GeoPark Limited

Good morning and welcome to the Geopark Limited conference call following the results announcement for the second quarter ending June 30th 2024. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question at this time, please press star 1 on your telephone keypad. If you'd like to withdraw your question, press star 2. If you do not have a copy of the press release, it is available at the Invest With Us section on the company's corporate website at www.geopark.com. A replay of today's call may be accessed through this website in the Invest With Us section of the Geopark corporate website. Before we continue, please note certain statements contained in the results press release and on the conference call are forward-looking statements rather than historical facts and are subject to risks and uncertainties that could cause actual results to differ materially from those described. With respect to such forward-looking statements, the company seeks protections afforded by the Private Securities Litigation Reform Act of 1995. These risks include a variety of factors including competitive development and risk factors listed from time to time in the company's SEC reports and public releases. Those lists are intended to identify certain principal factors that could cause actual results to differ materially from those described in forward-looking statements that are not intended to represent a complete list of the company's business. All financial figures, including hearings, were prepared in accordance with the IFRS and are stated in US dollars unless otherwise noted. Reserved figures correspond to PRMS standards. On the call today from Geopark is Andreas Ocampo, Chief Executive Officer, Jaime Caballero, Chief Financial Officer, Augustus Zubiala, Chief Technical Officer, Martin Tirado, Chief Operating Officer, Rodrigo Della Fiori, New Development and Portfolio Director, Stacey Steinmull, Shareholder Value Director and Maria Catalina Escobar, Shareholder Value and Capital Markets Director. And now I'll turn the call over to Mr. Andreas Ocampo. Mr. Ocampo, you may begin.

Good morning and thank you for joining our second quarter conference call. We're pleased to report on our continued progress and results. In the second quarter, Geopark demonstrated strong financial performance despite some operational challenges. Our revenue increased by 14% compared to the first quarter to 190 million on the back of higher oil prices. Adjusted EBITDA increased 15% to 128 million, resulting in an EBITDA margin of 67%. Net profit was 25.7 million, equivalent to 50 cents per share, mainly affected by non-cost charges related to the impact of the devaluation of the Colombian peso over deferred income taxes. During the second quarter, Geopark invested around $49 million in capital expenditures and generated almost three times that amount in adjusted EBITDA within the same quarter, again showing our team's capital discipline and efficiency of our investments. The return on average capital employed in the last 12 months was 38%. Geopark's strong net free cash flow generation continues, having finished the quarter with a cash position of $66 million after repurchasing $43.7 million worth of shares through a Dutch auction in May, paying $52 million in taxes and making a down payment of $49 million for the Vaca Muerta assets and having paid $7.5 million in dividends for the quarter. Geopark continues to further enhance its financial flexibility and balance sheet through two strategic oil prepayment agreements, one effective in the second quarter and the other one nearing finalization, providing additional liquidity available at any time. We continue growing shareholder returns with the Board approving a dividend of $7.5 million payable on September 12th. which combined with the Dutch auction results, Geopark will have returned over $66 million to shareholders, equivalent to $1.29 per share, by the end of the third quarter, already exceeding the total amount returned in all of 2023. As we look ahead to the second half of 2024, we're looking forward to continue our drilling, workover, and water-flooding campaign in our core Janus 34 block, as well as the potential new abrasion opportunities coming from our recent exploration discoveries in the other Llanos Basin blocks, namely the Toritos, Saltador, Vivita and Sorzal fields, which are currently producing approximately 3,600 barrels a day gross, and we expect to drill three to five new wells before the end of the year. In addition, we have already started initial activities and civil works in the Putumayo 8 block, getting ready to drill our first exploration well before year end, the Machaca 1 prospect. New abrasion and exploration drilling activities in our core CP05 block will continue, and our team is already mapping new prospectivity coming from recent 3D seismic in the Janus 86 and Janus 104 blocks, as well as in the CP05 block for next year's exploration campaign. It is important to mention that Geopark's consolidated production is currently 5,000 to 5,500 barrels a day higher than reported, following our recent acquisition in Vaca Muerta, effective since July 1st, and we're on target to close by the end of the third quarter. The Matamora Norte block produced an average of 12,500 barrels a day gross in the second quarter, and the operator is continuing development drilling there. Production from this block would boost average 2024 production levels to well within our stated guidance. Path number four in Matamoranorte, which was drilling at the time we announced the transaction, has been put on production and is already producing more than 5,000 barrels a day gross, with a 45% water cut, which means that these wells continue to clean up with less water and higher production until they reach the initial peak in the incoming weeks. Results so far are quite encouraging. The drilling rig is on the Confluencia Norte block, finishing the first exploration path that includes three wells. Drilling activities are almost complete, and a completion set is scheduled for October. We look forward to testing production from these first exploration activities before the year ends. The drilling rig will immediately move back to Matarmoramor Norte block to continue drilling development wells and increase production. Geopark is well positioned to continue its success in 2024 and beyond. Our strategic growth initiatives, disciplined financial management, and focus on sustainability will continue to be key drivers of our performance. Thank you for your continued support and confidence in our company. We are now ready to take any questions you may have.

