Good morning and welcome to our second quarter 2026 earnings conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. Please be advised that this call is being recorded today, August 7, 2026. I would now like to turn the conference over to Catherine Chen, Vice President of Investor Relations. Please go ahead.

Good morning, everyone, and thank you for joining us for the Cars.com, Inc. second quarter 2026 conference call. With me this morning are Toby Hartman, CEO, and Sonia Jain, CFO. Toby will start by discussing business highlights from our second quarter, then Sonia will discuss our financial results in greater detail along with our outlook. We'll finish the call with Q&A. Before I turn the call over to Toby, I'd like to draw your attention to our forward-looking statement and the description and definition of non-GAAP financial measures, which can be found in our presentation. We will be discussing certain non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted operating expenses, adjusted net income, and free cash flow. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures can be found in the financial tables included with our earnings press release and in the appendix of our presentation. Any forward-looking statements are subject to risks and uncertainties.

For more information, please refer to the risk factors included in our SEC filings, including those in our most recently filed 10K, which is available on the IR section of our website we assume no obligation to update any forward-looking statements and now I'll turn the call over to Toby thank you Catherine and thanks everyone on the call for joining us to review our second quarter 2026 results we delivered another quarter of revenue growth and increased profitability due to revenue of 180 million dollars was within our guidance range and grew year-over-year on the strength of dealer subscription products marketplace was a highlight for the quarter on both revenue and subscriber growth our expanded adjusted ebta margin of 29.4% outperformed the high end of guidance for a second consecutive quarter and we continued to generate strong free cash flow which enables both investment in organic growth and a 28% year-to-date increase in buybacks to return value to shareholders based on our results we are pacing well to meet our 2026 financial targets and we are positioned to deliver further improvement in 2027 as we laid out shortly after I joined in January creating an interconnected marketplace centric ecosystem is foundational to long-term growth strategy at its core our marketplace flywheel is solid and we remain a leader in driving vehicle sales at scale integration between marketplace website and appraisal solutions unlocks more opportunities to improve each component of this flywheel for example unifying our retail appraisal and vehicle insights helps build more trust and confidence in the purchase journey a more seamless and personalized experience between cars.com and Dino websites also power better shopping signals and conversion and we can speed product development velocity as we improve technical interoperability we are operationalizing these goals through our focus on product process and organizational improvements the three initiatives that have guided our year to date execution marketplace results are already responding positively to the change in our strategy and operations market phase revenue grew over seven percent year-over-year in q2 putting this in context outside of 2021 pandemic related recovery this is the fastest marketplace growth rate in our public company history and as a result dealer revenue growth more than offset the expected decline in OEM revenue underpinning this growth in Q2 marketplace subscribers rebounded to their highest level since 2023 and marketplace ARPD reached an all-time high. We recently launched dealer verified listings a new feature that for the first time integrates aspects of AccuTrade and marketplace. Whereas AccuTrade has traditionally been a standalone dealership solution powering appraisals and trade-ins we are now beginning to capitalize on its capabilities across the consumer marketplace. AccuTrade dealers and soon those wanting to participate in our dealer verified listings program can display current vehicle condition reports directly onto listings this is a differentiated alternative to the traditional backward-looking vehicle history report and for shoppers the dealer verified badge is an additional trust signal unique to our marketplace dealer verified listings are the first step as we build trust platform VIN-specific intelligence that helps maximize the value of each car. Compared to process and people changes, product typically requires a longer runway before