Good day, everyone. My name is Danny, and I will be your conference operator today. At this time, I would like to welcome you to MISTRAS Group, Inc. Q1 2026 Earnings Conference Call. At this time, I would like to turn the call over to Thomas Tobolski, Senior Vice President, Finance and Treasurer. Thank you.

Good morning, everyone, and welcome to the MISTRAS Group's First Quarter 2026 Earnings Conference Call. I'm joined today by Natalia Shuman, President and Chief Executive Officer; and Ed Prajzner, Senior Executive Vice President and Chief Financial Officer. Before we start, I want to remind everyone that remarks made during this conference call as well as supplemental information provided on our website contain certain forward-looking statements and involve risks and uncertainties as described in MISTRAS' SEC filings. The company's factors that can cause actual results to differ are discussed in the company's most recent annual report on Form 10-K and other reports filed with the SEC. The discussion in this conference call will also include certain non-GAAP financial measures that we believe are useful to investors evaluating the company's performance, but that were not prepared in accordance with U.S. GAAP. Reconciliation of these non-U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measures can be found in the tables contained in yesterday's press release and in the company's related current report on Form 8-K. These reports are available at the company's website in the Investors section and on the SEC's website. I will now turn the conference call over to Natalia Shuman.

Good morning, everyone, and thank you for joining us today. On the call today, I will cover three areas: highlights of our strong first quarter performance by the industry verticals and end markets where we provide our integrated offerings; an update on progress made against our strategic plan; and highlights of noteworthy awards and acknowledgments achieved in Q1. Ed will provide additional qualitative context into the first quarter numbers. But first, let me cover the highlights of our first quarter results. Before I do, I want to address three questions we routinely hear from investors. First, in Aerospace and Defense, demand remains strong, and we are focused on expanding capacity and throughput to better convert that demand into revenue. Second, the range in our full-year outlook continues to be driven primarily by the timing and spending levels in our Oil and Gas business, while our strategic growth markets remain solid. Third, our profitability improvement continues to be driven by a combination of mix, pricing discipline and operating efficiency. Turning to end market update. I'm pleased to report that we delivered top-line growth of nearly 5%, reflecting the strength of our diversified platform, key growth areas and the disciplined execution of our strategic plan, Vision2030. While the macro environment remains volatile, our team continued to focus on areas where we can control outcomes and have the greatest opportunity to win, and that focus is clearly reflected in our results. I will start with the largest end market. Our Oil and Gas end market declined by $11.1 million or 11.5% this quarter. We anticipated a decrease in volumes, which was not due to a loss of market share or competitiveness. Instead, it resulted from two outcomes of specific conditions and disciplined decisions. First, current market conditions and a very busy period in the upstream and downstream sectors driven by a 50% spike in global oil prices over the last few months have caused several clients to defer maintenance and inspection projects and activities. These macro dynamics affect total demand for all suppliers in our industry. Second, we are intentionally prioritizing profitability and long-term value creation over near-term low-margin volume. In late 2025 and throughout the quarter, we selectively chose not to participate in bids that did not meet our margin and return thresholds. This is a strategic shift toward a more profitable and sustainable mix of work, and we are committed to maintaining pricing discipline rather than pursuing low-margin opportunities to preserve top-line volume. Taken together, these factors have reduced our Oil and Gas revenue, but they have strengthened the quality of our backlog and position us for improved profitability as market conditions normalize. We remain confident in our competitive position and our ability to capture high-value opportunities as they emerge in this market. Regardless, our Oil and Gas core remains resilient, supporting a significant base of recurring run-and-maintain business with more than 60% of our volume occurring at our evergreen accounts. Our Aerospace and Defense market, our long-term growth engine, led the way in our Q1 growth. In this market, we achieved revenue growth of $7.2 million, representing a 35.5% increase over the prior year, underscoring the importance of this key market as a core engine of our Vision2030. We continue to gain market share as customers prioritize optimized throughput and productivity, quality and technical expertise, where our focused investments are paying off. This strong top-line expansion was also supported by meaningful volume increases and additional capacity and utilization brought online in the second half of 2025. We also realized a benefit as a result of strategic pricing initiatives started in 2025, which are anticipated to continue in 2026 based on the increased market demand. We are now seeing the benefits in both customer satisfaction and improved throughput cycle times, which we believe will continue into the foreseeable future. Consequently, we continue to invest in expanding capacity, and we will manage growth thoughtfully to ensure quality, on-time delivery and margin integrity as volumes scale. In our Infrastructure end market, we delivered increased revenue of $6.1 million or 84%, marking another exceptional quarter for this key growth market. Demand tied to data centers, new construction and infrastructure development remains robust, and we are increasingly involved in larger, more complex projects for our customers. Our integrated suite of service offerings is gaining traction, creating new recurring revenue streams and deepening our customer relationships on a variety of projects, including bridges, amusement parks and public sector infrastructure projects as just a few examples. In addition, these projects typically carry margin profiles at or above the company average, reflecting their complexity and technical requirements. This combination of project activity and end market expansion positions our Infrastructure business as a meaningful contributor to our long-term value creation. Similar to the Infrastructure end market, we have seen positive developments in our Power Generation end market. We delivered revenue growth of $1.9 million or 40% over the prior year. The main drivers were our targeted expansion in our at-height offerings, particularly for our wind business, specifically by utilizing our recently expanded capabilities and new technologies, which we have integrated and used to