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Golar LNG Partners LPÂ (GMLP)
Q1Â 2019 Earnings Call
May 21, 2019, 11:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to the Golar LNG Partners' First Quarter 2019 Results. At this time, participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. (Operator Instructions) We will limit the questions to two per person, and no questions from media. I must advice you that conference is being recorded today, Tuesday, 21st of May, 2019.
And, with that, I'd like to hand the conference over to your speaker today, Brian Tienzo. Please go ahead.
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
Thank you very much, and good afternoon, and good morning to all of you. Welcome to Golar Partners' 1Q 2019 results presentation. My name is Brian Tienzo. I am joined here by our Head of Investor Relations, Stuart Buchanan. Without further ado, let's start the presentation and I would urge participants to read through page two forward-looking statements in their own time.
And so, with that done, let's jump over to Slide 3 for the main highlights. We report operating income of $25.9 million for the first quarter of 2019. This result does not however include our interest in the operating result of Hilli Episeyo. Over the past few years, the first quarter of our financial year have traditionally been the weakest as this quarter experiences two months of contractual off-hire for the Golar Igloo and is therefore non-contributive to earnings. Nevertheless, the first quarter also saw Golar Freeze contribute to cash flow from its former contract with DUSUP as well as earnings from its new contract with NFE.
The combination of these two major events in the quarter resulted to distributable cash flow of $28.8 million, representing a distribution coverage ratio of 1.01 times. There were some further positive news for the quarter for the Partnership as charterers of both Golar Igloo and Golar Grand formalized their options to extend the vessels employment for another year. As a result of the foregoing, the Partnership announced unit distribution of $0.4042 for the quarter.
Let's now turn over to page to go through our income statement highlights. Net results for the first quarter was a loss of approximately $15 million as compared to a loss of $19 million in the last quarter, and this is mainly due to the following factors. The Golar Igloo whose contract was extended by one year was in its contractual off-regas season up to the 25th of February. The Golar Mazo charter that commenced during the fourth quarter ended and this was subsequently followed by a short voyage at a lower rates.
The loss of earnings from the Golar Mazo and Golar Igloo was supplemented by earnings from the Freeze, which commenced commissioning during early January and consequently started to accrue its commissioning income. Earnings were also positively impacted by decrease in costs compared to level seen in the fourth quarter.
Whilst operating cost increased during the quarter to $16.8 million from $15.8 million as we took advantage of the Golar Igloo off-regas seasons store up, decrease in costs from both voyage and administration expenses more than offset this, resulting to an overall cost decrease of approximately $2 million.
Finally, net non-cash interest rates swap losses following a further decrease in two to five-year interest rates contributed to $14 million and therefore the majority of the first quarter loss.
Turning over to page five for the balance sheet assets. Cash and cash equivalents as of the end of the quarter was at $74.4 million. During the quarter, there were CapEx payments in respect of the final installment of the Methane Princess drydocking, Golar Igloo drydocking and modifications to increase its regas capacity, finalization of the Golar Freeze modifications, and a one-off working capital settlement in respect of the Hilli drop down. Such expenditures are not expected to materialize in the second quarter. And against these expenditures, we took the opportunity to draw-down in the remaining $25 million from our existing credit facilities.
Going over Slide 6, balance sheet liabilities. At the end of the quarter, our net debt was $1.59 billion. Now this includes $447 million associated with Hilli Episeyo. As of the quarter end, the percentage of debt swap to fixed rate was approximately 100%. The average fixed interest rates of swaps related to our bank debt is approximately 2.2% and with that an average remaining period to maturity of approximately 4.4 years. So, this means the Partnership is pretty well protected from interest rate variability.
Based on the above, our net debt-to-annualized EBITDA ratio was 5.9x. However, were we to include the cash earnings of Golar Freeze for the quarter, this ratio would be approximately 5.1x, and this is despite months of Igloo being essentially off-hire.
