Chesapeake Utilities (CPK)

Beth Cooper Chief Financial Officer
Michael McMasters President and Chief Executive Officer
Insoo Kim RBC Capital Markets
Spencer Joyce Hilliard Lyons
Sarah Akers Wells Fargo
Nathan Martin Seaport Global
Call transcript
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Good morning. My name is Casey, and I will be your conference Operator today. At this time, I would like to welcome everyone to the Chesapeake Utilities 2017 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. you. Thank Instructions] [Operator Cooper. Beth

begin your may conference. You

Beth Cooper

here Good fourth quarter everyone. call being corporate I conference would Chesapeake’s to is office our at you welcome hosted Dover, and Today's Delaware. like call. morning in year-end earnings XXXX

today in leadership us. and senior CEO, our me again joining also and other other Joining our are of thank management. for McMasters, Once members President room the our team Mike members of you

make would actual forward I differ Turning references to statement. is what certain including presentation includes we particular make going before fact XX-K, to just filed And morning. that our adjusted also the a to does our some Slide you cause like regarding over which to turn to that begin today's to the those, yesterday EPS. that Form for would to items might gross to To non first is forward like to McMasters, I results year. presentation, include to report our looking ask X presentation a refer take on at our was annual today statement. today's Mike that a do, I GAAP would measures discussion like with presentation and earnings references from note begin who our the margins I looking now, look

Michael McMasters

of mark-to-market reported and will unrealized fourth adjusted net act basis the earnings to income adjustments our impact million back full-year also the those earnings, adjusted loss. the XXX. X, per and see On of also will $XX quarter, reverse you XXX Thanks Tax are share you Beth. Again Reform notice Slide million million that’s guess earnings. I and to the of $XX million add and reported $XX on $XX for earnings

the notice are the quarter, Tax then fourth reported with will that seeing of things the guess we of with guidance significant you and below. provided we one adjusted the have $X.XX. changes primarily at $X.XX some I Reform and impacts all EPS On

and Our forecast projects. both of per Reform Tax share XX% the key growth and year that includes or this other

now growth is Turning share earnings annual earnings X, would first, the rate per compound will diluted our discuss in say to of per is XX five-year years share what Slide XX.X% that XX.X. I I

make you adjustments in XX the the years and slide rate made five X.X% same would prior EPS If be years. we that for for X.X% that growth

XX than share If dividend. at you dividends our year what look growth growth per per can is five dividend you our which the earnings rate rate supports share, lower is our rate year see that that X% X.X% growth

be the In Turning rate in a $X X.X in XXXX gross in and settlement Flags case to plant our bullet recent operations, Slide million will at X, again per in excludes our additional CHP excluding X.X million of Reform Shore it incremental margin, in for margin. Eight of margin $X.X any operations XXXX, approximately million in margin, propane Aspire gas growth $X.X increase of additional Act. gross Tax margin, million the adjustments again X.X the million The our all $XX.X operating Energy in using Eastern there, if gross natural on unrealized look business significant margin of first growth benchmark, share our of all businesses of significant million up growth million you increase adjusted averages. of $XX.X XX% mark-to-market, for earnings that XXX, in just that as based and increase over the

system did White investment Eastern complete project two Shore reliability project. Oak capital the we sides, project, On and

of with to $XXX We also that expansion, a got approval upgrade. component TETCO for complete million the were XXXX we hundred able

second in service quarter. expected during Florida, initiated to in on to $XX million for projects or Florida the project expected and pipeline Moving and distribution XXXX, go

three, shareholders dividend of five make Delmarva and the supported Total a hard of for one, and that, year in will support Florida of ended in X.X% share adjusted Dividend Five return EPS. reliability earnings at than investments work May distribution We businesses. years growth growth. growth in to XXXX increase are XX Beth. X% and December again to XX. continue by XX% to once by the growth a decrease I XX% per XX over turn of with With payout average to years. over Dividend more last

Beth Cooper

Mike. Thanks

fourth share again of earnings that quarter the that the Turning for it $X.XX a results and $X.XX talking again, minute the quarter, energy Those to Company. to $X.XX years’ XX% primarily would year. going items representing you represent increase was exclude those when Slide and quarter bit net about share. significant result that from unregulated quarter a per fourth what see higher will which quarter-over-quarter just spend margins represented $X.XX grew share, you X, fourth Mike very talked the basis on because a last the the our a were segments in little about the strong I'm to gross to attributable in regulated for both per would $X.XX a be per increase Once

