Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Westlake Chemical Corporation First Quarter 2019 Earnings Conference Call. During the presentation all participants will be in a listen-only mode. [Operator Instructions] As a reminder ladies and gentlemen this conference is being recorded today May the 2nd, 2019. I would like to turn the call over to today's host Jeff Holy, Westlake's Vice President and Treasurer. Sir, you may begin.

Thank you. Good morning everyone and welcome to the Westlake Chemical Corporation first quarter 2019 conference call. I'm joined today by Albert Chao, our President and CEO; Steve Bender, our Executive Vice President and Chief Financial Officer; and other members of our management team. The conference call agenda will begin with Albert, who will open with a few comments regarding Westlake's performance followed by a current perspective on the industry. Steve will then provide a more detailed look at our financial and operating results. Finally Albert will add a few concluding comments and we'll open the call up to questions. During this call we refer to ourselves as Westlake Chemical. Any reference to Westlake Partners is to our Master Limited Partnership, Westlake Chemical Partners LP and similar references to OpCo refer to our subsidiary, Westlake Chemical OpCo LP who owns certain olefins facilities. Today management is going to discuss certain topics that will contain forward-looking information that is based on management's beliefs as well as assumptions made by and information currently available to management. These forward-looking statements suggest predictions or expectations and thus are subject to risks or uncertainties. Actual results could differ materially based upon many factors including: the cyclical nature of the industries in which we compete; availability cost and volatility of raw materials energy and utilities; governmental regulatory actions; changes in trade policy and political unrest; global economic conditions; industry operating rates; the supply-demand balance for Westlake's products; competitive products and pricing pressures; access to capital markets; technological developments; and other risk factors discussed in our SEC filings. This morning Westlake issued a press release with details of our first quarter results. This document is available in the press release section of our web page at westlake.com. We have also posted a presentation on our website under our IR home page to assist in the discussion of our results A replay of today's call will be available beginning today, two hours following the conclusion of this call. The replay may be accessed by dialing the following numbers. Domestic callers should dial 855-859-2056. International callers may access the replay at 404-537-3406. The access code for both numbers is 1248758. Please note that information reported on this call speaks only as of today May 2 2019 and therefore you are advised that time-sensitive information may no longer be accurate as of the time of any replay. I would finally advise you that this conference call is being broadcast live through an Internet webcast system that can be accessed in our web page at westlake.com. Now I would like to turn the call over to Albert Chao. Albert?

Thank you, Jeff. Good morning ladies and gentlemen, and thank you for joining us to discuss our first quarter results. In this morning's press release we reported a net income of $72 million for the first quarter of 2019 or $0.55 per diluted share. As we'll discuss on the call we faced a difficult pricing environment this quarter for all of our major products. Continued international trade concerns resulting from trade tensions between the United States and China contributed to slower global economic growth and industrial activity, especially in Asia and Europe in the fourth quarter of 2018. And these impacts carried over into the first quarter of 2019. As these concerns and slower growth impacted global prices they affected export prices for our major chemical products which filtered into domestic prices as well. In our Olefins segment polyethylene prices fell in the fourth quarter of 2018 following a 40% decline in global oil prices and from the increased supply from the new olefin industry production capacity that started up in the second half of 2018. In our Vinyls segment, the slowing global growth and industrial activity led sales prices for caustic soda to decline in the early fall of 2018 and continued into the first quarter. Weakening manufacturing activity over the past two quarters, along with high global carbide operating rates have led to excess inventories which has been weighing on global prices. In spite of these pricing challenges we saw good demand for all our major products in both the domestic and export market in the first quarter, delivering increased sales volumes compared to both the first quarter and fourth quarter of 2018. While the international trade tensions that weighed global economic activity and the pricing of our products for the past few quarters are continuing, we are cautiously optimistic that higher crude oil prices and the resolution to trade tensions between the U.S. and China will lead to improved industry fundamentals in the second half of 2019. I would now like to turn our call over to Steve to provide more detail on the financial and operational results.

