Hallador Energy (HNRG) Q4 2025 Earnings Transcript

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Date

Thursday, March 12, 2026, at 5 p.m. ET

Call participants

• Chief Executive Officer — Brent Bilsland
• Chief Financial Officer — Todd Telesz

Takeaways

• Total Revenue -- $469.5 million, up 16%, driven by a combination of electric and coal sales growth.
• Net Income -- $41.9 million, reflecting a material improvement according to management.
• Adjusted EBITDA -- $56 million, approximately triple the prior-year level.
• Operating Cash Flow -- $81.1 million, up 23% compared to the previous year.
• Electric Sales (Full Year) -- $310.7 million, rising 19% with expanding demand and pricing.
• Coal Sales (Full Year) -- $148.7 million, up 8%, with third-party and internal supply both contributing.
• Electric Sales (Q4) -- $71.6 million, up 3% from the prior-year quarter.
• Coal Sales (Q4) -- $29.1 million, up 24% over the prior-year quarter, driven by third-party shipments.
• Total Operating Revenue (Q4) -- $102.4 million, up 8% versus prior-year quarter.
• Net Loss (Q4) -- $200,000, compared to a net loss of $215.8 million in the previous year’s quarter, which included a $215 million non-cash write-down.
• Q4 Operating Cash Flow -- $8.1 million, compared to $32.5 million in the prior-year period, primarily due to a prior-year large prepaid energy forward contract.
• Q4 Adjusted EBITDA -- $8.4 million, up 35% over the prior-year quarter.
• Capital Expenditures (Full Year) -- $69.2 million in 2025, including $14 million of refundable gas project deposits.
• 2026 Capital Expenditure Outlook -- Expected to increase modestly, excluding the ARRIS project.
• Forward Energy and Capacity Sales -- $540 million at year-end, down from $685.7 million at prior year-end, with third-party forward coal sales of $23.5 million, resulting in a total forward book of approximately $1.3 billion, including intercompany transactions.
• ATM Equity Raise -- $14 million raised by issuing over 697,000 shares.
• January 2026 Public Offering -- Gross proceeds of $57.5 million from sale of 3.2 million shares at approximately $18 per share.
• New Credit Facilities -- $120 million three-year senior secured facility, including a $75,000,000 revolver, $45 million delayed draw term loan, and a $25 million accordion feature.
• Competitive Offers for Accredited Capacity -- “We have also recently received additional competitive offers to acquire our accredited capacity for over a decade in length.”
• ERA (Expedited Resource Adequacy) Slot Awarded -- Hallador received one of 50 slots in MISO's ERA program for a potential 515 MW natural gas project, with MISO’s study expected Q3 and refundable deposits of $14,000,000 already made.
• Major Maintenance Outage at Merum -- Begins in May and planned for 60 days, intended to address equipment reliability; plant is currently running below full capacity pending repairs.
• Management Board Changes -- Two directors added: Barbara Sugg (previously President and CEO of Southwest Power Pool) and Daniel (energy sector capital markets and power asset transaction background).

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Risks

• CEO Bilsland stated, “we experienced operational challenges which continued into Q1 and reduced availability of the units. Due to this availability issue, we now expect consolidated 2026 results to be similar to 2025.”
• Planned outage at Merum will result in half the plant being offline for 60 days, limiting near-term operating capacity until after repairs are complete.
• Operating cash flow in Q4 fell to $8.1 million from $32.5 million in the prior-year period, reflecting the absence of last year’s receipt of a large prepaid energy contract.

Summary

Hallador Energy Co. (NASDAQ:HNRG) delivered year-over-year gains across revenue, adjusted EBITDA, and net income, supported by increased electric and coal sales, but flagged operational challenges at Merum that will cap 2026 financial performance at similar levels to the prior year. The company reported progress in securing long-term energy and capacity deals, including recent “competitive offers to acquire our accredited capacity for over a decade in length,” and management positioned the awarded MISO ERA slot and related $14 million deposit as underpinning a significant generation expansion project targeted for a 2029 in-service date. Major equity and credit facility financings enhanced liquidity, while board composition was strengthened with industry veterans to guide power platform growth and new project evaluations. Management confirmed Sunrise Coal operations remain stable, with no material changes planned for the segment as gas expansion efforts proceed.