results come to fruition. Therefore, it was exciting to see dealer verified listings go from development to launch within just a few months. Overall, in 2026, our deployment rate for new features has already increased by 80% year over year. This new operating cadence underscores our growth potential as product momentum builds across our interconnected marketplace. We also continue to enhance the consumer product experience, adding our Carson AI shopping assistance to more marketplace surfaces. Today, around 20% of active searchers on Carson.com are engaging with Carson. Carson users are four times more likely to submit a lead and accounted for nearly 30% of total leads submitted in the month of June, demonstrating our platform value. Offering an AI-first option for car shoppers boosts conversion, contributes to overall marketing efficiency and gives us additional bandwidth for strategic growth investments. Additional Carson features are slated for release this year, such as better comparison tools and more personalization that we expect will further improve consumer satisfaction. In terms of our overall marketplace audience, the year-over-year decline in Q2 traffic and visitors primarily reflects strategic shifts to prioritize value delivery. Adhering to a more rigorous marketing investment approach has helped us better target and convert high-intent shoppers. Q2 lead conversion was up double digits year over year, and performance marketing costs per lead also improved throughout the quarter. Based on a clearly favorable customer response that fueled marketplace revenue and subscriber growth in Q2, we will continue to de-emphasize lower quality traffic opting instead to drive more value to dealers we're also excited to have our new CMO leading these efforts leveraging her deep consumer and marketplace background will help us shape and refine our tactics we believe marketplaces remain central to the car buying experience for shoppers first automotive is a considered purchase for the majority of consumers and requires deep, vertical expertise and proprietary first-party insights like dealer verified listings. Adding richer vehicle insights will continue to draw shoppers onto our marketplace. Second, organic traffic has consistently remained around 60% of our total traffic. SEO declines appear to have bottomed in late 2025, and direct traffic, our largest organic channel grew year-over-year in the first half of 2026. Third, we view AI as a net benefit to the car shopping experience and seek to be a valuable partner in this expanded ecosystem. We are the number one most cited public automotive marketplace among leading AI platforms. We also recently added 25 plus years of editorial content into our cars.com chat GPT app to enhance the consumer experience in the medium term we anticipate that pursuing a thoughtful ai strategy should be additive to our growth ambition each incremental step on product integration process optimization and organizational improvement contributed to the meaningful uptake in marketplace performance in the first half simply put our label shows impact and we will reverse the recent decline in website customers by applying these same principles particularly product innovation our goal is to accelerate product development velocity for websites first by adding current marketplace capabilities this includes personalization AI features like Carson and interconnected data insights between our products for consumers that means a more seamless and customized shopping experience when moving across cars.com and dealer-inspired websites. We will provide seekers with more options and choices for an interconnected marketplace experience. For dealers, aggregated consumer signals yield return B and a distinct advantage to closing sales. These enhancements plus further technical and product investments slated for 2027 are expected to position our website business for renewed growth. In summary, we have made solid progress to deliver our goals and objectives. Our 2026 financial performance has consistently met or exceeded guidance. Marketplace results are especially encouraging and reflect strong execution of our new strategy. Operating leverage is also improving via cost efficiencies, tighter internal processes, and a leaner, yet more productive organization. And product re-shoots are showing the untapped potential of an interconnected marketplace platform. I want to acknowledge the discipline, hard work, and focus of our team, whose execution and collaboration has been instrumental to these initial successes. We are confident that these efforts will compound to drive long-term, sustainable growth and shareholder value. Now, Sonia will discuss our financial results and outlook. Sonia?

