Equinix Q1 2023 Earnings Call Transcript

Quartr
Provided by Quartr
May 30, 2023

There are 8 speakers on the call.

Operator

Thank you for standing by, ladies and gentlemen, and welcome to SACCO's Energy Navigation Conference Call on the Q1 2023 Financial Results. We have with us Mr. Takis Arapoglou, Chairman of the Board Doctor. Nicholas Sakhos, President and CEO Mr. Paul Durham, Chief Financial Officer and Mr.

Operator

George Jaroglou, Chief Operating Officer of the company. At this time, all participants are in a listen only mode. There will be a presentation followed by a question and answer session. And wait for your name to be announced. I must advise you that this conference is being recorded today.

Operator

And now I pass the floor to Mr. Nicholas Pernozis, President of Capital Link, Investor Relations Advisor with SACOS Energy Navigation. Please go ahead, sir.

Speaker 1

Thank you very much, And good morning to all of our participants. I am Nicholas Bernoulli of Capital Link, Investor Relations Advisor to Tsakos Energy Navigation. This morning, the company publicly released its financial results for the Q1 ended March 31, 2023. In case we do not have a copy of today's earnings release, please call us at 2126 .com, and we will have a copy for you e mailed right away. Please note that parallel to today's conference call, there is also a live

Speaker 2

mm.gr.

Speaker 1

The conference call will follow the presentation slides, so please, we urge you to access the presentation slides on the company's website. Please note that the slides of the webcast presentation will be available and archived on the website of the company after the conference call. Also, please note that the slides of the webcast presentation are user controlled, and that means that by clicking on the proper button, you can move to the next or to the previous slide on your own. At this time, I would like to read the Safe Harbor statement. This conference call and The slide presentation contains certain forward looking statements within the meaning of the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995.

Speaker 1

Investors are cautioned that such forward looking statements involve risks and uncertainties, which may affect TEN's business prospects and regards of operations. And before passing the floor to the Chairman, I would like to highlight That, as mentioned in the press release today, Ten celebrates 30 years as a public company. I'd like to extend my own congratulations to Doctor. Tsakos and the entire team. And the company is kicking off 2023 with a record quarter in terms of performance and results.

Speaker 1

And at this moment, I would like to pass the floor to Mr. Thakisarapoglou, the Chairman of Tsakos Energy Navigation. Please go ahead, Mr. Rupaulo.

Speaker 2

Thank you. Thank you, Nicolas. Hello and welcome everyone and thank you for joining us on our call today. I must congratulate management for an extraordinary set of record first quarter results And stellar operational performance and also congratulate them as a whole for celebrating 30 years We continue to benefit from the prevailing solid market fundamentals, building healthy cash reserves, which allows us to Maintain our policy of redeeming expensive preferred issues when we can, steadily reducing debt And paying seriously increased dividends in this year's case, a dividend 100 40% higher than in 2022. Subject to the market continuation of this Firm of this firm market, the Board may consider Paying an extraordinary dividend during 2023 over and above the already announced annual common dividend of $0.60 per share.

Speaker 2

At the same time, we take advantage of the prevailing attractive charter rates, Looking in a 3 long term appointments for our vessels, resulting in over $1,600,000,000 of future contracted revenues over the next few years, which, of course, secures a high and sustainable profitable performance. Our vessels operating in spots are taking advantage of the high rates in the market as is the case With our vessels benefiting from profit sharing arrangements. All this, the combination of all this puts us in a position We comfortably continue as always to consider new strategic accretive investment, divestment opportunities As and when this may arise in order to grow 10 further, always in a measured and prudent way and So congratulations again to management and employees of Penn And best wishes for another 30 years of successes. I'll now pass the floor on to our CEO and President, Nikos Tsakos. Thank you.

Speaker 3

Thank you, Chairman. Thank you, Nicolas, and Good morning, good afternoon to everybody. It was a great pride that we are celebrating Our 30th anniversary, the year that the company was established, started as a small garage type of startup with 4 vessels to where it has been today. And also we're celebrating it together with a lot of friends, a lot of colleagues who have been with us all the way, A lot of new colleagues that are cutting the torch now. And of course, we're even happier that we can report Record earnings on our 30th anniversary.