Thank you Albert, and good morning everyone. I will start with discussing our consolidated financial results followed by a detailed review of our Vinyls and Olefins segment results. Let me begin with our consolidated results. For the first quarter of 2019 we reported net income of $72 million, or $0.55 per share on sales of $2 billion. Westlake's net income for the first quarter declined $215 million compared to the first quarter 2018, primarily due to lower prices and margins for our major products. As Albert noted polyethylene prices dropped in late 2018 as global oil prices fell by 40%. This steep drop in oil prices occurred at the same time new capacity was coming into the market and global demand was softening in light of the escalating tensions - trade tensions between the United States and China. These factors all played into the precipitous drop in polyethylene prices in the fourth quarter, resetting the price level which carried through the first quarter of 2019 resulting in lower average sales prices compared to the fourth quarter. In our Vinyls segment export prices for caustic soda began to decline in the summer of 2018 as international trade tensions escalated. This decline in export prices accelerated in the fourth quarter as global economic and industrial activity softened along with the unexpected dislocations caused by new licensing requirements cutting off all exports into India beginning in October. These events led to the sharp drop in export prices for caustic soda which impacted domestic sales prices in the fourth quarter that continued into the first quarter 2019. Despite the global macroeconomic headwinds we were able to increase volumes as we still saw strong global demand for polyethylene and styrene although integrated olefins margins were pressured by the lower sales prices and a higher ethane…

Thank you, Steve. While we faced a difficult pricing environment in the first quarter we've recently seen some improvement in the global business environment. We are cautiously optimistic that there will be a solution to the trade dispute between the U.S. and China, which will reduce trade uncertainties and spur global economic activity. Caustic soda consumption is closely tied to global industrial activity and the lack of industry investments sufficient to keep pace with demand in chlor-alkali is expected to tighten the global caustic soda supply-demand balance as we look forward. As Steve discussed earlier rebounding oil prices combined with competitively priced North American ethane highlights the low- cost position we enjoy in the U.S. We are also well positioned in the Olefins segment with a concentration of our sales in higher margin specialty and differentiated polyethylene products. In both our vinyls and olefins businesses and we are well positioned on the lower end of the global cost curve as our industry continues to enjoy the cost advantages. Thank you very much for listening to our earnings call this morning. Now I'll turn the call back over to Jeff.

Thank you, Albert. Before we begin taking questions I would like to remind you that a replay of this teleconference will be available two hours after the call has ended. We'll provide that number again at the end of the call. Latif, we'll now take questions.

Thank you, sir. [Operator Instructions] Our first question comes from the line of Stephen Byrne of Bank of America. Your line is open.

Yes, thank you. When you compare your olefins and vinyls results in the quarter, say against your pure-play peers your income from operations seems disproportionately lower. Is there anything that you can call out that's differentiated about your results? Any one-offs? Anything that would highlight a differential result?

Steve, I think when you look at the direct peers that we have, certainly not all of them are integrated all the way into building products. So as we said we had a late start to the construction season. So certainly the impact to our downstream building products was year-over-year, a portion of that. And of course we had the restructuring charges that I mentioned of $22 million that are part of those results as well.

And our polyethylene business are really U.S. North American-based while some of our competitors results are more global and they have a different dynamics in local polyethylene pricing.

Okay. And just one more for me please. How would you rank the 2019 pricing outlook for three key commodities you produce, polyethylene caustic and PVC?

Well in polyethylene in April, we announced and we have $0.03 a pound price increase coming to affect. Now the impact of that will be the usually large customer have some price protection over a month. So we'll see that coming in from that in the coming months. On the PVC side there is $0.02 price decrease we are seeing in April. And then the forecast by industry consultants looking at prices to improve in the third quarter of this year. And in caustic soda I think HIS, one of the industry consultants announced there's a $5 dollars short-term decrease in April. And then expect the fourth quarter the caustic soda prices to increase. And we've seen a large part of that impact in the first quarter is from a sharp decline in the global export prices which we participate in both polyethylene PVC and caustic. And the global tensions and trade issues have caused international price to decline sharply. And the U.S. chemical producers are large players in the export market and that also differentiates our U. S. local producers from other regional producers. So as trade tensions ease and we're seeing prices in many of these areas improving especially in Asia in PVC and caustic. So we believe that that prices should improve on the export price which have an impact on the U.S. prices above. And higher crude oil prices also make the U.S. ethane-based producers in polyethylene much more competitive.

Okay, thank you.

You are welcome.

Thank you. Our next question comes from Robert Gordon of Goldman Sachs. Your question please.

Thank you, good morning. I was wondering if you can talk a little bit it didn't seem like the weather issues affected your sales in the Vinyls segment. Is that because you exported more? Is it filling the inventory channels? Did it not actually any of the weather issues cause you challenge? Can you give us some clarity there?

