Chesapeake Utilities Corporation

Welcome to Chesapeake Utilities Corporation's second quarter 2026 earnings conference call. At this time, all participants have been placed on a listen-only mode and the floor will be open for your questions following the presentation. If you would like to ask a question at that time, please press star one on your telephone keypad. If at any point your question has been answered, you may remove yourself from the queue by pressing star two. So others can hear your questions clearly, we ask that you pick up your handset for best sound quality. Lastly, if you should require operator assistance, please press star zero. I would now like to turn the call over to Lucia Dempsey, Head of Investor Relations. Please go ahead.

Thank you and good morning, everyone. Today's presentation can be accessed on our website under the Investors page and events and presentations subsection. After our prepared remarks, we will open up the call for questions. On slide two, we show our typical disclaimers while I remind you that matters discussed on this conference call may include forward-looking statements that involve risks and uncertainties. Forward-looking statements and projections could differ materially from our actual results. The Safe Harbor for Forward-Looking Statements section of our 2025 Annual Report on Form 10-K and in our second quarter Form 10-Q provides further information on the factors that could cause such statements to differ from our actual results. Additionally, the company evaluates its performance based on certain non-GAAP measures, including adjusted gross margin, adjusted net income, and adjusted earnings per share. And the information presented today includes the appropriate disclosures in accordance with the SEC's regulation sheet. The reconciliation of these non-GAP measures to the related GAP measures have been provided in the appendix of this presentation in our earnings release and our second quarter form 10Q. Here's Chesapeake Utilities' safety as our first priority. We start all meetings with a safety moment, and we'll do so here, as highlighted on slide 3. Given the impact that wildfires have caused across the country lately, today's safety moment focuses on wildfire smokes. Wildfire smoke contains fine particles and harmful gases that can irritate the eyes and lungs, worsen asthma or heart conditions, and reduce air quality even far from the fire itself. When smoke levels are elevated, limit time outdoors, keep windows and doors closed, and use air conditioning or air purifiers as available. I'll now introduce our presenters today. Jeff Householder, Chair of the Board, President, and Chief Executive Officer will provide an update on this quarter's K accomplishments and our Capital Growth Program. Jim Moriarty, Executive Vice President, General Counsel, Corporate Secretary and Chief Policy and Risk Officer, will discuss the Florida City Gas Rate Case and stakeholder engagement. And then Jeff Sylvester, Senior Vice President and Chief Financial Officer, will discuss our financial results in more detail. With that, it's my pleasure to turn the call over to Jeff Householder.

