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Endeavour Silver (NYSE:EXK)

Q4 2012 Operating Results Call

January 15, 2013 1:00 pm ET

Executives

Bradford J. Cooke - Chief Executive Officer and Director

David J. Howe - Vice President of Mexico Operations and Country Manager of Mexico Operations

Godfrey J. Walton - President, Chief Operating Officer and Director

Daniel W. Dickson - Chief Financial Officer and Principal Accounting Officer

Analysts

Heiko Ihle - Euro Pacific Capital, Inc., Research Division

Benjamin Asuncion - Haywood Securities Inc., Research Division

Firas Abbasi

Operator

Hello. This is the Chorus Call conference operator. Welcome to the Endeavour Silver Year-End Production Conference Call. [Operator Instructions] The conference is being recorded. [Operator Instructions] At this time, I would like to turn the conference over to Brad Cooke. Please go ahead, Mr. Cooke.

Bradford J. Cooke

Thank you, operator, and welcome, everybody, to this first conference call for Endeavour Silver for 2013. Happy New Year to all. We have present today in the boardroom at Endeavour, our President and COO, Godfrey Walton; our VP, Operations, Dave Howe, just came up yesterday from Mexico; Terry Chandler, in charge of Corporate Development; and yours truly. On the phone, we also have Dan Dickson. He's currently in Texas but available for Q&A afterwards.

As usual, I'd like to just run quickly through the highlights of yesterday's news release on the production for 2012, and then we'll open it up for Q&A. I'm sure there are a number of questions based on our news yesterday.

So right off the top, Endeavour enjoyed another record year of silver and gold production in 2012, with silver coming in at just shy of 4.5 million ounces and gold just north of 38,000 ounces. Silver equivalents were around 6.4 million ounces, very close to our revised guidance for the year.

Our annual revenues were up 63% to $208 million. Our fourth quarter revenues were up sharply to $67 million, although that was partly a function of the withholding of sales and stockpiling of metal in Q4 of last year.

And in general, the operations team delivered yet another solid year of growth. As you're probably all aware, we launched 2 expansion programs last year. The 20% mine expansion at Guanacevi came in on time and budget in late July, and the 60% expansion at Bolanitos came in, again, on time and budget in December of last year. In fact, both operations are actually operating above nameplate capacity at this time. In terms of tonnage, Guanacevi is doing about 1,300 tonnes per day. And over at Bolanitos, we're doing actually 1,800 tonnes per day.

There is some planning still to be done in terms of what we want to do this year, so we haven't released any formal guidance. It is coming towards the end of this month.

Of course, we did acquire our third mine last year at El Cubo, also in the Guanajuato mining district, and initiated not only a 12-month capital program there to effectively rebuild the plant and surface infrastructure and reinitiate mine drilling and development at El Cubo. That's well under way.

And we also launched a 2-year operational turnaround to basically take the operations from losing money to taking money, to making money, and that is showing already some, let's call it, green shoots of progress with the increases in production grades in the first 2 quarters of operations.

If you actually go to the production data, we enjoyed another good year of production. In terms of tonnage, tonnes produced, we were up 77%. The silver grades dipped significantly last year, partly a function of higher metal prices, allowing us to take lower grades, but also a reflection on the growing maturity of the Guanacevi Mines, our oldest operation, and the grades have been falling in recent years.

Gold grades were up slightly, partly a function of more gold at Bolanitos and the acquisition of El Cubo. And silver and gold recoveries were down slightly, not a tremendous amount, but there were some reconciliation issues that we'll come to in a few minutes.

Moving to the individual operations, Guanacevi tonnes were up sharply. Silver grade was down sharply. Gold grades were up, and silver recoveries were up a bit. Gold recovery is down a bit.

Bolanitos tonnes were up sharply. Silver grades were down a bit. Gold grades, down a bit. But the silver and gold recoveries were effectively flat.

And last but not least, on El Cubo, we don't have a year-on-year comparison because of the interruptions in that operation. We only took over the control of the operation on July 13, and we only really started producing dore since August. So we'll just do a Q3-Q4 comparison there.

Tonnes were relatively flat on a tonnes per day basis. We did see a small rise in silver grades in Q4. Gold grades, relatively flat. Recoveries, relatively flat. Again, a reporting issue on the recoveries at El Cubo, which we can get into shortly.

