Hello. Welcome to MADIV's first quarter 2026 earnings conference call. On the call today from MADIV are Shruti Singhal, President and Chief Executive Officer, Scott Minder, Chief Financial Officer, and Chris Cooper, Director of Investor Relations. Today's call is being recorded and will be available for replay later this afternoon. At this time, all participants have been placed in a listen-only mode, and the floor will be open for your questions following the presentation. If you would like to ask a question at this time, please press star one on your touchtone phone. If you need to remove yourself from the queue, please press star one again. If you require operator assistance, please press star zero. We ask that you please pick up your handset to allow optimum sound quality. It is now my pleasure to turn the call over to Mr. Chris Cooper. Sir, you may begin.

Good morning, everyone, and thank you for joining us for MADF's first quarter 2026 earnings call. Before we begin, I'd like to remind you that comments included in today's conference call include forward-looking statements. Actual results may differ materially from these comments for reasons shown in detail in our SEC filings, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. Some financial metrics discussed during this call are non-GAAP financial metrics. Reconciliations to the closest GAAP metrics are included in the appendix of the earnest release, which along with the accompanying slide deck is now available on our website at ir.madev.com. With that, I'll turn the call over to Shruti.

Thanks, Chris. Good morning, everyone, and thank you for joining our call. We appreciate your time and your continued interest in MADEV. I am delighted to share our financial results, provide operational updates, and formally introduce the next phase of our strategic evolution. Before we discuss the Q1 performance, I would like to pause and reflect on a meaningful milestone. This marks my first full year as MADF CEO. CEO. Looking back at the last 12 months, I am deeply inspired by our global workforce's resilience, adaptability, and unwavering commitment. Having navigated complex macroeconomic and more recently geopolitical landscapes, the transformation we initiated a year ago is bearing fruit, placing us on a firmer foundation today. The cultural shift driven across the organization fundamentally altered our operational DNA. We are no longer reacting to the market. We are actively shaping our outcomes and focusing aggressively on things we can control. This pivot is evident enterprise-wide, widened margin, optimize SG&A expenses, transform cash flow, and a unified team culture. Our actions remain swift, deliberate, and impactful. Over the trailing 12 months, we transformed MADF into an agile and more capable organization by holding firm to the following foundational priorities. First and foremost, we are an integral part of our customers' value proposition and the engine that powers their innovation efforts. Our highly engineered solutions are critical to our customers' success and our collaborative and co-creative relationships have never been more stronger. Usually, our solution is only a small portion of their final product's cost, but it is key to enabling its value and performance. Second, our rigorous cost-cutting initiatives yielded nearly $20 million in realized savings across SG&A, operations, and procurement in 2025. And our 2026 cost savings target of $15 to $20 million is proceeding on schedule. The aggressive steps we are taking, simplifying operational workflows, removing bottlenecks, and cutting inefficiencies directly impact our bottom line. Third, we made significant progress in our delevering efforts enabled by improved profit margins and cash flow generation. In early April, we successfully refinanced the majority of our debt tranches. Scott will share more details, but this transaction solidified and simplified our capital structure, de-risked our balance sheet, and enhanced Mattis' financial flexibility. Lastly, a year ago, we announced a strategic portfolio review of our assets and business lines to better balance the contribution of our product categories across a variety of financial and market dimensions. As a result, we took decisive actions on facilities, products, and assets. We optimized our operational footprint by closing an underperforming plant in Wilson, North Carolina. China, we successfully streamlined our SQUs to reduce complexity and improve supply chain efficiency. Furthermore, we optimized our R&D initiatives and purposefully reallocated resources towards the highest return projects that directly support our commercial pipeline. By rigorously evaluating our business lines and taking these necessary actions, we have strengthened our foundation and positioned ourselves for the next phase of strategic transformation. We will now shift our focus to accelerating growth, better aligning our broad capabilities with the strongest markets, and opportunities to drive sustainable, long-term value. As part of our strategic planning process, we will continue to evaluate opportunities to create value by optimizing assets, costs, and capital allocation. Transitioning to our Q1 performance, this was a solid opening to the year. By maintaining a relentless focus on commercial excellence, pricing implementation, financial and operational discipline, we achieved year-over-year profitability growth despite the surrounding economic headwinds. Scott will walk you through the financials in detail, but I'll point out that the true highlights of this quarter lie in our profit margin expansion and cash flow performance, marking our strongest consolidated Q1 margin and cash flow performance since our mid-2022 merger. Both segments generated significant adjusted EBITDA and margin increases. Our strategic pricing initiatives