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Welcome to the ARDA Group SA first quarter 2026 update conference call. Today's conference is being recorded. At this time I'd like to turn the conference over to Stephen Lyons, Investor Relations. Please go ahead sir. Welcome everybody and thank you for joining us for today's ARDA group investor call which follows the release of our results in respect of the 2026 first quarter earlier today. I'm joined here by Mark Porto, the executive Chairman of our DAG Group, Todd Rents, Interim Group CFO, and by Mike Dick, CEO of Glass Packaging. Our remarks will include certain forward-looking statements which reflect circumstances at the time they are made, and the company expressly disclaims any obligation to update or revise any forward-thinking statements. Actual results or outcomes may differ materially from those that may be expressed or implied due to a wide range of factors the group's first quarter 2026 interim report can be found at our group.com investors our developmental packaging or amp released its first quarter results earlier today and a replay of its earnings call is available on its ir website as usual we'll be not providing additional information regarding AMP on this call. With that, I'll now turn the call over to Mark. Thanks, Stephen. Prior to taking your questions, we will make some brief opening remarks covering our first quarter performance, an outline of further progress made on the initiatives that we're taking to accelerate value creation for our shareholders, and also for outlook for the business for the year ahead. Ardai Group had an encouraging start to the year, with 11% adjusted EBITDA growth in the first quarter. This was achieved despite an expected decline in volumes and increased commodity costs arising from the conflict in the Middle East. Adjusted EBITTA growth in metal business of 15% was strongly ahead of expectations, and growth of 6% in the last business was in line with expectations. The outperformance in the first quarter demonstrates the resilience of each of our businesses, notwithstanding what is a more challenging outlook versus our last update. We continue to closely monitor the evolving geopolitical environment, stay agile, and take actions as appropriate to safeguard our operations and performance. Our energy hedging arrangements and contractual input cost pass-through mechanisms help to mitigate the impact of higher commodity prices and support our outlook. We continue to progress in our turnaround plans to enhance the performance of R.D.O.G. Glass, to enhance returns and position the business for success. This includes the intended closure of our Germerschein facility in Germany to address excess production capacity and for which we are currently in consultation with employee representatives. We see opportunities to enhance our working capital through targeted inventory reduction. And in the first quarter, we saw early signs of success with a reduction in some of our plants in North America. We have also seen some signs of improvement in our supplier trading conditions since the restructuring and see further momentum on that front. We are tightening our commercial focus to ensure that we are seeking fair, symmetrical, win-win relationships and contracts that ensure our DOS footprint is aligned with consistent, profitable, and mutually beneficial customer volumes. We have launched an initiative to look at opportunities and to develop plans to reduce overhead costs and to create a leaner, more agile organizational structure. And although we are well protected for the current year in terms of overall direct energy exposure, we have also retained a leading energy consultancy to advise on any possible enhancements to our energy management. That initiative predates the start of the Middle East conflict. In terms of developments with respect to our corporate structure, Mike Dick, who is sitting alongside us here today, is to retire at the end of May. Mike originally notified the business of his plans to retire back in November of 2024, graciously extended his tenure to support us through our complex financial recapitalization and transition to new ownership. We would like to thank Mike for his leadership during this period, his committed service of over 23 years, and for also ensuring a smooth handover to our new owners, working with myself and the team in his final months. going forward the regional glass ceos will report directly to me timur kolak in addition to his role as chief transformation officer will also take on the role of chief commercial officer for agp we also continue to progress our separation of the it function to create standalone systems and infrastructure for the metal and glass businesses In our last update, we promised that we would do more to keep investors informed of our plans. In addition to the progress in plans outlined today, it is our intention to further step up our communications. We intend to launch a new investor portal to share additional information, and we will update further in due course. we have implemented a transformation initiative which will positively impact on the perception and performance of the glass business and we intend to provide further details later in the quarter and for our employees we recently concluded a group-wide employee engagement survey with one of the highest participation rates in the company's history to allow employees to play a direct role in the shaping of the future of our business through their feedback. I'll now hand the call over first to Todd and then to Mike to take you through the financial and market performance for the quarter before finishing with some concluding remarks. Thanks, Mark. So, beginning with some RDOC group highlights for the first quarter and using a