Williams Partners L.P. Q4 2009 Earnings Call Transcript

Feb.18.10 | About: Williams Partners (WPZ)

Williams Partners L.P. (NYSE:WPZ)

Q4 2009 Earnings Call

February 18, 2010 11:00 a.m. ET

Executives

Sharna Reingold - IR

Steve Malcolm - Chairman and CEO

Don Chappel - CFO

Alan Armstrong - COO

Phil Wright - SVP and President, Gas Pipeline

Analysts

Gab Moreen - Banc of America

Sharon Lui - Wells Fargo

Darren Horowitz - Raymond James

Andrew Gundlach - ASB Investment

John Tysseland - Citi

Yves Siegel - Credit Suisse

Sean Wells - RBC Capital Markets

Mark Reichman - Madison Williams

Operator

Good day everyone, and welcome to the Williams Partners L.P. fourth quarter year end 2009 earnings release conference call. Today's call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Sharna Reingold. Please go ahead, ma’am.

Sharna Reingold

Thank you, Tamaica. Welcome to the Williams Partners year end 2009 earnings call. Thank you very much for your interest in the company. We do have a few slides to go over in our presentation this morning and Steve Malcolm will be going through those in just a minute. After Steve’s remarks, we will open the line for questions and be aware that our business unit leaders Alan Armstrong, Phil Wright and Don Chappel are available for any questions.

Before I turn it over to Steve for his remarks, please note that all the slides are available in a PDF format on our website, williamslp.com.

Please read slides two and three. Within the presentation, there are forward-looking statements about future expectations and operations that are subject to various risks and uncertainties, which are disclosed on those slides. Also included in this presentation today are various non-GAAP numbers that have been reconciled back to measures included in Generally Accepted Accounting Principles. Those reconciliation schedules and related information are included in the slides available on our website, williamslp.com.

And with that, I'll turn it over to Steve.

Steve Malcolm

Thank you, Sharna and welcome to our fourth quarter call. Thanks for your interest in our company. As Sharna mentioned I will run through all the slides, but we do have our entire team here to take your detailed questions. This is a format that we have used here lately at Williams and it seems to have worked well, but we certainly want to hear your feedback on this approach.

Let’s turn first to slide four and this provides information on WPZ 2009 financial results and highlights in its pre-restructuring form and so this will really be the only slide that I used to talk about the pretransaction WPZ. So you see net income was $152.5 million, $2.88 per LP unit for 2009, distributable cash flow improved throughout the year and in fact increased 123% from $0.56 in the first quarter to a $1.25 in the fourth quarter. 2009 cash distribution coverage ratio was 1.39 times or 1.14 times without the benefit of Williams IDR waiver. We did experience lower year-over-year results and that was driven by lower 2009 NGL margins compared with the record high margins that we experienced in 2008, but fourth quarter ‘09 results were up significantly versus the fourth quarter of 2008.

Turning to slide five, I will now talk about the post transaction WPZ and as you know we did close the transaction yesterday and really this is all about creating size, scale, scope, stability and industry leadership position and investment grade rating and the cost of capital that enables us to pursue all of our growth opportunities. We are creating a top three very large diversified MLP with $12 billion in assets. One of the primary reasons we went forward with this is because this is a structure that allows us to be able to capture all of the very attractive growth opportunities that we see on the horizon and these have been generated by the very unique business unit strategies that we have pursued.

Slide six, this just runs through some points regarding the transaction rationale and benefits and again it creates one of the largest diversified MLPs with best-in-class assets and we are adding a premier interstate natural gas pipeline network to our Midstream assets and that translates into increased scale, scope, diversification and reduced business risk profile. We have already seen significant improvement in the WPZ valuation. We expect the distribution increase initially of up 3.5%, the distribution coverage ratio starts at 1.3 times and is expected to remain very strong. WPZ will have ample liquidity with a $1.75 billion revolving credit facility with a three-year term, $250 million of that will drawn at closing as a result of WPZ’s existing term. So we essentially have $1.5 billion remaining of that revolving credit facility.