Speaker 3

Like last year, which was our 20th Continuous year on the New York Stock Exchange. We also have the luck to Celebrate a record year, and we hope that this year, it's going to be another record year. For us, TEN means personally a lot, Also for me and the family, it's a very big part of our lives. How big I will not reveal Because I will give out my age, which most of you know, but I can say that very soon it's going to be more than half of my life In dealing with a company that we all enjoy and our shareholders. It's really A scary thought to think of this.

Speaker 3

But of course, it's not only the longevity of the company. It marks a lot of milestones for us going forward. The year that we actually started our quotation, the New York Stock Exchange, we had the arrival of our son. She has proven a great investment so far and even a better investment in 2,004. The order of our first LNG together with the arrival of our 2 daughters and this year a record year And the rollout of the house, I mean, in colleges around the world.

Speaker 3

So it's been a long process, but it has been an exciting process Building the company with friends all over the world. The way we see the future Is that we are in a period that I have never experienced in my, as I mentioned, 30 years of working life In which the order book has never been so dry to use that expression. Nevertheless, in the last 30 years, we've seen a percentage of 3% or 4% of the world fleet being built. Some categories Really completely unattainable to compete with the demand that is coming. We're seeing demand coming back after the couple of long COVID years, more ton miles because of the war, occasional Closures of Canal.

Speaker 3

I mean, as you know, we have delays many times in the Bosphorus, mainly in the winter that have an effect on the market. Right now, we're seeing a very strange situation in the Panama Canal where because of drought, There is a significant need of dredging and a big number of our larger ships, including our LNGs, not only ours, Big containers, Suezmax and VLCCs, either have to wait for a long choose or they have to decide to do additional long Tom Miles going around South America in order to go to get to the other side. So Every small right now, the market is so balanced that every small retail makes the market Even stronger. So this is how we are looking at a very good As far as supply and demand situation, we're seeing more refills of strategic reserves Around the world, the driving season, and I hope all of our good friends will take their time and enjoy driving around started yesterday in the U. S.

Speaker 3

And in other parts of the world. So with that, I would say that We believe that this market has legs to go forward. And talking about forward, I would like to just to give us a

Speaker 4

little bit a quick Thank you very much, Nikos. Good morning to all of you joining our earnings call today. We celebrate 30 years as a public company this year. This morning, we reported record profits for the Q1 of 2023, the best quarter in the company's history since inception. Key takeaways.

Speaker 4

1st of all, we continue to experience the largest change in trade flows Ongoing crude and oil product movements as a result of the war and Western sanctions from Russian seaborne oil. As the war in Ukraine continues, these changes appear to be permanent. Europe before the war was the biggest client of Russian oil, but since the war managed Ton mile multiplier effect for tanker demand and freight rates. At the same time, tanker newbuildings are at an all time low With new orders being less than 5% of the existing fleet, many yarns are now booking orders after the end of 2025. And at the same time, global oil demand is growing based on the latest monthly forecast from the International Energy Agency, which has revised global oil demand upward by 200,000 barrels in May.

Speaker 4

This year, global oil demand is expected to grow on average by 2,200,000 barrels per day. If or when realized, it will be an all time record at 102,000,000 barrels per day. Most of the demand growth is expected to come from non OECD Asia and especially China. And despite potential global headwinds like stick inflation, tightening global financial condition, the war in Ukraine And the OPEC plus production cuts announced in May, the global economy is expected to continue growing this year. Oil demand, as we mentioned, is growing and tanker fundamentals favor a strong tanker market for the next 2 to 3 years.

Speaker 4

Going to the slides in our presentation, if we start with Slide number 3, we see that since inception in 1993, we have faced 5 major crisis. At its time, the company came much stronger thanks to its operating model. Recently, we came out of the COVID pandemic and continued to navigate the challenges created by the war in Ukraine. The fundamentals, record low order book for tankers, the aging fleet and the 4th COVID oil demand recovery, Even without the tragic war, we're positive for our industry. The weapons sanctions and price cap imposed on Russian seaborne oil served as an additional catalyst to propel trade rates higher as long established trade routes were disrupted and volume distances elongated.

Speaker 4

All of the Russian volumes are now flowing long haul to India and China. At the same time, U. S. Crude oil exports have gone up from averaging about 3,100,000 barrels per day last year to about 4,100,000 barrels per day today. In the next slides, we see the company's fleet growth and capital market access since inception.