Thank you, Toby. Second quarter financial performance highlighted strong execution of our Marketplace First strategy and improved operating leverage across our business. Revenue of $179.9 million was up 1% year over year, and within our guidance range. Dealer revenue growth was up 3% year-over-year and was slightly offset by the anticipated decline in OEM and national revenue, which was down 18% year-over-year. Within dealer revenue, robust marketplace growth more than offset flat-to-down performance for solutions and media products. ARPD and dealer count also broadly followed these same trends. Q2 ARPD of $2,500 was up 3% year-over-year and 1% quarter-over-quarter. Marketplace was the primary contributor to this year-over-year improvement, and we set a new record for Marketplace-only ARPD during Q2. Premium Plus was up quarter-over-quarter and the fastest-growing of our three Marketplace packages, further supporting favorable pricing mix. We're making progress towards our stated 15% target adoption rate for 2026. However, lower uptake of add-on dealer media products remained a near-term headwind, partially offsetting gains from core marketplace adoption.

The qualitative dealer count reflected similar puts and takes.

Marketplace subscribers were up year-over-year and quarter-over-quarter. However, website units declined compared to a year ago, consistent with our view that future DI growth hinges on product innovation and packaging rather than unit volume expansion. Therefore, we're applying the same product-led approach that has worked well for marketplace. Step one is bringing existing marketplace capabilities to websites in Q3 and Q4, an efficient way to strengthen our focus on DI product innovation. As Toby also mentioned, we launched dealer verified listings in June. This is an important first step as we integrate our product offerings to capture greater platform value, simplify go-to-market motions, and unlock new cross-selling opportunities. Dealer verified listings are currently available to existing AccuTrade customers, and in Q4, we will begin expanding this feature for marketplace customers to drive further growth and adoption. As we migrate towards a more integrated marketplace and appraisal bundle, individual point sales of AccuTrade will become less relevant to our strategy. However, it's worth noting that AccuTrade subscribers were roughly flat sequentially in Q2, even as we retool our offering. Rounding out our revenue discussion, OEM and national revenue was down $3 million year-over-year in Q2. We signaled in May that this quarter would represent a trough in OEM revenue, and based on positive performance in July and incremental spend commitments for the remainder of the year, we anticipate quarter-over-quarter growth in Q3. Now to discuss cost. Second quarter operating expenses were $152.1 million. dollars down seven percent year-over-year we drove operating leverage across the organization maintaining strong cost discipline and a continued focus on process efficiencies a meaningful decline in depreciation and amortization expense following the full amortization of customer lists tied to our 2017 spin-off combined with lower compensation costs accounted for the majority of the year-over-year delta q2 adjusted operating expenses were 144.3 million dollars down 6% year-over-year from the same cost levers for the following line item detail all comparisons are on a year-over-year basis unless otherwise noted product and technology expenses decreased 2.7 million dollars on a reported basis and 2.5 million dollars on an adjusted basis lower compensation expense related to streamlining our processes and improving interconnectivity and improvements in our capitalization rate drove both the reported and adjusted decrease. Marketing and sales increased roughly $2.7 million on both a reported and adjusted basis, largely driven by targeted marketing to prioritize value delivery. General and administrative expense was down $3.5 million on a reported basis and roughly $1 million on an adjusted basis. The reported decrease was primarily due to the elimination of the B2C earn-out expense accrual and lower compensation expense. As a reminder, the D-to-C earn-out is considered a special item and not included in adjusted operating expenses, which accounts for the delta between the decline in reported and adjusted G&A expense. Second quarter net income was $14.3 million, or 25 cents per diluted share, compared to net income of $7 million, or 11 cents per diluted share, a year ago. Net income was primarily driven by improved operating income. Adjusted net income for the second quarter was $28.7 million, or $0.51 per diluted share, compared to $26.4 million, or $0.41 per diluted share, a year ago. Adjusted EBITDA of $53 million in the second quarter was up 4% year-over-year, healthily outpacing revenue growth and clearly showing the early impact of our process, cost, and organizational improvements. A juxtapiness on margin of 29.4% was up nearly 100 basis points year-over-year. Moving to the cash flow statement and balance sheet, net cash provided by operating activities totaled $55.6 million for the first half of the year, compared to $55.7 million a year Free cash flow was $43.5 million year-to-date, up modestly from $41.8 million a year ago when we had higher spending related to the build-out of our office headquarters. Share buybacks totaled 6.2 million shares for $57 million year-to-date. Since the start of the year, we have bought back and retired over 10% of shares outstanding. We are pacing well towards our 2026 share repurchase target of $90 million through opportunistic deployment of our free cash flow in the first half of 2026. Lastly, debt outstanding was $450 million as of June 30, 2026, which includes a $5 million debt payment during the second quarter. Total liquidity was $333.3 million as of June 30, 2026, and we have ample capacity for our capital allocation needs. Finally, we'll conclude with Outlook. Third quarter revenue growth is expected to be flat to up 2 percent year-over-year gave some continued dealer revenue growth and marketplace improvement and quarter-over-quarter improvement for OEM and national revenue. Third quarter adjusted EBITDA margin is expected to be between 28.5 and 29.5 percent benefiting from continued cost and operational discipline. Lastly, we are also reaffirming our full year 2026 guidance of flat to 2% revenue growth and adjusted e-vita margin of 29 to 30%. And with that, I'd like to open the line for Q&A.

