Hello, everyone, and thank you for joining the First Bank Corp First Quarter 2025 Financial Results Conference Call. My name is Marie, and I will be coordinating your call today. During the presentation, you can register a question by pressing star followed by one on your telephone keypad. And if you change your mind, please press star followed by two. I will now hand over to your host, Ramon Rodriguez, Investor Relations Officer, to begin. Please go ahead.

Thank you, Mary. Good morning, everyone, and thank you for joining First Bank Corp's conference call and webcast to discuss the company's financial results for the first quarter of 2025. Joining you today from First Bank Corp are Aurelio Aleman, President and Chief Executive Officer, and Orlando Verges, Executive Vice President and Chief Financial Officer. Before we begin today's call, it is my responsibility to inform you that this call may involve certain forward-looking statements such as projections of revenue, earnings, and capital structure, as well as statements on the plans and objectives of the company's business. The company's actual results could differ materially from the forward-looking statements made due to the important factors described in the company's latest SEC filings. The company assumes no obligation to update any forward-looking statements made during the call. If anyone does not already have a copy of the webcast presentation or press release, you can access them at our website at fbpinvestor.com. At this time, I'd like to turn the call over to our CEO, Aurelio Ariman.

Thank you, Ramon, and actually good afternoon to everyone and thanks for joining our call today. I usually start with a brief discussion on the financial performance and then we'll move up to some highlights on economic matters. Again, you know, we delivered what I consider a very strong quarter for the franchise, driven by the emerging expansion and the positive operating leverage, quite strong profitability ROA and ROE. A return asset was solid at $154,000, and pre-tax pre-provision income grew by 7 percent, reaching $125 million during the quarter. The franchise continues to perform quite well as we enter 2025, you know, with trend, the trend of the balance sheet, the trend of capital, and obviously a proven track record to successfully navigate unforeseen conditions while supporting our clients. As we turn to the balance sheet, total loans were slightly down on a late quarter basis. I think I mentioned last quarter that we were expecting, you know, every payment that didn't happen and took place this quarter. On the other hand, you know, relations were healthy and reach 1.2 billion in line with usually the first quarter. On the other hand, you know, the pipeline is we have a healthy pipeline in place and it actually continues to build as we continue to work with our clients supporting them in this current operating cycle. You know, as we know, it's difficult to predict closing of chunky deals usually. But at this time, we continue to sustain our mid-single-digit growth for the year that remains on. Core deposit flows were stable. We saw and I speak of in non-interest bearing, which grew 70 million. And when you look at deposits in Puerto Rico, they have an end growth, what we consider core, excluding government, of 75 million. And actually, you know, if we adjust, you know, actually, we actually look to large, chunky deals on the deposit side, on the pricing side of about $175 million. So it's going to be much better, but I think we're very pleased that the granularity continues to improve. Credit performance was stable, and we continue to see the normalization that we talk about in the consumer credit trends, early delinquency is down when compared to prior quarter. And finally, regarding capital, as we always say, we continue to be opportunistic in our approach how to deploy. We redeem approximately $50 million in sub-deventures and declare $30 million in common stock dividends. In addition, we decided to resume our stock purchase program during the quarter, and we repurchased $22 million in the first quarter, in addition to the drops, and we expect to complete another $28 million during April, which will reach the goal for the second quarter of $50 million in common stock. Just as a reminder, we still have $100 million left of the prior year approval, which, you You know, obviously, as we continue to be opportunistic, we're looking to deploy it in the second half. Please, let's turn to slide five. Again, the financial results are a product of, you know, execution of the teams and a stable economic backdrop, which continues to show, you know, positive metrics. Business activity continues healthy. Obviously, consumer confidence, you know, is, as of today, it's about to be determined based on new policies, fiscal policies and tariffs, which are under evaluation, see everybody pending to see what the impact is going to be in that confidence. On the other hand, year-to-day fiscal government tax collection are up by 3%, unemployment rate. Again, another low register in the first quarter. And when we look at, you know, quarter today, debit and credit card sales were 3% in the first quarter in 2024. This version of federal disaster relief funds, you know, continue, and we continue to participate in affordable housing projects primarily and looking at some infrastructure improvements too. On the digital front, you know, we have continued to invest. This quarter, we achieved the very important step in converting to the centralized FIS cloud. Our core system now, all of our core systems are in the cloud, and then our franchise investment continue in the digital environment, which digital adoption continues to progress in line with our objective. Again, capital utilization, you know, first priority is really try to grow the balance sheet and obviously improve our products, improve our infrastructure. We still believe it's early to assess the broader economic implication of the changes in human policy we have in Puerto Rico. But again, we'll keep you updated. I think all bankers are just, you know, in the same place looking at, you know, potential some implications to our economies and our customers. So as I mentioned, you know, full-year guidance may not change, and I guess we'll provide an update in the next call in July. So despite this concern, you know, we remain committed to our discipline approach of delivering consistent results and creating shareholder value. Now with that, I pass it to Orlando to give you, you know, a lot more detail on the financial Thanks for joining today.

