Good morning, ladies and gentlemen, and welcome to the Altius Renewable Royalties Q4 and year-end 2023 financial results conference call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you need assistance, please press star zero for the operator. This call is being recorded on Thursday, March 7, 2024. I would now like to turn the conference over to Flora Wood, Investor Relations. Please go ahead. Thank you, Joanna. Good morning, everyone, and welcome to our Q4 and year-end 2023 call webcast. Our press release and filings were released yesterday after the close, including the annuals and the AIF, and are available on our website under Investors. This event is being webcast live, and you'll be able to access a replay of the call, along with the presentation slides that have also been added to the website on the homepage and under Investors. Brian Dalton, CEO of ARR, and Frank Getman, CEO of Great Bay Renewables, will both be speakers on the call, and in the Q&A, we also have Ben Lewis, CFO of ARR, available for questions. The forward-looking statement on slide 2 applies to everything we say in our formal remarks and during the Q&A. With that, I'll turn over to Brian for his opening remarks. Thank you, Flora, and thank you everyone for joining us today. We've just passed the three-year anniversary of becoming a publicly traded company. To describe this period within the renewable sector as dynamic would certainly be an understatement. To put things in context, the TSX Renewable Index has fallen to around a third of the levels it was when we were marketing the IPO, which gives an indication of how access to and the cost of equity capital has changed for, for the renewable sector, while at the same time, the debt cost of capital has also increased dramatically. Over this three-year period, we have seen market-based power prices, largely following the price of natural gas, jump to heady levels early on before declining to current base levels that are unsustainably low when factoring for long-term industry investment requirements. This has been offset, however, by the steady march upwards of contracted power prices that are being settled with large industrial customers for access to renewable sources of power. All of this is to say that our royalty finance product offering must be tailored in real time, almost on a monthly basis, in fact, as we strive to earn our place in servicing the needs of our sector. Please don't mistake any of this for whining. It is during tough, dynamic times that the royalty financing model shines and outcompetes, especially when it is applied using a long-term contrarian mindset. It is also when it is most appreciated by those operating-level businesses who avail of it, or in other words, when it can really earn an embedded place in the broader sector financing landscape. I understand that for anyone focused on short-term measures, this backdrop of conditions can feel very challenging and too hard. But for those of you who think longer term, I feel very strongly about delivering the message that these are indeed the best of times on the ground for what we do. Our entire team understands this and are working tremendously hard right now to make the most of this opportunity to grow and diversify our business and to position it for long-term success and value creation. And with that, let me turn it over to Frank to give you some color on the past year and what is before us. It's your turn, Frank. Thank you, Brian. Okay, great. Thank you. Thank you, Brian. Good morning. I'm excited to share with you today an update on our continued progress in building our broad, diversified portfolio of renewable royalties. Our royalty portfolio revenue and cash flow continues to grow, with GBR joint venture-level royalty revenue for the full year of 2023 coming in at $10.5 million, compared to $7.3 million in 2022, an increase of 44%. Operating cash flow at GBR was $5.1 million for 2023, compared to $2.7 million for 2022, an increase of 89%. For 2024, we're providing revenue guidance today of $13 million-$16 million, based upon our current royalty portfolio, including construction stage projects on which GBR has royalties that are expected to reach commercial operation in 2024 and current merchant power price assumptions. The midpoint of guidance of $14.5 million represents a 38% increase over GBR's revenues in 2023. These figures include expected late-year revenues from our recently announced Angelo Solar investment, but do not include revenue from any additional potential investments during the year or revenue from potential project sales by developers Hexagon Energy or Hodson Energy, where GBR has the option of receiving a portion of the sale proceeds. As you know, in Q4 last year, we announced the closing of a $247 million credit facility for Great Bay. This financing provides significant liquidity to continue to grow the business at an attractive cost of capital with no dilution to shareholders. We are pleased to be able to deploy some of this liquidity with our recently announced $30 million investment with Apex and its 195-megawatt Angelo Solar project, an attractive project with a strong long-term offtake contract. Angelo is projected to achieve commercial operations in Q2 and provide GBR with new royalty revenue starting in Q4 of approximately $4.7 million per year for the first five years before moderating to lower levels for the remaining project life, including any repowering or extensions. A key benefit of this structure is that it provides higher near-term revenue while the