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spk01: Good morning and welcome to the SPIRE, Inc. 2022 year-end conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on a touch-tone phone. To withdraw your question, please press star, then 2. Please note, this event is being recorded. I would now like to turn the conference over to Scott Dudley. Please go ahead.
spk05: Scott Dudley Good morning and welcome to our fiscal 22 fourth quarter and full year earnings call. Our earnings released this morning and you may access it on our website at spireenergy.com under newsroom. There's also a slide presentation that accompanies our webcast and you may download that either from the webcast site or from our website, which will be found under Investors and then Events and Presentations. Before we begin, let me cover our safe harbor statement and use of non-GAAP earnings measures. Today's call, including responses to questions, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although our forward-looking statements are based on reasonable assumptions, there are various uncertainties and risk factors that may cause future performance or results be different than those anticipated. These risks and uncertainties are outlined in our quarterly and annual filings with the SEC. In our comments, we'll be discussing economic earnings, which is a non-GAAP measure used by management when evaluating our performance and results of operations. An explanation and reconciliation of this measure to its GAAP counterpart is contained in both our news release and slide presentation. On our call today is Suzanne Southerwood, President and Chief Executive Officer, Steve Lindsey, Executive Vice President and Chief Operating Officer, and Steve Rasche, Executive Vice President and CFO. Also in the room with us today is Scott Carter, President of Spire Missouri, and Adam Woodard, Vice President and Treasurer and CFO of our gas utilities. With that, I will turn the call over to Suzanne.
spk03: Thank you, Scott, and good morning, everyone. It is our pleasure to speak with you today about SPIRE's performance for the fiscal year just completed, to update you on recent developments and to share our outlook to the future. Last year, we remained squarely focused on our long-term strategic priorities and commitments, while being mindful of the vital role of our natural gas businesses play in ensuring a sustainable energy future. Fiscal 2022 was a year of challenges and opportunities. We collectively tackled both with equal energy, And as we closed the year, we delivered for our customers while achieving strong operating performance. We reported earnings for the year of $3.86 per share, reflecting the strong performance in our midstream and marketing businesses and at our gas utility. We met the headwinds of weather and a lower rate of return in Missouri, with a path for improvement in fiscal 2023. We continue the robust investment in our gas utilities to upgrade infrastructure, drive new businesses, and advance our technology. This has led to further gains in safety, system integrity, environmental performance, and overall service experience for the 1.7 million homes and businesses we proudly serve. We successfully met important challenges head on, including working to settle the contested issues in our Missouri rate review. We, along with other parties, the following proposed agreement. This settlement is subject to Missouri Commission review and approval, but we are pleased by the prospect for a timely resolution to the case. At the same time, we dealt with the challenges of higher natural gas costs and inflationary pressures. We continue to work hard to manage all of our costs and minimize their impact on our customer bills. In fact, part of the Missouri rate case settlement includes a commitment to enhance programs that provide support and financial assistance to customers. While it is our job to manage the challenges for our customers, I want to thank our 3,600 employees for stepping up this year and remaining focused on ensuring people have safe and reliable natural gas delivered with great service every day while supporting our communities. In fiscal 22, we also had success in advancing our midstream businesses. We remain focused on securing a permanent FERC operating certificate for Spire STL pipeline and we began the expansion project, Aspire Storage. These are both great natural gas businesses that serve their customers and regions. As we step forward into fiscal 2023, we are further increasing our capital investment plan and expanding our time horizon to 10 years. This long-term commitment to capital deployment ensures our continued growth while delivering innovation and safe, reliable, sustainable energy for decades to come. Recognizing our performance in 2022, as well as confidence in our long-term growth prospects, our Board of Directors recently increased FHIR's common dividend by 5.1% to an annualized rate of $2.88 per share. This is the 20th consecutive year of dividend increases, which we have continuously paid since 1946. Now, I'll pass the call to Steve Lindsey.
