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Goldcorp Inc. (NYSE:GG)

Q2 2010 Earnings Call Transcript

July 29, 2010 1:00 pm ET

Executives

Jeff Wilhoit – Vice President of Investor Relations

Chuck Jeannes – President and Chief Executive Officer

Steve Reid – Chief Operating Officer

Lindsay Hall – Chief Financial Officer

Analysts

David Haughton – BMO Capital Markets

Stephen Butler – Canaccord Genuity

Haytham Hodaly – Salman Partners

Mark Liinamaa – Morgan Stanley

Operator

Good morning, ladies and gentlemen. Welcome to the Goldcorp Incorporated 2010 second quarter results conference call for Thursday, July 29, 2010. Please be advised that this call is being recorded.

I would now like to turn the meeting over to Mr. Jeff Wilhoit, Vice President of Investor Relations of Goldcorp. Please go ahead, Mr. Wilhoit.

Jeff Wilhoit

Thank you; and welcome everyone to the Goldcorp second quarter 2010 earnings conference call. In the room with me today are Chuck Jeannes, President and Chief Executive Officer; Lindsay Hall, Chief Financial Officer; and Steve Reid, Chief Operating Officer.

For those of you participating on the webcast today, we have included a number of slides to support this morning's discussion. These slides are available on our website at www.goldcorp.com. As a reminder, we will be discussing forward-looking information that involves unique risks concerning the business, operations, and financial performance and condition of Goldcorp.

Forward-looking statements include, but are not limited to, statements with respect to future metal prices, the estimation of mineral reserves and resources, the timing and amounts of estimated future production, cost of production, capital expenditures, and cost and timing of the development of new deposits. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements. So accordingly, you should not place undue reliance on forward-looking statements.

With that, I will now turn the call over to Chuck Jeannes, President and Chief Executive Officer.

Chuck Jeannes

Thank you, Jeff; and thanks everyone for joining us today. I am pleased to report that Goldcorp's second-quarter saw solid gold production throughout the portfolio, leading to strong growth in revenues, cash flow, and earnings. Overall, gold production met our expectations for the quarter at over 609,000 ounces, at a total by-product cash cost of $363 per ounce.

Another solid quarter at Red Lake anchored our production, and we are especially proud of the continued success of two of our newest mines, Los Filos and Marlin. Following the startup of the crushing and agglomeration plant at Los Filos during the first quarter, the mine experienced its highest production to date, 82,600 ounces. Marlin has also been a consistent performer for the company for some time, and I can assure everyone on this call that the operational excellence on display every quarter at Marlin extends to all aspects of the mine, including a clear commitment to operating safely and responsibly.

The combination of solid low-cost gold production and strong gold prices drove a 34% increase to revenues and record operating cash flow of over $382 million. It is interesting to note that our second-quarter cash margin of $845 per ounce of gold is the level at which gold itself was trading just 18 months ago. Delivering these strong and steadily increasing cash margins enables our shareholders to maximize exposure to robust gold prices.

In the first half of the year, our disciplined M&A strategy has also created value for shareholders through a number of transactions that have significantly strengthened Goldcorp's overall asset portfolio. We began the year by completing two important strategic acquisitions, in the El Morro project in Chile, and the Camino Rojo deposit near Peñasquito. This was followed in the second quarter by the disposition of non-core assets that created value available for investment into our existing suite of growth projects. The completed or announced sales of the Escobal silver deposit, the San Dimas gold silver mine, and our interest in train metals, each unlocks value on our balance sheet, and frees up management time and resources that can be reinvested back into our business. These assets will now be developed by talented management teams to build new growth platforms, in which our shareholders will participate.

The other major development of the second quarter was the successful start-up of the second sulfide processing plants at Peñasquito. It is now in the commissioning phase and ramping up towards its designed 50,000 ton per day capacity. Commercial production at Peñasquito is expected this quarter, with full completion of the processing circuits still expected by year-end. And I will cover more on Peñasquito in just a moment.

Those of you on the webcast can see the dramatic increase in cash margins Goldcorp has experienced over the last several years, culminating in outstanding cash margins on a year-to-date basis. We remain confident in the fundamental strength of gold markets, despite recent weakness that we normally see this time of the year. In fact, current prices could provide an attractive entry point for the investment and fabrication sectors ahead of summer's end and the start of the traditional Indian wedding season. With our forecast calling for strong second-half gold production, we expect this positive trend and expanding margins to continue.