Yes, Bob the impact of the colder weather and wetter weather that we saw in the Midwest back to the earlier question was really impacting some of our building products businesses. And so certainly as we see the onset now of spring and the construction season we continue to pick up - have an expectation of picking up the volume. But volume was actually year-over-year a good result but it did impact some of our downstream building products and vinyls products businesses.

Can you talk a little bit about your business in Asia and China specifically? Have you've seen any intensified environmental inspections? And then on the competitive base do you expect there might be some facility closures there in the wake of these plant problems that have happened over there? And what do you sort of see on the outlook for the incremental supply in the industry over there?

Yes we have a PVC and downstream compounding and film production facility in China. And we are seeing a much more heightened awareness by local government and central governments not only on the environment but also on safety as in the recent past few weeks and months there were explosions in the chemical industry and one recent last week a major explosion in Mongolia in PVC. And we are seeing reactions from local governments of potentially shutting down unsafe and old chemical plants. So that would take capacity away. But it still takes time to understand what are those initiatives will be effective quickly or just a warning to the industry. So I think China is becoming more environmentally conscious and safety conscious which is good for the industry and for the local communities.

Thank you. Albert.

Thank you. Our next question comes from the line of David Begleiter of Deutsche Bank.

Thank you. Albert back to the olefins decline in the quarter I know you have styrene in that segment and that's probably down by 15%. Any other items that could cause the divergence versus maybe a lined who had EBITDA decline roughly half of yours? Polystyrene would be one of them perhaps?

Well, certainly I think the polypropylene business with the drop in propylene price probably and also less capacity in polypropylene is right now. It has less impact than the polyethylene which we saw the 40% of capacity increase in the last few years. And also companies have positions in Europe and Asia. They are much less European polyethylene producers not participating in the export market much unlike the U.S. so not affected by lower export international prices. So I think as I said earlier the impact is more on North American companies which exports international markets.

Very helpful. And just on the Lotte cracker. How do you expect that cracker to ramp-up over the next few months or couple of quarters?

Well I think as any new plant start people are probably more cautious until the plant's the management team operating team feel comfortable in ramping up. So I'm sure they will do it on a gradual basis.

Thank you very much.

You are welcome

Our next question comes from Mike Leithead of Barclays. Your question please.

Good morning, guys. First I know you don't give earnings guidance but can you maybe just talk broadly about your expectations for margin trends in your three main products, integrated polyethylene caustic and PVC? And any other incremental earnings contributions we should get as we go through the year? I guess I'm just trying to understand what we should layer in on top of this quarter's run rate as we move to the back half of this year.

So as Albert noted earlier we certainly have seen a price increase in polyethylene. We achieved a $0. 03 price increase in April. But the large volume buyers of course will have some price protection for typically a month. And that will be constructive if we see that carry through into May and into June. As Albert also noted we saw a price decrease in PVC as well as in caustic. And so while we remain - as we remain very optimistic for the second half of the year I think we'll continue to see some of the some of these trade issues continue to weigh on the overall global demand.

Got it.

And also if I may add that we are coming to the building season. So our building products' volume should be improving for the second and third quarter. That's usually there are two building seasons the first and the fourth are usually the weaker seasons.

We've certainly seen ethane relatively contained and ethylene has trended down and we're a buyer in both feedstocks. So we're hopeful that it remains also constructive to the bottom line.

And one more thing. Crude oil prices has a large impact on polyethylene prices. So if crude prices stays high where we are or higher, some industry analysts are projecting even higher prices towards the end of the year. That will help the U.S. polyethylene business.

Okay. That's helpful. And then a follow-up for Steve on the cash flow statement. Can you first break down how much of the CapEx spent in the quarter was related to the Lotte project? And second can you just parse apart the $160 million use of cash in operating cash on other balance sheet items? I assume most of it is working capital but most product prices declined sequentially. So any color there would be helpful.

So on the cash flow statement you can see that the PPNE was $203 million the $42 million that you see is really attributable to the Lotte investment in the quarter.

And the $160 million use of cash on other balance sheet items?

Remember we had the acquisition of NAKAN in the first quarter and then the bigger piece of that was working capital as we continue to build working capital for the quarter.

Okay, thank you.