Speaker 4

We raised capital for growth not at the top of the market at the times when asset prices were usually low. The numbers in the blue boxes present the company's common share Offerings and in red, the series of preferred sales offering since our listing in the New York Stock Exchange. The first two preferred series of 50,000,000 each, the Series B And Series C have already been redeemed at par. Today, we announced the redemption of the 3rd preferred series, the Series D. Redemption will take place on July 7.

Speaker 4

The company will pay approximately $88,000,000 to the holders of the Series B Preferred. Since 2019, the company has bought back and retired 188,000,000 of preferred shares, saving preferred annual dividend payments of approximately In the next slide, we see the fleet and its current fleet employment. We have an operational fleet of 58 vessels With 31 out of the 58 or 53 percent of the fleet in the water having market exposure, a combination of spot, Contract of affreightments and time charters with profit sharing. 41 out of the 58 vessels or 77% of the fleet are in secured contracts, Fixed time charters and time charters with profit sharing. This means that TEN is well positioned to continue capturing the positive tanker market fundamentals as evidenced also by the company's Q1 results.

Speaker 4

Since the start of the year, we have renewed and or extended Set 15 of our tankers to time charters with higher fixed time charter rates or higher minimum base rates and higher profit sharing schemes. Fleet modality is a key element of our operating model. We sold during the Q1 of the year 8 tankers, 62,005 built MRs and 2 2006 built fantasized tankers realizing a capital gain of €81,000,000 by taking advantage of Strong demand for secondhand tonnage. We also bought back with company cash Suezmaxes for a price under the fair market value. With this truismax's currency operating in the spot market, management is exploring divestment opportunities as asset prices for quality secondhand tonnage We continue to remain strong.

Speaker 4

Any divestment of earlier generation vessels will be replaced with modern Ecofriendly, greener vessel, Tern, has currently a new building program of 8 tankers consisting of 2 shuttle tankers for delivery during 2025, 4 dual fuel Aframaxes were delivered in the second half of this year and Q1 of next, plus 2 ecofriendly scrubber fitted Suezmaxes. Except for the pushback boxes that will be delivered after 2 years, the rest of the company's new buildings have been fixed forward against medium- to long term time charters. Slide 6 shows the company's current and long term clients. And as you see, we have a blue chip customer base On Slide 7, the left side presents the oil breakeven cost for the various We operate in 10. We have a simple operating model.

Speaker 4

We try to have our time charter vessels generate revenue to cover the company's cash expenses, Paying for the vessel operating expenses, finance expenses, overheads, chartering costs and commissions and net revenue from the spot trading vessels contribute to the profitability of the company. Fleet utilization in the Q1 of 2023 amounted to 96.4%, reflecting efficient technical management and the low number of scheduled dry docking during the period. Thanks to the profit sharing element for every 1,000 dollars per day increase in spot rates, we had a positive impact of $0.15 in annual EPS based on the number of 10 vessels that currently have exposure in spot rates. Debt reduction is an integral part of the company's capital allocation strategy. Our debt peaked in December of 2016.

Speaker 4

Since then, we have repaid $663,000,000 of debt and repurchased 188,000,000 of 3 Series of preferred shares, including the Series D we announced today. Slide 9 is a snapshot of the company's main financial metrics and performance since 2004. We need to highlight here the growth of the fleet. We have almost doubled the fleet since 2004. We have maintained more than More than done, we have maintained very strong balance sheet, very strong cash reserves.

Speaker 4

And at the same time, for most of the period, we have maintained How this strong operating performance and financial performance translates for our shareholders? It translates through the dividend distribution, which is in addition to paying down debt as dividend Continuity is important for the common shareholders and management. TEN has always paid the dividend irrespective of the market cycle. €0.30 will be paid on June 15 and another €0.30 will be paid in December at a date that will be announced later in the year and closer to the December distribution. If we compare the $0.60 that will be paid this year against the $0.25 paid last year, the dividend distribution has been increased by 140%.

Speaker 4

If in total following this year's $0.60 the company would have distributed in excess of $516,000,000 to its shareholders since the listing in 2002. The market continues to be global oil demand continues to recover as the world emerges from the COVID pandemic And despite financial and geopolitical headwinds, as we mentioned earlier, the International Energy Agency expects global oil demand to grow by approximately $2,200,000 per day this year. And most of the growth is going to come from Asia Pacific fueled mostly by the resurgence China. On the supply side, most of the growth in 2023 is expected to come from non OPEC countries, including Brazil, As global oil demand continues to grow, let's look at the forecast for the supply of tanker. The order book stands at less than 5% over the next 3 years, which is the lowest it has been in the last 30 years.