constant currency comparison, first quarter revenue of $2.5 billion was 5% higher than the same quarter last year. This reflected 13% growth in AMP. It was partially offset by a 5% decline in glass packaging. Adjusted EBITDA of $322 million increased by 5% compared to the prior quarter. This was driven by 11% growth in Ardahl metal packaging, partly offset by a 3% decline in Ardal glass. Reviewing the first quarter performance by segment, again on a constant currency basis, and commencing with metal packaging. Global beverage can shipments decreased 1% in the quarter compared with the same period last year, with a 2% decline in the America's and a 1% decline in Europe. Overall shipments were in line with expectations, which reflected strong prior year growth, as well as the expected impact of some contract resets in North America. Adjusted EBITDA of $179 million for the quarter was strongly ahead of AMP's guidance of $160 to $170 million, driven by performance in Europe, with America's performance broadly in line with expectations. Furthermore, AMP has reaffirmed its full-year adjusted EBITDA guidance for 26 of between $750 and $775 million. Moving to glass packaging performance, also on a constant currency basis, first quarter global shipments decreased by 4% compared to the same quarter last year, in line avec our expectations, and still reflecting a small element of prior year footprint rationalization, but with a stronger volume performance exiting the quarter. First quarter revenue of $991 million was 5% lower than the same quarter last year. This principally reflected the decline in global shipments, with declines in Europe and North America partially offset by strong volume performance in Africa. Class packaging adjusted EBITDA decreased by 3 percent compared with the same quarter last year to 143 million. I'll now turn it over to Mike who will provide some additional comments on the respective glass segments. Mike. Thanks, Todd. Looking at each of our two glass packaging segments again at constant currency, revenue in our Europe and Africa segment of 638 million dollars in the first quarter was six percent lower than the same period last year this reflected the pass-through of lower input costs in europe mainly energy as well as lower shipments in europe but partly offset by stronger shipments than africa in europe first quarter shipments decreased by seven percent compared with the same quarter last year. This was in line with our internal forecasts reflecting strong shipments in the prior year quarter due to a pull forward in demand ahead of anticipated tariffs as well as a strong activity from some of our beer customers in the fourth quarter looking across the major categories the decline in the quarter versus the prior year was particularly driven by lower than expected volumes in beer and weakness in the wine and sparkling wine category which was worse than anticipated this was partly offset by good growth in the spirits category while food volumes were broadly unchanged all regions declined slightly versus the prior year quarter with the exception of germany where we experienced a larger decline reflecting weakness in beer and wine and bet and versus expectations most regions were either in line or slightly better with the exemption of the benelux region which was below expectations and driven by a softer beer volume market demand overall remains subdued and well below prior demand levels resulting in excess production capacity but as mark has already outlined in response to current market conditions we intend to fully close our facility in gemersheim in germany and we're in discussions with the management team and the local employee representatives. Production at this two-furnace facility had previously been curtailed and ongoing supply will not be impacted by this decision as we will continue to service our customers from our broader network. Our intended closure of Germesheim also follows the necessary decision to close our Drebkau facility in Germany early last year. We continue to monitor our overall footprint including taking significant curtailing action curtailment action as appropriate to balance our capacity with demand and also ensuring appropriate returns we anticipate improved volume trends for the remainder of the year and so far volumes in the second quarter are tracking in line with our expectations addressing the recent upward movements in energy prices while we're in a volatile situation we feel that we're in a relatively good position from our own risk standpoint for 2026, but we continue to carefully monitor the situation for 2027 and beyond, particularly if we end up with a prolonged Middle East conflict, and we will take any corrective action as appropriate. Our energy hedging policy is to be at least 85% covered for our energy exposure as we begin the calendar year, which we built up on a rolling basis over the months preceding this year we also have a number of customers who choose to hedge themselves at their own risk in africa first quarter shipments increased by five percent compared with the same quarter last year and in line with expectations by category growth was driven by beer food and spirits categories particularly offset by declines in the wine and sparkling wine non-alcoholic beverages were broadly unchanged versus the prior year by region South Africa by far our largest market performed strongly in the quarter but we had a more mixed performance across our other smaller regions with growth in Nigeria offset by a decline in Ethiopia April volumes are tracking in line with the positive momentum that we experienced in the previous quarter. Adjusted EBITDA for the Europe and Africa segment declined by 2% compared with the same quarter last year to $100 million. This decline was driven by Europe