OGE Energy Corp

Good day and thank you for standing by. Welcome to the OGE Energy Corps 2024 Fourth Quarter Earnings and Business Update Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jason Bailey, Director of Investor Relations. Please go ahead.

Thank you, Dee Dee, and good morning, everyone, and welcome to our call. With me today, I have Sean Trosty, Chairman, President, and CEO, and Chuck Walworth, CFO and Treasurer. In terms of the call today, we will first hear from Sean, followed by an explanation from Chuck of our financial results, and finally, as always, we will answer your questions. I'd like to remind you that this conference is being webcast, and you may follow along at oge.com. In addition, the conference call and accompanying slides will be archived following the call on that same website. Before we begin the presentation, I'd like to direct your attention to the Safe Harbor Statement regarding forward-looking statements. This is an SEC requirement for financial statements, and simply states that we cannot guarantee forward-looking financial results, but this is our best estimate to date. I'll now turn the call over to Sean for his opening remarks. Sean?

Thank you, Jason. Good morning, everyone. Thank you for joining us today. It's certainly great to be with you. 2024 was an outstanding year for the company, for our customers, for our employees, and for you, our shareholders. I'm excited about our message to you this morning as our consolidated earnings results for 2024 were above guidance. The momentum we've built continues to accelerate, establishing a higher base for growth going forward. Some of our top accomplishments for the year, including adding more than 10,000 customers, continuing to see drop in our SATI numbers as our grid strengthening efforts deliver value for our customers, replacing one of our largest substations ahead of schedule, relieving congestion in one of the SPPs' most congested areas. We have nearly 450 megawatts under construction at Horseshoe Lake, which incidentally also celebrated its centennial this year, as did Muskogee. We have another 100 megawatts under construction for Tinker Air Force Base coming online next year to coincide with the base expansion in 2028. We've continued to enhance the self-service tools like our mobile app and website so customers can do business with us 24-7. Continue to use automation and AI to gain efficiencies and reduce costs, further improving that customer's experience. And finally, another incredibly strong safety year. Our safety culture underpins our entire organization, and I couldn't be more proud of our team for putting safety first. Turning to 2024's financial performance, this morning we reported consolidated earnings exceeding the top end of our guidance of $2.19 per share for the year, including $2.33 per share for the electric company and a loss of the holding company of $0.14. Our sustainable business model continues to provide opportunities to drive low growth while simultaneously strengthening grid for many years to come in ways that smooths the customer impact and delivers consistent financial returns. We're laser-focused on reliability, growth and affordability, and I know sometimes I sound like a broken record, but history proves that we do what we say we'll do. The investments we make deliver results, build these communities, and present a deep and diverse set of opportunities for us to pursue. CHUF will detail our financial plan going forward as we build on our strong financial base and credit metrics and the momentum of our excellent load and customer growth to deliver the safe, reliable, resilient electric service that our customers expect. On the regulatory front, our constructive regulatory environment enables us to support growth, serve customers, and achieve results. And by mid-year, in Oklahoma, we will file for both recovery of our plans to meet generation needs and a general rate review. And at year-end, in Arkansas, we'll file for a general rate review and a formula rate plan as we have in the past. The advantage of our low rates, combined with the overall economic strength of the communities we serve, led to the exceptional load growth of .6% for 2024. Today, Oklahoma City and Fort Smith unemployment rates beat the national average, and our hometown, Oklahoma City's unemployment rate of .8% clocks in as the sixth best for large metropolitan areas. And the strength of these communities drove our .2% increase in customer growth. On the commercial side, load growth is diversified among a number of industries, including multi-unit housing, defense, manufacturing, and tourism. And I can't overstate, these projects are the result of our multi-year effort to drive economic growth in both Oklahoma and Arkansas, partnering with communities to land new business relocations and expansions. Alongside the commercial growth comes the people who support those businesses, and our residential load grew by .4% in 2024. I understand there's a lot of excitement about data centers, and rightly so. And we are very excited about this opportunity, but I want to be clear that our load growth in 2024 and forecasted for 2025 is without any data centers. While we remain optimistic about these opportunities, and we're still in discussion with a number of potential projects, and we'll certainly update you when we can. We remain committed to growth for our communities and for our customers. In the case, Grosje and I is strong, and I'm certainly bullish on our future. We're leveraging the economic development engine we built that's driving this load growth. Our excellent operational execution is driven by a fully engaged seven employees who are determined to reach that North Star, delivering safe, reliable, safe, affordable electricity for our customers. And we operate in constructive regulatory jurisdictions. We've created a competitive and credible financial plan backed by a balance sheet that's one of the strongest, and all of which leads to a long-term plan where we address system growth and customer needs. And today, we're setting a guidance midpoint for 2025 that is 7% higher than a year ago because of the proven and anticipated load growth. We expect to continue to grow 5% to 7% annually from this new midpoint. And next week, OG&E will celebrate its 123rd birthday, and we'll celebrate by investing in the grid and generation in ways that allow us to meet customer demand for electricity, grounded in improving reliability and maintaining those load rates as we achieve our commitments to you. Thank you, and