Just wrapping up. On the bullion and concentrate inventories, we did, if you recall, a buildup of bullion inventory at the end of last year because of the significant correction of metal prices. We felt there would be a bounce back; there was.

We've since cleaned out the majority of those bullion inventories throughout the course of this year, primarily to fund initially the acquisition of El Cubo and then the start of the acquisition -- sorry, the capital programs at El Cubo.

However, you've seen concentrate inventories rise in 2012 compared to 2011. But that is very much a function of the rising production of concentrates from Bolanitos.

In terms of our capital performance, the focus last year was very much on El Cubo as well as the expansion programs at Guanacevi and Bolanitos. So some line CapEx highlights last year. We did in fact get the underground redevelopment accelerated, with some 10 kilometers of underground development completed. Underground drilling resumed with 8,000 meters and 68 holes. We ordered a bunch of new equipment, which is -- much of it which has been delivered. We have more coming, by the way, and Dave can answer to that. We've also tackled some refurbishment of used equipment, much more of that happening. And we did complete 2 ventilation shafts.

So over at the plant and surface CapEx at El Cubo. The project as a whole is about 20% complete at this time, on time, on budget. Demolition of the old plant and surface infrastructure, effectively complete. Engineering and design, about 1/3 complete. Earth works, 2/3 complete. Silver works, about 40%. So lots of the form and steel and concrete work for the new plant foundations are well underway. Construction of the new building, at various stages of advancement, from basically 0% to 25%, averaging 16%. Power supply is half done. Tailings dam, 1/3 done, and lots of more stuff happening. Pretty much on time, on budget so far, given the number of moving parts in that CapEx program. And kudos to Dave.

Last but not least, on the news release, I just wanted to touch on the government award for health programs at Guanacevi. We are actually the first mining company in the State of Durango to receive such a certificate of good health from the Durango State Secretary of Health. And again, kudos to Dave and his team for that. That's partly a function of occupational health, taking care of our employees, and partly a function of community health, part of our CSR programs.

Moving now to our outlook for the year. We're not providing formal guidance today. But obviously, people have lots of questions about our plans for the year, so we thought we could give you at least some general outlook for the year 2013. Clearly, we're expecting yet another year of production growth. At Guanacevi, we do expect that operation to be steady state this year, notwithstanding the exciting new discovery, the Milache find in the Northwest end of the district. It's going to take the better part of 2 years to get that into production, so we're not modeling any expansion at Guanacevi for this year.

At El Cubo, you are well aware of the rebuild going on there. We are effectively building a 1,600-ton capacity in the new plant at El Cubo, and we're modeling because we're doing about 1,000 tonnes per day right now. We're modeling that starting in Q3, we'll start seeing it move up towards 1,200 tonnes per day by year end.

We have some flexibility at how fast we move at El Cubo, but we're being very careful right now in terms of our own forecast for the year, and we want to make sure everything gets done properly so that we have a fully functioning plant and surface infrastructure in Q2. So there is some flexibility on our production outlook at El Cubo, but we'll most likely take the most conservative view.

The last asset, Bolanitos, is still very much a growth asset for us. We saw a tremendous spurt of growth last year. And as I mentioned, the mine is actually producing 1,800 tonnes per day even though the plant is only producing at 1,600 tonnes per day. That's part of the reason why we've seen a buildup of concentrates at year end. We have been taking some of those extra mine tonnes from Bolanitos over to the Las Torres plant at El Cubo and then producing extra con [concentrate], if you will. And that's still very much under discussion as to whether we pull back to 1,600 tonnes per day at Bolanitos, allow it to continue at 1,800 tonnes, if we can find a home for that extra con. Or we maybe even go to 2,000 tonnes, which is clearly where operation us to take this mine, we certainly have the capacity in the mine to do that. And it's just a question of between now and when we bring our formal guidance at the end of January, making some decisions on what we feel is most reasonable. Again, we will most likely side towards the conservative end of things at Bolanitos.

In terms of capital costs, those numbers will come out at the end of January. But I think in general, you can expect a similar burn rate at Guanacevi and Bolanitos compared to last year. And we already did release in July of last year a $67-million CapEx program for El Cubo. About $40 million of that is being spent here in 2013.

