Northland Power (TSX:NPI) released first-quarter financial results and hosted an earnings call on Thursday. Read the complete transcript below.

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Summary

Northland Power reported strong financial performance for the first quarter of 2026, with adjusted EBITDA and free cash flow per share increasing by 18% and 17% respectively, driven by favorable wind conditions in Northern Europe.

The company is advancing several key construction projects, including the Hailong offshore wind project in Taiwan and the Baltic Power project in Poland, which are on track for commercial operations in 2027 and the second half of 2026, respectively.

Northland Power discontinued its High Bridge onshore wind project in New York and paused other projects in South Korea due to regulatory uncertainties, focusing instead on disciplined growth and high-return projects.

The company secured a new 30-year corporate power purchase agreement for the Hailong project, enhancing its contract portfolio and creating opportunities for financial optimization.

Management reaffirmed 2026 financial guidance, expecting adjusted EBITDA between $1.45 to $1.65 billion, supported by strong liquidity and strategic capital allocation.

Full Transcript

Operator

Welcome to the Northland Power Conference Call to discuss the first quarter 2026 results. As a reminder, this call is being recorded on Thursday, May 14, 2026 at 10:00am Eastern. Present for this call are Christine Healey, President and CEO Jeff Hart, Chief Financial Officer, and Adam Beaumont, Head of Capital Markets,. Before we begin, Northland's Management has asked me to remind listeners that all figures presented during today's call are in Canadian dollars and to caution that certain information presented and responses to questions may contain forward looking statements that include assumptions and are subject to various risks. Actual results may differ materially from management's expected or forecasted results. Please read the Forward Statements section in yesterday's news release announcing Northland Power's results and be guided by its contents when making investment decisions or recommendations. The release is available at www.northlandpower.com. I will now turn the call over to Ms. Christine Healey. Please go ahead.

Christine Healey (President and CEO)