and stringent cost controls are working in tandem to create value. Looking past the P&L, our free cash flow narrative remains a point of immense pride building on phenomenal cash flow generation from last year. Historically, Q1 is our most demanding quarter for cash flow due to seasonal working capital buildups. Nonetheless, we achieved significant year-over-year improvement, which is a substantial step change from the heavy use of cash in the prior year. Our tactics have become highly cash flow-centric, providing us with liquidity to navigate uncertainties while paying down debt. This also lays a solid foundation for another year of strong cash flow performance. While incredibly proud of our adjusted EBITDA margin and cash flow performance, we operate in a volatile macro environment where the overall demand picture remains mixed across our portfolio. In Q1, we experienced a few discrete pockets of volume weakness across a diversified business portfolio, most notably within our healthcare vertical. First, customer de-stocking actions in Q1 2026 compared to customer inventory building in the prior year to support their product plans. Second, we experienced supply chain inefficiencies related to a temporary outage late in the quarter at our Knoxville, Tennessee facility. Beyond healthcare, demand remains soft in our release liner and labels businesses. Despite these headwinds, MADIS strength lies in diversification. Our global reach and varied product portfolio allows us to accelerate on pockets of growth to offset weakness. As evidenced, in our FAM segment, our European filtration business demonstrated solid momentum, particularly in aftermarket transportation, water, and industrial applications. We also captured gains in paint protection and industrial films. In our SAS segment, we saw growth across all finished tape categories and in commercial print. Lastly, I'm pleased to report that we recently earned a sizable new commitment for specialty films from a new Aerospace customer. This is another proof point for our strategy of applying existing process capabilities and product knowledge to grow in adjacent markets. In addition, we are focused on extending our commercial pipeline by increasing wallet share via cross-sell opportunities with existing customers and leveraging a broad product portfolio in adjacent applications. I'll highlight that FAM's sales pipeline has materially increased versus a year ago, an important tool to offset stuggish market demand going forward. Switching gears to the impacts related to the global macro landscape, we saw limited direct impact from the Middle East crisis in the first quarter, primarily due to our localized supply chains. Looking ahead, given the elevated oil and derivative prices, we expect input cost increases in resins, polymers, and select chemicals. Our commercial and procurement teams work in lockstep leveraging our pricing agility and remaining proactive on further pricing actions to maintain a favorable price versus cost ratio for 2026. We had already implemented pricing actions in January due to the expected raw material inflation forecasted for 2026. When the subsequent Middle East crisis amplified this forecast, we announced a second pricing action in March to cover those incremental input costs. Although the direct impacts of the current Middle East crisis on MADF are minimal and well within our control, we recognize that the broader indirect impacts on market demand and overall commercial activity remain uncertain. Our pricing agility allows us to capture the benefits sooner and more evenly, preserving margins during times of stress. Our strategic pricing efforts ensure that we realize higher margins over time. Pivoting to the future, as introduced on our last earnings call, we have formalized a new strategic blueprint that will guide how MADF grows its top line, operates, and wins in the marketplace. We have defined a clear, unified vision for MADF to be the preferred global partner for customers delivering performance-critical material solutions. At the heart of this strategy is our core purpose. Our materials and solutions are the key components that enable and elevate our customers' innovations. Whether we are purifying air and liquids, protecting surfaces in harsh conditions, ensuring materials stick and release on demand, or ensuring life-saving devices stay attached to your body, our solutions are the critical components that make this progress possible. We succeed by playing to our strengths. We go beyond just supplying products by transforming materials into performance. With uncompromising quality, global reach, and deep customer collaboration, we help solve their most complex challenges. In today's dynamic environment, we must relentlessly pursue ease, speed, and reliability. We are actively focusing our sustainability and innovation efforts, leveraging our technical capabilities to accelerate progress across our key growth areas. We are continuing to optimize operations to run a faster, more efficient business. We want to make it effortless for customers to work with us, ensuring we exceed expectations every time they engage with us. We are making deliberate, strategic choices to invest where we can win and grow. This means aggressively advancing our go-to-market strategy, unlocking the full integrated value for a diverse portfolio, and concentrating our resources on high-growth, high-return markets. As we continue to refine our go-to-market strategies, over the coming months we will keep you informed on our progress and impact. We have the right talent, the right portfolio, and we refine our strategy blueprint to lead MADF into its next phase of profitable growth and on a clear path to long-term value creation. With that, I'll turn the call over to Scott to provide a more detailed overview of our financial performance.