Turning over to Slide 7 on distributable cash flow. Whilst distribution coverage ratio was lower this quarter as compared to the last quarter, this was entirely expected and mainly due to the two months in which the Golar Igloo was off-hire. With this distribution coverage remaining above one times during this period when financial results is at its weakest is a testament that the dividend distribution set a couple of quarters ago is one which is sustainable.
In contrast, the distribution coverage in Q1 2018 was 0.32x. Our life-to-date distribution coverage at 1.12x remains pretty strong. We fully expect 2Q distributable coverage ratio to improve on the basis that, one, the Golar Igloo will be on full hire for the entire quarter and also the Golar Grand's charter extension commences and it does so at increased hire, and of course, the Golar Freeze contributes earnings from its new 15-year charter with NFE and for a short period in the second quarter, there is also cash contribution from its old charter with DUSUP.
Turning over to Slide 8 now, which highlights the Partnership's revenue backlog as of the end of 1Q. This level was at $2.25 billion. Of the Partnership's fleet, the Golar Spirit is the only asset not to contribute earnings over the past few quarters. Of course, when arriving at the new distribution level, no income had been assumed from this asset. Nevertheless, a potential use of this Episeyo in Brazil is developing positively and could be a source of organic growth. These opportunities being developed jointly with Golar Power, who, as you know, has been successful in developing the Sergipe power project in Brazil.
Based on a normalized quarter and only taking into account contracted revenue, the average remaining term of the contract backlog is approximately seven years with a variety of strong counterparties. And while today, the Partnership remains exposed to LNG shipping, this is actually a very small portion of its revenue backlog as we will now see in Slide 9.
So Slide 9 shows the revenue breakdown of the Partnership's earnings. Following the conclusion of the acquisition of 50% of equity interest in the contracted capacity of FLNG Episeyo in July 2018, the Partnership's revenue backlog have improved materially. 61% of its income is contributed by its Episeyos, excluding charter options. These have an average contract term of approximately seven years. 32.5% of its income is from Hilli Episeyo, whose contract runs for another seven years. And then 6.5% of its income is from shipping. So this is represented mostly by the long-term contract, which the Methane Princess is currently servicing.
Shipping revenue and therefore shipping exposure and associated volatility is therefore a small component of a stable and transparent revenue backlog from well established charters. These numbers have been arrived at without taking account of any potential options extensions or earnings contributions from ships not currently in employment. So, our ambition is, of course, to improve on this already strong revenue backlog. We have already said that organic growth is possible through deployment of the Golar Spirit. And the next slide underlines the various acquisition possibilities available to the MLP.
Turning over now to Slide 10 to look at the Partnership's acquisition possibilities, we previously mentioned Hilli, whose contractual performance today has been flawless. The Partnership already owns 50% of the committed capacity. The other 50%, therefore, remains available as an acquisition target. It is also encouraging to learn that Golar LNG's discussions with Perenco which regards to utilization of the third and possibly fourth train continues at pace and more so that these discussions could result in potentially materially increasing the overall duration of the contract term.
Investors were remembered in the event that both trains are fully utilized without accelerating production of existing resource. Golar Partners will receive 5% of any additional earnings, reducing to 2.5% of additional earnings in the event that only train three is contracted. Additionally, we have 25-year cash flows from FSRU Golar Nanook and the Sergipe power plant to come. Both of these are expected to be cash generating from early 2020. Our GP's annual EBITDA share from these is approximately $99 million. The longevity of these contracts made these attractive potential acquisitions through the MLP.
Of course, while the acquisition targets remain, funding such acquisitions remains a question. We have already seen that organic growth can be achieved through the Golar Spirit and Hilli Episeyo. Furthermore, as time lapses, the MLP's debt capacity improves. This will provide the Partnership with the limited ammunition for acquisition for growth without materially negatively affecting its leverage ratios in covenant. Nevertheless, the ambition must be to be able to maintain a growth trajectory and for this an improved equity currency is required.