Thank you. Ladies and gentlemen, we will now begin the question and answer session. And if you wish to ask a question, please press star and one on your telephone keypad and wait for your name to be announced. Once again, star and one if you wish to ask a question. please limit your question to one question and one follow-up please stand by while we compile the Q&A roster thank you for waiting we now take our first question and this comes from Thomas white from DA Davidson your lines now open please go ahead thank you good morning guys so I just first off marketplace looks like a nice quarter there 7% growth I was hoping maybe you could just unpack a little bit more kind of the drivers there you know kind of

between maybe the some of the premium package adoption and momentum from the from the new products and just sort of talk a little bit about the sustainability of of that kind of trajectory and then I've got a follow up thanks thanks for the question no we're excited about the marketplace performance that we saw in Q2 I would say that it was driven by a combination of both improvements in dealer count, which really helped accelerate the marketplace flywheel, and continued progress on ARPV, a chunk of which was driven by the new premium plus package that we rolled out last year. We continue to see good adoption there. Our target as a reminder is to get to a 15% penetration rate by the end of the year.

Okay, great. And then, so you called out growth in lead volume, but, you know, there's still a pretty sharp decline in uniques. Toby, maybe can you help us, or sorry, can you help us reconcile that a little bit? It didn't sound like SEO headwinds for you kind of have gotten worse, although there's There's some other kind of Internet marketplaces who are talking about that. So, I don't know, just help us kind of reconcile what's going on there with Unix. And eventually, I presume that, you know, that trend has to change, particularly if you're going to look to be adding more dealers to the marketplace.

Yeah, sure. As we laid out and shared, this is really an intentional shift. We looked at our marketing spend and our marketing practice, and we figured that there are some inefficiencies. We drove a lot of traffic in the past, a lot of clicks that didn't convert into leads, so we do not want to do this anymore. So we are intentionally shifting to prioritize the value delivery versus the pure audience reach. They're very happy to see that this is actually kicking in, so a lot better conversion and lead volume also kicking in. And we also have a new TMO who started, so she's going to take it to a new level. So you saw with Marketplace, obviously, it's a good sign that it's working. You saw the growth kicking in. You saw also the dealer growth and the revenue growth. So we think that's the right strategy. And, of course, we'll create the right momentum to also reinvest in the right spots. But, again, lower funnel versus just Apple funnel. Thanks.

Thank you. and the next question comes from Marvin Fong from US Bank Corp your lines now open please go ahead great good morning thanks for taking my questions here um just would like to ask a question on on the subscribers for solutions talked about turning that around with with more innovation and you call that you just Just kind of talk about the timeline you have for rolling out those new products and do you have a timeline in mind for when we can expect that the dealer or the subscriber's out there to stabilize and be positive. And then second question, I know it was just launched in June, but just talk about what you're seeing in terms of leads and conversion rates that you're able to on the dealer verified products, and what's the monetization strategy for that, you know, what packages, what are being included in, and how is it monetized outside of IP trade specific prescribers?

Hi, Marvin. Thank you for your questions. Let's talk about the first part, which is the access part of the IPART. First of all, we'd like to recall that we did tell you in the future that the future Your growth will be a little bit slowing down and given the fact that we actually repackaged and this is actually what we did. So it's not just about a mere volume, but it's also the price points and the packaging. So we pushed that and that's totally in line with strategy. Having said that, our value delivery remains really, really strong. We're a really scaled provider. We're endorsed by pretty much every major OEM, and we're still winning new customers. But let's also talk about the weakness, which I'd like to address. First of all, there's a slow pace of new feature releases to date. And what we've done is we've rolled out the playbook for Marketplace. We talked about it. We've seen great productivity enhancements and acceleration. And we are going to apply that same playbook also for the solutions business. So we have a pretty exciting roadmap I have that we work behind closed doors, which will actually focus on the interconnectivity with some of the marketplace functionalities. And then another point I'd like to mention is we do have some organizational and process misalignment in the past, which we're also addressing as part of our reorganization. We've named the new GM, and we're really picking up speed there. So over the next, you know, two to three quarters, there will be a focus on really product innovation and applying the same playbook. So we're very confident that we'll get this back on the growth trajectory. Now, regarding your second question with dealer verified listings, we're really very happy about that because it took us only a few months to launch that. And what it does is, in terms of impact, it's basically creating already more impressions, which then, you know, converts into higher click-through rates to VDPs, which essentially then drives faster listing terms. Because this is a major trust signal that we are integrating into marketplace to stand out and help consumers really getting a better coordination between lots of vehicles, and there's either CPOs or nothing. And this is another alternative that looks at not just the historic vehicle report, but at the actual condition and at the actual inspection that a dealer had to go through by applying some of the assets from Accutrade. So view this as a really important step, first step. We'll share more data points. We just rolled it out, so it's too early. But we're testing heavily towards an interconnected experience with a focus on trust signals and guiding consumers. So hopefully this is some context for you.

