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Clearway Energy (NYSE: CWEN)
Q3 2024 Earnings Call
Oct 30, 2024, 8:00 a.m. ET
Clearway Energy Reports Strong Q3 2024 Performance and Outlines Future Goals
Highlights from the Earnings Call
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Hello and welcome to Clearway Energy, Inc.’s third-quarter 2024 earnings call. [Operator instructions] I would now like to hand the conference over to Akil Marsh. Sir, you may begin.
Akil Marsh — Director of Investor Relations
Good morning. We appreciate your presence for Clearway Energy, Inc.’s third-quarter call. Joining me today are Craig Cornelius, the company’s president and CEO, and Sarah Rubenstein, the CFO. Before diving in, I want to mention that our discussion will include some forward-looking statements based on reasonable assumptions. However, actual results may differ significantly. Please review the Safe Harbor statement in today’s presentation and the risk factors in our SEC filings.
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We will discuss various transactions today, both current and committed, throughout the presentation. Refer to the Safe Harbor statement for more information about these transactions and associated risks. Now, I’ll turn the call over to Craig.
Craig Cornelius — President and Chief Executive Officer
Thank you, Akil. Turning to Slide 4. I’m pleased to share that we had another strong quarter, placing us on track to meet or exceed our 2024 financial targets. Today, alongside our performance review, we will discuss our financial expectations for 2025, longer-term goals for 2026 and 2027, and our capital allocation strategy moving forward.
This quarter, our diversified fleet contributed to our financial results, bringing us to $385 million of CAFD year-to-date. We are in an excellent position to meet or exceed our 2024 guidance. Our team has delivered exceptional performance, achieving our best-ever safety indicators in the first three quarters of the year. We’ve also seen significant progress in plant availability and conversion efficiency compared to last year. In line with our commitment, we announced a fourth-quarter dividend supporting 7% EPS growth for 2024.
Looking ahead, we’ve made further advancements in fleet growth, including a recent investment commitment for the Pine Forest Solar and Storage project, as well as evaluating an investment offer for Phase 1 of the Honeycomb storage projects.
We’re setting our CAFD guidance for 2025 at a midpoint of $420 million and targeting a dividend of $1.76 per share for the year, maintaining our earlier announced goals. Our aim is to achieve dividend growth in 2026 of 6.5%, as previously committed.
Next year, we will provide 2026 fiscal year guidance. Our goal is to sustainably enhance our EPS through a solid capital structure, supported by a full year of CAFD contributions from committed growth investments during 2025.
As we move towards 2027, we are targeting a CAFD per share range of $2.40 to $2.60, which reflects strong growth expectations of about 7.5% to 12% compounded annually from our 2025 midpoint. We will focus on funding growth through retained cash flow, aiming for a payout ratio between 70% to 80% while maintaining a competitive pace in dividend growth.
We are refreshing our capital allocation framework to provide clearer insights into our growth strategy. We aim for a long-term goal of 5% to 8% annual CAFD per share growth, increasingly relying on internal cash flow generation.
I’ll provide more details about this updated framework later in the presentation. In summary, Clearway Energy continues to perform well, and we are dedicated to delivering long-term, sustainable growth for our stakeholders. Now, let’s proceed to Slide 5.
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Clearway Energy Sets Ambitious Goals with New Investment Strategies
Clearway Energy is making significant progress in value-enhancing growth strategies, demonstrated by the successful formation of its investment committee and a favorable agreement with Pine Forest. They have also received a formal proposal for the Honeycomb phase 1 project, which is currently under review.
The Pine Forest Solar Plus storage complex will expand Clearway’s footprint in the rapidly growing ERCOT power market. With its solar capacity fully contracted for approximately 20 years at competitive prices, this facility is expected to benefit from its majority partnership with a leading information technology firm. The addition of batteries will further complement Clearway’s existing asset portfolio in ERCOT, strengthening their overall capabilities.
Clearway aims to fund its investment by the end of 2025. They have also received a proposal for phase 1 of the Honeycomb battery hybridization initiative. This program is being developed by Clearway Group and encompasses a range of contracted battery assets located near Clearway’s existing solar projects in Utah. With independent director approval, Clearway has the chance to invest about $85 million, potentially yielding around 10%, with funding targeted for 2026. Sarah will touch on the liquidity position later, but both Pine Forest and Honeycomb are expected to be financed through existing liquidity sources.