Thank you. Our next question comes from the line of P.J. Juvekar of Citi.

Good morning. This is Eric Petrie for PJ. Caustic producers have announced pricing increases of $50 to $80 per ton. Do you see that more achievable in third quarter ahead of what IHS projects as a fourth quarter implementation? And what variables would affect that?

Well, it's possible if the trade tension eases the industry activities globally improves and with the Indian licensing issues behind us, then it's possible that and with Alunorte refinery coming back to full operation and consuming more caustic that could hasten the price increase.

Okay. And how many months of raw material inventory do you keep? Ethane prices have trended lower in the second quarter. Do you expect to see any benefit from that?

Because we're a FIFO reporter there is typically a four to six week lag between a FIFO reporter and those in the industry that are reporting on a LIFO basis. And so those cost that you see - that have fallen through as I reported in my prepared remarks we had a $19 million headwind. And certainly as prices trend further down in ethylene as we have seen in April, and ethane has been relatively contained, we'll continue to benefit from those lower cost but we'll be carrying some of those higher costs into the second quarter that we incurred in the first quarter.

Great, thank you.

Thank you. Our next question comes from Hassan Ahmed of Alembic Global.

Good morning, Albert and Steve. A quick question on the turnarounds. You guys in the press release talked about opportunistically turning around several VCM and PVC facilities. And you also sort of talked about higher turnarounds within the Olefins segment. So could you just sort of parse out what sort of EBITDA impact that had in the quarter? I'm just sort of trying to get a sense of what the earnings probably would look like in the quarter.

Yes, so Hassan the turnaround was really just a polyethylene turnaround that was normally taken. And the impact of that was between $5 million and $10 million in the quarter.

And what about VCM and PVC side?

Very small.

Very small, okay. So less impact. Now as a follow-up, slightly longer term it seems there's a lot of newbuild activity, at least announced out in Asia. How does that factor into your thought process about the cycle quality medium-term?

Well the newbuild is based on the NAKAN cracker. They're oil-based. Certain newbuild are based on imports of U.S. ethane which has potentially a $0.34 $0.40 a gallon extra cost of shipping costs and all that. And then I think very few but a few are coal-based which are much more competitive with the cheap price of coal in China but the capital costs are very high.

Very helpful. Thanks so much.

Thank you. Our next question comes from Kevin McCarthy of Vertical Research. Your line is open.

Good morning, Albert and Steve. With regard to your building products business a number of other companies across the chemicals industry have pointed to some weakness in housing and construction. As you think about the business and how to manage it for 2019, do you think that the weakness evidenced in the first quarter was more in that category of weather-related and timing-related pressure? Or do you think we're going to see a more durable macro impact on that business? I guess the second part of it would be if you could comment on any differentials in terms of what you're seeing in the U.S. versus the Canadian market?

Yes. So Kevin I think what we've seen, with the longer winter weather this year and the weather that we've seen, I do believe a great majority of that is driven by just the delays in the start of the construction season. The Canadian market certainly is also a little bit more sluggish than the U.S. market and of course it also experienced the delays in the construction market because of the strong winter weather there. But it is no doubt a little bit weaker than the U.S. construction markets. But I think the big portion of that is really weather-driven.

And in April we are seeing the pick-up in demand for all our building products already.

Okay, that's helpful. And secondly I think you indicated a capital budget of $600 million to $650 million. Last quarter my impression was that you were looking for that number to trend flat versus last year which I think was around $700 million. And so wondering what changed there and whether or not you are finding savings or deferring any projects at this point.

Look Kevin, naturally we're looking at making sure all these products have got the return potentials that we believe they should have and looking to also make sure that as we have seen some choppy markets over the past quarter or two, that we're making sure that we're doing putting capital to work in a constructive productive manner. And that's what's really driving that.

Thank you very much.

Our next question comes from Arun Viswanathan of RBC Capital Markets.

Great, thanks, good morning. Just curious on your reaction to polyethylene price increases. Do you expect - it looks like the industry was able to get $0.03 in April. I mean do you expect another $0. 03 in May? And if so what's the mechanism for that? Is it low inventories? Strong demand? Or a combination of everything? Restocking? How do you see the polyethylene markets right now?