Thanks, Shruti, and good morning. With solid first quarter results, MADDF laid a strong foundation to achieve our 2026 strategic and financial objectives. Starting with our financials, MADDF's net sales were $480 million nearly flat year over year on an organic basis and down about 1% as reported. Favorable selling prices and currency were offset by lower volume mix. Q1 adjusted EBITDA was $47.5 million, up 28% versus prior year. A favorable price-to-input cost ratio, lower manufacturing expenses, and favorable currency were partially offset by unfavorable volume mix. Our adjusted EBITDA margin was 9.9%, which was up 220 basis points versus prior year. This represents our strongest Q1 margin performance since the mid-2022 merger. Looking at results by segment, FAM net sales of $188 million increased by more than 2% on an organic basis and were up modestly on a reported basis, both versus prior year. This growth was driven by favorable currency and slightly higher selling prices. These benefits were partially offset by lower volume mix. FAM adjusted EBITDA of $27 million increased by 41% year over year, while margins of 14.6% improved by 430 basis points over the same period. These gains were led by a favorable price-to-input cost ratio, lower manufacturing costs, favorable currency, and lower SG&A expenses. Marginally lower volume mix partially offset these benefits. SAS net sales of $291 million were down 2% year-over-year. Lower volume mix was partially offset by favorable currency and selling prices. As Shruti mentioned, this was driven mainly by lower-than-expected healthcare volumes. SAS adjusted EBITDA of roughly $31 million increased by approximately 16% year-over-year, with margins of 10.5 percent improving by 160 basis points. Earnings benefited from a favorable price-to-input cost ratio and reduced SG&A expenses. This was partially offset by lower volume mix. Before I cover corporate expenses, I want to highlight a reporting change that we implemented this quarter. As a legacy of our 2022 merger, a portion of our overhead costs remained unallocated at the corporate level. To better reflect the underlying costs of our business, we'll now allocate certain centralized expenses, specifically IT infrastructure, finance and accounting shared services, and regional HR directly to our segments. As a result, adjusted EBITDA margins for both segments are approximately 100 basis points lower than originally reported. This change represents an internal expense reallocation. Consolidated adjusted EBITDA and margin remain unchanged. To assist with modeling and to ensure accurate year-over-year comparisons, we recently published an 8K providing restated quarterly figures for 2025. Now, looking at corporate items, unallocated expense of roughly $11 million dollars increased by nearly two million dollars versus prior year due to higher advisory expenses other income of roughly two million dollars compared to an expense of two million dollars in the prior year this improvement was due to foreign currency gains our q1 tax rate was negative driven by our geographical earnings mix and our inability to benefit from losses in certain jurisdictions that have a full valuation allowance. Q1 interest expense of roughly $18 million decreased slightly versus prior year, primarily due to lower debt balances. Q1 2026 free cash flow was a use of $7 million, improving by more than $22 million versus prior year. This represents our best Q1 performance since the merger in mid-2022. It was driven by a year-over-year operating cash flow improvement of more than $16 million due to lower restructuring expenses and capital expenditure timing. At quarter-end, net debt was approximately $954 million, representing a slight seasonal uptick as we invest in inventory ahead of our increasing Q2 and Q3 production schedules. Our liquidity was roughly $499 million on a reported basis, while our net leverage, as defined in our credit agreement, was 4.1 times. This marks a slight decrease versus 2025's year-end level. We continue to expect material progress toward our leverage goal of 2.5 to 3.5 times as we move through 2026. Debt reduction remains our primary capital allocation priority. After a comprehensive review of our capital structure, we refinanced our existing credit facilities in April ahead of an early May go current date for a significant portion of these facilities. As a result, we simplified our capital structure, reducing the number of outstanding debt tranches as well as the number of bank group participants from 15 to 8. We right-sized our revolving credit facility to $305 million, reducing unused borrowing fees as a result, and we eliminated our delayed draw term loan. The revised cash flow revolver in new $90 million term loan A facilities mature in 2031, and the new $500 million term loan B matures in 2033. While the Middle East conflict added an element of volatility to our capital raising efforts, we chose to move quickly and de-risk our upcoming maturities with new capital at market-prevailing terms. We expect our annual interest expense to be approximately $76 million going forward, marginally above the $74 million we estimated for our previous capital structure. With our new facilities in place and no debt maturities until late 2029, we're focused on executing in the marketplace, generating strong free cash flow, and addressing our prepayable debt tranches to further delever and strengthen our balance sheet. Next, I'd like to spend a few minutes providing some context on recent geopolitical events and how they've impacted our markets and our business. The current Middle East conflict has heightened volatility and increased our input costs. Oil prices have risen sharply since early March, and we're facing higher costs for many of our crude oil-based inputs, namely polymers, resins, and some chemical feedstocks. Coming into 2026, we estimated full-year raw material inflation to be $20 to $25 million across our basket of purchases, with increases weighing more heavily on the second half of the year. We took pricing action in January to fully offset this inflation within 2026. Based on today's forecasted input costs, we now estimate total full-year inflation impact to be $40 to $50 million. As a result of this revised view, we took incremental pricing actions across all product categories in late Q1 to fully recover these additional costs. While these actions are challenging for our customers and our teams, they're clearly linked to underlying inflation. Similar to our efforts and results in 2025 and Q1-2026, we expect our pricing actions to fully offset the $40 to $50 million of forecasted input cost inflation in 2026. Our input cost inflation estimates are subject to material changes depending on geopolitical events and market expectations. We'll remain vigilant and nimble with our pricing and we'll keep you updated over the coming months. Now I'll share our Q2 2026 outlook. Our first quarter results built a strong foundation for the year, highlighted by solid profitability, margin growth, and improved cash flow performance. As we look ahead, the market volatility created by geopolitical events and its impact on our business reduces our forward visibility. As Shruti outlined earlier, we expect direct business impacts from the Middle East crisis to be manageable as we take steps to mitigate challenges quickly. This includes price increases to offset additional input cost inflation. We're closely monitoring for any potential indirect impacts on broader market demand. Our new strategic growth blueprint is designed to counteract fluctuating market conditions by unlocking our portfolio's integrated value and by focusing our resources on high-growth, high-return opportunities, and market adjacencies. Bottom line, we're taking actions on things within our control and deploying mitigation strategies for those things beyond our control. As a result, we expect Q2-adjusted EBITDA to be down a mid-single-digit percentage compared to a strong prior year as a result of lower volumes, largely due to near-term demand weakness in our healthcare business. As Shruti discussed earlier, growth in FAM's films and filtration businesses, a favorable price-to-input cost ratio, and SG&A savings should provide partial offsets. A year ago, we successfully adapted to a new tariff-based macro environment, improved the resilience of our operations. Today, we're confident in our ability to manage through the input cost volatility and demand uncertainty created by geopolitical events. With that, I'll hand the call back to Shruti for his closing remarks.