I'll now turn the call over to Chuck. Chuck? Thank you, Sean, and thank you, Jason, and good morning, everyone. I'm pleased to review our outstanding 2024 financial results with you, introduce our 2025 financial outlook, and discuss our long-term earnings growth guidance. Let's start on slide six and discuss full year 24 results. Consolidated 2024 net income was $442 million, or $2.19 per diluted share, compared to $417 million, or $207 per share in 23. 2024 was yet another year of great execution by our dedicated members and a reflection of the health of our growing communities and the constructiveness of our regulatory jurisdictions. We began the year expecting consolidated earnings of $2.12 per share. Throughout the year, we experienced stronger and forecasted low growth, as well as warmer than normal summer. We updated our expectations by pointing to the top of 24's EPS guidance range. We exceeded expectations and closed the year 7 cents above our original midpoint. In our core business, the electric company achieved net income of $470 million, or $233 per share, compared to $426 million, or $2.12 per share in 23. The main drivers of the year over year increase in net income were exceptional low growth and higher operating revenues driven by the recovery of capital investments. The holding company reported a loss of $28 million, or $0.14 per diluted share in 24, compared to a loss of $10 million, or $0.05 in 23. The increase in net loss was primarily due to higher interest expense and lower net other income. You can find fourth quarter results in the appendix. Now let's review our 24 load results by turning the slide seven. Our customer growth was strong, finishing at .2% as we continue to attract new business to our service area. Our weather normalized load growth was truly exceptional at 7.6%, the largest annual weather normalized load growth in my almost 25 years at the company. The strength was across all customer classes with commercial leading the way with an extraordinary .4% annual growth. I'm especially excited to see the .4% growth in the residential class as it follows and reinforces all the growth we're experiencing across our system. As you will see, we expect our total load to continue this trend into 2025. Stepping back for a moment, our performance in 24 isn't new and we expect it to continue. We charted a path years ago when we focused on growing the electric company by growing our load with attractive lower rates and higher quality service, building an economic development engine and focusing on our cost structure. Since then, we've built a track record of performance. If you look where we plan to be at the end of 25, compared to the past 10 years, we will have managed to keep O&M per customer growth at less than 1%, rates at some of the lowest levels in the nation, low growth at a compound annual 2.2%, all while investing more. Our five-year capital plan is more than doubled. Our balance sheet is strong. Our dividend has grown at a compound annual rate of 5%. And our consolidated earnings per share, excluding midstream results, has grown at a compound annual rate of approximately 6%. These are real results. Let's turn our attention to the details of our 25 plan on slide eight. Building on the low growth tailwinds in 24, we have developed a financial plan that sets consolidated earnings at $2.27 per share with a guidance range of 2.21 to 2.33. We're setting the 2025 midpoint 7% higher than 24's original midpoint. In addition, we are now basing our long-term annual EPS growth rate of 5% to 7% off of this higher 25 midpoint and extending it through 29. We are pleased to be able to deliver results for our customers and base future earnings expectations off a higher level. Looking at load quarter to quarter or near-term forecasting can be challenging, especially when dealing with larger loads that may accelerate or delay coming online. That being said, we expect 25 to be another year of exceptional weather normalized growth of .5% by year end. Adding to the last four years of historically strong load growth. We believe 25 sets up well and we can achieve our goals based on the operational execution of each one of our members. Our financial plan objectives include maintaining our competitive low rate advantage by focusing on our cost structure, managing the regulatory process by minimizing the time between investments and the return and recovery of the investments and growing OGE by maintaining a highly credible total return proposition for our shareholders. Turning to slide nine, the strength of our balance sheet, which is one of the strongest in the industry, remains a competitive advantage for us. We continue to forecast FFO to debt of approximately 17% throughout the forecast period with no need for external equity issuances other than a modest annual drip. We have no fixed rate maturities until 2027. We anticipate a long-term debt issuance at the electric company of up to 350 million in the first half of the year. We rolled forward our five-year investment plan at 29, increasing the plan by 250 million. Sean spoke to the important items we will work on in 25, including generation capacity associated with the 2024 IRP and system projects. We will communicate our plans, including financing, with you after we receive the appropriate approvals. In my closing remarks today, I would like to leave you by expressing my confidence in our financial plan. We believe we have built a credible 2025 financial plan that exceeds the expectations set out just a year ago when we introduced our first pure play consolidated growth rate guidance. Our confidence in the financial plan extends beyond 25, and that is reflected in basing our five to seven expected annual growth rate off of a higher 25 EPS midpoint. The strength of our plan this year allows us to continue to focus on the future and address the investments required to meet the electric demand of our growing communities. Our confidence remains based on the belief in the dedication of our employees and their ability to get the job done. That concludes our prepared remarks, and we'll now open the line for your questions.

Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. And our first question comes from Durgash Chopra of Evercore ISI. Your line is open.

Hey, good morning, team. I'm impressed, I get the first question. Hey, good morning. Good morning, Sean. Chuck, congrats, this is your first earnings call as officially appointed as CFO. Look forward to working with you. Thank you. Two questions for me. First, Sean, great update today. There's a lot of debate in the market on what this data center opportunity might mean for you. We've certainly tried to put our kind of megawatts that we think might come out of this. Maybe, can you address that? Just any color you can share around the megawatts needed. I understand it's gonna be over a long period of time, but what you were seeing in the pipeline, just high level, and then in particular, talk to the Stillwater opportunity and what could that mean, and just what to look for there. Thank you.

Yeah, very good. Thank you for the questions there, Dagesh. So a couple things. Unfortunately, we are prohibited from talking specifics about the Stillwater opportunity, and so that has not changed, so I need to pass on that one. As we think about the data center set, we've characterized it as probably opportunities in the 250 to 500 megawatt range across half a dozen or so opportunities. That we're in discussions around.

Awesome, and just to be clear, that's 250 to 500 megawatt each opportunity, right? And your context is half a dozen of 250. Yeah, I think that's what we've said previously

and recognize that that's not a forecast. We can't guarantee we're gonna get all those, but we might get more.

That's

certainly

a great place

to be. That's what we're dealing with right now.

Excellent. Just one housekeeping question. You didn't address the dividend, I'm sorry if I missed it, but just how should we think about dividend growth in the context of your EPS growth? If you could just talk to them, and I apologize if I missed it and you did.

Yeah, so really no change in messaging there on the dividend. We've been pretty consistent in terms of the growth that we've addressed with that over the past couple years. And again, just I'll point you to the language in our 10K around dividend payout. So that remains our goal to be in that 65% to 70% payout area.

Excellent, thank you again. Appreciate the time.

Thanks, have a great day.

Thank you.

Our next question comes from Shar Perez of Guggenheim Partners, your line is open.

Hi, good morning, team. It's actually Constantine here for Shar again. Congrats on grade 24.

Hey, thank you, Constantine. Good morning, hope you're well, and please pass along to Shar that Dee Dee nailed his name.

Will do, will do. Just maybe starting off on the 2025 expectations and guidance. You know that the seven and a half to nine and a half percent low growth, which is a step up versus kind of the prior long-term assumptions that you had of greater than 1%. So that would point to some level of accretion. But maybe can you refresh us on the EPS sensitivity versus low growth and maybe any other offsets that you're embedding in 25, like regulatory lag or any other?

Sure, Chuck, you wanna do that one? Yeah, Constantine, you know, we really are hesitant to give out sensitivity on low growth at EPS and just given the wide composition of rates within that. But that being said, if you look at slide eight on the deck that we put out today, you can see how much that we're attributing to low growth across all classes. And so then you can kind of do the math between that and the seven and a half to nine and a half percent. So that kind of should give you an idea. But again, you know, I feel only appropriate to put a little caveat on that. Oh, and then your other question on regulatory lag, I believe it was. So, you know, we do plan on going in for a rate case, as Sean said, by mid-year of this year. And obviously this low growth is doing a lot to help mitigate any lag in between cases.