revenue ramp from our development stage royalties over the next several years continues to progress. I'd like to make a few comments on the macro landscape for renewables. Some of the headwinds we previously discussed in the renewables industry are ongoing, namely higher interest rates and costs of both debt and equity capital, interconnection queue backlogs and delays, higher interconnection costs, supply chain constraints that have shifted from solar panels to transformers and switchgear, and political uncertainty. While these headwinds cause project delays and higher costs for developers and sponsors, it creates a backdrop that increases the demand for innovative sources of capital, such as GBR's royalty financing. We're also seeing continued load growth and demand for renewable energy from new data centers to support AI, onshoring of U.S. manufacturing capacity, and generally strong economic activity, particularly in Texas. Who knows how long these market conditions will last, but it's a good time for Great Bay to deploy. We've grown our team to eight to try to help us capture this opportunity. We're also trying to determine what the market will bear when it comes to our expected returns for both developer deals and operating projects, and are seeking to achieve the higher end of our previously stated 8%-12% return threshold range, given the current environment. I would also note that this range does not factor in any long-term option value inherent in the royalty financing model that we have spoken about at length in the past. In sum, Great Bay remains well positioned with almost 2.5 gigawatts of operating royalties, 895 megawatts of projects with GBR royalties in construction, almost 20 gigawatts of wind, solar, and storage development projects in our developer portfolio, and a strong pipeline of new business opportunities. Finally, I'd like to recognize the tremendous efforts of the entire team at Great Bay. We are a small but mighty team doing great work to deliver long-term value to our shareholders. We look forward to reporting on our progress throughout the rest of 2024. That's it for my update. I'll turn it back to you, Brian. Thanks, Frank. Before I get to that, I'll give it back to you to start us on questions. Joanna, we're ready for questions now. Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press the star followed by the one on your touchtone phone. You will hear a three-tone prompt acknowledging your request. If you are using a speakerphone, please lift the handset before pressing any keys. First question comes from Rupert Merer, from National Bank Financial. Please go ahead. Hi, good morning, everyone. Good morning, Rupert. So looking at the investment landscape, I think you invested $36 million last year at GBR. You're off to a quick start this year. You've announced the $30 million commitment, and I think you have another $23 million at your development partners, but you've got a lot more liquidity than that. So do you have any goals for capital deployment this year or any forecasts that you can leave with us? We have internal goals. I'm not sure we're ready to share them with the market right now. It's a little bit, you know, we're opportunistic in that, you know, it takes two parties to be able to close a transaction. We have numerous conversations ongoing, both at the developer stage, but, you know, I think excitingly, a lot of them are at the operating stage, royalties as well. So, I guess, we're glad we had that liquidity, but we're confident that we'll be able to deploy that over time. Rupert, I might add as well that, you know, if there's any hint that, you know, we're trying to make that liquidity stretch out, I don't think that's the case. We see the current market as being quite opportune and representing a window in time. So obviously, to the extent that quality deals can be sourced, you know, we'd want to take advantage of this market window as much as we possibly can. But again, it's just, it's opportunity driven, and deals got to close, so we're trying to do as much as we can, is probably the right answer. Brian has made it clear to me, don't worry about spending all the money. If it's a good deal. Very good. Now, it seems like a lot of the opportunities are in Texas. Can you comment on the attractiveness of Texas versus other markets? And do you feel the need to diversify a little bit away from Texas at this point, given your exposure there? Well, I guess two things. First, on the diversification, there's a lot of non-ERCOT projects in our developer pipeline, so we're going to naturally diversify over time. And that's, you know... In PJM, we have a number of projects, and in MISO and other areas of the country. So that's going to happen naturally, because that's, but the reason that you're seeing more activity in Texas is because their interconnection process isn't, you know, bollocked up the way the rest of the country is. So actually, that's one of the few areas where projects are still moving forward and things are getting done. So I think that's what you're seeing. And then finally, there's just tremendous, like, I can't overstate the load growth in Texas. It's unlike anything you'd really—I've seen in my entire career in the electric power industry, where you've seen, you know, usually you're talking, you know, 1, 2, 3% growth. We're talking 6, 7, 8% load growth in some areas of Texas. It's just incredible. And it's interestingly, not just, you know, everybody from California moving to Texas. It's also manufacturing. You know, it's getting back to, you