Thank you. If you'd like to register a question, please press star followed by 1 on your telephone keypad, ensuring your line is unmuted locally. If you wish to withdraw your question at any time, you can do so by pressing star followed by 2. The first question comes from the line of Daniel Guardiola of BTG. Your line is now open. Please go ahead.

Hi. Thank you for your presentation, Nicole. Andres, just a couple of questions from my end. The first one related to Argentina. And I would like to know if you could share with us how do you envision the progress of production coming from Argentina, I mean, towards the second half of the year, but also in 2025. And the second question is related to potential additional inorganic opportunity. And if you can share with us if the company is actually targeting production new potential acquisitions in the region and if you could share the rationale behind this potential M&A strategy. That will be all from my end.

Hello Daniel, good morning. This is Rodrigo from design. Let's start with a question about Argentina and the perspective that we have in terms of production. We have a robust result during the second quarter of this year. We performed 12,500 barrels per day during the quarter. What we expect after the drill came back to Matamoravlog, it started increasing again. That's why we expect slowly increasing production during 25. For 25, another important milestone is the second drilling rig. So for the future, to achieve the base plan where we try to tackle 20,000 bars per day net, we need the second one. We expect to get that drill by the end of next year. So that's the perspective that we have in terms of activity, and the production is going to increase We expect to finish the year between 13 and 14,000 virus equivalent per day, and that's the guidance that we did last call, so we're still in the same line.

I think Andres here, I think the big picture comments on our new acquisition is that everything is going really ahead of our expectations. If you remember, some of the activities that we're doing, that we're actually doing right now, was putting on production the Pad 4. And as I mentioned in my introduction, that pad is already contributing approximately 5,000 barrels a day, and it's still cleaning up. I mean, it's still producing at 50% water. And if you remember, these wells should clean up to almost zero water in the incoming weeks. So we have high expectations for the productivity coming from that pad. And the second big item here is the initial of the exploration activities in Confluencia. And that is underway. We haven't completed the wells, but we have completed the drilling of the wells. And of course, these are quite close to Matamora. So our expectation was to encounter more or less similar conditions that we found in Matamora. And that is confirmed. So, so far, What we found is well within what we expected. So we look forward to completing and testing production from these wells. This doesn't fully derisk the entire Confluencia play, but with positive results will open up more opportunities for us to continue drilling there. So very encouraged and very happy with how the operations are going in in Vaca Muerta right now who have a great relationship with the operator and they are doing an incredible job. We have already Geopark team members participating in the operation. We have three people named in the operation that are fully dedicated to work with them to get everything right. So, so far, really so great.

Daniel, good morning. I'm going to take your question around inorganic opportunities. I think it's no surprise for everybody in the call that inorganic opportunities are a key component of our strategy going forward. We have, as a company, a strong track record of delivering value through inorganic opportunities. We have done that in the past. We're doing it now through Vaca Muerta, and we believe that we can continue to do that into the future. When you look at the perspectives in the region, we believe that we can actually access new barrels, new reserves, and provide kind of long-term sustainability to the business through those acquisitions. I would say that our focus is around three things when you try to drill down into what that strategy is trying to accomplish. The first thing is that we're focusing on assets that provide immediate production capabilities. whilst we still look at exploration opportunities and those sort of renewal type opportunities in the medium to long term, that is not our prime focus and that's not where our primary capital allocation from an organic standpoint is gonna be. At this time, we believe that our capital allocation needs to be biased towards those opportunities that bring immediate production to the business. We think that's one key component. A second component is, of course, around scale, right? We are focusing the agenda on material opportunities that move the dial in terms of reserves progression for the business. You know, we have spoken in the past of our growth ambition, and we believe that the opportunities that are going to be made available to this company if we if we reach a next ceiling of scale, something around the lines of 70,000 barrels a day or so are different. It opens up new opportunities for the business. It opens up a different type of liquidity in the market. And we believe that is of strategic value and real economic value for our shareholders. So those are, I would say, are two elements of color in the strategy. And I think the third one is, of course, the geographic footprint. And as we've said many times in the past, and I'm going to reiterate that, Colombia, Argentina, and Brazil are the places that we are focusing our attention right now. Thanks, Daniel.

