Good day, ladies and gentlemen, thank you for standing by. Welcome to the PLAYSTUDIOS Third Quarter 2022 Earnings Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. And please note that this conference call is being recorded today, November 8, 2022. I will now turn the call over to Samir Jain, Head of Investor Relations and Treasury. Thank you, sir. Please go ahead.

Welcome, everyone, and thank you for joining the PLAYSTUDIOS third quarter 2022 earnings call. Hosting the call today will be Andrew Pascal, PLAYSTUDIOS Chairman and Chief Executive Officer; and Scott Peterson, Chief Financial Officer of the company. Our call today will contain forward-looking statements about future events, expectations and projections. These statements involve risks and uncertainties that could cause actual future results to differ materially from our current expectations. We refer you to our SEC filings for a more detailed discussion of the risk factors that could impact our future operating results and financial conditions. During the call, management will also discuss certain non-GAAP financial measures. These measures should not be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is contained in our third quarter 2022 earnings release, which is available on the PLAYSTUDIOS website and in our SEC filings. With that, I'll turn the call over to Andrew.

Thank you, Samir, and good afternoon, everyone. Welcome to the PLAYSTUDIOS third quarter 2022 earnings call. We had a solid quarter, which showed both sequential strength and momentum on some of our key initiatives. Included in this is the performance of our core social casino games such as Pop! Slots, myVEGAS Slots and myKONAMI Slots, as well as notable progress with our newest products such as myVEGAS Bingo and Tetris. Of course, the big news since we last spoke is the acquisition of Brainium, a well-established and successful casual games developer based in Portland, Oregon. We view the acquisition of Brainium as strategically significant and that it fundamentally repositions the company with a more diversified portfolio. I'll just also add that we were able to add Brainium without materially altering our strong financial position. As of September 30, we had no borrowings under our revolver and a cash balance of $212 million. Let's start by talking about the quarter. Results were generally stable across the board, in some cases, gained momentum through the quarter. DAU and MAU of 1.5 million and 6.7 million were largely flat to second quarter, showing a stability in users and a reversal from prior year-to-date trends. Against the current industry backdrop, we're pleased with these results and believe they highlight the popularity of our games, the loyalty of our customers and the efficacy of our playAWARDS platform. On the industry front, we continue to grapple with a challenging user acquisition environment that's making it harder to find and retain profitable players. While changes to IDFA on iOS were instituted 18 months ago, the industry is still resetting. Considering this, I'm encouraged that we were able to generally hold our DAU and MAU figure flat sequentially while also increasing our ARPDAU, a direct reflection of the great work of our talented teams. On the economic front, we continue to operate in a challenging macro environment. Global tensions, quantitative tightening and a persistently high inflation are raising market volatility and diminishing consumer confidence. We aren't in a position to predict the duration or severity of these challenges, so we'll continue to assume tough operating conditions and a less predictable environment overall. The overall social casino genre continues to be challenged, posting year-over-year declines of 2.2% for the past several quarters. With that said, we believe we're outperforming a number of our peers, posting results that are generally ahead of the market. Overall, we were able to raise sequential revenues in this group versus last quarter while also lowering our spend on user acquisition. ARPDAU for the social casino collection was also up versus last quarter and versus year ago levels. While the year-over-year results continue to be negatively impacted by the tougher operating conditions, I'm encouraged by the delta of changes that are showing improvements throughout the year. We continue to focus on driving innovation in our games in an effort to keep the players engaged and excited. Initiatives include new features, games and live events, and we're supporting this through our studios across the Americas, EMEA and Asia regions. As I've discussed in previous calls, we continue to advance our regional operating model, building a critical mass of talent and development capabilities around each of our geographic hubs. I'm excited to share that we continue to expand our teams and capacity in both Vietnam and Serbia, which now account for 282 of our playMAKERS or 40% of our total headcount. Our leadership teams are hard at work onboarding, training and integrating new team members for the benefit of all of the products. With this additional and more affordable capacity, our expectation is to expand revenues, drive efficiencies and yield stronger operating margins in the coming year. Let's shift topics and provide some highlights on playAWARDS. The expansion of our loyalty platform is one of our two key strategic pillars, with the diversification of our game portfolio being the other. We believe the success of playAWARDS will be a meaningful driver of growth as we demonstrated its capacity to lift the performance of games across a broad variety of genres and categories. Currently, our players have access to nearly 600 unique rewards through playAWARDS, which is 15% more than the same period last year. Through the first nine months of the year, rewards purchases were also up 15% year-over-year and totaled a healthy 553,000 just this quarter. We think this program engagement has contributed to the stability of our player network and the overall performance of our games. Most of our games were designed to seamlessly incorporate our playAWARDS proposition, and we view the inclusion of real-world rewards as a key differentiator of our overall business. This is particularly important in times of dislocation, such as today when holding and converting players is paramount to sustaining profitability. As you may recall, when we last spoke, I mentioned one of the specific goals for playAWARDS was its expansion into a broader collection of games, with its upcoming inclusion in Tetris and the newly acquired suite of 10 Brainium games. I'm proud to say we're better positioned to deliver on our plan. We expect playAWARDS to be incorporated into most of these products in 2023, creating substantial value for our players and reward partners alike. At the same time, an expanded playAWARDS presence has incredible value to our player network. Once incorporated into these new games, we'll have a unified loyalty model with explicit incentives for our players to trial and engage with our other products. By continuing to lead with our myVIP branding, leverage real-world rewards in our