access hard-to-reach areas on large structures while meeting all required safety standards and improving field efficiency. Overall, we delivered resilient revenue growth of nearly 5%, supported by execution across our strategic end markets. This translated into improved profitability with gross profit margin expanding by 120 basis points year-over-year. This improvement was driven by a favorable business mix shift towards higher-value work, sustained pricing discipline and continued operational efficiency. Based on this favorable mix and growth in our major growth markets, reflecting the strengthening of our platform, we have generated significant improvements in our EBITDA margins. We delivered an adjusted EBITDA increase of 18.7% as compared to the prior year comparable period, growing adjusted EBITDA from $12 million to $14.3 million. We also expanded our year-over-year adjusted EBITDA margin by 110 basis points to 8.5% from 7.4% in our seasonally low first quarter results. Turning to my second topic. Let me provide an update on our continued execution against the key priorities within our strategic plan, Vision2030. As a reminder, these priorities are: expanding share of wallet by delivering more comprehensive, integrated and innovative solutions for our customers; diversifying into attractive growth markets; and building greater operational leverage through continued efficiency and productivity improvements. Starting with our first priority. Across the energy sector, we continue to see a clear industry trend toward consolidation of spend and accelerated digital transformation, particularly within Oil and Gas. Our customers are increasingly looking to simplify their vendor base. They are looking for partners who can integrate data and inspection workflows and deliver more predictive, technology-enabled outcomes. This plays directly to our strength, most notably our ability to integrate services, technology, data and analytics into a unified offering, differentiating us in a way that few others in the industry can match. Continued growth of our PCMS, up over 10% in the first quarter compared to the prior year, is evidence of our proven value proposition as a leading integrated integrity and testing platform, delivering comprehensive, innovative and data-driven insights. We are also seeing momentum with our mechanical integrity turnkey solutions. This is a fully managed, white-glove mechanical integrity program, which removes the burden of process safety management, reduces operational costs and keeps facilities audit-ready through expert-led inspections, data management and compliance oversight via a fixed monthly subscription. Additionally, over the past year, we have added complementary services, including adjacent mechanical work such as welding, robotics and drone-based inspection capabilities, which enhance our ability to deliver full-scope and turnkey solutions. The response from our customers has been very encouraging. Our client relationships continue to strengthen, field interactions continue to increase, leading to deeper engagement and broader opportunity pipelines. Innovation remains a core component of our strategy. Our proprietary Automated Radiographic Testing Crawler, PCMS and other technologies continue to gain traction as customers look for more real-time insights, automated reporting and predictive maintenance capabilities. These tools, combined with our long-standing subject matter expertise, are enabling us to solve some of the most complex technical challenges our clients face. We are being invited into earlier stages of project planning and more strategic conversations, which is exactly the type of engagement we want. Diversification of customers remains another important component of our strategic plan and success towards this second priority within our strategic plan provided a significant benefit to our first quarter results. This is evidenced by the previously mentioned growth rates in our strategic markets, excluding Oil and Gas, which combined for an aggregate growth of $15.2 million or a 30% increase across Aerospace and Defense, Power Generation, Infrastructure and Industrials. Specifically, our focus on Aerospace and Defense, supported by our hub-and-spoke models, has generated meaningful growth over the last few quarters and continues to offer significant upside opportunities. We have also had several notable wins in this market within both the commercial aerospace and private space categories. Our positioning in Aerospace and Defense will continue to strengthen as the industry seeks capacity expansion to help service the backlog in an area which we are uniquely positioned to capitalize upon. And finally, we continue to drive operational efficiencies across the organization in support of the third priority of our strategic plan. We are deploying digital and AI-enabled tools in our back office to streamline workflows, reduce manual effort and improve accuracy. At the same time, we are working more closely with our partners to optimize processes, enhance scheduling and ensure we have the right headcount alignment to support both productivity and growth. Overall, we are making good progress against our strategic plan, benefiting our customers by reducing downtime, improving predictability and lowering their total inspection cost, which positions us for sustainable long-term value creation. Ed will provide additional details regarding our financial performance during this quarter. But before doing so, I would like to point out a few other noteworthy achievements that we realized during this quarter. This quarter, we were honored to be recognized by Frost & Sullivan as a Company of the Year within the global Non-Destructive Testing Field Inspection Services industry. We view this as an important validation of the progress we are making to integrate the services, technology and innovation to better meet evolving customer needs. In addition to industry recognition, we continue to earn meaningful recognition from customers for our unwavering commitment to safety and operational excellence. At a long-term evergreen site, our team was nominated for the Gulf Coast Safety Award for maintaining a Goal Zero injury rate. We have also received the 2025 American Equity Underwriters Safety Award, a distinction earned by less than 2% of all AAEU members. This award recognizes organizations that demonstrate excellence in developing and implementing effective safety management systems. We were selected based on our proactive safety programs and consistently low claim numbers, reflecting the company's commitment to employee safety and strong leadership engagement. This achievement highlights the strength of our safety-first culture and the dedication of our teams. In summary, we continue to build momentum in the first quarter of 2026, executing on several planned actions and initiatives that highlight the strength of our people, the value of our integrated offerings and our ongoing focus on driving efficiencies across the business. Now I would like to turn the call over to Ed to work through a more comprehensive overview of our first quarter results.

