Thank you for standing by. My name is Janice, and I will be the operator for today. At this time, I would like to welcome everyone to Fluence Energy, Inc. Q3 2025 Earnings Conference Call. Thank you. And I would now like to turn the conference over to Lexington May, Vice President of Investor Relations. You may begin.

Thank you. Good morning, and welcome to Fluence Energy's Third Quarter 2025 Earnings Conference Call. A copy of our earnings presentation, press release and supplementary metric sheet covering financial results, along with supporting statements and schedules including reconciliations and disclosures regarding non-GAAP financial measures, are posted on the Investor Relations section of our website at fluenceenergy.com. Joining me on this morning's call are Julian Nebreda, our President and Chief Executive Officer; and Ahmed Pasha, our Chief Financial Officer. During the course of this call, Fluence's management may make certain forward-looking statements regarding various matters relating to our business and company that are not historical facts. Such statements are based upon current expectations and certain assumptions and are therefore subject to certain risks and uncertainties. Many factors could cause actual results to differ materially. Please refer to our SEC filings for our forward-looking statements and for more information regarding certain risks and uncertainties that could impact our future results. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today. Also, please note that the company undertakes no duty to update or revise forward-looking statements for new information. This call will also reference non-GAAP measures that we view as important in assessing the performance of our business. A reconciliation of these non-GAAP measures to the most comparable GAAP measure is available in our earnings materials on the company's Investor Relations website. Following our prepared comments, we will conduct a question-and-answer session with our team. Thank you very much. I'll now turn the call over to Julian.