Yes. I think that the inventories for polyethylene in the U.S. are between average to average to the high side for producer and about average or average low side for consumers. And I think it's really a crude oil-driven and international price-driven. And prices - the margin for oil-based naphtha producers overseas producing polyethylene the prices are almost there's no margin. So as crude oil prices stays higher or goes higher there's more pressure for international price to go up. And I think the U.S. is reflecting the increased price overseas.

Okay, thanks. And I guess on the Vinyl side PVC looks like it was flat. Do you expect increases in PVC to stick over the next couple of months given some seasonal strength? And how would you kind of characterize the supply-demand metrics [ph]?

Yes. I think the demand, as Steve said, would largely go to building products. As building products demand increases the PVC demand will increase as well. But U.S. industry exports around the 30%-odd of the PVC production overseas. So it's really the overseas impact on pricings and we are seeing in Asia PVC price already started going gradually up from the bottom. So as the economies and trade tension eases in Asia and Europe then the demand for PVC will increase and that will now have a price impact, international price and they'll come back to the U.S. price. I think partly our PVC price decline was due to the drop in spot ethylene price in U.S. As you know half of PVC's cost is on ethylene. So if ethylene price goes down consumers are saying that as your cost goes down you should pass on the savings to us.

Right. And then lastly on caustic as well, what would you consider to be the main kind of metrics you guys are watching for an improvement in the market? I mean is it a resumption of production, full production in Alunorte? And if so I guess when would you expect markets to improve in caustic?

Yes. Again caustic is very much industrial activity-driven on a global basis. And as we said earlier that if we believe that the global economy improves the second half with less trade tensions and with other stimulus policies that the Chinese government implemented recently will take some time to see of the effect we believe the global affect for caustic will improve especially with the Indian license issue behind us. And if Alunorte returns to production sometime in the second half of this year than the demand for caustic globally would increase and that will benefit the pricing. As we said earlier on a global basis not much capacity added. Unlike polyethylene there's a little capacity added. So look forward the next two years we believe that vinyls and caustic market supply-demand will improve and will help prices going forward.

Okay thanks.

Thank you. Our next question comes from Aleksey Yefremov of Nomura Instinet. Your question please.

This is Matt Skowronski on for Aleksey. You mentioned M&A possibilities. Are there any areas in particular that you're kind of looking at for bolt-ons?

We look across the spectrum of our businesses on a regular basis as well as things that could be adjacent to the segments that we're in. So there's no particular focus in one particular segment or the other. But to the extent that we see opportunities where we think we can add incremental meaningful value, I think that have a good return associated with them on a risk adjusted basis, we'll deploy capital. And so it's a pretty regular process that we undertake, and has been for many years.

Understood. And have you noticed any uptick in export prices for caustic in April so far?

Yes. Export prices I think international price in Asia has gradually moved up slowly, but it's moving up. So we believe that if the trend continues it will help bridge the gap.

Thank you.

Thank you. Our next question comes from Josh Spector of UBS. Your line is open.

Hi, guys. This is Lucas Beaumont on for Josh. So just on vinyl. So you noted that your pricing was down about 2.5% sequentially. But that was versus the benchmarks which was up 2% in the quarter. What was the difference there?

You are talking about prices sequentially year-over-year or quarter-over-quarter?

Sequentially quarter-over-quarter.

So as I mentioned earlier the biggest change that we saw quarter-over-quarter in the Vinyls segment was really all driven by both PVC and caustic pricing drivers. The other driver of course was the restructuring charge that we took in the first quarter. But those were the only headwinds that we had in the period quarter-over-quarter in the Vinyls segment. As we noted in our prepared remarks we had improvements both in feedstocks and volume was very good.

Okay. Great, thanks. And on so you mentioned that you'd seen the demand improve a little sequentially into April so how would you categorize those levels now versus say last year or a normal year? Is it in line higher or lower?

It's moving higher because we certainly are getting into what I would call the catch-up season because we didn't have the start of the normal construction season due to the cooler weather and wetter weather. So we're beginning to see good order intake and shipments in the month of April to catch up for that later start that would've otherwise occurred in March or late February.

Great, thank you.

Thank you. Our next question comes from Jonas Oxgaard of Bernstein. Your line is open.

Hi, guys. Good morning. A two-part question. Since the Lotte cracker is in startup mode does that mean you're contributing to the startup cost as well?

So we're owner proportionately of the cracker. So those items that are our proportional share we do contribute, that are capital-related items.

