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Executives

Jeff Beyersdorfer – SVP, Treasurer, and Director, IR

Jeff Stevens – President and CEO

Gary Dalke – CFO

Analysts

Jeff Dietert – Simmons

Paul Sankey – Deutsche Bank

Jacques Rousseau – RBC Capital Markets

Kathryn O’Connor – Deutsche Bank

Chi Chow – Macquarie Capital Markets

Gary Stromberg – Barclays Capital

Evan Calio – Morgan Stanley

Steven Karpel – Credit Suisse

Western Refining, Inc. (WNR) Q3 2010 Earnings Conference Call November 4, 2010 10:00 AM ET

Operator

Good morning and welcome to the 2010 Western Refining earnings conference call. After the speakers opening remarks, there will be a question and answer period. (Operator Instructions). As a reminder ladies and gentlemen, this conference call is being recorded and your participation implies consent to our recording of this call. If you do not agree with these terms, please disconnect at this time. Thank you.

I would now like to turn the call over to Mr. Jeff Beyersdorfer, treasurer and director of investor relations of Western Refining. Mr. Beyersdorfer, please go ahead sir.

Jeff Beyersdorfer

Thank you and good morning. I would like to thank you for taking the time to listen in today and for your continued interest in Western Refining. My name is Jeff Beyersdorfer; I’m the company’s treasurer and director of investor relations. Joining me for today’s call are Jeff Stevens, our President and CEO; Gary Dalke, our CFO; Mark Smith our President – Refining and Marketing; and other members of senior management team.

If you need a copy of the earnings release, you may obtain one from the investor relations section of our website at WNR.com. Before we proceed I would like to make the following safe harbor statement.

Today’s presentation will contain forward looking statements and I incorporate and refer you to the forward looking statement section of our earnings release and recent filings with the SEC. we assume no obligation to update or revise any forward looking statements to reflect new or changed events or circumstances. In addition to reporting financial results in accordance with generally accepted accounting principles or GAAP, we report certain non-GAAP financial results. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to the comparable GAAP results which can be found in the press release which is posted in the IR section of our website.

I will now turn the call over to Jeff Stevens.

Jeff Stevens

Thanks Jeff. Welcome to everyone on the call. Today we will discuss our Q3 performance, the success we are seeing as a result of our strategic initiatives and how Western continues to proactively address the current market environment.

After my opening remarks about the quarter, Gary will review our earnings in more detail and provide operating guidance for Q4 2010. After Gary’s comments, we will open the call for your questions.

As stated in our press release, we reported another profitable quarter for Q3 2010. Net earnings of $11.4 million dollars or $.13 per diluted share excluding special items. This compares to a Q3 2009 net loss, excluding special items, of $8.7 million dollars or $.10 per diluted share.

The improvement reflects higher refinery margins and the continued gains we have generated from our cost saving initiatives. In Q3, industry refinery margins declined relative to Q2 2010 but continued to exceed 2009 levels. For example, the Gulf Coast 3 to 1 benchmark (inaudible) in Q3 was up by approximately $1.00 or 13% relative to Q3 2009. During the quarter our southwest refineries generated gross margin improvements that exceeded the benchmark gains without passive approving by 21%, in the four corners by 38% relative to Q3 2009.

I would also like to point out that both El Paso and Gallup have solid quarters from an operational perspective, as both refineries continue to run at full capacity. Strong throughputs combined with our cost reduction efforts enabled us to continue to operate our southwest refineries at very competitive per barrel cost. Gallup’s operating cost was $6.21 per barrel for the quarter; down from the $7.64 per barrel for the combined Gallup and Bloomfield refineries in Q3 2009. El Paso’s costs were $3.27 per barrel compared to $3.01 per barrel for Q3 2009.

As a remind though, last year El Paso refinery benefited from a property tax refund related to prior years. Excluding this refund, El Paso’s costs would have been $3.49 per barrel in Q3 2009.

Moving to our other businesses. Wholesale posted better results compared to the same quarter last year. As the demand for transportation fields continue to improve in the southwest. Operating income during the quarter was up by more than $1.5 million dollars or 40% compared to Q3 2009. The higher operating and income was primarily due to increased lubricant margins and continued fuel and lubricant volume growth.

