NorthWestern Energy Group Inc (NWE) 2015 Q1 法說會逐字稿

Good day and welcome to the NorthWestern Corporation first quarter 2015 financial results conference call. Today's conference is being recorded. And at this time, I'd like to turn the conference over to Mr. Travis Meyer. Please go ahead, sir.

Thank you, Anna. Good afternoon and thank you for joining NorthWestern Corporation's financial results conference call and webcast for the quarter ended March 31, 2015. NorthWestern's results have been released and the release is available on our website at www.northwesternenergy.com. We also released our 10-Q pre-market this morning.

Presenting today are Bob Rowe, our President and Chief Executive Officer; Brian Bird, Vice President and Chief Financial Officer; and we also have several different executives and management around the table with us today as well.

Before I turn the call over for us to begin, please note that the Company's press release, this presentation, comments by presenters, and responses to your questions may contain forward-looking statements. As such, I will remind you of our safe harbor language.

During the course of this presentation, there will be forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often address our expected future business and financial performance and often contains words such as expects, anticipates, intends, plans, believes, seeks, or will. The information in this presentation is based upon our current expectations as of the date hereof unless otherwise noted.

Our actual future business and financial performance may differ materially and adversely from our expectations expressed in any forward-looking statements. We undertake no obligation to revise or publicly update our forward-looking statements or this presentation for any reason. Although our expectations and beliefs are based on reasonable assumptions, actual result may differ materially. The factors that may affect the results are listed in certain of our press releases and disclosed in the Company's Form 10-K and 10-Q along with other public filings with the SEC.

Following our presentation, those who are joining us by teleconference will be able to ask questions. The archived replay of today's webcast will be available beginning at 6 pm Eastern tonight and can be found at our website at northwesternenergy.com under the Our Company, Investor Relations, Presentations and Webcasts link. To access the audio replay of the call, please dial 888-203-1112 then access code 3190257. Again, that is 888-203-1112, access code 3190257. I'll now turn it over to our President and CEO, Bob Rowe.

Good afternoon. Thank you very much for joining us. Just by way of introduction, a couple of comments. Of course, this was our board meeting and annual meeting and we are meeting at our operations center in Huron, South Dakota, which is the hub of our electric and natural gas operations in South Dakota and Nebraska.

As we always do, we had a community event to visit with civic leaders and customers a couple of nights ago. A memorable part of that was recognizing former NorthWestern Public Service CEO, Al Schmidt, who recently passed away. Mr. Schmidt had been the CEO of a very strong successful regional utility, our predecessor for 25 years. It meant a lot to get together to remember him and his family members who were with us.

Secondly, this is the meeting where our annual Leadership NorthWestern class spends time with the executives and with the board of directors. They attended the annual meeting today. This is a key program in developing the future leaders all across the Company in all different occupations within the Company. And it's always great when they join us.

The third, we are joining you from the middle of our South Dakota operation. Several days ago, we had a meeting of our regional economic development group that we sponsor, Advantage South Dakota, and I leave all those meetings really impressed with the vitality of the economy in our region and the communities that we serve and the commitment of business and civic leaders to really do the right thing in the region. And we're delighted to be able to work with them to build a stronger economy and communities.

Turning to significant activities, we did have a very successful first quarter of owning and operating the integrated hydro system, really, in Montana, that is now dedicated to serve our Montana customers.

Second, improvement in net income of $5.8 million or 13% in the first quarter of 2015 as compared with the same period last year. Next, GAAP diluted EPS of $1.09 as compared to $1.17 for the same period in 2014. And while net income did improve, the decrease in EPS was primarily the result of the equity issuance in November of 2014 to fund hydro acquisition, of course. Next, non-GAAP adjusted EPS of $1.18 as compared to $1.16 for the same period in 2014. And Brian will come back and spend more time on the reconciliations later in the presentation.

Next, reaffirming full-year 2015 adjusted guidance of $3.10 to $3.30 per diluted share. And then, finally, the board of directors approved a $0.48 stock dividend payable on June 30th of this year.

Last comment before I turn it over to Brian; first, this was the annual meeting and our shareholders did resoundingly approve the election of directors, of our outside auditor, and say on pay. We were particularly delighted today to be joined by our new director, Jan Horsfall, and Jan has already made a real contribution to governance of the Company. We just could not be happier that he has joined us on the board and joins us here in Huron. With that, I'll turn it over to Brian.