Thanks, Aurelio. Good afternoon, everyone. So Aurelio just mentioned we recorded another strong quarter, highlighted by the net interest expansion. We earn $77 million in net income, which is $0.47 per share, compared to the $76 million in our $0.46 we had last quarter. This translates to return average assets of $164. The provision for credit losses for the quarter increased $4 million is primarily some projected deterioration on the commercial real estate price index that affected the allowance for credit losses for commercial and construction loans. And some higher adjustments we did to the qualitative framework due to the uncertainty of the economic environment considering all the things that are going on with the tariffs. Net interest income for the quarter was $212 million, which is up $3 million versus a prior quarter. The income does include a $1.2 million prepayment penalty collected on a prepaid commercial loan, but it's also a net of $2.7 million impact from two less working days in the quarter. Funding costs drive a lot of this. It was down 5.8 million in the quarter, including the day's impact. As the cost of the interest-bearing checking and savings accounts decreased 7 basis points to 145 basis points is the cost. And the cost of time deposits came down 12 basis points to 3.39. We also We also registered reductions in wholesale borrowing costs due to the full quarter effect of the redemption during the fourth quarter of the $50 million in subordinated ventures and a decrease in the average balance of Fedahun loan bank advances. We had some majorities during the month of March that were repaid this quarter. In addition, we had in the quarter an improvement of 11 basis points in the yield of cash and investment securities. Some of the lower yielding cash flows from the investment portfolio where we invested or kept at the Fed account, which is a higher rate. On the other hand, the loan portfolio yields did decrease to basis points, mostly on the commercial, which decreased nine basis points due to the repricing of the floating rate component of the portfolio, which was compensated by increases in the yield of the consumer portfolios, or that net effect. The net interest margin dynamics continued to play out well. Margin expanded 19 basis points in the quarter to 4.52. However, this expansion did include an increase of four basis points, which was related to the prepayment penalty I just mentioned, and some higher income on late fees in the consumer portfolios. The adjusted margin eliminating some of these items was really 448, which is a 15 basis points pick up from last quarter. This increase reflects our plan changing asset mix as we deploy the cash flow from the investment, lower yielding investment portfolio to higher yielding earning assets, and also the repayment of the borrowings, the higher cost borrowings. We also had the benefit of the additional reductions in funding costs we achieved, as I just mentioned. This quarter, we received approximately 352 million in cash flows that were yielding around one and a half percent, which obviously reprised it at higher rates with benefits coming in the future quarters. At this point, assuming a normal flow of deposits and stability on the lending side on the loan portfolio, we believe that NIME should continue expanding over the next few quarters. We benefit from additional repricing opportunities on the investment portfolio cash flows, either through lending, higher yielding securities, or even the cash at the Fed, as well as the cancellation of some of the higher cost funding. The projected investment portfolio cash flows for the second quarter amount to approximately $260 million, with a runoff yield of 1.5 percent. And we also expect approximately $1 billion in additional cash flows during the second half of the year that will also be priced at higher yields. Depending on the timing and amount of rate cuts in the second half of the year, we estimate that a margin should improve of approximately five to seven basis points per quarter for the remaining months of this year. In terms of other income items, it was stable, but we did have a 3.45 million increase related to a contingent insurance commission that were collected during the quarter. That happens in the first quarter of every year. And some additional income we had from purchase tax credits. On the expenses, expenses were $123 million, which is $1.5 million lower than last quarter. Business promotion was $2.1 million lower based on the seasonality of marketing efforts. But also, we had debit and credit card processing expenses due to $2.2 million in expense reimbursements we received in the quarter. On the other hand, compensation expense