Good morning. My name is Carmen, and I will be your conference operator today. I would like to welcome everyone to the Chemours Company Fourth Quarter 2025 Results Conference Call. I would like to remind everyone that this conference call is being recorded. I would now like to hand the conference over to Brandon Ontjes, Vice President, Head of Strategy and Investor Relations for Chemours. You may begin your conference.

Good morning, everybody. Welcome to the Chemours Company's Fourth Quarter 2025 Earnings Conference Call. I'm joined today by Denise Dignam, Chemours' President and Chief Executive Officer; and our Senior Vice President and Chief Financial Officer, Shane Hostetter. Before we start, I would like to remind you that comments made on this call as well as in the supplemental information provided on our website contain forward-looking statements that involve risks and uncertainties as described in Chemours' SEC filings. These forward-looking statements are not guarantees of future performance and are based on certain assumptions and expectations of future events that may not be realized. Actual results may differ, and Chemours undertakes no duty to update any forward-looking statements as a result of future developments or new information. During the course of this call, we will refer to certain non-GAAP financial measures that we believe are useful to investors evaluating the company's performance. A reconciliation of non-GAAP terms and adjustments is included in our press release issued yesterday evening. Additionally, we posted our earnings presentation on our website yesterday evening as well. With that, I will turn the call over to Denise Dignam.

Thank you, Brandon, and thank you, everyone, for joining us. During today's call, I will begin by discussing a few recent developments across Chemours in addition to highlights from our recent performance. I will then turn it over to Shane, who will provide details around our outlook for the first quarter of 2026 and key drivers for the full year ahead. Finally, I will provide updates on our meaningful progress against our Path to Thrive strategy before taking your questions. First, as we should in January, we have reached an agreement to sell our Kuan Yin site. Since the shutdown of our titanium dioxide operations at this facility in 2023, we've been actively decommissioning the site and preparing to sell the remaining property. I'm happy to report that the estimated net proceeds of $300 million we expect to receive from the landfill will make a significant impact in reducing our outstanding debt and support our continued progress towards lowering our targeted net leverage below 3x. I'm proud of our team's effort to get us to this point. Additionally, I want to welcome Mike Foley as the new Business President of TT. And joining Chemours, Mike brings extensive leadership experience in the chemicals industry, running multiple business units with experience centered on operational excellence. As an established leader, I'm confident that Mike will continue to drive improvements in our titanium dioxide business staying true to our value-based commercial strategy, strengthening reliability across our asset base and advancing our long-term cost position initiatives. Turning to our fourth quarter results, we are pleased with the robust cash flow generated and the ability to drive sales performance within our expectations. Net sales met expectations largely due to TSS achieving record sales driven by continued strong Opteon adoption and consistent commercial performance across all divisions. We posted solid earnings overall. However, for the APM business due to near-term end market weakness, we shifted our focus to promote cash flow as the quarter progressed, resulting in certain non-cash charges and the sale of certain products to reduce inventory levels. These decisions enabled us to make meaningful steps towards driving cash flow while setting a foundation for improved earnings as we get deeper into 2026. While these incremental costs resulted in us just missing the low end of our earnings range, we are pleased with our ability to generate strong quarterly free cash flow of $92 million, which we believe is more reflective of Chemours' longer-term cash generation potential to drive value for our shareholders. With this background, I'd like to provide some additional context on our business level performance. Our TSS business reported a fourth quarter record for Opteon sales with double-digit growth of 37% compared to the prior year quarter, in line with our expectations. Overall, TSS' top line increase was primarily due to higher pricing and moderate volume increases, supported by a favorable mix for Opteon refrigerant blends driven by the U.S. AMX residential HVAC equipment transition and opportunistic sales for certain Freon refrigerants. This could not have been achieved without the TSS team's excellent commercial execution, which resulted in new sales opportunities and efficient use of our quota allowances. TSS had record annual sales in 2025 despite a year with subdued shipped HVAC units in the residential stationary OEM market. Additionally, these efforts led to overall annual Opteon refrigerant growth of 56%, making up 75% of total refrigerant sales in 2025, up from 56% the year before. Top line success helped to drive annual adjusted EBITDA margins of 32%, up from 31% in the prior year, despite additional costs of approximately $22 million in liquid pooling and next-generation refrigerants R&D investment over the same period. Moving to TT. In the fourth quarter, the TT team had strong execution with our top line performance results coming in line with our expectations and our adjusted EBITDA remaining ahead due to stabilized pricing and cost performance. While we continue to operate in a more tepid global market experiencing volume seasonality in certain key markets, we have maintained a strong result in implementing our pricing efforts across all key end markets. To these efforts and our pricing announcement in December, we experienced pricing stability between the third and fourth quarter, laying the groundwork for continued pricing strength in 2026. We are confident in our conviction of our value-based commercial strategy and remain resolute in this approach. Our overall objective to drive improved operational and longer-term cost performance remains unchanged. Consistent with that, we shared in the third quarter we have calibrated our production expectations to be more closely aligned with anticipated market conditions, and we continue to challenge what we can control, including improvements on all our costs while continuing to prioritize cash flow generation in the business. As part of our recent strategic portfolio management initiatives for TT, we commenced a restructuring of our mining operations in early January, including the temporary idling of one of our mines in North Florida and transitioning to a third-party earthmoving contractor. This revised approach will support our overall cost efforts and promote improved cash generation.