Slide 7 please. This map just gives you an idea of the very impressive suite of best-of-class assets within WPZ. I want to point out an error on this slide. Phil Wright pointed this out to me just a few minutes ago. The Northwest pipeline capacity instead of 3.4 is 3.7 Bcf a day. This impressive suite of assets really has been driven by the strategies that I mentioned that are contained within our business units but as well an enterprise strategy that we have had for some time which said that we only want to own and operate assets that are in growth markets where we have some degree of competitive advantage and that’s clearly the case in almost every case as you look at these assets on the map.

On the lower left hand corner, you see WPZ’s business mix and the shift in that mix from a 100% Midstream to 50-50 Midstream pipeline and in the Midstream business of course, there is a substantial portion of fee-based business. So the risk profile has changed dramatically.

Slide eight please, it gives you an idea, an overview of the Midstream growth projects that we are looking at over the next couple of years and in contributions that will be near-term in nature, we are very excited about the Marcellus, I will cover that in just a minute, but we are looking for Perdido Norte which is an expansion of oil and gas lines and the Markham gas processing facility in the western Gulf of Mexico begin to contribute to segment profit in mid-2010. We have the Wamsutter TXP4 project which is expected to bring an additional 350 million a day of processing capacity to our Echo Springs Plant in late 2010. We are looking forward to a full year contribution from our Willow Creek facility. That facility is a 450 million a day gas plant with a peak capacity of 30,000 barrels per day currently recovering up to 20,000 barrels a day of NGLs.

Slide nine please. I mentioned how excited we are about the Marcellus, WPZ Midstream is really looked upon as being a Midstream problem solver and we know that there are some daunting Midstream challenges in the Marcellus. This slide is going to summarize as where we are thus far and I think you are all well aware of the Laurel Mountain transaction that we did last year. We are intending to add almost 200 miles of pipe and 16000 of horsepower during 2010, but we are particularly excited about the transaction that we announced today which is the Springville Gathering System which extends our existing Marcellus position which is a long-term agreement to provide gathering services for Cabot oil and gas. We will be building 28-mile 20-inch gathering pipeline which will move gas from a central delivery point in Susquehanna County and deliver that to Transco in Luzerne County, excited about this deal and I can assure this will not be the last that you hear about.

Slide 10 please, this gives you again a quick overview of the many, many gas pipeline projects that we have on our plate. Again all of these supported by our customers under long-term contractual agreements. The blue box projects are in our guidance, the grey box projects are not in guidance, just to highlight some of the more significant projects, the 85 North expansion that’s on Transco. $241 million expansion from Station 85 on Transco north in to zones 4 and 5 adding in access of 300 million a day of capacity. There will be two phases of that project, partially going in to service in mid-2010, the other part in mid-2011.

The Rockaway Lateral again continuing on Transco, a $120 million lateral which will move gas into National Grid’s Distribution System in New York and then the mid-South project which is a $195 million expansion from Station 85 to several points North. So a lot of activity, we are excited about this. This is fee-based business and very low risks associated with these projects.

Slide 11 please, just a summation again we’ve created a top three diversified MLP which is all about size, scale, scope, stability, creating this industry-leading position for ourselves with an investment grade rating and a cost of capital which will allow us to pursue many additional growth opportunities over the next few years. We are very excited about the new WPZ. We are excited about the future and we are excited about taking your questions.

Question-and-Answer Session

Operator

(Operator Instructions). We will take our first question from Gab Moreen with Banc of America.

Gab Moreen - Banc of America

I appreciate you don’t want to necessarily update your guidance so soon maybe after you put it out a couple of weeks ago. Can you at least directionally speak to how the debt that you priced recently, how that compared to what might have been embedded for interest expense in your original guidance?

Don Chappel

I think the assumption that we had on debt was right on top of where we issued, so we had good visibility as to where we would likely issue, so it was very close, just slightly exceeded our very high expectations.

Gab Moreen - Banc of America

Then I guess in terms of hedging, just curious whether you’ve implemented any hedges. And I guess I'm also curious on the NGL side, the curve for most NGLs is pretty steeply backward dated. Will you be inclined I guess not to hedge going forward considering how steep some of the back (inaudible) is in for some of those products?

Steve Malcolm

You're exactly right. I think we see that the same way, it seems to be a lot of people being pressured to sell into that forward market and thank goodness we're not. So we did do some hedges right at the very first of the year and towards the end of '09 that are somewhere in the ballpark of 10% of our total buy and mostly on light ends, but not substantial hedges that we've done for the balance of '09.