So turning over to Slide 11 to summarize then, despite a traditionally challenging quarter, the Partnership has been able to maintain a respectable distribution coverage ratio. This has been achieved through another quarter of flawless operations and testament to distribution level being sustainable. With improved financial results expected from Golar Igloo, Golar Grand and Golar Freeze, we anticipate coverage ratio to be materially better in the second quarter of 2019. With Sergipe power project due to become operation in few months, we look forward to having another acquisition target option. And while sustainable funding for such acquisition remain evasive, growth through the MLP's existing assets remains a good alternative and possibility.
That, ladies and gentlemen, concludes the presentation. I will now turn the call over to our moderator for the Q&A session.
Questions and Answers:
Operator
Thank you. We will now begin the question-and-answer session. (Operator Instructions) The first question comes from the line of Randy Giveans of Jefferies. Please go ahead.
Randall Giveans -- Jefferies -- Analyst
Hi, gentlemen. How's it going?
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
All right. Good. Thank you.
Randall Giveans -- Jefferies -- Analyst
Great. Yes. So biggest question out there is distribution sustainability. I look at the coverage, 1.2 in 4Q '18, obviously falling for a few factors that still slightly above 1 times in 1Q '19, and as you just stated four minutes ago will be materially higher in the coming quarters. So trying to think about distribution sustainability, can you give a vote of confidence around that? And even possible distribution increases in the future, what would it take maybe additional drop downs to get that distribution higher going forward?
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
Absolutely. So I think we mentioned previously that in taking -- in presenting the new level of distribution, we took a very conservative approach particularly on the vessels that were in contracts, that were in short-term. As we have said previously as well, the Q1 of any financial year for the GMLP traditionally have been weakest, and in contrast to Q1 2018, we had 0.32 as the coverage ratio. We have 1 this time around. So, I think, to me that shows that we chose the right level of distribution. And to that extent, Q1 is always the challenge and going forward we see the earnings, particularly in the Golar Igloo and now the Golar Freeze as a factor that will allow the distribution ratio to materially increase. And therefore allows us to be able to sustain the dividend that we have set.
And, secondly, I think it's encouraging from the Golar Cool that the discussions with the FLNG Hilli Episeyo is ongoing. Clearly, if we are looking at organic growth that as well as the Golar Spirit opportunity that's been mentioned also is accentuated to that growth. Now, there is obviously a path to growth by way of acquisition, but as you can imagine a 13% yield dividend, dividend yield, is not sustainable and therefore the currency -- the equity currency vehicle is not available for that purpose. We can grow a little bit by a way of debt acquisition, but that would only take you so far. We need that equity currency to become available to be able to sustain growth. And obviously having that and with the combination of a very long-dated contract backlog at the sponsor level allows us to then contemplate increase the dividend going forward.
Randall Giveans -- Jefferies -- Analyst
Sure. Okay. So just to clarify though, at this point, distribution team is very stable rising coverage, no real issues around that?
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
No. As I said, Q1 is always the weakest spot. Q2 will be -- the coverage in Q2 will definitely be better and so Q3 we expect.
Randall Giveans -- Jefferies -- Analyst
Got it. Yes. I just want to clear that up. Now, common unit buybacks, obviously you want to have the liquidity but at the same time, like you said, if the market is not giving you the credit, yielding 13%, 14%. You've repurchased, I think, about $4.5 million in 4Q, it looks like no unit repurchases in 1Q, so how do you balance that kind of taking advantage of the disconnection, I guess, dislocation between the yields of the units price at the same time of, kind of, maintaining cash for future project finance? Any additional units -- go ahead.
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
Sure. I mean, we're just going to be opportunistic about this. And so, to some extent, we want to maintain certain level of cash in order to be able to be ready for those kind of opportunities. At the same time, we want to balance that a little bit, because clearly there is an opportunity to, maybe, buyback a little bit of Nanook once that becomes operational toward the end of this year and next year. So, we just -- we want to make sure that we use it for the right purpose. I mean, Nanook to me is an attractive acquisition if it can be done, particularly it's a very long-dated contract. But it is something that we continue to consider, but as I said we just have to make sure it's properly balanced when we do something.