Thank you, Denise, and good morning, everyone. As was shared in the earnings materials available on our investor website, I now would like to discuss our expectations for the first quarter and factors that will drive our business as we look ahead. Beginning with TSS. For the first quarter, we project net sales to rise sequentially in the mid-20s to 30% range, primarily attributable to favorable seasonal trends and continued growth in Opteon refrigerants, where we are also forecasting a sequential increase of 30% to 40% in the first quarter. This sustained double-digit Opteon refrigerant expansion is expected to be driven by the continued regulatory adoption associated with government mandates under the U.S. AIM Act. Adjusted EBITDA for TSS is also anticipated to grow sequentially, ranging from $170 million to $185 million, also driven by seasonality and the continued transition to our Opteon stationary refrigerants. As we look beyond the first quarter, we expect year-over-year double-digit growth for Opteon refrigerants to continue into the second quarter of 2026, but will then begin to normalize to more typical seasonal patterns in the second half of the year as year-over-year comparison points will reflect the regulatory-driven market demand we saw in late 2025. Additionally, we believe that pricing strength stemming from favorable pricing mix for Opteon blends and opportunistic pricing in Freon refrigerants will continue into 2026. Also, we expect benefits from cost out efforts throughout 2026, including our recent Corpus Christi capacity expansion, which will be partially offset by increased raw material costs primarily due to R32, a key component of our stationary preference. Overall, we anticipate that the confluence of these factors will underpin strong sales and earnings growth for TSS in 2026, with consistent overall margins compared to that of 2025. For our TT business, we expect sequential net sales to decrease in the low to mid-single-digit percentage range in the first quarter. In our recent reporting, we split out our mineral sales from our TiO2 pigment sales to provide greater visibility in line with recent strategic decisions. In the first quarter, we anticipate that our mineral sales will be down 60% sequentially driven by sales timing and the impact from the recent changes in mining efforts while our TiO2 pigment sales are expected to be down in the low single digits. The slight anticipated decline in TiO2 pigment sales during the first quarter is due to weaker seasonal volumes in non-Western markets, which will offset the volume increases we expect in Western markets, supported by our global pricing efforts as highlighted in the previous quarter across all of our regions. Our global pricing improvement is driven by our pricing announcement in December of last year, which we have seen signs of strong adoption globally as we continue to demonstrate our value-based commercial strategy within our TT segment. It is our expectation that overall average global pricing for TiO2 pigment should be generally in line with the prior year quarter. For the first quarter, we expect TT's adjusted EBITDA to be between breakeven and $5 million. This low level of EBITDA is due to the timing of mineral sales, paired with an additional approximately $17 million of net costs we expect in the quarter tied to inventory and ore mix as well as overall impacts from low plant utilization. The combined force of these near-term impacts is expected to result in higher net costs for the quarter. However, TT is positioned to grow earnings and cash flow during the year. Beyond the first quarter, we see a year where our top line will be driven by positive TiO2 pricing trends across regions and stabilized volumes in Western markets, followed by non-Western markets as the year progresses. For pricing, we've already seen expected increases start to take form through stabilized Q4 pricing, which has reflected growth into 2026. Our portfolio and operational initiatives will continue to drive improved earnings as the year progresses with a clear realization of important cost savings efforts becoming more visible, further underpinned by improved cash generation. Now for our APM business. In the first quarter, we expect net sales to decrease in the high teens percentage range sequentially due to sustained market weakness, combined with customer timing and constraints from the Washington Works outage. Adjusted EBITDA is projected to range from breakeven to $5 million, primarily due to the previously referenced outage at the Washington Works facility. This outage is expected to result in a negative impact of $20 million to $25 million for the quarter, with most of this effect attributable to restricted sales associated with the facilities interruption. As Denise noted earlier, the plant has returned to normal operations and will be a key contributor to the improved earnings we anticipate in APM throughout the rest of 2026. Specifically, we see a return to more profitable quarters for APM after the first quarter of 2026, with progressively improved sales and earnings as we move further into the year. While the overall top line will include lower net sales due to closure of the Advanced Materials SPS Capstone line in 2025, we plan to replace those lost sales with an increase of specialty-focused Performance Solutions products with higher bottom line contributions. Although we are facing constraints from our outage, demand remains strong in the semiconductor and data center end markets, which are driving current and anticipated sales growth of our Performance Solutions products. These are sectors where we see tremendous inroads for APM's chemistry to help enable the growth and adoption of artificial intelligence across global economies. While we expect some negative cost effects to carry over slightly into our second quarter, we plan to counter these through increased operations at our Washington work site and the increased realization of existing and continued cost reduction efforts as production improves. While the year did not begin as we had planned, we are confident that APM will finish strong in 2026 as we work to recover lost volume on our plant circuit at elevated levels and continue to drive commercial and operational excellence. Through these initiatives, we anticipate adjusted EBITDA to be slightly higher than 2025 levels, while cash generation will see meaningful improvement. On a consolidated basis, we anticipate our first quarter net sales to increase in the range of 3% to 5% sequentially with consolidated adjusted EBITDA expected to range between $120 million to $150 million. Also, we anticipate corporate expenses to range between $45 million and $50 million. Our capital expenditures for the first quarter are expected to be in the range of $50 million, with free cash flow reflecting a use of cash not to exceed $100 million.