cross-promotion merchandising, and work with our partners to help with aspirational experiences, we believe we can capitalize on our existing player network to drive the broader adoption and growth of our games. Unlike other gaming companies, playAWARDS enables us to take this global player-centered view of our business. Equally important will be the ability to show prospective partners the value of playAWARDS to the casual viewing eyes. We believe success with Tetris, myVEGAS Bingo, and the Brainium suite can be meaningful proof points for our loyalty-as-a-service business model. At the same time, we'll be introducing playAWARDS to millions of new customers, which is clearly beneficial to our rewards partners. We expect the exposure to these new users will accelerate the velocity of reward redemptions and speed up the flywheel of our platform. More players will lead to more redemptions, which will attract more partners and expand the rewards offered, which in turn will attract more players. Similarly, an expanded and more varied user base should make the platform more attractive to new rewards partners. Having said that, we continue to add world-class reward partners in the quarter, including AMC, Cinemark, and Checkers restaurants. Including these partners, playAWARDS represents a collection of 107 real-world brands that include iconic businesses such as Intercontinental Hotels, AEG, Royal Caribbean Cruises, and MGM Resorts. Through our playAWARDS platform, these brands have delivered hundreds of millions of dollars of awards benefits to millions of gamers. playBLOCKS, our Blockchain solutions business, continues to be a key strategic focus for us and integral to how we think about advancing our playAWARDS platform. As we've discussed in the past, we've made notable progress on this front, including the acquisition of WonderBlocks, our investment in Kryptomon, as well as forging a strategic relationship with Forte. In the quarter, we expanded our team and continued to build out our Web3 capabilities. The principles of Blockchain continue to be a natural fit for our rewards platform and give us the ability to enhance our value proposition. Specific efforts we're working on today include tokenizing our playAWARDS loyalty program, creating an exchange system for rewards, and establishing a new myVIP rewards marketplace. We will continue to direct resources towards this effort and aim to show meaningful progress in 2023. Progress on new game initiatives continued this quarter with some exciting developments and milestones. Let's first talk about Tetris Prime, the existing game that we acquired along with the broader mobile rights to the brand. Overall, DAU and MAU remain strong for this iconic game. In the past several months, we've been actively testing some new progression features that add depth and agency to the game experience. The results have been encouraging. And assuming the trends continue, we'll be launching the updated version of the product to all of the active players in the coming weeks. We've also been focused on improving monetization by refining the ad logic as well as introducing altogether new ad units. In addition to these refinements, we began testing our loyalty and rewards program. We're encouraged by the interest in the program, as exhibited in the percentage of daily users visiting the rewards store, and are now shifting our attention to optimizing the rewards funnel. We're targeting a full launch of playAWARDS in Tetris in 2023. As I've highlighted in prior calls, it's our belief that the Tetris game format has the potential to evolve into an altogether separate casual game category. Our plan remains to craft the new Tetris game that draws inspiration from proven playbooks used by many of the leading casual games. With that goal in mind, we've been advancing a new casual Tetris product. We've made great progress with the design of the core game and have recently started technical validation, making the product available to a very limited audience in a tertiary market. In addition to testing the production worthiness of the game, we're gaining valuable insights about the basic game experience. I look forward to providing more details in our upcoming calls. Our second major initiative, myVEGAS Bingo, also made notable progress this quarter. Since assuming control of the app back in late February, we've been spending time stabilizing the game and enhancing its key performance measures. Overall, the team's efforts have translated to increases in average daily payer conversion, average revenue per paying user, and ARPDAU, which sets the stage for a stepped-up level of user acquisition spending. I should also highlight that much like Tetris, playAWARDS is a key part of the product plan. From the initial launch of the game, player awareness and visitations to the rewards store have been strong. And while conversion rates are still light, they're generally in line with our expectations given the mix of players with adequate loyalty currency balances. As I've shared on prior calls, we continue to believe in the potential of this game and look forward to more fully realizing it in the coming quarters. Lastly, I'd like to discuss our recent acquisition of Brainium. As I shared at the time of closing, we believe Brainium is an excellent complement to our business and will drive significant value. For those who may be new to the transaction, Brainium is a well-established developer of casual games such as Solitaire, Mahjong, and Sudoku. The company's suite of 10 games has a loyal following of nearly 2 million DAU and 5.5 million MAU, more than doubling our active players. I'll remind you that nearly all of Brainium's revenues are generated from advertising, making the business highly profitable with an expected adjusted EBITDA margin for 2022 of roughly 40%. We're quickly incorporating Brainium into our operating framework and expect to have more to share during our fourth quarter call. On the capital front, we remain well-financed with a strong balance sheet, no borrowings, and a fully available revolving loan facility. While the acquisition of Brainium lowered our cash balance post the quarter-end, we remain in a strong financial position. As such, our capital plans remain the same: expand our business, invest in strategic growth opportunities, and drive shareholder value. With a strong balance sheet, we believe we're ideally positioned to pursue any or all of these options. Also helping is a slowly rationalizing market where we're finally seeing a move to more reasonable valuations. Our recent acquisition of Brainium is evidence of this as we were able to buy a high-quality asset at a comparable EBITDA multiple to our own. We're hopeful that this changing landscape will expand the pool of acquirable assets and are quite encouraged about how the market is shaping up. In addition, our Board of Directors reauthorized the $50 million share repurchase plan for another 12 months. We'll continue to monitor all of our opportunities to determine the best uses of our capital. I'll now turn the call over to Scott to provide more specifics on the financials.