spk10: Thank you, Suzanne. Let me begin with an update on our very recent progress we've made on our Missouri rate review. November 4th, Spire Missouri and other parties to the case, most notably the Missouri Public Service Commission staff and the Office of Public Counsel, filed a full, unanimous stipulation agreement. As Suzanne mentioned, this is a proposed settlement of all issues in the case. From the beginning, it was our desire to settle the case in a timely manner, and we are on path to do just that. Filing represents a settlement of all contested issues without a determination of each component that goes into the calculation of new rates. The elements of the pending settlement include additional annual revenues of $78 million, a pre-tax interest rate of return of 8.25%, resolution of the overheads issue from the last case with all costs capitalized or expensed beginning October 1st as confirmed in our cost study approved earlier in the year, and all deferred amounts as of September 30th being recovered in rates. increased funding by Spire Missouri for various customer assistance programs with expanded eligibility. Spire Missouri has requested rates to be effective on December 26, right before the beginning of the 2023 winter season. Given that there is a proposed settlement, the procedural schedule for the rate review has been suspended. However, the Missouri Public Service Commission has scheduled an on-the-record public hearing on the settlement this Friday. The Public Service Commission could take up the matter one of the two upcoming agenda conferences later this month. In our filings for both rates and recovery of natural gas costs, we are very sensitive to the impact that higher utility bills have on our customers. We understand that any increase to bills can be concerning and we want to do everything we can to help. For example, we requested that the additional natural gas costs we incurred during winter storm Uri be spread over three years to minimize the impact on our Missouri customers. And in Alabama, we share the cost savings we achieve under the cost control measure of 50% going back to the customer. We're collecting our benefit over a five-year period, again, to reduce the impact on customers' bills. Overall, in FY22, we help connect customers who are struggling with more than $27 million in federal, state, and SPIRE energy assistance funding. Starting this month, we're expanding eligibility requirements to our Dollar Help program and providing additional funds to assist even more customers. Let me provide some other updates, starting with Missouri ISRIS. Missouri Public Service Commission approved a $10.5 million annual increase in ISRIS effective October 21st, bringing our annualized ISRIS to $19 million. In Alabama, Spire Alabama and Spire Gulf each filed their 2023 budgets, the annual rate setting process under the Rate Stabilization and Equalization Mechanism, or RIC, We anticipate that new rates will be effective in early December. As you know, our SPIRE STL pipeline continues to operate under a temporary certificate, while the FERC considers approval of a new permanent certificate under a court-ordered remand. While there is no formal schedule, we believe the process will likely continue into 2023. Meanwhile, FERC issued a positive environmental impact statement last month, which clears a potential holdup in the recertification process. We turned to an update on our capital expenditures. Fiscal 2022, we invested $552 million with almost all that spend going into our gas utilities. We put nearly $280 million towards pipeline replacement while investing $114 million in new business. We also continued our investment in technology, including about $55 million for the further rollout of ultrasonic meters. Midstream investment this year included $12 million for Aspire storage expansion in the fourth quarter. For FY23, our capital investment is expected to total $700 million, reflecting higher gas utility spend as well as a substantial increase in CapEx from midstream to $150 million, mostly related to the storage expansion project. The gas utility investment this year, infrastructure upgrades account for the lion's share of our capital spend as we continue to focus on reliability and system integrity of our distribution network. We also plan to continue our robust investment in new business. Overall, we expect the majority of our utility spend to be recovered with minimal lag reflected in earnings. We'll keep investing in innovation and technology. Our investments continue to drive further advancements in operating performance and sustainability. As you can see, our key metrics for resilience, safety, and system integrity continue to show improving trend over the last five years. Oil injury rates, damage rates, and leaks on our system all hit record lows. At the same time, we're continuing our progress in reducing methane emissions from our gas utility operations. These reductions support our commitment to becoming a carbon neutral company by mid-century. We hit our target for fiscal 21 to reduce emissions by 46% from 2005 levels We expect to see a further reduction for 2022. With that, I'll turn it over to Steve Rasche for a financial review and update. Steve?