Okay. And thinking about this cracker longer term, I guess if I'm looking at current ethylene margins come it doesn't look like buying out the remaining 40% at this moment in time would get to a 10% return. Now if I'm looking three years from now when your option expires and it still looks like you're not getting a 10% return how would you think about that option then?

Well, I think the benefit of the option is that we can assess the market during the time period of that option. And so, as I mentioned earlier we're continuing to assess the benefits of making incremental investments. We're still in the process of making those assessments and because of the nature and the structure of the option we have the opportunity to do that analysis over if we choose to over the entire three year period. But it will be an assessment that we're doing on an ongoing basis looking at both current and future expectations.

Okay, that makes sense. Thank you.

Thank you. Our next question comes from Don Carson of Susquehanna. Your line is open.

Thank you. Steve could you quantify the year-over-year negative impact from the lower building products' EBITDA? And would you expect to make that up in the balance of the year? And then you talked about $20 million in restructuring charges. You mentioned optimization of the global Vinyls business, what exactly does that mean? And then finally I see the EPAs once again looking at asbestos use in diaphragms. Are you feeling any pleasure or do you have any plans to accelerate conversion to membrane capacity?

So Don, as we think about the building products, it was between $20 million and $30 million impact on the building products business year-over-year because of the cooler and wetter weather that we had. And certainly in terms of the restructuring charges we always do, we look at how we are optimizing our businesses across the vinyls chain. And so the charge that we took in the first quarter is really a combination of charges related to the acquisition of NAKAN as well as some optimization related to the entire vinyls chain that we look at now that we're really continuing to expand our footprint in VCM and PVC these expansions that I made reference to. As it relates to the environmental issues the answer really is that we'll just continue to assess. There is no specific time line that this new focus brings to the table.

Yes, the diaphragm plans are pretty competitive if you have low power cost that we have.

Thank you.

Thank you. Our next question comes from Jim Sheehan of SunTrust. Your line is open.

Thank you. For NAKAN, could you elaborate on any cost synergy targets you have for that acquisition?

Jim we haven't given any public guidance to synergies but certainly as you would expect we're going to look to strive to backward integrate into resins and certainly kind of also pull-through the intellectual property capabilities because we're obviously a compounder here in the North American market. And to the extent that NAKAN's capabilities and know-how allow us to expand that IP if you will into other markets that we are already serving that's something we'll be very much focused on. But we've not given any specific numbers on synergies.

Okay. And Albert could you give us your outlook on ethane prices for the rest of the year?

Yes. I think if you look at the future of prices ethane prices will be staying more or less in this range maybe move up a little bit as new plants start up. But we believe that with the pipelines and the fractioning capacity being built there will be a lot more ethane coming from the Permian Basin.

Thank you.

Thank you. Your next question comes from Matthew Blair of Tudor Pickering Holt. Your line is open.

Hey, good morning, Albert and Steve. Steve, do have an estimate of potential FIFO impact for Q2 2019 if pricing stays at current levels? And if it's material do you have a split between Vinyls and Olefins segments?

Yes. It isn't going to be overly material but I would say in the range of less than half of what we experienced in the first quarter. And so it's not a really material driver assuming that ethane and ethylene stay in this kind of range going forward in the month of May and June.

Okay. And then are there any turnarounds in Q2 that we should be aware of?

Matthew we undertake turnarounds in all of our plants on a regular basis but none that are significant in the individual nature except those on the ethylene side. As you know we do expect to do at a turnaround in 2020 of one of our ethylene units. And as we finish our planning we'll give some better guidance in terms of exact timing and length of outage. But the other derivative units we undertake aren't individually material enough. So we've not gotten into specific guidance because there are frankly a number of plants.

Okay, thank you.

At this time the Q&A session is now ended. I'd like to turn the call over to Jeff Holy for any closing remarks.

Thank you again for participating in today's call. We hope you'll join us again for our next conference call to discuss our second quarter 2019 results.

Thank you for participating in today's Westlake Chemical Corporation First Quarter Earnings Conference Call. As a reminder this call will be available for replay beginning two hours after the call has ended and may be accessed until 11:59 p.m. Eastern time on Thursday, May 9th 2019. The replay can be accessed by calling the following numbers. Domestic callers should dial 855-859-2056. International callers may access the replay at 404-527-3406. The access code for both numbers is 1248758. You may disconnect your lines at this time.