Good morning, ladies and gentlemen, welcome to the Boralex first quarter 2021 results, [Foreign language] conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Wednesday, May 5th, 2021. I'd like to turn the conference over to Mr. Stéphane Drouin. Please go ahead. All right. Thank you, operator, and good morning, everyone. Welcome to Boralex first quarter results conference call. Very sorry for the delay. We had a connection problem with the phone line, in fact. I hope my colleagues will be able to join me soon. Joining me on the line soon will be Patrick Decostre, our President and Chief Executive Officer, Bruno Guilmette, Vice President and Chief Financial Officer, and members of our management and finance team. Mr. Decostre will begin with the comments about the highlights of the quarter. Afterwards, Mr. Guilmette will carry on with financial highlights, and then we'll be able to or available to answer all your questions. As you know, during this call, we will discuss historical as well as forward-looking information when talking about the future. There are a variety of risk factors that have been listed on our different filings with security regulators, which can materially change our estimated results. These documents are all available for consultation at sedar.com. In our webcast presentation document, the disclosed results are presented both under IFRS and on a combined basis. Unless otherwise stated, all comments made in this presentation will refer to combined basis figures. The press release, the MD&A, the consolidated financial statements, and a copy of today's presentation are all posted on the Boralex website at boralex.com under the Investors section. If you wish to receive a copy of these documents, please contact me. Mr. Decostre will now start with his comments. Mr. Decostre, are you there, Patrick? Yes, just in time, Stéphane. Hello. All right. Okay, you can go ahead and then Mr. Guilmette will follow up with the financial section. Thank you. Thank you. Good morning, everyone. I'm pleased to present you our first quarter results today. It was another good quarter with results and contribution of recent acquisitions in line with our expectations. EBITDA for the quarter was slightly lower than first quarter last year. This was due to the exceptionally strong wind conditions we had at the beginning of 2020 in France. We have made significant progress on the development front in the quarter with the addition of 180 MW of project to our pipeline and favorable announcement for the Apuiat and Moulin de Luant project. Some smaller projects also progressed in the pipeline from preliminary to mid-stage and to advanced stage. We commissioned our 12 MW Bazougeais wind farm in France. We sold our 12 MW thermal power station in Blendecques in France. We are now officially a pure play in renewable energy, with 100% of our production being renewable. On slide five and six of the presentation, as you can see, the changes in our pipeline and growth path since the release of our fourth quarter result last February. I'm very proud of all the good work accomplished by our development and support teams, continuing to add projects to the pipeline and ensuring these projects are continuously progressing across the different phases, leading to their commissioning. Moving to the presentation of our growth path. As you can see on slide seven, with the addition of projects under construction, ready to build, and secured, it represent a potential of 3,058 MW of installed capacity, 258 MW over our 2023 objective. Please note, however, that some projects, like Apuiat, will be commissioned in 2024. I won't go over all our achievement with regards to our four strategic directions as presented on slide 8. I would like to highlight the optimization of a wind farm totaling 136 MW in Canada, optimization of maintenance, as well as the signature of a new five-year corporate PPA with IBM France. As mentioned before, with the ending of contract signed 15 years ago in France, additional corporate PPAs and repowering projects are expected in the future. These represent valuable projects providing interesting returns for a fraction of the time required to execute compared to our traditional greenfield project. I would like now to take some time to talk about the progress made with regards to our CSR ESG initiative. As you probably have seen, we published our first stand-alone CSR report at the end of February, which is available on our website. We have made good progress in a short period of time. This is just the beginning, as I am pleased to announce the recent hiring of a new director of CSR, Mihaela Stefanov. Mihaela has a very strong background in the area, having worked more than 12 years in sustainable development, most recently as a senior advisor for a large consulting firm. She will report directly to me and will concentrate her efforts on continuing to make fast progress in our CSR ESG practice and reporting. As mentioned on our last call, in 2021, we are working on each of the 10 priorities on which we plan to improve and set specific goals in coming years. We will put further emphasis on three of these priorities, which are diversity and equal opportunities, greenhouse gas emissions, and health and safety. We will provide more information with regards to CSR on our upcoming investor day, which will be held on June 17th. As mentioned before, CSR and ESG criteria are an integral part of our strategic plan. Stay tuned, and we will have interesting things to share. This completes my part. I will now let Bruno cover the financial