was 2.5 million higher in the quarter, which it's related to seasonal payroll taxes and 2.9 million in bonuses and stock-based compensation usually take place in the first quarter, which offset a reduction of 1.6 million related to two less working days in the quarter. If we were to normalize compensation and card expenses, expenses for the quarter would have been $123.9 million, and if we exclude OREO, they would have been $125.1 million, which are within the guidance range we had provided in the last call. Last quarter, just to remind you, last quarter expenses, including OREO, were $125.6 million. The efficiency ratio for the quarter was 49.6%, which compares with 51.6 in the fourth quarter. But if we adjust some of these income and expense items that don't happen every quarter, the efficiency ratio would have been approximately 51.3%, roughly in line with our targets. Based on our estimates, we expect that our expense base for the next couple of quarters, excluding the Oreos, will continue to be in the range of 125, 126, and our efficiency ratio will be around the 50 to 52 percent considering the changes in expenses and projected income components. In terms of credit quality, the NPAs did increase in the quarter $11 million, which is basically due to the inflow of one non-accuelled commercial real estate loan in the Florida region that amounted to $12.6 million. On the other hand, we had a residential reduction in residential mortgage, non-performing, and OREO balances, which have set some of this increase. The MPA ratio was 68 basis points to total assets for the quarter. Just to mention, this non-performing loan that migrated in the Florida region did not impact the allowance for credit losses because it's collateralized, but a good value collateral at this point. The inflows to non-performing for the quarter were 43.4 million, which is 6.3 million higher than last quarter, basically related to this one CRE case that went into non-performing, but we did have reductions of six and a half million in consumer loan inflows. In general I would say credit metrics are holding up well. Loans in early delinquency were down 21.8 million during the quarter. We have started to see some normalization trends in consumer credit with consumer loans in early delinquency decreasing by 19.5 million when compared to prior quarter. The allowance for the quarter did increase by $3.4 million to $247.3, and this reflects the higher qualitative adjustments that we incorporated to consider the uncertainty in the economic environment. The ratio of the allowance grew four basis points, allowance to loans grew four basis points to 195, mostly in the commercial side, driven by the forecasted deterioration on the commercial real estate price indexes. However, we did see some improvements in the unemployment rate projections on the shorter term, which led to five basis points reduction in the allowance for consumer loans, which ended up at 3.78% of loans. Net charge-off for the quarter were 21.4 million, or 68 basis points of average loans. It's down 3.2 million from last quarter. But this reduction includes a recovery of 2.4 million we recognize related to a bulk sale of consumer charge-off loans we had in the quarter. Excluding this recovery, net charge-off to average loans would have been 76 basis points, which is slightly lower than the 78 basis points charge of rate we had in the fourth quarter. On the capital front, as Aurelio mentioned, we executed on our capital deployment priorities during the quarter. We redeemed approximately $50 million in subordinated debentures. On top of what we have already redeemed in prior quarters, it's only $11 million left of those debentures. We also declared $29.6 million in dividends and repurchased $21.8 million in common stocks. In terms of capital impact, these actions were upset by the earnings, obviously, which at the end resulted in higher regulatory capital ratios when we compared them to last quarter. During the quarter, we also registered a 7% increase in tangible book value per share to $10.64. And the tangible common equity ratio expanded to 9.1%, mostly due to an 84 million improvement in the fair value of the securities that lowered the amount of adjusted other comprehensive loss. The remaining other comprehensive loss represents $2.91 on tangible book value per share and And about 220 basis points in the tangible common equity ratio. As Aurelio just mentioned, we will continue with our strategy of deploying excess capital as thoughtful as possible to improve franchise and shareholder value, and we continue with our execution of our plans. This concludes our prepared remarks. Operator, please, we'd like to open the call for questions.