As noted on Slide 6, the enhancements made to the asset portfolio so far this year, along with growth investments, have established a solid foundation for achieving targets set for 2027. Starting with the disclosed pro forma Cash Available for Distribution (CAFD) per share of $2.15, the commitment to Pine Forest and updated predictions for resource adequacy capacity revenues suggest a potential increase to at least $2.40 per share in CAFD by 2027. This projection marks the lower end of the targeted range for CAFD per share. By 2027, Pine Forest will supplement other prior commitments that were crucial for sustaining previous CAFD forecasts. Furthermore, improvements across the fleet, which reflect positively on 2024’s year-to-date outcomes, contribute to an optimistic outlook for 2027.
Additionally, the outlook for resource adequacy capacity revenues has strengthened due to successful execution of the company’s power marketing program this year. Clearway has established a strong contracted position for 2027, and with current pricing trends in customer engagements, the assumptions for resource adequacy pricing embedded within the 2027 target range appear achievable. This development opens the door to potentially increasing the bottom end of the $2.40 CAFD per share target within a prudent capital allocation strategy, which will be outlined later. Now, I’ll hand it over to Sarah for a summary of our key financial results for the quarter.
Over to you, Sarah.
Sarah Rubenstein — Chief Financial Officer
Thank you, Craig. On Slide 8, you can see our financial results, which include third-quarter adjusted EBITDA of $354 million and CAFD at $146 million. These results mirror our fleet’s renewable production forecasts, and reflect strong conventional availability from recent growth investments. Year-to-date, our adjusted EBITDA stands at $918 million, with CAFD at $385 million, leading us to reaffirm our full-year 2024 CAFD guidance at $395 million.
The fourth quarter typically contributes less to CAFD due to seasonal cash basis adjustments and assuming P50 median renewable energy production, we are well-positioned to meet or surpass our 2024 CAFD guidance. Transitioning to Slide 9, we are initiating our 2025 CAFD guidance with a target range between $400 million and $440 million, averaging at $420 million. This forward-looking estimate considers the recent Capistrano refinancing, which has increased principal and interest obligations by about $10 million.
The guidance for 2025 also includes effects from completed fleet improvement projects impacting our 2024 forecasts, and captures the expected full contribution of CAFD from prior investments. We have established a CAFD guidance range that reflects P50 renewable production expectations, accommodating both higher and lower outcomes based on resource availability and energy pricing. Furthermore, we anticipate that ongoing growth investments will align with the current schedules reflected in our guidance.
To support these initiatives and future investments, we will employ a careful capital allocation strategy as detailed in Slide 10. We expect to use retained CAFD as our main capital source, aiming to accumulate approximately $220 million from 2025 to 2027 based on the lower end of our CAFD per share growth outlook. Beyond 2027, our goal is to maintain a reduced payout ratio of 70% to 80% to preserve more CAFD while balancing our capital allocation priorities. We foresee having operational debt capacity that could exceed $300 million, available to finance new growth, including around $300 million for drop-downs or acquisitions to support our 2027 targets.
Our revolving credit facility is remains almost undrawn and serves as a crucial source of interim liquidity. While external equity isn’t needed to fund current growth opportunities, our long-term strategy does anticipate the occasional issuance of equity where it would create substantial value for our shareholders. Reinforcing our funding strategy, we’ve positioned ourselves to maximize CAFD per share after financing costs, ensuring that our investment needs align with long-term metrics. Our plan includes sourcing corporate growth capital from retained CAFD, leveraging our debt capacity while adhering to a target BB rating, and potentially issuing equity when these investments promise to benefit shareholders significantly.
We also acknowledge the upcoming maturity of $2.1 billion in corporate bonds in 2028, 2031, and 2032, which we’ll need to refinance as part of our long-term goals. We will approach these refinancing tasks prudently and factor any significant implications into our future year-specific CAFD forecasts. Now, I’ll return it to Craig to further discuss the Company’s long-term growth and capital allocation strategy.
Craig Cornelius — President and Chief Executive Officer
Thank you, Sarah. With a robust asset base and carefully constructed capital structure, we are prepared to…
Clearway Energy: Ambitious Growth Plans Through 2027
Clearway Energy Inc. (CWEN) is setting its sights high with clear goals to reach $2.40 to $2.60 in Cash Available for Distribution (CAFD) per share by 2027. The company aims to leverage a robust investment strategy to meet these targets while maximizing its growth potential.