Thank you, Lex. I would like to send a warm welcome to our investors, analysts, and employees who are participating in today's call. This morning, I will briefly review our Q3 results and then address the impact of recent legislation, which we believe provides a strong foundation for the future of our business. I will also provide an update on the current market environment and the progress we made in executing on our strategy. Ahmed will cover our quarterly financial results and 2025 outlook in more detail. Turning to Slide 4. I am pleased to report that since our Q2 call, as we expected, we signed 2 contracts in Australia worth approximately $700 million of combined revenue. One of these contracts is the largest in our history. Additionally, we delivered on our first domestic content product, which we believe is the first domestic content-compliant battery storage system delivered in the U.S. We're ramping up our U.S. production and working through typical production ramp-up issues as we scale. Finally, all of our contracts that were halted in the U.S. market due to tariff and regulatory uncertainty are now reactivated and moving forward. Turning to Slide 5 and our Q3 performance. First, we ended the quarter with approximately $4.9 billion in backlog. Since June 30, we had added to our backlog approximately $1.1 billion of contracts, including the 2 Australian contracts that I mentioned. Second, we recorded approximately $603 million in revenue, which was below our expectations, mostly due to delays in ramping up volume at our U.S. manufacturing facility. We expect to recover this revenue in fiscal '26 as production rates at these facilities continue to improve and reach their targeted capacity levels. Third, despite this revenue shortfall, we generated a 15.4% adjusted gross profit margin, well above our target for the quarter. Our annual recurring revenue increased to $124 million. Finally, we closed the quarter with more than $900 million in liquidity, including approximately $460 million in total cash, which we believe allows us to continue operating from a position of financial strength and provide significant flexibility in the current market. Please turn to Slide 6. Since our last call, several developments have reshaped the energy policy landscape in the United States. The One Big Beautiful Bill Act, or the OB3, has come out with strong support for battery storage. It differentiates BESS from other sources of generation by recognizing our technology as a dependable and dispatchable source of electricity, much like nuclear or gas power plants. This morning, I would like to highlight 4 provisions of the OB3 that provide support to Fluence's U.S. strategy, centered on domestically produced energy storage systems. First, the OB3 extends the investment tax credits for standalone storage through 2034. Second, it establishes new restrictions on the base ITC, limiting eligibility for Chinese equipment. Third, it imposes tighter and increasing over time FEOC requirements on the 10% domestic content ITC bonus. Finally, it has FEOC restrictions on Section 45X manufacturing credits. We believe that these provisions enhance our competitive position as one of the few companies currently capable of delivering domestic content energy storage systems at scale. We're seeing increased customer interest and growing opportunities that reflect the scarcity of compliance solutions in the U.S. storage market. Turning to Slide 7. As I noted, the OB3 adds FEOC restrictions to the Section 45X tax credit, limiting ownership, control, and material sourcing from certain countries. We expect that the forthcoming treasury rules implementing these restrictions will be workable, and we are actively engaged with our suppliers to ensure compliance by next year's deadline. I want to highlight 2 important topics. First, we are looking at multiple options, none of which require any significant capital beyond liquidity needs we have previously earmarked, thus not requiring us to raise additional equity. Second, the increase in domestic content thresholds on the OB3 favors our established U.S. supply chain, which positions us well to deliver compliant, cost-competitive systems in this evolving regulatory landscape. Turning to Slide 8, the significantly higher tariff from China proposed by the Trump administration and the uncertain tariff environment overall were the primary reasons for the halt in contracting activity last quarter. More recently, though, the tariffs on certain Chinese battery components have been reduced from 155.9% to 40.9%. This has restored a level of predictability that has prompted customers to resume contracting discussions. We are now seeing early signs of renewed U.S. order activity, supported by our foreseeable contracting model, global sourcing, and strong customer relationships. As I mentioned earlier, all our contracts that were halted in the U.S. market due to tariffs and regulatory uncertainty are now reactivated and moving forward. Separately, the Department of Commerce issued a preliminary 114% duty on certain Chinese-origin graphite material, with an estimated $5 per kilowatt hour cost impact that is manageable and reflected in our guidance. We are pursuing alternative sourcing and believe these rules, along with the recent legislation and tariff changes, reinforce the value of our U.S. content leadership and diversified supply chain. Turning to Slide 9, I would like to touch on the competitiveness of energy storage. The data is increasingly clear: battery storage is now one of the most competitive solutions for meeting capacity needs and is superior to gas turbines. It's not just about cost; it's also about speed and scalability. Generally, battery projects can be permitted, sited, and deployed far more quickly than new fossil generation, making batteries a flexible tool for utilities and grid operators navigating rapidly growing demand. We are already seeing this shift in real-world operations. In June, batteries supplied 26% of CAISO's evening-peak demand, surpassing gas for the first time. That's a landmark moment for our industry and a clear signal that grid-scale storage is no longer a futuristic concept: it's here, it's working, and it's scaling. Turning to Slide 10, in addition to competitive costs, we've also seen an expanding addressable market for BESS. One of the most transformative trends we've seen in the energy landscape is the rapid growth of data center demand, driven by AI and machine learning workloads. These workloads are not only energy intensive but also highly variable. Training large AI models or processing inference tasks can lead to solid spikes in power consumption, placing immense strains on the grid and creating localized reliability challenges. This is where battery energy storage can play a critical and unique role that cannot be filled by conventional sources of generation or renewables. BESS can act as a buffer, absorbing rapid surges in power and releasing it during high-demand intervals, effectively leveling out the fluctuations that come with AI-driven compute cycles. Moreover, batteries can be co-located at the data center itself or deployed at the transmission or distribution level, offering both behind-the-meter and grid-level flexibility. That's a key advantage in markets with interconnection bottlenecks or constrained infrastructure. Fluence is engaging with leading data center operators to develop storage systems that meet this fast-changing power demand, providing real-time flexibility for some of the grid's most dynamic loads. Initial estimates place the demand for these solutions at $8.5 billion through 2030. Turning to Slide 11, coming back to our Q3 performance, we delivered strong double-digit growth margin, driven by disciplined execution, cost control, and supply chain optimization. Our product mix, pricing strategy, and scale are sustaining higher margins in a dynamic market, reflecting a structurally improved margin profile and supporting long-term attractive returns. These results reflect the success of our commitment to profitable growth that we laid out a few years back. Turning to Slide 12, as of June 30, our backlog was approximately $4.9 billion, providing strong visibility into future growth. Since quarter-end, we have signed approximately $1.1 billion in additional contracts, including the approximately $700 million from the delayed Australia projects. The backlog is well-diversified across North America, EMEA, and Asia Pacific. Momentum remained strong in Asia Pacific and EMEA, and we are seeing early signs of recovery in the U.S. as tariff-related uncertainty eases and the enactment of OB3 addresses concerns about risks to the regulatory environment. Our domestic content-compliant product, flexible contracting, and resilient supply chain position us to capitalize on this rebound. Our pipeline has grown to $23.5 billion from $22 billion last quarter, underscoring broad global demand. This concludes my prepared remarks. I will now turn the call over to Ahmed.