Moving to that we will have time like spend here Tax three slides to would you talking where we Slide some about X, see got Reform.

to give of second in one to The January about taxes rate Tax the of first concluding I third Reform. Slide the X, key the a side the we impact, jurisdiction slide remarks with slide you first at tax and regulatory our talks end resulted that year. having it differed overall will new where us includes became effective our on as but various what federal the revaluation the was Xst, of some the the stand regards the in just know, Beginning discussion thing did within

resulted that side regulated to the equal in $XX liability million. regulatory a us establishing On

some being a made on in unregulated of we customer rate share. but $XX.X On pricing future we will million per certainly, us regulated on well detail on that in are the change unregulated a are on will net regards on the years and but side, occurred talk go investments it back bodies in or income the side terms $X.XX On to impact unregulated be terms impact adjustment the including in our earnings our about Energy rates. in as don’t to that regulatory regulatory could to as revaluation in forward in the discussions tax able direct that discussions flow the take in transaction an and those growth in we side, we how about businesses Tax the liabilities resulted a more on Slide margins. regards impact we of fast of currently ultimately, positive with X, we last Flag, those Aspire When results as in and in the this businesses. our know, we the and side, think five of unregulated That unregulated Eight competition Reform have that’s view result in is foresee the will

from from Lastly, at bonus eliminated as a relates regulated depreciation we when depreciation was it the utility effective to perspective, September look in XXth. businesses the interest,

However, two under still projects along then depreciation will have year as largest bonus of the our of this we we were XX% and that MACRS move the far impact will be enough depreciation. certainly, we forward

current-period entities are the interest interest deduction. to side, the regulated allowed On

our we side, forecast depreciation excluded should the bonus qualifying EBITDA, everything the limitations On in September will it XXX% and because being XXth affective to unregulated be interest see fully for XX% as of deductible. no relates and a projection, we of be

with in limited will touch electric had we where the December rate X just by each XXX customer Florida, we upon and and those. jurisdiction, an Slide of in prescribes Basically I our that, how to have liabilities we to regulatory it operation, order proceeding to within that Moving actual division. received order in Tax adjust amortization also that Beginning within Reform of will division. days, impact the within order that the particular addition prescribes a

side, to providing estimates preparing middle we submitted to have regards those how flow we or the the as Maryland addresses are currently will those be indication also customer year. the impact both and speak engaged discussions as back by we and are as the we submit treatment information rate by Florida in addition, of early Delaware. as to March. division in some as February, tuning we preliminary On the are regulatory are a are with In Delaware, the required we as Maryland, with be already the filing, regulatory a utilities on the we multiple going will PSC, more occur a as PSC Sandpiper submit of relates in associated something liabilities well March to natural to that end liabilities to fine this the proposal as other some in get the Tax are Reform end in gas of well working to we the of In underway

Reform. the included pipeline, to we as the of any December a or that regards basically for effect in FERC in Shore entered settlement and Eastern result Tax Lastly, change into agreement accounted our

Moving XXXX EPS the X, terms incremental will takeaways our overall. present impact we per some an businesses that just share. $X.XX unregulated $X.XX in to be of energy Slide the to key At estimate time,

regarding We ultimately either will our our customers. are, We operations, our will it retained. customers fact the impact benefits financing that upon significant do believe or to earlier, impact bodies rate I as the lower across from regulatory know mentioned cash board various to engaging do with but that flow earlier costs. our to I interest touched indicate be estimates not financing a deductibility, be needs we today that the our will

businesses, deductibility, these we particularly an we refine updates upside we see continue other impact continue our and side, our provide to to our unregulated the expense through progress we On will expand as then as calls year the and portfolio, will assessment communications, in accordingly. and unregulated we and the grow as lastly certainly, and XXX% through

on we reach side, XX, this it’s commitment a just XXX% long-term already can a with to slide X.X% years our year and have percentage capitalization in calls, to look really when to target December or paramount $XXX clock market tranches, what and debt utilize us made this balance book the $XXX these with a the our over average an fundamental and of target Moving will we total growth a were back that five approximately capital to That’s as is million talk two we of sheet we continue about that that finding of of Today, long-term we about later and Slide we since to maintain permanent costs equity by a the many by XX%. sitting to necessary shows have turn structure. of support at are as touching been end you of other and million. May, under about ago. On the total one just at debt capitalization sitting capital November increase

you grown you will look what at we the of year this as when basically Slide has turning is approximately capitalization XX, have investments and six see and a made that the we result $XXX Our on period. to invested that million slide