know, smokestack, you know, solid core manufacturing demand, but a lot of that now has a much higher electrical component to it. So, you know, whether it be the data centers or the Bitcoin mining. It's just a really if there wasn't the load growth to go with it, I might be concerned, but there's tremendous load growth in ERCOT. And when you look at that market and your forecasts for this year in Texas, how much are you impacted by curtailments, and how do you see that playing out in the near and medium term? I know we're seeing a lot of storage go into that market, but also a lot more generation, too. Yeah, no, it's a great question. We factor that in. We have, you know, we do that analysis upfront when we make the investment. So we factor in, if it's a particular area that, with there's curtailment, we'll just factor that into our price forecast assumptions so that, you know, in some ways, you know, I don't mind investing in a constrained area if there's visibility that over time it's going to become unconstrained. Because the assumptions that we're using at the time we're making the investment are lower for power prices. So you have some, you know, kind of built-in relief valve, you know, when storage is built or new transmission is built. So, we try to be smart on that upfront. It's become a really important factor in our due diligence. Great. Thanks for the color. I'll get back in the queue. Yeah. Thank you. Next question comes from Nick Boychuk from Cormark. Please go ahead. Thanks. Good morning, guys. Hey, Nick. Coming back to Rupert's question on kind of the expectations for the year, I'm just curious if you can expand maybe a little bit more on the types of opportunities you're looking for. You've got a couple operating royalties under your belt now, different modalities, different regions. If there was a perfect, perfect opportunity to come up, what would the characteristics be? Maybe size, technology type, contract versus merchant. Like, just walk us through what the perfect opportunity would be. Yeah. I don't know, you know, I don't mean to be flip, but it really is—there is no perfect opportunity. You know, we're kind of outsourcing these deals, but I will tell you what we're seeing is that there's a lot of folks who are in this transition and trying to own more projects from being a buy and flip developer to being an IPP. You know, similar to what Apex is doing, and there's others doing it in the market. And what they're running up against is that it's costing them, you know, because of delays and you know, the increase in cost of the equipment, it's costing—and higher cost of debt, it's costing way more than people had forecast. So they're looking to stretch their equity dollars. You see a lot of people in the market, you know. You see it everywhere with these, you know, asset sell downs or, you know, what, that's happened industry-wide. Well, we're a great alternative to that. You know, if you want to sell down a minority position in an operating project, don't sell down a minority position. Maintain 100% control and take a royalty from Great Bay, and because we're passive, we're not equity, you'd be able to maintain your ownership. So we're seeing opportunities like that, and then also just, you know, people looking to extend their project equity dollars across multiple projects because it's just, you know, the amount of capital required to build out these projects is enormous. So I think that's it. We're seeing a lot of that opportunity. There is tremendous demand for early-stage development capital. We're being a little, I'd say we're being very selective in new developer opportunities because of the delays. You know, if someone's in an early stage of development, even if they're a great team, you know, their projects are probably going to be looking at 20, 30 or beyond. And, you know, that's changed dramatically from when we made our, you know, investments into our developer partners. So, if someone—you know, one thing we're looking at potentially is DG, because a DG developer, because those are not slowed down by the interconnection delays. They're still aiming to get those projects online and operating, so there seems to be good flow of construction going on in those projects. That might be something we're looking at. I don't know. That's just to give you a flavor of what the kinds of opportunities we're seeing. Nick, I'd probably add the other, you know, component of that landscape that we probably are seeing some shift in is, just counterparty quality. You know, the type of player that is starting to see our financing as attractive has certainly expanded a little bit, maybe just with changing conditions, maybe it's a function of adoption. But, you know, in these difficult times, it's probably not unusual. It's the strong groups that are weathering it best and, you know, seeing opportunities for consolidation and all kinds of things. So that's been one really positive feature. We've certainly been seeing, like, the quality or the strength of the counterparty that is engaging with us is, on average, certainly going up. Folks that would be taking my call a couple of years ago are now taking our call. Sorry, actually calling, like, "Hey, Frank, how's that royalty thing working good?" Okay, so on that dynamic there, then, does that suggest that you're maybe seeing more opportunities that might be larger in scale for the operating deals? Or is the kind of $30 million deployment, like what we just saw with Angelo Solar, kind of like that sweet spot where one of these larger