portion in more detail, and will be back later for the question period. Thank you, Patrick. Good morning, everyone. I will start with a review of the good progress made in light of our 2023 financial objectives. At CAD 142 million, our AFFO for the last 12 months is in line with our CAD 140 million-CAD 150 million objective. Our dividend distribution ratio stands at 47%, in line with our 40%-60% target. Our net install capacity stands at 2,455 megawatts, which is getting closer to our 2023 objective, as mentioned earlier by Patrick. Now moving to the analysis of our first quarter, as shown on slide 13 in our presentation document. Comparable production of our Canadian wind operations was 2% lower than anticipated production, but 1% higher than the same quarter last year. Wind conditions were weak at the beginning of the year but picked up significantly at the end of the quarter. Production from the acquisition of the CDPQ share in three wind farms in Quebec was 8% higher than anticipated. In France, comparable wind production was 2% lower than anticipated and 26% lower than the same quarter last year, which had exceptionally strong conditions. Overall, total wind production for the quarter combining Canada and France was only 1% lower than the anticipated production and 4% lower than last year. Turning to Hydro now. Canadian Hydro continued to perform very well, with production 25% higher than both anticipated production and last year's production for the same quarter. Conditions were, however, more difficult in the U.S., where production was 22% lower than anticipated and 35% lower than the first quarter last year. Overall, the Hydro segment reported production 3% lower than anticipated and 14% lower than last year for the same quarter. In the solar segment, production from the acquired participation in seven solar power stations, CRE, in the U.S. was 8% higher than anticipated. In summary, total production for the quarter was 1% lower than anticipated and was in line with the comparable quarter last year, including the contribution of our two acquisitions and the commissioning of wind farms. First quarter revenues were down 2% compared to last year due to less favorable resource conditions than a year ago, as mentioned before. For the first quarter of 2021, EBITDA adjusted was CAD 162 million, compared to CAD 169 million for the same quarter of 2020. Net earnings were CAD 43 million in the first quarter, compared to CAD 37 million last year. We generated CAD 115 million of IFRS cash flow from operations in the first quarter, compared to CAD 124 million in the same quarter last year, reflecting acquisition-related costs and incremental interest paid in connection with the acquisition financing. The FFO was CAD 60 million, compared to CAD 68 million in the first quarter last year, reflecting the reduction in the cash flow from operations. As indicated on slide 17, our financial position remains solid, with our net debt to total market cap ratio of 45% on March 31, 2021, compared to 41% on December 31, 2020. In conclusion, we are making constant progress in the execution of the strategic plan. We are working on our submissions for upcoming bids with our greenfield projects located in Upstate New York. We have a solid financial position to pursue our growth initiatives We are putting the final touch to the update of our strategic plan, which will be unveiled on June 17th during an investor day. Please save that date. Thank you for your attention. We are now ready to take your questions. Thank you. Ladies and gentlemen, we now begin the question and answer session. Should you have any questions, please press star followed by one on your touchtone phone. You will hear a three-tone brown recognition of your question. The questions will be polled in the order that they are received. Should you wish to decline from the polling process, please press star followed by two. If you are using a speakerphone, please lift your hands up before pressing any keys. One moment for your first question. Your first question comes from David Quezada with Raymond James. David, please go ahead. Thanks. Morning, everyone. My first question here, just maybe a little bit on the longer-term outlook. I know that you have obviously a lot of runway for growth in France, maybe not so much in the near term, but there's a lot of volume expected there, as well as in Quebec and New York. I'm wondering if you could just maybe touch on, or if you have any color on what you're doing to kind of fill the top of your funnel of potential projects, be it land lease activity or things like that, anything that could be a source of a greenfield development a few years down the road? Yes. Good morning, David. If you look to our pipeline and the mentioned funnel, we have increased during this quarter with 180 MW, this part of the pipeline. This is the entrance in the pipeline, and some of the project have gone from preliminary to mid stage or advanced stage directly. This is where we make progress, and we are very active. It's something at the very beginning of the crisis, if you look back to Q3 or Q2 last year, it was more difficult. No, since Q4 and this quarter, it's really starting going well, and I think it's the right way to develop project. Okay, great. We are doing that in France and in North America, both. Excellent. Thanks, Patrick. Yeah. Maybe just one more. I know that you had the corporate PPA with IBM in France, certainly an interesting arrangement. I'm just wondering if you could talk about, are you starting to see some real momentum in corporate demand