That was great.

Thank you. And the next question comes from Gary Restopino from Barrington Research. Your line is now open. Please go ahead.

Hi. Good morning, all. Hey, Toby. Good progress here. I guess with some of the marketplace revenue growth, is that really somewhat of a function of that you're now got the sales force selling an integrated product and you're getting more uptake because of that integrated product sales approach?

Yeah, thank you. There's a couple of factors. That's certainly one. I'm glad you called it out. We made good progress there. as well but you know the other piece is we're bundling it and it's easier to understand it's easier to package and it's easier to roll it out so away from point solutions more towards an interconnected subscription with a clear value delivery and then also let's not forget about the marketing piece that we just called out we are focused on delivering more leads as opposed to just more traffic and that is the at the very end that's the value delivery that DLOs want so it's a combination of the process and organizational adjustments

we made plus the clear interconnectivity first steps will by no means done thirdly sales efficiency and packaging and fourthly support support from marketing efficiency and great elite volume thank you okay then just just to follow up on the verified product which is being generated by AccuTrade is the data that is being shown there very similar to some of the output that we were shown in in in Las Vegas or is it more or less just a deeper dive like versus a Carfax where, you know, it's going to say no mechanical issues, et cetera, et cetera, things like that?

Yeah, that's a great question. Thank you. So the main difference between what you saw in Vegas and how you're utilizing it currently is it was very much dealer pacing in Vegas, which is if you remember this was used as a tool to determine the best price how to price the vehicle from a dealer's perspective to then put it onwards to a consumer facing potential sale listing now with this us today our focus is really on guiding consumers so the shift more towards consumers giving them additional data points to really understand that this is a vehicle and there's a number that went through an additional loop of you know 15 18 points inspection which by the way the dealer is here to and signed off so that's the difference it's more consumer facing as opposed to just price labeling so so I I know I only have two questions, but I just want to be clear.

In order to do a verified, have this program, the dealer does have to do some kind of certified inspection and guarantee that inspection before, you know, for the purchaser of the car?

Yes. They need to go through a rigorous process, which is obviously part of the aggregate assets, and then they can put it up online. That's correct. Thank you.

Thank you. The next question comes from Naveen Khan from B-Riley. Your line is now open.

Great. Thanks so much, guys. Two questions for me. One, maybe just on the traffic, the website traffic between Unique and Visits. Please, you said that, you know, you're focusing on higher quality traffic, not just the volume of traffic, which I understand. but if I just look at sort of marketing and sales as a percentage of revenue that's that's up here on here you're spending more money so is it that we have to spend more money to kind of acquire the high quality traffic how should I understand that the leverage in the marketing line versus you know what you just talked about and it's a quality trade-off and then I have a follow-up yeah good catch there we anticipated that question but there's

something else that we are we're trying to catch up with and trying to have proper allocation which is really call it brand remember we still need some brand investment for the long-term interconnected strategy so we need to position this not only just a listing destination, but instead as a transaction enablement platform. So the focus we just called out is really on the performance and growth marketing piece, where we really focus on driving more value. Separately from that, we are continuing and actually, you know, we're spending money on positioning this right in terms of branding. And that's an important part of the journey because we're here for long-term success. So, yeah, that's why you see those numbers. Thank you.

Ok that's great. The second question I have is just on the verified listing so it looks like this you know you're creating a greater value proposition for the dealer that buy AccuTrade and ultimately they should drive sales for this product. Is that the right way I should be understanding this or are you just going to expand the verified listing to more dealers regardless of whether or not they are... AccuTrade customers.

Yeah, good question too. As Sonia shared, we started with the AccuTrade customers. Why? Because they are used to the procedures and the processes and obviously they're closer to our intentional shift of driving a differentiated listing and providing a different trust signal. That's the current testing now again this is early innings we're the only you know out there for a couple of weeks but the intent is to then also make this available to a broader audience of dealers and we're seeing very positive and very encouraging signals right now but also to be clear we are learning because these are the power users and they're giving us incredibly fundamental and good sound feedback on you know how we can further improve that so it's summary, correct, we started with Accitate customers only and also only a subgroup of those. We're getting their feedback, we're monitoring, we're finessing the product, but the intent is to roll it out and expand it and make it available to other dealers. Thank you.