Thank you and good morning everyone. Thanks for joining us. I'd like to begin with a few perspectives on the broader macro environment that's shaping our business and the energy sector overall. Recent geopolitical developments reinforce the importance of energy security for governments, businesses and consumers. We're operating in a dynamic global environment where evolving market fundamentals underscore the need for resilient and flexible energy systems. Across markets we see a clear and consistent theme tightening supply and growing demand, driven in part by accelerating electrification. And together these dynamics are reinforcing the critical role of renewables as a scalable, domestically sourced and increasingly cost competitive solution, playing a central role in strengthening energy independence and system resilience. As energy security becomes more critical around the world, demand for long term contracted solutions that provide price certainty and system reliability continues to grow. We're seeing this play out across our portfolio. In Europe we see power pricing continuing to reflect underlying macro events, particularly in markets such as Germany and the Netherlands where natural gas prices are a driver of marginal electricity pricing. And here in Canada we see an increase in power demand with the need to nearly double electricity generation in coming years. We see that already within our natural gas facilities in Canada where there is a trend of increasing utilization month over month. Stepping back the current environment reinforces our strategy at Northland, which is anchored in creating value through disciplined execution, operational excellence and effective operation of our high quality asset base. Northland is well positioned given our multi technology expertise. We own and operate a diversified portfolio spanning offshore wind, onshore renewables, natural gas fired power and grid scale battery energy storage across Canada, Europe and asia comprised of 3 and a half gigawatts of gross operating capacity and 2.2 gigawatts of capacity under construction. Our scale, operating expertise and technology breadth position us well to capture growing demand and increasing value across our markets. Our diversification helps us deliver stable performance while creating value through recontracting, optimizing our existing fleet and disciplined execution of our development pipeline. Before turning to our first quarter results, I want to acknowledge a tragic incident that occurred during the quarter at our EPSA utility in Colombia where a contractor lost his life while performing work on one of our transmission lines. We took immediate action to support the family and colleagues and have implemented a detailed action plan. We've completed a thorough investigation and our action plan is directed at strengthening our safety culture and and applying the lessons learned to protect everyone who works at our sites around the world. This terrible incident reinforces the importance and the need for relentless focus on improving safety culture. With that, I will begin with an overview of our first quarter results, our strategic priorities and updates on our construction activities. Jeff will then take us through the financial results in more detail and after which we will open the line for questions. Strong wind conditions in Northern Europe contributed to solid financial performance in the first quarter, with adjusted EBITDA and free cash flow per share increasing 18% and 17% respectively compared to the first quarter of last year. While strong wind conditions underpinned that performance, our high fleet availability of 96% enabled us to capture these favorable wind resources and convert them into generation. We continued to advance construction at the 1 gigawatt Hailong offshore wind project in Taiwan, the 1.1 gigawatt Baltic Power offshore wind project in Poland, and the 80 megawatt 2 hour Jurassic Best project in Alberta, together representing more than 2.2 gigawatts of generation and storage capacity under construction. At Hilong, we recently signed a new 30 year corporate power purchase agreement with our current corporate offtaker which will cover 100% of the project's generating capacity. As electricity demand grows and energy security becomes a greater policy priority, we see commercial off takers seeking long term contracted supply, providing price certainty and reliability, and Northland is well positioned to meet that demand. Turning to a bit more detail about our construction projects at Hailong fabrication of all the remaining major components has been completed. Our turbine installation campaign is underway following the opening of the weather window on April 1, we have 51 out of 73 turbines now installed. With 32 of those turbines generating power and all cabling work now complete, the project remains on track for commercial operation in 2027. At Baltic Power, we completed several important construction milestones including fabrication of the remaining components and installation of all four export cables, all the interarray cables, all the transition pieces and 38 of the 76 turbines. The project remains on track for commercial operation in the second half of 2026. At Jurassic Bass in Alberta, we installed all 39 battery packs and 20 medium voltage transformers during the quarter and successfully energized the project's main transformer. That project remains on track for commercial operations in the second half of this year and we are advancing our two battery energy storage projects in Poland. We expect to start construction on one of those projects in the coming weeks, with the second project beginning in the coming months. Disciplined capital allocation remains central to our strategy. We continue to refine and high grade our development pipeline and prioritize projects with returns that meet our investment criteria. During the quarter, we decided to discontinue the 100 megawatt High Bridge onshore wind project in in New York State following the government's suspension of permit applications. We had previously minimized spending on this project pending certainty on the permitting path and we've now determined that the issues are unlikely to reverse in the near term and our development money is better spent elsewhere. We also chose not to renew a permit for a 990 megawatt offshore wind project in South Korea due to the project not meeting our investment criteria. The remainder of our 1.6 gigawatt development portfolio in South Korea remains paused as we continue to assess the regulatory environment. These are the right decisions for our business. Our objective is disciplined growth supported by strong returns and execution certainty. We are also evaluating opportunities across our core markets and we're maturing value enhancement opportunities within our existing fleet and we look forward to providing you with updates and more details on that as the year unfolds. With that, I'll turn it over to Jeff to walk us through the financial results.

Jeff Hart (Chief Financial Officer)

Thanks, Christine and good morning everyone. It was a strong quarter with operational availability of 96% which allowed us to capture strong wind resource across our European offshore fleet. In addition, our results were supported by lower curtailments related to negative pricing and grid outages and the Oneida Energy Storage facility, which commenced operations in May of last year, also contributed meaningfully. These drivers were partially offset by lower production from our onshore wind and solar facilities in Spain, Canada and the U.S. overall, we generated first quarter adjusted EBITDA of 427 million, which represents an 18% increase compared to the first quarter of 2025. This increase, as I mentioned, was due to higher production from offshore wind and Contributions from Oneida as well as pre completion revenues from Highlon. Net income for the quarter was 161 million compared to 111 million in 2025 and free cash flow per share for the quarter was $0.70 compared with $0.60 in 2025. And in relation to our major construction projects, Baltic Power and Highlong both are on track for commercial operations as planned, with overall costs aligned with original expectations and as previously disclosed in the fall of 2025, slower than expected turbine commissioning at Highlong may require a potential equity injection of 150 to 200 million Northland share and this can be funded by several sources including corporate liquidity. However, we and our project partners are actively looking at optimizations at the project level and will provide an update later this summer. The signing of the new 30 year Highlon corporate power Purchase Agreement extends our weighted average contract length and creates incremental capacity for further project level optimizations. The Northland team is pursuing more value creation activities across our fleet and we are reaffirming our 2026 financial guidance with 2026 adjusted EBITDA expected to be in the range of 1.45 to 1.65 billion and free cash flow per share in the range of $1.05 to $1.25. And given the seasonality of our business where the first and fourth quarters are typically key, our strong Q1 performance provides a constructive start and supports our outlook for the year. And turning to our balance sheet, with nearly 1 billion of available liquidity and our investment grade credit rating, we are well positioned to execute on our capital allocation plan. With that, I'll hand it back to Hand it back to Christine.