Thank you, Julian, and good morning, everyone. Today, I will review our third quarter financial results and then discuss our liquidity and updated outlook for the remainder of fiscal 2025. Turning to Slide 14. Starting with our third-quarter performance, we generated $603 million of revenue. This brings our year-to-date revenue to $1.2 billion or 46% of expected full-year revenue, which is consistent with our prior year results. Q3 revenue was approximately $100 million or 15% below plan due to a slower ramp-up at our new U.S. manufacturing facilities, particularly at our recently commissioned enclosure facility in Arizona. Enclosures are the final stage in the production process and, therefore, the gating item from a revenue standpoint. We have already seen recovery milestones met across our cell, module, and enclosure facilities, and expect to reach targeted production levels by calendar year-end. I would note that our delivery commitments have sufficient time contingency to cover this delayed ramp-up. Thus, we expect to continue delivering products to our customers on time and on budget. Our Q3 adjusted gross margin was 15.4%, which reflects solid execution across our portfolio, particularly in Europe and Asia, where we generated more than half of Q3 revenue. Our adjusted EBITDA was approximately $27 million, which reflects the higher margins carried by the international projects during the quarter. Turning to Slide 15, we remain focused on maintaining strong liquidity to support our operations. We ended the third quarter with more than $900 million in liquidity. This includes approximately $460 million of cash, with the rest coming from availability under our credit facilities. I'm also pleased to report that last week, we executed a new $150 million supply chain facility. This is Fluence's first-ever unsecured facility, which carries an all-in interest cost of approximately 6% and is available to us to meet working capital needs. We appreciate the continued confidence of our relationship banks who share our vision and believe in Fluence's long-term growth potential. On a pro forma basis, this brings our total liquidity as of June 30 to more than $1 billion, giving us additional flexibility to execute on our future growth plans. As I mentioned on our second-quarter call, we expected to require a couple of hundred million dollars of working capital during the second half of fiscal 2025. During the third quarter, we have already funded approximately $150 million of that, mostly to purchase inventory, which now totals $650 million. The majority of this inventory will be used to meet our near-term customer commitments. Accordingly, we don't foresee any material additional funding needs in the near term, and we expect to maintain our strong liquidity, which is critical to supporting our growth plans. Turning to Slide 16, next, I will review our financial guidance for fiscal 2025. We now expect revenue to come in at the low end of our prior guidance range or approximately $2.6 billion. As I noted earlier, the delays in ramping up our U.S. manufacturing facilities have had the impact of shifting approximately $100 million of fiscal 2025 revenue into fiscal 2026. With respect to other guidance metrics, we are reaffirming our ARR of $145 million by the end of fiscal 2025. In addition, we are reaffirming our adjusted EBITDA guidance range of $0 to $20 million. We also continue to expect our full-year 2025 adjusted gross margin to be between 10% and 12%. Despite the macro headwinds that have occurred this year, such as tariffs and legislative uncertainty, we have continued to take necessary steps to manage the business for profitability and cash flow, and this is reflected in our results. For 2026, we will provide formal guidance on our year-end call in November, consistent with our prior practice. We intend to base guidance on backlog coverage of 80% to 90%, which will represent higher confidence in our revenue and EBITDA forecast compared to the historical practice of 65%. Today, we have fiscal year 2026 backlog of $2.5 billion. In summary, we remain confident in the long-term prospects of energy storage in general and particularly in Fluence's ability to deliver maximum value to our shareholders and customers. With that, I would like to turn the call back to Julian for his closing remarks.

Thank you, Ahmed. Turning to Slide 17, in closing, I will highlight the key takeaways from this quarter's performance and our outlook moving forward. First, the market for energy storage remains robust globally. More importantly, we have started to see the U.S. market activity pick back up after the pause we saw earlier this year, driven by a very supportive backdrop from recent federal legislation and some easing of tariff uncertainty. Second, we are actively working with our supply partners to structure our supply arrangements to achieve compliance with the new requirements under OB3, including the FEOC provisions, and we'll continue to do so as new regulations and guidance are issued. We are working towards these being completed ahead of the deadline under OB3. Third, there is a strong business case for battery storage as battery technology is now cheaper than gas and is uniquely positioned to adapt to the growing AI data center power demand to grid conditions. Together, these factors reinforce our confidence in Fluence's ability to excel in today's environment and deliver value to our stakeholders. With that, I would like to open up the call for questions.