Thank you, Natalia, and good morning, everyone. Let me walk you through our financial performance for the quarter. We delivered resilient revenue growth of 4.6%, supported by solid execution across our strategic end markets. Importantly, this growth translated into improved profitability with gross profit margin expanding by 120 basis points year-over-year. This improvement was driven by a favorable mix towards higher-value business, sustained pricing discipline and continued operational efficiency. For the quarter, we generated income from operations of $4.7 million and GAAP net income of $2.4 million, resulting in GAAP earnings per diluted share of $0.07. We are pleased with this performance, particularly given the investments we are making to support future growth. Each of these metrics is significantly improved from the prior year due to higher gross profit dollars generated and lower reorganization costs and interest expense incurred. Adjusted EBITDA was $14.3 million, an increase of 18.7%, reflecting both stronger operating leverage and the benefits of our efficiency initiatives. This resulted in an adjusted EBITDA margin of 8.5%, up 110 basis points over the prior year period. On operating expenses, SG&A increased year-over-year as planned by $1.3 million or 3.7% primarily reflecting strategic investments to support commercial execution and enable growth in our strategic areas, while maintaining discipline in overhead spending. Importantly, despite these investments, we delivered higher net income and EPS, consistent with the expectations we communicated earlier in the year. Turning to cash flow. We generated negative $4.5 million of free cash flow, which represents a decrease of $4.3 million as compared to the prior year quarter. This decrease was attributable to unfavorable working capital dynamics, primarily a reduction in accrued expenses and an anticipated increase in capital expenditure spending of $1.4 million in the quarter. This CapEx investment was heavily focused on the expansion of in-laboratory testing capabilities and strategic equipment focused on improving the safety and efficiency of our field operations. Additionally, as a reminder, the first half of the year is typically working capital intensive for us, making the back half of the year a more meaningful indicator of sustainable free cash flow performance. Regardless, we are dedicating significant time and execution attention to strengthening our cash flow performance. This includes accelerating our use of automation, improving internal processes and working more closely with our customers to ensure our cash collection cycle more accurately reflects the ROI that we deliver. These efforts have continued to gain traction over the past few quarters, and we expect to return to our historically favorable levels of cash flow in the second half of this year. Our cash flow focus is visible in the decrease in our accounts receivable balance from $154.7 million as of December 31, 2025, to $151.4 million as of March 31, 2026, despite the higher level of revenue activity. We will continue to be intently focused on further reductions to our outstanding accounts receivable balance throughout 2026. While we are encouraged by this progress, our cash flow performance remains below our expectations, and we are intensifying our focus on driving sustainable cash generation across the organization. Our interest expense in the quarter was $2.9 million, which was down $0.4 million or 13.4% compared to $3.3 million in the prior year quarter, reflecting decreases in our cost of borrowing. Our effective income tax rate for the first quarter was 13.8%, which was primarily attributable to a recognized discrete tax benefit of $1.7 million due to a realized windfall on compensation expense. Specifically, we received a tax benefit when shares vested at a higher appreciated value than the original recorded book expense. This was a function of our share price increasing by nearly 80% or over $6 per share compared to the value used in recognizing book expense at the time of the grant in the initial year of the award. We anticipate an effective tax rate of approximately 25% for the full year 2026. Our bank-defined leverage ratio was approximately 2.4x as of March 31, 2026, which is down versus 2.5x at December 31, 2025, and well within the maximum allowable leverage of 3.75x. Our capital allocation strategy remains focused on the use of residual free cash flow to pay down debt to our targeted 2x leverage ratio by the end of 2026 as well as capital investments into higher growth, higher-value areas as governed by our strategic plan. You will note in our earnings release tables that within our disaggregated revenue disclosure by type, we have merged Data Analytical Solutions revenue into field services revenue, and we have retitled this grouping to be Integrated Field Solutions. We did this to accentuate the ongoing integration of our innovative offerings as a key focus of our Vision2030 strategic goal. Importantly, this change does not impact total revenue but better reflects how customers increasingly buy and value our service offerings. Accelerating the expansion of our Data Analytical Solutions brand remains a key priority, and we believe this is best achieved by further integration of our technology with our technical know-how in the field focused on customer-centric opportunities. At this time, I would like to turn the call back over to Natalia for her closing remarks before we move on to your questions.

