results our of we million. on $XXX operating $XX.X $X.XX Yesterday or per close to released quarter diluted of per million

of the a second of results utility, total the year. will and $X.X timing impact including to The the second mechanism half Connecticut resulting of XXXX. shift change Connecticut, CWC from in revenue Company XXXX Water fully of water quarterly million operating quarter revenue (ph) XXXX shortfall Connecticut approved a water adjustment WRAM its our at million $X.X authorized be reflect consumption second Our the in to the or quarter the update recovered of in or

in X, allowing our GRC addition, proceeding Jose XXXX. In San proceeding, fully rate the separate fourth the to Utilities Commission or company general a utility, authorized the recover expecting SJWC Public case XXXX. its rates January Water its interim California water in Company In a revenues quarter approved in to retroactive or decision is California GRC of the

usage XXXX or in per lower the similar Also gain for adopted of $X.XX share, per Texas California increases were increases cost cost No quarter the production per of a reached These XXXX. of decision, in share company increase water then revenues primarily per sale of $X or and an $X.XX by $X.XX per release Alliance CPUC XXXX, California Connecticut with production. result by the an cumulative production that the in share a terms lower as of a release quarter recognized Office on $X.XX settlement The rate share that TWA. the from $X.XX a the GRC of Advocates WRA surface would million. a related decrease second million per Water increases to holdback was second TWA changes due the $X.XX share $X in diluted holdback on a $X in per decrease of share recorded per recognized gain by earnings of share, of our to driven have $X.XX was savings was offset change water recall and in customer share the increased In Public consumption, to quarterly in in the agreement the XXXX. quarter due estimated million

revenue the mechanism. quarter. $X.X $X.X million $X.X and decrease a due million analysis customer cumulative increases of usage offset Turning WRA to primarily attributable a million decrease The $XXX,XXX in was new comparative by for to and customers, decrease our rate Connecticut's $X.X to in of million water to related

the expense increased are quarter insurance in XX% As the in of costs Andrew offset and comments compared earnings tax The water balancing change conservation expenses memorandum items. California, $X XXXX we for second million XX% $X.X increase second I general his rate unit primarily cost by quarter, were operating labor average income reduction price in XXXX. to costs. Valley million consumption lower in surface accounts. wholesale $X.X of in the by the higher group the and water a declared call, tax under $X.X Other Water to water in California's manage of in impact during operating to in place increases recovery $X.X drought expenses, as call earlier. for increase supplier. quarter discrete our million mandatory to and to cost due decreased noted tax effective discuss The regulatory primarily to mechanisms depreciation for purchase will first second compared and customer for XXXX. rate other per $X.X income The a in XXXX the and declaration the and an compared help a a primarily quarter in discussed Water, our water. administrative XX% million was due due million included These $XXX,XXX XXXX. the partially effective production $X.X production million usage TWA decreases due increase $X.X decrease to during The The was in million to in expenses million an holdback, expense decrease quarter increase reflects follow. which quarter for to

or to last the period share year months million, revenue six or $XXX.X first Net year. diluted first $XX.X million million $X.XX per compared same six XXXX, diluted share, Turning the same $X.XX a ago. of XXXX a period was the $XX.X per during over the was for X% months of to income increase

$X.X of $X.X update the of shortfall the reflect the million consumption, fully million in results year-to-date revenue CWC, Again, XXXX. the year-to-date authorized in which resulted XXXX the in year. the revenue impact to change be second previously the of including shifting recovered will Connecticut in Our discussed WRA total from half the year-to-date to timing of

non-recurring In sale The non-utility $X.XX the by $X.XX $X.XX our approved -- primarily similar agreement the TWA million whereas increased per attributable to diluted per million. for our have in a similar $X.X $XX and was XXXX no production release rate the with occurred California case XXXX year-to-date $X with and in In sale million a property the cost million CPUC the earnings recorded revenues addition, to share the of gain year-to-date first been lower sale non-utility or share, no of change Advocates decision per gain of between increases of on gain XXXX. we in California Public of release usage on settlement on the in would whereas Also, the due savings property XXXX, rate a purchase gain had of terms in occurred XXXX. a results cumulative holdback reflect of consistent share $XX price similar share. no per half Office,

cost per share, an California share $X.XX $X.XX surface $X.XX share the per recognition added decrease added production primarily increase $X.XX offset water share price customer These were the in addition, consumption. share. net increases in in WRA Connecticut customers in $X.XX per production per increase of decrease regulatory $X.XX and of In new share, by per in and increases a the depreciation of of a mechanism per

and balancing decreased per $X.XX share. share and accounts $X.XX and recovery general cost expenses memorandum addition, In administrative increased per