So let's talk about cash flow and earnings and cash cost. Because El Cubo is a high-cost operation and even though those costs are starting to come down, they were $29 an ounce in Q3 last year. So we do expect our consolidated cash cost this year to be higher than last year. That's simply a function of El Cubo.

We do expect to cover all of our capital expenditures out of cash flow. But naturally with the push on El Cubo right now, you're going to see a much higher burn rate in the first half of the year compared to the second half of the year. That's partly why we put the line of credit in place last year, and we certainly expect to be dipping into the line of credit and have already done so at year end.

And last but not least, because of the burn rate and because of the certain issues related to El Cubo, we're not going to be forecasting any significant earnings in the first half of the year. That's simply a function of the cash flow and certain write-downs related to El Cubo.

So that's my general comments. And since we have pretty much the full management team here for the call, operator, what I'd like to do now is open up the call for questions and answers.

Question-and-Answer Session

Operator

[Operator Instructions] The first question is from Rob Tepper [ph] of Tepper Funds [ph].

Unknown Analyst

My question is in regards to the El Cubo transaction with AuRico. I'm just trying to put a cap on my notes here. Obviously, the $200 million, the $100 million in cash and $100 million in stock. Then there's $30 million contingent -- correct me if I'm going off-base here at all, please. $30 million contingent upon the price of gold, I recall?

Bradford J. Cooke

That's correct.

Unknown Analyst

And that goes through 2015. And the first marker is not coming into play until $1,900 an ounce. So that money is still in limbo, is that correct?

Bradford J. Cooke

Absolutely. And keep in mind, it's not a spot price of $1,900. It's a 12-month average price. So we're quite some time away from getting there.

Unknown Analyst

Okay. My question, though, is $20 million, I don't have any -- this $20 million that I don't have accounted for in my notes, is that still in limbo? Has that been paid? And what is that contingent upon? Could you give me some details on that, please?

Bradford J. Cooke

Sure. That's fallen off the table. It was basically if we went off and did some long-term rental of the adjacent plants and service facilities from Fresnillo, and we already took the decision to rebuild the El Cubo facility. So that $20 million contingent payment has fallen off the table.

Unknown Analyst

You're not responsible for that?

Bradford J. Cooke

Correct.

Operator

The next question is from Heiko Ihle of Euro Pacific Capital.

Heiko Ihle - Euro Pacific Capital, Inc., Research Division

I'm aware you intentionally didn't give too much 2013 guidance in that release. But can you just sort of go over your '13 labor cost estimates? Or I mean, at least what are you experiencing right now? I mean, you would think with El Cubo becoming more efficient literally by the day, we should see some better numbers. But can you just sort of give us your 20,000 miles -- 20,000-feet overview?

Bradford J. Cooke

I'll let Godfrey and Dave handle that one.

David J. Howe

Can you repeat, Heiko? That was labor cost?

Heiko Ihle - Euro Pacific Capital, Inc., Research Division

Correct.

David J. Howe

You wanted just to get clarification on?

Heiko Ihle - Euro Pacific Capital, Inc., Research Division

Yes. If you don't want to go too detailed for the year. Maybe just sort of an overview of what you're seeing right now. I mean, my gut feeling is that with El Cubo becoming more efficient every day, there should be some improvement. But it's sort of hard to quantify it sitting a couple of thousand miles away.

David J. Howe

Heiko, on labor cost, we're going to see probably an increase because of the annual inflation of labor cost. And then we're going to see possible decrease because of the reduction on the workforce. So in terms of labor impacting consolidated cash cost, probably not much impact.

Godfrey J. Walton

Heiko, this is Godfrey. We are actually hiring quite a number of some supervisors and managers for El Cubo to beef it up technically. And so yes, you're not going to see much of a decrease in labor cost. As production goes up, it will obviously be spread over more ounces and more tonnes.

Heiko Ihle - Euro Pacific Capital, Inc., Research Division

All right. Now you've got a 0.25 million ounces of silver and 2,700 ounces of gold in your inventory, which is obviously quite meaningful. Two quick ones. Where are you keeping that bullion? And can you maybe just sort of go over your storage insurance and safekeeping cost that you're seeing for this?

Godfrey J. Walton

Okay. The bullion is a combination of sitting at Peñoles and then sitting at [indiscernible], when we actually are ready to sell it. The concentrate is primarily at our operations, either at Guanacevi, Bolanitos or El Cubo. And so there's actually no cost there.