Transitioning Towards Stronger Financial Outcomes
Clearway’s financial roadmap from the 2025 midpoint guidance confirms that committed growth investments, fleet enhancements, and increased capacity revenues are paving the way to reach the lower end of the 2027 target range. The company’s extensive project pipeline and strong execution capabilities could provide additional chances for growth. To quantify this, Clearway is looking at approximately $300 million in potential corporate capital investments from projects set to be operational in 2026. Some of these capital expenditures may be funded over time through corporate debt capacity and retained earnings.
Strategic Developments and Market Opportunities
Although Clearway has substantial work ahead, the company is aligned to seize new opportunities, both through internal projects and external mergers and acquisitions (M&A). To support its ambitious strategies, Clearway Group is proactively pursuing tax credits across multiple project vintages through 2028 and has laid out plans for Safe Harbor investments for the 2029 vintage.
Additionally, Clearway has been successful in power marketing, engaging a diverse customer base along both coasts. This includes 5 gigawatts in front-of-the-meter and co-located data center opportunities across various markets. The positive market landscape showcases Clearway’s strong asset development, with power purchase agreement (PPA) prices on the rise and favorable terms being negotiated. Projects scheduled for 2026 and 2027 could enable CWEN to invest at least $475 million in corporate capital, significantly supporting their goal of reaching $2.60 in CAFD per share.
Evaluating Growth and Future Investments
Given the substantial project pipeline available, Clearway Energy Inc. finds itself well-positioned for significant capital deployment through 2027. The company will continue to carefully evaluate the opportunities presented to CWEN, with a focus on sustainable growth and strong returns. Selective M&A opportunities may further complement the existing fleet, enhancing their growth strategy.
Framework for Long-term Growth and Financial Stability
When assessing target goals for 2027 CAFD per share, Clearway Energy believes it has constructed a viable framework for stable and predictable long-term growth. This also aims to minimize reliance on external equity issuance. With anticipated growth from existing assets through 2027, Clearway is confident it can make informed decisions as it scales operations. Beyond 2027, the company aims for consistent CAFD growth of 5% to 8% annually.
Retaining CAFD will become a crucial source of growth capital as the company targets a 70% to 80% payout ratio, eventually favoring the lower end of that range. As retained CAFD increases, Clearway seeks investments that boost CAFD per share, aligning with their investment criteria. Furthermore, the company will leverage excess debt capacity as a means of funding and will consider external equity issuance in a controlled manner to support long-term growth.
Clearway remains steadfast in its commitment to increasing dividends. The company affirms its goal of achieving dividend growth through 2026 and expects EPS growth in 2027 to fall within the 5% to 6.5% range. Dividend growth will be closely tied to CAFD growth and designated payout ratios.
The company aims to maintain its track record of meeting dividend commitments over time while balancing financial stability. As Clearway strengthens its asset base and optimizes its capital structure, it looks forward to enhancing shareholder value through prudent dividend policies and sustained growth prospects.
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Clearway Energy: Strong Financial Position and Future Growth Strategies
Clearway Energy is well-prepared to achieve its 2024 financial goals and is on track to meet its growth objectives through 2026. The company has set an ambitious target for Cash Available for Distribution (CAFD) per share by 2027, indicating robust growth potential that is grounded in committed investments and a history of fleet improvements. Clearway is not just focused on short-term profits; they have created a detailed plan for capital allocation through 2027 and beyond, securing an attractive investment opportunity for CWEN shareholders.
The firm intends to maintain predictability in meeting its financial objectives while enhancing stability and flexibility over time. By incrementally growing its core earnings, Clearway aims to provide shareholders with continued opportunities to benefit from a secure dividend. This approach will help deliver competitive risk-adjusted returns for investors. Clearway’s leadership is optimistic about their existing strategies and looks forward to achieving these growth targets.
Investor Q&A Session
Operator
Thank you. [Operator instructions] Our first question comes from Noah Kaye with Oppenheimer and Company. Your line is open.
Noah Kaye — Analyst
You’ve elaborated on your roadmap and revised capital allocation strategy. Can you explain the process you followed to develop this framework? Specifically, how did you balance dividend growth while retaining more capital for flexibility?