I $X.XX discussed in Lastly, as price was purchase earlier. share the resulted per a gain that XXXX, TWA in discussed holdback previously

water due of usage memorandum higher recovery accounts million than million partially due supply cost increase increases, increases in customers XXXX in to memorandum primarily taxes $XXX,XXX offset and changes. increase surface by half This rate offset and balancing the unit decrease WRA in increase cost water related customer in was other from the $X.X $X.X increase half taxes, $X.X the production customer depreciation revenue a Our including California Other usage million and a million and $X.X increased average operating Water recovery, first expenses, production first $XX.X to million decrease million and recognition million XXXX, in in million in accounts primarily a $X.X general due the $X.X million. in in totaling increased increased $XX.X was partially by XXXX. were $X.X increase production. million first million. expenses income of and in to expenses mechanism water by expense memorandum in decrease in in to These higher The $X.X million net dollars and $X.X was our revenue of per $X.X balancing cost of million administrative Connecticut's and $X.X a million which new expense, cumulative in $X.X a accounts. balancing half primarily

was In change a the The discussed TWA property. which attributable other the I a primarily previously. of recorded holdback, income in company $X.X to sale on gain addition, XXXX, in expense non-utility the and million

in the utility for capital funded year of our to Turning of first million. company million the $XX.X We company second XXXX, our added the bringing half expenditures in to plant $XXX.X total program. quarter funded additions

partially same and in increase Our assets, income, adjusted first decrease capital balancing $X.X million over regulatory activity, the of half by $XX.X period was an of million. cash non-cash account to primarily net XXXX. approximately to general working increased due memorandum primarily flows in of increase offset operations million from for a $XX.X due the items The and

previously online rate to had financing during quarter, and term and will call utility short of of In activities. borrowing bank for million was plant addition, invoicing months $X.X six over additions lines approximately With amounts taxes payable operating of XXXX X.XX%. average that, the advances credit I payments the turn Andrew. we The of our million. first accrued At accrued, by production cost end increased the stop decreased million including available $XXX.X the of on credit $X.X and

will paved Thank of San the CPUC. approval million deploy infrastructure tracks by outside metering of investments the request AMI. usage near in for and preserving commitment provides usage years approved experience you, four Jose approximately real-time application and to the advanced Jim. water is This The water to environment. been SJWC's additional supports $XXX over infrastructure investment AMI the enhance protecting and the AMI data Water's GRC. way that or the capital budget has an customer

the in reliable expected Public before for through If approved, year million before the over in majority of issues XXXX. settlement an a The occur new million XXXX the service, application in period was XXXX approximately the investment settlement California capital capital XXXX with rates $XXX of the to The a increase providing large is between XXXX. solves Office the budget. A XXXX of The agreement the in also that an CPUC. recognizes safe of the to three provides $XX GRC expect of proceeding. filed cost is Connecticut in proceeding CPUC. and continued the decision increase water the utilities million investments need water We to the between XXXX settlement Class for revenue year and in is quarter third January pending Advocates all for pending the of $XX system deliver Company's three also four and authorization A Water XXXX approximately SJWC XXXX. XXXX

majority surcharge July the apply acquisition for water mix of million charges. adopted in or The requirement addresses effective Utilities This future which an authorized cumulative PURA Public to serves volatility, which in Old planning greater X.XX%, provides WICA to of the Regulatory the generate the actual to in that infrastructure an closing is assets a SJWC approved million The Beach the related increase roughly $XX fixed that groundwater reflected With approximately of X Water water Connecticut, has approximately fee in Additionally, increase portable expected $X.X projects customers, it annualized Company charge. A of recovery extraction rates in be for neighborhood an final water in approximately CapEx $XX supply water and authorized, the our X, August. received XXX beach January the Commission's able expected from the but small customers, January letter purchase in of on capital we X, revenue will now the consumption, further community and a authorization water to the Lyme. is to X, need XXXX. remaining Authority million adjustment wholesalers XXXX. July and in effective through advice the In aligns of the estimated CWC. revenue in annual is XXXX decision recycled in charges A is Miami in the fourth water increase particularly completed The decision business to will quarter revenue and interim for by the system X%, is purchased its retroactively the recovery million authorized conservation be WICA expected revenues. mechanism. and was On acquisition XXXX. XXXX, in, project. X,