Your first question is coming from the line of Brian Lee from Goldman Sachs.

I guess, first, when I look at the guidance for the rest of the year, fiscal Q4, it implies gross margin. I know you guys don't like to focus on it too much, but you had a really good gross margin in Q3 here. Q4, it's indicating something south of 10%. So below the low end of the guidance range for the year, even though it's a big revenue quarter. So can you kind of talk about the puts and takes on margins into the year-end quarter? And then also, you got a decent amount of backlog heading into '26, some really good Australia activity here that presumably is going to show up in your '26 execution. What are you seeing in terms of margin outlook for the backlog? Are we tracking ahead of kind of the 10% to 12% that you did this year? I'm just trying to understand what to read into Q4, but also what you see in the backlog at the end of '26.

Thank you, Brian. Regarding the margins for the fourth quarter, a significant portion of our revenue is generated in the U.S., and this has been impacted by the new tariff, which we previously mentioned amounts to about $30 million, typically representing 1%. This is largely influencing the weaker margin figures for the year. However, aside from this tariff issue, our execution in other areas is going quite well, and we are making every effort to improve our performance. Overall, we are delivering results effectively. Regarding the 2026 guidance, while I can't provide specific margins today, the trends we are observing align with the 10% to 12% range we set for this year. We still have some work ahead of us but are hopeful that conditions will improve. This is our current situation.

Okay. Fair enough. Julian, you discussed the recent policy actions and their impact on your business. There's been significant investor interest and concern regarding FEOC restrictions and how Fluence integrates into the new landscape with AESC's ownership structure. Could you elaborate on how you are navigating this situation, your positioning regarding FEOC and AESC, and any actions you might need to take, including timeframes and potential investments necessary to move forward?

Yes, I understand there are concerns regarding this matter. From a macro perspective, we have always believed that the U.S. battery storage market would primarily focus on domestic content, a view we held even before the IRA came into play. Politically, we anticipated that this technology's development would be challenging to allow it to be dominated by Chinese suppliers. This has been our perspective from the start. We initiated our planning ahead of the IRA and were clear about our intentions once it was implemented, receiving financial support in the process. The OB3 reinforces our belief in this direction. Therefore, we don’t see it as a threat; it has been foundational to our planning. Regarding AESC, there are three key drivers of 45X credits for any supplier. Firstly, we cannot be owned by companies from specific countries, and control is also important, as there are restrictions on material sources from certain countries. We are addressing all three aspects to ensure our supply chain aligns with OB3 requirements. AESC has collaborated with us to develop a supply chain sourced from acceptable regions. We are making progress and have started converting parts of it. Many suppliers are currently undergoing the necessary process, and we believe we will meet the deadline outlined in the act. Control primarily concerns the operation and management aspects, which we have discussed with our lawyers and believe can be effectively managed. The ownership aspect is where you have expressed some understandable concerns, and both AESC and we are exploring various options. Some opportunities seem favorable, though not all can be fully executed within the OB3 timeline. We have considered the possibility of taking ownership of the line, which is one option among others we are analyzing. We believe it is feasible, and we can manage it financially without raising additional capital. Thus, we expect to complete the transaction within the required timeline without significant complexity. Reflecting on the act and our efforts for compliance, we view ownership as just one part of the equation. We are confident we can achieve it, and we are not alone in this effort; there are other viable opportunities being explored. We are committed to meeting the act's requirements on time. To reiterate, we do not perceive FEOC restrictions as a threat. Instead, we believe they affirm our view of the market’s evolution. We have been investing in this and shifting supply chains to the U.S. despite the challenges, proving that it is, in fact, achievable. We remain optimistic about the regulatory environment supporting our market perspective.

If I could just ask one more question. I understand you won’t provide guidance for 2026, but we're nearing the end of fiscal 2025. You secured several substantial contracts in July and August, showing good momentum, but the year is almost over. You mentioned that high-level guidance should be around 80% to 90% covered, as you consider being more conservative and gaining clearer insights into the upcoming guidance range for the next call. Is it correct to think of it as being 80% to 90% covered, with a backlog of about $2.5 billion up to the end of July and early August? And will whatever additional bookings you have this quarter serve as a starting point for next year's guidance?