Randall Giveans -- Jefferies -- Analyst
Yes. And then the second part of that question and this will be my last question, just how do you kind of rank those projects on Slide 10 in terms of future drop downs? Is it more ownership of the remaining interest in Hilli? Is it the Nanook? Is it the power project itself? Can you kind of rank those?
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
Well, in terms of ranking, my first would Nanook, simply because it is a very long-dated. I mean, as it stands today, without changes to any of those contracts that would be my preference, simply because it's a very long-dated contract. It mitigates the residual risk materially and some extent, it's -- to say, it's a less chunky acquisition than the Hilli, for example.
Randall Giveans -- Jefferies -- Analyst
Yes, absolutely. And It certainly would extend your average contract duration.
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
Absolutely
Randall Giveans -- Jefferies -- Analyst
That's it for me. Thank you so much.
Operator
Thank you. Your next question comes from the line of John Chappell of Evercore. Please go ahead.
John Chappell -- Evercore ISI -- Analyst
Thank you. Good afternoon, Brian.
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
Hi, John.
John Chappell -- Evercore ISI -- Analyst
If we can maybe expand a little bit on the last line of question a little bit and just talk about plan B. If there is -- I think you laid out pretty well a coverage ratio that should stay above 1 times, all else equal, but the market sometimes -- I guess, perception becomes reality. So if you stay at this kind of 13 plus percent yield and equity -- common equity for drop downs becomes prohibitive, how do you think about the next kind of one to three years at GMLP? Is there another kind of plan if growth just becomes prohibitive, because the market doesn't allow it?
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
Well, I guess, I think, so acquisition growth I mean, obviously, at those -- at these kind of levels will be very difficult, but clearly we have pathway for organic growth and we're not necessarily depending heavily on the Hilli, for example, but that will be a fantastic way to grow the company. The other thing of course is the positive development that we are seeing in respect of the Brazilian opportunity where Golar Spirit could be deployed. Now don't forget that when we took the decision to reset the level of dividend, we had assumed that Golar Spirit is just earning nothing. So, it's not contributive at all to GMLP's earnings. So to the extent that we do find something at -- for the Golar Spirit, I think that in itself is quite a big turnaround and certainly lends itself positively to potentially looking at increasing dividend at that point.
John Chappell -- Evercore ISI -- Analyst
Okay. And then, you've contracted the Grand for short period of time and made comments about how it's substantially above the initial first two year and now even the Maria. Short-term, I guess the biggest kind of near-term question mark then becomes the Igloo, and I understand that it's in service for the next seven months or so. How soon or how much ahead of the end of this year do you think KNPC needs to lockdown its arrangements? I mean, it's obviously a very important part of the infrastructure. So do you think this is kind of something that goes all the way to the end or something maybe we can have an update on as soon as the next quarter?
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
Well, I think, I mean, it's difficult. We can't completely rely on the history of the events we've seen on the Igloo. But referring back to what happened last year, there was an intention for a competitive tender to come out during the summer of last year. That didn't happen. We're now nearing same timeline as previously. And, of course, in the end, KNPC just simply ran out of time. Now, we're not necessarily rely on that to happen again. So when we looked at what could potentially happen to the Igloo, we took a very conservative approach on its earnings potential, shipping earning potential in fact, much, much lesser than what it's earning today for the dividend to -- its contribution to distributable cash flow.
And, of course, what we have tried to do to try and mitigate and provide a much better offering for the Igloo is, we've modified the vessel to increase its output capacity. It makes it actually one of possibly only two Episeyos in the world with that type of output. So at the very least, it widens its envelope of opportunity. But in the event, there is a tender, competitive tender going forward, then we would certainly look to compete with that. We have a very good relationship with KNPC, now to the extent that adds to our ability to win it and obviously we would write in the back of that, but we'll be very competitive.
John Chappell -- Evercore ISI -- Analyst
Okay. Thanks for the thoughts, Brian.
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
Sure.
Operator
Thank you. Our final question comes from the line of Michael Webber of Wells Fargo. Please go ahead.