Thank you, Andrew. We reported $72.1 million of revenue during the quarter, compared to $70.6 million last year and $68.4 million in the second quarter of 2022. Better monetization drove increases in our core social casino game ARPDAU. The strong year-over-year and sequential increases were primarily driven by increased revenue per payer. As a reminder, we acquired Tetris in November of '21. Therefore, it was not included in last year's third quarter results. Adjusted EBITDA was $9.8 million compared to $9.6 million a year ago and $7.3 million in the second quarter of 2022. As Andrew mentioned, we were pleased with our third quarter KPIs. DAU was 1.5 million and MAU was 6.7 million, up 24.6% and 87.1%, respectively, over the last year and flat sequentially. Although third quarter ARPDAU was down 20% from last year's levels, those figures are diluted by the inclusion of Tetris in this year's results. Excluding Tetris, year-over-year ARPDAU increased by approximately 10%. On the loyalty side, we saw double-digit gains in partners, outlets and rewards inventory, which now stands at 595 unique rewards. Reward purchases of 553,000 units declined 3% during the quarter, but we saw a healthy increase in rewards store views. On October 12, we completed the purchase of Brainium for $70 million in cash. Additionally, the acquisition includes a contingent payment based upon Brainium exceeding certain financial milestones during the full 2022 calendar year. The maximum contingent payment is $27.25 million. There's been some confusion around this, so let me clarify how the contingent payment works. If Brainium were to generate $1 above the threshold, then we will pay an agreed-upon multiple on just that dollar. Effectively, you should view the most likely scenario being a total consideration value of $70 million and a deal multiple at or very close to 7.95 times. As mentioned in our October 13 call, if we were to pay any portion of the contingent payment, it implies that Brainium is performing ahead of our expectations, and thus should be viewed positively. For the full year 2022, we estimate Brainium will generate $22 million in revenue and just under $9 million in adjusted EBITDA. Only 2.5 months of this will be included in our results given the October 12 purchase date. As implied by the full year estimates, Brainium's primarily advertising-based revenue model has substantially higher margins than our legacy business and will have a favorable impact on consolidated results. Including Brainium, we are updating our full year guidance to be between $275 million and $285 million in revenue, and between $32 million and $35 million in adjusted EBITDA. Finally, as Andrew mentioned, our estimates for Brainium do not include synergies, though we are optimistic many opportunities will present themselves in 2023 as we integrate our companies. Turning to the balance sheet, we ended the quarter with approximately $212 million in cash and no debt. Please remember that immediately after the end of the quarter, our cash balance decreased due to the acquisition of Brainium. We increased our borrowing capacity to $81 million, all of which is available to us. Including the accordion feature, total borrowings available are $156 million. This strong financial position gives us considerable flexibility in terms of M&A, recapitalization opportunities and development of internal initiatives, including the expansion of our loyalty program. As evidenced by the acquisition of Brainium, we will be aggressive when the right opportunity presents itself. As of the close of the quarter, we had 129.9 million total shares of common stock outstanding. We did not repurchase any shares during the quarter and continue to maintain our Board-approved $50 million share repurchase authorization. With that, I will pass it back to Andrew for some closing remarks.