the noted current the As previous were highlights revenues between revenue the and The reflect updated differences Company patterns. table adjusted previously, to for below consumption Water Jim allocation Connecticut allocation. revenue

new River went Water about online July X, and facility. in Saco Drinking XXXX, more division. in now serving new million will our in million. division. was rates Resource XX speak This is plan step new multi-year June Center, Eric On second annual Biddeford-Saco Our the Center went customers Resource generate a into the revenues expected investment the raises in support $X.X in are Water our which that the of rates to effect the gradually to generational

an was the by innovative Utilities first last mechanism step smoothing Commission summer. Maine approved The rate Public

be Utilities is Maine submitted half the step with June, third half additional charge operating infrastructure the the expected Maine of In the The second in cost filing an XXXX. division. water Public Commission to Skowhegan filed last treatment and risk facility new application the part two to water a increase of for in of second the reflect

XXXX. the authorized first effect The went X, into half by MPUC on January

between and United counties has the in has its organic production prospects earnings. XXXX. and and to water growth of and in contributions tripled providing total growing the Austin water remain business to The gallons about Elsman fastest and the if is The base WISC service expected people SJWTX divisions is in Skowhegan in fourth Texas base With the decision would to for XXX,XXX increased current is about billion expected San second February surcharges to five to is will our of decision level decision SJWTX likely cases the filed, continued new March more June, The serviced area supplies, the of approximately X.X SJWTX XXXX water years, than is a before Lake rate additions retroactive for generate a and in Commission in acquisitions. pass of serves California customer water general $XXX,XXX, an through portfolio wastewater total in charge by revenues. the at optimistic service Drought Utilities the Lake diverse -- quarter. approved, approved the part main a $XXX,XXX a subsidiary. X, approved than the part million, Canyon In now of second areas through additional We of States. pending expected as four conditions three support for QX. in wastewater Also area. persist a in consolidated service increase in annualized XX,XXX SJWTX growing MPUC, XX a more customer the back more $XX than filed Antonio Public today. of connections

the production is or below year than XXXX close the the This Lake in to average to settlement. XXXX. higher XXXX slightly shown should in GRC equal same the Elsman period in total water this As bring and five in and surface in volume chart,

We $X.XX are share. XXXX reaffirming $X.XX our to guidance per diluted of

of amount and to in satisfaction Northwestern notes. Eric. company of Hancock $XX occur and Water's senior April Metropolitan its to With sell $XX call into is and a million an the XXXX, to entered aggregate conditions. were occur notes X.XX back CPUC of note existing water a with which from New Proceeds of Mutual San commercial January of of credit June XXXX, On into issued Jose Maine million, bank customary pursuant assumes purchase is note due principal a date December same a December entered agreement divisional on million, of expected closing and with in due to bank XXXX guidance $XX purchase a contemplation principal closing a John a X.XX% conditions customary and into finally, stop May agreement Water upon to an an the approval under X, GRCs Life, that, on in an to rate pursuant Maine XXXX sold certain The agreement Our to York I the XXXX. on in borrowings the is XX, pursuant agreement settlement XX, commercial The loan XXXX. note over Connecticut on other purchase of water, general Life, will fixed SJWC closing amount of master Maine aggregate aggregate XXXX. senior XX, XXXX, the May principal of the XX, expected amount approval. promissory entered July no rate turn regulatory which subject received to agreement Connecticut and affiliates at the Water XX, which will four XXXX closing X.XX% agreement And

dedicate Saco privilege Andrew. in of being Center. the you, new help to had Yesterday, Biddeford, Drinking Thank River Maine Maine Resource Water Water's we

in and Joining in yet Saco exaggerating worthy dignitaries. facility to before center well of has reliably over team century. Bank investment, in proud infrastructure old new us center XXX regulators and say Maine electricity served acquired drinking I'm been viewed the river's and was celebration. to communities be will reaffirmed a was for the facility flood day local Janet the from the for XXXX, that it SJW worked efficiently water of our System and vital project, including flood out new The expectations. next in communities risk efforts was operate has approved which solar been high facility. XXX% the be regulators three rates plain, of will is and to work and still of to a Sustainability with to our project the communities hiking $XX and project. the our end in forefront that awarded recognized good in customers Maine be proud not the replaced years, space preserved of protected per for values year resource New Group, Mills, in exceptionally paying serve. the region. and penny many wetlands plans and as customers what the will when support project investing live, Sustainable created Award array is of plain service main kind will where at innovative Governor opportunity that areas. our their water Silver were drinking Institute that available offset my commitment region. and team the leaders to gallon an the customers related of as an I featuring the needed England the water its the and the million quality Biddeford for exceed I'm to by ramp the about natural relocation water of with and an of Envision to force acres core open three energy has this clean of out we main Maine into new last were the went water. environment generational An The only It trails, and high At community the the on values a how partners leaders, of community deliver build resiliency providing and River aging an on-site other have I'm and an with a of the Water Through smoothing and is XXXX. climate people community first accomplished the one of resource view restoration this pollinator of The rate online a for by of supports educational the years. establishment and aging, Biddeford safely is and the of of mechanism priority The which to garden the XXX Infrastructure water project

governance environmental, social Our continue to and or strong. ESG be scores

among at top are the peers. near ratings or utility of the We ESG ISS water industry

companies In over has the back SJW by can having Group to the addition, XXXX. of turn achievement gender that be X% the an call the will With I board, that, Russell made the operator. distinction just of a balance on

[Operator from Richard you. comes Thank first Instructions] Sunderland. Our question

line Your open. is

Good today. Hi. the Thanks for time morning.

Rich. Hi, Thanks today. for in checking us

proceeding that? up true up of through Also of see out. how you could rates there feed debt is already that a you have comes order how when any on proceeding, if interest true into of cost in curious Let's just walk that the in the sort direction the could of you ROEs? here thoughts California just and their capital functionally Is or filed cost final

is This highlight. Rich. I'll couple Andrew. A Hi, Excellent things question. of

happen, question we that that timing before be cost is will of to at it of be understand the have when of time. approved, So The some will the timing theoretically or the whether of that and the would once the point capital really earlier. overall at of decision reduced debt cost the be would us that part

certainly around at interest in interest terms of with is that anybody the listening is how So on what happening looking and the rates them if rates. ROE, and impacts

some quite that be are as existing investments expect compete needing would of on there cover systems. frankly in in fund your inflation for as the their cost to capital into additional their should for you thinking thoughts market the that ROEs how that utilities would address You go would well

is your we're CPUC That those process account question. at part and stage take baked decision. that So final hopeful the how this the gets in that of their factors in answer will into

No, that the do versus Appreciate XQ to the excited timing XQ that's tracking and the California, GRC comments changes process there. XQ is have now, Sticking great. the just an prior? how informed is you

Yeah.

question. great a that's So

the due Our relates workload our understanding there is so to is really CPUC to delay and that at this workload. simply of partners the a

One, you the seeing That's from if particularly on go cost just easy the you're activity, And speak to flow basis? could rate curious a with the inflation this backdrop, enough. me. that rate here And forward through pressures then year? proceedings one any various how more guess, I might

Sure.

of to couple keep a mind. items So in

historic states the factors. in for year So is test there that no adjustments those cost

so covers offset to lucky that Texas, only help share. have to we're will increases, that Maine, not and Connecticut. And continue but the Texas per provide cost us growth earnings sufficient also to growth in

we're is expense to case years rate are rate. give not to the rates experiencing. is to that provided offset determined, and us indexes uniform looking approved. following are are those the be but and that, adjustments In that currently that obviously there various an increases phase get But it's forward relates point by California for to tracking California, are they it first the As it the the expenses does

our the expenses. seen is the increases any or you in of we'll it are energy. to as of be kind area. driven will So think we perspective, already but CapEx as probably and an expense related so also then business. are impacts our -- metal of O&M also we've continue that volatility labor about our from that really has related some that been pipe a Certainly, in to that to associated place expenses as with to the that absolutely and impacts more in well expect pig is driven that's overall to has expense impacts iron as Ukraine experiencing see it in and in

time for the today. helpful. it. Got Very Thanks

you. Thank

Thank you.

Our question of comes next Research. Angie Seaport Storozynski from

Your line is open.

Yes. Thank you.

So follow-up one Andrew, of just capital. on the cost

what's status? the what's request and arguments going ask oral opposed water the arguments? oral by of those the was saw I status? interveners, to the So that mean, but that -- all I utilities you get Are for

arguments. able No, we're being to oral successful not get those in

there's new? you in I Okay. cost a it's true proceedings. this And that capital something Is when Because then it's -- up mentioned -- debt. the thought mean, was I cost be XXXX of the unclear of going to that

that's retroactive of mean XXXX. is I So X to January typically

for cost and the debt equity Now both now? of the

That Angie. to well the go of to equity. Yes. that as this correct, supposed debt that typical the as includes cost true point effect. is year a is that the it's at the At practice decided cost up point into for That's both have it's of the

mentioned will so decision interest hopeful this current of you're recognition have have that the of And -- in the environment. final you some that proceeding capital rate cost will

So current it fair that the brace conditions record. for say case, to current In decision i.e. reflect should that will and reflect we the that it proposed this market will is just proposed not this decision?

kind of early the would complete where will and Again, tell on will thinking come like the asked that of what's in that that's out. view complete a advocates be wish But I is have difference obviously, there asked is you are it's record how to the record and the to what for. what we've follow. in what's for they impacted. give yeah, that we I The and of think supposed able have insight baseline a to reflect big be what they

conditions the would on to what for asking process. that's you reasonableness their decision as are somebody expect market is you at the looking So would of think impact take somebody and that, you an relative about that

future requirements. we thing Jim. rate And a like And This with mentioned along that would to future interest I Angie. call, in increases already locked estimated of requirements one would of our this be in is remind he had forward-looking just is we forward-looking and a on the XXXX. financing Andrew's proceeding, financial that rate Yeah, proceeding. what our for you number

And so years. the what be the in at three real by those compare capital the finally over approved of the rates test to here is cost a taking next proceeding look commission will how

to out. aligning some relates progress right made we've rates we good first this the with proposed in think I So it where as now are year terms decision interest at least of in

kind it's mean, fair? debt side, on But the of I equity. that say Is tough the it's what's cost to mostly right? of

That's Angie. Yes. fair,

Yeah.

then… And Okay.

one us that while – tracker the but mind something not would of where the something equity. to as be equity, is are. they would that certainly is impacting now, likely there that rates And interest just it if thing are in cost cost a they is effect on is, it's are are where of just Angie, keep in trends take

just financing flows? just more from will cash at tax proposed impact do was on be then there actually your instance, that for that plans I point? that minimum company potential looks And effective as tax impact some as you any operating on that given equity change, likely And wondering, looking rate this Would at think your your rate. needs XX% Right. far

Well, to making kind through way in our of utilities taking on process. we have a rate basis, of below that some an its tax look obviously, the XX%. is regulatory we're as individual watch current minimum clearly rates And operating

do filer is to rate federal federal going what what combined relative we're purposes to combined that also above how the need Congress. We gets out rates passed leveled our ultimately taxes XX%. -- by to of for see to in as a have And are

Okay. And I lastly the GRC. then understand. on

before right? mean, the So you I decision, going any the basis earnings, final that your you for have to adjustments to you're make. this have reflect the is in

either to for not if final decision. as for So reflect proposed any that's comments sort water the what the purchase any the far decision, wait costs, we the again, from for enough, as changes commission, to we need those to balancing track accounts have of

right. the it production our of regards issues, to we and do including mentioning you're final a But And address remember, that number cost cost. decision. which a the with full settlement the settlement balancing account, That's would have does be

the we Andrew we occurs. decision get fourth to when are so mentioned point expecting quarter this in at quarter that And on it really fourth the the as workload commission during and their that that and depends as

Okay.

struggling when -- I with quarterly of this distribution again, earnings we're So clearly year. the

quarter the third So Connecticut there flat in the happening as adjustments fourth just is with for you with year-over-year. basically, those we're big assuming revenues quarter quarter? than this California in mentioned for that

That's as I we issue more. viewing that nothing a And to do want again, and emphasize correct. timing are this

guys. you. you, Awesome. Thank Yes. Thank

Thank you.

comes Our Group. Wallace of Carol SJW from next question

open. open. is Your is line your Carol, line

Carol. Yes. Hey,

test of that. Carol's was mistake, organization. I I a missed think just there with not. She's big our

apologize. I

Okay.

call no for showing Eric I'm now, further over right closing time. remarks. the to this So Thornburg at any questions back to I'd turn like

we in forward Thank quarters about really in support country sharing Thank company to our Thank the We you us to customers proud our interest your much. come. to look the folks very all successes today. communities and and our you more doing you and the of We're really joining very employees much. they're serve work for do appreciate of great it. and across our our XXX

Thank you. conclude does Ladies today's this conference. participating. for and all you Thank gentlemen,

now a may great You disconnect. day. Have