for renewable power in France? It seems as though you've had several corporate PPAs recently. Could you just talk about the outlook that you see there, I guess maybe for repowering and recontracting over the next little while? Yeah. Exactly as you mentioned, there is a new real trend of big, large corporation to sign with a company like us. Should we have more electricity available, not under contract, we could sell it today. It's really an avenue, and there is more demand than what is supplied by the system. We are also, for each project, looking to the possibility of repowering, and because with repowering, we are producing generally more electricity, more turnover and on the long term, and catching long-term contracts, it's interesting too. You have some details in the investor relation presentation, if you want on this, on each year and our strategy. Thanks very much for that, Patrick. I'll get back in the queue. Thank you. Thank you. Your next question comes from Rupert Merer with National Bank. Rupert, please go ahead. Thank you. Good morning, everyone. Good morning. I realize you're going to update your strategic plan on June the 17th, and I'm looking for a little bit of a preview here. Anything you can tell us on what that plan might look like? How far out do you think you'll be looking? I imagine you'll be setting higher targets for production in the future. Will you contemplate going into new regions, maybe new types of resources? Anything you can tell us on what we should be looking for from Boralex in the future? Okay. We have a process of approving the plan. We have, just as you know, a board yesterday, so we are making good progress in discussing that. We have some work to continue, so really, I will not give any point today, and will ask you to be patient, Rupert, and wait for June 17. We will take into account the situation of the company, which is very healthy, and the different opportunities on the different market, and continue in the same philosophy than before. Okay. Well, I had to try. With your acquisitions in California, can we imagine that maybe you will expand the areas of focus a little bit in the future? Yeah. Two years ago, we start in the U.S. by the State of New York. We have been very successful. I hope we will continue to be. I think we will continue to be successful there. We have an established team, we have an established pipeline of projects at different stages of the organic pipeline. Now it will be time to look at other states in the U.S. Typically, as I mentioned, in February, California will be one of these. This is not new, but we will come with some more structured presentation on June 17. Okay. Great. As a follow-up to David's question on the corporate PPAs in France, I'm wondering if you can give us a little more color on the IBM PPA. If you can talk maybe about the scale of that transaction. I noticed you're working with Axpo as an offtaker. Can you talk about how the contract is structured with the aggregator? Is this going to be the model that you'll use in the future? Yeah. Unfortunately, we have some confidentiality agreement with our client. I really refer you to the press release of the April 30. This is the maximum I'm allowed to share with you. It's an important 5-year contract. It will be only asset ending their contract with EDF, no new asset. I cannot go further than this, Rupert. I'm sorry not to answer your question this morning, really. Well, maybe if you can talk a little about the dynamic of how you work with an aggregator. Okay. In general, how much value can you add to a contract? Globally, generally, the role of the aggregator is to make the equilibrium on every 15-minute period of the electricity which entered in the system and the electricity which is taking out of the system. This is the role of an aggregator. We have not that internally yet. Sometimes we're working with Axpo, sometimes we can work with other aggregator. We have done that in the past also. We need to have this partnership, but we are selling the electricity from one site or different sites in this case. The aggregator play the role of what is the demand of the customer and what is the production of Boralex and the different sites of Boralex, and make the equilibrium of this. Our added value is to have access to wind electricity, which is, I don't know the exact figure, but 99% of the wind production in France is contracted with EDF, so there is no electricity available to be sold. Just the companies like us, which contract starting more than 15 years ago, have access to this kind of green electricity in France today. As you move forward and you start looking at storage projects, is this a capability you'll be able to provide in-house increasingly in the future? We are exploring this and exploring if it is the right alternative to do it internally and not to subcontract it. Sometimes storage can be a solution, sometimes the market is an interesting storage, too. There is different alternative under analysis for the moment. I'll leave it there and get back in the queue. Thank you. Thank you, Rupert. Thank you. We have a following question from Nelson Ng with RBC Capital. Nelson, please go ahead. Great. Thanks, and good morning, everyone. Good morning. My first question relates to the growth path. You obviously have a lot of secured projects listed. I think the N.Y. solar projects are supposed to be completed in 2022, 2023. Can you just tell us how the progress is with those New York solar assets in terms of permitting and other requirements? Are they on track to be completed in 2022 