As I mentioned at the outset, the trends at Peñasquito have continued to be very positive in all facets of the operation. From mining rates, ore grades, mill throughputs and recoveries, to the delivery and sale of concentrates to smelter partners around the world. We see production ramping up on track towards our 2010 forecast of 180,000 ounces of gold.

I have consistently highlighted the fact that Peñasquito construction schedule has not changed over the last two plus years. It is a testament to Goldcorp's ability to deliver large projects on time and on budget. I say it often, but the path toward commercial production at Peñasquito has been extraordinarily smooth for a project of this magnitude, and the team there deserves special mention for such a tremendous accomplishment.

During the second quarter, Goldcorp also presented its initial response to the independent human rights assessment in Guatemala. Consistent with our commitment to operate with transparency and accountability, Goldcorp is the first company in our sector to make the results of such an assessment public. We believe that implementing the recommendations in the HRA will enable the Marlin mine to be an even greater influence for positive economic and social growth in Guatemala.

Marlin also continued to cooperate with the Guatemalan government's investigation in connection with the recommendation of the Inter-American Commission on Human Rights that operations at Marlin be suspended. Goldcorp strongly believes the IACHR's recommendation is based on environmental allegations that are simply false. Operations at Marlin are continuing normally during this investigation, and we believe that the overwhelming evidence demonstrating no environmental harm to the area as a result of our operations, should be more than adequate to allow the government to demonstrate to the IACHR that it should withdraw its recommendation. And we continue to offer assistance to all parties involved in an effort to achieve that result.

In the second half of the year, we will see news flow from Goldcorp concerning a wide range of important initiatives. Commercial production at Peñasquito is now just a matter of weeks away, rather than months or years; and we look forward to seeing the full contributions from this world-class asset on our income statement for many years to come. The development of Cochenour will continue to advance, spurring an acceleration of optimization efforts at the prolific Red Lake Camp.

The news continues to be very positive at Éléonore as well, as we prepare and update to the pre-feasibility study due by year end. Steve and I were just there for a project to review last week, and I am very pleased with our progress. New exploration and development success supports the project's growing potential to become a cornerstone asset for Goldcorp. Finally, we continue to work on the El Morro project in Chile, with a focus on permitting and updating the existing feasibility study. So look for a lot of news regarding the company's next-generation of growth projects around year end.

With production schedules weighted more to the second half of the year, first-half gold production of over 1.2 million ounces keeps us on pace towards our guidance of 2.55 million ounces for the year. As noted in yesterday's release, that guidance number reflects the imminent sale of San Dimas and the removal of its 50,000 ounces of expected production over the remainder of 2010. Due to the relatively small production and byproduct revenues at San Dimas, we do not expect material changes to cash costs as a result of the sales, so cash cost guidance remains unchanged at $350 per ounce on a byproduct basis, and $450 on a co-product basis.

And with that, I will now turn it over to Steve Reid for a review of the operations. Steve?

Steve Reid

Thanks, Chuck. The second quarter included successes in both current and future gold production. In addition to our significant progress at Peñasquito, we have also furthered a number of our key growth projects, which I will discuss in a moment.

Starting with Peñasquito, we saw the successful start up of Line 2, slightly ahead of its expected date. With the commissioning of Line 2, we remain on track to declare commercial production in the third quarter. The high-pressure grinding roll circuit is targeted for completion by the end of the year, and this is the final step in allowing us to bring Peñasquito to full production capacity of 130,000 tons per day in early 2011. And the HPGI unit itself is due in port in Mexico any day.

Regionally, we continued to advance Peñasquito's two satellite operations, Noche Buena and Camino Rojo. At Noche Buena, infill drilling continued to confirm the oxide portion of the deposit, and expand the sulfide body at depth. We remain on track for the completion of an internal feasibility study by year-end. At Camino Rojo's project, data analysis continued ahead of the important progress towards securing required drilling permits, and we believe that both Noche Buena and Camino Rojo should form the basis of significant sources of satellite production that will enhance our overall production profile at Peñasquito as of the long-term, and both assets continue to exhibit potential for sulfide systems at depth.