Thank you, Scott. So before we end our prepared remarks and open the call for questions, I'd like to reinforce some of the key points. First, we had a solid third quarter that included better-than-industry performance and year-over-year gains in revenue and adjusted EBITDA. Our KPIs were strong with growth in ARPDAU and stability in DAU and MAU despite persisting economic and industry weakness. We made notable progress in Tetris and myVEGAS Bingo, and believe both games are positioned to contribute meaningfully to our 2023 results. We advanced playAWARDS with partners, growing 43% year-over-year as reward purchases reached 553,000 and redemption retail value exceeded $31 million. And we made a strategically significant acquisition with Brainium. The deal is immediately accretive to margins. And alongside Tetris and myVEGAS Bingo, provides the perfect portfolio for playAWARDS to establish itself as the gaming industry's most distinctive and unique player retention platform. Lastly, I want to thank our dedicated teams around the globe, along with our strategic partners and investors. And to our new colleagues at Brainium, welcome to the team. We're thrilled to be partners and are excited about what we can accomplish together. Thank you all for joining us today, and we're now happy to take your questions. Operator, please open the lines.

And our first question comes from Ryan Sigdahl with Craig-Hallum Capital Group. Please proceed with your question.

Good afternoon, Andrew and Scott. I appreciate the detailed update on Brainium or update there. I want to start. We've seen some diverging industry trends between casual and social casino. Do you think these are structural or permanent changes? And then maybe if you can talk a little bit about the bifurcation between your business now that you have a little bit bigger cash flow business?

Yes. Thanks, Ryan. I don't know that we yet have a point of view on whether there are structural conditions here between our casual portfolio and the casino genre. And I said it only because our foray into casual is somewhat recent, right? So with our acquisition of Tetris and now Brainium, we have a pretty healthy suite of products that are in casual. And we're happy, and we see kind of the general momentum that we're experiencing across that portfolio. And certainly, it's stronger when you're looking at its performance kind of sequentially quarter-over-quarter as compared to the casino suite. But as far as whether there's a clear indication as to some structural shift or change in the market that's going to be sustained over time, I don't yet have a point of view.

Fair enough. Moving along, I mean, moving over to the direct-to-consumer platform. So can you provide an update there? We've seen some challenges, ongoing challenges in the traditional app stores. So curious about the progress you have on your D2C platform?

Yes. Thanks. It's a great question. So as we've talked about in the past, I mean, we've obviously spent some time and energy creating a direct relationship with a number of our consumers and try to enable them to purchase with us more directly to avoid the platform tax. Their challenges to the whole experience, as far as getting players that are actively playing on a mobile device to then purchase through the web and then ultimately returning to and enjoying their mobile experience. Clearly, our peers that have had success with this keep everybody within the same experience by offering the game and the capacity to purchase all completely and directly on the web. And so we, too, have invested in and have two products that we offer on the web direct, and we'll continue to advance those efforts. And then as we mentioned, we have an invitation-only program for the moment through our playAWARDS program where, for premium players, we allow them to have their own bespoke portal where they can actually look at and see what types of purchases they can make directly with us and there's incentives for them to do that. And then we also offer all kinds of really unique rewards as part of the loyalty program that are only accessible through that portal. So, I would say that our efforts are still early. We're actively advancing them. I think we've learned a lot. We're going to continue to see if we can step up and start to book ever more of our revenues directly with our consumers.