Speaker 4

At the same time, a big part of the fleet It's over 15 years, and we currently have almost 11% of the field that is over 20 years. The last slide is The slide that shows the scrapping activity since 2018, we have upcoming regulations and industry that is Decarbonizing initiatives and almost 11% of the fleet being over 20 years. We think that all these factors point to a balanced Thank you, supply and market for the next few years. And with that, I will ask Paul to walk you through the financial highlights of the Q1. Paul?

Speaker 3

Thank you, Jim.

Speaker 5

Well, in the Q1, the company achieved a net income of $96,000,000 before gains. Total revenue amounted to $261,000,000 An increase of 75% over the prior year has contributed $236,000,000 EBITDA compared to early $42,000,000 in the prior quarter 1. While our time charter generated $136,000,000 And spot freight provided $125,000,000 This clearly indicates that the tanker market Had considerable strength in the opening weeks of the year. And even now, despite demand concerns that George has pointed out with respect to potential cuts. The sale of the new vessels of our In all, the Q1, including vessel sales, resulted in net income of $177,000,000 A record net income for the Q1.

Speaker 5

Our total vessel utilization reached maximum employment, helped by having just 2 vessels in drydock. Our Suezmaxes and Aframaxes participated in a market that provided high rates upwards of $60,000 per day, which together with our smaller vessels led to a daily average TCE of over $42,000 per vessel in quarter 1, double that of the prior quarter 1. OpEx increased, but much was due to inflationary factors and because we used a large part of our cash reserves to build up our vessel supplies and increase maintenance throughout the fleet. Cash resources continue to grow and have by now increased to record heights, allowing a welcome reduction to our outstanding preferred shares that will have a positive impact on our bottom line through many quarters in the future. As a result of bringing our quarter one operations into readiness, our fleet, as always, It's in a perfect state to serve our customers.

Speaker 5

So there we have it, and that's a fairly calm quarter 1.

Speaker 3

Well, thank you. Thank you, Paul. Thank you, George. Sounds like the Beatles. Thank you, Paul.

Speaker 3

Thank you, George. And on that note, again, I would like to restate that The market fundamentals, the way we have placed the company, the Strategy of always maintaining ships in the spot market, but also ships with high utilization that makes us always, Even in difficult times, we are able to have the propeller earn at least 96% of the quarter It has made the company to be able to navigate, as you show on the slide that George has left on the screen, even at difficult times, As always, they have been able to pay a dividend, has always been able to grow, never had an issue. I guess, we are one of the Hands full of companies that we have never ever negotiated any of our loans or banking facilities. We have, I mean, We kept on paying and reducing significantly our debts. We picked at difficult times because the time to invest in Cepse is when the market Isloan, we have picked our debt at around $1,800,000 back in 2016.

Speaker 3

Since then, we have not only reduced our debt, but at the same time, grow our fleet from internal cash flows. But also, as George said, we will be reducing by another $180,000,000 $80,000,000 and perhaps more Our perpetuals these are perpetual preferreds, so we don't have to reduce them. But I believe it's good housekeeping for us. It makes our balance Simpler and it saves at least $17,000,000 straight from our bottom line on interest savings. In a period where interest rates have been growing in around the inflationary Word that we are living with.

Speaker 3

We took advantage of this market just in the Q1. We have rechartered new charters of 15 ships at significantly higher levels and for significant long periods of time, anything between from 15 years down to 2 years. And that gives us a mix of business of SEK 1,600,000,000 with an average duration of 3.5 years, which is something that we know that going forward, the company has secured paying all its obligations and grow Even if the spot market goes under breakeven. So this is the position we are right now. And with this, I would like to open the floor for all of us if you have any questions.

Speaker 3

Thank you.

Operator

Thank you. We will now be conducting a question and answer session. Our first questions come from the line of Omar Khachta with Jefferies. Please proceed with your question.

Speaker 6

Thank you. Hey, guys. Good afternoon. Thanks for the update. And yes, congratulations on yet another record setting quarter And very strong performance.