Thank you, Scott. In closing, our first quarter results clearly demonstrate that the cultural and operational transformation we set in motion over the past year is working. We delivered our strongest Q1 consolidated margin and cash flow performance since our mid-2022 merger. This was comprised of significant margin improvements across both segments and a substantial step change in cash flow generation, setting us up for another year of strong free cash flow. While we are closely monitoring the broader macroeconomic environment and geopolitical headwinds, particularly the recent inflationary pressures on our input costs, we have proven our ability to be nimble, proactive, and adapt to the world around us. Our commercial agility, value-based pricing strategies, and rigorous operational discipline give us the confidence that we can successfully navigate this volatility and continue to deliver consistent results in times of uncertainty. Looking ahead, our newly formalized strategic blueprint is actively guiding our growth trajectory. We are not waiting to see how the market evolves, we are leading it. Our commitment is to unlock the full, integrated value for a diverse portfolio and to be the preferred global partner for customers delivering performance-critical solutions. By concentrating our resources on high growth, high return markets, and relentlessly focusing on quality, performance, and reliability, we are charting a clear path towards profitable growth and sustained long-term value creation. With that, let's open the line for your questions. Operator?

We will now begin the question and answer session. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your question comes from the line of Daniel Harriman from Sidoti. Daniel, your line is now open.