developers could monetize a sell down but not give up too much of the economics? Right. I think that $30 million-$50 million for a single operating project is probably the range we're looking at. But there are folks out there who are looking to, you know, recycling assets is the big buzzword. It just means, like, sell stuff because I need money to grow. Well, if they have a portfolio, right, you know, that's one of the things we're looking at, is there someone with multiple projects? Is there a portfolio structure we can put in place where we do it across multiple projects? That would be a bigger check, but we haven't been able to complete one of those yet. ... Yeah, so Frank, I think that's exactly right, in that, you know, there's a maximum really amount of royalty exposure that fits well in a structure. So it's kind of a function of the size of the individual projects. It's important to them, it's important for us as well, not to have too much of the economics of the project, because in the long haul, that can impair motivation for, you know, longer-term option realization, repowering, and those kinds of things. So there's a certain level you want to stay within. If I could just add on to follow up on that, Brian. Like, that's also one of the reasons why we structure our direct, you know, single project operating royalties with a higher front-end royalty that steps down over time. It has the benefit of both providing near-term cash flow and revenue, but it also gets us down to a lower percentage in later years, so we're less of a burden that Brian's talking about, so that we don't impact their decision to respend money on CapEx and the like. So there's a couple-- you know, just having a higher royalty rate isn't always a good thing. You know, there's a bit of a art, not a science to this. Got it. That makes sense. And then just the last one here, going to the other side of the barbell approach. In the guidance comments, you kind of mentioned that you could potentially expect to receive project sales from Hexagon or Hodson. Are you seeing anything with those two partners that suggest that they could be monetizing some projects near term? And if so, would you want to monetize that value instead of taking a royalty? And if so, why would you prefer that? The answer is yes. They're both moving forward with project sales and looking to continue to advance their portfolios. We still get a royalty. Yeah, maybe that was confusing in what we said there. We still get a royalty on the project that's sold. It's just we, we, it was basically risk mitigation. We said, but if for some reason there were such delays that we didn't feel confident that the rest of the program was going to get us our royalties, we wanted the cash flow up front. We had the, we have, the right, but not the obligation to take a share of the sale proceeds, but we still get our royalty, just to be clear. The reason that we would do that, and I think we probably, I think we probably will, because we also have an option with both Hexagon and Hodson to deploy additional capital, to basically have a put, to put more capital into them in the future if we want to. So, like, to us, it seems to would seem to make sense to, you know, take the cash now on the early project sales and then, and continue to deploy down the line, we have better visibility. That, that seems like a prudent thing. So, you know, we haven't made any final decisions yet, but, just to be clear, we still get a royalty on. It's not in lieu of a royalty. Yeah, and we're essentially financing primarily with debt right now, so adding something from the other side of the ledger along the way is just prudent. Okay, got it. Thank you. Thank you. Next question comes from Jonathan Lamers at Laurentian Bank Securities. Please go ahead. Hey, good morning. Thanks for taking my question. On the Angelo investment, just to circle up, you know, there were a number of positives from that, including a high level of near-term cash flow and, you know, with the operation starting in May and you getting first royalty payments in October. I guess, I guess, first of all, as you put the debt financing to work, is near-term cash flow something you're focused on for the next round of investments? I think that's where the greatest risk-reward opportunity for us is today. You know, we're like, we would have loved to invest in operating cash flow projects back when we started the company three years ago, but the fact was that the returns we would have gotten were not that attractive. That dynamic has changed. So it seems to us it makes a lot of sense that we can deploy into operating cash flowing assets at healthy returns that provide immediate revenue. That's... And it has the additional benefit, and I referenced this in my comments, that it's providing near-term revenue until we hit this wedge of developer royalties, which we have coming in the next couple of years. And you know, we see these things that it's happening. You know, there's a big wedge of royalties coming at us. Well, if we can fill the near term with near-term cash flow, it's a nice bridge to that longer-term revenue. So I guess that's how we're thinking about it. It was nice to see as well, the demonstration of the continuing relationship with Apex. You know, there was some discussion earlier about seeing high-quality counterparties coming to the table. Do you foresee continued opportunities with, partners like the Apexes and TGEs of the world, or that might have been acquired since you started working with them? Well, we have a, you