Thank you, Jaime, Andres, and Rodrigo. If I may just squeeze another one related to the last comment you did, Jaime. Can you share with us what is the maximum level of leverage that the company will feel comfortable at operating?

Sure, Daniel. I don't know if you heard that. I had a bit of a mute moment here, but I was saying that, sure. You know, what we indicated in the past, and when we look at our financial frame going forward, we believe that... gross debt to EBITDA ratio of 1.5 is manageable. We're nowhere near that ratio, nor do we think that we would be in a sustained way at that level, but we believe that we can look at opportunities that at times take us to that level, right? Of course, we're gonna look at the at the type of assets and the nature of how those assets look to give us financial flexibility and assurance. We've been a company that is known for its prudent financial discipline, and that's not going to change. But when we're looking at opportunities, that's kind of a debt ceiling that we put to ourselves.

Thank you, Jaime, very much.

Thank you. As a reminder, if you'd like to ask a question, please press start, followed by one on your telephone keypad. The next question comes from the line of Stefan Forco of Opus Advisors. Your line is now open. Please go ahead.

Hi, guys. Thanks for taking my question. I've got a few. The first one around production. So what's the current production net? in the Llanos and Argentina. I think we'll get confirmation of that. Second, at least in my model, the cash tax in the quarter was quite lower than what I was expecting in Colombia. And I was wondering, what do you expect to pay in cash tax in the second half of the year, in 2025? And lastly, So there is a new prepay with TRAFI, I think, that comes with an improved discount, a lower discount for CP05. I was wondering if you could give us a sense of how long is that discount for, and what did you have to pay for the TRAFI prepay? What I'm trying to get to is whether the lower discount for CP05 production is just for the duration of the prepay, or that's something that can carry for longer. Thank you.