reflecting the decline in the volumes and resulting lower fixed cost absorption as well as unfavorable volume mix and lower inflation recovery related to the negative impact of higher energy prices affecting our open energy position this was partly offset by a strong performance in that performance in africa reflecting volume growth as well as strong operations and overhead cost performance in class north america first quarter revenue of 353 million dollars was broadly in line with the same period last year as the impact of lower volumes was offset by higher sales price first quarter shipments were down three percent compared with the same quarter last year in line with expectations given the weak demand backdrop and also the impact of prior year footprint rationalization there were declines across all categories except for beer which recorded new growth Adjusted EBITDA for North America decreased by 4% compared to the same quarter last year to $43 million, which reflected the decline in volumes, low cost absorption, including actions taken to right-size finished goods inventory, and the impact of adverse weather events. Finally, with regards to my own retirement, I'd just like to thank Mark for his kind words and also extend to extend my thanks to the wider RDR community as i move to my next chapter i do so with genuine gratitude for all those that have helped us navigate through the many opportunities and challenges over the past years i'm proud to have been part of such a talented and committed group of people but i'm also confident that i will leave behind a business in an improved financial position backed by a strong management team and with a go-forward strategy that will enhance future performance. I'll now pass it back to Todd for some comments on our financial position and capital structure. Thanks, Mike. In terms of our capital structure position and overall liquidity, I'd note the following. Both net leverage and liquidity at the end of the first quarter were in line with our expectations, which reflects our disciplined focus on cash management. Net leverage at the ARGID group, which excludes debt at the metal business, was 5.2 times adjusted EBITDA as of March 31st, 26, unchanged from the year end of December 25. Total cash and available liquidity, excluding AMP, was $789 million. Also, as previously indicated, it remains our intention to allocate up to $290 million of preferred share proceeds received last year towards replacement assets as facilitated by the bonded ditchers before making the required excess proceeds offered to the outstanding note holders. In terms of our outlook for cash flow and technical items for the full year 26, expect the following, which are broadly unchanged from our recent update. total capital expenditures of less than $400 million, cash interest of around $380 million, cash lease payments slightly above $100 million. We expect a positive working capital inflow, i.e. for working capital to be a source of cash, and then cash tax of approximately $50 million. I'll now pass it back to Mark for some closing comments. Thank you, Todd. So, before moving on to take your questions, I'll briefly recap on our performance and provide some comments on 2026 outlook. The group had a strong start to the year in the first quarter with adjusted EBITDA growth of 11 percent versus the prior year quarter on a reported basis and 5 percent on a constant currency basis. Performance in AMP was ahead of expectations and performance in glass packaging was in line with expectations. This was despite an expected decline in volumes, as well as adverse weather events and increased inflationary pressures, which is testament to the resilience of our businesses. We continue to closely monitor the evolving geopolitical environment, stay agile, and to take actions as appropriate. We will not sit still, and in that regard, we have today indicated various value-enhancing actions that we have already taken or are in progress to drive business performance and shareholder value. In terms of guidance for 2026, AMP has reaffirmed its adjusted EBITDA guidance of $750 to $775 million. For RDI Glass packaging, we will continue to target adjusted EBIDDA in 2026 of circa $700 million, as initially indicated in the July 2025 public communication. But we acknowledge the increased risks in the external environment and a more challenged outlook for volumes in Europe. As already mentioned, we look forward to further increasing our communication efforts and providing you with continued updates on our plans and opportunities ahead. And we're now pleased to take any questions that you may have. If you are dialed in via the telephone and would like to ask a question, please signal by pressing star 1 on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, that is star 1 to ask the question. And we'll move to our first question from Kurt Ludke with Imperial Capital. Hello, everyone. Thank you for the call. I think I heard you mention that 85% of your energy costs are either passed through under contracts or hedged for this year. Did I hear that right? Yes, we have 85%of it. So that's what we have going in normally into the new calendar year. Okay, fantastic. Can you give us a sense for how much of that is in those two buckets, contractual versus hedging? So, sorry, just to be clear, the 85% is where we class as our own risk. That's under our control with our customers. All the contractual elements with our customer's hedging is done by themselves from that perspective. So that is basically the energy that we control. okay um when you say you control it what what do you mean by that so basically we we are responsible for the energy and hedging that energy for the customer so they choose not to hedge their own energy. So 85% of company exposure is