Thanks, Bob. Good afternoon, folks. On page 5, I'll kick off the financial results discussion.

Page 5 shows the summary results for the first quarter 2015 versus 2014 and since I'll get into more detail on various parts of the P&L I'll take you right down to income before taxes. On a pre-tax basis, we have $61.4 million for the three months ended March 31, 2015. That's a $7.8 million increase year over year or about 15%.

Net income was $51.4 million, a $5.8 million increase. And as Bob pointed out early, that's a 13% increase. But, on a diluted earnings per share on a GAAP basis, we did finish the quarter at $1.09 versus $1.17 from the prior year, an $0.08 reduction or 7%. I'll get into more details in terms of what drove that differential and talk a little bit about, on a going-forward basis, our expectations on EPS.

Moving to page 6, on gross margin it's a pretty simple story. Electric is up $39.2 million, nearly 30%. Gas was down nearly $8 million or down 11% for a total gross margin increase of $31.3 million, up nearly 16%. Really, two things are driving the quarter. Obviously the introduction of hydro operations on a year-over-year basis improved gross margin $42.1 million, but the extremely mild weather conditions in our service territories had a huge impact on retail, both gas and electric retail volumes. You see those two listed there combined, that $11.3 million impact on a negative basis versus our gross margin. Of that $11.3 million we deem $10.5 million of that attributed to weather and I'll talk about that in a moment.

The other thing I'd like to point out on this slide; even though gas today represents 20% of our business, electric side of our business is approximately 80%, you can see what a mild first quarter can do to the gas side of our business. And it certainly was a larger variance on a volumetric perspective than it had on the electric side.

If I move you forward to page 7, we've never showed this chart before. It clearly demonstrates the impact of weather to the quarter. The bottom left-hand side of the page we show maximum temperature versus normal and normal being a 20-year mean, if you will. And then, on the right-hand side, we show minimum temperature from normal. And, again, on the bottom left in the maximum temperature from normal, all of our service territory was certainly warmer than normal. On the minimum temperature from normal, Montana was definitely warmer during this time period, but South Dakota and Nebraska were actually a tad cooler.

So what does that all mean? If you look at the top right-hand side you see versus historic average, Montana hotter, regardless of the means to measure that, and that results in a 13% warmer indication. And South Dakota, Nebraska both, thus offsetting somewhat, was only about a 1% impact. I think people know Montana is a significant portion of our business and, as a result, because of the weather impact there, it had an impact on our financials. As a matter of fact, versus normal, we deem weather was about a $7.1 million impact on our business or $0.09. And I'll talk about that in a moment.

A little left of that, we even show a 2015 as compared to 2014. As you might remember, first quarter of 2014 actually was colder than normal. And so you can see there, 2015 is quite a bit warmer throughout our service territories on a year-over-year basis. And, again, that was a $10.5 million impact or about $0.14. And, again, about two-thirds of that $10.5 million really came from our gas business; the other third, of course, from the electric side of the business.

On expenses, on page 8, a lot of moving parts here. I dropped a whole page. Operating general and administrative expenses were up about 12%, property and other taxes up about 15%, depreciation depletion up about 18%. In total dollars, $18.8 million for total operating expenses or 14% increase.

However, if you take just the hydro operations costs, noted below, of $10.7 million, the $3.7 million increase in property taxes attributed to the hydro transaction, the $4.1 million of hydro-related depreciation in the depreciation line; those three items add up to $18.5 million. So, if you exclude hydro on a year-over-year basis, we kept all of our other expenses flat for the quarter through our operations in the Company. We certainly understood and looking ahead what we thought the impacts of weather were going to have on our business and managed our business accordingly and, thus, kept expenses extremely flat on a year-over-year basis.

If I could move to page 9, from an operating to net income perspective, at the top of the page you see operating income of $83.9 million, up $12.5 million or approximately 18%. Below that, you see an increase in interest expense of just over $3 million. That's primarily attributed to the hydro acquisition, the debt issuance that we did late in 2014 associated with that transaction. On the other income side, those of you who follow the story closely understand the impact our share price can have either up or down on deferred shares held in trust for our non-employee directors deferred compensation. We've spent some time discussing that in previous quarters. But, since share price was down our other income in 2015 was down on a year-over-year basis. That gets us to income before taxes. I discussed that earlier. The primary difference between pre-tax and net income, we did have higher income tax expense primarily associated with higher pre-tax income.