David J. Howe

So with regard to bullion cost, we pay Peñoles to refine our dore into pure bullion bars, and the cost to warehouse those bars at Peñoles and that mixed smelter in Torreón, are infinitesimally small, and there's no insurance issue because they're fully insured.

Godfrey J. Walton

Basically, on the insurance side, Heiko, we have insurance when everything's on site. And then when it is picked up and moved, the armored car group cover that insurance. And then once it gets to Peñoles, obviously, that's insured by themselves.

Heiko Ihle - Euro Pacific Capital, Inc., Research Division

Got you. And then I still sort of think you guys would be a great candidate for some share repurchases. Any other kind of hints at what you -- what we should expect to see you guys do in regards to M&A or capital markets? And I know you won't give me a real answer. But maybe, I guess, what I'm saying is, has you ever changed at all over the past 90 days?

Bradford J. Cooke

We still think that slow markets are the best time to do M&A. And even though we did a significant transaction last year, bought the operating El Cubo mine, and it's very much the focus of our operations team this year, that doesn't mean that Terry and I aren't focused on looking at other opportunities. However, the type of opportunity we're looking for this year is more likely going to be a development stage project that we can plug into our growth pipeline rather than trying to tackle another operation.

Operator

The next question is from Benjamin Asuncion of Haywood Securities.

Benjamin Asuncion - Haywood Securities Inc., Research Division

I just had a couple of questions. And I guess, with respect to recoveries, can you just shed some light at Guanacevi, maybe a little more color with what happened, and if the restated recoveries are the figures that we should be using sort of going forward?

Bradford J. Cooke

Sure. I'll lead that one, but Dave and Godfrey can chip in as well. I'm just looking at our quarter-by-quarter production at Guanacevi in 2011, and the recoveries at Guanacevi were 74%, 73%, 75%, 74%. And then when you move to the quarterly recoveries for silver in 2012, they jumped to 78%, 77%, 76%. And then of course, with the hit that we took on recoveries due to the reconciliation problem of Bolanitos cons at Guanacevi, the Q4 recovery for silver at Guanacevi came in at 68%. That should more probably have been factored over the entire year, all 4 quarters. And so that would have brought the recoveries of silver at Guanacevi down in Q1, 2 and 3. Same on gold.

Benjamin Asuncion - Haywood Securities Inc., Research Division

Okay. So I guess, in the note, you mentioned that they were going to be restated. So the one you didn't take the entire sort of adjustment error and reflected on just the fourth quarter results, is that correct?

Bradford J. Cooke

Yes. That's exactly what we did. Even though, we thought we knew we had a problem at the end of Q3. It took us until the end of Q4 to actually track it down to the screw feed of the concentrates into the Guanacevi leach plant and rectified that problem. So we didn't take the hit on recoveries at Guanacevi in Q4.

Benjamin Asuncion - Haywood Securities Inc., Research Division

Okay, okay. And then just sort on the same note, with respect to El Cubo, have you any more insights with respect to the historical recoveries that AuRico would report and the recoveries that you've been able to see? Is there any reconciliation between the 2?

Bradford J. Cooke

That's a very good question. We've gone back and recrunched AuRico numbers time and time again, and we still have difficulty getting to their reported numbers. However, our own recoveries are bouncing back. The main issue with recovery reported in Q3 was that we took 3 weeks to refill those plants, and yet the first dore production wasn't until the first week -- end of the first week of August. So that delay of production meant that we weren't processing more tonnes without the equivalent amount of final product, and that's why the recoveries looked low in Q3. Obviously, they've bounced back closer to norm in Q4, and going forward this year we should get back to, let's call it, normal recoveries at El Cubo. Because of the off-start at El Cubo and the metallurgical balance issue at Guanacevi, we are actually initiating with an outside consultant metallurgical balance studies at all 3 operations in the first half of this year. And if we can find a home for some of the cons so that we can run, for instance, Guanacevi without any Bolanitos cons for a period of time, that will really help us to nail down our expectations going forward on recoveries. We don't expect anything different than the past. But with the hiccup in process in Bolanitos cons, we want to go back and redo our met balance at Guanacevi. Same thing at El Cubo. We took over an operation, where we knew from our due diligence there, they themselves were having reconciliation problems, and we should not really be putting Bolanitos cons into that El Cubo plant. We'd like to have a period of time this year, where it's just El Cubo cons feeding the El Cubo leach plant and having outside help to do that final metallurgical balance. So if you're looking an answer today, I don't have it, but we've certainly got a grasp on the reconciliation issues and we hope to have answers in Q2.