Thank you. Thanks for taking my questions. Congrats on the continued progress. I've got quite a few this morning, so please bear with me, but I'll start out with two. First, for Shruti, you mentioned customer destocking and supply chain inefficiencies within the healthcare vertical, and I was just hoping you might be able to provide a little bit more detail on this development and when we should expect conditions to normalize. And then, Scott, as it pertains to price costs, you've done a really good job of offsetting costs with some pricing, and it sounds like you were able to get ahead of some expected inflation thus far in 2026 through these price increases. Do you think you'll be able to continue driving this favorable pricing should input costs continue to rise? And then conversely, should costs come down quicker than we expect? Do you expect to reduce prices?

Thanks, Dan, for your question and your kind words. I appreciate it. Regarding our health care vertical, we had two specific challenges. One was around customer de-stocking action. So, you know, it's created a bit of a tough comparison to prior year. So when customers were building inventory, we supported them in their product launch plan. So we're lapping that right now. Secondly, we had an issue with a temporary operational outage in our Knoxville, Tennessee plant, which is now fully resolved, and the plant is fully operational at this time. So on the point about normalization, we don't have an exact timeline on that based on customer end-user demand, but this is only a near-term issue for us. We do expect that at the back half, things would start to get better and we'd see an improving trend. But one thing to keep in mind, which I mentioned during my remarks as well, that the strength in our portfolio is the very diverse portfolio we have. So if one category goes down, we are offsetting these near-term headwinds with, for example, our European filtration business is strong, our finished tapes business is strong, And what I mentioned about the new commitment in films with the customers in aerospace, that's strong. So we have other things to offset this near-term demand weakness in our healthcare category. Scott?

Hi, Dan. First, thanks for the recognition. Pricing is not easy work for our teams. It requires a lot of analysis and back and forth with the customer. And it also really requires being proactive when costs are rising quickly to preserve margins. But on to your question about what's next. First, I think it's important to appreciate that the ongoing conflict in the Middle East has created some significant longer-term disruption to oil and related markets for a couple of reasons. I mean, there's been pretty significant infrastructure damage in the region. It has created elevated logistics and insurance costs, and I think those are going to be with us for a while. And even longer term, I think there's going to remain a lingering risk premium in the market for some time. So as a result of that, we expect input cost inflation to be pretty sticky in 2026, regardless of the timing for a resolution. So a quick reduction to a lower baseline price is not likely in our view. On the flip side, if the conflict does intensify and oil prices rise and settle at a higher level, we're going to follow the same playbook. We're going to take further pricing actions to preserve our margins. So that's really the more tactical view. If we take a step back, I think pricing plays two important roles. At Matt and Trudy talked a little bit about this. In the near term, it is critical for margin management, as I described. Over the longer term, I believe it's a critical part of our customer and shareholder value proposition. Over the last 12 months, this company has been on a mission to improve our margins. We've taken hard but needed actions to reduce our footprint and our SG&A costs, and we've improved our operations and supply chains to reduce complexity. We're really focused on preserving this foundation and make progress on our long-term objective around margins. And to get there, and more importantly, to stay there, it requires pricing actions to offset inflation. And then lastly, I think long-term, as I mentioned, we strongly believe that margin management is a critical component of our value creation. For customers, it really does enable longer-term investments in innovation and capabilities. And for our shareholders, it improves the health and stability of our financial results. So I think this is really good work that we're doing, and we're going to continue down this path, regardless of the situation presented to us externally.

That's really helpful, guys. Moving on, Trudy, we were excited to see or hear about the commitment in specialty films from a large aerospace customer. Can you quantify for us maybe the expected revenue impact that that commitment is going to have and maybe the timeline for when we should see results contributing to the overall business? And then, Scott, going back to you, cash flow generation, free cash flow generation in the first quarter was up significantly year over year. But I'm just curious, given the seasonal working capital build as the year progresses, how should we think about that cash flow cadence for the balance of 2026?

Thanks, Dan, for the question there. I'll take the first one. I mean, we are super excited about this new specialty firms commitment for the aerospace customer. Let me tell you, this is a great example where cross-functional teams within MADF come together. We take our existing product-based technology, innovate to customers' needs and their unmet needs, and we grow in adjacent and really high-value markets. Now, due to customer confidentiality, I can't really disclose the financial terms or be very precise on the timing for MATIV's revenue contribution. But what I can say is that we expect the commercial relationship to commence in Q2, and it's going to ramp up slowly with shipments starting later in the second quarter. But this is a great example of the strategic blueprint point that I was making earlier, that it brings everything together. We created a strong foundation. Now we are innovating with customers' needs and serving the market and expanding into high-value markets. So we are very excited about it, and I'm very proud of our team on what they've been able to accomplish with the customer.