know, our goals for the year we set with the board every year, and our number one goal every year since we started the company has been a great partner. Because that's something that Brian taught me early on, that long term, you know, you're in these projects for a long time, you want to be a great partner. And if you are a good partner, so oftentimes you follow a lot of investment opportunities. And while we didn't want to get bought out of our original investment with Apex, Ares came in, and they saw this is what they wanted to do, but things have changed, markets change, we maintained that relationship, and we were able to get this additional piece of business done. So, you know, you never want to burn any bridges, and we are really focused on being a good partner. So I would say, you know, hopefully, yes, like, that's our goal, is to continue to do, you know, repeat business and ongoing business with good strong counterparties who we have good relationships with. Okay, thanks. So one interesting thing in the call slides was on the development pipeline. The number of gigawatts you're showing now for Nova Clean Energy and Hexagon Energy moved up from the last slide. You know, I know Nova Clean Energy has a big portfolio of projects, and your contracts, I believe, are for royalties on a portion of those. I guess, has there been any, you know, change in the development pipelines for those two that, you know, you're trying to highlight there, or, is it, are you just- We're not highlighting. It's just it. Yeah, it's just a fact. They're doing their job, they're growing their pipeline, they're seeing opportunities, and it's, in part, a direct release, a direct response to our capital. I mean, this is the same thing that happened with TGE. When we first invested in TGE, I think they had, like, 1.4 gigawatts or something like that, but now they have almost 6 gigawatts. Well, a lot of that, it was a direct result of our capital. And our program works, that all of that goes into the pot. So, you know, we likely, hopefully, we don't get royalties on every single one of those. So that means there's been long delays or unless we deploy additional capital, which is also what we did with TGE. So, I mean, the fact that they're building that collateral base for us is nothing but a positive. And, you know, I've been incredibly impressed with Nova and watching them go from a true start-up when we first invested, to now they have, you know, approximately 5 gigawatts of projects across the country. It's just, you know, they're a very, very professional team. They've done this before. Declan is a leader in the industry, and then there's a reason why. Okay, thanks. Just on the accounting question I guess, just your share of the losses at the joint venture, you know, till we start to see the royalty revenues flowing there. Do you expect that to sort of trend at about this rate until 2026, when we start to see more of the projects in operation? I'll let Ben handle the specific question about the accounting, but they're being very conservative in that they expense everything. You know, they're expensing a lot of the upfront costs, and that just flows through to us. So it's just a function of how they're accounting for this development activities. But Ben, I don't know if you have any- Yeah. I think you're asking about Nova, and they thus far, they've expensed pretty well every dollar that they've incurred. So, what you'll see on our books, I think, is, you know, we'll recognize the losses, and we have recognized the losses while they're in this stage. And when their projects get further along and they either sell them or start building them, that trend will reverse, and we'll go in the other direction. So we don't have any concerns there. Okay, thanks for your comments. Thank you. Next question comes from Devin Schilling at PI Financial. Please go ahead. Hi, good morning. Just on your, 2024 guidance range, does this include the, the pending escrow payment from Titan Solar? And I guess, also, what are the remaining steps here for the, the payment to be released from this project? Yes, it does. And if we haven't already received it, I think we'll be receiving it shortly. So it does include that. And the work's been done. It's just a process of tax equity sending off to release the escrow. It's not. There's really no risk to those revenues. Okay. Okay, no, that's good to know. And then I guess just secondly here, I see the Canyon Wind royalty addition in the MD&A here. I think this was not fully expected on my end. I guess any details you can share on this, and what's the possibility for some of these other royalties to jump forward in the queue? I think Canyon is a NextEra project. NextEra plays their construction activities very close to the vest, and that's their prerogative, and we're not going to you know, they're a big player in the market. They're going to, you know, disclose to us what they want to disclose, when they want to disclose it, and you know, we respect that. But they are also probably the best counterparty in the entire industry at building projects and getting them done in a timely fashion, you know, on time and on budget. So you know, they're very, very... They have a very, very strong machine in building out these projects, but they keep the information close to their vest, and that was a NextEra project. Okay, great. Well, regardless, it was great, great to see you here. That's everything for me. Yeah. Thanks, guys. Thank you. The next question comes from John Mould at TD Securities. Please go