Thank you, Lucia, and good morning, everybody. I'll start with slide five. Our growth trajectory has continued through the second quarter as we reported a 5% increase in adjusted net income, driving an 8% increase in adjusted earnings per share through the first six months of this year. In the second quarter, we generated an incremental $10 million of margin related to growth in our transmission, infrastructure, and distribution systems. We also invested $140 million of capital in the second quarter, bringing our total year-to-date investment to $262 million while continuing to advance our regulatory filings. Moving to slide six, I can continue to report another quarter of solid commercial customer growth and above average residential customer growth, 3% in Delmarva, 2.1% for Florida Public Utilities, and 1.8% for Florida City Gas. Increasing demand for natural gas remains core to our long-term growth strategy. We are fortunate to continue seeing above-average growth in our attractive service areas. In our Delmarva region, Spotlight Delaware states that Delaware has consistently ranked top 10 in percentage population growth during recent U.S. Census Bureau studies. We continue to see strong demand for natural gas in new apartment complexes and housing developments as well as for large commercial and industrial customers. Complementing this, the latest study from the Florida Office of Economic and Demographic Research projects annual state population growth to average every 300,000 net new residents. That's like adding a city nearly the size of Orlando every year. This growth will continue to drive increased natural gas demand for years to come. Slide 7 highlights the Florida Energy Pathway Project, or FEP, which we just announced last month. This project is designed to address significant transmission capacity constraints and substantial natural gas demand increases in South Florida. FEP is a 97-mile intrastate natural gas transmission infrastructure project that will run from Palm Beach County to Miami-Dade County in Florida. This is the largest single project in our company's history, representing total investment of approximately $1.2 billion. Our subsidiary, Peninsula Pipeline Company, or PPC will construct and operate the line and will fund and own at least 51%. We've been working with potential partners that may fund and own up to 49% of the project and we expect to share more details soon. FPP is expected to be in service in 2030 and is anchored by multiple investment grade shippers who've committed to nearly 250,000 becatherms per day of capacity. We are also accepting binding commitments with additional shippers. This project is a valuable long-term regulated growth opportunity for the company. It also aligns strategically with our natural gas transportation construction expertise, above average growth expectations, and increased presence in South Florida following the SCG acquisition. I will shift to slide eight, which summarizes our 2026 capital program. Given our strong start to the year and increased expectations for additional capital expenditures in the second half of the year, we're increasing our full year 2026 capital guidance by $100 million, resulting in an updated range of $550 to $600 million. This is driven primarily by initial spending for FEP, as well as increases in regulated distribution and infrastructure investments. Slide 9 shows additional detail on our transmission projects that are supporting natural gas demand in our service areas. We forecast these projects to contribute approximately $33 million of gross margin in 2026 and an additional $51 million in 2027. The largest project on this table yet to come online is the Worcester Resiliency Upgrade, or WRU, our LNG storage facility. Slide 10 summarizes the latest updates on this project. Site and facility construction remain on schedule, and I'm pleased with our progress overall. WRU is a substantial, complex project that will deliver significant peak-day service capabilities and serve natural gas expansion at the southern end of our system. We look forward to bringing full projects online early next year. I'll now shift to slide 11 to address our longer-term capital program. As we've discussed before, there are a number of expansion opportunities under development that may provide significant growth potential as we serve increasing demand across our service areas. Our Delmarva Regional Enhancement Project continues to move forward, with permitting underway and construction expected to start next year. We're also making progress with the Acomac County Exploration Project as we continue to assess opportunities to serve customers on Virginia's eastern shores. We continue to engage with partners in the community at the Cape and Port of Canaveral to explore potential opportunities for LNG transportation and storage. Given the growth in our capital program since 2024, we now expect to exceed capital investment of $1.4 billion through the end of this year, which is nearly at the bottom end of our initial five-year capital range. As a result, We are updating that range to share that we now expect to exceed $2.2 billion of capital investment from 2024 through 2028. In addition, we recognize that the progress we're making on our investment opportunities, particularly with the announcement of FEP, will necessitate a more fulsome update of our long-term performance expectations. Therefore, we now expect to provide the following guidance on our full year of 2026 earnings call this coming February. 2027 through 2031 capital expenditure guidance and 2027 through 2031 earnings growth rate. We believe these disclosures will reflect and support our industry leading long-term growth opportunities that will drive stakeholder value for years to come. With that, I'll turn it to Jim.

Thank you, Jeff, and good to be with all of you today. I'll start with slide 12. Earlier this year, we filed a rate case for our Florida city gas business, requesting a base rate adjustment of approximately $47 million and an ROE of 11.25%. This request updates our returns and includes cost recovery for a number of key areas, including technology, insurance, depreciation, and property taxes. We were pleased to have our request for $16 million of annualized interim rate adjustment approved by the Florida Commission in late July. This will generate over $6 million of increased revenue in 2026. We are thrilled that our FCG teammates and customers are part of the Chesapeake family and value the exciting opportunity to serve this growing region. We will continue to work closely with the Florida PFC staff and the Office of Public Counsel to achieve a constructive outcome. I'll now turn to slide 13 to provide an update on our stakeholder engagement. In April, we launched Spring Impact Days, a company-wide volunteer initiative that brought employees together to continue to support the communities we serve. With more than 30 volunteer events across our service areas, Impact Days brought out our purpose-led mission to life. From environmental cleanups to serving at food banks and supporting animal shelters, walks, and bills, These days were all about connection, compassion, and community. Impact Days are set to become a tradition and cornerstone of our company's commitment to stakeholder engagement. Through the six months of the year, over 500 team members have participated in a volunteer event, and the company has contributed nearly $1 million in charitable donations, community partnerships, and sponsorships. Stakeholder engagement remains central to who we are and to our success. We are powered by people and guided by a commitment to inclusive progress so that no one is left behind. With that, I am very pleased to turn the call to Jeff Sylvester who will discuss our financial results in more detail.

Thanks, Jim, and good morning, everyone. Slide 14 provides an overview of our business transformation We are building a stronger foundation for growth with our ERP implementation serving as a critical enabler of that strategy. We are making a substantial progress on our ERP project. Last month, we successfully transitioned into the Realize Build phase and we remain on track for our Plan 2027 Go Live. I'm proud of what the team has accomplished to reach this important milestone. This investment will strengthen enterprise capabilities improve data analytics and provide a scalable platform to support future growth and create long-term value for our shareholders. Now shifting to slide 15 to discuss our financial results for the quarter. We continue to demonstrate strong performance and growth across all metrics. Adjusted gross margin was approximately $150 million, up 5%, and adjusted net income was approximately $25 million, also up 5% from the second quarter of 2025. Adjusted earnings per share were $1.05 this quarter, representing a 1% increase over the second quarter of 2025, and is reflective of the shares we've issued throughout the last year as we return to our target capital structure. 516 provides additional detail on the key drivers of our second quarter performance. Ongoing and recently completed natural gas transmission expansion projects contributed 15 cents of adjusted earnings per share this quarter. Margin from our infrastructure program investments accounted for an additional 10 cents per share. Continued demand for natural gas distribution drove 6 cents of incremental adjusted EPS, and we benefited from an additional six cents of improved propane and Aspire performance in the quarter as well. These gains were partially offset by a few factors including four cents related to consumption, quarterly timing differences and other items and four cents from decreased CNG, RNG and LNG services. We also had 11 cents of increased depreciation Amortization and property tax expenses driven by increasing levels of capital investment, $0.05 of increased facility, vehicle, and insurance expenses, $0.04 of higher credit collections and customer service costs, and $0.03 of increased payroll and benefit expenses. Lastly, financing activity including debt and equity issuances over the last 12 months reduced adjusted EPS by $0.05. Shifting to slide 17, adjusted gross margin for our regulated segment was approximately $125 million this quarter, up 6% from the second quarter of last year. Regulated operating income saw similar growth, up 7% to approximately $55 million in the second quarter of 2026. Our unregulated energy segment also demonstrated continued growth. with adjusted gross margin up 2% to approximately $25 million in the second quarter of 2026. Our overall growth is supported by our sustained focus on managing our expenses. For the first half of the year, our operational expenses represented only 45% of gross margin, which is our lowest point to date. This reinforces our long-term progress towards efficiency and value realization as we grow the business. I'll now move to slide 18 to review our capital structure and financing activities. At June 30, our equity capitalization remained at 50%. We also continue to maintain strong liquidity and sufficient capacity to support growth, with 70% of our total debt capacity of $798 million available as of June 30, 2026. In the last few days, we have just completed an amendment of our revolving credit agreement bringing the total borrowing capacity under the revolver to $650 million, an increase of $200 million. This includes $250 million available under a 364-day tranche and $400 million available under a five-year tranche expiring August 2031. Moving on to slide 19. Alongside our equity and debt plans, our dividend policy continues to be a key component of our capital allocation strategy as we fund growth investments to drive overall total shareholder return. Our most recent annual dividend increase of 7.3% and our next dividend payment of 74 cents per share align with our board-approved dividend payout target range of 45 to 50%. This enables us to retain 50 to 55% of earnings to support our robust capital program and reduce external financing needs. Slide 20 demonstrates our track record of strong and consistent earnings growth over the last 19 years. We remain committed to delivering industry-leading long-term earnings per share growth by reaffirming our 2028 earnings per share guidance of $7.75 to $8.00. And as Jeff mentioned earlier, we expect to provide a five-year capital guidance and earnings growth rate on our full-year earnings call in February of next year. I'd like to end by summarizing our value proposition, which is shown on slide 21. Our track record reflects a long-standing commitment to executing on our promises and creating value for stakeholders. Through decades of consistent growth, we have demonstrated both resilience and discipline, and I remain highly confident in our ability to continue delivering strong results. Through our three growth pillars of disciplined capital investment, effective regulatory engagement, and a relentless focus on continuous improvement, we will strengthen our business and position it for sustained long-term growth. And as Jim discussed, we remain powered by people, We are fueled by our teammates who are committed to delivering high-quality service to our customers. We are active participants within our communities and remain focused on delivering value for all shareholders. With that, we'll take your questions. Operator?

Thank you. The floor is now open for questions. At this time, if you have a question or comment, please press star 1 on your telephone keypad. If at any point your question is answered, you may remove yourself from the queue by pressing star 2. Again, we ask that you pick up your handset when posing your questions to provide optimal sound quality. Thank you. We'll take our first question from Konstantin Mednev with Wells Fargo. Please go ahead. Your line is open.

Hi. Good morning, team. Appreciate your time this morning. Good morning. uh maybe starting off on the florida energy pathway uh just curious on the regulatory and permit path here and how the commercial interest is shaping up anchors for the project uh is there still an opportunity to upside or that more reliant future laterals and just maybe a little bit of a sense on how this project could fit into the bigger update at year end good morning constantine this is jeff sylvester

We've, I mean, as you know, we've probably disclosed, you know, the size of the project and the, you know, the, I guess the shippers we haven't disclosed, but certainly the volumes in there are meaningful to us. You know, we also disclosed that we're interested in looking at additional potential load, which we're obviously working on and expect to be, you know, a An interesting part of that project, and we do expect there's growth in that potential project. The update in February, I think it is a meaningful part of that update, and so we're, as you would expect, maybe thinking about how that plays out over the next five years. We expect to provide some of that in February, but still a lot of questions as we work towards the partnership. We expect to have that sort of aligned here in the quarter. and that'll give us a little bit more clarity around all kinds of things relative to financing and partnership specifically. So obviously it's an exciting project for us. It's quite meaningful and we look forward to sharing more as we can.

Constantine, this is Jeff Householder. From a regulatory and permitting perspective, this is an intrastate pipeline project operating under primarily our peninsula pipeline company. It is jurisdictional to the Florida Public Service Commission and we will at the appropriate times be filing various documents with the PSC and disclosing contracts and those sorts of things. To the extent that we are providing some service to Thank you for joining us. and others. This is a project that goes through three southern counties. We will be largely in the public right-of-way here and so there's not a tremendous amount of land acquisition required and we expect the permitting process to go relatively smoothly for a project of this size.

Excellent. Appreciate that. And there's a quick follow-up there, noting the partnership structure. What's driving the rationale there? And we've obviously seen a lot of different project equity, press equity type structure. How is that contemplated within the funding plan?

I think part of that for us is trying to maintain a reasonable balance on the risk associated with any investment of this size. Good to share some of those risks with a partner. It's also reflective, I think, of the impact of a project of this magnitude on our earnings profile over the next several years as we build capital up to about $600 million on our side of the project and look to initiate revenue from that project in 2030. And so we've got some things to manage in the ensuing years as we construct the project. There are several ways to do that. We've obviously contemplated that as part of our ongoing guidance for earnings and the thoughts of what we will provide to you in February of 27 looking forward. So I think we're in pretty good shape there but it was a manageable amount of capital over an extended period of time that we felt comfortable with and frankly that's kind of how we got to the point of being interested in taking on a partner for the project.

I'll add that we've talked about other potential projects out there for us. Thinking about timing related to those, obviously we want to continue to do projects that are meaningful to us in our service areas. We're thinking about all of those things, making sure we've got the capacity to do more.

Excellent and maybe just one housekeeping item on the 28 CapEx kind of step up uh given you know the difference versus the power plant does that kind of push you to the top end of the range and if we look at kind of that implied 100 million run rate for 2728 is that something that's sustainable into the five-year update thanks yeah the um i think that

What we're signaling with the update through 28 is obviously we're at the bottom. We're pushing up against the bottom of what we have provided. Obviously, FEP has an impact there, but we're also seeing other opportunities that are going to push us beyond it. Again, we believe we've got lots of opportunities in our service territories and certainly looking beyond the 28 plan. You know, you'll expect to see an update in February that will likely signal the right things relative to growth.

Excellent. Appreciate that. I'll jump back in too. Congrats again. Thanks.

Thank you. Our next question comes from Nicholas Campanella with Barclays. Please go ahead.

This is Mike Grano for Nicholas Campanella. My first question is, is there common ground for a settlement in the FCG rate case?

Well, I mean, we always like to think that that might occur. We'll see where all of this goes. The Office of Public Counsel, as you probably have seen, has staked out a position completely opposite to what we filed. That's not been that unusual and certainly people will take positions in these filings as they feel are necessary. I don't know that we will get to a settlement on this particular filing and we're certainly prepared to fully litigate it if we need to and so we'll see where it goes.