• “[We] think you will see announcements in several tranches” on long-term PPAs, with competitive pressure driving pricing for accredited capacity upward, particularly ahead of the upcoming MISO auction.
• Capital expenditures in 2026 are projected to rise moderately, influenced by timing of deferred projects and continued investment in ELG, excluding incremental ARRIS project spends.
• The company is in negotiations for equipment procurement and PPA contracts for the gas expansion, citing speed-to-market and cost advantages due to existing site infrastructure.
• If MISO’s study results are favorable, commitment to the ERA natural gas project may follow in Q3, else Hallador would enter the traditional queue process for new generation additions.
• Board additions include Barbara Sugg for grid and transmission expertise and Daniel for natural gas and energy infrastructure experience, aligning leadership with forthcoming growth initiatives.

Industry Glossary

• MISO: Midcontinent Independent System Operator — regional transmission organization managing grid reliability and market operations in the Midwest U.S.
• Accredited Capacity: The amount of generating capacity recognized as reliable and available for grid planning and resource adequacy requirements.
• ERA (Expedited Resource Adequacy) Program: MISO initiative to accelerate approval and integration of new generation assets needed for near-term system reliability.
• ELG: Effluent Limitation Guidelines — EPA standards regulating wastewater discharges from power plants, impacting required capital investments.
• PPA: Power Purchase Agreement — long-term contractual agreement to buy and sell electricity or capacity at predetermined rates.
• ATM: At-the-Market equity program, used by companies to issue shares into the open market incrementally.

Full Conference Call Transcript

Brent Bilsland: Everyone, for joining us this afternoon. Hallador Energy Company delivered strong financial performance in 2025 as we continued advancing our transformation into a vertically integrated independent power producer. For the full year, total revenue increased 16% year over year to $469,500,000. Net income improved materially to $41,900,000. Adjusted EBITDA increased approximately threefold to $56,000,000. And operating cash flow increased 23% to $81,100,000. These results reflect both improving power market conditions and the operating leverage embedded in our business model. Electric sales were the primary driver of revenue growth during the year, increasing approximately 19% to $310,700,000 compared to 2024.

Coal sales also increased 8% year over year to $148,700,000 as Sunrise Coal continued to support both internal fuel needs at Merum and third-party customers. Together, these segments highlight the advantages of our integrated platform where our coal operations provide a secure, price-certain fuel supply for our generation assets while also allowing us to participate opportunistically in third-party coal markets. Operationally, our Merum power plant performed well through most of the year. In the fourth quarter, however, we experienced operational challenges which continued into Q1 and reduced availability of the units. Due to this availability issue, we now expect consolidated 2026 results to be similar to 2025.

Maintaining high levels of reliability remains a top priority for our team, particularly as MISO increasingly depends on dispatchable resources during periods of peak demand, which is highest in the summer. As such, the generating units in question will receive a major maintenance outage beginning in May which, once complete, should significantly improve performance. Sunrise Coal also delivered consistent performance throughout the year; production optimization initiatives and disciplined cost management helped improve the operating performance across the mining complex. As part of our vertically integrated platform, Sunrise Coal provides a reliable fuel foundation for our generation assets while helping optimize our overall cost structure.

Across the broader marketing environment, we continue to see strong demand for reliable dispatchable generation across the MISO region. Electricity demand growth combined with the prior retirement of dispatchable assets is tightening supply conditions across the system, increasing the value of accredited capacity as utilities and load-serving entities attempt to secure reliable resources throughout the Midwest. Against that backdrop, we have made progress towards selling energy and capacity at elevated prices. We have also recently received additional competitive offers to acquire our accredited capacity for over a decade in length. We are excited by what we are seeing in the market. The company is in a strong, long accredited capacity position, which appears to be getting better with time.

We hope to make more announcements on this topic very soon. These robust market conditions led us to file an application in MISO's expedited resource adequacy study, or ERAs, program. During the month of December, we were awarded one of the coveted 50 ERA slots. In conjunction with our application's acceptance, we funded approximately $14,000,000 of required refundable deposits to support the potential addition of up to 515 megawatts of natural gas generation. The ERAs program was designed to accelerate the development of new generation resources that can help address reliability needs across the MISO system. Currently, we expect MISO to complete the study of our application in the third quarter of this year.