Benjamin Asuncion - Haywood Securities Inc., Research Division

Okay. And just sort of to touch on that, so El Cubo will run its own con. Will Guanacevi just run its own con?

Bradford J. Cooke

Well, we don't produce a con at Guanacevi. It's whole ore into the plant. And so what we try to do is find a home for the Bolanitos cons for the first half of the year. I should also point out that influences our production guidance for the year, which is why you're not hearing it today. We need to find a home for the Bolanitos cons. And if we find a big home, that might allow us to not be so conservative on our production expectations at Bolanitos this year. Whereas if we don't find a home for those cons, then we will be siding on the conservative end of things at Bolanitos.

Benjamin Asuncion - Haywood Securities Inc., Research Division

Okay. And then just one last thing then, actually for Dan, will there be any impairment charges to concentrate inventory with respect to any kind of discrepancy?

Daniel W. Dickson

Sorry. Say that again? Come again, Ben?

Benjamin Asuncion - Haywood Securities Inc., Research Division

Sorry. Will there be any impairment charges to some of the write-downs to the concentrate inventory with respect to kind of the discrepancy with mismeasurement?

Daniel W. Dickson

No, no. From a tonnes basis, we'll have some additional cost go through on the tonnes, but it'd be very small. So you'll just see those costs flow through in Q4 a little bit more than what we've seen in Q3. So on 63,000 ounces, about $10, $630,000. So it wouldn't be considered an impairment. It will just be more cost flowing through cost of sales.

Operator

The next question is from Andy Schopick, private investor.

Andrew Schopick

Brad, I'm going to ask you a couple of follow-up questions here on El Cubo. You'd characterized it as a high-cost operation. I believe I've heard you say $29, a cost basis of $29 per ounce. Was that for 2012 or is that the anticipated cost per ounce for 2013?

Bradford J. Cooke

I'm glad you asked that question because it's actually neither. $29 per ounce was the cash cost of production at El Cubo in Q3 last year. And we are using our turnaround at Bolanitos in 2007, '08 and '09 as the kind of timeframe and model for the predicted turnaround of operations at El Cubo. So let's just revisit that from the point of view of both production and cash cost. When we bought El -- sorry, Bolanitos in Q2 of 2007, it was a very similar underperforming high-cost mine. In fact, we saw a cash cost peak at $32 an ounce at Bolanitos at the end of 2007. And yet by the end of 2009, they were negative. So that was a 2-year turnaround. And during that time, the production of silver went from 80,000 ounces per quarter to 200,000 ounces per quarter over a 2-year period. So that is obviously, what we think we can do at El Cubo. But that $29 number was for Q3 last year. We are expecting the cost in Q4 will be significantly lower than that, and we'd like to break into the, let's call it, teens, in terms of cash cost in the first half of this year and then see much more progress once the capital program at El Cubo is finished and we're basically using a new plant and we have enjoyed 3 or 4 quarters of mine drilling and development.

Andrew Schopick

So as a follow-up to that, Brad, clearly, you always knew going into this that this was an asset that was going to require some work, that had challenges associated with it. But clearly you had an expectation, and we're optimistic about what you expected to achieve with El Cubo. Where are you today in relation to where you hoped to be, say, last spring, when we first began speaking about this? Are you pretty much on track or is this taking a little bit more time, a little more of a challenge than you initially hoped?

Bradford J. Cooke

In general, we're on track. And we knew we were going into this with the Bolanitos 2-year turnaround in mind, and we've already enjoyed some significant progress on many fronts. Maybe I should let Dave speak to that. Not just seeing a slow rise in production grades, but an improvement in attitude, improvement in safety and all of that. Dave, do you want to speak to this?

David J. Howe

Yes. I think following up on Brad's comments, our relationship in terms of Endeavor and the worker is very different to previous management. We go into the operations, we go to the mines, we meet the people, and we combine that with our pretty integrated community relations program, too. So I think the people are going to see that we are very serious in improving the operations. I think that's something that the workers didn't see before. Now we've improved oil control, we bought a lot more equipment. We're refurbishing our equipment, doing an awful amount of training. And so obviously, the workers see that. Our relationship with the non-unions and the union workers as well is very good. And in fact, recently even we had some mine rescue competitions, and our new mine rescue team at El Cubo also won some prizes, as well as the other operations. So I think overall the feeling at El Cubo is very positive and now we've just got to keep focused on getting more tonnes and improving the grade.