Our retail business had its most profitable quarter since being acquired by Western, with operating income of $7.6 million dollars, which is up by 13% compared to Q3 2009. This outstanding performance is the result of improvements in fuel volumes and merchandise sales combined with continued strength in fuel margins. We are encouraged by the results of our wholesale and retail businesses and we expect these positive trends to continue.

Last year we announced the decision to suspend refinery operations at Yorktown. We are pleased to report that the safe and orderly shutdown of refining operations was completed on schedule in early September. As part of the shutdown process we generated $56 million dollars in cash from the partial liquidation of working capital at the facility.

Suspending the Yorktown refining operations was a tough decision to make but the right one for the company. Although this has been a difficult time for the affected employees, I’m proud of how they stayed focused on safety and have carried out this transition.

As previously announced, we continue to operate the Yorktown product terminal and market fuel in the local area. In addition, we are currently negotiating with a number of parties regarding strategic alternatives for Yorktown including third party storage and (inaudible) agreements. Concurrent with this process we are also in discussions regarding the potential sale of the Yorktown terminal assets.

As you can see by our results, we continue to benefit from the four quarters refinery consolidation in other cost reduction initiatives that we successfully implemented over the last few years. In total, we estimate these initiatives would produce $50 million in annual savings and we are on track to exceed this target in 2010.

Turning to Q4, benchmark margins have come up to highs that we saw in the middle of 2010 and the forward curves show the typical seasonal decline in gasoline margin. However, benchmark diesel margins remain strong. For our southwest operations, we saw gross margin in October that was similar to Q3, which is a significant improvement relative to Q4 2009.

Overall we are encouraged by how Q4 is shaping up. Now Gary will go through our Q3 financials in more detail and provide Q4 operating guidance. Gary–

Gary Dalke

Thank you Jeff. During the quarter, gross margin at our southwest refineries, which excludes Yorktown, was $11.30 per throughput barrel, which compares to $9.13 per throughput barrel in Q3 of 2009. Gross margin at El Paso was $9.77 per barrel and Gallup came in at $19.44 per barrel; both significantly improved relative to Q3 2009.

Direct operating expenses at our southwest refineries were $3.73 per barrel for the quarter, which compares to $3.84 per throughput barrel in Q3 2009. Direct operating expenses for all refineries including Yorktown were $4.56 per barrel for the quarter, which compares to $4.29 per throughput barrel in Q3 2009. This slight increase of (inaudible) cost is primarily the result of decreased throughput at Yorktown.

During the quarter we also incurred one time shut down costs of $4 million dollar related to the suspension of refining operations at Yorktown. We have an additional $9.5 million dollars in cash shut down costs that we anticipate expensing in Q4.

Total company SG&A costs were $24 million dollars for the quarter, compared to $23.7 million dollars in Q3 2009. Adjusted EBITDA for the quarter was $90.7 million dollars which compares to adjusted EBITDA of $34.7 million dollars for Q3 2009.

Depreciation and amortization expense for the quarter was $35.3 million dollars, interest expense was $37.1 million dollars, a $4.1 million dollar increase compared to Q3 2009, primarily a result of modestly higher debt levels and higher interest rates.

Our effective tax rate for Q3 was 42.7%. We generated cash flow from operations of $239.6 million dollars in Q3, which compares to $28 million dollars in Q3 2009.

Primary drivers of this quarter’s strong performance were improved operating income and a significant reduction in our working capital during the quarter. Our working capital improvements came as a result of the inventory reductions at Yorktown and through the liquidation of the crude oil position that we built in Q2. As we discussed on our last call, the crude inventory bill last quarter was to take advantage of the (containdo) and the crude oil future’s market.

Total capital expenditures for the quarter were $19.7 million dollars. As of September 30th, total debt stood at $1.09 billion dollars including $25 million dollars outstanding under our revolving credit facility. Total liquidity, which we define as cash and availability of our revolver, was $332 million dollars. And liquidity averaged approximately $300 million dollars during the quarter.