Christine Healey (President and CEO)

Thank you Jeff. Q1 was a strong start to what we expect to be a defining year for Northland. For the remainder of 2026. The plan is clear. Bring Baltic Power and Jurassic Best to commercial operations, advance high long towards its 2027 commissioning and build on the value enhancement work underway across the fleet. I am motivated by what's ahead. Our diversified portfolio, strong financial discipline and track record of project execution position us to capture this opportunity in front of us and create long term value for shareholders. This concludes our prepared remarks. So operator, if you can please open the line for questions.

Operator

Thank you. As a reminder to ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. Please stand by while we compile the Q&A roster and our first question comes from Melissa Dean of National Bank of Canada. Your line is Open.

Melissa Dean (Equity Analyst)

Good morning everyone. Thank you for taking my questions. So during the quarter you made strong progress on both Baltic Power and Hailong. On Baltic Power specifically are your expectations for pre completion revenue contribution beginning in Q2 26 still intact? It looks like you reported a positive approximate 9 million share of profit contribution in Q1 for Baltic despite that Q2 expectation. Could you help us understand the primary drivers of that this quarter?

Melissa Dean (Equity Analyst)

Was it entirely FX or hedging related accounting impacts? Just wanted to clarify that.

Jeff Hart (Chief Financial Officer)

Yeah, thanks. It's Jeff here. There's a few in there I'd say if you stand back for the quarter we did have pre completion revenues from Hailong for circa $20 million. And I'll remind you is that when we came out with Q4 we had about 20 turbines turning at the time. And you know, I think we're now at 32 and I'll just refresh everybody is we still expect to be within the range of our pre completion guidance for for Hailong as well as our overall guidance. And that is back end weighted clearly with the turbines turning in the fall and the heavy wind period in Q4. So we're reaffirming that is also for the quarter you referenced FX, we did have some realized gains in relation to some interest rate hedges that we look to optimize to the tune of about $35 million. I view that as one time and a unique opportunity for us.

Melissa Dean (Equity Analyst)

Okay, perfect. That's really helpful. And so on High long progress appears to have accelerated relative to expectations. What drove that improvement in now that the in water installation window has opened up, how should we think about the cadence of turbine energization through the balance of 2026?

Christine Healey (President and CEO)

Melissa, thanks so much for your question. I'm going to start off by saying that in projects nothing is done until it's done. So we continue to work. So as we indicated when we were in our last update from last quarter, we basically had a team on standby through the when the weather window was closed, we had a team on standby that could go offshore and do when the weather permitted. And so that team was able to accomplish some things that set us up in good shape for when the weather window reopened. And so of course with the weather window reopened we had the benefit of time to plan and crews who are now well experienced in the area. So I think we're starting to now get a bit of momentum building around that activity. So I think this is what we like to see in projects. It's what we expect to see in projects. It's always nice when we see it come to fruition. So now, of course, we get weather updates daily on what's happening and the teams adjust their planning accordingly. So they're going at the cadence that we expect right now. And so we're going to keep that up.

Melissa Dean (Equity Analyst)

Perfect, that's helpful. And just one more follow up on that as a reminder how much capital remains to be spent for both Baltic Tower and Highlong.

Jeff Hart (Chief Financial Officer)

Yeah, no, thanks for that. Is, you know, obviously with foreign exchange and different things, but it's be in and around or slightly under around $3 billion left to go on the two projects. Canadian dollars.

Melissa Dean (Equity Analyst)

Perfect. And maybe one on a different note, just the Polish batteries. We saw some incremental progress during the quarter. Have you begun evaluating procurement optionality for those projects? And can you just remind us of the key differences you expect in both building and operating battery storage assets in Poland relative to Ontario, for example?