spk02: Thanks, Steve. Good morning, everyone, and thank you for joining us today. Let's start with a brief review of results, and then I'll provide some updates as we look into 2023 and beyond. For our fiscal fourth quarter, we reported a seasonal loss of $31 million, which is $4 million, or 7 cents a share, higher than last year on a run rate basis. As you may recall, we had several significant events that flowed through the income statement last year, including for the quarter, benefits from winter storm URI and adjustments for the 2021 Missouri rate order, which makes the comparison of as reported results for last year a bit difficult to understand. For the analysis here, we excluded those items to provide a better comparison, and we've included a full reconciliation in the appendix. Looking at our businesses on a run rate basis, our gas utilities typically have a seasonal loss this quarter due to reduced usage in the warmest days of summer. For the quarter, the segment lost $38 million, or nearly $20 million greater than last year. As we discussed earlier this year, the 21 Missouri rate order changed the cadence of our recovery, shifting a greater share to our winter heating season and out of our fiscal third and fourth quarters. Quarter results also reflect lower margins in Alabama due to the spread of the cost control measure over a multiple year period, as Steve Lindsey discussed a few minutes ago. Gas marketing was well positioned in the southeast this quarter and was able to capture value from its transportation and inventory positions, earnings of roughly $12 million compared to a run rate loss last year. Slide 10 summarizes other key variances for the quarter, depending on a couple of the highlights. Operation and maintenance expenses, net of the pension reclass, were up roughly 1% as higher marketing and utility costs were offset by lower corporate spend. Interest expense was also higher, reflecting higher short-term debt levels tied to commodity cost and higher short-term interest rates. Let me provide commentary briefly on our full year fiscal year 22 results. Overall, our net economic earnings were $3.86 per share. down 32 cents from last year's run rate, as lower gas utility earnings were partially offset by stronger marketing results. As a reminder, the gas utility results reflect the headwinds of, first, a lower rate of return in Missouri from the 21 rate order, and second, warmer weather in Alabama that was not fully mitigated, as we discussed last spring, offset in part by higher off-system sales in the second half of the year. Our marketing's earnings in the current year of $27 million includes a $6.2 million benefit from the favorable settlement of URI commercial disputes, with the remaining earnings roughly equal to last year. Turning to our outlook, we remain confident in our long-term per share growth target rates of 5% to 7%, driven by our rate-based growth. And speaking of rate-based growth, We have updated and extended our capital spend plan for a full 10 years, reflecting the long-term nature of our utility investment plan. This updated plan, totaling $7 billion, supports our safety, reliability, and sustainability goals, and is covered by good regulatory recovery mechanisms. Our plan for 23, as Steve mentioned, is $700 million, including our expansion investment at Spar Storage. We've also updated our financing guidance, reflecting the SPIRE storage expansion and a steadily decreasing level of equity required beyond 2023. We also updated our debt forecast, including operating company debt and refinancing activity to support ongoing investments. Two quick additional financing updates. First, SPIRE Alabama and SPIRE Gulf issued a total of $205 million of long-term debt last month. And secondly, our liquidity is well positioned heading into the winter heating season. Turning to fiscal year 23 operating forecast. The summary here provides some context on the headwinds and tailwinds we see as we enter a new fiscal year. Let me hit on a few points. Pending regulatory recovery, we expect to benefit from new rates in all jurisdictions and recovery of overheads in Missouri. We have plans in place to address higher commodity costs and inflations overall. and we expect that our costs will increase net of our mitigation efforts by approximately 4% next year. We are well positioned from an interest rate perspective for long-term rates given our ongoing hedging program. As noted earlier, we do anticipate higher short-term borrowing costs as we work through this period of higher deferred gas costs, a portion of which is recovered through rates. Finally, I would also remind you that we anticipate this fire storage expansion to have a dilutive impact on our earnings per share during its development period in fiscal years 23 and 24. For 2023, we estimate that impact to be $0.09 per share, reflecting both interest on borrowings and the equity issued in advance of the project completion in late fiscal 2024. Our project financing plan targets a 50-50 cap structure And it is our intent to separately disclose this impact each quarter and exclude it from our net economic earnings calculations during the development period. Those are a few of the items we'd focus on heading into 2023. And we'll have much more to say on guidance after we complete the regulatory process in Missouri. Summary. We enter fiscal year 23 in a strong position, operationally and financially. focused on delivering for our customers, communities, investors, and all stakeholders. And we look forward to updating you on our progress as the year progresses. With that, let me turn it back over to you, Suzanne.
spk03: Thank you, Steve. In closing, we delivered another successful year. We managed through a number of challenges and have emerged in fiscal 2023 poised to grow and deliver even stronger overall performance for our customers, communities, and investors. We look forward to updating you and others on our progress and successes. Thank you for your continued interest in Investment Inspire. We're now ready to take your questions. Thank you.