Craig Cornelius — President and Chief Executive Officer
We began this process by assessing what we expect from our fleet’s performance. We analyzed both revenue opportunities and operating cash flow projections, which helped us form expectations for earnings growth. Engaging with our investors, we realized they prefer sustainable growth without relying heavily on equity issuance. We developed a plan intended to deliver competitive returns by building on our operational strengths, while also maintaining a fair dividend growth strategy.
Our goal has been to grow within our means, tapping into our operational cash flow and being cautious with additional equity, ensuring we do not dilute current shareholders’ earnings. The structured growth we seek combines our own fleet’s performance with strategic capital allocation.
Noah Kaye — Analyst
Thank you, Craig. Regarding capital sources, can you share your thoughts on pursuing external capital, such as minority investment structures, as alternatives to the debt and equity options mentioned earlier?
Craig Cornelius — President and Chief Executive Officer
Currently, we don’t see the need for those external structures to achieve our goals. Based on our comprehensive plan, the cost of capital from our corporate debt remains favorable compared to potential external structures. Our projections indicate that only a small amount of equity might be needed in the later years of 2026 and 2027, which would not significantly impact our existing shareholders. We believe that we can reach our growth targets through improved cash flow and cautiously leveraging our capacity.
Our focus will remain on driving consistent growth while avoiding dilution through unnecessary capital structures. We are excited about the possibilities for future growth, but for now, we do not need to explore the options you’ve mentioned.
Noah Kaye — Analyst
Thank you, that’s very helpful. I’ll leave it there.
Operator
Thank you. [Operator instructions] Our next question comes from Julien Dumoulin-Smith with Jefferies. Your line is open.
Julien Dumoulin-Smith — Analyst
Good morning, team. Congratulations, Craig and Sarah, on an informative update. Regarding the RA uplift, you mentioned a range of $2.40 to $2.60. Can you elaborate on the factors contributing to this outlook and whether you anticipate further improvements in RA levels over time?
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Clearway Group Shows Strong Pipeline Progress and Strategic Growth Plans
Craig Cornelius — President and Chief Executive Officer
Clearway Group’s recent performance has exceeded expectations. In a discussion regarding the portfolio improvements and future strategies, CEO Craig Cornelius indicated that the company is executing well and making significant progress toward its targets.
2027 Goals and Market Strategy
Clearway’s 2027 target range is based on favorable pricing from long-term resource adequacy (RA) contracts. Currently, the company anticipates prices in the range of $5 to $5.5 per kilowatt month, which is an increase compared to prior contracts signed in 2025. However, while he is optimistic about sustaining these levels, Cornelius advised caution about projecting further increases beyond 2027.
The firm is well-positioned with its current contracts. For instance, contracts for the Frontier project are being executed at prices exceeding those embedded in the 2027 goals. Cornelius explained the company’s strategy of progressively securing contracts over multiple years while keeping some capacity uncontracted to capture premium market values. This approach aligns well with the ongoing regulatory changes and load forecasts for California.
Improvements to Fleet Operations
This year, Clearway has also focused on modernizing its plant operations. The company has made adjustments to its Operations and Maintenance (O&M) agreements, which have positively impacted the cash available for distribution (CAFD) from its assets. These enhancements are observable in current results and bolster long-term performance expectations.
Regarding refinancing, the planned strategy assumes costs relative to the refinancing of 2020 maturities. Cornelius noted that this is not strictly a savings on interest expenses; instead, it reflects the company’s prudent approach to financing, which aims to optimize its execution costs.
Strategic Opportunities Amid Lower Payout Ratios
Analyst Julien Dumoulin-Smith raised a question about Clearway’s pipeline acquisition from the Clearway Group. Cornelius responded by highlighting the company’s expanding opportunities within their portfolio and their intent to pursue growth investments to reach the goal of $2.40 to $2.60 in CAFD per share.
Clearway’s lower payout ratio does not indicate increased risk in their asset portfolio. The storage assets being developed are primarily located in the Western markets and are backed by fixed pricing contracts, ensuring stability in their revenue streams. Cornelius affirmed that the goal for the payout ratio is about managing growth funding over time. This strategy signals the company’s commitment to funding their development initiatives through cash flow without compromising financial stability.