Okay, perfect, understood. And just more broadly with the second tier of high single digits low growth, how does that compare versus the IRP assumptions? And does the low growth require any interim solutions from an energy and resource adequacy standpoint and any urgency in 25? As we see kind of the reserve margins start seeing some pressure.

Yeah, great question. And we're in pretty good shape. But certainly we're continuing to, as we're negotiating the results of the RFP process and working through that process, we're updating that for, you know, current results. And so we'll certainly consider that, but nothing of concern right now.

Okay, and any cadence of updates there beyond the RFP timeframe that you put out in terms of putting any kind of numbers behind the- Yeah,

so we're, yeah, we're going to file what we said, we're gonna file mid-year for recovery of that for our generation plans. And under Oklahoma, the statute allows for a 240 day period of time. So when we get the requisite approvals there, we will layer that in in terms of the capital expenditures and our financial plan, how we will finance that. Just to kind of reiterate what we've said previously, it is our intent to own these assets. We may have to bridge a little bit of it for, you know, a year or two just to kind of get through as we're constructing these, but it is our intent to own the majority of these assets. And, you know, I'll tell you, walking into this call, it's one degree here in Oklahoma City with the minus 18 wind chill and schools are closed. There's ice and snow all over the roads, but the lights are on. And I have a lot of confidence in the men and women in our company to kind of do that. And that drives a lot of our thinking around owning these assets, so.

Perfect. That's a great message. Thanks for taking the questions.

Thanks, Constantine. Have a great day.

Thank you.

Our next question comes from Nicholas Campanella of Barclays. Your line is open.

Hey, good morning. Sounds like you got some Northeast weather down there, so hope you're staying warm. Yeah, we're...

Yeah, we're... We're talking about this winter weather.

Well, hey, I appreciate the time. You know, just wanted to ask, when you think about serving these potential data center customers, the capital requirements that are going to come from that, the potential to invest in new generation, how are you kind of thinking about your position within the supply chain? It just seems like there's been just general tightness across turbines and general availability there. So just wanted to see if... Do you have this ability to be able to kind of deliver on a generation solution for new customers that are outside of the plan within this decade?

You know, I think that's certainly what we're looking at. We were fortunate to have this RFP process underway, so we've got a good visual of what is available in certain timings. So we feel pretty good about that. And, you know, you... What we see today, we feel pretty good about. You know, if we were fortunate to get a lot more, you know, we'd have to take another look at that. But what we see in front of us and what we're anticipating, we feel pretty good about.

OK. And then just putting in just a finer kind of timeline on when we can expect the next updates, when do you think we would expect to hear about whether or not you'd win one of these new data center customer contracts? Is it just going to be a one-off press release? Are you trying to deliver something by the back half of this year? How would you kind of frame the timeline?

Yeah, great question. And my expectation is this may not be our press release. This may be somebody else's. And obviously, we would communicate about that then. And then where we... So we're not trying to time anything, if that was your question. And then the second point is, obviously, we would have some sort of capacity to satisfy that new load. And you should expect us to kind of make the requisite filings with the commissions and get that cleared up and then Chuck will explain exactly how we're going to finance all those as well.

OK, and that's something that... Sorry, that's something that you think happens in the first half of this year or you're just not putting the timeline on at this point?

Well, we are going to... So two comments or two pieces of this. We're going to file the results of our generation RFP that are out there. We're going to do that by mid-year. And we would certainly... It would be nice if we had something, if there was going to be a data center inclusion in that, that we had that in there too. If it doesn't work out, we've got to move forward with these RFP results. We'll file that. We may have to come back later and do a subsequent filing for data center.

That's very clear. Thank you very much.

All

right.

Thank you. Our next question comes from Julian Demolin-Smith of Jeffrey Surline is open.

Hey, team. Thank you again for the time. Stay warm, guys. Stay warm. And maybe just to pick it up from where Nick was left off there, frankly, can you speak a little bit to what you're seeing in terms of the total quantum of RFP activity there? I mean, if you were to pick up incremental megawatts out of that RFP, whether in sort of coincidence with the initial RFP update or in the back half at some point, how do you frame the sort of the total scope of what that RFP was able to procure? I.e., I know when you launched this whole process, you weren't anticipating that you have this quantum of data center and or other load. Can you speak to what a max size on the RFP could be realistically or kind of any framing of sensitivities there?