Gab Moreen - Banc of America

If I could follow-up with a question about whether you would use crude oil as a proxy to hedge your NGL exposure?

Steve Malcolm

No. We did not and we do not.

Operator

And we will take our next question from Sharon Lui with Wells Fargo.

Sharon Lui - Wells Fargo

I'm just wondering what your thoughts are in terms of exercising the option for (inaudible) path?

Steve Malcolm

We're continuing to evaluate that and continuing to see the risk associated with that business and deciding if we want to make that investment or not, so we are certainly are studying now.

Sharon Lui - Wells Fargo

So it's not included in your CapEx budget?

Steve Malcolm

That is correct. It is not in our guidance on CapEx.

Sharon Lui - Wells Fargo

In terms of the Marcellus investment is that out side of Laurel Mountain?

Steve Malcolm

Yes it is.

Sharon Lui - Wells Fargo

Then my final question is I was wondering if you can just provide a break out of your processing contracts between fee-based, [KPOL]?

Steve Malcolm

No we have not provided that detail on the business.

Operator

We will take our next question from Darren Horowitz with Raymond James.

Darren Horowitz - Raymond James

Hey guys just a couple of quick questions, the first referring to slide 14 on your data book, when you are breaking out the gross margin by asset with the west almost 70% and you build in the Wamsutter TXP and some other growth projects, is the target mix for 2011 on a gross margin basis going to be about 75% west and then secondly can you give a little bit more color on the infrastructure opportunities in Paradox?

Steve Malcolm

Yes, I guess your question first of all your question on the gross margin there that is our total margin, that includes both our fee-based business and our commodity as well in there. So that’s not just NGL margin there obviously and your question was is that growing, yes it is growing for the west, but it’s also growing more substantially because we have got the Perdido business coming in for 2010 and in a whole year of that in 2011 that will be even more substantial in 2011. The majority of the Perdido revenues and margin are fee based for both oil and gas transportation.

Darren Horowitz - Raymond James

Okay and then just little bit more color on what you see in the Paradox, maybe any synergistic opportunity to branch over to Willow Creek or any color that you can provide there can will be helpful.

Darren Horowitz - Raymond James

Yes, Paradox is, we are excited about that area, it’s kind of been in bits and starts as stop and start fashion as they try to work through some of the downhole issues there, but it looks like they’ve gotten some good solutions. I am sure Bill Barrett will update that in their call coming up and we are excited to be in there and ready to grow with that. We do have excess capacity that we’ve built in there, ready for that, but we will be spending quite a bit more capital we believe keeping up with that looking forward as to where that might go to the degree that those volumes get much larger, our current plans are that we would take that down to our Ignacio facility which is about 68 miles right down to Northwest pipeline right away into our Ignacio facility.

Operator

We will go next to Andrew Gundlach with ASB Investment.

Andrew Gundlach - ASB Investment

Alan you mentioned I think on the last call the current frac spread is higher than guidance and higher than fourth quarter I calculated north of $0.60. Is that consistent with the spot market that you are seeing?

Alan Armstrong

Yes.

Andrew Gundlach - ASB Investment

Second question is on CapEx from the restructuring call. Your growth CapEx went up by $100 million in 2010, no change in ‘11 and you mentioned that it conclude acquisitions for the first time, so I assume that you’ve thrown in a $100 million for acquisitions in Midstream, am I missing something and can you shed a little light on your thinking there.

Steve Malcolm

I don’t think they have been any acquisition I am not sure, Andrew.

Don Chappel

Taking a stab at this Andrew I think it’s largely the capital agreement plus some carryover capital you will see that Midstream under spent it’s 2009 capital, some of the project capital carried into 2010 and there were no acquisitions included in the CapEx guidance.

Andrew Gundlach - ASB Investment

So basically Springville was not in your guidance for the restructuring call, but now it’s in, is that right?

Don Chappel

Correct.

Andrew Gundlach - ASB Investment

And then with respect to Paradox, are you still thinking along the lines of skipping the kind of Phase II and going straight down to Ignacio and has your timeline on building changed at all from your Analyst Day?

Steve Malcolm

It is not yet changed in terms of our timing of building down to Ignacio. We feel like there is lot of development to happen yet for what that's required.