spk01: We will now begin the question and answer session. To ask a question, you may press star, then 1 on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then 2. At this time, we will pause momentarily to assemble our roster. Today's first question comes from Richard Sunderland with JP Morgan. Please go ahead.
spk07: Hi, good morning and thank you for the time today. Appreciate the disclosures on the 2023 outlook slide. Wanted to dig in a little bit more to the commentary around inflation, higher interest rates, higher gas prices. If I heard you correctly, there was a 4% cost increase you anticipate, net of mitigation efforts. Is this inclusive of all of those headwinds and across all the businesses? Maybe if you could parse that a little bit more into the component pieces and how you expect that to impact the bottom line, is it fair to assume that 4% is the drag you're anticipating on the bottom line? That'd be helpful. Thank you.
spk02: Good morning, Richie. There was about five questions buried in there, so let me see if I can get them all straight, and I'm looking at Adam across the table. He'll help out, too. Yeah, as we looked at everything we have ongoing, and let's keep it all in perspective. We generally report reduced O&M year on year, or it's up some inflation, including this year, as you can look at the material in the earnings report. presentation, and we have ongoing investment and plans in place, technology and process improvement in order to continue to stay well below inflation. As we look at the current year, we've actually been able to offset most of those early headwinds that all companies are dealing with in the market. And as we look forward, we do see some headwinds that we won't be able to offset. When we look at our utility, which is really where our focus was in looking at the impact of inflation, that number is 4%, give or take half a percent. We're not that precise, but I figured I'd just give you a marker to point to. And it's really driven by cost that we can't control. We have a pretty good feel where our employee line is going to go in terms of salary costs. It's really the other things. that tend to be sparring a lot faster. And that is a net number, net of the things that we are already doing or will continue to do in order to drive down costs. Adam, what else did you want to add to that?
spk08: You know, Rich, it's a good question. I would agree, you know, that is kind of a net number for us. And, you know, there are other puts and takes there as we've said about before, but, you know, I think 4% on an O&M basis. Obviously, talking about interest, there is obviously rising interest rates. I think we've seen most of the rise there on a short-term side, and we feel pretty good about where we sit from a long-term interest rate standpoint.
spk07: Understood. That was very helpful. Maybe switching gears to the storage side, and I'll try to keep this below five questions in my question here, but the nine-cent drag for 23, how do you see that trending into 24? Again, I appreciate this will be stripped out of operating earnings. And has your 2025 outlook changed at all for storage in light of these other factors?
spk02: As a matter of fact, our outlook on storage hasn't changed one bit from when we made the announcement in July. And you're right, you know, We've disclosed the drag for the current year at $0.09, and that's really interest costs on the borrowing side and then the dilution on the equity side in order to keep our cap structure at the spot that makes the most sense for that project. When you get into 2024, we will actually see some of the capacity being used and useful through that winter of 2020. And so we should expect and you should expect that dilution to decrease a little bit because we're starting to see some margin pull through. It's really when you get to 25 after the project is complete and all of the capacity is available that all of the financing costs are more than offset and we're getting the return in the mid-teens that we talked about earlier for that project. And I would add, and Steve mentioned it in his prepared remarks, we are on track. both from a cost and a timing perspective with the project. We're early in the project, but we're wrapping up the early prep work that we could do before the winter season hit us in Wyoming, and we're very pleased with their progress.
spk07: Understood, understood. And maybe one last one from me, just the rate case settlement, obviously great progress there. Still a little work to be done in terms of a final commission order. Any thoughts on kind of the backdrop feeding into that process, your ability to reach a settlement now? How do you feel about where you've gotten and your outlook in the states coming off this agreement?
spk09: Yeah, Rich. This is Scott Carter. As Susannah mentioned, we're happy to be at this point of the process. We had filed the case, resolved obviously many of the deficiencies coming out of the last case. and the timely resolution is important to us. Getting all parties on board and having a unanimous stipulation that the Commission can consider is a positive for us. And we expect the Commission to take that up and take seriously all the parties' interests that got settled through that collaboration and through that negotiation process. So we feel like we're well positioned from that standpoint of fixing the overheads issue that was created you know, clawing out of some of the cost of capital issues and updating the capital we've deployed since the previous case. So, it puts us on a pretty solid footing as a place from which to grow and continue to operate.