Thank you, Ed. Before we move to Q&A, let me close with a few final thoughts. This was a strong quarter marked by positive revenue growth and once again, meaningful improvement in profitability. This was our third consecutive quarter delivering mid-single-digit revenue growth. Our results reflect the disciplined execution of our teams and the continued momentum we are building across the business. We are seeing clear benefits from the actions we have taken to strengthen our commercial capabilities, enhance operational efficiency and expand our integrated offering. We are scaling up our platform by investing in both capital and operating expenditures, focusing on the existing demand in our key growth markets. We will continue to prioritize diversification while also maintaining margin discipline in the Oil and Gas sector. In addition, we were proud to receive significant recognitions this quarter from industry experts who acknowledge our leadership and innovation and from the customers who recognize our commitment to safety, quality and doing the right thing. These acknowledgments reinforce the value we bring to the market and the dedication of our people across the globe. We are pleased with these achievements and recognition and even more proud of the people behind it. It is a clear signal that our strategy is working and that we are well positioned to lead in the next chapter of innovation in our industry. Given our performance to date, we are reaffirming our full-year guidance of revenue between $730 million to $750 million and adjusted EBITDA between $91 million and $93 million. As we have discussed previously, the range in our outlook is primarily driven by the expected timing and spending levels in our Oil and Gas end market. Oil and Gas field inspection may continue to be impacted by high crude oil prices into the second quarter of 2026, while we continue to see solid demand and execution in our strategic growth markets. We remain confident in our ability to execute, deliver on our commitments and continue building momentum through 2026 as we deepen our customer relationships, expand our integrated offerings and further strengthen MISTRAS' position in the market. With that, let me turn the call over to our operator so we can take your questions.

Our first question today comes from John Franzreb of Sidoti & Co.

I'd actually like to start with some comments you made, Natalia, about the Oil and Gas sector. You said that you did not pursue certain business that contributed to down results on a year-over-year basis. Am I to understand that this is business that you had in calendar 2025 that you let go in calendar 2026?

That's right, John. You're absolutely correct in your understanding. In late 2025 and throughout this quarter, we made a strategic decision to selectively exit low-margin run-and-maintain business. This is intentional, to allow us to focus our technician capacity on high-value, high-margin work.