We with natural coming be going just $XXX transmission he out year, as CapEx which we that largest before forecast earlier of few projected in have also million for talk Eastern gas is mentioned minutes. at result businesses, with our both a this laid Mike project strong thesis about to and a and a the to Shore Peninsula pipeline very in the

as organic system conversion, businesses, well some As our continued gas expansions result the electric as natural distribution and our as are well. of in growth underway a there and that growth of

have several translate So presentation incremental tried into we to those how the that made our we growth. over of long-term, investments margin the show in

the recall another in that businesses, to in unregulated translated coming gross year then some here. of increased for $XX.X is areas growth $XX coming into additional Growth $XX.X organic certainly that whether investments those Mike the these the see we in which what outside don’t in XX, be that projects, be from of be will and million projects not in growth, in propane, million of whether our and Moving so an came that’s this talked by Aspire, beginning from whether about that shown PESCO in included growth so from in XX million our that table. margin strong also XXXX you presentation, Slide that’s

to to $XX.X million As the as strong there turn to from growth that, also who we finalized, of is we of I’m going we see, going expect And discuss an performance to you so well. add investments our that these are which projected are the to that with Mike, quadrant. that margin coming in XXXX in is proceedings XXXX now from is will XXXX look rate over addition it type making, investments

Michael McMasters

Beth. Thanks

capital you and off our that’s corner, what driven quadrant, the quadrant, on side performance returns the is XX, Slide to Turning right Chesapeake notice far in also will strong of that position that continuing is basically that to hand strong in top right hand maintain investments.

of this Beth that side The were generated earlier the with it a unregulated Tax large side the in level was was then large bit benefits, write which coupled to think little is had there effect Reform business. taxes, deferred the impacts other we that depreciation of I our mentioned on bonus CapEx able

Slide XX, full-year of gas, that’s project, million XXX,XXX XXXX, natural with in you Shore’s estimating is recognized Eastern of first the of $XX.X to in first the full we Turning XXX upgrade. what are capital seeing million we completion are a operation, investment the TETCO XXXX

periods In addition of place XXXX. facilities into to we still, throughout expect a in got underway different construction lot we those service

by we those with should XXXX, the of end projects. finished So completely

the new interconnect so We pipeline XXXX are miles of TETCO compression. mentioned mainline new putting XX looping. in XX of of upgrade miles horsepower expansion, to I

day of per In addition we dekatherms are adding capacity. XX,XXX

transmission can Northwest total pipeline of is million margin capacity $X.X it Florida expansion once in we of capital and makes and lower distribution. in happen the service as of in helping miles Florida pipeline XX,XXX million commitments a particular expansion XXX,XXX transmission expect in dekatherms quarter expect really it with Florida XX, Belvedere it’s XX,XXX we project natural service, second that something this particular to to gross gross in just have straight position that going line, we Customer make that margin us service miles the estimating I'm that quick Pipeline Northwest a inside of in range pipeline. gas annual notice XXXX. gas pipeline Slide New you project, quarter top transmission is The we gross XX have quarter very be to you The with day. competitive got project, third estimated corner capital with $X.X Natural $X are project dekatherms annual that left-hand and puts barely we expansion to our miles the million interconnects five to say first, million next Gas $XX.X corner XX projects, third of about us X.X million day in estimated I of XXXX, a of of annual guess strong Smyrna zone Turning of per of see rates project, the the per XXXX interconnect profitable. transportation in the the so margin, will of of

On first this XX approving before regulatory the right it order expire is Eastern still Turning February the becomes update. to and earlier Shore Slide we letter to to XX, rehearing XX the settlement just week, final. have wait to days to

certificate gotten for XXX million case In the of talked annual that three also have we We Delaware in and public convenience a rates a for ended about. X.XX of settlement rate starting the revenues we million X.X are just limited including months January. XXXX XXX,XXX got in year January Florida project, way XXXX. report a to Those effective in rates. agreement, for approved XXX,XXX XXwe December are rate PSC and respectively increase via million increase settlement In annualized increase proceeding