Additionally, we are in negotiations with multiple counterparties for equipment for the project. As the project develops, we plan to share more details around the cost and potential economics of the project. If successful in our development plans, we would target the plant coming online around 2029. This expansion will significantly increase our accredited generating capacity at the company, leveraging infrastructure that is already in place at our Merum site. Compared with greenfield developments, the Merum interconnection offers both speed to market and certain cost advantages. Turning briefly to capital allocation, we maintained a disciplined approach throughout 2025.

Capital expenditures were focused primarily on planned maintenance at the Miriam facility and operational improvements across our mining operations, along with early-stage work supporting potential generation expansion at the Merum site under the ERAs program. We currently expect capital expenditures in 2026 to increase modestly compared to 2025 levels, excluding potential ARRIS development. Looking ahead, we will continue to focus on operational reliability at Merrell, executing efficiently across our coal operations, and advancing the strategic initiatives that we believe can drive long-term growth for Hallador Energy Company.

At the same time, we remain disciplined in how we approach new opportunities and will continue to focus on projects and commercial arrangements that we believe will most meaningfully enhance shareholder value for the long term. Before handing it over to Todd, I would like to briefly highlight two recent additions to our board that strengthen our leadership during the next phase of Hallador Energy Company's growth. In January, we welcomed Barbara Sugg to our board of directors following the retirement of longtime director David Hardy, whose more than three decades of service and support to Hallador Energy Company we sincerely appreciate.

Barbara previously served as President and CEO of Southwest Power Pool, where she led regional reliability and wholesale market operations across a 14-state footprint. Her industry leadership across grid operations, transmission development, and resource integration will be valuable as we continue positioning our Meron facility to support growing demand for reliable capacity. Further, last week, we appointed Daniel to the board, expanding the board to seven members. Daniel brings deep expertise in natural gas generation, capital markets, and power asset transactions, having led or advised on more than $35,000,000,000 in strategic energy investments.

As we pursue opportunities to expand generation at Merum and evaluate additional assets that can scale our power platform, we believe Daniel's background in gas-fired power development and energy infrastructure optimization will provide meaningful strategic guidance for our team. With that, I will now pass the call over to our Chief Financial Officer, Todd Telesz, to take you through our financial results. Todd?

Todd Telesz: Great. Thank you, Brent, and good afternoon, everyone. I will add my thanks for joining us today. Jumping right into our fourth quarter results, electric sales for the fourth quarter increased 3% to $71,600,000 compared to $69,700,000 in the prior-year period, while coal sales increased 24% to $29,100,000 for the fourth quarter compared to $23,400,000 in the prior-year period. Electric sales in the fourth quarter reflect continued electricity demand across the MISO market and stable realized pricing, partially offset by lower generation during the period due to the previously mentioned operational challenges and unit availability impacts in Q4 2025 and Q1 2026.

While the unit outages reduced dispatch for part of the fourth quarter, the plant continued to operate and serve market demand as conditions allowed. The increase in coal sales during the fourth quarter was driven primarily by higher third-party shipments to customers, reflecting continued production optimization at Sunrise Coal and our ability to supply both internal fuel requirements at Merame and external market demand. On a consolidated basis, total operating revenue increased 8% to $102,400,000 for the fourth quarter compared to $94,700,000 in the prior-year period. Net loss for the fourth quarter was $200,000 compared to a net loss of $215,800,000 in the prior-year period.

It is worth noting that the year-ago period loss includes an approximate $215,000,000 non-cash write-down associated with the value of our mining operations. Operating cash flow for the fourth quarter was $8,100,000 compared to $32,500,000 in the prior-year period, with the decrease primarily reflecting the cash receipt from a large prepaid energy forward sales contract that was received in Q4 2024. Adjusted EBITDA, a non-GAAP measure reconciled in our earnings press release issued earlier today, increased 35% to $8,400,000 for the fourth quarter compared to $6,200,000 in the prior-year period. We invested $24,900,000 in capital expenditures during 2025 compared to $13,800,000 in the year-ago period, bringing our full-year 2025 CapEx to a total of $69,200,000.

This includes the approximately $14,000,000 of refundable deposits made in support of the Era's gas generation project. As Brent mentioned earlier, we expect our 2026 capital expenditures to modestly increase compared to 2025, excluding any impacts of the ARRIS project. As of 12/31/2025, our forward energy and capacity sales position was $540,000,000 compared to $571,700,000 at the end of Q3 and $685,700,000 at 12/31/2024. When combined with our third-party forward coal sales of $23,500,000 as well as intercompany sales to Merum, our total forward sales book as of 12/31/2025 was approximately $1,300,000,000. Now turning to the balance sheet. We had several material updates.