So Stefan, good morning. This is Martin Carado. Nice to talk to you again. I'm gonna cover the question around how we're doing on the current production in Llanos. I will let Rodrigo talk about Argentina. So for Llanos, We look at it three ways. The first one is our two legacy blocks, which are CP05 and SHANOS34. And then the third component is exploration. So I'll touch a little bit on each of those. In CP05 and SHANOS, remember we got three of the top 10 fields for the country. We're right now between those two blocks producing around 70,000 barrels gross and net to us is in the order of 28 000 barrels of oil per day these these seals are a little more mature and then as time goes by if we think about cpo5 when we acquired cpo5 back in early 2020 we were producing 8 000 barrels now as we already published we reached a peak production last quarter of around 26,400 net in the block. We're still in that order of magnitude between 26,000 and 26,500. As you recall, all of those wells are naturally flowing, so the next step is to put artificial lift in some of those wells. We plan to do that on the second half of the year for three of those wells. We have one rig that is running. It has drilled three exploration wells. One of them has been a successful well called Perico, producing 900 barrels. And then we had two exploration wells that did not result in putting them on production, Lark and Cisne. Lark was a low chance of success, but high potential prospect that was targeting the same as Indico in the Uvaca formation. And Cisne was delineating and evaluating the stratigraphic play that we have in the north of the block where we have two out of three wells already producing. So that's what has been going on from a drilling perspective. Yesterday we spotted Cante Flamenco II, which is an appraisal well, and we expect to have results from that well in about 45 days. In addition to that, in CP05, as we mentioned before, we do have that 3D seismic that was acquired early this year, and our subsurface teams are looking at that data. That's about 470 square kilometers of 3D. So that's, like Andres mentioned at the beginning, is what we are envisioning for additional prospects in the block. When we move to channels 34, channels 34 has been on production and if we recall what we've been talking in the past, we had three drilling rigs pretty much most of last year and the stage of that asset is going into a phase where we're gonna be doing less drilling. Most of the drilling that we did late last year and that we're doing this year is about horizontal wells some injector wells that were required as part of our water flooding in strategy right now the field has about 17 percent of the production coming from horizontal wells and those horizontal wells have been very successful on production and also economically we we spend around 90 million dollars of gross capex The payout for those wells has been around 14 months and they already provided positive cash flow. So Horizontal Wells has been a good story. Now we're running out of Horizontal Wells as the ones we originally drilled and that's why we're releasing a rig. We have some additional ideas and we were successful drilling a short radius well, which is basically using an existing vertical to do another horizontal well, and by that we can do it cheaper. So that's part of what we're doing next. We continue doing workovers. Our workover campaign has been very successful. And again, as the field gets more mature, some of those formations that initially we left behind pipe, we are going back into those and opening those. So a very successful campaign, and we're going to do about 14 more. We're doing deepening. of some pumps and we continue reinforcing the water flood. So that's what we're doing in the channel 34. As you can imagine, when you bring down the number of rigs and we're not drilling that many wells, the decline of the field is probably gonna be something that it's not keeping the field flat. So with all the activity that we got planned for the second half of the year, we expect that the decline of the field is gonna be in the order of 10 to 15%. Now, the other component that is affecting both of these blocks, CP05 and channel 34 is blockages. When we put together our budget, we always assume downtime for several root causes. One of them is social unrest. And what we assumed for the year 2024 was the same numbers that we had seen in the year 2023. And one of the reasons why we're saying that there's a chance of being on the low end of our guidance and maybe even below that is blockages in these two blocks. The blockages that we had assumed for CP05 had a 3% and in CPO5 it has been around four times that. And when we look at our block, channels 34, we had assumed 1.5 and it has been around twice that much. So that's something that we see in most of the blocks, not only ours, but the neighboring blocks. It's something that we're working with the local, regional, and government entities, also with the National Hydrocarbon Agency, and also with the petroleum operators that are associated in Colombia. So that's something that we wanted to address. The other component that we have is the component of exploration. Last year, we had discoveries in seven wells throughout our operations in Ecuador and Colombia. Specifically for Colombia, We had three successful exploration wells, Saltador, Visita, and Toritos. Those are in the blocks very close to Channels 34 and GP05. In those blocks, if we look back one year, they were producing about 100 barrels net to us. We started the year and they were producing 1,500, and today they're producing, like Andres mentioned, 1,800 barrels net to us. That's a really good story. We have one rig that is drilling in the area, and we got one more rig coming. The latest wells that we have drilled, one of them is producing around 900 barrels of oil per day, and the other one is producing around 500 barrels of oil per day. So we're encouraged about the results that we have in the channels 123. We will keep drilling about three to five more wells in that block. The other component that we have is exploration in a block that we've been pushing for about two years, which is Putumayo 8. That is in the Putumayo Basin adjacent to the Platanicio block. And as we speak, we're doing the civil works. So we expect to drill the first one called Machaca. Like Andres mentioned, spot that well in October, November. followed by another well. So as our CP05 Indico field gets more mature, and channels 34 goes into the stages where we will continue pushing for new ideas beyond vertical wells, but maybe around water flooding, workovers, we expect to continue having good results from the exploration program that we have in Colombia.