One more for me. Solid margin in the quarter just sequentially from the first half into Q3. Q4 guidance implies relatively similar in Q4 with a little help from Brainium. But how should we think about margins? Is there another heavy lift on the spend side next year to launch new games and transition and cross-sell? Or do you think we're at a point in the model where we can start to see modest kind of operating leverage from here?

Yes. I believe we will gradually begin to experience operating leverage. We have discussed our efforts in expanding our teams and talent in places like Belgrade and Vietnam, which enables us to deliver our products more cost-effectively with high-quality talent. We expect to see the advantages of this development as we move forward, which should lead to improved margins. We have some early-stage initiatives that are gaining traction, and we plan to invest in scaling these products. As we progress through this quarter and into the next year, we will gain a clearer understanding of how aggressively we will invest in them. We have been working on the Bingo product for the last six or seven months, and we're at a point where we believe it is ready for investment. We're also optimistic about the new Tetris product that is under development, which we aim to launch and scale next year. We plan to provide more insight into our portfolio, comparing the margins of our mature products with those that are in the early stages and experiencing losses versus those still in development. This will help clarify our current margin profile and where we expect it to head, and we anticipate margin improvement as we move into next year.

Thanks, Andrew. Good luck, guys.

And our next question comes from the line of Omar Dessouky, with Bank of America. Please proceed with your question.

Andrew, thanks for taking my question. So, I wanted to just dig into the implied fourth quarter guidance. It looks like you upped the range for the full year guidance. And I would assume that, that includes roughly 2.5 months of the acquisition that you made at Brainium. Is that correct?

That's correct. That's correct.

Great. So if I do the math, I'm getting around $63 million. It appears that your guidance is actually $270 million to $280 million if we exclude Brainium for the full year. This would suggest a significant decline year-over-year in the fourth quarter. I was wondering if my calculations are correct and what factors would be influencing that guidance in the fourth quarter?

Scott, do you want to speak to that?

Yes, I apologize for the interruption. I was on mute. To summarize, we have provided our annual guidance and haven't offered quarterly guidance in the past. Our focus remains on achieving our end-of-year target. Although we adjusted our forecast due to Brainium, we believe it is not wise to make any further adjustments at this time given the current circumstances.

Okay. So does that mean what do you expect in the fourth quarter compared to the fourth quarter of last year or the third quarter of this year? The implication of your guidance minus the results of the first three quarters suggests that it's down. Is that not what you guys are actually expecting?

I'm trying to think how to best answer that other than no. I mean, I would say that we've provided a range, and we think that we're comfortable with that range.

Omar, it's Samir. If I could just help you sort of like think about this. So you kind of looked at our guidance before. It was a relatively wide range, and it was annual guidance. And now if you layer Brainium on top and how we sort of discussed it and like how you rightly categorized this as sort of impacting our results for 2.5 months, and I think what Scott had said at the time when we made the Brainium acquisition was to sort of think about those numbers on a revenue basis and on an EBITDA basis and sort of straight-line them. So if you did that and like you implied on those numbers, we basically took those numbers and just added them to the bottom end of the range. You're not wrong when you look at what an implied figure for the fourth quarter is. But I think what Scott is saying is that we guided towards a full year number, and we are basically just layering Brainium on top of that. And we didn't really guide on a quarter-by-quarter basis that you guys are sort of breaking out our annual guidance and looking at it on a quarter-by-quarter basis.

Okay. Got it. Thank you, Samir. And just for the follow-up, I wanted to dig into what Andrew said about the social casino market contracting for a couple of quarters now. I think you'd mentioned that for two quarters now, it contracted about 2%. I was wondering what were some of the drivers of that? Was it just simply what you referred to in terms of user acquisition? Or are there other factors that have influenced that such as supply side? Less games coming out? Spend per user potentially going down? Retention? It's not a huge change, but obviously, everybody likes to see kind of consistent growth.

Yes. I think what I shared was that we saw some improvement sequentially. However, compared to the previous year, it's down significantly. This situation appears to be affecting all areas. We haven't seen any notable decreases in the average revenue per paying user yet, although there is a year-over-year decline in the number of paying users. Fortunately, we did experience some growth in revenue per paying player. Overall, it seems to be a broad trend with some softness in the market, but nothing is particularly concentrated in one specific metric.