Second-quarter gold production at Peñasquito totaled 39,100 ounces, consisting of 17,000 ounces from the sulfide plant, and 22,100 ounces from the heat leeching of the oxide cap. We expect sulfide production to surpass production from upside material in the third quarter, and with the buildup in production from the two lines, we remain on track towards our previously issued 2010 guidance of 180,000 ounces from the property. For those on the webcast, as you can see in this recent photographs showing Line 2 on the right-hand side, we now have ore being conveyed to both of the lines for processing.

Los Filos broke its quarterly production record that it set just last quarter. With the completion of the crushing and agglomeration plant during the first quarter, the plant continues to steadily advance towards its design throughput of 11,000 tons per day, and is contributing to the production growth for the site. Los Filos is looking to be Mexico's largest gold producer again this year.

At Cochenour and the Red Lake, we continue to explore from the underground workings at the 2050 level, to test the gap zone and the out proportions of the Bruce Channel and Cochenour deposits. Underground development continued such that we have now completed more than 12% of the critical path development on the five kilometer high-speed haulage trip that will connect the Cochenour operation with the Red Lake mine. And work also continued on unwrapping the scoping study.

At Éléonore in Québec, we continued the construction of the shaft column, and the associated surface facilities for the 725 meter deep exploration shaft, which is expected to be completed during the third quarter of 2012. Exploration drilling at the site has focused on identifying and deploying new ore zones within the hanging wall statigraphy and close to the exploration shaft. Initial assay results for this drilling have been positive, and follow up drilling is underway to better define this new area. During the remainder of 2010, our exploration will also focus on identifying new drill targets, on the Éléonore concessions that are outside of the main Roberto ore body.

We have also continued to work on updating our previous pre-feasibility study to allow us to make a construction go-ahead decision on the project at year-end. With the pre-collaring work taking us to a depth of 34 meters, we are now completing the surface looks necessary to allow us to commence full-face sinking on this shaft later this year.

And on a final note, despite of our overall commitment to safety, we are very pleased to report that our Porcupine Mine Rescue Team recently won the 2010 Ontario Provincial Mine Rescue Competition, and they also received the top firefighting award. The commitment from the team members and from our leadership teams are outstanding and I wanted to thank them for that.

So with that, I will turn it over to Lindsay for the financial highlights.

Lindsay Hall

Thanks, Steve. A very strong financial performance for the quarter, as we reported record revenues, managed our cash costs, resulting in record cash flows from operations. Gold ounces sold for the period increased by 5%, resulting from sales of inventory built up at Red Lake in the prior quarter, and ounces held at the Alberta port in the prior period due to a temporary work stoppage. Our gold margin increased in the second quarter, as we again captured 70% of the gold price, resulting in over $380 million of cash flows from operations for the quarter, or $0.52 per share, which is a 22% increase over our first quarter results. These cash flows funded capital investments of $310 million, made in our mines and projects for the quarter. We also realized approximately $220 million in cash for our dispositions of mining properties.

Turning to some of the details of the financial results for the second quarter, we had record revenues of $844 million, and record earnings from mining operations of some $353 million. We sold 598,000 ounces of gold, at an average price of $1208 per ounce, at an average cash cost of $353, realizing a crude ounce cash margin of $845. Cash costs on a by-product basis were $38 per ounce higher compared to the first quarter of $325 per ounce, primarily the result of higher operating costs at Alumbera, which included higher YMAD net proceeds payments, and export retention taxes paid. If we had normalized for the effects that Alumbera had on cash costs this quarter, our cash costs quarter over quarter would have shown a decrease.

Pre-commissioning, production, and performance measures at Peñasquito during the second quarter met or exceeded expectations. Included in our Peñasquito MD&A is disclosure with respect to production volumes for gold, silver, lead and zinc, and cost metrics associated with mining and processing activities, as well as off-site costs. All costs incurred are in line with our expectations, or our declaration of commercial production this quarter.

Our adjusted earnings amounted to almost $200 million or $0.27 per share. To calculate the adjusted earnings, we have deducted from reported net earnings of $828 million, the non-cash foreign exchange gain of $196 million, from translation of our future income taxes, and the net gain on dispositions of mining properties during the quarter of $436 million after-tax. Consistent with the previous quarters, we do not make any adjustment for non-cash stock option expense, which amounted to $15.2 million or $0.02 per share.