Thank you. The next question comes from Alejandro Nuno from UBS. Your line is now open.

Hi, good morning. Maybe you can just sort of help us out with the guidance. The The EBITDA guide basically implies margins are relatively flat, quarter-over-quarter, but it sounds like you continue to make good progress on optimizing the cost structure and expect sort of return growth in OEM revenue. So, like, why are margins sort of flat, quarter-over-quarter? And then maybe sort of on top of that, like, the fourth quarter margin sort of implies close to sort of 31%. Like, what drives, I guess, the step up then from Q3 to Q4?

Yeah, no, thank you for the question. You know, we're happy with our EBITDA performance on a year-to-date basis. If you've heard, we've kind of reaffirmed the full year guide. I think the shape of the year maybe looks a little bit different from a margin perspective than you may have originally anticipated, but we're definitely committed to finding those ongoing efficiencies, some of them unlocked in Q2 with the changes that we made to streamline the organization. But you've also heard us talk about the importance of innovation and driving forward growth in the business. So we're fairly committed to identifying and reallocating resources as needed to deliver on the growth profile. And we would also expect as innovation takes hold, as we get more of these efficiencies, as we see revenue growth, we should see more scale in our EBITDA numbers as we progress quarter over quarter.

Got it. Thanks, Eckler. And maybe just sort of one more follow-up, if I can. I'm sorry if I missed this, but on the new Premium Plus package, you highlighted that you're targeting sort of 15% by the end of the year. Can you just give us an update of where you stand now?

We're seeing good progress. You know, we're midway through the year, and I think we're seeing a lot of momentum in terms of those sales. Premium Plus was the fastest growing of our three packages in Q2. And as we continue to add more features and improve the interconnectivity of our marketplace experience, we believe a lot of that value will accrete to the premium plus package. So, we're still fixed on delivering the 15% by the end of the year.

Do you have a penetration for the quarter so far, like where you stand right now?

We're getting, we're basically at double digits or close to double digit penetration.

Great. Thanks so much. Thank you.

The next question comes from Rajat Kupta from JPMorgan. Please go ahead.

Hi, good morning. This is Josh on for Rajat Kupta. Thanks for taking our questions. I just wanted to start off with one on the FTC's push around dealer pricing transparency. I was just wondering if you could expand on how you've changed the platform to to just adhere to that increasing pricing transparency standard. You know, you said a step removed since dealers do the advertising. So does all-in pricing lead to a marketplace built on trust, or does it create some more of a friction for your dealers? And is your approach any different from that that is employed by your peers? Thanks, I have a quick follow-up.

I tried to take a role in helping dealers ensure that they're able to get their information out there and be trusted partners to consumers. If you think about our vision for Marketplace, it is embedded in trust, transparency. And so we've been supporting them through this process, encouraging compliance and just better information, right, because when the consumer understands what they have to pay before they walk into a dealership, it reduces the friction of the transaction, right? it increases lead-to-sale conversion. So we feel like we're taking the right steps.

Understood. That's very helpful. And then just as a quick follow-up, could we get an update on, you know, where cost.com's dealer-to-dealer wholesale in a shade of span just around Dealer Club with active trade-connected dealers not yet seeing meaningful upward pressure? Just curious how that flywheel starts turning and what's the unlock that gets that ecosystem to compound? Thank you.

Yeah, currently we are focused on, as we just laid out, on really taking some of the action assets and making them more interconnected. So that's the first step. That's plenty of stuff to chew on. So we're going to take it step by step. And the dealer verified listings program, as we just launched it, is going to, you know, to keep us busy for quite some months. So we'll give you more updates on the other stuff. But that's the focus. That's the current focus right now. The other part that we're really debating and making it more connected is also anything that's related to our Premium Plus features. So, we've developed a stack of new features that are going to be launched as part of our rollout and our future subscription services. But again, surely to talk about in public, but there's a lot of work behind closed doors. So, stay tuned.

Understood. Thanks, and good luck.

Thank you. And no further questions that came through. This concludes our conference call for today. Thank you all for participating. You may now disconnect.