and 2023? Just wondering when you would move those projects over to the construction ready stage. Yeah. They are in secure stage. They are not yet under construction stage, there is two important point. The first is we have accepted NYSERDA proposal for the conversion into I-REC. That's good. The proposal we get was in line with what we were expecting end of last year, beginning of the year when the question of I-REC was discussed. It's good for the economy. It's good for the financing of the project. On the development side, it's going well. Even on one of the project, one of the 20 MW project, we have very good news in term of cost of connection. The final investment decision is not yet taken. This is why it's not yet under construction, but it's online, say, to be connected next year and the year after. Okay. That's great news. My next question is just a quick follow-up on the corporate PPAs in France. I think you don't have too many wind facilities or megawatts expiring in terms of PPA expirations this year or next year. Can you just talk about how many megawatts you're currently selling in France as merchant, and do you actually have much more room to do corporate PPAs, given that there's not too many PPA expirations? Can you just give some color on that versus, I guess, reserving some capacity for future repowerings as well? Okay. Exactly, we are selling purely merchant 8 MW, which is just one small site, and this is essentially to the ID, it's to learn and to work on how the market is working. We have done some shadow testing in the past. First, some back-testing, then some shadow testing, then we are in real life this year, but just with 8 MW. This is for purely merchant. We have three contracts which are signed today, one with IBM. As I mentioned earlier, I cannot disclose figures for this contract. We have one with Orange for 39 and one with Auchan for 16 MW, but this is not merchant, this is corporate PPA, and we have another one which is under advanced negotiation for roughly another 10 MW site. This is exactly what we have. I do not expect to have more than 8 MW, purely merchant, during this year or next year. Okay. Nelson, on that, it's Stéphane speaking. If you want to have further visibility on that, I encourage you to look at our IR presentation where we go five years out. You'll see more on that, and as we're saying in this slide, at this point in time, it's about 60% that we expect to repower, and the balance is going to be a mix of corporate PPA and merchant going forward. More info will also be provided at our Investor Day on this front, all the customer orientation. Thanks, Stéphane. Thanks for the color. My last question might also be addressed during the Investor Day next month, but I just want to ask you, Patrick, in terms of growth through M&A versus development, we've recently seen some assets switch hands in the market- particularly with Brookfield Renewable with some strategic buyers. I guess you acquired some solar assets in the U.S. to give you a footprint there and some meaningful solar assets. Given all the activity that's happening in the U.S., do you feel that you need to acquire any wind assets in the U.S. to kind of get you started there? Can you just talk about any kind of potential assets or geographies you feel any asset acquisitions could help you with? Yeah. Any acquisition have to be a way to accelerate somewhere our strategic plan. We are firstly looking to solar assets in the U.S., but as you know, we are wind guys, I would say, and we like this. Potentially we are also looking to some wind assets when it's a way to accelerate our diversification, and this is something we are looking. Yes. Okay. That's great. I'll get back in the queue. Thank you. Thank you. Thank you. Your next question comes from Mark Jarvi with CIBC. Mark, please go ahead. Thanks. Good morning, everyone. Patrick, you said that the Index RECS or the I-RECs sort of met your expectations. Are you able to share any of the pricing on those contracts, and whether or not they have inflation escalators or anything else you can share now that you've signed those contracts? No, I'm not able to share the price. There is an echo. I'm not able to share the price, but what I can tell you is that taking everything into account, the cost of construction, view from today, the production of the site, the optimization of the layout, the connection cost, and all those things, and the financing, we have improved the return expected in September 2019 when we bid this project. It's good for two reasons. One reason is that less risk because of I-REC contracts, and on the other side, an improvement of the return. Does the I-REC and making it a simpler product enhance the financing of the project? Does it make it easier to finance, or is it just more on product optimization in terms of cost, interconnection, and expected capacity? Bruno, maybe some color on that? Yes, Mark, it will certainly make the financing easier with a more simple contract approach. Can you just update us in terms of the financing tax equity? Is the idea to do it on a collection of assets? Do you do this on one or two assets as they get closer to completion? What's the sort of strategy on tax equity, and how far down the road are you in terms of any negotiations and your confidence level that you'll be able to pull that all together in time? Confidence level is good. We don't need to be advanced at this stage, we're on time on that front. In terms of the approach, we'll likely consider different approaches for our U.S. assets, depending on our strategy. We're