Our operating guidance for Q4 is as follows. We expect crude oil throughput at El Paso to be approximately 120 thousand to 125 thousand barrels per day and total throughput to be approximately 130,000 to 135,000 barrels per day. We expect crude oil throughput at Gallup to be approximately 22,000 to 23,000 barrels per day and total throughput to be approximately 25,000 to 27,000 barrels per day.

In Q4 we expect operating costs to be approximately $3.40 per barrel at the El Paso refinery and approximately $6.25 per barrel at the Gallup refinery. We expect total SG&A in Q4 to be approximately $22 million dollars, interest expense will be about $38 million dollars and appreciation and amortization will be approximately $36 million dollars for the quarter.

Capital expenditures for the full year of 2010 will be about $85 million dollars. This estimate is down from our original budget of $100 million dollars. Our largest capital project in 2010, the MSAT unit installation at the El Paso refinery is nearing completion and is expected to come in under budget. This is a significant accomplishment and is the primary reason we will spend less than budget this year.

I will not turn the call back over to Jeff Stevens.

Jeff Stevens

Thanks Gary. Overall it was a very good quarter operationally and we are pleased with the financial results. As you can see, we have been successful at executing our business improvement plans and we continue to be proactive in improving our operations and balance sheet. We feel Western is well positioned for the future.

Nicole, we’re ready for questions, now. Thank you.

Question-and-Answer Session

Operator

Thank you sir. (Operator Instructions.)

Your first question is from Jeff Dietert of Simmons.

Jeff Dietert – Simmons

Good morning.

Jeff Stevens

Good morning Jeff.

Jeff Dietert – Simmons

Could you talk about your strategy and specific tactics for further reducing debt specifically the term debt and working capital?

Jeff Stevens

Well, Jeff, obviously the easiest way to reduce debt is to continue to make money and I think we’ve done a very good job of getting our costs where they need to be to be competitive and take advantage of the market as margins improve. We’re looking at a number of things out there and we’re going to continue to work them and make the decisions necessary to get that done. We’re not going to specifically comment, but there’s just a number of initiatives that we’ve got going on out there that we feel like we can get this accomplished.

Jeff Dietert – Simmons

Are you expecting further working capital benefits from Yorktown in Q4? You mentioned the $546 million from the partial liquidation, is it a significant amount left in Q4?

Jeff Stevens

Well there will be some further reduction. That was just a partial- that was mainly the crude oil and (feedstock). We still have quite a bit of products there at the various terminals to support our marketing operation. We believe that those inventories will come down some in Q4 and depending on how we structure our (term link) deal with whoever we end up partnering with at that facility, they could be further lowered.

Jeff Dietert – Simmons

Okay, could you share some breakdown of the cost savings you mentioned likely to exceed the $50 million dollar target. What are the major components that contribute to that $50 million dollar reduction?

Jeff Stevens

Gary, why don’t you comment on that?

Gary Dalke

Okay, this is Gary. I’ll handle that. It’s really split between two initiatives; the consolidation of the Bloomfield operations and the Gallup will contribute in excess of $25 million on an annualized basis. And then the other cost reduction initiatives kind of go throughout the entire organization; we have some contractor reduction at our refineries, we have headcount reductions in certain parts of the refineries. On the wholesale side we have headcount reductions, lower fleet costs, just to rationalizing the size of our fleet and reducing that to match demand. On the retail side we had some slight headcount reduction. On the corporate side, again, headcount reductions. And then we also have some savings on our health benefit and 401k plans. So all total those on an estimated annual basis, those should exceed $26 million plus.

Operator

Your next question is from Paul Sankey of Deutsche Bank.

Paul Sankey – Deutsche Bank

Hi guys.

Jeff Stevens

Good morning Paul.

Paul Sankey – Deutsche Bank

Is the- I think the language suggest that Yorktown now is effectively going to be a terminal and no longer a refinery going forward and that you’ll be partnering that?

Jeff Stevens

No, Paul, let me just kind of clarify that. What we’re doing is we’re kind of separating the terminal assets from the refining assets. If we choose to go through a process, a sale process of those (termoleen) assets, we’ll still keep the option of restarting the refinery.