Thank you. To ask a question, please press star followed by one on your telephone keypad now. If you change your mind, please press star followed by two. When preparing to ask your question, please ensure that your device is unmuted locally. Our first question comes from the line of Frank Giraldi of Piper Sandler. Please go ahead.

Hey, good afternoon. Just, Orlando, I think you mentioned some numbers around securities book in terms of yield, in terms of cash flowing. And I think you said one and a half percent for the second quarter. Did you share what those yields are coming off in the back half of the year? the the yields on the second half of the year slightly lower they're going to be talking from the top of my head but they're going to be around 135 to 140 uh what's on the second half of the year okay and then could you share just just a ballpark in in terms of that assumption you gave around margin expansion i think five to seven bits of what that assumes in terms of pickup on that, you know, what you expect the new, I don't know if it's a mix of loans and securities you assume these cash flows are going into, but what kind of pickup do you anticipate? What sort of blended rate are you looking for on the new origination to get to that sort of margin expansion?

We're assuming, there are a few things, obviously. we're assuming it's going to be a pickup of somewhere on 150 to 300 basis points. But remember that that assumption considers that there might be some rate reductions in the year. At this point, it's become a little bit unpredictable. But when we had done our original estimates for 2025, we were assuming two cuts in the second half of the year, Maybe we're looking at three now. So that reflects what would be what we can keep on the investment portfolio, cash, and obviously, depending on what's the growth on the loan portfolio, it could move a little bit higher than that. But also, you know, it all depends.

We were able to move funding costs this quarter a little bit more than we had anticipated. that that helped the margin pick up at this quarter so depending on that you know the next quarter without you know assumptions are based on those those numbers I just gave you okay and just just one more on that line of questioning in terms of you know the one and a half percent in the second quarter back after the year one three the one four in terms of the cash flows just looking out beyond 2025 um is it similar levels of cash flowing out of that book and uh and at

sort of similar um yield coming off you share any sort of uh detail there uh i don't i don't have um with me the additional uh uh frank i i need to to get that the future years uh remember that duration and the portfolio is not high. The amounts through March of next year was a million five. That includes that billion I just gave you and the 260. So it's 250 more million in the first quarter of 20 of 2026 but um i i don't have the full report with me here to give you some some more indications of the full year okay all right so um at least for the first quarter you said 250 million and the first quarter it's uh it's about 250 yes okay okay i i appreciate and then just lastly if i could just sneak in one more in terms of the commercial mortgage loan um or even just commercial mortgage in general in Florida.

I think you had the one large payoff and you had talked about, I think it fell from 4Q to 1Q, but just in terms of the general thoughts around Cree, your Cree in Florida, something that you guys are looking to continue to grow, and then kind of where are you seeing the stress?

And if you could just talk about that large payoff of you know is that i guess that's by design just maybe a little more detail there thanks you know the large payoff was in puerto rico uh the and the the mpa was in florida regarding cre you know the large payoff was a you know a refinancing that that we did not participated based on terms, expected terms. And the one in Florida, you know, I think we put some details in the release. You know, we believe it's a one-off case. It's on the hospitality sector. Really good long-to-value. We actually don't expect any losses in that one okay all right i appreciate it and on the theory front you know we continue to originate we have a good pipeline and and obviously under our on the our underwriting criteria uh we continue to to move off the balance sheet yeah our next question is from bretker botten of hovde group please go ahead hey um thanks for the time wanted to ask on the loan origination side you know I know commercial can be a little lumpy you know and obviously 4Q is really strong

but I if I heard correct that you know the guidance for the year is kind of that mid single digit number and just wanted to see if you think that the commercial side that's on slide 13 if that that grows from here you know or if you'll see more on the on the consumer side just looking for some color on where you guys see the originations coming from yeah actually you know we think this year you know different to price different to prior years uh obviously where we see the opportunities where we see the performance of the books and we believe you know both construction and commercial will will grow we believe the consumer will grow at a slower

pace in prior years and and we believe that actually we're going to see some growth in residential, which we already actually experienced this quarter, which was not the case, if you look back, very slight growth over the past year. So that's the way we see them in single the growth being being combined.

Okay. And then I noticed you guys were didn't roll out the Apple pay with any color on if that was, you know, by choice, or what was the function there? And then if you guys might be looking to do that going forward?

Yeah, we have about, you know, I will say a dozen of improvements to the digital functionality that are currently being worked on. We did launch, you know, Samsung Pay and Google Pay for the MasterCard debit side. We do have, we are dual brand. We do both Visa and MasterCard. the Apple Pay project is ongoing. You know, we have some vendors that are involved in the execution and, you know, there's priorities and timing of those, but, you know, you should see that happening during this year. Combined with, you know, some of other functionalities that we continue to enhance in our digital front.