We will determine our guidance based on the backlog we have for 2026 at the time of the earnings call. We have a strong pipeline ahead, and we anticipate that the $2.5 billion figure will increase by that time. I remain committed to guiding towards an 80% to 90% range. I do not want to revisit this year's performance. The U.S. market is improving and we are seeing good opportunities, not only in Australia, where we have performed well, but also in EMEA. Please stay tuned for the actual guidance, which will be based on 80% to 90% of the backlog we have for 2026, starting at the end of the call. I believe Ahmed will have more to add to this.

Yes, Brian, I don't think you need to read between the lines. There is more to discuss regarding how we are approaching our guidance. We aim to replicate the success we experienced in the first month. In July, we secured a $1.1 billion contract, and we hope to keep that momentum. Our goal is to provide guidance that reflects greater confidence, unlike before when we had only 65% coverage and often fell short of our targets. That was our intent, and there is nothing more to it.

That's right.

Your next question is coming from the line of Dylan Nassano with Wolfe Research.

Can we just start with opening comments on data centers? So correct me if I'm wrong. It sounds like maybe you're engaging a little more directly with the data centers. Can you just kind of walk us through that? Have you actually signed any kind of new contracts there?

No. This is a new and emerging need that we've been serving data centers indirectly through independent power producers and other players who provide services to them. However, there is now an emerging requirement for AI data centers that are training or managing complex AI processes, which have very volatile energy consumption. This issue cannot be resolved without affecting the grid unless we add battery storage. It requires a lot of technical work, particularly because the response time of the batteries must be very quick. I want to provide a number, not to give my competitors insight, but it is critical that response times are rapid to ensure that the electricity does not disrupt the algorithms learning in the process. This demand is increasing. We have a pipeline, but we have not signed any agreements yet. As mentioned in the call, we're working on the solution, and we believe we have it, but we still need to test it to ensure it's available for our customers. We included it in the script not only because it represents a clear opportunity in data centers but also because it illustrates the expanding scope of products that battery storage can provide. Our view from the beginning has been that the value of this technology extends beyond just integrating renewables into the grid; it’s much more extensive, and we will continue to play a significant role both behind and in front of the meter as we progress.

It is our view that the reason we included this in the script is not only because it's clearly a data center opportunity, but it also demonstrates the expanding scope of products that battery storage can provide. From the beginning, we have believed that the value of this technology goes beyond just integrating renewables into the grid; it's much broader, and we will continue to play a very significant role both behind and in front of the meter as we move forward.

Your next question is coming from David Arcaro with Morgan Stanley.

I was wondering if you could maybe give a little bit more color on just how the U.S. demand picture is trending following the passage of the OBBB. And I was curious if you're seeing the executive order uncertainty impacting the pace of bookings, given that it might impact the solar outlook and any battery attachments to solar.

It's improving. Keep in mind that we had to pause the execution of several contracts we had signed. Those contracts are now progressing and heading toward execution. We expect this to contribute to revenue in 2026 rather than 2025. We're quite active, having signed a few contracts recently, and we are noticing an increase in opportunities. So far, we haven't encountered concerns from people regarding the projects, though there is some worry about the executive order. However, the projects we're currently working on have already commenced construction, and materials are being procured and installed. Therefore, the signed projects, which are quite advanced, are not being impacted.

Great. Got it. That makes sense. And let me see, I was wondering if you could just elaborate on the ramp-up issues that you had. I think you mentioned it was at your Arizona facilities. But are those now fully resolved, any lingering impacts or issues that you're managing through the end of the year?

Yes. We had some typical ramp-up issues that come out of putting in place these production lines. In the case of the Arizona facility, we essentially did a technology transfer from what we were doing in Vietnam to the U.S., and some of the work processes needed to change to adapt effectively to the U.S., which delayed the start-up and the ramp-up. We believe we have it all under control, and we are in the process of starting to ramp up. By the end of the year, we should resolve the problem. Unfortunately, we do not believe today that we'll be able to recuperate the $100 million of revenue that we have to move to next year. We will meet our ramp-up objective for the end of the year, but it will not be enough to regain the $100 million in revenue. The challenges we faced were typical ramp-up issues; processes needed to adapt to the specific regulatory environments that you only find out when you are trying to ramp up production in that facility. The quality of the work is very good. I was also at that factory last week, meeting the employees, looking at the people. We have about 40 of our engineers working with them to resolve these issues very quickly. I'm excited about this. Moreover, no one believed we could build the enclosures with U.S. steel. These enclosures are made with 100% U.S. steel. We're very happy with the process and believe this is the way to go forward. We are believers in the U.S. industry. We have issues, but we'll make it happen.