If I could move you to page 10, very quickly, on the balance sheet, not much has changed since the end of 2014 to the first quarter of 2015. You will notice at the bottom that the ratio of debt to total capitalization is closer to the high end of our range at 50% to 55%. We do expect certainly, as we move into 2015 and with the additional revenues associated and cash flow associated with the hydros, that we'll be within our 50% to 55% range, but nearer the high end of that range in 2015.

Moving forward to page 11 and the cash flow statement, cash flow from operations are at $126.8 million. We certainly list off to the right-hand side the reasons for that increase on a year-over-year basis. Primarily we would talk about, obviously, hydro having the impact, but we'd add issues in terms of collections of receivables and others. That improvement has certainly helped cash flow on a year-over-year basis.

Investing activities are relatively the same quarter over quarter, but I would point out on the financing side two primary changes on a year-over-year basis. First, in 2014 we finished up our dribble program in 2014. That had an impact in the first quarter of 2014. And obviously we increased our dividend 20% at the start of 2015. That certainly had demonstrated itself with an increase in dividends in common stock here in 2015.

If I could move you forward to page 12, on a non-GAAP adjusted EPS, really only one item that impacted our financials moving from a GAAP to an adjusted diluted EPS. From a $1.09 we did add back the $0.09 of unfavorable weather, getting us to a $1.18. That's comparative to $1.16 from the first quarter of 2014.

On page 13, we break that out in more details so I would turn you forward to that. We've shown this chart before in the past, have got positive feedback, very helpful for our investors to understand the moving parts within the P&L. If you kind of move from left to right, you can see moving from GAAP to non-GAAP measure. And then on the right-hand side, move from far right towards the middle, you can compare on a non-GAAP basis, throughout the P&L, our results.

At the very bottom you can see the $1.18 versus $1.16 I just previously talked about. But, even on a pre-tax basis, when you adjust for the various items that we adjust for in each of the quarters, pre-tax income was up nearly 30%, net income up approximately 23%. But, on diluted EPS, the $0.02 improvement on a year-over-year basis is only 2%. I think this has caused some concern in trying to understand with adding the hydro how could that increase be so small.

One thing I would like to point out, and move you towards the next page, we do anticipate to see improvement in the second and third quarters associated with the hydro transaction. We used an illustrative example here on page 14 to try and demonstrate the impact of relatively consistent net income provided by these assets, the hydro assets that we added at late 2014. We expect to have net income relatively consistent throughout the quarter.

This is illustrative, by the way, but it does show when you take the addition of the net income and the share issuance, for those quarters that have relatively small net incomes, second and third quarter for instance, that can have a significant impact from an accretive standpoint on EPS. And hopefully investors have had a chance to understand this slide and see from an EPS accretion through this illustrative example that, though we would have shown a zero EPS accretion from this perspective, in the second and third quarters we do expect to see more accretion associated with the hydro assets.

One thing I would point out, if you want to go back and look at electric volumes in previous years and by quarter, they typically come in around 25% consistently through each quarter. You might see a little down in the second quarter, a little higher in the third quarter. But they relatively track around 25% per quarter. And so, we think this illustrative example should be helpful to investors to understand why we were very comfortable reaffirming our guidance for 2015.

And, with that, I'd turn you to page 15 and we continue to reaffirm our 2015 earnings guidance of $3.10 to $3.30. We certainly list out those factors down below in terms of assumptions that we use in the going forward, one of which, of course, is normal weather as we move forward. And, again, the two primary reasons we're comfortable reaffirming 2015 earnings guidance is, first and foremost, we do expect a lift from the hydro, particularly in the second and third quarters. And secondly, we do expect a lift from the South Dakota rate case in the second half of 2015. And then, with that, I'll turn it back to Bob.

Speaking of the South Dakota rate case, as you know, we did file in December. This is the first requested adjustment in electric base rates in 34 years. And that's really an extraordinary accomplishment, certainly for our customers. And I would say that that demonstrates the real value of owned generation assets and an integrated system.