Andrew Gundlach - ASB Investment

And then last question, I just wanted to make sure I understand the new Williams Partners WPZ, if you take EBITDA less year, now known interest expense, less all your CapEx, less your dividends and IDRs, there is still some cash leftover, is that correct 2010, 2011 guidance?

Don Chappel

Andrew, I would point you to the Williams’ data book and if you take a look at slide number 78, you will see a 2010 consolidating cash flow statement that includes WPZ and I think that will walk you through where we are at.

Operator

We will go next to (inaudible) Advisors.

Unidentified Analyst

With regards to the extremely good improvement we've seen in the fracs and NGL pricing and so forth. We've heard an enterprise talk about ethane inventories of the industry, being at very low levels and dropping more, is your company seeing a similar trend going on with the ethane part of NGLs?

Steve Malcolm

Yes, I think most people look at the same reports on that and certainly we have our own ethane storage, but yes the answer is we are right now we are chewing through ethane at the light-in cracking facilities like we own it, like Williams owns the (inaudible) faster than productions coming out of plants right now and so we are seeing a lot of pressure right now on light-in pricing.

That’s really what I had to offer on that, we agree the fundamentals are pretty strong right now on the light-in NGLs

Unidentified Analyst

Just the pricing and profitability with NGLs, has it seemed to sort of leveled off at this nice high level or does it seem to be still improving just sort of on a quarterly basis.

Steve Malcolm

Well I think the numbers that people were referring to in terms of the consumption where fourth quarter of ‘09 number in terms of the 900,000 barrels of ethane consumption and from what we can tell right now that demand continues to be pretty consistent in that regard, there are number of outages and plant turnarounds that will likely turn that around in 2010.

Operator

We will go next to John Tysseland with Citi.

John Tysseland - Citi

With the increased profitability on your Midstream assets and what appears to be more visibility for strong NGL margins, have you seen any shift or pressure from third party producers to renegotiate existing contract terms in the Midstream business and do you see new contracts being done at slightly lower percentages from here just given the fact that NGLs are becoming more important and part of profitability in the gas production stream.

Steve Malcolm

Into that so it’s really a factor of competition that generally drives what you can extract from the market more than the actual NGL pricing itself. So in other words it’s somewhat dependant on how much processing capacity is available in an area and that tends to dictate more the pricing than what the current spread is, but we certainly are seeing producers more and more interested in being exposed to crude oil and NGL prices than we have, previously everybody wanted the gas side of that and we are seeing people wanting some more exposure to the liquid side and so whether we contract more on a fee basis or we contract on a percent of liquids we are seeing the value of our processing assets going up kind of regardless of which side we are contracting for there.

John Tysseland - Citi

I guess it sounds like more and more companies are getting interested in the Midstream business which is I guess a shift from what we’ve seen in the past, but specifically you are seeing some utilities talk about trying to leverage your assets and get more closer to the wellhead in the Midstream business, do you see the landscape changing in terms of competitiveness or are you still seeing your ability to kind of leverage your asset position to extract attractive returns?

Steve Malcolm

Yes, certainly when things are good there’s always more capital flows into the sector and we are pretty used to that cycle. That’s been going on for quite sometimes, since we've been in the business and a lot of it really pulls down to who has the operational competencies and talents to really operate the assets effectively and know the business. It gets fairly complex since you get downstream into the liquids and olefins business and we certainly like we've got a lot of organizational competency there that will keep us in the game, so I think it really pulls down to who has the talent as we look into some of these emerging basins.

Operator

We will go next to Yves Siegel with Credit Suisse.

Yves Siegel - Credit Suisse

Alan, if I could follow-up on your answer to Sharon's question about (inaudible), you said you're evaluating the risks, can you elaborate on that?

Alan Armstrong

Sure, we are continuing to analyze that. We've got as we've announced, we’ve got through November of 2010 to make that investment, so we're just continuing to analyze that just because we have the luxury of time to do so, and there the price is going down instead of up so.

Yves Siegel - Credit Suisse

On the risk side, are you concerned about future volumes or what kind of risk are you thinking about?

Alan Armstrong

That didn’t mean to lead you astray, just doing our typical analysis of weighing the risk versus the reward just like we would do on any project. So I should have said to be more holistic that we're discontinuing, evaluating investment opportunity.

Yves Siegel - Credit Suisse

Okay and then two other quick ones. Could you just talk about in terms of the keystone and northeast supply, what sort of timeline are you on in terms of whether or not those projects are go and get in to the budget?