Turning Slide XX. to

the some other Just to operations. recap really of

operations, variety left-hand we see a propane growth million can got top corner, things. you as operations of propane of from out on $X.X have of a Our

this was margins. Some of

Some of AutoGas through is growth or and this was also project great also future. the volumes showing initiative

strategy below We about services. there getting that. AutoGas from they to new strengthen We market are are expand looking our actually in infrastructure for to help or think us as customers

the We growth are in looking for existing organic markets.

territories are beyond growth geographic expanding our start-ups. new via We into footprint

existing opportunities We looking acquisition can are into roll for that our operations.

customer and targeted expand base. got commercial industrial to propane convert users have to and the We marketing our

of gas through are vehicular expansion systems propane AutoGas. high-growth the areas community platform targeting in We new and

environment. opportunities earn allowed than for in provide units return regulated higher us a business propane to Our

$X operating operating Peninsula $X.X which reported is approximately of Company. XX, $X,XXX,XXX. Turning see Services gross million negative got you the sort mark-to-market that here margin impact And gross mark-to-market, you will as Slide can of what out million, of the to adjust and of margin for numbers, Energy million loss, you notice income We income. have X.X

it week us occurred So and of during on that of last all most, a mark-to-market impact significant December. almost the had

Slide talking return. about onto XX, shareholder Moving

will left-hand our return you the York Exchange you to relative all see side, New companies. if look Stock Now at

years, in or years year, all the top that XX% than higher finally the five notice XX or and one are XX above three the median. will then You also years, and quartile top XX-year years, XX% the for decile, we

Looking over peer to the the annualized share performance returns are XXth proud for every accomplishments. group, percentile in in we these Very of year.

Turning Slide XX. to

all in employees. Our our really stores strategic focus with

job a day day are employees out doing engaged and and have great it in starts all We there.

could Eight unregulated maintain our gas and efficiency and the Power, reliable our a Aspire to Flags we provide Shore natural From growth pipelines, This operating are as we propane safe sets. on focused electric customers. to Peninsula Eastern are the be Looking Energy, expand service skill Combined Heat distribution, businesses. And looking our perspective, and our and example, & marketing. an also pipeline,

in We have supports balance consistent maintaining XX% to total equity, the performance And got of about a track billion the slide. with growing. of financial record assets earlier, last that we X.X that mentioned spoke billion in we of are that Beth as being sheet The X.X plant. XX% strong capitalization. capitalization The are those just approximately total and

opportunities, attractive have produce earnings, the available and we need. identifying lines capacity of raise rating, capital committed are high credit capital have credit profitable to growth Future We investments we bank returns. we earnings investment and growth that

investment budgeted for $XXX in We XXXX have million in $XXX capital XXXX. million and

growth opportunities growth. capabilities to on are based core our future competencies containing We and our develop for to harvest expand further

that, questions. we'll buy expand shareholder to our opportunities open to and grow to unregulated it develop new With capabilities all services continue for expand up footprint, our value. We increase earnings


Kim Please question your instructions]. RBC with Great, go [Operator capital thank comes first Markets. you. from Insoo And ahead.

open. is line Your

Insoo Kim

XX%-plus be benefit growth The Thanks that XXXX. out framework And to around for Tax the I you some that initiatives guys guess Reform $X.XX your is just everyone. that that you should it year? if guess, growth good the XX% range. have of in Hi, out embedded XX% already for laid to in you the take $X.XX, for gave, projects I number more providing the morning assumption and

Beth Cooper

aren't you it's there unregulated beyond, Yes. in along above come but additional projects Insoo. the be right we on today, factored that out have is would If budget to opportunities now. case, or those that in our the know, side, what incremental capital that and were laid

Insoo Kim

I about $XXX Are are side, guess it. long-term you XX% of trying I on issue get range. million you this the to range. ratio set XX% Got that's know, could on the then equity-to-cap maintain to if potentially that financing your set to targeted And slightly below debt pretty year. that case, that

Beth Cooper

below a of period fall can, short that We for time.

year, borrowing see through what XXXX. table to move to projects look where capital levels. are right potentially are, and at you issuance the now, our the markets our You But what see markets refine preliminary into, again, you think, we'll numbers you know, period and that we equity we'll we little know, looked have show, you know, an debt the for we stay continue and would we this a long not may as And come continue bit to things as we forecasting, are reassess, you say a going us the given would going know, I to see to right for year, proceed of access an at they I year current us time. the then, see now below are could short-term not we through equity more we additional you know,