Okay. And then Aurelio, would you consider, you know, if you just think about Puerto Rico versus Florida, you know, I know sometimes you've You said you think there's probably more risk credit-wise in Florida than there is in Puerto Rico. What do you think today, you know, just in terms of where you see the credit risk, particularly on the commercial side?

Well, you know, I think I make comments regarding competitive landscape, and obviously Florida, it's more competitive on the deposit side. Puerto Rico is competitive, you know, but at a different level. Florida has a multiple number of competitors and very, very large banks also there. In terms of credit, you know, we continue to see a healthy pipeline. You know, we have our underwriting guidelines. The portfolios have performed, you know, if you look at the segregation of the ACL, The portfolio has performed really well in Florida. You know, cases that we see, obviously, it's a smaller portfolio than Puerto Rico, so you have less ground already. But at this point, we continue to see Florida as a healthy portfolio. We have very limited office there, small, and it's a well-diversified book. So Puerto Rico, when we say it's lower risk on the CRD, remember there was no construction built for many years in Puerto Rico. And asset values didn't increase rapidly. So long-to values are quite healthy in the Puerto Rico portfolio. So that's why. And yes, there's opportunities for growth, but we keep ourselves to our underwriting guidelines and try not to deviate from those. Okay, appreciate all the color guys. Thank you, Beth.

Our next question comes from the line of Steve Moss of Raymond James, please go ahead.

Good morning. Morning. Maybe just following up on loan growth here. Morning, maybe following up on loan growth here, just kind of curious, you know, with pipeline building, I hear you guys a little bit more uncertainty in the market, but do you think loan growth will happen, you know, pick up this quarter? it sounds like it will be a little bit positive, but do you think it'll be more back half weighted as we think about the mid single vision growth?

Well, you know, in the last call, we actually said that we see long growth, you know, in the second half of the year. If I recall, we did cover that item. You know, to be honest, you know, we, you know, in today's environment with, you know, the conclusion of tariffs is gonna be the answer to your question because you know some investors are sitting on the sidelines waiting to see if i close this or i don't close it so that that's happening all over the industry not only in puerto rico so so you know i think it's it's the conclusion which will happen over the next 90 days it will bring conclusion to that the pipelines continue to build so if i if i look at my pilot than today versus the one that I have in January, it's actually better, which is a positive, but obviously the uncertainty on the market is different. It's just a reality that we have to deal with. You know, obviously if you go back to the pandemic, same thing happened, you know, all of a sudden we didn't know how to project. You know, that's what I said in my remarks, you know, we're not, you know, we have a good pipeline, we're not modifying our guidance, but, you know, only policies impact will tell how markets will behave. And it's not going to be just a first bank thing. It's going to be, you know, a market thing. So we're very closely working with our clients to continue moving the needle and supporting them. But, you know, market could change a perspective of risk and perspective of investors and turning into deals or not. so that's just a reality that we have to deal with in a recycle but yes for now our meeting and digit guidance continues i appreciate that color and then in terms of just kind of curious you know on the you know i think the phrase was some normalization of consumer credit you know i see like the consumer charge offs were up year over year just kind of curious

how you guys are thinking about consumer charge-offs for the full year?

We expect an improvement on that metric, yes, from prior year. We expect a reduction prior year on the charge rate, on the rate itself, obviously. It's a balance that could grow and absolute amounts could grow, but charge of rate should improve year over year.

Remember, Steve, that But we saw a ramp-up of charge-off through 2024 on the consumer side. So when you compare it to first quarter, we're looking more to prior quarters because that's where we say that the benefit is going to start coming as some of these older vintages that behave worse are getting runoff. So we have that. And remember, we also had the sale of charge-off loans that improved the debt charge-off on the consumer side.

Yes. Okay. Great. I appreciate that color there. And just one last one for me, just for clarification. the five to seven basis points of margin expansion is off the 448 adjusted margin, correct?

That is correct. That is correct.

Okay. Perfect. Well, that's all for me. I appreciate all the call here. Thank you very much.

Our next question comes from the line of Kelly Mota of PBW. Please go ahead.

Hey, good afternoon. Thanks so much for the question. Maybe piggybacking off that margin outlook, I really appreciate all the color on the securities repricing as well as, you know, your outlook there for five to seven basis points expansion during the quarter. Just turning to the other side of the balance sheet, I would imagine, given your securities flows, that the overall size is going to be dictated by what you're seeing on the deposit side. So, on that note, what are you seeing on the deposit side? I think one of your competitors said that, you know, there's some better deposit trends that flows have been improving. Wondering what you're seeing in your overall outlook here, given what you're seeing from your customers so far.