Your next question is coming from the line of Julien Dumoulin-Smith with Jefferies.

Regarding the $2.5 billion figure, how do you view that in terms of the upcoming year? I understand you mentioned the range of 80% to 90%. I’d like to grasp your perspective on the visibility and timing of when you expect some of that backlog to come in. Do you anticipate that figure will increase towards the end of the year based on OB3? Additionally, could you elaborate on the notable acceleration you are experiencing outside of the U.S.?

I don't want to give guidance for next year. We mentioned a conservative approach because, last year, we guided with $2.6 billion in our backlog. This year, we set a guidance of $4 billion. I didn't want to say $2.5 billion, only for you to find out that others might guide to $3.8 billion. Things are going very well and we are in a strong position, but we're going to take a more conservative stance. That was the key takeaway. We are experiencing significant momentum, so stay tuned. However, I cannot provide a view today.

We're not shutting down our shop. Our goal is to continue to grow and provide service to our customers and grow the business. So that's the goal. So let's stay tuned, but we will come and report. Our sales team is actively working, and we are adding more resources in sales.

That's right.

Your next question is coming from the line of Chris Dendrinos with RBC Capital Markets.

I wanted to revisit some comments about manufacturing. Are you positioned to support a ramp from AESC in the future? Additionally, if you consider a different supplier, can you accommodate the cells produced from that line, whether they are prismic or pouch? I'm trying to grasp your flexibility to adapt to a different cell structure if you switch suppliers.

We currently, our supply chain is designed to integrate the AESC batteries. If we were to introduce another supplier with another technology, there would be some work in adapting them to our systems, but it would not be extensive. However, we do not have any need for new supply during the rest of '25 or '26. It will be an early '27 need that we will have enough time to adapt to it.

Got it. Okay. As a follow-up, I want to revisit the previous question about pricing dynamics. It seems like in response to a question from ROTH, there may be some pricing increases happening in the U.S. due to tariffs. Is that correct? Additionally, are you experiencing any incremental pricing pressure globally, or is that trend subsiding?

Yes, that's a good question. I believe that over time, the U.S. will experience some cost pressures. However, most of the projects we are currently considering are protected under the previous IRA provisions. Therefore, I do not anticipate significant price increases in the next 6 to 12 months, as they will operate under the old system. Generally, I think we should plan for some additional increases in the future. That's the overall perspective to keep in mind.

Your final question is coming from the line of Dimple Gosai of Bank of America.

What are you seeing in the market as far as Chinese players front-running FEOC and tariff escalations ahead of the end of 2025? And maybe anything you can add on what customers are saying on that front? And then I have a follow-up.

We have been focused on selling domestic content production primarily in the U.S. Our current customers do not typically prefer Chinese equipment, so I can't provide insight on that market. Chinese equipment doesn't compete with our domestic content offering, so it's likely that other customers are exploring it. However, the economics of domestic content for projects protected under the IRA and other new projects remain very strong, and we are confident that this market will continue to grow.

Okay. And then in the current backlog, what is the tariff sensitivity that perhaps wasn't already baked into the contracts, if any? Are there any potential cancellation risks or mutual terminations that might still be on the cards?

We don't see any terminations due to tariffs. We had to halt some contract executions because of the tariff risk, and now all those contracts are progressing. With the 40% tariff this year increasing to 58%, the provisions in our contracts are already factored into our current backlog.

Those are already taken care of in our current backlog.

Yes, they are included in our guidance for this year. You shouldn't expect any additional changes.

I will now turn the call back over to Lexington May, Vice President of Investor Relations, for closing remarks. Please go ahead.

Thank you for participating in today's call. If you have any questions, feel free to reach out to me. We look forward to speaking with you again when we report our fourth quarter and full-year results. Have a good day.

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.