In those lines of our financial statements, details of our hedging position at June 30 are provided for foreign currency, heating oil, copper, and zinc contracts. The provisional pricing impact related to our copper fields was a negative $14 million or $23 per ounce during the quarter. For the next quarter, we have about 44 million pounds of copper, priced at $2.95 per pound, which is subject to provisional pricing. Through copper board and option contracts, we have approximately 22% of our estimated copper production for the second half of 2010 protected at $3.28 per pound, of which 78% is called away at $3.76 per pound.

We ended the quarter with cash and cash equivalents of almost $500 million and $862 million of convertible debt outstanding, and an undrawn $1.5 billion revolving credit facility available. The mechanical completions chief for Line 2 at Peñasquito are funding needs for the planned capital spend at Peñasquito is essentially complete. As well, we obtained proceeds from the completed project financing for Pueblo Viejo in the second quarter in the amount of $312 million, funding the remaining planned capital expenditures for the project. We remain very confident in our ability to internally fund the development of our existing mines, and the building of new mines such as Éléonore and El Morro, which was consistent with our disciplined financial approach at Goldcorp. For the second half of 2010, planned capital expenditures amount to $1 billion, inclusive of approximately $280 million relating to Pueblo Viejo.

Lastly, we also anticipate the closing of the disposition of the San Dimas mine, and our investment in trains during third quarter, resulting in the receipt of approximately $450 million of cash proceeds.

With that, operator, that concludes our presentation. And please open the line for questions.

Question-and-Answer Session

Operator

Thank you. (Operator Instructions). The first question is from David Haughton with BMO Capital Markets. Please go ahead.

David Haughton – BMO Capital Markets

Good morning. It is David Haughton, I believe. I have got a question with regards to Peñasquito. There were some recoveries disclosed within the details of package. I am just wondering whether that is indicative of what we should be thinking about going forward for recoveries of each of the metal components.

Steve Reid

You know, David, there is a couple of factors of in terms of why these are not appropriate for the longer-term. Firstly, we are early in the startup, so, we are certainly looking for operating efficiencies and steady state conditions, which will improve the way we actually recover it, and the second part is that we are certainly very close to the top of the orebody and as we have discussed several times, we will be dealing with that interaction between both the oxide and sulfide materials. So once we are down into the cleaner, completely sulfide materials, we will get better recoveries.

David Haughton – BMO Capital Markets

I am pleased at the answer, because the lead and zinc recoveries were well below the previous guidance that we had been given. And just to make sure that the guidance is still accurate, for lead we are looking at 75% and the same for zinc for that recovery.

Steve Reid

And I know that they were very different recoveries based on rock parts and so on, which we have provided in the big title. The bottom line is that nothing has changed.

David Haughton – BMO Capital Markets

All right. I saw that you have made a commitment to go ahead with the Hoyle Pond deep. What kind of contribution can we see from that going forward as far as process grade unit costs, et cetera?

Steve Reid

David, that is still being worked through in terms of additional contribution. What it does for us primarily is looks for efficiency that dips, because we are currently, it is dealing with the material between the depths of say 1300 meters and roughly 2200 meters. So it is very deep, which we are accessing primarily from a ramp at the moment, with some internal haulage. So it is primarily about efficiencies with grade. The good part, however, is that what we are seeing and the reason that it folds in and the reason we are going ahead is we do have additional discoveries there in terms of additional zones, and we are also seeing a flattening of one of the zones, which is great, because it gives us more ounces per vertical meter. So all of that is something we are working through, and in terms of providing future guidance from that, we haven't yet, but we are working through that as we go through assessing the project.

David Haughton – BMO Capital Markets

So you think that guidance could be ready for the field trip coming up September?

Steve Reid

We will certainly be giving you an indication, yes.

David Haughton – BMO Capital Markets

And okay, so that would also apply for the new zone that you had indicated at Musselwhite?

Steve Reid

Yes, we obviously cannot disclose all the meters without doing a very large disclosure, but yes, we will be ready to do that in September.

David Haughton – BMO Capital Markets

All right. Now perhaps for, let me see, I am not sure, you can direct it as you wish, looking at Alumbera, the retention tax is quite a large number kind of streaming in the breeze at the moment, although during the previous quarter, you had paid some. What should we be thinking about going forward as far as the unit costs at Alumbera, whether those costs are in and increases we have seen flying through for other reasons in the quarter?