Julian, are you looking for the kind of the high end there? Are you contemplating this data center? Well,

look, I'm trying to understand. Obviously, the low growth itself is dynamic. I understand that you can't necessarily get everything at the same time. I understand that when you launched this IRP slash RFP, you didn't necessarily contemplate this. So just, you know, obviously you can scale up the quantum of the RFP. But I imagine there's going to be some realistic frictions of what is palatable for you guys to procure.

Yeah, and yeah, I think fair point. And I get it. You know, also recognize we're kind of in the middle of negotiating those. So I don't really want to tip my hand in any way, shape or form. What I what I would say, though, is, you know, we've been able and we anticipated this load growth. We've been able to kind of manage this within our current capacity constructs. I'd also mentioned to you on previous calls where we had doubled down on our energy efficiency and domain response programs. That has created a significant benefit. I also mentioned that some of the crypto load that we have, they do not really have a net addition to our capacity needs because they're on direct load control. So we have that benefit. And then the last point is, you know, we're also continuing to evaluate and do upgrades to our existing facilities where we're squeezing, you know, you know. 100 megawatts or so of additional capacity there. So we're we're attacking this on all fronts to make sure that when we do finalize the RFP, Julian, we're getting the very best deal. But I want to be I want to be really careful there because we are in the middle of negotiating those agreements and I don't want to jeopardize

that. Yeah, I understand. It's a very dynamic situation. I got to try at least ask maybe just to speak on the other side of that.

You know,

I've just been finding it all. We're always going to try, right? Maybe on a timing perspective, right? Which you have to go back and issue another RFP because, again, the scope of this RFP just didn't contemplate the total megawatts ultimately. Well, how do you think about the like a subsequent RFP filing? How do you think that, you know, what that would lead to to reconcile with some of the timelines? I mean, I'll note, for instance, this fill water dynamic, for instance, could be kind of a 27 time frame. What I can tell, like, could you swiftly issue another RFP? You guys getting ready for that here potentially?

Yeah, I mean, I think we've got to be we've got to be prepared to do that. I think that's a very real situation there is things develop and use the word dynamic. It's it's dynamic. And, you know, to the extent that we have significant changes in how we see the future, we would do a new RFP. And I think we should be prepared to do that.

Got it. And then lastly, just quickly, the legislative front, you know, given how dynamic the situation is, given the scope of what would be contemplated here, how about any conversations this year in terms of formula rates or otherwise, if you can speak to that a little bit?

Yeah, I think, you know, yeah. So on the legislative side, in terms of formula rates or performance based rate making or something like that, we we achieved our objective there in terms of education. I think everyone's fully aware and educated now. We always recognize that all all roads lead through the commission. And so, you know, we're going to we've got a heavy, heavy agenda this year, but we're going to find the opportunity to make a filing there for formula rates at the commission.

All right. Excellent, guys. I'll leave it there. Best of luck. All right. Nicely done. Thanks, Julie. Take care.

Thank you. Our next question comes from Anthony crowd out of Mizzouho. Your line is open.

Hey, good morning, Sean. Good morning, Chuck. Again, congrats, Chuck on, I guess, your first, I guess, I know it's full time or non-intern call. Thanks, Anthony. Good morning, Anthony. Good morning. Hopefully a little easier than Julian's question. I didn't know where that was headed, but I guess I could ask about the 24 percent commercial load growth that you're calling for. I'm wondering if you give any clarity or indication of just what percentage of your gross margin if I think of in 25 or if you want to pick another year, what percent of your gross margin will come from commercial load?

Chuck, you want to tackle that one?

Yeah, sure. You know, maybe just take a step back and look at, you know, the results of 20, 24, you know, where we really saw strong results across all categories. And, you know, really, I can't overemphasize, you know, how, you know, how important that is to me that we're seeing growth across all those categories, really showing the underlying strength of our service area. You know, within commercial, you know, that is a lot of that is, you know, crypto load, as Sean spoke to before, that is really beneficial in that it doesn't require much incremental investment for us. On the generation side, that's all on direct load control where we've got the proverbial button, so to speak. So, you know, really, really beneficial for our customers as a whole to have that, you know, that low cost to serve a kilowatt hours in there.