The next question is I know you plan on giving up growth rate in the February update. What about EPS guidance for 2027 and also beyond 2028? I know we've asked you to give an EPS guidance for 2028.

Yeah, I mean we've been chatting about that. I know there's some desire for us to do that. We're not signaling it here, but we certainly are signaling that we're going to provide more clarity around the five-year growth rate and the capital associated with it. And we'll see where that goes. Thank you. That's it for me.

Thank you. Our next question comes from Tate Sullivan with Maxine Group. Please go ahead.

Thank you. Just a follow-up on FEP. Jeff, how long, if you can share, have you been evaluating this project and at the scale? I mean, was it when you saw energy transfer go forward with the Phase 8-9 project, or how was the timing? If you can give some background on the project evaluation timing, please.

Back in the mid-90s, I actually worked for NUI that owned Florida City Gas, and we recognized at that time, and I'm not kidding, recognized at that time that we had significant capacity shortfalls into the South Florida area. One of the things that we thought was attractive, frankly, about the Florida City Gas acquisition was an opportunity to play a more direct role in trying to resolve some of those capacity issues. I think obviously you've seen others in that market area having the same issues. The Phase 9 expansion on FGT was certainly a significant opportunity to think about moving additional upstream interstate pipeline capacity down towards South Florida, and then the issue of how does it get farther down into the market area. And so we were fortunate to be able to cobble together an arrangement with Florida Gas Transmission and with Florida Power and Light. And we were pretty excited about the project. I mean, it helps service reliability in that area. I think there's a lot to be said about service resilience. It allows us to continue to grow and expand and meet customer demand in that area. And I think it does the same thing on the electric service side. So it's a great project. A lot of people holding hands to get it done. And I think we'll see finally after all these years the opportunity to bring additional gas capacity into South Florida.

Thank you for being an intrastate project. Will this be your first partnership intrastate pipeline project? I believe it will be in terms of financing.

Yes, that's exactly right. It is.

Thank you. And just separately on the WRU project, you note in the presentation still exploring potential expansions once it's in service. Is that a given that it gets regulatory approval for expansion due to required PD needs and redundancy needs, please?

Well, I like to think that it's a given. I never assumed that. But, I mean, the need is certainly there. The demand from the customer's and the growth in service connections on the Delmarva Peninsula is substantial and it hasn't slowed down in years and years and we don't see a whole lot of backing off in our look at developments and house construction there and all the other things that go with it. We're seeing a significant uptake in things like health services, hospital expansions and those sorts of things that are substantial gas users. So I think the demand for service certainly indicates that we'd be prepared to meet those service obligations. And at this point, the LNG facility sitting in Maryland feeds into our Eastern Shore transmission system and ultimately provides services into our distribution systems and potentially others. is the least expensive way and most efficient way to actually provide that service. So I think there is a good argument, a very solid case to be made that meeting the service demand issues that we have on that peninsula over the long term, at least at this point, are best met by these LNG facilities. So I think there is a good opportunity to expand it. Thank you.

Thank you. We will move next with Chris Ellinghouse with Seabird Williams Schenck. Please go ahead.

Hey, good morning everybody. Jeff, can you give us any color on sort of progress on the Virginia feasibility study or anything going on with Canaveral?

Well, yeah, there's several things going on there. As you know, we were successful in getting the state grant that went to Acomac County that subsequently was awarded to us to do the feasibility study and some of the preliminary engineering work on trying to expand into that area down toward the Wall of Silence facility and also to the various other potential customers in that part of the state. We're pretty excited about that. We're in the middle of that process now, beginning the feasibility analysis. It's not an easy project. There's a lot involved in building the pipeline down to that part of Virginia. But we're, you know, we're halfway down that way at this point, and we're trying to see if we can figure out a rational way to continue to expand into that territory. There's a lot of interest on the part of the potential customers down there, a lot of support, obviously, from the governmental entities that have enabled this grant to go forward, and so we'll see where that leads, but I'm pretty happy about where we are in our role in potentially bringing National Gas Service to that part of Virginia for the first time. On the Canaveral front, we continue to do what we have been trying to do, which is to find an appropriate piece of property to locate an LNG facility that would allow us to fuel both the space program as well as the cruise ships that are coming in and out of Port Canaveral. I think we have, without going too far down this path, I think we have identified out of the 14 or 15 pieces of property that we've looked at, including the one at the port that the port commission decided they did not want us to build on. We have an opportunity to look at another piece of property that's waterside that I think might have some real opportunities for us. So again, we continue to work with the governmental agencies. in Washington and NASA, the state Space Florida folks and others that are interested in getting natural gas to the space coast plus the port of Canaveral. And so there continue to be, as you well know, LNG facilities or LNG ships that continue to come in and out of that port. They're either, you know, Barging LNG down from places like Jacksonville or they're fueling offshore in the Bahamas. And so we think there's a real opportunity to do something there and we're going to continue to be pretty aggressive in trying to secure the property and get the project under construction.