looking at different types of financing, whether project financing and/or a combination with the balance sheet financing. In the U.S., our strategy might be a little bit different overall on the financing side than what we've done, for example, in France. Okay. Then on those corporate PPAs, I appreciate at this point, they're still a small component of your earnings, EBITDA. Are there any sort of nuances or risks to those contracts in terms of settlements, minimum volume, anything around where your delivery points versus pricing with the aggregator? Just maybe help us understand if there is any sort of risk that you have to manage from your perspective on deliveries. No, generally speaking, all these contracts are pay-as-produced, we have no commitment of production. It's really the same kind of risk, than with EDF contract. We have, in one contract, one of these contracts, some, say, guarantee of the operation of the site, because you understand that the customer is buying the electricity from one site, and there is a marketing ID behind this. They don't want to be That if we do not operate correctly the site, particularly if we are lower than, I think it's 90% of availability, which it's never the case, obviously, then they have the possibility to cancel the contract. Obviously we are not there. This is the only one. We have no delivery guarantee or thing like this. No additional risk on this contract. Okay. Thanks for the answers, Patrick and Bruno. Appreciate it. Thank you. Thank you. Your next question comes from Najib Baydoun with IA Capital Markets. Najib, please go ahead. Hi, good morning. Good morning. Just wondering if we can follow up on the asset sale in France. Can you maybe talk about if you're considering other asset sales to help finance some of the larger growth projects that are coming down the pipeline? The sale of Blendecques was essentially a reason of maintaining, say, scales internally, for a small asset, being 100% renewable, not exposed to carbon pricing anymore and all those things. This is one reason, but generally speaking, and it's not only the case in France, we are also all the time evaluating if partnering with another, say, financial provider could be of interest to us, if they have a lower cost of capital than Boralex. We are all the time looking to this, and this is the case. The valuations are. If you look to the French market, different operators have looked to this and go to this process during the last years. We are also screening this and the possibility, but nothing other than that. Okay. I don't want to take away any of your thunder from the upcoming investor day, but just wondering if you can talk briefly about how you're thinking about your approach to project development, in your markets, let's say like in California or other U.S. jurisdictions. Do you think that you'll need to adjust your project development processes or bidding behaviors in those markets to be competitive? How to win. Yeah. On the one side, we have developed a project in New York State with people, some in New York, some in Ontario, some in Quebec. When you look to other pure organic developer, they are many times doing that remotely from somewhere in the U.S. We don't think we need teams everywhere. We will need some local presence, but not big one, and we will try to stay with the crisis. We all know that a lot of work could be done from home, remotely. This is the first point. In terms of bidding, we will look to market where, like in New York State, there is an interesting situation of demand for project, and there are contracts which are with reasonable risk. Our bidding strategy will not change, and we will be disciplined on how we build the model for the project and how we evaluate the risk on it. Okay. That's great. Just one last question, as a follow-up to that. I guess you're not really expecting a major ramp-up in either new hiring or development costs or corporate costs at this point to support new expansions. I think, again, that will be released on the investor day in June, and presented. I will ask you to be patient, Najib, on this part of the presentation. Okay. All right. Looking forward to it. Thank you. Thank you. Thank you. Your next question comes from Andrew Kuske with Credit Suisse. Andrew, please go ahead. Thank you. Good morning. I guess this may be a bit more of a philosophical, longer-term question, and it really revolves around how you see batteries being part of the investment opportunity, and then maybe also part of the threat that exists for the business and just your positioning around that. Mm-hmm. It's a good question. It's interesting indeed. I think, we can see that in Europe, in some market, we can see that already in California, typically is grid connection and duck curve. The fact that the electricity price is changing, the shape of the price is changing during the day, is an opportunity for storage. The question is how do you make money, how you secured your investment. It's something which is more close to merchant sale, from my view, than what we have in the past was as produced long-term PPA. This long introduction to say it could be of interest to optimize existing site with small investment to move production from one part of the day to another. It depend of the market and the contract that you have. This is the first point. In term of threat, I'm not sure. It's more creating something, I think an opportunity to the electricity system than a threat, because it should smooth the electricity price during the day. I think it will increase the capacity, technically, of