For the full year 2026 at a consolidated level, we anticipate overall net sales growth to be between 3% and 5% and adjusted EBITDA to range from $800 million to $900 million, primarily driven by increased TSS and APM Performance Solutions demand, expected pricing strength in TT and further benefits of more pronounced cost realizations in TT and APM throughout the year. Additionally, we expect capital expenditures to be between $275 million and $325 million, with free cash flow conversion to be above 25%, supported by improved earnings and working capital improvements that we expect to realize as the year progresses. As we advance into 2026, we remain committed to executing our Pathway to Thrive strategy, and are focused on prioritizing a platform of robust cash flow generation annually going forward via various initiatives across all areas of the company. We view these cash flow efforts to be based in driving clear performance goals across our cash conversion cycle, which we are already seeing take form. These initiatives will take time to fully implement, but we believe improved cash generation in 2026 serves as a starting point where we anticipate further free cash flow expansion in the future. Through these efforts, coupled with approximately $300 million in net proceeds from the sale of our Kuan Yin facility, which will be used to reduce our debt. We anticipate our net leverage ratio to be below 4x adjusted EBITDA by the end of 2026. This is a key milestone that further positions us to achieve our long-term objective of a net leverage ratio of below 3x adjusted EBITDA across economic sites. Given these perspectives on the first quarter and full year 2026, I'd like to now hand the call back over to Denise to share her thoughts and perspectives on our strategic execution under Pathway to Thrive. Thank you, Shane. As we look ahead to 2026, it is important to build upon the substantial strategic progress achieved in 2025. Our Pathway to Thrive strategy remains central to how we make decisions allocate capital and conduct our business operations, and I believe our team has demonstrated notable success in delivering results across every pillar of the strategy. Starting with operational excellence. We continue to advance the disciplined work in driving cost out and making meaningful step-change improvements in how we operate. We fulfilled our commitments for 2025, delivering at least $125 million of gross controllable cost savings. While these efforts have been more visible at the corporate level and through SG&A, we believe that this work will become clearer as operational levels improve, primarily across our TT and APM businesses this year. In the case of TSS, our focus on operational excellence and controllable cost improvements has been concentrated around the completion of capacity expansion efforts at Corpus Christi. This expansion represented a sizable capital investment made in late 2024 and has established a foundation for TSS to further vertically integrate and reduce reliance on third-party YF purchases. While this has provided benefits in 2025, over time, this will provide a substantial cost upside for TSS in support of increased customer demand in connection with the global low GWP transition. More recently, we formally rolled out the Chemours business system, which we have established to embed lean principles to reduce waste and drive increased productivity across the organization. Our team is energized by this effort, which we are already actioning across our manufacturing circuit. Our enabling growth pillar is where we continue to demonstrate the strength of our market positions and the value of our innovation. As we've shared, TSS delivered another great year, breaking quarterly records as adoption of our Opteon refrigerant accelerates. We also made meaningful progress towards commercializing our 2-phase liquid cooling solution, including the qualification of our fluid by Samsung Electronics and the start of a manufacturing agreement with Navin Flooring where we are targeting initial commercial production in the third quarter of 2026. Public and next-generation refrigerant growth opportunities reflect important ventures serving as long-term growth opportunities, where we look to continue to invest at a rate of roughly $5 million per quarter. These ongoing investments also contribute to expanding our overall presence in high-value data center and semiconductor end markets, where we are experiencing sustained growth and continued order book strength in APM's Performance Solutions products, particularly in high-purity PFA sales. Furthermore, we anticipate that TSS' double-digit data center growth achieved in 2025 will persist and serve as a catalyst for increased refrigerant sales. Across our businesses, we are sharpening commercial effectiveness and investing selectively where our differentiators position us to win and support long-term growth. Turning to portfolio management. We made decisive progress across the portfolio to drive significant economic value to Chemours. Outside of the Kuan Yin site sales and the restructuring of mining efforts in our TT business, we continue to advance our European asset review, which will extend into 2027. After completing the APM SPS Capstone business exited 2025, we are now announcing the closure of our Real Estate Paul site in France, originally intended for additional hydrogen development. This decision aligns our industrial operations with current market demand. Moving now to the significant progress made under our strengthening the long-term pillar, which includes reaching a proposed judicial consent order with the state of New Jersey. This milestone provides greater clarity for our stakeholders and reflects our continued commitment to advancing measurable progress in resolving legacy liabilities in close partnership with our MOU partners. With responsible manufacturing at the center of how we deliver essential chemistry, we also reported strong progress against our 2030 corporate responsibility commitment goals.