Insoo Kim

smaller be seeing I there years opportunities businesses? are you CapEx When collection if just one may. the Understood. over Or few next more that some you the being potentially out look across material investments pipeline? could of in it a more your of And are opportunities, question

Michael McMasters

underneath also the in always the addition the are we it's transmission larger looking are for and opportunities, work Yes, in that distribution addition, making are to the growth sure we but growth all Whether we the unregulated company. doing that.

our outlook, So that there those are we where we strategic our five looking constantly and existing is other doing questioning to keep strategy if should to we, to the in you we if planning things year see will, a and opportunities we go pipeline. have be process

say So yes, the be And that’s on kind of of strategic I above I focused have team guess things I to think looking we a at would bit existing outside but are it’s maybe got development all going businesses, different and our creative overlooking businesses innovative existing for the in footprint, things at our that also than well. as little looking we and to a be thing.

Insoo Kim

Thank much. very you Great.

Beth Cooper

Insoo. Thanks


from go question Instructions] Spencer [Operator Hilliard Please Your Lyons. Joyce ahead. with next comes

Your line open. is

Spencer Joyce

congrats Mike on here. another good good quarter really morning,

questions, or type the about guidance on Just for wanted thanks I there to the I for may Insoo’s piggyback XX% figure kind sensitivity specifically that ask to this be the year, kind guess language potential lower the kind XX or bound we about up could Should that year. XX additive the XX% a does kind reflect more. come merely to thinking projects be as during of

want understand with were there. to working Just if trying or case to more midpoint base the of kind a of

Beth Cooper

it Spencer we question, of sizable of the in more put as to that upon are in as to but than terms sensitive. of being side so that. XXXX, project growth we catching growth unregulated opportunity we be But impacting that really prospective. been we terms CapEx that doing slightly the there opportunities to think the able for that weather from to going and is an add also are fourth see the more weather second would most on those process I things point, will quarter At I be going impact depend well just this CapEx the say there that and are given the a any

it. you think would it, thinking are think I kind of I kind it with about those about midpoint, as as that but So around

Spencer Joyce

what question uncertainty, ask few XX% that some similar backed kind I of anything weather, figure, to on we be the to and from obvious might of room were new points modeling a that mean mean operationally in year, during so internal able tax the pretty a kind aside locked is or just maybe kind still look Maybe as the different are of I in your can uncertainty way, of helpful. of there you a there, wiggle maybe that’s is Okay is of into that any the points. there field

Beth Cooper

I you those part so to even we be, tax that, earnings know vary but from corresponding will the to from upon line, impact, speak get side, commence. those or the the that captured are think for extent that bottom that the in to deduct think business unregulated line we most on what impact as bottom where could the depending those

feel I good So we there. like have estimates we got think

On the regulated side, so, we be with something of potentially there are going you. in, we position comes are of discussing, jurisdiction, that where with if standpoint and could will that we regulatory out are from through each a certainly that we go the

what we So think kind slightly? on have that our growth change we factors today, I laid that best or in estimate, certainly just any I depending of could comes know but that think out,

Michael McMasters

it Spencer, what starting utility ramp to the are side seen to past, if we we in up. that we go the more saying, have construction you are of things, seeing

getting there the happening And side, are XXXX things had because positive. you that the growth some some at in is there’s mark-to-market we when So unregulated look that masked. then of substantial

territories kind other whether little margins so of the propane in than our us are it’s flexible example gives us going of a would that growth be that but opportunity tougher or that the backwards makes markets And they - just to able a exceed can we do from are weather. the get to in of and opportunities unregulated But XXXX mentioned side the of growth the for the more the to actually you things little commercial an side. regulated that in residential bit business, more bit for really both and the compression

Spencer Joyce

or capital will you capital kind have in kind housekeeping the guess the still thinking XXX under band, know way million of this then ground budget same way bit kind is be a the typically of the can sort of that I that upper years. for question. of we and Should that Is contacts kind go? The coming little I about within of kind year? XXX see budget Final, fair XXXX, put we in will so. to we earlier outline the the a what of

Beth Cooper

start Typically the out year. Spenser when we

then budget out of actually We come budget, base carry will to items that up capital and is budget. back will capital the down closer that drive original our further prior it from add come then and we may with the have we which over the some year year will typically

with and So in a some the at right there, budget coming we dollars because that very now somewhere some that are the that’s you to not spent would that say original reflect estimate does and our this I around have good will amount XXXX. point number moving that carryover of likely XXXX