Okay, great. Jeff, there's also a fairly palpable Slow down in customer growth across a pretty varied geography across the U.S. Can you just talk about what you're seeing in any headwinds? You know, customers usually relate to housing, so anything that you're seeing in particular in your region's

Yes, I mean, we are seeing some slowdown, I think. It's reflected in the numbers that I just mentioned a moment ago. But we're also continuing to see things like on the Delmarva Peninsula growth rate that's still double what you would typically see around the country. And in Florida, when you add the FPU and city gas numbers together, you're still at a pretty healthy growth rate. So we're looking pretty carefully at our lot inventories, the developments that we have under contract, talking to home builders in the areas that we serve. And I think your comment is accurate. I think there is a general slowdown, but it's still going pretty quickly for us in the service territories that we're in. and we see good healthy construction activity going on and customers still having a substantial interest in connecting to our gas systems. So yeah, I would agree with you. I think there is a little bit of a slowdown from kind of peak levels from a few years ago but nothing alarming to us at this point. Okay, great. Thanks. Appreciate it. Sure.

Thank you. And once again, if you do have a question, you may press star 1 on your telephone keypad at this time. We will move next with Paul Fremont with Lattenberg. Please go ahead. Your line is open.

Great. First of all, congratulations on the FEP announcement. That's very impressive. When you guys do provide an EPS growth rate, on a longer term basis. I would think the FEP project is a pretty lumpy project that would affect that growth rate. So would you be looking to potentially indicate what the growth rate would be through the completion of the project and then sort of a more normalized growth rate beyond or how would you sort of approach that?

Yeah, thanks, Paul. I think you're right about the five-year cycle. It's obviously going to go out through 30 or 31 at this point in time, which would capture the impact of FEP at least in the first year. I'm not sure we've settled on exactly how to tell that story yet, but you can expect at least some visibility across the five years. And then, you know, we're thinking about how to sort of bridge the early years in that five-year plan. So more to come on that.

Great. And when I look at sort of the numbers through 28, it looks like at the midpoint, the capital spending would be up about $350 million. How much of that is FEP?

We haven't disclosed FEP numbers yet in that total. Again, you can expect that there's a ramp up and ramp down in this project. And so, you know, in the early part of that project, sort of limited capital and the media that really comes in the center of, you know, that period between now and 2030. Great. And then...

You basically have indicated or quantified the negative impact of the LNG storage delay at about 10 cents. Would there be a significant offset to that based on sort of the 100 million of CapEx that you announced today?

Most of that CapEx, I mean, is probably... The way I would think about that, Paul, is most of that capex is really pointed at 2028 and beyond. You know, 26 is pretty much a baked year. Okay. In terms of earnings.

And then just going back to sort of the storage facility in the Delmarva area, Do you plan on having an open season? And if so, at what time frame would that occur?

In terms of the expansion potential?

Yes.

Yeah, I would expect that you will see an open season and certainly Similar to what we did before, just gaining interest and then ultimately kind of thinking about long-term needs both for our distribution units and any other customer that might show up there or has needs. Timing isn't clear at this point in time. We'll obviously be in front of you with some information in terms of the open season process, which obviously takes some time to kind of work through.

Great. That's it for me. Thank you.

Thank you.

Thank you. At this time, there are no further questions in queue. I will now turn the meeting back to Jeff Householder for closing comments.

Well, thank you all for joining the call today, and we will talk to you very soon, I'm sure, with more updates on some of the exciting things we're doing here. Goodbye.

Thank you. This concludes Chesapeake Utilities Corporation's second quarter 2026 earnings conference call. Please disconnect your line at this time, and have a wonderful day.