Christine Healey (President and CEO)

Thanks, Melissa. So the projects are moving through. We have a decision gate process within Northland and every project has to be rigorously reviewed through the stage-gate process. So as we move through that and the projects meet their requirements, then they move forward in the construction phase. And part of that is making sure that we have clarity on our supply chain and making sure that we can meet all of our expectations. So that it's part of the reason I would say that Northland is good on project execution is we plan these things effectively, we set up the milestones and then we hold the project to that as a commitment. So that's part of how we do it here at Northland. In terms of how the systems work, we're seeing jurisdiction by jurisdiction, some commonality, but also some differences. That's not meant to be a vague answer, it's actually an accurate answer. So within Ontario, I will highlight that the Oneida battery storage project has in fact been performing very well. It's been performing on the system and providing much needed services. It's also been contributing well commercially for us in the quarter. The way that the system works in Poland is that similar to Ontario, we do have a contracted revenue stream where we are available for the system in order to provide stability within the overall electricity grid. And then there's a merchant component as well where we trade in and out out based on prices. So in many ways the two models are similar.

Melissa Dean (Equity Analyst)

Perfect. Thank you. I'll get back in the queue.

Operator

Thank you. And our next question comes from Sean Stewart of TD Cowan. Your line is open.

Sean Stewart (Equity Analyst)

Thanks. Good morning, everyone. Jeff, a question on the incremental PPA at Hailong with your corporate off taker. Can you give some context on I guess up financing opportunities associated with that if you're going to be able to pull more liquidity out of that asset and you know how that could help bridge the pre completion gap that you cited previously?

Jeff Hart (Chief Financial Officer)

Yeah, no, I, you know I can't really give any more color on the contract itself. I think what I will just highlight is the incremental term and I would say it's I think a valuable agreement probably for everybody involved. And I think that's conducive and I will say is helpful to us evaluating different opportunities in the longer term. And so as I said, we'll come back mid year later this summer on an update on the project and those opportunities itself. But we're feeling pretty good about what's in front of us on that.

Sean Stewart (Equity Analyst)

Okay, that's good to hear. And broader thoughts on potential asset sales to fund earlier stage development opportunities. How has that market evolved whether it's sell downs of minority stakes in existing assets or outright exit from operating platforms. Any comments on potential there?

Jeff Hart (Chief Financial Officer)

Yeah, I can take that and obviously Christine can chime in. I think it really depends on markets like I think you'll see it in, you know, as an example in the US is with the regulatory framework in relation to Hybrid I think earlier stage or even later stage developments that aren't on in relation to wind probably, you know, not much value there in the market or expectation given that regulatory risk. I think there's probably and that market attraction for operated assets. So really is market dependent. What I would say is we see opportunities across the portfolio to continue to optimize and clip but we'll be very value focused on it and opportunistic and that's where we're in a strong financial position or a good financial position that we can do what's right for our shareholders. So we'll value the opportunities here. But I think we see opportunities even on the acquisition side to compete with our development projects as well. And we'll continue to look to high grade and optimize both buy and sell.

Christine Healey (President and CEO)

So Sean, I'll add into that to say first of all I appreciate the question and we're continually evaluating across the portfolio where we see opportunities. And I think I've mentioned in previous calls that always the guiding question for us is are we the best owner of these assets? And in many cases I think the answer is clearly yes. And in cases where it's questionable, sometimes we send the teams back to do a bit more work. To decide whether or not we are that best owner and, and where we're not the best owner, then we will take steps accordingly. So that review continues all the time and it's updated based on the performance of the assets, the performance of the teams and what's going on in the general macro environment as well. So we're continually looking at that.

Sean Stewart (Equity Analyst)

Okay, that's great context. Thanks. That's all I have for now.

Operator

Thank you. And our next question comes from Nelson Ng of RBC Capital Markets. Your line is open.

Nelson Ng (Equity Analyst)

Great, thanks. And good morning everyone. Just quick follow up on the Hailong corporate ppa. I think when you guys initially reached financial close back in 2023, the guidance was for roughly 230 to 250 million of EBITDA for the first five years on average. Roughly. Is that number going to change and is that part of the update that you're looking to give mid or late this year?

Jeff Hart (Chief Financial Officer)

Yeah, thanks for that, Nelson. I'll focus really as opposed to going four years back just with what we outlaid at Investor Day and we said look, between the two projects we're going to deliver about 80 cents in free cash flow as part and parcel of our 2030 targets. And what I would say is I'd reiterate that I think our update for the project is just more near term funding and optimization is what we're going to be really talking about at that mid year update. But you know, in and around summer.

Nelson Ng (Equity Analyst)

Okay, got it. And then on the Polish battery projects, in terms of the I think the number was about 200 million euros is the total cost. Can you give a bit of color in terms of how much of that would be funded by project level debt?