You know, we're seeing more stability than the two prior years. We're seeing, you know, more transactional activity, actually some growth in what we consider core transactional and non-interest bearing. Obviously, you know, we have an appetite for government deposits, which we are there, and we continue to support as long as, you know, there are 100 percent collateralized to be. That is our appetite. If that would change, you know, would change our appetite. But for now, you know, we see stability, we see the market, you know, fairly stable on that front. When we compare market numbers to 2024, there was a contraction, slight contraction. We have a slight increase. And, you know, we continue to monitor. It's really a very critical strategy for all of us, but are definitely stable.

Got it. That's really helpful. And then just a small modeling question on the expense side, I appreciate the outlook on a quarterly basis ahead. It looks like insurance and supervisory fees were about $2 million lower linked quarter. Was there anything, any reversal there?

Just wondering if 4Q is a better run rate going forward from here and any dynamics that may have impacted 1Q? i'm thinking here there was nothing um are you looking versus last year or you're looking versus december versus december because remember that last year last year we had a special assessment from the fdic um let me see i don't remember anything specific uh kelly i would have to look look for some more details to provide you.

Got it. Appreciate it. Just a point of clarification for me on the buyback. I think you had said you've done $28 million in April. Based on your commentary, would you expect to still continue to be active in the shares here opportunistic for the rest of the quarter, or I need to go back and look at the transcript. I thought you may have implied you might be out for the quarter. Just wanted to clarify that point.

Yeah, our goal for this quarter was $50 million, and we're going to complete that by the end of April. And, you know, we always keep the optionality. Right now, the plan is to deploy that $100 million in the second half, but it's always a consideration if a unique opportunity shows up on the market that we act. We have the flexibility, but the goal is to complete the $50 million.

Got it. And last one, that $448 adjusted margin, that's on a gap basis, right? Not an FTE. I believe you said the interest recovery was four basis points.

That's right. It's on a gap basis, not a full taxable equivalent.

Thank you so much.

Thank you. Thank you, Kelly.

Our next question comes from the line of Timor-Brazilian of Wells Fargo. Please go ahead.

Good afternoon. I want to first follow up on the deposit line of questioning. I think if I heard correctly, there was some chunkiness in deposit flows, 1Q. I'm just wondering, as you look at that portfolio, if there's anything that's expected to exit the bank here in the near term. And just talking to maybe more near-term deposit trends, can you just remind us what kind of the seasonal cadence is for First Bank and what the expectation is maybe over these next couple of quarters on the deposit side?

I mean, if you look, we had a couple of cases that were deposited, the deposits we got at the end of the year, meaning at the end of the year, meaning in the last quarter of the year, one Florida customer, one Puerto Rico customer, they mentioned that the monies were earmarked for some specific projects, and they would have been moved. We thought it was going to be at the end of last year. It did not happen. It happened early this year. So that was a chunky component that moved out, but there's nothing specifically on what we have in the portfolio today other than there's always going to be some kind of variability on the deposits on the public fund side because they have large components that come in and out. uh but on the on the commercial and retail side we don't have any any you know like like what we knew from from what we had at the end of the year on those two specific customers okay and then to that um maybe just going back to the florida conversation you had talked about the 12.6 million

hospitality credit it looks like there was another one that was called out that that migrated to classified can you just maybe talk through what that loan was and you know more recently there's some news on just the florida condo market and how much more expensive that's become can you just remind us of what exposure if any you have to the condo market in florida to the condo market uh well this one in hospitality was not condo um i i'm trying to remember which one was moved to classified because that that was the one that was moved there's nothing significant that I remember let me take a look at here other than this

actually that one case of Florida but but condo market in terms of exposures we don't have any in Florida we don't have any on the construction we do have some in the mortgage portfolio but it's very small thank you thank you we currently have no further questions so I will hand back to Ramon Rodriguez for closing remarks.

Thanks to everyone for participating in today's call. We will be attending Wells Fargo Financial Services Conference in Chicago on May 13th. We look forward to seeing a number of you at this event, and we greatly appreciate your continued support.

Have a great day.

Thank you.

This concludes today's call.