hedged. Okay. You've hedged 85%. So you're only exposed to 15%, you're saying? Right. Okay, thank you. Of that portion that we are exposed to, 85% is covered. Okay. Okay, I appreciate it. Thank you. With respect to the capacity reduction in Europe, give us a sense for, you know, the economic impact of that. You know, is that plant generating negative EBITDA that you eliminate? You know what kind of cash costs? What's the timing and anything anything on that front you can share? Yeah, so look, we're we're currently going through a consultation process and we clearly we'd like to go through that process and then we can make comments once that's being concluded. OK. Do you? Can you share with us any? Plans to list the common shares? Torsten, our general counsel, is here. I think it's best for him to address it. Yeah, thank you for the question. There's no hard obligation in the shareholder agreement to do so. However, we follow best commercial efforts to register the share over the counter trade market. We are in active contact with a number of brokers and financial institutions to act as a money market and market maker. We currently face significant legal and regulatory issues, and we do not think we will be able to lift the share for an over-the-counter trade in the near future. Okay, thank you. And then lastly, which coupons are you paying on the secondly notes? And what do you think going forward you'll likely pay? Hey, Kirk, this is Todd. If I understand your question, you're asking about going to the higher cash, lower pick auction? Yeah, 11% or 12%. Yeah, 12%. Okay, great. I appreciate it. Thank you. Thank you, Mark. If you find that your question has been answered, you may remove yourself from the queue by pressing star 2. We'll take our next question from Ed Brooker with Barclays. Hey, thanks for taking the time. this morning. So my first one, would you just be able to give us a little bit more color around the demand outlook in the current environment, maybe giving us how demand progressed, broadly speaking, from January to March, if you're seeing any issues in April as the conflict has kind of ramped up and elongated, and then maybe longer term as well, how elevated inflation that is likely to happen kind of flows through in terms of potential demand destruction? Yeah, so I think just what we saw actually through the quarter was a slow start in January and February, and volumes actually improving a very strong March. And actually, we've seen that continue going into April. So I think we are seeing a good position. And I think part of that is driven by some of the activity levels around the World Cup activity coming on board. We see that coming through and pulling through forward. But as we said, that we do see demand being slightly challenged. So from a North American standpoint, we see that being flat. And in our European Africa, we See some improvement in Africa, but some challenges in Europe. So we see overall, we think we're going to see around about a 1% decline in volume, so flat to slight decline in real terms. With regard to the implications of the conflict in the Middle East, I think it's really all dependent on how long that continues. I think we'RE not seeing too many signs of a decline at this stage, but, of course, it depends how long the conflict continues for. got it um and it sounded like uh beer uh in the u.s improved and maybe a bit surprising by me given the struggle that it's been that it has had uh for such a long time but do you think that's a that's turning that or that that market is turning around in the region uh and do you think that that's sustainable well look i think it's still a challenging market i think the the general demand and backdrop is still is still challenged but i think what we've done over the last two to three years with the changes to the footprint have have made an impact and that's clearly important for us as we go forward but it is still around a turnaround around our operational performance and and really some some stability in the market as we move forward so they are key key elements that are important for us as we move forward. Got it, thanks. And we'll move next to Patrick Rogers with Diameter Capital Partners. Hey, thanks for taking my question. You talked last quarter about expecting shipments to be flat to slightly up in Europe and Africa and then a slight decline in the U.S. It sounds like that's pretty consistent with how you're thinking about it now after a tough start to the year. I was just wondering, has there been any change at all to how you've thought about volume post 1Q? And could you get into more specifics about how you get confidence in your full year numbers from like a customer win perspective or otherwise? Yeah, so look, I think, yes, we would say that our position and what we're seeing today is aligned to what we said in our results call back in February. So there is certainly some slight changes maybe with regard to Europe being slightly down compared to what was thought then. But look, we're spending a lot of time, as we always do, with our customers, working with our customers, understanding their demand profiles, understanding their requirements, and matching from that perspective. So we're there involved in that on a daily basis. So, you know, what we're seeing at the moment is, I think, volumes where, again, performing okay, but with the caveat that clearly, depending on what happens in the Middle East and how that will have implications with regard to the overall market demand, that's still something that they were spending time working with their customers and understanding how that moves forward. And why had you expected shipments to improve throughout the year going into this year? So it sounds like OneQ was sort of in line with expectations on