Our first question comes from Pete Osterland with Truist Securities.

I just wanted to start on the TT segment. Could you share some more detail on the assumptions for TiO2 volume growth that are embedded in your 2026 guidance? What do you expect the global industry to grow volumes at this year? And how would you expect your volume growth to compare to the industry average?

Sure, Peter, thanks for the question. I would say our outlook indicates that demand is stable, and there aren't any major demand triggers. Our forecast is really based on the price increase we announced in December, which has yielded strong results. We noted that pricing remains flat from Q3 to Q4 and is consistent year-over-year as we move into Q1, and we feel very positive about that. So, that summarizes our perspective: stabilized demand alongside our pricing strength.

Great. And then just switching gears, I just wanted to follow up on your comments on your legacy liabilities. Do you have a lot of sight for meaningful progress towards resolving what you have left during 2026? Any key items or dates to be watching out for this year that you could share?

We've made significant progress in our fourth pillar, which focuses on strengthening the long term. We're very proud of the work done in New Jersey, as it laid a framework for our future advancements. The other areas of focus where we're continuing to progress are at our West Virginia facility and in North Carolina. You can expect to hear more information about those facilities as we move through the year.

Our next question comes from the line of John Roberts with Mizuho.

It seems like there are a lot of mix effects running through the APM segment. Maybe you could peel apart some of the different end markets there to let us know how much some are down and where some of the strength is?

Yes. Thanks, John. I mean as we said in my prepared comments, things like auto and industrial production, those aspects are down. But there's a real opportunity in our Performance Solutions portfolio of products. If you think about PFA and the expansion that we did in our Teflon product line, there's a lot of demand related to the AI surge and the build-out of data centers which is also building out the semiconductor industry and all of the demand for additional memory that those chips will need. So it's really, I would say, with that sector, there's a pull based on the AI side.

And my understanding is there's still some more maintenance to be done in 2027 on Washington works. Why not pull all of the 2027 maintenance until whatever downtime you've got here in the March quarter of 2026?