You see a couple of key parts of this story first in the upper left on that page. The flat fixed charge in energy portion of the bill over decades and then the adjustments made for tracker-related portions of the bill, such as fuel and transmission. Lower left, you see the story in both nominal and real numbers and our South Dakota customers have enjoyed a really impressive decrease in real costs over that time.

As you know, the question of what is driving this filing at this time; 96% is associated with a small number of, really, non-discretionary projects, in particular the Big Stone and Neal projects, which were driven by compliance with federal environmental regulations as well as the South Dakota state implementation plan. That's over $15 million. The Aberdeen Peaker, it's been in service now for some time, a little over $7 million, almost $7.5 million. And then, the Yankton substation that we are building right now. Then all other is just barely over $1 million. So that's really the story of what is driving the rate increase request; again, filed in December. We have the ability to implement interim rates in July. And the commission has one year to act on the filing.

Other key activities, going back to hydro, we now do own and operate for our customers the integrated Montana hydroelectric system with facilities in two basins. We have seen the benefits of that this year. Now that, in a sense, our hands are on the levers, the facilities are really operating as we had hoped. They are very high-quality. As important as anything, really, the great people who have come over from PPL Montana to join us at NorthWestern Energy. If you think about where we have come from on the Montana side, from no assets dedicated to serve our customers as recently as 2008, to, now, a very diversified set of assets, that creates, again, real opportunities for us to serve our customers.

We're doing, think of it as two studies. We've mentioned these before. First is a study of the capabilities of the hydro system itself and what services that might be able to provide. Second will be an evaluation of the integrated Montana generation fleet now including hydro as well as the other assets. And we look forward to seeing the results of all that good work over the summer.

As you know, we are essentially stewards of Kerr Dam through next fall when we expect that it will transfer to the confederated Salish and Kootenai tribes. And we are obviously working with the tribes to get ready for that conveyance.

I mentioned the Big Stone project in particular. First I'll remind you that the Neal project is complete. Big Stone is getting very, very near the finish line with over $82 million capitalized through March 31st, the total investment by NorthWestern of $95 million to $105 million. We do expect that project to be operational by the second half of the year.

We've talked, obviously, before about our basic infrastructure investment and particularly the programmatic approach we are taking in the distribution system infrastructure plan, which was gas and electric distribution in Montana only. We're about halfway through that project, very happy with the results that we're seeing and the good work our employees are doing and certainly good project management is there. We're really taking that same philosophy and extending it to our entire system, end to end transmission, substations, distribution, automation, gas and electric both, but also Nebraska and South Dakota.

It's impossible to go a week without reading something in another state or in the national press about the need for infrastructure investment. Many states are quite actively compelling their utilities to pay attention to infrastructure. Notably, infrastructure was an important part of the DOE quadrennial review report that was released just several days ago. I'm very proud of the way NorthWestern Energy has stepped up to do what really is right in the system. As the plan is developed, further refined, we'll be talking to you more about that.

Next, as you know, we have made a number of natural gas reserve acquisitions dedicated to serve our Montana customers. We currently own about 25% of our Montana natural gas needs, factoring in both retail customers and power generation. And that's been a total of about $100 million investment. We do have a target to own about 50% of this estimated need, but also we're looking for opportunities to provide that same kind of long-term stability to our customers in South Dakota and Nebraska as well. Nothing to announce, to preempt that question, but we are very actively in the process of looking and we will be as eager as you when we're able to talk about something probably.

Dave Gates generating station, to pull that Band-Aid; the plant continues to -- we continue wait for a FERC response to our reconsideration request. As you know, that was triggered by an April 2014 FERC decision to allow, essentially, fractional recovery. Notably, we have been, thanks to DGGS, we have been in compliance with federal reliability requirements throughout that period and we think that vindicates the design of the plant. So, again, I apologize for this; nothing new to announce. But we will keep you informed and we are just as eager to hear something as are you.

This all rolls up into the capital spending forecast, which is the last slide that we'll discuss before we open it up for questions. And this shows you almost $1.5 billion in an investment dedicated to serve our utility customers for 2015 through 2019. And we expect to be able to fund these identified projects through a foundation of cash flows, obviously aided by NOLs and long-term debt. And these projects include maintenance CapEx, DSIP, TSIP, the transmission acronym --and again DSIP and TSIP will be essentially merged in an end-to-end approach -- the ongoing Big Stone investments, and then the specific hydro investments that were discussed with the Montana commission as part of its review of the hydro transaction. It does not include other projects such as any activity around natural gas reserves, future peaking requirements in South Dakota and Montana, or any other acquisitions that might require additional equity funding.