shipments. Why does the rest of the year get better or why have you guys expected that? Because we always, if you look at what happened in Q4, we saw certainly a view of some pull forward from some customers into Q4 last year. So therefore, we expected a slow startup in the first quarter and that to get back to more normal demand in the remaining quarters. That's helpful. Thank you. And then on the German facility, I understand that you're in consultation on the second facility closure, but the first facility closure was last year. Can you give us a sense for, you know, typically what does it cost to close one of these facilities that you're choosing to close? And what do you expect from EBITDA uplift? Maybe if you can't talk about the second facility, maybe you could talk about The First. Yeah, so from a cost, we would say it's in the range of $35 to $45 million. That would be a typical cost in that area. And look, from an EBITDA improvement, it would be around the $15 to $20 million mark. That's helpful. Thank you. And then one more. As we're looking, as we're thinking about inflation for this year. It sounds like you have a good hedge position and you are on top of measures to pass through. But if we look back at the history of the business, last time there was a gas spike and a lot of inflation, the business suffered a lot. I'm curious as you guys compare what you're seeing today versus then, what puts you in a better position? What makes you more confident than last time around well first it's the hedge position we changed the approach and our policy around hedging so we're much we've got a much better coverage so we have a very small portion that is open that helps us manage that process and and therefore that that puts us in a far different position than we were previously in 2022. got it thank you i'll pass it along And we'll move to our next question from Roger Spitz with Bank of America. Thank you very much. Could you speak about 2027, particularly how much you might have hedged in terms of energy prior to March? So we have a policy with regard to an energy policy. So we are hedged out to a certain position in 2027. not really we don't really talk about that from that perspective but we have hedged and we're in line with our policy going into this quarter it's fair to say that what we have done through um through the um the start of the conflict we've suspended uh hedging uh further out at this stage until we get a bit more stability so we're on line with her policy uh on hedging and we will we're monitoring the position very carefully with regard to the the conflict in in the middle east got it and then um in the current environment you know call it april we're in each of north american europe um what is the premium of glass bottles versus aluminum cans um i mean to roll roll back the story, listen to UNOI and others. For a couple years back, glass bottles got from the typical 15% premium to aluminum cans to 30%. And then we heard from one of your competitors early this year that it actually collapsed down to 0% to 5% premium over Bev cans. I suspect it's now higher. But can you comment on that, basically on that timeline, as well as where you are, say, as of April? Look, I think it's – I would say it was – the position was getting closer, the gap. But I think, obviously, now you're right. The gap is higher. But I mean, I don't know. I think from that perspective, as we go forward and as we grow into the back end of this year, depending what happens with the energy position it we'll have to assess that but i think it was getting into a better position but i wouldn't say we were seeing any real switch from aluminium into glass um up until the conflict got it and then oh god please and i was also going to say that that from from an energy position i think you'll see um the position on energy hedging being generally better further out and that makes the position on energy slightly better and more and give it giving glass more comp more opportunities let's say versus aluminium when the energy prices are at the lower levels you mean for you in particular or the industry you're saying the industry is so well hedged that uh maybe they won't have to raise prices as much to the consumer what What I'm saying is in 27, the energy position is generally a little bit lower. Therefore, depending on your hedge position in 2027, it may give the gas industry more opportunity. Got it. Last one from me. I don't know if you want to provide this or not. In a number of previous years, we were told the Africa EBITDA. I don'T know if YOU'VE GIVEN THAT THROUGH THE VARIOUS PROCESS, BUT I DON'T HAVE IT. Would you be willing to give Africa EBITDA for 2024 and 2025? Yeah, this is Todd. No, we're not able to break that out. Okay. Thanks very much. And we'll go to our next question from Peter Delina with BNP Paribas. Yes, hi. Thanks for the question. Could you – I had a couple questions about the cost structure here. For the 15% unhedged energy position in Europe, I mean, what's the approximate amount increase here for the unhedging position kind of at spot? And then similarly, what kind of are you seeing inflation for some of your raw materials or shipping costs as we look into Q2 and to the second half? So with the GAD, we're not really seeing any movements on other costs at this stage. I think it's very early in the process, and we do contract with our suppliers on an annual basis, on a multi-year basis. So therefore, we are not seeing any real movements from that perspective. And, look, I think what I would say is that with the hedge position, our hedge position for this year, we are looking at that and manage that very carefully. And as I said, if there is any real implications with regard to what that means for inflation for us, the customer base, then