So I going it’s think year. and amount that’s likely factor that models what good going for spend your purposes to this into of you are are we to

Spencer Joyce

of kind as And good. that’s fresher. Okay

From little this last kind absent maybe kind So if or that of those will. was initiatives. or point close growth Is capital base of maintenance I a bit higher? that pretty million XX that year, of to is capital kind the a major you still note of million. sort What it is had run-rate for XX your -

Beth Cooper

estimate. period our that’s we for time is still projected Still the about close. running at of when an have that we that pretty level, That’s budget look

Spencer Joyce

Okay, needed. all great. I That’s Thanks.

Beth Cooper

Thank you.


[Operator Instructions].

with Fargo. Please comes Sarah Wells Your next go question from ahead. Akers

line Your is open.

Sarah Akers

morning. Good

Just a question on PESCO.

a percentage it So basis, like on looks in XX% was margin up XXXX. gross over

margin So and if on expand of you be gross consider to that what sustainable. drove that can level you increase

Beth Cooper

margin So, different PESCO's year. through sources the actually gross came multiple from

And was Ohio you'll that about, Columbia Program. in that in Standard the a had margin year, participated program. If that the Choice came talked there from recall lot they growth we in of we the beginning

August what been at Our did able multiple legacy our services that the across revenue opened that to that added CNI incremental for just one in but areas. different of up business do acquisition, in in of Florida was portfolio then producer the PESCO ARM to as addition wasn't increased, in also really Ohio acquisition in both we and us business continue growth grew, actually ancillary you to have our just there. market in know, the that of not it in acquisition only the area that, have We and ARM as from services some really So, because board it well and Pennsylvania,

Sarah Akers

then in And service about has in great. it, think February January, your weather Got been estimates, in territory? lastly, as QX we just how

Michael McMasters

Well, January, cold a was a for too days, few hearing a a fact I but February terms bit have Florida very much perspective temperatures, in a probably February. in good having month might little was from that think been in of had warm, record we I weather

February, warm than I last And year. we a bit think in But, here that are would so we to think little than last year normal too I is probably as compared colder

Sarah Akers

But so the necessarily and so to that’s sound February, January and cold normal a Okay. that XX% running far. different the weather normal it in like little on thus doesn't all you based growth, warmer are maybe bit in given

Michael McMasters

That's correct.

Sarah Akers

Okay, a lot. thanks

Beth Cooper

Sarah. Thanks


And comes Nate question your Seaport with Martin Global. ahead. the line Please go of from next

line Your open. is

Nathan Martin

morning good congrats Hey, guys. good quarter. And on another

I the just items. of about most think been couple so of on, I a thinking was kind have maybe topics touched of housekeeping

might I think it. you on that I the mention you million missed timing Did what mentioned that, about this have was debt year, the that? $XXX

Beth Cooper

are down also are One the million pull Nate. down one, always that problem. tranche timeframes. down those November. and that, can a May by require second we $XX No it pull which that's And is than by to required are million, tranche we pull of required We $XX but the to earlier for

Nathan Martin

that? tax are of expecting for had about It. be colors was K Got I to that think the rate, the saw you give any Is in something regarding this effective then, the you see It. rate year XX.X%. or tax that going forward other question Got kind I on And you I

Beth Cooper


fair projections So, number a have that right say the and of mean, reasonable I I use. would now to we that's at. in looked terms

As our you a larger as in for a little a Aspire would there unregulated example, extent grows Aspire number and XXXX. to to income tax, you said, come doesn’t I be move of certain think Ohio like it that, about and so a bit the that overall probably couple portfolio, see that becomes great states more I think down a off unregulated you as and that like decline, businesses the of know, businesses grow, but of slightly, could starting have part because point the so would state is use might a it that’s expectation rate

Nathan Martin

Thanks Perfect. me. it. That’s all for Got guys.

Beth Cooper

Thank you.


would further the at in I call back turn this There remarks. no Mike the closing for over queue time. questions to are

Michael McMasters

continued our want everyone our you. I We to Well committed generate interest Thank Company. for to much. to very value for all their great thank weekend. a you remain in have Wish Thank shareholders.

Beth Cooper

you. Thank


and concludes ladies today’s this gentlemen, conference call. And

may You disconnect. now