the electricity system of a larger penetration of variable renewable like wind and solar. I think it's more opportunity than a threat. That's very helpful color and context, and maybe just focusing on that opportunity, do you foresee Boralex pursuing some opportunities in relation to energy management, maybe at a commercial industrial level for certain corporate customers with the rollout and deployment of batteries into the future? Yeah. It's exactly something we have started in France at a small level. The same team is working on defining and modeling the price, with obviously Bruno's team, but modeling the price for the bid for the tender, for the EDF tender, for the tender when a corporate PPA is available. Somebody wants to buy electricity like IBM, like Orange, they are going to RFP and we have to modelize that. The management of our small 8 MW merchant production. All this is the same kind of data analysis, knowing how the market is moving. We have started this team in France, and we're sharing this every month. We have an update on that at the investment and development committee of the company. Even in North America, people are learning, thanks to our experience France. It's small, but it's the way to learn and not to take too much risk. Yeah. Very helpful. Thank you. Thank you. We have a following question from Rupert Merer with National Bank. Rupert, your line is now open. Thank you. In your prepared remarks, you talked about preparing bids for New York auctions. Just wondering if you can give us an update on where we're at in the process for the New York auctions and what you anticipate you might be able to do there. Same thing for France, where are we in the French RFP cycle? Okay. On the N.Y., I will just comment on the tier 1. There will be a tier 1 auction in end of the summer. We will bid the 180 megawatts we bid at the last auction. We have worked for, say, another 1 year of development, so you can evaluate, I think, how much organic project we are able to develop in one year, like in the past. We will bid at this stage. We are also evaluating the Tier 4, but this is too close to the bid to comment. This is for New York State. On the French side, the first, I mentioned 180. It was 140, sorry, at the last bid. Not 180. Sorry, I made a mistake. On the French side, the six first rounds of the tender have now been done. The government, the administration, is discussing what they call the which is the rules to bid and the rules to win. It has not yet been released. We are thinking that for 2021, the tender will come end of the summer, beginning of the fall, and we're working to evaluate how many project we would be able to bid. It will depend on the. That's the point. We are also, in France, we have still access for the small project, the project of less or equal to six turbine and less or equal to 3 MW per turbine to the CR 2017 at EUR 72 a megawatt hour. We are playing the two games in parallel. Okay, great. Thanks. Then, looking at your secured projects, can you give us an update on the two big ones, the Limekiln and Moulin de Luant, and the opportunity to move those to construction? How far are you from final investment decision on those projects? I would say Moulin de Luant, it's more a question of weeks, because the decision from the Conseil d'État is final. Grid connection was put on the shelf, but it's still available, and it has been already modified to 71 MW. As you know, we have a contract that we win on the last tender. It's a question to say, finalize, update everything and go back to our board and decide. Some negotiation with the turbine suppliers also need to be done. For Limekiln, considering the change in the charges, the access to the network charges, the use of system charges in the U.K., we have apply, exactly 1 year ago in May 2020, for the extension of the site. We have applied also for a modification of the size of the turbine, like to my knowledge, every Scottish project of the different operators has done this because they have been hit by the change of the charges. There will be, I think, a public hearing in June on Limekiln, and then we could expect, depend of how diligent the Scottish minister will be, we could expect in the next, say, six to nine months, a decision. Again, there, we already have the connection in our end, which is very important when you are up north there. This is the situation of Limekiln. There was some discussion last year about a potential new CFD for onshore wind in the U.K. To my knowledge, it's not yet done, but potentially this will also move in the next months to help us to finalize the economics of this project and the financing of it. Great. Thanks for the color. I'll leave it there. Thank you. Thank you. Ladies and gentlemen, as a final reminder, should you have any questions, please press star one. It appears there are no further questions at this time. You may proceed. All right. Thank you everyone for your attention. If you have any additional questions, please call me at 514-213-1045. I will make sure we quickly answer your questions. Our next conference call to announce second quarter results will be on Friday, August 6, 2021. In the meantime, as we mentioned during this call, please mark your calendar for our Investor Day on June 17, as a formal invitation will follow shortly. Lastly, we have our annual general meeting in an hour or so at 11:00 A.M. starting. I hope you all remain healthy. Have a great day. See you soon. Bye. Thank you. Ladies and gentlemen. Thank you. This concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.