Hello, Estefan. This is Rodrigo. We are moving to Argentina. As you can see, the average production for last quarter was 2,500 barrels, and we are producing the same level today. We have some wells, shooting wells, due to a workover operation in the past six. But the good news are coming from the new paths. We started with the path 22 last February. And the results are far away what we expect in the model that we did by the business at that time. So the result of those wells are above the P10 of our estimation. The characteristic of that well is that it's located in the center of the block. There are three wells there. And I think this is part of the learning curve that we have with the operator in the area. They started to drill only the top side of Vaca Muerta. The level we call is C3.5. The result that we are achieving there is really good, even better than we expect after mentioned. So after six months, the performance is over the P10 of the expectation that we have. Even so, this is a shorter path. We have 2,200 meters as a horizontal length. The other good news that we have is recent because we put it on production, the path number four. Path number four start 25 days ago. Four wells, the same levels as I mentioned, C3.5 and C3, so we are talking about the top side of Paca Muerta, but this part is located in the north of the block. The results are pretty good. We are in the beginning. We are cleaning the well, but at least at the moment we are far away from the P10, so we have to wait and see the decline projection, but at the moment we are very happy with the performance of the new wells. Why there is a good performance, as I mentioned, something has related with the subsurface, but there is new technology what we are doing. We have oriented perforation in both paths, and so apparently this is something that contributes a lot in the performance of the well. The next path is going to be Confluencia. That's the first exploratory path that we drill in the next door block. We are very excited what we saw in the logs. We cannot promise production yet. We have to see the productivity we are going to find, but at least the projection that we see is similar than Matamoros, so that we are very happy with the result at the moment. In that case, we have three wells. Those are long wells, so we are talking about almost 3,000 lateral length wells. That's it from Matamora and Confluencia at the moment. What we expect is to finish the year between 13,000 and 14,000 buyers a day and increasing the production as soon as we are putting new wealth on production.

Stefan, this is Jaime. Thanks for your questions. I'm going to cover the other two points. The first one is around lower cash taxes. I guess on that one, let me put some kind of facts in the room. The first half of the year, which is where the bulk of the tax season is, our outflows amounted circa $70 million. And that's the pareto, if you will, of tax payments that we're going to have this year. We expect a further $20 million, $20, perhaps $25 million from here to year end. taking us to about 95 million for the full year. That, if you do the math, and it basically puts the tax effective rate from a cash standpoint at around 40%, it is a good outcome, and what we're seeing compared to our Estimates that we had perhaps at the back end of last year is that we are actually seeing lower withholding taxes. Particularly, there's been some changes in effect in Colombia around that. The withholding tax rate specifically actually went from 10% to 7% on one end. And the other thing that we're seeing is more deductible items, more deductible items that can actually offset our tax position. With regards to outlook on taxes beyond 2024, I think the biggest factor is going to be in what price environment we are, because actually the biggest lever regarding tax is the calculation around the tax surcharge that we have as part of the tax reform that occurred in Colombia. That is the biggest component. What we're estimating at this stage is that the price tags that we're going to see are that if we have a price environment that is above $76 per barrel, we're going to be in the 10% tax surcharge environment. And if we are above $81, we are going to be at 15%. That takes you to a nominal of 50% kind of ceiling. So that's the way kind of to look at it. With regards to your other question around the Trafigura prepayment, let me just kind of two, three kind of key facts to put in the room. The first one is the scope. And we have mentioned, this is about CPO5, but it's specifically around the lighter crudes in CPO5, right? That's the particular scope. And the reason for that, and to put you in our terms, it's the indigo production particularly, it's because the quality of that oil is very special. This is probably, the best crude or maybe top two crudes in Colombia. So it actually has, not actually does it have a better discount, it actually has a premium over Brent, right? and what we were searching for from a commercial standpoint was to capture that premium. So that's the aim of that deal with Trafigura, to capture the premium. Now, it has other benefits, and the other benefit is obviously it diversifies our off-takers, and it gives us a little bit more flexibility around how do we market that crude in particular. With regards to the off-take agreement, it has a 12-month duration, And that's how we laid it out. So it covers, it started the 1st of August. It's going to go for a full year. And it gives us also the option to obtain financing from the off-taker for up to $100 million, which is something that we also appreciate in terms of, you know, the toolbox of financial flexibility too. to deliver our strategy. So those are the biggest elements. You ask, I think your other element in the question was what was the outlook for this crude? And fundamentally, when you look at Colombia, there is an increasing deficit of lighter crudes in country, right? And that's actually gonna grow over time. So over time, this crude is gonna become more and more and more attractive because it's actually a key component of the local refinery. So the local refineries in Colombia need this crude as part of their mix, and if they cannot find it domestically, they need to import it. So, you know, for the next 12 months, we've locked in a very competitive differential. We'll see how market conditions are next year, and we'll work with that. Thank you.

Thank you. The next question comes from the line of Vincent Balanga of Bridesco. Your line is now open. Please go ahead.