Chuck Jeannes

Let me start by saying, David, this tax has been paid now for all of last year and into this year, and you will recall, when we put out our budget for the year, we said that we would be including it in cash costs, because while there has been challenges lodged and discussions of political and other legal nature regarding the tax, it remains in place, and we don't have any indication that it is going to come off anytime soon. So it is a part of our cash costs recording. Lindsay, perhaps you can give some more color.

Lindsay Hall

Yes, David, to answer to your question, and I believe your question was should I include it on a go-forward basis in my costs at Alumbera, and I would say yes.

David Haughton – BMO Capital Markets

All right, and as far as the other unit costs, it seems to be, for a number of reasons, a fairly abnormal period. What should we be thinking about for costs going forward?

Steve Reid

David, maybe if I can answer that, initially, what we are seeing cost wise is that the team has been doing a great job in terms of focusing on costs and the actual expenditures are great in terms of I actually had savings on fuel during the quarter. Largely, I think the issue relates to grade which we had during the quarter, which on a per ounce basis, makes it look lower, but I know that we dealt with grades that were effectively the same as I think the third and fourth quarters of last year. It is primarily the result of finishing the latter parts of the Phase 9, and as we get back into Phase 10, we see things coming back in terms of growth.

David Haughton – BMO Capital Markets

Should we expect a second half similar to the first half at Alumbera as far as production goes?

Steve Reid

Their production from memory, about 52% weighted to the second half, so just slightly up.

David Haughton – BMO Capital Markets

All right. Well, thank you very much.

Chuck Jeannes

Thanks, David.

Operator

Thank you. The next question is from Stephen Butler with Canaccord Genuity. Please go ahead.

Stephen Butler – Canaccord Genuity

Guys, a question for you coming back to Peñasquito on the early numbers here, again it does look good. You gave us the mighty million in G&A costs for the respective areas in the quarter, and obviously, they are higher as we would expect as well in this process, in these early days. Any comments there? The G&A, I guess, in particular, but I guess as you go forward and get up to 130,000 tons, that number will come down, quite percent of it I assume are hope and on the mine costs as well, $827 versus the feasibility study $371. I just want to make sure you feel you are still confident in the feas numbers.

Steve Reid

Yes, Steve, I think the short answer is yes, again, nothing has changed there. We are still dealing with about 3000 people on the site, so in terms of G&A costs and so on, that is a reflection of that. Those numbers will start to reduce now, as we have said, with Line 2 up and running. The HPGI unit is not lots in terms of the effort there, because that will change things there. The same is true in terms of throughput. Once we get the throughput up, the unit costs in regard to milling will be more appropriate the way we were expecting them.

Stephen Butler – Canaccord Genuity

Okay. Thanks, Steve. Lindsay, question for you, again just to come back to you, I think you alluded to if you had sort of normalized for YMAD and retention tax at Alumbera, your consolidated cash cost rate you were suggesting would be lower in the second quarter than Q1. Can you maybe elaborate, I don't know how lumpy particularly the YMAD and retention tax were, I assume retention tax has been paid in Q1 and Q2, anything that is particularly lumpy there that deserves elaboration?

Lindsay Hall

The YMAD on a pronounced basis was about $16 an ounce, so, in addition to the YMAD, it just seems that the operating costs at Alumbera were a little higher this quarter. The combination of those events that led us to the comment that we would have normalized. So, the YMAD was lumpy, and as you know, YMAD is really triggered by payment of dividends for essentially out of Alumbera. So obviously, we paid a dividend or Alumbera paid a dividend to us in the second quarter triggering the YMAD payment.

Stephen Butler – Canaccord Genuity

All right, okay. And then the investment in Tahoe, that seems to be a kind of separately, I assume saw the cash come through. That investment is shown on the balance sheet separately under mineral properties, it is not therefore on their investments, is that correct?

Lindsay Hall

We just lump it – it is an investment as what you are talking about, even it is an investment in Tahoe equity accounting, but for disclosure purposes, were included in property and plant equipment, rather than separating it on the balance sheet. We think it is more a better disclosure than highlighting it as just a marketable security, because it is just balance sheet geography, if I could put it that way.

Stephen Butler – Canaccord Genuity

Right. That is fine.

Lindsay Hall

We are going to act with the account for Tahoe, just for the question.

Stephen Butler – Canaccord Genuity

And the same thing for, I guess, (inaudible) is that correct?