So everything we’re doing is positioning the refinery, when margins return and if they have elite spread widens out back to more of a normal level, we’ll be able to restart the facility and utilize the (termoleen) assets to benefit the refinery.

Paul Sankey – Deutsche Bank

Great, I understand. And what’s the approximate cost of, I guess, keeping it in mothballs?

Jeff Stevens

Well there’s some sustaining costs that really aren’t, you know, much. We’re estimating maybe about $3 million to $5 million a year to keep that option open.

Paul Sankey – Deutsche Bank

Interesting.

Jeff Stevens

The oil costs or as Gary mentioned, the $9.5 million that we’ll spend here in Q4, part of that will be to make sure that we have that option of restarting the facility.

Paul Sankey – Deutsche Bank

Yeah. Your main refinery, (inaudible) the El Paso unit, the sensitivity there is really to the sweet sour spread, isn’t it. Could you just remind us, I don’t know the extent to which you’ve changed configuration as well but could you remind us of some of the major sensitivities that that refinery had.

Jeff Stevens

Paul, you’re correct. It’s primarily run WTI but when we brought on the gasoline hydro-treater last year, we do have the flexibility of running more WTS crew down. This year we’ve really seen a compression in the WTI/WTS. Now recently we’ve seen it start to widen out. I think most of the year it was around $1.40 or $1.50. Here in Q4 we’re seeing it up $2 between $2.50. As it rises and it gets in the $2.50 range, we have incentives to raise our sour rates. We pride in running 12,000 to 15,000 barrels a day throughout the first part of the year. We have the flexibility to go up to 20,000 to 25,000 barrels of TS. We do have a project that we’re looking at in the first quarter of 2012 that would be able to significantly raise that level to probably 40,000 to 45,000 barrels a day.

Paul Sankey – Deutsche Bank

Did the pipeline outages up in Canada have any big effect in the quarter or is it more or less a sideshow?

Jeff Stevens

Yeah, it really, I don’t think it impacted our markets at all.

Paul Sankey – Deutsche Bank

Yeah, great. And then on the demand side, could you just talk a bit more about, I guess it’s always a bit of a question about trains isn’t it, but also there’s a magazine here in US refining which is about product tech (inaudible). It’s always a bit complicated with you guys, I know, because of the various pipelines but could you just talk about the market in general and the way the demand side of the equation, including exports is working out for you? Thanks.

Jeff Stevens

You know, out here in the southwest on the gasoline side I would say we’ve seen modest increases. We probably say in the quarter 2% to 3% increases at our retail stores. The distillate side has firmed up. We’ve seen very good demands for diesel. You pointed out the railroads, we see their demand up probably 5% to 10% in Q3 relative to what we’ve seen in the past. So we are seeing a strong demand for dissolute at this point.

Paul Sankey – Deutsche Bank

Great, I’ll leave it there. Thanks guys.

Jeff Stevens

Thanks Paul.

Operator

Your next question is from Jacques Rousseau of RBC.

Jacques Rousseau – RBC Capital Markets

Morning. I just wanted to see if you had any updated thoughts on the potential terminaling income at Yorktown, I believe the prior thought on last quarter was something of the magnitude of $20 million to $25 million dollars annually.

Jeff Stevens

Sure Jacques. You know as we’ve gone through this process and looked at the opportunities at the facility, we still feel very comfortable, in fact it’s probably at the upper end, the $25 million or higher. We haven’t worked out all of the agreements and all the uses for the facility, but we’ve pretty much confirmed everything that we thought when we gave those projections.

Jacques Rousseau – RBC Capital Markets

Okay, so that’s something that will probably be phased in this quarter and then ramp up next year?

Jeff Stevens

Yeah, just a small piece of that is the marketing piece, which I referred to that we continue to resell fuel up there. But the bigger piece, the terminaling storage fees, the blendings and the other opportunities at the facility will be ramped in in 2011.

Jacques Rousseau – RBC Capital Markets

Great, and one more for me. Could you give us some color on the 2011 refinery maintenance schedule?