Michael Webber -- Wells Fargo -- Analyst
Hey, good morning, guys. How are you?
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
Hi, Mike. Good.
Michael Webber -- Wells Fargo -- Analyst
Brian, just to follow-up on the question on the Igloo, they ran out of time last year, you guys able to work out an extension and I think the rate was roughly flat. Are there -- is there an actual -- is there an evergreen options series on that? Is there something you negotiated on a bespoke basis? You would need to negotiate on a bespoke basis this year, if it were to get extended again for a year?
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
Yes. So, in the previous contract prior to them exercising their option, there was actually a contemplated option for them to exercise then. This time around, there isn't. So it will be properly negotiated. And, having said that, it was a very amicable sit-down negotiation and, in the end, it wasn't -- the economics were actually probably slightly better than -- the extension economics were actually probably slightly better than the initial five years.
As I said, there is -- while there was a delay in their ability to put together a tender process last time, I think their intention this time is fully to go down in that root and we are in constant dialogues with those guys to make sure that we kept up-to-date. And we want to make sure that we're at the forefront of being able to compete where necessary.
And, of course, what we have, what they communicated to us previously was that, the idle position for that would be to have an Episeyo that's slightly greater in regas capacity than the Igloo was, which is why we took the opportunity during the off-regas season in January and February to modify the vessel properly and allow and give the competitive edge.
Now, we know that they are -- at some point, there will be quite reliant on land-based facility, but we also know that in the interim they need an Episeyo. So the combination of good operations and allowing a -- allowing them a better -- what -- higher regas capacity hopefully puts us in good stead.
Michael Webber -- Wells Fargo -- Analyst
Great. And so, obviously, the tender is not out yet, but you have a vague sense of -- in a sense that it is providing bridge capacity, what kind of term or tender you think they will be looking for? Are we talking something that's particularly MLP-friendly or something that's more along -- more into -- kind of a two or three-year deal?
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
It's very difficult to know, it's very difficult to say, I should say. I mean, clearly, we would like to see another five-year contract. Whilst there is an ambition for them to use land-based facility, I think it's clearly also an ambition for them to have a contingency that we have seen in other places where there is an Episeyo available in case if nothing else for negotiation or for sort of emergency use. And I can't really comment on whether or not -- as we said, I'd like to see a longer tender as a contract, but my gut feel is it's probably in the region of two to four years rather than five years.
Michael Webber -- Wells Fargo -- Analyst
Okay. No, that's helpful. And we can obviously get more color on that as it happens.
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
Yes. I think just one thing -- sorry, just going back to that. I think while we will compete very competitively for the Igloo, we mustn't lose sight of the fact that when we -- again, looking at the distribution sustainability and assuming what the Igloo could possibly do post the KNPC contract, we took a huge haircut on that, and so -- and that makes us a very competitive bidder in that -- in the event that happens. Or alternatively, as you all have heard from Golar LNG's remarks earlier, I think an alternative would be hopefully in a very good shipping market if that -- if t came to it.
Michael Webber -- Wells Fargo -- Analyst
Great. Now, that's helpful. Just last one for me. Just around your IDRs, obviously not a big driver, value driver one or the other here, you've already adjust them once, I believe it was 2016.
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
2016. Yes.
Michael Webber -- Wells Fargo -- Analyst
Yes. In October.
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
Yes.
Michael Webber -- Wells Fargo -- Analyst
But there's still some IDRs that are hanging out there, is there any thought or conversation with, kind of, cleaning up the rest of those with Golar? It's not going to be top of the stack in terms of priorities, but just curious in terms of thinking of ways of rationale for why the equity might not screen as well other than the equity cost of capital a little bit wider than maybe somewhat implied?
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
Sure. I think, if the IDRs ever became a point of discussion that means that we are hopefully getting closer to those thresholds. And if we came to it, I mean, we'd be very happy to discuss, structure those, such that it doesn't impact negatively on our investors.