Potential M&A Activity on the Horizon
As the discussion continued, analyst Steve Fleishman brought up the potential for mergers and acquisitions (M&A). Cornelius acknowledged that the company is actively exploring selective individual assets that fit within their capital allocation and growth strategy. Current market conditions suggest opportunities may emerge, which could yield returns that align with Clearway’s objectives.
Ultimately, Clearway Group continues to demonstrate a strategic approach focused on sustainable growth through pipeline development and operational improvements. The company’s confidence in its future trajectory reflects an understanding of market dynamics and a commitment to delivering long-term value.
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Southern Power Focuses on Strategic Growth and Fleet Improvements
Southern Power is concentrating its efforts on assets that complement its existing resource mix. The company emphasizes a disciplined approach to mergers and acquisitions (M&A), aiming for opportunities that promise effective and accretive returns.
Maximizing Assets for Sustainable Growth
Currently, Southern Power does not find the need to purchase outside products to fulfill its ambitious growth goals. The management team believes that their existing sponsor pipeline provides ample opportunities for expansion. As they navigate potential M&A activities, the company prioritizes assets that align with their operational strengths and customer base.
Fleet Enhancements Driving Operational Efficiency
Southern Power is leveraging modernized information technology to enhance work planning and improve plant availability. Recent upgrades have resulted in increased efficiency across their conventional fleets. The restructuring of service and operational agreements for their wind fleet has also positively impacted cash available for distribution (CAFD).
Future Dividend Growth Plans
Steve Fleishman — Analyst
During discussions about the company’s future, the focus turned to dividend growth. There were inquiries about expectations for the growth rate of dividends per share beyond 2027. CEO Craig Cornelius indicated that the firm is committed to a gradual growth strategy, which will likely see dividends increasing at a slower pace than CAFD. The goal is to align dividend growth with a prudent payout ratio while ensuring the financial health of the business over time.
Strategic Capital Allocation
Southern Power aims to maintain a strong balance sheet through retained CAFD, which is projected to grow significantly over the next few years. The company’s financial strategy emphasizes minimal equity issuance, reassuring current shareholders that there will be no unexpected dilution of their stakes.
Managing Open Gas Fleet Capacity
Justin Clare — Analyst
Concerns over the gas fleet’s open capacity were raised, with questions regarding any changes in contracted capacity since last quarter. Craig Cornelius explained that contracting processes are influenced by annual patterns in regions like California and Texas. The company intends to gradually increase the proportion of capacity contracted as they approach 2027, all while maintaining a patient approach to securing favorable prices.
Yield Expectations for 2027
Michael Lonegan — Analyst
As further discussions unfolded about the 2027 outlook, questions arose regarding expectations for CAFD yields on future investments. Specific details about refinancing strategies were requested, highlighting ongoing interest in Southern Power’s comprehensive financial outlook.
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Clearway Energy Discusses Future Projects and Renewable Energy Strategy
Craig Cornelius — President and Chief Executive Officer
Our goal for drop-down projects is a target of around a 10% CAFD yield. Last fall, we adjusted this figure in response to rising capital costs for CWEN. Current planning continues to reflect this intention as we build new projects. Concerning refinancing assumptions for 2027, we maintain a conservative estimate of refinancing costs relative to current yields. Based on advice from our banking partners, we feel confident in our capacity to manage these financial forecasts effectively.
Michael Lonegan — Analyst
Thank you. I want to delve into the demand for data centers. You mentioned engaging with corporate clients and entities providing power with support from your five gigawatts of renewables. Are you considering adding more gas generation assets at the fund level, or will you remain focused on renewables paired with storage?
Craig Cornelius — President and Chief Executive Officer
We are assessing various configurations for data center projects. Some scenarios may involve dispatchable thermal generation. However, most engagements are centered on utilizing wind, solar, and battery resources, as these meet the essential demands of data center customers. Looking ahead, there may be opportunities to incorporate additional resource types. Our primary focus is on creating assets characterized by long-term contracts and predictable cash flows, all while being responsive to data center requirements.
We are committed to leveraging our capabilities in wind, solar, storage, and gas-fired generation, all while prioritizing low-carbon solutions that are reliable.
Michael Lonegan — Analyst
Thank you.