So, with that, I think we can open up the line for questions and discussion.

(Operator Instructions). Daniel Eggers, Credit Suisse.

Hey. Good afternoon, guys. Bob, could we start off maybe a little bit just with the South Dakota case? And you filed in December. Can you just give a little sense of what's coming up so far in the case and where you're getting potential pushback or friction given the size of the rate increase?

Sure. No surprises yet. What's interesting the South Dakota commission typically -- and first of all, as we've discussed, they have a lot of experience processing cases like this for all of the other utilities that serve South Dakota, including the other Big Stone owners. Our past experience has been that the South Dakota commission has been able to very efficiently process cases. In this case, we are kind of in the queue behind several other significant rate cases as well. And we knew that at the time we filed.

So, at this point, there has not been a procedural order issued. There have been requests for intervention from some of our larger customers. And that is absolutely what you would expect. And there has been a petition, which is, in South Dakota, is part of the process. You can gather petition signatures requesting a local hearing. And that occurred in Yankton. And actually we really appreciated that. The commission has set a hearing down the road, actually just in a few weeks.

What we did was go out and invite all of the petition signers plus other local citizens to a community meeting just last week in Yankton and laid everything out, talked to them about their questions and concerns. We'll be doing that voluntarily. We've let the South Dakota commission know what we're doing. They think it's a great idea. So, we'll be holding, on our own, community meetings around our service territory. The meeting in Yankton, very good, real concern about impact on low-income customers, folks on fixed incomes in particular. And we share that concern. So, we had a good discussion there. It was some residential customers, public sector, and commercial, alike.

And, again, under the process, we have the ability to implement an interim rate in July. Certainly, we expect before then there -- well before then we would hope -- there would be a procedural schedule and then will get into discovery. So those are probably the next formal steps.

If you get a procedural schedule in the next month or so is there enough time, realistically, to go through the process in South Dakota and get this done by December? Or are we going to be tight on time, depending on when the schedule comes?

Based on the South Dakota commission's performance, I think we're very comfortable that we will receive an order within the timeline. We do have the ability at the end of 12 months to implement the rates as requested. But, again, our experience in South Dakota is that they will manage the process and get to a result within the time allowed.

Okay. And then on the gas reserve comments, are you suggesting that you're getting closer to finding a proposal that the commission is happy with in this low gas price environment? Are you talking about it in the sense of you've identified some properties it would make sense to buy?

I'm not going to answer the specific questions. So, that's a no comment. But what I will say, two things. Previously we discussed how we the curve was essentially flat and under the stipulation that we had in place there was a clear win for customers with acquisitions at that low price. But, because of the flat curve, that would not have been in compliance with the stipulation.

At this point, the curve has more of a normalized; call it a cango (ph) shape. So, we're comfortable with that piece of it. And as I've said probably more times than you'd care to hear, we've been kicking tires and we are certainly furiously kicking.

Are you discovering receptivity amongst the owners of the reserves to prospectively sell right now? I mean, I guess given the low commodity price environment and that sort of thing. Our indication was some other people were having a harder time buying reserves in this price environment.

That's a great observation. I think we discussed that probably on the last call. There is certainly still some truth to that, but I do believe there are opportunities out there.

Okay, very good. Thank you, guys.

Thank you.

Thank you.

(Operator Instructions). Paul Ridzon, KeyBanc.

Good afternoon.

Hey, Paul.

Can you kind of talk about the hydro conditions you're seeing given we've heard some things about snow pack being pretty weak? I know you've got a fuel pass-through in Montana, but what are the implications for Kerr?

Yes. Actually, John Hines has his finger on the pulse. He's our Supply Vice President and can speak specifically to Kerr. We are actively monitoring that over the year.

What I would say is, in terms of hydro conditions, first of all we are seeing the benefit of the diversity on the system being in two basins. And snow pack is actually -- again, as we've talked about, we've had much warmer temperatures than most of you have enjoyed over the last few months. But it seems like, perhaps, most of the snow that has fallen in the Western United States has fallen in southwestern Montana.