Got it. I just wanted to make sure. And given the high oil prices and the high production rates that we're seeing here in North America, is there still concern about deferments on maintenance spending moving to the right? Or do you think that will eventually catch up, I don't know, in the third quarter or so? What are your thoughts there?

Yes. We see that oil prices are still quite high. However, there are some delays and deferrals of maintenance. Operators and producers do not want to stop production for maintenance at this time, but the underlying demand remains. We will most likely see some impact in Q2 as well, but again, this is very much a near-term development. We still believe there will be a potential rebound. There is also increased risk of failure when assets are operating at maximum capacity, which could drive demand back up.

Got it. And then just switching to Aerospace & Defense, another great quarter for the business. Could you just talk a little bit about adding capacity? Maybe give us some more color on what that means and when you expect to recognize the revenue related to capacity additions?

Yes. We started investing in our capacity in the second half of 2025. Some of those investments—equipment and machinery, mostly ultrasonic tanks—came online in this quarter, and we're already seeing the effect of that capacity expansion in our Q1 results. We're also adding labor and training as we bring new equipment and capacity online. We added shifts across our core operations and hubs. We now have three shifts in two of our hubs to meet demand, and we expect to add more shifts in other hubs. So this capacity expansion is not necessarily building new labs, but utilizing our existing labs to full capacity because demand is there and the industry is struggling with capacity constraints.

And just on that, I know you said you're going to add shifts. But as far as staffing is concerned, are you at the optimal level, or do you still need to add staffing?

We're adding some staffing, yes.

Our next question comes from Alex Riegel at Texas Capital Securities.

You mentioned better pricing initiatives. Can you expand upon this and discuss how broad the action is across your business?

Certainly. Pricing initiatives are a large contributor to our overall improved margins. We started pricing initiatives mostly in the Aerospace & Defense sector and Infrastructure, where demand supports increased prices. We began these initiatives in the second half of 2025, and we now see the impact continuing into Q1 and into Q2, driven by high demand. We are very disciplined about the work we take on, given limited capacity, and we are mindful about managing client demand. The team is executing well and the pricing strategy is working.

And then secondly, in Aerospace & Defense, growth was very impressive. Can you talk a little bit about the sustainability of this revenue base and maybe the longevity of these new relationships and contracts that you have with your customers?

Yes. The industry is doing very well. OEM backlogs remain at record levels, and demand is strong across commercial aerospace and defense. The constraint is not demand but supplier capacity, labor availability and materials availability. We believe the backlog will continue throughout 2026, and we need to continuously expand our capacity and invest to help the industry. On the client side, we have long-standing relationships that we are expanding by adding capabilities and service offerings. In Aerospace & Defense, customers value capacity, quality and speed, and we continue to perform well on those dimensions, so customers are increasing their orders with us. These are long-term contracts and long-standing relationships.

And just to drop this down one more level, Alex, sustainability is the key part of your question. The capacity we're building is for new aircraft deliveries, rocket and satellite launches, and new naval hardware. This is long-cycle backlog that will be here for the longer term. We're focused on catching up to it and helping the customer work through their backlog.

And interestingly, customers are willing to co-invest with us. They see our unique differentiators, especially in ultrasonic testing, and they're willing to co-invest to expand capacity and bring more equipment online.

Our next question comes from Gowshi Sri. I'll come back to Gowshi. In the meantime, I'll take a question from Gerard Sweeney at ROTH Capital.

I just had a question on data centers. I think this is an area that you're exploring. Our work in the industry shows that some of the front-end work is starting to emerge with other companies: concrete being poured, sites being prepped, and I think the opportunity for you guys is more testing what I call 'outside the walls' equipment, almost like a mini power station for these entities. How does this opportunity develop and what's the opportunity for you? Maybe you can shed a little bit of light on that front.

Indeed, Gerry, very good opportunity for us. We are in the early stages, but you're right that data center CapEx construction resembles power and utilities work. We're helping customers inspect the sizing and installation of equipment. We perform the same testing we do for Power Generation—ultrasonic testing, visual inspection, magnetic particle testing and radiography—applied to data centers. We're investing heavily in a go-to-market strategy to connect more deeply with customers and prove our credibility step by step. Customers value quality and urgency, and capacity is critical. This is a very fast-growing market, so we're optimistic.