Jeff Stevens

Yeah, in 2011 we have a re-gen at El Paso that will take place in the middle of January and then we’ll have a re-gen up in Gallup in probably in Q4 in 2011; so not a lot of work.

Jacques Rousseau – RBC Capital Markets

Do you have any estimated costs around those?

Jeff Stevens

You know our sustaining cost between Gallup and El Paso is about $25 million to $30 million a year.

Jacques Rousseau – RBC Capital Markets

I was just curious how much may get expensed in your annual income statement.

Jeff Stevens

For the regenerations, I think we’re talking probably a total of about $5 million; $3 million in El Paso and about $2 million at Gallup for the re-gens.

Jacques Rousseau – RBC Capital Markets

Great. Thank you.

Operator

Your next question is from Kathryn O’Connor of Deutsche Bank.

Kathryn O’Connor – Deutsche Bank

Hi good morning.

Jeff Stevens

Morning.

Kathryn O’Connor – Deutsche Bank

So just back to Yorktown, I know that you guys had said in the press release that you already got $54 million dollars from liquidation of working capital there and there might be some changes based on what’s happening strategically with that. But could you give us an idea of order of magnitude versus 54, what might be left?

Gary Dalke

Yeah, this is Gary. At Yorktown we have approximately $40 million dollars of inventory left and we ought to be able to work that down significantly because the majority of that is the product inventory as Jeff mentioned. So that’s- I don’t know that we’ll get 100% of that liquidated, but we’ll certainly make a dent against that in Q4.

Kathryn O’Connor – Deutsche Bank

Okay, that’s helpful. And then just in terms of the strategic actions at Yorktown, it sounds like you’re in pretty, it sounds like you have negotiations that are moving quickly. Do you think that we would have an answer in terms of what’s going to happen there by the end of the year or do you have a timing kind of stamp on that?

Jeff Stevens

No, I would just characterize it on the tourmaline side, we’re in vary advanced negotiation with a couple parties. It would be our hope to have something done. As far as the sale of the assets, I don’t think we would see that happen in Q4.

Kathryn O’Connor – Deutsche Bank

Okay, so if you wouldn’t do a terminaling transaction do you think you can get it done, it sounds like very advanced talk would be this year and then the sale of the assets might be a little bit longer term?

Jeff Stevens

Yeah, that would be fair.

Kathryn O’Connor – Deutsche Bank

Okay, and then I realize you don’t want to comment specifically on the other strategic action that you’re looking at but can you just give us some idea how long the period of time it would take to sift through all of those and when we could expect some action around them? Is it kind of a year process, a half a year process for all these things, or?

Jeff Stevens

I would say for all of them it would be in the next 12 to 24 months. We’re hoping to get, you know, some of them done obviously in 2011 and I think that’s achievable.

Kathryn O’Connor – Deutsche Bank

Any sort of just breakout of how we should think about the action items? If you think that something can get done in 2011 can you give us some idea of probabilities of getting a certain percentage of them done in 2011?

Jeff Stevens

Well, you know, obviously our goal is to get our debt paid down and what the priority of getting these things done is in the most favorable result for Western and its shareholders. So I’m not going to specifically comment on which ones I think we’ll get done, but I think we will get some of these initiatives done in 2011 that will help our balance sheet.

Kathryn O’Connor – Deutsche Bank

Okay, and just to clarify, any debt pay down that would happen would primarily fall under and assets sales so that would be a term loan pay down?

Jeff Stevens

Correct.

Kathryn O’Connor – Deutsche Bank

Okay, thank you.

Operator

Your next question is from Chi Chow of Macquarie Capital Markets.

Chi Chow – Macquarie Capital Markets

Good morning. Outstanding result on the balance sheet improvements and improvements in quarter. Gary, I got a question on the working capital reduction in the quarter. Was there anything else beyond the Yorktown inventory sale that the contango unwinding?

Gary Dalke

That’s really the key driver. We also have some reductions around prepaid inventories in the quarter as well. But all in all the change in our operating assets and liability during the quarter generated cash of approximately $159 million dollars but really that was primarily driven by inventory receivables reduction at Yorktown and then a bit on the prepaid inventory side as well.