Hello, Jaime, Andres, Steph, and thank you for taking my questions. I was trying to figure out a little bit more over the long term for Llanos 123, Estejo, and Putumayo eight blocks. I know you've been running tests there and they've been encouraging. I was just wondering, you know, what sort of output these fields could grant you over the next coming years. Then, if you could explain a little bit more about the results of the Matamora Norte 2223 well, which, if I'm not mistaken, produced an average of 2,136 barrels of oil per day during the second quarter. If you can walk us through, you know, what sort of the peak production you saw there and how it's declining, and if we could expect other wells with similar characteristics. Thank you very much.

Hello, Vicente. Again, this is Martin Terrado. I'll cover the Chanos 123 and the Putumayo 8. questions and let Rodrigo go over the Vaca Muerta question when we think about channels 1 2 3 again that's like I said before I'll make more focus on channels 1 1 23 but this block right now is producing net to us 1,800 barrels of oil per day a year ago it was producing 90 barrels so the increase and the the proportion of barrels coming out of that block are representative. We have one rig that is running, and we're bringing another rig, so that gives you an idea of how confident we are on more drilling in that block. The latest wells that we have drilled have given us between the two around 1,300 barrels of oil per day, and right now, we're we're drilling a an exploration world called torito sur we spotted that well around 10 days ago and the second rig will be starting in the middle of september so um these are usually barco formation guadalupe wells and that are similar to what we've seen in channel 34 we have facilities in place, ready to put the wells on production as soon as we have discovered. And based on the results that we see on the second half of the year, we will sit together with our partner and decide on what are the next wells that we want to drill going into 2025. At this point, what we have for sure is the campaign for this year and encourage about those results. When we look at Putumasho 8, Putumasho 8 is 100% exploration, right? So these are, when we acquired Amerisur back in 2020, and we look at the blocks that were available coming with that acquisition in the Putumasho, we focus on around six blocks. Putumasho 8 is clearly one of the top ones. And since then, in that block, we've done seismic. We got the environmental permit. We went through one of the first public hearings, successfully went through that one. And we have three prospects already identified, some more coming on the way. But out of the three, Machaca is the first one that we will be drilling, spotting in October, and then Bienparado. So if you ask us, okay, what's the output for the next years? We'll have to see how the results show. on those two wells and a third one, but we feel confident that area is an area that has not been explored that much in the past, so probably more to come in the next hole.

Hello Vicente, this is Rodrigo. Going back to your question about Matamora 22-23, That was one of the best wells that we have in the block, definitely. We did a production last February. After six months, we can say that the well is an outstanding. But at the same time, if you see the performance of the entire path that is located in the center of the block, it's quite good. It's on the P10 of the expectation that we have. So we are almost the double that we expect in the P50 for the deal. So that's why we are very happy. You asked about the behavior of the wells. So you can find the peak of the- 2,500 bars per day. Remember that this well is a short well, about 2,050 meters or so. So that's, if you know well, about one of the best wells in the basin. So I understand what you're saying. The question you said is, can we find more wells than this in the block? Definitely yes, because if you see at least the beginning of the path number four, located in the north of the path, it's even better than this well. But we are in the first month, so we have to wait, see the peak of the production, and then the decline ratio. But after these two new paths, we are very excited about the results. We believe that the new technology, as I mentioned, oriented perforation helps a lot, but definitely put the wells in the upper sides of Acamuerta, as I mentioned, C3.5 level is one of the key elements here, so where we can develop a better performance in the fracking. So we are seeing very good results, not only one well, in most of the new wells that we have in the block. Let's see what happened in Confluencia. Of course, we have to wait to October to see the results, but we are very, at least at the moment, we have very encouraging results.

So certainly, the results are very encouraging. And as Rodrigo said, some of these additional flows And remember, these are some of the highest flowing wells almost in the entire Vaca Muerta play, are very encouraging and can be seen in other wells. As Rodri said, we're seeing it on one of the wells in the Path 4. So that's why we're happy. Obviously, whether these higher initial rates are going to translate in future incremental EURs and things like that, it will take time to be more cautious about it. But so far, the results are being ahead of our expectations.

Thank you. Thank you very much. That's very clear.

Thank you. As there are no additional questions waiting at this time, I'd like to hand the conference call back over to Mr. Andreas Ocampo for closing remarks.

Thank you, everybody, for your interest and your support of our company. We're always here to answer any questions you may have and encourage you to come visit us in our field and our operations or call us anytime for further information. Thank you and have a good day.