Phil Wright

I would say first with respect to Keystone, we and Dominion are out there testing the market for that pipeline. My sense to the situation at this juncture is that it would be in or around 2013 timeframe before we’ve got hard contracts, but if we beat that, we will be pleasantly surprised. With respect to the Northeast Supply Link project on the other hand I feel more optimistic about our timing on that and we think that within the next year we will have solid contracts behind that or not, but my sense right now is based on the level of interest that we are going to be able to bring that one to the table in 2010.

Yves Siegel - Credit Suisse

Lastly in terms of acquisitions, any thoughts of being able to [acquire] your way in to a new region?

Steve Malcolm

We are open to acquisitions that would be strategic in nature, given the businesses that we are in, we are in most data rooms and so we will continue to be exposed to some wonderful opportunities and I think that we will evaluate those as we’ve evaluated them in the past but some of those might look very attractive.

Yves Siegel - Credit Suisse

So it sounds like you are excited

Steve Malcolm

Thank you I am excited.

Operator

We will go next to Sean Wells with RBC Capital Market.

Sean Wells - RBC Capital Markets

We were talking about hedging a little bit earlier and I was wondering you guys in the past have hedged opportunistically I mean whenever it was to your advantage you’d go out and hedge, but I was reading recently that you guys might be hedging a bit more making sure that you hedge more of your portfolio each quarter, is that a change in strategy or are you guys staying with the strategy that you’ve always used in the past which is to be more opportunistic?

Don Chappel

Sean, this is Don Chappel. We set up WPZ with a very strong capital structure and a strong coverage ratio so that we wouldn’t be forced to do what we believe are uneconomic hedges. Having said that we have a biased hedge to a greater extent, but again we were determined to ensure that we don’t leak a great deal of value in the process, so let Alan follow up on my comments.

Alan Armstrong

We certainly probably more so than ever we are seeing such [backgradation] in the forwards markets on NGLs right now that we just don’t see much value there and we certainly are very well supported in both our coverage ratio and the fee-based nature of our business as a whole, but concerned with out gas pipeline that we feel like we were lucky we did not have to sell into that market and we think probably the thing that’s got that market pressure so down and [back graded] so much compared to crude oil is there’s just so many people forced to sell into that market.

Sean Wells - RBC Capital Markets

So is it safe to say that I mean basically you guys might be hedging more than you have in the past, but you're not going to be forced into hedging something that just isn’t economic for you guys?

Alan Armstrong

I think that’s certainly dependant on if we see the market be a reasonable value, so as to whether or not we would hedge more than we have in the past.

Sean Wells - RBC Capital Markets

Actually I have two other questions. One question is about Conway fractionation storage, you guys have a 50% interest in that, the other 50% is that ONEOK?

Alan Armstrong

We're actually on a 100% of the storage and that's the majority of our income comes from the storage business there. We own 50% of the fractionator and ONEOK I believe its 10% interest alongside there.

Sean Wells - RBC Capital Markets

And just one last thing, this Laurel Mountain JV, that expansion project, can you guys give us a figure for that?

Alan Armstrong

We haven’t announced how much capital we're spending there in 2010 yet, but we're substantially increasing the size of those assets. I think we did show that we're putting in 160 miles this year and I could tell you that's a fairly large diameter pipeline, so we're spending a lot of money there and between us and Atlas in 2010.

Steve Malcolm

Sean, just to be clear the announcement on the [Springdale] gathering system is outside the scope of the Laurel Mountain JV.

Operator

We will go next to Helen (inaudible) Capital.

Unidentified Analyst

Just a follow-up on the Springville expansion. Have you talked about the size of the investment and the return assumption?

Steve Malcolm

No. we have not and we don't intend to disclose that until that business is a little more mature up there from competitive reasons.

Unidentified Analyst

And then this is just dry gas gathering with no processing required?

Steve Malcolm

That is correct.

Unidentified Analyst

And then I guess on you comment on the fact that this will not be the last announcement I guess you will be pursuing more of this Marcellus project outside of the JV?

Steve Malcolm

Yes, we feel like there is real demand for Midstream infrastructure in the Marcellus, we think some larger scale solutions are in order for the scale with this basins we can alternatively produce and we think we are extremely well positioned to serve some of those needs.