Great. And then just one follow up, and I apologize if I didn't hear correctly, but I believe that you're forecasting filing in Oklahoma rate case later this year. Yep, just with the strong load growth, obviously, the logo should help spread out the cost, you know, you know, per kilowatt hour, just if you could just indicate or directionally point to type of percentage increase. I mean, I guess with this great load growth, you have my guess would be that the amount of increase would be a lot lower. And should the load not be here?

I think what you said is absolutely correct. You should expect a load growth to mitigate this. And, you know, that's what we're trying to do is we're trying to keep these impacts small and not do anything that disrupts the overall load growth or viability of the economy. And so, depending on when we time when when we make the filing and what is in that test here, but so I don't have an exact percentage for you today, but safe to say you, you are exactly right that the load growth is going to mitigate the impact customers.

Great love this slide a lot of detail there. Appreciate appreciate you taking my questions. Hey, thanks. Anything. Have a great day.

Thank you. And our next question comes from a Jitiya Gandhi of Wolf Research. Your line is open.

Hi, good morning, Sean, Chuck and Jason. Hope you're doing well. Thanks for taking my questions.

Good morning.

Just to just to start off, maybe on load growth, can you can you just remind us what you're baking in for long term load growth beyond 2025? Is it still at least 2% and relatedly? On data center Sean, I appreciate you said you can't comment on still water, but any color you can give us on the core scientific data center near Muskogee at this point.

So, I'll start off on the long term load growth. I mean, again, we mentioned last year was the 4th year of historic load growth that we've had. And we're essentially rolling that forward into this year with really our strongest load growth guidance ever. So that's really super exciting. Going forward, though, we don't expect really a change in the backdrop, the fundamentals that are leading to where we are today. So I think we're comfortable continuing to say that we're in that 2%, 2% plus on a long range. Area, but, you know, to the extent that we have events that move us upward from that, you know, that kind of gets to those some of those press releases that Sean spoke about earlier. And, you know, we can give more more color and flavor at that time. But, you know, I think for now, you know, you should take away, you know, very. You know, very positive positive message around the fundamentals of where we have been for many years now.

Again, in

addition, just to be clear, there's there's really not anything to add around the opportunity set in Muskogee in terms of data centers. That's an active dialogue. And when we have something to communicate, we were certainly going to communicate that.

Okay, that's clear. Maybe a lot of questions on the RFP, but I wanted to ask on another potential capex upside that you all mentioned last quarter. Regarding SPP ITP transmission, could you just clarify whether that's included in the revised capex plan or not? And if not, when we can sort of expect to see movement around that capex?

Yeah, that is not in there. That'll be included when we finalize the notice to construct later this year.

Okay, and one last question for me. Appreciate all your comments around rebasing higher off of twenty five guidance. Sean, you also mentioned that you want to be consistent and have you grow, but do you at this point feel comfortable sort of guiding within your five to seven percent growth rate just just given the exceptional load growth that you're seeing?

Yeah. I'm not sure I got all of that. Could you restate the question?

Sorry, yes. I appreciate all the color around the updated five to seven percent growth rate that you already have higher off twenty five guidance. Just given the exceptional load growth at this point, do you feel comfortable sort of commenting on where you see the company tracking within that five to seven?

Yeah, I look, I think we're very comfortable through the five year forecast period to grow five to seven and I'm really focused on that five years and then years beyond that continuing to grow at this clip. I don't want to get. And to kind of pointing to one end or the other end for any particular year. I think what you're going to see from us is a consistent achievement of five to seven over a number of years. And so we're going to continue to run the business addiction and we're this thing's been rolling for a number of years and we want to keep going.

Great. That's helpful. Thanks for taking all my questions.

Have a great day. Did you take care?

Thank you. And as a reminder, if you have a question, please press star one one. And I'm showing no further questions. I'd like to turn it back to Sean Trotsky for closing remarks.

Thank you, Dee Dee and well done today. Dee Dee, you did a great job with everyone's names. So thank you for that. And for everyone on the call today. Thank you. Thank you for your interest in your time this morning and take care of yourselves and be safe out there.

This concludes today's conference call. Thank you for participating and you may now disconnect.