Speaker 6

Just wanted to ask maybe strategically and big picture about Tsakos going forward. Recently, you've exited the MR segment. You got

Speaker 4

out of those older vessels.

Speaker 6

And your investments here recently have tended to be much more within the Shell tankers are in the crude, Suezmax, Aframax segment and you've also got LNG. So just wanted to maybe think about or ask, When we think about Tsakos in the future or going forward in terms of capital allocation, is it really maybe within these 3 buckets that you're looking to deploy Capital, it's either within shuttle tankers, it's within midsize crude and within, say, LNG. Is it those three buckets that make up the primary Sort of the long term picture for the company?

Speaker 3

Yes. Thank you, and good morning. Look, these are High end parts of the business that we have the internal expertise, as you know, and we're waiting for your visit. Don't wait for Posidonia to come visit us. The office is still running even without Posidonia.

Speaker 3

We have new developments in our Mainly in our control procedures, we have new control stations for our ships. We'll be looking very forward to see you. I mean, we run Everything in house. So for us, the more demanding the trades are, they They give us a better return, but it's something we can handle internally. So we tend to focus to the high end of the business that is Required by the major companies, but this does not exclude that we will look at opportunities like the MR segment Because we always like to have a participation in it.

Speaker 3

The last participation ended up being a very successful one Well, we actually built those ships back 18 years ago now. We were all much younger if you look at the delivery pictures, but it was we never expected that those ships would have Such a good performance after 18 years, and we have proven to be one of our Our best return over the years. However, it's true that we are focusing on the bigger sizes, shuttle tankers, LNG, Suezmax and VNCCs.

Speaker 6

Great. Thank you. Yes. And then maybe just on the 2 Suezmax new buildings, the ones that are scrubber fitted, you're having employment discussions on those 2. How would you characterize those types of discussions?

Speaker 6

And what I mean is, are they kind of are they project Style long term charters similar to the dual fuel Aframaxes you have or the shuttle tankers? Or are these more charters you're seeking to derisk the newbuilding investment?

Speaker 3

Well, I think it is more Our chapter is 1, to secure a good quality operator with a long term employment. So it is not so much on specific contracts, but it's the more the major companies are looking to secure ships. There are very, very few ships out there. Right now, very few of us understand or know what will be the next phase Of the engines, is it going to be dual fuel with Ammonia with LNG, with methanol, so there's a wait and see situation. So there is a lack of ships.

Speaker 3

And when ships of that quality in this in the most, I would say, prestigious yards in the world are being built by a good operator, There are a lot in demand.

Speaker 6

Got it. Thank you. And And then maybe just one final one for me. Just within say LNG, I wanted to ask kind of what you're seeing in that market opportunities wise. We've seen the spot market come off here recently, part of its seasonality, part of its pressure on LNG prices.

Speaker 6

But generally, We've seen the spot come off, but the term market appears that it's much firmer. Just wanted to ask kind of if you can give some color on what you're seeing in The term charter market for LNG and then also if you're seeing opportunities to go into new buildings there against long term contracts.

Speaker 3

Yes. I think you're very right to say that the I think the spot market right now, it's around the 50,000, down from 100,000 just 6 months ago. We have been, I guess, Like your headwind, we have chartered our vessels out for very, very, very perhaps for a very long time At very profitable levels. So we actually jumped on the chartered long term wagon sometime in the Q3 of last year, And we have been able to secure a 12 to 15 year employment on one of those ships at very accretive levels. Then another 10 to 11 year employment again with profit sharing arrangements On another and a very good year extension on the 3rd.

Speaker 3

So I think we're going to be at least from our LNGs, We're going to be enjoying locking in the high end of the business. I expect that as more As the turbine vessels are coming up for renewal in business and there is a significant A significant new build in order book and that's perhaps the most in all the energy segment right now. We will see Correction in that market. We are always there to participate. I mean, it's a market that we want to participate More and more, but we always do it at the right time.

Speaker 3

The difference between us and LNG specific companies is that we are not pressured To invest in LNGs in order for us to grow our company. At the same time, as you said, we can do a sample tanker, we can do a Suezmax, we can do an MR. The Board sits around the table and sees what are the best returns. So I think this is what makes TEN special. We do not have to follow Just LNG.

Speaker 3

LNG is going to be part of our growth, but not because not if it's not the best return.