spk01: The next question comes from Christopher Jeffrey with Mizuho Securities. Please go ahead.
spk04: Hi, everyone. Thanks for taking my question. Just wondering as far as your expectations for bad debt expense and you know it seems like comparing your PGA for the upcoming winter from two years ago bills are up pretty significantly I'm just kind of wondering how you're thinking about that and maybe how much relief do you expect once the yearly portion of the bills roll off and I guess if you could confirm is that this is the second heating season of that or the first of the three
spk08: Right, Chris, and thanks for the question. This is Adam. On the PGA side, we did just file in Missouri an updated PGA increase that will be approximately a 9% increase on bills. We, I think, have done a good job trying to keep that to a minimum, and the supply team really has done a great job, you know, working through our hedge program and such. As Steve mentioned in his remarks, we really have leaned into the customer impact portion of this and continue to do so, but we're pleased to keep that last increase on a more limited basis. So and then it's similarly not too long a little bit a little bit longer ago. We we have had some steady increases in Alabama as well. That's about that's a in the mid teens or so. On a year over year basis, but again, you know continue to look to keep that under control.
spk09: I would add to that Chris. This is Scott. I would add to that just you know that the highlights we gave where we're putting additional funding towards those. low-income assistance programs. We are in that second year of trying to work through the URI costs and the discount that we're carrying over there. But as we work through this case, we're really focused on those customer impacts, and those mostly impacted at the more challenging income levels. And so we believe those tools will be helpful in helping manage through keeping customers on, keeping them served, and helping us manage bad debt a bit.
spk04: Got it. Thanks. And then maybe just following up on the rate case settlement, I don't think there are many details as far as the authorized ROE or the cap structure. Are there any kind of puts and takes away from it, like maybe as far as a resolution on the short-term debt issue, or should we expect to hear more from it after Friday when the case kind of goes before the commission?
spk09: Yeah, Chris. Again, this is Scott. You know, it is a black box, so inherently it doesn't spell out a lot of those elements. We did include a cost of capital that would be used for interest cases going forward. You kind of think of that as a proxy for the cost of capital. Again, it's not spelled out in the case. But we feel like we've made large progress on capital structure, short-term debt issue, permanent financing relative to permanent capitalization. And so we feel like we're, again, back in a good place. The number gets us where you know, in the range we need to be, and then it establishes a reasonable return compared to other, you know, returns in the state that we've seen in other cases that we're going to work against and deliver on the ISRAs deployment going forward.
spk04: Got it. Thanks, everyone.
spk01: The next question is from Matt Davis with COAN. Please go ahead.
spk06: Hey, guys. Can you hear me? Good morning. So just, I got two, maybe three questions. Can you just walk through, did I hear you correctly that the dilution from the storage investment will not be included in guidance? Is that correct?
spk02: We obviously have provided the impact. So in the absolute sense, we've given you the number, but we are going to exclude it from net economic earnings, but we'll keep a light shining on that. because that's our commitment to you and the other investors is to make sure that we outline what the impacts are, but also what the benefits are once we get through the development.
spk06: Okay. And as we think about rolling forward, now you've given some of the puts and takes going into 23, how should we think about the roll forward of your 5% to 7% long-term earnings growth commitment and where that should be, I guess, based from?
spk02: It's a great question, Matt, and we'll address that when we launch guidance. And we know that's one of the boxes that we need to check. Let us get through the Missouri regulatory process, and then we'll be able to be a bit more forthcoming in what our expectations are going forward.
spk06: Okay. And then just lastly, in terms of on the cost pressure going into 2023, should we imply from that that your earned ROE
spk02: should be a little weaker in 23 given the four percent year on year cost or do you still expect to earn your allowed return um yeah you know we we plan in a in a dynamic environment and four percent is a little bit higher cost than than we've seen in the past and it's a lot higher than we've actually delivered because we have long-term plans to keep that down so it does present a little bit of a drag I don't think anybody on the call finds that surprising because we know that that's pretty much where all businesses are right now. We wanted to be forthcoming with everybody about the challenges that we see going forward, but we will continue to work hard to offset as much of that as we possibly can.
spk06: Okay. And I know I said two or three, but I'm going to ask one more. In terms of the equity that you need, do you think that you can do this via an ATM? Is it manageable enough that you wouldn't need additional discrete issuance?