Lindsay Hall

Same thing, Steve.

Stephen Butler – Canaccord Genuity

Same treatment, okay. Thanks very much.

Lindsay Hall

Thanks, Steve.

Operator

Thank you. Your next question is from Haytham Hodaly with Salman Partners. Please go ahead.

Haytham Hodaly – Salman Partners

Just a simple question. I think Steve had a couple of my questions. With regards to Cerro Blanco and what you are seeing happening in Guatemala, are you more likely to sit and just wait and see how things get resolved or will you still continue to try and move that along at the same pace?

Chuck Jeannes

Well, let me just say, Haytham, that because of the progress that is being made on the Cerro Blanco development, we really don't have to make a decision in that regard yet. We have work to do in completing the declines to basically prove our feasibility study in terms of the mining methods and grades and everything else. And until that is done, we are not faced with the decision of when and how to make an investment for Cerro Blanco. So we are looking at completing that work and having a feasibility study ready by mid next year, and at that point would be the opportunity to consider our overall strategy for additional investment in Guatemala.

Haytham Hodaly – Salman Partners

Have you seen any direct opposition whatsoever against that project since you have been there?

Chuck Jeannes

Very little. It is different than it is in Marlin given the fact that it is not a traditional indigenous area. You know, there is some anti-mining activity elsewhere in the country, but it is not nearly the extent that you see at Marlin.

Haytham Hodaly – Salman Partners

Okay, thank you, Chuck.

Chuck Jeannes

Sure.

Operator

Thank you. The next question is from Mark Liinamaa with Morgan Stanley. Please go ahead.

Mark Liinamaa – Morgan Stanley

Hello, and is there any update at all that you could provide regarding the status of El Morro, or is that at still any efforts proceeding in the litigation area, thanks?

Chuck Jeannes

Yes, I would just say that the litigation is proceeding. That is pending in Toronto, and unfortunately, it hasn't gotten going on a full-scale basis with respect to the resolution of the merits of the case. There has been a lot of pre-trial candidates skirmishing. We think that that is largely resolved or close to being resolved, so we are looking forward to advancing the consideration of the merits in the latter half of this year and into next year. As far as the project itself, yes, we are continuing to work there, basically focused on or mainly focused on staffing up our teams, advancing the update of the existing feasibility study for the project, and advancing the previous permitting efforts that were already underway.

Mark Liinamaa – Morgan Stanley

Thanks for that. And then just quickly, maybe for the back of the envelope crowd, we have seen some peers lifting dividends. I think you still position yourself as a gold opportunity. Would you be willing to talk at all about, you know, what growth aspirations could be over and above the targets we have seen now? Thanks.

Chuck Jeannes

Well, yes. Thanks for that opportunity. We have, as you know, are very public about 50% growth profile between now and 2014, rising to 3.8 million ounces. That does not include any contribution from Éléonore, from El Morro or several of the other projects that we have just talked about that are in our portfolio. So we do believe that we have an outstanding growth portfolio and that it will continue beyond existing five-year plans.

With respect to dividends, you know, we are focused primarily on funding our growth, but as Lindsay just said, if you line up all those projects, including the ones in the five-year plan and the others, at El Morro and Éléonore and the like, we have the capacity internally to fund those without the need for additional shareholder dilution or any shareholder dilution. So we are looking at a situation now with Peñasquito ramping up, we see ourselves entering into a time when we are generating free cash flow starting late this year, earlier next, and that I think is when one would consider a change in the dividend policy. To us, it just doesn't make sense from a capital allocation standpoint to increase the dividend if one is not yet generating free cash. Effectively, you are just borrowing money to distribute it to shareholders.

Mark Liinamaa – Morgan Stanley

Thanks for that and good luck with everything.

Chuck Jeannes

Thank you.

Operator

Thank you. I would now like to turn the meeting back over to Mr. Jeannes.

Chuck Jeannes

Well, thank you very much, and thanks again everyone for joining us today. Impressive growth in financial performance, both in our top and bottom lines in the second quarter provides a preview of the rapidly accelerating profitability that we expect to experience in the quarters and years ahead, as we advanced that portfolio of growth projects that I was just talking about. So, we look forward to catching up with many of you in person this fall, and please enjoy the rest of your summer. Thank you.

Operator

Thank you. The conference has now ended. Please disconnect your lines at this time, and thank you for your participation.

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