Unidentified Analyst

And then I am just moving over to on the NGL margin at Wamsutter versus Four Corners, now Four Corners margin on a per gallon basis has been higher than Wamsutter margins that you disclose and is that because you sell Four Corners NGL locally versus Wamsutter, you have to incur transportation charge?

Steve Malcolm

Well there is actually two things. Our transportation charge on Wamsutter is actually quite a bit lower, but kind of the two primary premiums that we receive in the Four Corners area is one, yes we do get a nice premium on our propanes and some of our heavies there in the Four Corners area, but in addition to that some of those contracts in the Four Corners are percent of liquids and so we actually those are just whole gallons being sold and so that tends to make that NGL margin higher, but it doesn’t have the gas price offsetting it. It’s just the absolute margin of the (inaudible) of those liquid. So those are kind of two primary reasons that make those margins higher in the Four Corners area.

Unidentified Analyst

Right so at Wamsutter I guess you have some combination of [KPOL] and [POL]?

Steve Malcolm

At Wamsutter it’s primarily [KPOL] and in a large portion of the processing there is fee based, but that’s what you see in the NGL margin almost all of that is [KPOL] kind of margin.

Unidentified Analyst

So the margin that you disclosed and the ones that is your [KPOL] margins before taking into account the short gas?

Steve Malcolm

That is after we’ve paid for the gas on that and so that’s why the Wamsutter is offset by the gas price, on some of the gallons in the Four Corners, it’s not offset by the gas price because we are just taking a percent of the liquids as our fee.

Operator

And we will take our next question from Rob (inaudible) with RBC.

Unidentified Analyst

I had a question on the WMZ exchange offer, wondering if you could provide some more color on when that might be launched, are we talking days or more like weeks or months?

Don Chappel

We are unable to give you any color on that due to legal advice and SEC rules, so apologize but we can’t offer any color.

Unidentified Analyst

It just seems strange I mean WMZ shareholders are in the dark, they’ve been in the dark four about a month now and the guidance you gave was pretty broad in terms of closing in the second quarter, it would be very helpful.

Don Chappel

Again I apologize, but we are just unable on the advice accounts to offer any guidance.

Operator

And we will go next to Mark Reichman with Madison Williams.

Mark Reichman - Madison Williams

This is just really a broad question for Alan Armstrong, given the focus on liquids among producers in some of these plays, I was just wondering if there is any concern that growing supply at some point could put pressure either on the frac spreads or prices or do you think that the capacity switching that we've seen among petrochemical producers to natural gas based liquids in combination with rising demand overseas and here domestically, it’s going to be enough to be absorb that supply and keep margins strong?

Alan Armstrong

I think you hit on the variables very accurately there that we certainly are paying attention to. The thing I would tell you is that the real NGL supply domestically has a hard time getting much bigger than the gas supply does and so that's a primary driver that keeps the gas supply and generally processing in a basin comes after there is enough scale in the basin. The Piceance is a great example of that just now really you're seeing majority of the gas getting processed with high recovery plants there and so when some of these basins start off sometimes, they are not so heavily processed.

The Marcellus is a good example of that right now, and it takes a while to be enough volume to really justify large scale processing and so that processing does lag that generally a little bit, but I think your point about the international markets and particularly the conversion to light in, we are continuing to see that conversion to light in and as Steve mentioned I think perhaps in his comments in the WMB call around NGLs, we've a very attractive export market available to us because we're really in primarily the Middle East right now in terms of pricing on olefins produced from the light-in NGLs here in the US, so pretty positive I think outlook, but there certainly is the challenge ultimately of the amount of cracking capacity that can’t be converted here in the US. The only other variable I would point you to is there is a very large hole or shortage of Ethane in Canada and that continues to be a place where there is a lot of cracking capacity that is doesn’t have things supplied needed today.

Operator

There are no further questions at this time. I will turn the conference over to Steve Malcolm for any additional or closing remarks.

Steve Malcolm

Thank you for your interest this morning. We are excited about the new WPZ, the assets are world class, best-of-class, in our view, we would want to characterize them. We have some exciting growth opportunities that are a direct fallout of our very strong business unit strategies that we perceived and so we think that WPZ has a very bright future. So thank you for your participation today.

Operator

That does conclude today’s call. We thank you all for your participation.

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