Operator
Thank you. Please hold for the next question. Our next inquiry comes from Angie Storozynski with Seaport. Your line is open.
Angie Storozynski — Analyst
Thank you. I want to ask about your renewable power assets and the contracts backing them. Do you have basis exposure at the busbar contracts? Are there any current issues related to transmission congestion or impacts from the wake effect on your wind assets? Moreover, are there signs of premature aging or capacity loss on your storage assets? Lastly, how do current grid conditions affect EBITDA generation for your existing assets?
Craig Cornelius — President and Chief Executive Officer
Yes, I understand your concerns. We’re fortunate to have a fleet that generates most of its revenue from node settled unit contingent contracts. This structure accounts for a significant portion of our projected EBITDA and CAFD. Regarding our newly commissioned storage assets, they are operating successfully, thanks to our team’s diligent efforts this summer. The performance reflects our capability to work with suppliers to ensure optimal operations.
Meanwhile, we did face some operational challenges with our wind assets last year, but we have undertaken fleet improvement measures, and the results so far are encouraging. We’ve seen increased availability and cash flow generation this year, and our plans for repowering aging projects look promising.
Exposure to basis is limited for us, and currently, we manage it effectively. The supply-demand landscape for new electricity generation allows us to establish favorable settlement terms for new revenue contracts, mitigating risk for project equity owners. We take pride in the structured settlement terms our origination team has achieved, ensuring a robust risk management approach.
Angie Storozynski — Analyst
That’s helpful information. Do any of your renewable power contracts resemble 24/7 contracts often sought by tech companies? And if not, what influences that decision in terms of risk-reward?
Craig Cornelius — President and Chief Executive Officer
I prefer not to comment on others’ contract choices. We understand the appeal of certain structures to different customers. For Clearway Energy Inc., we have developed a business model that balances risk and returns. The 24/7 contracts do not align with our current strategy. Nonetheless, we aim to support our customers’ decarbonization goals while ensuring each project stands independently in terms of viability.
Our approach leans towards innovation, yet we remain cautious regarding risk management in our project structures.
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Clearway Energy’s Growth Strategies and Financial Outlook
California’s Energy Storage Considerations:
During a recent conference call, Craig Cornelius, President and CEO of Clearway Energy, addressed an analyst’s question regarding the potential for energy storage in gas-fired peaker plants in California. He acknowledged that while they have examined the possibility, space limitations at their facilities and the injection capacity at interconnection points pose challenges. Currently, their top priority remains optimizing the existing thermal resources for consistent energy delivery. Despite these challenges, Cornelius mentioned that they possess modest adjacent acreage, opening up potential future opportunities for energy storage.
Capital Deployment and Growth Insights:
Next, Mark Jarvi from CIBC inquired about the balance between capital deployment growth and margin drivers for cash optimization. Cornelius shared insights on the company’s strategic goal of reaching a cash available for distribution (CAFD) of $2.60 per share. Achieving growth beyond this level, within a long-term target of 5% to 8%, will primarily depend on additional investments. Cornelius emphasized that the existing fleet of assets, particularly through repowerings, could enhance individual asset contributions, sustaining or potentially increasing CAFD as projects mature.
Jarvi further probed regarding the company’s internal financing capabilities, asking about the potential exhaustion of their $300 million corporate debt capacity by 2027. Cornelius responded, clarifying that the company believes it can maintain a midpoint range of $2.50 without equity issuance. However, growth beyond this will likely require some equity issuance, reflecting the need for prudent management of their growing CAFD alongside increasing debt capacity.
Closing Remarks:
In closing, Cornelius expressed appreciation for stakeholders’ support and conveyed optimism about Clearway Energy’s future, highlighting their strong market positioning and execution. The recent call ended with a commitment to maintaining transparency and rigor in their financial strategy.
Call participants included:
Akil Marsh — Director of Investor Relations
Craig Cornelius — President and Chief Executive Officer
Sarah Rubenstein — Chief Financial Officer
Others: Analysts from Jefferies and CIBC also participated in the call.
This article is a transcript of the conference call produced for The Motley Fool. We encourage readers to conduct their own research, including accessing the company’s SEC filings for further insights.
The Motley Fool does not hold positions in any stocks mentioned. For detailed disclosures, please refer to our policies.
The views expressed are those of the author and do not necessarily reflect those of Nasdaq, Inc.