Michael Webber -- Wells Fargo -- Analyst
Okay. And I would like to have one more. So, I think you've answered this in the past, but just to refresh, the Golar Power in terms of the way this transaction that actually work, do you actually have right of first offer or right of first refusal on those Golar Power assets? And is that something the Golar panel will get to unilaterally decide? I believe it's 50:50 JV, so what they need to get Stonepeak's approvals to actually draw something down to you?
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
Well, I mean first and foremost, GLNG themselves will not need approval from Stonepeak for GLNG shares, for example, (multiple speakers) but for the MLP -- sorry, for the entirety of it, that wouldn't need to be discussions with the Stonepeak. And while we talk about the Golar Spirit, the Golar Spirit is being counted for this opportunity in real simply, because it's the right size and the right asset for project that's being looked at.
Michael Webber -- Wells Fargo -- Analyst
Okay. But then in terms of the transactions to and from, I guess, it does -- it would only matter if there was a third-party involved, I guess, but the technical difference between the right of first refusal and the right of first offer?
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
Correct. So, as we -- That's right. There need to be an offer from the Power. It's a similar mechanism as the GLNG, but yes.
Michael Webber -- Wells Fargo -- Analyst
Yes. Okay. Great. I appreciate the time, guys. Thanks.
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
Sure.
Operator
Thank you. We do have a question from Ari Rosa of Bank of America. Please go ahead.
Ariel Rosa -- Bank of America Merrill Lynch -- Analyst
Hey, good morning, guys or I guess good afternoon at this point. But so, you've mentioned this point about equity capital being off the table as a funding source. Maybe if you could just touch quickly on your views on your debt capacity and if you view that as having any room there toward the fund growth?
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
We do. I think one of the things that we had highlighted previously is -- the debt funding in some of our vessels are amortizing much more quickly than the tenure of some of the contracts there. So what you're seeing is that while debt is coming out very quickly, the earnings capacity of the vessels and the earnings -- sorry, the contracted earnings on those vessels aren't amortizing as quickly. So there is a bit of a mismatch. Once that has being fully repaid, if you want, there remains some really good earning in some of those vessels. So, there is an opportunity to lever up against those. And, obviously, this increases as time progresses, which is why I mentioned earlier on about the improving debt capacity as time passes.
Ariel Rosa -- Bank of America Merrill Lynch -- Analyst
Great. That's helpful color there. And then just quickly you mentioned in the press release some of the macro consideration that you're seeing with the China pulling forward some demand. Just maybe if you could touch quickly on what you're seeing in terms of the macro environment and the overall rate picture?
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
You mean on the shipping side?
Ariel Rosa -- Bank of America Merrill Lynch -- Analyst
Yes, correct.
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
So -- absolutely. So I mean we've seen how China could be a big factor in and swinging factor of -- particularly in shipping. But what I wanted to point out is, the sustainability of the MLP's distribution on the basis that we have sufficient contractual, sort of, capacity and earnings to not be too heavily relying on the shipping income. So we do have some ships available to trade on the shipping side, but that contribution to the earnings is actually very small. And while -- obviously, as rates get better, which we expect in the second half of this year, we'll do so, and for the most part of 2020, then clearly the contribution from those vessels will be a positive result for the MLP.
Ariel Rosa -- Bank of America Merrill Lynch -- Analyst
Okay, great. That's encouraging. Thanks for the time.
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
Sure.
Operator
Thank you. There are no further questions on the line, sir.
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
Brilliant. Well, I'd just like me to say thank you very much for your participation, and hope we will see you in the next quarter. Thank you, and goodbye.
Operator
Thank you. That does conclude our conference for today. Thank you all for participating. You may all disconnect.
Duration: 33 minutes
Call participants:
Brian Tienzo -- Chief Executive Officer and Chief Financial Officer
Randall Giveans -- Jefferies -- Analyst
John Chappell -- Evercore ISI -- Analyst
Michael Webber -- Wells Fargo -- Analyst
Ariel Rosa -- Bank of America Merrill Lynch -- Analyst