Jeff Hart (Chief Financial Officer)

Yeah, like what we'll update in due course as we progress that. And obviously we've talked about the two projects, one starting construction here in the coming weeks and one a little bit follow on from that and we'll give an update there. What I would say is we will balance and there's no we're still comfortable and I hate using that word comfortable, but we're confident in executing and see the economics holding. And what I would say is we will balance the project finance and leverage levels just on the merchant split relative to the capacity payment. And as Christine talked to us, there is a capacity component of that contract. It is at a lower percentage of what we would see at Oneida, which was kind of 60, 40. And so we'll update in due course, but I would expect with the higher merchant sports exposure to be slightly lower gearing ratio on the Pfizer.

Nelson Ng (Equity Analyst)

Okay, got it. And then just one last question. In terms of hybrid, you guys are no longer pursuing that due to economic reasons and you mentioned regulatory risk. So I think there's a provision for another, I think $9 million. Is that like will that project be required to pay any penalties to nyserda or is that just the cost of winding down that development?

Jeff Hart (Chief Financial Officer)

Yeah, there's a couple things in there. Is the overall P&L impact for that? I'm just going to round close to 35 million, 25 million is historical cost write off and then you have circa 10 million in relation to close out penalties and the like on LCS etc. So that's what that relates to and that's the way to broadly think of the high bridge impacts. So 25 million circa historical costs and about 10 million closeout.

Operator

Great, thanks a lot. I'll leave it there, thank you. And our next question comes from Mark Jarvie of cibc. Your line is open.

Mark Jarvie (Equity Analyst)

Thanks. Good morning everyone. Just in terms of when you guys are pursuing new natural gas investments, whether it's with the existing assets or potentially greenfield, where do you stand right now in terms of communication with the large OEMs? In terms of just where you're seeing timelines, costs and how's that going to factor into the projects that you're kind of moving up the queue in terms of priorities like things that I guess maybe go down. A bilateral agreement versus competitive tenders. I'm just curious how that all kind of folds in together.

Christine Healey (President and CEO)

So Mark, it's a great question and I would say the answer to it is all of the above and probably a bit more beyond. So I would say in the last six weeks I've had one to ones with most of our major potential equipment manufacturers. In some cases we have long standing, decades long relationships that we rely on. We also have been talking to some potential new kids on the block and we also look at different opportunities that might exist in the market just with other industry participants who might be having different planning than they were otherwise having. So we're looking at all of that and the answer is it really depends site by site. And that's a bit the difficulty of kind of pre planning your supply chain because the requirements site by site and jurisdiction by jurisdiction within Canada can be quite different. So we don't really see that a one size fits all approach matches what the system operators are looking for today. Now if that changes, that's great, we can adapt to that as well. But right now I would say we continue to keep open opportunities with all of our suppliers, but we of course have strong relationships with some of our suppliers. We've been doing natural gas for 38 years, so those relationships go back a long time and we have a very good understanding with one another. So I think when we have the right opportunities, we'll be able to move forward on them.

Mark Jarvie (Equity Analyst)

So just in terms of opportunities, then even it's greenfield or something where you actually have to install a new gas turbine, does that mean that you'd be more focused on bilateral where you can come in and, and line up the cost when you sign the actual contract terms as opposed to trying to put your neck out of line a little bit on contract terms, capacity pricing before you have all the equipment costs locked in.

Christine Healey (President and CEO)

So in Northland, we don't like to make commitments to our system operators unless we know how and when we're going to be able to deliver on them. So that's part of our DNA in Northland And I appreciate not everybody might approach that in the same way and there's puts and takes in all of that. But for us, we really like to know what we can do and when we can do it. And so that's back to our decision gate process. It would be truly exceptional for us to step outside that and right now we don't see any reason to do so. We think that our process works well and delivers best value and makes us the trusted, reliable partner that we think system operators need to rely on.

Mark Jarvie (Equity Analyst)

Sounds good. And then you brought up, Christine, the potential for some acquisitions, not just necessarily selling assets, potentially acquiring some. Can you share anything else on that? Whether that includes operating and development assets, anything in terms of regional focus or technology that you're seeing as better opportunities today,

Christine Healey (President and CEO)

we are looking and evaluating and that's all I'll say about that.

Mark Jarvie (Equity Analyst)

Okay, thanks.

Operator

Thank you. And our next question comes from Benjamin Pham of bmo. Your line is open.