Just a couple of points to augment Bob's statements. For Q1 our actual hydro output was around 20% higher than what we budgeted. We're expecting, assuming average weather for Q2, it will be approximately equal to budget and Q3, given the volatility in weather, it's unsure where we'll end up with that. Regarding Kerr, we are expecting to see, as Bob noted, western Montana received better snow pack than normal and we expect to exceed the commission's cost-benefit analysis by a substantial amount.

Great. Great. Thank you for the update.

Brian Russo, Ladenburg.

Thank you. Good afternoon.

Hey, Brian.

Hey, Brian.

You mentioned exploring gas reserve opportunities in South Dakota and Nebraska. Could you quantify the amount in terms of a dollar amount or size of the potential opportunities?

First, a clarification would be not opportunities in South Dakota and Nebraska, but opportunities to acquire gas dedicated to serve South Dakota and Nebraska, but transport would be a piece of that. Just as we did in Montana, we would likely start very small and spend time with the South Dakota and Nebraska commissioners explaining the strategy. We've discussed it, particularly in South Dakota, we've discussed it with the commission there previously and I think they're interested in the possibilities.

And interim rates that you expect to file in July in South Dakota, would the interim rates be comparable to the revenue request? Or would it be a fraction of that?

Likely, we would file interim rates consistent with the request.

Okay. And any update on the Montana general rate case strategy?

No. As you know, we evaluate that on an annual basis and we will be doing that again in anticipation of next year.

Okay. And I'm sorry if I missed this, but what was the EPS impact from dilution in this first quarter?

$0.20 for the first quarter, Brian.

Got you.

I know we show on our full year, I think it's $0.61 to $0.63 is my recollection. Much like I discussed earlier about how the quarters play out, I'd expect $0.20 in the first quarter, $0.20 in the fourth quarter, and the remaining $0.20 to be split between the second and third quarters.

Got it. Thank you very much.

Round numbers.

(Operator Instructions). Brian Chin, Merrill Lynch.

Hey, good afternoon.

Hi, Brian.

Hi, Brian.

Just on the reaffirmation of the 2015 guidance, clearly you guys still see a lot of constructive developments in the remainder of the year. Just given how the abnormal weather for first quarter played out, should we be thinking about, all things being equal, that we should be looking at the guidance at sort of the bottom half of the 2015 guidance? Or is that not the right way to think about things?

That's a good question, Brian. But we don't give guidance on our guidance, if you will. We're reaffirming our guidance at the range of $3.10 to $3.30.

Fair enough. I thought it was worth a shot. Thanks a lot, you guys.

Thanks, Brian. You can't blame a guy for trying.

(Operator Instructions). Chris Ellinghaus, Williams Capital.

Hey, guys. How are you?

Great, thank you.

Hi there, Chris.

Brian, you were talking at one point something about $10.5 million and $0.14 and I didn't catch what you were talking about there.

Yes. What I was talking about is one way to do it, and unfortunately the slide might not be in front of you on the screen, but if you look at page 13 back to that adjusted earnings slide, if you took a look at the revenue in 2015 we had a $7.1 million difference between unfavorable weather versus normal in 2015. And last year we had a $3.4 million favorable weather. You add those two numbers together you get $10.5 million. And so, on a year-over-year basis, 2015 versus 2014, it's $10.5 million. And as I talked about on the slide that showed the weather patterns, that $10.5 million equated to $0.14, is our calculation.

Okay. And in a normal -- I know you were giving the illustrative example about the hydro on one of the -- yes, on page 14, I guess it was. Given the weather, does that have any impact at all on how hydro performed in any way?

It did. It did. Not necessarily on how it performed. I mean I think John was talking about how snow pack would impact the flow. That hydrology has more of an impact than the temperature, if you will. But we think the -- I'll say the weather in general had an impact on volumetrics. That has an impact, of course, on hydro performance.

Sure. Alright. Thanks, guys. I appreciate it.

Thank you.

Thank you, Chris.

And it appears there are no further questions.

No further questions? Well, again, thank you for your interest and support over the quarter. I know we'll be seeing a couple of you over the coming weeks and months and we'll talk to, hopefully, all of you next quarter.

Thanks, everybody.

And once again, that does conclude today's conference and we thank you all for your participation.