we'll address that as we need to as we move forward. Okay, thank you. And one follow-up question, a subject that came up on the metal packaging call, which was the lawsuit with Sam Adams and the settlement there. Any further thoughts on potential timing? It sounds like there's potential for an appeal. Any further indications there of how that process could play out? And then I presume it's probably too early to start thinking about how that money can be used, but if you had any thoughts, I'd love to hear. Yeah. Yeah, look, I think Ollie did a very good job answering that question, and I think that, you know, I direct everybody to the webcast of Honest Commons regarding Boston Beer for an answer to that question. Okay, thank you. And we'll go next to Ning Yang with Jupiter Asset Management. So I think most of my questions were answered, but I just have one additional question. You mentioned at some point the IEP separation from other metal packaging, and is it kind of an intention to separate kind of the operations of the company to pay for maybe in the future disposal of the state? Just wondered what's kind of behind that. Yeah, good questioning. Look, we are doing an IT separation to create optionality for us. And, of course, we have to explore every potential way of increasing shareholder value. But by separating the IT infrastructure, it does give us option value. Understood. Thank you so much. Yes, you're welcome. And we'll go next to Larry Sitkiewicz with Travelers. Hi, thank you. So my impression was that a couple of years ago you guys were saying, or people were saying about you, that you weren't spending enough on CapEx, modernization, higher-end bottles in the glass department. And we kind of here hoped for some big increase in CapEx stock, not seeing it, spending it all on interest and that kind of thing instead. So how do you propose to really grow without doing that? And do you see it that way? So I think on CapEx, we are increasing our CapEx and our maintenance CapEx. I think the key for us at this stage is really maintaining our assets and really assessing the market and where's the best place to allocate our resources to the right market condition. So for us at this moment in time, as you can imagine, it's still volatile. The demand profile is still changing. And we really want to establish what the baseline is and how we move forward. So the focus is we are still spending CapEx. We're increasing our CapEx versus what we have done over the last couple of years. And we'll maintain that approach and that discipline around where's the right place to allocate our resources. Yeah. And I would add, Mike, if I could, so this is Todd again, you know, in 25, the CapEx spending was $251 million. So we are, you know, so we are projecting an increase in 26. And then looking back at it historically, you know, and kind of the 2022 period, we're spending, you know, 10 to 12% of our revenues on CapEx. That dropped during 24 and 25 down to around 6%. You know, that was obviously when the company was under a lot of financial pressure. So this year, the number is going to be 8% to 9% of revenues. So we think that's more close to kind of the normal sustaining level that we would expect for CapEx. So I think we're getting back to normal is another way to characterize it. Yep. And when you say you're going to be spending it on CapEx, is there, do you see any problems with the modernization that you have on your plants compared to competitors that needs to be addressed? Or do you say any movement into higher-end custom bottles for you guys? Look, I think we're comfortable with the portfolio we have, but I think if you look at our strategy and what we've been doing over the last few years with regard to our footprint and footprint optimization and network changes, you can see that we're focusing around more away from, let's say, the more commodity beer section and more into other sectors. And that's been very much some of our approach and our strategy over the last couple of years. Okay. And finally, just the whole potential here for the price of aluminum to continue to stay high. How long would it take before you think you'd start to see a movement into glass by your customers? Yeah, look, that's a difficult question to answer. I think, Luke, as aluminum prices increase and we get a bit more stability around energy, I think it gives opportunity and options for our customers to look at glass and to take opportunity to replace that. But I still think there's a lot to go with regard to the current volatile environment before we can really assess when and where those opportunities will come up. And do you feel like if such a switch were to happen, you guys have plenty of capacity to be ready for it? Is there anything you need to do in the meantime? Well, obviously, as you can tell, we've been in a containment and taken out capacity now over the last two, three years in real terms. So we have capacity. Clearly, there would have to be investment, but we have certainly idle assets across our whole network Thank you And once again ladies and gentlemen if you're dialed in via the telephone and would like to ask a question please signal with Christine star 1 on your telephone keypad. We'll pause for just a moment to give you the time to signal And once again, if you'd like to ask a question, please press star 1. It appears that there are no further questions at this time. I'd like turn the conference back to Mark Porto for closing remarks. We'd like thank everybody for participating in this call. We look forward to seeing you on the next call, and we wish you all a very good rest of your day. for dialing in and participating with us. Thank you. And ladies and gentlemen, this concludes today's call. Thank You for your participation. You may now disconnect.