Okay, over to me. Question on cash flow. Yeah, a little bit about our seasonal pattern here. I mean, historically, Q1 is our most demanding cash flow period for a couple of reasons. We called out that we generally have a seasonal working capital build ahead of higher Q2 and Q3 production levels. And second, we also have outflows in the first quarter related to the payout of the prior year's incentive compensation. So I think you noted, Dan, that in Q1, free cash flow was a use of $7 million, but that was a $22 million improvement year over year. Two components to that, largely due to improved earnings, and then business realignment costs of $9 million in the prior year that didn't reoccur. So if we look ahead across 2026, we do expect a normal cash flow seasonality to the business. And by that, I mean we expect to generate our strongest cash in Q2 and Q3 and close out the year on a positive note. As a reminder, though, I do want to point out back in February, we did say we plan to invest additional cash in 2026 for growth, so $10 million additional working capital and $5 million of additional CapEx. And I think you can think about that spending as being proportional across the remainder of the year. I think it's important to recognize that MADF has intensified its focus on free cash flow over the last 12 months. Our teams, as we've talked, have worked really hard to improve profit margins, increase working capital efficiency, and we've really shown a lot of discipline around capital expenditures. So as a result, we did generate record-free cash flow, as we've mentioned a couple of times now of $94 million in 2025 amid some pretty challenging market conditions for us. And as we said last quarter, we're on track to generate significant free cash flow again in 2026. And that's despite the market volatility that we're experiencing. So the bottom line here for me, the team is highly focused on delivering value through cash generation and capital allocation across all types of market environments.

Great, guys. I appreciate that. And then, if I may, Shruti, just the last one. You know, you mentioned moving on to the next phase of the comprehensive portfolio review that you've been undertaking for quite some time now. And to the extent that you can talk about it, I'm just curious if we should expect any divestitures of non-core assets as you complete the first phase and move on to the next.

Thanks again Dan. So as I mentioned before and you know over the last 12 months we did a very rigorous portfolio analysis you know with the board the management team across all our facilities different product categories various assets and we wanted to make sure that we strategically balanced each of those categories, what the contribution they make across, you know, lots of factors and characteristics went into it, such as, you know, the impact they have on the bottom line and what's our competitive position, how does the impact the margin profile, and then overall, you know, focus around product diversity on our portfolio. So, as I also mentioned, this resulted in, for example, a closure of our Wilson, North Carolina plant. The team did a really nice job on SKU rationalization. We've had a significant impact on that. That has an impact on how we run our plants, the efficiencies, the working capital, all of the above. And then also on our R&D resources, you know, we align our R&D resources and projects to the ones that have a high return on our investment and that are really needed by our customers. So really putting our customers first there. So those are some of the things we have made some very, very decisive actions. So, you know, as we are doing this, we have really strengthened our foundation. We have demonstrated that over the last four quarters. And we position ourselves for the next step, which is our strategic transformation that I mentioned, our strategic blueprint, which is to guide Matt's top-line growth, how we continue on our operational and financial discipline and execution so that we keep winning in the marketplace, like the example I gave on the specialty films in the aerospace. So, of course, the board and I and the management team, we will continue to evaluate our businesses for opportunities that come in to optimize our assets and facilities and cost and cash utilization that Scott was alluding to. But today, we believe at MADEP that we have a broad portfolio that is really well-positioned to win in the market, and we can pursue the areas that we feel are the strongest for the long-term profitable growth of MADEP. So that's why we're moving forward with our strategic blueprint and really focusing on operations as well as on the top-line growth.

Well, again, guys, really exciting to see the progress here, and I appreciate your patience with the questions.

Thank you.

We have reached the end of the Q&A session. I will now turn the call back to Shruti Singhal for closing remarks.

Thank you. Finally, a sincere thank to all our MATAV employees. Your dedication and adaptability over the past year were a key to delivering this quarter's success. So a big thank you from myself, the board, and the management team. We really appreciate it. Thank you, everyone, for joining us today. We look forward to speaking to you again on our next earnings call in August. Have a great day.

This concludes today's call. Thank you for attending. You may now disconnect.