Andrew Schopick

Is there anything further that you can say about anticipated recoveries and anticipated grades going forward over the next year or 2 with El Cubo?

David J. Howe

Well, with our new plant, I think, the new plant, Godfrey, I mean, what do you think about in terms of title, we're going to have a lot better control on that?

Godfrey J. Walton

Yes. I think the controls will be far better, and I think we will be able to improve some of our recoveries. But we're not prepared yet to put some actual numbers on those. But I think we expect to see them a little higher than they are today.

Operator

The next question is from Herbert Johnson, a private investor.

Unknown Attendee

Yes. I have 2 questions. Why have you not paid any dividends to the stockholders and when are you -- when do you plan to pay any dividends?

Bradford J. Cooke

We did actually seriously look at dividends at the year-end 2011 because we had a lot of excess cash and very healthy cash flow at that time. However, we also knew that we wanted to grow as a company, and it always comes down to a decision how best to employ the capital on behalf of the shareholder. Once the El Cubo opportunity came along and we got through our due diligence on it we recognized that we feel we can deliver more value employing shareholders' cash to buy and effectively refurbish and expand ultimately El Cubo to deliver more value for stockholders compared to issuing dividends at that time. We will certainly be revisiting dividend policy in the future once El Cubo gets to steady-state or continues to grow and we have excess cash and cash flow. So we love the concept. We're there. But we're always looking how best to create value for the stockholders. And certainly for the next year, we see real value creation opportunity at El Cubo and Bolanitos. So that's where the cash is going.

Operator

[Operator Instructions] The next question is from Firas Abbasi from bcIMC.

Firas Abbasi

My question is just -- I just want to see if I understand this correctly. It's relating to El Cubo production in the fourth quarter. Looking at production of 198,000 ounces of silver, and does this contain what you expected, of the 71,200 ounces that was trapped in Q3?

Bradford J. Cooke

In general, yes, and we were hoping to get to 200,000 ounces on the quarter, so we were a little bit disappointed to fall 9,000 ounces short, but it's no big deal. And with regard to the alleged shortfall in Q3, that will always be metal in process. I mean, only when we stop processing tonnes and continue to process dore will you see the finished goods catch up to the tonnes in process. So it's basically a wash until the mine shuts down. So I don't see us reporting in any quarter the metal that went into the plant in July and early August.

Firas Abbasi

Okay, got you. So it won't be fair to look at it as 198,000 minus the 71,000, that gets me to 126,000, and looking at recoveries in that regard would be 45%. So that's not the right way to look at it?

Bradford J. Cooke

No. That was the slug of metal needed to actually fill the plants in process, right? And so now starting in August, the plants were full, and it's just a question of tonnes and grade from here -- tonnes and grade and recovery from here.

Operator

There are no more questions at this time. I'll now hand the call back over to Brad Cooke for closing comments.

Bradford J. Cooke

Well, thank you, operator, and thanks, all, for your questions today. Just to recap: another good year in 2012, and our outlook is certainly for continued growth in 2013. Just a reminder that management at this time is looking to be more conservative rather than more aggressive on our own production forecast for the year, but it will be a year of growth. And not only on production, we're looking for exploration growth. We're looking for acquisition growth. For instance, our San Sebastian project on the West Coast Jalisco State is back drilling now after the Christmas break, and so you will be seeing more news on that this year. This is the year where we do delineation drilling and try and get the project to critical mass, vis-à-vis whether an audit could be mine #4. And we have just restarted our exploration programs at many of our other district-scale [ph] opportunities: the Panuco property, the Lourdes property, the El Inca property in Chile. These are all back and underway. We've also done a reassessment of reserves and resources. And unlike previous years, where we typically released those in March, we should be at least a month earlier on those numbers this year. So look for those late January, early February.

That's it for my comments. Thanks again for attending, and we'll talk to you on our year-end financial numbers. Thanks, operator.

Operator

Ladies and gentlemen, the conference has now concluded. Thank you for joining, and have a pleasant day.

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