Thank you for the question. We have a regular turnaround every three years at our site, which was already planned for early next year. We proactively moved all maintenance related to the disruption in January up ahead of schedule, so we’ve reduced the scope of that turnaround. There is still some work to be done, but it's just a standard turnaround. We decided to pull it forward to maintain reliable operations and prevent any issues from last summer from impacting us further. Our goal is to ensure stable operations, so I would characterize it as more of a tune-up rather than significant maintenance work aimed at providing stability.

It comes from Arun Viswanathan with RBC Capital Markets.

I would like to start with a question regarding the Q1 and full year guidance. The midpoint for Q1 is 135 and for the full year, it is 850. Could you elaborate on some of the key factors as you transition into Q2? I recognize that there is considerable seasonality for both TSS and TiO2 in Q2 and Q3. Additionally, I am curious about other considerations or disruptions that occurred mid-year last year. Is it safe to assume those issues won't recur? It would be helpful to understand how you expect to increase from 135 to approximately 200 in the middle of the year.

Thanks, Aaron. Yes, we have full confidence in our full year guide. As I said in the prepared comments, we expect earnings growth in all three of our businesses. I'm going to turn it over to Shane to give you a bit of the walk.

Arun, in relation to the midpoints we discussed for Q1 and year-end guidance, as we look towards Q2 and consider the events of Q1, we are anticipating moderate growth in the range of 0% to 5% for TT and APM, which includes some atypical items related to APM. For instance, the Washington Works outage had an impact estimated between $20 million and $25 million. Moreover, for TT, we faced approximately $17 million in inventory challenges and issues related to ore mix. When you factor in the midpoint of our guidance for the first quarter and the additional $40 million from that one-time event as we enter the second quarter, it provides a solid foundation. As you mentioned, we are also experiencing seasonal variations and notable strength in our refrigerants and Opteon business, alongside effective pricing strategies that Denise referred to in TT. We will continue to manage what we can across our businesses and work on cost reductions, which we expect will advance throughout the year.

Great. As a follow-up on the free cash flow, your teams did impressive work in Q4 to generate some of that. Denise, you mentioned that $92 million is a better reflection of the quarterly run rate for cash flow generation. Does this mean you are confident that free cash flow could exceed $300 million or $350 million as the year progresses?

Yes, Arun, why don’t I take that one. First of all, I’m very proud of the team of what we’ve done in Q4, ending the year driving free cash flow over our high end of the range. As we look ahead, Denise talked about the normalization thinking through what the cash generation capabilities of this business are; we're really thinking that as reflective of the full year. As you probably know, right, we are seasonal concerning working capital. In Q1, we don’t anticipate over $100 million of outflow, but we do expect an outflow in Q1 given working capital seasonality. But for the full year, we wholeheartedly stand by the above 25% free cash flow guide, and we feel comfortable attaining that. So really excited for the capabilities of the team and really driving through cash conversion through unlocking further working capital and really hitting the mark on earnings to generate that cash flow in '26.

Our next question comes from the line of Duffy Fisher with Goldman Sachs.

First question is on TT. Can you walk through the three geographies that have some antidumping activities going on in India, Brazil, and Europe? And just what have you seen in those areas already from those antidumping actions? And what do you think is still left to be seen for the Western players?

Thank you for your question, Duffy. We are seeing benefits from the antidumping duties. In Brazil, the high duties are creating a strong market for us from our Mexico facility, and we feel very positive about that. In India, there has been some back and forth, but we are confident that those duties will be reinstated; it's just a process that needs to unfold. In Europe, we have experienced some uplift, although there have been currency changes since the dumping was initiated, which benefit Chinese producers. However, this will not significantly alter our outlook on Europe.

Our next question comes from the line of Josh Spector with UBS.

I have James Cannon on for Josh. I wanted to touch back on the ore mix impact that's flowing through in TT this quarter. I know there's some noise around some legacy purchase contracts. And I was wondering, I think the last one of those continues to run through, I think, this year or next year. Is any of that something that we should be modeling continuing? Or is it something that should be contained in the first quarter?