spk08: Yes. That's right. Okay.
spk06: All right. Thank you very much.
spk08: Thanks, Matt.
spk02: Thanks, Matt.
spk01: Again, if you have a question, please press star, then 1. Our next question comes from Selman Achol with Stiefel. Please go ahead.
spk00: Thank you. Good morning. I just wanted to go back to the CapEx and $7 billion, specifically on slide 12. You've got 550 at the utility. I guess that's up from 528 or so this year. So that's 4%. But then as I look into fiscal year 24, you have it accelerating up 11% to 610, and then it grows gradually from there. Can you maybe just talk about what you're seeing in 24 that takes your utility up at that rate?
spk02: Part of it is, Salman, the cadence of underlying projects. As you know, we have ongoing projects that are the upgrade of the system, but then you have chunky projects on top of that that tend to fall in discrete time periods, and there are a couple chunky projects when we get to fiscal year 24. So that's really the explanation. We're also ramping up a little bit more of the ultrasonic meters as we get into 24. So there's a combination of factors. We have obviously very detailed plans because we need to be planning 6, 12, 18 months in advance to make sure that we have the right supplies and materials in order to meet our goal.
spk10: And this is Steve. Thanks for the question. I think it's the continued capital plan that we have relative to our infrastructure upgrades, our new business, which runs in the 15% range. Steve mentioned a few of the innovation projects, such as ultrasonic meters. But then I think we really start to pivot to other parts of our system, such as transmission integrity, reliability, system improvements, pressure improvements. And so really, as you think about kind of your DEMP and your TEMP plan, this is just the next priority in terms of the way we're thinking about long-term investments. So it's really, I think it's a building of where we've come to this point relative to, for the most part, it's been infrastructure upgrades on bare steel and cast iron. It's the next transition for us.
spk00: Gotcha. And then can you just remind us or any way to quantify how much of this is going to fall under ISFRS, as you think?
spk10: And, again, that's kind of where we start to pivot. The ISFRS primarily covers, as you know, bare steel and cast iron replacement in Missouri. And so those are almost very specific to those type of infrastructure upgrades. I think over time we'll look for opportunities to really take that type of philosophy and look at all of your integrity management programs and go spend some time with the commission saying, okay, These are the priorities. Let's help understand and lay out a longer-term plan for these because, in some cases, they're more about system reliability and being able to make sure that we have pressure and we have gas during the coldest times of the year. It's not necessarily just replacing old and aging pipes. So it's a combination of quite a few things. Again, ISRAS is specific, and we continue to have that on both sides of the state here in Missouri. and we'll look for a potential mechanism down the road, but those would be early discussions, and again, I think it's more around the long-term planning for your system and being able to sit down and prioritize.
spk02: Yeah, and Selman, another way to look at it, if you step back and look at the totality of our capital spend and how much of that is being recovered with minimal regulatory lag or is driving new business, it's about 75%, so it's in the same category that we've been operating in for a number of years.
spk00: Okay, and then I guess at one time there was some consideration of potentially looking at building another pipe on the west side of the state, and so should I just assume that's completely off the table over this next 10 years?
spk09: No, this is Scott Carter. We continue to look at it. So following winter storm Uri, obviously our Kansas City region west side of the state was more impacted than the east, and largely because we had STL in place that brought us a diversity of fuel supply from those more impacted regions, actually from less impacted regions. And so as we look at that, we're looking at everything, all of our supply portfolio for Missouri West. And that includes a number of things from pipelines to storage, even the movements of where the population centers are and the load centers is necessitating us taking a good hard look at that. So we're tying that together with kind of our infrastructure replacement. Make sure we're building a backbone that's gonna support that future growth and the future needs and demands while also providing that safety and environmental benefit in the short run. But then we're looking upstream from that. So that's still all in flight and in analysis. So more to come as we land what our needs are there.
spk00: All right. Thank you very much.
spk09: Thanks, Simon. Thank you.
spk01: Again, if you have a question, please press star, then 1. Seeing no more questions in the queue, this concludes our question and answer session. I would like to turn the conference back over to Scott Dudley for closing remarks.
spk05: Thank you, everyone, for joining us. We will be around throughout the day today for any follow-ups, and we look forward to that. Take care. Goodbye.
spk01: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.
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