Is there any way you could frame out maybe the opportunity for an average or large data center? Some of the testing work at one of these facilities—how much revenue opportunity would there be for MISTRAS?

What I can say is we consider data centers part of our Infrastructure vertical. We expect this vertical to grow double digits this year and beyond. The revenue potential is there, and while we are not widely known in data centers today, we are making the right steps and have a path to earn credibility. I can't quantify a specific revenue figure for 2026, but we expect continued double-digit growth in this vertical over time.

I'll hand back to Gowshi Sri from Singular Research.

Congratulations on diversifying the clientele portfolio. In the Q1 release, you mentioned exiting lower-margin run-and-maintain accounts. Can you give us a sense of how much of that revenue you've already exited versus how much is still in the portfolio? What kind of tranche of that revenue could come out either in the top line in H2 or as a fiscal 2027 improvement?

Thanks, Gowshi. If you look at the $11 million decline in Oil and Gas, about two-thirds of that decline is attributed specifically to those decisions to exit low-margin work. We do think that impact will persist and we will see some effect going into Q2 and Q3, but the intention is to offset that decline with higher-value work. We are working with clients to expand wallet share with integrated solutions and services like welding, cleaning and light craft work to deliver turnkey solutions. We believe these actions will increase margins and offset the negative impact of exiting some contracts, and we're optimistic about that.

I want to get a bit more color on the A&D margins. When you win new A&D capacity contracts that require upfront capital investment in equipment and technicians, how do incremental margins behave after the first year versus the second or third year as utilization matures? Is there a rapid growth in A&D that is initially dilutive to margins before becoming accretive, or are you capturing full margin economics from day one?

Great question. It's not typically dilutive. Our hub-and-spoke model is mature and expanding. We're extending capabilities and product lines, adding equipment and ramping up throughput. There is a learning curve when you install equipment and test standards, but these are extensions of work we're already doing, so the ramp is relatively short. If it were a brand-new part for a brand-new customer requiring entirely new equipment, that could take up to 12 months to fully ramp. But most often, these are extensions of existing work, so the dilutive effect is minor and you come up the curve relatively quickly once the equipment is installed.

To add, we're not just adding equipment; we've also added shifts. By adding staffing and additional shifts, we've already generated higher throughput for our customers, which expands capacity without necessarily building new labs.

You mentioned that part of that A&D growth and lab growth will require certified technicians. What is the market for that kind of labor at the moment? Are you seeing wage inflation for certified NDT technicians? If so, maintaining a disciplined pricing approach, how would that play out?

There is always a shortage of NDT technicians in the market. That's another reason we're exiting some low-margin work: our technicians deserve high-value work. It takes time to find, train and certify technicians. MISTRAS benefits from being a long-standing, credible employer, so we are an attractive choice for technicians. We offer opportunities for skill upgrades and better pay over time. We will match technicians with high-value contracts, and we remain disciplined on pricing to reflect wage and market dynamics.

I'll make this my last one. You've combined Data Analytical Solutions into the Integrated Field Solutions category. From a modeling and investment perspective, PCMS and the data business are key to long-term multiple expansion. Can you provide discrete metrics on the data business in Q1? Revenue growth recovery, recurring revenue percentage, new customer logos—any color on new vertical wins outside of Oil and Gas?

Absolutely. We're proud of PCMS growth. PCMS grew over 10% year-over-year in Q1. In the quarter, we had 11 new PCMS logos and 29 expansions. Cross-selling opportunities totaled about $8.2 million. When we implement PCMS at one site, customers often want it at other sites, which is why we saw 29 expansions this quarter. From a modeling perspective, we project double-digit growth in PCMS and integrated solutions. We continue to invest, especially in AI capabilities, and clients are collaborating with us to turbocharge insights and decision-making. PCMS is largely in Oil and Gas and petrochemical today, which is the biggest opportunity, and our strategy is to shift from low-margin work to integrated, high-margin solutions using PCMS.

I see no callers in the queue at this time. So I will hand it back to Ms. Shuman for her closing remarks. Thank you.

Thank you. Thank you, Danny, and thank you, everyone, for joining this important call today and for your continued interest in MISTRAS. I look forward to providing you with an update on our business and progress achieved towards our ongoing initiatives on our next call. Have a good day, everyone.

This ends today's conference call. You may disconnect at this time. Thank you.