Yes. I would say that for the first quarter, the change in our mix was really related to the winter interruption and the need to consume higher-grade ore. Definitely, as you've said, we had two long-standing contracts that were unfavorable. One is completed, and we are working through the second contract right now. We have laser focus on our input costs in the TT business. So you will continue to see that improving over the year. We also talked about the restructuring we've done in our mines by taking down one mine; it's all aimed at lowering our input costs. One of the primary costs that go into our plants is under our competitive advantage.

Okay. Got it. And then on the Freon side, it seemed like you called out some opportunistic sales that drove a solid sequential increase in the quarter. My math gets me to a first-quarter guide that has continued growth there. Can you just talk through what you expect on that side of the business without the transition happening this year, and there are new step downs as far as I'm aware?

Yes. Thanks for the question. We're pretty happy with some of the tailwinds we saw in the fourth quarter related to the Freon business. As we look ahead, in my script, I mentioned really thinking through the tailwinds of pricing around both Opteon and Freon, and we can look at '26 and see that continuing. So we're really proud of both the execution on the Opteon and Freon sides in '25, and we'll continue to execute and grow in both next year.

Our next question comes from the line of Hassan Ahmed with Alembic Global Advisors.

Just wanted to revisit some of the questions asked earlier on TT. Particularly as it pertains to you guys' volumes. You obviously reported volume declines in Q4, and the volumes aren't looking great for Q1 as well. And I'm just trying to think through the antidumping duty side of things, the four countries, large regions in particular, where those antidumping measures have been announced. If I sit there and think through, for lack of a better way of putting it, the volume that is up for grabs, it's around 800,000 tons, right? So I mean, what is baked into that $800 million, $900 million EBITDA guidance that you guys have given in terms of any potential antidumping-related market share gains for you?

Yes. Hassan, thanks for the question. When you think about us in TT for the year, we're really focused on executing on our price increase. And I know you're smart, and you can figure it out, kind of put the pieces of the puzzle together. We are really focused on pricing. Our pricing was a global price increase across all regions; there’s no mix impact. So while we talk about the duties and they clearly have been helpful, we are really focused on delivering value and creating value for this business through our pricing efforts.

But I mean, just any sort of guidance in terms of the market may typically grow at 2% to 3%? I mean, will you be in line with the market? Will you be better than the market in terms of volume growth?

Yes, we are anticipating a stable market. There's no significant indication for substantial growth. We are concentrating on value and our pricing strategies. With stable volumes, I want to emphasize that we have seen growth in our businesses throughout the year. We take pride in the achievements within our TSS business, coming off a record quarter and year, with a solid foundation. Our leading market position with OEMs in the aftermarket reflects our close proximity to customers, positioning us well for growth this year in TSS. Furthermore, regarding APM, we see a great opportunity for growth with the AI trend.

Our next question comes from the line of John McNulty with BMO Capital Markets.

This is Caleb on for John. I was just hoping you could provide a little bit more color on what would get you to the high end of the range versus the low end of your range for the full year?

Sure. Thanks, Caleb. As I think about the range of possibilities here, I think it really depends on a couple of things. The high-end depends upon market evolution and how the actual economic returns come. If there are further rate cuts, for instance, that really has an impact on the overall market. I would say the other parts on the high end is really just overall cost out and thinking through where the net inflation and cost improvements go. I would say then finally, would be really continued execution on the pricing side and broader adoption across the businesses. On the low end of the range, continue to think through the cost inputs and if there are additional costs that we're not seeing right now as we kind of evolve throughout the year. I would say on the opposite side of what I just said, if there's less price receptivity running through there. And then I would say on the other areas is if there are any thoughts around volume depression on the adaptation right side.

Yes. I would like to add that we are concentrating on the factors within our control. Therefore, I believe the market will be a significant factor in this.

One moment for our next question. It comes from Jeff Zekauskas with JPMorgan.

In the titanium dioxide segment, actually, your revenues in North America and in Europe were flat to up, the issue was in Asia, where for the year, your revenues went from roughly $660 million to $465 million. So you're down 30% in Asia. What happened in Asia? And where is that business going?

Yes. As we've mentioned, our strategy focuses on the fair trade markets, particularly in India. This trend has been developing as we shift towards fair trade. In India, there was a reduction in the tariff. While we are confident that this will improve, I believe it will be a temporary situation.

So we have reached the end of our Q&A session. Thank you for joining the Chemours Fourth Quarter 2025 Results Conference Call. You may now disconnect.