Speaker 6

Yes, that's very clear. Thank you. Very helpful. I will turn it over and looking forward to my visit to your office, please.

Speaker 3

Thank you.

Operator

Thank you. Our next questions come from the line of Clement Mullen with Value Investors Edge. Please proceed with your questions.

Speaker 7

Good afternoon. Thank you for taking my questions. I wanted to start by congratulating the team for reaching the 30 year mark.

Speaker 3

Thank

Speaker 7

you. In the press release, you mentioned you have secured new contracts And extensions for 15 vessels, including 2 LNG carriers. Could you provide some commentary on the duration and the expected

Speaker 3

We would like very much to tell you all these things in private. So please don't feel free. What I have to tell you It is that the contribution of the 15 new chapters and extensions that happened Since the last quarter, it's over the magnitude of in excess of $500,000,000 in freight, which will which has brought our next 3.5 years forward Employment, future employment to income coming to 1.6 What we can say is that the Neoenergy has been chartered With a very healthy six figure number. We would be happy to answer your questions in private in order to I avoid confusing other people with our business.

Speaker 7

Makes sense. We'll do that. Thanks for the color. And on the press release, you also mentioned that the Board may declare an extra dividend on top of the one you already announced. And I was wondering, could you provide some additional insight on what the drivers behind the decision would be?

Speaker 7

Is there a specific metric they would look at, such as cash on the balance sheet or the outlook? Or is it a mix of several factors?

Speaker 3

Well, this question, we have the luxury to have the Chairman of our Board here. So Mr. Chairman, Please give us a little color to what will take us to convince you to give a higher dividend.

Speaker 1

Thank you, Migos.

Speaker 2

An extraordinary dividend, we will examine that. We'll see how business This will progress for the remainder in the next few months. It's a judgment call. There are no triggers. And it all depends on the numbers that we expect to see that they materialize.

Speaker 2

So it is not based it will not be based on Any figures or formulas or whatever, it's we really need to be convinced that what we see as being sustainable performance really materializes. That's all.

Speaker 7

All right. Thank you for the color. That's all from me. Thank you for taking my questions and congratulations for the quarter.

Speaker 3

Thank you.

Operator

Thank you. There are no further questions at this time. I would now like to hand the call back over to Nicolas Sakos for any closing comments.

Speaker 3

Well, thank you very much for participating In our Q1, we hope our Q2 in the 6 month results to be as good or better. I mean, we I think we're going to be seeing the significant increases of new charters that we talked about actually becoming numbers in the Q2 and Q3. So I think because a lot of the business that we actually concluded in the last 8 weeks are going to be delivered within this period of time. So we're looking at a good healthy year going forward. This is as we said, it's a milestone year for us.

Speaker 3

So it's 30 years as an entity, as a public company. We will be celebrating again by doing some business in the meantime, whoever is in London During the shipping London International Shipping Week in the middle of September, TEN will be sponsoring a big shipping seminar and offering a few drinks for celebrating Our 30 years in the IMO building, the building where our Board Member and Head Our operations and environmental committee, Mr. Mitropoulos has a lot of memories from being the Secretary again, And I'm taking this opportunity to wish you happy birthday. And thank you, Mr. Mitropoulos, for celebrating your birthday With us today, it's during a very important time.

Speaker 3

And then, of course, The actual date of our first listing on the Oslo Stock Exchange was the 10th October 1993. For those of us who still remember the past, which is good, And we will be celebrating that, thanks to Capital Link's arrangements, and I think Nick is listening in, in New York, Together with part of the family, having both my daughters studying at Columbia University in New York at the time, There will be the payment entertainment of that period. They're here listening in, that's why I'm saying this. And that will be Another good opportunity for us to meet the shareholders face to face. But of course, the team is going to be in New York during Marine Money, which is in a couple of weeks.

Speaker 3

And we take this opportunity to thank you for your trust and looking forward. I mean, what we did last year when we were celebrating 20 years on the New York Stock Exchange, we called it 10 or 20 and our share price broke 20 For a considerable time, now it's under that. It's very undervalued. Now internal tariff is a Higher target, but you never know. I hope we can achieve it.

Speaker 3

Thank you very much.

Operator

Thank you. This does conclude today's teleconference. We appreciate your participation.

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Equinix Q1 2023
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