Chi Chow – Macquarie Capital Markets

Okay, what are your thoughts on the crude and catalyst sale lease back at this point.

Jeff Stevens

Chi, we’ve begun that process and we’ll have some of that done in Q4 and some that will leak into Q1 of next year.

Chi Chow – Macquarie Capital Markets

Can you quantify and sort of impact that might have?

Jeff Stevens

Cash proceeds will be in the $20 million dollar range.

Chi Chow – Macquarie Capital Markets

Total, between the whole.

Jeff Stevens

Whole.

Chi Chow – Macquarie Capital Markets

Okay, great. And Jeff, any update on restructuring the revolver?

Jeff Stevens

Yeah. We’re in the market now with a pure ABL facility and we expect to have that completed before the end of the year.

Chi Chow – Macquarie Capital Markets

Great, and do you have any updates on 2011 CapEx at this time?

Jeff Stevens

No Chi, we’ve got a board meeting coming up that we need to get formal approval on. But I would say that if you look at where we are in 2010, we would expect 2011 to be about 25% to 30% less.

Chi Chow – Macquarie Capital Markets

25% to 30% you said.

Jeff Stevens

Correct.

Chi Chow – Macquarie Capital Markets

And one more question. Why did you shut down the Flagstaff terminal?

Jeff Stevens

You know Chi, that was the terminal that the giants built about 15 years ago and they had plans to build a products pipeline connecting Gallup to that terminal. They ran into right of way issues over the years and the only way to supply that terminal was by truck. And we just felt like that we would be better served to idle that terminal and get people to pick up product at our other facilities. We didn’t see a realistic chance of getting a products pipeline so that was the main reason.

Chi Chow – Macquarie Capital Markets

Is there any major change then to your distribution there?

Jeff Stevens

No, not really. It was a small part of our distribution change.

Chi Chow – Macquarie Capital Markets

Okay, thanks Jeff.

Operator

Your next question is from Gary Stromberg of Barclays Capital.

Gary Stromberg – Barclays Capital

Hi, good morning. Pretty much all my questions were answered, just one last one on the terminals. How should we think about EBITDA there?

Jeff Stevens

On the Yorktown facility?

Gary Stromberg – Barclays Capital

Correct.

Jeff Stevens

We’re still guiding in that $25 billion dollar range on an annual basis. Realizing most of that in 2011.

Gary Stromberg – Barclays Capital

And would that be a taxable event? I assume no. Anything that was done there?

Jeff Stevens

The terminaling revenue, that would be subject to normal income tax but if you’re talking about the potential sale of the terminal assets, it wouldn’t be a material taxable amount but certainly there could be some tax associated with the taxable gain on that.

Gary Stromberg – Barclays Capital

All right, thank you.

Operator

(Operator instructions.) Your next question is from Evan Calio of Morgan Stanley.

Evan Calio – Morgan Stanley

Hi guys good morning, nice quarter. Most of my questions have been answered at this point; a lot of interest in the call this morning. Thanks.

Jeff Stevens

Thanks Evan, I appreciate you listening in.

Operator

Your next question is from Steven Karpel of Credit Suisse.

Steven Karpel – Credit Suisse

Just one point of clarity guys, you talked about the liquidation of inventory at Yorktown and I just wanted to be clear on what any legacy liabilities owl have to be offset there. And you talked about shut down cost but is there any other liabilities that will go against in future quarters or was there any timing issues or anything like that?

Jeff Stevens

No, nothing different that we guided with the $9.5 million in Q4. Really shouldn’t be any other liabilities associated with the shutdown.

Operator

Thank you, I would not like to return the call to Mr. Jeff Stevens.

Jeff Stevens

Once again, thank you for your participation today and your continued interest in Western Refinery. Before we close, I’d like to thank our employees for their continued hard work and dedication in running our facilities in a safe and reliable manner while enabling Western to deliver on its commitments and build stockholder value. Thanks, we look forward to talking to you in Q4.

Operator

Thank you. That concludes today’s Q3 2010 Western Refining earnings conference call. You m ay now disconnect your lines at this time and have a wonderful day.

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Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

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