In 2025, we completed a $25,000,000 prepaid energy forward sales contract with a longstanding counterparty and raised approximately $14,000,000 through our ATM, the issuance of just over 697,000 shares. In January 2026, we further strengthened our capital position through a public offering of approximately 3,200,000 shares of common stock priced at approximately $18 per share, generating roughly $57,500,000 of gross proceeds. These proceeds are expected to support general corporate purposes including potential deposits required for preserving key equipment necessary for our proposed natural gas generation expansion at Merrell.

Additionally, late last week, we closed on a new credit facility led by Texas Capital Bank, who is a new relationship for us, and Old National Bank and First Financial Bank, who have been longstanding financial partners of Hallador Energy Company. The $120,000,000 three-year senior secured credit facilities include a $75,000,000 revolving credit facility and a $45,000,000 delayed draw term loan. The credit facilities also include a $25,000,000 accordion feature. Overall, our results reflect continued progress across the business as we strengthen our financial profile while investing in the long-term growth opportunities Brent discussed earlier.

With a solidified liquidity position, a meaningful forward sales book, and a disciplined capital allocation approach, we believe Hallador Energy Company remains well positioned to support the continued development of our power platform and the strategic initiatives underway at Merrell. With that, Operator, we can now open the line for questions.

Operator: Thank you so much. And as a reminder, if you do have a question, simply press 1-1 to get in the queue and wait for your name to be announced. To remove yourself, press 1-1 again. One moment for our first question. It comes from the line of Jeffrey Scott Grampp with Northland Capital Markets. Please proceed.

Jeffrey Scott Grampp: Afternoon, guys. Thanks for the time. With respect to maybe this longer-term PPA opportunity, Brent, what are the main kind of gating items to getting a deal done at this point? I know you can only say so much, but are we kind of in the phase where we are deciding kind of what the best offer is for the company? Is it negotiating final parties, or what is kind of dictating timing at this point?

Brent Bilsland: Look. I do not think it is going to be just one party. And we have exchanged draft contracts with multiple parties. And I think what is encouraging for us is we continue to see pricing pressure move things higher. And quite frankly, the interest level that we are seeing has dramatically increased in the last four weeks. Multiple utilities, multiple industrial users, we kind of view it as we are playing a game of musical chairs, and we own the last seat. And we just keep seeing more and more people enter into the room. And so I know everybody is in a hurry to get something done, including me. But at the same breath, this keeps getting better.

And so we are really encouraged by what we are seeing and the level of competition that we are able to engage the counterparties in. So we are happy. We think we are getting much closer. And certainly encouraged by what we are seeing. I hope that excitement resonates.

Jeffrey Scott Grampp: That is super helpful. I appreciate it. That is good to hear. My follow-up, I wanted to get a bit more details on the issues at Marim that you guys talked about. Just a little more light on what these operational issues are and should we be expecting this to impact performance until this planned outage in May? It sounded like there was going to be a more significant kind of turnaround at that point to maybe address some of these issues. Thanks.

Brent Bilsland: We had some equipment—yeah. No. I think so we had some equipment failures in Q4, failures in Q1, that took the plant off at different times for weeks at a time. And, unfortunately, particularly in January it was during some of the better priced weeks, so we hate to see that. The plant is running now. It has a few limitations, so it is not running at 100%, but it is running. And then we are going to roll right into an outage. And so this was a planned outage. It was what we call a major. So the plant will be—half the plant will be down for six months. We do that every year.

And there is just a lot on the list for this particular unit that is going to get replaced and upgraded, and so a whole lot of new parts are going on. And we think that will help the reliability of the plant. And just in time for the summer season, which I would point out is the peaking season in MISO now. Summer peaks are higher than winter.

Jeffrey Scott Grampp: Understood. Okay. That is really helpful details. I will turn it back. Thank you guys for the time.

Brent Bilsland: Thank you, Jeff. Thank you. Our next—

Operator: Question comes from the line of Matthew Key with Texas Capital. Please proceed.

Matthew Key: Hey. Good afternoon, everyone, and thanks for taking my questions. I wanted to talk about the target date of completion for the nat gas expansion. What are the big determining factors that dictate you hitting or missing that target date? Does this just kind of come down to getting the long lead-time equipment in time, or are there a little bit more complications than that?

Brent Bilsland: No. So right now, we are negotiating with multiple counterparties on can we secure the equipment in the right time frame, which we are finding equipment that the timing does work. And can we get that equipment at a price point that makes the project economic. And then at the same breath, we have limited PPAs to support the project. We are obviously in the market attempting to sign long-term PPAs. We like where that pricing has gone. And so you just have to line all that up. And then there are other players out there who are opposite of us. They have equipment and no place to go with it.

And so we are also talking to those counterparties to say, hey. Does it make sense you bring your equipment. We will bring the interconnect, PPAs, water rights, gas rights, all of that. The thing that we are excited about is we feel that our site, our interconnect, has a speed-to-market advantage. Because of the EARS program, and because of the EARS program, it has, we think, a significant cost advantage over some of the other projects that we are hearing. We are hearing other projects that have to have $300,000,000 of system upgrade cost and we just do not think our project is going to experience that. And so we think there is a significant advantage there.

That said, the downside to the ARRIS program is it is a very quick process, and so you kind of have to get all the elements of the deal lined up. And so we are working on that.

Matthew Key: Mhmm. Got it. No. That is helpful. A quick macro one for me. You know, made recent news that the EPA announced the decision to ease some, you know, the mass requirements for power plants. Could you maybe just help me quantify the impact that those changes would have on your business, if any? Or maybe the industry more broadly?

Brent Bilsland: Yeah. So a lot of plans including ours are already mass compliant. That being said, there are still some ongoing costs associated with that—reporting requirements and so on. So I think the Trump administration in general is trying to unwind a lot of these environmental rules one at a time. And they are just kind of making their way down through the list and so what is the impact of that? Overall, it makes operating a plant easier. What are the economic impacts of that? I think it probably has more to do with longevity and less to do with are we going to see our costs materially drop in the next quarter?

Matthew Key: Got it. No. That is helpful. Really appreciate the time, and best of luck.

Operator: Our next question comes from the line of Nicholas Giles with B. Riley Securities. Please proceed.

Nicholas Giles: Great. Thank you, Operator. Good afternoon, guys. My first question, I think you have previously talked about the majority of capacity being taken down in any long-term deal, but you mentioned, Brent, that economics are only getting better. So given that you are talking to multiple parties, is there a scenario where you might announce the long-term PPAs in several tranches, or should we still be expecting one kind of grand slam?

Brent Bilsland: No. I think you will see announcements in several tranches. That is our thinking today. I mean, certainly, we could see a customer step up and take a bigger block, but today, that is where our head is at, that you will see multiple bites at the apple.

Nicholas Giles: Got it. Got it. Okay. Very helpful. And then just in terms of pricing, you said upward pressure. I think in the past, you have kind of used the forward curve as an anchor and noted that pricing could come in above that. Any rough guardrails that you could point us to from a price perspective? I mean, should we be still thinking of something above the forward curve? And if so, where do you see the forward curve today?

Brent Bilsland: Yeah. So the forward curve is typically energy. Where we are really seeing the price improvement is for accredited capacity. And that is the revenue stream that is going, in our opinion, dramatically higher. That really is the pinch point in the industry. And the reason for that is you can get energy from renewables. It is challenging to get accredited capacity from renewables. Solar panels are only rated 5% of nameplate. Windmills are only rated at 15% of nameplate. Whereas coal, gas, and nukes are all rated 75% to 90% of nameplate, typically what accreditation they are awarded. So what has changed—the MISO auction is, I think, roughly two weeks from today.

It is going to be on the 26th. And some of the pricing outlooks that we are seeing in that are dramatically higher. And so we will see what that auction brings. And we think that we will probably have some sales that might happen before then as well. So as we get those deals across the finish line and inked, we will report it. So you will get a good look at what that price is. Got it. Also, I want to correct something I submitted that I said incorrectly. So our unit is going to go on outage for sixty days, not six months, like I said. So just wanted to correct my statement.

Nicholas Giles: Got it.