Okay, got it. Those are my questions. I appreciate the time and looking forward to chatting with you next year.

Our next question comes from Martin Yang with Oppenheimer. Please go ahead with your question.

Hi, good afternoon. Thank you for taking the question. A follow-up to Omar's question on 4Q. Another way to look at it is, have you observed any deterioration for user acquisition monetization or advertising from 3Q into 4Q? Just broadly speaking, on the industry environment.

I'm sorry, Martin. Can you reask the question? I don't know that I...

Sure. So because the implied 4Q revenue, excluding Brainium, is showing a deterioration of gross trends into the fourth quarter. Have you observed any deterioration in user acquisition, ad monetization or any other trends for your staff or for the broad industry from 3Q to 4Q?

We're not discussing the performance we're experiencing in the current quarter. When we evaluate our user acquisition investments, I don't see anything particularly noteworthy to mention, other than it remains a challenging environment. I've frequently addressed the difficulties caused by IDFA and how it complicates the ability to effectively target and find quality users and monetizers. Nonetheless, I believe our team has done a fantastic job. Nearly all our products are performing at a level that justifies our ongoing investment in scaling and growing them, and we're seeing positive results across our portfolio. Therefore, I don't see anything significant for the third quarter regarding user acquisition that deserves special mention. As for ad monetization, we haven't relied heavily on ad-driven revenue until acquiring Tetris, which accounted for about 3.5% to 4% of our total revenues, possibly closer to 5%. With the acquisition of Brainium, that percentage has increased. However, we are just weeks into integrating that team and their products, so we can't yet provide much clarity regarding trends in ad monetization. For our Tetris Prime product, the team is doing an excellent job optimizing its performance, and we are generally pleased with the trends we see there.

Got it. Thank you. Another question is maybe we look further into 2023, is there any fundamental drivers that makes you believe that overall user acquisition environment or overall macro could improve and benefit you?

No, I don't see anything particularly noteworthy to highlight at this moment. Our focus is primarily on retaining our current audience. If you examine the acquisitions we've made, such as the rights to Tetris and the significant organic traffic it generates, or the Brainium suite of products and its large audience, most of which comes from organic sources, you can see how user acquisition dynamics influence our decisions. These products naturally generate considerable interest. Our strategy involves leveraging that traffic and audience to benefit our entire portfolio. We plan to achieve this by integrating our playAWARDS program and offering various cross-promotion and incentives to encourage adoption across our network. In a challenging external environment, every publisher needs to concentrate more on retaining their existing audience, and we believe we have some distinct advantages in this area.

Got it. Thank you very much.

And our next question is a follow-up from Omar Dessouky with Bank of America. Please proceed with your question.

Hey Andrew, thank you for your time. Since we’re on the call, I wanted to ask this question. You still have a significant amount of cash on your balance sheet, and we know there are many assets available in the private market. Some of these assets are funded by equity, while others use debt. Are there any innovative ways you might consider acquiring assets beyond simply purchasing companies? For instance, is it possible to acquire assets through debt ownership? I understand there are many private entities with that option available. I’m just trying to explore different possibilities regarding how you could expand your portfolio and utilize your cash.

Yes, sure. Thanks for that question. Jason, do you want to take that one?

Yes. We are always active in the market and have a creative approach to deal-making. If we come across the right opportunity and asset that meets our strategic goals, we might consider a different method of acquisition rather than just a straightforward cash purchase. We are intentional in our strategies, and we see ourselves as innovative dealmakers who will find the right balance to pursue strategically important opportunities.

Thank you. Have you examined the debt market? How does it compare in attractiveness to the equity market in the private sector? Has the debt market adjusted similarly, or does it still seem high? Do debt and equity trade at similar yields and risk premiums? I understand these markets aren't very liquid, but I'd like to get your thoughts on this since we have you on the line.

Yes. I'd say I don't really have a view on that today. We haven't spent a lot of time looking at the debt market and the dynamics that are happening there to provide an informed point of view on this call.

Okay. Yes, no problem. Just wanted to think out of the box. Thanks for entertaining the question.

Thank you.

Thank you.

Thank you. At this time, we are seeing no further questions. And I would like to pass the call back over to Andrew for any closing remarks on the call.

Again, I really appreciate everybody's interest, and thank you for the thoughtful questions. I look forward to again updating you on our progress once we close out the fourth quarter and the year. So thank you, everybody.

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.