Benjamin Pham (Equity Analyst)

Hey, good morning. I wanted to go back to your development backlog. You've revised a couple of projects that you previously paused that are now taken out that 8 gigawatts there that you have advancing going forward. Can you unpack that somewhat to maybe give us a number on projects that are not paused or in other words, like if you actually take out projects that don't look like they're actually going to happen, like what would the backlog be in gigawatts?

Christine Healey (President and CEO)

So thanks for the question. Our pipeline is as it is in our disclosure, so I think, as I mentioned in my Opening comments We do have right now there are some jurisdictions where we await final terms so that we know what we're bidding on. And so part of that, you know, we hold a license, we have an opportunity. But to know if we're going to move forward with a project, we need to know the commercial terms on which the project could exist and what we're investing on. So I would say right now the pipeline remains active. We have projects that we're moving through. Various projects are in different levels of maturity, but we've highlighted the two that we made decisions on this quarter to discontinue. But the other projects are, you know, they continue to be evaluated, but whether they make it through our decision gates or not is a second question. They have to come through investment committee. And then as we get to sort of the next phase of having to spend more money, then the project team has to bring it forward and say here's why we think there is a path forward to this meeting. All of our thresholds inside Northland and that is those decision gates are very important milestones inside of our company. So we tried to show a bit of that at Investor day, showing early phase and sort of more maturity. And that reflects where projects move through our decision gates. So very early phase. There's lots of optionality and that's the way it should be. And then as we get closer to spending more money, we need to have more certainty

Benjamin Pham (Equity Analyst)

and may just add to that. That's a good starting context. Since you have, let's say, have. From my quick math, it looks like you still have some Korean projects in there. You got the Scotland floating as well. So it looks like you still have it teed up in a sense that it might move forward on those projects. But right now it seems like it's much lower probabilities. So really that backlog you have there, the eight gigs you're working on, it is in terms of anything active pipeline, it is smaller than that.

Jeff Hart (Chief Financial Officer)

Eight gigawatts. Yeah. Benny, I think what you summarized when you look at those two projects, the floating in Korea is us evaluating and then prioritizing. If you look at Scotland, the fixed bottom and then Korea, it's really clarity on regulatory, timing and framework. And so those are the two I would highlight. I think we see options and I think across the rest of the portfolio, but those are the two specific examples that we'll continue to wait and see. And I think as we see in our different markets, and there was a previous question on this on potential acquisitions in M and A is I think the Polish battery projects are a good example of things where we can create value in the markets we're in with our operating expertise, our supply chain ability to execute a market understanding. And so we see opportunities to continue to supplement that pipeline.

Christine Healey (President and CEO)

Yeah, so I mean, it's really, it's a competition for capital like I've talked about many times in these calls. So if the best opportunities are within our portfolio, great. But if the best opportunities are outside our portfolio, then we go to those instead. So it continues to be a competition for capital. So there's nobody in this company who you know before their decision gets to investment, there's nobody in this company who can say that they know with certainty what's happening with their project. They have to advance it and bring forward the best set of opportunities that they can.

Benjamin Pham (Equity Analyst)

Maybe related question to this, like when you think about the Northland Enterprise today, over two gigs, you're adding more megawatts as well come 2027, what is the ideal size for development pipeline for you? When you think about the offices you have, the staff you have, where EBITDA is going, how you think about just replenishing that over time.

Christine Healey (President and CEO)

So I think for me and for Northland, the focus is on quality over quantity because I would rather have, you know, clarity on what we're trying to drive towards instead of people trying to do a lot of things without the net level of focus. One of the things that we talked about at Investor Day was with respect to our devex and we want to make sure that the devex that we spend is highly focused and effective. So the plan that we laid out at Investor Day, the team is completely focused on delivering that plan. And we see that we have optionality in the ways that we deliver that plan, which puts us in a good place. So the team is pushing forward on delivering that. And that's the laser focus as Jeff referred to. We continue to look outside. If there are ways to high grade. If there are other opportunities outside of our portfolio, we look at that. But the team is laser focused on delivering what we have in front of us. And we feel like that this plan is well in hand.

Benjamin Pham (Equity Analyst)

Okay, understood. Thanks for the caller.

Operator

Thank you. I'm showing no further questions at this time. I'd like to turn it back to Christine Healy for closing remarks.

Christine Healey (President and CEO)

Thank you everyone for joining us today and thank you for your continued support.

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.