Nicholas Giles: Maybe just one more if I could. I think you mentioned that CapEx could be modestly higher excluding ARRIS developments. I just wanted to clarify. Are you saying that CapEx will be modestly above the kind of $70,000,000 level, I think, which included the $14,000,000, or should we exclude the $14,000,000 and kind of start at a base of $55,000,000—I think you see what I am getting at. I am just trying to make sure it is apples to apples here.

Todd Telesz: Yes, Nick. It is Todd. How are you today? I think we are looking at modestly higher than what we incurred in 2025, driven by some CapEx that was pushed out of '25 into '26, as well as continued investment in the ELG project. So those are probably the key drivers, and those obviously would not be excluding any incremental investments in the ARRIS project.

Nicholas Giles: Got it. Got it. And what would those—I mean, so I think last quarter, the emphasis was really around the application. And now that has been accepted. Deposit has been paid. What are the next—what are some of those developments that we should be looking out for in the context of Eris?

Brent Bilsland: Yeah. So MISO will pick up our application and begin reviewing that soon. They have not done that just yet. And then once they pick it up, I believe they will do a public notification saying that they have picked that up. And then they have 90 days to complete that study. At the end of that study, they come to us and say, okay, this is what we think it is going to cost. And then we have a certain period of time to negotiate a couple items on that list.

And then, ultimately, it comes down to, hey, are you signing a GIA, or a generator interconnect agreement, with MISO and committing to your project, or are you saying, no, I am going to pass because the project—we are just not going to go forward with the project. And then your options—we would probably step into the traditional queue at that point going forward. So those are kind of the options on the table and what we think that timing looks like.

Nicholas Giles: Got it. Got it. Okay. Well, hey, Brent and Todd. I really appreciate all the detail, and best of luck.

Brent Bilsland: Thank you, Nick.

Operator: Thank you. And we have a question from the line of Jacob G. Sekelsky with Alliance Global Partners. Please proceed.

Jacob G. Sekelsky: Hey, Brent and Todd. Thanks for taking the questions.

Brent Bilsland: Good to see you, Todd—Jake.

Jacob G. Sekelsky: So with the gas expansion coming into focus, I am just wondering how you are thinking about Sunrise Coal and that operation's position in sort of the broader portfolio going forward.

Brent Bilsland: Yeah. So Sunrise—results there have been good. They got their cost structure down last year. It performed really well. So far so good this year as well. So we are happy with the Sunrise Coal division. Again, we are looking to contract a meaningful amount of output at the Merum power plant here in the near future. And so that is going to require fuel. So I do not really see any material changes at Sunrise in the near future. We still plan to take coal at the plant. The gas plant—I mean, if you look at Merum, why is it such a good site for an expansion?

Merum was originally designed to be three 500-megawatt coal-fired units, but they only built two. But a lot of the power infrastructure that is necessary already exists at the site. The line takeaway capacity from that substation is like 1.2–1.6 gigawatts. We are only using 1,000—or one gigawatt, excuse me, 1,000 megawatts. And so all we are really proposing to do is instead of building a third coal-fired unit, the third unit will be gas units. And right now, we are proposing CTs. And so that is what it is in a nutshell—is, hey, there is space on the line. We have property control. We have the easements in place for the gas pipeline. It is only five miles away.

We have water rights. There is good gas availability, we are told, at that location. So we think we have really one of the better sites in the country to do such a development. That said, we still have to line up equipment, more PPAs, and such to make that project viable. That is something we are negotiating every day to see if we can make all those numbers line up.

Jacob G. Sekelsky: Got it. Okay. That is helpful. And then just building off that a bit, if I may. Are you still evaluating things on the M&A front, or do you sort of feel your plate is full with the ARRIS project coming into focus here over the next few quarters?

Brent Bilsland: Look. We always look at things. We have bid on an asset here recently. I do not think we are going to be selected for that asset. But we are active. And so we will just have to take the opportunities as they come.

Jacob G. Sekelsky: Okay. That is helpful. That is all for me. Thanks again, guys.

Brent Bilsland: Thank you. Thank you. And this concludes our Q&A session.

Operator: I will pass it back to Brent Bilsland for closing comments.

Brent Bilsland: I just want to thank everybody for their continued interest in Hallador Energy Company, and stay tuned. I think, hopefully, we have exciting things to announce in the future. Thank you again.

Operator: This concludes our conference. Thank you for participating and you may now disconnect.

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