ahead. Hey, good morning, everybody. I'd like to maybe just start with Enbridge, and, you know, they held their investor day yesterday, and several TGE projects showed up in their materials as later mid-stage development projects. I'm just wondering, you know, any takeaways you might have from their update yesterday? And can you just maybe speak more broadly to Enbridge's sponsorship of TGE and the impact that that's had on the progress of the pipeline versus maybe what you would have anticipated otherwise? Sure. I did not participate or attend or listen in on that yesterday, so I don't know the specifics of what you're talking about. But I know we have our quarterly calls. We've cut in very, you know, constant communication with Tri, with Tri Global. Well, it's now Enbridge, and it's been unbelievable to watch the commitment from Enbridge. I don't know if they talked about the, you know, hundreds and hundreds of millions of dollars. I think it's approaching $1 billion that they've invested into TGE and their projects, you know, for interconnection deposits, for panel orders, for their, I think, you know, they're going to go out looking to secure wind turbines. So, I mean, things that Tri Global could never have done on its own... Enbridge has stepped up and is, you know, providing their balance sheet and really providing an acceleration. If there are projects that are getting delayed, it's not because Enbridge is not doesn't want to go, you know, pedals to the metal. My guess is it's probably because of interconnection delays. John, I'd add to that. Go ahead. No, go ahead, Brian. No, I'd just add that, like, it's really important to remember what happened when Enbridge bought TGE, and effectively, it was an effective sale of all of the projects in the pipeline. And that number, you know, looked and still looks well beyond what we would have originally obtained royalties on. So in essence, what happened is we gained an option on the entire portfolio at the time of the acquisition. And, boy, I'm telling you, that thing is starting to look pretty valuable right now. Fair enough. That's, that's a good context. And then maybe just on the, the Leeward, you know, the Leeward-owned projects, can you maybe just provide a little color? How do those... Maybe I'm not understanding it quite correctly, but how do those fit into, you know, the TGE construction pipeline? They don't own them anymore. Are they still managing those, or is it fully up to, to Leeward to move them forward? And I, and I ask that recognizing that, you know, those are still a part of your broader royalty agreement, so if other projects move ahead, then they get, they get superseded. So that's not a risk, but just, you know, wondering where those are fitting at this point. Yeah, no, those are fully in control of Leeward now, and Leeward is funding those, not Frank, not Enbridge. But, you know, we met recently, I met recently with the CEO, and they are committed to those projects. I think a couple of them got fast track status in PJM, which they were very pleased about, which is fantastic for us and fantastic for them. So they're committed. You know, we've seen nothing to suggest that they're not fully committed to those projects and intend to go forward and build them as quickly as they can. Okay, great. Those are all. My other questions were answered. Thank you very much. Thank you. Next question is a follow-up from Nick Boychuk at Cormark. Please go ahead. Thanks. We hadn't really touched on the smaller debt facility, and the potential to deploy that into some of the interconnection queue issues. I'm just wondering, Frank, if you're starting to see a little bit more opportunity to you know deploy that capital and what that might mean for future opportunities? Yeah, I think you're referring to the LC facility, the $23 million LC facility. And yes, that, that is, you know, that may be the single biggest bottleneck in the entire industry right now. And then to fully realize that potential, we do need a lot more than $23 million. But what we're working on now is there's, you know, the devil is in the details with how a third party, Great Bay, hosts on behalf of a developer with MISO or PJM or one of these RTOs and still maintains control of the capital so that if something happens and we want to pull it back to keep the risk-free nature of that deposit. You know, if we just give it directly to the counterparty and they put it in, you know, we, we've lost control of it. So we've had to work, and Zach has done a tremendous job, digging into the details, and I think we're getting close to being able to, you know, complete our first one of those interconnection deposit support mechanisms. And it's a great use of that LC facility because we're paying a fee on it, so we definitely want to be able to deploy it to turn it into a revenue generator than a cost or expense. Okay. Thank you. Thank you, ladies and gentlemen. As a reminder, should you have any questions, please press star one. There appear to be no further questions. I will turn the call back over for closing comments. Thank you, Joanna. Oh, Brian, I'll let you speak too. No, no, you go ahead. I just wanted to say- You go ahead. I'm sure we were going to say the same thing, but thank you. Okay. Well, interrupt me if we don't. But, I just wanted to say that... Well, I wanted to thank everybody for joining and to say that that was a really great set of questions from the analysts, and I'm looking forward to talking to you soon after Q1. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines.