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PNM PNM Resources

Participants
Jimmie Blotter Director of Investor Relations
Pat Vincent-Collawn Chairman, President and Chief Executive Officer
Chuck Eldred Executive Vice President and Chief Financial Officer
Nick Campanella Bank of America
Ali Agha SunTrust
Durgesh Chopra Evercore ISI
Paul Fremont Mizuho
Lasan Johong Auvila Research Consulting
Call transcript
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Operator

Good morning, and welcome to the PNM Resources’ First Quarter Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note that this event is being recorded. I would now like to turn the conference over to Jimmie Blotter, Director of Investor Relations. ahead. go Please

Jimmie Blotter

conference and morning Cole, earnings everyone, joining website for for call. are supporting Thank on available the thank PNM this our this presentation the for note pnmresources.com. XXXX and Resources’ us other Please documents you, at that you, call first conference quarter

of our team. Resources’ well and President Chief Officer; as are Joining and Pat Vice me PNM today management Vincent-Collawn; Executive CEO, several our other members as President Chairman, and executive Chuck Eldred, Financial

Before call some need the pursuant PNM update expectations obligation current should statements the caution Securities I remind information to and that Resources estimates We forward-looking assumes and no XXXX. Private considered you morning forward-looking I are turn Litigation all Pat, based to over of this to the that Reform this you upon information. statements of that the be Act to provided of

affecting our quarterly Annual results, discussion Form For Resources’ I please the PNM X-K detailed Form filed on call reports on to refer as Reports with the to as with over XX-Q of reports a will that, And well Pat. on future and Form factors SEC. current turn XX-K,

Pat Vincent-Collawn

morning, earnings Friday call Jimmie. Arbor of XXXX. it’s quarterly everyone. it you, beautiful you yes, for sunny Thank Day. Good Thank Arbor Day, another for today in first our is and Mexico, Happy New And also so joining us

company updates. Let’s start some on Slide and the X, results with financial

the the of earnings $X.XX expectation share year. at in first share of earnings per quarter in with XXXX last to $X.XX. Our first quarterly $X.XX quarter compared per GAAP of were were consistent the Ongoing guidance

to it minutes. details through results the just of to XXXX We few and are both go guidance also XXXX. Chuck a I’ll in these turn affirming over for

weren’t customers from in rate not with At As we retail a surprised no XXXX, is implementation case in full and us approach We transitional did tax year The now straightforward work light that behind way and economy two-year nation, are our our in our and the year. we our already month reform one through savings. are where benefiting plan. phase XXXX New losses. rate smart Mexico. forward prospect a likes state general PNM, settlement from this the expecting our proposal of to for the continues meters the XXXX commission supports a In the job our move creates

in the encouraged, desire demonstrates next are the our This by inclusion future. proposal a filing. this energy however, our for to We the commission’s pilot in program New efficiency Mexico of technology integrate of type in

those Mexico moving take rate We proposal outsourced decision await and facilitate plans. year, the achieve last we’ll resource next order. an to the will of time continue of vet are September forward We It abandonment issued a issued before be announced to a from possibilities generation year. to evaluate out any plan our file items RFP, day. our of an generation We New portfolio. with and cleaner thoroughly case coal making could transition variety the consider to to XXXX some we a goal our from general appeal Supreme certain This and Court disallowed on

rate that transmission rates on for March and updates investments all our investments. The rates for income for to March approved look were a BART TNMP, XXX,XXX, TCOS reflected filing condition early December later January the annual too replacement in of filing make were year the As lowering At it’s XX. we the and our for transmission the but compliance impact through our made on will power. was Juan, of increase filing the an of which to this a San intentions at settlement, details implemented tax retirement

more have our general file and filing. we’ll are once make on we to We you track case May, information still for rate the in

continue typical Chuck of over filings January our numbers. annual XXXX expect to and look detailed in implemented TCOS return new for to a the to in it be I’ll twice to turn We at to XXXX. to rates With that,

Chuck Eldred

Pat, you for morning, thank joining you, everyone. good us and And Thank today.

a load to discussion although Beginning stable. year than Let’s growth the review has on rolling been start of consistent nearly XX-month average. for The now, with X. Economic Mexico. national lower remains the it conditions New Slide employment with continue a the be average

data have construction work grow to construction anywhere will continue They their such due We on to year six X,XXX economic two to site XXX activity Facebook and day from center. last each workers announced at see the the site work. from as the that buildings to

bringing seeing customer hotel more also Ana we new from and with such Santa permanent quarter is activities scheduled a the X.X% commercial first to in projects the XXXX. increase the the than XX,XXX over – activity, support construction Albuquerque. this as we’re three X,XXX at retail expansion level retail growth see shops, XXX-room last a year. at open and slight construction Casino jobs other new of July restaurants, Along jobs We for apartments, and hotel and XXX saw This a to to

in While with is has less impact impact our an consistent on forecast business for has load smaller our weather-normalized load on earnings of expectations, year. quarter because PNM’s the of and, the first the a the seasonality therefore,

forecast continue PNM. the outpace to country. our achieve flat of rest we in of continues believe X.X% growth that Economic As annual to we the down will to Texas result, at a

particularly strong our see territories, in with in service also Texas interconnection We West requests region. our demand

exceeding But to hold it’s that the have the given mentioned for load TNMP quarter, I well. both as strong the PNM, with first we We started continue range. the demand through for forecast our annual year as and volumetric forecasted baseload,

for Slide to X turning Now first quarter the earnings.

X X shutdown share the Unit San with serving XXXX, our This BART and As both case Pat the final which the reflects Juan Unit were settlement, were effective of implementation customers. per became results expectations this the final ongoing of rate indicated, earnings $X.XX. X earlier at in Throughout retail Verde will Palo our line included reflect order in that year. and XXXX

our reform to As also giveback final the tax customers. you’re the aware, of order reflects

our earnings nuclear closer resource TNMP it’s due are equipment, sizable income weather are offsetting items tied last each Verde up drivers, load. We’ve margins. to would elements $X.XX payers. for to to time is revenue the that expected transmission rate and our decommissioning property as heavier Four if these include year. some these capital implemented SCR that X a Other items caused While install and largely changes the are from Palo funded Corners other. now offsetting becomes and normal such assets items and investments outage to fixed PNM’s TCOS weighting load also they Partially earnings that that depreciation in assets of tax by largely jurisdictional trust our of we talked a move to from that the was to filings now

$X.XX for and Corporate down items. was Other other expense interest Finally, and

we rates. Our fixed-rate now $XXX company notes. to having the exposure of March X, issued in variable million little This result holding

to remains were let’s be to to the turn Slide XXXX in first to quarter continues $X.XX our XXXX X. guidance expectations. $X.XX. results with The at Now $X.XX line and $X.XX,

to the provide XXXX. target growth achieve basis ranges XXXX we guidance earnings for have that Our the X% to

for the the earnings. We The failure at had off-line also to has XXXX. at Juan to in has that time. expect its slide comparable our a this dividend X an of San rate this bottom silo distribution coal chart grow updated Unit a unit charge quarterly at

occur result, later. that take a down up As maintenance that to unit outage moved was that we don’t so the we expected fall this have to

as and fourth the second We shifted the have well. in is that quarters. been between updated expenses has also outage schedule The appendix

I the wrap comments, details. end release Before we want I my rate we to issue May, a will TNMP towards the with file mention that up when the press review of

turn over to I’ll back Now it Pat.

Pat Vincent-Collawn

Thanks, Chuck.

Group earlier is by the National some volunteers commemorating the Volunteer trees. of mayor Mexico the Corporate up I TNMP the general seen, are but year ahead case Month, quarter as not and one ENERGY Texas again As of its planting also achieving the to today I recently once wrap honor, this XXXX year an with that as taking that and said in been second STAR the and not our want TNMP mention our best for XXXX of of we partner has honored that first Crew awarded I’m this Arbor Along only this TNMP recognition TNMP, congratulate the to rate team employees Day, is Volunteer day today I’ve recognition at Earlier was is of look for our Year. in the are and again. I PNM April programs. recognized Community the sustained of the our This time and energy the for this Texas month, efficiency New notice. didn’t to acknowledge want I so excellence that, employees Albuquerque

so an committed us for again making many Cole, honor As that for individuals you I’ll it���s up questions. before, Thank I’ve alongside that, it said communities to today. truly are operator, ask With our to open better. working joining our

Operator

Thank Campanella you. Nick from go Bank the question Please from We’ll the of begin session. now comes And first question-and-answer ahead. America.

Nick Campanella

Arbor Happy morning. Day. good Hey,

Chuck Eldred

morning. Good

Pat Vincent-Collawn

Same Thank Nick. you, to you.

Nick Campanella

us for if that. I Can you’re again? missed you filing when remind MI sorry I’m

Pat Vincent-Collawn

that filing next we energy the in It’s make. efficiency

Nick Campanella

based thoughts the be you thanks. of keeping at Arbor efficiencies. terms I for on Juan. of your are fuel here, San in replacement it, that just mix? power then with Day thinking And Got cost theme can guys looking What changing know there

Chuck Eldred

be likely and gas units, frame energy with reflects RFP some renewables we include the it’s bank that X XX megawatts we units megawatts on generations, along pointed engines. would to an some of have large going Nick, mix a to and out, too But current Yes, what units. capital the storage of Pat view as maybe so on of now some as budget exactly XXX right peaking reciprocating possibility process

So that XXXX. probably until the we of that really detail the around mid-part to won’t know

Nick Campanella

that it. you to for of appears proceedings, factors new of talk Mexico It but plays I’m out. which just how in Got into about generation had all recently the they then as Obviously, idea an merchant just just there? Can in to recovery kind these initially. come that New a with there’s order of And company-specific operate an terms that of lot spend. play recovery get trying that path had

Pat Vincent-Collawn

factors. that a there, test the Nick, year. you SPS files said said SPS, historical under file and the I year. think you company-specific future test We keywords under

there theoretically, rate have some before think don’t recover I is into test that year, got Anything And to lag that their so base. lag. wanted they future under of a we it we do they so

Nick Campanella

you Got much. it. very Thank

Pat Vincent-Collawn

our the next And is the I you XXXX. forgot tell filling that. thing is in Nick, energy other efficiency of to spring

Nick Campanella

you. Thank

Pat Vincent-Collawn

You welcome.

Operator

question Please go the Ali from next comes from ahead. And Agha SunTrust.

Ali Agha

morning. Thank you. Good

Pat Vincent-Collawn

Good morning, Ali.

Chuck Eldred

morning. Good

Ali Agha

morning. Good

reform years. I two over you recall Chuck, First, the remind impact can the just has tax us, phased in been

reform tax earnings to XXXX the impact neutral, but and earnings you I’m it’s XXXX? the XXXX, impact? remind what’s just by Specifically, in assuming can us

Chuck Eldred

Ali. Yes,

of XX, If you appendix in it’s actual reform think the to presentation, – the show tax about not the look in in on the in Page slide, the $X.XX be XXXX first. the for we but I appendix

Ali Agha

that for right? Yes, for was the the quarter, – first

Chuck Eldred

of back for go you full For fourth quarter the the materials the over quarter. actually then tax you at And look posted show year earnings go if we XXXX XXXX which of the amount of review back to for of XX. details, reform first in quarter we you’d And on that the to have the the get some $X.XX. year, Page fourth the previously to that’s – and

Ali Agha

Yes, yes, got it.

the continues Secondly, to customer them growth now? the Mexico New what for disconnect cause difference this between your which What’s two the Pat and Chuck, in again, between be the negative? of right is load, persistent or

Chuck Eldred

growth and – of because efficiency speak, to not distributed it’s impact at be load substantive not of still so enough positive, is X.X%, really, energy the to Well, offset generation. to the the

significant offsetting of a side but where a flat see just So energy in a it increase, really just kind down on benefit it see to the BG. efficiency at still slight relatively enough we point to customer positive

Ali Agha

And believe post change this November composition three, but the for then of up expectation see. a commission seats I to a November. any election? commission I the election of it’s Any are bunch or sense

Pat Vincent-Collawn

here. so of out, it’s Ali, and Lyons too limited campaigns earnest kind But Commissioner the Commissioner have Jones of obviously Commissioner have I really start will in to tell. both know there. primaries. in started is a we in the we their May. commissioner new getting challengers think soon term are maybe middle They Lovejoy just

one. to could with is, just have we up So forward three seats new we to it could look we or working But whoever them. have

Ali Agha

of slightly about talked smaller are XXXX when at in more XXXX you the targeting at Last XXXX. earnings. have or Right. flattish that CAGR XXXX, profile, you But the look question, through you big looking X% you XXXX, growth through we’re jump so

how So XXXX you us? in the year we are full get looking behind at longer-term picture once of impact sort the

Chuck Eldred

beyond to XXXX. focus of is – replacement And the we’re X% depend through going San relative from on XXXX power really really then to to on the outcome going We’re Juan. that

it’s though XXXX. until budget those power have our is mix we costs, in and exactly the what even it So really fine-tune on we in and to we capital projections, beyond don’t the want of growth recoverability replacement that speculate currently

Ali Agha

Okay.

Chuck Eldred

encouraged we’re message take as feel the so don’t that I by But we opportunities concerned. have,

just We’re replacement on information power a further to to of details what speculate not till along get wanting as we looks that little like. the

Ali Agha

you. Thank Got it.

Operator

question Gordon Evercore from go ISI. And from ahead. Greg next the comes Please

Durgesh Chopra

you? Greg. Hey guys, for good on actually How are Durgesh morning. It’s

Pat Vincent-Collawn

How Good. are you?

Chuck Eldred

Good morning.

Durgesh Chopra

I you be? potentially guys Supreme know missed questions. decision, no Court whether on what quick a this deal, there year it’s earlier I an statutory of timeline Did but the timeline, part there’s a you Pat. Two expectation you, get for might when next could call. discuss is year? or the Excellent. One, The first

Pat Vincent-Collawn

Well, we’re I think I waiting. said

And with anxiously. any case, said get waiting March. court BART ruled cases. do year The they out that anything case the lot by in beginning hope that utility the of that Supreme did This the doesn’t the And had came We’re they’d out in a appeal our March. was Court of favor. court of before court is October, to last The in have which that complicated.

the So it’s and – Thursday the Wednesday every out. Monday dockets me and come – literally, I Monday think when when excuse

checking is So the day. every team

be you said, frame. as soon, no we’ll but there’s So that to we’re time hopeful

Durgesh Chopra

growth then thanks. like And Texas. in just Okay, low on the the

plan there was think asking your seems into that What the you a if growth I on could I wondering question if articulate is don’t growth upside Ali higher seeing asked are that was Mexico. could you in potential just with Texas. mean Texas that – a plan? seeing assumptions CapEx? keep experiencing, you’re you robust. growth The what have – – load I what New could I know CapEx you very And you into – CapEx Texas is there – built if built your of level be you’re

Chuck Eldred

– a Basin cover budget is significant though The growth. Yes, seeing Permian a the reflect Permian to in we’ve more actually it’s area. strong the capital that even in we to growth Basin very all still contributed area are areas still of the Texas robust

budget capital that to too we continued early growth this point, So it’s time capital see more more support to opportunities, support Durgesh, whether that any amount comment or in But tell frame, Texas. are of see than in early contributing to at not we wanting certainly it’s so we update see we growth just annual too today. point, to December our we a contribute the if other to the growth. significant this in we’ll But at

Durgesh Chopra

That’s fair. Thank quarter. you guys and great

Pat Vincent-Collawn

Thank you.

Operator

Fremont Paul comes ahead. the from go question Mizuho. next from And Please

Paul Fremont

whether coming out they’re some power for RFPs Facebook and generation? needs additional Thanks at the to center going with a all discuss you lot. Can data be

Chuck Eldred

we XX out which megawatts, a that. with – providing build PNM already start is on They’ve Yes.

to that, now, megawatts the renewables other different sources referred of to which being PPA. one addition that – pursued of three are [indiscernible] which In XX approved is is pursuing wind a right of commission what’s

opportunity. currently they’re It’s Another discussion solar a Avangrid. PNM’s not of exactly involved look clear is we’re there’s from of possibility another the be. from additional solar, PPA PPA from actively NextEra. serving XX that to at megawatts some megawatts. And XXX looking of will wind, then which with XX that to what And And that anywhere XXX build by supported megawatts at

Paul Fremont

with that or doing be on that doing be you partnership would somebody? your in you would own And

Chuck Eldred

ways, JV both at support it would the at we with certainly, look as that have but well. we to look AAP We’ll

Paul Fremont

when you And to also then, us under the and can that Westmoreland the just of is outstanding current update on pay expected sort off? node

Chuck Eldred

company XXXX, due San further. structure The need million Juan have that down is in think, but pay in event a the we I The coal that million in be XXXX. node $XX the we itself to comes Yes. around applied itself, node to outstanding, could reserve do that that $XX

Pat Vincent-Collawn

XXXX.

Chuck Eldred

track. their And so we’re on payments. They’re making

As and the before, pay is cash Juan remote to [indiscernible] how down San we’ve very and flows the waterfall excess the debt. and said coal capture company to cash bankruptcy secure the we

that it’s where on so schedule, restructuring, decide So through that right And it now. going been they’re debt, up there’s know right possibility is if on decision, that’s plan. right which they fine, end may pay is off I in a they too, but to

Paul Fremont

you Thank very Great. much.

Chuck Eldred

Okay.

Operator

Consulting. [Operator And next from Instructions] go Research the ahead. from Johong comes question Lasan Auvila Please

Lasan Johong

a I the installation a installation do guys I’m right? the considered every you normal a confused. sounds are you. that Thank scrubber is Why like operations? would part to for outage year, it be of going mean, little scrubber

Pat Vincent-Collawn

is and spring. I happens moved think course move Lasan, something from to so just we’re of when atypical moved an you we – not the a say, the business, up to outage It’s an outage at what is that plant trying around into when fall normal up. it it

at I the scrubber because talking outages we the issue with think the that the about spring. Juan Corners, up moved outage to San that at we coal have mill, Four were we

Lasan Johong

Okay.

scrubber thought said is quarter – outage actually, financials PNM’s you impacts installation. first not due on guys that, one, but thought the financial one I – So the of impact I to – the

I think the you that’s what in call. said

Chuck Eldred

the the Yes. to outage SCRs. quarter Last the we the of did Corners first reflect year, Four is have we it. for installation This

happened So last year. in it first quarter

that… that’s So

Lasan Johong

the was year. last [indiscernible] I was was wondering what That Okay.

Chuck Eldred

Yes.

Pat Vincent-Collawn

said and the course And is outage. of then the outage that businesses, up, we San normal Juan moved Chuck

many Sorry, the area. Four in coal plants Corners up too

Lasan Johong

I apologize I was missed. [indiscernible] it I thought

Chuck Eldred

okay. It’s

Pat Vincent-Collawn

problem. No

Chuck Eldred

That’s all right. No problem.

Lasan Johong

Okay.

say, we to there’s the a shall time. side, – expectations on for of for kind still are prices long very upside kind of gas the dramatically very, no natural now, and anything right weaker Second,

building say, feeling facilities sub San cheap. in topline pressure So any abandon new market to power So are to replace and buying this billion Juan? you

Pat Vincent-Collawn

No.

and replacement if you I that, isn’t XXXX Juan San look at XXXX. until think the

of a plants. But You bit market. in is the little the west tight their buy always coal the as people market retire

peaking And the need for San what all because to shutdown some gas follow is solar gas are for the of we the capacity And natural quick-start driving are natural the is prices compelling. of for resources frankly, natural cheap gas of economics renewables and Juan generation. and that quite

seen haven’t we yet. So that here

Lasan Johong

I’m the of couple build Don’t wrong. see that to you might environment. current I get in feasible But me be love would wondering a CCGTs. big how guys just

of expect that’s this saying expect the I does of energy waned, kind of when of effects kind in turn efficiency when but New that but a weird not is the utilities number other Third, back apparently know question, New positive towards case will do a Mexico the Mexico. that lot again? There you load substantially – growth have

the of occur. kind when catch-up I’m So wondering will

Pat Vincent-Collawn

Well, I of that’s great think things a question, Lasan. a there’s on. going couple And

lot of the the a is New As in if can’t Chuck energy small you towards mentioned, environment look Mexico, talk which and There real other But commercial development a at economic and efficiency. about. think are I we’re some seeing there culture things pipeline, nice we growth. obviously

good are, for things We example, are homes, a and tightly here. energy the pretty number green-built efficiency in United is in so thing. Albuquerque, market And for the one built States

to environment. And us proceeding mechanism a use loss for for to good shareholders. give of midst We’re revenue and for that, held about a it’s in less some or if because the we’re sort volume energy, came if customers true-up a rate out us decoupling case the that of the okay adjustment of talk it’s

good come on. with our and is a energy just we we disincentive that pick does think, to efficiency see going The works. So I up, trick, lot hope mechanism up an things of economy

Chuck Eldred

add up load to begin We And potential that. XXXX a the growth the to in to Lasan, in to PNM. forecast for to positive X.X% do see see just

could it positive but again, be into growth So as inching potential. see negative a load in slightly beginning to some XXXX

Lasan Johong

earnings revenue that question. because if the – And set do And priority. expect of up to kind well, But When next when how you you to in kind not past, done? of kind that’s make or filings do Pat, Okay. do really decoupling for PNM. expect of case, a for a fantastic see answer changing in that’s much answer me it you sounds was like get this? [indiscernible] any the of that was but you my

Pat Vincent-Collawn

in separate mechanism hearing We mechanism. out the PRC. the issued case schedule. examiner X, We on which had March into the decoupling for disincentive of we a with last we a it to rate filed did. an filed XX a of actually the on were year, rate this of procedural for asked approval And proceeding, And April case move a

be then of and XX will there conference a this and October there’s going hearing technical be a So testimony to year. on

the case. moved got So is case, to I rate place the think outside rate which outside for that good of it a be of

Lasan Johong

kind I it? of agree resistance, there XXX%. is this position do do don’t is with this? utility, people How of there doing free the see that agree, I a Is you Or lot a this money it? how saying lot resistance, of you regulators? or any And do to are you

Pat Vincent-Collawn

No.

year, I up discussion that lost over There’s opinions of test it appropriate. our forward right, of mechanism Is full with a revenue, kind And think Is what have on the decoupling? a years. we couple of is lot true sense. we a a different a a makes volumes is it true-up? fact what mechanism the every

efficiency I I load around what’s that think but that think have appropriate most we’re is – fixed a growth, we the going can energy that And to cost somebody most shouldn’t mechanism. realizes obviously, be high business. cause So mechanism, discussion of a everybody the says

Lasan Johong

Okay.

So of not a matter how, matter if? a if it’s of –

Pat Vincent-Collawn

so. think I

Chuck Eldred

framework, the the our Yes. filed refers one methodology think laid that. that we in of to. literally the Well, case rate And steps information to examiners out hearing Pat that that reflect the the I addressed of last

get more and justified. good So is methodology it’s whether and about probably a than input, it’s it discussion we the think we’re off to to

Lasan Johong

for me recovery will with new approval some That’s for that would if great. mechanism – facilities out coincide recovery of Last mentioned I’m those is, also facilities. the question a the Chuck, power sites, I potentially revenue correct wrong, generation correct? those assume, you power rolling had

Pat Vincent-Collawn

a a we parts year, a filing, Well, there’s we we shut filing down this When San said Juan, two we for the generation, so year, Juan. Juan. recovery And new San ask in compliance our reaffirms make then shut CCN, down CCN year. for formal will this. filing, intent of And but to filing next next what for of the will mechanism then that we abandonment make a that for San that’s

Lasan Johong

that there that so And be no question on should and be guarantee what will should about – these – your forward? rate return of going plants

Chuck Eldred

a those Yes, or to I right whether whatever question of there’s comfortable units, it’s that feel more that, the to control it’s system is, you additional the of a onto circumstances system, own – integrating the the question to just peaking are. we But or of renewables address most we mix need resources. of reliability with and feel this reliability, makes what to very getting we’re the what changes is to PPAs we mean, have is sense particularly the that on address and

Lasan Johong

leave just with I’d Absolutely. that. it

be wondering receiving regulated plants the are recovery these the the and that preapproved and authorized on you according no so the question investors would there’s mechanism the if will be fixed Just that amounts revenue power rates. that IRR to to

Chuck Eldred

CCN any by after into that’s It’s uncertainty. we in rates that and that rate the the Well, of resources question the agreed improved commission, getting the file our will would is at case, approved. CCN a address just then what remove that our point which and are will next

So it the does yes. remove uncertainty,

Lasan Johong

double check. Yes. Thank I you just much. want very to

Chuck Eldred

Okay, that’s good.

Pat Vincent-Collawn

you. Thank

Operator

conference session. that Pat question-and-answer And back for our would concludes like to to closing turn Vincent-Collawn I remarks. the any

Pat Vincent-Collawn

plant us you again Arbor for take a morning. have joining trees, Thank And you we you. happy of remember Cole. to please will And if Thank to Day. care your you again all soon. backs. you, Please Thank this any talk all

Operator

has for presentation. conference now Thank attending you The today’s concluded.

You disconnect. may now